Audited financial statements

Statement of Financial Performance
For the year ended 30 June:     Consolidated Parent
    2003 2003
budget		 2002   2003 2003
budget		 2002
Note   $000s $000s $000s   $000s $000s $000s
Total Revenue 1   42,678 44,335 42,742   40,114 41,535 40,610
Operating Surplus [EBIT]     3,461 2,844 2,838   2,769 2,089 2,344
Interest and Net Non-Operating Income     341 15 384   760 315 640
Investment Project Expenditures 2   (4,118) (4,135) (3,573)   (4,118) (4,135) (3,573)
Net Surplus/(Deficit) before Taxation 2   (315) (1,276) (351)   (589) (1,731) (589)
Taxation (Credit)/Expense 3   (78) (421) (282)   (136) (670) (456)
Net Surplus/(Deficit) after Taxation   4 (237) (855) (69)   (453) (1,061) (133)
The accompanying Accounting Policies and Notes form part of these Financial Statements.
                   

Statement of movements in equity
For the year ended 30 June:     Consolidated Parent
    2003 2003
budget		 2002   2003 2003
budget		 2002
Note   $000s $000s $000s   $000s $000s $000s
Equity at beginning of year     21,869 21,195 21,676   21,151 20,453 21,022
Net (Deficit)/Surplus after Taxation     (237) (855) (69)   (453) (1,061) (133)
Recognition of Library Assets 5   739 - 262   739 - 262
Total Recognised Revenue and Expenses     502 (855) 193   286 (1,061) 129
Distributions to Shareholders     0 0 0   0 0 0
Equity at end of year     22,371 20,340 21,869   21,437 19,392 21,151
The accompanying Accounting Policies and Notes form part of these Financial Statements.
                   

Statement of financial position
For the year ended 30 June:     Consolidated Parent
    2003 2003
budget		 2002   2003 2003
budget		 2002
Note   $000s $000s $000s   $000s $000s $000s
Total Equity 6   22,371 20,340 21,869   21,437 19,392 21,151
Assets                  
  Bank Balances and Deposits     3,608 450 6,381   3,487 (40) 6,109
  Debtors and Prepayments 7   5,553 4,175 4,603   4,708 3,600 4,162
  Stocks and Work in Progress     699 625 711   80 100 84
  Total Current Assets     9,860 5,250 11,695   8,275 3,660 10,355
  Deferred Tax Benefits 3   1,007 1,406 930   1,234 1,821 1,098
  Fixed Assets 8   21,178 25,633 19,029   20,887 25,221 18,896
  Library Asset 5   1,100 - 262   1,100 - 262
  Investments in Associates and Subsidiaries     - 1,315 -   250 1,565 250
  Total Non-Current Assets     23,285 28,354 20,221   23,470 28,607 20,506
Total Assets     33,144 33,604 31,916   31,745 32,267 30,861
Liabilities                  
  Creditors and Accruals 9   4,458 3,575 3,688   4,242 3,500 3,588
  Provision — Staff Liabilities     4,154 3,572 3,889   4,026 3,358 3,762
  Revenue in Advance 10   1,699 1,700 2,043   1,578 1,600 1,933
  Total Current Liabilities     10,311 8,847 9,620   9,846 8,458 9,283
  Term Payment Facilities     6 7 11   6 7 11
  Long Term Debt Finance     - 4,000 -   - 4,000 -
  Term Provision — Staff Liabilities     457 410 416   457 410 416
  Total Non-Current Liabilities     462 4,417 427   462 4,417 427
Total Liabilities     10,773 13,264 10,047   10,308 12,875 9,710
Net Assets     22,371 20,340 21,869   21,437 19,392 21,151
The accompanying Accounting Policies and Notes form part of these Financial Statements.
                     

Statement of cash flows
For the year ended 30 June:     Consolidated Parent
    2003 2003
budget		 2002   2003 2003
budget		 2002
Note   $000s $000s $000s   $000s $000s $000s
Cashflows from / used in Operating Activities                  
  Received from Customers     41,323 44,230 42,117   39,154 41,435 39,929
  Interest Received     403 95 540   401 95 540
  Dividend Received       –     420 300 250
Disbursed to Suppliers and Employees     (39,537) (42,496) (41,095)   (37,810) (40,505) (39,288)
Interest Paid     (2) (80) (27)   (2) (80) (22)
Tax Refund/(Paid)     1 - (147)   - - (103)
Net Cash Flows from Operating Activities 4   2,189 1,749 1,388   2,163 1,245 1,306
Cashflows from / used in Investing Activities                  
Purchase of Fixed Assets     (4,962) (9,415) (2,456)   (4,785) (9,143) (2,455)
Investment in Associate     - (1,215) -   – (1,215) –
Net Cash Flows used in Investing Activities     (4,962) (10,630) (2,456)   (4,785) (10,358) (2,455)
Cashflows from/used in Financing Activities                  
Debt Finance     – 4,000 –   – 4,000 –
Net Cash Flows from Financing Activities     – 4,000 –   – 4,000 –
Net Increase/ (Decrease) in Cash     (2,774) (4,881) (1,068)   (2,622) (5,113) (1,149)
Opening Bank Balances and Deposits     6,381 5,331 7,449   6,109 5,073 7,258
Closing Bank Balances and Deposits     3,608 450 6,381   3,487 (40) 6,109
The accompanying Accounting Policies and Notes form part of these Financial Statements.

Signed, for and on behalf of the Board:

   
JR Raine
Director
27 August 2003
 AJ Urlwin
Director
27 August 2003
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Annual Report 2002/03

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