(1)	These amounts exclude non-cash movements and movements in respect of items reported elsewhere in the consolidated statement of cash flows, primarily in investing activities (where the timing of acquisitions and disposals and related cash flows can differ), resulting in:

●

an increase in changes to trade receivables of £7,673,000 (2021: decrease of £17,210,000; 2020: increase of £42,742,000); and

●

an increase in changes to trade and other payables of £40,276,000 (2021: decrease of £12,652,000; 2020: decrease of £30,784,000).

27.2

Net debt reconciliation

Net debt is defined as non-current and current borrowings minus cash and cash equivalents. Net debt is a financial performance indicator that is used by the Group’s management to monitor liquidity risk. The Group believes that net debt is meaningful for investors as it provides a clear overview of the net indebtedness position of the Group and is used by the Chief Operating Decision Maker in managing the business.

27Cash flow information (continued)

27.2

Net debt reconciliation (continued)

The following tables provide an analysis of net debt and the movements in net debt for each of the periods presented.


	Non-current	Current	Cash and cash
	borrowings	borrowings	equivalents	Total
	£’000	£’000	£’000	£’000
Net debt at 1 July 2020	520,010	5,605	(51,539)	474,076
Cash flows	(625)	42,321	(61,351)	(19,655)
Other changes	(54,336)	17,261	2,232	(34,843)
Net debt at 30 June 2021	465,049	65,187	(110,658)	419,578
Cash flows	—	40,000	(7,980)	32,020
Other changes	65,316	570	(2,585)	63,301
Net debt at 30 June 2022	530,365	105,757	(121,223)	514,899

Other changes largely comprise foreign exchange gains or losses arising on re-translation of the US dollar denominated secured term loan facility and senior secured notes, incurrence and amortization of debt issue costs and the movement on accrued interest on senior secured notes (which will be presented as operating cash flows in the statement of cash flows when paid), partially offset by foreign exchange gain or losses arising on translation of foreign currency denominated cash and cash equivalents.