Deloitte LLP has expressed its willingness to continue in office as auditor of the Group. In particular, we are required to consider whether we have identified any inconsistencies between our knowledge acquired during the audit and the directors’ statement that they consider the annual report is fair, balanced and understandable and whether the annual report appropriately discloses those matters that we communicated to the audit committee which we consider should have been disclosed. The safety of the Company’s people and customers is a fundamental cornerstone of the business. The Board meets the objectives behind this requirement through its shareholder representation on the Board. The Company remains conscious of the demographic profile of its employees retirement profile of employees to provide opportunities to up skill the existing workforce. The Company has endeavoured to comply with the spirit of the Code in the areas where compliance with the provision is either impractical or inappropriate.
The most recent triennial valuation of the Group’s Pensions Scheme was carried out as at 31 March and identified a shortfall of GBPm against the Trustee Board’s statutory funding objective. Investments are classified as available-for-sale and are measured at subsequent reporting dates at fair value. The safety of the Company’s people and customers is a fundamental cornerstone of the business. Our performance during the storms demonstrates our commitment to delivering the very highest levels of service to our customers, a commitment which informs and defines everything we do. Revenue in the period includes an assessment of the volume of unbilled energy distributed to customers between the date of income based upon the last meter reading and the year end.
Through leadership and communication there was continued promotion of the benefits of identifying and dealing with hazards near misses.
Electricity North West
Our processes and systems are always evolving with the needs of our business and have been developed in accordance with elecfricity Financial reporting Council’s FRC’s Guidance on Risk Management, Internal Control and Related Financial and Business Reporting. Following the significant storm events that occurred in Decemberthe focus for the coming year is on a strategic programme of increasing network resilience during extreme weather events.
In addition, the Group also operates a defined contribution pension scheme. As explained more fully in the Directors’ Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. All financial assets are recognised and derecognised on a trade date basis where the purchase or sale of a financial asset is under a contract whose terms require delivery of the financial asset within the timeframe established by the market concerned, and are initially measured at fair value, plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value.
Overall leakage of oil from underground cables in the year was 31, litres, which although slightly above the target of 30, litres per year across the RIIO-ED1 period, was in line with the forecast.
The Company is partnering with all other Distribution Network Operators including independents to deliver a Single Emergency Number for customers to contact in the event of a fault. The measure that is most closely aligned to this result is cash flow before financing activites see page The table combined efficiency during the previous price review period with efficiencies promised in the RIIO-ED1 business plan.
There are some limited areas of non-compliance, all of which are considered appropriate to the privately elcetricity status of the Company and are explained on page These will provide the ability for both automated communications and customer service representatives to deliver an improved service to our customers. Accordingly, they continue nkrth adopt the going concern basis in preparing the Annual Report and Consolidated Financial Statements.
Share options are not offered as an incentive to either Executive or Non-Executive Directors as the Company is privately owned. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the plsn of the item can be measured reliably. The Group’s dividend policy is to distribute the maximum amount of available cash in each financial year at semi-annual intervals.
However, it must also achieve electeicity within a price controlled environment, where it must seek to deliver services as efficiently as possible.
The committee regularly reviews the Company’s remuneration policy in the context of the Company’s risk management framework to ensure that it does not inadvertently promote irresponsible behaviour. The Board is responsible for approving the strategy and for ensuring that there are suitable resources to achieve it.
In arriving at their conclusion, the Directors have considered the Company’s forecast financial performance and cash flow over the three year viability period. The Company has a formal policy ed the use of the auditor for non-audit work and the awarding of such work is managed in order to ensure that the auditor is able to conduct an independent audit and is perceived to be independent by our stakeholders. A few customers experience a level of service significantly worse than average, usually by virtue of their location or due to localised network issues.
Electricity North West Limited Annual Financial Report – ADVFN
Following the resignation of John Gittins as a Non-Executive Director in Julythe Nominations Committee undertook an equally rigorous recruitment process and appointed Rob Holden was appointed with effect from 1 January The role of the Chairman and the Chief Executive Officer is separate and each has a clear role description set out in writing and agreed by the Board.
It is buskness goal that resonates with our employees who wes and work in their local communities.
Consideration was given to operational performance against budget, financing arrangements, banking facility covenants and the application of appropriate sensitivities and compliance with Licence Condition Certain regulatory performance data contained in this annual report remain subject to regulatory audit by the Office of Gas and Electricity Markets ‘Ofgem’.
Above all, the safety of customers and of our colleagues and contractors remained our key concern.
Electricity North West Archives – Page 7 of 12 – Utility Week
Safety considerations are an integral part of the organisational bisiness with ownership and accountability integrated into every role. Note 18 provides more details on the borrowings. Under IAS 23 borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalised.
Such assets and liabilities are wewt recognised if the temporary difference arises from goodwill or from the initial recognition other than in a business combination of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
Similarly, as the prospect of the new nuclear power station on the Cumbrian wfst gradually gets closer we are working closely with colleagues at National Grid in planning the route, in planning to minimise the risk and disruption to customers that this project imposes.
The Company is chairing the development of a new apprenticeship standard for specialist engineers, the industry’s first ‘Power Engineering Masters Degree Apprenticeship’. The change was also prompted by Ofgem’s decision to enhance Stakeholder Engagement Reporting to include a new section on Vulnerable Customers. The fair value methodology for derivative financial instruments under IFRS 13 takes into account the es1 risk inherent within the instruments held for both assets and liabilities.