We have audited the financial statements (the ‘financial statements’) of Â鶹Éç World Service for the year ended 31 March 2006 which
comprise the Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement, and the related notes.
These financial statements have been prepared under the accounting policies set out therein.
This report is made solely to the Â鶹Éç’s Governors, as a body, in accordance with the Royal Charter for the continuance of the Â鶹Éç
which came into force on 1 May 1996 (‘the Charter’) and the Financial Memorandum with the Foreign and Commonwealth Office, and
in accordance with the terms of our engagement. Our audit work has been undertaken so that we might state to the Â鶹Éç’s Governors
those matters we are required to state to them in an auditor’s report and for no other purpose.To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the Â鶹Éç and the Â鶹Éç’s Governors as a body, for our audit work, for
this report, or for the opinions we have formed.
The Governors and Management Board are responsible for preparing the Annual Review and the financial statements in accordance
with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) as set out in
the Statement of Governors’ and Management Board’s Responsibilities. Our responsibility, in accordance with the terms of our
appointment, is to audit the financial statements in accordance with relevant legal and regulatory requirements and International
Standards on Auditing (UK and Ireland) and the Charter.
We report to you our opinion as to whether the financial statements give a true and fair view and whether the financial statements
have been properly prepared in accordance with the Companies Act 1985 as if that Act had been applied to these financial statements.
We also report to you if, in our opinion, Â鶹Éç World Service has not kept proper accounting records, if we have not received all the
information and explanations we require for our audit, or if information specified by law regarding Governors and Management Board
remuneration and other transactions is not disclosed.
In addition to our audit of the financial statements, the Governors have engaged us to review their Corporate Governance Statement
as if Â鶹Éç World Service were required to comply with the Listing Rules of the Financial Services Authority in relation to these matters.
We review whether the Corporate Governance Statement reflects Â鶹Éç World Service’s compliance with the nine
provisions of the 2003 Financial Reporting Council Combined Code specified for our review by the Listing Rules of the Financial
Services Authority, and we report if it does not.We are not required to consider whether the Governors’ statements on internal
control cover all risks and controls, or form an opinion on the effectiveness of Â鶹Éç World Service’s corporate governance procedures
or its risk and control procedures.
We read other information contained in the Annual Review, and consider whether it is consistent with the audited financial statements.
This information includes The International Governor’s introduction, the Director’s overview, the year in
review, the financial review, and the reports on compliance and regulatory matters
We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the
financial statements.Our responsibilities do not extend to any other information.
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. It also includes an assessment of the significant estimates and judgments made by the Governors and Management
Board in the preparation of the financial statements, and of whether the accounting policies are appropriate to Â鶹Éç World
Service’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 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.
In our opinion:- the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the
state of Â鶹Éç World Service’s affairs as at 31 March 2006 and of the deficit for the year then ended; and
- the financial statements have been properly prepared in accordance with the provisions of the Charter and the Companies Act 1985
as if that Act had applied to these financial statements
KPMG LLP
Chartered Accountants, Registered Auditor, London
14 June 2006
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