Annual Report 2016 | Page 52

Annual Report 2016
Annual Report 2016

DIRECTORS ’ RESPONSIBILITIES STATEMENT

The following statement , which should be read in conjunction with the independent auditor ’ s statement of its responsibilities set out on the following pages , is made with a view to distinguishing for shareholders the respective responsibilities of the Directors and of the independent auditor in relation to the accounts .
The Directors are responsible for preparing the Annual Report and Accounts , including the Strategic Report , the Directors ’ Report and the financial statements in accordance with applicable law and regulations .
Company law requires the Directors to prepare financial statements for each financial year . Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice ( United Kingdom Accounting Standards and applicable law ), including FRS 102 “ The Financial Reporting Standard applicable in the UK ”. Under company law the Directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of the Group and the Company for that period .
In preparing these financial statements , the Directors are required to :
• select suitable accounting policies and then apply them consistently ;
• make judgments and accounting estimates that are reasonable and prudent ;
• state whether applicable UK Accounting Standards have been followed , subject to any material departures disclosed and explained in the financial statements ; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business .
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group ’ s and the Company ’ s transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006 . They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities .
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company ’ s website . Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions .
The Directors of the Company and their functions are listed on page 42 of the Annual Report and Accounts .
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