The Edinburgh Investment Trust Plc Annual Financial Report 2022 - Flipbook - Page 59
THE EDINBURGH INVESTMENT TRUST PLC / FINANCIAL REVIEW / 57
Cash Flow Statement
For the year ended 31 March
Notes
2022
£’000
2021
£’000
149,888
287,174
Cash flow from operating activities
Net return before finance costs and taxation
Tax on overseas income
6
(663)
(495)
(426,367)
(417,672)
462,132
437,425
Adjustments for:
Purchase of investments
Sale of investments
Gains on investments held at fair value
Increase in debtors
35,765
19,753
(101,815)
(247,596)
(3,201)
(2,303)
Increase/(decrease) in creditors
128
Net cash inflow from operating activities
80,102
(141)
56,392
Cash flow from financing activities
Interest paid on overdraft
(1)
Interest and commitment fees paid on bank facility
–
(85)
(158)
Interest paid on debenture stocks
(7,994)
(7,750)
Issue of Unsecured Senior Loan Notes 2.53% redeemable 7 October 2051
20,000
Shares bought back and held in treasury
(6,545)
(11,538)
(49,319)
(48,334)
(43,944)
(67,780)
Net increase/(decrease) in cash and cash equivalents
36,158
(11,388)
Cash and cash equivalents at start of the year
32,570
43,958
Cash and cash equivalents at the end of the year
68,728
32,570
Dividends paid
8
Net cash outflow from financing activities
–
Reconciliation of cash and cash equivalents to the Balance Sheet is as follows:
Cash held at custodian
1,021
844
Goldman Sachs Liquidity Reserve International Fund – Money Market Fund
47,727
31,726
UK Government Treasury Bill – matures on 30 May 2022
19,980
–
Cash and cash equivalents
68,728
32,570
50,447
39,963
–
4
Cash flow from operating activities includes:
Dividends received
Interest received
Non-cash
movement
£’000
At 31 March 2022
£’000
36,158
–
68,728
(99,623)
–
(251)
(99,874)
–
(20,000)
–
(20,000)
(67,053)
16,158
(251)
(51,146)
At 1 April 2021
£’000
Cash flows
£’000
Reconciliation of net debt:
Cash and cash equivalents
Debenture Stock 7¾% 30 September 2022
Unsecured Senior Loan Notes 2.53% 7 October 2051
Total
32,570