The following information is available in respect of White Rose Ltd for the year end 31.12.X5:

► Net cash inflow from operating activities was £120,000.

► The company received dividends during the year of £45,000, paid an interim dividend of £30,000 and proposed a dividend of £20,000 at the year end. Last year’s proposed dividend was £25,000.

► The taxation charge for the year was estimated at £55,000 which was £3,000 less than that estimated for the year ended 31.12.X4.

► Interest was payable during the year on £200,000 of 5% debentures. All interest due had been paid at the year end.

► White Rose Ltd had purchased £120,000 of fixed assets during the year to 31.12.X5 and fixed assets sold had produced a profit on sale of £10,000. The net book value of fixed assets sold was £50,000.

► White Rose Ltd had also issued 50,000 £1 ordinary shares at a premium of 50p. All shares were fully paid at the year end. A loan of £40,000 had also been raised by the company at the same time as redeeming loans of £20,000 at par.

Prepare the cash flow statement for the year ended 31.12.X5 (NB: There were no acquisitions or disposals of subsidiaries, nor any entries under ‘management of liquid resources’).