Statement of Intent: 2010/2011 - 2013

FORECAST FINANCIAL STATEMENTS OF THE TAKEOVERS PANEL

FOR THE YEAR ENDING 30 JUNE 2011


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 2010/11 - 2013 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 7 May 2010

FORECAST STATEMENT OF COMPREHENSIVE INCOME
for the year ending 30 June 2011

  Forecast
12 months to
30 June 2011
$		 Notes Forecast
12 months to
30 June 2010
$
Revenue - Operating
Government appropriation 1,494,000   1,494,000
Interest 16,531   11,531
Application fees and costs recoverable 350,325 3 373,325
Other income 11,349   11,018
Total operating revenue 1,872,205   1,889,874
Revenue - Litigation fund
Interest 38,196   32,999
Total litigation fund revenue 38,196   32,999
Total Revenue 1,910,401   1,922,873
Operating Expenses
Audit fees 12,015 8 10,015
Communication charges 57,352   56,227
Training and memberships 20,291   19,893
Depreciation 67,913   51,139
Members' fees 245,562 6 237,562
Printing and stationery 82,428   83,620
Consultants and legal 134,774   126,774
Services and supplies 116,992 4 101,080
Rent 131,616   109,677
Travel and accommodation 30,037   26,547
Personnel costs 892,862 5 855,862
Securities Commission services - 7 80,527
Total operating expenses 1,791,842   1,758,923
Expenses - Litigation fund 20,000   20,000
Total expenses  1,811,842   1,778,923
Total comprehensive income $98,559   $143,950
This is comprised of:
Operating surplus (deficit) 80,363   130,951
Litigation fund surplus / (deficit) 18,196   12,999
  $98,559   $143,950