 |
Annual Report for the year ended 30 June 2008
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 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 2008 and the operations of the Takeovers Panel for the year ended 30 June 2008.
D O Jones
Chairman
19 August 2008
K.J. O'Connor
Chairman,
Audit Committee
19 August 2008
STATEMENT OF FINANCIAL PERFORMANCE
for the year ended 30 June 2008
Budget
2008
$ |
|
Note |
|
Actual
2008
$ |
|
Actual
2007
$ |
|
| |
Operating income |
| 1,344,000 |
Government grant - baseline funding |
|
|
1,444,000 |
|
1,344,000 |
| 26,500 |
Interest |
|
|
27,715 |
|
27,415
|
| 364,000 |
Application fees and costs recoverable |
5
|
|
571,986 |
|
290,139
|
| - |
KiwiSaver Employer Tax Credits |
|
|
788 |
|
- |
|
|
|
|
|
|
1,734,500
|
Total operating income |
|
|
2,038,489
|
|
1,661,554
|
|
|
|
|
|
|
Litigation fund income
|
| - |
Government grant |
|
|
-
|
|
49,669 |
| - |
Recovery of costs |
|
|
- |
|
55,000 |
|
44,900
|
Interest |
|
|
58,722
|
|
45,629
|
|
|
|
|
|
|
44,900
|
Total litigation fund income |
|
|
58,722 |
|
150,298
|
|
|
|
|
|
| |
|
|
|
|
|
|
$1,779,400
|
Total income |
|
|
$2,097,211
|
|
1,811,852
|
|
|
|
|
|
|
|
|
Operating expenditure |
| 11,000 |
Audit fees |
|
|
11,099 |
|
10,455
|
| - |
Audit fees - IFRS transition
|
|
|
5,500 |
|
-
|
| 18,700 |
Communication charges |
|
|
35,285 |
|
22,912
|
| 380,000 |
Members’ fees |
22 |
|
397,275 |
|
335,473
|
| 30,300 |
Printing and stationery |
|
|
34,351 |
|
32,022
|
| 101,000 |
Consultants and legal |
|
|
320,384 |
|
48,598
|
| 34,500 |
Services and supplies |
|
|
32,259 |
|
36,153
|
| 62,700 |
Travel and accommodation |
|
|
71,105 |
|
64,265
|
| - |
Personnel costs |
11
|
|
149,963 |
|
-
|
| 1,242,000 |
Securities Commission services |
3 |
|
1,026,778 |
|
1,124,316
|
|
|
|
|
|
|
1,880,200
|
Total operating expenditure
|
|
|
2,083,999
|
|
1,674,194
|
| 70,000 |
Expenditure - litigation fund
|
4 |
|
- |
|
92,263
|
|
|
|
|
|
|
1,950,200
|
Total expenditure |
|
|
2,083,999
|
|
1,766,457
|
|
|
|
|
|
| $(170,800) |
Net surplus (deficit)
|
|
|
$13,212 |
|
$45,395 |
|
|
|
|
|
| |
This is comprised of: |
|
|
|
|
|
(145,700)
|
Operating surplus (deficit) |
|
|
(45,510) |
|
(12,640) |
| (25,100) |
Litigation fund surplus (deficit) |
|
|
58,722 |
|
58,035 |
|
|
|
|
|
| $(170,800) |
|
|
|
$13,212 |
|
$45,395 |
|
|
|
|
|
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 2008
Budget
2008
$ |
|
Note |
|
Actual
2008
$ |
|
Actual
2006
$ |
|
| |
Current assets |
| 194,767 |
Cash and cash equivalents - operations |
|
|
174,624 |
|
222,736 |
| 76,390 |
Cash and cash equivalents - litigation fund |
|
|
461,044 |
|
425,464
|
| - |
Term deposits - operations |
|
|
107,979 |
|
100,000 |
| 591,279 |
Term deposit - litigation fund |
|
|
290,770 |
|
269,031 |
| 1,441 |
Interest receivable - operating |
|
|
947 |
|
1,570 |
| 5,369 |
Interest receivable - litigation fund |
|
|
3,740 |
|
2,337 |
| 59,286 |
Trade and other receivables |
14 |
|
168,862 |
|
60,068 |
| 43,107 |
Prepayments |
|
|
18,516 |
|
21,930 |
|
|
|
|
|
971,639 |
Total current assets |
|
|
1,226,482 |
|
1,103,136 |
|
|
|
|
|
$971,639 |
Total assets |
|
|
$1,226,482 |
|
$1,103,136
|
|
|
|
|
|
|
Current liabilities |
| 86,115 |
Trade and other payables |
16 |
|
132,393 |
|
61,500 |
| - |
Employee entitlements |
15 |
|
28,552 |
|
- |
| 11,761 |
GST payable |
|
|
11,772 |
|
1,083 |
|
|
|
|
|
97,876 |
Total current liabilities |
|
|
172,717 |
|
62,583 |
|
|
|
|
|
| |
Equity |
|
|
|
|
|
200,726
|
Operating funds
|
|
|
298,211 |
|
343,721 |
| 673,037 |
Litigation fund |
4 |
|
755,554 |
|
696,832 |
|
|
|
|
|
| 873,763 |
Total equity |
|
|
1,053,765 |
|
1,040,553 |
|
|
|
|
|
| $971,639 |
Total equity and liabilities |
|
|
$1,226,482 |
|
$1,103,136 |
|
|
|
|
|
The Statement of Accounting Policies and Notes form an integral part of, and should be read in conjunction with, these financial statements.
|
|
