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Audit Committee

The Audit Committee is appointed by the Board on the recommendation of the Nominations Committee, where possible from amongst the Non-executive Directors and currently comprises Nikki Beckett (Chairman), Alan Bullock and Barry Poynter. As required by paragraph C.3.1 of the Combined Code, the Board satisfied itself that Nikki Beckett has recent and relevant financial experience. The Audit Committee met once during the financial year ended 3 April 2010.

The Committee’s responsibilities are set out in its terms of reference, which include the following:

  • To review the adequacy of the Group’s accounting, financial and operating controls and make recommendations as appropriate.
  • To review the proposed accounts of the Group prior to publication and make recommendations regarding the rate of dividend and any other special appropriations.
  • To recommend the appointment of Auditor and review the scope and results of its audit.
  • To review the planning of internal and external audits, receive reports thereon and deal with any control weaknesses identified.
  • To monitor the extent of non-audit work that the Auditor can perform to ensure that the provision of these non-audit services falls within the Group’s policies and does not impair its objectivity or independence.

The Audit Committee is required to report its findings to the Board, identifying any matters in respect of which it considers that action or improvement is needed, and make recommendations as to the steps to be taken.

In order to seek to preserve auditor objectivity and independence, the Company has a policy regulating the provision of non-audit services by the Auditor. Excluding local taxation advice, this is subject to the approval of the Finance Director and the Audit Committee.  Having considered the actual level of fees for the financial year ended 3 April 2010, the Audit Committee has concluded that the nature and extent of non-audit fees in the year did not compromise the auditors' objectivity or independence.

The Auditors were appointed in September 2004 and the lead audit partner was changed in July 2009.