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2022-03-31-accounts

Contents
Page Number
Trustees' Annual Report 1
Statement ofresponsibilities ofthe Trustees ofThe Wordsworth Trust in respect ofthe Trustees' Annual
Report and the financial statements 18
Independentauditor's report to the members ofTheWordsworth Trust 19
Consolidated statement offinancial activities (incorporating income &expenditure account) 23
Consolidated and company balance sheets 24
Consolidated statementofcash flows 25
Notes 26

Our public impactinnumbers 12 months to 31 I 12 months to Variance I
March 2022 31 March 2021
General visits to Wordsworth Grasmere 17,471 3,732 368% 1
Participation in activities for young people in
formal education (counted in student-days)
Secondary,primaryandpre-school 4,815 643 649%
Highereducation-shortcourses 147 301 -51%
Highereducation-other 30 145 -79%
Teacherdevelopmentopportunities 28 5 460%
Total 5,020 1,094 359%
Participation in informal learning activities
Activitiesaimedatelderly/vulnerableadults 700 584 20%
Activities aimed at young people (excluding
familyactivities) 416 272 53%
Activities forgeneralaudiences 801 1,397 -43%
Total 1,917 2,253 -15%
Participation
in events
and
activities
families i		 for 1,384 210 I r-I
Attendances attalks, poetryreadings and other
events(excludingfamilyevents) ii		 3,380 1,4041 1.J
Interactions via new media
Website(uniqueviews) 206,812 183,179 13%
Views ofonlinevideos (as of31 March 2022) 117,415 160,912 -27%
Social mediafollowers (asof31 March 2022) 54,302 48,575 12%
Total 378,529 392,666 -4%
Research visits (counted inresearch-days) 121 «] 17s]
I Publication sales 1,632 I I 1a6] -13%]
Participants in vocational training (starting in
year)		 8 l t.I
I Volunteers iii ro] ] 2

Riskcategory Typeofrisk Mitigation
Financial Adequacyofcashreservesinthe The ReimaginingWordsworth projectwill in the medium term
shortterm followingcompletionof addressthe Trust'ssustainability andwillassistin buildingcash
the ReimaginingWordsworth andreserves.There isclose control ofexpenditure.
projectandthe impactofthe Covid The Reserve investmentfundwastransferredtocashtosupport
crisis. cashflowthroughthe project. The balance remainsin cash as it
maybe requiredtosupportthe cashflowin22/23depending on
tradingconditionsfortheremainderoftheyear.
Environmental Significant
downturn
in
visitor		 Regularreviewandrenewalofthevisitoroffer.
numbers. Marketresearchincludingreviewofcompetitors' offer staying
closetomarkettrends.
Increasedinvestmentinmarketing.
Diversificationofincomestreams.
Funding Thelossofsupportfrom a major Communicationwithgrantgivingbodies.
fundingagreementonexpiry. Monitoringto ensuredeliveryonexistingfundingagreements,
achievingtargetsandoutcomes.
Adequatepreparationandresourcetoensuredetailedand
imaginativebidsaredeveloped.
Developmentoffundraisingstrategy.
Funding Lossofpublic confidence infund Registrationwiththe FundraisingRegulator.
raising_activity._ Adherencetoestablishedcodesofpractice.
Governance Failuretofollowgoodgovernance NominationsCommittee.
practice. Trusteeinductionand 1dentfcationot trainingneeds.
Conflictofinterestpolicy.
Approvedstrategy,operatingplanandannual budgets.
lobdescriotions.
Healthand FailuretocomplywithHealth & OngoingreviewofH&Spolicies.
Safety Safetyandsafeguarding RegularreviewsofSafeguarding policyandtrainingforallstaff.
obligations. PeriodicreviewbyManagementCommittee.
Insurance.
Operational Majordamageordestructionof Intruderandfirealarmsystemsimprovedaspartof
Dove Cottage. ReimaginingWordsworth project.
Improvementstothestability ofDove Cottage includinga
reductioninriskfromwaterdamage,a newheatingsystemand
roofandgeneralrepairstothe fabricofthe building.
Operational Theftof,environmentalor Collectionstoredinlocationswith BMSto BS5454and
accidental damagetocollection GovernmentIndemnity Schemestandardsbuiltintothe new
assets ordamage asaresultof museum.
repeateduse. Monitoringofstatutoryregulations.
Insurance.
Financial Poorfinancialmanagementand/or Policiescodifiedinthe FinancialControl Manual.
controlorbreachoffinancialtrust. Insurance.
Pre-employmentchecks.
Trusteereportingandaudit.
Personnel Inabilitytoretainandrecruitkey Reviewsalaryandbenefitpackages.
staff. Staffappraisalsystem.
Providea comfortableworkingenvironmentwithapositive
organisationalculture.
Regulatory Failuretocomplywith external Monitorregulationsandchangestothem.
regulations. Stafftraining.
Collectionmanagementpolicies.
Insurance cover.

Karen Musgrave

24

Unrestricted funds Unrestricted funds Endowment funds Endowment funds Total Total
Unrestricted Designated Development Other Restricted 2021-22 2020-21
funds Development Fund Endowment funds
Fund Funds
Notes £000 £000 £000 £000 £000 £000 £000
Income and endowments from:
Donations and legacies 3 1,436 1 872 2,309 2,622
Charitableactivities
Admission fees and sales 4 211 211 40
Othertradingactivities
Bookand giltshop sales 5 127 127 27
Investments 6 72 24 41 32 169 170
Other 108 108 53
Total income 1,954 25 41 32 872 2,924 2,912
Expenditure on:
Raising funds
Fundraising costs 154 7 161 134
Bookand giltshop costs 152 152 64
Investmentmanagementcosts 5 8 5 18 12
Managementcosts oftheletestate 100 100 82
Charitable activities:
Custodianship 205 2 284 491 287
Access and learning 553 2 630 1,185 789
Total expenditure 7 1,164 5 8 16 914 2,107 1,368
790 20 33 16 (42) 817 1,544
Netgains on investments 1,570 70 122 80 1,842 557
Net income/(expenditure) 2,360 90 155 96 (42) 2,659 2,101
Transfers between funds 8 79 (24) (39) (16)
Net movements In funds 2,439 66 116 80 (42) 2,659 2,101
Reconciliation offunds:
Total funds bfat 1 April 2021 8,934 972 1,686 1,069 7,031 19,692 17,591
Total funds _cf_at 31 March 2022 11,373 1,038 1,802 1,149 6,989 22,351 19,692
Balance Sheet
at 31 March 2022
Notes Group **Charitable ** company
31 March 31March 31 March 31 March
2022 2021 2022 2021
£000 £000 £000 £000
Fixed assets
Tangible assets 9 8,089 8,101 8,089 8,101
Heritage assets 10 3,767 3,713 3,767 3,713
Investmentproperty 11 6,190 4,620 6,190 4,620
Investments 12 3,989 3,727 4,004 3,742
Total fixed assets 22,035 20,161 22,050 20,176
Current assets
Stocks 13 37 31
Debtors 14 66 70 247 198
Cash atbankand in hand 1,333 640 1,299 624
Total currentassets 1,436 741 1,546 822
Creditors: Amountsfallingdue within oneyear 15 (231) (246) (225) (242)
Netcurrentassets 1,205 495 1,321 580
Totalassets less currentliabilities 23,240 20,656 23,371 20,756
Creditors: Amountsfallingdue after more than oneyear 16 (889) (964) (889) (964)
Total net assets 22,351 19,692 22,482 19,792
The funds of the charity
Undesignatedfunds:
Generalfunds 17 1,333 1,200 1,464 1,300
Revaluation reserve 17 5,515 3,945 5,515 3,945
6,848 5,145 6,979 5,245
Designated funds:
Warren Collection Fund 17 59 59 59 59
CollectionAssets Fund 17 3,767 3,713 3,767 3,713
ReimaginingWordsworth- Delivery 17 17 17
Designated DevelopmentFund 17 1,038 972 1,038 972
Designated Property ImprovementFund 17 700 700
Totalunrestrictedfunds 12,412 9,906 12,543 10,006
Restricted funds: 17 6,989 7,031 6,989 7,031
Endowmentfunds:
EndowmentDevelopment Fund 17 1,802 1,606 1,802 1,686
RS WoofMemorial Fund 17 280 261 280 261
CatalystEndowment Fund 17 868 808 868 808
Total charityfunds 22,351 19,692 22,482 19,792
2021-22 2020-21
£000 £000
Cash flows from operating activities
Netcash provided byoperatingactivities 1,138 1,559
Cash flows from investing activities
Dividends and interestallocatedtoincome 97 97
Rents frominvestmentproperties 72 73
Purchase offixed assets (561) (1,551)
Invested cash used formanagementcharges (3)
Proceedsfromsalesofassets s
Netcash usedininvestingactivities (390) (1,381)
Cash flows from financing activities
Repayments ofborrowing (37)
Interestpayable on loan (18)
Cash used in financingactivities (SS)
Change in cashand cash equivalents intheperiod: 693 178
Cashand cash equivalents atstartofyear 640 462
Cash and cash equivalents atendofyear 1,333 640
Reconciliation of net income to net cash used in operating activities
Netincome 2,659 2,101
Adjustments for:
Depreciation 259 100
Write down of redeveloped assets 311
Profitonsale offixedassets (3)
(Gains) on investments (272) (557)
(Gains) onrevaluation ofinvestmentproperties (1,570)
Dividendsand interest (97) (97)
Renton investmentproperties (72) (73)
Interestpayable onloan 18
Giftsinkind (54) (5)
Receipts ofendowment 1
Investmentmanagementcosts 13 12
(Increase) instocks (6) (4)
Decrease in debtors 4 348
(Decrease) in creditors (52) (267)
Netcash provided byoperatingactivities 1,138 1,559

Property betweenthirtytwoand fiftyyears
Plant fifteen years
Museum fittings twelveyears
Motorvehicles fouryears
Fixtures,fittingand equipment betweenthree and fiveyears

Unrestricted funds Unrestricted funds Endowment funds Endowment funds Total
Unrestricted Designated Development Other Restricted 2020-21
funds Development Fund Endowment funds
Fund Funds
£000 £000 £000 £000 £000 £000
Income and endowments from:
Donationsand legacies 934 1 1,687 2,622
Charitableactivities
Admission feesand sales 40 40
Othertradingactivities
Book and giftshop sales 27 27
Investments 74 24 41 31 170
Other 53 53
Total income 1,128 ZS 41 31 1,687 2,912
Expenditure on:
Raising funds
Fundraisingcosts 127 7 134
Bookand giftshop costs 64 64
Investmentmanagementcosts 3 6 3 12
Managementcosts oftheletestate 82 82
Charitable activities:
Custodianship 191 2 94 287
Access and learning 372 2 415 789
Total expenditure 836 3 6 14 509 1,368
292 22 35 17 1.178 1,544
Netgains on investments 155 269 133 557
Net income 292 177 304 150 1,178 2,101
Transfersbetween funds 90 (ZS) (44) (21)
Net movements ln funds 382 152 260 129 1,178 2,101
Reconciliation offunds:
Total funds broughtforward at 1 April 2020 8,552 820 1,426 940 5,853 17,591
Total funds carried forward at31 March 2021 8,934 972 1,686 1,069 7,031 19,692

3
Donations and legacies
Unrestricted Designated Restricted 2021-22 2020-21
funds Development funds
Fund
£000 £000 £000 £000 £000
John R. Murray Charitable Trust 1,000 1,000 so
National Lottery Heritage Fund 430 430 1,192
Arts Council England (NPO Grant) 329 329 329
Arts Council England (Culture Recovery Fund) 230 230 218
South Lakeland DistrictCouncil 64 64 75
Northern Cultural Regeneration Fund 50 50 93
W.W. Spooner Charitable Trust 41 41
The late Lucia Woods Lindley 37 37
Michael Marks Charitable Trust 24 24 24
Lancaster University 20 20 20
Sir John Fisher Foundation 10 10 22
Cumbria CountyCouncil 10 10 10
Martin J. Crossley Evans 7 7
Patricia Grodd and Michael Stone 4 4 4
John Conder 4 4
Edward Baker 3 3
Cumbria DevelopmentEducation Centre 2 2
Arts Council England (Emergency Fund) 209
Wolfson Foundation 145
CoronavirusJob Retention Scheme 134
The late Doreen Reynolds 23
The late SarahWilkes 16
Wyfold Charitable Trust 10
Old Possum's Practical Trust 5
DrWilliam Zachs 4
Delia Twamley 3
Clare andJohn Spedding 1
Michael Crump 1
Professor Bruce Graver 1
Gillian Newbery 1
Professor Heidi Snow 1
Nicole and MalcolmThorogood 1
Dr Mortimer &Theresa Sadder Foundation (5) (5)
Friends 13 13 8
Patrons 16 16 11
GiftAidand others (£2,000 orbelow) 17 1 2 20 11
1,436 1 872 2,309 2,622
Income from charitable activities
2021-22 2020-21
£000 £000
Admission fees 196 32
Shortcourse programme 12 8
Publications 1
Less salestosubsidiary (1)
Profitonsale offixedasset 3
211 40

2021-22 2020-21
£000 £000
Turnover 127 27
Costofsales (51) (7)
Gross profit 76 20
Administrative expenses (107) (61)
Operating loss (31) (41)
Tax
Loss on ordinary activities after taxation (31) (41)
Giftaid payment
Retained loss for the year after payment of gift aid (31) (41)
The aggregate ofthe assets, liabilities andfundswas:
31 March 2022 31 March 2021
£000 £000
Assets 74 51
Liabilities (190) (136)
Funds (116) (85)
Investment income
Group 2021-22 2020-21
£000 £000
Dividends receivable 97 97
Rentsreceivable 72 73
169 170
Group
Direct costs Support costs 2021-22 2020-21
£000 £000 £000 £000
Fundraisingcosts 107 54 161 134
Bookandgiftshopcosts Costof sales 51 51 7
Other 101 101 57
Investmentmanagementcosts 18 18 12
Managementoftheletestate 82 18 100 82
359 72 431 292
Costofcharitable activities
Custodianship
Historicbuildings 40 12 52 32
Collection 388 51 439 255
428 63 491 287
Accessandlearning
Visitoroperations 710 243 953 610
Exhibitionsandpublications 44 18 62 47
Education 112 34 146 103
Contemporary literature 22 2 24 29
888 297 1,185 789
Totalcostof charitableactivities 1,316 360 1,676 1,076
Totalexpenditure 1,675 432 2,107 1,368
Fundraising Management Charitable
oflet estate activities 2021-22 2020-21
£000 £000 £000 £000 £000
Management 37 12 240 289 219
Finance 9 3 59 71 76
Informationtechnology 5 2 32 39 40
Humanresources 7 7 1
Governance 3 1 22 26 17
54 18 360 432 353
Group **Charitable ** company
2021-22 2020-21 2021-22 2020-21
£000 £000 £000 £000
Auditfees 24 20 22 18
Depreciation on owned fixedassets 259 100 259 100
Thetotal staffcosts forthegroupwereas follows:
2021-22 2020-21
£000 £000
Wages andsalaries 718 683
Employers'socialsecuritycosts 65 58
Employers'pension contributions 37 34
Grouptotal 820 775
Interest payable
2021-22 2020-21
£000 £000
On bankloans and overdrafts 18 17

Transfers intounrestrictedfunds duringthe yearcomprised:
2021-22
£000
Investmentincome transferred fromthe Designated DevelopmentFund 24
Investmentincome transferredfromthe Endowment DevelopmentFund 39
Investmentincome transferred fromthe CatalystEndowmentFund 16
Totaltransfers 79

Investment Unapplied Total
fund total return
£000 £000 £000
Opening value of the Endowment Development Fund
Giftcomponent 1,261 1,261
Unappliedtotalreturn 425 425
Total 1,261 425 1,686
Movements during the year
Investmentreturn: dividends and interest 41 41
Investmentreturn: realised and unrealised gains/(losses) 122 122
Transfer 2 2
Investmentmanagementcharges (8) (8)
Total 157 157
Unappliedtotal return allocatedto income (41) (41)
Net movement during the year 116 116
Closing value at 31 March 2022
Gift component 1,261 1,261
Unappliedtotalreturn 541 541
Total 1,261 541 1,802
Investment Unapplied Total
fund total return
£000 £000 £000
Opening value of the Designated Development Fund
Gift component 713 713
Unappliedtotalreturn 259 259
Total 713 259 972
Movements during the year
-Investmentreturn: dividendsand interest 24 24
Investmentreturn: realised and unrealised gains 70 70
Transfer
Investmentmanagementcharges (5) (5)
Donationsreceived 1 1
Total 1 89 90
Unappliedtotalreturn allocatedto income (24) (24)
Net movement during the year 1 65 66
Closing value at 31 March 2022
Gift component 714 714
Unappliedtotalreturn 324 324
Total 714 324 1,038
Tangible fixed assets
Group Jerwood
Centre		 Other freehold
property		 Assets under
construction		 Fixtures, fittings,
equipment and
motor vehicles		 Total
£000 £000 £000 £000 £000
Cost
At1April2021 3,442 1,610 5,121 368 10,541
Additions 9 531 21 561
Disposals/write off (416) (27) (443)-
Transfers 4,414 (5,652) 1,238
At31 March 2022 3,442 5,617 1,600 10,659
Depreciation
At1April 2021 1,764 355 321 2,440
Charge for the year so 100 109 259
Disposals/write off (105) (24) (129)
At31 March 2022 1,814 350 406 2,570
Net book value
At 31 March 2022 1,628 5,267 1,194 8,089
At31 March 2021 1,678 1,255 5,121 47 8,101
9 Tangible fixed assets (continued)
Charitable Company Jerwood Other Freehold Assets under Fixtures, Total
Centre property construction fittings,
equipment
and motor
vehicles
£000 £000 £000 £000 £000
Cost
At1April 2021 3,442 1,610 5,121 341 10,514
Additions 9 531 21 561
Disposals/write off (416) (27) (443)-
Transfers 4,414 (5.,652) 1,238
At31 March 2022 3,442 5,617 1,573 10,632
Depreciation
At1 April 2021 1,764 355 294 2,413
Charge foryear so 100 109 259
Disposals/write off (105) (24) (129)
At31 March 2022 1,814 350 379 2,543
Net book value
At 31 March 2022 1,628 5,267 1,194 8,089
At31 March 2021 1,678 1,255 5,121 47 8,101

2021-22 2020-21
£000 £000
Opening value of Heritage Assets
Purchases 2,790 2,790
Donationsatvaluation 660 655
Transferfrom InvestmentProperty 263 263
Total 3,713 3,708
Acquisitions during the period
Purchases
Donations atvaluation 54 5
Transferfrom InvestmentProperty
Total 54 5
Closing value of Heritage Assets
Purchases 2,790 2,790
Donationsatvaluation 714 660
Transferfrom InvestmentProperty 263 263
Total 3,767 3,713
15monthsto
Yearto 31March 31 March
Five year financial summary of heritage 2022 2021 2020 2019 2018
asset transactions £000 £000 £000 £000 £000
Purchases 1
Donations 54 5 68 81 111
Transferfrom InvestmentProperties 263
Totalacquisitions 54 5 69 344 111
There have beenno disposals inthe lastfiveyears.
Investment property - UK
Group and charitable company 31 March 2022 31 March2021
£000 £000
Broughtforward 4,620 4,620
Increase onrevaluation 1,570
Carried forward 6,190 4,620

Group Group Charitable Charitable
company company
31 March 31 March 31 March 31 March
2022 2021 2022 2021
£000 £000 £000 £000
Ordinary£1 shares in Dove Cottage Promotions Limited 15 15
DevelopmentFund investments 2,840 2,658 2,840 2,658
RSWoofMemorial Fund investments 280 261 280 261
CatalystEndowmentFundinvestments 869 808 869 808
3,989 3,727 4,004 3,742
Group and charitable company Development RS Woof Catalyst Totals
Fund Memorial Fund Endowment
£000 £000 £000 £000
Openingmarketvalue 2,590 261 798 3,649
Additions 486 89 575
Disposals (409) (113) (522)
Netinvestmentgains 137 19 56 212
Closing marketvalue 2,804 280 830 3,914
Cash ondeposit 36 39 75
Accrued income
2,840 280 869 3,989
14 Debtors: amounts falling due within one year Debtors: amounts falling due within one year Debtors: amounts falling due within one year
Group Group Charitable Charitable
company company
31 March 31 March 31 March 31 March
2022 2021 2022 2021
£000 £000 £000 £000
Trade debtors 10 10 9 10
Othertaxesand socialsecurity 2
Prepayments 21 25 19 23
Accrued income 35 33 35 33
Amountsowedbysubsidiary undertaking 184 132
66 70 247 198
15 Creditors: amounts falling due within one year
Group Group Charitable Charitable
company company
31 March 31 March 31 March 31 March
2022 2021 2022 2021
£000 £000 £000 £000
Trade creditors 60 109 57 107
Other taxesand socialsecurity 15 14 15 14
Other creditors 12 9 12 9
Bankloan 74 36 74 36
Accruals 70 78 67 76
231 246 225 242
16 **Creditors: amounts falling due after more than one ** year
Group Group Charitable Charitable
company company
31 March 31 March 31 March 31 March
2022 2021 2022 2021
£000 £000 £000 £000
Bankloan - due between 2 and 5years 295 299 295 299
- due after 5years 594 665 594 665
889 964 889 964

Group Fundsat1 Income Expenditure Transfers Fundsat31
April 2021 /investment March 2022
gains
£000 £000 £000 £000 £000
Unrestricted funds:
Generalfunds 1,200 1,901 (1,164) (604) 1,333
Revaluation reserve 3,945 1,570 5,515
Warren Collection Fund 59 59
CollectionAssetsFund 3,713 54 3,767
ReimaginingWordsworth -delivery 17 (17)
Designated DevelopmentFund 972 24 (5) 47 1,038
Designated Property ImprovementFund 700 700
Restrictedfunds:
Incomefunds 38 397 (409) 26
Acquisition funds 2 2
ReimaginingWordsworth- capital 5,132 (170) 519 5,481
ReimaginingWordsworth -delivery 152 475 (98) (519) 10
Capitalfunds 1,707 (237) 1,470
Endowmentfunds:
EndowmentDevelopmentFund 1,686 41 (8) 83 1,802
RSWoofMemorial Fund 261 11 (12) 20 280
CatalystEndowmentFund 808 21 (4) 43 868
19,692 2,924 (2,107) 1,842 22,351

Unrestricted funds Unrestricted funds Endowment funds Endowment funds
Group Unrestricted Designated Development Other Restricted Total
funds Development Fund endowment funds funds
Fund funds
£000 £000 £000 £000 £000 £000
Fund balances at31 March 2022 represented by:
Fixed assets 11,099 1,038 1,802 1,148 6,948 22,035
Currentassets 1,395 41 1,436
Currentliabilities (231) (231)
Creditorsfalling due afteroneyear (889) (889)
11,374 1,038 1,802 1,148 6,989 22,351
Fund balances at31 March 2021 represented by:
Fixedassets 9,597 972 1,686 1,069 6,837 20,161
Currentassets 547 194 741
Currentliabilities (246) (246)
Creditors falling due after oneyear (964) (964)
8,934 972 1,686 1,069 7,031 19,692
Unrestricted Funds Unrestricted Funds **Endowment ** Funds
Charitable company Unrestricted Designated Development Other Restricted Total
funds Development Fund endowment funds funds
Fund funds
£000 £000 £000 £000 £000 £000
Fund balances at31 March 2022 represented by:
Fixedassets 11,114 1,038 1,802 1,148 6,948 22,050
Currentassets 1,505 41 1,546
Currentliabilities (225) (225)
Creditorsfallingdue afteroneyear (889) (889)
11,505 1,038 1,802 1,148 6,989 22,482
=
Fund balances at 31 March 2021 represented by:
Fixed assets 9,612 972 1,686 1,069 6,837 20,176
Currentassets 628 194 822
Currentliabilities (242) (242)
Creditors fallingdue afteroneyear (964) (964)
9,034 972 1,686 1,069 7,031 19,792

Capital commitments at the end ofthe financial year
follows:		 forwhich no provision has been made are a
31 March 31 March
2022 2021
£000 £000
Authorised butnotcommitted
Againstwhich ordershave beenplaced 38 545

2021-22 2020-21 2020-21
Unrestricted 2,831 1,287
Restricted 600 600
Inkind
Totaldonations 3,431 1,887
Financial instruments
Group Group Charitable Charitable
company company
31 March 31 March 31 March 31 March
2022 2021 2022 2021
£000 £000 £000 £000
Financial assets atamortised cost 45 43 228 175
Financial liabilities atamortised cost 1,105 1196 1,099 1,192
Group **Charitable ** company
Note 1 April
2021		 Cash flow Other non
cash
movements		 31 March
2022		 1 April
2021		 Cash flow Other non
cash
movements		 31 March
2022
£000 £000 £000 £000 £000 £000 £000 £000
Cashatbankand in 640 693 1,333 624 675 1,299
hand
Bankloan 15 (36) 37 (75) (74) (36) 37 (75) (74)
Debtdue within one (36) 37 (75) (74) (36) 37 (75) (74)
year
Bankloans 16 (964) 75 (889) (964) 75 (889)
Debtdue aftermore (964) 75 (889) (964) 75 (889)
than oneyear
Total net debt (360) 730 (370) (376) 712 (336)