Marks and Spencer 2010 Annual Report Download - page 81

Download and view the complete annual report

Please find page 81 of the 2010 Marks and Spencer 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 126

  • 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
  • 125
  • 126

To find out more, visit marksandspencer.com/annualreport2010 77
Operating & Financial review p16
Governance
Financial statements p78
Independent auditors’ report
to the members of Marks and Spencer Group plc
We have audited the Group and parent company financial statements
(the ‘financial statements’) of Marks and Spencer Group plc for the
53 weeks ended 3 April 2010 which comprise the Consolidated and
Company income statement, Consolidated statement of comprehensive
income, Consolidated and Company statement of financial position,
Consolidated statement of changes in equity and Company statement
of changes in shareholders’ equity, Consolidated cash flow
statement and Company statement of cash flows, and the related
notes. The financial reporting framework that has been applied in
their preparation is applicable law and International Financial
Reporting Standards (IFRSs) as adopted by the European Union.
Respective responsibilities of directors and auditors
As explained more fully in the Directors’ responsibilities statement
set out on page 76, the directors are responsible for the preparation
of the Group financial statements and for being satisfied that they
give a true and fair view. Our responsibility is to audit the Group
financial statements in accordance with applicable law and
International Standards on Auditing (UK and Ireland). Those
standards require us to comply with the Auditing Practices Board’s
Ethical Standards for Auditors.
This report, including the opinions, has been prepared for and
only for the Company’s members as a body in accordance with
Chapter 3 of Part 16 of the Companies Act 2006 and for no other
purpose. We do not, in giving these opinions, accept or assume
responsibility for any other purpose or to any other person to whom
this report is shown or into whose hands it may come save where
expressly agreed by our prior consent in writing.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and
disclosures in the financial statements sufficient to give reasonable
assurance that the financial statements are free from material
misstatement, whether caused by fraud or error. This includes an
assessment of: whether the accounting policies are appropriate to
the Group’s and the parent company’s circumstances and have
been consistently applied and adequately disclosed; the
reasonableness of significant accounting estimates made by the
directors; and the overall presentation of the financial statements.
Opinion on financial statements
In our opinion the financial statements:
give a true and fair view of the state of the Group’s and of the −
parent company’s affairs as at 3 April 2010 and of the Group’s
and the parent company’s profit and cash flows for the 53 weeks
then ended;
have been properly prepared in accordance with IFRSs as −
adopted by the European Union; and
have been prepared in accordance with the requirements of −
the Companies Act 2006 and, as regards the Group financial
statements, Article 4 of the lAS Regulation.
Opinion on other matters prescribed by the
Companies Act 2006
In our opinion:
the part of the Remuneration report to be audited has been −
properly prepared in accordance with the Companies
Act 2006;
the information given in the Directors’ report for the financial year −
for which the financial statements are prepared is consistent with
the financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following:
Under the Companies Act 2006 we are required to report to you if,
in our opinion:
adequate accounting records have not been kept by the parent −
company, or returns adequate for our audit have not been
received from branches not visited by us; or
the parent company financial statements and the part of the −
Remuneration report to be audited are not in agreement with the
accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are −
not made; or
we have not received all the information and explanations we −
require for our audit.
Under the Listing Rules we are required to review: −
the directors’ statement, set out on page 76, in relation to going −
concern; and
the part of the Corporate Governance statement relating to −
the Company’s compliance with the nine provisions of the
June 2008 Combined Code specified for our review.
Stuart Watson (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
24 May 2010