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2017-05-15 General Committee Agenda
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AGENDA
General Committee
Meeting
Monday, 15 May 2017
commencing at 10am
Council Chambers, 9 Pelican Street, Tewantin
Committee: Crs Frank Wilkie (Chair), Jess Glasgow, Ingrid Jackson,
Joe Jurisevic, Frank Pardon, Brian Stockwell, Tony Wellington
“Noosa Shire – different by nature”
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Section 2
GENERAL COMMITTEE MEETING AGENDA 15 MAY 2017
TABLE OF CONTENTS
ITEM PAGE
ATTENDANCE & APOLOGIES -
PRESENTATIONS -
ITEMS REFERRED FROM PLANNING & ENVIRONMENT COMMITTEE -
ITEMS REFERRED FROM SERVICES & ORGANISATION COMMITTEE -
REPORTS DIRECT TO GENERAL COMMITTEE 3
1 1617T112 KINMOND CREEK ROAD - SANDY CREEK & EASTERN BRANCH
CREEK CULVERT AND ROAD RECONSTRUCTION - TENDER
RECOMMENDATION 3
2 FINANCIAL PERFORMANCE REPORT - APRIL 2017 8
CLOSED SESSION -
Page 2 of 15
Section 3
GENERAL COMMITTEE MEETING AGENDA 15 MAY 2017
REPORTS DIRECT TO GENERAL COMMITTEE
1 1617T112 KINMOND CREEK ROAD - SANDY CREEK & EASTERN BRANCH CREEK
CULVERT AND ROAD RECONSTRUCTION - TENDER RECOMMENDATION
DOCUMENT INFORM AT ION
Author Project Coordinator, Jaro Bauleka
Planning & Infrastructure Department
Index ECM\ Projects (T1)\ Cootharaba Kinmond Creek Road Sandy & Eastern
Branch Creeks - CAP.WORK – 500634 & 500635
ECM\ Subject\ Road Construction
Attachments 1. Tender Assessment
EXECUTIVE SUMMARY
This report provides a recommendation for the appointment of the preferred contractor for the
Kinmond Creek Road – Sandy Creek & Eastern Branch Creek culvert and road capital
reconstruction project.
RECOMMENDATION
That Council note the report by the Project Coordinator to the General Committee Meeting dated
15 May 2017 and award tender 1617T112 Kinmond Creek Road – Sandy Creek & Eastern
Branch Creek culvert and road capital reconstruction project to Carruthers Contracting Pty Ltd
(Carruthers) for the lump sum price of $1,601,732.81 (excluding GST).
REPORT
The purpose of this report is to seek approval to proceed with the preferred tenderer for the
Kinmond Creek Road – Sandy Creek & Eastern Branch Creek culvert and road construction to
commence in the 2017/18 financial year.
The existing helcoil culverts beneath Kinmond Creek Road, crossing Sandy and Eastern Branch
creeks have deteriorated and are currently load limited to prevent potential collapse of the road
surface. This project involves the replacement of these failing drainage structures with a series of
precast reinforced box culverts, scour protection, concrete floodway works and reconstruction of
690m of Kinmond Creek Road’s pavement through insitu stabilisation.
1. Design
Detailed design, review and documentation of the Kinmond Creek road works was undertaken
with the intent of minimising disruption to adjacent property owners and the surrounding
environment.
2. Construction Management and Inspections
Contract administration, management, engineering certification, and inspections will be
performed by an external consultant. These services were tendered separately via Vendorpanel
which closed on the 13 April 2017, with one conforming response received.
Page 3 of 15
Section 4
GENERAL COMMITTEE MEETING AGENDA 15 MAY 2017
3. Design & Construction Issues
a. Issue of construction materials by Council
The reconstruction of the Kinmond Creek Road pavement will use material from Council’s
Ringtail Creek Quarry. The contractor will transport the material from the quarry to site, with
quantities recorded on load dockets. Material costs will be captured from the load dockets.
b. Telstra fibre optic service
During design development, a potential conflict with the existing Telstra service was identified.
Council staff have been unable to locate the service and confirm any conflict. To mitigate this
risk:
an item has been included in the tender schedule and documents for the contractor to
locate and verify the Telstra service; and
a provisional item has been included for the relocation of the Telstra service, if identified as
being a conflict with the permanent works.
4. Tender Process
An open invitation to tender was called via LG Tender Box opening on 9 March 2017 and closing
on 7 April 2017. A total of 14 tender submissions were received, of which 10 were conforming
and four were alternative tenders.
5. Tender Assessment
The tender evaluation panel undertook an assessment of the conforming tender submissions
from the following respondents, which are listed in ascending order of price:
1) Carruthers Contracting Pty Ltd;
2) Epoca Constructions Pty Ltd;
3) G & R Brown & Sons Pty Ltd;
4) Sunshine Coast Consulting Pty Ltd;
5) SGQ Pty Ltd;
6) PJM Civil Contractors Pty Ltd;
7) Shadforths Civil Pty Ltd; and
8) Civil Mining and Construction Pty Ltd; and
9) Queensland Bridge and Civil Pty Ltd.
The tenders were evaluated using the following criteria:
Capability and resourcing;
Contract experience and track record;
Timeline and methodology;
Quality;
Health and safety;
Environment and sustainability;
Contribution to local economy; and
Price.
The tender evaluation team consider the conforming tender from Carruthers Contracting Pty Ltd
for $1,601,732.81 (excl. GST) to be the most advantageous to Council and presents the best
value for money.
Page 4 of 15
Section 5
GENERAL COMMITTEE MEETING AGENDA 15 MAY 2017
6. Programme & Next Steps
An external Australian Government grant application to the value of 50% of the project cost was
originally being prepared for submission in mid May 2017. Further advice from the Australian
Government was received advising that a decision on all bridge renewal funding applications
won’t likely be released until late 2017, and that this particular application is potentially weaker in
merit compared to the other Noosa Council applications being prepared.
Given the timing implications associated with the decision on successful grant applications and
lower likelihood of success for this particular project it was decided to discontinue with the grant
application process and proceed with the delivery of the project (to be fully funded by Council as
a capital renewal project).
The current tender validity period of the preferred contractor expires on the 6 July 2017. As such
it is recommended to award tender 1617T112 to Carruthers Contracting Pty Ltd (Carruthers) for
the lump sum price of $1,601,732.81.
Finance & Risk
Finance
The project was originally funded in the 2016/17 capital budget to the value of $2.1 million. Funds
were removed in the recent budget review given the project will not commence until the 2017/18
financial year. Funding was discussed at the Capital Works Executive meeting on 5 May 2017
where it was agreed that the tender process continue given the drainage structures are failing. It
was agreed that funding will be provided at the first budget review in the 2017/18 financial year.
The Director Corporate Services confirmed that funding was available from the unspent
depreciation restricted cash reserves to support this approach.
Risk
A Level 2 Structural Assessment of the culverts has been undertaken which recommended the
load limiting of one structure to 12 tonnes, which has been implemented, due to the extent of
deterioration. The report concluded the culvert is in a very poor condition and will inevitably
require complete replacement. If left unchecked, the deterioration of the culvert could result in
further load limiting and the road becoming closed to traffic.
Consultation
External Consultation - Community & Stakeholder
Council officers have met and notified property owners about the upcoming work. The owners will
be notified about the change in delivery date of this project.
Internal Consultation
Finance, Procurement, Environment, Civil Operations and Asset Planning Teams.
Page 5 of 15
Section 6
GENERAL COMMITTEE MEETING AGENDA 15 MAY 2017
Departments/Sections Consulted:
Chief Executive Officer Community Services X Corporate Services
Executive Officer to the Mayor & CEO Community Facilities X Financial Services
Executive Support Community Development ICT
Libraries & Galleries X Procurement & Fleet
Local Laws Property & Facilities
Waste & Environmental Health Revenue Services
Executive Office X Planning & Infrastructure
X Community Engagement Building & Plumbing Services
Customer Service X Civil Operations
Economic Development X Infrastructure Planning & Design
Governance X Planning & Environment
Human Resources Strategic Land Use Planning
Sustainability Disaster Management
Page 6 of 15
Section 7
ATTACHMENT 1
Page 7 of 15
NOOSA SHIRE COUNCIL Weighted Attribute Evaluation Spreadsheet - Final Evaluation
ere nttcacncconsinctn
land Road Reconstruction
a
INAME OF TENDERER PRICE
(Conforming Tenders Only) (excl of GST)
T
2
3 [Shadforths Civil Pty Ltd (Alt-Close)
4 |G &R Brown & Sons Pty Ltd (Alt-Side&Rock)
5
6
7 [Shadforths Civil Pty Ltd (Alt-Side)
8
9
10 [Civil Mining and Construction Pty Ltd (Alt-Close}
n
12
3B
14 [Queensland Bridge & Civil
NON-CONFORMING TENDERS
1 2 3 4 5 6 7 8 9 10 11 12 13 4
PART A - Non Shadforths Civil Pty Epoca Constructions Shadforths Civil Pty Sunshine Coast Civil Mining and | PJM Civil Contractors | Shadforths Civil Pty Civil Mining and Queensland Bridge &
PART A - Non price elements. ontracting Contracti Ltd (Alt-Close, Ltd : Ltd (Alt-Side} Consulting Ltd Construction Pty Ltd itd itd Construction Pty Ltd Civil
Resultant Resultant Resultant Resultant Resultant Resultant Resultant Resukant
Evaluation Criteria score x score x score x score x score x score x score x score x
weighting weighting weighting weighting weighting weighting weighting weighting
pomemes | mm elim fest fe fom fom [elmo |» [mf fo fom[ fom [i low [ ew | fs fom [om fom ||
pense [ees Pe ae a om ns ee [os ie [oo [ee [as [ae [em [ie [To fem [os [om Poe Pie [oe [os [os Po
pow sf Ts Pom Ts fom [os fos Ts fom | s fos [Ts [os | os fom | s fos ts fos | s [os | s [os | s [os | s | om |
frwronmeneasunvnabiny | se fs [os fs fos | os [oom | os [os [Ts Jos fs fos | s fos |e fos ts [ost s fos ts fos | s [os | is | os [Ts | os |
ae pose ess twee sas tae aetna Tae
Normalised Technical Score (Tn)
a Shadjorths civil G ° poca Constructio G D Shadjorths Civil P Sunshine Coast Civil Mining and 57M Civil Contracto hadjorths civil Tvil Mining and Queensland Brid
| taterrenctoment deonsactng at coe)|__canvocing | uiatcine) | ryan | mud | mynd | tsansioe) | comutingmy us | S°27'4 Leonsrscionryus | myttd | td | camnraconrys [eu
ontracting ontracti E Consulting itd Construction Pty Ltd Construction Pty Ltd
‘otal Fees (Pc) 45% $1,481,733 $1,601,733 $1,834,193 $1,859,008 $1,864,527 $1,928,637 $1,971,764 $2,132,253 $2,152,987 $2,209,277 $2,237,036 $2,253,146 $2,377,277 $2,537,060
erage Fees (Pav) $...ccssssssssseseenee $1,850,255
Price Score 120 113 101 100 99 96 93 85 84 81 79 78 72 63
Normalised Price Score (Pn) 100 95 B44 83 83 80 78 71 70 67 66 6S 60 52
jeighted Price Score (Pw)
Total Score of price and non price elements
The Contract Administrator confirms the above scores
Contract Administrator & Assesment Panel Member 1 Project Officer (JB) and weightings of this evaluation
Assesment Panel Member 2 Procurement Services Consultant (AH)
Assesment Panel Member 3 Project Officer (CE) Contract Administrator's signature: Project Officer (JB)
Assesment Panel Member 5 Project Officer (RW)
Assesment Panel Member 6 aSection 8
GENERAL COMMITTEE MEETING AGENDA 15 MAY 2017
2 FINANCIAL PERFORMANCE REPORT - APRIL 2017
DOCUMENT INFORM AT ION
Author Director Corporate Services, Michael Shave
Corporate Services Department
Index ECM / Subject / 22.09 – Monthly Financial Performance Report
Attachments 1. Statement of Comprehensive Income
2. Statement of Financial Position
3. Statement of Cash Flows
EXECUTIVE SUMMARY
Council’s year to date (YTD) operating financial performance against budget remains strong
heading into the final two months of the financial year, reflecting disciplined budget management
by staff and Council’s commitment to complying with its financial sustainability policy. Current
budget figures reflect the adjustments adopted by Council in the April meeting round.
YTD Financial Performance Summary to April 2017
Current YTD Actual Variance Variance Status
YTD $m $m YTD
Budget %
$m
Recurrent Revenue $84.9 $86.4 $1.5 1.7% On track
Recurrent Expense $71.2 $69.6 $1.6 2.3% On track
Net Capital Revenue $3.1 $8.3 $5.2 268% On track
Capital Expenditure $17.6 $10.3 $6.3 36% Watch
Financial statements including Statement of Comprehensive Income (profit & loss), Statement of
Financial Position (balance sheet), and Statement of Cash Flows are included as attachments for
information of Council.
Figure 1: Actual Performance Compared to YTD Budget
$100
$90
$80
$70
$60
$50
$40
$30
$20
$10
$-
YTD Budget ($m) YTD Actual ($m)
Operating Revenue Operating Expenditure
Page 8 of 15
Section 9
GENERAL COMMITTEE MEETING AGENDA 15 MAY 2017
RECOMMENDATION
That Council note the report by the Director Corporate Services to the General Committee
Meeting dated 15 May 2017 providing the April YTD monthly financial performance report for the
2016/17 financial year.
REPORT
Operating Revenue (YTD Benchmark 83.3% - 10 months)
Council has realised 96% ($86 million) of its operating revenue budget of $90 million as at the
end of April 2017. Commentary on each revenue category is provided below:
Rates and Levies – $62.4m (100%) of the annual budget of $62.3m has been earned, with
general rates received for the year above budget by $73k.
Fees and Charges – Fees and charges earned ($4.7m) totals 96% of the full year budget
($4.9m). Development related fees ($180k), change of property ownership fees ($62k) and
property search fees ($28k), land use permit fees ($39k), infringements ($33k), and parking
fees ($17k) all currently exceed YTD budget.
Interest Received – Interest earned of $3.8m totals 86% of the full-year budget ($4.4m),
with interest on invested funds currently $155k ahead of YTD budget; and interest on rate
arrears $29k ahead of the YTD budget.
Dividend and Tax – Dividends and tax equivalent payments from Unitywater are in line with
YTD budget.
Other Revenue – Other revenue earned ($9.4m) totals 94% of the full year budget ($10m).
Holiday park fees ($192k), Noosa Aquatic Centre ($105k), waste landfill fees ($81k), local
laws CITEC fees ($38k), Noosa Leisure Centre activities ($37k), The J ($36k), sale of
waste recyclables ($36k), fleet and plant asset sale proceeds ($32k), and lease revenue
($28k) are all above YTD budget.
Grants, Subsidies & Contributions –in line with YTD budget.
Figure 2: Operating Revenue Position by Type (Excluding Rates)
$10.0
$9.0
$8.0 YTD Budget ($m)
$7.0 YTD Actual ($m)
$6.0
$5.0
$4.0
$3.0
$2.0
$1.0
$0.0
Other
Grants
Fees
Dividend
Tax
Interest
Page 9 of 15
Section 10
GENERAL COMMITTEE MEETING AGENDA 15 MAY 2017
Operating Expenditure (YTD Benchmark 83.3% - 10 months)
Actual operating expenditure is currently 78% of full year budget. Detailed commentary for each
expenditure category appears below:
Employee Costs – Actuals of $22.8m against the YTD budget of $23.1m (variance of $220k)
equates to 79% of full year budget spend. This is primarily represented by a YTD under-
expenditure of the training allocation ($150k) and additional allocation of employee costs to
capital projects.
Materials and Services – $30m (73% of the full year budget) has been expended compared
to the YTD budget of $31.3m (variance of $1.3m). Year to date variances primarily relate to
contract services budgets, specifically under expenditure in electricity costs ($155k); waste
collection ($156k); ICT ($185k); works operations ($73k), cemeteries ($55k), fleet & plant
operations ($49k); and library services ($81k) all behind YTD budget.
Finance Costs – bank merchant fees ($15k) and interest on loans ($90k) are currently behind
YTD budget.
Depreciation Expense – in line with YTD budget.
Other Expenses – in line with YTD budget.
Figure 3: Operating Expenditure Position by Type
$35
$30
YTD Budget ($m)
$25
YTD Actual ($m)
$20
$15
$10
$5
$0
Materials
Finance Costs
Depreciation
Employees
Other
Capital Revenue
YTD capital revenue of $8.3m received includes $2.7m of cash contributions from developers,
contributed assets of $3.9m (new infrastructure assets provided as a condition of development),
together with $1.6m received as grant funding towards capital projects, including $200k (TIDS);
$153k (Natural Disaster Relief and Recovery); $303k (Rufous Street Project); $75k (Natural
Disaster Resilience Program – Flood studies and flood gauges); $275k (Bus Shelter Disability
Upgrade program); $288k (Cycle Network Program); and $11k Road Safety Grant.
Page 10 of 15
Section 11
GENERAL COMMITTEE MEETING AGENDA 15 MAY 2017
Capital Works Program
Actual capital expenditure (excluding commitments) is $10.3 million against the revised full-year
budget of $24.6 million. Committed expenditure totals a further $8.4 million bringing the total of
actual and committed funds to $18.7 million (76% of the total program). Capital program delivery
is being monitored through the internal Capital Works Executive team.
Cash Management and Investment Performance
Council funds are currently invested in compliance with Council’s Investment Policy, with 56%
held in highly liquid investments (either held as cash or maturing within 7 days - minimum
required of 10%), and all counterparty thresholds within policy guidelines. Total cash on hand at
the end of April was $77.5 million. Included in this balance are funds held in trust and for
restricted purposes (unexpended levy and grant funds).
Council’s investment portfolio is balanced across a number of agencies, as shown in the graph
on the left. The graph on the right shows the current risk profile using industry credit ratings.
Bendigo A2
Suncorp 5% 5%
8%
A1
Westpac 8%
10% A1+
QTC
(QTC)
44%
44%
A1+
(Other)
NAB 43%
21% CBA
12%
Actual interest revenue for April was $157,722 with a weighted average yield of 2.39% against
the industry benchmark (Bloomberg AusBond Bank Bill Index) of 1.81%.
Previous Council Consideration
Nil.
Finance & Risk
Finance – as above
Risk – Council’s strategic risk register includes a number of risks that could impact on ongoing
financial sustainability. Effective budget management and reporting is an important risk mitigation
tool.
Page 11 of 15
Section 12
GENERAL COMMITTEE MEETING AGENDA 15 MAY 2017
Consultation
External Consultation - Community & Stakeholder
Nil.
Internal Consultation
All areas of Council are consulted as part of the regular monitoring of budget performance.
Departments/Sections Consulted:
X Chief Executive Officer X Community Services X Corporate Services
Executive Officer to the Mayor & CEO Community Facilities Financial Services
Executive Support Community Development ICT
Libraries & Galleries Procurement & Fleet
Local Laws Property & Facilities
Waste & Environmental Health Revenue Services
X Executive Office X Planning & Infrastructure
Community Engagement Building & Plumbing Services
Customer Service Civil Operations
Economic Development Infrastructure Planning & Design
Governance Planning & Environment
Human Resources Strategic Land Use Planning
Sustainability
Page 12 of 15
Section 13
ATTACHMENT 1
Page 13 of 15
ATTACHMENT 1
Noosa Council
Statement of Comprehensive Income
For the Year Ended 30 June 2017
As at 30 April 2017
Current Current
Budget Budget Actual Percentage
2017 YTD YTD Annual Budget
$ $ $ %
Revenue
Recurrent Revenue
Rates, levies and charges 62,319,194 62,319,194 62,410,128 100%
Fees and charges 4,884,237 4,335,359 4,689,457 96%
Dividend income 1,651,805 642,410 642,410 39%
Interest received 4,415,093 3,623,638 3,806,790 86%
Tax equivalents 1,489,834 931,470 931,470 63%
Sale of Goods and Major Services 7,937,430 6,746,394 7,229,241 91%
Sale of Contract & Recoverable Works 15,970 13,308 2,463 15%
Rental & Lease Income 1,260,843 1,077,847 1,182,090 94%
Other income 788,964 697,020 951,649 121%
Grants, subsidies, contributions and donations 5,645,142 4,556,209 4,563,578 81%
90,408,512 84,942,851 86,409,276 96%
Expenses
Recurrent Expenses
Employee benefits 28,798,222 23,068,365 22,849,744 79%
Materials and services 40,901,558 31,303,493 30,005,588 73%
Finance costs 2,583,584 2,152,987 2,049,812 79%
Depreciation and amortisation 17,445,216 14,621,589 14,621,589 84%
Other expenses 85,863 75,930 92,713 108%
89,814,444 71,222,364 69,619,445 78%
Operating Result 594,068 13,720,487 16,789,831
Capital Revenue
Capital contributions and donations 1,741,636 1,564,857 6,682,811 384%
Grants, subsidies, contributions and donations 4,788,731 1,531,376 1,574,513 33%
Other capital revenue - - -
Total Capital Revenue 6,530,367 3,096,233 8,257,324
Page 13 of 15Section 14
ATTACHMENT 2
Page 14 of 15
ATTACHMENT 2
Noosa Council
Statement of Financial Position
For the Year Ended 30 June 2017
As at 30 April 2017
Consolidated
2017 2017
Forecast YTD 2016
Note $ $ $
Current Assets
Cash and cash equivalents 50,163,274 74,402,185 52,586,475
Trade and other receivables 8,315,517 6,491,039 5,946,062
Inventories 104,025 154,398 156,056
Other current assets 668,000 1,085,429 2,628 892
59,250,816 82,133,052 61,317,486
Non Current Assets held for sale - - -
Total Current Assets 59,250,816 82,133,052 61,317,486
Non Current Assets
Trade and other receivables 49,217,517 49,217,517 49,217,517
Other non current Assets - - -
Investments 60,978,225 60,978,225 60,978,225
Investment property 3,831,234 4,150,000 4,150,000
Property, plant and equipment 940,511,084 905,253,645 906,665,451
Intangible assets 3,502,623 3,237,299 2,613,761
Total Non Current Assets 1,058,040,682 1,022,836,686 1,023,624,954
Total Assets 1,117,291,498 1,104,969,738 1,084,942,440
Current Liabilities
Trade and other payables 4,460,191 7,900,980 7,887,760
Borrowings 3,079,477 3,693,478 2,932,289
Provisions 5,090,852 2,521,507 4,328,513
Other 390,000 574,637 537 ,888
Total Current Liabilities 13,020,520 14,690,602 15,686,451
Non Current Liabilities
Trade and other payables - - -
Borrowings 34,362,811 31,284,251 35,186,158
Provisions 8,410,678 9,082,779 9,082,779
Total Non Current Liabilities 42,773,489 40,367,030 44,268,938
Total Liabilities 55,794,009 55,057,633 59,955,389
Net Community Assets 1,061,497,489 1,049,912,106 1,024,987,051
Community Equity
Asset Revaluation Surplus 47,237,401 24,518,021 24,518,021
Retained Surplus / (Defeciency) - - -
Shire Capital 1,014,260,088 1,000,469,031 987,372,510
Current Year Net Earnings - 24,925,054 13,096,521
Total Community Equity 1,061,497,489 1,049,912,106 1,024,987,051
Page 14 of 15Section 15
ATTACHMENT 3
Page 15 of 15
ATTACHMENT 3
Noosa Council
Statement of Cash Flows
For the Year Ended 30 June 2017
YTD Actual Actual
2017 2016
$'000 $'000
Cash flows from operating activities
Cash Flows from Operating Activities
Receipts from Customers 81,240,685 79,409,878
Payments to Suppliers and Employees (59,912,389) (68,476,878)
21,328,296 10,933,000
Receipts:
Investment and Interest Revenue Received 3,806,790 4,908,000
Rental Income 1,182,090 1,227,000
Non Capital Grants and Contributions 4,563,578 5,205,000
Income Tax Equivalent Received 931,470 1,144,000
Income from Equity Investments 642,410 1,864,000
Payments:
Interest Expense (222,829) (955,000)
Net Cash Inflow/(Outflow) from Operating Activities 32,231,806 24,326,000
Cash Flows from Investing Activities
Receipts:
Proceeds of Sale of Property, Plant and Equipment 249,167 452,000
Grants, Subsidies, Contributions and Donations 8,257 324 7,696,000
Payments:
Payments of Property, Plant and Equipment (13,087,669) (28,858,000)
Payments for Intangible Assets (867,753) (202,000)
Net Cash Inflow/(Outflow) from Investing Activities (5,448,932) (19,048,000)
Cash Flows from Financing Activities
Receipts:
Proceeds from Borrowings - 1,360,000
Payments:
Repayment of Borrowings (4,967,163) (4,943,000)
Net Cash Inflow/(Outflow) from Financing Activities (4,967,163) (3,583,000)
Net Increase/(Decrease) in Cash and Cash Equivalents held 21,815,711 1,695,000
Cash and Cash Equivalents at the beginning of the financial year 52,586,475 50,891,000
Cash and Cash Equivalents at the end of the financial year 74,402,186 52,586,000
Page 15 of 15