compressed_Annual Report 2016-ilovepdf-compressed

REPORT OF THE BOARD OF DIRECTORS
for the year ended 31 March 2016
It gives the Board pleasure to submit its report together
with the annual financial statements for the year ended 31
March 2016.
State of the Fund’s Affairs
The Fund has been able to execute its statutory mandate
as stipulated in the Motor Vehicle Accidents Act
of 1991, as amended and has attained a net surplus of
E67 327 624 (2015: E67 079 033).
financial position substantially different
from that shown by the statement of financial
position;
(c) have not required adjustments to the
fair value measurements and disclosures
included in the financial statements.
Board of directors and Secretary
Particulars of the present board of directors and Secretary
are given on page 08.
Financial Results
As at 31 March 2016 the Fund’s assets exceeded its liabilities
by E 494 786 742 (2015: E427 459 118)
Going Concern
The Fund’s ability to continue as a going concern depends
on the long term sustainability of such results and further
improvements.
Having noted all the factors that have contributed to the
improvements and also considered the strategic plan now
being implemented, notwithstanding the challenges that
still lay ahead, the Board is re-assured that the Fund has
the ability to sustain such results and continue as a going
concern.
Events subsequent to year end
The directors are not aware of any events that have
occurred subsequent to year end that could impact the
amounts presented in the financial statements, and:
(a) have been fully taken into account in
so far as they have a bearing on the
amounts attributable to assets and/or
liabilities at that date;
(b) apart from changes in the ordinary course
of business, have not made the present
SINCEPHETELO MVA FUND 27