The Edinburgh Investment Trust Plc Annual Financial Report 2022 - Flipbook - Page 44
42 / GOVERNANCE / THE EDINBURGH INVESTMENT TRUST PLC
Statement of Directors’ Responsibilities
in respect of the preparation of the Annual Financial Report
The Directors are responsible for preparing the annual financial
report and 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 they are
required to prepare the financial statements in accordance
with UK accounting standards, including FRS 102 The Financial
Reporting Standard applicable in the UK and Republic of Ireland.
The revised SORP issued in April 2021 is applicable for accounting
periods beginning on or after 1 January 2021. The SORP has no
substantive changes but has been updated to reflect changes IFRS
standards and regulatory requirements. No accounting policies or
disclosures have changed as a result of the revised SORP.
Under company 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 Company and of its profit or loss
for that period.
In preparing these financial statements, the Directors are
required to:
–
select suitable accounting policies and then apply them
consistently;
–
make judgements and 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;
–
assess the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern;
and
–
use the going concern basis of accounting unless they either
intend to liquidate the Company or to cease operations, or
have no realistic alternative but to do so.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company’s
transactions and disclose with reasonable accuracy at any time
the financial position of the Company and enable them to ensure
that its financial statements comply with the Companies Act 2006.
They are responsible for such internal control as they determine is
necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or
error, and have general responsibility for taking such steps as are
reasonably open to them to safeguard the assets of the Company
and to prevent and detect fraud and other irregularities.
Under applicable law and regulations, the Directors are also
responsible for preparing a Strategic Report, Directors’ Report,
Directors’ Remuneration Report and Corporate Governance
Statement that complies with that law and those regulations.
The Directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
Company’s website, which is maintained by the Company’s
Manager. Legislation in the UK governing the preparation and
dissemination of financial statements may differ from legislation in
other jurisdictions.
RESPONSIBILITY STATEMENT OF THE DIRECTORS IN
RESPECT OF THE ANNUAL FINANCIAL REPORT
We confirm that to the best of our knowledge:
–
the financial statements, prepared in accordance with the
applicable set of accounting standards, give a true and fair
view of the assets, liabilities, financial position and profit or
loss of the Company; and
–
the Strategic Report includes a fair review of the development
and performance of the business and the position of the
Company, together with a description of the principal risks
and uncertainties that it faces.
We consider the annual financial report, taken as a whole, is
fair, balanced and understandable and provides the information
necessary for shareholders to assess the Company’s position and
performance, business model and strategy.
Signed on behalf of the Board of Directors
GLEN SUAREZ / CHAIRMAN / 25 MAY 2022