We are pleased to issue an updated set of accounts for the year to 31st December 2016. With our new Treasurer coming on board, we've taken the opportunity to review our accounting practices and policies and made the decision to move from a cash basis of accounting to an accruals basis, which allocates transactions to the financial period
to which they relate rather than the financial period in which they occur. This has resulted in a further £495 of income being taken into 2016 for which transactions didn't occur until 2017 due to the timing of cash receipts. Following a query on the allocation of a Heart Testing donation and the establishment of a specific Pneumonia Fund, we have also taken the opportunity to reallocate a small number of transactions from the general Project Development Fund to the Heart Testing and Pneumonia Funds.
In July 2016, we published our funding allocations for 2015 and we are pleased to confirm that those amounts have now been either transferred to, or paid over from, the relevant Funds - please see the notes to the accounts for details. In addition, a further £1,000 in the Project Development Fund has been ring fenced as a subsidy for 2017 super veteran heart testing, and the Heart Testing Scanner Fund has been topped up with an additional allocation from the Project Development fund of £1,000. Both these allocations are reflected in the closing Fund balances in the 2016 accounts.