93 AUD I TED F I NANC I AL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 STATEMENT OF CASH FLOWS Figures in USD 31 DEC 2023 (RESTATED) 31 DEC 2022 CASH FLOWS FROM OPERATING ACTIVITIES Net income/(loss) for the year 14,221,032 (26,806,361) Adjustments for: Depreciation 16,203 16,905 Amortization expense (2,911) 171,069 Realized loss on sale of investments 746,862 5,460,689 Unrealized (gain)/loss on investments (3,187,170) 4,968,242 Unrealized foreign exchange movement on FCDO capital contribution 1,891,154 (4,329,322) Changes in assets and liabilities Prepaid expenses (122,842) 128,701 Other receivable 345,061 (372,727) Accrued investment income (375,831) 14,319 Reinsurance contract assets (2,563,736) 13,867,174 Insurance contracts assets – 655,042 Insurance contracts liabilities 127,498 (6,999,469) Reinsurance contract liabilities (357,234) (21,761) Deferred income - other (54,919) 488,216 Investment payables – (14,999,730) Accounts payable and accrued liabilities 5,507,256 1,671,515 Net cash provided by/(used in) operating activities 1 6,190,423 26,087,498) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of marketable investments (55,930,150) ( 17,725,910) Proceeds from sales of marketable investments 30,507,653 40,784,172 Proceeds from maturities of marketable investments 1,045,700 3,586,010 Purchase of fixed assets (17,838) ( 41,742) Net cash (used in)/provided by investing activities (24,394,635) 26,602,530 Decrease in cash and cash equivalents (8,204,212) 515,032 Cash and cash equivalents – Beginning of the year 44,665,971 4 4,150,939 Cash and cash equivalents – End of the year 36,461,759 44,665,971 The accompanying notes are an integral part of these financial statements.
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