FINANCIAL STATEMENTS
Report of the Independent Auditors
We have audited the annual financial statements of
Restoration of Historical Schools (NPC), which comprise
the statement of financial position as at 31 March 2012,
and the statement of comprehensive income, statement
of changes in equity and statement of cash flows for the
year then ended, and a summary of significant accounting
policies and other explanatory notes, and the directors’
report, as set out on pages 5 to 17 of the full statement.
Directors’ Responsibility for the Annual Financial
Statements
The company’s directors are responsible for the
preparation and fair presentation of these annual financial
statements in accordance with the International Financial
Reporting Standard for Small and Medium-sized Entities,
and in the manner required by the Companies Act of 2008.
This responsibility includes: designing, implementing and
maintaining internal control relevant to the preparation
and fair presentation of annual financial statements that
are free from material misstatement, whether due to fraud
or error; selecting and applying appropriate accounting
policies; and making accounting estimates that are
reasonable in the circumstances.
Auditors’ Responsibility
Our responsibility is to express an opinion on these annual
financial statements based on our audit. We conducted
our audit in accordance with International Standards on
Auditing. Those standards require that we comply with
ethical requirements and plan and perform the audit to
obtain reasonable assurance whether the annual financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the annual
financial statements. The procedures selected depend
on the auditors’ judgement, including the assessment of
the risks of material misstatement of the annual financial
statements, whether due to fraud or error. In making
those risk assessments, the auditors considers internal
control relevant to the entity’s preparation and fair
presentation of the annual financial statements in order
to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity’s internal control.
An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of
accounting estimates made by management, as well as
evaluating the overall presentation of the annual financial
statements.
We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our
qualified audit opinion.
Opinion
In our opinion, the annual financial statements present
fairly, in all material respects, the financial position of
Restoration of Historical Schools (NPC) as at 31 March 2012,
and its financial performance and cash flows for the year
then ended in accordance with the International Financial
Reporting Standard for Small and Medium-sized Entities,
and in the manner required by the Companies Act of 2008.
LDP Incorporated
Registered Auditor
27 July 2012
Directors’ Responsibilities and Approval
The directors are required by the Companies Act of
2008 to maintain adequate accounting records and are
responsible for the content and integrity of the annual
financial statements and related financial information
included in this report. It is their responsibility to ensure
that the annual financial statements fairly present the state
of affairs of the company as at the end of the financial year
and the results of its operations and cash flows for the
period then ended, in conformity with the International
Financial Reporting Standard for Small and Medium-sized
Entities. The external auditors are engaged to express an
independent opinion on the annual financial statements.
The annual financial statements are prepared in accordance
with the International Financial Reporting Standard for
Small and Medium-sized Entities and are based upon
appropriate accounting policies consistently applied and
supported by reasonable and prudent judgments and
estimates.
The directors acknowledge that they are ultimately
responsible for the system of internal financial control
established by the company and place considerable
importance on maintaining a strong control environment.
To enable the directors to meet these responsibilities, the
board sets standards for internal control aimed at reducing
the risk of error or loss in a cost effective manner. The
standards include the proper delegation of responsibilities
within a clearly defined framework, effective accounting
procedures and adequate segregation of duties to ensure
an acceptable level of risk. These controls are monitored
throughout the company and all employees are required
to maintain the highest ethical standards in ensuring the
company’s business is conducted in a manner that in all
reasonable circumstances is above reproach. The focus
of risk management in the company is on identifying,
assessing, managing and monitoring all known forms of
risk across the company. While operating risk cannot be
fully eliminated, the company endeavours to minimise
it by ensuring that appropriate infrastructure, controls,
systems and ethical behaviour are applied and managed
within predetermined procedures and constraints.
The directors are of the opinion, based on the information
and explanations given by management, that the system
of internal control provides reasonable assurance that the
financial records may be relied on for the preparation of
the annual financial statements. However, any system of
internal financial control can provide only reasonable, and
not absolute, assurance against material misstatement
or loss.
The directors have reviewed the company’s cash flow
forecast for the year to 31 March 2013 and, in the light
of this review and the current financial position, they are
satisfied that the company has or has access to adequate
resources to continue in operational existence for the
foreseeable future.
The external auditors are responsible for independently
reviewing and reporting on the company’s annual financial
statements. The annual financial statements have been
examined by the company’s external auditors and their
report is presented on page 28.
The annual financial statement set out on pages 30 and 31, which have been prepared on the going concern basis, were approved by the board on 27 July 2012 and were signed on its behalf by:
Historic Schools Restoration Project (Association Incorporated under Section 21) Reg. No. 2007/018649/08
Financial Statements for the 12 months ended 31 March 2012
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