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Annual Report & Accounts 1997-98 |
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Annual Report & Accounts 1997-98 |
1. The statement of accounts which it is the duty of the Radiocommunications Agency to prepare in respect of the financial year ended 31 March 1993 and in respect of any subsequent financial year shall comprise:
(a) a foreword;
(b) an income and expenditure account;
(c) a balance sheet;
(d) a cash flow statement; and
(e) a statement of total recognised gains and losses; including in each case such notes as may be necessary for the purposes referred to in the following paragraphs. The statement at (e) is not required to be produced for the financial year ending 31 March 1993.
2. The Radiocommunications Agency shall observe all relevant accounting and disclosure requirements given in 'Government Accounting' and 'Trading Accounts: A Guide for Government Departments and Non-Departmental Public Bodies' (the 'Trading Accounts booklet'), as amended or augmented from time to time.
3. The statement of accounts referred to above shall give a true and fair view of the income and expenditure, state of affairs and cash flows of the Radiocommunications Agency. Subject to the foregoing requirements, the statement of accounts shall also, without limiting the information given and as described in Schedule I of this Direction meet:
(a) the accounting and disclosure requirements of the Companies Acts;
(b) best commercial accounting practices including accounting standards issued or adopted by the Accounting Standards Board, with the exception of the requirement contained in FRS 3 for the inclusion of a note showing historical cost profits and losses;
(c) any disclosure and accounting requirements which the Treasury may issue from time to time in respect of accounts which are required to give a true and fair view;
(d) any additional disclosure requirements contained in 'The Fees and Charges Guide', in particular those relating to the need for appropriate segmental information for services or forms of service provided, insofar as these are appropriate to the Radiocommunications Agency and are in force for the financial period for which the statement of accounts is to be prepared.
4. Additional disclosure requirements are set out in Schedule 2 of this Direction.
5. The income and expenditure account and balance sheet shall be prepared under the historical cost convention modified by the inclusion of:
(a) fixed assets at their value to the business by reference to current costs; and
(b) stocks valued at the lower of cost, or net current replacement costs where materially different, and net realisable value.
T. Burr
Treasury Officer of Accounts
21 July 1993
Schedule I
Application of the Companies Acts Requirements
1. The disclosure exemptions permitted by the Companies Act in force for the financial
period for which the statement of accounts is to be prepared shall not apply to the
Radiocommunications Agency unless specifically approved by the Treasury.
2. The foreword shall contain the information required by the Companies Act to be disclosed in the Director's Report, to the extent that such requirements are appropriate to the Radiocommunications Agency.
3. In preparing its income and expenditure account and balance sheet, the Radiocommunications Agency shall adopt respectively Format 2 and Format 1 prescribed in Schedule 4 to the Companies Act to the extent that such requirements are appropriate to the Radiocommunications Agency. Regard should be had to the examples in Annex C of the Trading Accounts booklet, in particular the need to strike the balance sheet totals at 'Total Assets less Current Liabilities'.
4. The foreword and balance sheet shall be signed and dated.
Schedule 2
Additional Disclosure Requirements
1. The foreword shall state that the accounts have been prepared in accordance with a
direction given by the Treasury in pursuance of Section 5 of the Exchequer and Audit
Departments Act 1921.
2. The foreword shall include a brief history of the Radiocommunications Agency and its statutory background. Regard should be had to Annexes B and C of the Trading Accounts booklet.
3. The notes to the accounts shall disclose the policy on the recognition of income, making it clear that licence income is recognised in full at the beginning of the period of validity of each licence.
4. The notes to the accounts shall include details of the key corporate financial targets set by the responsible Minister together with an indication of the performance achieved.
5. The accounts directions shall be reproduced each year as an annex to the accounts.
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