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2009 Annual Report

NOTE 12: COMPUTER SOFTWARE

	2009 $000's	2008 $000's


Gross carrying amount	143	140
Accumulated amortisation	(129)	(115)

Net carrying amount	14	25


	2009 $000's	2008 $000's


Opening accumulated amortisation	(115)	(96)
Amortisation	(14)	(19)

Closing accumulated amortisation	(129)	(115)


	2009 $000's	2008 $000's

Opening net carrying amount	25	28
Additions	3	16
Amortisation	(14)	(19)

Closing net carrying amount	14	25

NOTE 13: TRADE AND OTHER PAYABLES

	2009 $000's	2008 $000's


Trade payables	320	332
Employee entitlements	279	210

	599	541

NOTE 14: RENT HOLIDAY LIABILITY

This represents amounts received from the landlord for a rent holiday. The accrual is being released having regard to the expected life of the lease of 9 years.

NOTE 15: RECONCILIATION OF THE NET SURPLUS FROM OPERATIONS WITH
THE NET CASH FLOWS FROM OPERATING ACTIVITIES

		2009 $000's	2008 $000's


Reported surplus (deficit)		(280)	1,551


Add (less) non-cash items:
-	Allocation of receipt of rent free period	(13)	(13)
-	Depreciation/amortisation	341	336

		328	323


Add (less) movement in working capital:
-	Increase (decrease) in creditors	58	153
-	Decrease (increase) in receivables	1,565	(1,940)

		1,623	(1,787)

Net cash flows from operating activities		1,671	87

NOTE 16: LEASE COMMITMENTS

The Commission has the following operating lease commitments. These amounts are the total of minimum future lease payments under the Commission’s non-cancellable operating leases.

	2009 $000's	2008 $000's


- Not later than 1 year	655	655
- Later than 1 year and not later than 5 years	1,692	2,347

The Commission rents its premises under an operating lease that ends on 1 February 2013. This lease gives the Commission the right to renew the lease for 3 years subject to a mutually agreed re-determination of the lease rental. The lease specifies that the Commission is required to make good the premises to the original condition on termination of the lease. The make good amount is estimated at $20,000.

NOTE 17: CAPITAL COMMITMENTS

Estimated capital expenditure contracted for at balance date but not provided for: NIL (2008 - NIL).

NOTE 18: CONTINGENT LIABILITIES AND CONTINGENT ASETS

Contingent liabilities

A contingent liability exists of $50,000 in relation to current litigation, concerning possible adverse cost orders. The Commission considers the likelihood of this liability to crystallise as being very low. (2008 - NIL).

Contingent assets

There are no contingent assets at balance date. (2008 - For the Tranz Rail insider trading matter, the Commission expects to receive approval for further costs, already incurred and likely to be incurred, pending the final distribution decision of the High Court. The final amount of any such distribution to the Commission under section 19 of the Securities Markets Act 1988 is contingent on a decision of the High Court). This settlement has been received. See Note 5.

NOTE 19: PROFESIONAL INDEMNITY INSURANCE

The Commission has effected a professional indemnity insurance policy to provide cover for Members and employees of the Commission as the Commission performs its duties and statutory functions.

NOTE 20: SUBSEQUENT EVENTS

There were no material events subsequent to balance date that would affect the interpretation of the financial statements or the performance of the Commission. (2008 - nil)