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Independent Auditors’ Report to the Members of Daily Mail
and General Trust plc
We have audited the financial statements of Daily Mail and General
Trust plc for the year ended 29th September, 2002 which comprise the
profit and loss account, the balance sheets, the cash flow statement,
the statement of total recognised gains and losses, note of Group
historical cost profit and losses, reconciliation of movement in Group
shareholders’ funds, the accounting policies and the related Notes
1 to 42. These financial statements have been prepared under the
accounting policies set out therein.
Respective Responsibilities of Directors and Auditors
As described in the statement of directors’ responsibilities, the
Company’s Directors are responsible for the preparation of the financial
statements in accordance with applicable United Kingdom law and
accounting standards. Our responsibility is to audit the financial
statements in accordance with relevant United Kingdom legal and
regulatory requirements, auditing standards, and the Listing Rules
of the Financial Services Authority.
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 if, in our opinion, the
Directors’ Report is not consistent with the financial statements, if
the 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 or the Listing Rules regarding
Directors’ remuneration and transactions with the Company and
other members of the Group is not disclosed.
We review whether the corporate governance statement reflects the
Company’s compliance with the seven provisions of the Combined
Code specified for our review by the Listing Rules and we report
if it does not. We are not required to consider whether the Board’s
statements on internal control cover all risks and controls, or form
an opinion on the effectiveness of the Group’s corporate governance
procedures or its risk and control procedures.
We read the Directors’ Report and the other information contained
in the Annual Report for the above year as described in the contents
section and consider the implications for our report if we become
aware of any apparent misstatements or material inconsistencies
with the financial statements.
Basis of Audit Opinion
We conducted our audit in accordance with United Kingdom 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 Directors
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.
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.
Opinion
In our opinion the financial statements give a true and fair view of the
state of affairs of the Company and of the Group at 29th September,
2002 and of the profit of the Group for the year then ended and have
been properly prepared in accordance with the Companies Act 1985.
Chartered Accountants
and Registered Auditors
London
27th November, 2002
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