Annual Report and Accounts 
30 September 2015
Electronic Data Processing PLC 2015
Electronic Data Processing PLC Annual Report and Accounts 2015 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 2015 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 £5.16 million (2014: £5.51 million)
> As anticipated, overall revenue impacted following the acquisition
of a competitor software business during 2014 by one of our major
customers. Underlying revenue was broadly comparable with 2014, and
revenue in the second half of 2015 was 5% higher than the first half
> Contracted recurring revenues remain strong, representing 79%
of total revenue (2014: 80%)
> Hosting revenues continue to exceed 50% of total revenues; the
Company now has 200 hosted customers (2014: 184), demonstrating
the success of its strategy to grow the hosting/cloud side of the business
> Adjusted operating profit £459,000 (2014: £553,000), gives an operating
margin of 8.9% (2014: 10.0%)
> Sale of surplus freehold property in Sheffield completed in July for
£425,000, generating a profit on disposal of £117 ,000 and annualised
cost savings of £27 ,000
> Offer of £1 .2 million accepted on remaining surplus freehold property;
carrying value written down by £189,000
> Pre-tax profit £347 ,000 (2014: £401,000). Excluding property transactions,
pre-tax profit was £419,000, an underlying increase of 4%
> R&D expenditure increased by 9% to £1,067 ,000 in the year
(2014: £981,000) reflecting continuing enhancement of Quantum VS
and Vecta products
> Strong debt-free balance sheet; cash balances of £5.55 million at
30 September 2015 (2014: £5.0 million) will be used to further develop
the business
> Final dividend 3.0p per share, meaning overall dividend maintained
at 5.0p for the full year
> 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, 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 Y ear Statistical Record Electronic Data Processing PLC Annual Report and Accounts 2015 2
Chairman’s Statement
Sir Michael Heller
Turnover for the year to 30 September 2015 
was £5.16 million compared with £5.51 million 
the previous year. As we reported last year, one 
of our major customers acquired a competitor 
software business and subsequently transferred 
to that company’s software product. The above 
figures reflect the full year impact of this. 
However, it is pleasing to report that second 
half revenues were up on the first half by 
£120,000 or 5%.
Adjusted operating profit was £459,000, 
compared with £553,000, which reflects the 
impact of the reduction in turnover offset by 
significant cost savings. (Adjusted operating 
profit excludes non-cash IFRS charges 
and credits together with one-off 
restructuring costs.) 
Our statutory pre-tax profit for the year was 
£347 ,000 (2014: £401,000) after a net charge 
of £72,000 in relation to two property matters 
referred to below.
We have continued to enhance our main 
products, Quantum VS and Vecta, and the 
operating result for the year is after increasing 
R&D expenditure by 9% to £1,067 ,000 
(2014: £981,000). 
Hosting revenues continue to represent in 
excess of half of total revenues during the 
year under review. Contracted recurring 
revenues, which include annual software 
licence fees and hosting charges, amounted 
to 79% of total revenue compared with 80% 
in the previous year.
I am pleased to report that in July we sold 
our surplus freehold warehouse in Sheffield 
for a cash consideration of £425,000, 
generating a profit after disposal costs 
of £117 ,000. This will result in annual cost 
savings of approximately £27 ,000. We now 
have one remaining surplus freehold property 
which is located in Milton Keynes on which 
we have recently accepted an offer of 
£1 .2 million. Whilst this is lower than its 
previous carrying value, this property has 
been on the market for some time and 
accordingly we have written the property 
down by £189,000 to reflect the expected 
net sale proceeds. We are early in the sale 
process but, if it proceeds, the sale would 
result in annual cost savings of approximately 
£35,000. We will update shareholders 
further in due course.
Cash flows during the year were strong 
and at the year end our cash balances were 
£5.55 million (2014: £4.98 million). This is 
after £425,000 proceeds from the property 
disposal and dividends paid during the year 
of £504,000. We continue to be interested in 
using our cash balances should opportunities 
to acquire similar software -producing 
businesses arise.
Net assets at 30 September 2015 were 
£4.96 million compared to £5.34 million at 
30 September 2014. This in part reflects a 
further provision of £232,000, net of deferred 
tax, against the liability relating to our defined 
benefit pension scheme following a further 
decrease in the discount rate used to value 
liabilities under IAS19. This is discussed 
further in the Chief Executive’s Statement.
The Directors are proposing to pay a 
final dividend of 3p per share (2014: 2p) 
maintaining the total dividend for the year 
at 5.0p. Total dividends paid to shareholders 
will therefore be £631,000. If approved by 
shareholders, the final dividend will be paid 
on 6 April 2016 to those shareholders on the 
register at 4 March 2016. The shares will be 
ex-dividend on 3 March 2016. 
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, 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. 
At the year-end share price of 65.5p this 
is equivalent to a yield of 7 .6%. 
I would like to thank all our members of staff 
and my colleagues on the Board for their 
contribution during the year.
With a robust, cash generative business 
model combined with a strong balance 
sheet I remain confident about the future. 
Sir Michael Heller
Chairman
10 December 2015
Summary
•  Adjusted operating profit was £459,000, 
compared with £553,000, which reflects 
the impact of the reduction in turnover 
offset by significant cost savings
•  Hosting revenues continue to represent 
in excess of half of total revenues during 
the year under review
•  Contracted recurring revenues, which 
include annual software licence fees 
and hosting charges, amounted to 79% 
of total revenue
•  The Directors are proposing to pay a 
final dividend of 3p per share maintaining 
the total dividend for the year at 5.0p. 
Total dividends paid to shareholders 
will therefore be £631,000 Electronic Data Processing PLC Annual Report and Accounts 2015 3
Governance Notice of meeting Strategic report Financial statements
Chief Executive’s Statement
Julian Wassell
As anticipated, our overall revenue was 
impacted following the acquisition of a 
competitor software business during 2014 
by one of our major customers who then 
transferred to their software product. As a 
result, turnover for the year under review 
was 6% down at £5.16 million compared 
with £5.51 million last year. Underlying revenue 
was broadly comparable with 2014 and 
revenue in the second half of 2015 was 
5% higher than the first half. 
We were able to offset a substantial 
proportion of the anticipated reduction 
in revenue through targeted cost savings 
in both property and personnel costs. 
These annualised cost savings amounted 
to approximately £200,000 after taking into 
account the cost of strengthening our new 
business sales team. Overall our adjusted 
operating profit for the year was £459,000 
compared with £553,000.
Last year we reported that we had for 
the first time seen the proportion of our 
revenues delivered via our hosting centre 
exceed 50%. This year we were delighted to 
reach the landmark of 200 hosted customers 
(just under two thirds of our customers by 
number), up from 184 a year earlier, reinforcing 
our long-term strategy of growing the 
hosting/cloud side of our business, further 
strengthening our recurring revenues 
and therefore visibility.
Our increased investment in product R&D 
has meant that we have had a number of 
exciting product releases during the year 
including our Quantum e-business solution 
and Vecta 8. These are described more 
fully below.
As previously noted, we have continued to 
see a gradual but steady move away from 
upfront revenues towards stronger ongoing 
subscription revenues, particularly with Vecta, 
as adoption of the Cloud computing model 
continues. Whilst the impact of this in any 
single year so far has been modest, the trend 
continues. This trend has an impact on both 
the profile of our reported revenues and on 
our cash balances, a significant proportion 
of which result from upfront billings.
We noted last year that we expected a 
number of combined factors to put pressure 
on our revenues and this remains the case. 
Whilst we are confident that Quantum VS 
is an excellent solution for the significant 
majority of users of our legacy applications, 
the process of migrating our existing 
customers to Quantum VS will inevitably 
lead to higher levels of customer “churn” 
than we have historically seen. As a result, 
we strengthened our new business sales 
team during 2015 in addition to increasing 
investment in our product portfolio. 
I am pleased to note that we have continued 
to sign new orders for both Quantum 
and Vecta.
With keen price competition throughout 
our markets, it remains important that we 
continue to manage our overall cost 
base carefully.
Business model
Our business model revolves around 
supplying our software products under 
long-term contracts of up to five years initial 
duration. These can be either in the form of 
traditional on-site licencing arrangements or 
cloud-based, hosted service level agreements. 
During the year under review contracted 
recurring revenues arising from these 
agreements represented 79% of our total 
revenues, giving us a strong base of 
business on which to build.
The remainder of our revenues arise 
from initial software licence fees, hosting 
joining fees and the provision of a range of 
implementation, training and consultancy 
services. We also supply a small amount 
of computer hardware and maintenance 
(which is low margin) to certain customers.
Our business model is strong and provides 
us with excellent visibility of revenues, which 
assists us to actively manage our cost base 
and monitor working capital carefully.
Strategy
Our aim 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. Our principal products, Vecta 
and Quantum VS respectively, address these 
aims. These products are complementary 
with many of our customers using both.
Quantum VS is an ERP application addressing 
the requirements of a number of verticals 
within the distribution sector. These include 
builders and timber merchants, suppliers 
of fixings and fastenings, industrial and 
security products, electrical wholesalers 
and food distributors.
Our strategy for Quantum remains to develop 
a single software application which provides 
both a clear upgrade path for our existing 
customers of our legacy application products 
(Merchant, Charisma, Esprit and The Business 
Programme) together with an opportunity 
to exploit new business opportunities 
in our target markets.
As an ERP solution, Quantum VS provides 
the core of our customers’ business and as 
such we enjoy long relationships with our 
customers. Sales cycles, in common with 
other suppliers of similar applications, 
can be over 12 months.
Summary
•  Turnover for the year under review 
was 6% down at £5.16 million compared 
with £5.51 million last year. Revenue was 
impacted following the acquisition of a 
competitor software business during 2014 
by one of our major customers
•  Annualised cost savings amounted to 
approximately £200,000 after taking into 
account the cost of strengthening our 
new business sales team
•  Overall our adjusted operating profit 
for the year was £459,000 compared 
with £553,000
•  Operating cash flows were very strong 
during the year
Our increased investment 
in product R&D has 
meant that we have had a 
number of exciting 
product releases during 
the year including our 
Quantum e-business 
solution and Vecta 8. Electronic Data Processing PLC Annual Report and Accounts 2015 4
“ Our aim 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. ”
Strategy continued
Vecta is an extremely powerful CRM and 
Business Intelligence (BI) product which 
assists businesses to drive growth. It is 
positioned between the major CRM 
products, which typically do not deliver 
sales analysis, and traditional BI tools.
Vecta has much shorter sales cycles and 
implementation times, sometimes measured 
in a matter of weeks, compared with those 
experienced with Quantum VS which can 
exceed 12 months.
Our strategy over recent years has been 
to increase the number of customers who 
receive their software through the Cloud 
via our hosting centre in Milton Keynes, 
thereby strengthening our relationships 
with our customers.
Products
Quantum VS
During the year our strengthened 
development team has remained focussed on 
balancing the need to work with our existing 
customers to continue their migration from 
our legacy software products to Quantum VS, 
whilst providing new functionality to support 
our push for new business.
As planned, we launched the first release 
of our new document scanning and archiving 
module for Quantum VS earlier in the year.
We have also delivered a completely new 
e-business solution, “Quantum e-business” . 
This new product allows us to offer a single 
product to our customers offering a complete 
range of on-line capabilities from a simple 
website, through on-line catalogue access, 
to a sophisticated e–business solution fully 
integrated into their back-office application. 
Initial customer reactions have been 
extremely positive.
Vecta
A major new update, Vecta 8, was released 
during the year. This provides users with a 
completely new and improved look and feel. 
It also features a fully responsive design 
enabling Vecta to be even more easily 
deployed across the full range of desktop 
and mobile devices. 
This latest version has been extremely 
well received by customers and prospects. 
Credit must go to our development team 
for this and also for the fact that Vecta won 
“SaaS solution of the year” at the industry 
renowned European IT & Software Excellence 
Awards. This was in addition to the two 
awards we won last year.
Financial review
Revenue for the year was £5.16 million 
compared with £5.51 million last year. 
Second half revenues were up on the first 
half by £120,000 or 5%. The level of recurring 
revenues was maintained at 79% of total 
revenues (2014: 80%).
We incurred one-off costs amounting 
to £76,000 during the year in relation 
to property and personnel cost savings. 
Adjusted operating profit for the year was 
£459,000 compared with £553,000 last year, 
giving an operating margin of 8.9% compared 
with 10.0%.
We use adjusted operating profit to 
monitor the performance of the business 
on a day-to-day basis. It excludes interest 
receivable, any gains and losses on property 
transactions, one-off restructuring costs and 
a number of non-cash items which arise 
under IFRS (that is defined benefit pension 
scheme charges and the capitalisation and 
amortisation of development costs). A full 
reconciliation is provided in note 3 
to the accounts.
Profit before tax on a statutory basis was 
£347 ,000 compared to £401,000 last year. 
In broad terms the difference represents 
the net effect in the current year of a profit 
on disposal of property of £117 ,000 and a 
provision of £189,000 against the carrying 
value of our sole remaining surplus freehold 
property. Excluding the effect of these 
property items, statutory pre-tax profit 
increased to £419,000 compared with 
£401,000 last year.
Operating cash flows were very strong 
during the year at £966,000 (2014: £240,000). 
After dividends of £504,000, capital expenditure 
of £323,000, and the proceeds from the 
disposal of fixed assets of £424,000, our 
net cash balances increased by £563,000 
to £5.55 million at 30 September 2015. 
We have again increased our R&D expenditure 
as we continue to enhance our software 
products. In the year to 30 September 2015 this 
amounted to £1,067 ,000, up from £981,000. 
Of this £139,000 (2014: £79,000) was capitalised 
as required by IAS 38. Amortisation of previously 
capitalised R&D expenditure amounted to 
£66,000 (2014: £36,000). Therefore the R&D 
charge in the income statement has increased 
to £994,000 from £938,000 last year.
The tax charge for the year of £43,000 
(2014: £3,000 credit) produces an effective 
tax rate of 12%. This is lower than the current 
rate of UK corporation tax due to additional tax 
relief on qualifying Research and Development 
expenditure and the fact that no tax was 
payable on the freehold property sale.
Earnings per share was 2.41p or 2.39p on 
a fully diluted basis (2014: 3.21p and 3.16p).
Pension
The liability associated with the Group’s 
defined benefit pension scheme has increased 
this year, from £1 .58 million net of deferred 
tax to £1 .81 million. Of the £232,000 increase, 
£170,000 has been written off directly through 
reserves as an actuarial loss; this relates 
primarily to a further weakening of the 
discount rate assumption, driven by the 
continuation of the fall in corporate bond 
yields seen in recent years. The remaining 
£62,000 has been charged in the income 
statement. The scheme was closed to 
future accrual in 2014 and consequently 
there was no current service cost in 2015.
Valuing the scheme under the accounting 
rules prescribed by IAS19, net assets since 
2009 have been reduced by £2.0 million. 
A significant factor in the scale of this write 
off has been the steady fall in corporate 
bond yields since 2009, reflecting the low 
interest rate environment that has prevailed 
over that period. This has resulted in the 
discount rate assumption falling steadily 
over time, from 5.7% in 2009 to 3.7% in 
2015. It should be noted that a subsequent 
increase in interest rates and recovery in 
corporate bond yields would, all other things 
being equal, lead to an improvement in 
the IAS19 position of the scheme.
Chief Executive’s Statement continued
Julian Wassell Electronic Data Processing PLC Annual Report and Accounts 2015 5
Governance Notice of meeting Strategic report Financial statements
In sharp contrast with the IAS19 valuation, 
the most recent triennial actuarial valuation 
of the scheme, which was performed at 
31 July 2013, showed a small surplus on 
an ongoing funding basis. Importantly, as 
a result of the scheme being fully funded 
on this basis, the Group is not currently 
required to make cash contributions 
into the scheme.
The defined benefit pension scheme 
comprises a grouped funding arrangement 
whose sole asset is a with-profits insurance 
policy backed by corporate bonds. The main 
difference between the IAS19 valuation and 
the ongoing funding valuation is that IAS19 
requires the scheme asset to be 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.
Net assets
Net assets reduced to £4.96 million from 
£5.34 million which reflects inter alia the 
property write-down and increase in pension 
liability referred to above. Net assets per 
share amounted to 39.3p (2014: 42.4p).
Property
We sold our freehold warehouse in Sheffield 
in July for £425,000. Net cash proceeds after 
disposal costs were £417 ,000 which generated 
a profit of £117 ,000. Having relocated our 
repair centre to a small unit on a short-term 
licence at a minimal cost, we will achieve 
cost savings of approximately £27 ,000 a year.
In addition to the hosting centre in Milton 
Keynes we now have one further freehold 
property. We have recently accepted an offer 
of £1.2 million for this property, which 
is surplus to operational requirements. 
The offer is subject to a change of use 
planning application. 
We have written the property down in 
the balance sheet from its previous carrying 
value of £1 .37 million by £189,000 to reflect 
the expected net sale proceeds. In deciding 
to accept this offer, we have taken into 
account the fact that the property has been 
on the market for a number of years and that 
significant cost savings can be achieved on 
its eventual sale. As reported last year, we 
have currently let this property on a short-term 
lease to a charitable organisation and, whilst 
this does not generate significant rental income, 
this arrangement continues to mitigate 
business rates of £52,000 per annum. 
An eventual disposal of this property will 
generate further annualised cost savings 
of around £35,000.
Since the year end we have relocated our 
Southern office in East Grinstead achieving 
annual cost savings of £25,000. 
Outlook
We have positioned the business to 
address the challenges we expect to face 
by strengthening our product R&D and 
sales teams over the last two years. Our 
new product offerings have already been 
well received by customers and should 
provide us with good opportunities over 
the coming year. 
Finally, I would like to thank all of my 
colleagues for their hard work and 
commitment during the year.
Julian Wassell
Chief Executive
10 December 2015
“ Vecta is an extremely powerful CRM and 
Business Intelligence (BI) product which 
assists businesses to drive growth. ”
Key Performance 
Indicators
The following 
financial KPIs 
are used by the 
Board to review 
the performance 
of the business:
Level of software 
related revenues
Revenue from software and services 
reduced by 7% in FY15.
Sales of software and services 
account for 96% of total Group 
revenues in FY15, with the remainder 
comprising low margin hardware 
sales and hardware maintenance.
Adjusted operating 
profit margin
Our adjusted operating margin 
was 8.9% in FY15 compared 
with 10.0% in FY14.
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 79% 
of total revenues in FY15 down 
from 80% in FY14.
Recurring revenues underpin our 
business model and principally 
comprise contracted ongoing 
software licences and hosting fees. 
Level and growth 
of hosted revenues
51% of our revenues were delivered 
though our hosting centre in FY15 
compared with 52% in FY14. Electronic Data Processing PLC Annual Report and Accounts 2015 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. We use a third party 
to internally and externally 
scan our network to identify 
any potential vulnerability.
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.
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 2015 7
Governance Notice of meeting Strategic report Financial statements
Risk Potential impact Mitigation
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.
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 2015 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 2015 the Group purchased 602,000 kWh (2014: 599,000 kWh) of electricity, the majority of which was used 
at the Group’s hosting centre in Milton Keynes. Using the 2015 conversion factor for grid electricity published by Defra this equated to 278 tonnes 
(2014: 296 tonnes) of carbon dioxide equivalent emitted. This equated to approximately 4.2 tonnes (2014: 4.4 tonnes) per Group employee.
The Group also operates a fleet of 22 cars. During the year ended 30 September 2015 the total carbon dioxide equivalent emitted by the 
vehicles, calculated from the manufacturers’ emissions rating for each car, was 90 tonnes (2014: 107 tonnes). This equated to an average 
of 4.1 tonnes per vehicle (2014: 4.1 tonnes).
Employee information
At the end of the financial year, the Group employed 70 people. This figure includes three Executive and two Non-Executive Directors, 
all of whom are male. There are five senior managers, four of whom are male and one female. Of the remaining 60 employees, 45 are male 
and 15 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 10 December 2015.
Julian Wassell 
Chief Executive
Environmental, Employee, Social, Community  
and Human Rights Matters Electronic Data Processing PLC Annual Report and Accounts 2015 9
Notice of meeting Governance Strategic report Financial statements
Directors and Advisers
Directors
Sir Michael Heller Chairman,  
 Non-Executive
J.H. Wassell Chief Executive
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 Sovereign Square
Sovereign Street
Leeds LS1 4DA
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 Solicitors Limited
No 1 Velocity
2 T enter Street
Sheffield S1 4BY
Financial advisers
BDO LLP
Corporate Finance
Two Snowhill
Birmingham B4 6GA
Stockbrokers
Stockdale Securities Ltd
Beaufort House
15 St. Botolph Street
London EC3A 7BB
Registrars and transfer office
Capita Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
Telephone 
+44 (0)871 664 0300  
(Calls cost 12p per minute plus your phone 
company’s access charge.
Calls outside the UK will be charged 
at the applicable international rate.
Lines are open between 09.00 – 17 .30, 
Monday to Friday excluding public holidays 
in England and Wales).
Website 
www.capitaassetservices.com 
E-mail 
shareholderenquiries@capita.co.uk
Financial Calendar 
Annual General Meeting  
22 March 2016
Interim results  
May 2016
9 10 Electronic Data Processing PLC Annual Report and Accounts 2015
The Directors present their annual report and financial statements for the year ended 30 September 2015.
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 2015 is shown on page 26. The Group profit for the year before taxation 
amounted to £347 ,000 (2014: £401,000), with turnover of £5,157 ,000 (2014: £5,508,000).
After a tax charge of £43,000 (2014: credit of £3,000), the profit for the year attributable to equity shareholders was £304,000 (2014: £404,000).
Dividends
An interim dividend of 2.0p per share was paid on 3 August 2015. The Directors propose the payment of a final dividend of 3.0p per share, 
making a total of 5.0p per share (2014: 5.0p).
Subject to shareholders’ approval, the final dividend will be paid on 6 April 2016 to shareholders whose names appear on the register 
at close of business on 4 March 2016.
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 the Directors intend to propose a Special Resolution 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. 
P .A. Davey and P .J. Davies resigned as Directors on 22 December 2014.
The Directors retiring by rotation are Sir Michael Heller and J.M. Storey and, being eligible, offer themselves for re-election.
J.M. Storey has a service contract with the Company, dated 10 December 2010, which operates on a continuous basis and is terminable 
on six months’ notice.
Sir Michael Heller does not have a service contract with the Company.
Sir Michael Heller has been a Director since 1965 and Non-Executive Chairman since 1977 . He is a Chartered Accountant and Executive Chairman 
of London & Associated Properties PLC and Bisichi Mining PLC, both of which are listed on the London Stock Exchange.
James Storey was appointed Finance Director in 2010 having joined the EDP Group in 2009 as Financial Controller. James is a Chartered 
Accountant and prior to joining EDP held various finance positions with KPMG and Sun Chemical.
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 10 December 2015. 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 2015
Financial statements
Substantial shareholdings
At 10 December 2015 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 (18.05%), Olesen Value Fund, LP (5.25%) and Ewing Morris & Co. Investment Partners Ltd (5.15%).
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
10 December 2015 12 Electronic Data Processing PLC Annual Report and Accounts 2015
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 2014 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
For the period from 1 October 2014 to 22 December 2014 the Board of Directors comprised five Executive Directors and two Non-Executive Directors. 
On 22 December 2014 P .J. Davies and P .A. Davey both stepped down from the Board. From that date and for the remainder of the period 
under review the Board of Directors comprised three 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.
These meetings allow prompt decision making and assist in the control of strategic, financial and operational issues. To 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. T ogether 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 2015
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 Directors’ 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 considers 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.
Viability statement
In accordance with provision C.2.2 of the Code, the Directors have assessed the future prospects of the Company over a three-year period 
from the date of these accounts. An assessment period of three years was chosen for the following reasons:
• The Group’s software licences and hosting agreements for its ERP software are generally for five years in duration. Other software 
agreements are generally for three years. This means that on average the Group’s average unexpired software contract duration is typically 
two to three years.
• The industry in which the Company operates in is fast moving and subject to technological change. In this context, an assessment period 
in excess of three years is considered inappropriate.
The review was based upon the approved budget for the forthcoming year and built in assumptions consistent with the Group’s overall 
strategy on growth rates for the following two years. The assessment considered, amongst other things, operating profitability, cash 
generation and dividend cover. These metrics were subject to sensitivity analysis which involved adjusting, on a cumulative basis, a number 
of the key assumptions underlying the forecasts.
Based on the results of this review, the Directors have a reasonable expectation that the Company will be able to continue in operation 
and meet its liabilities as they fall due over the three-year assessment period.
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. 14 Electronic Data Processing PLC Annual Report and Accounts 2015
Corporate Governance continued
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.
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
10 December 2015 15
Notice of meeting Governance Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2015
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 the 
property that is 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 did not meet the criteria for disclosure as a held-for-sale asset.
• 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
10 December 2015 16 Electronic Data Processing PLC Annual Report and Accounts 2015
Directors’ Remuneration Report
Remuneration Committee Chairman’s Statement
I am pleased to present the Directors’ Remuneration Report for the year ended 30 September 2015.
The approved Directors’ Remuneration Policy became effective on 1 October 2014 and has been in place for the whole of the current 
financial year. The policy will continue in force until the 2017 AGM unless approval for a change in the policy is sought before then.
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 the new policy has been 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.
This year the remuneration committee has awarded the Executive Directors bonuses totalling £26,202 in respect of the current financial year. 
In accordance with the Remuneration Policy, the maximum potential bonus pool has been calculated at 10% of adjusted operating profit, 
although this year one-off restructuring costs have reduced the profit on which the bonus is based. The allocation of the total bonus, 
amounting to 61% of the maximum potential bonus, to the individual Executive Directors, is shown on page 17 .
As noted elsewhere in this report, two of the Executive Directors, Paul Davies and Peter Davey, stepped down from the Board 
on 22 December 2014. Only their remuneration up to this date is included in the “single figure” table on page 17 .
Sir Michael Heller
Chairman – Remuneration Committee
10 December 2015 17
Notice of meeting Governance Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2015
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:
2015
Salary
£
Benefits
£
Bonus
£
Pension
£
Total
£
Executive
J.H. Wassell 95,000 12,626 9,500 6,650 123,776
P.A. Davey* 17,161 3,220 1,502 1,201 23,084
P.J. Davies* 17,161 3,088 — 1,201 21,450
C.R. Spicer 76,000 10,284 7,600 9,880 103,764
J.M. Storey 71,500 9,126 7,600 5,005 93,231
Non-Executive
Sir Michael Heller 50,000 13,484 — — 63,484
A.R. Heller 10,000 — — — 10,000
336,822 51,828 26,202 23,937 438,789
*  P .A. Davey and P .J. Davies stepped down from the Board on 22 December 2014. The figures in the table for these Directors relate to the period 1 October 2014 
to 22 December 2014.
2014
Salary
£
Benefits
£
Bonus
£
Pension
£
Total
£
Executive
J.H. Wassell 95,000 11,871 — 6,650 113,521
P.A. Davey 76,000 13,772 — 5,320 95,092
P.J. Davies 76,000 13,206 — 5,320 94,526
C.R. Spicer 76,000 12,791 — 9,691 98,482
J.M. Storey 70,750 8,514 — 4,953 84,217
Non-Executive
Sir Michael Heller 50,000 12,684 — — 62,684
A.R. Heller 10,000 — — — 10,000
453,750 72,838 — 31,934 558,522
Benefits comprise company car, private fuel, private healthcare and telephone costs.
Payments for loss of office
P .J. Davies stepped down as Application Software Products Director on 22 December 2014. As a result of his leaving the Company, 90,000 
vested but unexercised share options lapsed. The remuneration committee carefully considered the circumstances of P .J. Davies’ departure, 
taking into account his contribution to the business as well as the importance of ensuring a smooth transition. Against that background the 
committee agreed to exercise its discretion, as provided for in the approved Remuneration Policy, and made an ex gratia payment of £17 ,500 
to P .J. Davies. 18 Electronic Data Processing PLC Annual Report and Accounts 2015
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
 2015
£
Accrued 
pension 
entitlement at 
30 September
 2014
£
C.R. Spicer
Current service period 30 September 2018 19,087 18,861
Deferred benefits from a prior service period 30 September 2018 13,003 12,849
32,090 31,710
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 2015 and 30 September 2014 were as follows:
Number of shares
2015 2014
Beneficial Non-beneficial Beneficial Non-beneficial
Sir Michael Heller 2,571,050 997,500* 2,571,050 997,500*
J.H. Wassell 95,000 — 95,000 —
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.
** P .A. Davey and P .J. Davies stepped down from the Board on 22 December 2014. Their 2015 shareholding is shown as at that date. 19
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Electronic Data Processing PLC Annual Report and Accounts 2015
Financial statements
Annual Report on Remuneration continued
Audited information continued
Directors’ shareholding and share interests continued
Number of shares 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 
2014
Granted
 in year
Exercised
in year
Lapsed
in year
30 September 
2015
Exercisable 
from
Exercisable 
to
J.H. Wassell 45.5p 100,000 — — — 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
415,000 — — (90,000) 325,000 
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 2015 was 65.5p. During the year the share price 
ranged between 63.25p and 77 .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 2010. 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 2010.
— FTSE Small Cap
— Electronic Data Processing PLC
2010 2011 2012 2013 2014 2015
250
200
150
100
50
0 20 Electronic Data Processing PLC Annual Report and Accounts 2015
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
£
2015
£
Total remuneration 121,800 135,155 139,196 138,477 181,383* 113,521 123,776
* 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 2015, 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. 
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% 6.4% N/A*
All employees 0.0% 0.0% **
* J.H. Wassell did not receive a bonus in 2014.
** 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 2014 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 2014 review date the Directors’ salaries 
did not change.
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:
2015
£’000
2014
£’000
Employee remuneration 3,030 2,987
Distributions to shareholders
Ordinary dividends 504 252
Special dividends — 379
Total 504 631 21
Notice of meeting Governance Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2015
Financial statements
Annual Report on Remuneration continued
Unaudited information continued
Shareholder voting
Details of the votes of shareholders at the Company’s AGM on 24 March 2015 relating to remuneration are shown below:
% 
of votes 
for
% 
of votes 
against
Number 
of votes 
withheld
Resolution to approve the Directors’ Remuneration Report 99.95% 0.05% 7,016
The Directors’ Remuneration Report was approved by the Board and signed on its behalf by:
Sir Michael Heller 
Director
10 December 2015 22 Electronic Data Processing PLC Annual Report and Accounts 2015
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 2015
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 2015 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 2015 
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 £5,157 ,000; deferred income £2,065,000)
Refer to page 15 (Audit Committee Report), page 30 (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 may 
require the separate recognition of revenue for each service on an appropriate basis including elements of up front recognition and the 
spreading of other revenues 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 
using our sector knowledge and making an assessment of the margin recognised for each different component of revenue; 
• testing was designed to determine if several performance obligations exist within a contract that result in more than one component 
of revenue. Our audit procedures included the assessment of a sample of contracts using the guidance in the relevant accounting standard;
• 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 (£2,265,000)
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 (£350,000)
Refer to page 15 (Audit Committee Report), page 31 (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 the risk that projects not meeting the relevant criteria are capitalised. Further, 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; to critically 
assess the costs capitalised under such projects, we re-performed the Group’s calculation of staff costs attributable to qualifying projects, with 
reference to timesheets and payroll data where appropriate, 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 2015
Independent Auditor’s Report continued
to the members of Electronic Data Processing PLC only
Opinions and conclusions arising from our audit continued
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 £27 ,000, determined with reference to a benchmark of Group profit 
before taxation (of which it represents 5.0%).
We report to the Audit Committee any corrected and uncorrected identified misstatements exceeding £1,400 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 £1,500 to £13,850. 
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 on the disclosures of principal risks
Based on the knowledge we acquired during our audit, we have nothing material to add or draw attention to in relation to: 
• the directors’ statement of corporate governance on pages 12 to 14, concerning the principal risks, their management, and, based 
on that, the directors’ assessment and expectations of the group’s continuing in operation over the next three year period; or 
• the disclosures on page 13 concerning the use of the going concern basis of accounting.
6 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 position and 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 longer term viability; and
• the part of the Corporate Governance Statement on pages 12 to 14 relating to the Company’s compliance with the eleven provisions 
of the 2014 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 2015
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 Sovereign Square
Sovereign Street
Leeds
LS1 4DA  
10 December 2015 26 Electronic Data Processing PLC Annual Report and Accounts 2015
Consolidated Income Statement
for the year ended 30 September 2015
2015 2014
Note £’000 £’000
Revenue 3 5,157 5,508 
Gross profit 4,758 5,074 
Administrative expenses (4,381) (4,719)
Operating profit 4 377 355 
Profit on sale of property 117 —
Write-down of property value (189) —
Finance income 42 46 
Profit before tax 347 401 
Income tax (expense)/credit 7 (43) 3 
Profit for the period attributable to equity holders of the Parent 304 404 
Earnings per share
– Basic 8 2.41p 3.21p
– Diluted 8 2.39p 3.16p
2015 2014
£’000 £’000
Profit for the period 304 404 
Other comprehensive income
Items that will not be reclassified to profit or loss:
Remeasurement losses on defined benefit pension scheme (213) (774)
Income tax on other comprehensive income 43 155 
Other comprehensive income for the period, net of tax (170) (619)
Total comprehensive income for the period attributable to equity holders of the Parent 134 (215)
Consolidated Statement of Comprehensive Income
for the year ended 30 September 2015 27
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2015
Financial statements
Consolidated Balance Sheet
at 30 September 2015
2015 2014
Note £’000 £’000
Non-current assets
Property, plant and equipment 10 2,545 3,097 
Deferred tax asset 20 453 395 
Intangible assets 11 431 356 
3,429 3,848 
Current assets
Inventories 12 64 67 
Trade and other receivables 13 1,445 1,546 
Investments 14 3,000 —
Cash and cash equivalents 15 2,547 4,984 
7,056 6,597 
Total assets 10,485 10,445 
Current liabilities
Deferred income 16 (2,008) (1,914)
Income tax payable (79) (16)
Trade and other payables 17 (1,000) (1,068)
(3,087) (2,998)
Non-current liabilities
Deferred income 16 (57) (17)
Employee benefits 19 (2,265) (1,975)
Deferred tax liability 20 (115) (113)
(2,437) (2,105)
Total liabilities (5,524) (5,103)
Net assets 4,961 5,342 
Equity
Share capital 21 689 689 
Share premium 119 119 
Capital redemption reserve 625 625 
Treasury shares 21 (587) (587)
Retained earnings 4,115 4,496 
Total equity attributable to equity holders of the Parent 4,961 5,342 
These financial statements were approved by the Board of Directors on 10 December 2015 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 2015
Consolidated Statement of Changes in Equity
for the year ended 30 September 2015
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 
Capital
Share Share redemption Treasury Retained
capital premium reserve shares earnings Total
£’000 £’000 £’000 £’000 £’000 £’000
Balance at 1 October 2014 689 119 625 (587) 4,496 5,342 
Profit for the period — — — — 304 304 
Other comprehensive income:
–  remeasurement loss on defined benefit pension 
scheme net of tax — — — — (170) (170)
Total comprehensive income — — — — 134 134 
Transactions with owners:
– share-based payment transactions — — — — 1 1 
– deferred tax on share-based payment transactions — — — — (12) (12)
– dividends paid — — — — (504) (504)
Total transactions with owners — — — — (515) (515)
Balance at 30 September 2015 689 119 625 (587) 4,115 4,961  29
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2015
Financial statements
Consolidated Cash Flow Statement
for the year ended 30 September 2015
2015 2014
£’000 £’000
Cash flows from operating activities
Profit for the period 304 404 
Adjustments for:
Depreciation 228 248 
Amortisation 81 126 
Profit on disposal of property, plant and equipment (120) —
Write-down of property value 189 —
Transfer of inventory to property, plant and equipment (2) (10)
Defined benefit pension charge net of employer contributions 77 157 
Finance income (42) (46)
Income tax expense/(credit) 43 (3)
Change in inventories 3 14 
Change in receivables 124 (11)
Change in payables (68) (127)
Change in deferred income 134 (417)
Equity settled share-based payment transactions 1 1 
Cash received from operations 952 336 
Interest received 19 48 
Income taxes paid (5) (144)
Net cash from operating activities 966 240 
Cash flows from investing activities
Purchase of property, plant and equipment (167) (176)
Purchase of intangible assets (17) (81)
Capitalised development expenditure (139) (79)
Proceeds from sale of property, plant and equipment 424 7 
Net cash generated by/(used in) investing activities 101 (329)
Cash flows from financing activities
Transfers to fixed-term deposit investments (3,000) —
Issue of shares out of treasury — 37 
Dividends paid (504) (631)
Net cash used in financing activities (3,504) (594)
Net decrease in cash and cash equivalents (2,437) (683)
Cash and cash equivalents at beginning of period 4,984 5,667 
Cash and cash equivalents at end of period (note 15) 2,547 4,984  30 Electronic Data Processing PLC Annual Report and Accounts 2015
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 2015 
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 2015.
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 derive from its software licensing contracts and software hosting agreements.
Revenue from new software licences, which typically run for between three and five years, is broken down into two components, namely 
an initial licence fee and ongoing software usage charges. Initial licence fee revenue is recognised in full on delivery of the software to the 
customer following receipt of a non-cancellable contract. The Group considers that at this point a significant proportion of the risks and 
rewards of ownership of the licence have been transferred to the customer. Software usage charges, which reflect the Group’s ongoing 
requirement to maintain and support the software, are recognised on a straight line basis as the remaining risks and rewards of ownership 
are transferred to the customer over the contract term.
Revenue from the Group’s hosting contracts, which also run for between three and five years, derive from upfront hosting charges and periodic 
hosting fees. Upfront hosting charges primarily reflect the hardware and software set-up costs incurred on commencement of a new contract. 
These charges are recognised as revenue once a customer is provided access to their hosted server following receipt of a signed non-cancellable 
contract. Periodic hosting fees are recognised evenly over the contract term, reflecting the Group’s obligation to maintain provision 
of the hosted service throughout the contract period.
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. 31
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2015
Financial statements
2. Significant accounting policies continued
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%
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 
three 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 three 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.
T rade and other receivables
Trade receivables, which generally have terms of up to 30 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.
Investments
Investments at the balance sheet date comprise fixed-term bank deposits which have a maturity at acquisition greater than three months.
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.
T axes
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 2015
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
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2015
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 .9% 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 2015
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 September 2014) Consolidated Financial Statements 1 January 2016
IFRS 11 (amended May 2014) Joint Arrangements 1 January 2016
IFRS 12 (amended December 2014) Disclosure of Interests in Other Entities 1 January 2016
IFRS 14 Regulatory Deferral Accounts 1 January 2016
IFRS 15 Revenue from Contracts with Customers 1 January 2018
IAS 1 (amended December 2014) Presentation of Financial Statements 1 January 2016
IAS 16 (amended May and June 2014) Property, Plant and Equipment 1 January 2016
IAS 27 (amended August 2014) Separate Financial Statements 1 January 2016
IAS 28 (amended December 2014) Investments in Associates and Joint Ventures 1 January 2016
IAS 38 (amended May 2014) Intangible Assets 1 January 2016
IAS 41 (amended June 2014) Agriculture 1 January 2016
Amendments to various standards resulting from Annual Improvements 2012–2014 Cycle 1 January 2016
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 
2015 2014 
£’000 £’000 
Revenue – external customers 5,157 5,508 
Profit
Adjusted operating profit 459 553
Restructuring costs (76) —
Segment non-cash net IFRS credit/(charge) 71 (41)
Interest revenue 42 46 
Segment profit before tax 496 558
Profit on sale of property 117 —
Write-down of property value (189) —
Defined benefit pension scheme charge net of employer contributions (77) (157)
Consolidated profit before tax 347 401 
Other segment items
Interest revenue 42 46
Depreciation and amortisation 309 374
Capital expenditure 184 257 35
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2015
Financial statements
3. Segmental analysis continued
Geographical analysis 
Geographical segment revenues, based on the geographical location of customers, are as follows: 
2015 2014 
Revenue by destination £’000 £’000 
United Kingdom 4,985 5,271
Rest of the world 172 237
5,157 5,508
All of the Group’s non-current assets are located in the United Kingdom.
4. Operating profit 
2015 2014 
This is stated after charging: £’000 £’000 
Depreciation 228 248
Amortisation of intangible assets 81 126
Operating lease rentals: 
– plant and machinery 43 53 
– property 100 184 
Research and development expenditure 928 902 
5. Auditor’s remuneration
Amounts payable to the auditor in respect of both audit and non-audit services was as follows:
2015 2014 
£’000 £’000 
Audit of these financial statements 18 18 
Audit of financial statements of subsidiaries 12 12 
Taxation services 14 14 
Other services 6 10 
50 54 
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
2015 2014
Sales and administration 17 17 
Support, development and network services 49 51 
66 68 
The aggregate payroll costs of these persons were as follows:
2015 2014
£’000 £’000
Salaries 2,636 2,588
Social security costs 310 303
Other pension costs 83 95
Equity settled share-based payment transactions 1 1
3,030 2,987 
Aggregate Directors’ emoluments amounted to £414,852 (2014: £526,588). Details of Directors’ remuneration are given in the Directors’ 
Remuneration Report. Retirement benefits are accruing to three Directors (2014: five) under money purchase pension schemes and one 
Director (2014: one) under defined benefit pension schemes. The total amount contributed by the Group in respect of the money purchase 
schemes was £23,937 (2014: £23,066). 36 Electronic Data Processing PLC Annual Report and Accounts 2015
Notes to the Consolidated Financial Statements continued
(forming part of the financial statements)
7 . Income tax 
Income tax expense/(credit) comprises:
2015 2014
£’000 £’000
Current tax
United Kingdom corporation tax 79 85 
Tax over provided in prior years (12) (101)
Group current tax 67 (16)
Deferred tax
Origination and reversal of temporary differences (24) 6 
Effect of decrease in the tax rate — 2 
Adjustments in respect of prior years — 5 
Group deferred tax (24) 13 
Income tax expense/(credit) 43 (3)
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 20.5% (2014: 22%). The differences 
are explained below:
2015 2014
£’000 £’000
Profit before tax 347 401 
Profit multiplied by standard rate of corporation tax of 20.5% (2014: 22%) 71 88 
Effects of:
Expenses not deductible for tax purposes 15 10 
Non-taxable income (31) —
Benefit of small companies rate of tax and marginal relief — (7)
Corporation tax – adjustment in respect of prior periods (12) (101)
Deferred tax – adjustment in respect of prior periods — 5 
Deferred tax – effect of rate change — 2 
Total income tax expense/(credit) 43 (3)
The Group has not recognised as a deferred tax asset the potential value of its available capital loss of £368,000 because there is no foreseeable 
prospect of its utilisation.
Factors affecting future tax charges
In the July 2015 budget the Chancellor announced that the rate of corporation tax in the UK would be reduced to 19% in 2017 and to 18% 
in 2020. These reductions will reduce the Group’s future tax charge accordingly.
The Group had no unutilised trading tax losses carried forward at 30 September 2015 (2014: £nil). 37
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2015
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 £304,000 (2014: £404,000) 
by 12,610,976 (2014: 12,589,497), being the weighted average number of shares in issue during the year.
The weighted average number of shares has been calculated as follows:
2015 2014
Number Number
Issued ordinary shares at 1 October excluding treasury shares 12,610,976 12,530,976
Effect of share options exercised — 58,521
Weighted average number of ordinary shares at 30 September 12,610,976 12,589,497
Basic earnings per share is 2.41p (2014: 3.21p).
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 £304,000 (2014: £404,000) by 12,745,733 (2014: 12,784,690), 
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:
2015 2014
Number Number
Weighted average number of ordinary shares (basic) 12,610,976 12,589,497
Effect of outstanding share options 134,757 195,193
Weighted average number of ordinary shares at 30 September 12,745,733 12,784,690
Diluted earnings per share is 2.39p (2014: 3.16p).
9. Dividends paid and proposed 
The following dividends were declared and paid during the year:
2015 2014
£’000 £’000
Final dividend for 2014 – 2.0p (2013: 2.0p) 252 252
Interim dividend for 2015 – 2.0p (2014: 3.0p) 252 379
504 631 
Proposed for approval by shareholders at the AGM
Final dividend for 2015 – 3.0p (2014: 2.0p) 379 252 38 Electronic Data Processing PLC Annual Report and Accounts 2015
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 2014 2,811 270 1,841 4,922 
Additions — — 167 167 
Disposals (397) (32) (110) (539)
At 30 September 2015 2,414 238 1,898 4,550 
Depreciation
At 1 October 2014 325 128 1,372 1,825 
Charge for the year 32 48 148 228 
Write-down 189 — — 189 
Transfers to stock — — (2) (2)
Disposals (97) (29) (109) (235)
At 30 September 2015 449 147 1,409 2,005 
Net book value
At 30 September 2015 1,965 91 489 2,545 
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 
Prior to the year end the Group accepted an offer on its surplus freehold property in Milton Keynes. The carrying value of this property 
has been written down in the current year by £189,000 to £1,177 ,000 to reflect the expected net proceeds from the sale. 39
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2015
Financial statements
11. Intangible assets 
Software 
intellectual Development
property rights costs Total
£’000 £’000 £’000
Cost
At 1 October 2014 1,842 347 2,189 
Additions – internally developed — 139 139 
Additions – purchased 17 — 17 
At 30 September 2015 1,859 486 2,345 
Amortisation 
At 1 October 2014 1,763 70 1,833 
Charge for the year 15 66 81 
At 30 September 2015 1,778 136 1,914 
Net book value 
At 30 September 2015 81 350 431 
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 
The amortisation charge is included within administrative expenses within the consolidated income statement.
12. Inventories 
2015 2014 
£’000 £’000 
Computer equipment 64 67 
13. T rade and other receivables 
2015 2014 
£’000 £’000 
Trade receivables 1,125 1,233 
Other receivables 320 313 
1,445 1,546 
14. Investments
2015 2014 
£’000 £’000 
Fixed-term bank deposits – maturity longer than three months 3,000 — 40 Electronic Data Processing PLC Annual Report and Accounts 2015
Notes to the Consolidated Financial Statements continued
(forming part of the financial statements)
15. Cash and cash equivalents 
2015 2014 
£’000 £’000 
Bank balances 159 183
Short-term deposits 2,388 4,801
2,547 4,984
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.
2015 2014 
£’000 £’000 
To be recognised:
– within one year 2,008 1,914 
– after more than one year 57 17 
2,065 1,931 
17 . T rade and other payables 
2015 2014
£’000 £’000
Trade payables 438 588 
Other payables 562 480 
1,000 1,068 
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.
Short-term bank deposits are invested at a variable interest rate based on base rate. This position is constantly monitored by the Board.
The Group also invests surplus cash in fixed-term deposit accounts. Interest rates on these investments are fixed for the duration of the term.
Undrawn committed facilities
During the year the Group did not renew its borrowing facility with its primary banker and consequently at 30 September 2015 had no undrawn 
committed borrowing facilities (2014: £500,000).
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
2015 2014
£’000 £’000
Trade receivables 1,125 1,233
Investments 3,000 —
Cash and cash equivalents 2,547 4,984
6,672 6,217
The ageing of trade receivables at the reporting date was:
 
2015 2014
Gross Impairment Gross Impairment 
£’000 £’000 £’000 £’000
Not past due 612 — 607 — 
Past due 0–30 days 337 1 318 — 
Past due 31–120 days 108 1 205 —
Past due 121–360 days 44 6 48 1
More than one year 78 46 140 84
1,179 54 1,318 85 41
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2015
Financial statements
18. Financial instruments continued
Credit risk continued
The movement in the allowance for impairment in respect of trade receivables during the year was as follows:
2015 2014
£’000 £’000
Balance at 1 October 85 90
Reversal of prior year impairment losses (16) —
Previously impaired balances written off (28) (27)
Impairment loss recognised 13 22 
Balance at 30 September 54 85
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 2015
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 1,000 1,000 1,000 — —
Income tax payable 79 79 — 79 —
Deferred income 2,065 — 1,421 587 57
3,144 1,079 2,421 666 57
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
Interest rate risk 
At the reporting date the Group’s interest bearing financial instruments were: 
Carrying amount 
2015 2014
£’000 £’000
Fixed-term deposits 3,000 —
Variable-rate cash deposits 2,547 4,984
5,547 4,984 42 Electronic Data Processing PLC Annual Report and Accounts 2015
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 £25,000 (2014: £50,000) on finance income with a corresponding £5,000 
(2014: £10,000) 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 £70,000 (2014: £52,000). Outstanding contributions 
at the end of the year were £13,000 (2014: £11,000).
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 scheme closed to future accrual on 31 August 2014.
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 2015 by JLT Benefit Solutions Limited using 
the following assumptions:
2015 2014 2013
Inflation rate 2.2% 2.3% 2.5%
Discount rate 3.7% 3.9% 4.5%
Expected return on assets 3.7% 3.9% 4.5%
Rate of increase in pay — — 3.0%
Rate of increase of pensions in payment 5.0% 5.0% 5.0%
Rate of increase for deferred pensioners 2.2% 2.3% 2.5%
The assumed rate of return on bonds is the yield available on AA-rated corporate bonds at 30 September 2015. 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 2015 are 100% of the standard tables S1PMA (males) and S1PFA (females). 
These imply the following life expectancies:
2015 2014
 Years Years
Retiring in 2015 (aged 65 years)  
– Males 22.2 22.2
– Females 24.6 24.5
Retiring in 2035 (currently aged 45 years)
– Males 23.9 24.0
– Females 26.5 26.4 43
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Electronic Data Processing PLC Annual Report and Accounts 2015
Financial statements
19. Employee benefits – pensions continued
Funding status
2015 2014 2013
£’000 £’000 £’000
Present value of Scheme obligations (9,374) (9,075) (8,124)
Fair value of Scheme assets 7,109 7,100 7,080
Deficit (2,265) (1,975) (1,044)
Categories of assets
2015 2014 2013
£’000 £’000 £’000
Corporate bonds 3,258 3,260 3,847
Insured pensioners 3,851 3,840 3,233
7,109 7,100 7,080
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:
2015 2014
 £’000 £’000
Current service cost — 60 
Expenses — 14 
Net interest expense 77 48 
Losses on curtailments — 60 
77 182 
Amounts recognised in other comprehensive income
2015 2014
£’000 £’000
Remeasurement loss:
Return on plan assets excluding interest income 28 (41)
Experience (gains)/losses arising on the defined benefit obligation (51) 163 
Actuarial (gains) arising from changes in demographic assumptions (18) (96)
Actuarial losses arising from changes in financial assumptions 254 748 
213 774 
Reconciliation of present value of Scheme obligations
2015 2014
£’000 £’000
Present value of obligations at 1 October 9,075 8,124
Current service cost — 60
Expenses — 14
Member contributions — 8
Losses on curtailments — 60
Interest cost 349 359
Remeasurement loss 185 815
Benefits paid (235) (365)
Present value of obligations at 30 September 9,374 9,075 44 Electronic Data Processing PLC Annual Report and Accounts 2015
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
2015 2014
 £’000 £’000
Fair value of assets at 1 October 7,100 7,080
Interest income 272 311
Remeasurement (loss)/gain (28) 41
Employer contributions — 25
Member contributions — 8
Benefits paid (235) (365)
Fair value of assets at 30 September 7,109 7,100
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 of 0.25% p.a. Increase by 0.6%
Rate of mortality 1 year increase in life expectancy Increase by 3.7%
Estimated contribution in the financial year starting 1 October 2015
Estimated contributions to the Group Scheme for the year commencing 1 October 2015 are £nil.
20. Deferred income tax 
The deferred income tax included in the Group income statement is as follows: 
2015 2014
 £’000 £’000
Origination and reversals of temporary differences (24) 6 
Effect of decrease in the tax rate — 2 
Adjustments in respect of prior periods — 5 
(24) 13 
The deferred income tax included in the Group balance sheet is as follows:
2015 2014
 £’000 £’000
Taxation deferred by capital allowances (69) (93)
Temporary differences – other (46) (20)
Taxation on pension liability 453 395 
Deferred income tax 338 282 
Deferred income tax asset 453 395
Deferred income tax liability (115) (113)
338 282  45
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2015
Financial statements
21. Share capital
Ordinary shares of 5p each
2015 2014 2015 2014 
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) (1,173,097) (59) (59)
Issued share capital excluding treasury shares 12,610,976 12,610,976 630 630 
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.
T reasury shares 
Ordinary shares of 5p each
2015 2014 2015 2014
Number Number £’000 £’000
Shares held in treasury on 1 October 1,173,097 1,253,097 587 627
Issued on exercise of EMI share options — (80,000) — (40)
Shares held in treasury at 30 September 1,173,097 1,173,097 587 587
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 2015 the Group had a total of future minimum commitments under non-cancellable operating leases on land and buildings 
as follows: 
2015 2014
£’000 £’000
Within one year 68 100
In the second to fifth years inclusive 1 67 
69 167
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 2015
Notes to the Consolidated Financial Statements continued
(forming part of the financial statements)
24. Group entities 
Subsidiary companies at 30 September 2015, 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 2015
Financial statements
Company Balance Sheet
at 30 September 2015
2015 2014
Note £’000 £’000
Fixed assets
Intangible assets 3 81 79 
Tangible assets 4 2,545 3,097 
Investments 5 3,598 3,598 
6,224 6,774 
Current assets
Stock 6 49 49 
Debtors 7 576 608 
Investments 8 3,000 3,000 
Cash at bank and in hand 2,513 1,912 
6,138 5,569 
Creditors:
amounts falling due within one year 9 (5,670) (5,296)
Net current assets 468 273 
Total assets less current liabilities 6,692 7,047 
Provisions for liabilities and charges 10 (71) (96)
Deferred income 11 (714) (636)
Net assets excluding pension liability 5,907 6,315 
Pension liability 12 (1,812) (1,580)
Net assets including pension liability 4,095 4,735 
Capital and reserves
Called up share capital 13 689 689 
Share premium account 119 119 
Revaluation reserve 14 108 301 
Capital redemption reserve 625 625 
Treasury shares 13 (587) (587)
Profit and loss account 15 3,141 3,588 
Equity shareholders' funds 4,095 4,735 
These financial statements were approved by the Board of Directors on 10 December 2015 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 2015
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 three 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.
T angible 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 2015
Financial statements
1. Accounting policies continued
T reasury 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
2015 2014 
Sales and administration 13 12 
Support, development and network services 33 34 
46 46 
The aggregate payroll costs of these persons were as follows:
2015 2014
£’000 £’000
Salaries 1,843 1,702 
Social security costs 212 190 
Other pension costs 47 56 
2,102 1,948 
Aggregate Directors’ emoluments amounted to £414,852 (2014: £526,588). Details of Directors’ remuneration are given in the Directors’ 
Remuneration Report.
3. Intangible assets 
Software
intellectual
property rights
£’000
Cost
At 1 October 2014 925 
Additions 17 
At 30 September 2015 942 
Amortisation 
At 1 October 2014 846 
Charge for the year 15 
At 30 September 2015 861 
Net book value 
At 30 September 2015 81 
At 30 September 2014 79  50 Electronic Data Processing PLC Annual Report and Accounts 2015
Notes to the Company Financial Statements continued
(forming part of the financial statements)
4. T angible fixed assets 
Freehold Motor 
Fixtures, 
fittings and
property vehicles equipment Total 
£’000 £’000 £’000 £’000 
Cost or valuation
At 1 October 2014 2,811 270 1,773 4,854 
Additions — — 167 167 
Transfers from stock — — — —
Valuation adjustment (246) — — (246)
Disposals (397) (32) (110) (539)
At 30 September 2015 2,168 238 1,830 4,236 
Depreciation
At 1 October 2014 325 127 1,305 1,757 
Charge for the year 32 48 148 228 
Transfers to stock — — (2) (2)
Valuation adjustment (57) — — (57)
Disposals (97) (29) (109) (235)
At 30 September 2015 203 146 1,342 1,691 
Net book value
At 30 September 2015 1,965 92 488 2,545 
At 30 September 2014 2,486 143 468 3,097 
At 30 September 2015 the Company owned two freehold properties. One property is stated at historical cost less depreciation. The other 
property was professionally valued in 1988 on an open market value for existing use basis with the surplus on valuation being credited to 
a revaluation reserve. This property is no longer used in the Group’s business and is currently on the market for sale. The current valuation 
of this property reflects the latest available evidence of its expected net realisable value and as a result it has been written down 
to £1,177 ,000 in the current year.
Freehold property may be analysed between that included at valuation and that subsequently acquired at cost, as follows:
2015 2014
£’000 £’000
At valuation 1,177 1,423 
At cost 991 1,388 
2,168 2,811 
The net historical cost of freehold property is as follows:
2015 2014
£’000 £’000
Cost 2,484 2,881 
Accumulated depreciation (630) (699)
Net book value 1,854 2,182  51
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2015
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 2014 and 30 September 2015 3,598
Provision for diminution in value
At 1 October 2014 and 30 September 2015 —
Net book value
At 1 October 2014 and 30 September 2015 3,598
6. Stock 
2015 2014
£’000 £’000
Computer equipment 49 49 
7 . Debtors 
2015 2014
£’000 £’000
Trade debtors 334 322 
Corporation tax — 57 
Other debtors 23 1 
Prepayments and accrued income 219 228 
576 608 
There are no debtors recoverable after more than one year (2014: nil).
8. Current asset investments
2015 2014
£’000 £’000
Short-term bank deposits — 3,000 
Fixed-term bank deposits 3,000 —
3,000 3,000 
9. Creditors: amounts falling due within one year 
2015 2014
£’000 £’000
Trade creditors 345 354 
Amounts owed to subsidiary undertakings 5,027 4,765 
Corporation tax 26 —
Other taxes and social security 175 136 
Other creditors 97 41 
5,670 5,296 
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 2015
Notes to the Company Financial Statements continued
(forming part of the financial statements)
10. Provisions for liabilities and charges 
2015 2014
£’000 £’000
Deferred taxation 71 96
Accelerated
capital
allowances
£’000
At 1 October 2014 96 
Transfer to profit and loss account (25)
At 30 September 2015 71 
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. 
2015 2014
£’000 £’000
To be recognised:
 – within one year 714 636 
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 2015 by JLT Benefit Solutions Limited. The major assumptions 
used by the actuary at 30 September 2015 were:
Financial assumptions 
2015 2014 2013 
Inflation 2.2% 2.3% 2.5%
Rate of salary increase — — 3.0%
Rate of increase of pensions in payment 5.0% 5.0% 5.0%
Rate of revaluation of deferred pensions 2.2% 2.3% 2.5%
Discount rate 3.7% 3.9% 4.5%
The valuation method used was the projected unit method.  53
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Electronic Data Processing PLC Annual Report and Accounts 2015
Financial statements
12. Pensions continued
Pension liability 
The fair value of the scheme assets and the present value of the scheme liabilities were:
2015 2014 2013 
£’000 £’000 £’000 
Fair value of scheme assets 7,109 7,100 7,080 
Present value of scheme liabilities (9,374) (9,075) (8,124)
Deficit in the scheme – pension liability (2,265) (1,975) (1,044)
Related deferred tax asset 453 395 209 
Net pension liability (1,812) (1,580) (835)
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: 
2015 2014 2013
Bonds 3.7% 3.9% 4.5%
Movement in the deficit during the year 
2015 2014
£’000 £’000
Deficit at beginning of year (1,975) (1,044)
Current service cost — (74)
Losses on curtailments — (60)
Contributions — 25 
Other financial items (77) (48)
Actuarial loss (213) (774)
Deficit at end of year (2,265) (1,975)
Analysis of other pension costs charged in arriving at operating profit 
2015 2014
£’000 £’000
Current service cost — 74 
Losses on curtailments — 60 
— 134 
Analysis of amounts included in other finance income
2015 2014
£’000 £’000
Expected return on pension scheme assets 272 311 
Interest on pension scheme liabilities (349) (359)
(77) (48) 54 Electronic Data Processing PLC Annual Report and Accounts 2015
Notes to the Company Financial Statements continued
(forming part of the financial statements)
12. Pensions continued
Analysis of amounts recognised in the statement of total recognised gains and losses
2015 2014
£’000 £’000
Actual return less expected return on scheme assets (91) (111)
Experience losses arising on scheme assets (6) (54)
Changes in assumptions underlying the value of scheme assets 69 206 
Experience gains/(losses) arising on scheme liabilities 51 (163)
Changes in assumptions underlying the present value of scheme liabilities (236) (652)
Actuarial loss recognised in the statement of total recognised gains and losses (213) (774)
History of experience gains and losses 
2015 2014 2013 2012 2011
Difference between the expected and actual return on scheme assets
Amount (£'000) (91) (111) 188 204 (188)
Percentage of year-end scheme assets (1.3) (1.6) 2.7 3.0 (2.9)
Experience gains and losses on scheme liabilities
Amount (£'000) 51 (163) 38 (88) 45 
Percentage of year-end present value of scheme liabilities (0.5) 1.8 (0.5) 1.1 (0.6)
Total amount recognised in the statement of total 
recognised gains and losses
Amount (£'000) (213) (774) 169 (844) 230 
Percentage of year-end present value of scheme liabilities 2.3 8.5 (2.1) 10.7 (3.5)
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 £43,000 (2014: £23,000). There were outstanding contributions 
of £10,000 at the end of the year (2014: £6,000).
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 
2015 2014
£’000 £’000
At 1 October 301 305 
Valuation adjustment on freehold property (189) —
Transfer to profit and loss reserve – depreciation (4) (4)
At 30 September 108 301 
15. Profit and loss reserve 
2015 2014
£’000 £’000
At 1 October 3,588 4,733 
Profit for the year 223 104 
Dividends (504) (631)
Issue of shares out of treasury — (3)
Transfer from revaluation reserve – depreciation 4 4 
Actuarial loss on pension (213) (774)
Tax on actuarial loss 43 155 
At 30 September 3,141 3,588  55
Governance Notice of meeting Strategic report
Electronic Data Processing PLC Annual Report and Accounts 2015
Financial statements
16. Commitments and contingencies 
Operating leases 
The commitment to payments within the next twelve months is as follows: 
2015 2014
£’000 £’000
Property
Leases that expire:
– within one year 2 —
– after five years 52 52 
54 52 
17 . Reconciliation of movements in shareholders’ funds  
2015 2014
£’000 £’000
Profit for the year 223 104 
Dividends (504) (631)
Retained loss for the year (281) (527)
Issue of shares out of treasury — 37 
Valuation adjustment on freehold property (189) —
Actuarial loss on pension net of tax (170) (619)
Net decrease in shareholders’ funds (640) (1,109)
Opening shareholders’ funds 4,735 5,844
Closing shareholders’ funds 4,095 4,735 56 Electronic Data Processing PLC Annual Report and Accounts 2015
Five Y ear Statistical Record
Summarised financial information for the Group for the five years ended 30 September 2015 is set out below. 
Year to 30 September
2015 2014 2013 2012 2011
£’000 £’000 £’000 £’000 £’000
Revenue 5,157 5,508 5,827 5,805 5,600 
Gross profit 4,758 5,074 5,419 5,334 5,272 
Administrative expenses (4,381) (4,719) (4,710) (4,646) (4,766)
Operating profit 377 355 709 688 506 
Profit on sale of property 117 — — — 335 
Write-down of property values (189) — — (849) —
Finance income 42 46 85 78 55 
Profit/(loss) before tax 347 401 794 (83) 896 
Income tax (expense)/credit (43) 3 (207) 26 (158)
Profit/(loss) for the period 304 404 587 (57) 738 
Earnings/(loss) per share 2.41p 3.21p 4.68p (0.45)p 5.89p
Adjusted earnings per share* 2.72p 3.21p 4.68p 4.66p 3.22p
Net assets per share 39.3p 42.4p 49.1p 50.0p 58.2p
* 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 2015 Electronic Data Processing PLC Annual Report and Accounts 2015