We
have audited the financial statements on pages 12 to 29.
Respective
responsibilities of directors and auditors
The
directors are responsible for preparing the Annual Report, including as described
on page 10 the financial statements.
Our responsibilities, as independent auditors, are established by
statute, the Auditing Practices Board 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. We also report to you if, in our
opinion, the directors’ report is not consistent with the financial statements,
if the group 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
with the group is not disclosed.
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. We are not required to form an opinion on
the effectiveness of the group’s corporate governance procedures or its
internal controls.
Basis
of 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 at 30 November 2001 and of the group’s
loss for the year then ended and have been properly prepared in accordance with
the Companies Act 1985.
BAKER
TILLY
Registered
Auditor
Chartered
Accountants
2
Bloomsbury Street
London
WC1B 3ST
28
February 2002