Annual report and financial statements - NVM Private Equity Ltd.

Independent Auditors’ ReportTo the members of NORTHERN VENTURE TRUST PLCWe have audited the financial statements on pages22 to 33. We have also audited the information inthe directors’ remuneration report that is describedas having been audited.This report is made solely to the company'smembers, as a body, in accordance with Section 235of the Companies Act 1985. Our audit work hasbeen undertaken so that we might state to thecompany's members those matters we are requiredto state to them in an auditor’s report and for noother purpose. To the fullest extent permitted bylaw, we do not accept or assume responsibility toanyone other than the company and the company’smembers as a body, for our audit work, for thisreport, or for the opinions we have formed.Respective responsibilities of directors and auditorsThe directors are responsible for preparing theAnnual Report and the directors’ remunerationreport. As described on page 21, this includesresponsibility for preparing the financial statementsin accordance with applicable United Kingdom lawand accounting standards. Our responsibilities, asindependent auditors, are established in the UnitedKingdom by statute, the Auditing Practices Board,the Listing Rules of the Financial Services Authority,and by our profession’s ethical guidance.We report to you our opinion as to whether thefinancial statements give a true and fair view andwhether the financial statements and the part of thedirectors’ remuneration report to be audited havebeen properly prepared in accordance with theCompanies Act 1985. We also report to you if, inour opinion, the directors’ report is not consistentwith the financial statements, if the company hasnot kept proper accounting records, if we have notreceived all the information and explanations werequire for our audit, or if information specified bylaw regarding directors’ remuneration andtransactions with the company is not disclosed.We review whether the statement on page 21 reflectsthe company’s compliance with the seven provisionsof the Combined Code specified for our review bythe Listing Rules, and we report if it does not. Weare not required to consider whether the board'sstatements on internal control cover all risks andcontrols, or form an opinion on the effectiveness ofthe company’s corporate governance procedures orits risk and control procedures.We read the other information contained in theAnnual Report, including the corporate governancestatement and the unaudited part of the directors'remuneration report, and consider whether it isconsistent with the audited financial statements. Weconsider the implications for our report if webecome aware of any apparent misstatements ormaterial inconsistencies with the financialstatements.Basis of audit opinionWe conducted our audit in accordance with AuditingStandards issued by the Auditing Practices Board. Anaudit includes examination, on a test basis, ofevidence relevant to the amounts and disclosures inthe financial statements and the part of the directors’remuneration report to be audited. It also includesan assessment of the significant estimates andjudgements made by the directors in the preparationof the financial statements, and of whether theaccounting policies are appropriate to the company’scircumstances, consistently applied and adequatelydisclosed.We planned and performed our audit so as to obtainall the information and explanations which weconsidered necessary in order to provide us withsufficient evidence to give reasonable assurance thatthe financial statements and the part of the directors’remuneration report to be audited are free frommaterial misstatement, whether caused by fraud orother irregularity or error. In forming our opinionwe also evaluated the overall adequacy of thepresentation of information in the financialstatements and the part of the directors’remuneration report to be auditedOpinionIn our opinion:the financial statements give a true and fair viewof the state of affairs of the company as at30 September 2003 and of its profit for the yearthen ended; andthe financial statements and the part of thedirectors’ remuneration report to be audited havebeen properly prepared in accordance with theCompanies Act 1985.KPMG AUDIT PlcChartered AccountantsRegistered AuditorsEdinburgh 12 November 2003PAGE 34 Northern Venture Trust PLC Annual Report and Accounts 2003