The following statement should be read in conjunction with the statement of independent auditors’ responsibilities on page Auditors’ Report and is made by the Directors to explain their responsibilities for the preparation of the financial statements.
The Directors are responsible for preparing the Strategic Report, the Directors’ Report, the Directors’ Corporate Governance Report, the Directors’ Remuneration Report and the financial statements in accordance with applicable law and regulations.
Friendly Society law requires the Directors to prepare financial statements for each financial year comprising a balance sheet and an income and expenditure account. Under that law the Directors have prepared the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. Under Friendly Society law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Society as at the end of the financial year and the income and expenditure of the Society for the financial year or where a true and fair view is not given the necessary information is provided to explain. In preparing these financial statements, the Directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable International Financial Reporting Standards (IFRSs) as adopted by the European Union have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Society and the Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Society’s and the Group’s transactions, that disclose with reasonable accuracy at any time the financial position of the Society and the Group and enable them to ensure that the financial statements comply with the Friendly Societies Act 1992. They are also responsible for safeguarding the assets of the Society and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors consider that the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for members to assess the Society’s position and performance, business model and strategy.
Each of the Directors, whose names and functions are listed in the Board of Directors section confirm that, to the best of their knowledge:
- the Society’s financial statements, which have been prepared in accordance with IFRSs as adopted by the European Union, give a true and fair view of the state of affairs and income and expenditure for the Society and the Group; and
- the Strategic Report and the Directors’ Report includes a fair review of the development and performance of the business, together with a description of the principal risks and uncertainties that it faces.
- they consider if appropriate to adopt the going concern basis of accounting in preparing them, and have not identified any material uncertainties to the Society's ability to continue to do so for twelve months from the date of approval of the financial statements.
Each Director in office at the date the Directors’ Report is approved confirms that:
- so far as the Director is aware, there is no relevant audit information of which the Society’s independent auditors are unaware; and
- they have taken all the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Society’s independent auditors are aware of that information.
The Directors are responsible for the maintenance and integrity of The Exeter’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.