Year ended
30 September
2019
£’000
Year ended
30 September
2018
£’000
Cash flows from operating activities    
Profit before taxation 16,336 22,267
Adjustments for:    
Surplus on revaluation of investment properties (5,791) (10,582)
Surplus on revaluation of receivables (850) (1,090)
Share of post-tax profit from joint ventures (8,039) (2,059)
Finance income (1,777) (866)
Finance costs 1,470 2,127
Depreciation charge 918 1,148
Write down of trading properties 730 2,570
Profit on sale of investment properties (1,244)
Profit on disposal of investments (94)
Loss on disposal of property, plant and equipment 13 2
Share-based payment expense 3,955 3,434
Cash flows from operating activities before change in working capital 6,965 15,613
Decrease in trading properties 11,034 631
Increase in trade and other receivables (9,243) (15,284)
Decrease in trade and other payables (12,368) (2,330)
Cash absorbed by operations (3,612) (1,370)
Finance costs paid (1,126) (3,476)
Finance income received 72 39
Tax paid (1,498) (111)
Net cash flows from operating activities (6,164) (4,918)
Investing activities    
Additions to investment properties (2,144) (14,174)
Additions to property, plant and equipment (381) (558)
Loans advanced to joint ventures (9,203) (9,685)
Loans repaid by joint ventures and associates 179 2
Profit on disposal of investments 94
Proceeds from disposal of investment properties 38,925
Net cash flows from investing activities (11,549) 14,604
Financing activities    
New loans 37,335 42,818
Issue costs of new loans (580) (408)
Repayment of loans (5,622) (42,015)
Purchase of own shares (755) (1,392)
Dividends paid (4,862) (4,241)
Net cash flows from financing activities 25,516 5,238
Net increase in cash and cash equivalents 7,803 4,448
Cash and cash equivalents at 1 October 16,638 12,190
Cash and cash equivalents at 30 September 24,441 16,638

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