Holiday Inn 2010 Annual Report Download - page 64

Download and view the complete annual report

Please find page 64 of the 2010 Holiday Inn annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 124

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124

62 IHG Annual Report and Financial Statements 2010
In relation to the Group financial statements
The following statement, which should be read in conjunction with
the independent auditor’s report set out on the opposite page, is
made with a view to distinguishing for shareholders the respective
responsibilities of the Directors and of the auditor in relation to the
Group financial statements.
The Directors are responsible for preparing the Annual Report,
the Remuneration report and the Group financial statements in
accordance with applicable United Kingdom law and those
International Financial Reporting Standards as adopted by the
European Union.
The Directors are required to prepare Group financial statements
for each financial year which present fairly the financial position of
the Group and the financial performance and cash flows of the
Group for that period.
In preparing these financial statements, the Directors are
required to:
• select suitable accounting policies and apply them consistently;
• make judgements and accounting estimates that are reasonable
and prudent;
• state whether applicable International Financial Reporting
Standards as adopted by the European Union have been followed,
subject to any material departures disclosed and explained in the
financial statements; and
• prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company and the
Group will continue in business.
The Directors have responsibility for ensuring that the Group keeps
accounting records which disclose with reasonable accuracy the
financial position of the Group and which enable them to ensure
that the Group financial statements comply with the Companies
Act 2006 and Article 4 of the IAS Regulation. The Directors have
general responsibility for taking such steps as are reasonably open
to them to safeguard the assets of the Group and to prevent and
detect fraud and other irregularities.
The Directors are responsible for the maintenance and integrity
of the corporate and financial information included on the Group’s
website. Legislation in the United Kingdom governing the
preparation and dissemination of financial statements may differ
from legislation in other jurisdictions.
Disclosure and Transparency Rules
The Annual Report and the Group financial statements comply with
the Disclosure and Transparency Rules of the United Kingdom’s
Financial Services Authority in respect of the requirement to
produce an annual financial report.
The Annual Report and the Group financial statements are the
responsibility of, and have been approved by, the Directors.
The Directors confirm that to the best of their knowledge:
• the consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards
as adopted by the European Union;
• the financial statements give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company
and the undertakings included in the consolidation taken as a
whole; and
• the Annual Report, including the Directors’ report, and the Group
financial statements include a fair review of the development and
performance of the business and the position of the Company and
the undertakings included in the consolidation taken as a whole,
together with a description of the principal risks and uncertainties
that they face.
On behalf of the Board
Andrew Cosslett Richard Solomons
Chief Executive Chief Financial Officer
14 February 2011 14 February 2011
Statements of Directors’ responsibilities