KAIAPOI GOLF CLUB PROJECTED

CASH FLOW FOR YEAR ENDED 30 SEPTEMBER 2006

RECEIPTS      
Lease of Club Facilities     30833
Tournament Match & Fundraising    4300
Club Raffle     11500
Golf Equipment Account     2100
Subscriptions     159400
Green Fees     74600
Course Bookings     13700
Sponsorship     3200
Gaming Machine Account     13300
Poker Machine Funding     10000
Hole Sponsorship     15000
GST Net     1209
      ------------
Total Receipts     339142
      =======
PAYMENTS      
Advertising & Signage     11400
Association Fees     18100
Audit Fees     1750
Bank Charges     1550
Club House R & M     12000
Coaching     1200
Computer Expenses     6000
Contract Green Keeping     134468
Course Development     15000
Flat Expenses     1200
General Expenses     1200
Hire Charges     4500
Honorariums     1350
Insurance      7800
Interest      23290
Legal Expenses     600
Licences     1000
Lunches & Entertainment     1500
Motor Vehicle Expenses     1200
Power - Club House (1/2)     4525
Power - Course     6400
Printing, Stationery & Postage     10250
Rates     3100
Telephone & Tolls     3840
Trophies     1000
Wages     48000
Fixed Assets      31000
      ------------
Total Payments     353223
      =======
       
Cash Deficit For Year     14081
      =======
The attached projected cashflow is based on following assumptions: 
       
Fixed Assets      
Heat Pump   March 2006    
$3500
Gaming Machine Upgrades   June 2006  
27,500
Subscription increase of 7.5%.      
Front gate signage of $6500 paid in December 2005  
Contract Greenkeeping increase to $154500 from June 2006  
Lease of Club Facilities increase to $40000 from September 2006  
Any cash deficit to come from the SBS Flexiloan.