BISICHI MINING PLC ANNUAL REPORT 2017

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Governance Audit committee report Meetings The committee meets prior to the annual audit with the external auditors to discuss the audit plan and again prior to the publication of the annual results. These meetings are attended by the external audit partner, managing director, director of finance and company secretary. Prior to bi-monthly board meetings the members of the committee meet on an informal basis to discuss any relevant matters which may have arisen. Additional formal meetings are held as necessary. During the past year the committee: • met with the external auditors, and discussed their reports to the Audit Committee; • approved the publication of annual and half-year financial results; • considered and approved the annual review of internal controls; • decided that due to the size and nature of operation there was not a current need for an internal audit function; • agreed the independence of the auditors and approved their fees for both audit related and non-audit services as set out in note 4 to the financial statements. Financial reporting As part of its role, the Audit Committee assessed the audit findings that were considered most significant to the financial statements, including those areas requiring significant judgment and/or estimation. When assessing the identified financial reporting matters, the committee assessed quantitative materiality primarily by reference to the carrying value of the group’s total assets, given that the group operates a principally asset based business. The Board also gave consideration to the value of revenues generated by the group, given the importance of production, and its Adjusted EBITDA, given that it is a key trading KPI, when determining quantitative materiality. The qualitative aspects of any financial reporting matters identified during the audit process were also considered when assessing their materiality. Based on the considerations set out above we have considered quantitative errors individually or in aggregate in excess of approximately £300,000 to £350,000 to be material. External Auditors BDO LLP held office throughout the year. In the United Kingdom the company is provided with extensive administration and accounting services by London & Associated Properties PLC which has its own audit committee and employs a separate firm of external auditors, RSM UK Audit LLP (Formerly Baker Tilly UK Audit LLP). In South Africa Grant Thornton (Jhb) Inc. acts as the external auditor to the South African companies, and the work of that firm was reviewed by BDO LLP for the purpose of the group audit. Christopher Joll Chairman – audit committee 24 Bruton Place London W1J 6NE 20 April 2018 44 Bisichi Mining PLC
Governance Valuers’ certificates To the directors of Bisichi Mining PLC In accordance with your instructions we have carried out a valuation of the freehold property interests held as at 31 December 2017 by the company as detailed in our Valuation Report dated 20 February 2018. Having regard to the foregoing, we are of the opinion that the open market value as at 31 December 2017 of the interests owned by the company was £13,245,000 being made up as follows: £’000 Freehold 10,550 Leasehold 2,695 13,245 Leeds 20 February 2018 Carter Towler Regulated by Royal Institute of Chartered Surveyors Bisichi Mining PLC 45
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Page 3 and 4: Strategic report The directors
Page 5 and 6: We are committed to providing oppor
Page 7 and 8: STRATEGIC REPORT Principal activity
Page 9 and 10: STRATEGIC REPORT MINING REVIEW I
Page 11 and 12: STRATEGIC REPORT SUSTAINABLE DEV
Page 13 and 14: The infrastructure improvements com
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BISICHI MINING PLC ANNUAL REPORT 2017

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