REG - IP Group PLC - Half Yearly Report <Origin Href="QuoteRef">IPO.L</Origin> - Part 3

IPAnnouncement

29/10/2014 15:50

- Part 3: For the preceding part double click  ID:nRSb1880Qb 

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1 Charles Winward resigned from the Board on 23 April 2014 
 
General information 
 
The comparative financial information presented herein for the year ended 31
December 2013 does not constitute full statutory accounts within the meaning
of the Companies Act 2006. The Group's Annual Report and Accounts for the year
ended 31 December 2013 have been delivered to the Registrar of Companies. The
Group's independent auditor's report on those accounts was unqualified, did
not include references to any matters to which the auditor drew attention by
way of emphasis without qualifying their report and did not contain a
statement under Section 498(2) or 498(3) of the Companies Act 2006. 
 
In March 2014 the Group conducted a tender for the provision of its audit
services. The appointment of KPMG LLP was recommended by the Audit Committee
and the Board, and was approved at the AGM in May 2014. KPMG LLP replaced BDO
LLP as auditors and the half year to 30 June 2014 represents the first period
under review by KPMG LLP. 
 
Accounting policies 
 
Basis of preparation 
 
The financial information presented in these half-yearly results constitutes
the condensed consolidated financial statements of IP Group plc, a company
incorporated in Great Britain and registered in England and Wales, and its
subsidiaries (together, the "Group") for the six months ended 30 June 2014. 
 
The condensed consolidated financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting and should be read in
conjunction with the Annual Report and Accounts for the year ended 31 December
2013, which have been prepared in accordance with International Financial
Reporting Standards as adopted for use in the EU ("IFRS"). The financial
information in these half-yearly results, which were approved by the Board and
authorised for issue on 20 August 2014, is unaudited but has been subject to a
review by the Group's independent auditor. 
 
Accounting estimates and judgements 
 
The preparation of the half-yearly results requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expenses. Estimates and judgements are continually evaluated and are based
on historical experience and other factors, such as expectations of future
events, and are believed to be reasonable under the circumstances. Actual
results may differ from these estimates. In preparing these half-yearly
results, the significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty were the
same as those applied to the audited consolidated financial statements for the
year ended 31 December 2013. 
 
Going Concern 
 
After making enquiries, the Directors have a reasonable expectation that the
Group has adequate resources to continue in operational existence for the
foreseeable future. Accordingly, they continue to adopt the going concern
basis in preparing the condensed consolidated half year financial statements. 
 
Accounting policies 
 
The accounting policies applied by the Group in these half-yearly results are
the same as those applied by the Group in its audited consolidated financial
statements for the year ended 31 December 2013 and which will form the basis
of the 2014 Annual Report and Accounts. Post the acquisition of Fusion IP plc,
the Group compared accounting policies and applied the Group's policies to the
assets and liabilities of the acquired entity and made the necessary
adjustments to ensure that consistent polices have been applied across the
enlarged Group. No new standards that have become effective in the period have
had a material effect on the Group's financial statements. 
 
STATEMENT OF DIRECTORS' RESPONSIBILITIES 
 
The Directors confirm to the best of their knowledge that: 
 
a)   the half-yearly results have been prepared in accordance with IAS 34 as
adopted by the European Union; and 
 
b)   the interim management report includes a fair review of the information
required by the FCA's Disclosure and Transparency Rules (4.2.7 R and 4.2.8
R). 
 
The Directors of IP Group plc and their functions are listed on the below. 
 
By order of the Board 
 
 Bruce Smith  Alan Aubrey              
 Chairman     Chief Executive Officer  
 
 
27 August 2014 
 
INDEPENDENT REVIEW REPORT 
 
To IP Group plc 
 
Introduction 
 
We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
June 2014 which comprises the condensed consolidated statement of
comprehensive income, condensed consolidated statement of financial position,
condensed consolidated statement of cash flows, condensed consolidated
statement of changes in equity and the related explanatory notes.  We have
read the other information contained in the half-yearly financial report and
considered whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of financial
statements. 
 
This report is made solely to the Company in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the Disclosure
and Transparency Rules ("the DTR") of the UK's Financial Conduct Authority
("the UK FCA").  Our review has been undertaken so that we might state to the
Company those matters we are required to state to it in this 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 for our review work,
for this report, or for the conclusions we have reached. 
 
Directors' responsibilities 
 
The half-yearly financial report is the responsibility of, and has been
approved by, the Directors.  The Directors are responsible for preparing the
half-yearly financial report in accordance with the DTR of the UK FCA. 
 
As disclosed in the accounting policies note, the annual financial statements
of the Group are prepared in accordance with IFRSs as adopted by the EU.  The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with IAS 34 Interim Financial Reporting
as adopted by the EU. 
 
Our responsibility 
 
Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review. 
 
Scope of review 
 
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410 Review of Interim Financial Information
Performed by the Independent Auditor of the Entity issued by the Auditing
Practices Board for use in the UK.  A review of interim financial information
consists of making enquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review procedures. 
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK and Ireland) and consequently
does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit.  Accordingly, we do
not express an audit opinion. 
 
Conclusion 
 
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 June 2014 is not prepared, in all
material respects, in accordance with IAS 34 as adopted by the EU and the DTR
of the UK FCA. 
 
Jonathan Mills 
 
for and on behalf of KPMG LLP 
 
Chartered Accountants 
 
15 Canada Square 
 
London 
 
E14 5GL 
 
27 August 2014 
 
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