Independent Auditors’ Report continued


Opinion on Financial Statements In our opinion the financial statements:


• give a true and fair view of the state of the company’s affairs as at 31March 2012 and of its deficit for the year then ended;


• have been properly prepared in accordance with United KingdomGenerally Accepted Accounting Practice; and


• have been prepared in accordance with the requirements of the Companies Act 2006.


prescribed by the Companies Act 2006 In our opinion the information given in the Directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements.


Opinion on othermatter


required to report by exception We have nothing to report in respect of the followingmatters where the Companies Act 2006 requires us to report to you if, in our opinion:


• adequate accounting records have not been kept, or returns adequate for our audit have not been received frombranches not visited by us; or


• the financial statements are not in agreement with the accounting records and returns; or


• certain disclosures of directors’ remuneration specified by law are notmade; or


• we have not received all the information and explanations we require for our audit.


Jeremy Beard (Senior statutory auditor)


for and on behalf of haysmacintyre Statutory Auditors Fairfax House 15 Fulwood Place LondonWC1V 6AY


26 June 2012 Matters on which we are


8 Annual Report 2011-2012


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28