• Independent auditor’s report
• Consolidated income statement
• Consolidated statement of comprehensive income
• Consolidated and Parent Company balance sheets
• Consolidated statement of changes in equity
• Parent Company statement of changes in equity
• Consolidated and Parent Company statement of cash flows
• Accounting policies
• Notes to the financial statements
• Group financial history
• Shareholders’ information

Notes to the financial statements

22 Deferred income

Current		2014 £m		2013 £m
Grants		1.7		1.6
Non-current
Grants		7.8		9.6

In 2010/11 two new biomass boilers were installed at the Davidstow cheese manufacturing site. Capital expenditure amounted to £3.9 million and we received cash grants of £0.8 million during the year ended 31 March 2011 and £0.2 million during the year ended 31 March 2012 from the South West of England Regional Development Agency. This grant is conditional upon certain conditions principally regarding continued use and ownership of the boilers until 29 November 2014. In the year ended 31 March 2013, £0.4 million of this grant was voluntarily repaid in order to receive annual renewable heat incentives. The conditions concerning the remaining outstanding grant are unchanged.

In 2012/13 the Group announced that it was consolidating its spreads manufacturing in a single site at Kirkby, Liverpool. During the year the Group received a grant of £5.3 million under the Regional Growth Fund from the Department of Business, Innovation and Skills in relation to this project. This grant is conditional upon certain conditions over a five year term, principally the project being completed and creating or safeguarding the agreed number of jobs.

A grant of £0.3 million in relation to the Crudgington site was written off to exceptional items in the year ended 31 March 2013 following the write down of property, plant and equipment at that site following the announced closure plans. All conditions on this grant had been met and no repayment was required.

With the exception of the grants relating to the biomass boiler at Davidstow and the Kirkby job creation, the Group has met all applicable conditions attaching to grants at 31 March 2014 and all previously received grants were unconditional at that date.