12. Forward exchange contract
At 31 December 2015 CTPA is committed to purchasing a total of EUR 206,500 (2014: EUR 243,000), under a forward
rate contract with its bankers which matures on 24 March 2016.
Included within debtors in the current year, this contract has a net asset value of £3,111 (2014: liability of £8,738) as
spot rates are expected to be lower (2014: higher) than the contracted forward rate when the contracts mature in 2016.
13. Financial commitments
The total future minimum lease payments under operating leases are due as follows:
2015
2014
2015
2014
£
£
£
£
Lease expiring:
In less than one year
50,000
-
4,082
-
In one to two years
-
150,000
-
10,225
Rental expenses charged during the year were as follows:
2015
2014
£
£
Land and buildings
99,979
88,306
Office equipment
6,139
6,206
14. Transition to FRS 102
The company has adopted FRS 102 for the year ended 31 December 2015 and has restated the comparative
prior year amounts.
Reconciliation of accumulated surplus
As at 1 Jan 2014
)
As at 31 Dec 2014
)
£
)
£
)
Accumulated surplus as previously stated:
558,170
)
625,816
)
Adjustment for staff annual leave accrual
(8,322)
(8,322)
Adjustment for movement in fair value of forward contract
(1,285)
(8,738)
Accumulated surplus as restated:
548,563
)
608,756
)
Reconciliation of 2014 surplus for the year
2014
)
£
)
2014 surplus as previously stated:
67,646
)
Adjustment for staff annual leave accrual
-
)
Adjustment for movement in fair value of forward contract
(7,453)
2014 surplus as restated:
60,193
)
Adjustment for staff benefit accrual
In accordance with FRS 102 Section 28, a liability has been included representing annual leave accrued but not
yet taken by staff as at the balance sheet date.
Adjustment for movement in fair value of forward contract
In accordance with FRS 102 Section 12, the movement in the fair value of the open forward contracts has been
reflected through profit and loss.
   
Land and buildings
Office equipment
13
Directors’ Report and Financial Statements
48
