The Board acknowledge their responsibility for establishing and maintaining the Group’s systems of internal control, including financial controls. The effectiveness of these internal controls are periodically reviewed by each of the Board and Audit Committee. A formal risk register is to be held and regularly updated by management as corporate risk exposure shifts. The formal risk register is also to be reviewed periodically by the Board and Audit Committee. Detailed management accounts and cash flow projections are prepared and compared to budgets monthly, and any significant variances are investigated. These are approved by the Board annually.