Leicester Pirates Football Club Statement of Cash Flows For the period 1/6/2021 to 31/05/2022 Cash at the beginning of the Period 10,345,000 Cash Flow from Operating Activities: (2,210,000) Net Income after tax 1,245,000 Add: Depreciation 385,000 Increase in Accounts Receivable (2,300,000) Decrease in Accounts Payable (1,540,000) Cash Flow from Investing Activities: (7,500,000) Capital Expenditures (players purchased) (5,000,000) Purchase of new training facility (2,500,000) Cash flow from Financing Activities: (3,000,000) Repayment of Borrowings (1,000,000) Dividends Paid (2,000,000) Cash at the End of the period (2,635,000) a) Comment on the effectiveness with which the club is managing its net wor