Annual Report 2007 - Global Energy Development

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14 Directors’ reportGlobal Energy Development PLCAnnual report 2007Directors’ report continuedAuditorsIn accordance with the Companies Act 1985, a resolution for the re-appointment of BDO Stoy Hayward LLP as auditors of the Groupis to be proposed at the forthcoming Annual General Meeting.All of the Directors have taken all the steps that they ought to have taken to make themselves aware of any information needed by theGroup’s auditors for the purpose of their audit and to establish that the auditors are aware of that information. The Directors are notaware of any relevant audit information of which the auditors are not aware.Annual General MeetingYour attention is drawn to the Notice of Meeting enclosed with this Annual Report which sets out the resolutions to be proposed atthe forthcoming Annual General Meeting.By order of the BoardMikel Faulkner Stephen Voss Stephen NewtonExecutive Chairman vice Chairman managing Director8 May 2008Global Energy Development PLC26 Dover StreetLondon W1S 4LYUK
15 Directors’ responsibilitiesGlobal Energy Development PLCAnnual report 2007Directors’ responsibilitiesThe directors are responsible for keeping proper accountingrecords which disclose with reasonable accuracy at any time thefinancial position of the Group, for safeguarding the assets of theCompany, for taking reasonable steps for the prevention anddetection of fraud and other irregularities and for the preparationof a Directors’ Report which complies with the requirements ofthe Companies Act 1985.The directors are responsible for preparing the annual report andthe financial statements in accordance with the Companies Act1985. The directors are also required to prepare financialstatements for the Group in accordance with InternationalFinancial Reporting Standards as adopted by the European Union(IFRSs) and the rules of the London Stock Exchange forcompanies trading securities on the Alternative InvestmentMarket.International Accounting Standard 1 requires that financialstatements present fairly for each financial year the Group’sfinancial position, financial performance and cash flows. Thisrequires the faithful representation of the effects of transactions,other events and conditions in accordance with the definitionsand recognition criteria for assets, liabilities, income andexpenses set out in the International Accounting StandardsBoard’s “Framework for the preparation and presentation offinancial statements”. In virtually all circumstances, a fairpresentation will be achieved by compliance with all applicableIFRSs. A fair presentation also requires the Directors to:•••consistently select and apply appropriate accounting policies;present information, including accounting policies, in a mannerthat provides relevant, reliable, comparable and understandableinformation; andprovide additional disclosures when compliance with thespecific requirements in IFRS is insufficient to enable users tounderstand the impact of particular transactions, other eventsand conditions on the entity’s financial position and financialperformance.Financial statements are published on the Group’s website inaccordance with legislation in the United Kingdom governing thepreparation and dissemination of financial statements, which mayvary from legislation in other jurisdictions. The maintenance andintegrity of the Group’s website is the responsibility of thedirectors. The directors’ responsibility also extends to the ongoingintegrity of the financial statements contained therein.
Page 1 and 2: Global Energy Development PLCAnnual
Page 3 and 4: 01 Highlights 2007Global Energy Dev
Page 5 and 6: 03 At a glanceGlobal Energy Develop
Page 7 and 8: 05 Vice Chairman and Managing Direc
Page 9 and 10: 07 Vice Chairman and Managing Direc
Page 11 and 12: 09 Directors’ biographiesGlobal E
Page 13 and 14: 11 Corporate governance statementGl
Page 15: 13 Directors’ reportGlobal Energy
Page 19 and 20: 17 Consolidated income statementGlo
Page 21 and 22: 19 Consolidated balance sheetGlobal
Page 23 and 24: 21 Notes to the financial informati
Page 57 and 58: 55 Company accountsGlobal Energy De
Page 59 and 60: 57 Directors’ reportGlobal Energy
Page 61 and 62: 59 Independent Auditors’ reportGl
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65 Notes to the financial informati
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67 Notes to the financial informati
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Corporate directoryDirectorsMikel F
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Annual Report 2007 - Global Energy Development

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