Annual Report and Accounts 
30 September 2014
Electronic Data Processing PLC 2014
Electronic Data Processing PLC Annual Report and Accounts 2014 Electronic Data Processing PLC annual report and accounts 2011 4
About EDP
Electronic Data Processing PLC is a leading supplier 
of advanced technology Software Solutions. These 
include ERP solutions for the Merchanting/Wholesale 
Distribution Industry, e-business, application hosting 
and Sales Intelligence Solutions together with 
a comprehensive range of customer support 
and education services. 
Our values
>  
We believe in conducting our business 
activities with integrity, building mutually 
beneficial long-term relationships with all  
our customers, providing the highest levels  
of professional service at every stage.
>  
We are committed to delivering superior value 
in our products and services to our customers, 
on a continuing basis.
>  
We respect the individuality of each member 
of our staff, fostering an environment where 
creativity and productivity are encouraged, 
valued and rewarded.
>  
We are dedicated to creating value for 
shareholders by performing in a manner 
which will enhance return on investment.
Electronic Data Processing PLC is incorporated in England and Wales under Registration Number 853560 Electronic Data Processing PLC Annual Report and Accounts 2014 1
Governance Notice of meeting Strategic report Financial statements
Key Highlights
In this report Visit us online
More information 
for investors, 
including reports, 
announcements  
and notices, at  
www.edp.co.uk
> Turnover £5.51 million (2013: £5.83 million)
>  First half revenues impacted by delays to a number of discrete customer 
orders; second half revenues were consistent with those experienced 
in the second half of the previous financial year
>  Contracted recurring revenues remain strong representing 80% 
of total revenue (2013: 77%)
>  Hosting revenues continue to increase and now represent 52% 
of total revenues (2013: 48%) demonstrating the success of 
our strategy to grow the hosting/cloud side of the business
>  Adjusted operating profit £553,000 (2013: £835,000) gives 
an operating margin of 10.0% (2013: 14.3%)
> Pre-tax profit £401,000 (2013: £794,000)
>  Continuing commitment to R&D expenditure of £981,000 in the year 
(2013: £940,000)
>  Strong debt-free balance sheet; cash balances of £5.0 million 
at 30 September 2014 (2013: £5.7 million) will be used 
to further develop the business
>  3p special interim dividend returned £379,000 to shareholders 
during the year
>  Final dividend maintained at 2.0p per share, making 5.0p for 
the full year (2013: 7.0p)
>  Future dividends will be reviewed according to acquisition 
opportunities and the overall cash position at the time. However, 
in view of the Company’s relatively large cash balances and as 
reported at the half year results, it is the Board’s current intention 
to pay an interim dividend of 2p per share and a final dividend 
of 3p per share in future years
Strategic report
1 Key Highlights
2 Chairman’s Statement
3 Chief Executive’s Statement
5 Key Performance Indicators
6 Principal Risks and Uncertainties
8  Environmental, Employee, Social, Community 
and Human Rights Matters
Governance
9 Directors and Advisers
10 Directors’ Report
12 Corporate Governance
15 Audit Committee Report
16 Directors’ Remuneration Report
22 Statement of Directors’ Responsibilities
Financial statements
23 Independent Auditor’s Report
26 Consolidated Income Statement
26  Consolidated Statement 
of Comprehensive Income
27 Consolidated Balance Sheet
28  Consolidated Statement of Changes in Equity
29 Consolidated Cash Flow Statement
30  Notes to the Consolidated Financial Statements
47 Company Balance Sheet
48  Notes to the Company Financial Statements
56 Five Year Statistical Record Electronic Data Processing PLC Annual Report and Accounts 2014 2
Chairman’s Statement
Sir Michael Heller
Turnover for the year to 30 September 2014 
was £5.51 million compared with £5.83 million 
the previous year. As we reported in May, 
sales during the first half of the year were 
impacted by delays to a number of discrete 
customer orders. However, sales in the 
second half returned to more normal levels 
in an environment which remains competitive.
Adjusted operating profit was £553,000, 
compared with £835,000, reflecting the 
reduced revenue in the first half. This 
underlying cash-based measure of our 
performance excludes non-cash IFRS 
charges and credits and represents an 
operating margin of 10.0% (2013: 14.3%). 
Statutory pre-tax profit for the year was 
£401,000 (2013: £794,000).
We have continued to move forwards our 
main products, Quantum VS and Vecta, in 
terms of their functionality, increasing R&D 
expenditure during the year to £981,000, 
up from £940,000 the previous year. 
Hosting revenues represented 52% of total 
revenues during the year under review. This 
is the first time they have exceeded half of 
our turnover. Contracted recurring revenues, 
which include annual software licence fees 
and hosting charges, amounted to 80% of 
total revenue compared with 77% in the 
previous year.
We have previously reported that we 
had accepted an offer for our property 
in Milton Keynes which is surplus to 
requirements. Regrettably this sale is 
now looking unlikely to proceed. Whilst 
we are actively exploring other opportunities 
to dispose of this property it is appropriate 
to transfer it from current assets back into 
fixed assets. At 30 September 2014 it is 
included in the Group balance sheet at 
£1.39 million net of depreciation. We will 
report any further progress in due course. 
We have one further surplus freehold property 
in Sheffield which is also included in fixed 
assets in the Group balance sheet at 
£303,000 and which is currently being 
marketed for sale.
Year-end cash balances were £5.0 million 
(2013: £5.7 million). This is after dividends 
paid during the year of £631,000. We continue 
to be interested in using our cash balances 
should opportunities to acquire similar 
software producing businesses arise.
Net assets at 30 September 2014 were 
£5.3 million compared to £6.1 million. 
The difference principally reflects a £619,000 
actuarial loss on the defined benefit pension 
scheme following a decrease in the discount 
rate used to value liabilities under IAS 19. 
This is explained more fully in the Chief 
Executive’s Statement.
The Board is proposing to maintain the 
final dividend at 2.0p per share giving a total 
for the year of 5.0p (2013: 7.0p). The total 
dividend paid to shareholders will therefore 
be £631,000. If approved by shareholders, 
the final dividend will be paid on 7 April 2015 
to those shareholders on the register at 
6 March 2015. The shares will be ex-dividend 
on 5 March 2015. 
We will review future dividends according 
to the acquisition opportunities that arise 
and our overall cash position at the time. 
However, in view of our relatively large cash 
balances and as reported at the time of our 
half year results, it is our current intention to 
pay an interim dividend of 2p per share and 
a final dividend of 3p per share in future years. 
I would like to thank all our members of 
staff and my colleagues on the Board for 
their contribution during the year.
Whilst we expect to face a number of 
challenges in the coming year, which are 
addressed in the Chief Executive’s Statement, 
we have made appropriate changes within 
the business in anticipation of this and 
I remain confident about the future.
Sir Michael Heller   
Chairman
16 December 2014
Summary
•  Adjusted operating profit was £553,000, 
compared with £835,000, reflecting the 
reduced revenue in the first half
•  Hosting revenues represented 52% of total 
revenues during the year under review. 
This is the first time they have exceeded 
half of our turnover
•  The Board is proposing to maintain the 
final dividend at 2.0p per share giving 
a total for the year of 5.0p
We have continued to 
move forwards our main 
products, Quantum VS 
and Vecta, in terms of their 
functionality, increasing 
R&D expenditure during 
the year to £981,000, 
up from £940,000 the 
previous year. Electronic Data Processing PLC Annual Report and Accounts 2014 3
Governance Notice of meeting Strategic report Financial statements
Chief Executive’s Statement
Julian Wassell
Our turnover for the year to 30 September 2014 
was £5.51 million, a 5% reduction from last 
year’s £5.83 million. As we noted when we 
reported our interim results, turnover in the 
first half was impacted by delays to a number 
of discrete customer orders during February 
and March. Second half revenues were 
consistent with those experienced in the 
second half of the previous financial year.
It is pleasing to note that the proportion of our 
revenues delivered through our hosting centre 
has exceeded 50% for the first time. This 
reflects our strategy to grow the hosting/cloud 
computing side of the business.
The upgrade of our existing customers to 
Quantum VS, our latest ERP solution for 
distributors, has continued during the year 
under review. Pleasingly we have also signed 
a number of new business customers for 
Quantum. Whilst Quantum provides an 
excellent choice for the majority of the 
existing users of our legacy applications it 
is unrealistic to expect that all of them will 
migrate. We therefore expect to see higher 
“churn” of customers in coming years than 
has traditionally been the case. It is therefore 
important that we increase our new business 
sales efforts to address this. Accordingly 
we have recently strengthened our lead 
generation and new business sales teams.
In common with many other software 
vendors, we continue to see a move away 
from upfront revenues towards stronger 
ongoing subscription revenues, particularly 
with Vecta, as the Cloud/SaaS business model 
continues to gain traction. Whilst the impact 
of this has again been modest during the year, 
we expect the trend to continue. 
We are continuing to see keen price 
competition in the markets for both Quantum 
VS and Vecta and it is important therefore 
that we continue to invest in R&D to ensure 
that our products remain attractive. During 
the year under review R&D expenditure 
increased to £981,000 from £940,000.
We reported at the half year that 
one of our major customers acquired a 
competitor software business. They have 
recently completed their transition to that 
business’s product which will impact our 
revenues in the current financial year by 
approximately £300,000. 
Whilst these factors combined will undoubtedly 
put some pressure on our revenues in the 
coming year, we have identified annual cost 
savings (after strengthening our new business 
sales team) within the business amounting to 
£200,000 which have already been implemented 
after the period end. These relate to personnel 
and property/establishment costs. We expect 
to achieve further annual cost savings of 
circa £75,000 in 12 to 24 months’ time as 
we reduce the property costs associated 
with operating our current satellite office 
locations. We will continue to manage our 
cost base prudently and seek opportunities 
to reduce costs wherever possible without 
affecting our ability to deliver our products 
and services to our customers.
Business model
Our business model revolves around 
supplying our software products under 
long-term contracts either in the form of 
traditional on-site licencing arrangements or 
cloud-based, hosted service level agreements. 
These long-term agreements provide us with 
good visibility of revenues from our existing 
customers for up to 5 years. Contracted 
recurring revenues during the period under 
review represented 80% of our total revenues.
The rest of our revenues have traditionally 
been derived from our initial software 
licence fees, hosting joining fees and the 
provision of implementation, training and 
consultancy services. In addition, we supply 
a small amount of computer hardware and 
maintenance to certain customers which 
is generally low margin.
Our business model is strong. We continue 
to manage our cost base prudently and 
monitor working capital carefully.
Strategy
Our strategy is to deliver software solutions 
that offer clear business benefits, assisting 
our customers to generate sales growth or 
to create efficiencies and drive down costs 
in their business.
We have aimed to increase the number 
of customers who receive their software 
through the Cloud, and we have been doing 
so for 14 years from our hosting centre in 
Milton Keynes, thereby strengthening our 
commitment to our customers and vice versa.
We have two main product groups – 
software applications for distributors and 
merchants, where Quantum VS is our latest 
product; and Vecta, our award-winning 
CRM and Business Intelligence (BI) product.
The products are complementary with many 
of our customers using both. Whilst Quantum 
focusses on a number of discrete sectors 
within distribution, Vecta has a wider target 
market across a broader range of verticals.
Quantum VS provides the core of our 
customers’ business. The product and 
market are characterised by long relationships 
with customers but also lengthy sales cycles 
which typically, and in common with other 
suppliers of similar applications, can be 
over 12 months.
Vecta balances this with much shorter sales 
cycles, sometimes measured in weeks, and 
shorter implementation times.
Summary
•  Turnover in the first half was impacted by 
delays to a number of discrete customer 
orders during February and March. Second 
half revenues were consistent with those 
experienced in the second half of the 
previous financial year
•  Contracted recurring revenues during 
the period under review represented 80% 
of our total revenues
•  R&D expenditure increased to £981,000 
from £940,000
•  Our cash balances at 30 September 2014 
were £5.0 million (2013: £5.67 million)
Our strategy is to deliver 
software solutions that 
offer clear business 
benefits, assisting our 
customers to generate 
sales growth or to 
create efficiencies 
and drive down costs 
in their business. Electronic Data Processing PLC Annual Report and Accounts 2014 4
“ We have significantly strengthened our development and 
product management resource during the year to further 
accelerate the delivery of new functionality.”
Quantum VS
Quantum VS is a graphical software application 
focussed on a number of vertical markets 
within the distribution sector including:
• builders and timber merchants
• suppliers of fixings and fastenings
• industrial and security products
• electrical wholesalers
• food distributors
Our strategy has been and remains to develop 
a single software application which provides:
• primarily, a clear upgrade path for our 
existing customers by bringing into this 
single product the key functionality from 
our established distribution applications 
– Merchant, Charisma, Esprit and The 
Business Programme;
• a software application to exploit new 
business opportunities in the markets 
we address; and
• a platform for continued enhancements 
in functionality.
We have significantly strengthened our 
development and product management 
resource during the year to further accelerate 
the delivery of new functionality. 
New functionality delivered during the year 
includes integrated telephony (TAPI), improved 
credit card handling, new signature pad 
functionality and the introduction of mega 
menus to improve navigation throughout 
the product. Quantum has also recently 
been released on an SQL database which 
will improve access to data and 
reporting capabilities.
Looking ahead, in 2015 we will be releasing 
a new document scanning and archiving 
solution together with a completely new 
e-business solution for our customers.
Vecta
Vecta is a powerful, combined CRM and 
Business Intelligence (BI) product which 
assists businesses to drive sales. It is 
positioned between the major CRM 
products, which typically do not deliver 
sales analysis, and traditional BI tools. 
Our aim is to provide an essential tool that 
will fulfil all the CRM and sales intelligence 
requirements of a broad range of businesses 
without the need for a separate third-party 
CRM solution.
Vecta is optimised for the latest internet 
browsers which facilitate its use on a wide 
range of devices whether desktop or mobile. 
Vecta is now exclusively delivered though 
the cloud. We have continued to add new 
features during the year and I am delighted 
to report that Vecta won the “Software 
Innovation Solution of the Year” and “SME 
Solution of the Year” categories at the 
industry renowned European IT & Software 
Excellence Awards for 2014.
We have a major new release of Vecta 
planned for the first half of 2015. This will use 
the latest technologies to deliver an improved 
look and feel and provide a platform to ensure 
that Vecta remains an essential tool for our 
customers’ management and sales teams 
into the future.
Hosting/cloud computing
We have offered our customers the facility 
to have their software hosted at our own 
purpose-built facility in Milton Keynes for 
many years. This gives our customers a 
single IT provider for their software, hardware 
and operating system requirements. 
For the first time, hosting now represents 
more than half of our revenues, at 52% 
(2013: 48%). The number of hosted customers 
has also increased to 184 at 30 September 
2014 from 172 a year earlier. The following 
graph illustrates the growth in recent years 
in the proportion of our revenues which 
are delivered in this way.
Financial review
Turnover for the year was £5.5 million 
compared with £5.8 million in the previous 
year. Revenues in the first and second halves 
were £2.6 million and £2.9 million respectively 
(2013: £2.9 million and £2.9 million respectively). 
Recurring revenues increased to 80% of 
total revenues from 77% last year. 
Adjusted operating profit for the year was 
£553,000 compared with £835,000 last year. 
Our operating margin therefore was 10.0% 
compared with 14.3%.
Adjusted operating profit is calculated 
after adding back a net charge of £198,000 
(2013: £126,000) relating to a number of 
non-cash items which arise under IFRS, 
principally amortisation of intangible assets, 
defined benefit pension scheme charges 
and the capitalisation and amortisation 
of development costs. 
Statutory pre-tax profit was £401,000 
compared to £794,000 last year. This reflects 
the impact of reduced turnover during the 
year together with a one-off IFRS charge of 
£60,000 resulting from our decision to close 
the defined benefit pension scheme to future 
accrual, and a £95,000 increase in the level 
of R&D charged in the income statement 
under IFRS.
R&D expenditure, which relates principally 
to the continued enhancement of Quantum 
VS and Vecta, increased to £981,000 from 
£940,000 last year. Of this £79,000 (2013: 
£118,000) was capitalised as required by 
IAS 38. Amortisation of previously capitalised 
R&D amounted to £36,000 (2013: £21,000). 
The amount charged in the income statement 
in respect of the current year has therefore 
increased to £938,000 from £843,000 
last year.
As a result of lower interest rates available 
on our surplus cash balances our interest 
income during the year was £46,000 
compared with £85,000 last year.
The tax credit of £3,000 on pre-tax profit 
of £401,000 arises due to the receipt of 
additional tax relief on qualifying Research 
and Development expenditure. We expect 
Chief Executive’s Statement continued
Julian Wassell
0%
20%
40%
60%
80%
100%
2006 2007 2008 2009 2010 2011 2012 2013 2014
11%
16%
84% 89%
19%
81%
23%
77%
30%
70%
34%
66%
43%
57%
48%
52%
52% 48%
Hosted Non-hosted
Hosted vs non-hosted revenues Electronic Data Processing PLC Annual Report and Accounts 2014 5
Governance Notice of meeting Strategic report Financial statements
to be able to continue to benefit from the 
Government’s initiatives in this area in the 
coming year.
Earnings per share was 3.21p or 3.16p on 
a fully diluted basis (2013: 4.68p and 4.63p).
Cash balances at 30 September 2014 were 
£5.0 million (2013: £5.67 million). Operating 
cash flows were £336,000. In addition we 
received £48,000 in interest on our cash 
deposits. Dividends paid returned £631,000 
to shareholders. Other significant cash outflows 
were £144,000 corporation tax and £176,000 
of capital expenditure.
Pension
The liability relating to the Group’s defined 
benefit pension scheme increased by £931,000 
(£745,000 net of deferred tax). The Group 
balance sheet reflects a gross liability in 
respect of this scheme of £1.975 million 
(£1.580 million net of deferred tax). The 
increase in the liability arises mainly from 
an actuarial loss resulting from a significant 
reduction in the discount rate used to value 
the scheme liabilities. Under IAS 19 the 
discount rate is equivalent to the yield 
available on AA-rated corporate bonds. 
The most recent triennial actuarial valuation 
of the scheme at 31 July 2013 has recently 
been completed and this showed a small 
surplus on an ongoing funding basis.
The defined benefit pension scheme 
comprises a grouped funding arrangement 
whose sole asset is a with-profits insurance 
policy backed by corporate bonds. Under 
the accounting rules prescribed by IAS 19 
the scheme asset is valued at the insurance 
policy’s discontinuance surrender value at 
the period end. This valuation does not take 
into account the guaranteed annuity rates 
which have been secured by the policy and 
which are included in the ongoing scheme 
funding valuation.
We have previously reported that we were 
consulting with members regarding closing 
the scheme to future accrual. This was 
completed during the year effective from 
31 August 2014. This closure to future accrual 
has given rise to a one-off curtailment charge 
in the income statement of £60,000. The 
three remaining affected members have 
transferred into our group money purchase 
pension scheme.
As a result of the matters described above, 
net assets reduced to £5.34 million from 
£6.15 million. Net assets per share amounted 
to 42.4p (2013: 49.1p).
Property
In addition to the hosting centre in 
Milton Keynes we have two further freehold 
properties, both of which are surplus to 
operational requirements.
We have previously reported that we 
had accepted an offer to sell one of these 
properties (which is in Milton Keynes) and, 
as a result, had categorised it in the Group 
balance sheet as an asset held for sale at 
its expected net sale proceeds of £1.42 
million. Disappointingly, it now appears 
that the purchaser is unable to proceed 
with the transaction and accordingly we 
have transferred the property back into 
fixed assets in the Group balance sheet. 
At 30 September 2014 it is stated at 
£1.39 million net of depreciation. 
We are actively pursuing other opportunities 
to dispose of this property. In the short term 
we have let the property to a charitable 
organisation and, whilst this doesn’t generate 
significant rental income, we are currently 
mitigating business rates of £52,000 per annum 
effective from July this year. An eventual 
disposal of this property will generate total 
annual cost savings of around £87,000. This 
includes, inter alia, the £52,000 business rates 
referred to above and £19,000 of depreciation.
The remaining property, which is an industrial 
unit in Sheffield, is included in fixed assets 
at a value of £303,000. We have changed 
property agents during the year and continue 
to market the property. Annual cost savings of 
£35,000 (including £4,000 depreciation) would 
be achievable if we dispose of the property. 
Outlook
We have a strong product and services 
offering, a robust business model and 
considerable financial strength which will 
enable us to meet the challenges we will face 
in the forthcoming year. Having strengthened 
our sales team we expect to be well positioned 
to take advantage of those new business 
opportunities which do arise.
Finally, I would like to thank all of my colleagues 
throughout the business for their hard work 
and commitment during the year.
Julian Wassell   
Chief Executive
16 December 2014
“ Vecta won the ‘Software Innovation Solution 
of the Year’ and ‘SME Solution of the Year’ 
categories at the industry renowned European 
IT & Software Excellence Awards for 2014.”
Key Performance 
Indicators
The following 
financial KPIs 
are used by the 
Board to review 
the performance 
of the business:
Level of software 
and service revenues
Revenue from software and services 
reduced by 5% in FY14.
Sales of software and services account 
for 97% of total Group revenues in FY14, 
with the remainder comprising low 
margin hardware sales and hardware 
maintenance.
Adjusted operating 
profit margin
Our adjusted operating margin 
was 10.0% in FY14 compared 
with 14.3% in FY13.
Adjusted operating margin is 
calculated using operating profit 
excluding certain non-cash IFRS 
adjustments relating to amortisation 
of intangible assets, defined benefit 
pension scheme charges and 
capitalisation/amortisation 
of development costs.
Level of contracted 
recurring revenues
Recurring revenues represent 80% 
of total revenues in FY14 up from 
77% in FY13.
Recurring revenues underpin our 
business model and principally 
comprise contracted ongoing 
software licences and hosting fees. 
Level and growth 
of hosted revenues
52% of our revenues were delivered 
though our hosting centre in FY14 
compared with 48% in FY13.  Electronic Data Processing PLC Annual Report and Accounts 2014 6
Risk Potential impact Mitigation
Systems and networks EDP’s business operations rely 
significantly on the efficient and 
uninterrupted operation of its 
information technology systems 
and networks.
Our computer network may 
be vulnerable to unauthorised 
access, viruses and other 
disruptive problems.
Any damage or interruption 
to EDP’s networks, however 
caused, could have a material 
adverse effect on the delivery 
of our products and services.
A party that is able to override 
security measures could 
misappropriate proprietary 
information or cause disruption 
to our operations.
We continually review 
and test the security of internal 
systems and networks and have 
developed recovery plans in 
the event of systems disruption.
Where reliance is placed upon 
externally provided systems 
and networks we undertake 
regular performance ability 
reviews and ensure that 
contracts provide for 
an appropriate level of 
service maintenance.
Product technology advances The markets in which EDP 
operates are characterised 
by evolving technology, 
market practices and 
industry standards.
Competitors could develop 
superior products or more 
cost-effective techniques 
which could render our 
products uncompetitive or 
less acceptable to the market. 
This could result in the loss 
of new revenue opportunities 
or the non-renewal of contracts 
by existing customers.
We have an ongoing 
commitment to research and 
development which allows us 
to identify and adapt to any 
technological and market 
changes that do occur thereby 
ensuring that our products 
continue to meet the demands 
of our customers.
During the year ended 
30 September 2014 
we strengthened our 
development and product 
management resource.
External economic factors As with most other businesses 
in the UK, our operations can 
be adversely affected by a 
significant downturn in 
the economy.
Restricted availability of finance 
for businesses and a stagnant 
or recessionary economy could 
have an adverse effect on the 
prospects for EDP, as potential 
customers, particularly in the 
builders and timber merchants 
sectors may scale back their IT 
plans in response to funding 
difficulties and/or reduced 
prospects for their businesses.
We seek to ensure that a 
significant proportion of our 
revenues are derived from 
long-term contracts with our 
customers, that our products 
appeal to businesses operating 
in a range of business sectors 
and that payments for our 
recurring fees are received 
annually in advance.
Principal Risks and Uncertainties
We operate in a changing economic and technological 
environment that presents risks, many of which are driven 
by factors that we cannot control or predict. The key risks 
and uncertainties facing EDP and the measures taken 
to mitigate these risks are as follows: Electronic Data Processing PLC Annual Report and Accounts 2014 7
Governance Notice of meeting Strategic report Financial statements
Risk Potential impact Mitigation
Competitor activity EDP operates in a 
competitive environment.
New entrants to our 
marketplace and actions 
taken by existing competitors 
could have an impact on our 
levels of business activity 
and product pricing in the 
market generally.
We endeavour to provide 
excellent customer support 
together with high quality 
products at a competitive 
price in order to develop and 
protect strong customer 
relationships.
Key employees In common with all people-based 
businesses, our success will, to 
a significant extent, be dependent 
on the experience of the Board and 
senior management. The retention 
of the services of EDP’s key 
employees cannot be guaranteed.
The loss of key employees could 
have a material adverse effect 
on EDP.
The failure to retain and develop 
key technical skills and product 
knowledge could hinder EDP’s 
future prospects.
We are continually focused 
on the need to recruit, retain, 
reward and motivate staff 
with the appropriate skills. Electronic Data Processing PLC Annual Report and Accounts 2014 8
Environmental information 
The Group’s operations, which are principally software development and hosting, by their nature have a minimal impact on the environment. 
Nevertheless, the Group is committed to minimising the impact of its activities on the environment through initiatives such as the 
provision of fuel-efficient cars to company car drivers and encouraging waste recycling at Group locations. 
Greenhouse gas emissions
During the year ended 30 September 2014 the Group purchased 599,000 kWh (2013: 603,000 kWh) of electricity, the majority of which 
was used at the Group’s hosting centre in Milton Keynes. Using the 2014 conversion factor for grid electricity published by Defra this 
equated to 296 tonnes (2013: 269 tonnes) of carbon dioxide equivalent emitted. This equated to approximately 4.4 tonnes (2013: 3.84 
tonnes) per Group employee.
The Group also operates a fleet of 26 cars. During the year ended 30 September 2014 the total carbon dioxide equivalent emitted by the 
vehicles, calculated from the manufacturers’ emissions rating for each car, was 107 tonnes (2013: 110 tonnes). This equated to an average 
of 4.1 tonnes per vehicle (2013: 4.2 tonnes).
Employee information
At the end of the financial year, the Group employed 67 people. This figure includes 5 Executive and 2 Non-Executive Directors, all 
of whom are male. There are 4 senior managers, three of whom are male and one female. Of the remaining 56 employees, 40 are 
male and 16 are female.
Employee, social, community and human rights
Our company values are long established having been set out at the head of our annual report for many years. They are set out below:
• We believe in conducting our business activities with integrity, building mutually beneficial long-term relationships with all our 
customers, providing the highest levels of professional service at every stage.
• We are committed to delivering superior value in our products and services to our customers, on a continuing basis.
• We respect the individuality of each member of our staff fostering an environment where creativity and productivity are encouraged, 
valued and rewarded.
• We are dedicated to creating value for shareholders by performing in a manner which will enhance return on investment.
The Group does not have any other significant environmental, employee, social, community or human rights issues.
Approval of Strategic Report
The Strategic Report on pages 1 to 8 was approved by the Board on 16 December 2014.
Julian Wassell 
Chief Executive
Environmental, Employee, Social, Community  
and Human Rights Matters Electronic Data Processing PLC Annual Report and Accounts 2014 9
Notice of meeting Governance Strategic report Financial statements
Directors and Advisers
Directors
Sir Michael Heller Chairman,  
 Non-Executive
J. H. Wassell Chief Executive
P . A. Davey Sales
P . J. Davies Application  
 Software Products
A. R. Heller Non-Executive
C. R. Spicer Network Services
J. M. Storey Finance
Secretary
J. M. Storey
Registered office
4th Floor, Fountain Precinct
Balm Green
Sheffield S1 2JA
Auditor
KPMG LLP
Chartered Accountants
1 The Embankment
Neville Street
Leeds LS1 4DW
Bankers
HSBC Bank plc
Carmel House
49–63 Fargate
Sheffield S1 2HD
Solicitors
Irwin Mitchell LLP 
Riverside East
2 Millsands
Sheffield S3 8DT
Wake Smith LLP
68 Clarkehouse Road
Sheffield S10 2LJ
Financial advisers
BDO LLP
Corporate Finance
125 Colmore Row
Birmingham B3 3SD
Stockbrokers
Westhouse Securities Ltd
Heron Tower
110 Bishopsgate
London EC2N 4AY
Registrars and transfer office
Capita Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
Telephone 
0871 664 0300  
(calls cost 10p per minute + network extras, 
lines are open 8.30am–5.30pm Mon–Fri) 
+44 208 639 3399  
for overseas callers 
Website 
www.capitaassetservices.com 
E-mail 
shareholderenquiries@capita.co.uk
Financial Calendar 
Annual General Meeting  
24 March 2015
Interim results  
May 2015
9 10 Electronic Data Processing PLC Annual Report and Accounts 2014
The Directors present their annual report and financial statements for the year ended 30 September 2014.
Future developments and going concern
An indication of future developments in the Group’s business is given in the Strategic Report and is incorporated in this Directors’ Report 
by reference. A review of the impact of the current economic environment on the going concern assumption is given in the Corporate 
Governance Report.
Financial statements and results
The Group financial statements for the period under review have been prepared under International Financial Reporting Standards 
as adopted by the EU. The Parent Company financial statements have been prepared under UK GAAP .
The Group income statement for the year to 30 September 2014 is shown on page 26. The Group profit for the year before taxation 
amounted to £401,000 (2013: £794,000), with turnover of £5,508,000 (2013: £5,827,000).
After a tax credit of £3,000 (2013: charge of £207,000), the profit for the year attributable to equity shareholders was £404,000 (2013: £587,000).
Dividends
A special interim dividend of 3.0p per share was paid on 1 August 2014. The Directors propose the payment of a final dividend of 2.0p per share, 
making a total of 5.0p per share (2013: 7.0p).
Subject to shareholders’ approval, the final dividend will be paid on 7 April 2015 to shareholders whose names appear on the register 
at close of business on 6 March 2015.
Share capital
Details of the issued share capital and the rights attaching to those shares are contained in note 21 to the financial statements. The Company 
holds 1,173,097 ordinary shares in treasury which were purchased by the Company in a previous financial year and represent 9.3% of the 
called up share capital.
At the forthcoming Annual General Meeting, further to the ordinary business to be dealt with, the following resolutions will be considered:
An Ordinary Resolution will be proposed to give the Directors authority to allot ordinary shares representing 33 1/3% of the issued share 
capital of the Company. In addition a Special Resolution will be proposed to disapply the statutory pre-emption provisions of Section 561 
of the Companies Act 2006 in respect of any rights issues and for cash issues up to an amount of 5% of the issued share capital 
of the Company.
The Directors consider that it would be advantageous for the Company to be in a position to purchase its own ordinary shares. Accordingly, 
a Special Resolution will be proposed at the Annual General Meeting to renew the existing authority to purchase up to 10% of the issued 
share capital of the Company. The Directors intend to seek to renew the authority at each subsequent Annual General Meeting.
Directors
The Directors at the date of this report, all of whom served throughout the year, are shown on page 9. 
The Directors retiring by rotation are Mr A. R. Heller and Mr P . J. Davies and, being eligible, offer themselves for re-election.
Paul Davies has a service contract with the Company, dated 13 May 2008, which operates on a continuous basis and is terminable 
on six months’ notice.
Andrew Heller does not have a service contract with the Company.
Andrew Heller was appointed to the Board as a Non-Executive Director in 2009. He is a Chartered Accountant and Managing Director 
of Bisichi Mining PLC, a listed mining company.
Paul Davies has been a Director since 2001. He joined BML (Office Computers) Ltd in 1984, prior to its acquisition by the Group in 1995. 
Previously Paul worked in IT within the distribution sector for a number of years.
Details of Directors’ interests in shares and share options are given in the Directors’ Remuneration Report on pages 16 to 21. There were 
no changes in the Directors’ interests in shares or share options up to 16 December 2014. There were no contracts of significance 
subsisting during or at the end of the financial year in which a Director of the Company is or was materially interested.
Directors’ Report 11
Notice of meeting Governance Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2014
Financial statements
Substantial shareholdings
At 16 December 2014 the only institutions or persons to have notified the Company of holdings of 3% or more are Sir Michael Heller (28.30%), 
Boyles Fund I, LP (17.04%), Olesen Value Fund, LP (3.03%) and Ewing Morris & Co. Investment Partners Ltd (3.37%).
Research and development
Group policy is to invest in product innovation and improvement at a level designed to enable it to retain and enhance its market position.
Greenhouse gas emissions
Details of the Group’s emissions of greenhouse gases are given in the Strategic Report on page 8.
Corporate governance
Corporate governance disclosures required to be included in the Directors’ Report can be found in the Corporate Governance Report 
on pages 12 to 14.
Auditor
In accordance with Section 489 of the Companies Act 2006, a resolution for the re-appointment of KPMG LLP as auditor of the Company 
is to be proposed at the forthcoming Annual General Meeting.
Directors’ statement as to disclosure of information to auditor
The Directors who were members of the Board on the date the Directors’ Report was approved have confirmed the following:
• to the best of each Director’s knowledge and belief there is no information relevant to their report of which the auditor is unaware; and
• each Director has taken all the steps a Director might reasonably be expected to take to be aware of relevant audit information 
and to establish that it has been communicated to the auditor.
Responsibility statement of the Directors in respect of the annual financial report
We confirm that to the best of our knowledge:
• the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, 
liabilities, financial position and profit of the Company and the undertakings included in the consolidation as a whole;
• the annual report and financial statements, taken as a whole, provides the information necessary to assess the Company’s performance, 
business model and strategy and is fair, balanced and understandable; and
• the Strategic Report includes a fair review of the development and performance of the business and the position of the Issuer and the 
undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.
The Directors are shown on page 9.
By order of the Board
J. M. Storey
Director
16 December 2014 12 Electronic Data Processing PLC Annual Report and Accounts 2014
Corporate Governance
The Group is committed to high standards of corporate governance appropriate to its size and structure. The Board recognises its responsibility 
to the Company’s shareholders for good corporate governance and in doing so has given careful consideration to the principles of the UK 
Corporate Governance Code (the “Code”) (September 2012 edition) as set out below. The Board acknowledges its responsibility for ensuring 
that the annual report and accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for 
shareholders to assess the Company’s performance, business model and strategy.
Board structure and meetings
During the year under review the Board of Directors comprised five Executive Directors and two Non-Executive Directors.
The Non-Executive Chairman is responsible for the overall leadership of the Board and ensuring its effectiveness on all aspects of its role. 
The Board is responsible for overall strategy and consideration of significant financial and operational matters including the identification 
and assessment of the risks the Company faces. The Non-Executive Directors are encouraged to constructively challenge the Executive 
Directors and help develop proposals on strategy.
In addition to his role as Non-Executive Chairman of the Company, Sir Michael Heller is Executive Chairman of London & Associated 
Properties PLC and Bisichi Mining PLC, both of which are listed on the London Stock Exchange.
The Board met on five occasions during the year and has met on one occasion since the year end. All Directors attended the five Board 
meetings held during the year with the exception of A. R. Heller who attended four.
In addition the Executive Directors met on five further occasions during the year. The meetings were attended by all Executive Directors.
These meetings allow prompt decision making and assist in the control of strategic, financial and operational issues. T o enable them 
to carry out their responsibilities, all Directors have full and timely access to all relevant information.
Directors are able to seek independent advice at the expense of the Company.
Internal control
The Directors are responsible for establishing and maintaining the Group’s system of internal control and have a process, which is updated 
when required, for reviewing its effectiveness. Such a system is designed to manage rather than eliminate the risk of failure to achieve 
business objectives and can provide reasonable, but not absolute, assurance against material misstatement or loss.
There is an organisational structure in place, with clearly defined lines of responsibility and delegated authority, which is incorporated 
within the Group’s policy and procedure directives.
Board approval is required for a number of matters, the most significant of which are:
• published financial statements;
• acquisitions policy; and
• dividend policy.
The following matters require the approval of the Executive Directors:
• capital expenditure and disposals;
• treasury procedures and investment policy; and
• banking arrangements.
There is an ongoing process for identifying, evaluating and managing the significant risks faced by the Company, which has been in place 
for the year under review and up to the date of the approval of the annual report and accounts. This is regularly reviewed by the Board 
of Directors and accords with the revised Turnbull guidance.
A detailed budget is prepared covering all of the Group’s operations. This budget is reviewed and approved by the Board. Detailed monthly 
management accounts are prepared on a timely basis comparing actual performance of the Group with budget and prior year. Any significant 
variances are investigated and appropriate action taken. Management reports are produced regularly and include information on sales, 
gross profit, overheads, cumulative performance, cash flow and treasury matters.
The Board has reviewed the effectiveness of the Group’s system of internal controls during the period. Together with senior management, 
the Board has identified, evaluated and managed the significant risks facing the Group.
The Board will amend the specific control procedures which are put in place to reduce these risks whenever appropriate in order to meet 
the demands imposed by the business sector in which the Group operates. 13
Notice of meeting Governance Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2014
Financial statements
Audit committee
A description of the composition and activities of the audit committee is given in the Audit Committee Report on page 15.
Remuneration committee
The remuneration committee comprises Sir Michael Heller, Mr A. R. Heller and Mr J. H. Wassell. The Board considers the structure 
of the remuneration committee to be appropriate given the size of the Company.
The remuneration committee is responsible for determining the remuneration packages and other terms and conditions for the Executive 
Directors. Mr J. H. Wassell is not involved in determining his own remuneration. The Non-Executive Directors serving on the remuneration 
committee are not involved in determining their own individual remuneration. Individual Director’s remuneration is detailed in the 
Directors’ Remuneration Report. The remuneration committee held one meeting during the year and was attended by all members.
Nomination committee
The nomination committee comprises Sir Michael Heller, Mr A. R. Heller and Mr J. H. Wassell. The committee is responsible for proposing 
candidates for appointment to the Board, having regard to the balance of skills, experience and knowledge of the Company on the Board, 
how the Board works together as a unit and other factors relevant to its effectiveness. The committee did not formally meet during the 
year as the current composition of the Board is considered by the committee to be appropriate. The Board consider the structure of the 
committee to be appropriate given the size of the Company. All Directors are subject to re-election at a maximum of every three years.
The Board does not have a formal policy on diversity. Appointments to the Board are recommended by the nomination committee 
on the basis of the experience and abilities of the candidate, regardless of gender or race.
Going concern
The Group’s business activities, together with the factors likely to affect its future development, performance and position along with the 
financial position of the Group, its cash flows and liquidity position, are described in the Strategic Report on pages 1 to 8. In addition note 
18 to the financial statements includes details of the Group’s financial instruments and its exposures to credit risk and liquidity risk.
The Group has considerable financial resources together with a significant proportion of the Group’s revenues being derived from 
long-term contracts with established customers. As a consequence, the Directors believe that the Group is well placed to manage 
its business risks successfully.
After making enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to 
continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing 
the annual report and accounts.
Share capital
Details of the Company’s share capital structure are given in the Directors’ Report and in note 21 to these financial statements.
Internal audit
The Board reviews from time to time whether there is a need for an internal audit function and on its last review concluded that, 
due to the size of the Group and the internal controls that are currently in place, no specific function is required at the present time.
Investor relations
The Group enters into dialogue with both institutional and private shareholders at the AGM and also on an ad-hoc basis during the year. 
All Directors are required to attend the AGM in order, among other things, to ensure they develop an understanding of the views of the 
Company’s shareholders. A separate resolution is held for each issue at the AGM.
It is the Directors’ intention that all shareholders will receive at least 20 working days’ notice of the AGM.
The Group publishes its annual report and accounts and interim report along with other information on its website at www.edp.co.uk. 14 Electronic Data Processing PLC Annual Report and Accounts 2014
Corporate Governance continued
Compliance
The Group complied with the provisions of the Code throughout the period under review other than as detailed below:
(a)  The Group’s Non-Executive Directors have not been appointed for specified terms. The Board considers that because of the 
requirement for the Non-Executive Directors to stand for re-election at least every three years, specified terms are not required. 
The Code prescribes that Non-Executive Directors should be appointed for specified terms (B.2.3).
(b)  The Board is aware that the two Non-Executive Directors are not regarded as independent for the purposes of the Code. As a result 
there is no senior independent Non-Executive Director and the Company therefore does not apply Code provisions A.4.1 and A.4.2. 
The Board considers that the structure of the Board is appropriate for the size and complexity of the Company.
(c)  The Board considers that it is appropriate to operate a continual, informal evaluation process given the size and complexity of the Company. 
The Code prescribes that the Board should state in the annual report how the performance evaluation of the Board, its committees 
and its individual Directors has been conducted (B.6.1).
(d)  The audit committee and remuneration committee are both chaired by the Non-Executive Chairman and as a result the Company does 
not fully comply with Code provisions C.3.1 and D.2.1. The nomination committee has no independent Non-Executive Directors serving 
on it and consequently the Company does not comply fully with provision B.2.1. The Board considers that the structure of the Board 
committees is appropriate for the size and complexity of the Company.
(e)  The Non-Executive Chairman, who has served on the Board for over nine years, stands for election every three years rather than every 
year as prescribed by provision B.7.1. The Board considers this is appropriate given the Company’s size and complexity.
By order of the Board
J. M. Storey
Director
16 December 2014 15
Notice of meeting Governance Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2014
Financial statements
Audit Committee Report
The audit committee comprises the two Non-Executive Directors, Sir Michael Heller and Andrew Heller, both of whom are Chartered 
Accountants. The Board considers the structure of the audit committee to be appropriate considering the size and complexity of the Group.
The committee’s terms of reference, which have been approved by the Board, are available on request from the company secretary.
The main responsibilities of the audit committee are:
• to monitor the adequacy of the Group’s internal financial controls;
• to take primary responsibility for appointing and re-appointing auditors;
• to review and monitor the scope, results and cost effectiveness of the external audit process;
• to monitor the procedures in place to safeguard the objectivity of the auditor and its independence in relation to non-audit services;
• to review the key assumptions and estimates or judgements that have been applied by management in the published financial 
statements; and
• to consider the need for an internal audit function.
The audit committee meets three times during the year. Meetings are held prior to publication of the annual results and half-year results. 
A meeting is also held just after the year end to review, among other things, the significant judgements and estimates made by management 
in preparing the financial statements. During this meeting the external auditor presents its strategy document. Both members of the 
committee, along with the Chief Executive and Finance Director, attended all meetings. The external auditor attended two meetings.
The committee has concluded that given the size and complexity of the Group there is no current need for an internal audit function.
The committee has considered the following significant accounting issues and areas of estimation and judgement in relation to these 
financial statements:
• We considered the accounting policy, as presented by the Finance Director in a paper prepared for the committee, relating to recognition 
of revenue and whether the established policy was still appropriate for the business. We were content that the current policy was still 
appropriate. We were satisfied that the Group’s internal controls for ensuring that revenues were allocated to the correct period were effective.
• We considered the judgements made by management in the year end valuation of the Group’s freehold properties, in particular those 
properties which were being marketed for sale. We were content that management’s estimate of residual values reflected the currently 
available market evidence. We considered management’s judgement that the property formerly held as a current asset no longer met 
the definition for classification as a current asset in the light of the current status of offers on the property .
• We considered the approach taken by management in updating the key assumptions used in the valuation of the Group’s defined benefit 
pension scheme, following guidance from the independent scheme actuary, and were content that the approach was appropriate.
• We considered the processes put in place by management, as presented by the Finance Director in a paper prepared for the committee, 
for the identification and recording of expenditure on software development which is capitalised and amortised under IAS 38. We were 
satisfied that these processes were appropriate.
The committee has considered the effectiveness and quality of the external audit process. A key element of this is a review of the auditor’s 
formal Audit Strategy Document which is presented to the committee prior to the commencement of the annual audit. This document 
highlights to the committee the auditor’s assessment of audit materiality and the key audit focus areas. It also includes a formal 
assessment of the auditor’s independence.
The Group’s auditors, KPMG LLP , and their legacy predecessors, have been in place since 1965. In line with the audit profession’s own 
ethical guidance the audit engagement partner is rotated every five years. The committee has considered whether it is appropriate 
to put the external audit contract out to tender. It has concluded that currently there is no requirement to conduct a tender process.
The committee has also reviewed the procedures that are in place to safeguard the objectivity of the auditor and its independence in relation 
to non-audit services. The auditor is excluded from undertaking a range of work on behalf of the Group which includes appraisal or valuation 
services, management functions, litigation support and accounting and remuneration services. An analysis of the fees paid to the auditor 
in respect of non-audit work is shown in note 5, of which most relates to the preparation and submission of the Group’s corporation tax 
computations. Auditor independence is safeguarded by ensuring that the auditor is not involved in the preparation of the current and 
deferred tax provisions for the financial statements.
Sir Michael Heller
Chairman – Audit Committee
16 December 2014 16 Electronic Data Processing PLC Annual Report and Accounts 2014
Directors’ Remuneration Report
Remuneration Committee Chairman’s Statement
I am pleased to present the Directors’ Remuneration Report for the year ended 30 September 2014.
The Directors’ Remuneration Policy, which became effective on 1 October 2014, was approved by shareholders at the Company’s 
Annual General Meeting (AGM) on 27 March 2014. Of those shareholders who voted on this resolution, some 99.98% voted in favour 
of the policy. The policy will apply for the period commencing 1 October 2014 until the 2017 AGM unless approval for a change in the policy 
is sought during this time. As described in the Policy Report, the remuneration committee concluded that the pre-existing arrangements 
for remunerating the Executive Directors were an appropriate basis for framing the new policy and will be implemented accordingly.
As we will not be proposing a resolution to approve the Directors’ remuneration policy at the forthcoming AGM, and in accordance with 
The Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013, we have not included 
a separate Directors’ Remuneration Policy Report within this Remuneration Report. A copy of the current Directors’ remuneration policy, 
which can be found on pages 20 to 25 of the Group’s 2013 annual report and accounts, is on the Company’s website, www.edp.co.uk, 
or can be obtained by writing to the Company Secretary.
The arrangements that were in place in the year for remunerating the Directors were substantially the same as those that have been put 
in place from 1 October 2014. The remuneration committee has used its discretion not to award the Executive Directors a bonus this year.
During the year the pension arrangements that were in place for one Director, C. R. Spicer, were amended. Until 31 August 2014 Mr Spicer 
was an active member of the Group’s defined benefit scheme. Following a consultation process with affected members, the scheme was closed 
to future accrual on 31 August 2014 and from that date Mr Spicer will accrue no further benefits in the scheme. From 1 September 2014 
Mr Spicer became a member of the Group’s defined contribution scheme. The Group will contribute to this scheme at the rates reported 
in the current Directors’ remuneration policy.
Sir Michael Heller
Chairman – Remuneration Committee
16 December 2014 17
Notice of meeting Governance Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2014
Financial statements
Annual Report on Remuneration
Audited information
Single figure for total remuneration
The remuneration received by the Directors who served during the year is set out below:
2014
Salary
£
Benefits
£
Bonus and 
commission
£
Pension
£
Total before
 share options
£
Notional value 
of vesting 
share options
£
Total
£
Executive
J. H. Wassell 95,000 11,871 — 6,650 113,521 — 113,521
P. A. Davey 76,000 13,772 — 5,320 95,092 — 95,092
P. J. Davies 76,000 13,206 — 5,320 94,526 — 94,526
C. R. Spicer 76,000 12,791 — 9,691 98,482 — 98,482
J. M. Storey 70,750 8,514 — 4,953 84,217 — 84,217
Non-Executive
Sir Michael Heller 50,000 12,684 — — 62,684 — 62,684
A. R. Heller 10,000 — — — 10,000 — 10,000
453,750 72,838 — 31,934 558,522 — 558,522
2013
Salary
£
Benefits
£
Bonus and 
commission
£
Pension
£
Total before
 share options
£
Notional value 
of vesting 
share options
£
Total
£
Executive
J. H. Wassell 95,000 11,333 24,300 6,650 137,283 44,100 181,383
P. A. Davey 76,000 12,932 19,230 5,320 113,482 22,050 135,532
P. J. Davies 76,000 12,406 18,900 5,320 112,626 22,050 134,676
C. R. Spicer 76,000 11,911 18,900 19,039 125,850 22,050 147,900
J. M. Storey 67,000 7,690 12,000 4,690 91,380 11,025 102,405
Non-Executive
Sir Michael Heller 42,500 15,573 — — 58,073 — 58,073
A. R. Heller 10,000 — — — 10,000 — 10,000
442,500 71,845 93,330 41,019 648,694 121,275 769,969
Benefits comprise company car, private fuel, private healthcare and telephone costs.
All outstanding share options were granted on 30 September 2010 and vested on 30 September 2013.
The notional value of the share options vesting is calculated by multiplying the total number of options by the closing middle market price 
of EDP shares at the date on which the shares vest and deducting the cash amount that the individual would be required to pay should 
they exercise their option to acquire the shares. 18 Electronic Data Processing PLC Annual Report and Accounts 2014
Directors’ Remuneration Report continued
Annual Report on Remuneration continued
Audited information continued
Directors’ pension entitlements
Details of the pension entitlements of the Director who participates in the Group’s defined benefit pension scheme are as follows:
Normal retirement date
Accrued 
pension 
entitlement at
30 September
 2014
£
Accrued 
pension 
entitlement at 
30 September
 2013
£
C. R. Spicer
Current service period 30 September 2018 18,861 17,775
Deferred benefits from a prior service period 30 September 2018 12,849 12,511
31,710 30,286
No additional benefit is expected under the scheme rules on early retirement before normal retirement date.
The scheme closed to future accrual with effect from 31 August 2014 and C. R. Spicer became a deferred member from that date. 
From 1 September 2014 C. R. Spicer became a member of the Group’s money purchase pension scheme with the Group contributing 
13% of pensionable salary for three years. Thereafter the Group’s contribution will be 3% of pensionable salary.
The other Executive Directors are members of money purchase personal pension schemes and are entitled to have contributions paid 
in by the Group at the rate of 7% of pensionable salary.
Directors’ shareholding and share interests
Directors’ interests in the issued share capital of the Company at 30 September 2014 and 30 September 2013 were as follows:
Number of shares
2014 2013
Beneficial Non-beneficial Beneficial Non-beneficial
Sir Michael Heller 2,571,050 997,500* 2,571,050 997,500*
J. H. Wassell 95,000 — 15,000 —
P. A. Davey 14,000 — 14,000 —
P. J. Davies 13,000 — 13,000 —
A. R. Heller — 407,750 — 407,750
C. R. Spicer 1,000 — 1,000 —
J. M. Storey 5,000 — 5,000 —
* Includes 407,750 shares in which Mr A. R. Heller has a non-beneficial interest. 19
Notice of meeting Governance Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2014
Financial statements
Annual Report on Remuneration continued
Audited information continued
Directors’ shareholding and share interests continued
Details of options granted to Directors who served during the year under the Company’s Enterprise Management Incentive Share Option 
plan are as follows:
Number of options
Exercise
price
1 October 
2013
Granted
 in year
Exercised
in year
30 September 
2014
Exercisable 
from
Exercisable 
to
J. H. Wassell 45.5p 180,000 — (80,000) 100,000 30/09/2013 29/09/2020
P. A. Davey 45.5p 90,000 — — 90,000 30/09/2013 29/09/2020
P. J. Davies 45.5p 90,000 — — 90,000 30/09/2013 29/09/2020
C. R. Spicer 45.5p 90,000 — — 90,000 30/09/2013 29/09/2020
J. M. Storey 45.5p 45,000 — — 45,000 30/09/2013 29/09/2020
495,000 — (80,000) 415,000 
None of the Executive Directors were awarded interests in the share option plan during the year and therefore no separate table of scheme 
interests awarded during the financial year has been presented. There are no other schemes in operation.
All share options had a grant date of 30 September 2010. None of the share options are subject to performance measures. 
The middle market price of Electronic Data Processing PLC ordinary shares at 30 September 2014 was 76.5p. During the year the share 
price ranged between 67.0p and 86.5p.
Unaudited information
Performance graph
The following graph shows the Group’s performance, measured by total shareholder return, compared with the FTSE Small Cap index 
since 1 October 2009. The Directors have chosen this index as it gives an indication of performance compared against a large spread 
of smaller quoted companies.
The vertical axis represents an index where holdings of shares in both EDP and a representative holding of shares in the FTSE Small Cap index 
are based at 100 on 1 October 2009.
— FTSE Small Cap
— Electronic Data Processing PLC
2009 2010 2011 2012 2013 2014
250
200
150
100
50
0 20 Electronic Data Processing PLC Annual Report and Accounts 2014
Directors’ Remuneration Report continued
Annual Report on Remuneration continued
Unaudited information continued
Chief Executive remuneration
The remuneration of the Chief Executive, J. H. Wassell, since 2009 is shown below:
2009
£
2010
£
2011
£
2012
£
2013
£
2014
£
Total remuneration 121,800 135,155 139,196 138,477 181,383* 113,521
* The total remuneration figure for 2013 includes £44,100 in respect of the notional value of share options vesting in the period.
With regard to the maximum bonus that could have been awarded in 2014, this is not set by individual Executive Director. The total amount 
of bonus awarded to the Executive Directors is ordinarily set at 10% of the Group’s adjusted operating profit for the year. This is therefore 
also the maximum bonus that can be awarded to the Executive Directors collectively. The allocation between individual Directors 
is decided on an annual basis taking into account individual and collective performance and level of experience as a Director.
The bonus is awarded at the discretion of the remuneration committee. For the year ended 30 September 2014 no bonus has been 
awarded to the Executive Directors.
The share options that vested in 2013 represented 100% of the total number that could have vested in that year.
The percentage change in the remuneration of J. H. Wassell compared to that of all employees of the Group as a whole is shown below:
Salary Benefits Bonus
J. H. Wassell 0.0% 4.7% (100.0%)
All employees 0.0% 0.0% *
* The bonus scheme is applicable to Executive Directors only.
The salaries of all Group employees excluding the Directors are reviewed on 1 November each year. At the 1 November 2013 review date 
employee salaries were not changed.
In addition individual employee salaries are reviewed in cases of increased responsibility, greater experience or exceptional performance.
The salaries of the Executive Directors are reviewed on 1 December each year. At the 1 December 2013 review date the Directors’ salaries 
did not change with the exception of J. M. Storey whose annual salary increased by 6.7%.
Relative importance of spend on pay
The total expenditure of the Group on remuneration to all employees compared to distributions to shareholders is shown below:
2014
£’000
2013
£’000
Employee remuneration 2,987 3,100
Distributions to shareholders
Ordinary dividends 252 251
Special dividends 379 626
Total 631 877 21
Notice of meeting Governance Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2014
Financial statements
Annual Report on Remuneration continued
Unaudited information continued
Shareholder voting
Details of the votes of shareholders at the Company’s AGM on 27 March 2014 relating to remuneration are shown below:
% 
of votes 
for
% 
of votes 
against
Number 
of votes 
withheld
Resolution to approve the Directors’ Remuneration Report 99.98% 0.02% —
Resolution to approve the future Directors’ Remuneration Policy 99.98% 0.02% —
The Directors’ Remuneration Report was approved by the Board and signed on its behalf by:
Sir Michael Heller 
Director
16 December 2014 22 Electronic Data Processing PLC Annual Report and Accounts 2014
Statement of Directors’ Responsibilities
in respect of the annual report and the financial statements
The Directors are responsible for preparing the annual report and the Group and Parent Company financial statements in accordance 
with applicable law and regulations.
Company law requires the Directors to prepare Group and Parent Company financial statements for each financial year. Under that law 
they are required to prepare the Group financial statements in accordance with IFRS as adopted by the EU and applicable law and have 
elected to prepare the Parent Company financial statements in accordance with UK Accounting Standards.
Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view 
of the state of affairs of the Group and Parent Company and of their profit or loss for that period. In preparing each of the Group and Parent 
Company financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• for the Group financial statements, state whether they have been prepared in accordance with IFRSs as adopted by the EU;
• for the Parent Company financial statements, state whether applicable UK Accounting Standards have been followed, subject to any 
material departures disclosed and explained in the Parent Company financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the Parent 
Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Parent Company’s 
transactions and disclose with reasonable accuracy at any time the financial position of the Parent Company and enable them to ensure 
that its financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably 
open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.
Under applicable law and regulations, the Directors are also responsible for preparing a Strategic Report, Directors’ Report, Directors’ 
Remuneration Report and Corporate Governance Statement that comply with that law and those regulations.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. 
Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 23
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2014
Financial statements
Independent Auditor’s Report
to the members of Electronic Data Processing PLC only
Opinions and conclusions arising from our audit
1. Our opinion on the financial statements is unmodified 
We have audited the financial statements of Electronic Data Processing PLC for the year ended 30 September 2014 set out on pages 
26 to 55. In our opinion: 
• the financial statements give a true and fair view of the state of the Group’s and of the Parent Company’s affairs as at 30 September 2014 
and of the Group’s profit for the year then ended; 
• the Group financial statements have been properly prepared in accordance with International Financial Reporting Standards as adopted 
by the European Union; 
• the Parent Company financial statements have been properly prepared in accordance with UK Accounting Standards; and 
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006 and, as regards the Group 
financial statements, Article 4 of the IAS Regulation. 
2. Our assessment of risks of material misstatement
In arriving at our audit opinion above on the financial statements the risks of material misstatement that had the greatest effect on our 
audit were as follows: 
Revenue recognition (revenue £5,508,000; deferred income £1,931,000)
Refer to page 15 (Audit Committee Report), page 32 (Accounting Policy) and page 40 (financial disclosures).
• The risk – The Group’s contracts with its customers involve the delivery of multiple services. Revenue recognition within the Group 
requires the separate recognition of revenue for each service on an appropriate basis and the spreading of the revenue over the period 
of service, resulting in significant deferred income balances. Although the contracts entered into by the Group are of limited complexity 
and variety, there are a large number of transactions to be processed.
• Our response – In this area our audit procedures included: 
• consideration of the appropriateness and consistency of the Group’s approach to allocating revenue to each component of a 
transaction. Where the Group determines the fair value of individual components by reference to costs incurred, this included making 
an assessment of the level of costs incurred or to be incurred in comparison to prior periods. This included consideration of our sector 
knowledge and in particular how similar companies recognise revenue across the lifetime of a software license contract; 
• testing of the design of controls over the allocation of revenue to separate components of the transaction and the allocation of 
revenue across periods; and 
• trend analysis on the amount of revenue and deferred revenue, the average life of customer contracts and the number of customers 
and recalculation of the deferred revenue balances. 
We also considered the adequacy of the Group’s disclosures in respect of amounts recognised as revenue and deferred revenue.
Defined benefit pension scheme (£1,975,000)
Refer to page 15 (Audit Committee Report), page 32 (Accounting Policy) and pages 42 to 44 (financial disclosures).
• The risk – The Group operates a defined benefit pension scheme. The closed scheme has an extremely small number of members 
(in terms of active and deferred members, and also those currently receiving pensions). An assessment of the underlying valuation of 
the scheme requires significant estimates to be applied, and, due to the small membership, a small change in certain of these estimates 
could have a material effect on the Group’s results and financial position.
• Our response – In this area our audit procedures included comparing the Group’s assumptions to market data as well as, with the 
support of our own actuarial specialist, our own assessments in relation to key inputs such as inflation rates, discount rates, increases 
in pay, increases in pension payments, increases for deferred pensioners and, in particular, mortality rates. We also assessed the 
adequacy of the Group’s disclosures in relation to the assumptions applied in determining the defined benefit liability. 
Capitalised development costs (£277,000)
Refer to page 15 (Audit Committee Report), page 32 (Accounting Policy) and page 39 (financial disclosures).
• The risk – Software project development costs are required to be capitalised (and subsequently amortised) if they meet the criteria 
of relevant accounting standards, which require, among other things, an assessment of the future out-turn of the project. These costs 
are otherwise expensed as incurred. The capitalisation criteria are inherently judgmental and there is a risk that qualifying projects may 
not be identified. There is also a risk that costs attributable to such projects may be misstated. 
• Our response – Our audit procedures included analysis of the current year’s expensed costs to identify un-capitalised projects and 
obtaining and corroborating, for example by reference to publicly available information, such as product and upgrade release dates, the 
Group’s explanations for why such costs have not been capitalised. For qualifying projects we considered the Group’s assessment of 
their future technical and financial prospects by reference to our knowledge of the Group’s business and our experience of the industry; 
we re-performed the Group’s calculation of staff costs attributable to qualifying projects, and considered our analysis of un-capitalised 
costs to identify any overlooked attributable costs. We also assessed the adequacy of the Group’s disclosures in respect of capitalised 
development costs. 24 Electronic Data Processing PLC Annual Report and Accounts 2014
Independent Auditor’s Report continued
to the members of Electronic Data Processing PLC only
Opinions and conclusions arising from our audit continued
2. Our assessment of risks of material misstatement continued
In our audit report for the year ended 31 December 2013 we included the valuation of property classified as held for sale as one of the 
risks of material misstatement that had the greatest effect on our audit. We considered this risk to be less significant in the current year 
as following a reclassification in the year to non-current assets as a result of changes in the Directors’ expectations of the probability 
of disposal of the property, the Group no longer has any property classified as held for sale.
3. Our application of materiality and an overview of the scope of our audit
The materiality for the Group financial statements as a whole was set at £39,000, determined with reference to a benchmark of Group 
profit before taxation (of which it represents 9.7%).
We report to the Audit Committee any corrected and uncorrected identified misstatements exceeding £2,000 in addition to other identified 
misstatements that warranted reporting on qualitative grounds.
Audits for group reporting purposes were performed by the Group audit team at all 5 of the Group’s reporting components, all of which 
are in the UK. These audits covered 100% of: total Group revenue, Group profit before taxation and total Group assets. Component 
materiality levels were set individually for each component having regard to the mix of size and risk profile of the Group across the 
components, and ranged from £11,200 to £27,000. 
4. Our opinion on other matters prescribed by the Companies Act 2006 is unmodified 
In our opinion: 
• the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the Companies Act 2006; and
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are 
prepared is consistent with the financial statements. 
5. We have nothing to report in respect of matters on which we are required to report by exception 
Under ISAs (UK and Ireland) we are required to report to you if, based on the knowledge we acquired during our audit, we have identified 
other information in the annual report that contains a material inconsistency with either that knowledge or the financial statements, a material 
misstatement of fact, or that is otherwise misleading. 
In particular, we are required to report to you if: 
• we have identified material inconsistencies between the knowledge we acquired during our audit and the Directors’ statement that 
they consider that the annual report and financial statements taken as a whole is fair, balanced and understandable and provides 
the information necessary for shareholders to assess the Group’s performance, business model and strategy; or
• the Audit Committee Report does not appropriately address matters communicated by us to the audit committee.
Under the Companies Act 2006 we are required to report to you if, in our opinion:
• adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received 
from branches not visited by us; or 
• the Parent Company financial statements and the part of the Directors’ Remuneration Report to be audited are not in agreement 
with the accounting records and returns; or 
• certain disclosures of Directors’ remuneration specified by law are not made; or 
• we have not received all the information and explanations we require for our audit. 
Under the Listing Rules we are required to review: 
• the Directors’ statement, set out on page 13, in relation to going concern; and
• the part of the Corporate Governance Statement on pages 12 to 14 relating to the Company’s compliance with the nine provisions 
of the 2010 UK Corporate Governance Code specified for our review.
We have nothing to report in respect of the above responsibilities. 25
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2014
Financial statements
Scope and responsibilities
As explained more fully in the Directors’ Responsibilities Statement set out on page 22, the Directors are responsible for the preparation 
of the financial statements and for being satisfied that they give a true and fair view . A description of the scope of an audit of financial 
statements is provided on the Financial Reporting Council’s website at www.frc.org.uk/auditscopeukprivate. This report is made solely 
to the Company’s members as a body and is subject to important explanations and disclaimers regarding our responsibilities, published 
on our website at www.kpmg.com/uk/auditscopeukco2014a, which are incorporated into this report as if set out in full and should be read 
to provide an understanding of the purpose of this report, the work we have undertaken and the basis of our opinions.
David Morritt (Senior Statutory Auditor) 
for and on behalf of KPMG LLP , Statutory Auditor 
Chartered Accountants 
1 The Embankment
Neville Street
Leeds 
LS1 4DW  
16 December 2014 26 Electronic Data Processing PLC Annual Report and Accounts 2014
Consolidated Income Statement
for the year ended 30 September 2014
2014 2013
Note £’000 £’000
Revenue 3 5,508 5,827 
Gross profit 5,074 5,419 
Administrative expenses (4,719) (4,710)
Operating profit 4 355 709 
Finance income 46 85 
Profit before tax 401 794 
Income tax credit/(expense) 7 3 (207)
Profit for the period attributable to equity holders of the parent 404 587 
Earnings per share
– Basic 8 3.21p 4.68p
– Diluted 8 3.16p 4.63p
2014 2013
£’000 £’000
Profit for the period 404 587 
Other comprehensive income
Items that will not be reclassified to profit or loss:
Remeasurement (losses)/gains on defined benefit pension scheme (774) 169 
Income tax on other comprehensive income 155 (32)
Other comprehensive income for the period, net of tax (619) 137 
Total comprehensive income for the period attributable to equity holders of the parent (215) 724 
Consolidated Statement of Comprehensive Income
for the year ended 30 September 2014 27
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2014
Financial statements
Consolidated Balance Sheet
at 30 September 2014
2014 2013
Note £’000 £’000
Non-current assets
Property, plant and equipment 10 3,097 1,743 
Deferred tax asset 20 395 209 
Intangible assets 11 356 322 
3,848 2,274 
Current assets
Inventories 12 67 81 
Trade and other receivables 13 1,546 1,537 
Cash and cash equivalents 14 4,984 5,667 
Assets held for sale 15 — 1,423 
6,597 8,708 
Total assets 10,445 10,982 
Current liabilities
Deferred income 16 (1,914) (2,291)
Income tax payable (16) (177)
Trade and other payables 17 (1,068) (1,195)
(2,998) (3,663)
Non-current liabilities
Deferred income 16 (17) (57)
Employee benefits 19 (1,975) (1,044)
Deferred tax liability 20 (113) (70)
(2,105) (1,171)
Total liabilities (5,103) (4,834)
Net assets 5,342 6,148 
Equity
Share capital 21 689 689 
Share premium 119 119 
Capital redemption reserve 625 625 
Treasury shares 21 (587) (627)
Retained earnings 4,496 5,342 
Total equity attributable to equity holders of the parent 5,342 6,148 
These financial statements were approved by the Board of Directors on 16 December 2014 and were signed on its behalf by:
Sir Michael Heller Julian Wassell
Directors
Electronic Data Processing PLC, registered number 853560 28 Electronic Data Processing PLC Annual Report and Accounts 2014
Consolidated Statement of Changes in Equity
for the year ended 30 September 2014
Capital
Share Share redemption Treasury Retained
capital premium reserve shares earnings Total
£’000 £’000 £’000 £’000 £’000 £’000
Balance at 1 October 2012 689 119 625 (627) 5,464 6,270 
Profit for the period — — — — 587 587 
Other comprehensive income:
–  remeasurement gain on defined benefit pension 
scheme net of tax — — — — 137 137 
Total comprehensive income — — — — 724 724 
Transactions with owners:
– share-based payment transactions — — — — 9 9 
–  deferred tax on share-based 
payment transactions — — — — 22 22 
– dividends paid — — — — (877) (877)
Total transactions with owners — — — — (846) (846)
Balance at 30 September 2013 689 119 625 (627) 5,342 6,148 
Capital
Share Share redemption Treasury Retained
capital premium reserve shares earnings Total
£’000 £’000 £’000 £’000 £’000 £’000
Balance at 1 October 2013 689 119 625 (627) 5,342 6,148 
Profit for the period — — — — 404 404 
Other comprehensive income:
–  remeasurement loss on defined benefit 
pension scheme net of tax — — — — (619) (619)
Total comprehensive income — — — — (215) (215)
Transactions with owners:
– share-based payment transactions — — — — 1 1 
–  deferred tax on share-based 
payment transactions — — — — 2 2 
– issue of shares out of treasury — — — 40 (3) 37 
– dividends paid — — — — (631) (631)
Total transactions with owners — — — 40 (631) (591)
Balance at 30 September 2014 689 119 625 (587) 4,496 5,342  29
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2014
Financial statements
Consolidated Cash Flow Statement
for the year ended 30 September 2014
2014 2013
£’000 £’000
Cash flows from operating activities
Profit for the period 404 587 
Adjustments for:
Depreciation 248 193 
Amortisation 126 158 
Net loss on disposal of property, plant and equipment — 2 
Transfer of inventory (to)/from property, plant and equipment (10) 5 
Defined benefit pension charge net of employer contributions 157 93 
Finance income (46) (85)
Income tax (credit)/expense (3) 207 
Change in inventories 14 (2)
Change in receivables (11) 1 
Change in payables (127) (116)
Change in deferred income (417) (162)
Equity settled share-based payment transactions 1 9 
Cash received from operations 336 890 
Interest received 48 98 
Income taxes paid (144) (173)
Net cash from operating activities 240 815 
Cash flows from investing activities
Purchase of property, plant and equipment (176) (235)
Purchase of intangible assets (81) (6)
Development expenditure (79) (118)
Proceeds from sale of property, plant and equipment 7 440 
Net cash (used in)/generated by investing activities (329) 81 
Cash flows from financing activities
Issue of shares out of treasury 37  —
Dividends paid (631) (877)
Net cash used in financing activities (594) (877)
Net (decrease)/increase in cash and cash equivalents (683) 19 
Cash and cash equivalents at beginning of period 5,667 5,648 
Cash and cash equivalents at end of period (note 14) 4,984 5,667  30 Electronic Data Processing PLC Annual Report and Accounts 2014
Notes to the Consolidated Financial Statements
(forming part of the financial statements)
1. Reporting entity 
Electronic Data Processing PLC is a public limited company listed on the London Stock Exchange and incorporated and domiciled in England. 
The principal activity of the Company is the provision of computer software solutions.
The address of the Company’s registered office is 4th Floor, Fountain Precinct, Balm Green, Sheffield S1 2JA.
Statement of compliance
The Group’s financial statements have been prepared and approved by the Directors in accordance with International Financial Reporting 
Standards as adopted by the EU (“adopted IFRS”) as they apply to the financial statements of the Group for the year ended 30 September 
2014 and applied in accordance with the provisions of the Companies Act 2006. The principal accounting policies of the Group are set out 
in note 2. The Company has elected to prepare its Parent Company financial statements in accordance with UK GAAP and these are presented 
on pages 47 to 55. The Company is taking advantage of the exemption in s408 of the Companies Act 2006 not to present its individual 
income statement and related notes.
2. Significant accounting policies 
The significant accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented 
in these Group financial statements.
Basis of preparation
The financial statements have been prepared in accordance with adopted IFRS and under the historical cost basis except as described 
elsewhere in note 2.
Basis of consolidation
The consolidated financial statements incorporate the accounts of Electronic Data Processing PLC and all its subsidiaries. Such accounts 
are all made up to 30 September 2014.
Subsidiaries are entities controlled by the Group. Control exists when the Group has the power to govern the financial and operating 
policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that presently are exercisable 
are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that 
control commences until the date that control passes. Intragroup balances, and any unrealised gains and losses or income and expenses 
arising from intragroup transactions, are eliminated in preparing the consolidated financial statements.
Functional and presentational currency
The financial statements are presented in sterling, which is the Group’s presentational currency. The Parent Company’s functional currency 
is sterling. All financial information presented in sterling has been rounded to the nearest thousand.
Foreign currency
Sales to overseas customers which are denominated in foreign currencies are translated into sterling at the exchange rate ruling at the date 
of the transaction. Monetary assets resulting from sales denominated in foreign currencies at the balance sheet date are retranslated into 
sterling at the exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement.
Revenue
The Group’s revenues derive from a number of sources which are described below. All revenue excludes value added tax and any sales 
between Group companies. Revenue relating to future periods is deferred. Revenue is recognised to the extent that it is probable the 
economic benefits will flow to the Group and the revenue can be reliably measured.
The Group’s software revenues are broken down into initial licence fees, upfront hosting charges and recurring software usage charges. 
Initial licence fees are recognised as revenue in full on delivery of the software following receipt of a non-cancellable contract as the Group 
considers that at this point all of the significant risks and rewards of ownership of the licence have been transferred to the customer. Upfront 
hosting charges are recognised as revenue on provision of access to the Group’s servers following receipt of a signed non-cancellable contract. 
Recurring software usage charges and periodic hosting service charges are recognised evenly over the period to which they relate.
Other software related revenues are mainly from the provision of professional services including implementation, training and consultancy. 
This revenue is recognised when the services have been performed. Sales of computer equipment are recognised on delivery to customers 
and equipment maintenance charges are recognised evenly over the period to which they relate.
Property, plant and equipment 
Property, plant and equipment is stated at cost or deemed cost less accumulated depreciation and impairment losses. Land is not 
depreciated. The Directors assess the residual values and useful economic lives of the properties on an annual basis. Depreciation 
is provided so as to write off the cost, or deemed cost, less the estimated residual value of each asset in equal instalments over its 
estimated useful life from the time it becomes operational, at the following rates:
Freehold property – 1 to 2% 
Motor vehicles – 20 to 33% 
Fixtures, fittings and equipment – 15 to 25%  31
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2014
Financial statements
2. Significant accounting policies continued
Software intellectual property rights 
Assets are initially carried at cost, including any incidental expenses of acquisition. Following initial recognition, they are carried at cost 
less any accumulated amortisation and accumulated impairment losses. Software intellectual property rights are amortised over a period 
of between four and ten years on a straight line basis and amortised from the time the software is brought into use. 
Research and development 
Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge and understanding, is recognised 
in the income statement as incurred.
Development activities involve a plan or design for the production of new or substantially improved products and processes. Development 
expenditure is capitalised only if development costs can be measured reliably, the product or process is technically and commercially 
feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to 
use or sell the asset. The expenditure capitalised includes the cost of materials, direct labour and overheads that are directly attributable 
to preparing the asset for its intended use. Other development expenditure not meeting these criteria is recognised in the income 
statement as incurred.
Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is based on the cost of an asset less its residual value. Capitalised software development costs are amortised over a period 
of between five and seven years on a straight line basis and amortised from the time the asset becomes available for use. 
Inventories 
Inventories are valued at the lower of purchase cost and net realisable value. 
Trade and other receivables 
Trade receivables, which generally have terms of up to thirty days, are recognised and carried at original invoice amount less an allowance 
for any uncollectable amounts. Provision is made where there is objective evidence that the Group will not be able to collect part or all of a debt. 
Bad debts are written off as identified.
Cash and cash equivalents 
Cash and cash equivalents at the balance sheet date comprise cash on hand and short-term deposits, net of bank overdrafts.
Assets held for sale
A non-current asset is classified as held for sale if, at the balance sheet date, its carrying value will be recovered principally through sale 
rather than through continuing use, it is available for immediate sale and that sale is highly probable within one year. On initial classification 
as held for sale, non-current assets are measured at the lower of previous carrying amount and fair value less costs to sell, with any adjustments 
taken to the income statement. The same applies to gains and losses subsequent to re-measurement.
Leasing transactions
Operating lease rentals are charged to the income statement on a straight line basis over the period of the lease.
Deferred income 
Deferred income represents that portion of licence fees, hosting charges and maintenance contracts taken out by customers but which 
relate to a future period.
Taxes
Tax on the Group’s profit or loss for the period comprises current and deferred tax. Tax is recognised in the income statement except 
to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance 
sheet date, and any adjustments to tax payable in respect of prior years.
Deferred tax is provided on the temporary differences between the carrying amounts of assets and liabilities for financial reporting 
purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation 
or settlement of the carrying amounts of assets and liabilities using tax rates enacted or substantively enacted at the balance sheet date. 
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset 
can be utilised. 32 Electronic Data Processing PLC Annual Report and Accounts 2014
Notes to the Consolidated Financial Statements continued
(forming part of the financial statements)
2. Significant accounting policies continued
Employee benefits – pensions 
The Group operates both defined contribution and defined benefit pension schemes. The premiums relating to defined contribution 
schemes are charged to the income statement in the period in which they accrue.
The Group’s net obligation in respect of its defined benefit pension scheme is calculated by estimating the amount of future benefit that 
employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present 
value, and the fair value of the scheme assets is deducted. The calculation is performed by a qualified actuary using the projected unit credit 
method.
Remeasurement gains and losses arising from changes in actuarial assumptions, plan experience and differences between the expected 
and actual return on plan assets are recognised in “other comprehensive income” in the statement of comprehensive income in the year 
in which they occur.
All other movements in the pension asset or liability are recognised in the income statement for the relevant period.
Share-based payment transactions
The Company operates a share option scheme for certain employees. The fair value of the share options is calculated at the date of grant 
using a Black-Scholes model. The fair value is then recognised as an employee expense on a straight line basis over the vesting period 
with a corresponding increase in equity.
Equity
The nature and purpose of each reserve included within equity is as follows:
Share capital
The balance classified as share capital includes the nominal value on issue of the Company’s equity share capital, comprising 5p ordinary shares.
Share premium
The balance classified as share premium represents the premium paid on the issue of the Company’s equity share capital.
Capital redemption reserve
The balance classified as capital redemption reserve represents the nominal value of issued share capital repurchased by the Company.
Treasury shares
When share capital recognised as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs, 
net of any tax effects, is recognised as a deduction from equity. Repurchased shares classified as treasury shares are presented as a deduction 
from equity. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity, and the 
resulting surplus or deficit on the transaction is transferred to or from retained earnings.
Significant judgements and estimates
Judgements and estimates made by the Directors in the application of these accounting policies may have a significant effect on the financial 
statements with a significant risk of material adjustment in the next year. The main areas of estimation and accounting judgement are:
Employee benefits
The calculation of the deficit or surplus on the Group’s defined benefit pension scheme is based on a number of actuarial assumptions 
including discount rate, future rate of inflation and future changes in mortality rates. These assumptions are reviewed regularly by the 
Directors with the scheme actuary.
Software intellectual property rights
The Group reviews annually the carrying value of assets to determine if there has been any impairment. These reviews require the use 
of estimates of the future cash flows generated by the asset.
Freehold property valuation and classification
The Group’s freehold property is stated at cost or deemed cost less accumulated depreciation and impairment losses. The Directors 
make judgements annually about the carrying value of freehold property and make estimates of residual values and useful economic lives. 
They also apply judgement about the likely timing of future disposals when determining which of the Group’s vacant properties should be 
re-classified as an asset held for sale.
Development costs
The Directors review annually the Group’s software development projects and assess which of those projects qualify for capitalisation 
under IAS 38. An assessment is made of projects capitalised in prior periods to determine if there has been any impairment.
Revenue recognition
The key area of judgement in respect of revenue recognition is the timing of recognition of software licensing and hosting revenues 
which involves assessing which revenues are recognised immediately and which are deferred and recognised over time. 33
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Electronic Data Processing PLC Annual Report and Accounts 2014
Financial statements
2. Significant accounting policies continued
Financial risk management 
The Group has exposure to the following risks from its use of financial instruments:
• credit risk;
• liquidity risk; and
• market risk.
This note presents material information about the Group’s exposure to each of the above risks, the Group’s objectives, policies and 
procedures for measuring and managing risk, and the Group’s management of capital. Further quantitative disclosures are included 
throughout these financial statements.
The Board of Directors has overall responsibility for the establishment and overseeing of the Group’s risk management framework. The Group’s 
risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, 
and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market 
conditions and the Group’s activities. The Group, through its training and management standards and procedures, aims to develop a 
disciplined and constructive control environment in which all employees understand their roles and obligations.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual 
obligations and arises principally from the Group’s receivables from customers and investments. The Group’s exposure to credit risk 
is influenced mainly by the individual characteristics of each customer and also the markets in which they operate.
The Group is not exposed through a significant volume of sales transactions with any single customer. All new customers are reviewed 
before the Group’s standard payment and delivery terms and conditions are offered. The Group establishes an allowance for impairment 
that represents its estimate of incurred losses in respect of trade and other receivables on a line by line basis.
The Group limits its exposure to credit risk by only investing surplus cash in recognised UK-based banks.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group is currently debt free and 
has significant cash resources. It therefore considers the risk to be low at the present time. The Group does not trade in financial instruments.
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange and interest rates, will affect the Group’s income or the 
value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures 
within acceptable parameters, while optimising the return.
The Group has a small number of customers based in the US who are invoiced in US dollars along with a small number of European-based 
customers who are invoiced in euros. As these revenues represent approximately 1.6% of total turnover, the Group does not enter into 
any hedging transactions. All other Group sales to overseas customers are denominated in sterling and therefore they do not present 
a foreign currency risk. The Group does not have any significant monetary assets and liabilities that are not denominated in the functional 
currency of the operating unit involved.
As the Group has significant cash deposits, changes in interest rates could have a significant impact on the Group’s results.
Capital management
The Board’s policy is to maintain a strong capital base, defined as total equity, so as to maintain investor, creditor and market confidence 
and to sustain future development of the business.
Neither the Company nor any of its subsidiaries are subject to externally imposed capital requirements. 34 Electronic Data Processing PLC Annual Report and Accounts 2014
Notes to the Consolidated Financial Statements continued
(forming part of the financial statements)
2. Significant accounting policies continued
New standards not applied 
The IASB has issued the following standards with an effective date after the date of these financial statements and early adoption has not 
been applied: 
Effective for accounting
periods beginning on or after 
International Accounting Standards (IFRS/IAS)
IFRS 9 Financial Instruments 1 January 2018
IFRS 10 (amended October 2012) Consolidated Financial Statements 1 January 2014
IFRS 11 (amended May 2014) Joint Arrangements 1 January 2016
IFRS 12 (amended October 2012) Disclosure of Interests in Other Entities 1 January 2014
IFRS 14 Regulatory Deferral Accounts 1 January 2016
IFRS 15 Revenue from Contracts with Customers 1 January 2017
IAS 16 (amended May and June 2014) Property, Plant and Equipment 1 January 2016
IAS 19 (amended November 2013) Employee Benefits 1 July 2014
IAS 27 (amended August 2014) Separate Financial Statements 1 January 2016
IAS 32 (amended December 2011) Financial Instruments: Presentation 1 January 2014
IAS 36 (amended May 2013) Impairment of Assets 1 January 2014
IAS 38 (amended May 2014) Intangible Assets 1 January 2016
IAS 39 (amended June 2013) Financial Instruments: Recognition and Measurement 1 January 2014
IAS 41 (amended June 2014) Agriculture 1 January 2016
Amendments to various standards resulting from Annual Improvements 2010–2012 Cycle 1 July 2014
Amendments to various standards resulting from Annual Improvements 2011–2013 Cycle 1 July 2014
IFRIC interpretations 
IFRIC 21 Levies 1 January 2014
The Directors are currently assessing the likely impact that adoption of IFRS 15 Revenue from Contracts with Customers will have on 
the Group’s financial statements in the period of initial application.
It is not anticipated that application of the remaining new standards, interpretations and amendments to existing standards will have 
a material effect on the Group’s financial statements when first applied.
3. Segmental analysis 
The Group has identified its reportable segment based on the financial reports that internally are provided to the Group’s chief operating decision 
maker (CODM). In line with its management structure, the Executive Directors collectively make the key operating decisions and review internal 
monthly management accounts and budgets as part of this process. Accordingly, the Executive Directors collectively are considered to be 
the CODM. The information reported regularly to the CODM presents the Group as a single segment supplying software and related services 
to customers operating in similar markets. The Group’s software products share a common sales, development and implementation resource. 
Consequently the Group has determined that there is one operating segment and therefore one reportable segment, Software.
Segment performance is measured based on segment profit before tax excluding IAS 19 defined benefit pension scheme adjustments 
and profits or losses on property disposals or revaluations.
Software Software 
2014 2013 
£’000 £’000 
Revenue – external customers 5,508 5,827 
Profit
Adjusted operating profit 553 835
Segment non-cash net IFRS charge (41) (33)
Interest revenue 46 85 
Segment profit before tax 558 887
Defined benefit pension scheme charge net of employer contributions (157) (93)
Consolidated profit before tax 401 794 
Other segment items 
Interest revenue 46 85
Depreciation and amortisation 374 351
Capital expenditure 257 241 35
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Electronic Data Processing PLC Annual Report and Accounts 2014
Financial statements
3. Segmental analysis continued
Geographical analysis 
Geographical segment revenues, based on the geographical location of customers, are as follows: 
2014 2013 
Revenue by destination £’000 £’000 
United Kingdom 5,271 5,601
Rest of the world 237 226
5,508 5,827
All of the Group’s non-current assets are located in the United Kingdom.
4. Operating profit 
2014 2013 
This is stated after charging: £’000 £’000 
Depreciation 248 193
Amortisation of intangible assets 126 158
Operating lease rentals: 
– plant and machinery 53 51 
– property 184 186 
Research and development expenditure 902 822 
5. Auditor’s remuneration
Amounts payable to the auditor in respect of both audit and non-audit services was as follows:
2014 2013 
£’000 £’000 
Audit of these financial statements 18 18 
Audit of financial statements of subsidiaries 12 12 
Taxation services 14 13 
Other services 10 6 
54 49 
6. Employee information
The average number of persons employed by the Group (including Executive Directors) during the year, analysed by category, was as follows:
Number of employees
2014 2013
Sales and administration 17 18 
Support, development and network services 51 52 
68 70 
The aggregate payroll costs of these persons were as follows:
2014 2013
£’000 £’000
Salaries 2,588 2,675
Social security costs 303 312
Other pension costs 95 104
Equity settled share-based payment transactions 1 9
2,987 3,100 
Aggregate Directors’ emoluments amounted to £526,588 (2013: £607,675). Details of Directors’ remuneration are given in the Directors’ 
Remuneration Report. Retirement benefits are accruing to five Directors (2013: four) under money purchase pension schemes and one 
Director (2013: one) under defined benefit pension schemes. The total amount contributed by the Group in respect of the money purchase 
schemes was £23,066 (2013: £21,980). 36 Electronic Data Processing PLC Annual Report and Accounts 2014
Notes to the Consolidated Financial Statements continued
(forming part of the financial statements)
7. Income tax 
Income tax (credit)/expense comprises:
2014 2013
£’000 £’000
Current tax
United Kingdom corporation tax 85 176 
Tax over provided in prior years (101) (6)
Group current tax (16) 170 
Deferred tax
Origination and reversal of temporary differences 6 11 
Effect of decrease in the tax rate 2 22 
Adjustments in respect of prior years 5 4 
Group deferred tax 13 37 
Income tax (credit)/expense (3) 207 
Factors affecting the tax charge for the year 
The tax assessed for the year differs from the standard rate of corporation tax in the UK of 22% (2013: 23.5%). The differences are 
explained below:
2014 2013
£’000 £’000
Profit before tax 401 794 
Profit multiplied by standard rate of corporation tax of 22% (2013: 23.5%) 88 187 
Effects of:
Expenses not deductible for tax purposes 10 6 
Benefit of small companies rate of tax and marginal relief (7) (6)
Corporation tax – adjustment in respect of prior periods (101) (6)
Deferred tax – adjustment in respect of prior periods 5 4 
Deferred tax – effect of rate change 2 22 
Total income tax (credit)/expense (3) 207 
The 2014 corporation tax adjustment in respect of prior years relates to refunds received in respect of claims for R&D tax relief.
No provision has been made for a deferred tax asset in the form of future capital losses on the disposal of those of the Group’s freehold 
properties that are available for sale as there is significant uncertainty as to whether such losses would be utilised in the future.
Factors affecting future tax charges
The main rate of UK corporation tax will reduce to 20% from 1 April 2015 and this will reduce the Group’s future tax charge accordingly.
The Group had no unutilised trading tax losses carried forward at 30 September 2014 (2013: £nil). 37
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2014
Financial statements
8. Earnings per share 
Basic earnings per share
Earnings per share is calculated by dividing the profit for the period attributable to equity holders of the parent of £404,000 (2013: £587,000) 
by 12,589,497 (2013: 12,530,976), being the weighted average number of shares in issue during the year.
The weighted average number of shares has been calculated as follows:
2014 2013
Number Number
Issued ordinary shares at 1 October excluding treasury shares 12,530,976 12,530,976
Effect of share options exercised 58,521 —
Weighted average number of ordinary shares at 30 September 12,589,497 12,530,976
Basic earnings per share is 3.21p (2013: 4.68p).
Diluted earnings per share
For diluted earnings per share, the weighted average number of shares in issue is adjusted to assume conversion of all dilutive potential 
ordinary shares. The Company has one class of dilutive potential ordinary share which is share options granted to employees under its 
Enterprise Management Incentive Share Option plan. These shares have been included in the diluted earnings per share calculation.
Diluted earnings per share is calculated by dividing the profit after tax of £404,000 (2013: £587,000) by 12,784,690 (2013: 12,666,864), 
being the weighted average number of shares in issue adjusted for the effects of all dilutive potential ordinary shares.
The weighted average number of shares has been calculated as follows:
2014 2013
Number Number
Weighted average number of ordinary shares (basic) 12,589,497 12,530,976
Effect of outstanding share options 195,193 135,888
Weighted average number of ordinary shares at 30 September 12,784,690 12,666,864
Diluted earnings per share is 3.16p (2013: 4.63p).
9. Dividends paid and proposed 
The following dividends were declared and paid during the year:
2014 2013
£’000 £’000
Final dividend for 2013 – 2.0p (2012: 2.0p) 252 251
Special interim dividend for 2014 – 3.0p (2013: 5.0p) 379 626
631 877 
Proposed for approval by shareholders at the AGM
Final dividend for 2014 – 2.0p (2013: 2.0p) 252 251 38 Electronic Data Processing PLC Annual Report and Accounts 2014
Notes to the Consolidated Financial Statements continued
(forming part of the financial statements)
10. Property, plant and equipment 
Fixtures, 
Freehold Motor fittings and
property vehicles equipment Total
£’000 £’000 £’000 £’000
Cost 
At 1 October 2013 1,388 266 1,686 3,340 
Additions — 43 133 176 
Transfer from assets held for sale 1,423 — — 1,423 
Transfers from stock — — 24 24 
Disposals — (39) (2) (41)
At 30 September 2014 2,811 270 1,841 4,922 
Depreciation
At 1 October 2013 273 107 1,217 1,597 
Charge for the year 52 53 143 248 
Transfers from stock — — 14 14 
Disposals — (32) (2) (34)
At 30 September 2014 325 128 1,372 1,825 
Net book value
At 30 September 2014 2,486 142 469 3,097 
Cost 
At 1 October 2012 1,388 204 1,557 3,149 
Additions — 62 173 235 
Transfers from stock — — 2 2 
Disposals — — (46) (46)
At 30 September 2013 1,388 266 1,686 3,340 
Depreciation
At 1 October 2012 259 63 1,119 1,441 
Charge for the year 14 44 135 193 
Transfers from stock — — 7 7 
Disposals — — (44) (44)
At 30 September 2013 273 107 1,217 1,597 
Net book value 
At 30 September 2013 1,115 159 469 1,743  39
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2014
Financial statements
11. Intangible assets 
Software 
intellectual Development
property rights costs Total
£’000 £’000 £’000
Cost
At 1 October 2013 1,761 268 2,029 
Additions – internally developed — 79 79 
Additions – purchased 81 — 81 
At 30 September 2014 1,842 347 2,189 
Amortisation 
At 1 October 2013 1,673 34 1,707 
Charge for the year 90 36 126 
At 30 September 2014 1,763 70 1,833 
Net book value 
At 30 September 2014 79 277 356 
Cost
At 1 October 2012 1,755 150 1,905 
Additions – internally developed — 118 118 
Additions – purchased 6 — 6 
At 30 September 2013 1,761 268 2,029 
Amortisation 
At 1 October 2012 1,536 13 1,549 
Charge for the year 137 21 158 
At 30 September 2013 1,673 34 1,707 
Net book value 
At 30 September 2013 88 234 322 
The amortisation charge is included within administrative expenses within the consolidated income statement.
12. Inventories 
2014 2013 
£’000 £’000 
Computer equipment 67 81 
13. Trade and other receivables 
2014 2013 
£’000 £’000 
Trade receivables 1,233 1,161 
Other receivables 313 376 
1,546 1,537 
14. Cash and cash equivalents 
2014 2013 
£’000 £’000 
Bank balances 183 53
Short-term deposits 4,801 5,614
4,984 5,667 40 Electronic Data Processing PLC Annual Report and Accounts 2014
Notes to the Consolidated Financial Statements continued
(forming part of the financial statements)
15. Assets held for sale 
2014 2013 
£’000 £’000 
At 1 October 1,423 1,863
Transferred to property, plant and equipment (1,423) —
Disposal — (440)
At 30 September — 1,423 
The transfer in the current year relates to the Group’s vacant freehold property at Milton Keynes. The Directors consider that a sale of 
the property within the next twelve months is no longer highly probable and accordingly have transferred it back into non-current assets.
16. Deferred income 
This represents the portion of annual licence fees, hosting charges and maintenance contracts taken out by customers but which relate 
to a future period.
2014 2013 
£’000 £’000 
To be recognised:
– within one year 1,914 2,291 
– after more than one year 17 57 
1,931 2,348 
17. Trade and other payables 
2014 2013
£’000 £’000
Trade payables 588 555 
Other payables 480 640 
1,068 1,195 
18. Financial instruments 
The Group’s financial instruments comprise cash and liquid resources, and various items, such as trade receivables, trade payables, etc., 
that arise directly from its operations. There is no material difference between book value and fair value of these financial instruments.
Bank deposits are invested at a variable interest rate based on base rate. This position is constantly monitored by the Board.
Undrawn committed facilities 
At 30 September 2014 the Group had undrawn committed borrowing facilities amounting to £500,000 (2013: £500,000). Such facilities 
expire within one year and are subject to review.
Credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
Carrying amount
2014 2013
£’000 £’000
Trade receivables 1,233 1,161
Cash and cash equivalents 4,984 5,667
6,217 6,828 41
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2014
Financial statements
18. Financial instruments continued
Credit risk continued
The ageing of trade receivables at the reporting date was: 
 
2014 2013
Gross Impairment Gross Impairment 
£’000 £’000 £’000 £’000
Not past due 607 — 623 — 
Past due 0–30 days 318 — 232 — 
Past due 31–120 days 205 — 180 8
Past due 121–360 days 48 1 54 —
More than one year 140 84 162 82
1,318 85 1,251 90
The movement in the allowance for impairment in respect of trade receivables during the year was as follows:
2014 2013
£’000 £’000
Balance at 1 October 90 122
Reversal of prior year impairment losses — (4)
Previously impaired balances written off (27) (42)
Impairment loss recognised 22 14 
Balance at 30 September 85 90
The impairment loss for the year relates to specific customers who have purchased software solutions and management considers there 
to be a risk in collecting the outstanding balances.
There is no additional risk that warrants disclosure concerning trade receivables that are neither past due nor impaired.
Liquidity risk 
The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact 
of netting agreements: 
At 30 September 2014
Carrying Contractual 6 months More than
amount cash flows or less 6–12 months one year
£’000 £’000 £’000 £’000 £’000
Trade and other payables 1,068 1,068 1,068 — —
Income tax payable 16 16 (68) 84 —
Deferred income 1,931 — 1,373 541 17
3,015 1,084 2,373 625 17
At 30 September 2013
Carrying Contractual 6 months
amount cash flows or less 6–12 months 1–2 years 
£’000 £’000 £’000 £’000 £’000
Trade and other payables 1,195 1,195 1,195 — —
Income tax payable 177 177 — 177 —
Deferred income 2,348 — 1,611 680 57
3,720 1,372 2,806 857 57
Interest rate risk 
At the reporting date the Group’s interest bearing financial instruments were: 
Carrying amount 
2014 2013
£’000 £’000
Variable rate financial assets 4,984 5,667 42 Electronic Data Processing PLC Annual Report and Accounts 2014
Notes to the Consolidated Financial Statements continued
(forming part of the financial statements)
18. Financial instruments continued
Interest rate risk continued 
Sensitivity analysis 
The majority of cash balances throughout the year are held on deposit at competitive market rates. A 1% fluctuation in interest rates 
on the year end cash balance would have an approximate impact of £50,000 (2013: £57,000) on finance income with a corresponding 
£10,000 (2013: £13,000) impact on income tax expense.
19. Employee benefits – pensions 
The Group operates both defined benefit and defined contribution pension schemes. 
Defined contribution pension schemes 
The Group operates a number of defined contribution pension schemes, the principal scheme being a grouped personal pension scheme 
through an insurance company. The pension costs of these arrangements were £52,000 (2013: £50,000). Outstanding contributions at the 
end of the year were £11,000 (2013: £7,000).
Defined benefit pension scheme
The Group sponsors the Electronic Data Processing PLC Pension and Life Assurance Scheme which is a funded defined benefit arrangement. 
This is a separate trustee administered fund holding the pension scheme assets to meet long-term pension liabilities for the members. 
The scheme entitles a retired member to receive an annual pension equal to 1/60 of final salary for each year of service that the member provided.
The remaining active members left the Scheme on 31 August 2014 and consequently future service accrual ceased from that date.
The scheme exposes the Group to actuarial risks such as investment risk, interest rate risk and longevity risk. A decrease in corporate 
bond yields, a rise in inflation or an increase in life expectancy would result in an increase to scheme liabilities. This would detrimentally 
impact the balance sheet position and may give rise to increased charges in future income statements.
The last full actuarial valuation of the scheme was performed at 31 July 2013 by a professionally qualified actuary. This scheme funding 
valuation showed a surplus of £62,000 at that date.
Members have paid contributions at a rate in line with the recommendations of the actuary over the accounting period.
The full actuarial valuation of the Scheme was updated on an IAS 19 basis at 30 September 2014 by JLT Benefit Solutions Limited using 
the following assumptions:
2014 2013 2012 
Inflation rate 2.3% 2.5% 1.9%
Discount rate 3.9% 4.5% 4.4%
Expected return on assets 3.9% 4.5% 4.4%
Rate of increase in pay — 3.0% 3.0%
Rate of increase of pensions in payment 5.0% 5.0% 5.0%
Rate of increase for deferred pensioners 2.3% 2.5% 1.9%
The assumed rate of return on bonds is the yield available on AA-rated corporate bonds at 30 September 2014. The Scheme’s assets 
are invested in insurance policies in which the underlying assets comprise wholly of corporate bonds and the expected return on assets 
is based on the yield available on AA-rated corporate bonds.
The mortality assumptions adopted at 30 September 2014 are 100% of the standard tables S1PMA (males) and S1PFA (females). 
These imply the following life expectancies:
2014 2013
 Years Years
Retiring in 2014 (aged 65 years)  
– Males 22.2 22.4
– Females 24.5 24.7
Retiring in 2034 (currently aged 45 years)
– Males 24.0 24.1
– Females 26.4 26.6 43
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2014
Financial statements
19. Employee benefits – pensions continued
Funding status
2014 2013 2012
£’000 £’000 £’000
Present value of Scheme obligations (9,075) (8,124) (7,903)
Fair value of Scheme assets 7,100 7,080 6,783
Deficit (1,975) (1,044) (1,120)
Categories of assets
2014 2013 2012
£’000 £’000 £’000
Corporate bonds 3,260 3,847 3,925
Insured pensioners 3,840 3,233 2,858
7,100 7,080 6,783
None of the fair values of the assets shown above include any of the Group’s own financial instruments or any property occupied by, or 
other assets used by, the Group. As a Grouped Funding policy, there are no units, and the asset value is calculated from benefits secured 
in tranches. The discontinuance surrender value of the policy is supplied by the scheme’s administrators and is assumed to be backed 
100% by corporate bonds.
Amounts recognised in the income statement
The following amounts have been included within administrative expenses within the consolidated income statement:
2014 2013
 £’000 £’000
Current service cost 60 60 
Expenses 14 14 
Net interest expense 48 50 
Losses on curtailments 60 —
182 124 
Amounts recognised in other comprehensive income
2014 2013
£’000 £’000
Remeasurements loss/(gain):
Return on plan assets excluding interest income (41) (177)
Experience losses/(gains) arising on the defined benefit obligation 163 (38)
Actuarial (gains)/losses arising from changes in demographic assumptions (96) 107 
Actuarial losses/(gains) arising from changes in financial assumptions 748 (61)
774 (169)
Reconciliation of present value of Scheme obligations
2014 2013
£’000 £’000
Present value of obligations at 1 October 8,124 7,903
Current service cost 60 60
Expenses 14 14
Member contributions 8 9
Losses on curtailments 60 —
Interest cost 359 345
Remeasurement loss 815 8
Benefits paid (365) (215)
Present value of obligations at 30 September 9,075 8,124 44 Electronic Data Processing PLC Annual Report and Accounts 2014
Notes to the Consolidated Financial Statements continued
(forming part of the financial statements)
19. Employee benefits – pensions continued
Reconciliation of the fair value of Scheme assets
2014 2013
 £’000 £’000
Fair value of assets at 1 October 7,080 6,783
Interest income 311 295
Remeasurement gain 41 177
Employer contributions 25 31
Member contributions 8 9
Benefits paid (365) (215)
Fair value of assets at 30 September 7,100 7,080
Sensitivity analysis
Changes at the balance sheet date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected 
the defined benefit obligation by the percentages shown below:
Change in assumption Change in liabilities
Discount rate Decrease of 0.25% p.a. Increase by 3.9%
Rate of inflation Increase 0.25% p.a. Increase by 0.6%
Rate of mortality 1 year increase in life expectancy Increase by 3.4%
Estimated contribution in the financial year starting 1 October 2014
Estimated contributions to the Group Scheme for the year commencing 1 October 2014 are £nil.
20. Deferred income tax 
The deferred income tax included in the Group income statement is as follows: 
2014 2013
 £’000 £’000
Origination and reversals of temporary differences 6 11 
Effect of decrease in the tax rate 2 22 
Adjustments in respect of prior periods 5 4 
13 37 
The deferred income tax included in the Group balance sheet is as follows:
2014 2013
 £’000 £’000
Taxation deferred by capital allowances (93) (60)
Temporary differences – other (20) (10)
Taxation on pension liability 395 209 
Deferred income tax 282 139 
Deferred income tax asset 395 209
Deferred income tax liability (113) (70)
282 139  45
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2014
Financial statements
21. Share capital
Ordinary shares of 5p each
2014 2013 2014 2013 
Number Number £’000 £’000 
Allotted, called up and fully paid:
At 1 October and 30 September 13,784,073 13,784,073 689 689
Less: held in treasury (1,173,097) (1,253,097) (59) (63)
Issued share capital excluding treasury shares 12,610,976 12,530,976 630 626 
Each holder of an ordinary share is entitled to one vote for each share held at all meetings of shareholders and will be entitled to any 
dividends declared by the Board of Directors with the exception of treasury shares which do not carry any voting or dividend rights.
Treasury shares 
Ordinary shares of 5p each
2014 2013 2014 2013
Number Number £’000 £’000
Shares held in treasury on 1 October 1,253,097 1,253,097 627 627
Issued on exercise of EMI share options (80,000) — (40) —
Shares held in treasury at 30 September 1,173,097 1,253,097 587 627
Share options 
The Company operates an Enterprise Management Incentive (EMI) Share Option Plan for Directors and other senior employees. Details of 
options granted to Directors on 30 September 2010 are given in the Directors’ Remuneration Report. A further 45,000 options were granted 
to other employees on 30 September 2010 and 45,000 options were granted to other employees on 5 February 2013. The key terms, 
exercise price and required service period for these share options are the same as those granted to the Directors.
The fair value of EMI share options calculated at the grant date was 4.5p for those options granted on 30 September 2010 and 9.6p 
for those options granted on 5 February 2013. The main inputs in the calculation were: 
Options 
granted on
30 September 
2010
Options 
granted on 
5 February 
2013
Share price volatility 21.91% 25.62%
Dividend yield 5.59% 4.46%
Risk-free interest rate 2.16% 3.04%
Expected option maturity 6.5 years 6.5 years
There are no other share option plans in operation. 
22. Lease obligations 
Operating leases 
At 30 September 2014 the Group had a total of future minimum commitments under non-cancellable operating leases on land and buildings 
as follows: 
2014 2013
£’000 £’000
Within one year 100 184 
In the second to fifth years inclusive 67 139 
167 323 
23. Contingent liabilities 
The Group is party to claims which have arisen from normal trading activities. The outcome of these disputes cannot be forecast 
with certainty, but the Directors believe that the outcome will have no material effect on the Group’s net assets. 46 Electronic Data Processing PLC Annual Report and Accounts 2014
Notes to the Consolidated Financial Statements continued
(forming part of the financial statements)
24. Group entities 
Subsidiary companies at 30 September 2014, all of which were holdings of 100% of the ordinary share capital, were:
Place of
registration
Trading
BML (Office Computers) Ltd England
BCT Software Solutions Ltd England
Disys Associates Ltd England
Vecta Sales Solutions Ltd England
Non-trading
Business Computer Services Ltd England
Business Computer Systems PLC England
Business Computers Ltd England
fastfreenet.com Ltd England
Electronic Data Processing Systems Ltd England
Ibex Computer Services Ltd Isle of Man
All the subsidiaries’ activities are conducted in the United Kingdom. 
The principal activity of all trading companies within the Group is the sale of computer software and related services.  47
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2014
Financial statements
Company Balance Sheet
at 30 September 2014
2014 2013
Note £’000 £’000
Fixed assets
Intangible assets 3 79 10 
Tangible assets 4 3,097 3,147 
Investments 5 3,598 3,598 
6,774 6,755 
Current assets
Stock 6 49 61 
Debtors 7 608 518 
Investments 8 3,000 —
Cash at bank and in hand 1,912 5,629 
5,569 6,208 
Creditors:
amounts falling due within one year 9 (5,296) (5,502)
Net current assets 273 706 
Total assets less current liabilities 7,047 7,461 
Provisions for liabilities and charges 10 (96) (63)
Deferred income 11 (636) (719)
Net assets excluding pension liability 6,315 6,679 
Pension liability 12 (1,580) (835)
Net assets including pension liability 4,735 5,844 
Capital and reserves
Called up share capital 13 689 689 
Share premium account 119 119 
Revaluation reserve 14 301 305 
Capital redemption reserve 625 625 
Treasury shares 13 (587) (627)
Profit and loss account 15 3,588 4,733 
Equity shareholders’ funds 4,735 5,844 
These financial statements were approved by the Board of Directors on 16 December 2014 and were signed on its behalf by: 
Sir Michael Heller Julian Wassell
Directors
Electronic Data Processing PLC, registered number 853560  48 Electronic Data Processing PLC Annual Report and Accounts 2014
Notes to the Company Financial Statements
(forming part of the financial statements)
1. Accounting policies
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain land and 
buildings and in accordance with applicable accounting standards. The following principal accounting policies have been applied 
consistently in dealing with items that are considered material in relation to the Company’s financial statements.
Investments in subsidiaries
Investments in subsidiary undertakings are stated at cost less any diminution in value.
Intangible fixed assets 
The cost of intangible fixed assets is their purchase cost together with any incidental expenses of acquisition and is amortised over a period 
of between four and ten years on a straight line basis. In the case of software intellectual property rights, amortisation commences from 
the time the software is brought into use. 
The Directors review the useful economic lives of the intangible fixed assets at each reporting date and revise them as necessary 
in accordance with FRS 10.
Tangible fixed assets
Depreciation is provided so as to write off the cost or valuation less the estimated residual value of each tangible fixed asset in equal 
instalments over its estimated useful life from the time it becomes operational at the following rates:
Freehold property  –  1 to 2% 
Motor vehicles  –  20 to 33% 
Fixtures, fittings and equipment  –  15 to 25% 
The Company applied the transitional provisions of FRS 15 ‘Tangible Fixed Assets’ during a previous year. 
Foreign currency 
Assets and liabilities expressed in foreign currencies are translated into sterling at year end rates. All trading exchange differences 
are taken to the profit and loss account.
Deferred tax
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation 
and accounting purposes which have arisen but not reversed by the balance sheet date, except as otherwise required by FRS 19. 
Deferred tax assets are only recognised where, on the basis of all available evidence, it is more likely than not that there will be suitable 
taxable profits from which they can be recovered.
Research and development
Research and development costs relating to software products are written off in the year in which they are incurred.
Leasing transactions 
Operating lease rentals are charged to the profit and loss account on a straight line basis over the period of the lease.
Stock
Stock is valued at the lower of purchase cost and net realisable value.
Deferred income
Deferred income represents that portion of licence fees, hosting charges and maintenance contracts taken out by customers but which 
relate to a future period.
Pensions
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company 
in an independently administered fund. The amount charged to the profit and loss account represents the contributions payable to the 
scheme in respect of the accounting period.
The Company also operates a pension scheme providing benefits based on final pensionable pay . The assets of the scheme are held 
separately from those of the Company.
Pension scheme assets are measured using market values. Pension scheme liabilities are measured using the projected unit method 
and discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability.
The pension scheme surplus or deficit is recognised in full. The movement in the scheme surplus or deficit is split between operating 
charges, other financial items and, in the statement of total recognised gains and losses, actuarial gains and losses. 49
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2014
Financial statements
1. Accounting policies continued
Treasury shares
When share capital recognised as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs, 
net of any tax effects, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares and are presented 
as a deduction from equity. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase 
in equity and the resulting surplus or deficit on the transaction is transferred to or from retained earnings.
2. Employee information
The average number of persons employed by the Company (including Executive Directors) during the year, analysed by category, was as follows: 
Number of employees
2014 2013 
Sales and administration 12 13 
Support, development and network services 34 34 
46 47 
The aggregate payroll costs of these persons were as follows:
2014 2013
£’000 £’000
Salaries 1,702 1,764 
Social security costs 190 195 
Other pension costs 56 65 
1,948 2,024 
Aggregate Directors’ emoluments amounted to £526,588 (2013: £607,675). Details of Directors’ remuneration are given in the Directors’ 
Remuneration Report.
3. Intangible assets 
Software
intellectual
property rights
£’000
Cost
At 1 October 2013 844 
Additions 81 
At 30 September 2014 925 
Amortisation 
At 1 October 2013 834 
Charge for the year 12 
At 30 September 2014 846 
Net book value 
At 30 September 2014 79 
At 30 September 2013 10  50 Electronic Data Processing PLC Annual Report and Accounts 2014
Notes to the Company Financial Statements continued
(forming part of the financial statements)
4. Tangible fixed assets 
Freehold Motor 
Fixtures, 
fittings and
property vehicles equipment Total 
£’000 £’000 £’000 £’000 
Cost or valuation
At 1 October 2013 2,811 266 1,618 4,695 
Additions — 43 133 176 
Transfers from stock — — 24 24 
Disposals — (39) (2) (41)
At 30 September 2014 2,811 270 1,773 4,854 
Depreciation
At 1 October 2013 292 106 1,150 1,548 
Charge for the year 33 53 143 229 
Transfers from stock — — 14 14 
Disposals — (32) (2) (34)
At 30 September 2014 325 127 1,305 1,757 
Net book value
At 30 September 2014 2,486 143 468 3,097 
At 30 September 2013 2,519 160 468 3,147 
All the freehold property belonging to the Company at 30 September 1988 was professionally valued at that date on an open market 
value for existing use basis. The 1988 valuation was incorporated in the financial statements with the surplus on valuation being credited 
to a revaluation reserve.
The 1988 valuation was updated in 2012 to take account of the Directors’ best estimates of the net realisable value of those freehold 
properties that are no longer used by the Company and that are available for sale. For those properties stated at cost the resulting 
impairment loss was recognised in the profit and loss account. For those properties stated at valuation, the resulting impairment loss 
was recognised against the revaluation reserve.
Freehold property may be analysed between that included at valuation and that subsequently acquired at cost, as follows:
2014 2013
£’000 £’000
At 2012 valuation 1,423 1,423 
At cost 1,388 1,388 
2,811 2,811 
The net historical cost of freehold property is as follows:
2014 2013
£’000 £’000
Cost 2,881 2,881 
Accumulated depreciation (699) (671)
Net book value 2,182 2,210  51
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2014
Financial statements
5. Investments in subsidiary undertakings 
Details of the Company’s subsidiary undertakings can be found in note 24 to the Group’s financial statements. 
Shares in
Group
undertakings
£’000
Cost
At 1 October 2013 and 30 September 2014 3,598
Provision for diminution in value
At 1 October 2013 and 30 September 2014 —
Net book value
At 1 October 2013 and 30 September 2014 3,598
6. Stock 
2014 2013
£’000 £’000
Computer equipment 49 61 
7. Debtors 
2014 2013
£’000 £’000
Trade debtors 322 242 
Corporation tax 57 —
Other debtors 1 2 
Prepayments and accrued income 228 274 
608 518 
There are no debtors recoverable after more than one year (2013: nil).
8. Current asset investments
2014 2013
£’000 £’000
Short-term bank deposits 3,000 —
9. Creditors: amounts falling due within one year 
2014 2013
£’000 £’000
Trade creditors 354 422 
Amounts owed to subsidiary undertakings 4,765 4,741 
Corporation tax — 58 
Other taxes and social security 136 137 
Other creditors 41 144 
5,296 5,502 
Details of financial instruments are set out in note 18 to the Group’s financial statements.  52 Electronic Data Processing PLC Annual Report and Accounts 2014
Notes to the Company Financial Statements continued
(forming part of the financial statements)
10. Provisions for liabilities and charges 
2014 2013
£’000 £’000
Deferred taxation 96 63
Accelerated
capital
allowances
£’000
At 1 October 2013 63 
Transfer to profit and loss account 33
At 30 September 2014 96 
The Company has, in accordance with the provisions of FRS 19, recognised deferred tax liabilities in respect of accelerated capital allowances.
11. Deferred income 
This represents the portion of annual licence fees, hosting charges and maintenance contracts taken out by customers that relate 
to a future period. 
2014 2013
£’000 £’000
To be recognised:
 – within one year 636 718 
 – after more than one year — 1 
 636 719 
12. Pensions 
The Company operates both defined benefit and defined contribution pension schemes.
Defined benefit pension scheme
The Company operates a defined benefit pension scheme which is based on final pensionable pay .    
The remaining active members left the Scheme on 31 August 2014 and consequently future service accrual ceased from that date.
The most recent full actuarial valuation of the scheme took place on 31 July 2013.
The assumptions used in the 2013 valuation of the scheme were as follows:
Investment return  –  3.8% per annum 
Increase in pensions in payment  –  5.0% per annum 
Increase in salaries  –  2.9% per annum 
The 31 July 2013 valuation was updated on an FRS 17 basis at 30 September 2014 by JLT Benefit Solutions Limited. The major 
assumptions used by the actuary at 30 September 2014 were:
Financial assumptions 
2014 2013 2012 
Inflation 2.3% 2.5% 1.9%
Rate of salary increase — 3.0% 3.0%
Rate of increase of pensions in payment 5.0% 5.0% 5.0%
Rate of revaluation of deferred pensions 2.3% 2.5% 1.9%
Discount rate 3.9% 4.5% 4.4%
The valuation method used was the projected unit method.  53
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2014
Financial statements
12. Pensions continued
Pension liability 
The fair value of the scheme assets and the present value of the scheme liabilities were:
2014 2013 2012 
£’000 £’000 £’000 
Fair value of scheme assets 7,100 7,080 6,783 
Present value of scheme liabilities (9,075) (8,124) (7,903)
Deficit in the scheme – pension liability (1,975) (1,044) (1,120)
Related deferred tax asset 395 209 258 
Net pension liability (1,580) (835) (862)
The scheme assets are invested in an insurance policy and are wholly comprised of bonds. 
The expected rates of return on the assets in the scheme were: 
2014 2013 2012
Bonds 3.9% 4.5% 4.4%
Movement in the deficit during the year 
2014 2013
£’000 £’000
Deficit at beginning of year (1,044) (1,120)
Current service cost (74) (74)
Losses on curtailments (60) —
Contributions 25 31 
Other financial items (48) (50)
Actuarial (loss)/gain (774) 169 
Deficit at end of year (1,975) (1,044)
Analysis of other pension costs charged in arriving at operating profit 
2014 2013
£’000 £’000
Current service cost 74 74 
Losses on curtailments 60 —
134 74 
Analysis of amounts included in other finance income
2014 2013
£’000 £’000
Expected return on pension scheme assets 311 295 
Interest on pension scheme liabilities (359) (345)
(48) (50) 54 Electronic Data Processing PLC Annual Report and Accounts 2014
Notes to the Company Financial Statements continued
(forming part of the financial statements)
12. Pensions continued
Analysis of amounts recognised in statement of total recognised gains and losses
2014 2013
£’000 £’000
Actual return less expected return on scheme assets (111) 188 
Experience gains and losses arising on scheme assets (54) —
Changes in assumptions underlying the value of scheme assets 206 (11)
Experience gains and losses arising on scheme liabilities (163) 38 
Changes in assumptions underlying the present value of scheme liabilities (652) (46)
Actuarial (loss)/gain recognised in the statement of total recognised gains and losses (774) 169 
History of experience gains and losses 
2014 2013 2012 2011 2010
Difference between the expected and actual return on scheme assets
Amount (£’000) (111) 188 204 (188) (154)
Percentage of year end scheme assets (1.6) 2.7 3.0 (2.9) (2.4)
Experience gains and losses on scheme liabilities
Amount (£’000) (163) 38 (88) 45 (74)
Percentage of year end present value of scheme liabilities 1.8 (0.5) 1.1 (0.6) 1.1 
Total amount recognised in statement of total 
recognised gains and losses
Amount (£’000) (774) 169 (844) 230 (535)
Percentage of year end present value of scheme liabilities 8.5 (2.1) 10.7 (3.5) 8.4 
Defined contribution pension schemes 
The Company operates a number of defined contribution pension schemes, the principal scheme being a grouped personal pension 
scheme through an insurance company. The pension costs of these arrangements were £23,000 (2013: £21,000). There were outstanding 
contributions of £6,000 at the end of the year (2013: £3,000). 
13. Share capital 
Details of the Company’s share capital and treasury shares are given in note 21 to the Group’s financial statements. 
14. Revaluation reserve 
2014 2013
£’000 £’000
At 1 October 305 308 
Transfer to profit and loss reserve – depreciation (4) (3)
At 30 September 301 305 
15. Profit and loss reserve 
2014 2013
£’000 £’000
At 1 October 4,733 5,377 
Profit for the year 104 93 
Dividends (631) (877)
Issue of shares out of treasury (3) —
Transfer from revaluation reserve – depreciation 4 3 
Actuarial (loss)/gain on pension (774) 169 
Tax on actuarial loss/(gain) 155 (32)
At 30 September 3,588 4,733  55
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2014
Financial statements
16. Commitments and contingencies 
Operating leases 
The commitment to payments within the next twelve months is as follows: 
2014 2013
£’000 £’000
Property
Leases that expire:
– after five years 52 52 
17. Reconciliation of movements in shareholders’ funds  
2014 2013
£’000 £’000
Profit for the year 104 93 
Dividends (631) (877)
Retained loss for the year (527) (784)
Issue of shares out of treasury 37 —
Actuarial (loss)/gain on pension net of tax (619) 137 
Net decrease in shareholders’ funds (1,109) (647)
Opening shareholders’ funds 5,844 6,491
Closing shareholders’ funds 4,735 5,844 56 Electronic Data Processing PLC Annual Report and Accounts 2014
Five Year Statistical Record
Summarised financial information for the Group for the five years ended 30 September 2014 is set out below . 
Year to 30 September
2014 2013 2012 2011 2010
£’000 £’000 £’000 £’000 £’000
Revenue 5,508 5,827 5,805 5,600 5,580 
Gross profit 5,074 5,419 5,334 5,272 5,258 
Administrative expenses (4,719) (4,710) (4,646) (4,766) (4,705)
Operating profit 355 709 688 506 553 
Profit on sale of property — — — 335 —
Write-down of property values — — (849) — —
Finance income 46 85 78 55 31 
Profit/(loss) before tax 401 794 (83) 896 584 
Income tax credit/(expense) 3 (207) 26 (158) (160)
Profit/(loss) for the period 404 587 (57) 738 424 
Earnings/(loss) per share 3.21p 4.68p (0.45)p 5.89p 3.38p
Adjusted earnings per share* 3.16p 4.68p 4.66p 3.22p 3.38p
Net assets per share 42.4p 49.1p 50.0p 58.2p 53.4p
* Adjusted earnings per share excludes profits and losses on property disposals and revaluations and any related deferred tax effects.   4th Floor, Fountain Precinct, Balm Green, Sheffield S1 2JA 
Telephone: 0114 262 2000
www.edp.co.uk
Electronic Data Processing PLC Annual Report and Accounts 2014 Electronic Data Processing PLC Annual Report and Accounts 2014