CJG 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.

LU *do* think so. It was the BBC who removed the cost of depreciation
in the figures that they quoted.

Did you not read what I wrote? You even quoted it in your follow-up.

And grants shouldn't be included in accounts. They should be offset
against the costs of what they are provided for.

Well, yes. But as a public corporation, it's only right to show the
value of grants as a specific amount so we (the tax-paying public) can
see how funding we have provided.

I live with an accountant. I know all the tricks.

Indeed. But you have managed to successfully argue that the figure I
quoted (GBP105.5million) is more accurate than the figure you gleaned
from that news report (GBP420million).

--
Dave