Annual Report 3

The new BBC Annual Report has been audited, for the first time, by the NAO, and there are some belting caveats.

They've looked at the risk around re-financing the deal on New Broadcasting House, "a series of significant derivative cash flow swops'. 'The valuation of these swaps involves judgement and is highly sensitive to the assumptions made.' Net liabilities of £98.3 million 'have been recognised.'

They've re-assessed the deal with AMC Networks to sell them 49.9% of BBC America: "I have reviewed the past judgement that, although BBC Worldwide owns 50.1% of New Video Channel America, it does not control the entity and therefore does not consolidate it on a line by line basis."

The audit notes the BBC's pension liabilities have falled to £518.3m, compared with £1,149m the previous year. You, dear licence fee payer, have helped. Licence fee collection and pension deficit costs take £1.15 out of every licence - compared with 0.57p in the previous year.