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We have audited the financial statements set out on pages 8 to 20 [see full report]. These financial statements have been prepared under the historical cost convention and the accounting policies set out on pages 11 to 12 [see full report].
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This report is made solely to the company's members as a body, in accordance with section 235 of the Companies Act 1985. 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 auditors 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.
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Respective responsibilities of the executive board and auditors
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As described in the Statement of Executive Board's Responsibilities, the charitable company's executive board is responsible for the preparation of the financial statements in accordance with applicable law and United Kingdom Accounting Standards.
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Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and United Kingdom Auditing Standards.
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We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the companies act 1985. We also report to you if, in our opinion, the Executive Board's Report is not consistent with the financial statements, if the charitable company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding the executive board's remuneration and transactions with the charitable company is not disclosed.
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We read the Executive Board's Report and consider the implications for our report if we become aware of any apparent misstatements within it.
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Basis of opinion
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We conducted our audit in accordance with Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the executive board in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed.
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We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
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Opinion
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In our opinion the financial statements give a true and fair view of the state of the company's affairs as at 31 March 2005 and of its surplus for the year then ended and have been properly prepared in accordance with the provisions of the Companies Act 1985 and the charity's founding document. |
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SCOTT-MONCRIEFF
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Chartered Accountants
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Registered Auditor
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17 Melville Street
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Edinburgh
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EH3 7PH
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