| Year ended 30 September 2020 Audited £’000 |
Year ended 30 September 2019 Audited £’000 |
Year ended 30 September 2018 Audited £’000 |
|
|---|---|---|---|
| Cash flows from operating activities | |||
| Loss)/profit before taxation | (8,066) | 16,336 | 22,267 |
| Adjustments for: | |||
| Deficit/(surplus) on revaluation of investment properties | 6,090 | (5,791) | (10,582) |
| Deficit/(surplus) on revaluation of receivables | 286 | (850) | (1,090) |
| Share of post-tax profit from joint ventures | (4,189) | (8,039) | (2,059) |
| Impairment of loans to joint ventures | 718 | — | — |
| Finance income | (4,661) | (1,777) | (866) |
| Finance costs | 1,780 | 1,470 | 2,127 |
| Depreciation charge | 1,115 | 918 | 1,148 |
| Write down of trading properties | 1,909 | 730 | 2,570 |
| Loss on disposal of investment properties | 863 | — | (1,244) |
| Loss on disposal of property, plant and equipment | 1 | 13 | 2 |
| Share-based payment expense | 3,733 | 3,955 | 3,434 |
| Cash flows from operating activities before change in working capital | (421) | 6,965 | 15,613 |
| (Increase)/decrease in trading properties | (7,010) | 11,034 | 631 |
| (Increase)/decrease in trade and other receivables | 2,864 | (9,243) | (15,284) |
| Decrease in trade and other payables | (2,846) | (12,368) | (2,330) |
| Cash absorbed by operations | (7,413) | (3,612) | (1,370) |
| Finance costs paid | (1,224) | (1,126) | (3,476) |
| Finance income received | 64 | 72 | 39 |
| Tax paid | (2,552) | (1,498) | (111) |
| Net cash flows from operating activities | (11,125) | (6,164) | (4,918) |
| Investing activities | |||
| Additions to investment properties | (3,856) | (2,144) | (14,174) |
| Additions to property, plant and equipment | (138) | (381) | (558) |
| Loans advanced to joint ventures | (2,778) | (9,203) | (9,685) |
| Profits distributed from joint ventures | 960 | 179 | 2 |
| Proceeds from disposal of investment properties | 1,496 | — | 38,925 |
| Net cash flows from investing activities | (4,316) | (11,549) | 14,604 |
| Financing activities | |||
| New loans | 20,054 | 37,335 | 42,818 |
| Issue costs of new loans | (150) | (580) | (408) |
| Repayment of loans | (9,088) | (5,622) | (42,015) |
| Repayment of lease liabilities | (526) | — | — |
| Purchase of own shares | (1,745) | (755) | (1,392) |
| Dividends paid | (3,480) | (4,862) | (4,241) |
| Net cash flows from financing activities | 5,065 | 25,516 | 5,238 |
| Net (decrease)/increase in cash and cash equivalents | (10,376) | 7,803 | 4,448 |
| Cash and cash equivalents at 1 October | 24,441 | 16,638 | 12,190 |
| Cash and cash equivalents at 30 September | 14,065 | 24,441 | 16,638 |
