sec.143Directors’ statement

sec.143 Directors’ statement

The directors of a society must cause to be attached to the accounts required to be laid before an annual general meeting, before the auditor reports on those accounts, a statement made under a resolution of the directors and signed by not less than 2 directors stating whether in the opinion of the directors— the profit and loss account is drawn up so as to give a true and fair view of the society’s profit or loss for the financial year; and the balance sheet is drawn up so as to give a true and fair view of the society’s state of affairs as at the end of the financial year; and as at the date of the statement, there are reasonable grounds to believe that the society will be able to pay its debts as and when they are payable. The directors of a society must— in forming an opinion on the matters mentioned in subsection (1) (a) and (b) for a statement under the subsection—have regard to circumstances that have arisen and information that has become available, since the end of the financial year to which the accounts relate, being circumstances or information that would, if the accounts were being prepared when the statement is made, have affected the determination of an amount or a particular in the accounts; and if adjustments have not been made in the accounts to reflect circumstances or information of a kind mentioned in paragraph (a) , being circumstances or information relevant to an understanding of the accounts, or of an amount or particular in the accounts—include in the statement information and explanations to prevent the accounts, or the amount or particular, from being misleading as a result of the adjustments not having been made. (sec.143-ssec.1) The directors of a society must cause to be attached to the accounts required to be laid before an annual general meeting, before the auditor reports on those accounts, a statement made under a resolution of the directors and signed by not less than 2 directors stating whether in the opinion of the directors— the profit and loss account is drawn up so as to give a true and fair view of the society’s profit or loss for the financial year; and the balance sheet is drawn up so as to give a true and fair view of the society’s state of affairs as at the end of the financial year; and as at the date of the statement, there are reasonable grounds to believe that the society will be able to pay its debts as and when they are payable. (sec.143-ssec.2) The directors of a society must— in forming an opinion on the matters mentioned in subsection (1) (a) and (b) for a statement under the subsection—have regard to circumstances that have arisen and information that has become available, since the end of the financial year to which the accounts relate, being circumstances or information that would, if the accounts were being prepared when the statement is made, have affected the determination of an amount or a particular in the accounts; and if adjustments have not been made in the accounts to reflect circumstances or information of a kind mentioned in paragraph (a) , being circumstances or information relevant to an understanding of the accounts, or of an amount or particular in the accounts—include in the statement information and explanations to prevent the accounts, or the amount or particular, from being misleading as a result of the adjustments not having been made.