MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION


We have nothing to report in respect of the following matters 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 from branches 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 not made; or


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


RESPONSIBILITIES OF DIRECTORS


As explained more fully in the Directors’ Responsibilities Statement on page 11, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS


Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the


13 ANNUAL REPORT AND ACCOUNTS 2020


aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor’s Report.


USE OF OUR REPORT


This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an Auditor’s Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.


David Cox (Senior Statutory Auditor) for and on behalf of Haysmacintyre LLP, Statutory Auditors 10 Queen Street Place, London


EC4R 1AG 24th June 2020


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