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Statement of Intent 2008-2011

Annual information - for the 08/09 year

Appropriations

During 2008/09 the Securities Commission is appropriated to supply services under Vote Commerce, for two classes of outputs, as follows:

	2008/09 Vote Commerce $000	2007/08 Estimates $000
Non-departmental output expenses Performance of securities market functions	7,301	6,501
Other expenses to be incurred by the Crown Securities Commission litigation fund	1,370	844
	8,671	7,345

Further information is available in Part B, volume 1 of Budget 2008 - Estimates of Appropriation for the Government of New Zealand for the year ending 30 June 2009.

Forecast Financial Statements

Statement of Forecast Financial Performance for the year ended 30 June 2009

	Note	2008/09 Forecast $000	2007/08 Estimate $000
Income
Government grant		7,301	6,501
Administrative services to Takeovers Panel		633	1,003
Exemptions and authorisations fees		250	244
Interest		180	226
Litigation fund income - government grant and bank interest		430	2,076
Total income		8,794	10,050

Expense
Personnel expenses		6,046	5,152
Occupancy expenses		642	642
Depreciation		355	339
Other operating expenses	1	2,372	2,282
Litigation fund expense		638	51
Total expense		10,053	8,466

Surplus/(deficit)		(1,259)	1,584

Comprising
Operating surplus/(deficit)		(1,051)	(441)
Litigation surplus/(deficit)		(208)	2,025
		(1,259)	1,584

Statement of Forecast Financial Position as at 30 June 2009

	2008/09 Forecast $000	2007/08 Estimate $000

Equity
Accumulated funds	1,675	2,726
Litigation fund	2,661	2,869
	4,336	5,595
Assets
Current assets	3,582	4,760
Non-current assets
- property, plant and equipment	1,199	1,304
- computer software
Liabilities
Current liabilities	411	422
Non-current liabilities	34	47

Net assets	4,336	5,595

Statement of Forecast Changes in Equity
for the year ended 30 June 2009

	Accumulated funds $000	Litigation fund $000	Total equity $000
Actual at 1 July 2007	3,167	844	4,011


Estimated surplus (deficit) for year	(441)	2,025	1,584
Total estimated recognised income/expense for the year	(441)	2,025	1,584
Estimate at 30 June 2008	2,726	2,869	5,595


Forecast surplus (deficit) for year	(1,051)	(208)	(1,259)
Total forecast recognised income/expense for the year	(1,051)	(208)	(1,259)
Forecast at 30 June 2009	1,675	2,661	4,336

Statement of Forecast Cash Flows
for the year ended June 2009

	2008/09 Forecast $000	2007/08 Estimate $000

Cash flows from operating activities
Cash was provided from
- Government grant	7,301	6,501
- Settlement - litigation fund	2,257	149
- Exemptions and authorisation fees	262	225
- Interest	224	235
- Administrative services to the Takeovers Panel	633	1,003

Cash was applied to
- Suppliers	(3,891)	(3,184)
- Employees	(5,851)	(4,957)
- Net GST	(15)	14

Net cash flows from operating activities	920	(14)

Cash flows from investing activities
Cash was provided from
- Sale of fixed assets	-	-
- Net decrease in term deposits	932	318
- Net decrease in term deposits (litigation)	-	-
Cash was applied to
- Purchase of fixed assets	(250)	(307)
- Net increase in term deposit	-	-
- Net increase in term deposit (litigation)	(1,750)	(75)
Net cash flows from investing activities	(1,068)	(64)


Net increase (decrease) in cash balances	(148)	(78)
Add opening cash and cash equivalents balance	200	278
Closing cash and cash equivalents balance carried forward	52	200

Comprising
Current account cash and cash equivalents	8	30
Litigation fund cash and cash equivalents	44	170
	52	200

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