Item 12 Appendix 1

Page 1

Summary of main changes to Financial Statements arising from audit Appendix 1
Details of Adjustment CIES CIES Balance Sheet Balance Sheet
Dr (£'000) Cr (£'000) Dr (£'000) Cr (£'000)
Taxation and Non-Specific Grant Income 2,135
Educational Services (2,135)
Miscellneous Services (225)
Capital Financed from Current Revenue 225
Capital Financed from Current Revenue (Movement in Reserves) (225)
Capital Adjustment Account 225
Educational Services 364
Financing and Investment (income) and expenditure (1,368)
PPP Liability 1,004
Capital Adjustment Account 286
PPP payment in year (Movement in Reserves) (286)
Interest incorrectly calculated against borrowing that was repaid in year
Interest Payables and Similar Charges (370)
Mortgage Loans 370
Financial Instrument Adjustment Acocunt (FIAA) (Movement in Reserves) (370)
Appropriation to FIAA (Movement in Reserves) 370
Pension Reserve 275,632
Net Pension Asset/(Liability) (275,632)
Property, Plant and Equipment - Other land and Buildings 24,908
Revaluation Reserve (24,908)
Correction of Valuation of Operational Assets
Property, Plant and Equipment - Operational Assets (605)
Revaluation reserve (391)
Capital Adjustement Account 996
Property, Plant and Equipment - Other land and Buildings 30,956
Revaluation reserve (1,062)
Capital Adjustement Account (833)
DBFM grant income had been incorrectly recognised as Revenue Support Grant and a correction was required to move the
grant income to Educational Services.
Cost of Living Capital spend incorrectly coded as revenue rather than capital financed from current revenue (CFCR)
Correction of the PPP accounting adjustments to align the closing liability to the PPP accounting model
Limit to the recognition of the pension asset in line with accounting standards IAS 19 and IFRIC 4 to the "Asset Ceiling"
calculated based on the presebt value of funded obligations.
Additional Valuation carried out on high value assets valued at Depreciated Replacement Cost
Indexation of Assets Valued at Depreciated Replacement Cost (DRC)