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||||Page|
|---|---|---|---|
|Legal and Administrative<br>Details||||
|Operating<br>and Financial Review||||
|Corporate Governance<br>Statement|||13|
|Trustees'<br>Responsibilities<br>Statement|||17|
|Financial Statements auditor's<br>report|||19|
|Consolidated<br>and Institute Statement ofComprehensive||Income and Expenditure|22|
|Consolidated<br>and Institute Statement ofChanges|in Reserves||23|
|Consolidated<br>and Institute Balance Sheets|||24|
|Consolidated<br>Statement ofCash Flows|||25|
|Accounting<br>Policies|||26|
|Notes to the Accounts|||31|





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|Isabel Be|||Kim Johnson<br>from6|Kim Johnson<br>from6|Kim Johnson<br>from6|ul|2021|
|---|---|---|---|---|---|---|---|
|Gina Carter|||lan ones<br>—Chair|||||
|ames Dow|||Sean McNamara|from||3Se tember 2021||
|Louise Ellman|||Ro er Morris|||||
|Victoria Fea|||David Owen|||||
|Mark Featherstone-Wi|||Frank Sanderson||to 25||June 2021|
|Jonathan<br>Ford|to|25 June 2021|Simeon Scheuber-Rush||||from 9November 2020|
|Simon Fowler|||Andrew Westwood|||||
|Geoffre<br>Goodwin||—Vice Chair|Claire Workman|||||
|JoeJohnson<br>from||4Au ust 2021|Richard Youn|to|25|une 2021||



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|BA|Actin||||||108|
|---|---|---|---|---|---|---|---|
|BA|Actin|Screen and|Di ital|Media|||30|
|BA|A<br>lied Theatre and Communi||||Drama||66|
|BA|Creative Technolo||ies and|Performance|||25|
|BA|Dance||||||94|
|BA|Mana|ement ofMusic, Entertainment,||||Theatre and Events|91|
|BA|Music||||||96|
|BA|Music|Son<br>'tin|and Performance||||107|
|BA|Music|Son<br>'tin|and Production||||60|
|BA|Sound|Technolo||||||
|BA|Theatre and Performance|||Desi|||50|
|BA|Theatre and Performance|||Technolo|||58|





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|year ended 31«||2021||2021||2020||2020|
|---|---|---|---|---|---|---|---|---|
|)uly|||||||||
|INCOME||Consolidated||Institute||Consolidated||Institute|
||Notes||||||||
|Tuition Fees||10,092,282|||10,092,282|9,511,165||9,511,165|
|Funding<br>Body<br>Grants|1.2||590,656||590,656|2,544,598||2,544,598|
|Project Income|1.3||254,116||254,116||339,399|339.399|
|Other Income|||502,824||502,824||729,816|728,566|
|Investment<br>Income|1.5||5,726||5,726||7,175|7,175|
|Total Income|||||||||
|before<br>Donations and||11,445,604|||11,445,604|13,132,153||13,130,903|
|Endowments|||||||||
|Donations and<br>Endowments|1.6||50,624||50,624||41,261|42,012|
|Total Income||11,496,228|||11,496,228|13,173,414||13,172,915|
|EXPENDITURE|||||||||
|Staff Costs||7,707,485|||7,707,485|7.266,649||7,266,649|
|Other Operating<br>Expenses||3,041,412|||3,041,412|2.899,264||2,900,110|
|Depredation|||929,875||929,875||945,691|945,691|
|Interest and|||||||||
|Other Finance|||19,397||19,397||36,642|36.642|
|Costs|||||||||
|Total<br>Expenditure||11,698,169|||11,698,169|11,148,245||11,149,092|
|(Loss) /|||||||||
|Surplus before||(201,941)|||(201,941)|2,025,169||2,023,823|
|Tax|||||||||
|Taxation|||||||||
|(Loss) /|||||||||
|Surplus and|||||||||
|Total<br>Comprehensive||(201,941)|||(201,941)|2,025,169||2,023,823|
|Income for the|||||||||
|year|||||||||
|Represented<br>by:|||||||||
|Unrestricted|||||||||
|(expenditure)<br>/<br>income for the||(249,296)|||(249,296)|2,015,699||2,014,353|
|year|||||||||
|Restricted|||||||||
|income for the|||50,000||50,000||10.000|10.000|
|year|||||||||
|Endowment|||||||||
|(expenditure)<br>/<br>income forthe|||(2,645)||(2.645)||(530)|(530)|
|year|||||||||





## 

## 

||Income and Expenditure|Income and Expenditure|Account||
|---|---|---|---|---|
||Endowment|Restricted|Unrestricted|Total|
|Consolidated|||||
|Balance at1"August 2019|270,184|422,120|16,554,158|17,246,462|
|[Deficit)/Surplus<br>from the income<br>and Expenditure<br>Account|(530)|10,000|2,015,699|2,025,169|
|Balance at1"August 2020|269,654|432,120|18,569,857|19,271,631|
|(Degcit] / Surplus from the Income<br>and Expenditure<br>Account|(2,645)|50,000|(249,296]|(201,941)|
|Transfers between<br>funds||(482,120)|482,120||
|Total Comprehensive<br>Income for<br>the year|(2,645)|(432,120)|232,825|(201,941)|
|Balance at31"July 2021|267,009||18,802,681|19,069,690|
|Institute|||||
|Balance at1"August 2019|270,184|422,120|16,555,504|17,247,808|
|(Deficit]/Surplus<br>from the Income<br>and Expenditure<br>Account|(530)|10,000|2,014,353|2,023.823|
|Balance atte August 2020|269,654|432,120|18,569,857|19,271,631|
|(Degcit) / Surplus<br>from the Income<br>and Expenditure<br>Account|(2,645)|50,000|(249,296)|(201,941)|
|Transfers between<br>funds||(482,120)|482,120||
|Total Comprehensive<br>Income for<br>the year|(2,645)|(432,120)|232.825|(20L941)|
|Balance at31uJuly 2021|267,009||18,802,681|19,069,690|





## 

## 

||||Asat31uJuly 2021|Asat31uJuly 2021|Asat31"July|2020|
|---|---|---|---|---|---|---|
||||Consolidated|Institute|Consolidated|Institute|
|||Notes|||||
|Non-Current<br>Assets|||||||
|intangible<br>Assets|||243,674|243,674|272,232|272,232|
|Fixed Assets|||16,567,450|16,567,450|17,016,666|17,016.666|
|Assets Held in Trust|||1.425,831|1,425,831|1,564,396|1,564,396|
|Investments|||2,377|2,477|2,377|2,477|
||||18,239,332|18,239,432|18,855,671|18,855,771|
|Current Assets|||||||
|Stock||10|4,000|4,000|4,850|4,850|
|Trade and Other Receivables||11|518,429|518,429|549,263|549,263|
|Cash and Cash Equivalents||12|3,436,161|3,436,161|3,226,586|3,226,586|
||||3.958,590|3,958,590|3,780,699|3,780,699|
|Less:Creditors|||||||
|Amounts<br>Falling Due Within One<br>Year||13|(3,128,232)|(3,128,332)|(3,137,763)|[3,137,863)|
|Net Current Assets|||830,358|830,258|642,936|642,836|
|Total Assets less Current<br>Liabilities|||19,069,690|19,069,690|19,498,607|19,498,607|
|Less: Creditors|||||||
|Amounts<br>Falling Due after more||14|||(226,976)|(226,976)|
|than One Year|||||||
|Total Net Assets|||19,069,690|19,069,690|19,271,631|19,271,631|
|Restricted Reserves|||||||
|Income and Expenditure<br>Endowment<br>Reserve|Reserve—|15|267,009|267,009|269,654|269,654|
|Income and Expenditure<br>Restricted Reserve|Reserve—|16|||432.120|432,120|
|Unrestricted<br>Reserves|||||||
|Income and Expenditure<br>- Unrestricted|Account||18,802,681|18,802,681|18,569,857|18,569,857|
|TotalFunds|||19,069,690|19.069,690|19,271,631|19,271,631|



## 



## 

## 

|Cash Flow from Operattng|Activities|Activities|||2021<br>6|2020<br>6|
|---|---|---|---|---|---|---|
|Surplus for the year ended|31eJuly||||(201,941]|2,025,169|
|Ad)ustment<br>for Non-Cash|Items||||||
|Depreciation|||||929,875|945,691|
|Decrease in Stock|||||850|2,160|
|Decrease / (Increase) in Debtors|||||30,834|440,160|
|[Deciease] / Increase in Creditors|||||316,197|(388,296)|
|Assets Donated||||||(29,214)|
|Ad]ustment<br>for Investing|orPinancing||Activities||||
|Investment<br>Income|||||(5,726)|(7,175)|
|interest Payable|||||19,397|36,642|
|Loss on SaleofFixed Assets|||||||
|Net Cash Inflow from Operating||Activities|||1,089,486|3,025,137|
|Cash Flows from investing|acttvities||||||
|Investment<br>Income|||||5,726|7,175|
|Payments<br>made toAcquire|Fixed|Assets|||(489,421)|(3,887,715]|
||||||(483,695]|(3,880,540]|
|Cash flows from financing|activities||||||
|Interest Paid|||||(19,397]|(36,642)|
|Loan Repaid|||||(376,819)|(545,526)|
||||||(396,216)|(582,168)|
|Increase/(Decrease]<br>in Cash and Cash <br>year|||Equivalents|in the|209,575|(1,437,571)|
|Cash and Cash Equivalents|at beginning||ofthe year||3,226,586|4,664,157|
|Cash and Cash Equivalents|at end|ofthe|year||3,436,161|3,226,586|





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|Income||2021|2021|2020|2020|
|---|---|---|---|---|---|
|||Consolidated|Institute|Consolidated|Institute|
|1.1|Tuition Fees|||||
||Full Time UK/EU<br>Undergraduate<br>Fees|6.993,470|6,993,470|6,466,255|6,466,255|
||Full Time Overseas<br>Undergraduate<br>Fees|2,197,859|2,197,859|2,383,642|2,383.642|
||Postgraduate<br>and|||||
||foundation<br>self-funded|897,533|897,533|627,183|627,183|
||fees|||||
||Audition<br>and Other Pees|3,420|3,420|34085|34085|
|||10,092,282|10,092,282|9,511,165|9,511,165|
|1.2|Funding Body Grants|||||
||OfS Recurrent<br>Grants|443.798|443,798|440,073|440,073|
||OfS Capital Grant<br>05Hardship<br>Funding|74,174<br>72,684|74,174<br>72,684|43,859|43,859|
||Catalyst Revenue Grant|||355,000|355,000|
||Catalyst Capital Grant|||1705666|I705666|
|||590,656|590,656|2,544,598|2,544,598|
|1.3|Project Income|||||
||LIPA 4-19|234,085|234,085|315,402|315,402|
||Other Projects|20,031|20,031|23,997|23,997|
|||254,116|254,116|339,399|339,399|
|1.4|Other Income|||||
||Catering, Barand Venue<br>Hire|74,538|74,538|250,914|ZS0,914|
||Projects and<br>Performances|90,437|90,437|134,159|134,159|
||Service Level Agreement<br>Income|216,624|216,624|208,554|208,554|
||Sundry Income|121,225|121,226|136,189|134,939|
|||502,824|502,824|729,816|728,566|
|1.5|Investment<br>income|||||
||Interest Receivable|5,726|5,726|7,175|7,175|
|||5.726|5,726|7,175|7,175|
||Donatioosand|||||
||Endowments|||||
||New Endowments|||950|950|
||Donations<br>with<br>Restrictions|50,000|50,000|39,214|39,214|
||Unrestricted<br>Donations|624|624|1,097|1,848|
|||50,624|50,624|41,261|42,012|





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## 

## 

|Average number ofpersons<br>(including<br>the Founding<br>Principal<br>and Chief Executive) employed<br>during<br>the|Average number ofpersons<br>(including<br>the Founding<br>Principal<br>and Chief Executive) employed<br>during<br>the|Average number ofpersons<br>(including<br>the Founding<br>Principal<br>and Chief Executive) employed<br>during<br>the|Average number ofpersons<br>(including<br>the Founding<br>Principal<br>and Chief Executive) employed<br>during<br>the|Average number ofpersons<br>(including<br>the Founding<br>Principal<br>and Chief Executive) employed<br>during<br>the|Average number ofpersons<br>(including<br>the Founding<br>Principal<br>and Chief Executive) employed<br>during<br>the|Average number ofpersons<br>(including<br>the Founding<br>Principal<br>and Chief Executive) employed<br>during<br>the|Average number ofpersons<br>(including<br>the Founding<br>Principal<br>and Chief Executive) employed<br>during<br>the|2021oumber||2020<br>number|
|---|---|---|---|---|---|---|---|---|---|---|
|year was:|||||||||||
|Administration||||||||60||63|
|Teaching and|Teaching Support|||||||86||85|
|Catering, Bar, Conference and Venue Hire||||||||6||6|
|||||||||152||154|
|In addition, about 180staff were employed|||||on apart time hourly paid basis. Many ofthese were students orpart-||||||
|time LIPA 4-19staff. The full time equivalent||||||of|all the part-|time hourly paid staff|is 12(2020:12),||
|||||||2021||2021|2020|2020|
|||||||Consolidated||Institute|Consolidated|Institute|
|The<br>aggregate|amounts<br>for|staff|and||||||||
|directors<br>can be|split into the|following|||||||||
|categories:|||||||||||
|Teaching|||||||4,403,514|4,403,514|3,979,173|3,979,173|
|Productions|||||||456,283|456,283|427,059|427,059|
|projects|||||||152,723|152,723|156,892|156,892|
|Canteen, Bar and|Venue||||||120,131|120,131|152,790|152,790|
|Information<br>Systems and Technical<br>Support|||||||520,182|520382|525,802|525,802|
|Marketing and Student Recruitment|||||||698,417|698,417|728,264|728,264|
|Facilities|||||||443,495|443,495|409,869|409,869|
|Administration|||||||912,740|912,740|886,800|886,800|
|||||||7,707,485||7,707,485|7,266,649|7,266,649|
|||||||||2021||2020|
|||||||||No.||No.|




||||2021|||2020||
|---|---|---|---|---|---|---|---|
||||6|||||
|Reimbursement|oftravel and|accommodation||||||
|expenses to one|director (2020:three directors).||89|||347||
|Analysis ofOperating|Expenditure|by Activity||||||
|||2021||2021|2020||2020|
|||Consolidated||institute|Consolidated||institute|
|||6||6|6|||
|Teaching Related||545,700||545,700|435,116||435,116|
|Productions||249,293||249.293|147,149||147,149|
|projects||40,588||40,588|54,262||54,262|
|Cafe. Barand Venue||23,529||23.529|110,433||110,433|
|Information<br>Services and Technical<br>Support||615,474||615,474|446,268||446,268|
|Marketing and Student|Recruitment|205,9&9||205,989|362,210||362,210|
|Facilities||626,989||626,989|587,717||587,716|





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|gible<br>Assets (solbvare)<br>olidated<br>and Institute||
|---|---|
|Cost|Total|
||E|
|At 1*iAugust 2020|637,535|
|Additions||
|Disposals|[197,896)|
|At31eJuly 2021|439,639|
|Depreciation||
|At1"August 2020|365,303|





## 

|Charge for the Year|28,558|
|---|---|
|Eliminated<br>on Disposal|(197,896)|
|At31"July 2021|195.965|
|Net BookValue||
|At31oJuly 2021|243,674|
|At31"July 2020|272,232|



## 

|Consolidated<br>and Ins|titute||||||
|---|---|---|---|---|---|---|
||Freehold Land|Assets|in|Fixtores,|||
||and|Course|of|Fittings and|Art Works|Total|
||Buildings|Construction||Equipment|||
||6|6||6|||
|Cost|||||||
|At la August 2020|13,897,683|2,194,450||5,574,402|197,092|21,863,627|
|Additions|57,800||73,675|182,061||313,536|
|Transfers|2,268.125|(2,268,125)|||||
|Disposals||||[228,779)||(228,779)|
|At31"July 2021|16,223,698|||5,527,684|197,092|21,948,384|
|Depreciatioa|||||||
|At 1e August 2020|1,141,228|||3,508,641|197,092|4,846,961|
|Charge for the Year|287,148|||475,604||762,752|
|Disposals||||(228,779)||(228,779)|
|At3to July 2021|1,428,376|||3,755,466|197,092|5,380,934|
|Net BookValue|||||||
|At 31uJuly 2021|14,795,232|||1,772,218||16,567,450|
|At31eJuly 2020|12,756,455|2,194,450||2.065.761||17,016,666|






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## 

## 

||<br>Forthe year ended 31"July|<br>Forthe year ended 31"July|<br>Forthe year ended 31"July|<br>Forthe year ended 31"July|2021||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|11.|Trade and Other Receivables|||||At 31uJuly 2021|||||||At31"July 2020||||
||Amounts due|within|one year|||Consolidated||Institute||||Consolidated<br>Institute|||||
|||||||6||6|||||6||||
||Tuition and Other Fees|||||35,862||35,862|||||15,029|15,029|||
||Other Debtors|||||166378||166,378|||||192,731|192,731|||
||Amount owed|by subsidiary|||||||||||||||
||undertakings||||||||||||||||
||Amounts<br>owed by related<br>undertakings|||||7,755|||7,755||||||||
||Prepayments|and Accrued Income||||308,434||308,434|||||341,503|341,503|||
|||||||518,429||518,429|||||549,263|549,263|||
|12.|Cash and Cash|Equivalents||||At31aJuly 2021|||||||At31oJuly2020||||
|||||||Consolidated|||Institute||||Consolidated|Institute|||
|||||||f|||6||||||||
||Cash and Cash|Equivalents||||3,436,161|||3,436,161||||3,226,586||3,226,586||
|13.|Creditors: Amounts||falling|due within||one|At|31uJuly|2021||||At 31uJuly|2020|||
||year||||||||||||||||
|||||||Consolidated|||Institute||||Consolidated||Institute||
||||||||6||||6||8||6||
||Bankloan||||||395,682||||395,682||545,525||545,525||
||Trade Creditors||||||772,662||||772,662||953,559||953,559||
||Taxation and|Social|Security||||375,568||||375,568||314,623||314,623||
||Accruals||||||367,948||||367,948||265,503||265,503||
||Other Creditors and||Deferred income||||1.216,372|||1,216,472|||1,058,553||1,058,653||
||||||||3,128,232||3,128,332||||3,137,763||3,137,863||
||Deferred Income||||||||||||||||
||Included<br>in other creditors|||and|deferred<br>income are||the following||items||of|income|which have been deferred||until|specific|
||performance|related|conditions||have been met.||||||||||||
|||||||||At31uJuly||2021|||At 3to July 2020||||
|||||||Consolidated|||||Institute||Consolidated||institute||
|||||||||||||6|6|||6|
||Donations|||||||4,000||||4,000|2.000|||2,000|
||Crants||||||||||||26.769|||26,769|
|||||||||4,000||||4,000|28,769|||28,769|



## 



## 

|14.|Creditors: Amounts<br>than one year|Creditors: Amounts<br>than one year|falling|due after more|At31eJuly|2021||At31"July|20ZO|
|---|---|---|---|---|---|---|---|---|---|
||||||Consolidated|Institute||Consolidated|Institute|
||||||6|||E|6|
||Bank loan:|Amounts|payaBle|||||||
||Between one and two years<br>Between two and five years|||||||226,976|226,976|
||Over live years|||||||||
|||||||||226,976|226,976|
|15.|Endowments|||Restricted<br>Permanent<br>Endowments|Unrestricted<br>Permanent<br>Endowments|Expendable<br>Endowments||2021<br>Total|2020<br>Total|
|||||6|6|||||
||Balances at|teAugust||||||||
||2020|||||||||
||Capital||||||238,689|238,689|239,441|
||Accumulated|Income|||||30,965|30.965|30,218|
||||||||269,654|269,654|270,184|
||New Endowments||||||||950|
||Investmentlncome||||||809|809|270|
||Expenditure||||||(3,454)|(3,454)|(1,750)|
||At31"July Z021||||||267,009|267.009|269,654|
||Represented|by:||||||||
||Capital||||||235,372|235,372|238,689|
||Accumulated|income|||||31,637|31,637|30,965|
||||||||267,009|267,009|269,654|
||Analysis by|type of||||||||
||purpose|||||||||
||Bursary and|Prize Funds|||||62,909|62,909|63,398|
||Culture||||||181,270|181,270|180,727|
||Graduate<br>Business|||||||||
||Support||||||22,830|22,830|25.529|
||||||||267,009|267,009|269,654|
||Analysis by Asset|||||||||
||Cash||||||267,009|267,009|269,654|





## 

## 

|eserves with r|estrictions are as follow|s:|||||
|---|---|---|---|---|---|---|
||||Capital|Other<br>Restricted|2021|2020|
||||Grants|Fundsand<br>Donations|Total|Total|
|||||6||E|
|Balances at 1«August 2020||||432,120|432,120|422,120|
|New Grants||||||1.705,666|
|New Donations||||50,000|50,000|10,000|
|investment<br>income|||||||
|Capital Grant Utilised|||||||
|Expenditure|||||||
|At 31«)uly 2021||||||432.120|
|Analysis ofOther Restricted Funds and Donations<br>by type ofpurpose|||||2021|2020|
||||||Total|Total|
||||||E|E|
|Buildings||||||418,120|
|Other||||||14,000|
|||||||432,120|
|Other restricted|funds include donations|and restricted|expendable|endowments.|||



|17.|Reconciliation ofCash Flow|Reconciliation ofCash Flow|Reconciliation ofCash Flow|toStatement ofFinancial Position|toStatement ofFinancial Position|||
|---|---|---|---|---|---|---|---|
||Consolidated||||At 1«August<br>2020|Cash Flows<br>At31«July<br>2021||
||||||E||E|
||Cash at Bank and on Deposit||||3.226,586|209,575<br>3,436,161||
||Other|||||||
||||||3,226,586|209,575<br>3,436,161||
|18.|Consolidated|reconciliation||ofnet credit||||
|||||||31July 2021||
||Net credit at|1August|2020|||2,454,085||
||Movement<br>in|cash and cash equivalents||||209,575||
||Other non-cash changes|||||376,819||
||Net credit at31July 2021|||||3,040,479||
||Change in net credit|||||586,394||
||Analysis ofnet credit:|||||31July 2021|31July 2020|
|||||||E|E|
||Cash and cash equivalents|||||3.436,161|3.226,586|
||Borrowings:|amounts|falling|due within|one year|||
||Secured loans|||||(395,682)|(545,525)|
||Borrowingst|amounts|falling|after more|than one year|||
||Secured loans||||||(226,976]|
||Net credit|||||3,040,479|2,454,085|





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|19.|Capital and <br>Consolidated||Other Commiunents<br>and Institute at31"July||2021|2020|
|---|---|---|---|---|---|---|
||||||E|E|
||Commitments||contracted<br>for refurbishment|ofestates||24,738|
||Other capital||additions||||
|||||||24,738|
|20.|Contingent|Assets and Uabilities|||||
||Consolidated||and Institute at31»July||2021|2020|
||||||E|E|



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|||||||31»July 2021||31"July|
|---|---|---|---|---|---|---|---|---|
|||||||||2020|
|||||Plant|and|Other Leases|Total|Total|
|||||Machinery|||||
|||||E|||||
|Payable during the year|||||9,545||9,545|10.059|
|Future minimum<br>Lease payments||due|||||||
|Not later than one year|||||9,455||9,455|1,006|
|Later than Iyear and not later|than|5 years|||9,455||9,455||
||||||28,455||28,455|1,006|
|Financial assets and liabilities|||||||||
|||||31»July 2021|||31»July|2020|
|||||Consolidated||ltlstitute|Consolidated|Institute|
|||||E||E|E|E|
|Financial assets measured at|amortised cost|||3,646,156||3,646,156|3,434,346|3,434;346|
|Financial liabilities measured|at amortised||cost|2,187,397||2,187,397|2.318,055|2,318,055|



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