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2007 Annual Report

Financial Report

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 statement of service performance 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 and statement of service performance fairly reflect the financial position and operations of the Securities Commission for the year ended 30 June 2007.

Financial statements

Statement of financial performance
for the year ended 30 June 2007

2007 Budget $000's			Note	2007 Actual $000's	2006 Actual $000's
		REVENUE
6,501		Government grant		6,501	5,478
1,230		Administrative services to the Takeovers Panel	3	1,124	1,116
235		Exemptions and authorisations fees		277	261
120		Interest		191	118
-		Other income	4	1	13
1,500		Litigation fund income - government grant and bank interest	5	292	785
9,586		Total income		8,386	7,771
		EXPENSE
4,810		Personnel expenses	4	4,599	3,893
501		Occupancy expenses		560	497
389		Depreciation and amortisation	4	364	429
2,374		Other operating expenses	4	2,114	1,756
1,500		Litigation fund expenses	5	292	785
9,574		Total expense		7,929	7,360
12		Surplus		457	411
		COMPRISING
12		Operating surplus (deficit)		457	411
-		Litigation fund surplus (deficit)		-	-
12				457	411

The accompanying Notes form part of these Financial Statements.

STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June 2007

Budget $000's			Note	Accumulated Funds $000's	Litigation Fund $000's	Total Equity $000's
3,143		At 1 July 2005		2,299	844	3,143
455		Surplus for year		411	-	411
455		Total recognised income/expense for the year		411	-	411
3,598		At 30 June 2006		2,710	844	3,554
12		Surplus for year		457	-	457
12		Total recognised income/expense for the year		457	-	457
3,610		At 30 June 2007	5, 6	3,167	844	4,011

The accompanying Notes form part of these Financial Statements.