THE COMMITTEE’S RESPONSIBILITIES REGARDING THE FINANCIAL STATEMENTS
The committee is required to prepare financial statements for each financial year, which give a true and fair view of affairs of the committee’s financial activities at the end of the year and of the income and expenditure for the year then ended.
In preparing those financial statements, the committee is required to:
- Select suitable accounting policies and then apply them on a consistent basis, making judgements and estimates that are prudent and reasonable.
- Prepare the financial statements accounts on the going concern basis unless it is not appropriate to presume that the committee will continue to operate its financial activities.
The committee members are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of its activities. They are also responsible for safeguarding its assets and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The financial statements have been prepared under the historical cost convention and in accordance with applicable Accounting Standards.
Stocks are valued at the lower of cost and net realisable value after making due allowance for any obsolete items.
Sales represent amounts, excluding Value Added Tax, receivable by the committee for goods sold.