2022-03-31-accounts - The Babraham Institute

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TRUSTEES	Prof Peter Rigby	FRS - Chair	FRS - Chair	FRS - Chair
	Mr Graham Allen
	Mr Geoff Braham
	DrJames Briscoe	FRS
	Prof Gordon Brown FRS
	Dr Lynne Gailey
	Prof Nic Jones
	Prof Peter Parker	FRS
	Ms Alexandra Pygall
MEMBERS	Chairman Babraham		Institute		Board	-Prof Peter Rigby FRS
	Chairman Babraham		Institute		Audit Committee	- Mr Geoff Braham
	UKRI-BBSRC Corporate			Member		—Prof Melanic Welham
SECRETARY	Mr Simon Jones
REGISTERED OFFICE	Babraham Institute
	Babraham Hall
	Babraham
	Cambridge
	CB22 3AT
AUDITOR	Grant Thornton UK LLP
	101Cambridge Science			Park
	Milton Road
	Cambridge
	CB4 OFY
BANKERS	Lloyds Bank Pic
	4th Floor
	25 Gresham Street
	London
	EC2V 7HN
INTERNAL AUDITORS	RSM Risk Assurance Services				LLP
	The Pinnacle
	170Midsummer	Boulevard
	Milton Keynes
	Buckinghamshire
	MKS 1BP
INVESTMENT BANK	Royal Bank of Canada
	100Bishopgate
	London
	EC2N 4AA
REGISTERED COMPANY	NUMBER: 03011737
CHARITY REGISTRATION	NUMBER: 1053902

Risk Area	Risk Area	Descri tion of Risk		Risk Mana ement
Future	UKRI-	UKRI-6BSRC current and	future	Regular monitoring of	scientific performance, including
BBSRC	research	funding is reduced as a result of		consideration from the Science and Impact Advisory Committee
funding		poor performance or public		(SIAC).
		sector spending pressures.		Regular communication	with UKRI-BBSRCto report
				performance and ensure strategic alignment of research
				programmes.
				Monitoring ofperformance of competitive grant submissions			with
				em basis on widenin	the ool of rant funders.
Loss of		The institute or its Group		The Research Integrity	Steering Group was established	to oversee
research		Leaders become ineligible	to	all aspects ofresearch	integrity within the Institute.
funding from othersources		receive funding from principal funding bodies as a result of lack of compliance with funders		The Steering Group will review current Institute policy against Funder requirements to ensure compliance.		and practice
		policies, i.e., regarding bullying		Additional training will be put in place to ensure all Individuals
		and harassment or research		adhere to the highest	standards of professional conduct.
		misconduct.
				The Institute will seek	to secure alternative sources of	funding	and
				collaboration to mitigate against the possible loss of EU grant
				income.
Technology		The Institute is unable to	keep	Funding opportunities	identified and pursued for technology
investment		pace with developments	in	investments.
		technology underpinning	its
		science.
		Funding is inadequate to	sustain
		and improve technology
		facilities necessary to support
		scientific ob'ectives.
Staff retention		The Institute is unable to	retain	Career development programmes in place to support		staff.
and recruitment		or attract suitably skilled staff to enable itto sustain its scientific		Performance Management processes in place.
		performance.		Recruitment strategy	and processes in place.
				The Institute reviews	pay and benefits annually, benchmarking
				against a range of comparable scientific organisations		to ensure
				pay remains competitive. Salary scales are benchmarked triennially
				within the market in which the Institute operates and		periodically
				the Board ofTrustees	will instigate an in-depth pay and benefits
				review.

Risk Area	Description	of Risk		Risk Management
Estates	Estate facilities do not			A 5-year Business Plan developed for 2023-28 includes significant
	adequately	support the delivery		UKRI-BBSRCinvestment in Blfacilities to support the Estates
	of its scientific objectives.			Strategy.
	Funding is	inadequate	to sustain	Facilities management systems are being enhanced.
	and improve facilities necessary to support scientific objectives			Energy usage data is being developed and energy plan being im lemented.
Business	A major incident, or business			Disaster recovery and Business Continuity plans in place and tested
Continuity	disruption	such as a pandemic,		periodically.
	interrupts scientific research programmes and/or administrative systems.			Review of compliance with health &safety and relevant regulations from government agencies and internal auditors.
				Appropriate commercial insurance arran ements in lace.
COVID-19	Adverse impact ofthe		Covid-19	A Covid-19 Secure Risk Assessment remains in place in order to
	pandemic	on Institute	staff and	deal with ongoing fluctuations ofthe situation, including mitigation
	operations,	resulting in the		for the following risks:
	inability to	meet key Institute		~ The transmission of Covid-19 on site by person-to-person
	objectives.			transmission.
				~ The impact ofthe pandemic and working conditions on the
				mental and physical wellbeing ofstaff.
				~ The impact ofthe pandemic and working conditions on
				equality and diversity.
				~ The maintenance of buildings and facilities on site during the
				pandemic.
				~ Information security breaches due to new working conditions
				and an increase in fraud /seams during the pandemic.
				~ The financial impact ofthe pandemic.
				The Institute is implementing a phased return to work on site and
				supporting staff to work from home where possible in order to
				continue to deliver key Institute objectives.

							2022	2021
							E'000	E'000
Deficit before Investment		gains/losses,		depreciation	and transfers —unrestricted	funds	(4,061)	(2,601)
Depreciation	(net oftransfers)		and other transfers				(1,382)	(1,920)
Fair Value adjustment to		investment properties					(300)	(1,750)
Impairment	on investment	in	subsidiary				468	(468)
Investment	Income (dividends		and interest)				313	357
Investment	gains/(losses)	—realised and		unrealised			1,389	4,842
Deficit for year —unrestricted			funds				(3,573)	(1,540)

					Restricted	Restricted	un-	2022	2021
					revenue	capital	restricted	Total	Total
				Note	funds	funds	funds	funds	funds
					f'000	6'000	6'000	6'000	E'000
Income from:
Charitable activities					18,382	4,002	4,634	27,018	25,646
Trading activities							13,179	13,179	11,048
Investment income							350	350	419
Total income				2	18,382	4,002	18,163	40~7	37,113
Expenditure on:
Charitable activities					(17,609)		(14,636)	(32,245)	(30,390)
Raising funds							(9,277)	(9,277)	(8,486)
Taxation							(328)	(328)	3,739
Total expenditure				3	17,609		(24,241)	(41850)	(35,137)
profit an investments				10,11,12			1,680	1,680	2,619
Exceptional Items				23					(35,148)
Net income/(expenditure)						4,002	(4,398)	377	(30,553)
Net income/(expenditure) for the year is
attributable to:
The parent undertaking					773	4,002	(3,829)	946	(35,976)
Minontyinterest							(569)	(569)	5,423
					773	4,002	(4,398)	377	(30,553)
Transfers
Release ofcapital	funds / transfers			17	72	(3,380)	3@08
Other recognised	gains and losses
Gain on revaluations		oftangible	fixed assets			5,567		5867	3,513
Other recognised	gains for the year is
attributable to:
I he parent undertaking						5,567		5867	3,513
Minority interest
						5 567		5867	3,513
Movement in funds		attributable	minority
Interests						(9)	(560)	(569)	5,423
Net movement ln funds					845	6,180	(1,650)	5,375	(21,617)
Balances brought	forward			17	5,447	110,587	22,924	138,958	160,575
Balances carried forward at 31March 2022				17	6,292	116,767	21,274	144,333	138,958

ALANCE SH	EET	S	AT	31MARCH 2	022
					Note	Group		Institute
						2022	2021	2022	2021
						f'000	f'000	f'000	f'000
Fixed assets
Intangible	assets				8	135	96
Tangible assets					9	100,415	93,533	99,827	92,945
Investment	properties				10	3,400	3,700	3,400	3,700
Investments					11,12	30,134	34,878	35,358	40,225
						134,084	132,207	138,585	136,870
Current assets
Stocks					13	282	233	148	132
Debtors					14	8,140	7,086	5,450	5,638
Cash at bank and			in	hand		21,677	20,082	5,165	4,692
						30,099	27,401	10,763	10,462
Creditors: amounts			falling due within		15	(12,444)	(13,813)	(8,336)	(9,781)
one year
Net current assets						17,655	13,588	2,427	681
Total assets less current liabilities						151,739	145,795	141,012	137,551
Debtors: amounts		falling due
after more than one year					16	253	253
Net assets						151,992	146,048	141,012	137,551
Funds
Restncted	capital		fund			48,959	48,346	48,913	48,291
Revaluation	Reserve					67,808	62,241	67,808	62,241
					17	116,767	110,587	116,721	110,532
Unrestricted funds					17	21,274	22,924	17,999	21,572
Restricted	revenue			fund	17	6392	5,447	6,292	5,447
						144,333	138,958	141,012	137,551
Minority Interests						7,659	7,090
						151,992	146,048	141,012	137,551

							2022		2021
						Note	f'000	6'000	f.'000	6'000
Cash flows from operating		activities
Net movement in funds						17			(27,040)
Depreciation charge							5s083		4,434
Amortisation of Intangible assets							13		14
(Profit)/Loss on disposal offixed assets							(6)		(157)
(Impairment Reversal)/Impairment			of investments			11	(591)		387
Revaluations and fair	value adjustments					9,10	(5367)		(1,763)
Capital grants received						2	(4,002)		(2,949)
Tax charge						7	(328)		(3,739)
Interest received						2	(350)		(419)
Interest paid
Increase in stocks						13	(49)		(25)
Increase in debtors						14	(909)		(1,065)
(Decreasel/ Increase	in	creditors				15	(1,380)		3,075
Tax (paid)/refunded							194		(509)
Reclassification/transfer		of investment		properties		10			35,148
Net cosh provided/(used)		by operating		activities				(1,648)		5,392
Cash flows from investing		activities
Interest Received						2	350		419
Payments to acquire intangible fixed assets						8	(58)		(48)
Payments to acquire tangible fixed assets						9	(6,432)		(3,244)
Payments to acquire investments			inst of	fees)		12	(7,782)		(12,882)
Receipts from sale oftangible fixed assets							33
Receipts from sale of	investments						6,190		8,055
Capital grants received							4,002		2,949
Net cosh provided/(used)	by investing		activities					(3,697)		(4,703)
Cash flows from financing		activities
Cash funds withdrawn		from investments			held	12			3,760
Net cosh provided/(used)	byfinancing		activities					6,940		3,760
Change in cash and cash	equivalents		in the		reporting
period								1,595		4,449
Cash and cash equivalents		at the beginning			ofthe
reporting period								20,082		15,633
Cash and cash equivalents		at the end	ofthe		reporting
period								21,677		20,082
The net debt reconciliation is	shown in Note 21.

		Restricted	Restricted	Unrestricted	2022	2021
		revenue	capital funds	funds	Total	Total
		funds
		E'000	E'000	E'000	E'000	E'000
Trading activities:
Grantlncome				280	280
Goods and services				3,972	3,972	3,094
Rent				8,927	8,927	7,954
				13,179	13,179	11,048
Investment income:
Bank interest and dividends
receivable				325	325	377
Royalty/licence income				25	25	42
				350	350	419
Charitable activities:
Grants and Donations	UKRI-BBSRC
—Competitive strategic grant —Minor works		9,633 1,226			9,633 1~6	9,633 1,530
-Other grants		1,852	4,002		5554	3,931
Competitive project grants		1,017			1,017	1,454
Medical Research Council		1,616			1,616	1,124
University Links		253			253	228
European Union		714			714	777
Industry, levy boards		239			239	406
Trusts, foundations,	charities	1,832			1,832	2,155
Goods and services				2,956	2,956	2,768
Rent				1,678	1,678	1,640
		18,382	4,002	4,634	27,018	25,646
Total income		18,382	4,002	18,163		37,113
Total Income 2021		18,2B9	2,949	15,875	37,113

	2022	2021
	E'000	E'000
UK	39+01	35,626
Europe	738	1,486
Rest of World	8	1
	40,547	37,113

				Allocation	Scientific	Governance	Total	Total
					Research		2022	2021
						E'000		F.'000
Staff costs				Direct	6,436	142	6,578	6,516
Laboratory	supplies			Direct	2,066		2p066	1,914
Travel and subsistence				Direct	77		83	6
Equipment	and hire	charges		Direct	85		85	69
Computing	costs			Direct	4		4	5
Library				Direct	77		77	49
Legal & professional		charges		Direct	129	133	262	311
Recruitment				Direct	6		6	3
Training				Direct	3		3	1
Other costs				Direct	449		449	340
Scientific services support costs				Use of resource	22,632		22,632	21,176
Total Charitable costs					31,964	281	32,245	30,390
Total Charitable costs 2021					30,053	337
Commercial	trading	operation	costs				9,277	8,486
Taxation (note 7)							328	(3,739)
Total Group	costs						41,850	35,137

nalysis ofscientific ser	vices suppo	rt costs for charitable	purposes
				Technical	Total
		Administration	Estates	Services	2022	Total 2021
		f.'000	6'000	6'000	6'000	f'000
Staff costs		3,122	1,079	3,990	8,191	8,143
Travel and subsistence		25	1	51	77	44
Repairs and minor works		68	632	1,098	lp798	1,486
Rent and rates		681		3	684	696
Fuel and water charges		60	1,124		1,184	1,275
Equipment and hire charges		26	15	295	336	321
Depreciation		4,761			4,761	4,122
Minor works		3	1,394	29	1,426	1,482
Waste disposal		7	6		13	6
Computing costs		110	11	456	577	252
Legal and professional	charges	185	121	52	358	342
Recruitment		61			61	21
Training		95		16	112	94
Library		12		195	207	329
Food purchases		46			46	31
Bad debts		1			1	12
Diff		2			2
Loss on disposal offixed assets		14			14
Other costs		870	510		2,784	2,520
		10,149	4,894	7,589	22,632	21,176
Total Support Costs 2021		9,179	5,122	6,875		21,176

		2022	2021
		f.'000	f.'000
Staff costs		142	150
Travel and subsistence		6
Legal and professional	charges	133	187
		281	337

			Group		Institute
			2022	2021	2022	2021
			f'000	f'000	f'000	f'000
Incoming resources and resources
expended are stated after	charging:
Amounts payable to auditors		in respect of
audit services to the Institute			70	65	70	65
Amounts payable to auditors		in respect
of audit services to subsidiary
undertakings			33	42
Amounts payable to auditors		in respect of	13	12	11	6
non-audit services*
Net loss/(gain) on foreign	currency
translations			(60)	75	(60)	75
Depreciation			5,083	4,434	4,761	4,122
Amortisation of intangible	fixed assets		13	14
Loss/(Profit) on disposal -	fixed assets		6	(157)	13
Operating lease payments	in	respect of:
land and buildings			1,437	501	487	501
otherleases			9	15	9	15

taff co	sts for all employe	es were as	follow	s:
			Group		Institute
		2022		2021	2022	2021
		f'000		f'000	f'000	f'000
Wages	and salaries	13,839		13,280	12,086	11,563
Social	security costs	1,297		1,302	1,138	1,126
Other	pension costs	1,813		2,189	1,576	1,971
		16,949		16,771	14300	14,660

he average	number of employees	during the year was	as follow
		2022	2021
		No	No
Charitable	activities	110	118
Support activities		205	214
Commercial	operations	54	42
		369	374

he tax differences shown b nstitute Enterprise Limited:	elow re	fer	to	the tr	adi	ng	subsidia	ries, Babraham	Research Campus	limited
									Group
									2022	2021
									f'000	f'000
Surplus on ordinary activities	before	tax	as	shown	in	the	accounts ofthe
trading subsidiary - BRC										2,185
Deficit on ordinary activities	before tax as shown				in the		accounts ofthe
trading subsidiary - BIE									687	(147)
Surplus on ordinary activities	multiplied		by	the standard			rate of	corporation		387
tax at 1936(2021:199').
Effects of:
Expenses not deductible for	tax purposes									156
Impairment charges on investments		held							(112)	(58)
Adjustments to tax charge in	respect	of prior periods							(56)	381
Differences relating to Investment Property				and the		associated		Capital Grants		(4,496)
Amounts relating to other comprehensive				income	or otherwise			transferred		(19)
Other differences leading to	an increase/(decrease)					in tax charge			(182)	5
Tax relief on gift aid payment									(65)	(95)
Total taxation on profits for	the year								328	(3,739)

Group
	Intellectual
	Property
	E'000
Cost
At 1April 2021	133
Additions	Sg
Disposals	(7)
At 31March 2022
Amortlsatlon
At 1April 2021	37
Provided for the year	13
Disposals	(1)
At 31March 2022	49
Net book value
31March 2022	135
31March 2021	96

	Short leasehold	Fixtures and
Group	land and buildings	Equipment	Total
	E'000	E'000	E'000
Cost ar valuation
At 1April 2021	86,087	29,149	115,236
Additions		6,432	6,432
Revaluation	2,765		2,765
Disposals		(1,008)	(1,008)
At 31March 2022	88,852	34,573	123,425
Depreciation
At 1April 2021		21,703	21,703
Provided for the year	2,802	2,281	5,083
Disposals		(974)	(974)
Revaluations	(2,802)		(2,802)
At 31March 2022		23,010	23,010
Net book value
At 31March 2022	88,852	11,563	100,415
At 31March 2021	86,087	7,446	93,533

he historic	al n	et book val	ue	of	land an	d buildings	is as follo	ws:
								Group	Institute
							2022	2021	2022	2021
							E'000	E'000	E'000	E'000
Historical	net	bookvalue	at	31	March	2022	22,639	24,367	22,639	24,367

Group	Long term	leasehold
	investment	properties
		E'000
Valuation
At 1April 2021		3,700
Revaluation		(300)
At 31March 2022
Historical net book value
at 31March 2022		206

Institute	Investment	property
		E'000
Valuation
At 1April 2021		3,700
Revaluation		(300)
At 31March 2022		3,400
Historical net book value
at 31March 2022		206

Group and Institute	Trade	Group
	Investments	undertakings
	f'000	f'000
Market Value/Cost
At 31March 2021	861	6,208
Additions
Disposals
Reversal of impairment	591	468
At 31March 2022	1,452	6,676

		Babraham	Research	Babraham	Institute
		Campus	Limited	Enterprise	Limited	Total
			f'000		f'000	f'000
Turnover			12,894		1,664	14,558
Profit/(loss)	for the period
after taxation			2,290		676	2,966
Non current	assets		812		1,360	2,172
Current Assets			19,479		1,348	20,827
Current Liabilities			(5,051)		(607)	(5,658)
Net current	assets		14,428		741	15,169
Non-current	assets		254			254
Net assets			15,494		2,101	17,595

interest	2022	2021
	f'000	f'000
At 1April 2021	7,090	12,513
Share of result	569	(5,423)
At 31March 2022	7,659	7,090

Usted Securities —Grou	and Institute	Term	Term	2021Total	2020 Total
Market Value		f'000	f'000	f'000	f'000
At 1April 2021		7,307	26,710	34,017	32,817
Additions		1,156	6,783	7p939	13,046
Disposals		(1,158)	(6,722)	(7,880)	(13,119)
Transfers/Withdrawals			(6,940)	(6,940)	(3,760)
Investment Income		176	138	314	355
Management Charges		(35)	(122)	(157)	(164)
Realised and unrealised	gains and losses	(402)	1,791	1,389	4,842
			21,638	28,682	34,017
At 31March 2022
Historic cost of initial investment		7,172	16,801	23,973	31,112

		Value	Proportion of
		f'000	portfolio
Bluebay Investments		1,682	5.999
Brown Advisory	funds	1,565	5.59ft

13 STOCKS
			Group		Institute
			2022	2021	2022	2021
			f'000	f'000	f'000	f'000
Raw materials,	consumables	and other stocks	282	233	148	132
14 DEBTORS
			Group		Institute
			2022	2021	2022	2021
			f'000	f'000	f'000	f'000
Trade debtors			3,449	3,292	1,570	2,096
Amounts owed by group undertakings					1,033	857
Corporation Tax			190	45
Grants receivable			1,770	1,373	1,770	1,373
Other debtors			239	373	233	371
Prepayments	and accrued income		2,492	2,003	844	941
			8,140	7,086	5,450	5,638
Amounts owed by subsidiary		undertakings
Trade debtors					656	497
Other debtors					377	360
					1,033	857

					Group		Institute
					2022	2021	2022	2021
					f'000	f'000	f'000	f'000
Trade creditors					2,887	3,062	2,282	2,515
Amounts	owed	to group undertakings					500	353
Other creditors					2,939	3,723	609	1,580
Corporation tax					11
Other tax	and social security				870	1,437	541	1,361
Grants in	advance				2,090	3,100	2,090	1,759
EU co-ordinated		programme		partners	752	1,214	752	1,214
Accruals					2,895	1,277	1,562	999
					12,444	13,813	8,336	9,781
Amounts	owed	to group undertakings
Babraham	Research Campus			Limited			361	328
Babraham	Institute		Enterprise	Limited			139	25
							500	353

			2022	2021
			f'000	f'000
Grants receivable/in		advance at 1April 2021	(3,100)	(3,245)
Additional	grants		17,609	18,289
Released	during year		(16,599)	(18,144)
Grants receivable/in		advance at 31March 2022	(2,090)	(3,100)

6 DEFERRED TAX	ATION / DEBTOR	S DUE MOR	E THAN ONE YEA	R
			Group		Institute
			2022	2021	2022	2021
			f'000	f'000	f'000	f'000
At 1Ap ri I 2021			253	(3,823)
Credited/(charged)	to the statement	of
Rnancial activities				4,076
At 31March 2022			253	253

The p	rovision for de	ferred tax is made up	as follows:
			Group		Institute
			2022	2021	2022	2021
			f'000	f'000	f'000	f'000
Gains	on revaluation	ofassets
Fixed	asset timing differences		253	253
			253	253

						Restricted
						capital
					Restricted	funds and
					revenue	Revaluation	Unrestricted	Minority
					funds	reserve	funds	Interests	Total
					f'000	f'000	f'000	f'000	f'000
Group
At 1April	2021				5,447	110,587	22,924		146,048
Incoming	resources				18,382	4,002	18,163		40,547
Expenditure,		losses	and taxation		(17,609)		(24,211)		(41,850)
Profit on investments							1,680		1,680
Transfers	of	funds			72	(3,380)	3,308
Gain on revaluations						5,567			5,567
Funds attributable			to minority	interests		(9)	(560)	569
At 31March		2022			6,292	116,767	21,274	7,659	151,992
Institute
At 1April	2021				5,447	110,532	21,572		137,551
Incoming	resources				18,382	4,002	7,552		29,936
Expenditure		and losses			(17,609)		(15,990)		(33,599)
Transfers	of	funds			72	(3,380)	3,308
Revaluation		Movement				5,567			5,567
Investment		gains					1,557		1,557
At 31March		2022			6,292	116,721	17,999		141,012

Fund balances at 31March 2021ar	e represented by:
		Restricted
		capital funds
	Restricted	and
	revenue	Revaluation	Unrestricted	2022	2021
	funds	reserve funds	funds	Total	Total
	6'000	6'000	f'000	6'000	6'000
Group
Intangible fixed assets			135	135	96
Tangible fixed assets		99,827	588	100,415	93,533
Investment properties		3,400		3,400	3,700
Investments	6,332	13,540	10,262	30,134	34,878
Current and long term assets	1,770		28,582	30,352	27,554
Total liabilities	(1,810)		(10,634)	(12,444)	(13,713)
Total funds	6,292	116,767	28,933	151,992	146,048
Minority Interests			(7,659)	(7,659)	(7,090)
Total net assets	6,292	116,767	21,274	144333	138,958
Institute
Tangible fixed assets		99,827		99,827	92,945
Investment properties		3,400		3,400	3,700
Investments	6,332	13,494	15,532	35,358	40,225
Current assets	1,770		8,993	10,763	10,462
Total liabilities	(1,810)		(6,526)	(8,336)	9,781)
Total net assets	6,292	116,721	17,999	141,012	137,551

Group		Institute	Institute
2022	2021	2022	2021
f'000	f'000	f'000	f'000

					Institute	Institute
			2022	2021	2022	2021
			f'000	f'000	f'000	f'000
Within	one	year	1,200	1,200	8	509
Within	two	to five years	4,800	4,425	426	6
			6,000	5,625	434	515

he pension	charge r	epresents	contributions pa	yable and amoun	ted to:
				2022	2021
				f'000	f'000
Babraham	Institute			1,576	1,971
Babraham	Institute	Enterprise	Limited	11	8
Babraham	Research	Campus	Limited	226	210
				1,813	2,189

							2022	2021
							f'000	f'000
Financial	assets measured		at	amortised	cost		27,857	25,750
Financial	liabilities	measured		at amortised		cost	(9,602)	(9,499)

				1April		31March
				2021	Cash flows	2022
				f'000	f'000	f'000
Cash	and	cash	equivalents
Cash				20,082	1,595	21,677

		Babraham Research	Campus	Babraham	Institute
		Ltd		Enterprise	Ltd
		2022	2021	2022	2021
		f'000	6'000	f'000	6'000
Income			768	1,484	967
Expenditure		(1,427)	(1,479)	(101)	(35)
Debtors at	31March 2021
Due within	one year	454	385	579	472
Creditors at 31March 2021		(361)	(328)	(139)	(25)