Annual Report 2009 - Dairygold

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Dairygold Co-Operative Society Limited Annual Report and Accounts 2009 Statement of Board Responsibilities The Industrial and Provident Societies Acts, 1893 to 1978 require the Board to provide for the preparation of financial statements, in accordance with accounting standards generally accepted in Ireland, for each financial year which gives a true and fair view of the state of affairs of the Society and of the result of the Society for that period. In preparing those financial statements, the board shall cause: » suitable accounting policies to be selected and applied consistently; » reasonable and prudent judgements and estimates to be made; » the financial statements to be prepared on the going concern basis. In accordance with Rule 63 of the Society’s rules the Board shall cause proper books of account and records to be kept as are necessary to give a true and fair view of the Society’s business and affairs. The Board is also responsible for safeguarding the assets of the Society and shall cause reasonable steps to be taken to provide adequate protection in this regard. On behalf of the Board: Vincent Buckley, Chairman Bertie O’Leary, Vice Chairman 16 March 2010 16 March 2010 24
Dairygold Co-Operative Society Limited Annual Report and Accounts 2009 Independent Auditor’s Report to the Members of Dairygold Co-operative Society Limited We have audited the financial statements of Dairygold Co-Operative Society Limited for the year ended 31 December 2009, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Consolidated Cash Flow Statement, the Consolidated Statement of Total Recognised Gains and Losses, the Reconciliation of Movement in Shareholders’ Funds, the Statement of Accounting Policies and the related notes on pages 32 to 49 inclusive. These financial statements have been prepared under the accounting policies set out in the Statement of Accounting Policies. This report is made solely to the Society’s Members, as a body, in accordance with Section 13 of the Industrial and Provident Societies Act 1893. Our audit work has been undertaken so that we might state to the Society’s Members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Society and the Society’s Members as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of directors and auditors The Directors are responsible for preparing the Annual Report, including as set out in the Statement of Board Members’ Responsibilities, the preparation of the financial statements in accordance with applicable law and accounting standards issued by the Accounting Standards Board and published by the Institute of Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Ireland). The Directors are also responsible for the safeguarding of the assets of the Society. Our responsibility, as independent auditor, is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). We report to you our opinion as to whether the financial statements give a true and fair view, in accordance with Generally Accepted Accounting Practice in Ireland. We are also required to examine the balance sheet showing the receipts and expenditure, funds and effects of the Society and verify the same with the books, deeds, documents, accounts and vouchers relating thereto and to either sign the same as found by us to be correct, duly vouched and in accordance with law, or specifically report to the Society in what respects we find them incorrect, unvouched, or not in accordance with law. We read the other information contained in the Annual Report and consider the implications for our report if we become aware of any apparent misstatement or material inconsistencies with the financial statements. The other information comprises only the Chairman’s Statement, Chief Executive’s Review and Financial Review. Our responsibilities do not extend to other information. Basis of audit opinion We conducted our audit in accordance with the International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Directors in the preparation of the financial statements and of whether the accounting policies are appropriate to the Society’s and the Group circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. Opinion In our opinion the financial statements give a true and fair view of the state of affairs of the Society as at 31 December 2009 and of the profit of the Society for the year then ended. The Society’s balance sheet is in agreement with the books of account which, in our opinion, have been properly kept. As required by section 13(2) of the Industrial and Provident Societies Acts 1893 having examined the balance sheet showing the receipts and expenditure, funds and effects of the Society, and verified the same with the books, deeds, documents, accounts and vouchers relating thereto, we sign the same as found by us to be correct, duly vouched, and in accordance with law. Chartered Accountants and Registered Auditors No. 6 Lapp’s Quay, Cork. 16 March 2010 25
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Annual Report 2009 - Dairygold

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