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2008 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 2008.

Financial statements

Statement of financial performance
for the year ended 30 June 2008

2008 Budget $000's			Note	2008 Actual $000's	2007 Actual $000's
		REVENUE
6,501		Government grant		6,501	6,501
1,242		Administrative services to the Takeovers Panel	3	1,027	1,124
250		Exemptions and authorisations fees		234	277
215		Interest		214	191
—		Other income	4	7	1
2,400		Litigation fund income - government grant and bank interest	5	2,076	292
10,608		Total income		10,059	8,386
		EXPENSE
4,883		Personnel expenses	4	5,174	4,599
642		Occupancy expenses		642	560
344		Depreciation and amortisation	4	336	364
2,332		Other operating expenses	4	2,302	2,114
488		Litigation fund expenses	5	54	292
8,689		Total expense		8,508	7,929
1,919		Surplus		1,551	457
		COMPRISING
7		Operating surplus (deficit)		(471)	457
1,912		Litigation fund surplus (deficit)		2,022	—
1,919				1,551	457

The accompanying Notes form part of these Financial Statements.

STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June 2008

Budget $000's			Note	Accumulated Funds $000's	Litigation Fund $000's	Total Equity $000's
3,554		At 1 July 2006		2,710	844	3,554
400		Surplus for year		457	—	457
400		Total recognised income/expense for the year		457	—	457
3,954		At 30 June 2007		3,167	844	4,011
1,919		Surplus (deficit) for year		(471)	2,022	1,551
1,919		Total recognised income/expense for the year		(471)	2,022	1,551
5,873		At 30 June 2008	5, 6	2,696	2,866	5,562

The accompanying Notes form part of these Financial Statements.