IAS 10 para 21, non-adjusting event, decision to return government furlough assistance, COVID – 19

Barratt Developments PLC – Annual report – 30 June 2020

Industry: real estate

7.3 Post balance sheet events (extract)

Coronavirus Job Retention Scheme

During the year the Group utilised the Government’s CJRS. The Group recognised £26.0m of funding under this scheme in the Income Statement in the financial year. The furlough scheme provided welcome and timely support but on 6 July 2020 the Group announced that because of the resilience of the Group’s financial position it would return all the furlough funds received. These funds were returned in August 2020. Given the timing of the decision to repay the CJRS, there was no liability recognised at 30 June and the costs will be recognised and treated as an Adjusted item in the year ending 30 June 2021.