The Directors are required under the Co-operative Societies Act of 1998 and By-laws of Malawi Union of Savings and Credit Co-operatives Limited, to prepare financial statements for each financial period that give a true and fair view of the state of affairs of the Union as at the end of the financial period and of the surplus or deficit of the Union for that period. The Directors confirm that suitable accounting policies have been used and applied consistently, and reasonable and prudent judgments and estimates have been made in the preparation of the financial statements for the year to 31st December 2009. The Directors also confirm that applicable accounting standards have been followed and that the financial statements have been prepared on a going concern basis.