Internal Control

The Board has overall responsibility for internal control, including risk management. The Board agrees appropriate policies that will safeguard the achievement of the Company's objectives and is responsible for identifying, evaluating and managing financial and non-financial risks.

The Directors acknowledge that they are responsible for establishing and maintaining the Group’s system of internal control and reviewing its effectiveness.

Monitoring the controls

Internal control systems are designed to meet the particular needs of the Group and the risks to which it is exposed and by their nature can provide reasonable but not absolute assurance against material misstatement or loss. The Directors confirm that there is an ongoing process for identifying, evaluating and managing the significant risks faced by the Group, which complies with the guidance given by the Turnbull Committee. The process is regularly reviewed by the Board. The process is regularly reviewed by the Board.

The key procedures that the Directors have established to provide effective internal control include:

  • an appropriate control environment through the definition of the organisation structure and authority levels.
  • the identification of the major business risks facing the Group and the development of appropriate procedures and controls to manage these risks.
  • a comprehensive budgeting and reporting system with monthly results compared with budgets and with previous years.

The Directors have, through the Audit Committee, reviewed the effectiveness of the Group’s system of internal control by reviewing the procedures noted above and are satisfied that it is appropriate to the size of the business.