Statement of Intent: 2006/2007 - 2009

Statement of Intent: 2006/2007 - 2009

STATEMENT OF INTENT

2006/2007 - 2009

FORECAST FINANCIAL STATEMENTS OF THE PANEL FOR THE YEAR ENDING 30 JUNE 2007

INTRODUCTION

The forecast financial statements presented here for the reporting entity, the Takeovers Panel, are prepared pursuant to section 142 of the Crown Entities Act 2004. The Panel is a Crown entity for legislative purposes and a public benefit entity for financial reporting purposes.

The Panel is responsible for the forecast financial statements presented, including the appropriateness of the assumptions underlying the forecast financial statements and all other required disclosures.

The preparation of forecast financial statements in conformity with FRS-42 requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual financial results achieved for the period covered are likely to vary from the information presented, and the variations may be material.

These forecast financial statements have been prepared in accordance with New Zealand Financial Reporting Standard No. 42: Prospective Financial Statements (FRS-42).

These forecast financial statements have been prepared for the purpose of the 2006/07 - 2007/09 Statement of Intent of the Takeovers Panel. They are not prepared for any other purpose and should not be relied upon for any other purpose.

The forecast financial statements were authorised for issue by the Takeovers Panel on 30 May 2006.

FORECAST STATEMENT OF FINANCIAL PERFORMANCE
For the year ended 30 June 2007

	Forecast 12 months to 30 June 2007 $	Forecast12 months to 30 June 2006 $
Operating income
Government appropriation	1,344,000	1,344,000
Interest	23,000	24,000
Application fees and costs recoverable	441,000	387,000
Total operating income	1,808,000	1,755,000
Income for litigation fund matters
Litigation fund revenue	107,000	49,000
Total litigation fund income	107,000	49,000
Total income	1,915,000	1,804,000
Operating expenditure
Audit fees	7,500	6,500
Communication charges	18,000	18,000
Members' fees	380,000	330,000
Printing and stationery	24,000	24,000
Consultants and legal	150,000	146,000
Services and supplies	42,000	40,000
Travel and accommodation	66,000	62,000
Securities Commission services	1,230,040	1,083,000
Total operating expenditure	1,917,540	1,709,500
Expenditure on litigation fund matters	30,000	143,000
Total expenditure	1,947,540	1,852,500
Net surplus / (deficit)	$(32,540)	$(48,500)
This is comprised of:
Operating surplus (deficit)	(109,540)	45,500
Litigation fund surplus / (deficit)	77,000	(94,000)
	$(32,540)	$(48,500)

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