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Statement of Intent 2007-2010

Annual information - for the 07/08 year

Appropriations

During 2007/08 the Securities Commission is appropriated to supply services under Vote Commerce, as follows:

	2007/08 Vote Commerce $000	2006/07 Estimates $000
Non-departmental output expenses Performance of securities market functions	6,501	6,501
Other expenses to be incurred by the Crown Securities Commission litigation fund	2,920	2,470
	9,421	8,971

Further information is available in Part B, volume 1 of Budget 2007 - Estimates of Appropriation for the Government of New Zealand for the year ending 30 June 2008.

Forecast Financial Statements

Statement of Forecast Financial Performance for the year ended 30 June 2008

	Note	2007/08 Forecast $000	2006/07 Estimate $000
Income
Government grant		6,501	6,501
Administrative services to Takeovers Panel		1,242	1,108
Exemptions and authorisations fees		250	259
Interest		215	189
Other income		-	-
Litigation fund income - government grant and bank interest		2,400	272
Total income		10,608	8,329

Expense
Personnel expenses		4,884	4,671
Occupancy expenses		642	562
Depreciation		344	365
Other operating expenses	1	2,332	2,059
Litigation fund expense		487	272
Total expense		8,689	7,929

Surplus		1,919	400

Statement of Forecast Financial Position as at 30 June 2008

	2007/08 Forecast $000	2006/07 Estimate $000

Equity	5,872	3,954
Accumulated funds	3,116	3,110
Litigation fund	2,756	844

Assets
Current assets	5,043	3,170
Non-current assets
- property, plant and equipment	1,350	1,334
- computer software	11	28
Liabilities
Current liabilities	485	518
Non-current liabilities	47	60

Net assets	5,872	3,954

Statement of Forecast Changes in Equity
for the year ended 30 June 2008

	Accumulated funds $000	Litigation fund $000	Total equity $000
Actual at 1 July 2006	2,710	844	3,554


Estimated surplus (deficit) for year	400	-	400
Total estimated recognised income/expense for the year	400	-	400
Estimate at 30 June 2007	3,110	844	3,954


Forecast surplus (deficit) for year	6	1,912	1,918
Total forecast recognised income/expense for the year	6	1,912	1,918
Forecast at 30 June 2008	3,116	844	5,872

Statement of Forecast Cash Flows
for the year ended June 2008

	2007/08 Forecast $000	2006/07 Estimate $000

Cash flows from operating activities
Cash was provided from
- Government grant	6,501	6,501
- Settlement - litigation fund	2,276	449
- Exemptions and authorisation fees	267	272
- Interest	230	84
- Administrative services to the Takeovers Panel	1,242	1,108


Cash was applied to
- Suppliers	(3,553)	(2,955)
- Employees	(4,838)	(4,514)
- Net GST	-	-


Net cash flows from operating activities	2,125	945

Cash flows from investing activities
Cash was provided from
- Sale of fixed assets	-	-
- Net decrease in term deposits	-	-
- Net decrease in term deposits (litigation)	-	-
Cash was applied to
- Purchase of fixed assets	(344)	(140)
- Net increase in term deposit	-	(1,950)
- Net increase in term deposit (litigation)	(1,825)	(575)
Net cash flows from investing activities	(2,169)	(2,665)


Net increase (decrease) in cash balances	(44)	(1,720)
Add opening cash and cash equivalents balance	353	2,073
Closing cash and cash equivalents balance carried forward	309	353


Comprising
Current account cash and cash equivalents	193	174
Litigation fund cash and cash equivalents	116	179
	309	353

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