Directors’ Report 39
Statement of disclosure of information The directors are also responsible for maintaining:
to the auditor l Proper accounting records which are intended
As at the date of this report each director to disclose with reasonable accuracy, at any
confirms that: time, the financial position of the Society
1) so far as (s)he is aware, there is no information and the group;
relevant to the audit of the Society’s financial l Appropriate internal control systems to safeguard
statements for the year ending 31 December our assets and to prevent and detect fraud and
2012 of which the auditor is unaware; other irregularities; and
2) (s)he has taken all steps that (s)he ought to have l The integrity of the corporate and financial
taken in his/her duty as a director to make him/ information included on our website LV.com.
herself aware of any relevant audit information
and to establish that the Society’s auditor is The directors are responsible for the maintenance
aware of that information. and integrity of the group’s website. Legislation in
the UK governing the preparation and dissemination
Responsibilities of the board of directors of financial statements may differ from legislation in
for the accounts other jurisdictions.
The Friendly Societies Act 1992 (1992 Act) requires
a friendly society’s Committee of Management to Each of the directors, whose names and functions
prepare accounts for each accounting period. As are shown on page 32, confirm that to the best of
we are incorporated under the 1992 Act our board their knowledge and belief:
of directors has assumed the responsibilities and
duties of the Committee of Management in relation l The group financial statements, which have been
to these accounts. prepared in accordance with IFRS as adopted by
the EU, give a true and fair view of the assets,
These accounts must comply with the relevant liabilities, financial position and profit of the
provisions of the 1992 Act, and present fairly the group;
financial position, financial performance and cash l The Business Review on pages 12 to 16 includes
flows of the society and the group at the end of a fair review of the development and performance
Statements and Reviews
the accounting period. In carrying out this duty, the of the business and the position of the group;
directors have chosen to use IFRS as adopted by and
the European Union. l A description of the group’s principal risks and
details of the group’s risk governance structure
Legislation in the UK that governs the preparation are provided on pages 26 to 28.
and publication of accounts may differ from
legislation in other jurisdictions. A fair presentation By order of the Board of Directors
of our accounts in accordance with IFRS requires
our directors to:
Our Businesses
l Select suitable accounting policies and ensure
they are applied consistently;
l Prepare the accounts on a going concern basis, Rachel S Small, Company Secretary
unless it is inappropriate to presume that the 27 March 2013
Society and the group will continue in business;
l Make judgements and accounting estimates that
are reasonable and prudent;
Present information, including accounting
Risk Management
l
policies, in a manner that provides relevant,
reliable, comparable and understandable
information;
l Provide additional disclosures when compliance
with the specific requirements in IFRS is
insufficient to enable users to understand the
impact of particular transactions, other events
Corporate Governance
and conditions on the Society and the group’s
financial position and financial performance; and
l State that the Society and the group have
complied with applicable IFRSs, subject to any
material departures disclosed and explained in
the accounts.
Our Accounts