comprise the Income and Expenditure Account, Balance Sheet, Cash Flow Statement and the related notes. The
financial reporting framework that has been applied in their preparation is Irish law and accounting standards issued
by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland (Generally
Accepted Accounting Practice in Ireland).
Companies Act, 1990. Our audit work has been undertaken so that we might state to the company's shareholders
those matters we are required to state to them in an auditor's 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
shareholders as a body, for our audit work, for this report, or for the opinions we have formed.
for the preparation of the financial statements giving a true and fair view. Our responsibility is to audit and express
an opinion on the financial statements in accordance with Irish law and International Standards on Auditing (UK and
Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
give reasonable assurance that the financial statements are free from material misstatement, whether caused by
fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's
circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant
accounting estimates made by the directors; and the overall presentation of the financial statements. In addition,
we read all the financial and non-financial information in the annual report to identify material inconsistencies with
the audited financial statements and to identify any information that is apparently materially incorrect based on,
or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become
aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
· give a true and fair view, in accordance with Generally Accepted Accounting Practice in Ireland, of the state of
· the financial statements are in agreement with the books of account.
· in our opinion the information given in the Directors' Report on pages 2 to 4 is consistent with the financial
report to you if, in our opinion, the disclosures of directors' remuneration and transactions specified by law are not
made.
For and on behalf of GRANT THORNTON
Chartered Accountants & Registered Auditor
24 - 26 City Quay
Dublin 2