Accepting the circumstances as reported in Activity 22.6, but assuming that Winterblues uses the offset method for reporting grants, set out related extracts in the Statement of income for 2011 and the Statement of financial position as at the year-end.

Data from Activity 22.6:

Winterblues is a charity providing warm food and soup to the homeless and destitute. It prepares financial statements annually on 31 December. On 1 April 2011 it received from its local borough a grant of £60,000 for a vehicle which it acquired on the same date for £80,000. It would usually depreciate vehicles of this class using the straight-line method and assuming an economic life of five years.

Required: 

Set out the extracts of the charity’s Statement of income for 2011 and the Statement of financial position as at the year-end, reporting on the deferral method.