|Trustees, Senior Staff, Governance|Committees|and Professional|Advisors||
|---|---|---|---|---|
|Trustees'<br>annual report||||3 —14|
|Independent<br>auditor's<br>report||||15 —17|
|Group statement offinancial activities||||18 —19|
|Group and charity Balance sheet||||20|
|Group cash flow statement||||21|
|Principal Accounting<br>Policies||||22 —24|
|Notes to the financial statements||||25 —38|





## 

|Chair||||||||
|---|---|---|---|---|---|---|---|
|J Pheasey||appointed|12July 2019;resigned||17July 2020|||
|M Fox||appointed|20 July 2020|||||
|Officer Trustees||||||||
|C Ufrich||appointed|12October 2018;resigned|||17July 2020||
|J Collier||appointed|16July 2019;resigned||17July 2020|||
|M Doherty||appointed|16July 2019;resigned||17July 2020|||
|D Lelin||appointed|20 July 2020|||||
|JJessop||appointed|20 July 2020|||||
|5 Thomas||appointed|20 July 2020|||||
|E Coleman||appointed|6October 2020|||||
|5 Hawkins||appointed|6October 2020|||||
|R Craven||appointed|6October 2020|||||
|A Ahmed||appointed|6October 2020|||||
|Lay Trustees||||||||
|C Harvey||resigned|31 December 2020|||||
|D Ellis||||||||
|R Munton||||||||
|J Colenso||appointed|20 February 2020|||||
|Student Trustees||||||||
|5 Saleem||resigned|17July 2020|||||
|J Lim||resigned|15August 2019|||||
|E Millinger||appointed|21 June 2019;resigned||17July 2020|||
|C Gill||appointed|21 June 2019|||||
|E Salami||appointed|20 February 2020|||||
|A Hacon||appointed|15October 2020|||||
|5 Martin||appointed|15October 2020|||||
|Principal|Address|Portland|Building|||||
|||University|Park|||||
|||Nottingham||||||
|||NG7 2RD||||||
|Company|Number|07229624||Charity Number|||1136986|
|Company|Secretary|D Goodacre||||||
|Auditor||Cooper Parry Group Ltd||Bankers|||NatWest Corporate|
|||Sky View,|Argosy Road||||8-10Great Tower Street|
|||Castle Donington|||||London|
|||Derby|||||EC3P 3HX|
|||DE74 2SA||||||
|Solicitors||Browne Jacobson||||||
|||44 Castle|Gate|||||
|||Nottingham||||||
|||NG1 7BJ||||||





## 

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## 

## 



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## 



## 

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## 



## 

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## 



## 

## 

## 

## 

|This year|also saw the results ofthe most recent triennial|also saw the results ofthe most recent triennial|also saw the results ofthe most recent triennial|also saw the results ofthe most recent triennial|valuation<br>for the SUSS pension scheme released.|valuation<br>for the SUSS pension scheme released.|valuation<br>for the SUSS pension scheme released.|valuation<br>for the SUSS pension scheme released.|
|---|---|---|---|---|---|---|---|---|
|This scheme<br>is still significantly<br>in deficit, which|||has|increased to f141m, and the annual|||cost to the union||
|to close our share ofthe deficit will be||increasing<br>again. The impact of the revaluation|||||is an additional|cost|
|to UoNSU off496k, and although<br>this||will crystallise||over several years, the annual||deficit recovery|||
|payments|to SUSS remain<br>a significant|legacy|cost.||||||
||||||2020||2019||
||||||E||f||
||Core (deficit)/surplus||||(140,855)||27,815||
||Unrealised<br>investment<br>gain/(loss)||||(75,258)||39,987||
||Impact of pension<br>scheme|triennial|valuation||(495,917)||||
||Movement<br>in unrestricted|funds|||(712,030)||67,802||
||Movement<br>in restricted<br>(student)<br>funds||||306,440||50,648||
||Net movement<br>in funds||||(405,586)||118,450||





## 


## 



## 



## 



## 

## 

## 

## 

## 



## 

## 

## 

## 



## 

## 

## 



## 

## 

||||Unrestricted|Restricted|31July|31 July|
|---|---|---|---|---|---|---|
||||funds|funds|2020|2019|
|INCOMING<br>RESOURCES||Note|6|E|6|f|
|Donations<br>and grants||2|3,603,304||3,603,304|3,561,617|
|Incoming resources from|||||||
|generated<br>funds|||||||
|Other trading<br>activities|||3,289,986||3,289.986|4,540,179|
|income from investments|||45,565||45,565|46,965|
|Income from Charitable|activities||||||
|Operation<br>of Student<br>Umon|||16,140|2,468,410|2,484,550|3,475,037|
|Total group incoming<br>resources|||6,954,995|2,468,410|9,423,405|11,623,798|
|RESOURCES EXPENDED|||||||
|Expenditure<br>on raising funds|||3,240,540||3,240,540|4,041,885|
|Expenditure<br>on Charitable|||||||
|activities|||3,752,665|2,161,966|5,914,631|7,400,806|
|Pension deficit charge||17|495,917||495,917||
|Interest on pension<br>fund deficit|||102,645||102,645|102,644|
|Taxation|||||||
|Total resources expended|||7,591,767|2,161,966|9,753,733|11,545,335|
|Net income / (expenditure)|||(636,772)|306,444|(330,328)|78,463|
|Unrealised<br>(loss) / gain on|||||||
|investment|||(75,258)||(75,258)|39,987|
|Net movement<br>in funds|||(712,030)|306,444|(405,586)|118,450|
|Total funds brought<br>forward|||(988,600)|1,046,245|57,645|(60,805)|
|Total funds carried forward||18/19|(1,700,630)|1,352,689|(347,941)|57,645|





## 

||||Unrestricted|Restricted|31July|
|---|---|---|---|---|---|
||||funds|funds|2019|
|INCOMING<br>RESOURCES||Note|6||6|
|Donations<br>and grants||2|3,561,617||3,561,617|
|Incoming resources from generated||||||
|funds||||||
|Other trading<br>activities|||4,540,179||4,540,179|
|Income from investments|||46,965||46,965|
|Income from Charitable<br>activities||||||
|Operation of Student<br>Union|||71,177|3,403,860|3,475,037|
|Total group incoming<br>resources|||8,219,938|3,403,860|11,623,798|
|RESOURCES EXPENDED||||||
|Expenditure<br>on raising funds|||4,041,885||4,041,885|
|Expenditure<br>on Charitable|activities||4,047,594|3,352,212|7,400,806|
|Interest on pension<br>fund deficit|||102,644||102,644|
|Taxation||||||
|Total resources expended|||8,192,123|3,352,212|11,545,335|
|Net income / (expenditure)|||27,815|50,648|78,463|
|Unrealised<br>gain on investment|||39,987||39,987|
|Net movement<br>in funds|||67,802|50,648|118,450|
|Total funds brought<br>forward|||(1,056,402)|995,597|(60,805)|
|Total funds carried forward||18/19|(988,600)|1,046,245|57,645|





## 

||||||Group||Charity||
|---|---|---|---|---|---|---|---|---|
|||||31July||31July|31 July|31 July|
|||||2020||2019|2020||
|||||||||2019|
||||Note|||||5|
|Fixed assets|||||||||
|Tangible fixed assets|||10|97,451||153,606|69,719|107,622|
|Investments|||11|1,623,913||1,669,829|1,923,913|1,969,829|
|||||1,721,364||1,823,435|1,993,632|2,077,451|
|Current assets|||||||||
|Investments||||112,691||112,569|112,691|112,569|
|Stocks|||12|93,254||92,370|||
|Debtors|||13|324,788||248,181|172,136|224,199|
|Cash at bank|and|in|||||||
|hand||||1,251,480||1,467,715|527,767|276,993|
|||||1,782,213||1,920,835|812,594|613,760|
|Creditors: amounts|||||||||
|falling due within||one|||||||
|year|||14|(1,03'1,600)||(1,303,004)|(631,057)|(803,473)|
|Net current|assets|||750,613||617,831|181,537|(189,713)|
|Total assets|less||||||||
|current<br>liabilities||||2,471,977||2,441,266|2,175,169|1,887,738|
|Creditors<br>falhng due|||||||||
|outside one|year||15|(2,819,918)||(2,383,621)|(2,819,918)|(2,383,621)|
|Net assets|||19|(347,941)||57,645|(644,749)|(495,883)|
|Income funds|||||||||
|Unrestricted|funds||18|(1,700,630)||(988,600)|(1,997,476)|(1,542,128)|
|Restricted funds|||18|1,352,689||1,046,245|1,352,727|1,046,245|
|||||(347,941)||57,645|(644,749)|(495,883)|



## 



## 

||||Group|Group|
|---|---|---|---|---|
||||31 July|31 July|
||||2020|2019|
|||Note|6|5|
|Net cash provided<br>by (used|||||
|by) operating<br>activities||20|(194,634)|(58,800)|
|Cash flows from investing|||||
|actlvitles|||||
|Purchase offixed assets||10|(37,625)|(94,594)|
|Proceeds from the sale of|||238.963|219,087|
|investments|||||
|Purchase of investments|||(268,306)|(264,873)|
|Investment<br>income|||45,565|46,965|
||||(21,525)|(93,415)|
|Net cash provided<br>by (used in)|||||
|financing<br>activities|||||
|Change<br>in cash and cash|||||
|equivalents<br>in the reporting|||||
|period|||(216,235)|(152,215)|
|Cash and cash equivalents|at the||||
|beginning<br>ofthe year|||1,467,715|1,619,930|
|Cash and cash equivalents|at the||||
|end ofthe year|||1,251,480|1,467,715|





## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 



## 

## 

|UNU refurbishments|3 —10years|
|---|---|
|Clubs JCR|3years|
|SRS motors &others|3years|
|Equipment<br>computers|3years|
|Union refurbishment|3 —10years|



## 

## 

## 



## 

|2||Donations|and grants||||||
|---|---|---|---|---|---|---|---|---|
||||||Unrestricted|Restricted|2020|2019|
||||||Total|Total|Funds|Funds|
||||||6|6|6|E|
|||Block grant|from Unwersity||2,409,273||2,409,273|2,559,271|
|||ICR grant from University|||283,039||283.039|448,560|
|||Other grants and donations|||375,956||375,956|18,750|
|||Donations<br>in kind|||535,036||535,036|535,036|
||||||3,603,304||3,603,304|3,561,617|
||3|Trading turnover|||||||
|||Retail|||2,019,059||2,019,059|2,761,806|
|||Catering/Restaurants|||782,857||782,857|1,159,650|
|||Print shop|||124,260||124,260|130,317|
|||Events &Advertising|||363,810||363,810|488,406|
||||||3,289,986||3,289,986|4,540,179|
||4|Income from charitable||activities|||||
|||Societies||||748,735|748,735|1,008,305|
|||Medics||||129,235|129,235|208,760|
|||Sutton Bonnington||||285,153|285,153|383,017|
|||ICR||||121,566|121,566|422,387|
|||SRS||||127,174|127,174|155,897|
|||Volunteering||||42,112|42,112|55,490|
|||Sports||||991,849|991,849|1,161,665|
|||Associated|Bodies|||22,586|22.586|8,339|
|||Other|||16,140||16.140|71,177|
||||||16,140|2,468,410|2,484,550|3,475,037|





## 

## 

||||Cost of|Cost of|Staff Costs|Other Costs|2020Total|2019|
|---|---|---|---|---|---|---|---|---|
||||Sales|||||Total|
|||||6||6|6|6|
|(a) Costs ofgenerating|funds||||||||
|Retail|||1,438,098||432,141|176,118|2,046,357|2,636,360|
|Catering/Restaurants|||252,01|5|447,988|89,595|789,598|925,129|
|Print|||49,398||83,671|18,169|151,238|146,578|
|Events Br Advertising|||123,606||93,686||217,292|310,922|
|UNU Services Limited overheads||||||36,055|36,055|22,896|
||||1,863,117||1,057,486|319,937|3,240,540|4,041,885|
|(b) Charitable<br>activities||Staff Costs|Direct Costs||Support|In kind|2020Total|2019Total|
||||||Costs|costs|||
||||||6|6|6|6|
|Unrestricted<br>funds|||||||||
|Student advice and support||234,005|3,453||3,396|29,084|269,938|260,773|
|Representation<br>and campaigns||121,132|69,373||503|29,084|220.092|251,024|
|Student activities||1,839,849|682,551||247,595|476,867|3,246,862|3,519,080|
|Governance<br>costs|||||15,773||15,773|16,717|
|||2,194,986|755,377||267,267|535,035|3,752,665|4,047,594|
|Other student<br>activity spend|||||||||
|Restricted<br>funds: student|activities||2,161,966||||2,161,966|3,353,212|
|||2,194,986|2,917,343||267,267|535,035|5,914,631|7,400,806|





## 

## 

|||||Cost of Sales|Staff Costs|Other Costs|2019Total|
|---|---|---|---|---|---|---|---|
|||||6|6|6|6|
|(c) Costs ofgenerating||funds||||||
|Retail||||1,971,023|396,243|269,094|2,636,360|
|Catering/Restaurants||||378,249|398,851|148,029|925,129|
|Pnnt||||47,429|78,386|20,763|146,578|
|Events 8t Advertising||||232,862|78,060||310,922|
|UNU Services Limited overheads||||||22,896|22,896|
|||||2,629,563|951,540|460,782|4,041,885|
|(d) Charitable<br>activities|||Staff Costs|Oimct Costs|Support|In kind costs|2019Total|
||||||Costs|||
||||||6|||
|Unrestricted<br>funds||||||||
|Student advice and support|||222,353|6,246|3,090|29,084|260,773|
|Representation<br>and campaigns|||140,581|79,492|1,867|29,084|251,024|
|Student activities|||1,939,862|879,935|222,417|476,866|3,519,080|
|Governance<br>costs|||||16,717||16,717|
|Pension scheme revaluation||||||||
||||2,302,796|965,673|244,091|535,034|4,047,594|
|Other student<br>activity|spend|||||||
|Restricted<br>funds:|student|||3,353,212|||3,353,212|
|activities||||||||
||||2,302,796|4,318,885|244,091|535,034|7,400,806|





## 

## 

|Support|Costs||||||||
|---|---|---|---|---|---|---|---|---|
|||||Premises|Legal si|Other|2020|2019|
|||||Cost|Prof|Costs|||
|||||6|f|6|6|6|
|Student|advice|and|support||1,323|2,073|3,396|3,090|
|Representation||and|campaigns|28||475|503|1,800|
|Student|activities|||121,430|18,808|107,357|247,595|222,484|
|Governance||||||15,773|15,773|16,717|
|||||121,458|20,131|125,678|267,267|244,091|
|Support|Costs|for|prior year||||||
|||||Premises|Legal st|Other|2019||
|||||Cost|Prof|Costs|||
|||||6|8|6|6||
|Student|advice|and|support|||3,090|3,090||
|Representation||and|campaigns|||1,800|1,800||
|Student|activities|||105,167|31,743|85,574|222,484||
|Governance||||||16,717|16,717||
|||||105,167|31,743|107,181|244,091||



## 

||2020|2019|
|---|---|---|
||6|f|
|Salary costs|2,740,432|2,582,037|
|Social security|182,608|183,985|
|Pensions|188.892|186,371|
||3,111,932|2,952,393|



|Monthly|paid|101|99|
|---|---|---|---|
|Casual Student Staff and Coaches||156|158|
|||257|257|





## 

|ceeded f60,|000 were as f|
|---|---|
|31 July|31 July|
|2020|2019|
|Number|Number|



## 

## 



## 

## 

|||VNU||SRSMotors 8i|Equipment||
|---|---|---|---|---|---|---|
|Group||Refurbishment|Clubs JCR|Others|computers|Total|
|||6|6|6|6|6|
|Cost|||||||
|At 1 August<br>2019||271,844|394,383|17,933|44,675|728,875|
|Additions||10,500|27,125|||37,625|
|Disposals|||(786)|||(786)|
|At 31 July 2020||282,384|420,722|17,933|44,675|765,714|
|Depreciation|||||||
|At 1 August<br>2019||225,900|286,761|17,933|44,675|574,484|
|Charge for the|||||||
|year||28,751|64,967|||93,718|
|Disposals|||||||
|At 31 July 2020||254,652|351,003|17,933|44,675|668,263|
|Net book value|||||||
|At 31 July 2020||27,732|69,719|||97,451|
|Net book value|||||||
|At 31 July 2019||45,984|107,622|||153,606|
||||SRS|Motors 8i|Equipment||
|||Clubs JCR||Others|computers|Total|
|||6||6|6|6|
|Cost|||||||
|At 1 August 2019||394,383||17,933|44,675|456,991|
|Additions||27,125||||27,125|
|Disposals/write|off|(786)||||(786)|
|At 31 July 2020||420,722||17,933|44,675|483,330|
|Depreciation|||||||
|At 1 August 2019||286,761||17,933|44,675|348,644|
|Charge for the year||64,967||||64,967|
|Disposals|||||||
|At 31 July 2020||351,003||17,933|44,675|413,611|
|Net book value|||||||
|At 31 July 2020||69,719||||69,719|
|Net book value|||||||
|At 31 July 2019||107,622||||107,622|





## 

## 


## 

||||||2020|2019|
|---|---|---|---|---|---|---|
|(a)|Profit and loss|account|||||
||Sales||||3,289,986|4,537,884|
||Cost of sales||||(2,920,604)|(3,527,725)|
||Gross profit||||369,382|1,010,160|
||Administrative|expenses|||(319,937)|(514,197)|
||Operating<br>profit/(loss)||||49,445|495,963|
||Interest Receivable||||2,135|2,304|
||Other income||||238,281||
||Profit/(loss)<br>on|ordinary|activities before taxation||289,861|498,267|
||Taxation||||||
||Distribution<br>of|reserves|||(546,543)|(397,229)|
||Profit/(loss)<br>for|the period transferred||to reserves|(256,682)|101,038|





## 

|(b)|Balance sheet||||||||
|---|---|---|---|---|---|---|---|---|
||Fixed assets|||||27,732|45,980||
||Current assets||||||||
||Stocks|||||93,254|92,369||
||Debtors|||||160,110|106,709||
||Investments||||||||
||Cash at bank and in|hand||||723,713|1,190,715||
|||||||977,077|1,389,793||
||Creditors: amounts|falling due within one year||||(408,001)|(582,283)||
||Net current assets|||||569,076|807,510||
||Net assets|||||596,808|853,490||
||Capital and reserves||||||||
||Called up share capital|||||300,000|300,000||
||Profit and loss account|||||296,808|553,490||
||Shareholders'funds|||||596,808|853,490||
|12|Stocks||||||||
|||||Group|||Charity||
|||||31July|31 July|31July||31 July|
|||||2020|2019|2020||2019|
|||||6|6||6|6|
|Finished goods and goods for resale||||93,254|92,370||||
|13|Debtors||||||||
|||||Group|||Charity||
|||||31July|31 July|31 July||31 July|
|||||2020||2020||2019|
||||||2019||||
||||||6||||
|Trade debtors||||102,006|117,380|28,962||52,870|
|Amounts<br>owed by subsidiary|||undertakings|||||82,814|
|Prepayments||||217,239|130,801|137,631||88,515|
|VAT|debtor|||5,543||5,543|||
|||||324,788|248,181|172,136||224,199|





## 

## 

## 

|||||Group||Charity||
|---|---|---|---|---|---|---|---|
|||||31 July|31 July|31July|31 July|
|||||2020|2019|2020|2019|
|||||6|E|6|E.|
|Trade|creditors|||494,415|495,830|369,619|370,613|
|Other|taxation||and social|security|26,375||26,375|
|Amounts||owed|to group|undertaking||22,870||
|Accruals/other|||creditors|537,185|780,799|238,568|406,485|
|||||1,031,600|1,303,004|631,057|803,473|
|15|Creditors;||amounts|falling due after one year||||
|||||31 July|31 July|31 July|31 July|
|||||2020|2019|2020|2019|
|||||6|E|6|E|
|Pension fund||||2,819,918|2,383,621|2,819,918|2,383,621|
|||||2,819,918|2,383,621|2,819,918|2,383,621|



## 



## 

## 

|s follows:|||||||
|---|---|---|---|---|---|---|
||||Group||Charity||
||||2020|2019|2020|2019|
||||f|f|f|f|
|Buildings|||||||
|Less than 1 year|||50,000|56,500|||
|Greater than|1 year and not later than 5 years||282,500|345,000|||
||||332,500|401,500|||
|Print Shop|||||||
|Less than one||year||12,157|||
|Greater than|1 year and not later than 5 years||||||
|||||12,157|||
||||332,500|413,657|||





## 

## 

## 

||||||Movement|in resources|||
|---|---|---|---|---|---|---|---|---|
||||At 31|||||At 31|
||||July|||Gains/(losses)||July|
||||2019|Incoming|Outgoing|/transfers||2020|
||||6|6|6||6|6|
|Restricted funds|||||||||
|Societies|||399,752|748,735|(757,552)|||390,935|
|Medics|||58,542|129,235|(124,423)|||63,354|
|Sutton|Bonington||78,195|285,153|(286,798)|||76,550|
|JCR|||206,882|121,566|(48,923)|||279,525|
|SRS|||14,650|127,174|(113,294)|||28,530|
|Volunteering|||83,704|42,112|(49,290)|||76,526|
|Sports|||175,905|991,849|(760,035)|||407,719|
|Associated||Bodies|8,597|22,585|(13,973)|||17,209|
|Derby Students|||8,783|1|770|||9,554|
|NMA|||(1,203)||2,850|||1,647|
|Physio|Br Rehab||872||268|||1,140|
|Association|||||||||
|Other|||11,566||(11,566)||||
||||1,046,245|2,468,410|(2,161,966)|||1,352,689|
|Unrestricted||Funds|||||||
|General|fund||(988,600)|6,954,995|(7,667,025)|||(1,700,630)|
||||57,645|9,423,405|(9,828,991)|||(347,941)|





## 

## 

|||At 31||||At 31|
|---|---|---|---|---|---|---|
|||July|||Gains/(losses)|July|
|||2018|Incoming|Outgoing|/transfers|2019|
|||6|6|6|5|6|
|Restricted funds|||||||
|Societies||359,552|1,008,305|(968,105)||399,752|
|Medics||37,683|208,760|(187,901)||58,542|
|Sutton Bonington||82,072|383,017|(386,894)||78,195|
|JCR||120,637|422,387|(336,142)||206,882|
|SRS||19,243|155,897|(160,490)||14,650|
|Volunteering||84,903|55,490|(56,689)||83,704|
|Sports||228,620|1,161,664|(1,214,379)||175,905|
|Associated|Bodies|9,649|8,339|(9,391)||8,597|
|Derby Students||201|1|8,581||8,783|
|NMA||220||(1,426)||(1,203)|
|Physio & Rehab Association||(40)||912||872|
|Other||52,857||(41,288)||11,569|
|||995,597|3,403,860|(3,353,212)||1,046,245|
|Unrestricted|Funds||||||
|General fund||(1,056,402)|8,219,938|(8,192,123)|39,987|(988,600)|
|||(60,805)|11,623,798|(11,545,335)|39,987|57,645|



## 

|Group|||Tangible||Lang-term||
|---|---|---|---|---|---|---|
||||fixed|Net current|assets/|Fund|
||||assets|assets|liabilities|balances|
||||6|6|6|6|
|Restricted|funds|||1,352,689||1,352,689|
|General unrestricted||funds|97,451|(602,113)|(1,195,968)|(1,700,630)|
||||97,451|750,576|(1,195,968)|(347,941)|
|Group —prior year|||Tangible||Long-term||
||||fixed|Net current|assets/|Fund|
||||assets|assets|liabilities|balances|
||||6|5|6|5|
|Restricted|funds|||1,046,245||1,046,245|
|General unrestricted||funds|153,606|(428,414)|(713,792)|(988,600)|
||||153,606|617,831|(713,792)|57,645|





|20<br>Reconciliation|ofnet movement|ofnet movement|in funds to net cash inflow from operating|in funds to net cash inflow from operating|activities||
|---|---|---|---|---|---|---|
||||||Group|Group|
||||||2020|2019|
||||||6|E|
|Net movement<br>in funds for the||period||(405,586)||118,450|
|Interest receivable|||||(45,565)|(46,965)|
|Depreciation<br>charge|||||93,718|132,295|
|Loss on sale of fixed assets|||||||
|(Increase) / Decrease|in stocks||||(884)|3,320|
|(Increase) / Decrease|in debtors||||(76,607)|184,943|
|(Decrease)<br>in creditors due within one|||year|(271,404)||(358,967)|
|Increase / (Decrease)|in creditors due after one year||||436,436|(51,889)|
|Net fair value losses/gams<br>recognised|||||75,258|(39,987)|
|Net cash provided by/(used||in)|||||
|operating<br>activities||||(194,634)||(58,800)|




## 



## 

##