Consolidated Cash Flow Statement

For the year to 31 March 2011

	Year To 31 March 2011 £000	Year To 31 March 2010 £000
Cash flows from operating activities
(Loss)/profit before tax	(6,280)	7,875
Depreciation	328	334
Revaluation gain on investment properties	(2,670)	(13,104)
Net financing costs	6,340	8,289
Impairment of available-for-sale investments	1,817	-
(Gain)/loss on sale of investment properties	(4,842)	4,909
Gain on valuation of derivative financial instruments	(1,776)	(1,157)
Share based payment charge	(196)	1,151
Share of results of joint ventures	(2,886)	(3,745)
Foreign exchange movement	131	(1,153)
Other non-cash items	2	2
Cash flows from operations before changes in working capital	(10,032)	3,401
Change in trade and other receivables	2,822	358
Change in land, developments & trading properties	38,867	30,707
Change in trade and other payables	5,079	(11,555)
Cash inflow from operations	36,736	22,911
Finance costs	(11,264)	(12,345)
Finance income	465	1,231
Tax received	-	834
Tax paid	(68)	(77)
	(10,867)	(10,357)
Cash flows from operating activities	25,869	12,554
Cash flows from investing activities
Purchase of investment property	(77,864)	(4,192)
Sale of investment property	32,810	36,704
Investment in joint venture	(9,520)	(18,641)
Return on investment in joint ventures	1,970	-
Dividends from joint ventures	756	3,926
Cost of acquiring derivative financial instruments	(744)	(1,437)
Cost of cancelling interest rate swap	(71)	(3,202)
Proceeds from the sale of derivative financial instruments	568	-
Sale of plant and equipment	2	28
Purchase of leasehold improvements, plant & equipment	(189)	(237)
	(52,282)	12,949
Cash flows from financing activities
Issue of shares	27,958	453
Borrowings drawn down	56,536	13,739
Borrowings repaid	(61,523)	(67,923)
Equity dividends paid	(5,031)	(4,748)
	17,940	(58,479)
Net decrease in cash and cash equivalents	(8,473)	(32,976)
Cash and cash equivalents at 1 April	39,800	72,776
Cash and cash equivalents at 31 March	31,327	39,800