Statement of Intent: 2007/2008 - 2010

Statement of Intent: 2007/2008 - 2010

STATEMENT OF INTENT

2007/2008 - 2010

FORECAST FINANCIAL STATEMENTS OF THE PANEL FOR THE YEAR ENDING 30 JUNE 2008

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.

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

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 for the purpose of the 2007/08 - 2009/10 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 31 May 2007.

FORECAST STATEMENT OF FINANCIAL PERFORMANCE
For the year ended 30 June 2008

	Forecast 12 months to 30 June 2008 $	Forecast 12 months to 30 June 2007 $
Revenue - Operating
Government grant - baseline funding	1,344,000	1,344,000
Interest	26,500	26,860
Application fees and costs recoverable	364,000	261,000
Total operating revenue	1,734,500	1,632,260
Revenue - Litigation fund
Government Grant	-	49,669
Interest	44,900	44,880
Recoveries	-	55,000
Total litigation fund revenue	44,900	149,549
Total Revenue	1,779,400	1,781,809
Operating Expenses
Audit fees	11,000	10,455
Communication charges	18,700	18,710
Members' fees	380,000	335,150
Printing and stationery	30,300	29,890
Consultants and legal	101,000	41,250
Services and supplies	34,500	36,170
Travel and accommodation	62,700	62,485
Securities Commission services	1,242,000	1,109,070
Total operating expenses	1,880,200	1,642,180
Expenses - Litigation fund	70,000	90,210
Total expenses	1,950,200	1,732,390
Net surplus / (deficit)	$(170,800)	$49,419
This is comprised of:
Operating surplus (deficit)	(145,700)	(9,921)
Litigation fund surplus / (deficit)	(25,100)	59,340
	$(170,800)	$49,419

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