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Annual Review 2005/06
 
 
Reports on compliance and regulatory matters

1. Statement of the Board of Governors' and BBC World Service Management Board's responsibilities for the preparation of the financial statements

The Board of Governors and Management Board are required by the BBC’s Charter and Agreement and the Financial Memorandum with the Foreign and Commonwealth Office to prepare financial statements for each financial year which give a true and fair view of the state of affairs of BBC World Service and of its income and expenditure for that period.They have elected to prepare the financial statements in accordance with UK accounting standards. In preparing those financial statements, the Governors and Management Board have undertaken to:

  • select suitable accounting policies and then apply them consistently
  • make judgements and estimates that are reasonable and prudent
  • state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that BBC World Service will continue in business.
In addition, the Governors and Management Board have voluntarily decided to comply with the accounting and disclosure provisions of the Companies Act 1985 and, where applicable, of the Financial Services Authority Listing Rules.

The Governors and Management Board are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of BBC World Service and enable them to ensure that its financial statements comply with the Companies Act 1985 as if that Act had applied to these financial statements.They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.

The Governors and Management Board are responsible for the maintenance and integrity of the corporate and financial information included on the BBC World Service website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information
The Governors and Management Board members who held office at the date of approval of this Annual Review confirm that, so far as they are each aware, there is no relevant audit information of which the BBC World Service’s auditors are unaware; and each Governor and Management Board member has taken all the steps that they ought to have taken as a Governor or Management Board member to make themselves aware of any relevant audit information and to establish that the BBC World Service’s auditors are aware of that information.

This statement was approved by Management Board and the Governors on 5 June 2006 and 14 June 2006 respectively and signed on their behalf by:

Nigel Chapman, Director, BBC World Service
Michael Grade, BBC Chairman

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Reports on compliance and regulatory matters
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