| |
| UNIFIED EXCHANGE COMPENSATION FUND FINANCIAL STATEMENTS |
| ............................................................................................................. |
| |
| |
| Unified Exchange Compensation Fund |
| Cash Flow Statement |
| For the year ended 31st March 1998 (Expressed in Hong Kong Dollars) |
| |
| |
| l.................................................................................................................................................... |
| Net cash outflow from operating activities |
a |
$ (248,691 |
) |
$ (756,027 |
) |
| |
|
........................ |
|
........................ |
|
| Returns on investments and servicing of finance |
|
|
|
|
|
| Interest received |
|
$ 32,887,257 |
|
$ 28,399,791 |
|
| Interest paid |
|
(2,055,568 |
) |
(2,082,977 |
) |
| |
|
......................... |
|
......................... |
|
| Net cash inflow from returns on investments and |
|
|
|
|
|
| servicing of finance |
|
$ 30,831,689 |
|
$ 26,316,814 |
|
| |
|
......................... |
|
......................... |
|
| Investing activities |
|
|
|
|
|
Receipts from redemption of
dated securities |
|
$ 222,000,000 |
|
$ 144,500,000 |
|
| Payments to acquire dated securities |
|
(242,879,600 |
) |
(192,314,400 |
) |
| |
|
|
|
|
|
| Net cash outflow from investing activities |
|
$ (20,879,600 |
) |
$ (47,814,400 |
) |
| |
|
......................... |
|
......................... |
|
| Funding |
|
|
|
|
|
| Refund of contribution to the SEHK |
|
$ -- |
|
$ (50,000 |
) |
| Recovery under subrogation |
|
477,064 |
|
8,180 |
|
| Replenishment received from the SEHK |
|
5,062,996 |
|
2,264,093 |
|
| Compensation paid |
|
(16,000,000 |
) |
-- |
|
| |
|
|
|
|
|
| Net cash (outflow)/inflow from funding |
|
$ (10,459,940 |
) |
$ 2,222,273 |
|
| |
|
......................... |
|
......................... |
|
| Decrease in cash and cash equivalents |
|
$ (756,542 |
) |
$ (20,031,340 |
) |
| Cash and cash equivalents at beginning of the year |
|
18,932,935 |
|
38,964,275 |
|
| |
|
|
|
|
|
| Cash and cash equivalents at end of the year |
b |
$ 18,176,393 |
|
$ 18,932,935 |
|
| |
|
=========== |
|
=========== |
|
| |
|
|
|
|
|
| a Reconciliation of surplus of income over expenditure to net cash outflow from operating activities: |
| |
|
|
|
|
|
| |
|
1998 |
|
1997 |
|
| l.................................................................................................................................................... |
Surplus of income over expenditure
for the year |
|
$ 32,278,191 |
|
$ 28,653,659 |
|
| Interest income |
|
(33,081,351 |
) |
(29,189,684 |
) |
| Premium on investments amortized |
|
458,844 |
|
165,007 |
|
| Discount on investments accreted |
|
(15,411 |
) |
(463,265 |
) |
| Increase in creditors and accrued charges |
|
111,036 |
|
78,256 |
|
| |
|
|
|
|
|
| Net cash outflow from operating activities |
|
$ (248,691 |
) |
$ (756,027 |
) |
| |
|
=========== |
|
=========== |
|
| |
|
|
|
|
|
| b Analysis of the balance of cash and cash equivalents as shown in the balance sheet: |
|
| Cash at bank |
|
$ 56,259 |
|
$ 86,791 |
|
| Bank fixed and call deposits |
|
18,120,134 |
|
18,846,144 |
|
| |
|
|
|
|
|
| |
|
$ 18,176,393 |
|
$ 18,932,935 |
|
| |
|
=========== |
|
=========== |
|
| |
| |
| The notes on pages 82 to 84 form an integral part of the financial statements |
| |
|
