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.