Ulster Rugby Annual Report 2015 - 2016

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 APRIL 2016

12. CASH FLOW STATEMENT 44 DUE WITHIN ONE YEAR

2016

2015

£

£

Surplus before tax Adjustment for: Depreciation Grant amortisation

70,711

208,442

1,063,529 (840,522) 293,718 253,334 (477,781)

1,000,431 (797,088) 411,785 1,023,144

Operating cash flow before movement in working capital

Decrease/(lncrease) in debtors (Decrease)/Increase in creditors Cash generated by operations

188,969

69,271

1,623,898

13. EXPLANATION OF TRANSITION TO FRS 102 This is the first year that the Branch has presented its financial statements under Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. The following disclosures are required in the year of transition. The last financial statements under previous UK GAAP were for the year ended 30 April 2015 and the date of transition to FRS 102 was therefore 1 May 2014. As a consequence of adopting FRS 102, the accrual model of accounting for capital grants has been adopted. This has had no impact on retained earnings but did impact on the carrying value of fixed assets and deferred grant income. Restatement of the balance sheet for 2015:

AS PREVIOUSLY EFFECT OF

FRS 102 STATED TRANSITION (AS RESTATED) £ £ £

Fixed assets Current assets

3,037,023 3,928,997 (4,978,594) (1,049,597) 1,987,426

16,502,386

19,539,409

— 3,928,997

Creditors: amounts falling due within one year

(732,886) (732,886) 15,769,500

(5,711,480) (1,782,483) 17,756,926

Net current liabilities

Total assets less current liabilities

Creditors: amounts falling due after more than one year

(525,655)

(15,769,500)

(16,295,155)

Deferred tax provision

(111,580) 1,350,191 1,350,191

— (111,580) — (1,350,191) — (1,350,191)

Net assets

Income and expenditure account

The transition column shows the impact of grossing up fixed assets and related grant funding, previously presented net.

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