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Annual Report 30 June 1998

Title Page Statement of Purpose Notable Events Members Chairman's Review Chief Executive's Report Work Programme 1998/99 Financial Statements Statement of Objectives Statement of Service Performance Report of Audit Office Staff

Financial Statements Statement of Responsibility Statement of Financial Performance Statement of Financial Position Statement of Movements in Equity Statement of Cash Flows Notes to the Financial Statements 1 Notes to the Financial Statements 2

Statement of cash flows
For the year ended 30 june 1998
1998 Budget $		Note	1998 Actual $	1997 Actual $
	Cash Flows from Operating Activities
	Cash was provided from:
2,211,000	- Government Grant & Other Sources		2,258,180	2,042,415
43,000	- Interest		49,083	52,411
	Cash was disbursed to:
(2,350,000)	- Suppliers & Employees		(2,163,439)	(2,153,039)
	Net Cash Flows from
(96,000)	Operating Activities	4	143,824	(58,213)
	Cash Flows from Investing Activities
	Cash was provided from:
-	- Sale of Fixed Assets		9,000	889
140,000	- Net Decrease in Bank Deposits	7	-	130,000
	Cash was applied to:
(75,000)	- Purchase of Fixed Assets		(73,733)	(75,022)
-	- Net Increase in Bank Deposits	7	(30,000)	-
65,000	Net Cash Flows from Investing Activities		(94,733)	55,867
(31,000)	Net Increase (Decrease) in Cash Flows		49,091	(2,346)
41,000	Add Opening Cash Balance		41,044	43,390
$10,000	Closing Cash Balance carried forward		$90,135	$41,044
The accompanying Notes form part of these Financial Statements.

Notes to the Financial Statements

Note 1: Statement of Accounting Policies

1. Reporting Entity
   The financial statements presented here for the reporting entity, the Securities Commission, are prepared pursuant to section 30 of the Securities Act 1978 and section 41 of the Public Finance Act 1989.
   
2. Measurement System
   The accounting principles recognised as appropriate for the measurement and reporting of results and financial position on an historical cost basis have been applied with the exception that the library is periodically revalued.
   
3. Accounting Policies
   
   1. Depreciation: Fixed Assets, other than the library, are shown at historical cost and have been depreciated on the following bases:
      
      • office furniture
        
      • 20% of diminishing value,
        
      • office equipment
        
      • straight line over 5 years,
        
      • leasehold improvements
        
      • straight line over 9 years.
      
      
   2. Library: All library acquisitions are recorded at cost. The library is depreciated on a straight line basis over 10 years. The library is revalued to current market value every three years by an independent valuer. In the year that the periodic revaluation of the library is undertaken any difference between the depreciated value of the library and the current market value is recognised in the Asset Revaluation Reserve. If this results in a debit balance in the Asset Revaluation Reserve, the balance is expensed in the Statement of Financial Performance.
      
   3. Short-term Deposits: Short-term deposits are shown at cost.
      
   4. Employee Annual Leave: Provision is made in respect of the Commission's liability for employee annual leave entitlement, which has been calculated on an actual entitlement basis at current remuneration rates.
      
   5. GST: GST is accounted for by the net method.
      
   6. Financial Instruments: All financial instruments are recognised in the Statement of Financial Position.
      
   7. Income Tax: The Commission is exempt from income tax under the Income Tax Act 1994.
   
   
4. Changes in Accounting Policies
   There have been no changes in accounting policies. All policies have been applied on bases consistent with those used last year.