In message , Dave
writes
What the BBC have done (for some strange reason) is to remove the cost
of depreciation and deduct the value of grants paid to LU.

Is depreciation not an operating cost then? Obviously L.U. don't think
so.
And grants shouldn't be included in accounts. They should be offset
against the costs of what they are provided for.
I live with an accountant. I know all the tricks.
--
CJG