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We
have audited the financial statements in Consolidated
profit and loss account, Consolidated
statement of total recognised gains and losses and Consolidated
balance sheet.
Respective responsibilities of directors and auditors
The directors are responsible for preparing the Annual Report. As
described on page 32 this includes responsibility for preparing
the financial statements in accordance with applicable United Kingdom
law and accounting standards. Our responsibilities, as independent
auditors, are established in the United Kingdom by statute, the
Auditing Practices Board, the Financial Services Authority, and
by our profession’s ethical guidance.
We report to you our opinion as to whether the financial statements
give a true and fair view and are properly prepared in accordance
with the Companies Act 1985. We also report to you if, in our opinion,
the directors’ report 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 or the
Listing Rules regarding directors’ remuneration and transactions
with the Company is not disclosed.
We review whether the statement in Corporate
governance reflects the Company’s compliance with the seven
provisions of the Combined Code specified for our review by 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 form an opinion
on the effectiveness of the Group’s corporate governance procedures
or its risk and control procedures.
We read the other information contained in the Annual Report, including
the corporate governance statement, and consider whether it is consistent
with the audited financial statements. We consider the implications
for our report if we become aware of any apparent misstatements
or material inconsistencies with the financial statements.
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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. 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 Group’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 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 as at 31 December
2001 and of the profit of the Group for the year then ended and
have been properly prepared in accordance with the Companies Act
1985.
KPMG Audit
Plc
Chartered Accountants
Registered Auditor
8 Salisbury Square
London EC4Y 8BB
6 March 2002
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