THE ONA P.L.C.
REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Additionally, the directors are monitoring closely inflationary risks resulting from the conflict in Ukraine and the aftermath of the COVID pandemic. The directors are confident that the company has robust measures in place to mitigate the likely possible effects of inflationary pressures. Where possible, the board provides principles for the overall risk management as well as policies to mitigate these risks in the most prudent way.
Results and dividends
The results for the period ended 31st December 2022 are shown in the income statement on Page 8. The Group registered a Profit of €1,177,323 (2021 - Profit of €3,360,001), while the Company registered a Profit of €26,650.
The Directors do not recommend the payment of a final dividend.
Directors
The directors of the Company who held office during the year were:
George Muscat (Chairperson)
Cliona Muscat (Executive Director)
Francis X. Gouder (Non-Executive Director)
Alfred Attard (Non-Executive Director)
Dr Ann Marie Agius (Non-Executive Director)
The Company’s Articles of Association do not require any directors to retire.
Company secretary
The Company's Secretary is Mr Justin Cutajar.
Statement of Directors’ responsibilities
The directors are required by the Companies Act (Chap. 386) to prepare financial statements in accordance with International Financial Reporting Standards as adopted by the EU which give a true and fair view of the state of affairs of the parent company and the group at the end of each financial year and of the profit or loss of the parent company and the group for the year then ended. In preparing the financial statements, the directors are responsible to:
-Ensure that the financial statements have been drawn up in accordance with International Financial Reporting Standards as adopted by the European Union;
-adopt the going concern basis unless it is inappropriate to presume that the company will continue in business;
-make judgements and estimates that are reasonable and prudent;
-account for income and charges relating to the accounting period on the accruals basis;
-report comparative figures corresponding to those of the preceding accounting period.
The directors are also responsible for ensuring that proper accounting records are kept which disclose with reasonable accuracy at any time the financial position of the parent company and the group and which enable the directors to ensure that the financial statements comply with the Companies Act (Chap. 386). This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements
that are free from material misstatement, whether due to fraud or error. The directors are also responsible for safeguarding the assets of the company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.