Financial Statements 2017 Financial Statements 2017 | Page 54

STATEMENT OF RESPONSIBILITIES OF THE BOARD The Board is responsible for preparing the Report of the Board and the Financial Statements in accordance with applicable law and regulations. The Co-operative and Community Benefit Societies Act 2014 and registered social landlord legislation requires the Board 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 laws). Under this legislation 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 and surplus or deficit of the association for that period. In preparing these financial statements, the directors are required to: n Select suitable accounting policies and then apply them consistently; n Make judgements and accounting estimates that are reasonable and prudent; n State whether applicable UK Accounting Standards and the Statement of Recommended Practice (SORP) Accounting by Registered Housing Providers Update 2010), have been followed, subject to any material departures disclosed and explained in the financial statements; and n Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the association will continue in business. The Board is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Association and enable it to ensure that the financial statements comply with the Co-operative and Community Benefit Societies Act 2014, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2012. It is also responsible for safeguarding the assets of the Association and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Board is responsible for the maintenance and integrity of the corporate and financial information on the Association’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Disclosure of information to auditors In so far as each of the directors is aware: n There is no relevant audit information of which the Association’s auditors are unaware; and n The directors have taken all steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Going concern The Board has reviewed the 2017/18 budget, five year financial plan, borrowing facilities, funding requirements and forward projections. At 31 March 2017, the Association has £57.1 million of available funding facilities in place which is more than sufficient to meet the Association’s strategic growth ambitions and development plans. The 2017/18 budget forecasts Association surpluses of c£9.5 million, with further growth projected over the life of the business plan. On the basis of this review, the Board is satisfied that the Association is a going concern and has continued to adopt the going concern basis in preparing the financial statements. Auditors A resolution for the re-appointment of Grant Thornton UK LLP as auditors of Accord Housing Association will be proposed at the 2017 Annual General Meeting. On behalf of the Board Mrs Elisabeth Buggins CBE (Chair) 20 July 2017 52 Accord Housing Association Mr Stuart Fisher (Executive Director of Resources) 20 July 2017