FSA Annual Report 2006/07 - Better Regulation Ltd

More documents

Recommendations

Info

Section five – Financial statements FSA Annual Report 2006/07 79 2007 Wholesale & Retail Regulatory Corporate Total for Year ended 31 March 2007 Institutional Markets Services Services continuing Markets and Board operations £m £m £m £m £m Revenue Fees 282.1 282.1 Sundry income 7.0 1.3 17.0 0.7 26.0 Result Segmental surplus/(deficit) (69.9) (102.8) 244.3 (59.3) 12.3 Investment revenues 5.1 Other net finance (cost)/income 1.0 Surplus before tax 18.4 Income tax expense (1.5) Surplus for year 16.9 Other information Capital additions: Tangible 7.9 7.9 Intangible 10.3 10.3 Depreciation (9.1) (9.1) Amortisation (5.3) (5.3) Trade receivables impairment losses recognised (0.6) (0.6) Current and past pension service costs (2.1) (2.8) (2.9) (1.9) (9.7) 2006 (Restated) Year ended 31 March 2006 Revenue Fees 265.1 265.1 Sundry income 5.5 0.9 13.0 3.4 22.8 Result Segmental surplus/(deficit) (64.1) (96.0) 231.9 (66.6) 5.2 Investment income 4.4 Other net finance (cost)/income (0.8) Surplus before tax 8.8 Income tax expense (1.3) Surplus for year 7.5 Other information Capital additions: Tangible 6.1 6.1 Intangible 4.5 4.5 Depreciation (8.7) (8.7) Amortisation (5.3) (5.3) Trade receivables impairment losses (0.7) (0.7) Current and past pension service costs (1.8) (2.4) (2.7) (1.6) (8.5)
80 Section five – Financial statements FSA Annual Report 2006/07 Balance Sheet analysis Whereas the FSA allocates its costs to business segments, as set out above, it does not allocate assets and liabilities to those segments. This is for two reasons, first as fees are not set on the basis of the costs we incur in regulating individual firms, our working capital cannot be allocated to business segments, and second as we are not a profit making organisation, we do not consider return on capital measures. Geographical analysis The FSA regulates entities that operate within the UK Financial Services Industry including the regulation of foreign domiciled entities operating within the UK. The foreign domiciled entities account for less than 10% of the fee base of the FSA. No further geographical analysis is presented. 5. Surplus for the year Surplus for the year has been arrived at after charging/(crediting) the following, which are included in administrative costs: Note 2007 2006 £m £m Depreciation of property, plant and equipment 9.1 8.7 Amortisation of intangible assets 5.3 5.3 Staff costs 6 186.7 175.6 Auditor’s remuneration for audit services (see below). RSM Robson Rhodes LLP were the auditor for the full financial year. Total fees 12 months to 12 months to 31 March 2007 31 March 2006 £’000 % £’000 % Fees payable to the FSA’s auditor for the audit of the FSA’s annual accounts 79 98 98 68 Fees paid to the FSA’s auditor or their associates in connection with non-audit work • Secondments – – 46 32 • Other services 2 2 – – Total 81 100 144 100 All fees payable to the auditor are stated inclusive of VAT, as VAT is not generally recoverable by the FSA. RSM Robson Rhodes LLP were appointed as auditor on 15 September 2005, accepting the appointment on 13 January 2006. Their audit fee for 2005/06 included non-recurring costs of £21,150 (including VAT) for work undertaken by RSM Robson Rhodes LLP in auditing the implementation of our decision to adopt IFRS.
Page 1 and 2:
Financ ial Ser v ices Author it y A
Page 3 and 4:
2 Financial Services Authority Annu
Page 5:
4 Financial Services Authority Annu
Page 8 and 9:
Chairman’s statement FSA Annual R
Page 10 and 11:
Chief Executive’s report FSA Annu
Page 12 and 13:
Chief Executive’s report FSA Annu
Page 16 and 17:
Section one - Promoting efficient,
Page 18 and 19:
Page 20 and 21:
Page 22 and 23:
Page 24:
Page 27 and 28:
26 Section two - Helping retail con
Page 29 and 30: 28 Section two - Helping retail con
Page 35: 34 Section two - Helping retail con
Page 39 and 40: 38 Section three - Improving our bu
Page 46 and 47: Section four - Financial review FSA
Page 52: Section four - Financial review FSA
Page 55 and 56: 54 Section five - The Board of the
Page 57 and 58: 56 Section five - Report of the Dir
Page 59 and 60: 58 Section five - Report of the Dir
Page 61 and 62: 60 Section five - Corporate governa
Page 69 and 70: 68 Section five - Report of the ind
Page 71 and 72: 70 Section five - Financial stateme
Page 79: 78 Section five - Financial stateme
Page 97 and 98: 96 Section five - Statement of allo
Page 99 and 100: 98 Section five - Statement of allo
Page 101 and 102: 100 Appendices FSA Annual Report 20
Page 103 and 104: 102 Section six - Appendices Append
Page 105 and 106: Section six - Appendices Appendix 2
Page 131 and 132:
Section six - Appendices Appendix 5
Page 133 and 134:
134 Section six - Appendices Append
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
show all

FSA Annual Report 2006/07 - Better Regulation Ltd

Create successful ePaper yourself

Delete template?

Save as template?