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2024-12-31-accounts

Feelgood Theatre Productions

Report and Financial Statements for the Year Ended 31 December 2024

Feelgood Theatre Productions: Companies House: 3358285 Registered Charity (England & Wales): 1092907

Feelgood Theatre Productions

Trustees’ Annual Report

for the year ended 31 December 2024

Company number 3358285

Charity number 1092907 Registered office and operational address 21 Lindum Avenue Manchester M16 9NQ

Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Kathleen Robinson Rachel Smith Andrew Tomlinson Ebony Feare Chris Jacks Tom Newall Noreen Kershaw Guy Warburton

Ebony Feare and Chris Jacks resigned 03/06/2024

Artistic Director Caroline Clegg Bankers Barclays Bank plc Market Place Ambleside Cumbria LA22 9BY

Independent Jennifer Daniel FCCA DChA Examiner Slade & Cooper Limited Beehive Mill Jersey Street Manchester M4 6JG

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Feelgood Theatre Productions

Trustees’ Annual Report

for the year ended 31 December 2024

The trustees present their report and the unaudited financial statements for the year ended 31 December 2024. Included within the trustees’ report is the directors’ report as required by company law. Reference and administrative information set out on page 2 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Our objectives and activities

The trustees review the aims, objectives, and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The purpose of the charity is to advance education for public benefit through the promotion of theatre and performing arts with particular but not exclusive reference to dramatic arts. This is achieved by presenting, promoting, organising, providing, managing or producing plays, films, broadcasts, concerts, musical pieces, entertainments, exhibitions, tutorials, seminars, courses and workshops in a wide range of locations. The trustees believe that the promotion and fostering of an appreciation of the arts can only truly expand horizons if it is both accessible and of the highest artistic integrity and standard. Accordingly, the mission that shapes our activities is to create a theatre of adventure through a collective process that reaches the heart as well as the head, through good story telling and spectacle. Our unique and accessible work at traditional and site-specific venues inspires adults and children of all ages with the surprise and joy of live theatre. Artistically our vision is to be recognised nationally and internationally as one of Britain’s cultural gems.

In shaping our activities for the year, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance on public benefit and fee charging. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set. Feelgood Theatre Productions relies on donations from sponsors, grants, income from fees and charges, ticket sales and its own reserves to cover its operating costs. In setting any ticket prices and concessions, the trustees give careful consideration to the accessibility of the productions for those on low income. The strategies employed to achieve the charity’s purpose thus combine artistic and broader social objectives with a requirement to establish financial sustainability.

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Feelgood Theatre Productions

Trustees’ Annual Report

for the year ended 31 December 2024

Productions: we are committed to making professional theatre with a sense of risk and adventure at traditional and site-specific venues within the UK and abroad. Theatre and music theatre that makes a difference to creatives, participants, audiences and the local community. By choosing locations carefully our outdoor and site-specific productions inspire audiences to engage with and value their local area engendering wellbeing and ownership. Our productions are accessible to all ages, abilities and cultures and are performed in relaxed environments. Our productions are a cross fusion of music, dance, and drama from the classical to contemporary, new commissions and premieres. We celebrate the diversity in our society drawing artists, creatives and technicians from all cultural and gender backgrounds.

Community and education programmes : we involve community groups, schools and colleges in innovative workshop programmes which are embedded into our production process from day one. Our aim is to give access to the arts where there is little provision; to build participants’ skills and confidence enabling future study and employment. Programmes are designed and led by a professional team in theatre, dance, music, creative writing, technical theatre, artistic administration and production. We have developed a work experience programme and an advanced three-tier mentor and internship programme (paid) for training and emerging artists. We also have a volunteer programme parallel to productions encouraging all ages especially the retired.

2024 Achievements and performance

2024:

Feelgood took their production of “Slave-A Question of Freedom’ on a National tour in the autumn of 2024 starting at The Quays Theatre in The Lowry, Salford. The production then toured to Tobacco Factory, Bristol, Shakespeare North Playhouse, Prescott and The Riverside Studios in London.

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Feelgood Theatre Productions

Trustees’ Annual Report

for the year ended 31 December 2024

This production was highly acclaimed with 4 and 5 star reviews in each venue. An extensive outreach programme was delivered ‘Experts by Experience’ at each venue which included partnerships with women from Women Asylum Seekers Together and the University of Manchester Humanitarian Conflict Response Institute led by Dr Rubina Jasani, lecturer in Humanitarianism & Conflict Response, Anti-Slavery International, Human Trafficking Foundation, Stop the Traffic, Phil Brewer from the Bakhita Centre for Research on Slavery Exploitation and Abuse at St Mary’s University London, Unseen charity. Symposiums with the relevant charities above took place at our venues and Baroness Caroline Cox led the symposium at the Riverside Studios.

Mende Nazer was present for performances at the Lowry and Bristol and the members of the Mende Nazer Foundation were present in London. Mende and I were present at the Human Trafficking Foundation Awards in the House of Lords on Anti-Slavery Day, October 18[th] where we were introduced to MP Jess Philips, Parliamentary UnderSecretary of State for Safeguarding and Violence Against Women and Girls, the Speaker Lindsay Hoyle and Sir Anthony Steen of the Human Trafficking Foundation.

We worked with our friends from the Nuba Community in Manchester, Gaafar Ali, Miriam Shaw, and Mohamed Ahmed alongside the Bolton Nuba Community singers and dancers. The response from audiences was exceptional and in London we had a large number of Sudanese and Nuba who felt that their voices were heard.

Feelgood continued their commitment to the community and its partnership with Heaton Park and led the Remembrance Sunday Peace Event in Heaton Park on Sunday 10[th] November. This event has grown year on year and this year we were delighted to have Octave8, a group of young students from Bury College join trumpeter Freddie Ball and speakers Joe Noreen Kershaw, Andy Tomlinson and Caroline Clegg. We were honoured to welcome back Deputy Lieutenant Professor Erinma Bell MBE DL JP BA (Hons) to lay a poppy wreath on behalf of the Lieutenancy of Manchester.

Financial review

Our normal pricing policy reflects our strategy and our firm commitment to enabling all, whatever their means, to take part in our activities or to attend our productions. For theatrebased productions ticketing and prices are agreed in conjunction with the venue’s pricing policy including as wide as possible concessionary pricing arrangement for example for students, unemployed and people on low incomes. Additionally, at non theatre venues we seek to add concessionary prices to enable access by other audiences who are somewhat marginalised from engagement in theatre. As part of our productions, we provide workshops and wider engagement activities as part of the Education Programme to involve a wider community at low or no cost.

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Feelgood Theatre Productions

Trustees’ Annual Report

for the year ended 31 December 2024

Reserves policy

The trustees are of the view that reserves are needed to bridge the gap between the spending and receiving of resources, to fund the development of future productions and respond to ongoing requests for workshop programmes for schools and community programmes based on previous productions. We also recognise that as community programmes expand and the production programmes increases in number, size and complexity they require greater planning and development, and we cannot rely solely on volunteers outside the direct “in production period”. Financial sustainability for an innovative and experimental theatre company means having reserves to fund this important development activity. The lack of adequate reserves gives rise to a challenging backdrop to our ability to develop both our productions, our community activities and our objective of widening the engagement of new audiences in theatre. The trustees set a target to achieve an appropriate level of financial reserve/ongoing funding and during 2014, thanks to two of our major sponsors, we met this objective. In addition to our unrestricted reserve we have £10,000 funding available to develop and support future projects. Any use of this funding must be agreed with the specific sponsor but given the long-term nature of our relationship with them and the extent to which they share our vision and values, we believe this gives us a large degree of the stability we were seeking.

Whilst reserves to meet actual liabilities would be lower, it is our aim to keep a level of unrestricted reserve at a minimum of £15,000 to support ongoing activity and development. Our fixed costs are minimal and other costs can be reduced in line with the loss of income. There was no significant impact on our finances, which will allow us to resume our activities once restrictions are relaxed or listed.

Structure, governance, and management

Governing Document; The Company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.

Company Status; Feelgood Theatre Productions is a registered charity (registered 11 July 2002) and a company limited by guarantee (incorporated 23 April 1997). All members have agreed to contribute a sum not exceeding £1 in the event of a winding up. The number of members at 31 December 2021 was 5 The trustees are members of the charity, but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

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Feelgood Theatre Productions

Trustees’ Annual Report

for the year ended 31 December 2024

Appointment and Induction of Trustees; The Strategic Review set out the expertise needed on the Board; potential trustees with the appropriate skills are identified through contacts of the existing trustees, professional networks of the Artistic Director and Business in the Arts. New trustees are briefed on the activities and financial position by the Chairman and Artistic Director and are provided with a copy of the Strategic Plan and the Charity Commission’s publication CC3 – The Essential Trustee.

Organisation: The Board of Trustees (not less than three but not subject to a maximum) administers the charity. The Strategic Plan sets out the Trustee lead for specific activities. To facilitate effective operations, the Artistic Director has delegated authority, within the terms of delegations approved by the trustees, for operational matters. We have patrons from the industry who act as ambassadors for the company. They are Julie Hesmondhalgh, Sue Nichols, Julia Haworth, David Fleeshman, Sue Jenkins, John Henshaw, Janie Dee and Jim Cartwright.

Related Parties: None of our trustees receive remuneration or other benefits from their work with the charity. The trustees have an overriding responsibility for the affairs of the charity but as much of the day-to-day management is in the hands of the freelance Artistic Director, have put in place a Financial Management Framework document. This sets out Feelgood Theatre Productions’ policy on the conduct of business, its financial management policy and the detailed financial rules and delegations within which the day to day management is undertaken.

Risk Management: The trustees as part of the Strategic Review process and creation of the Financial Management Framework have considered and identified the major risks (financial and non-financial) and how they are/may be mitigated or their impact minimised. The major risk to Feelgood Theatre Productions is financial sustainability and the key steps to managing this will be the creation of modest reserves and funding cover for ongoing costs outside “in production” periods.

All Trustees give their time voluntarily and receive no benefits from the charity. No expenses have been reclaimed from the charity.

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Feelgood Theatre Productions

Trustees’ Annual Report

for the year ended 31 December 2024

Statement of responsibilities of the trustees

The trustees (who are also directors of Feelgood Theatre Productions for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the provisions applicable to company's subject to the small companies’ regime of the Companies Act 2006.

The trustees’ annual report has been approved by the trustees on 24/09/2025 and signed on their behalf by

Andy Tomlinson

Trustee

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Independent examiner’s report

To the members of Feelgood Theatre Productions

I report to the charity trustees on my examination of the accounts of the company for the year ended 31st December 2024 which are set out on pages 9 to 21.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Jennifer Daniel FCCA DChA Slade & Cooper Limited Beehive Mill, Jersey Street Manchester, M4 6JG

25/09/2025

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Feelgood Theatre Productions Statement of Financial Activities (including Income and Expenditure account) for the year ended 31 December 2024 Unrestricted funds Restricted funds Total funds 2024 Total funds 2023 Note Income from: Charitable Activities 8,971 94,459 103,430 other trading activities 17,657 17,657 1,800 Investments 50 Total income 26,628 94,459 121,087 1,850 Expenditure on: Charitable Activities 32,172 104,459 136,631 6,610 Total expenditure 32,172 104,459 136,631 6,610 Net income/(expenditure) before net gains/(Iosses) on investments (5,544) (10,000) (15,544) (4, 760) Net income/(expenditure) for the year (5,544) (10,000) (15,544) (4,760) Transfer between funds Net movement in funds for the year (5,544) (10,000) (15,544) (4,760) Reconciliation of funds Total funds brought forward 8,081 20,020 28,101 32,861 Total funds carried forward 2,537 10,020 12,557 28,101 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Feelgood Theatre Productions Company number 3358285

Balance sheet as at 31 December 2024

Note
£
£
Debtors
11
19,219
Cash at bank and in hand
9,289
Total current assets
28,508
Liabilities
Creditors: amounts falling
due in less than one year
12
(15,951)
Net current assets
12,557
Total assets less current liabilities
12,557
Net assets
12,557
The funds of the charity:
Restricted income funds
13
10,020
Unrestricted income funds
14
2,537
Total charity funds
12,557
2024		 £
£
-
34,595
34,595
(6,494)
28,101
28,101
28,101
20,020
8,081
28,101
2023		 £
£
-
34,595
34,595
(6,494)
28,101
28,101
28,101
20,020
8,081
28,101
2023
28,101
28,101
20,020
8,081
28,101

For the year in question, the company was entitled to exemption from an audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These accounts are prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The notes on pages 12 to 21 form part of these accounts.

Approved by the trustees on 24/09/2025 and signed on their behalf by:

Andy Tomlinson (Trustee)

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Feelgood Theatre Productions Statement of Cash Flows for the year ending 31 December 2024 Note 2024 2023 Cash provided by/(used in) operating activities 16 (25,306) (5,920) Cash flows from investing activities.. Interest 50 Cash provided by/(used in) investing activities 50 Increase/(decrease) in cash and cash equivalents in the year (25,306) (5, 870) Cash and cash equivalents at the beginning of the year 34,595 40,465 Cash and cash equivalents at the end of the year 9,289 34,595 11

Feelgood Theatre Productions Notes to the accounts for the year ended 31 December 2024 Accounting policies The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows: a Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), second edition October 2019 (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006 and UK Generally Accepted Accounting Practice. Feelgood Theatre Productions meets the definition of a public benefit entity under FRSIO2. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. b Preparation of the accounts on a going concern basis The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees have made no key judgments which have a significant effect on the accounts. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period. c Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income from government and other grants, whether'capital, grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance of a provision of a specified service is deferred until the criteria for income recognition are met. 12

Feelgood Theatre Productions Notes to the accounts for the year ended 31 December 2024 (continued) d Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank. e Fund accounting Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity. f Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third partyi it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both the direct costs and support costs relating to such activities. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include its audit fees and costs linked to the strategic management of the charity. Other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. g Allocation of support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity's programmes and activities. h Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 13

Feelgood Theatre Productions Notes to the accounts for the year ended 31 December 2024 (continued) i Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. j Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Legal status of the charity The charity is a company limited by guarantee registered in England and Wales and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The registered office address is disclosed on page l. 14

Feelgood Theatre Productions Notes to the accounts for the year ended 31 December 2024 (continued) Income from charitable activities Unrestricted Restricted Total 2024 Arts Council England Steven Edward Holland Granada Foundation Riverside Studios Shakespeare North Donations 48,300 30,850 2,000 io,iio 3,199 48,300 30,850 2,000 io,iio 3,199 8,971 8,971 Total 8,971 94,459 103,430 Previous reporting period Unrestricted Restricted Total 2023 Manchester City Council We Love MCR Charity Donations Total Income from other tradlng actlvltles 2024 2023 Ticket Sales Miscellaneous income 16,139 1,518 1,800 17,657 1,800 All income from other trading activities is unrestricted. Investment income 2024 2023 Income from bank deposits 50 50 All of the charity's investment income arises from money held in interest bearing deposit accounts. All investment income is unrestricted. 15

Feelgood Theatre Productions Notes to the accounts for the year ended 31 December 2024 (continued) Analysis of expenditure on charitable activities Total 2024 Total 2023 Fees Administrative costs Project Costs Support costs Governance costs (Accountancy and independent examination) 80,392 8,438 31,964 14,277 522 466 4,254 1,560 1,368 136,631 6,610 2024 2023 Restricted expenditure Unrestricted expenditure 104,459 32,172 6,610 136,631 6,610 Analysis of governance and support costs Support Governance Total 2024 Administrative costs Accountancy services 14,277 14,277 1,560 1,560 14,277 1,560 15,837 16

Feelgood Theatre Productions Notes to the accounts for the year ended 31 December 2024 (continued) Net income/(expenditure) for the year This is stated after charging/(crediting)'. 2024 2023 Independent examiner's fee 1,560 1,368 staff costs The Charity has no permanent staff. The artistic director and other staff are engaged on a temporary freelance basis as and when required. Trustee remuneration and expenses, and related party transactions No trustee received travel and subsistence expenses during the year. (2023..£Nil). Aggregate donations from related parties were £nil (2023: £nil). There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties. No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charityi including guarantees, during the year (2023: nil). 17

Feelgood Theatre Productions Notes to the accounts for the year ended 31 December 2024 (continued) 10 Corporation tax The charity is exempt from tax on income and gains falling within Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity. I l Debtors 2024 2023 Prepayments and accrued income 19,219 19,219 12 Creditors: amounts falling due within one year 2024 2023 Other creditors and accruals 15,951 6,494 15,951 6,494 18

Feelgood Theatre Productions Notes to the accounts for the year ended 31 December 2024 (continued) 13 Analysis of movements in restricted funds Balance at 31 December 2024 Balance at i January 2024 Income Expenditure Transfers Mende Nazer Foundation stage Door Foundation Arts Council England Steven Edward Holland Granada Foundation 10,020 (10,000) 20 10,000 10,000 48,300 (48,300) 30,850 (30,850) 2,000 (2,000) Riverside Studios io,iio (io,iio) Shakespeare North 3,199 (3,199) Total 20,020 94,459 (104,459) 10,020 Previous reporting period Balance at 31 December 2023 Balance at I January 2023 Income Expenditure Transfers Mende Nazer Foundation Stage Door Foundation 10,020 10,020 10,000 10,000 Total 20,020 20,020 Name of restricted fund Description, nature and purposes of the fund Mende Nazer Foundation donations received to be used to support the Mende Nazer Foundation. Stage Door Foundation donation to be used for particular purposes to be agreed with the donor. 19

Feelgood Theatre Productions Notes to the accounts for the year ended 31 December 2024 (continued) 14 Analysis of movement in unrestricted funds Balance at l January 2024 Asat31 December 2024 Income Expenditure Transfers General fund 8,081 26,628 {32,172) 2,537 8,081 26,628 {32,172) 2,537 Previous reporting period Balance at l January 2023 Asat31 December 2023 Income Expenditure Transfers General fund 12,841 1,850 (6,610) 8,081 12,841 1,850 (6,610) 8,081 Name of unrestricted fund Description, nature and purposes of the fund General fund The free reserves after allowing for all designated funds 15 Analysis of net assets between funds General fund Designated funds Restricted funds Total Net current assets/( liabilities) 2,537 10,020 12,557 Total 2,537 10,020 12,557 20

Feelgood Theatre Productions Notes to the accounts for the year ended 31 December 2024 (continued) 16 Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net income/(expenditure) for the year Adjustments for: Interest Decrease/(increase) in debtors Increase/(decrease) in creditors (15,544) (4, 760) (50) (19,219) 9,457 (I,iio) Net cash provided by/(used in) operating (25,306) (5, 920) 21