Responsibilities of the Board
The Board of Directors supports the underlying
principles of corporate governance recommended by the Combined Code.
The Board is committed to maintaining the highest standards, but is not
required to comply with all aspects of the principles of good governance
set out in the Combined Code on Corporate Governance. The board has put
in place a framework for Corporate Governance which it believes is
appropriate to the size of the Group.
The Board of the Group currently comprises the
non-executive chairman, three executive directors and three
non-executive directors. The Board meets regularly to review key
operational issues and the strategic development of the Group.
The directors are responsible for preparing the
Annual Report and the financial statements in accordance with applicable
law and regulations.
Company law requires the directors to prepare
financial statements for each financial year. Under that law they have
elected to prepare the Group and Parent Company financial statements in
accordance with UK Accounting Standards and applicable law (UK Generally
Accepted Accounting Practice).
The Group and Parent Company financial statements
are required by law to give a true and fair view of the state of affairs
of the Group and the Parent Company and of the profit or loss for that
period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and the parent company will continue in business;
The directors are responsible for keeping proper accounting records that
disclose with reasonable accuracy at any time the financial position of the
parent company and enable them to ensure that its financial statements comply
with the Companies Act 1985. They have general responsibility for taking such
steps as are reasonably open to them to safeguard the assets of the Group and
to prevent and detect fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate
and financial information included on the company's website. Legislation in the
governing the preparation and dissemination of financial statements may differ
from legislation in other jurisdictions.