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NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2016
12. CASH FLOW STATEMENT
2016
2015
DUE WITHIN ONE YEAR
£
£
Surplus before tax
70,711
208,442
Adjustment for:
Depreciation
1,063,529
1,000,431
Grant amortisation
(840,522)
(797,088)
Operating cash flow before movement in working capital
293,718
411,785
Decrease/(lncrease) in debtors
253,334
1,023,144
(Decrease)/Increase in creditors
(477,781)
188,969
Cash generated by operations
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
3,037,023
16,502,386
19,539,409
Current assets
3,928,997
— 3,928,997
Creditors: amounts falling due within one year
(4,978,594)
(732,886)
(5,711,480)
Net current liabilities
(1,049,597)
(732,886)
(1,782,483)
Total assets less current liabilities
1,987,426
15,769,500
17,756,926
Creditors: amounts falling due after more than one year
(525,655)
(15,769,500)
(16,295,155)
Deferred tax provision
(111,580)
— (111,580)
Net assets
1,350,191
— (1,350,191)
Income and expenditure account
1,350,191
— (1,350,191)
The transition column shows the impact of grossing up fixed assets and related grant funding, previously
presented net.
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