Schedule of exposure to material foreign currency risk


	2022		2021
	Euro	US Dollar	Euro	US Dollar
	£’000	£’000	£’000	£’000
Contract assets — accrued revenue	1,890	250	4,477	2,499
Trade receivables	28,832	15,575	44,855	10,274
Cash and cash equivalents	49,277	32,460	57,004	17,290
Derivative financial assets	—	2,458	—	—
Trade and other payables	(120,994)	(149)	(90,608)	(454)
Borrowings	—	(536,038)	—	(470,068)
Derivative financial liabilities	—	—	—	(5,121)
	(40,995)	(485,444)	15,728	(445,580)

Schedule of movements on provision for impairment of trade receivables


	2022	2021
	£’000	£’000
Provision as of 1 July	4,971	13,150
Increase in provision recognized in profit or loss during the year	2,277	1,054
Unused amount reversed – cash received	(93)	(188)
Receivables written off during the year as uncollectible	(764)	(9,003)
Receivables offset against contract liabilities - deferred revenue	5,842	90
Foreign exchange gains/(losses) on retranslation recognized in profit or loss during the year	7	(132)
Provision as of 30 June	12,240	4,971

Schedule of net borrowings being hedged at balance sheet date


	2022	2021
	$’000	$’000
USD borrowings	650,000	650,000
Hedged USD cash	(37,000)	(23,700)
Net USD debt	613,000	626,300
Hedged future USD revenues	(22,800)	(61,453)
Unhedged USD borrowings⁽¹⁾	590,200	564,847
Closing exchange rate	1.2151	1.3820

⁽¹⁾ A further portion of the profit and loss exposure (within net finance income/costs) on unhedged USD borrowings is naturally offset by the fair value of foreign exchange based embedded derivatives in host Commercial revenue contracts.

Schedule of movements on the hedging reserve


	Future US
	dollar	Interest		Total,		Total,
	revenues	rate swap	Other	before tax	Tax	after tax
	£’000	£’000	£’000	£’000	£’000	£’000
Balance at 1 July 2019	(27,337)	(2,298)	202	(29,433)	(6,111)	(35,544)
Exchange differences on hedged foreign exchange risks	(2,818)	—	353	(2,465)	—	(2,465)
Reclassified to profit or loss	12,214	—	(34)	12,180	—	12,180
Change in fair value	—	(6,838)	—	(6,838)	—	(6,838)
Tax relating to above	—	—	—	—	102	102
Movement recognized in other comprehensive income	9,396	(6,838)	319	2,877	102	2,979
Balance at 30 June 2020	(17,941)	(9,136)	521	(26,556)	(6,009)	(32,565)
Exchange differences on hedged foreign exchange risks	4,325	—	(2,490)	1,835	—	1,835
Reclassified to profit or loss	14,956	—	1,892	16,848	—	16,848
Change in fair value	—	4,015	—	4,015	—	4,015
Tax relating to above	—	—	—	—	(569)	(569)
Movement recognized in other comprehensive income	19,281	4,015	(598)	22,698	(569)	22,129
Balance at 30 June 2021	1,340	(5,121)	(77)	(3,858)	(6,578)	(10,436)
Exchange differences on hedged foreign exchange risks	(1,733)	—	300	(1,433)	—	(1,433)
Reclassified to profit or loss	(770)	—	(228)	(998)	—	(998)
Change in fair value	—	7,579	—	7,579	—	7,579
Tax relating to above	—	—	—	—	(1,287)	(1,287)
Movement recognized in other comprehensive income	(2,503)	7,579	72	5,148	(1,287)	3,861
Reclassified	—	—	7,525	7,525	—	7,525
Balance at 30 June 2022	(1,163)	2,458	7,520	8,815	(7,865)	950