enl commercial limited annual report 2011 - Investing In Africa

Statement of Directors’ Responsibilities
In Respect of Financial Statements
Company law requires the Directors to prepare financial statements for each financial year, which present
fairly the financial position, financial performance and cash flow of the Company. In preparing those financial
statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgments and estimates that are reasonable and prudent;
• state whether international financing reporting standards have been followed and complied with,
subject to any material departures being disclosed and explained in the financial statements; and
• prepare the financial statements on a going-concern basis unless it is inappropriate to presume that
the company will continue in business.
The Directors confirm that they have complied with the above requirements in preparing the Company’s
financial statements.
The Directors are responsible for keeping proper accounting records, which disclose with reasonable
accuracy the financial position of the Company at any time and enable them to ensure that the Financial
Statements comply with The Companies Act 2001. They are also responsible for safeguarding the assets
of the Company and hence for taking reasonable steps to prevent and detect fraud and other irregularities.
The Board is responsible for the system of internal control and risk management for the Company and its
subsidiaries. The Board is committed to continuously maintain a sound system of risk management and
adequate control procedures with a view to safeguarding the assets of the Group.
The Board believes that the Group’s systems of Internal control and risk management provide reasonable
assurance that control and risk issues are identified, reported on and dealt with appropriately.
ENL Limited (ENL) provides internal audit services to ENL Commercial Limited in accordance with the terms
of the management contract with the company. ENL’s internal audit department also conducts regular
audits at ENL Commercial Limited’s subsidiaries. ENL’s Chief Internal Auditor reports independently to the
Company’s Audit and Risk Management Committee on all internal audit issues.
Nothing has come to the Board’s attention, to indicate any material breakdown in the functioning of the
internal controls and systems during the period under review, which could have a material impact on the
business. The financial statements are prepared from the accounting records on the basis of consistent
use of appropriate accounting policies supported by reasonable and prudent judgments and estimates that
fairly present the state of affairs of the Group and the Company.
Guy RIVALLAND
Chairman
Eric ESPITALIER-NOËL
Director
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ENL Commercial Limited
Annual Report 2011