2003 Annual Report

STATEMENT OF FINANCIAL PERFORMANCE

for the year ended 30 June 2003

2003 Budget $			Note	2003 Actual $	2002 Actual $
		REVENUE
3,220,700		Government grant		3,220,354	2,266,667
-		Government grant - NZ Stock Exchange		-	134,003
38,000		Interest		47,976	40,835
318,000		Application fees and costs recoverable		254,749	305,428
-		Recovery of litigation and court costs		42,556	45,047
825,000		Administrative services to the Takeovers Panel	2	793,554	603,716
-		Profit on disposal of fixed assets		3,897	-
12,000		Allocation of receipt for use of assets	3	35,557	9,848
4,413,700		Total operating income		4,398,643	3,405,544
843,750		Government grant - litigation fund	4	843,750	-
-		Government grant - litigation interest		28,123	-
5,257,450		Total revenue		5,270,516	3,405,544
		EXPENDITURE
6,000		Auditors - fees		6,000	6,000
3,000		Auditors - other services		-	-
47,700		Communication charges		40,307	35,825
		Depreciation
-		- office equipment		80,073	66,728
-		- office furniture		44,649	6,543
-		- leasehold improvements		166,403	21,096
-		- motor vehicle		12,800	9,600
-		- library		22,880	20,133
172,200		Total depreciation		326,805	124,100
-		Lease termination		15,000	-
10,000		Fringe benefit tax		7,003	5,785
40,000		Litigation		42,716	18,239
269,000		Members' fees	5	273,866	251,737
296,250		Printing and stationery		245,215	232,031
497,750		Professional services		398,050	478,907
215,000		Rent		213,055	212,611
2,387,750		Staff and recruitment	5 & 6	2,218,906	1,624,034
327,000		Services and supplies		421,049	264,499
47,000		Superannuation contribution withholding tax		28,268	40,701
460,650		Travel and accommodation		157,760	228,019
4,779,300		Total operating expenditure		4,394,000	3,522,488
$478,150		Surplus/(deficit)	7	$876,516	$(116,944)
		COMPRISING
(365,600)		Operating surplus/(deficit)		4,643	(116,944)
843,750		Litigation fund		871,873	-
$478,150				$876,516	$(116,944)

STATEMENT OF MOVEMENTS IN EQUITY

for the year ended 30 June 2003

2003 Budget $				2003 Actual $	2002 Actual $
478,150		Surplus (deficit) for year		876,516	(116,944)
478,150		Total recognised revenues and expenses for year		876,516	(116,944)
761,261		Equity at start of period		761,261	878,205
135,000		Capital contribution		135,000	-
$1,374,411		Equity at end of period		$1,772,777	$761,261
		COMPRISING
530,661		Accumulated funds		900,904	761,261
843,750		Litigation fund	4	871,873	-
$1,374,411		Equity at end of year		$1,772,777	$761,261

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