• Functions and Powers of the Panel
• Chairman's Review
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• The Panel's Performance in 2006/2007
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• Financial Report 2007
• Statement of Service Performance
• Audit Report
• Executive of the Takeovers Panel
• How to Contact Us

Annual Report 2007

FINANCIAL REPORT 2007

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 statement of service performance 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 and statement of service performance fairly reflect the financial position as at 30 June 2007 and the operations of the Takeovers Panel for the year ended 30 June 2007.

STATEMENT OF FINANCIAL PERFORMANCE
for the year ended 30 June 2007

Budget 2007 $		Note		Actual 2007 $		Actual 2006 $
	Operating income
1,344,000	Government grant - baseline funding			1,344,000		1,344,000
23,000	Interest			27,415		23,133
441,000	Application fees and costs recoverable	6		290,139		399,896
1,808,000	Total operating income			1,661,554		1,767,029
	Income for litigation fund
-	Government grant			49,669		35,000
60,000	Recovery of costs			55,000		-
47,000	Interest			45,629		47,439
107,000	Total litigation fund income			150,298		82,439
1,915,000	Total income			1,811,852		1,849,468
	Operating expenditure
7,500	Audit fees			10,455		6,755
18,000	Communication charges			22,912		21,498
380,000	Members’ fees	4		335,473		337,373
24,000	Printing and stationery			32,022		24,853
150,000	Consultants and legal			48,598		123,998
42,000	Services and supplies			36,153		40,340
66,000	Travel and accommodation			64,265		56,297
1,230,040	Securities Commission services	3		1,124,316		1,115,956
1,917,540	Total operating expenditure			1,674,194		1,727,070
30,000	Expenditure on litigation fund matters	5		92,263		152,513
1,947,540	Total expenditure			1,766,457		1,879,583
	Net surplus (deficit) including
$(32,540)	litigation fund net income/(expenditure)			$45,395		$(30,115)
	This is comprised of:
(109,540)	Operating surplus (deficit)			(12,640)		39,959
77,000	Litigation fund surplus (deficit)			58,035		(70,074)
$(32,540)				$45,395		$(30,115)

The Statement of Accounting Policies and Notes form an integral part of, and should be read in conjunction with, these financial statements.

STATEMENT OF FINANCIAL POSITION
as at 30 June 2007

Budget 2007 $		Note		Actual 2007 $		Actual 2006 $
	Current assets
362	Cash			96,357		17,333
-	Cash - litigation fund			24,865		3,484
250,000	Short term deposits - operating			226,379		261,399
688,871	Short term deposits - litigation fund			669,630		597,308
-	Interest receivable - operating			1,570		1,112
3,000	Interest receivable - litigation fund			2,337		3,005
122,000	Sundry debtors and prepayments	1		81,998		146,645
(10,000)	Less provision for bad debts	1		(10,000)		(10,000)
-	GST receivable			-		35,439
1,054,233	Total current assets			1,093,136		1,055,725
$1,054,233	Total assets			$1,093,136		$1,055,725
	Current liabilities
80,000	Creditors and accruals			61,500		70,567
40,000	GST payable			1,083		-
120,000	Total current liabilities			62,583		70,567
	Equity
242,362	Accumulated funds			333,721		346,361
691,871	Litigation fund	5		696,832		638,797
934,233	Total equity			1,030,553		985,158
$1,054,233	Total equity and liabilities			$1,093,136		$1,055,725

The Statement of Accounting Policies and Notes form an integral part of, and should be read in conjunction with, these financial statements.