FSA Annual Report 2006/07 - Better Regulation Ltd

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Section five – Report of the independent auditors FSA Annual Report 2006/07 69 Basis of audit opinion We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements and the part of the Corporate Governance Statement regarding directors’ remuneration to be audited. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company’s circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements and the part of the Corporate Governance Statement regarding directors’ remuneration to be audited are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements and the part of the Corporate Governance Statement regarding directors’ remuneration to be audited. Opinion In our opinion: • the financial statements give a true and fair view, in accordance with IFRSs as adopted by the European Union, of the state of affairs of the company as at 31 March 2007 and of its surplus for the year then ended. • The financial statements and the part of the Corporate Governance Statement regarding directors’ remuneration to be audited have been properly prepared in accordance with the Companies Act 1985. • The information given in the Directors’ Report is consistent with the financial statements. Separate opinion in relation to IFRS As explained in Note 2, the company in addition to complying with its legal obligation to apply IFRSs adopted by the European Union, has also complied with the IFRSs as issued by the International Accounting Standards Board. In our opinion the financial statements give a true and fair view, in accordance with IFRSs, of the state the company’s affairs as at 31 March 2007 and of its surplus for the year then ended. RSM Robson Rhodes LLP Chartered Accountants and Registered Auditors London, England 25 May 2007
70 Section five – Financial statements FSA Annual Report 2006/07 Financial statements for the year ended 31 March 2007 Income statement for the year ended 31 March 2007 Notes 2007 2006 (Restated) £m £m Administrative costs (295.8) (282.7) Interest on bank deposits 5.1 4.4 Other net finance income/(costs) 15 1.0 (0.8) Other revenue 7 26.0 22.8 Net costs for year (263.7) (256.3) Fee revenue 282.1 265.1 Surplus before taxation 18.4 8.8 Taxation 8 (1.5) (1.3) Surplus after taxation 5 16.9 7.5 All results are derived from continuing operations. Statement of recognised income and expense for the year ended 31 March 2007 Notes 2007 2006 £m £m Surplus for the year 16.9 7.5 Actuarial gains and losses for the year in respect of the defined benefit pension scheme 15 (14.2) (20.1) Total recognised income and expense for the year 2.7 (12.6)
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