114
| 2026 | 2025 | |
| Notes | £000 | |
| Cash flows from operating activities | ||
| Net expenditure after interest | (306,262) | (250,947) |
| Adjustments for: | ||
| Depreciation and assets written off | 6,775 | 8,648 |
| Increase in investment provision and write-off | 9,948 | 5,067 |
| Property revaluation (gain) / deficit | (2,498) | (1,264) |
| Intangible assets revaluation deficit | 138 | - |
| Investment revaluation deficit | 107,783 | 39,747 |
| Interest receivable | 2 | (13,497) |
| Interest on lease liabilities | 20 | 92 |
| Interest on lease receivables | 13 | (5) |
| Exchange movement on lease liabilities | (10) | (9) |
| Dividends receivable | 2 | (141) |
| Retirement benefit scheme net charges | (36) | 5,592 |
| Share of loss in equity accounted investees | 8 | - |
| Surplus on disposal of property, plant and equipment | (1,190) | (583) |
| Surplus on disposal of investments and equity accounted investees | 2 | (3,551) |
| (202,454) | (204,413) | |
| Increase in inventories | 15 | (8) |
| Decrease in trade and other receivables | 160 | 6,040 |
| Decrease in lease receivables | 156 | 156 |
| Decrease in trade payables | (6,748) | (9,564) |
| (Decrease) / Increase in provision for future liabilities | (2,048) | (70) |
| Decrease in lease liabilities | (1,913) | (1,912) |
| (212,832) | (209,771) | |
| Income tax expense | (1,411) | (1,195) |
| Net cash outflow from operating activities | (214,243) | (210,966) |
| Cash flows from investing activities | ||
| Proceeds of disposal of property, plant and equipment | 2,549 | 1,629 |
| Proceeds of disposal of financial assets and equity accounted investees | 16,725 | 17,706 |
| Repayment of other investments | 9,258 | 11,039 |
| Interest received | 6,147 | 7,191 |
| Dividends received | 141 | 471 |
| Purchase of property, plant and equipment | (405) | (2,217) |
| Purchase of financial assets | (51,692) | (43,752) |
| Net cash outflow from investing activities | (17,277) | (7,933) |