6. Central fund
The Central Fund operates on a receipts and payments basis whereas these financial statements have been prepared on an accruals basis. The following table sets out the reconciling items:
| Note | 2016 €'000 |
2015 €'000 |
|
|---|---|---|---|
| Opening balance at 1 January | 14 | 3,086 | (1,092) |
| Net amounts received from Central Fund | 42,307 | 46,459 | |
| Closing balance at 31 December | 13, 14 | 2,025 | (3,086) |
| Central Fund Income | 47,418 | 42,281 |
The total amount recognised as receivable from / (payable to) the Central Fund is:
| Note | 2016 €'000 |
2015 €'000 |
|
|---|---|---|---|
| Receivable from / (Payable to) the Central Fund | 13, 14 | 2,025 | (3,086) |
| Deferred retirement benefit funding | 9.4 | 41,662 | 18,923 |
| 43,687 | 15,837 |