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1997 Annual Report

FINANCIAL STATEMENTS

We are funded by appropriation of money by Parliament and we are responsible for the allocation of the money. We set our priorities with care and review them constantly to ensure that the available money is used to best advantage.

The financial statements of the Commission for the year 1 July 1996 to 30 June 1997 including the statement of service performance now follow.

STATEMENT OF RESPONSIBILITY

We acknowledge responsibility for the preparation of these financial statements and for the judgements used herein.

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 fairly reflect the financial position and operations of the Securities Commission for the year ended 30 June 1997.
Signature

E.H. Abernethy
Chairman J. Farrell
Chief Executive

**Statement of Financial Performance**
For year ended 30 June 1997
1997 Budget $		Note	1997 Actual $	1996 Actual $
	Income
1,911,000	Government Grant		1,866,667	1,866,667
47,000	Intrest		52,519	55,835
100,000	Misc		180,929	100,815
6,000	Recovery of Court Costs		6,255	104,860
2,064,000	Total Income		2,106,370	2,128,177

	Expenditure
5,000	Auditors - Fees		6,000	5,000
-	Auditors - Other Services		3,000	-
25,000	Communication Charges		22,483	19,015
67,000	Depreciation		76,473	69,075
45,000	Litigation		-	26,823
175,000	Member's Fees	2	122,749	170,324
165,000	Printing & Stationary		177,162	166,237
195,000	Professional Services		119,518	122,984
10,000	Public Understanding		-	10,489
195,000	Rent		197,398	195,455
1,265,000	Salaries & Superannuation Subsidies	2	1,227,722	1,032,386
65,000	Services & Supplies		123,488	64,792
	Superannuation Contribution
45,000	Withholding Tax		44,505	39,950
130,000	Travel & Accomodation		99,758	118,645
2,387,000	Total Expenditure		2,220,256	2,041,175
$(323,000)	Surplus (Deficit)	3	$(113,886)	$87,002

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Securities Commission, New Zealand

12th floor, Reserve Bank Building, 2 The Terrace, PO Box 1179 Wellington, New Zealand

+64 4 472 9830 phone +64 4 472 8076 fax

Inquiries to seccom@seccom.govt.nz