Auditor Report
Balance Sheet
Income & Expenditure
Statement of Cash Flow
Statement of Changes
Notes
|
Cash Flow Statement for the year ended 31 March 2004 (In Singapore dollars)
|
Notes |
2003/04
$ |
|
2002/03
$ |
| |
|
|
|
|
Cash flows from operating activities |
|
|
|
|
Operating deficit before Government Grants |
|
(25,353,125) |
|
(9,653,310) |
Adjustments : |
|
|
|
|
Interest income |
|
(13,519) |
|
(3,866) |
Depreciation |
5 |
7,110,279 |
|
91,463 |
Deficit before working capital charges |
|
(18,256,365) |
|
(9,565,713) |
| |
|
|
|
|
Changes in working capital |
|
|
|
|
Increase in creditors, accruals and deposits |
|
13,217,238 |
|
5,967,179 |
Increase in fees received in advance |
|
31,840 |
|
98 |
Increase in sundry receivables, deposits and |
|
|
|
|
Prepayments |
|
(113,860) |
|
(54,643) |
Cash used in operations |
|
(5,121,147) |
|
(3,653,079) |
| |
|
|
|
|
Interest from current accounts |
|
230 |
|
25 |
Student loans disbursed |
|
(95,071) |
|
– |
Net cash used in operating activities |
|
(5,215,988) |
|
(3,653,054) |
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Purchase of property, plant and equipment |
5 |
(29,501,688) |
|
(978,829) |
Capital work-in-progress |
5 |
(35,898,904) |
|
(156,152,440) |
Interest from fixed deposits |
|
13,289 |
|
3,841 |
Net cash used in investing activities |
|
(65,387,303) |
|
(157,127,428) |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Government grants received |
|
|
|
|
Operating grants |
9 |
14,637,708 |
|
8,243,762 |
Development grants |
3 |
81,881,175 |
|
165,509,008 |
Interest from development grants |
3 |
55,855 |
|
– |
Non-government grants received |
|
1,260,250 |
|
– |
Endowment fund |
|
100,000 |
|
– |
Student loan fund received |
|
95,071 |
|
– |
Net cash from financing activities |
|
98,030,059 |
|
173,752,770 |
|
|
|
|
|
Net increase in cash and cash equivalents |
|
27,426,768 |
|
12,972,288 |
Cash and cash equivalents at beginning of year |
|
12,972,288 |
|
– |
Cash and cash equivalents at end of year |
|
40,399,056 |
|
12,972,288 |
The accounting policies and explanatory notes form an integral part of the financial statements.
|
