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Bbc Full Financial Statements 2011/12

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Bbc Full Financial Statements 2011/12 Full FinancialFull Statements 2011/12 FULL FINANCIAL STATEMENTS 2011/12 BBC FULL FINANCIAL STATEMENTS 2011/12 Presented to Parliament by the Secretary of State for Culture, Olympics, Media and Sport by Command of Her Majesty July 2012 The BBC’s Annual Report and Accounts 2011/12, giving narrative context to the numbers contained in this document, were also laid before Parliament on 16 July 2012 and are available online at www.bbc.co.uk/annualreport CONTENTS F2 Chief Financial Officer’s review F3 Summary financial performance F4 Financial overview F12 Collecting the licence fee F13 Looking forward with confidence F14 Independent auditor’s report F15 Group financial statements and notes F91 Statement of responsibilities F1 CHIEF FINANCIAL OFFICER’S REVIEW Careful financial management of the licence fee and our commercial businesses this year has put solid foundations in place for us to transform the way we work over the next five years and to enable us to afford our future obligations, as well as funding the landmark broadcast events of 2012. Strong financial foundation and Digital UK). The £145million is due for 2011/12 has been a year in which we consolidated repayment to the Government and is on top our financial position to prepare for future of £214million we repaid this year from savings demands and challenges. It is a year when built up in earlier years of this programme. we have worked together across the BBC to The public service cash balance will provide the develop the detailed plans for Delivering Quality necessary funding for the restructuring required First, not only to live within the means of our to deliver the efficiencies and new ways of licence fee settlement, which cut funding by 16% working needed for our Delivering Quality First in real terms, but also to go further and provide plan. It will also fund our further pension deficit reinvestment into the key service developments recovery payments and a planned increase in our audiences will require of us. spend on content in this landmark year of the Careful management of the BBC’s finances has Olympics and the Diamond Jubilee at the level meant that as well as funding programmes and our audiences expect. other content which have delivered record This year we have changed the presentation of audience reach, we have taken early action our Annual Report and Accounts to make them to provide funding for future plans. simpler and to present the financial position of Our group surplus is inflated by two non- the BBC more logically. recurring items: the sale of BBC Worldwide’s Ready to deliver Magazines business (at a profit of £95million) and We look forward to the financial challenges gains relating to our pension scheme (£45million). with a track record of success in delivering Therefore we have an underlying surplus of true efficiencies, not cuts. Our Continuous £249million. We need this to pay for increased Improvement programme concluded its fourth programme spend in 2012 to cover the Olympics and penultimate year by delivering £499million and the Diamond Jubilee, but also to cover the of continuing savings, bringing the cumulative costs of implementing our efficiency plans, and of total achieved to £1,498million. This translates to implementing the new ways of working through a projected out-turn equivalent to 3.6% average our digital media initiative and the move into annual savings, exceeding the 3% target set by New Broadcasting House. As well as the one-off the Trust for this licence fee period. The National profit on the disposal of the Magazines business, Audit Office (NAO) concluded positively on the the group surplus includes £127million of profit programme this year when they examined it generated by our commercial activities to be in detail. invested into programmes and to deliver future In addition to the efficiency challenge, we cannot commercial revenues. forget as we look forward that 2012/13 will be This result reflects an increase in licence fee one of the biggest broadcasting years in the income of £93million. £74million of which can be BBC’s history, with audiences looking to us to attributed to increased digital switchover activity. cover the year’s historic events with breadth, Underlying licence fee income collected rose depth and quality. by £19million due to an increase in household Beyond 2012 there are significant challenges. growth, albeit slower than the historical trends, We need sharp financial focus to manage the but also reflecting our ability to hold evasion rates 16% reduction in our funding that is necessary level despite difficult economic conditions and to fund the additional financial obligations of BBC pressure on household budgets. This year we World Service, BBC Monitoring and S4C from signed a new collection contract that reduces the the licence fee. I am confident that the BBC is in cost of collection and looks at ways of lowering good financial shape to meet this challenge. evasion rates in the future to offset the risk of slower rates of household growth. Zarin Patel Our overall cash balance was £262million, Chief Financial Officer excluding £145million ring-fenced savings from 21 June 2012 our digital switchover activity (the Help Scheme F2 SUMMARY FINANCIAL PERFORMANCE UK PSB Group spend Breakdown of UK PSB Group expenditure 2011/12 • 71p in every £1 of licence fee was spent directly on programmes or the property and technology £m % infrastructure to support their production … Service licences – direct content spend 2,356 61 Other direct content spend 90 2 • … and another 6p in every £1 is spent getting Distribution 208 6 our services to audiences on analogue, Digital Property and technology 315 8 Terrestrial Television (DTT) and the internet Other infrastructure and support 304 8 • The cost of collecting the licence fee is 3.4p per Other items including licence fee collection £1 collected and digital switchover 387 10 Restructuring costs 101 3 Pension deficit payment 89 2 Total 3,850 100 Efficiency savings Cumulative gross eciency savings £m • £1.5billion of sustainable savings achieved since the start Projected of the Continuous Improvement Programme without 2,000 559 2.1bn deterioration in quality of our content 1,500 • £559million of recurring annual efficiency savings 499 1.5bn • We will exceed our 3% annual savings target 1,000 • Total gross savings are forecast to be £2.1billion 434 999 (before implementation costs) 500 328 565 237237 0 08/09 09/10 10/11 11/12 12/13 Total New savings Cumulative savings From 2012/13 we will deliver ongoing annual savings of £559million. Commercial performance Commercial income Headline profit • BBC Worldwide gross sales (excluding Magazines) 2011/12 2010/11 2011/12 2010/11 up 5.4% on last year £m £m £m £m • BBC World News advertising revenue holding steady UK PSB Group including BBC World Service and in a tough market BBC Monitoring* 230 213 n/a n/a • BBC S&PP continues to broaden its customer base BBC Worldwide** 1,085 1,030 155 144 • BBC Worldwide returned a record £216million BBC World News 70 72 4 9 to Public Service Broadcasting during the year Studios & Post Production (S&PP) 52 59 5 6 * Headline profit is not applicable to this Group. ** Commercial income excludes Magazines and includes joint venture revenue. F3 FINANCIAL OVERVIEW With a licence fee fixed until 2017, the BBC might be regarded as being in a more stable position than other commercial businesses, but a fixed licence fee and new funding commitments (including BBC World Service) mean that the BBC licence fee funding is subject to 16% cuts in real terms. As well as dealing with its own financial We have faced these challenges by bearing challenges, the BBC is not immune from down on our costs and reviewing our business the effects of the economic downturn: models. In addition to the efficiency plans we are • pressure on household budgets in the UK putting in place, which are reviewed later in this poses a continuing challenge for licence fee section, a number of other initiatives have been collection. We have held evasion at 5% for implemented. A new contract has been signed a number of years now through targeted for licence fee collection and we continue to offer collection and helping licence fee payers find a number of methods to pay the fee. their most suitable method of payment The BBC earns a return on its programmes through BBC Worldwide. BBC Worldwide • difficult trading conditions in some markets reinvests part of its profit into ensuring that it is have put pressure on the BBC’s commercial not left behind by the digital transformation we operations, mitigated to some extent by are seeing in commercial media markets. successes in new markets We have restructured many of our strategic • significant inflationary pressures have to be contracts to remove automatic indexation based managed through the delivery of efficiency on published inflation rates. • BBC World Service has seen reductions to its A pension deficit repayment plan continues to grant-in-aid funding in line with the rest of the be followed to ensure that our pension scheme public sector is brought back into equilibrium in a way that is • the low returns available on the world’s fair both to our staff and to current and future financial markets place significant pressure licence fee payers and audiences. on all pension schemes, including the BBC’s The Choir: Military Wives scored BBC Two’s highest AI score (93). F4 We are proud of the fact that the BBC’s financial Efficiency savings by category structures and plans will ensure that the BBC remains strong, despite these pressures. No services will close as a result of the plans, and Category % of total savings the services which our audiences value the most People will be largely protected.
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