STATEMENT OF THE MANAGEMENT BOARD’S RESPONSIBILITIES IN RESPECT OF THE FINANCIAL STATEMENTS
The Friendly and Industrial and Provident Societies Act 1968 requires the Management Board to prepare financial statements for each financial year which give a true and fair view of the affairs of the Rugby Football Union and of its income and expenditure for that period. In preparing these financial statements, the Management Board is required to:
- select suitable accounting policies and apply them consistently;
- make the necessary judgements and estimates which are both reasonable and prudent; and
- prepare the financial statements on a going concern basis, unless it is inappropriate to presume that the Rugby Football Union will continue in business.
The Management Board is responsible for keeping proper books of account with respect to the transactions and assets and liabilities of the Union. Such books must enable a true and fair view to be given of its affairs and explain its transactions. The Management Board has a general responsibility for taking such steps as are reasonably open to it to safeguard the assets of the Union and to prevent fraud and other irregularities.