Publications: 2003 Annual Report | Securities Commission

as at 30 June 2003

2003 Budget $		Note	2003 Actual $	2002 Actual $

	CURRENT ASSETS
29,914	Cash		33,850	30,314
-	Short term deposits		700,000	300,000
843,750	Short term deposits - litigation fund		870,372	-
15,881	GST receivable		40,607	15,881
181,277	Sundry debtors and prepayments		67,283	181,277


1,070,822	Total current assets		1,712,112	527,472

552,613	FIXED ASSETS	8	465,219	466,813


$1,623,435	Total assets		$2,177,331	$994,285


	CURRENT LIABILITIES
206,396	Creditors and accruals	9	379,377	206,396
16,540	Receipt for use of assets	3	20,950	10,405


222,936	Total current liabilities		400,327	216,801


	NON-CURRENT LIABILITIES
26,088	Receipt for use of assets	3	4,227	16,223


249,024	Total liabilities		404,554	233,024


	EQUITY
443,165	Accumulated funds		813,408	673,765
843,750	Litigation fund	4	871,873	-
87,496	Asset revaluation reserve		87,496	87,496


1,374,411	Total equity		1,772,777	761,261


$1,623,435	Total equity and liabilities		$2,177,331	$994,285

for the year ended 30 June 2003

2003 Budget $		Note	2003 Actual $	2002 Actual $

	CASH FLOWS FROM OPERATING ACTIVITIES

	Cash was provided from:
3,220,700	- Government grant		3,220,354	2,266,667
843,750	- Government grant - litigation fund	4	871,873	-
	- Government grant - recovery of costs from
-	New Zealand Stock Exchange		25,668	134,003
318,000	- Application fees & costs recoverable		267,177	288,670
-	- Recovery of litigation and court costs		68,463	-
38,000	- Interest		44,235	39,528
825,000	- Administrative services to the Takeovers Panel		850,447	603,716

	Cash was applied to:
(2,219,350)	- Suppliers		(1,720,924)	(1,774,354)
(2,387,750)	- Employees		(2,176,451)	(1,589,927)
-	- Net GST		(24,726)	(4,924)

638,350	Net cash flows from operating activities	7	1,426,116	(36,621)


	CASH FLOWS FROM INVESTING ACTIVITIES

	Cash was provided from:
-	- Sale of fixed assets		6,041	3,200
28,000	- Takeovers Panel for purchase of assets	3	34,106	6,169
300,000	- Net decrease in term deposits	10	-	200,000

	Cash was applied to:
(258,000)	- Purchase of fixed assets		(327,355)	(194,417)
-	- Net increase in term deposit		(400,000)	-
(843,750)	- Net increase in term deposit (litigation)	4	(870,372)	-

(773,750)	Net cash flows from investing activities		(1,557,580)	14,952


	CASH FLOWS FROM FINANCING ACTIVITIES

	Cash was provided from:
135,000	- Capital contribution		135,000	-

135,000	Net cash flows from financing activities		135,000	-


(400)	Net increase (decrease) in cash balances		3,536	(21,669)
30,314	Add opening cash balance		30,314	51,983

$29,914	Closing cash balance carried forward		$33,850	$30,314

2003 Annual Report