Annual Report

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SOURCES OF FUNDING

The Commission is funded by the appropriation of money by Parliament and the payment of fees by the users of its services. It is responsible for the allocation of the money. It sets priorities with care and reviews them constantly to ensure that the money is used to best advantage.

STATEMENT OF RESPONSIBILITY

We acknowledge responsibility for the preparation of these financial statements and for the judgements used in them.

We acknowledge responsibility for establishing and maintaining a system of internal control designed to provide reasonable assurance as to the integrity and reliability of the Commission's financial reporting.

In our opinion these annual financial statements fairly reflect the financial position and operations of the Securities Commission for the year ended 30 June 2001.

M.R.H. WEBB CHAIRPERSON 13 JULY 2001

J. FARRELL CHIEF EXECUTIVE 13 JULY 2001

FINANCIAL STATEMENTS

STATEMENT OF FINANCIAL
PERFORMANCE

for the year ended 30 June 2001

2001 Budget $			Note	2001 Actual $	2000 Actual $
		INCOME
2,267,000		Government Grant		2,266,667	2,266,667
36,000		Interest		52,400	36,088
360,000		Application Fees and Costs Recoverable		309,340	428,764
-		Recovery of Litigation and Court Costs		2,000	-
114,000		Administrative Services to Takeovers Panel	2	229,157	-
-		Allocation of Receipt for Use of Assets	3	3,002	-
2,777,000		Total Income		2,862,566	2,731,519
		EXPENDITURE
6,000		Auditors - Fees		6,000	6,000
2,000		Auditors - Other Services		-	-
-		Bad Debts		1,067	-
26,000		Communication Charges		23,470	21,042
108,000		Depreciation		106,091	101,236
10,000		Litigation		47,124	-
-		Loss on Asset Disposals		-	1,753
162,000		Members' Fees	4	213,382	139,058
204,000		Printing and Stationery		201,775	193,076
166,000		Professional Services	14	172,166	116,934
213,000		Rent		204,865	204,605
1,570,000		Salaries and Superannuation Subsidies	4 & 5	1,511,950	1,307,200
185,000		Services and Supplies		191,732	162,821
50,000		Superannuation Contribution Withholding Tax		50,933	42,258
160,000		Travel and Accommodation		139,700	147,243
2,862,000		Total Expenditure		2,870,255	2,446,226
$(85,000)		Surplus (Deficit)	6	$(7,689)	$285,293