ANNUAL REPORT 2004

CONTENTS

Sources of Funding
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

FINANCIAL REPORT

SOURCES OF FUNDING

The Panel is funded by the appropriation of money by Parliament and the payment of fees by the users of its services, and parties to its enforcement actions. It is responsible for the allocation of the money. It sets priorities with care and reviews them continually 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 Panel’s financial reporting.

In our opinion these annual financial statements fairly reflect the financial position as at 30 June 2004 and the operations of the Takeovers Panel for the year ended 30 June 2004.

J.C. King CHAIRMAN		D.M.D. Rawstorne CHAIRMAN, AUDIT COMMITTEE
11 August 2004		11 August 2004