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 2022.

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 €5,502,522 (2021: €5,457,483). The Company earned a profit after taxation totaling €1,137,518 (2021: €1,191,726).

The net current asset position of the Company as at the financial year end amounted to €5,651,109 (2021: net current asset €4,509,666).

The net asset position of the Company as at the financial year end amounted to €5,656,411 (2021: net asset €4,518,893).

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 €1,965,127 and additional related contingent liability of €678,927 at 31 December 2022. 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 (Appointed 1 December 2022)

Mr. Vincent Gorman

Mr. Larry Hannon

Ms. Anne Keohane (Resigned 6 July 2022)

Mr. Tim Maher (Resigned 17 April 2023)

Mr. Michael McArdle (Resigned 28 April 2022)

Mr. William Murphy (Appointed 16 February 2022 – Resigned 1 December 2022)

Mr. Patrick O’Donoghue (Resigned 15 February 2023)

Mr. John O’Brien (Appointed 6 July 2022)

Mr. Sean O’Brien (Appointed 24 August 2022)