NDC Annual Report 2023

ANNUAL REPORT 2023

Annual Report 2023

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NATIONAL DAIRY COUNCIL

The National Dairy Council protects and promotes the image, quality, taste and nutritional credentials of Irish dairy. It promotes the benefits of the dairy portfolio to the consumer as part of a balanced, healthy lifestyle while also safeguarding the reputation of Ireland’s dairy producers and processors.

You can find out more about the work of the National Dairy Council at www.ndc.ie 2

ANNUAL REPORT 2023

Contents

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Chairman’s Statement

Chief Executive’s Review

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13

NDC Strategy

NDC Reports and Financial Statements

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NATIONAL DAIRY COUNCIL

Chairman’s Statement Irish dairy exports were valued at an estimated €6.3 billion in 2023, this represented a decline of almost 8% on 2022.

Milk collections in Ireland declined by near to 2% on 2022 levels to approximately 8.7 billion litres.

Interesting to note that 2023 was the first-year Irish milk supply has declined since production quotas were lifted in 2015. Challenging weather in the early summer months limited grass growth and was followed by heavy rainfall throughout the autumn which led to difficult conditions for Irish farmers.

Global milk supply grew by 1% in 2023 with Europe, New Zealand and the US all increasing output, with Argentina the only major exporter showing lower production.

The world’s largest dairy importer, China, continues to grow its milk pool, registering growth of around 2% albeit slowing versus the higher growth rates of over 8% in both 2021 and 2022.

NEW DEROGATION RULES AND IMPACT ON GRASSLAND FARMERS 2023 brought new derogation rules for grassland farmers imposing stricter limits on organic nitrogen levels, reducing the permissible limit from 250 to 220 kg N per hectare. This cut is anticipated to have consequences for the stocking rate (SR) of many farms.

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Farmers will need to adapt to these regulations, emphasising the importance of sustainable and responsible grassland management practices.

As a natural source of nitrogen, clover has become integral in Irish grassland farming and we believe wider adoption can offset the reduced usage of artificial nitrogen.

The sector is facing real challenges through the impact of nitrates changes on stocking rates, accompanied by expensive land rental costs creating some uncertainty from a milk production perspective for next year.

These targets require significant work, commitment, and collaboration within the agricultural industry. While the challenge may seem daunting, Irish farmers are already transforming their practices across the island, proving their commitment to a sustainable future.

TAKING ACTION The Irish dairy industry is researching, undertaking, and implementing diverse initiatives to meet its climate targets, reduce its environmental impact, and mitigate its effect on water quality across the country.

Irish ‘breeding and feeding’ initiatives are reducing the individual cow’s environmental footprint. Targeted breeding strategies, like the Economic Breeding Index (EBI), help produce animals that live longer, are more productive, and produce fewer emissions. New feed additives have the potential to reduce the amount of methane a cow emits even further.

WATER QUALITY As for water quality, the dairy industry is aware of and working on its impact on Ireland’s rivers, streams, and waterways. By limiting excess nutrients (nitrogen from fertilisers and from the animals themselves), farmers are working to make Irish water cleaner.

Diversifying grass species is one of the most significant ways to reduce emissions and reduce

Milk collections in Ireland declined by near to 2% on 2022 levels to approximately 8.7 billion litres.

Interesting to note that 2023 was the first-year Irish milk supply has declined since production quotas were lifted in 2015.

ANNUAL REPORT 2023

Affordability impacted consumption negatively in the first half of 2023 as retailers, manufacturers and foodservice operators were all seeking to recoup their higher input costs via consumer price rises.

impacts on water quality. By introducing multi-species, such as white clover, plantain, and chicory, nitrogen is ‘fixed’ into the soil, reducing the need for chemical fertiliser. The introduction of different plant species also contributes to targets set under the EU Green Deal strategies, including the Farm to Fork and Biodiversity strategy and goals set in the Climate Action Plan 2023.

YEAR AHEAD Outside of trading, 2024 looks to be a vital year in terms of the sector’s requirements as part of the National Climate Action Plan commitments and the Fifth Nitrates Action Programme.

Globally, it is likely that there will be a modest increase in output from the main exporting regions. On the demand side most commentators are predicting modest import growth of 2% reflecting uncertainty around economic growth and affordability. Domestic production in China is predicted to rise again by around 2% in 2024. However, even with increased availability of locally produced dairy products, the market would still need to import almost 17 million tonnes of dairy products.

Demand for imported butter is predicted to increase by up to 5% in the UK. Per capita consumption of butter and cheese in the US is trending positively, with a forecast growth of 6% and 1% respectively.

I would like to thank our CEO, Zoë Kavanagh as she stepped down at the end of 2023 after 13 years of service with the NDC. During this time, Zoë has shown a high level of dedication and commitment to the role, greatly improving the public perception of dairy nutrition and production, and strengthening the NDC co-op membership. I wish her every success in her future role.

Eamonn Carroll Chairman

Affordability impacted consumption negatively in the first half of 2023 as retailers, manufacturers and foodservice operators were all seeking to recoup their higher input costs via consumer price rises. With most of these price increases believed to be worked through the supply chain, lower on-shelf prices should attract consumers back to the dairy category during 2024.

The National Dairy Council remains fully committed to delivering value and playing an important part in helping the Irish dairy sector to unlock its full potential. On behalf of the Board, 3

NATIONAL DAIRY COUNCIL

Chief Executive’s Review ONE DAIRY VOICE 2023 saw industry-defining challenges laid out for Irish dairy, in the most public way possible, when the sector’s perceived willingness and ability to meet its emissions-reduction targets was scrutinised, weighed in the balance, and then judged.

The focus on Irish agriculture – it often seems – is a convenient smokescreen that obscures the work that needs to be done across the board. When it’s said that ‘everyone must play their part’, it truly means everyone. Reducing greenhouse gas emissions means changes to our lifestyles, changes in the way we consume, changes in the way we travel and changes in how we behave.

We need to remind ourselves that the Irish farming industry is resilient, an innovative sector where environmental sustainability is top of the agenda. Where research is producing new solutions and where long-term initiatives such as breeding programmes, pasture management and the deployment of tech are improving the efficiency and productivity of our cows and reducing the carbon hoofprint of every litre of Irish milk.

THE GRASSROOTS MOVEMENT Our big campaign for 2023 was the Grassroots Movement which brings together the strength of Ireland’s dairy industry creating a united front on environmental sustainability to ensure a successful future for Irish dairy. We wanted to really showcase Ireland’s dairy farmers and the link between farmers and consumers, sharing the stories of changing farming practices, of technological innovation and tangible results, of commitment to today’s targets coupled with the appetite to do more. We continued to grow our Farm Ambassador Programme, enabling them to tell their stories and create inspiring visual concepts which were shown on TV ads and on billboards around the country. Radio advertising featured the real voices of our Farm ambassadors.

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The objectives of this campaign were to ensure sure that the facts about environmentally sustainable dairy farming practices are widely heard and acknowledged, and where we can achieve the much-needed public recognition that Irish dairy deserves, motivating those who work in the industry to go even further.

KEY NDC 2023 ACTIVITY

EMF AND GLOBAL DAIRY PLATFORM MID-YEAR CONFERENCE It was a privilege for the NDC to lead the planning for the Global Dairy Platform (GDP) / International Milk Promotion (IMP) Group Global Marketing Meeting in Dublin in May. Hosted in the Bord Bia head office, the meeting included a range of interesting and thoughtprovoking talks from the world of global dairy.

The IMP Group mid-year conference followed in Kilkenny and focused on Staying Ahead of Today’s Consumer – Social Acceptance for Dairy with some excellent insights and presentations shared from dairy organisations around the world.

HEALTH AND NUTRITION The NDC was the official Nutrition partner at the inaugural Menopause Summit held in the Mansion House in Dublin in March. As dairy supports optimum nutrition from cradle to grave, it was a great opportunity to highlight dairy’s role in a healthy balanced diet for managing menopause. The NDC produced a new booklet on the link between diet and menopause which was presented at the event by dietitian Aveen Bannon. New dietary guidelines for older adults were also introduced

by Healthy Ireland cementing the message that this generation needs 3-4 servings of dairy a day for optimum health. An Australian research study showed that increasing dairy consumption in older adults can reduce fracture risk by 33%. The NDC leveraged this by launching a PR campaign in Ireland where it is estimated that over 300,000 people suffer from osteoporosis, with an estimated 30,000

2023 saw industrydefining challenges laid out for Irish dairy, in the most public way possible, when the sector’s perceived willingness and ability to meet its emissionsreduction targets was scrutinised, weighed in the balance, and then judged.

ANNUAL REPORT 2023

The NDC launched a tender process in July of 2023 for the upcoming school year for services of delivering milk to schools throughout the country. The tender was broken into four lots covering various locations. Tirlán, Clóna, Lee Strand and Aurivo were awarded supply contracts.

fractures a year, accounting for 2% of the overall health costs - estimated to be in the region of €400 million per year.

SCHOOLS PROGRAMME The NDC signed the agreement with the Department of Agriculture, Food & the Marine (DAFM) to appoint the NDC as the Aid Applicant of the EU School Milk Scheme for the next six-year cycle. The goal of the EU School Milk Scheme is to continue to be active in schools throughout the country and to promote the consumption of dairy. The first year will place emphasis on continuous improvement of the current structure and implementation of the scheme, with a strong focus on increasing schools and pupil participation in the program. The NDC launched a tender process in July of 2023 for the upcoming school year for services of delivering milk to schools throughout the country. The tender was broken into four lots covering various locations. Tirlán, Clóna Dairy Products, Lee Strand and Aurivo were awarded supply contracts.

To support schools participating in EU School Milk Scheme, the NDC prepared a pack of educational resources including videos. The purpose of these videos is to provide pupils with an understanding of how milk is produced, to call out our unique grass-based dairy production system and to underpin the role that dairy plays as part of a sustainable diet.

The EU School Milk Scheme portal went live with five active suppliers using this platform with 392 schools registered and logging in to complete their claims and has been very well received by all users. The NDC ran some dedicated advertising for the EU School Milk Scheme and for refrigeration awareness in the IPPN magazine which goes out to Irish Primary School principals and in the latest edition of the Intouch Magazine which was delivered into all schools in Q4.

To highlight World School Milk Day (27th September), the NDC joined forces with Agri Aware to host an open farm event for local schools on Henry and Enda Walsh’s farm in Galway where they had the opportunity to learn about the running of a dairy farm first hand. The event was also streamed live with up to 25,000 primary schoolchildren logging on to learn more about dairy farming from the experts from the comfort of the classroom. Further collaborations with Agri Aware are planned in 2024.

GUARANTEE MARK CAMPAIGN – GRASS ADVANTAGE In September 2023, the NDC launched new NDC Guarantee campaign featuring Irish and Leinster Rugby player Garry Ringrose at Teagasc’s Moorepark 2023 event. We aligned the messaging of the NDC Guarantee promotion with the Grass Roots Movement to help increase the percentage of consumers who agree that they trust Irish dairy farmers to care for the environment. The campaign featured on TV, on billboards and in store promotion in Tesco during the Rugby World Cup. Shopper research showed an 8% increase in Fresh milk sales across the campaign.

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NATIONAL DAIRY COUNCIL

NDC AT BORD BIA BLOOM

EVALUATION – MEASURING OUR IMPACT

The NDC sponsored a show garden for the second time at Bord Bia Bloom in the Phoenix Park. This year’s large concept garden – Embracing the Elements paid homage to the Irish climate honouring the crucial role it plays in the quality and sustainability of our farming businesses, while recognising farmers’ responsibility to protect our natural resources and combat climate change.

The NDC partnered with Opinions Market Research to conduct 4 separate research panels across the year from May to assess its impact with consumers across 3 core metrics, checking consumer trust of dairy farmers to care for the environment, belief in dairy as part of a healthy balanced diet, and support for dairy as being part of a sustainable diet. We are pleased to report the consumer trust of dairy farmers to take care of the environment is at 70%, up from 47% at the end of 2022, with support for dairy as part of a healthy balanced diet, and a sustainable diet at 81% and 83% respectively.

The data also reflected a strong affiliation towards the NDC as being a trusted voice of the dairy industry in protecting the heritage of the Irish dairy family farm grass-based production system.

The garden’s centrepiece – a large installation built from transparent, reflective boxes – was a sculptural ode to clouds and a metaphor for modern farming. Ireland is now a leader in dairy production technology as farmers turn to cloud-based platforms to help lower the carbon footprint of the dairy they produce.

The garden was designed to emphasise the importance of grass-fed dairy in Ireland and the quality of milk which is produced. The garden provided an excellent platform to communicate the messages around sustainable dairy production to a largely urban audience in Dublin.

A number of panel discussions took place over the course of the event and the NDC secured extensive media coverage as well as the garden designer winning two awards for the garden.

NDC FARMER ADVOCACY PROGRAMME As part of the NDC’s ongoing farmer advocacy programme, we continued to recruit farmer ambassadors to tell the story of sustainable dairy production to Irish consumers. The ambassadors are a team of people involved in the production of Irish dairy, who act as advocates and spokespeople for Ireland’s family-farm-based, grass-fed dairy production system. They are champions for the many initiatives being employed to make Irish dairy more sustainable and environmentally-friendly – and they are all keen to speak about what they are doing and what needs to be done.

THE NDC STRATEGY FRAMEWORK Working to close the knowledge gap on the specific actions Irish dairy farmers are engaged with to produce high quality nutritious dairy produce the NDC bridged the connection between dairy farmers and consumers, from school going age, through active youth and young parents, to aging adults sharing the benefits of dairy consumption as being part of a healthy and sustainable diet. Irish dairy farming is rooted in rural communities across Ireland and is an integral part of the social and economic fabric of those communities. The NDC will continue to advocate for the Irish dairy industry’s transition towards a sustainable food production system.

I would like to thank my Executive Team for their hard work and the ongoing support of my Board in 2023. I would also like to pay tribute to our outgoing CEO Zoë Kavanagh who led the NDC with significant dedication, wisdom, and passion over the last 13 years.

NDC MEMBERSHIP The NDC continued its discussions with nonmember co-ops with a view to their joining the NDC, as well as considering companies with a dairy interest as associate members.

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Mark Keller Interim Chief Executive Officer

The NDC sponsored a show garden for the second time at Bord Bia Bloom in the Phoenix Park.

This year’s large concept garden – Embracing the Elements paid homage to the Irish climate honouring the crucial role it plays in the quality and sustainability of our farming businesses.

ANNUAL REPORT 2023

Strategic Framework Irish dairy farming – it’s nature based!

Over 17,000 dairy family farms across Ireland, 60,000 Irish jobs with exports of over €6bn to more than 130 countries worldwide, delivering an economic impact of €17bn for the Irish economy each year.

Ireland is a leading supplier of dairy products across the world, reaching dairy deficit markets who are experiencing major population expansion. Irish dairy is one of the most efficient per litre of milk equivalent producers in the world and it will continue to improve.

Agriculture contributes 37% of Ireland’s Green House Gas emissions as one of the country’s largest indigenous industries. Our dairy farmers know this and are committed to reduce their emissions by 25% by 2030, and improving water quality around their catchment areas.

Irish dairy farmers and Irish agricultural scientists are working closely together up and down the country, assessing their impact on the environment, embracing new ways of operating and implementing world-leading technologies and farming practices - actions which are being measured and reported on.

Irish consumers have many options when it comes to choosing what they eat and drink.

Irish dairy continues to play a significant role in their diet. They accept that dairy is part of healthy and balanced diet. Likewise, consumers see dairy as being part of a sustainable diet. This trust must be maintained.

Consumers under the age of 35 years are increasingly switching away from main stream media citing too much focus on negative

reporting in the contested space. They are turning to social media as a pathway to get the facts and links for assurances on the choices they make. Irish dairy will play its part by being present where they land for relevant fact based information about our production systems and dairy’s nutritional benefits.

Schoolchildren can and should have 3 to 5 servings of dairy per day according to dietary guidelines. Through the education process school age children can get an insight on the history of dairy production, it’s simple health and wellbeing benefits and its continued role in the rural economy.

Handing over Irish dairy family farms from generation to generation has been part of the heritage of this industry for centuries.

It is important that this tradition continues to sustain the local economies across rural Ireland. Irish dairy farmers have proven time and again that they are resilient but, they are under the spotlight to meet very strict environmental targets knowing the economic consequences associated with not achieving them.

Climate action and sustaining an economically vibrant dairy farming sector are inextricably linked. If they are to protect their enterprises and the land they farm Irish dairy farmers need support and time to manage the ongoing transition towards a fully sustainable food production system. And, like all business owners, should be afforded the opportunity to make a living and to contribute in kind to their communities.

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NATIONAL DAIRY COUNCIL

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Farmers’ Social Licence to Produce

NDC Farmer Ambassador Programme NDC Farmer Ambassadors held a launch event to discuss the NDC Farmer Advocacy Strategy for 2024.

Photo: Clare Keogh

Teagasc Farm Walk in association with Aurivo, NDC & Ornua The Connelly Family, suppliers to Aurivo Co-op and winners of the 2022 NDC & Kerrygold Quality Milk Awards competition, pictured at the Annual Farm Walk and Seminar, held on their farm in Tuam, Co. Galway.

Photo: Clive Wasson

School Open Farm Event, Co. Carlow NDC’s Mark Keller pictured with schoolchildren from Borris in Co. Carlow at a schools Open Farm event sponsored

by NDC and Tirlán.

Photo: Karl McDonough 8

ANNUAL REPORT 2023

NDC Trademark Ambassador Rugby International and NDC Ambassador Garry Ringrose pictured with Footballer Vikki Wall at Teagasc Moorepark 2023 event held in July. Garry Ringrose was launched as NDC’s Trademark Ambassador and also took part in a press conference at the event.

Photo: Tommy at TD Studios

Shamrocks GAA Club Sponsorship Pictured at Knockanore, Co. Waterford, the Shamrocks GAA club, made up of combined parishes in west Co. Waterford (Knockanore, Glendine and Kilwatermoy) were sponsored by 22 dairy farmers in the area with the help of the National Dairy Council.

Photo: Karen Dempsey

IFJ Dairy Day, Cork Mark Keller and Majella McCafferty of NDC pictured with NDC Farm Ambassador Shane Fitzgerald and his partner at the IFJ Dairy Day held in Páirc Uí Chaoimh in Cork.

Photo: CJ Nash 9

NATIONAL DAIRY COUNCIL

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Reasons to Consume Irish Dairy

Nutrition Partner at National Menopause Summit Speakers from the inaugural National Menopause Summit held in Dublin’s Mansion House in April, NDC was official Nutrition Partner for the event and Dietitian Aveen Bannon spoke about the importance of diet in managing menopause symptoms.

Photo: Garrett Fitzgerald

NDC Sponsored Garden at Bord Bia Bloom 2023 NDC sponsored a large garden at Bord Bia Bloom in the Phoenix Park over the June Bank Holiday weekend. The garden was designed to showcase Ireland’s weather and climate, keys to the success of our dairy production system. Several events and panels discussions took place across the five days.

Rob Kearney and Eimear Considine celebrating the Grass Roots Movement at Bord Bia Bloom.

Photos: Robbie Reynolds

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Grass Roots Movement

ANNUAL REPORT 2023

NDC held a photocall at the Sport Ireland complex to announce sponsorship of the U18 Girls Hockey Team for 2023.

Photo: TD Studios

Health & Wellbeing Evening in association with Clóna Dairy Products Pictured at the event are Tony O’Driscoll, CEO & John O’Brien, Chairman, Clóna Dairy Products; Kate Crowley, West Cork Rapid Response; Chef Martin Shanahan; speakers Aoife McDonald & Stella O’Malley; MC Jonathan Healy; and Zoë Kavanagh, CEO, NDC. Photo: Alison Miles

World School Milk Day Representatives from the NDC and Agri Aware pictured at an Open Farm event for schools on the farm of Henry and Enda Walsh in Galway to celebrate World School Milk Day in September.

Photo: Aengus McMahon Photography 11

NATIONAL DAIRY COUNCIL

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ANNUAL REPORT 2023

Reports and Financial Statements For the financial year ended 31 December 2023

Directors and Other Information

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Directors’ Report

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Directors’ Responsibilities Statement

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Independent Auditor’s Report

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Income Statement

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Statement of Comprehensive Income

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Statement of Financial Position

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Statement of Changes in Equity

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Statement of Cash Flows

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Notes to the Financial Statements

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NATIONAL DAIRY COUNCIL

Directors and Other Information DIRECTORS Mr Stephen Arthur Mr. Stephen Blewitt Mr. Keith Boyle Mr. Eamonn Carroll (Chairman) Mr. Jerry Doody Mr. Vincent Gorman Mr. Larry Hannon Mr. Patrick O’Keefe Mr. Conor Ryan Mr. Patrick Sheahan Mr. Denis Drennan Mr. John O’Connor Mr. John O’Brien Mr. Eamon O’Sullivan Mr. Sean O’Brien Mr. Con Callanan

SECRETARY Mr Mark Keller

REGISTERED OFFICE Suite 6, The Mall Beacon Court Sandyford Dublin 18 D18 Y640

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COMPANY NUMBER 21650

AUDITOR Deloitte Ireland LLP Chartered Accountants & Statutory Audit Firm Deloitte & Touche House Earlsfort Terrace Dublin 2

BANKERS AIB 1 Lower Baggot Street Dublin 2 AIB St. Helen’s 1 Undershaft London EC3A BAB Bank of Ireland The Plaza Beacon South Quarter Dublin 18 D18 F729

SOLICITORS Gleeson McGrath Baldwin 29 Anglesea Street Dublin 2

ANNUAL REPORT 2023

Directors’ Report The directors present their report on the affairs of the Company, together with the financial statements and auditors’ report, for the financial year ended 31 December 2023.

PRINCIPAL ACTIVITIES The principal activity of The National Dairy Council (“NDC”) is to support Irish dairy farmers by driving the positive position and consumption of milk and dairy products through integrated marketing and communications programmes, based on informed scientific evidence.

BUSINESS REVIEW AND RESULTS Income for the financial year amounted to €6,265,330 (2022: €5,502,522). The Company earned a profit after taxation totaling €344,806 (2022: €1,137,518).

The net current asset position of the Company as at the financial year end amounted to €5,972,426 (2022: net current asset €5,651,109).

The net asset position of the Company as at the financial year end amounted to €6,001,217 (2022: net asset €5,656,411).

FUTURE DEVELOPMENTS The NDC is the appointed agency working on behalf of dairy farmers to champion the Irish dairy sector ensuring its social license to produce top quality sustainable products endures. The NDC is the authoritative and trusted voice advancing the consumer perception of Irish milk & dairy products while supporting the industry in promoting their consumption.

As part of the NDC’s strategy, it is anticipated that three sources of funding will support the delivery of services to the sector over the coming years. These include: Farmer levy income, EU project income and Dairy businesses who wish to procure NDC services.

PRINCIPAL RISKS AND UNCERTAINTIES The main risk facing the Company during the financial year and anticipated in future years is the receipt of levy contributions and maintaining sufficient reserves to allow the entity to operate efficiently and effectively.

The Company has a VAT recoverable balance of €2,595,737 and additional related contingent liability of €678,927 at 31 December 2023.

These amounts relate to claims for VAT input credits which the Revenue Commissioners have refused. The Company has appealed this decision to the Tax Appeals Commission. The Company have obtained external professional advice on this matter and believe we will, more likely than not, be successful in our appeal.

DIRECTORS The directors, who served during the financial year and to the date of this report except as noted, were as follows: Mr. Stephen Arthur Mr. Stephen Blewitt Mr. Keith Boyle Mr. Con Callanan (Appointed 17 April 2023) Mr. Eamonn Carroll (Chairman) Mr. Jerry Doody Mr. Denis Drennan Mr. Vincent Gorman Mr. Larry Hannon Mr. Tim Maher (Resigned 17 April 2023) Mr. Patrick O’Donoghue (Resigned 15 February 2023) Mr. John O’Brien Mr. Sean O’Brien Mr. John O’Connor (Appointed 15 February 2023) Mr. Patrick O’Keefe Mr. Eamon O’Sullivan Mr. Conor Ryan Mr. Patrick Sheahan

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NATIONAL DAIRY COUNCIL

Directors’ Report Continued

SECRETARY The secretary, who served during the financial year and to the date of this report except as noted, was as follows: Ms. Zoë Kavanagh Mr. Mark Keller

(Resigned 1 February 2024) (Appointed 1 February 2024)

DIRECTORS’ AND SECRETARY’S INTERESTS AND DEBENTURES The directors and secretary of the Company who held office at 31 December 2023 had no beneficial interest in the Company at 31 December 2023 or at 01 January 2023..

GOING CONCERN The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Further details regarding the adoption of the going concern basis can be found in note 1 to the financial statements.

EVENTS AFTER THE BALANCE SHEET DATE Details of significant events since the balance sheet date are contained in the note 19 to the financial statements.

POLITICAL CONTRIBUTIONS There were no political donations made during the financial year.

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ACCOUNTING RECORDS The measures that the directors have taken to secure compliance with the requirements of sections 281 to 285 of the Companies Act 2014 with regard to the keeping of accounting records, are the employment of appropriately qualified accounting personnel and the maintenance of computerised accounting systems. The Company’s accounting records are maintained at the Company’s registered office at Suite 6, The Mall, Beacon Court, Sandyford, Dublin, Ireland.

DIRECTORS’ STATEMENT OF RELEVANT AUDIT INFORMATION So far as each of the directors in office at the date of approval of the financial statements is aware: a) There is no relevant audit information of which the Company’s auditors are unaware; and b) T he Directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the Company’s auditors are aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of Section 330 of the Companies Act 2014 (as amended).

AUDITORS The auditors, Deloitte Ireland LLP, continue in office in accordance with Section 383(2) of the Companies Act 2014.

Approved by the Board of Directors and signed on its behalf by:

Mr Eamonn Carroll (Chairman) Director

Mr Larry Hannon Director 26 April 2024

ANNUAL REPORT 2023

Directors’ Responsibilities Statement The directors are responsible for preparing the Directors’ Report and the financial statements in accordance with the Companies Act 2014.

Irish company law requires the directors to prepare financial statements for each financial year. Under the law, the directors have elected to prepare the financial statements in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland issued by the Financial Reporting Council (“relevant financial reporting framework”). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the Company as at the financial year end date and of the profit or loss of the Company for the financial year and otherwise comply with the Companies Act 2014.

The directors are responsible for ensuring that the Company keeps or causes to be kept adequate accounting records which correctly explain and record the transactions of the Company, enable at any time the assets, liabilities, financial position and profit or loss of the Company to be determined with reasonable accuracy, enable them to ensure that the financial statements and Directors’ Report comply with the Companies Act 2014 and enable the financial statements to be audited.

They 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.

In preparing these financial statements, the directors are required to: • Select suitable accounting policies for the Company financial statements and then apply them consistently; • Make judgements and estimates that are reasonable and prudent; • State whether the financial statements have been prepared in accordance with the applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and • Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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NATIONAL DAIRY COUNCIL

Independent Auditor’s Report To the Members of The National Dairy Council.

Report on the audit of the financial statements Opinion on the financial statements of The National Dairy Council (the ‘Company’) In our opinion the Company’s financial statements: • give a true and fair view of the assets, liabilities and financial position of the company as at 31 December 2023 and of the profit for the financial year then ended; and • have been properly prepared in accordance with the relevant financial reporting framework and, in particular, with the requirements of the Companies Act 2014.

The financial statements we have audited comprise: • the Income Statement; • the Statement of Comprehensive Income; • the Statement of Financial Position; • the Statement of Changes in Equity; • the Statement of Cash Flows; and • the related notes 1 to 19, including a summary of significant accounting policies as set out in Note 1.

The relevant financial reporting framework that has been applied in their preparation is the Companies Act 2014 and FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” issued by the Financial Reporting Council (“the relevant financial reporting framework”).

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law.

Our responsibilities under those standards are described below in the “Auditor’s responsibilities for the audit of the financial statements” section of our report.

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We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, including the Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter related to VAT We draw attention to Note 2, Note 9 and Note 17 to the financial statements which indicate that the company had a VAT recoverable balance of €2,595,737 and additional related contingent liability of €678,927 at 31 December 2023. These amounts related to claims for VAT input credits which the Revenue Commissioners have refused. The company has appealed this decision to the Tax Appeals Commission. The company has obtained external professional advice on this matter and believe they will, more likely than not, be successful in their appeal. Our opinion is not modified in respect of this matter.

Conclusions relating to going concern In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.· Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorized for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

ANNUAL REPORT 2023

Other information The other information comprises the information included in the Reports and Financial Statements, other than the financial statements and our auditor’s report thereon.

The directors are responsible for the other information contained within the Reports and Financial Statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Responsibilities of directors As explained more fully in the Directors’ Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view and otherwise comply with the Companies Act 2014, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters

related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on IAASA’s website at: https://iaasa. ie/publications/description-of-the-auditorsresponsibilities-for-the-audit-of-the-financialstatements. This description forms part of our auditor’s report.

Report on other legal and regulatory requirements Opinion on other matters prescribed by the Companies Act 2014 Based solely on the work undertaken in the course of the audit, we report that: • We have obtained all the information and explanations which we consider necessary for the purposes of our audit.

• In our opinion the accounting records of the company were sufficient to permit the financial statements to be readily and properly audited.

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NATIONAL DAIRY COUNCIL

Independent Auditor’s Report Continued

• •

The financial statements are in agreement with the accounting records.

In our opinion the information given in the directors’ report is consistent with the financial statements and the directors’ report has been prepared in accordance with the Companies Act 2014.

Matters on which we are required to report by exception Based on the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the provisions in the Companies Act 2014 which require us to report to you if, in our opinion, the disclosures of directors’ remuneration and transactions specified by law are not made.

Use of our report This report is made solely to the company’s members, as a body, in accordance with Section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

20

For and on behalf of Deloitte Ireland LLP Chartered Accountants & Statutory Audit Firm Deloitte & Touche Hse 29 Earlsfort Terrace Dublin 2:

Kevin Sheehan

26 April 2024

ANNUAL REPORT 2023

Income Statement

For the financial year ended 31 December 2023

Notes

2023 €

2022 €

3

6,265,330

5,502,522

Cost of sales

(5,251,159)

(3,821,625)

Gross profit

1,014,171

1,680,897

Administrative expenses

(668,575)

(543,379)

Income

Operating profit and profit before taxation

4

345,596

1,137,518

Tax on profit on ordinary activities

7

(790)

–

344,806

1,137,518

Profit for the financial year

All amounts relate to continuing operations.

There were no recognised gains and losses for 2023 and 2022 other than those included in the Income Statement.

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NATIONAL DAIRY COUNCIL

Statement of Comprehensive Income For the financial year ended 31 December 2023

2023 €

2022 €

344,806

1,137,518

Other comprehensive income

–

–

Total comprehensive income

344,806

1,137,518

Notes Profit for the financial year

22

ANNUAL REPORT 2023

Statement of Financial Position As at 31 December 2023

Notes

2023 €

2022 €

8

28,791

5,302

28,791

5,302

Fixed assets Tangible assets

Current Assets Debtors

9

3,464,987

2,592,760

Cash at bank and in hand

10

3,018,334

3,777,615

6,483,321

6,370,375

(510,895)

(719,266)

Net current assets

5,972,426

5,651,109

Total assets less current liabilities

6,001,217

5,656,411

Net assets

6,001,217

5,656,411

6,001,217

5,656,411

6,001,217

5,656,411

Current liabilities Creditors: Amounts falling due within one year

11

Reserves Profit and loss account

13

Total reserves

The financial statements of The National Dairy Council (registered number: 21650) were approved by the Board of Directors and authorised for issue on 26 April 2024. They were signed on its behalf by:

Mr Eamonn Carroll (Chairman) Director

Mr Larry Hannon Director

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NATIONAL DAIRY COUNCIL

Statement of Changes in Equity For the financial year ended 31 December 2023

Profit and loss account €

Total €

4,518,893

4,518,893

1,137,518

1,137,518

At 31 December 2022

5,656,411

5,656,411

At 1 January 2023

5,656,411

5,656,411

Profit for the financial year

344,806

342,809

At 31 December 2023

6,001,217

5,999,220

At 1 January 2022 Profit for the financial year

24

ANNUAL REPORT 2023

Statement of Cash Flows

For the financial year ended 31 December 2023

2023 €

2022 €

(727,032)

861,110

(35,409)

(3,072)

3,160

–

(32,249)

(3,072)

–

–

Net increase in cash and cash equivalents

(759,281)

858,038

Cash and cash equivalents at beginning of year

3,777,615

2,919,577

Cash and cash equivalents at end of year

3,018,334

3,777,615

Cash at bank and in hand at end of year

3,018,334

3,777,615

Cash and cash equivalents at end of year

3,018,334

3,777,615

Net cash flows from operating activities (note 16) Cash flows from investing activities Purchase of fixed assets Interest received Net cash flows from investing activities Cash flows from financing activities Net cash flows from financing activities

Reconciliation to cash at bank and in hand

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NATIONAL DAIRY COUNCIL

Notes to the Financial Statements For the financial year ended 31 December 2023 1. ACCOUNTING POLICIES

Income

The principal accounting policies are summarised below. The accounting policies and measurement bases have all been applied consistently throughout the financial year and to the preceding financial year.

Income is comprised of voluntary levies, grant income, sales and interest receivable.

Income received in the form of voluntary levy contributions is based on a price per litre of milk produced and is recognised on a receipt’s basis.

All other income is credited to income in the period to which it relates.

General information and basis of accounting The National Dairy Council (registered number 21650) is a company, limited by guarantee, registered in Ireland under the Companies Act 2014. The address of the registered office is Suite 6, The Mall, Beacon Court, Sandyford, Dublin, Ireland. The nature of the Company’s operations and its principal activities are set out in the Directors’ Report.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with the Companies Act 2014 and Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council.

The functional currency of The National Dairy Council is considered to be EUR because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern The company’s business activities, together with the factors likely to affect its future development, performance and position are set out in the directors’ report. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

26

Taxation The Company is exempt from Income Taxation in respect of its trading activities. Passive income, if any, (such as deposit interest) remains taxable.

Expenditure Expenditure is accounted for on an accrual’s basis.

Pension The Company operates a defined contribution pension scheme. Contributions payable to the scheme are charged to the income and expenditure account in the period to which they relate.

Tangible fixed assets Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows: Office equipment Computer equipment

4 years straight line 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

ANNUAL REPORT 2023

Notes to the Financial Statements Continued

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is credited or charged to profit or loss.

Financial instruments Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets and liabilities All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Income Statement, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset in the Statement of Financial Position when, and only when, there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some,

but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the Company’s accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.

Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that period, or in the financial year of the revision and future periods if the revision affects both current and future periods.

Critical judgements in applying the Company’s accounting policies The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognized in the financial statements.

Critical judgement - VAT Recoverable The Company has a VAT recoverable balance of €2,595,737 and additional related contingent liability of €678,927 at 31 December 2023.

These amounts relate to claims for VAT input credits which the Revenue Commissioners have refused. The Company has appealed this decision to the Tax Appeals Commission. The Company has obtained external professional advice on this matter and believe we will, more likely than not, be successful in our appeal.

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NATIONAL DAIRY COUNCIL

Notes to the Financial Statements Continued 3. INCOME

Turnover is derived from its principal activities wholly undertaken in Ireland.

An analysis of the Company’s turnover is as follows: 2023 €

2022 €

4,527,253

4,141,874

Ornua

143,594

111,964

Interest

3,160

–

Grants

1,521,737

1,228,050

Other

69,586

20,634

6,265,330

5,502,522

Voluntary Levy

All income, apart from European Union Grant income of €1,359,161 (2022: €1,197,025) arose in the Republic of Ireland.

4. OPERATING PROFIT AND PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

Operating profit and profit on ordinary activities before taxation is stated after charging/(crediting): 2023 €

2022 €

10,923

6,997

– audit of financial statements

14,400

12,500

– tax compliance services

6,030

3,400

– tax advisory services

44,460

15,000

–

–

Depreciation of tangible fixed assets (note 8) Auditor’s remuneration

– other non-audit services

28

ANNUAL REPORT 2023

Notes to the Financial Statements Continued 5. STAFF NUMBER AND COSTS

2023 Number

2022 Number

9

8

The average monthly number of employees (including directors) was: Employees

11

10

20

18

2023 €

2022 €

Wages and salaries

788,642

618,447

Social security costs

85,150

66,952

Other retirement benefit costs (note 15)

51,760

49,966

925,552

735,365

2023 €

2022 €

44,040

43,487

Directors

Their aggregate remuneration comprised:

The number of employees at the financial year ended 31 December 2023, including twelve directors, was 22 (2022: 18).

6. DIRECTORS’ REMUNERATION

Aggregate emoluments paid to or receivable by directors in respect of qualifying services

In addition to the remuneration disclosed above, the directors were reimbursed €14,601 (2022: €14,296) for expenses incurred in the provision of their services.

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NATIONAL DAIRY COUNCIL

Notes to the Financial Statements Continued 7. TAX ON PROFIT ON ORDINARY ACTIVITIES

2023 €

2022 €

Irish corporation tax

790

–

Total current tax

790

–

Total tax on profit on ordinary activities

790

–

Current tax on profit on ordinary activities

Tax reconciliation The differences between the total tax charge shown above and the amount calculated by applying the standard rate of Irish corporation tax to the profit before taxation is as follows: 2023 €

2022 €

344,806

1,137,518

43,101

142,190

(43,101)

(142,190)

Higher tax rates on interest

790

–

Total tax charge for year

790

–

Profit on ordinary activities before taxation Tax on profit on ordinary activities at standard Irish corporation tax rate of 12.50% (2022: 12.50%) Effects of: Net income and expenditure not subject to taxation

The National Dairy Council is chargeable to taxation on bank and other interest.

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ANNUAL REPORT 2023

Notes to the Financial Statements Continued 8. TANGIBLE ASSETS Office equipment €

Computer equipment €

Total

At 01 January 2023

24,280

42,818

67,098

Additions

13,589

21,820

35,409

Disposals

(12,655)

(9,712)

(22,367)

At 31 December 2023

25,214

54,926

80,140

22,464

39,332

61,796

Cost

€

Accumulated Depreciation At 01 January 2023 Charge for the financial year

3,741

7,182

10,923

Disposals

(11,658)

(9,712)

(21,370)

At 31 December 2023

14,547

36,802

51,349

At 31 December 2023

10,667

18,124

28,791

At 31 December 2022

1,816

3,486

5,302

Carrying value

9. DEBTORS

2023 €

2022 €

2,595,737

1,965,127

Other debtors

134,738

–

Prepayments and accrued income

734,512

627,633

3,464,987

2,592,760

VAT

Other debtors relate to grants receivable representing qualifying expenditure incurred for which claims will be made after the balance sheet date.

The Company has a VAT recoverable balance of €2,595,737 at 31 December 2023.

See Note 2 for further detail.

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NATIONAL DAIRY COUNCIL

Notes to the Financial Statements Continued 10. CASH AND CASH EQUIVALENTS

2023 €

2022 €

3,018,334

3,777,615

2023 €

2022 €

Trade creditors

215,530

232,008

Corporation tax

172

91

Other taxation and social security

50,551

34,746

Other creditors

1,080

83,640

243,562

368,781

510,895

719,266

2023 €

2022 €

131,488

–

– Trade creditors (note 11)

(215,530)

(232,008)

– Other payables (note 11)

(1,080)

(83,640)

(216,610

(315,648)

Cash at bank and in hand

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Accruals

12. FINANCIAL INSTRUMENTS

The carrying values of the Company’s financial assets and liabilities are summarised by category below:

Financial assets Measured at undiscounted amount payable – Other debtors (note 9) Financial liabilities Measured at undiscounted amount receivable

32

ANNUAL REPORT 2023

Notes to the Financial Statements Continued 13. RESERVES

The Company’s other reserves are as follows: The profit and loss reserve represents cumulative profits or losses and other adjustments.

14. FINANCIAL COMMITMENTS

Commitments Guarantees The Company is a member of the GEIE European Milk Forum, a grouping set up to promote dairy products throughout Europe. The Company, in conjunction with the other nine members of the forum, has provided a guarantee in relation to any commitments of the forum to third parties which remain outstanding following liquidation of the forum.

Disclosure of Bank guarantees The Company has entered into bank guarantees in the normal course of business.

The bank guarantees are required to secure grant funding received in advance from the Department of Agriculture, Food and the Marine. The amount outstanding at the balance sheet date was €Nil (2022: €250,000).

15. RETIREMENT BENEFIT OBLIGATIONS

Defined contribution schemes: The Company operates a defined contribution pension scheme. Contributions payable in respect of the financial year ended 31 December 2023 amounted to €51,760 (2022: €49,966). There were no pension contributions outstanding at the financial year end (2022: €Nil).

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NATIONAL DAIRY COUNCIL

Notes to the Financial Statements Continued 16. STATEMENT OF CASH FLOWS

2023 €

2022 €

345,596

1,137,518

Depreciation and amortisation

10,923

6,997

Operating cash flows before movement in working capital

356,519

1,144,515

Increase in debtors

(872,227)

(500,427)

Decrease in creditors

(208,452)

216,945

Cash generated by operations

(724,160)

861,033

Income taxes paid

(709)

77

Interest received

(3,160)

–

997

–

(727,032)

861,110

Operating profit Adjustment for:

Loss on disposal of fixed assets Net cash flows from operating activities

17. CONTINGENCIES

Contingent liabilities The Company is in receipt of grant funding in advance from the Department of Agriculture, Food and the Marine in its normal course of business. The amounts received in advance would have to be returned should the Department deem them to be repayable. The amount at the balance sheet date was €302,569 (2022: €467,242).

On 25th January 2021 the Revenue Commissioners wrote to the Company stating that VAT repayment claims previously refunded are not allowable and therefore arrangements are being made to issue VAT assessments for the recovery of the VAT reclaimed. As at 31 December 2023 the value of these claims is €678,927 (2022 €678,927). This matter is currently under appeal to the Tax Appeals Commission. The claims previously refunded would have to be repaid to the Revenue Commissioners should the Company lose this appeal.

34

ANNUAL REPORT 2023

Notes to the Financial Statements Continued 18. RELATED PARTY TRANSACTIONS

Certain directors of the Company are also directors of the co-operatives and other companies from which the Company receives voluntary levy income and other income. The total voluntary levy income and other income received in the normal course of business from these co-operatives and companies amounted to €4,052,946 (2022: €3,747,297). The total expenses payable to these co-operatives relating to their participation in the School Milk Scheme programme amounted to €158,518 (2022: €175,342). The amount payable to these co-operatives at the balance sheet date was €60,820 (2022: €75,683) and the amount receivable from these co-operatives and companies at the balance sheet date was €117,805 (2022: €14,772). The total expenses claimed by these directors for the financial year ended 31 December 2023 amounted to €11,191 (2022: €13,055). The directors held 7 meetings during the financial year ended 31 December 2023 (2022: 6 meetings).

Transactions with the entity’s directors (or members of its governing body) Key management compensation

Key management compensation

2023 €

2022 €

237,336

289,082

19. EVENTS AFTER THE BALANCE SHEET DATE

There have been no events after the balance sheet date affecting the Company since the financial year.

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NATIONAL DAIRY COUNCIL

The National Dairy Council wishes to thank its member co-ops and associate members for their continued support, ensuring the long-term success of NDC dairy marketing campaigns and initiatives.

NDC Members Bainne Codladh Ltd. Arrabawn Co-operative Society Ltd. Aurivo Co-operative Society Ltd. Bandon Co-operative Agricultural & Dairy Society Ltd. Barryroe Co-operative Ltd. Boherbue Co-operative Ltd. Callan Co-operative Agricultural & Dairy Society Ltd. Centenary Thurles Co-operative Society Ltd. Clóna Dairy Products Ltd. Dairygold Co-operative Society Ltd. Kerry Co-operative Creameries Ltd. Lee Strand Co-operative Creamery Ltd. Lisavaird Co-operative Creamery Ltd. Mullinahone Co-operative Dairy Society Ltd. North Cork Co-operative Creameries Ltd. Tirlán Ltd. Associate Members Fresh Milk Producers Group Ornua Co-operative Ltd. Progressive Genetics Co-operative Society Ltd.

36

ANNUAL REPORT 2023

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NATIONAL DAIRY COUNCIL

T: +353 1 290 2451 E: hello@ndc.ie W: www.ndc.ie 38