National Grid 2014 Annual Report Download - page 78

Download and view the complete annual report

Please find page 78 of the 2014 National Grid annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 196

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196

The Directors are responsible for preparing the Annual Report and
Accounts, including the consolidated financial statements and the
Company financial statements, the Directors’ Report, including the
Remuneration Report and the Strategic 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 EU, and the Company financial statements and the
Remuneration Report in accordance with applicable law and
United Kingdom Accounting Standards (United Kingdom generally
accepted accounting practice, UK GAAP). In preparing the
consolidated financial statements, the Directors have also elected
to comply with IFRS, issued by the International Accounting
Standards Board (IASB). Under company law the Directors must
not approve the financial statements unless they are satisfied that
they give a true and fair view of the state of affairs of the Company
on a consolidated and individual basis and of the profit or loss of
the Company on a consolidated basis for that period.
In preparing these financial statements, the Directors are
requiredto:
• 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 issued by the IASB and IFRS adopted by the EU
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, on a consolidated
and individual basis, will continue in business, in which case
there should be supporting assumptions or qualifications
asnecessary.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company’s
transactions and 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 2006 and
Article 4 of the IAS Regulation and the Company financial
statements and the Remuneration Report comply with the
Companies Act 2006. 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 are responsible for the maintenance and integrity
ofthe Company’s website. Legislation in the United Kingdom
governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
Each of the Directors, whose names and functions are listed on
page 43, confirms that:
• to the best of their knowledge, the consolidated financial
statements and the Company financial statements, which have
been prepared in accordance with IFRS as issued by the IASB
and IFRS as adopted by the EU and UK GAAP respectively,
give a true and fair view of the assets, liabilities, financial
position and profit of the Company on a consolidated and
individual basis;
• to the best of their knowledge, the Strategic Report contained
in the Annual Report and Accounts includes a fair review of the
development and performance of the business and the position
of the Company on a consolidated and individual basis, together
with a description of the principal risks and uncertainties that it
faces; and
• they consider that the Annual Report and Accounts, taken as
awhole, is fair, balanced and understandable and provides
theinformation necessary for shareholders to assess the
Company’s performance, business model and strategy.
By order of the Board
Alison Kay
Group General Counsel & Company Secretary
18 May 2014
Company number: 4031152
Statement of Directors’
responsibilities
76 National Grid Annual Report and Accounts 2013/14