October 22, 2026 · 11 min
Cash flow: where the money actually went
Profit is not cash. How to follow the cash through three parts of a report and see where it went.
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Plain Reports
One plain letter every Thursday on how to read an annual report, with a part of the report to try for yourself.
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Read the notes before the numbers
Why I turn to the notes first, and the three I read before I look at a single figure.