54 LV= Annual Report 2012
Independent
auditors’ report to the
members of Liverpool
Victoria Friendly
Society Limited
We have audited the financial statements of Liverpool Victoria Opinion on financial statements
Friendly Society Limited for the year ended 31 December 2012 In our opinion the financial statements:
which comprise the Statement of Comprehensive Income, the l give a true and fair view, in accordance with IFRSs as adopted
Statement of Financial Position, the Statement of Cash Flows by the European Union, of the state of the Society’s and the
and the related notes for the Society and the Group. The financial Group’s affairs as at 31 December 2012 and of the income and
reporting framework that has been applied in their preparation is expenditure and cash flows of the Society and the Group for the
applicable law and International Financial Reporting Standards year then ended; and
(IFRSs) as adopted by the European Union. l have been properly prepared in accordance with the Friendly
Societies Act 1992.
Respective responsibilities of the Board of Directors
and auditors Opinion on other matters prescribed by the Friendly
As explained more fully in the Responsibilities of the Board of Societies Act 1992
Directors for the financial statements set out on page 39, the Board In our opinion the Directors’ Report has been prepared in
of Directors is responsible for preparing financial statements which accordance with the Friendly Societies Act 1992 and the
give a true and fair view. The Society has also chosen to comply regulations made under it, and the information given therein is
with the Annotated UK Corporate Governance Code specified by consistent with the financial statements for the financial year.
the Association of Financial Mutuals. Our responsibility is to audit
and express an opinion on the financial statements in accordance Matters on which we are required
with applicable law and International Standards on Auditing (UK and to report by exception
Ireland). Those standards require us to comply with the Auditing We have nothing to report in respect of the following matters
Practices Board’s Ethical Standards for Auditors. where the Friendly Societies Act 1992 requires us to report to you
if, in our opinion:
This report, including the opinions, has been prepared for and only l proper accounting records have not been kept; or
for the Society’s members as a body in accordance with the Friendly l the financial statements are not in agreement with the
Societies Act 1992 and the Regulations made under it and for accounting records; or
no other purpose. We do not, in giving these opinions, accept or l we have not received all the information and explanations and
assume responsibility for any other purpose or to any other person access to documents that we require for our audit.
to whom this report is shown or into whose hands it may come save
where expressly agreed by our prior consent in writing. In accordance with our instructions from the Society we
review whether the Corporate Governance Statement reflects
Scope of the audit of the financial statements the Society’s compliance with the eight provisions of the
An audit involves obtaining evidence about the amounts and Annotated UK Corporate Governance Code specified by the
disclosures in the financial statements sufficient to give Association of Financial Mutuals. We have nothing to report
reasonable assurance that the financial statements are free in respect of this review.
from material misstatement, whether caused by fraud or error.
This includes an assessment of: whether the accounting policies
are appropriate to the Group’s and Society’s circumstances and
have been consistently applied and adequately disclosed; the
reasonableness of significant accounting estimates made by the
Board of Directors; and the overall presentation of the financial David Roper
statements. In addition, we read all the financial and non-financial Senior Statutory Auditor
information in the Report and Financial Statements to identify for and on behalf of PricewaterhouseCoopers LLP
material inconsistencies with the audited financial statements. Chartered Accountants and Statutory Auditors
If we become aware of any apparent material misstatements or Bristol
inconsistencies we consider the implications for our report. 27 March 2013