cash flow statement
for the year ended 31st March 2009
Note2009
2008
£
£
Net cash inflow from operating activities11(a)249,513
15,601
Returns on investments and servicing of finance:
Interest received / net cash inflow from returns on investments and
113,870
133,960
servicing of finance
Taxation:
corporation tax paid
(25,703 )
(
17,781 )
Capital expenditure and financial investment:
Payments to acquire tangible fixed assets
(38,194 )
(
78,176 )
receipts from sales of tangible fixed assets
18,455
22,785
Net cash (outflow) from capital expenditure and financial investment(19,739 )
(
55,391 )
Management of liquid resources
decrease / (increase) in short term deposits
450,000
(
100,000 )
Increase in cash11(b)767,941
(
23,611 )
notes to the financial statements
for the year ended 31st March 2009
1 ACCOUNTING POLICIES
Accounting convention
Leasing commitments
The financial statements are prepared under the historical cost convention,
rentals payable under operating leases are charged to income as incurred.
modified to include the revaluation of freehold land and buildings.
Pension costs
Tangible fixed assets
The Board operates two defined benefit schemes and two defined
depreciation is provided on all tangible fixed assets with the exception of
contribution schemes. The assets of the schemes are held and managed
freehold land on a consistent basis at rates calculated to write off the cost or
separately from those of the Board.
valuation of each asset evenly over its estimated useful life as follows:
For the defined benefit schemes, the Board has adopted in these financial
Freehold buildings
50 years
statements the full provisions of FrS 17 ‘retirement Benefits’ in that the
Plant and office equipment
5 years
amounts charged to operating results are the current service costs and
Motor vehicles
4 years
gains and losses on settlements and curtailments. They are included as part
computer equipment
3 years
of staff costs. Past service costs are recognised immediately in the profit
and loss account if the benefits have vested. If the benefits have not vested
assets with an individual cost of less than £1,000 are written off on purchase.
immediately, the costs are recognised over the period until vesting occurs. The
interest costs and the expected returns on assets are shown as a net amount
The transitional provisions of FrS15, Tangible Fixed assets, have been
of other finance costs or income. actuarial gains and losses are recognised
adopted. Under these provisions assets brought into account at valuation
immediately in the statement of total recognised gains and losses.
were retained at their book values and not revalued, valuations after March
2000 having been obtained for information only and not incorporated in
Pension scheme assets are measured at fair value and liabilities are
the balance sheet. details of the valuation in 1998 of the Board’s freehold
measured on an actuarial basis using the projected unit method and
property are given in note 6.
discounted at a rate equivalent to the current rate of return on a high quality
corporate bond of equivalent currency and term to the scheme liabilities. The
Stock
actuarial valuations are obtained triennially and are updated at each balance
Stocks of saleable publications and other items are valued at the lower of
sheet date. The resulting defined benefit asset or liability is presented
cost and net realisable value. Stocks of non-saleable publications are by
separately after other net assets on the face of the balance sheet.
decision of the directors not valued in the financial statements.
For the defined contribution schemes the amounts charged to the profit and
Revenue recognition
loss account in respect of pension costs and other post-retirement benefits
In accordance with Statement of Standard accounting Practice 4,
represent the contributions payable in the period. differences between
Government and similar grants receivable are recognised in the profit and
contributions payable in the period and contributions actually paid are shown
loss account of the period in respect of which the expenditure to which they
as either accruals or prepayments in the balance sheet.
relate is incurred. any amounts received in excess of amounts earned are
reflected in deferred income. revenue from other projects is reflected in the
Deferred taxation
period the provision of services to which the income relates is performed.
deferred taxation is recognised in respect of all timing differences that
Membership income is accounted for in the period in which the subscription
have originated but not reversed by the balance sheet date. Provisions
relates.
for deferred tax are not discounted. deferred tax assets are recognised to
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