The Committee formally reviewed its Terms of Reference and its membership during the year to ensure both remain fit for purpose and were considered effective by the Board. The roadmap has cross-business commitment and clearly defines the changes and improvements which will be delivered over this period to secure both a relative and absolute leadership position on the Customer Service League Table. Operational leaders have a clear responsibility for delivering safety performance and they are supported in this with learning and development activities including pursuing the Institute of Occupational Safety and Health ‘Managing Safely’ qualification. The Board has delegated authority to a number of Committees to assist it in delivering its responsibilities and ensuring there is appropriate independent oversight of internal control and risk management. Capitalisation commences when activities are undertaken to prepare the asset for use, and expenditure and borrowing costs are being incurred.
The Chief Executive Officer is assisted by the Executive Leadership Team which comprises the operation unit directors. The proportion of borrowings at effective fixed rates of interest for a period greater than one year is set in conjunction with the level of floating rate borrowings and projected regulatory revenues that are exposed to inflationary adjustments index-linked. These recognise that the Company has constantly to make decisions that balance the conflicting priorities of maintaining a Reliable network in the near term, investing to ensure this is Sustainable in the long term, whilst keeping costs as low as reasonably practicable to meet the Affordability challenge for our Customers. GBPm as a result of the reduction in revenue detailed above and higher operating costs caused by the December storms. On acquisition, the assets and liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. A resulting action from the process has been the introduction of programmed “deep dive” sessions through the year to explore key issues in depth with the Executive Leadership Team.
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 Group and Company and of the profit or loss of the Group and Company for that period.
The Board has appropriate processes in place to assess and manage any potential conflicts of interest. 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.
Electricity North West has set itself an overarching Company Goal to improve its Customer Satisfaction performance score to be the best in the electricity distribution sector. Operational leaders have a clear responsibility for delivering safety performance and they are supported in this with learning and development activities including pursuing the Institute of Occupational Safety and Health ‘Managing Safely’ qualification.
Electricity North West Archives – Page 7 of 12 – Utility Week
Similarly, as the prospect of the new nuclear power station on the Cumbrian coast 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 results of subsidiaries acquired or disposed of during the year are included in the Consolidated Income Statement from the effective date of acquisition or up to wesr effective date of disposal, as appropriate. Determination of the non-performance risk is based on the transaction price wst similar instruments or market data on appropriate credit spreads for the Group and counterparties.
We carefully plan and manage this investment and invest in new technologies to drive performance and value in both the short and long term. 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. Further liquidity is provided from short term deposit balances and unutilised committed borrowing facilities.
However, it must also achieve this within a price controlled environment, where it must seek to deliver services as efficiently as possible. The most recent actuarial valuation for the scheme for funding purposes was carried out at 31 March ; agreed Actuarial valuations are carried out thereafter at intervals of not more than three years.
The description of risks above should be read in conjunction with the significant issues considered by the Audit Committee discussed on page 35 onwards. Deloitte LLP has expressed its willingness to continue in office as auditor of the Group. Further oil filled cable was replaced in the year as part of the M6 to Heysham Link Road diversion works.
Financial assets and financial liabilities are recognised in the Group’s Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument.
Electricity North West
Elfctricity International Standards on Auditing UK and Irelandwe are required to report to you if, in our opinion, information in the annual report is:. We confirm that we have not identified any such inconsistencies or misleading statements.
Carrying amount is reduced by any provision for impairment where necessary. Profit before tax has increased to GBPm Operating profit is stated after charging operating expenses but before investment income, net finance expense and other gains and losses.
Our Future Networks team continue to develop smart solutions that benefit our customers and the wider industry whilst delivering or enhancing our performance and safety. The Audit Committee was requested to assist the Board in confirming that the Annual Report is fair, balanced and understandable.
The innovation strategy forms an integral part of the business plan and sets out why innovation is important for customers and how value is delivered through a series of innovative projects, including the rollout of smart grids and smart metering.
He holds a B. The Chairman is responsible for the leadership and governance of the Board and the Chief Executive Officer for the operational management of the Company and implementation of the strategy on the Board’s behalf.
A qualifying asset is any major project with a projected timescale of greater than 12 months. In the last five years the Company has won over GBP42m of competitive research and development funding for five key innovation projects and successfully achieved all major milestones in their delivery. The additional depreciation created as result of the revaluation is transferred from the revaluation reserve to retained earnings on an annual basis. We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic decisions of a reasonably knowledgeable person would be changed or influenced.
This was supported with the introduction of a new user-friendly system for reporting actions taken and tracking additional actions as well as providing feedback and management information. The vulnerable customer strategy based on this feedback as well as engagement with various stakeholders drove change during the year ended 31 March All Directors are able to consult with the Company Secretary and the appointment and removal of the Company Secretary is a matter reserved for the Board.
The Committee has designated authority from the Board set out in its Terms of Reference, which were reviewed and updated in July Rob Holden combines a portfolio of Non-Executive Directorships with consultancy roles.