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28 National Grid plc Annual Review 2008/09
Basis of preparation and
accounting policies
Independent Auditors’ Statement to
the Members of National Grid plc
Summary financial statements
We have examined the summary consolidated financial statements
of National Grid plc, which comprise the summary consolidated
income statement, summary consolidated balance sheet,
summary consolidated cash flow statement and summary
Directors’ Remuneration Report.
Respective responsibilities of Directors and Auditors:
The Directors are responsible for preparing the summarised
Annual Review in accordance with United Kingdom law.
Our responsibility is to report to you our opinion on the consistency
of the summary consolidated financial statements within the
summarised Annual Review with the full annual financial statements,
the Directors’ Report and the Directors’ Remuneration Report, and
its compliance with the relevant requirements of section 251 of the
Companies Act 1985 and the regulations made thereunder.
We also read the other information contained in the summarised
Annual Review and consider the implications for our statement
if we become aware of any apparent misstatements or material
inconsistencies with the summary consolidated financial statements.
This statement, including the opinion, has been prepared for, and
only for, the Company’s members as a body in accordance with
section 251 of the Companies Act 1985 and for no other purpose.
We do not, in giving this opinion, accept or assume responsibility
for any other purpose or to any other person to whom this
statement is shown or into whose hands it may come save
where expressly agreed by our prior consent in writing.
Basis of opinion:
We conducted our work in accordance with Bulletin 1999/6,
‘The auditors’ statement on the summary financial statements’
issued by the Auditing Practices Board. Our report on the
Company’s full annual financial statements describes the
basis of our audit opinion on these financial statements
and the Directors’ Remuneration Report.
Opinion:
In our opinion the summary consolidated financial statements are
consistent with the full annual financial statements, the Directors’
Report and the Directors’ Remuneration Report of National Grid
plc for the year ended 31 March 2009 and comply with the
applicable requirements of section 251 of the Companies Act
1985, and the regulations made thereunder.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
London, 13 May 2009
The summary consolidated financial statements represent an
abridged version of the financial statements in the National Grid
Annual Report and Accounts 2008/09, which are prepared in
accordance with International Financial Reporting Standards (IFRS)
as issued by the International Accounting Standards Board and as
adopted by the European Union (EU).
There have been no significant changes in accounting policies
from those adopted in 2007/08. New standards and interpretations
adopted during the year did not have a material impact on the
reported results or financial position for 2008/09 or 2007/08.