Control Environment

The Group operates within a control framework developed and strengthened over a number of years and communicated as appropriate by a series of written procedures. These lay down accounting and financial control procedures, in addition to controls of a more operational nature. The key procedures that Directors have established with a view to providing internal control are as follows:

• the establishment of the organisational structure and the delegated responsibilities of operational management;
• the definition of authorisation limits, including matters reserved for the Board;
• the establishment of detailed operational budgets for each financial year;
• reporting and monitoring performance against budgets and rolling forecasts;
• the security of physical property and computer information;
• establishment and annual review of a Group wide insurance program;
• detailed financial, legal and environmental due‑diligence on all acquisitions; and
• the establishment of in‑house legal and human resource functions.

The Board has reviewed the need for an internal audit function and based on advice from the Audit Committee and the relative size of the Group has concluded that for the time being it would not be appropriate to establish an internal audit function.

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