The directors are responsible for the Group’s system of financial control and for reviewing its effectiveness. The key features of the systems of internal financial control are as follows:
• The Group is headed by an effective Board which leads and controls the Group. The final selection of any director is performed by the full Board and any appointment is approved by the Board
• The Board receives and reviews on a timely basis financial and operating information appropriate to being able to discharge its duties
The Group’s operating procedures include systems for reporting financial and non-financial information to the Board, including:
• Preparation and review of annual plans and budgets
• Preparation and review of monthly management information reports
• Review of the business at each Board meeting, focusing on any new risks arising
The Board has considered the need for an internal audit function but has decided that the size of the Group does not justify it at present. However, it undertakes to review the situation regularly.