2022-12-31-accounts - The National Rheumatoid Arthritis Society

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			Page
Trustees' report			1-13
Statement ofTrustees'	responsibilities		12
Statement as to disclosure		to our auditors	13
Independent auditors'	report		14-17
Consolidated Statement	of	financialactivities	18
Company Statement offmancial activities			19
Consolidated and Company		Balance Sheets	20
Consoiideterl Statement	of	Cash Flows	21
Notes to the accounts			22-36

Risk Category			Mitigation and Actions	Mitigation and Actions
Financial performance and resilience			~	Fundraising strategy focusing on provision
Significant reduction in income streams and				ofregular, predictable, unrestrirted income
cashflow due to economic climate could	affect			streams
the future viability ofthe Charity			~	Annual budget setting process and
				quarterly reviews with focus on cash flows
				and financing ofoperational		plans
			~	Monthly management accounts detailing
				key performance indicators		and reserves
				coverage
Protecting the Charity's assets			~	Investment policy isset so		as to maintain
Market fluctuations caused by economic				an appropriate and prudent		risk strategy
instability could negatively impact our			~	Investments are managed	by qualified
investment portfolio and reduce the financial				external advisers
assets available to the Charity.
Maintaining a stable team			~	Regular benchmarking ofremuneration
Competitive recruitment markets resulting		in		packages to ensure competitive within the
high levels ofvacancies could impact our	ability			charity sector
to deliver our full range ofcore services and			~	Continue to prioritise staff		wellbeing to
lead to over-reliance on key members of	the			maximise retention
team			~	Work underway on succession planning
ITSecurity			~	Engagement ofthird party		ITconsultants	to
Failure to ensure integrity and security ofdata				inaiiage oui ITSySIemS and		cOnuOIS
could lead to data loss or theft, potentially
resulting in fines, reputational damage and
impact delivery ofour core services
Data integrity and governance including	GDPR		~	Appointment ofthird party		data protection
Failure to meet our regulatory obligations		could		specialists to identify and monitor risks and
lead to fines, reputational damage and impact				ensure compliance with regulations
delive ofour core services
Attracting and retaining Trustees			~	Continue to work with our		network of
Failure to attract trustees with a range of	skills			partners and colleagues to		identify suitable
could affect the future viability ofthe Charity				candidates

				Unrestricted	Resuicted	Total	Unrestdicted	Restricted	Total
				funds	funds	funds	funds	funds	funds
				2022	2D22	2022	2021	2021	2021
			Notes	E'OOD		6'000	E'000	E'000	E'000
Income from:
Donations and legacies				1,334.4	O.D	1,334.4	1,117.1	0.0	1,117.1
Charitable activities				202.9	55.5	258.4	249.2	63.1	312.3
Other trading activities				25.7	0.0	25.7	42.1	0.0	42.1
Investment income				28.6	0.0	28.6	25.5	D.O	25.5
Total income				1,591.6	55.5	1,647,1	1,433,9	63.1	1,497.0
endlture on:
Raising funds				382.0	D.D	382.D	320 5	00	320.5
Charitable artivities				1,503.5	108.6	1.412.1	936.2	123.2	1,059m
Total resources expended				1,685.5	10S.6	1,794.1	1,256.7	123.2	1,379.9
Net income/(expenditure)		before investments		(93.9)	(53.1)	(147.0)	177.2	(60.1)	117.1
lllet gains/(losses) on investments			12	(141.6)	D.O	(141.6)	127.8	0.0	127.8
Bross transfers between	funds			0.0	DO	OO	O.D	0.0	O.D
Net movement in funds				(235.5)	(53.1)	(288.6)	305.0	(60.1)	244.9
Fund balances at 1January		2022		1,871.2	30.9	1,902.1	1,600.4	56.8	1,657.2
Transfer between funds				(41.6)	41.6	D.O	(34.2)	34.2	0.0
Fund balances at31December 2022				1,594.1	19.4	1,613.5	1,871.2	30.9	1,902.1

			Unrestricted	Restricted	Tots I	Unrestricted	Restricted	Tata I
			funds	funds	funds	funds	funds	funds
			2D22	2022	2022	2021	2021	2021
		Nates	6'MO		6'000	5'OM		6'OOD
Income from:
Donations and legacies			1,339.2	D.D	1339.2	1,118.6	0.0	1,1186
Charitable activities			202.9	55.5	258.4	249.2	63.1	3123
Other trading activities			25.7	D.D	25.7	34.5	D.O	34.5
Investinent income			28.6	D.D	28.6	25.5	0.0	25.5
Total income			1,596.4	55.5	1,65N9	2A27.8	63.1	1.490.9
Raising funds			382.0	0.0	382.0	320.5	0.0	320.5
Charitable activities			1,30D.9	108.6	1,4D9.5	933.3	123,2	1,056.5
Total resources expended			1,682.9	108.6	1,791.5	1,253.8	123.2	N377.0
Net income/(expenditure)	before investments		(86.5)	(531)	(139.6)	174.0	(60.1)	113.9
Net gains/(lasses) on Investments		12	(141.6)	0.0	(141.6)	127.8	0.0	127.8
Gross transfers between	funds		0.0	0.0	0.0	0.0	0.0	0.0
Net movement in funds			(228.1)	(53.1)	(2BC2)	301.8	60.1	241.7
Fund balances at 1January			1,866.4	30.9	1,397.3	1,598.8	56.8	1,655.6
Transfer between funds			(41.6)	41.6	0.0	(34.2)	34.2	0.0
Fund balances at 31December			1,596.7	19.4	1,616.1	2,866A	30.9	1,897.3

				Group	Group		Charity
				2022	2021	2022		2021
				E'000	E'ODO	E'000		6'DOO
Fixed assets
Intangible assets			13	59.6	93.3	59.6		93.3
Tangible assets			13	51.0	24.1	51.0		24.1
Investments			14	912.5	1,025.6	912.5	1,025.6
				1,023.2	1,143.0	1,D23.1	1,143.0
Current assets
Debtors			16	397.7	444.0	402.9		450.2
Cash at bank	and in	hand		308.9	429.5	304.3		415.5
				706.6	873.5	707,2		865.7
).I abilities:
Creditors amounts		falling due within ane year		(116.2)	(114.4)	(114.2)	(111A)
)Set current assets				59DA	759.1	593.0		754.3
Total assets less current liabilities				1,613.5	1,902.1	1616,1	1	8973
)ncorne funds
Unrestricted	funds		19	1,594.1	1,871.2	1,596.7	1,866.4
Restricted funds			19	19.4	30.9	19.4		30,9
				1,613.5	1,902.1	1,616.1	1,897.3

					Group		Charity
				2022	2021	2022	2021
			Notes	f'000	f'000	f'000	f'000
Cash Rows from operating	activities
Cash used in operations			25	(78,5)	(282.9)	(13.9)	(282 8)
Investing activities
Purchase ofintangible fixed assets				0.0	(24.7)	0.0	(24,7)
Purchase oftangible fixed	assets			(42.2)	(10.8)	(42.2)	(10.8)
Purchase of investments				(28.5)	(25.9)	(28.5)	(25.9)
Interest received				28.6	25.5	28.6	25.5
Gilt aid donation from subsidiary				0.0	0.0	4.8	1.5
Net cash used in investing	activities			(42.1)	(35.9)	(37.3)	(34.4)
Net decrease in cash and cash equivalents				(120.6)	(318.8)	(111.2)	(317.2)
Cash and cash equivalents	at beginning	ofyear		429.5	748.3	415.5	732.7
Cash and rash equivalents	at end ofyear			308.9	429.5	304.3	415.5

								Group		Chadty
								2022	2021	2022	2021
								E'000	E'000	E'000	E'000
	Donations	and		gifts				561.4	591.6	566.2	593.1
	Legacies receivable							773.0	525.5	773.0	525.5
								1,334A	1,117.1	1,339.2	1,118.6
	Analysis byfund
	Restdcted funds							O.O	0.0	0.0	O.O
	Unrestricted		funds					1,334.4	1,117.1	1,339.2	1,118.6
								1,334.4	1,117.1	1,339.2	1,118.6
4	Income from		charitable			activities
								Group		Cirerity
								2022	2021	2022	2021
								6'ODD		F.'000	E'000
	Subscdptions							83.1	81.7	83.1	81.7
	Lottery income							30.0	22.2	30.0	22.2
	Research studies							8.3	0.0	8.3	O.O
	6IsI10							137.0	206.4	137.0	208.4
								258.4	312.3	258.4	312.3
	Analysis by	fund
	Restricted funds							55.5	63.1	55.5	63.1
	Unrestricted		funds					202.9	249.2	202.9	249.2
								258.4	312.3	258.4	312.3
5	Other trading			activities
								Group		Charity
								2D22	2021	2022	2021
								E'ODD	E'OOO	EOOD	E'DOO
	Merchandising			and	other	trading	income	25.7	34.5	25.7	34.5
	Trading subsidiary				income			0.0	7.6	0.0	0.0
								25.7	42.1	25.7	34.5
6	Investments
								Group		Charity
								2022	2021	2022	2021
								E'000	E'000	E'OOO	E'000
	Income from		listed		investments			28.6	25.5	28.6	25.5
								28.6	25.5	28.6	25.5

									Group and Charity	Group and Charity
										2022	2021
										E'ODO	«TIOO
Staging fundraising			events							74.0	43.7
Staffcosts										227.6	201.9
Suppartcasts										65.9	64.1
Governance	costs									14.5	10.8
Expenditure	on	raising funds								382.0	320.S
Analysis dyfund
Restricted funds										0.0	0.0
Unrestricted	funds									382.0	320.5
										382.0	320.5
Expenditure	on	charitable		activities
Group					Prevision ofinfa IEsuppok	Digital Innovations	Raising awareness	Community suppok	Su ppoking our young people		Total
					2022	2022	2022	2022		2022	2022
					6'000	GOOD	6'000	ICON		«'000	«'NO
Direct costs					48.6	23.7	58 5	DD		10.0	140.S
5taff casts					246.7	51.1	293.8	92.5		75.2	759.3
Share ofsupport		costs (see note 9)			13L8	0.0	197.8	65.9		65.9	461.4
Share ofgovernance			casts	(see note 9)	14.5	0.0	14.5	14.4		7.2	50.6
					441.6	74.S	564.6	172.8	158.3		1,412.1
Analysis by fund
Restkrcted funds					24.7	74.8	0.0	0.0		9.1	10&6
Unrestricted	funds				416.9	0.0	564.6	172.8	149.2		1303.5
						74.8	564.6	172.8			1,412.1
Graup					Provision af Info lt support	Digital Innavatioru	Raising awareness	Community support	Supporting aur young peapie		Tom(
					2021	2021	2D21	2021		2021	2021
					E'000	EYIDO	5'000	EYIOO	E'008		6'000
Direct costs					31.6	38.3	21.2	0.0		17.0	108.3
Qaff costs					233.5	42.5	219.6	143.6		50.1	689.3
Share ofsupport		casts (see		note 9)		D.Q				32.0	224.2
Share ofgovernance			costs (see note 9)		1D.S	D.D	1D.7	1D.7		5.4	37.6
						SO.S	315.6	21S.S	104,5		1,059A
Analysis by fund
Restricted funds					21,3	80.S	8,9	00		1.22	1232
Unrestriaed	funds				318.9	0.0	306.7	218.3		92.3	936.2
					340.2	80.8	315.6	2183	104.5		1,059.4

Cha Hrty				Prevision ofinfo IEsupport	Digital innovations	Raising awareness	Communhy support	Supporting our young people	Supporting our young people	Total
				2022	2022	2022	2D22		2022	2022
				E'000	6'000	6'000	E'000	E'000		6'000
Direct costs				48.6	23.7	58.5	0.0		10.0	140.8
Staff costs				246.7	51.1	293.$	92.5		75.2	759.3
Share of	support costs (see note 9)			131.8	0.0	197.8	65.9		65.9	461.4
share of	govemsnm		costs (ses note 9)	11.9	0.0	1I.S	14.4		7.2	'i8.0
				439.0	74.8	564.6	27&8			1,409.5
Analysis	by	fund
Restffctad funds				24.7	74.8	0.0	0.0		9.1	106.6
Unrestncte		d funds		414.3	D.D	564.6	172.8	149.2		1,30D.9
				439.D	74.$		172.$	158.3		Ir409.5
Charitv				Provision ofinfo gr support	Digits I Innovations	Raising awareness	Community support	Supporting our young people		Total
				2021	2021	2021	2021		2021	2021
				6'000	6'000	E'000	f000	6'OOD		6'000
Direct mats governance				31.8	3&3	21.2	0.0		17.0	10&3
Staff costs				233.5	42.5	219.6	143.6		50.1	689.3
Share of	support costs (see note 9)			64.7	00	64 l.	640		32.0	224,8
Share of			costs (see note 9)	7.3	D.D	1D.7	1D.7		5.4
				337.3	80.8	315.6	218.3	104.5		1,056.5
Analysis	by	fund
Restricted funds				2&3	80.8	8.9	O.D		122	123.2
Unrestncted		funds		316.0	0.0	306.7	218.3		92,3	933.3
				337.3	80.$	315.6	21$.3	104.5		1,056.5

O	R THE TEAR ENDED 31DECEM	BER 2021
9	Supimn costs
	Group		Support	casts	Governance costs	Total	Support costs	Governance	costs	Total
				2022	2022	2022	2021		2021	2021
				6'000	3'000	3'000	6'000		6'000	6'000
	Staff casts				34.0	34.0			23.5	23.5
	rr			97.6		97.6	79.5			79.5
	Office			145.5		145.5	116.6			116.6
	professions I and consultancy	fees		1046	9.6	114.2	165		0.0	16.5
	Irrecoverable VAT			56.5		56.5	(1.7)			(1.7)
	Otheroverheads			73.1		73.1	38.6			38.6
	Depreciation &despldahons			Sao		50.0	3$.8			30.$
	Insurance				5.7	5.7			54	5.4
	Auditors' remuneration:
	-Auditfees				15.S	15.8			12.0	12.0
	- Other services				0.0	0.0			7.5	7.5
				527.3	65.1	592.4	2SIL3		484	336.7
	Analysed between
	Fundra ising (note 7)			65.9	14.5	80.4	64.1		10.8	74.9
	Chantable activities (nate 8)			~61.4	50.6	512.0	224.2		37.6	261.8
				527.3	65.1	592.4			48A	3367
	The above costs were allocated on a headcount		basis.
	Charity		Support	costs	Governance casts	Total	Suppoh costs	Governance	casts	Total
				2022	2022	2022	2021		2021	2021
				6'000	E'000	E'000	E'MD		3'000	E'000
	staff costs				34.0	340			23.5	23.5
	IT			97.6		97.6	79.5			79,5
	Office			145.5		145.5	116.6			116.6
	Professional and consultancy	fees		104.6	9.6	114.2	16.5		0.0	16.5
	Irrecoverable VAT			56.5		565	(1.7)			(1.7)
	Other overheads			73.1		73.1	39.2			39.2
	Depreciation &dilapidations			50.0		50.0	38.8			38.8
	Insurance				5.7	5.7			5.4	5.4
	Auditors' remuneration:
	-Audit fees				13.2	13.2			8.5	8.5
	- Other services					0.0			7.5	7.5
	Trustee expenses					0.0				0.0
				527.3	62.5	589.8	288.9		44.9	333.8
	Analysed between
	Fun draislng (note 7)			65.9	14.5	80.4	64.1		10.8	74.9
	Charitable activities (note 8)			461.4	48.0	509.4	224 8		34.1	25&9
					62.5	589.$	2$8.9		44.9	333.S

									2022	2021
									Number	Number
The average monthly		number	of employees		during	the year was:
All employees	—Group	and Charity							31	32
The average monthly		number	offull-time	equivalent		employees	during the year was:
All employees	—Group	and Charity							27	24
Employment	costs
							Group		Chadity
							2022	2021	2022	2021
							f'000	f'000	f'DOO	8'DOO
Wages and salaries							9056	829.3	905.6	829.3
Social security							83.4	69.1	83.4	69.1
Pension costs							31.8	16.3	31.8	16.3
							1,020.8	914.7	1,020.8	914.7

E60,001 - E70,000
Remuneration ofkey management		personnel
The remuneration	of key management		personnel	is es follows:

2022	2021
Number	Number
2022	2021
f'DOO	f'000
171.4	223.8

2022	2021
E'000	f'000
(141.6)	127.8

13	Tangible and intangible	fixed	asset	s	- Grou	p and Charity	p and Charity
						Intangible assets			Tangible assets
												Total
					Website development			Improvements to property		Fixtures, gttings & equipment		tangible assets
							6'000	E'000			f'000	f'000
	Cost
	At31December 2021						298.9		61.7		140.9	202.6
	Additions						O.D		25.8		16.4	42.2
	Disposals						(164.1)	(61.7)			(102.6)	(164.3)
	At 31December 2022						134.8		25,8		54.7	SDS
	Depreciation
	At31December 2021						2D5.6		59.7		118.8	178.5
	Charge forthe year						33.7		3.3		12.0	15.3
	Disposa Is						(164.1)	(61.7)			(102.6)	(164.3)
	At 31December 2022						75.2		1.3		28.2	29.5
	Carrying amount
	At31December 2022						59.6				26.5	51.0
	At31DeCember 2021								2.0		22.1	24.1
14	Fixed asset investments	- Group and			Charity
											2022	2021
	Usted investments										f'000	f.'DDO
	Market value at 1January										1,025.6	871.9
	Additions (including interest reinvested)										23.5	25.9
	Revaluation										(141.6)	127.8
	Market value at31Decemlier										912.5	1,025.6
15	Financial instruments										2022	2D21
											f'000	f'000
	Carrying amount offinancial		assets
	Instruments mi'a cured	at amortized		mar							362.3	398.6
	Instruments measured	at fair	value	through		profit	orloss				912.5	1,025.6
	Carrying amount offinancial		liabilities
	Measured at amortisad	cost									102.0	95.9

Debtors
					Group			Charity
				2022		2D21	2D22		2021
				E'DDD		f'DDD	f'DDD		f'DDD
Amounts	falling due within one year:
Trade debtors				44.9		85.6	44.9		85.6
Amounts	owed by group undertakings			0.0		0.0	5.2		6.2
Other debtors				317.4		313.0	317.4		313.0
Prepayments		and accrued	income	35.4		45.4	35.4		45.4
				397.7		444.0	4D2.9		450.2

Creditone a	mounts fa	gmg	due within one year
					Group			Charity
				2022		2021	2022		2021
				E'000		f'000	E'000		E'000
Trade crediltors				17.2		9.2	17.2		9.2
Other taxes	and social	security costs		14.2		18.5	14.2		18.5
Other creditors				53.3		17.7	51.3		14.7
Accruals and deferred		income		31.5		69.0	31.5		69.0
				116.2		114.4	114.2		111.4
							2022		2021
							5'000		E'000
Defermd income included			in the financial statements	as follows:
At 1January							0.0		41.1
Movement	during the	year					0.0		(41.1)
At31December							0.0		0.0

The inmrne	funds ofthe Charity	funds ofthe Charity		Include	restricted	restricted	funds comprising the fogowlng unexpended	funds comprising the fogowlng unexpended	balances ofdonations and grants	balances ofdonations and grants	balances ofdonations and grants	held on trust	for specNc
purposes:
Unreslruted	Funds								Movementin funds
								Balance at1 January 2D22	Incoming resources 2D22	Rerouioes expended 2022	Transfer of funds ZD22		Balance December	at31 N22
								f'000	f'000	ENO		5'000		f'000
Unrestricted								1,871.2	1,553A	(1,784.2)		(271.3)	1,3691
Designated	- Juvenile	Idiopathic	Arthritis		activities			0.0	38.2	(42.9)		4.7		D.O
Designated-	to cover predikged		operating			losses in	next year	D.D	D.D			125.0		125.0
Designated	tomver potential		iinvestment			lomes		0.0	0.0			100.0		100.D
								1,871.2	1,591.6	(1,827.1}		(41.6)	1,594,1
									Movement in funds
								Balance at1 January 2021	Incoming Iesuurmc 2021	RcsouIccs expended 2021	Transfer of funds 2021		Balance December	at31 2021
								1'000	f.'OOD	EOOD		EOOD		E'ODD
Unrestricted								1,600.4	1,386A	(1,036.6)		(79.0)	1,87L2
Designated	-Juvenile	Idiopathic	Arthritis		activities			0.0	47.5	(92.3)		l4.8		0.0
								1,600.4	1.433.9	(1,128.9)		(34,2)	1,871.2
Restricted Funds									Movement in funds
								Balance at 1 January 2022	InCOniing resources 2022	RluouIcss expended 2022	Trsnsferof funds 2022		Balance at 31 December2022
								f'000	6'000	f'000		f'000
Development	ofel earning suite							0.0	15.0	(49.0)		34.0		0.0
Development Information	ofanima self-management video in Hindi				course In		Smtla nd	0.1 L5	D.O 0.0	(0.1) (0.4)		0.0 0.0		(O.D) 1.1
Blood Monitoding pubgcatlon								5.2	0.0	(9.0)		3.8		0.0
Development ofexercise support Enhanced Rght Start				app				0.0 14.I	3.1 10.0	(6.0) (16.3)		7..9 0.0		0.0 7.8
JIA Imagine	Futures project							10.0	0.0	(1D.2)		0.2		0.0
Reprlrrt ofMedicines		booklet						0.0	2.3	(3.0)		0.7		D.O
IIAvideo								0.0	2.5	(25)		0.0		D.O
Stress management		project						0.0	22.6	(12.1)		0.0		1D,5
								30.9		(108.6)		41.6		19.4
									Movement in funds
								Balance at1 January 2021	Incoming Iesoolcss 2021	Resources expended 2021	Transfer of funds 2021		6alance December	at31 2021
								EOOD	EOOD	6'000		6'800
Development	ofel earning suite							0.0	15.0	(44.9)		29.9		D.O
Development	ofongne self management				course ln		Scotland	12.2	O.D	(13.9)		1.8		D.1
Re-development of DAS app								11.3	0.0	(11.6)		0.3		0.0
JIA publications								1D.5	D.D	(12.2)		1.7		0.0
Information	video in	iimdi						b.o	0.0	(3.5)		00		15
Blood Monitoring publication								8.9	DD	(3.7)		00		5.2
Community	pharmacy	engagement						8.9	0.0	(8.9)		O.D		D.D
Development	ofexercise support			app				0.0	6.3	(6.8)		0.5		0.0
Right Start evaluation		project						0.0	31.8	i(17.7)		D.O		14.1
I IA Imagined	Futures	project						0.0	10.0	0.0		D.O		10.0
								56.8	65.1	(123.2)				30.9

Analysis	ofnet assets between	funds - Group		Restricted	Unrestricted	Total
				f'000	f.'000	E'ODO
Fund balances at31December		2D22 are represented	by:
Tangible	Axed assets			O.D	51.0	51.0
Investments				O.D	912.5	912.5
Current	assets/(liabilities)			19.4	630.6	650.0
				19.4	1,594.1	1,613.5
Fund balances at31December		2021are represented	by:	Restricted f'000	Unrestricted f'DDD	Total f'000
Tangible	fixed assets			0.0	24.1	24.1
Investments				D.O	1,025.6	1,025.6
Cnrrent	assets/(liabilities)			30.9	821.5	8524
				30.9	1,871.2	1,902.1
Analysis	ofnet assets between	funds - Charity		Restricted f'000	Unrestricted f'OOD	Total E'000
Fund balances at 31December		2022 are represented	by:
Tangible	fixed assets			0.0	51.0	510
Investments				D.p	911.5	912.5
Current	assets/(liabilities)			19.4	633.2	652.6
				19.4	1,596.7	1,616.1
Fund balances at 31December		2021are represented	byl	Restricted	Unrestricted	Total
				E'DOO	F.'000	E'000
Tangible	fixed assets			0.0	24.1	74 1
Investments				0.0	1,025.6	1,025.6
Current	assets/(liabilities)			309	816.7	847.6
				30.9	1,8664	1,897.3

under non-cancellable operating leases, which fall due asfogow	s:
	2022	2021
	f'000	f'000
Within one year	31.6	81.2
Between two and five years	112.5	16.9
Over five years	0.0	0.0
	144.1

A summary oft	he	results	ofthe	su	bsidiary	is shown below:
							2022	2D21
							E'DDD
Turnover							0,0	7.6
Cost of sales							0.0	0.0
Gross profit							0.0	7.6
Administrative	expenses						(2.6)	(2.$)
hiet profit							(2.6)	4.8
Retained earnings		brought	forward		in subsidiary		4.8	1.5
Gift aid to National		Rheumatoid		Arthritis		Society	(4-8)	(1,5)
Retained earnings		carried	forward		ln subsidiary		(2,6)	4.8
The assets and	liabilities were:
The aggregate ofthe assets, liabilities and						funds was.
Assets							4.6	14.0
Liabilities							(72)	(9.2)
Totalnet assets							(26)	4.$
Called up share	capital						D.D	D.D
profit and loss reserve							(2.6)	4.8
							(26)	4.8

Cash (used	in)/ generated from	operations	operations
					2022	2021	2022	2021
					f'000	f'000	f'000	f'000
(Loss)/ Surplus for the year					(288.6)	244.9	(281.2)	241.7
Adjustments	for.
Invcstmcnt	income recognised	in profit or		loss	(28.6)	(25.5)	(28.6)	(25.5)
Fair valve gains and losses on investments					141.6	(127.8)	141.6	(127.8)
GIII aid donation from subsidiary							(48)	(1.5)
Depreciation	and impairment ofintangible			fixed asset	33.7	29.4	33.7	29.4
Depreciation	and impairment oftangible		fixed assets		153	9.4	15.3	9.4
Movements	in working capital:
(Increase)/ decrease in debtors					46.3	(329.3)	47.3	(329.3)
Increase/ (decrease) in creditors					1.8	(84.0)	2.8	(79.2)
Cash (used	ln)/ generated from	operations			(78.5)	(282.9)	(73.9)	(282.8)

	start of	Cash flows	At end of
	year f'000	f'000	year f'000
Cash	429.5	(120.6)	308.9
Total	429.5	(120.6)	308.9