Audit and Risk Committee

The Purpose of the Audit & Risk Committee

The Audit and Risk Committee provides formal and transparent arrangements for considering how to apply the financial reporting and internal control principles set out in the UK Corporate Governance Code (the “Code”). In doing so, it reviews and maintains the Group’s financial reporting and internal control and risk management systems, advises the Board on the Group’s risk strategy, policies and potential exposures, and maintains an appropriate relationship with the Company’s auditors.

Audit Committee Responsibilities

• Monitoring the integrity of the financial statements of the company and any formal announcements relating to financial performance
• Reviewing the adequacy and effectiveness of the Company’s internal financial reporting and internal control policies and systems
• Overseeing the Company’s arrangements for its People to raise concerns, in confidence, about possible wrongdoing in financial reporting or other matters
• Reviewing the Company’s procedures for detecting fraud, and preventing bribery and money-laundering
• Reviewing the adequacy and effectiveness of the Company’s compliance function
• Appointing and setting the scope of work of an internal audit function
• Considering and making recommendations to the Board, in relation to the appointment, re-appointment and removal of the Company’s external auditor and oversee their effectiveness and performance
• Advising the Board on the Company’s overall risk appetite, tolerance and strategy, and the principal and emerging risks
• Monitoring and reviewing the effectiveness of the Company’s risk management and internal control systems

Audit and Risk Committee Membership FY22

The following Directors are appointed to the Committee:

Name	Appointed	Resigned	Skill area
David Stead (Chair)	29 October 2021		Financial
Luke Kingsnorth	29 October 2021	25 June 2024	Operational
Meg Lustman	25 June 2024		Operational

Related Information

Audit and Risk Committee Terms of Reference