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Annual Report 30 June 1999

Financial Statements ...Statement of Responsibility ...Statement of Financial Performance

CONTENTS Statement of Purpose Notable Events Members Chairman's Review Chief Executive's Report New Zealand Securities Markets Exemptions Market Authorisations Enforcement Reform Public Understanding Litigation Administration and Staffing Role, Functions and Powers ----------------------------- Financial Statements Statement of Responsibility Statement of Objectives Statement of Service Performance Report of the Audit Office ----------------------------- Staff How to Contact Us

FINANCIAL STATEMENTS

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

The financial statements of the Commission for the year 1 July 1998 to 30 June 1999 including the statement of service performance now follow.

We acknowledge responsibility for the preparation of these financial statements 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 fairly reflect the financial position and operations of the Securities Commission for the year ended 30 June 1999.

E.H. Abernethy Chairman 13 July 1999

J. Farrell Chief Executive 13 July 1999

1999 Budget $				1999 Actual $	1998 Actual $
		Income	Note
. . . . . . . . . . . . .
1,912,000		Government Grant		1,912,000	2,111,111
38,000		Interest		25,838	50,705
145,000		Application Fees and Costs Recoverable		200,126	147,426
8,000		Recovery of Litigation and Court Costs		7,500	--
2,103,000		Total Income		2,145,464	2,309,242
		Expenditure
6,000		Auditors - Fees		6,000	6,000
1,000		Auditors - Other Services		--	300
25,000		Communication Charges		20,099	25,071
113,000		Depreciation		108,551	84,239
25,000		Litigation		17,282	19,400
130,000		Members' Fees	2	114,737	123,612
183,000		Printing & Stationery		180,368	237,330
145,000		Professional Services		121,548	128,362
210,000		Rent		205,039	205,680
1,183,000		Salaries & Superannuation Subsidies	2 & 3	1,170,665	1,179,508
140,000		Services & Supplies		128,019	114,327
45,000		Superannuation Contribution Withholding Tax		44,240	44,563
120,000		Travel & Accommodation		108,854	77,515
2,326,000		Total Expenditure		2,225,402	2,245,907
$(223,000)		Surplus (Deficit)	4	$(79,938)	$63,335