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Statement of directors’ responsibilities in respect of the consolidated

ﬁnancial statements

The directors are responsible for preparing the Annual Report and the consolidated ﬁnancial statements in accordance with applicable United Kingdom law,

International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and IFRS as adopted by the European Union.

The directors are required to prepare ﬁnancial statements for each ﬁnancial year that present fairly the ﬁnancial position of the group and the

ﬁnancial performance and cash ﬂows of the group for that period. In preparing those ﬁnancial statements, the directors are required to:

• Select suitable accounting policies and then apply them consistently.

• Present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information.

• Provide additional disclosure when compliance with the speciﬁc requirements of IFRS is insufﬁcient to enable users to understand the impact of

particular transactions, other events and conditions on the group’s ﬁnancial position and ﬁnancial performance.

• State that the company has complied with IFRS, subject to any material departures disclosed and explained in the consolidated ﬁnancial statements.

The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the ﬁnancial position of the

group and enable them to ensure that the consolidated ﬁnancial statements comply with the Companies Act 2006 and Article 4 of the IAS Regulation.

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.

The directors draw attention to Notes 2, 37 and 44 on the ﬁnancial statements which describe the uncertainties surrounding the amounts and

timings of liabilities arising from the Gulf of Mexico oil spill.

The group’s business activities, performance, position and risks are set out in this report. The ﬁnancial position of the group, its cash ﬂows, liquidity

position and borrowing facilities are detailed in the appropriate sections on pages 63 to 67 and elsewhere in the notes on ﬁnancial statements. The report

also includes details of the group’s risk mitigation and management. Information on the Gulf of Mexico oil spill and BP’s response is included on pages 34

to 39 and elsewhere in this report, including Corporate responsibility on pages 68 to 76. The group has considerable ﬁnancial resources, and the directors

believe that the group is well placed to manage its business risks successfully. After making enquiries, the directors have a reasonable expectation that

the company and the group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt

the going concern basis in preparing the annual report and accounts.

Having made the requisite enquiries, so far as the directors are aware, there is no relevant audit information (as deﬁned by Section 418(3) of the

Companies Act 2006) of which the group’s auditors are unaware, and the directors have taken all the steps they ought to have taken to make themselves

aware of any relevant audit information and to establish that the group’s auditors are aware of that information.

The directors conﬁrm that to the best of their knowledge:

• The consolidated ﬁnancial statements, prepared in accordance with IFRS as issued by the International Accounting Standards Board, IFRS as

adopted by the European Union and in accordance with the provisions of the Companies Act 2006, give a true and fair view of the assets, liabilities,

ﬁnancial position and proﬁt or loss of the group; and

• The management report, which is incorporated in the directors’ report, includes a fair review of the development and performance of the business

and the position of the group, together with a description of the principal risks and uncertainties.

Consolidated ﬁnancial statements of the BP group

This page does not form part of BP’s Annual Report on Form 20-F as ﬁled with the SEC.

142 BP Annual Report and Form 20-F 2010