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Audit Committee

Audit Committee

The Audit Committee comprises Kay Chaldecott and Alastair Miller and is chaired by Alistair Miller.

The Audit Committee meets at least twice a year and will review the financial reporting process, system of internal control and management of financial risks, including understanding the preliminary and interim statements and disclosures.

The Audit Committee is responsible for overseeing the Group’s relationship with its external auditors, including making recommendations to the Board on the appointment of the auditors and their remuneration. The Audit Committee considers the nature, scope and results of the auditors’ work and reviews, develops and implements policy on the supply of any non-audit services that are to be provided by the auditors. It receives and reviews reports from the Group’s auditors relating to the Group’s annual report and accounts and the external audit process. The Audit Committee focuses primarily on compliance with legal requirements, accounting standards and the AIM Rules and ensuring that an effective system of internal financial and non-financial controls is maintained. The ultimate responsibility for reviewing and approving the annual report and accounts remains with the Board.

The Board is satisfied that Alastair Miller has the recent and relevant financial experience to be a member of and chair the Audit Committee.

INTERNAL AUDIT

Due to its size and the close involvement of the Executive Directors and senior management on a day-to-day basis, the Group does not have an internal audit department. The requirement for a dedicated internal audit function is regularly reviewed by the Audit Committee.

The Group has policies for internal control of various key matters and regularly employs an external expert to assess the internal controls and processes, in particular within its finance and accounting procedures. The most recent resulting report concluded that the system of internal control was appropriate and that which would be expected in an organisation of a similar size.