Page 59 - CCB_Annual Report_2022

58 Corporate Governance Statement 59

Future developments and regulatory and internal stress testing Statement of Directors’
of the Bank’s profit, capital and funding
The future development of the Bank is forecasts have been completed. In doing responsibilities in
set out in the Chief Executive Officer’s so, the Directors considered the increasing respect of the financial
statement on pages 10 – 13.
uncertainty of forecasts in the outer years statements
of the planning period from developments
Political donations and expenditure
in the economic environment, competition,
No amounts were given for political and regulatory developments. The The directors are responsible for
preparing the Annual Report and
purposes during the year (2021: Nil) Directors confirm that they have carried
out a robust assessment of the emerging financial statements in accordance with
Financial risk management and and principal risks facing the Bank, the applicable law and regulations.
hedging policies procedures in place to identify emerging Company law requires the directors
risks, and how such risks are managed or to prepare financial statements for
Details of the use of financial instruments, mitigated, and, cognisant of the capital and each financial year. Under that law
together with risk management disclosures funding resources, they have a reasonable they have elected to prepare the
can be found in the managing financial expectation that the Bank will be able financial statements in accordance with
risk section of the financial statements in to continue in operation and meet its UK-adopted international accounting
Note 21 and the Risk Management section liabilities as they fall due in the period to standards and applicable law.
in the Strategic report on pages 30 – 41.
December 2025.
Under company law the directors must
The Bank’s environmental and emissions
Post balance sheet events In making this assessment, the Directors not approve the financial statements
information is reported on pages 18 – 19. have considered a wide range of
There have been no significant quantifiable information. Central to this assessment unless they are satisfied that they give a
true and fair view of the state of affairs
events between 31 December 2022 Going concern is the detailed 2023 business plan within of the Company and of its profit or loss
and the date of approval of the financial
The Directors recognise their responsibility the Bank’s 3 Year Strategic Plan. The for that period. In preparing the financial
statements which would require a change
to assess the Bank’s ability to continue as Board have continued to conduct a statements, the directors are required to:
to, or additional disclosure, in the financial
a going concern, for a period of at least number of internal capital adequacy and
statements. Management and the Board 12 months from the date the financial liquidity adequacy stress tests on the • select suitable accounting policies
continue to monitor the economic outlook statements are approved. The Directors’ operating model, most particularly those and then apply them consistently;
across the UK and globally on a regular assessment of going concern is integrated effecting the Bank’s property lending • make judgements and estimates that
basis. As part of this monitoring the Bank with the assessment of the viability of the concentrations to provide insights into the are reasonable, relevant and reliable;
aims to identify and address the likelihood Bank. The Directors, having considered Bank’s financial stability. The stress testing
of any financial impacts materialising. • state whether they have been
the matters noted in Note 4, are satisfied analysis helps management understand
that adequate funding, liquidity, and capital the nature and extent of vulnerabilities to prepared in accordance with
Research and development activities UK-adopted international
resources will be in place to allow the which the Bank is exposed. As a result,
The Bank develops new products and financial statements to continue to be the Directors remain confident that the accounting standards;
services during the ordinary course of prepared on a going concern basis, and are Bank holds sufficient capital to withstand • assess the Company’s ability to
its business. not aware of any material uncertainties that severe contractions in both the number of continue as a going concern,
may cast doubt upon the Bank’s ability to transactions in the market, and a significant disclosing, as applicable, matters
Overseas branches continue as a going concern. fall in capital values across both residential related to going concern; and
and commercial property, as well as the
The Bank does not have any branches Viability statement capacity to absorb a material increase in • adopt the going concern basis of
outside of the United Kingdom. impairment provision. accounting unless they either intend
As more fully explained in the corporate to liquidate the Company or to cease
Corporate headquarters and governance statement on page 42, the In addition, the Directors have assessed the operations, or have no realistic
registered office Bank has committed to voluntarily adopt key strategic risks that could threaten the alternative but to do so.
the Code which includes provisions that Bank’s prospects and business model more
The corporate headquarters and registered require the Directors to confirm that the broadly. Access to required talent remains The directors are responsible for keeping
office address for Cambridge & Counties Bank will be able to continue in operation, a challenge, although during the year we adequate accounting records that
Bank Limited is Charnwood Court, and to meet its financial liabilities as they have been able to attract the services of are sufficient to show and explain the
5B New Walk, Leicester, LE1 6TE. Company’s transactions and disclose
fall due over a specified period taking specialist skills in Risk, Compliance and with reasonable accuracy at any time the
account of the current position, and Finance. The Board continues to review its
Environmental information financial position of the Company and
principal risks of the Bank. organisational structure and succession enable them to ensure that its financial
The Bank is committed to being a The Directors have assessed the Bank’s plans for both non-executive and executive statements comply with the Companies
responsible user of resources and viability to December 2025. Key capital posts and is confident that it has the skills Act 2006. They are responsible for
continues to consider ways it can and leverage ratios have been forecast, and capabilities to support the business such internal control as they determine
reduce its environmental impact. through 2023 and beyond.