National Grid 2008 Annual Report Download - page 629

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 8813
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 104
Description: EXHIBIT 15.1
0/4300.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/300/4*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 8813
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 104 Description: EXHIBIT 15.1
0/4300.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/300/4*
Table of Contents
112
Statement of Directors’ res
p
onsibilities
National Grid plc
Statement of Directors’ responsibilities
The Directors are responsible for preparing the Annual
Report and Accounts, including the consolidated financial
statements and the Company financial statements and the
Directors’ Remuneration Report, in accordance with
applicable law and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the
Directors have prepared the consolidated financial
statements in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European
Union, and the Company financial statements and the
Directors’ Remuneration Report in accordance with
applicable law and United Kingdom Accounting Standards
(United Kingdom Generally Accepted Accounting Practice).
In preparing the consolidated financial statements, the
Directors have also elected to comply with IFRS, issued by
the International Accounting Standards Board (IASB). The
consolidated financial statements and Company financial
statements are required by law to give a true and fair view of
the state of affairs of the Company on a consolidated and
individual basis and of the consolidated profit of the
Company for that period.
In preparing those financial statements, the Directors are
required to:
The Directors confirm that they have complied with the
above requirements in preparing both the consolidated
financial statements and the Company financial statements.
They also confirm that the annual report includes a fair
review of the development and performance of the business
together with a description of the principal risks and
uncertainties faced by the Company.
select suitable accounting policies and then apply them
consistently;
make judgements and estimates that are reasonable and
prudent;
state that the consolidated financial statements comply
with IFRS as adopted by the European Union and with
regard to the Company financial statements that
applicable UK Accounting Standards have been followed,
subject to any material departures disclosed and
explained in the financial statements; and
prepare the consolidated financial statements and
Company financial statements on a going concern basis
unless it is inappropriate to presume that the Company
will continue in business, in which case there should be
supporting assumptions or qualifications as necessary.
The Directors are responsible for keeping proper accounting
records that disclose with reasonable accuracy at any time
the financial position of the Company on a consolidated and
individual basis and to enable them to ensure that the
consolidated financial statements comply with the
Companies Act 1985 and Article 4 of the IAS Re
g
ulation and
the Company financial statements and the Directors’
Remuneration Report comply with the Companies Act 1985.
They are also responsible for safeguarding the assets of the
Company and its subsidiaries and hence for taking
reasonable steps for the prevention and detection of fraud
and other irregularities.
The Directors of National Grid plc as at 14 May 2008 are
shown in the Business Overview section of the Annual
Report and Accounts on pages 12 and 13.
By order of the Board
Helen Mahy
Company Secretary & General Counsel
14 May 2008