| We have audited
the financial statements
which comprise the
Group profit and
loss account, the
balance sheets,
the Group cash flow
statement, the Group
statement of total
recognised gains
and losses, the
reconciliation of
movements in equity
shareholders’ funds
and the related
notes. We have also
audited the disclosures
required by Part
3 of Schedule 7A
to the Companies
Act 1985 contained
in the remuneration
report (‘the auditable
part’). |
| |
| Respective
responsibilities
of Directors and
Auditors |
| |
| The Directors’
responsibilities
for preparing the
Annual Report and
Financial Statements
in accordance with
applicable United
Kingdom law and
accounting standards
are set out in the
statement
of Directors’ responsibilities.
The Directors are
also responsible
for preparing the
remuneration report. |
| |
| Our responsibility
is to audit the
financial statements
and the auditable
part of the remuneration
report in accordance
with relevant legal
and regulatory requirements
and United Kingdom
Auditing Standards
issued by the Auditing
Practices Board.
This report, including
the opinion, has
been prepared for
and only for the
Company’s members
as a body in accordance
with Section 235
of the Companies
Act 1985 and for
no other purpose.
We do not, in giving
this opinion, 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. |
| |
| We report to you
our opinion as to
whether the financial
statements give
a true and fair
view and whether
the financial statements
and the auditable
part of the remuneration
report have been
properly prepared
in accordance with
the Companies Act
1985. We also report
to you if, in our
opinion, the report
of the Directors
is not consistent
with the financial
statements, if the
Company has not
kept proper accounting
records, if we have
not received all
the information
and explanations
we require for our
audit, or if information
specified by law
regarding Directors’
remuneration and
transactions is
not disclosed. |
| |
| We read the other
information contained
in the Annual Report
and consider the
implications for
our report if we
become aware of
any apparent misstatements
or material inconsistencies
with the financial
statements. The
other information
comprises only the
report of the Directors,
the unaudited part
of the remuneration
report, the Chairman’s
statement, the operating
and financial review
and the statement
of corporate governance. |
| |
| We review whether
the statement of
corporate governance
reflects the Company’s
compliance with
the seven provisions
of the Combined
Code specified for
our review by the
Listing Rules of
the Financial Services
Authority, and we
report if it does
not. We are not
required to consider
whether the Board’s
statements on internal
control cover all
risks and controls,
or to form an opinion
on the effectiveness
of the Company’s
or Group’s corporate
governance procedures
or its risk and
control procedures. |
| |
| Basis
of audit opinion |
| |
| We conducted our
audit in accordance
with auditing standards
issued by the Auditing
Practices Board.
An audit includes
examination, on
a test basis, of
evidence relevant
to the amounts and
disclosures in the
financial statements
and the auditable
part of the remuneration
report. It also
includes an assessment
of the significant
estimates and judgements
made by the Directors
in the preparation
of the financial
statements, and
of whether the accounting
policies are appropriate
to the Company’s
circumstances, consistently
applied and adequately
disclosed. |
| |
| We planned and
performed our audit
so as to obtain
all the information
and explanations
which we considered
necessary in order
to provide us with
sufficient evidence
to give reasonable
assurance that the
financial statements
and the auditable
part of the remuneration
report are free
from material misstatement,
whether caused by
fraud or other irregularity
or error. In forming
our opinion we also
evaluated the overall
adequacy of the
presentation of
information in the
financial statements. |
| |
| Opinion |
| |
| In our opinion: |
- the financial statements give a true and fair view of the
state of affairs of the Company and the Group at 29 March
2003, and of the profit and cash flows of the Group for the
year then ended;
- the financial statements have been properly prepared in
accordance with the Companies Act 1985; and
- those parts of the remuneration report required by Part 3
of Schedule 7A to the Companies Act 1985 have been
properly prepared in accordance with the Companies Act
1985.
|
PricewaterhouseCoopers
LLP
Chartered Accountants
and Registered Auditors
|
| |
London
20 May 2003 |
