Tanzania Cotton Board Annual Report And Accounts

Annual Report and Accounts for the year ending on 30 th June 2010BOARD OF DIRECTORS’ REPORT1.0 INTRODUCTIONThe Board of Directors of the Tanzania Cotton Board has the pleasure to present its AnnualReport and Financial Statements for the period of one year from 1 July, 2009 to 30 June, 20I0.BOARD OF DIRECTORS’ REPORT2.0 STATEMENT OF BOARD OF DIRECTORS RESPONSIBILITIES REGARDING FINANCIALSTATEMENTSIn accordance with section 49 of the Tanzania Cotton Industry Act No. 2 of 2001 the Directorsare responsible for the preparation of financial statements of the Board, which show a trueand fair view of the state of affairs of the Board in accordance with International FinancialReporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).They are also responsible for keeping proper accounting records, maintaining an adequatesystem of internal controls, safeguarding the assets of the Board as well as taking reasonablesteps for prevention and detection of fraud and other irregularities.The Directors confirm that suitable accounting policies have been used and appliedconsistently and reasonable and prudent judgments and estimates have been made in thepreparation of the financial statements for the year ended 30 th June, 2010.3.0 MEMBERSHIP OF THE BOARD OF DIRECTORSThe Cotton Industry Act No. 2 of 2001 provides for the constitution of the Board of Directorsas under:-(i)(ii)(iii)(iv)(v)The Chairman appointed by the President upon advice of the Minister for Agriculture,Food Security and Co-operatives for the time being;A member from Tanzania Cotton Association;A member from Cotton Growers Association;A member from the Ministry of Regional Administration and Local Government; andA member from the Ministry of Agriculture, Food and Co-operatives.16