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.
The National Dairy Council | Annual Report 2019
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