Report and Financial Statements Adactus Housing Group Limited

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19Operating and financial review combined with the reportof the Boardservice independently reviews the risk identification procedures and control process implementedby management and reports to the audit committee.The Group chief executive also reports to the Board on behalf of the senior management team onsignificant changes in the business and external environment which affect significant risks.The Board receives quarterly information on the financial performance of the Group and aquarterly summary of key performance indicators covering the main business risks.A fraud register is maintained by the Group company secretary and all significant frauds are reported tothe audit committee. No frauds were reported in 2012/13.Adactus Housing Group has two unregulated subsidiaries, Palatine Contracts Limited and Acuna Limited.Although not registered providers and not regulated by the Homes and Communities Agency they areboth managed and monitored under the same internal control framework as outlined above, specifically:Directors of the boards are current Executive Directors of Adactus Housing Group and oneindependent board member,The Groups standard policies / procedures and financial regulations have been adopted andintegrated into both unregistered subsidiaries,Both companies are subject to financial and internal control scrutiny by both the Groups internaland external auditors,The Groups audit committee carries out an annual scrutiny of the unregulated subsidiariesfinancial statements,There is no detrimental financial risk to the group should these two unregulated subsidiaries ceaseoperations at any point as the assets substantially exceed the likely debt.NHF Code of GovernanceWe are pleased to report that the Group complies with the principal recommendations of the NHF Codeof Governance (revised).Statement of responsibilities of the Board for the report and financial statementsThe Board is responsible for preparing the Board's Report and Financial Statements in accordance withapplicable law and regulations.Industrial and Provident Society legislation requires the Board to prepare financial statements for eachfinancial year. Under that law the Board have elected to prepare the financial statements in accordancewith United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standardsand applicable laws). Under the Industrial and Provident Society legislation the Board must not approvethe financial statements unless they are satisfied that they give a true and fair view of the state of affairsand surplus or deficit of the Group for that period.In preparing these financial statements, the Board is required to:select suitable accounting policies and then apply them consistently;make judgments and accounting estimates that are reasonable and prudent;
20Operating and financial review combined with the reportof the Boardstate whether applicable UK Accounting Standards and the Statement of Recommended Practice:Accounting by Registered Housing Providers Update (2010) have been followed, subject to anymaterial departures disclosed and explained in the financial statements; andprepare the financial statements on the going concern basis unless it is inappropriate to presumethat the Group will continue in business.The Board is responsible for keeping proper accounting records which disclose with reasonable accuracyat any time the financial position of the Group and enable it to ensure that the financial statements complywith the Industrial and Provident Societies Acts 1965 to 2002. It is also responsible for safeguarding theassets of the Group and hence for taking reasonable steps for the prevention and detection of fraud andother irregularities.The Board is responsible for the maintenance and integrity of the corporate and financial information onthe Group’s website.In so far as each of the Board members are aware:there is no relevant information needed by the 's auditors in connection with preparing theirreport of which the Group's auditors are unawarethe Board members have taken all the steps that they ought to have taken to make themselvesaware of any relevant information and to establish that the Group's auditors are aware of thatinformation.External AuditorsIn accordance with the Industrial and Provident Societies Acts 1965 to 2002, a resolution to appoint GrantThornton UK LLP as external auditors will be proposed at the Annual General MeetingAGMThe annual general meeting will be held on 16 th September 2013 at The Lowry Hotel, 50 Dearmans PlaceChapel Wharf, Manchester M3 5LHApproved by the Board on 16 th September 2013:Signed on their behalf by:Alan Cain (Chair)……………………
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Report and Financial Statements Adactus Housing Group Limited

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