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Annual Report 30 June 2000

IN THIS SECTION:

SOURCES OF FUNDING

STATEMENT OF RESPONSIBILITY

STATEMENT OF FINANCIAL PERFORMANCE

CONTENTS:

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 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 2000.

E.H. ABERNETHY CHAIRMAN
11 July 2000
J. FARRELL CHIEF EXECUTIVE
11 July 2000

FINANCIAL STATEMENTS

STATEMENT OF FINANCIAL
PERFORMANCE
for the year ended 30 June 1999

2000
Budget
$
Note
2000
Actual
$
1999
Actual
$

INCOME

2,267,000 Government Grant 2,266,667 1,912,000

27,000 Interest 36,088 25,838

320,000 Application Fees and Costs Recoverable 428,764 200,126

- Recovery of Litigation and Court Costs - 7,500

2,614,000 Total Income 2,731,519 2,145,464

EXPENDITURE

6,000 Auditors - Fees 6,000 6,000

1,000 Auditors - Other Services - -

25,000 Communication Charges 21,042 20,099

103,000 Depreciation 101,236 108,551

10,000 Litigation - 17,282

- Loss on Asset Disposals 1,753 -

138,000 Members' Fees 2 139,058 114,737

195,000 Printing and Stationery 193,076 180,368

180,000 Professional Services 12 116,934 121,548

205,000 Rent 204,605 205,039

1,400,000 Salaries and Superannuation Subsidies 2 & 3 1,307,200 1,170,665

140,000 Services and Supplies 162,821 128,019

51,000 Superannuation Contribution Withholding Tax 45,258 44,240

160,000 Travel and Accommodation 147,243 108,854

2,614,000 Total Expenditure 2,446,226 2,225,402

- Surplus (Deficit) 4 $285,293 $(79,938)

The accompanying Notes form part of these Financial Statements.