The National Dairy Council
Annual Report 2019
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
CONTENTS Chairman’s Statement 2 CEO’s Statement 5 A Taste of 2019 8 NDC Reports and Financial Statements for the Financial Year Ended 31 December 2019
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Chairman’s Statement
Eamonn Carroll Chairman
2019 was a year of continued momentum and growth for Ireland’s dairy sector and our member co-operatives. Global performance Ireland’s dairy sector exceeded other food sectors as a pillar of Irish food and drink exports, growing in value by 11% in 2019 to €4.4bn in value. This was the third consecutive year in which the value of dairy exports exceeded the €4bn mark and was achieved despite weakening prices for key dairy categories internationally. Driving this was really strong performance in butter, cheese and dairy powders including skimmed milk powder (SMP), whey and casein – with value growth well ahead of volume in all these dairy powder categories. In value terms, butter continued to lead the way with 13% growth lifting the value of category exports to €1.1bn for the year. This was despite a fall-back in prices, felt particularly in EU markets. It was a very strong year for Irish cheese exporters who saw increasing diversification deliver promising results for the sector. After an exceptionally difficult 2018, the better weather in 2019 delivered a welcome boost to Irish farming in terms of better grass growth, yield and animal thrive, and a reduction in the requirement for bought-in animal feed. Teagasc estimates that the average farm income increased by 7% in 2019, although the figure needs to be set against the 21% decline experienced in 2018. Irish milk production increased by approximately 6% year-on-year in 2019, approaching a record 8bn litres. This strong performance was a result of both rising dairy herd numbers and improvements in productivity.
Irish milk production increased by approximately 6% year-on-year in 2019, approaching a record 8bn litres. This strong performance was a result of both rising dairy herd numbers and improvements in productivity. The Irish dairy herd now numbers approximately 1.5 million head, an increase of 40% since the ending of the milk quota system in 2015. Improvements in productivity are demonstrated in higher returns in milk solids (fat and protein) which resulted in more output and value per litre at processing level. Milk solids have increased steadily in Irish milk supply over the decade, primarily as a consequence of investment in breeding. Milk fat as a percentage of content increased from 3.93% in 2010 to 4.22% in 2019. Yearon-year increases in quality can also be accounted for by diet and 2019 was a case in point, with excellent grass growing conditions, particularly in early spring, resulting in higher quality outputs. Irish farm gate milk prices averaged close to 33.6 c/l during the year, allowing farmers an opportunity to recoup costs and recover from the financial challenges of 2018 when heavy feed inputs were required to counter the impact of adverse weather and poor grass growth.
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Volatility There is no doubt that today’s political, economic and environmental landscape is demanding, bringing challenges such as market volatility, Brexit, other international trade barriers and unpredictable weather events. As I write this, the challenge of Brexit to the Irish dairy industry is still not clear and while the future is still uncertain, we must endeavor to prepare ourselves as an industry for every possible scenario. Whatever happens at the end of this year, our objective will be to ensure that our UK customers and consumers continue to enjoy the very best of Irish dairy products and that the inevitable negative consequences of Brexit are minimized for all our stakeholders. Sustainability The subject of sustainability and its importance to all industries continues to grow and protecting our planet for the future generations is more important than ever. Our strong heritage in Ireland to dairy farming and the grass-fed attributes that our products are built upon ensures that a commitment to sustainability lies at the heart of our industry. Climate change is sure to be one of this generation’s greatest challenges. As the world population grows, and demand for food increases, it is imperative that we continue to produce high quality, nutritious food with a focus on caring for our environment. Ireland has a global reputation for sustainable food production and can be a true leader in this area. I am impressed by the collaborative work carried out at industry level and through frameworks such as the the Bord Bia Sustainable Dairy Assurance Scheme (SDAS) which monitors and ensures accountability and high standards in this area.
Our strong heritage in Ireland to dairy farming and the grass-fed attributes that our products are built upon ensures that a commitment to sustainability lies at the heart of our industry. I would like to acknowledge and thank our members for their continued support, which ensures the longterm success of NDC dairy marketing campaigns and initiatives. It is essential that the NDC takes a leadership role in promoting the overall benefits of dairy in our diet as well as continuing to promote and protect the reputation of the dairy industry which is more important than ever before as we face increased international competition and global challenges. 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, I would like to thank our CEO, ZoĂŤ Kavanagh and her Executive Team for their dedication and commitment to the work of the NDC.
Eamonn Carroll Chairman
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CEO Statement
Zoë Kavanagh Chief Executive
Remit of the NDC The role of the NDC is to ensure the Irish Dairy sector is recognised and trusted as a vital part of people’s diet and health both domestically and internationally. Our 2019 work programme focused on illustrating the sustainable role of quality, pasture-based dairy and its nutrition benefit in supporting healthier living. Our primary focus is on consumers, building their understanding of how responsibly produced Irish Dairy is while also educating them on all the benefits of incorporating dairy in their diets. The NDC’s farmer funds continue to be leveraged at a European level to secure an incremental €1.5 million which allows us to run a national school milk programme while working with seven other European countries to promote dairy products and educate stakeholders about Ireland’s sustainable credentials. NDC’s Reaction to Vegan / EAT activity The EAT Lancet report was published in January and was produced by an international panel seeking consensus on a roadmap for sustainable food systems. Their ultimate recommendation was for people to reduce animal protein in their diets by 90%, a point which was largely picked up by local and international media. The NDC continues to take a proactive role in participating in Irish media debate surrounding Irish Dairy. Given the wealth of scientific knowledge which validates the nutritional benefits of dairy coupled with our grass-based environmental efficiency we are both confident and proactive around our role of upholding the reputation of Irish Dairy while debunking the myths. The NDC’s role in reassuring the Questioning Consumer is to take an assertive leadership position on Dairy Education. We started to leverage this approach in January at the annual HealthFest event which was attended by over 3,000 Irish Transition Year Students to learn about healthy eating, exercise and
mental health. Orla Walsh, Independent Dietician did an excellent job reassuring these teenagers about the benefit of Dairy in their Diet. National schools participating in the school milk scheme were invited to write a poem, jingle, song or Limerick about why they love School Milk. The eight schools selected as finalists for the competition took part in a live 2FM Breakfast Republic dairy quiz during National School Milk week in February 2019. Irish Rugby international player Rob Kearney was launched as ambassador for year 1 of the Everything Starts with Milk campaign. The EU-funded campaign runs across five European markets and is implemented locally by the National Dairy Council, included a marketing campaign, PR and advertising with TV ads. The NDC also continued work on two additional EU-funded campaigns, Cheese your Way promoting European Cheese and the EU Sustainability programme. On the sponsorship front the NDC was announced as title sponsor of Tour de Picnic, which is the charity run or cycle to the Electric Picnic music festival – promoting milk as the perfect fuel for exercise. Our consumer facing brand The Complete Natural also became sponsor of the Irish Women’s Hockey team who did so brilliantly in the World Cup.
Given the wealth of scientific knowledge which validates the nutritional benefits of dairy ... we are both confident and proactive around our role of upholding the reputation of Irish Dairy while debunking the myths.
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NDC Food & Nutrition
Moorepark Open Day – Industry Collaboration
A total of ten culinary students (five from France and five from Ireland) were selected to take part in the 2019 final of Dairy Chef in Paris in April. The competition was organised in a partnership between the Embassy of France in Dublin, Dublin Institute of Technology (DIT), the NDC and the French Dairy Council (Cniel). Culinary students from top colleges in France and Ireland were invited to champion their institution by creating a three-course menu celebrating Irish and/or French dairy produce. The winning students were awarded their prizes at a reception in the French Embassy in Paris with the Irish Ambassador to France, Patricia O’Brien.
In July, the NDC welcomed the opportunity to partner with Ornua at the Teagasc National Dairy Open Day which had 12,000 Dairy farmers in attendance at Teagasc Moorepark in Fermoy. Throughout the day, farmers were invited to drop by the Big Tent to listen to farm and market talks, learn more about global dairy markets and climate change and of course, taste rich creamy dairy products. The day started with a farmer/ ambassador breakfast where information-sharing discussions took place around telling the Irish dairy story to Irish consumers.
Dietitians are the gatekeepers of communicating accurate information to the public regarding nutrition and health. The NDC therefore strives to keep dietitians up to date regarding the latest cuttingedge research on dairy nutrition. In order to keep this relevant, the NDC runs an annual symposium in collaboration with the Irish Nutrition and Dietetic Institute. Dietitians are encouraged to attend in order to keep their ‘Continued Professional Development (CPD)’ up to date. Each year a new topic is selected, but dairy messaging is always integrated in the theme. The 2019 event, entitled ‘Dietary supplements – where do they fit in human health and performance?’ was held at the Royal Irish Academy in Dublin. Three expert speakers presented at the symposium and dairy messaging was communicated in two talks (‘Whole foods versus supplements’ by Prof Michelle McKinley from the Centre for Public Health, Queen’s University Belfast; and ‘Sports nutrition – can supplements really give an edge?’ by Dr Sharon Madigan, Sport Ireland Institute). The NDC in association with Teagasc, Ornua and Lakeland Dairies hosted a seminar during the annual Teagasc National Milk Qualty farm walk on the McKenna Family Farm in Co Monaghan in June 2019. Darran and Denise McKenna of Derrygasson, Co. Monaghan were the winners of the 2018 NDC & Kerrygold Quality Milk Awards. The awards, which have been running since 1996, celebrate excellence in Irish dairy farming.
Sustainability continued to be a hugely topical subject this year and as part of the EU-funded campaign – Sustainable Dairy in Europe, the NDC commissioned local research around consumer sentiment towards climate change. The results provided interesting reading and resulted in widespread media coverage in print and online. The National Ploughing Championships are always a highlight in the year and present us with a great opportunity to land the key dairy messages which underpin our reputation while also focusing on driving the consumption of dairy across all age groups. 2019 was an excellent year with a record numbers of visitors coming to the stand for cheese tastings, recipe demos, health screening and a climate change section The Co-op Marketplace which allows our member coops showcase their dairy products always proves very popular with visitors.
Sustainability continued to be a hugely topical subject this year and as part of the EU-funded campaign – Sustainable Dairy in Europe, the NDC commissioned local research around consumer sentiment towards climate change.
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Quality Milk Thirteen dairy farming families representing eleven co-ops reached the finals of the 2019 NDC & Kerrygold Quality Milk Awards. The awards dubbed the “Oscars of the Dairy World”, is an annual national award programme which recognises the highest standards of excellence in dairy farming. This year, the awards expanded to include criteria demonstrating sustainable dairy farming – with a particular focus on how Irish dairy farmers care for the environment and their animals. The NDC was delighted to host both RTÉ and the Irish Times on the 2019 NDC & Kerrygold Quality Milk Awards winners’ farm in November with the purpose of illustrating the sustainable credentials of Irish Dairy. The Hearne family were joined by six other Dairy farmers participating in Glanbia’s Open Source Sustainability Programme providing media with a unique opportunity to interview dairy farming families and hear first-hand about their progress. The output from this endeavour resulted in a dedicated section in RTÉ’s News plus a half page in the Irish Times. For the first time, farmers, processors and representative organisations joined forces in November to explain the vital role of meat and dairy in a balanced diet and to demonstrate why Irish meat and dairy rank amongst the world’s best in terms of quality, sustainability and animal care.
This year, the awards expanded to include criteria demonstrating sustainable dairy farming – with a particular focus on how Irish dairy farmers care for the environment and their animals. The new Group - Meat and Dairy Facts - brings together Bord Bia, Dairy Industry Ireland, the Irish Creamery Milk Suppliers Association (ICMSA), the Irish Farmers Association (IFA), Meat Industry Ireland (MII) and the National Dairy Council (NDC) in a shared celebration of sustainably produced, world class meat and dairy produce. The group will work together to integrate positive messaging around animal protein through a comprehensive communications campaign in 2019/2020.
Zoë Kavanagh Chief Executive
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In January, James Kavanagh and William Murray delivered a healthy dairy cooking demonstration to over 3,000 students at the NDC’s Healthfest event. Attendees at the event participated in a variety of fun and sporting activities, sampled delicious dairy produce from a range of suppliers and listened to speakers such as dietitian Orla Walsh, fitness guru Karl Henry and James Kavanagh who spoke of his experiences with diversity, bullying and inclusion.
Photo: Leon Farrell, Photocall Ireland
TASTE O Photo: Robbie Reynolds Photography
Dairy farmer Eamonn Carroll from Loughmore, Co. Tipperary was appointed as the new Chair of the National Dairy Council in February. Mr. Carroll represents the Irish Creamery Milk Suppliers’ Association (ICMSA) and has been on the NDC board since August 2015. Mr. Carroll took over from outgoing Chair, Teddy Cashman. John Murphy, who represents Glanbia on the NDC Board remained as Vice Chair.
Photo: Denlo Photography
The Moo Crew School Milk Jingle Competition, held in February, was created to raise awareness of the benefits of the School Milk Scheme. Funded by the Department of Agriculture, Food and the Marine and the EU, the aim of the School Milk Scheme is to increase consumption of milk and milk products amongst school children. The overall winning school was St. Patrick’s National School in Trim, Co. Meath. Their prize for the best School Milk Jingle was free School Milk for the 2019/2020 school year for all pupils attending the school, a Moo Crew Dairy Day in their school and a sports equipment voucher valued at €1,000. Seven finalist schools won a sports equipment voucher valued at €500 each.
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Photo: Robbie Reynolds Photography
Taking time out from his packed training schedule amidst the 2019 Six Nations Championship, Irish international rugby star Rob Kearney was spotted pitch side at the Aviva Stadium in March as he joined with the NDC and the European Milk Forum to support the Irish leg of a European campaign focusing on encouraging Irish consumers to drink more quality milk from Europe. Supporting the campaign, Everything Starts with Milk, the Dundalk-born player credits his upbringing on his family’s dairy farm for helping him form healthy habits such as drinking milk daily which have contributed to his successful career.
Photo: Antoine Doyen
A total of 10 culinary students (five from France and five from Ireland) were selected to take part in the 2019 finale of Dairy Chef in Paris in April. The competition was organised in a partnership between the Embassy of France in Dublin, Dublin Institute of Technology (DIT), the National Dairy Council (NDC) and the French Dairy Council (Cniel). Culinary students from top colleges in France and Ireland were invited to champion their institution by creating a three-course menu celebrating Irish and/or French dairy produce. The winning students were awarded their prizes at a reception in the French Embassy in Paris with the Irish Ambassador to France, Patricia O’Brien.
Kearney says “Growing up on our family farm, milk and dairy was always an important part of our diet. I have worked with the National Dairy Council for a number of years and am a great supporter of milk and dairy as part of a healthy, balanced diet”.
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Photo: Clare Keogh
TASTE O In June, the NDC in asspciation with Teagasc, Ornua and Lakeland Dairies hosted a Seminar during the Annual National Quality Milk Farm Walk on the McKenna Family Farm in Co. Monaghan – winners of the 2018 NDC & Kerrygold Quality Milk Awards.
The seminar focusing on food and sustainability preceded the farm walk with speakers including Dr. Marianne Walsh, Senior Nutritionist with the NDC; Jess Murphy, award-winning chef and owner of Kai Restaurant in Galway; and Adam Murphy, Head of Brands, Global Brand Development at Ornua. At least five generations are known to have farmed the McKenna farm. Success to Darran is the ability to grow more grass sustainably. The family invested in the farm in 2007 when sheds, parlour and tunnels were constructed to allow them to build the cow numbers from 60 to 90 by 2017 and up to 105 cows in 2019.
Photo: Robbie Reynolds Photography
In May, it was announced that Irish Dairy - The Complete Natural (the NDC’s consumer-facing brand) became the official partner of the Irish Women’s Hockey. The Irish Women’s National Team gripped the nation during the summer of 2019 when they took home the silver medal in the Hockey World Cup in London. The sponsorship will run until 2020 and will include nutritional support and sampling at key events and matches as well as a number of coaching opportunities with young female hockey players in schools throughout Ireland.
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To celebrate the unique quality of Irish grass-fed dairy with its delicious taste and versatility, Clodagh McKenna, Brand Ambassador of the NDC & Kerrygold Quality Milk Awards, hosted a creative dairy-inspired breakfast specially prepared by award-winning chef, Jess Murphy. The event took place in July at the communal table of Dublin’s hottest new venue, Franks. Jess created a truly unique feast for the senses using Kerrygold butter and the very best local ingredients from the Irish food scene and demonstrated the versatility of grass-fed Irish dairy when creating a mouth-watering menu.
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Photo: Dora Kazmierak
Photo: Jo Murphy
Back to school marks a fresh beginning and structure for the next nine to ten months of a family’s year. The NDC’s Back to School Campaign in August reminded families to take this time as an opportunity to encourage healthy lifestyle routines and habits from the get-go. Good nutrition is not only essential for children’s growth and development but is also important in keeping them adequately fuelled for the long school day. Whether starting school for the first time, progressing from primary to secondary school or returning to a familiar routine; this transition is a busy time for kids, teens and parents alike.
Photo: Diarmuid Greene
The NDC was the main sponsor of a key international sport conference tailored to those coaching children. Over 330 coaches from 25 countries gathered at the University of Limerick in June for the third iCoachKids International Conference, organised by Sport Ireland Coaching. Over 30 different lectures and workshops explored this year’s main theme: Child-Centred Coaching. As the main sponsor, the NDC included their sport and nutrition literature in all delegate packs and David Tobin, Performance Nutritionist with the Sport Ireland Institute, gave an interactive workshop on ‘Nutrition for Active Children’, which included the importance of dairy as part of a balanced diet.
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The NDC had something to please all tastes at the National Ploughing Championships in September. With an exciting programme of events, cooking demos, tastings, education, healthcare experts … and a few celebrities at our stand over the three days (pictured: Love Island’s Greg O’Shea and RTÉ’s Marty Morrissey) … a feast of fun was had by all! Photo: Robbie Reynolds Photography
TASTE O Photo: Robbie Reynolds Photography
In September, the NDC hosted an educational event with the Irish Nutrition and Dietetic Institute. The purpose of the event was to keep dietitians and nutrition scientists informed regarding the latest research on dairy and health. The theme of the event was ‘Dietary supplements – where do they fit in human health and performance’. Expert speakers included Prof Michelle McKinley from Queens University Belfast; Dr Sharon Madigan from Sport Ireland and Dr Clare O’Donovan from the Food Safety Authority of Ireland. The symposium was fully booked. It was chaired by Prof Mike Gibney of UCD and highlights were featured in the Irish Times Health and Family Supplement.
Photo: Clare Keogh
In October, the Hearne family from Rathgormack, Co. Waterford were crowned winners of the NDC & Kerrygold Quality Milk Awards 2019. The awards, dubbed ‘the Oscars of the Dairy World’ celebrate excellence in Irish dairy farming and this year expanded its criteria in the area of sustainable dairy farming to champion farmers committed to caring for their environment. For further information about the winners and finalists the year’s completion, visit www.qualitymilkawards.ie
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Photo: Andrew Downes
Arrabawn Dairies and the NDC hosted a Health & Wellbeing Evening in Galway in October. The evening was a sell-out, with over 400 people attending the event. The line-up included advice on shaping up your diet and nutrition with dietitian Paula Mee. Psychologist Shane Martin was on hand to provide some tips on achieving a better quality of life. A cookery demonstration was delivered by Jess Murphy, award-winning chef, who provided a delicious cookery demonstration using local produce. Over â‚Ź5,000 was raised from ticket sales and a raffle, which was donated to Cancer Care West.
Photo: Dora Kazmierak
In November, the NDC launched a new out of home billboard advertising campaign celebrating Irish dairy farmers and their grass-fed Irish cows working together to sustainably produce top quality milk and dairy products. The campaign highlighted how in Ireland our green countryside is an incredible asset and provides us with a unique grass-based farming system. This paired with the expertise and the commitment of individual farmers and their families are vital ingredients in the success of Irish dairy – here at home and abroad.
Delicious cheese lends itself to so many recipes and for the festive season it works a treat for tasty starters and indulgent treats. In December, the NDC produced a special advertorial for the Irish Country Living Christmas Food special with a selction of delicious recipes from Clodagh McKenna and other NDC chefs.
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REPORTS AND FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 Directors and other Information
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Directors’ Report 17 Directors’ Responsibilities Statement
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Independent Auditor’s Report 20 Income Statement
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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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DIRECTORS AND OTHER INFORMATION Directors
Mr. E. Carroll (Chairman) Mr. J. Murphy (Vice Chairman) Mr. C. Ryan Mr. M. McArdle Mr. T. Maher Mr. P. Sheahan Mr. P. O’Donoghue Mr. J. Finn Mr. S. Blewitt Mrs. A. Keohane Mr. T. Phelan Mr. L Hannon Mr. P Duffy Mr. G Quain
Chief Executive and Secretary
Zoë Kavanagh
Registered Office The Studio 55c Maple Avenue Stillorgan Industrial Park Co. Dublin Registered Number
21650
Solicitors Gleeson McGrath Baldwin 29 Angelsea Street Dublin 2 Auditor Deloitte Ireland LLP Chartered Accountants and Statutory Audit Firm Deloitte & Touche House Earlsfort Terrace Dublin 2 Bankers AIB Bank 1 Lower Baggot Street Dublin 2
AIB Bank St. Helen’s 1 Undershaft London EC3A 8AB
J & B Davy Davy House 49 Dawson Street Dublin 4
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DIRECTORS’ REPORT The Board of Directors present their annual report, together with the financial statements for the financial year ended 31 December 2019. COMPANIES ACT 2014 Under the Companies Act 2014, the company is deemed to be a Company Limited by Guarantee (CLG). 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. RESULTS The results for the financial year and the state of affairs of the company are set out on pages 23 and 24 respectively. REVIEW OF BUSINESS The NDC has a vital role in supporting the dairy sector in driving the consumption and positioning of milk and dairy products. The NDC’s vision is to be the authoritative and trusted voice in advancing the consumer perception and consumption of Irish milk and dairy products. As part of the NDC’s Strategy, it is anticipated the level of funding from Europe will increase significantly over the coming years. In order to best leverage the EU opportunity, the NDC has had to build up its reserves to facilitate the cash flow requirements associated with running more EU Programmes and to demonstrate the necessary financial capacity to obtain the additional funding. 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 operate efficiently and effectively. The potential impact of the novel coronavirus (Covid-19) outbreak on the company’s trading performance remains uncertain. Up to the date of this report, the outbreak has not had a material impact on the trading results of the company. However, we continue to monitor the situation closely, including the potential impacts on trading results, our supply continuity and our employees. GOING CONCERN The directors have a reasonable expectation, taking the Covid-19 crisis into consideration, 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.
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DIRECTORS AND SECRETARY The directors and secretary, who served at any time during the financial year except as noted, were as follows: Directors:
Mr. E. Carroll (Chairman) Mr. J. Murphy (Vice Chairman) Mr. P. Sheahan Mr. T. Maher Mr. C. Ryan Mr. M. McArdle Mr. P. O’Donoghue Mr. J. Finn Mr. S. Blewitt Mrs. A. Keohane Mr. T. Phelan (Appointed 13/2/2019) Mr. L. Hannon (Appointed 25/4/2019) Mr. P. Duffy (Appointed 28/8/2019) Mr. G. Quain (Appointed 28/8/2019) Mr. T. Cashman (Resigned 13/2/2019) Mr. P. McCormack (Resigned 5/6/2019 Mr. J. O’Donnell (Resigned 5/6/2019)
Secretary: Zoë Kavanagh 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 engagement 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 The Studio, 55c Maple Avenue, Stillorgan Industrial Park, Co. Dublin. EVENTS AFTER THE BALANCE SHEET DATE On 13 January 2020 the Revenue Commissioners wrote to the company stating that they have refused the VAT repayment claims submitted by the company to the value of €815,176. The company appealed this decision to the Tax Appeals Commission on 12 February 2020. The existence of novel coronavirus was confirmed in early 2020 and has spread across the world causing disruptions to businesses and economic activity. The company considers this outbreak to be a non-adjusting post balance sheet event. As the situation is fluid and rapidly evolving, we do not consider it practicable to provide a quantitative estimate of the potential impact of this outbreak on the company, however we do not expect that the crisis will impact on the ability of the company to continue as a going concern. PUBLICATION The directors are responsible for the maintenance and integrity of the website. Legislation in the Republic of Ireland concerning the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. DISCLOSURE OF INFORMATION TO AUDITOR So far as each of the directors in office at the date of approval of the financial statements is aware: • There is no relevant audit information of which the company’s auditor is unaware; and • The 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 auditor is aware of that information. AUDITOR The auditor, Deloitte Ireland LLP, Chartered Accountants and Statutory Audit Firm, continues in office in accordance with Section 383(2) of the Companies Act 2014. Approved by the Board and signed on its behalf by: Eamonn Carroll Director
John Murphy Director
23 April 2020
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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. In preparing those 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. 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.
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE NATIONAL DAIRY COUNCIL (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
Report on the audit of the financial statements Opinion on the financial statements of The National Dairy Council (A company limited by guarantee and not having a share capital) (the ‘company’)
In our opinion the financial statements: • give a true and fair view of the assets, liabilities and financial position of the company as at 31 December 2019 and of the surplus 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 Financial Position; • the Statement of Changes in Equity; • the Statement of Cash Flows; and • the related notes 1 to 16, 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. 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 recoverable We draw attention to Note 2 and Note 9 to the financial statements which indicates that the company had a VAT recoverable balance of €851,298 at 31 December 2019. This amount 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 have 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.
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Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which ISAs (Ireland) require us to report to you where: • the directors’ use of the going concern basis of accounting in preparation of the financial statements is not appropriate; or • the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Other information The directors are responsible for the other information. The other information comprises the information included in the Reports and Financial Statements for the financial year ended 31 December 2019, other than the financial statements and our auditor’s report thereon. 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. In connection with our audit of the financial statements, 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. As part of an audit in accordance with ISAs (Ireland), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.
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• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. • Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of the auditor’s report. However, future events or conditions may cause the entity (or where relevant, the group) to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that the auditor identifies during the audit. 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.
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. • 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. Kevin Sheehan For and on behalf of Deloitte Ireland LLP Chartered Accountants and Statutory Audit Firm Deloitte & Touche House, Earlsfort Terrace, Dublin 2 13 May 2020
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INCOME STATEMENT For the financial year ended 31 December 2019
2019 2018 Notes € €
Income 3 5,500,727 4,601,588 _________ Expenditure
Direct expenses 4,586,451 4,156,667 Establishment expenses 52,971 54,272 Administrative expenses 265,532 296,492 _________ Total expenses 4,904,954 4,507,431 _________ Surplus on ordinary activities before taxation 4 595,773 94,157
Taxation 7 (21) (21) _________ Surplus on ordinary activities after taxation 595,752 94,136 _________
All of the results for the current and prior financial year derive from the continuing activities of the company. All recognised gains and losses for the current and prior financial year are included in the income statement.
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STATEMENT OF FINANCIAL POSITION As at 31 December 2019
2019 2018 Notes € € Fixed Assets
Tangible assets 8 15,025 7,433 _________ Current Assets
Debtors 9 1,485,592 721,110 Bank 1,341,873 1,537,693 _________ 2,827,465 2,258,803
Creditors: (Amounts falling due within one year) 10 (725,491) (744,989) _________ Net current assets 2,101,974 1,513,814 _________ Net assets 2,116,999 1,521,247 _________
Represented by:
Accumulated surplus 2,116,999 1,521,247 _________
The financial statements were approved and authorised for issue by the Board of Directors on 23 April 2020 and signed on its behalf by: Eamonn Carroll John Murphy Director Director
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STATEMENT OF CHANGES IN EQUITY For the financial year ended 31 December 2019
Accumulated surplus Total € € At 1 January 2018 1,427,111 1,427,111 Surplus for the financial year
94,136
94,136
_________ At 31 December 2018
1,521,247
1,521,247
Surplus for the financial year
595,752
595,752
_________
At 31 December 2019 2,116,999 2,116,999 _________
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STATEMENT OF CASH FLOWS For the financial year ended 31 December 2019
2019 2018 € € Reconciliation of surplus on ordinary activities before tax to net cash flow from operating activities Surplus on ordinary activities before tax
595,773 94,157
Less: interest income
(83)
(83)
Depreciation 8,980 6,688 Taxation refund/(paid)
14 (21)
Increase in debtors
(764,486)
(444,318)
Decrease in creditors (19,529) (104,009) _________ Net cash flows from operating activities (179,331) (447,586) Cash flows from investing activities Interest income
83
83
Payments to acquire fixed assets (16,572) (2,801) _________
Net cash flows from investing activities (16,489) (2,718) _________ Net decrease in cash and cash equivalents (195,820) (450,304) _________
Cash and cash equivalents at beginning of the year 1,537,693 1,987,997 _________
Cash and cash equivalents at end of the year 1,341,873 1,537,69 _________
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NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2019 1.
Accounting Policies The principal accounting policies are summarised below. They have all been applied consistently throughout the current and to the preceding year. General Information and Basis of Accounting
The National Dairy Council is a company incorporated in Ireland under the Companies Act 2014. The address of the registered office is given on page 16. The nature of the company’s operations and its principal activities are set out in the directors’ report on pages 17 and 18. 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 euro because that is the currency of the primary economic environment in which the company operates.
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, taking the Covid-19 crisis into consideration, 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. 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
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 profit or loss, 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 only 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.
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Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Income
Income is comprised of voluntary levies, grant income, donations 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 receipts basis. All other income is credited to income in the period to which it relates. Expenditure
Expenditure is accounted for on an accruals basis. Fixed Assets
Fixed assets are held at cost less accumulated depreciation. Depreciation of fixed assets is provided on a straight line basis at the rates shown below which are estimated to reduce the assets to their residual values of Nil by the end of their expected useful lives. Office equipment Computer equipment
25% per annum 25% per annum
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. Taxation
The company is exempt from Income Taxation in respect of its trading activities. Passive income, if any, (such as deposit interest) remains taxable. 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 period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Information about judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is included in the accounting policies and the notes to the financial statements. VAT Recoverable
The company has a VAT recoverable balance of â‚Ź851,298 at 31 December 2019. This amount relates 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.
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3. Income
An analysis of the company’s turnover is as follows: Voluntary levy Ornua Grant income Other income Interest income Total income
2019 €
2018 €
3,508,477 3,308,509 82,936 88,367 1,897,402 1,192,800 11,829 11,829 83 83 _________ 5,500,727 4,601,588 _________
ll income, apart from European Union Grant income of €1,897,402 (2018: €1,192,800 arose in the Republic of A Ireland. 4.
Surplus on ordinary activities before taxation
The surplus before taxation is stated after charging:
Directors’ remuneration Directors’ expenses Auditor’s remuneration - audit of financial statements - tax advisory services - other non-audit services Depreciation and after crediting: Interest income 5. Staff numbers and costs
2019 2018 € € 35,362 10,343
36,400 11,867
11,500 10,700 11,500 7,000 1,200 1,500 8,980 6,688 83 83 _________ 2019 2018 € €
Wages and salaries Social Welfare costs Pension (Note 12)
682,139 675,024 73,164 71,656 51,209 47,445 _________
806,512 794,125 _________
The average monthly number of employees for the financial year was 9 (2018: 9). The number of employees at the financial year ended 31 December 2019, including ten directors, was 18 (2018: 18).
6. Directors remuneration Aggregate emoluments paid to or receivable by directors in respect of qualifying services Compensation paid or payable, or other termination payments, in respect of loss of office to directors of the company in the financial year
2019 2018 € € 35,362 36,400 _________
_________
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7. Taxation Based on the surplus for the financial year: Taxation charge
2019 2018 € € 21 21 _________
he effective tax rate for the financial year is higher than the standard rate of corporation tax in Ireland, which is T 12.5%. The differences are explained below: Surplus for financial year before taxation
Surplus for financial year multiplied by standard rate of corporation tax of 12.5% (2018: 12.5%)
Effects of:
Net income and expenditure not subject to taxation Higher tax rates on interest Total tax charge for year
2019 2018 € € 595,773 94,157 _________ 74,472
11,770
(74,472) (11,770) 21 21 _________ 21 21 _________
The National Dairy Council is chargeable to taxation on bank and other interest.
8. Tangible Assets Computer Office Equipment Equipment Total € € € Cost: At 1 January 2019 34,387 19,314 53,701 Additions 16,112 460 16,572 Disposals (14,589) - (14,589) At 31 December 2019 35,910 19,774 55,684 Depreciation: At 1 January 2019 27,862 18,406 46,268 Charge for the financial year 8,307 673 8,980 On disposals (14,589) - (14,589) At 31 December 2019 21,580 19,079 40,659 Net book value: At 31 December 2019 14,330 695 15,025 At 1 January 2019 6,525 908 7,433
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9. Debtors: (Amounts falling due within one year) 2019 2018 € € Grants receivable Prepayments VAT recoverable Corporation tax
327,284 167,618 307,010 99,556 851,298 453,933 - 3 _________ 1,485,592 721,110 _________
Grants receivable represents qualifying expenditure incurred for which claims will be made after the balance sheet date. The company has a VAT recoverable balance of €851,298 at 31 December 2019. See Note 2 for further detail. 10. Creditors: (Amounts falling due within one year) Trade creditors Accruals Sundry creditors PAYE/PRSI Corporation tax 11.
2019 2018 € € 261,390 371,369 424,729 315,813 436 442 38,904 57,365 32 _________ 725,491 744,989 _________
Financial instruments The carrying values of the company’s financial assets and liabilities are summarised by category below:
2019 2018 € € Financial assets Measured at undiscounted amount receivable Grants receivable (Note 9) 327,284 167,618
Financial liabilities Measured at undiscounted amount payable Trade creditors (Note 10) 261,390 371,369 Sundry creditors (Note 10) 436 442
12. Pension
The company operates a defined contribution pension scheme. Contributions payable in respect of the financial year ended 31 December 2019 amounted to €51,209 (2018: €47,445). There were no pension contributions outstanding at the financial year end (2018: €Nil). 13. 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. The National Dairy Council | Annual Report 2019
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Disclosure of Bank guarantees:
The company has entered into bank guarantees in the normal course of business. The amount outstanding at the balance sheet date was €524,700 (2018: €590,034). 14.
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 €294,153 (2018: €503,413). 15.
Related party transactions
Certain directors of the company are also directors of the co-operatives 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 amounted to €2,238,377 (2018: €2,919,934). The total expenses payable to these co-operatives relating to their participation in the School Milk Scheme programme amounted to €392,210 (2018: €263,061). The amount outstanding at the balance sheet date was €188,620 (2018: €180,736). The total expenses claimed by these directors for the financial year ended 31 December 2019 amounted to €5,615 (2018: €7,879). The directors held 7 meetings during the financial year ended 31 December 2019 (2018: 6 meetings). Key Management Personnel
The total remuneration for key management personnel for the year totalled €284,402 (2018: €289,672), which is included in the total remuneration disclosed in Note 5. 16.
Events after the balance sheet date
On 13 January 2020 the Revenue Commissioners wrote to the company stating that they have refused the VAT repayment claims submitted by the company to the value of €815,176. The company appealed this decision to the Tax Appeals Commission on 12 February 2020. The existence of novel coronavirus was confirmed in early 2020 and has spread across the world causing disruptions to businesses and economic activity. The company considers this outbreak to be a non-adjusting post balance sheet event. As the situation is fluid and rapidly evolving, we do not consider it practicable to provide a quantitative estimate of the potential impact of this outbreak on the company, however we do not expect that the crisis will impact on the ability of the company to continue as a going concern.
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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. Clรณna Dairy Products Ltd. Glanbia Ingredients Ireland Ltd. Kerry Co-operative Creameries Ltd. LacPatrick Dairies Ltd. Lee Strand Co-operative Creamery Ltd. Lisavaird Co-operative Creamery Ltd. Mullinahone Co-operative Dairy Society Ltd. North Cork Co-operative Creameries Ltd. Ornua Co-operative Ltd.
The National Dairy Council wishes to thank its member co-ops and associate members for their continued support, ensuring longterm success of NDC dairy marketing campaigns and initiatives.
The National Dairy Council
Tel: +353 1 290 2451 Email: hello@ndc.ie Web: www.ndc.ie Tel: +353 1 290 2451
Email: info@ndc.ie
www.ndc.ie
