The Company works closely with its shareholders and both shareholders endorse the UK Stewardship Code and see their stewardship commitments as a key feature of their investment philosophy. Additional documentation is provided as appropriate. Under IAS 23 borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalised. Further oil filled cable was replaced in the year as part of the M6 to Heysham Link Road diversion works. In the consolidated cash flow statement and related notes, cash and cash equivalents includes cash at bank and in hand, deposits, other short-term highly liquid investments which are readily convertible into known amounts of cash and have a maturity of three months or less and which are subject to an insignificant risk of change in value. He rejoined the Company in May and became a Director in October
The Company continued during the year to implement energy efficiency measures through the refurbishment of its buildings and the replacement of fleet vehicles and company cars with more efficient vehicles. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Additional documentation is provided as appropriate. In the year ended 31 March , the average number of interruptions per customers was These programmes will help to ensure the long term reliability of the network. 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. They are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Ofgem not only confirmed that our price cut at the start of the regulatory period was the largest in the sector but they also rated Electricity North West as the industry leader in the price review league table.
The cost of the acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquiree plus any costs directly attributable to the business combination.
The principal accounting policies adopted in the preparation of these financial statements are set out below.
Feedback is received from the external auditor on the content of the Annual Report. The Company has continued to work closely with contractors and other network operators to ensure that it remains at the forefront of innovation in health and safety management. I am also proud to say that throughout these unprecedented events, we were able to demonstrate responsiveness and resilience in the service of our customers.
Gains and losses arising from changes in fair norht are recognised directly in equity, until the security is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognised in equity is included in the net profit or loss for the year. The report of the Remuneration Committee can be found on page The most recent actuarial valuation for the scheme for funding purposes was carried dd1 at 31 March ; agreed Actuarial valuations are carried out thereafter at intervals of not more than three years.
We reviewed the part of the Corporate Governance Statement relating to the company’s compliance with certain provisions of the UK Corporate Governance Code.
The Annual Financial Report is available to view on the Company’s website: Objectives of the pilot were to understand: For further information please contact Electricity North West’s press office on or email pressoffice enwl. This is done through installing more electrifity assets in our network, particularly low loss transformers and cables and through our revenue protection unit, addressing the issue of theft.
This responsibility statement was approved by the Board of Directors electrkcity 27 May and is signed on its behalf by:. Home Case studies Electricity North West.
Electricity North West
Prior to this, he worked for both Norweb and Yorkshire Electricity. 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 role and responsibilities of the Committee are set out in its Terms of Reference which were reviewed and updated and approved by the Board in March At the discretion of the Board, senior management were invited vusiness attend meetings when appropriate to specific items subject to discussion. It is also responsible for the review of the remuneration of other members of the Executive Leadership Team to ensure the structure and levels of remuneration appropriately incentivise these individuals to achieve the Company’s strategic objectives.
The Committee’s responsibilities include keeping under review the composition of the Board, identifying and nominating candidates for approval by the Board to fill any vacancies and succession planning for Directors and other senior executives.
Most customers enjoy excellent service from us but we recognise that there is variability in the level of service experienced. Amortisation of contributions received post 1 Bbusiness is shown as revenue, rather than within operating costs, following the adoption of IFRIC The Wider Leadership Team people continues nirth work on their management and leadership skills through a leadership development programme.
The average number of minutes for which customers were without supply during the year to ewst March was This aims to meet the future needs of customers and stakeholders in an increasingly uncertain energy future by maximising the opportunities provided by:. Initiatives continue to be undertaken to improve performance under the Index, for example, engaging the supply chain in a range of social, environmental and economic issues and including sustainability within tender documents.
Electricity North West Archives – Page 7 of 12 – Utility Week
The financial reporting framework that has been applied in their preparation is applicable law and IFRSs as adopted by the European Union and, as regards the parent company financial statements, as applied in accordance with the provisions of the Companies Act The Group does not undertake any obligation to update or revise these forward-looking statements, except as may be required by law or regulation. The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date.
Investments in subsidiaries are stated at cost less, where appropriate, provisions for impairment. As a privately owned company, Electricity North West does not have a large or dispersed shareholder base with which to formally business, nor are there any minority shareholders.
They are committed to maintaining the integrity and quality of the markets in which they operate and allocate investment capital to productive purposes, while protecting and enhancing their clients’ capital over the longer term. The minimum expected time commitment required from Non-Executive Directors is six to ten days per year and is detailed in elrctricity letter of appointment.
This year saw our best ever performance in customer minutes lost, which measures the speed with which we eletricity supply after a fault occurs. Other assets are depreciated by writing off their cost evenly over their estimated useful lives, based on management’s judgement and experience, which are principally as follows:.