Directors' Responsibility

In preparing those financial statements, the Directors are required to:

• Select suitable accounting policies and then apply them consistently;
• Make judgements and estimates that are reasonable and prudent;
• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company and Group will continue in business;
• Provide additional disclosures when compliance with specific requirements of IFRS is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance.

The Directors are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any at any time the financial position of the Company and Group, and to enable them to ensure that the financial statements comply with the Companies Acts 1931 to 2004. They are also responsible for the system of internal control, for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are responsible for the maintenance and integrity of the Company and Group website. Legislation in the Isle of Man governing the preparation and dissemination of financial statements differs from legislation in other jurisdictions.

The Audit Committee

Audit Committee Members

Timothy Walker - Chairman of the Audit Committee

Rory Macnamara - Chairman of the Board of Directors

Philip Scales - Secretary

The Audit Committee is responsible for reviewing annual and interim results, receiving reports from the auditors, agreeing auditor’s remuneration and assessing the effectiveness of the audit and internal control environment. Where necessary, the Audit Committee obtains specialist external advice from either its auditors or other advisers.