Middlesex University


Financial Statements 2015/16


37. Transition to FRS102 and the 2015 SORP


As explained in the accounting policies, these are the University’s first financial statements prepared in accordance with FRS 102 and the SORP. The accounting policies set out in Note 1 have been applied in preparing the financial statements for the year ended 2016, the comparative information presented in these financial statements for the year ended 2015 and in the preparation of an opening FRS 102 Statement of Financial Position at 1 August 2014. In preparing its FRS 102, SORP based Statement of Financial Position, the University has adjusted amounts reported previously in financial statements prepared in accordance with its old basis of accounting (2007 SORP).


An explanation of how the transition to FRS 102 and the SORP has affected the University’s financial position, financial performance and cash flows is set out in the following tables.


1 August 2014 Financial position Total reserves under 2007 SORP


Deferred Capital Grants Employee leave accrual


Land and Buildings Revaluation Total effect of transition to FRS102


Total reserves under 2015 SORP Financial performance Ref Deficit for the year under 2007 SORP


Deferred Capital Grants Employee leave accrual Endowments


Actuarial loss in respect of LGPS pension scheme Total effect of transition to FRS102


Total Deficit for the year under 2015 SORP a2 / a3 b. e. a1. b. c. Ref


Consolidated £000


67,981 (936)


(5,426) 10,918


4,556 72,537


University £000


62,295 (936)


(5,426) 10,918


4,556 66,851 Year ended 31 July 2015


Consolidated £000


(102)


(982) (313)


123 d.


(1,172) (2,778)


(3,950) (4,052)


University £000


(757)


(982) (313)


123


(1,172) (2,778)


(3,950) (4,707) 31 July 2015


Consolidated £000


45,846


(2,469) (5,739)


10,918 2,710


48,556


University £000


39,422


(2,469) (5,739)


10,918 2,710


42,132


76


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78