Ofcom has reduced its accounting surplus by two thirds, according to the communications regulator’s annual report, released today.
The reduction from £22.1 million in 2006/7 to £8.3m in 2007/8 is the result of the amortisation of a number of assets and the effects of an exceptional credit that appeared in last year’s accounts. Ofcom raises its operating income from licence fees and any surplus is normally returned to stakeholders – broadcasters and holders of spectrum – through a reduction in fees over the following two years.
The accounts show that chief executive Ed Richards received a salary of £282,000 (€358,000) while the outgoing chairman Lord Currie was paid £204,790.
