Audit Committee

The role of the Audit Committee

• To monitor the integrity of the financial statements of the company and any formal announcements relating to the company’s financial performance, reviewing significant financial reporting judgements contained in them;
• To review the company’s internal financial controls and, unless expressly addressed by a separate board risk committee composed of independent directors or by the board itself, the company’s internal control and risk management systems;
• To make recommendations to the board, for it to put to the stakeholders for their approval in general meeting, in relation to the appointment of the external auditor and to approve the remuneration and terms of engagement of the external auditor;
• To review and monitor the external auditor’s independence and objectivity and the effectiveness of the audit process, taking into consideration relevant UK professional and regulatory requirements;
• To develop and implement policy on the engagement of the external auditor to supply non- audit services, taking into account relevant ethical guidance regarding the provision of non-audit services by the external audit firm; and to report to the board, identifying any matters in respect of which it considers that action or improvement is needed, and making recommendations as to the steps to be taken;

The Head of DCF will maintain a Risk Register, which should inform the ongoing operational management of the DCF and will be reviewed by the Board at least bi-annually.

Members: Dave Jepson (Trustee & Chair of Audit Committee), Simon Thacker (Trustee) and Richard Wood (Head of DCF)

Meeting Frequency: 1 meeting a year

Next Meeting: March 2021