Consolidated statement of cash flows

FOR THE YEAR ENDED 31 MARCH 2022

Cash flows from operating activities: Net cash used in operating activities

Cash flows from investing activities:

Dividends, interest and rents from investments Proceeds from the sale of investments Purchase of tangible fixed assets Purchase of investments Repayments of programme-related loans

Net cash provided by/(used in) investment activities

Cash flows from financing activities

Cash inflows from new borrowing Capital repayment of borrowing New finance leases Capital element of finance lease repayments

Net cash (used in)/provided by financing activities Change in cash and cash equivalents in the reporting period

Cash and cash equivalents at the beginning of the reporting period

Cash and cash equivalents at the end of the reporting period

2022 2021 Note £’000 £’000

21 (5,503) (8,927)

4,135 4,486 49,860 26,958 (11,934) (12,597) (38,730) (20,852) – 39 3,331 (1,966)

– 30,000 – (10,000) – 2,580 (809) (574) (809) 22,006 (2,981) 11,113

48,262 37,149 45,281 48,262

Analysis of changes in net debt

Cash and cash equivalents Finance leases Borrowing

Total funds

Total funds

brought forward Other carried forward as at 1 April 2021 Cash flows movements at 31 March 2022 £’000 £’000 £’000 £’000

48,262 (2,981) – 45,281

(3,380)

– 809 (2,571) (30,000) – – (30,000) 14,882 (2,981) 809 12,710