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 28th September, 2003 which comprise the
profit and loss account, the balance sheets, the cash flow statement,
the statement of total recognised gains 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. We have also
audited the information in the part of the Remuneration Report that is
described as being audited.
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.
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. They are also responsible for the preparation
of the other information contained in the Annual Report including
the Remuneration Report. Our responsibility is to audit the financial
statements and the part of the Remuneration Report described as
having been audited in accordance with relevant United Kingdom
legal and regulatory requirements and auditing standards.
We report to you our opinion as to whether the financial statements give a true and fair view and whether the financial statements and the part of the Remuneration Report described as having been audited have been 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 of the Financial Services Authority, 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 including the unaudited part of the directors’ remuneration report 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 and the part of the Remuneration
Report described as having been audited. 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 circumstances of the
Company and the group, 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 and the part of the Remuneration Report described as
having been audited 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 and the part of the Directors’ Remuneration
Report described as having been audited.
Opinion
In our opinion:
Deloitte & Touche LLP
Chartered Accountants
and Registered Auditors
London
26th November, 2003