The Directors, having made enquiries, believe that Bord na Móna has adequate resources to continue in operation for the foreseeable future and that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.
There have been no events between the balance sheet date and the date on which the financial statements were approved by the Board which would require disclosure and/or adjustment to the FY16 financial statements.
The Directors believe that they have complied with the requirements of Sections 281 to 285 of the Companies Act, 2014, with regard to the obligation to keep adequate accounting records, by employing accounting personnel with appropriate expertise and by providing adequate resources to the finance function. The accounting records are kept at the Group’s registered office, Main Street, Newbridge, Co Kildare.
The Directors acknowledge their responsibility for ensuring compliance, in all material respects, with the provisions of the Prompt Payments of Accounts Act, 1997, the European Communities (Late Payment in Commercial Transactions) Regulations, 2002 and the European Communities (Late Payment in Commercial Transactions) Regulations, 2012 – 2014, (the “Regulations”). Procedures have been implemented to identify the dates upon which invoices fall due for payment and to ensure that payments are made by such dates. Such procedures provide reasonable but not absolute assurance against material non−compliance with the Regulations. The Directors are satisfied that Bord na Móna Plc has complied with the requirements of the Regulations in all material respects in relation to external supplier payments within the EU.
In 2015 the Government launched the Prompt Payment Code of Conduct and Bord na Móna is a signatory to this code and undertakes to pay suppliers within agreed terms.
Details of the Group’s principal operating subsidiaries (including overseas branches) and joint ventures are set out in note 25 of the financial statements.
The Group’s strategy on research and development and the costs incurred during the year are set out in the Operational and Financial reviews of this annual report.
The Board made no political donations during the year (FY15: €nil).
In accordance with Section 383(2) of the Companies Act, 2014, the auditor KPMG, Chartered Accountants, will continue in office.