| Cash Flow |
Cash Flow Operating Activities | | | | | | | | | | | | | | | | | | | | | | Adjustments | | 2024
£’000 | | 2023
£’000 | | 2022
£’000 | | Depreciation, amortisation and impairment of non-financial assets | | £ | 38,941 | | | £ | 32,927 | | | £ | 28,969 | | | Unrealised foreign exchange loss / (gain) | | 3,249 | | | 5,441 | | | (9,876) | | | Interest income | | (6,171) | | | (3,506) | | | (184) | | | Fair value movement of financial liabilities | | (9,133) | | | (11,828) | | | 842 | | | Interest expense | | 6,181 | | | 3,469 | | | 2,014 | | | Net loss/(gain) on disposal of non-current assets (tangibles and intangibles) | | 690 | | | (45) | | | (73) | | | Share-based compensation expense | | 34,678 | | | 31,058 | | | 35,005 | | | Hyperinflation effect (gain) / loss | | — | | | (386) | | | 17 | | | Research and development tax credit | | (7,788) | | | (5,027) | | | (2,211) | | | Loss on derecognition of right-of-use assets sub-leased | | 81 | | | — | | | 132 | | | Net gain on disposal of right-of-use asset | | (139) | | | (1) | | | (187) | | | Fair value movement of financial assets | | (18) | | | (2) | | | (7) | | | Grant income | | (2,803) | | | (2,935) | | | (642) | | | Total adjustments | | £ | 57,768 | | | £ | 49,165 | | | £ | 53,799 | |
| | | | | | | | | | | | | | | | | | | | | | Net changes in working capital | | 2024
£’000 | | 2023
£’000 | | 2022
£’000 | | Decrease/(Increase) in trade and other receivables | | £ | 5,532 | | | £ | (3,937) | | | £ | (37,006) | | | (Decrease)/Increase in trade and other payables | | (22,112) | | | (12,136) | | | 15,236 | | | Net changes in working capital | | £ | (16,580) | | | £ | (16,073) | | | £ | (21,770) | |
Financing Activities Non-Cash Changes Arising from Financing Activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Grant received | | Beginning of the year
£’000 | | Cash received
£’000 | | Grant income
£'000 | | Non-cash foreign exchange
£'000 | | End of the year
£'000 | | 2022 | | 59 | | | 139 | | | (642) | | | 7 | | | (437) | | | 2023 | | (437) | | | 494 | | | (2,935) | | | 1 | | | (2,877) | | | 2024 | | (2,877) | | | 707 | | | (2,803) | | | 81 | | | (4,892) | |
The grants receivable in 2022, 2023 and 2024 are presented in trade and other receivables. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Borrowings | | Beginning of the year
£’000 | | Proceeds from borrowings
£’000 | | Repayment of borrowings
£’000 | | Non-cash foreign exchange
£’000 | | Non-cash Other
£'000 | | End of the year
£'000 | | 2024 | | — | | | (153,814) | | | 8,056 | | | 795 | | | 209 | | | (144,754) | |
The movements in lease liabilities for fiscal years 2024 and 2023 are disclosed in Note 23. Investing activities £48.5 million presented as other acquisition related settlements for the fiscal year 2024 represents the repayment of external loans acquired with GalaxE. In addition, the repayment of external loans acquired with TLM of £6.7 million are included in other acquisition related settlements for the fiscal year 2024. £21.2 million presented as other acquisition related settlements for the fiscal year 2023 represents the payment of a promissory note acquired with DEK, settled in the post-acquisition period.
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