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 Introduction
Directors’ responsibilities
Review work performed
Review conclusion
Introduction
We have been instructed by the Company to review
the financial information for the six months ended
30 September 2003 which comprises the
Consolidated Profit and Loss Account,
Consolidated Balance Sheet,
Consolidated Cash Flow Statement,
Consolidated Statement of Total Recognised Gains and Losses,
the Note of historical cost profits and losses,
the Reconciliation of movements in shareholders’ funds and
related notes 1 to 17.
We have read the other information contained in the
interim report and considered whether it contains any
apparent misstatements or material inconsistencies with
the financial information.
This report is made solely to the Company in
accordance with Bulletin 1999/4 issued by the Auditing
Practices Board. Our work has been undertaken so that we
might state to the Company those matters we are required
to state to them in an independent review 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, for our review work, for this report, or for the
conclusions we have formed.
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Directors’ responsibilities
The interim report, including the financial information
contained therein, is the responsibility of, and has
been approved by, the directors. The directors are responsible
for preparing the interim report in accordance with the
Listing Rules of the Financial Services Authority which
require that the accounting policies and presentation
applied to the interim figures are consistent with those
applied in preparing the preceding annual accounts
except where any changes, and the reasons for them,
are disclosed.
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Review work performed
We conducted our review in accordance with guidance
contained in Bulletin 1999/4 issued by the Auditing
Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of Group management
and applying analytical procedures to the financial
information and underlying financial data and, based
thereon, assessing whether the accounting policies and
presentation have been consistently applied unless otherwise
disclosed. A review excludes audit procedures such
as tests of controls and verification of assets, liabilities and
transactions. It is substantially less in scope than an audit
performed in accordance with United Kingdom Auditing
Standards and therefore provides a lower level of assurance
than an audit. Accordingly, we do not express an
audit opinion on the financial information.
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Review conclusion
On the basis of our review we are not aware of any
material modifications that should be made to the financial
information as presented for the six months ended
30 September 2003.
Deloitte & Touche LLP
Chartered Accountants
London
25 November 2003
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