Statement of Intent: 2008/2009 - 2011

Statement of Intent: 2008/2009 - 2011

STATEMENT OF INTENT

2008/2009 - 2011

FORECAST FINANCIAL STATEMENTS OF THE TAKEOVERS PANEL
FOR THE YEAR ENDING 30 JUNE 2009

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 2008/09 - 2011 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 June 2008.

FORECAST STATEMENT OF FINANCIAL PERFORMANCE
For the year ended 30 June 2009

	Forecast 12 months to 30 June 2009 $	Forecast 12 months to 30 June 2008 $
Revenue - Operating
Government appropriation	1,494,000	1,444,000
Interest	21,000	21,051
Application fees and costs recoverable	451,000	543,844
Total operating revenue	1,966,000	2,008,895
Revenue - Litigation fund
Interest	58,600	58,538
Total litigation fund revenue	58,600	58,538

Total Revenue	2,024,600	2,067,433
Operating Expenses
Audit fees	17,000	16,000
Communication charges	33,000	31,728
Members' fees	400,000	393,591
Printing and stationery	31,100	31,354
Consultants and legal	110,000	297,807
Services and supplies	44,700	34,337
Travel and accommodation	70,000	84,013
Staff salaries	783,000	107,292
Securities Commission services	591,600	915,371
Total operating expenses	2,080,400	1,911,493
Expenses - Litigation fund	20,000	20,000
Total expenses	2,100,400	1,931,493
Net surplus / (deficit)	$(75,800)	$135,940
This is comprised of:
Operating surplus (deficit)	(114,400)	97,402
Litigation fund surplus / (deficit)	38,600	38,538
	$(75,800)	$135,940

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