– Management accounts setting out actual performance;
– Management discussion on current status of the existing Hostels and potential sites under review; and
– Working capital cash flow position and forecast

The Board reserves to itself a range of key decisions to ensure that it retains proper direction and control of the Company whilst delegating authority to individual directors who are responsible for the day to day management of the business. All directors have access to the advice and services of the Company Secretary and can also seek independent professional advice, if necessary, at the Company’s expense.

Board appointments and re-election of directors

All appointments to the Board are discussed at a full Board meeting and each member is given the opportunity to meet the individual concerned prior to an appointment being made.

Directors retire in accordance with the Company’s Articles of Association which prescribe that “there shall retire any Director who will have been a Director at each of the preceding two annual general meetings, and who was not appointed or re-appointed by the Company in general meeting at, or since, either such meeting. A retiring Director shall be eligible for re-appointment.”

Non-executive directors are initially appointed for a three-year term but their appointment is terminable by either party on three months’ written notice.

Date on which this information was last reviewed: 31st December 2021

The Audit Committee

The Audit Committee, which is composed of 2 non-executive directors, is chaired by Stephen Moss and the other member is Michael Hirst. It meets no less than twice a year and is responsible for making recommendations to the Board on the appointment of auditors and the audit fee. It also reviews the conduct and control of the annual audit and the operation of the internal financial controls.

Share Dealing Code

The Company has adopted a share dealing code to ensure directors and certain employees do not abuse, and do not place themselves under suspicion of abusing inside information of which they are in possession and to comply with its obligations under the Market Abuse Regulation (“MAR”) which applies to the Company by virtue of its shares being traded on AIM. Furthermore, the Company’s share dealing code is compliant with the AIM Rules for Companies published by the London Stock Exchange (as amended from time to time).
Under the share dealing code, the Company must procure that all persons discharging managerial responsibilities (PDMR) and certain employees (Restricted Persons) are given clearance by the Company before they are allowed to trade in Company securities;

Date on which this information was last reviewed: 31st December 2021

The Board of Directors has overall responsibility for the Group’s system of internal control and for reviewing its effectiveness. The purpose of the system of internal control is to manage rather than eliminate the risk of failure to achieve business objectives and can only provide reasonable, but not absolute, assurance against material misstatement or loss.

The Directors have established an organisational structure with clear operating procedures, lines of responsibility and delegated authority. In particular, there are clear procedures for capital investment appraisal and approval and financial reporting within a financial planning and accounting framework. The Board has reviewed the need for an internal audit function and concluded that such a function is not currently appropriate given the size of the Group.

Date on which this information was last reviewed: 31 December 2021