2022-04-05-accounts - The Alan Edward Higgs Charity

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	Page
Trustees and Advisers
Trustees' Report
Auditors' Report
Consolidated Statement ofFinancial Activities	10
Charity Statement of Financial Activities
Consolidated Balance Sheet	12
Charity Balance Sheet	13
Consolidated Cash Flow	14
Charity Cash Flow	15
Notes to the Accounts	16

		REFERENCE	AND ADMINISTRATIVE	AND ADMINISTRATIVE	DETAILS	DETAILS	DETAILS	DETAILS
		for the	year ended 05April	2022
	CHARITYNAME		The Alan Edward	Higgs			Charity
	REGISTERED NUMBER:		509367(England)
	TRUSTEES:		M.F.Knatchbull-Hugessen					(Chairman) *
			R.T.E.Higgs
			E.L. Barlow
			M.S.Franklin
			E.L.Bates —Appointed			01		February 2022
			A.E.W. Barrett —Appointed 23 September 2021 S.A. Cooke —Appointed 23June 2021
	CLERKTO THE TRUSTEES:		Dr G Willcocks
	REGISTERED OFFICE		The Coventry Building			Society Arena
			Judd's Lane
			Longford
			Coventry
			CV6 6GE
	SOLICITORS:		Bnndley, Twist, Tafft		8 James
			Lowick Gate
			Siskin Drive
			Coventry
			CV34FJ
			Bates Wells 8 Braithwaite					London LLP
			2 —6 Cannon St
			London
			EC4M 6YH
	BANKERS:		Metro Bank
			Unit 70/71, Arndale	Centre
			59Terminus Rd
			Eastbourne
			BN21 3NW
	INVESTMENT FUND		Rathbone Investment			Management Limited
			8 Finsbury Circus
			London
			EC2M 7AZ
			Ruffers LLP
			80Victoria Street
			London
			SW1E5JL
			Sarasin &Partners	LLP
			Juxon House
			100StPaul's Chrurchyard
			London
			EC4M 8BU
	AUDITORS:		Dafferns LLP
			Chartered Accountants
			Statutory Auditor
			One Eastwood
			Harry Weston Road
			Binley Business Park
			Coventry
			CV3 2UB
'Trustee	holding	title to property

						Expendable	2022	2021
					Income	endowment	Total	Total
				Notes	fund	fund	funds	funds
					E		F
Income and endowments			from:
Activities for generating		funds
Rental income					112,429		112,429	111,872
Trading income	(discontinued)
Property management					133,500		133,500	82,350
Licence fees								(4,775)
Investments
Quoted investments					337,373		337,373	270,146
Interest received					4		4	135
Voluntary income								(42,975)
Other income
Total income and endowments					583,306		583,306	416,753
Expenditure on:
Raising funds
Trading subsidiaries					44,786		44,786	53,447
Investment management			costs		155,341	65,796	221,137	113,474
Charitable activities
Grants payable					215,981		215,981	650,628
Grant making expenses					7,623		7,623	10,272
Other charitable	expenses				15,246		15,246	20,544
Governance costs					43,341		43,341	54,727
Total expenditure					482,318	65,796	548,114	903,092
Net gains / (losses)	on	investments		13		631,963	631,963	2,952,945
Net gains / (losses)	on	exchange rates			2,363		2,363
Net income / (expenditure)					103,351	566,167	669,518	2,466,606
Transfer between funds					(1,928,950)	1,928,950
Total funds brought	forward				2,234,127	17,505,287	19,739,414	17,272,808
Total funds carried	forward			18	408,528	20,000,404	20,408,932	19,739,414

					Expendable	2022	2021
				Income	endowment	Total	Total
			Notes	fund E	fundf	funds E	funds F
Income and endowments		from:
Activities for generating funds
Rental income				76,303		76,303	76,567
Gift aid receipts	from subsidiaries			49,083		49,083	65,510
Licence fees							(4,775)
Investments
Quoted investments				337,373		337,373	270,146
Interest received				4		4	135
Voluntary income							(42,975)
Other income
Total income and	endowments		3	462,763		462,763	364,608
Expenditure on:
Raising funds
Investment management		costs		146,197	65,796	211,993	99,738
Charitable activities
Grants payable				215,981		215,981	650,628
Grant making expenses				7,623		7,623	10,272
Other charitable	expenses			15,246		15,246	20,544
Impairment ofmixed motive social							39,158
investments
Governance costs				43,341		43,341	54,727
Total Expenditure				428,388	65,796	494,184	875,067
Net gains / (losses)	on investments		14		631,963	631,963	2,873,394
Net gains /(losses)	on exchange rates			2,363		2,363
Net income / (expenditure)				36,738	566,167	602,905	2,362,935
Transfer between funds				(1,610,035)	1,610,035
Total funds brought	forward			2,151,366	17,132,386	19,283,752	16,920,817
Total funds carried	forward		18	578,069	19,308,588	19,886,657	19,283,752

		CONSOLIDATED	CONSOLIDATED	BALANCE	SHEET
			05April 2022
				2022			2021
		Notes		E		F
FIXEDASSETS
Tangible Fixed Assets Investments		12 13		2,505 20,017,376			3,830 17,666,511
				20,019,881			17,670,341
CURRENT ASSETS
Debtors Cash at bank and in hand		16	47,421 499,338			43,789 2,096,303
			546,759			2,140,092
CREDITORS: amounts	falling due
within one year		17	157708			~71 019
NET CURRENT ASSETS					389,051		2,069,073
TOTAL ASSETSLESS	CURRENT
LIABILITIES BEING NETASSETS				20,408,932			19,739,414
CHARITYFUNDS:
UNRESTRICTED FUNDS
Income fund Expendable endowment	fund			408,528 20,000,404			2,234,127 17,505,287
TOTAL CHARITY FUNDS		18		20,408,932			19,739,414

	T	HE ALAN EDWARD HIG	HE ALAN EDWARD HIG	GS CHARITY
		CHARITY BALANCE		SHEET
			05April 2022
				2022		2021
		Notes
FIXEDASSETS
Investments		14		19,325,560		16,974,695
CURRENT ASSETS
Debtors Cash at bank and in hand		16	235,769 429,492		261,251 2,092,355
			665,261		2,353,606
CREDITORS: amounts	faIling due
within one year		17	(104,164)		(44,549)
NET CURRENT ASSETS				561,097		2,309,057
TOTAL ASSETSLESS	CURRENT
LIABILITIES BEING NET ASSETS				19,886,657		19,283,752
FUNDS OF THE CHARITY:
UNRESTRICTED FUNDS
Income fund Expendable endowment	fund			578,069 19,308,588		2,151,366 17,132,386
TOTAL CHARITY FUNDS		18		19,886,657		19,283,752

		2022	2021
	Notes	E	F
Cash flow from operating activities	19	(327,869)	(960,686)
Net cash flow from operating activities		(327,869)	(960,686)
Cash flow from investing activities
Payments to acquire tangible fixed assets			(1,590)
Payments to acquire investments		(4„287,781)	(9,647,206)
Receipts from sales of investments		2,568,879	7,317,173
Interest received		4	135
Dividends and other investment income received		337,373	270,146
Rents received from investment properties		112,429	111,872
Receipts from sales oftangible fixed assets
Net cash flow from investing activities		(1,269,096)	(1,949,470)
Cash flow from financing activities
Interest paid
Net cash flow from financing activities
Net increase in cash and cash equivalents		(1,596,965)	(2,910,156)
Cash and cash equivalents at 05 April 2021		2,096,303	5,006,459
Cash and cash equivalents at 05April 2022		499,338	2,096,303

			2022	2021
		Notes
Cash flow from operating activities		20	(357,641)	(828,814)
Net cash flow from operating	activities		(357,641)	(828,814)
Cash flow from investing activities
Payments to acquire investments			(4,287,781)	(9,671,172)
Receipts from sales ofinvestments			2,568,879	7,317,173
Interest received			4	135
Dividends and other investment	income received		337,373	270,146
Rents received from investment	properties		76,303	76,567
Net cash flow from investing	activities		(1,305,222)	(2,007,151)
Cash flow from financing activities
Interest paid
Net cash flow from financing	activities
Net (decrease) Iincrease in cash and cash equivalents			(1,662,863)	(2,835,965)
Cash and cash equivalents at	05April 2021		2,092,355	4,928,320
Cash and cash equivalents at	05April 2022
			429,492	2,092,355

Management	and adm	in	istration costs ofthe trading subsidiaries:
				2022 F	2021f
Property Management			Company
Salaries and	national	insurance		22,799	26,134
Legal and professional			charges	3,980	2,608
Rent, rates and insurance				4,297	6,015
Telephone				3,076	3,909
Postage and	stationery			953	1 ~121
Entertaining				199
Repairs and	renewals			1,584	736
Motor expenses				6
Travelling				284	143
Audit fees				3,900	7,860
Accountancy				1,915	3,462
Bank charges	and other		interest	287	252
Sundry expenses				181	246
Depreciation	and profits		and losses on sales ofassets:
Computer	equipment			1,325	961
				44,786	53,447

CHARITABLE ACTIVITIES							2021f
Grants payable
2""Warwick Sea Scouts							9,000
Towards fit out ofnew HQ for benefit		ofyoung		people
Alcester Youth Project							5,000
To match funding to develop the Hopkins			play	area
Atrium Health							15,000
To repurpose space for community	use by people with				long term
health conditions
Armonico Consort							30,000
Towards programme ofwork being	carried		out	across	schools	in
Coventry and Warwickshire
Atherstone District Scout Council							2,632
To provide camping and expedition	equipment			for use	by scout
troops in North Warwickshire
Bardsley Youth Project							15,000
To support work with young homeless		people		in Coventry
Belgrade Theatre Trust							45,000
To contribute towards cost of multifunctional			community		space
Carried forward							121,632

CHARITABLE ACTIVITIES —(CO	NTINU	ED)
						2022	2021
						E	E
Brought forward							121,632
Bipolar UK						2,552
To support individuals with Bipolar,	their families and		their carers
Birmingham Disability Resource Centre						3,478
To empower disabled people in deprived		areas ofthe	West Midlands
Brain Tumour Support						3,168
To provide tailored support for families in		the West Midlands
Carriers ofHope						12,000
To provide emergency support to asylum		seekers, refugees		and migrants
Children with Cystic Fibrosis Dream	Holidays					1,580
To provide respite for a family from	Coventry
Compass Support Services						5,000
To support children and families to	enjoy outdoor play
Coventry and District Credit Union							15,500
To assist with bad debt provision during COVID-19 pandemic.
Coventry City Mission						2,500
To provide disadvantaged children	of Coventry with Christmas				Presents
Coventry Foodbank							8,000
Purchase of3level racking to increase warehouse capacity
Coventry Haven Womens Aid							10,000
Grant to meet urgent need created	by COVID
Coventry Independent Advice Service							7,500
To provide video conferencing facilities in		community	facilities		to enable
COVID secure advice.
Coventry Refugee 8 Migrant Centre							5,000
To continue the work ofthe Coventry Health Champions
To reach harder to reach migrant communities
Coventry Samaritans							10,000
Grant to meet urgent need created	by COVID
CRASAC							10,000
Grant to meet urgent need created	by COVID
Dyspraxia							1,000
To support work with young people	affected by Dyspraxia			in the West-Midlands
EDT (The Engineering Development	Trust					990
To fund a STEM experience day for	young	people
Entrust Care Partnership							6,000
To replace decking round fixed mobile homes used for holidays
Etch and Pin							3,000
To help provide Coventry primary schools		with series	ofchildren' s
books telling the city's history
Carried forward						31,268	197,632

CHARITABLE ACTIVITIES —(C		O	NTIN	U	ED)
													2022	2021
													E	E
Brought forward													31,268	197,632
Friendship project for children														4,000
To support an individual counselling			and		befriending			scheme				in
Coventry and Warwickshire
Happy Days													1,000
To provide holidays for children with special needs								and	their		families.
Heart ofEngland community Foundation														250,000
To the COVID Resilience Fund
Holbrooks Community Centre													1,000
To buy equipment for the kitchen
Home Start North 8 Inner City													3,250
To provide volunteer support to vulnerable					families			with	young			children
Huntington's Disease Association														2,000
To develop services for sufferers		across			Warwickshire
John Taylor Hospice Charity														2,000
To support the newly established		bereavement				counselling					programme
for young people
Kairos WWT													7,000
To provide specialist homelessness			support to			women			in Coventry
Kids Out														4,560
To provide 114boxes oftoys for	children				entering		refuges			in Coventry
Kings Rise Academy														1,500
Grant to meet urgent need created			by COVID
Level Water													3,000
Swimming Lessons for Children	with Disabilities,						Birmingham
Lifespace Trust-													1,026
To recruit, train and supervise two		volunteer members
Macmillan Cancer Support														7,000
To provide Macmillian grants to 17			people		living	with		cancer			in	Coventry
Marie Curie														3,000
To support the Coronavirus Emergency				Appeal
Martineau Gardens													2,500	1,500
To support environmental education			at the gardens					for	children			from
Birmingham primary schools
Motor Neurone Disease Association														1,000
Towards the equipment loan and	support				grant	service			in Coventry
and Warwickshire
Myaware														1,000
To provide support to sufferers in	Coventry and					Warwickshire
Carried forward													50,044	475,192

												2022	2021
												E	E
Brough forward												50,044	475,192
Myton Hospice													10,000
To support the running costs
NSPCC												10,000	10,000
To support the NSPCC's	Schools		Service in the West						Midlands
Nuneaton 8 Warwickshire Riding			for		the Disabled		Association						5,000
Tosupport core costs during COVID-19 closure
Outreach &Community	Action Project											5,000
To use performing arts do support			disadvantaged				young			people
Positive Youth Project													10,000
To provide critical services to looked					after children			in Coventry
Refuge												12,500
To provide safe accommodation		in Warwickshire
Revitalise													3,280
To subsidise the cost of	holidays		for 10people from Coventry								with disabilities
Roald Dahl's Marvellous	Children's			Charity								25,000
To provide specialist nurses for		seriously ill children						living		with	complex,
lifelong conditions
Sandwell Youth in Action												20,525
Provision ofcore costs
Sense												10,000
Sense Forest School for	children		with			deafblindness		and their			families
in Birmingham
St Francis Employability													10,250
5 Doors down: Covid-19	response
Stoke Community Club I	imited											5,000
To make urgent improvements		to community facilities
TalI Ships Youth													1,500
To provide funds for five	young	people from Warwickshire								to	participate
Teenage Cancer Trust												T,000
To support 'Bddging the	Gap' a	nursing				and support		outreach			programme
for young people in the West Midlands						with cancer
The Air League													5,000
To fund the building ofan aeroplane					by young people				in	Coventry
The Bryntail Cottage Charity												3,000
To refurbish the fabric at	the cottage
The Friends ofStAndrews Church													5,000
To support the building ofStAndrews						community	Hibin		Carlton
Leicestershire
Carried forward												148,069	535,222

CHARITABLE ACTIVITIES		—(CONTI	NU	ED)
													2022	2021
													E	E
Brought forward													148,069	535,222
The Heart Theatre														4,000
Tosubsidise 4 covid compliant		community		activities
The Lullaby Trust													5,000
To provide support to bereaving		families
The Orchestra ofthe Swan													5,000	5,000
Towork with visually impaired		young people at the Priestley
Smith School leading to a musical performance
The Royal Life Saving Society		UK											5,000
To fund research to understand		lack ofwater safety training							in ethnically
diverse communities
The Royal Society for Blind Children													5,000	5,000
Towards the families first service in the			West Midlands				to	support
17families
The Shakespeare Hospice													20,000
To support the Day Hospice
Tile Hill Community Partnership													1,000
To support outreach to schools		embedding		a non-violence				culture
Together for Change, Coventry		8 Warwickshire												5,000
To pay for the renovation of	electrical systems				in	community
meeting hall
Valley House														10,000
Grant to meet urgent need created by COVID
Voluntary Action Coventry														6,320
To meet core costs to provide	support to voluntary					organisations				in	Coventry
Warwickshire Social Inclusion	Partnership												3,080
Towork with people with long	term mental			illness		in North Warwickshire
Warwickshire Young Carers														9,991
To provide a programme ofactivities for			infant young carers
during school holidays
Whizz-Kidz													6,000
To provide bespoke mobility equipment			for	young		wheelchair			users		in Coventry
Worth Unlimited													5,000
To provide play opportunities	for young people to					help them		re-engage				with
their peer group and their community after				the pandemic
Young Lives vs Cancer													3,000
To support our grants scheme	for young		cancer		patients		and		their	families
Young People First													9,832	5,000
To support the Peer Mentoring		Programme		for looked after				children
In Coventry
Carried forward													215,981	585,533

NOTES TO THE FINANCIAL for the year ended 05	NOTES TO THE FINANCIAL for the year ended 05	STATEMENTS April 2022
CHARITABLE ACTIVITIES —(CONTINUED)			2022	2021
			E	E
Brought forward			215,981	585,533
Young Women's Trust				5,000
To support 'Work It Out' a programme	for young women	in poverty
to gain employment and independence.
Historic Coventry Trust				60,095
Re: Drapers Bar and Restaurant
			215,981	650,628
Grant making expenses
Clerk's salary and overheads			7,623	10,272
Other Charitable Expenses
Clerk's salary and overheads			15,246	20,544

GOVERNANCE COSTS
	2022	2021
	F	E
Salaries and overheads	15,211	18,203
Trustees' expenses	2,400	2,400
Rent, rates and insurance	1,842	360
Telephone	1,318	1,675
Postage and stationery	724	180
Motor expenses	1,159	570
Audit fee	14,500	14,500
Accountancy	3,333	6,868
Sundry expenses	320	(1)
Computer expenses	735	9,947
Bank charges	30	25
Recruitment	1,769
	43,341	54,727

ALLOCATION OF SUPPORT	COSTS
	Investment	Grant	Other
	Management	Making	Charitable	Governance	Total
	F	F	F	F	F
Clerk's Salary 8 Overheads	11,434	7,623	15,246	15,211	49,514
'/o Allocation	30'/o	20'/o	40'/o	10o/o	100'/o

STAFF COSTS
	2022	2021
	E	F
Salaries	69,281	81,706
Social security	2,913	8,851
Pension	119
	72,313	90,557
Average number ofemployees

TANGIBL	E FIXEDASSETS - GROUP
		Fixtures
	Long	and	Computer
	Leasehold	fittings	equipment	Total
COST
At 06 April	2021		23,762	23,762
Additions
Disposals
At 05 April	2022		23,762	23,762
DEPRECIATION
At 06April	2021		19,932	19,932
Charge for	year		1,325	1,325
Disposals
Impairments
At 05April	2022		21,257	21,257
NET BOOK VALUE:
At 05April	2022		2,505	2,505
At 05 April	2021		3,830	3,830
There are	no tangible fixed assets held within the Charity.
INVESTMENT ASSETS - GROUP
		Investment	Quoted
		grroerties	investments	Total
		E	E	F
Cost and market value at 06 April 2021		2,201,850	15,464,661	17,666,511
Acquisitions			4,287,781	4,287,781
Sale proceeds			(2,568,879)	(2,568,879)
Investment	gains / (losses)		631,963	631,963
Cost and market value at 05April 2022		2,201,850	17,815,526	20,017,376
Historic cost as at 05 April 2022		733,498	14,651,742	15,385,240

Analysis of ma	rk	et value	at	05 April 202	2:
											UK		Overseas			Total
											E			E		E
Investment properties											2,201,850					2,201,850
Quoted investments
Equity:
Direct											12,441,021		586,785			13,027,806
Indirect											2,387,720	2,400,000				4,787,720
										17,030,591		2,986,785				20,017,376
The investment		properties		were professionally			valued			by Carters Chartered			Surveyors			during March
2021.The Trustees have			assessed the		market		value as			at 5	April 2022 and	do not consider the value to
have moved significantly			since the valuation			date.
There were no	individual		shareholdings		or	investments			considered to be material					with	the	market values
and proportion	ofthe portfolio shown as				at	05 April		2022.
INVESTMENT	ASSETS		- CHARITY
								Investment			Quoted			Unquoted
								errorerties			investments		investments			Total
																F
Cost and market		value at	06	April 2021				1,509,350			15,464,661				684	16,974,695
Acquisitions											4,287,781					4,287,781
Sale proceeds											(2,568,879)					(2,568,879)
Investment gains		/ (losses)									631,963					631,963
Cost and market		value at	05	April 2022				1,509,350			17,815,526				684	19,325,560
Historic cost at	05April 2022							413,675			14,651,742			30,000		15,095,417

Analysis o	f market value at 05 April 2022	:
		UK	Overseas	Total
		F		E
Investment	properties	1,509,350		1,509,350
Quoted Investments
Equity:
Direct		12,441,021	586,785	13,027,806
Indirect		2,387,720	2,400,000	4,787,720
Unquoted	investments
Equity:
Direct	(Note 15)	684
		16,338,775	2,986,785	19,325,560

Hope Property Managements	Ltd			property	dealing company	dealing company	dealing company
(Company no. 00348703)
Plough Hill Land Ltd				for the purpose of			developing			land	in Nuneaton
(Company no. 09033788)				as ajoint	venture		project
The Alan Edward Higgs Charity		owns	100'/G of the ordinary			share	capital		in	each	of the above listed
subsidiary companies.
				2022					2021
Value ofthe investments				684						684
Results ofactive companies
				Gross		Administrative			Other		Operating
Year ended 31 March 2022		Turnover f		Profit L'		~Ex eneee			Income f.		Profit E	Gift Aid f
Hope Property Managements	Ltd		36,126	27,492		45,296		133,500			115,696	49,083
Plough Hill Land Ltd
Year ended 31 March 2021
Hope Property Managements	Ltd		35,305	23,119		54,997			82,350		50,472	65,510
Plough Hill Land Ltd

Summary	ofbalance sheets
				Fixed	Stock,
				Assets &	Debtors 8	Due to	Other	Net
Year ended	31 March 2022			~Pro erties	Cash	Charity	Creditors	Assets
					F	E		E
Hope Property Managements		Ltd		2,505	407,885	(206,696)	(60,044)	143,650
The Drapers Bar and Restaurant			Ltd
Plough Hill	Land Limited				6,631		(250)	6,381
				2,505	414,516	(206,696)	(60,294)	150,031
Year ended	31 March 2021
Hope Property Managements		Ltd		3,830	342,543	(236,375)	(32,961)	77,037
The Drapers Barand Restaurant			Ltd
Plough Hill	Land Limited				6,631		(250)	6,381
				3,830	349,174	(236,375)	(33,211)	83,668

DEBTORS
						Group			Charity
					2022		2021	2022		2021
							F			F
Amounts due from subsidiary				undertakings				206,696		236,375
Prepayments	and accrued		income		47,421		43,789	29,073		24,786
					47,421		43,789	235,769		261,251
Loan- Credit Union falls		wholly		due after more	than one	year.
CREDITORS						Group			Charity
					2022		2021	2022		2021
							F	F		f
Due within one year:
Trade creditors
Deferred income (rents		in	advance)		3,000		3,000	3,000		3,000
Grants payable
Amounts due to subsidiary			undertakings					5,571		5,044
Other creditors	and accruals				154,708		68,019	95,593		36,505
					157,708		71,019	104,164		44,549

ANALYSIS	OF NET ASSETS BETWEE	N FUNDS
GROUP			Expendable
		Income	endowment	Total
Tangible fixed assets		2,505		2,505
Investment	assets		20,017,376	20,017,376
Current assets		546,759		546,759
Creditors		(140,736)	(16,972)	(157,708)
Total net assets		408,528	20,000,404	20,408,932
CHARITY			Expendable
		Income	endowment	Total
		F		E
Investment	assets		19,325,560	19,325,560
Current assets		665,261		665,261
Creditors		(87,192)	(16,972)	(104,164)
Total net assets		578,069	19,308,588	19,886,657

					2022	2021
					F
Net income / (expenditure) for year					669,518	2,466,606
Depreciation and impairment of		tangible fixed assets			1,325	961
Dividends and other	investment	income received			(337,373)	(270,146)
Rents received from	investment	properties			(112,429)	(111,872)
Interest received					(4)	(135)
(Gains) / losses on investments					(631,963)	(2,952,945)
(Increase) / decrease	in stock
(Increase) / decrease	in debtors				(3,632)	59,027
Increase / (decrease)	in creditors				86,689	(794,623)
(Profit) / loss on disposal oftangible			fixed assets			642,441
Net cash flow from operating activities					(327,869)	(960,686)
Analysis ofchanges	in net debt
				2021	Cashflow	2022
				E
Cash and cash equivalents				2,096,303	(1,596,965)	499,338

						2022	2021
						E
Net income / (expenditure) for year						602,905	2,362,935
Impairment		ofmixed	motive social investments				39,158
Dividends		and other	investment	income received		(337,373)	(270,146)
Rents received from			investment	properties		(76,303)	(76,567)
Interest received						(4)	(135)
(Gains) /	losses on investments					(631,963)	(2,873,394)
(Increase)		/ decrease	in debtors			25,482	73,356
Increase	/	(decrease)	in creditors			59,615	(84,021)
Net cash	flow from operating activities					(357,641)	(828,814)
Analysis		ofchanges	in net debt
					2021	Gashflow	2022
Cash and		cash equivalents			2,092,355	(1,662,863)	429,492