_______________________________________________________________________ Notes to the accounts (continued) Sensitivity Analysis The following table sets out a sensitivity analysis on the major assumptions which have been used in the above calculations: Sensitivity Analysis
ÂŁ000s
ÂŁ000s
ÂŁ000s
Adjustment to discount rate: Present value of scheme liabilities Projected service cost
+0.1% 100,874 3,332
0.0% 102,934 3,413
-0.1% 105,038 3,496
Adjustment to long term salary increase: Present value of total obligation Projected service cost
+0.1% 103,176 3,415
0.0% 102,934 3,413
-0.1% 102,693 3,411
Adjustment to pension increases and deferred revaluation Present value of total obligation Projected service cost
+0.1% 104,802 3,494
0.0% 102,934 3,413
-0.1% 101,105 3,334
Adjustment to life expectancy assumptions Present value of total obligation Projected service cost
+1 Year 105,954 3,500
None 102,934 3,413
-1 Year 100,002 3,328
25 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 date of transition to FRS102 is 1 August 2014 and the last set of accounts prepared under the previous UK GAAP was for the year ended 31 July 2015. The accounting policies set have been applied in preparing the financial statements for the year ended 31 July 2016, the comparative information presented in these financial statements for the year ended 31 July 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). In order to ensure a comprehensive understanding of how the transition to FRS 102 and the SORP has affected the University's financial position, financial performance and cash flows the University has elected to do a more detailed disclosure and is set out in the following tables.
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Buckinghamshire New University
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Financial Statements 2015-16