Statement of cash flows
for the year ended 30 June 2005
| |
Note |
2005
Actual
$000 |
2005
Main
Estimates
$000 |
2005
Supplementary
Estimates
$000 |
2004
Actual
$000 |
| Cash flows for operating activities |
| Cash was provided from: |
| Supply of outputs to Crown |
|
10,015 |
7,280 |
13,497 |
6,477 |
| Supply of outputs to customers |
|
13,010 |
10,448 |
13,830 |
9,762 |
| |
| Cash was applied to: |
|
|
|
|
|
| Output expenses |
|
(25,454) |
(16,289) |
(34,418) |
(13,954) |
| Capital charge |
|
(301) |
(295) |
(295) |
(253) |
| Net cash flows from operating activities |
12 |
(2,730) |
1,144 |
(7,386) |
2,032 |
| |
| Cash flows for investing activities |
| Cash was provided from: |
| Supply of fixed assets |
|
- |
- |
- |
14 |
| |
| Cash was disbursed for: |
| Purchase of fixed assets |
|
(1,511) |
(1,030) |
(1,853) |
(974) |
| Net cash flows from investing activities |
|
(1,511) |
(1,030) |
(1,853) |
(960) |
| |
| Cash flows for financing activities |
| Cash was provided from: |
| Capital contributions |
|
5,124 |
380 |
10,264 |
320 |
| Cash was disbursed for: |
| Repayment of surplus |
|
(747) |
(488) |
(747) |
(1,376) |
| Net cash flows from financing activities |
|
4,377 |
(108) |
9,517 |
(1,056) |
| Net increase/(decrease) in cash held |
|
136 |
6 |
278 |
16 |
| Opening cash and deposits |
|
31 |
78 |
31 |
15 |
| Closing cash |
|
167 |
84 |
309 |
31 |
Statement of Commitments
as at 30 June 2005
| |
2005
Actual
$000 |
2004
Actual
$000 |
| Operating Lease Commitments |
| Less than 1 year |
1,108 |
713 |
| 1 to 2 years |
887 |
570 |
| 2 to 5 years |
598 |
730 |
| Over 5 years |
- |
- |
| Total Operating Lease Commitments |
2,593 |
2,013 |
| Capital Commitments |
583 |
- |
| Total Commitments |
3,176 |
2,013 |
Statement of Contingent Liabilities
as at 30 June 2005
| |
2005
Actual
$000 |
2004
Actual
$000 |
| Contingent Liabilities |
| Personal Grievance |
5 |
- |
| Total Contingent Liabilities |
5 |
- |
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Building and housing weathertightness litigation
The Building Industry Authority was one of a number of defendants in lawsuits alleging negligence on the part of the Authority regarding its performance on weathertightness of homes issues. During the 2005 financial year the Building Industry Authority merged with the Ministry of Housing to form the Department of Building and Housing. At that time the Department assumed responsibility for these contingent liabilities.
It is likely other proceedings will be brought regarding weathertightness issues both in the High Court and under the Weathertight Homes Resolution Services Act.
The Authority had no direct involvement with any of the buildings concerned. The outcome of the claims essentially depends on questions of law relating to the Authority's performance of its statutory duties. It is considered that the Authority had at all times performed those duties properly. In the absence of decided cases on the relevant questions of law, there is no certainty as to the outcome of the claims.
Notwithstanding the outcomes of the claims, should the Department be found to be liable, the amounts payable will depend on the amounts paid by other defendants who are also held to be liable. It is therefore not currently possible to quantify the Department's contingent liabilities.
From 1 July 2005 the Crown assumed responsibility for any of these claims.
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