The LGPS is a funded scheme and the assets are held separately from those of the Academy Trust in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The amounts charged to operating surplus are the current service costs and gains and losses on settlements and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the Statement of Financial Activities if the benefits have vested. If the benefits have not vested immediately, the costs are recognised over the period until vesting occurs. The expected return on assets and the interest cost are shown as a net finance amount of other finance costs or credits adjacent to interest. Actuarial gains and losses are recognised immediately in other gains and losses. Fund Accounting Unrestricted income funds represent those resources which may be used towards meeting any of the charitable objects of the Academy Trust at the discretion of the governors. Restricted fixed asset funds are resources which are to be applied to specific capital purposes imposed by the Education Funding Agency/Department for Education where the asset acquired or created is held for a specific purpose. Restricted general funds comprise all other restricted funds received and include grants from the Education Funding Agency/Department for Education. EQUITAS ACADEMIES TRUST Notes to the Financial Statements for the Year Ended 31 August 2014 2. Activities for Generating Funds Unrestricted Restricted Total Total Funds Funds 2014 2013 £ £ £ £ Catering Income 73,648 73,648 - 72,144 Trips income 17,828 - 17,828 13,455 Other activities 124,644 124,644 - 106,256 198,292 17,828 216,120 191,855 3. Investment Income Unrestricted Restricted Total Total Funds Funds 2014 2013 £ £ £ £ Short term deposits 2,932 - 2,932 273 2,932 - 2,932 273 EQUITAS ACADEMIES TRUST Notes to the Financial Statements for the Year Ended 31 August 2014 4. Funding for Academy's educational operations Unrestricted Restricted Total Total Funds Funds 2014 2013 £ £ £ £
The LGPS is a funded scheme and the assets are held separately from those of the Academy Trust in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The amounts charged to operating surplus are the current service costs and gains and losses on settlements and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the Statement of Financial Activities if the benefits have vested. If the benefits have not vested immediately, the costs are recognised over the period until vesting occurs. The expected return on assets and the interest cost are shown as a net finance amount of other finance costs or credits adjacent to interest. Actuarial gains and losses are recognised immediately in other gains and losses. Fund Accounting Unrestricted income funds represent those resources which may be used towards meeting any of the charitable objects of the Academy Trust at the discretion of the governors. Restricted fixed asset funds are resources which are to be applied to specific capital purposes imposed by the Education Funding Agency/Department for Education where the asset acquired or created is held for a specific purpose. Restricted general funds comprise all other restricted funds received and include grants from the Education Funding Agency/Department for Education. EQUITAS ACADEMIES TRUST Notes to the Financial Statements for the Year Ended 31 August 2014 2. Activities for Generating Funds Unrestricted Restricted Total Total Funds £ Funds £ 2014 £ 2013 £ Catering Income 73,648 - 73,648 72,144 Trips income - 17,828 17,828 13,455 Other activities 124,644 - 124,644 106,256 198,292 17,828 216,120 191,855 3. Investment Income Unrestricted Restricted Total Total Funds £ Funds £ 2014 £ 2013 £ Short term deposits 2,932 - 2,932 273 2,932 - 2,932 273 EQUITAS ACADEMIES TRUST Notes to the Financial Statements for the Year Ended 31 August 2014 4. Funding for Academy's educational operations Unrestricted Restricted Total Total Funds £ Funds £ 2014 £ 2013 £