Annual Report 2013

Statement of Directors’ Responsibilities in respect of the
Directors’ Report and the Financial Statements

The directors are responsible for preparing the directors’ report and the consolidated and company financial statements, in accordance with applicable law and regulations.

Company law requires the directors to prepare consolidated and company financial statements for each financial year. Under that law, the directors have elected to prepare the consolidated and company financial statements in accordance with Generally Accepted Accounting Practice in Ireland, comprising applicable Irish law and the accounting standards issued by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland.

The consolidated financial statements are required by law to present fairly the financial position and performance of the Group. The Companies Acts, 1963 to 2012 provide in relation to such financial statements that references in the relevant part of that Act to financial statements giving a true and fair view are references to their achieving a fair presentation. The company financial statements are required by law to give a true and fair view of the state of affairs of the Company.

In preparing each of the consolidated and company financial statements, the directors are required to:

  • select suitable accounting policies and then apply them consistently;
  • make judgements and estimates that are reasonable and prudent; and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and Company will continue in business.

The directors are responsible for keeping proper books of account that disclose with reasonable accuracy at any time the financial position of the Company and the Group and enable them to ensure that these financial statements comply with the Companies Acts, 1963 to 2012. The directors are also responsible for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

The directors are also responsible for preparing a directors’ report that complies with the requirements of the Companies Acts,
1963 to 2012.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on Bord na Móna’s website. Legislation in the Republic of Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.