Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697805775336.pdf (Ireland)
MOOREPARK TECHNOLOGY LIMITED DIRECTORS REPORT AND FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 CONTENTS Page DIRECTORS AND OTHER INFORMATION REPORT OF THE COMPTROLLER AND AUDITOR GENERAL GOVERNANCE STATEMENT AND DIRECTORS’ REPORT STATEMENT ON INTERNAL CONTROL STATEMENT OF INCOME AND EXPENDITURE STATEMENT OF FINANCIAL POSITION STATEMENT OF CHANGES IN EQUITY STATEMENT OF CASHFLOWS 2 3 6 13 15 16 17 18 NOTES TO THE FINANCIAL STATEMENTS 19 - 32 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 Role Chairperson Ordinary Member Ordinary Member Ordinary Member Ordinary Member Ordinary Member Ordinary Member Ordinary Member Ordinary Member Ordinary Member Ordinary Member Chairperson Ordinary Member Ordinary Member Ordinary Member Ordinary Member Ordinary Member Date Appointed 01 July 2007 13 September 2012 12 April 2018 03 June 2015 04 December 2018 18 August 2022 18 August 2022 01 February 2021 13 September 2012 18 August 2022 27 January 2017 04 December 2018 28 July 2020 18 August 2022 27 January 2017 03 May 2013 27 March 2020 Date Resigned 18 August 2022 18 August 2022 - - 03 December 2022 - - - 18 August 2022 - - - - - - 18 August 2022 - BOARD OF DIRECTORS Board Member Flynn, Cal Barrett, Paddy Buckley,Mary Fenelon, Mark Fitzgerald,Ger Flanagan, Paddy Hallihan, Aine Hegarty, Fiona Hosey,Robert Kennelly, Anne Lewis, John MacLeod,George McDonnell, Hugh O’Boyle, Elizabeth O’Brien, Colm Sheahan, Pat Toomey,Alexa SECRETARY Mary O’Brien REGISTERED OFFICE Moorepark Fermoy Co. Cork AUDITORS Comptroller and Auditor General 3A Mayor St Upper Dublin 1 BANKERS AIB Pearse Square Fermoy Co. Cork 2 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 Ard Reachtaire Cuntas agus Ciste Comptroller and Auditor General Report for presentation to the Houses of the Oireachtas Moorepark Technology Limited Opinion on the financial statements I have audited the
 financial statements of Moorepark Technology Limited for the year ended 31 December 2022 as required under the provisions of section 12 of the Agriculture (Research, Training and Advice) Act 1988.
The financial statements comprise the statement of income and expenditure, the statement of financial position, the statement of changes in equity, the statement of cash flows and the related notes, including a summary of significant accounting policies.
In my opinion, the financial statements  give a true and fair view of the assets, liabilities and financial position of the company at 31 December 2022 and of its income and expenditure for 2022 have been properly prepared in accordance with Financial Reporting Standard (FRS) 102 — The Financial Reporting Standard applicable in the UK and the Republic of Ireland, and   have been properly prepared in accordance with the Companies Act 2014.
Basis of opinion I conducted my audit of the financial statements in accordance with the International Standards on Auditing (ISAs) as promulgated by the International Organisation of Supreme Audit Institutions.

My responsibilities under those standards are described in the appendix to this report.

I am independent of the company and have fulfilled my other ethical responsibilities in accordance with the standards.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions related to going concern The directors have prepared the financial statements on a going concern basis.
As described in the appendix to this report, I conclude on  the appropriateness of the use by the directors of the going concern basis of accounting and  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.

I have nothing to report in that regard.


Opinion on matters prescribed by the Companies Act 2014 Based solely on the work undertaken in the course of the audit, I report that, in my opinion,  the information given in the governance statement and directors’ report is consistent with the financial statements, and the directors’ report has been prepared in accordance with the Companies Act 2014.

 I have obtained all the information and explanations that I consider necessary for the purposes of my audit.
3 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 Report of the C&AG (continued) In my opinion, the company’s accounting records were sufficient to permit the financial statements to be readily and properly audited, and the financial statements are in agreement with the accounting records.
The Companies Act 2014 also requires me to report if, in my opinion, the disclosures of directors’ remuneration and transactions required by sections 305 to 312 of the Act are not made.

I have nothing to report in that regard.

Report on information other than the financial statements, and on other matters The directors have presented certain other information with the financial statements.

This comprises the statement on internal control and the governance statement and directors’ report.
My responsibilities to report in relation to such information, and on certain other matters upon which I report by exception, are described in the appendix to this report.

I have nothing to report in that regard.
John Crean For and on behalf of the Comptroller and Auditor General 14 April 2023 4 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 Report of the C&AG (continued) Appendix to the report Responsibilities of the Directors As detailed in the governance statement and directors’ report, the directors are responsible for      the preparation of financial statements in the form prescribed under the Companies Act 2014 ensuring that the financial statements give a true and fair view in accordance with FRS 102 ensuring the regularity of transactions assessing whether the use of the going concern basis of accounting is appropriate, and such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Responsibilities of the Comptroller and Auditor General I am required under section 12 of the Agriculture (Research, Training and Advice) Act 1988 to audit the financial statements of the company and to report thereon to the Houses of the Oireachtas.

My objective in carrying out the audit is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud or error.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the ISAs 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 the ISAs, I exercise professional judgment and maintain professional scepticism throughout the audit.

In doing so,      I 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 my 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.

I 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 internal controls.
I evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures.

I conclude on the appropriateness of the use of the going concern basis of accounting and, based on the audit evidence obtained, on 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 I conclude that a material uncertainty exists, I am required to draw attention in my report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion.

My conclusions are based on the audit evidence obtained up to the date of my report.

However, future events or conditions may cause the company to cease being a going concern.
I 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.

I 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 I identify during my audit.
Information other than the financial statements My opinion on the financial statements does not cover the other information presented with those statements, and I do not express any form of assurance conclusion thereon.
In connection with my audit of the financial statements, I am required under the ISAs to read the other information presented and, in doing so, consider whether the other information is materially inconsistent with the financial statements or with knowledge obtained during the audit, or if it otherwise appears to be materially misstated.

If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact.
Reporting on other matters My audit is conducted by reference to the special considerations which attach to State bodies in relation to their management and operation.

I report if I identify material matters relating to the manner in which public business has been conducted.

I seek to obtain evidence about the regularity of financial transactions in the course of audit.
I report if I identify any material instance where public money has not been applied for the purposes intended or where transactions did not conform to the authorities governing them.

5 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 GOVERNANCE STATEMENT AND DIRECTORS’ REPORT The directors present their report and the audited financial statements of the company for the financial year ended 31 December 2022.
Companies Act 2014 Moorepark Technology Limited was established as a private limited company on 3rd January 1991.

The Companies Act 2014 became effective on 1st June 2015.

The company converted from a Private Limited Company (limited by shares) to a Private Company Limited by Shares (LTD) on 1st December 2016.
Moorepark Technology Limited is a joint venture company established by Teagasc with shareholders from the Irish Dairy Industry to provide commercial pilot plant & research services for food industry customers.

Principal activities, business review and future developments The principal activity of the company is the provision of services for research & development.
The company is guided by its ‘Strategy for Development & Growth’ development plan adopted by the board of directors and approved by Teagasc and DAFM in 2014.The construction element of the strategic development project was completed in 2019.

Procurement and installation of strategic capital equipment continued in 2022.

COVID-19 continued to have an impact in early 2022 despite all restrictions being lifted in quarter 2.
This was due to customers cancelling trials at short notice due to virus infection among their staff and also client logistic issues in sourcing raw materials for trials.

A 12% growth in income over 2021 actual was budgeted for 2022.

As a result income was approx.

4% below budget for the first three quarters of the year.

From March 2022 MTL incurred significant energy price increases.
The price of marked gas oil doubled and from July electricity price increased fourfold when the OGP contract was renewed.

MTL is a large energy user and to offset the energy cost increases and prevent a trading loss positon the board approved a 30% surcharge on sales with effect from the end of September 2022.

In addition energy saving measures and other cost reduction measures were put in place to maintain a trading profit.
These measures resulted in income ahead of budget by 2% with expenses 13% over budget for the year.

This represents a 13% increase in income over 2021.

Administrative expenses have increased by 19% with energy costs accounting for 13% of the increase.
Moorepark Technology Limited has significant cash reserves and due to measures taken to maintain a trading profit will be in a position to meet its liabilities as they fall due despite the impact of the energy price increases, which are likely to continue well into 2023.

The directors have considered the impact of the energy price increases on the projected performance of the Company for 2023 and expect that management can meet the risks presented.
Budget 2023 has been completed and is targeting a continued increase in turnover and an increased trading profit as the growth phase linked to the strategic plan continues.

Results and dividends The results for the financial year are set out on page 15.

The company constitution does not allow for the payment of a dividend.
Financial risk management objectives and policies The Board is aware of the major risks to which the company is exposed, in particular those related to the operations and the finances of the company and are satisfied that systems are in place to mitigate exposure to major risks.
The Board reviews and agrees policies for the prudent management of these risks as follows: Commercial risk The company’s sales are exposed to fluctuations in the Irish and European markets and changes in general economic conditions in Ireland.

The company has considered the risks prevalent and are in a position to change the emphasis of their sales in response to changes in economic conditions.
The company is proactive in anticipating industry trends and development opportunities to gain competitive advantage.

6 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 GOVERNANCE STATEMENT AND DIRECTORS’ REPORT Currency risk The company operates solely in the Republic of Ireland and the company is not subject to significant currency risks.
Finance and interest rate risk The company does not rely on significant borrowings and the company has a minimal exposure to interest rate risk.

Liquidity and cash flow risk The company is in a strong liquid position and does not foresee any cash flow risk in the near future.

The company’s policy is to ensure that sufficient resources are available from cash balances and cash flows to ensure all obligations can be met when they fall due.
Credit risk The company’s credit risk is predominately attributable to its trade receivables.

Customers who wish to trade on credit terms are subject to strict verification procedures in advance of credit being awarded and are continually monitored.

Events since the financial year end Since March 2022, energy price inflation has significantly increased the cost base of Moorepark Technology Limited posing strategic, financial and business risks and challenges.
While the energy price increases and on-going price volatility is likely to continue well into 2023 the directors have considered the impact of the energy price increases and the mitigating actions management have taken on the projected performance of the company for 2023 and expect that management can meet the risks presented, accordingly no revision of the figures included in the financial statements for the year ended 31 December 2022 has been made.
The energy price inflation does not pose a going concern risk to Moorepark Technology Limited.

Governance The Board of Moorepark Technology Limited was established under the company constitution which also sets out the functions of the Board.

The Board is responsible for running Moorepark Technology Ltd save for matters which require the consent of the Teagasc Authority and the Minister for Agriculture, Food and the Marine and the Ministers for Finance, Public Expenditure and Reform.
The Board is responsible for ensuring good governance and performs this task by setting strategic objectives and targets and taking strategic decisions on all key business issues.

The regular day-to- day management, control and direction of Moorepark Technology Limited are the responsibility of the Chief Executive Officer (CEO) and the senior management team.
The CEO and the senior management team follow the broad strategic direction set by the Board, and must ensure that all Board members have a clear understanding of the key activities and decisions related to the company and of any significant risks likely to arise.

The CEO acts as a direct liaison between the Board and management of Moorepark Technology Limited.

A scheduled external Board and Committee Evaluation commenced at the end of 2022.
Directors’ responsibility statement The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.

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 the Companies Act 2014 and FRS 102 “The Financial Reporting Standard applicable in the UK and the Republic of Ireland” issued by the Financial Reporting Council in the UK.
Under company law, the directors must not approve the financial statements unless they are satisfied they give a true and fair view of the assets, liabilities and financial position of the company as at the financial year end and of the profit or loss of the company for the financial year and otherwise comply with the Companies Act 2014.
7 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 GOVERNANCE STATEMENT AND DIRECTORS’ REPORT In preparing these financial statements, the directors are required to: select suitable accounting policies and then apply them consistently;   make judgements and accounting estimates that are reasonable and prudent;  state whether the financial statements have been prepared in accordance with 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 and governance statement comply with the Companies Act 2014 and enable the financial statements to be audited.
The directors are also responsible for safeguarding the company assets and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Board of Directors considers that the financial statements of Moorepark Technology Limited give a true and fair view of the financial performance and the financial position of the company at 31 December 2022.
Board structure The Board consists of a chairperson and twelve ordinary members, all of whom were nominated by their representative shareholding body, appointed by the Board with the consent of Teagasc and the Minister for Agriculture, Food and the Marine and the Minister for Finance, Public Expenditure and Reform.
The table below details the directors who served during 2022: Board Member Flynn, Cal Barrett, Paddy Buckley, Mary Fenelon, Mark Fitzgerald, Ger Flanagan, Paddy Hallihan, Aine Hegarty, Fiona Hosey, Robert Kennelly, Anne Lewis, John MacLeod, George McDonnell, Hugh O’Boyle, Elizabeth O’Brien, Colm Sheahan, Pat Toomey, Alexa Role Chairperson Ordinary Member Ordinary Member Ordinary Member Ordinary Member Ordinary Member Ordinary Member Ordinary Member Ordinary Member Ordinary Member Ordinary Member Chairperson Ordinary Member Ordinary Member Ordinary Member Ordinary Member Ordinary Member Date Appointed 01 July 2007 13 September 2012 12 April 2018 03 June 2015 04 December 2018 18 August 2022 18 August 2022 01 February 2021 13 September 2012 18 August 2022 27 January 2017 04 December 2018 28 July 2020 18 August 2022 27 January 2017 03 May 2013 27 March 2020 Date Resigned 18 August 2022 18 August 2022 - - 03 December 2022 - - - 18 August 2022 - - - - - - 18 August 2022 - In accordance with the Constitution, the directors of the company are not required to retire by rotation and instead shall serve such terms of office as shall be approved by the Board with the consent of Teagasc and the Minister for Agriculture, Food and the Marine and the Minister for Finance, Public Expenditure and Reform.
8 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 GOVERNANCE STATEMENT AND DIRECTORS’ REPORT Audit and Risk Committee (ARC) The Board has established an ARC which comprises five Board members.

The role of the ARC is to support the Board in relation to its responsibilities for issues of risk, control and governance associated with assurance.

The ARC is independent from the financial management of the organisation.
In particular the Committee ensures that the internal control systems including audit activities are monitored actively and independently.

The ARC reports to the Board after each meeting and formally in writing annually.

The members of the ARC during 2022 were: Mr. George MacLeod (Chairperson until 18th August 2022) Mr. Cal Flynn (resigned 18th August 2022), Ms. Alexa Toomey (Chairperson from 18th August 2022), Ms. Fiona Hegarty, Mr Colm O’Brien and Ms. Aine Hallihan (appointed 18th August 2022).
The ARC met four times in 2022.

Schedule of attendance, fees and expenses Schedules of attendances at the Board and Committee meetings for 2022 are set out below.

No fees or expenses were payable to any Board or Committee members during 2022.

Audit & Risk Committee Meetings 2022 24-Feb 19- May 20-Oct 09-Dec Cal Flynn* Aine Hallihan** Fiona Hegarty George MacLeod Colm O’Brien Alexa Toomey √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ *Resigned as Audit & Risk Committee member on 18th August 2022.
**Appointed as an Audit & Risk Committee member 18th August 2022.
9 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 GOVERNANCE STATEMENT AND DIRECTORS’ REPORT Schedule of attendance, fees and expenses (continued) Board Meetings 2022 24-Feb 19- May 18-Aug 20-Oct 09-Dec Paddy Barrett* Mary Buckley Mark Fenelon Ger Fitzgerald** Paddy Flanagan*** Cal Flynn* Aine Hallihan*** Fiona Hegarty Robert Hosey* Anne Kennelly*** John Lewis George MacLeod Hugh McDonnell Elizabeth O’Boyle*** Colm O’Brien Pat Sheahan* Alexa Toomey - √ - √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ - √ √ - √ √ √ - √ - √ √ - √ - - - √ √ √ √ √ √ √ √ √ - √ √ - √ √ - √ √ √ √ √ √ √ √ - √ √ *Resigned as a director on 18th August 2022 ** Resigned as a director on 3rd December 2022 *** Appointed as a director on 18th August 2022 Interests of Directors and Secretary No shares in the company were held by any director or secretary who served during the current or prior financial year.
Accounting records The measures taken by the directors to ensure compliance with the requirements of Sections 281 to 285 of the Companies Act 2014 with regard to the keeping of accounting records are the implementation of necessary policies and procedures for recording transactions, the employment of competent accounting personnel and appropriate expertise and the provision of adequate resources to the financial function.

The accounting records are maintained at Moorepark, Fermoy, Co. Cork, P61 NP77.
Statement of relevant information In the case of each of the persons who are directors at the time this report is approved in accordance with section 332 of Companies Act 2014:  so far as each director is aware, there is no relevant audit information of which the company’s statutory auditors are unaware, and  each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company’s statutory auditors are aware of that information.
Auditors The auditors, Comptroller and Auditor General, continue in office in accordance with Section 383(2) of the Companies Act 2014.
10 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 GOVERNANCE STATEMENT AND DIRECTORS’ REPORT Disclosures required by the Code of Practice for the Governance of State Bodies (2016) The Board is responsible for ensuring that Moorepark Technology Limited has complied with the requirements of the Code of Practice for the Governance of State Bodies (“the Code”), as published by the Department of Public Expenditure and Reform in August 2016.
The following disclosures are required by the Code: Consultancy costs Consultancy costs include the cost of external advice to management and exclude outsourced ‘business-as-usual’ functions.
Legal advice Financial/ tax advice Public relations/marketing Architectural/ engineering advice Research advice Business improvement Total consultancy costs Consultancy costs capitalised Consultancy costs charged to Income and Expenditure Total Travel and subsistence expenditure Travel and subsistence expenditure is categorised as follows: Domestic - Board - Employees International - Board - Employees Hospitality expenditure 2022 € 1,885 3,747 1,354 38,785 2,600 11,581 59,952 38,785 21,167 59,952 2022 € - 2,042 - 2,016 4,058 The Statement of Income and Expenditure includes the following hospitality expenditure: Staff and board members hospitality Client and third party hospitality Total 2022 € 1,101 149 1,250 2021 € 1,838 2,953 3,510 4,800 - 25,678 38,779 4,750 34,029 38,779 2021 € - - - - - 2021 € 1,394 - 1,394 11 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 Gender Balance in the Board membership As at 31 December 2022, the Board had 6 (50%) female and 6 (50%) male members, with one position vacant.
The Board therefore meets the Government target of a minimum of 40% representation of each gender in the membership of state boards as set out in the Annex to the Code of Practice for the Governance of State Bodies issued in September 2020.

Statement of compliance The company has adopted the Code of Practice for the Governance of State Bodies (2016) and has put procedures in place to ensure compliance with the Code.
The company was in compliance with the Code of Practice for the Governance of State Bodies for 2022.
On behalf of the Board of Directors ________________ Mr. George MacLeod Chairman Date: 6th April 2023 __________________ Dr. Mark Fenelon Director Date: 6th April 2023 12 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 STATEMENT ON INTERNAL CONTROL Scope of Responsibility On behalf of Moorepark Technology Limited, I acknowledge the Board’s responsibility for ensuring that an effective system of internal control is maintained and operated.
This responsibility takes account of the requirements of the Code of Practice for the Governance of State Bodies (2016).

Purpose of the system of internal control The system of internal control is designed to manage risk to a tolerable level rather than to eliminate it.
The system can therefore only provide reasonable and not absolute assurance that assets are safeguarded, transactions authorised and properly recorded and that material errors or irregularities are either prevented or detected in a timely way.

The system of internal control which accords with the guidance issued by the Department of Public Expenditure and Reform has been in place in Moorepark Technology Limited for the year ended 31 December 2022 and up to the date of approval of the financial statements.
Capacity to handle risk Moorepark Technology Limited has an Audit and Risk Committee (ARC) comprising five board members, one of whom is the Chair and one with financial and audit expertise.

The ARC met four times in 2022.

Moorepark Technology Limited also has an internal audit function, which is adequately resourced and conducts a programme of work agreed with the ARC and operates in accordance with the requirements of the Code of Practice for the Governance of State Bodies (2016).
The responsibility for risk management within Moorepark Technology Limited lies with the Board which is responsible for setting risk management strategy.

Moorepark Technology Limited operates a formal process of risk management using best practice tools and techniques to embed a culture of risk management integrated across all levels of the organisation.

A Board approved risk management policy is in place which has been issued to all staff.
A risk register is in place which is the primary tool to support the formal risk management process in the organisation.

It serves as a useful tool for the Board, the CEO and the ARC in the tracking and management of key risks impacting the objectives and performance of the organisation.

Risk management is a standing agenda item for the meetings of the Audit and Risk committee.

The risk register is tabled at all meetings of the Board where it is reviewed and discussed.
Risk and control framework The Board of Moorepark Technology Limited has taken steps to ensure that an appropriate control environment is in place.

To safeguard assets, and to ensure proper accounting, compliance and effective, efficient business operations Moorepark Technology Limited has an internal control framework involving its employees and the members of the Board.
The system of internal control is based on a framework of regular management reporting, administration procedures including segregation of duties and a system of delegation and accountability.
I confirm that a control environment containing the following elements is in place:  documenting procedures for all key business processes  clearly defining management responsibilities, authority and a culture of accountability across all levels of the organisation  establishing formal procedures for monitoring the activities and safeguarding the assets  the guidelines for the appraisal and management of capital expenditure proposals which are being complied with  an annual budgeting and financial reporting system which is reviewed and approved by the   Board regular reviews by the Board of overall strategy, business and financial plans and variances against operating and capital budgets and systems in place aimed at ensuring the security of the information and communication technology systems.
13 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 STATEMENT ON INTERNAL CONTROL COVID-19 Internal Control considerations The onset of the COVID-19 pandemic from early 2020 has significantly impacted on the operation of MTL posing operational, health and safety and financial risks and challenges.

New activities, reprioritisation of work and pressure to deliver services have impacted on MTL’s operations and staff.
These risks were assessed, documented on the Risk Register and mitigating put in place.

With all government imposed restrictions lifted in 2022 and normal activity resuming the COVID-19 risk to MTL has been reduced to low risk on the risk register.

Ongoing monitoring and review Formal procedures have been established for monitoring control processes and control deficiencies are communicated to those responsible for taking corrective action and to management and the Board.
The Board has established procedures to identify business risks within Moorepark Technology Limited.
I confirm that the following on-going monitoring systems are in place:  identifying the nature, extent and financial implication of risks facing Moorepark Technology Limited including the extent and categories which it regards as acceptable;  assessing the likelihood of identified risks occurring;  assessing Moorepark Technology Limited’s ability to manage and mitigate the risks that do occur;  assessing the costs of operating particular controls relative to the benefit obtained.
Procurement I confirm that Moorepark Technology Limited has adopted a Board approved procurement policy and operates in line with Government procurement rules as established by the office of Government Procurement and by EU procurement guidelines.
Moorepark Technology Limited has procedures in place to ensure compliance with current procurement rules and guidelines and I confirm that Moorepark Technology Limited complied with those procedures during 2022. Review of Effectiveness I confirm that Moorepark Technology Limited‘s monitoring and review of the effectiveness of the system of internal control is informed by the work of the internal auditor, the ARC which oversees the work of the internal auditor, the executive managers within the company responsible for the development and maintenance of the control framework and comments made by the Office of the Comptroller and Auditor General in its management letter.
I confirm that the Board of Directors conducted an annual review of the effectiveness of the internal controls for 2022 on 9th December 2022.

Internal control issues No weaknesses in internal control were identified in relation to 2022 that require disclosure in the financial statements.
________________ Mr. George MacLeod Chairman Date: 6th April 2023 14 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 DECEMBER 2022 Turnover Cost of sales Gross Profit Oireachtas grants Other grants Total Income Administrative expenses Operational profit/(loss) Interest receivable/(payable) Loss on disposal of fixed assets Loss on ordinary activities before taxation Taxation Notes 2022 € 2021 € 4 17 5 8 10 9 3,235,093 (236,651) 2,998,442 46,864 - 2,792,880 (141,647) 2,651,233 46,864 4,500 3,045,306 2,702,597 (3,464,061) (2,907,960) (418,755) (205,363) (9,965) (47,504) (476,224) 54,580 (4,929) (21,592) (231,884) 25,484 Loss for the financial year (421,644) (206,400) The Statement of Changes in Equity, the Statement of Cash Flows and Notes 1-28 form part of these financial statements.
On behalf of the Board of Directors _________________ Mr. George MacLeod Chairman Date: 6th April 2023 _____________________ Dr. Mark Fenelon Director Date: 6th April 2023 15 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022 Note 2022 € 2021 € Non-current assets Property, plant and equipment Deferred tax Current assets Receivables: amounts falling due within one year Cash and cash equivalents Payables: amounts falling due within one year Payables and accruals Deferred income Net current assets Total assets less current liabilities Provisions for liabilities Deferred tax Payables: amounts falling due after one year Payables and accruals Deferred Oireachtas grants Net assets 10 15 Capital and reserves Called up share capital 18 Capital contribution 19 19 Revenue Reserves 11,645,710 17,097 11,662,807 12,101,911 - 12,101,911 1,204,357 2,291,350 3,495,707 1,258,313 308,382 1,566,695 694,234 2,550,831 3,245,065 1,107,749 141,410 1,249,159 1,929,012 1,995,906 13,591,819 14,097,817 - (37,490) (406,250) (58,973) (406,250) (105,837) 13,126,596 13,548,240 1,139 12,746,312 379,145 13,126,596 1,139 12,746,312 800,789 13,548,240 The Statement of Changes in Equity, the Statement of Cash Flows and Notes 1-28 form part of these financial statements.
On behalf of the Board of Directors _______________ Mr. George MacLeod Chairman Date: 6th April 2023 _________________ Dr. Mark Fenelon Director Date: 6th April 2023 16 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2022 Note Called up share capital € 1,139 - - 1,139 - 1,139 At 1 January 2021 Shareholders capital contributions Loss for the year At 31 December 2021 Loss for the year At 31 December 2022 Capital contribution € Revenue reserves € Total € 12,746,312 1,007,189 13,754,640 - - (206,400) (206,400) - 12,746,312 - 800,789 (421,644) 13,548,240 (421,644) 12,746,312 379,145 13,126,596 17 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 DECEMBER 2022 Cash flow from operating activities Taxation paid Taxation refund Net cash flow from operating activities Cash flow from investing activities Note 22 2022 € 174,849 - - 174,849 2021 € 352,024 - 17,333 369,357 Payments to acquire property, plant and equipment (424,365) (713,088) Receipts from sales of property, plant and equipment Interest received/(paid) Net cash used in investing activities Cash flow from financing activities Receipt of members capital contribution Net cash inflow from financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December - (9,965) (434,330) - - (259,481) 2,550,831 2,291,350 Cash and cash equivalents consists of: Cash at bank and in hand 12 2,291,350 Cash and cash equivalents at 31 December 2,291,350 - (4,929) (718,017) - - (348,660) 2,899,491 2,550,831 2,550,831 2,550,831 18 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS These notes form an integral part of and should be read in conjunction with the accompanying financial statements.
1.

General information Moorepark Technology Limited (the “Company”) is incorporated and domiciled in Ireland with its principal place of business and registered office at Moorepark Fermoy, County Cork, P61 NP77, Ireland.

The principal activity of the company is that of provision of services for research and development.

2.

Summary of significant accounting policies The basis of accounting, and significant accounting policies adopted by Moorepark Technology Limited, are set out below.
They have all been applied consistently throughout the year and for the preceding year.

2.1 Statement of compliance The financial statements of Moorepark Technology Ltd for the year ended 31 December 2022 have been prepared in accordance with the applicable legislation and FRS 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland issued by the Financial Reporting Council in the UK.
2.2 Basis of preparation The financial statements have been prepared in compliance with Financial Reporting Standard 102 “The Financial Reporting Standard Applicable in the UK and Republic of Ireland” (“FRS 102”) and the Companies Act 2014.

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.
The financial statements of the Company are presented in Euro (“€“) which is also the functional currency of the Company.

2.3 Revenue recognition Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance.

Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty.
The following criteria must also be met before revenue is recognised: Rendering of services Revenue from the provision of high technology processing infrastructure for the carrying out of innovative research together with advisory, consultancy and other services is recognised in the accounting period in which the services are rendered when the outcome of contract can be estimated reliably.
Sale of goods Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
19 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS Oireachtas and Other Grants Oireachtas Grants received from Teagasc and other State agencies impose specific performance criteria set out in agreements and may in certain circumstances become repayable to those agencies.
Accordingly they are charged to deferred income and recorded as a creditor until the relevant performance criteria have been met and the grants are recognised as income.

Capital grants are released to income over the expected useful life of the relevant asset purchased.

Revenue based grants are recognised as income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
Interest income Interest income is recognised using the effective interest method.

2.4 Employee benefits The Company provides a range of benefits to employees, including paid holiday arrangements and, through its parent company, Teagasc, defined benefit pension plans.

Short term benefits Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
Retirement benefit cost The Company does not operate a pension scheme.

Deductions are made from employees in respect of contribution to a defined benefit pension scheme operated by its parent company, Teagasc.

2.5 Taxation Taxation expense for the period comprises current and deferred tax recognised in the reporting period.

Tax is recognised in the statement of income and expenditure, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

Current tax Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years.

Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation.

It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred tax Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements.
These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions.

Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

20 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS 2.6 Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.
Such cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost less residual value, of each asset systematically over its expected useful life, as follows: Plant and equipment Industrial and manufacturing buildings 10 years 30 years A half year's depreciation is charged in the year of acquisition and disposal of assets.
The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.

If there is an indication of impairment the impairment loss, or the reversal of an impairment loss, is recognised immediately in profit or loss.

The estimated useful lives, residual values and depreciation methods are reviewed, and adjusted as appropriate, at the end of each financial year.
The gain or loss, being the difference between the sales proceeds and the carrying amount of the asset, arising on disposal or retirement of an item of property, plant and equipment is recognised in profit or loss.

Fully depreciated plant and equipment are retained in the financial statements until they are no longer in use.

2.7 Receivables Receivables are recognised at fair value, less a provision for impairments.
The provision for impairments is a specific provision, and is established when there is objective evidence that MTL will not be able to collect all amounts owed to it.

All movements in the provision for impairments are recognised in the profit and loss account.
2.8 Payables Payables, including trade and other payables and deferred income are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

2.9 Financial instruments The Company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments.
Financial assets Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment.

If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate.

The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed.

The reversal is such that the current carrying 21 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS amount does not exceed what the carrying amount would have been had the impairment not previously been recognised.

The impairment reversal is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial Liabilities Basic financial liabilities, including trade and other payables and deferred income are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Cash and cash equivalents include cash on hand, demand deposits and other short-term highly liquid investments with original maturities of three months or less.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Accounts payable are classified as current liabilities if payment is due within one year or less.

If not, they are presented as non-current liabilities.

Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle to liability simultaneously.

2.10 Share capital Ordinary shares are classified as equity.
2.11 Provisions and contingencies Provision Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole.
A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.

The increase in the provision due to passage of time is recognised as a finance cost.
Contingencies Contingent liabilities, arising as a result of past events, are not recognised when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company’s control.
Contingent liabilities are disclosed 22 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS in the financial statements unless the probability of an outflow of resources is remote.

Contingent assets are not recognised.

Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.

3.
3.

Critical accounting estimates and judgements The Company made judgements, estimates and assumptions about the carrying amounts of assets and liabilities that were not readily apparent from other sources in the application of the Company’s accounting policies.

Estimates and judgements are continually evaluated and are based on historical experience and other factors that are considered to be reasonable under the circumstances.

Actual results may differ from the estimates.


The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year.

However, the nature of estimation means that actual outcomes could differ from those estimates.
The following judgements have had the most significant effect on amounts recognised in the financial statements.

Useful economic lives of tangible fixed assets The Company depreciates the tangible fixed assets over their estimated useful lives after taking into account of their estimated residual values.

The estimated useful life reflects management’s estimate of the period that the Company intends to derive future economic benefits from the use of the Company’s tangible fixed assets.
The residual value reflects management’s estimated amount that the Company would currently obtain from the disposal of the asset, after deducting the estimated costs of disposal, as if the asset were already of the age and in the condition expected at the end of its useful life.

Changes in the expected level of usage and technological developments could affect the economics, useful lives and the residual values of these assets which could then consequentially impact future depreciation charges.
See Note 10 for the carrying amount of tangible fixed assets.

Impairment of trade and other receivables The Company assesses its receivables on a continuous basis for any objective evidence of impairment by considering factors, including the ageing profile, the creditworthiness and the past collection history of each debtor.

If the financial conditions of these receivables were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required.
See Note 11 for the carrying amount of trade and other receivables.

Going concern The directors have prepared budgets and cash flows for a period of at least twelve months from the date of approval of the financial statements which demonstrate that there is no material uncertainty regarding the company’s ability to meet its liabilities as they fall due, and to continue as a going concern.
In making this assessment, the directors have considered the impact of the energy price inflation crisis and do not consider that the impact will be so significant as to cast doubt on the ability of the Company to meet its obligations and continue its business responsibly.

On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.
Accordingly, these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the Company was unable to continue as a going concern.

4.

Turnover Turnover represents the amounts derived from the provision of goods and services which fall within the company’s ordinary activities, stated net of value added tax.
The total turnover of the company for the year has been derived from its principal activity wholly undertaken in Ireland.

23 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS 4.

Turnover (continued) Turnover is analysed as follows: € 2022 Rendering of services Sale of goods Property Lease Income 5.
Administrative expenses Remuneration and other pay costs (Note 7) General operating expenses (Note 6) Depreciation Provision for doubtful debts 6.

General operating expenses Rent, rates, service charges and insurance Repairs, maintenance and leasing charges Electricity, cleaning and utilities Professional fees Miscellaneous operating expenses Audit fee 7.
Staff costs Remuneration and other pay costs Staff basic pay wages and salaries Staff overtime and shift premium Employers contribution to social welfare Wage subsidy scheme Staff training and development Staff travel and subsistence 3,105,601 89,492 40,000 3,235,093 2022 € 1,092,195 1,520,323 833,062 18,481 3,464,061 2022 € 109,302 472,907 876,117 23,583 22,714 15,700 1,520,323 2022 € 775,055 202,963 100,420 - 9,699 4,058 1,092,195 The average number of staff employed by the Company during the year was as follows: Production Analytical Total 2022 13 4 17 2021 € 2,705,952 46,928 40,000 2,792,880 2021 € 1,038,108 1,162,739 707,113 - 2,907,960 2021 € 73,113 520,619 485,234 40,340 27,733 15,700 1,162,739 2021 € 739,605 187,511 97,312 6,930 6,750 - 1,038,108 2021 13 4 17 24 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS 7.
Staff costs (continued) Employment costs Staff basic pay wages and salaries Staff overtime and shift premium Employers contribution to social welfare 2022 € 775,055 202,963 100,420 1,078,438 2021 € 739,605 187,511 97,312 1,024,428 The total number of staff employed (WTE) at year end was 16 (2021:18).

There were no termination or severance payments during the year.

Employment costs include a 4% pay increase accrual for 2022 which was not paid before year end.
Sanction to pay the 4% was received from the Minister for Agriculture, Food and the Marine and the Minister for Finance, Public Expenditure and Reform in March 2023.
Employee short-term benefits breakdown Employees’ short-term benefits in excess of €60,000 are categorised into the following bands: Employee benefits €60,000 to €69,999 €70,000 to €79,999 €80,000 to €89,999 €90,000 to €99,999 €100,000 to €109,999 2022 Number of employees 2021 Number of employees 5 - - - 1 3 - - - 1 Note: For the purposes of this disclosure, short-term employee benefits in relation to services rendered during the reporting period include salary, overtime allowances and other payments made on behalf of the employee, but exclude employer’s PRSI.
The CEO’s remuneration was as follows: Basic salary 2022 € 2021 € 104,791 104,013 The CEO’s pension entitlements do not extend beyond the model public sector defined benefit superannuation scheme.

8.

Operating profit Operating profit is stated after charging: Depreciation Auditors remuneration And after crediting: Oireachtas grants Other grants .
2022 € 833,062 15,700 46,864 - 2021 € 707,113 15,700 46,864 4,500 Other grants is a COVID-19 Business Restart Grant received from Cork County Council towards to costs of operating in the COVID-19 environment.

25 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS 9.
Taxation on profit on ordinary activities Current tax: Corporation tax Deferred tax Provision in respect of prior financial years Corporation tax Total 2022 € - (54,587) (54,587) 7 (54,580) 2021 € - (25,539) (25,539) 55 (25,484) Factors affecting tax charge for financial year The current tax charge for the financial year is different from the charge that would result from applying the standard rate of Irish corporation tax to the profit on ordinary activities.
The differences are explained below: Loss on ordinary activities before taxation Loss on ordinary activities multiplied by standard rate of Irish 2022 € (476,224) 2021 € (231,884) Corporation tax for the year of 12.5% (59,528) (28,986) Effect of: Depreciation and capital allowances Items not deductible Current year trading losses not utilised Income tax at higher rates Current tax charge for the period (35,962) - 91,865 3,625 - (25,223) - 50,763 3,446 - 26 Assets under construction € Plant and equipment € MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS 10.
Property, plant and equipment Cost or valuation At 1 January 2021 Additions Assets completed Disposals At 31 December 2021 Additions Assets completed Disposals At 31 December 2022 Buildings € 12,462,041 69,468 (58,950) 12,472,559 11,145 (78,365) 12,405,339 1,701,327 100,112 (10,000) 1,791,439 37,891 (1,785,537) 43,793 Accumulated depreciation and impairment losses At 1 January 2021 Charge for year Disposals At 31 December 2021 Charge for year Disposals At 31 December 2022 Carrying value At 31 December 2022 At 31 December 2021 3,814,614 411,751 (43,716) 4,182,649 412,870 (34,480) 4,561,039 7,844,300 8,289,910 - - - - - - - 43,793 1,791,439 Total € 20,585,165 713,088 - (114,537) 21,183,716 424,365 - (142,322) 21,465,759 8,467,637 707,113 (92,945) 9,081,805 833,062 (94,818) 9,820,049 11,645,710 12,101,911 6,421,797 543,508 10,000 (55,587) 6,919,718 375,329 1,785,537 (63,957) 9,016,627 4,653,023 295,362 (49,229) 4,899,156 420,192 (60,338) 5,259,010 3,757,617 2,020,562 Disposal of property, plant and equipment Proceeds/ costs 2022 € Proceeds/ costs 2021 € Proceeds from sale of property Property sales during year Cost of sales Proceeds from sale of other assets Net book value of fixed assets disposed Property assets Other assets Loss on disposal of fixed assets - - - - - - - - - (47,504) (47,504) (47,504) (15,233) (6,359) (21,592) (21,592) 27 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS 11.
Receivables Trade receivables Amounts due from parent company Corporation Tax Prepayments, accrued income and sundry receivables 2022 € 1,004,275 117,365 - 82,717 1,204,357 2021 € 522,104 118,050 7 54,073 694,234 All amounts included above fall due within one year.

Amount due from group companies are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

All trade receivables are due within company’s normal terms, which is thirty days.
The company has included a provision for impairment of €40,000 (2021: €21,519).

12.

Cash and cash equivalents Cash at bank Cash in hand 13.
Payables – amounts falling due within one year Trade payables Amounts due to parent company PAYE/PRSI Value Added Tax Other payables Accruals 2022 € 2,291,250 100 2,291,350 2021 € 2,550,651 180 2,550,831 2022 € 2021 € 98,956 - 27,145 2,419 3,300 1,126,493 1,258,313 128,097 - 30,965 7,735 3,300 937,652 1,107,749 The repayment of trade payables vary between on demand and thirty days.

There was no prompt payment interest and compensation payable on trade payables in 2022.
PAYE/PRSI, Value Added Tax and withholding tax are subject to terms of relevant legislation.

Interest accrues on late payment of taxes in line with the terms of relevant legislation.

No interest was due at the end of the financial year for late payment of taxes.

Other amounts included with payables not covered by specific note disclosures are unsecured, interest free and repayable on demand.
28 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS 14.

Deferred income At beginning of financial year Contract Income invoiced during financial year Credited to income and expenditure in the financial year At end of financial year 15.
Provision for liabilities Deferred tax At the beginning of the financial year Charged to income and expenditure account At end of financial year Components of deferred taxation Unutilised trading losses Accelerated capital allowances 16.

Payables – amounts falling after one year Accruals 17.
Deferred Oireachtas grants At the beginning of the financial year Released to statement of Income and expenditure At end of financial year 2022 € 141,410 273,382 (106,410) 308,382 2022 € 37,490 (54,587) (17,097) 2021 € - 141,410 - 141,410 2021 € 63,029 (25,539) 37,490 (248,764) 231,667 (17,097) (162,983) 200,473 37,490 2022 € 406,250 406,250 2022 € 105,837 (46,864) 58,973 2021 € 406,250 406,250 2021 € 152,701 (46,864) 105,837 29 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS 18.
Called up share capital presented as equity Authorised 10,000 Ordinary shares of €0.1269738 each Allotted, called up and fully paid 8,967 Ordinary shares of €0.1269738 each Presented as follows: Called up share capital presented as equity 19.
Reserves 2022 € 2021 € 1,270 1,270 1,139 1,139 1,139 1,139 Capital Contribution This reserve records the funding, in addition to share capital, provided by the shareholders when they became a member together with additional funding from shareholders to fund capital expansion by the company.

Revenue Reserves Revenue Reserves represents cumulative comprehensive income recognised in the statement of income and expenditure.

20.
20.

Commitments Operating lease – company as lessee The company did not have any operating leases.

Operating lease – company as lessor The company leases one of their offices.

The lease expired in September 2022 and was renewed for a further period which expires on the 8th September 2023.

Leases which expire: Within one year Between two and five years After five years Capital Commitments 2022 € 27,556 - - 27,556 2021 € 30,000 - - 30,000 The company has no capital commitments as at 31 December 2022.

21.
21.

Contingent liabilities The directors are of the view that there are no contingent liabilities at 31 December 2022.

30 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS 22.
Reconciliation of profit to cash flow from operating activities 2022 € 2021 € Loss for the year Depreciation expense Loss on disposal of tangible fixed assets Taxation charged Capital grant released Interest income/(expense) Total operating cash flows before movements in working capital Decrease/(Increase) in receivables (Decrease)/Increase in payables Cash flow from operating activities (421,644) 833,062 47,504 (54,580) (46,864) 9,965 367,443 (510,130) 317,536 174,849 (206,400) 707,113 21,592 (25,484) (46,864) 4,929 454,886 (260,131) 157,269 352,024 23.
Board members – disclosure of transactions The Board has adopted procedures in accordance with the guidelines issued by the Department of Public Expenditure and Reform in relation to the disclosure of interest by Board members and these procedures have been adhered to in the financial year.

There were no transactions in the year in relation to the Board’s activities in which the Board members had any beneficial interest.

24.
24.

Board fees and expenses No fees or expenses were payable to the Chairman for either 2022 or 2021.

The financial statements include an accrual of €7,627 in respect of 2014 and 2015 Chairman’s fees pending approval from the Department of Agriculture and Food.

There was no other directors’ remuneration or directors’ expenses in the financial year.

25.

Related party transactions The Company is a subsidiary of Teagasc, the Agriculture and Food Development Authority in Ireland.
There are no other related party transactions entered into during the year aside from those entered into with Teagasc.

The company had the following transactions and year end balances with Teagasc.
Purchases of goods and services Sales and recharges of goods and services Debtors Creditors 2022 € 6,323 905,992 117,365 - 2021 € 9,124 790,609 118,050 - Under the terms of the Moorepark Technology Limited Promoter’s Agreement, Teagasc has undertaken to provide from its own resources specified staff requirements to include the General Manager, the Company Secretary and one technician.
31 MOOREPARK TECHNOLOGY LIMITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS 26.
Financial instruments The analysis of the carrying amounts of the financial instruments of the Company required under Section 11 of FRS 102 is as follows: Financial assets that are debt instruments measured at amortised cost Trade receivables Amount due from related parties Corporation Tax Other receivables Cash and cash equivalents Financial liabilities at amortised cost Trade payables Amount due to related parties Other payables Value added tax Accruals Deferred income 2022 € 2021 € 1,004,275 117,365 - 82,717 2,291,350 3,495,707 522,104 118,050 7 54,073 3 2,550,831 3,245,065 2022 € 2021 € 98,956 - 30,445 2,419 1,532,743 308,382 1,972,945 128,097 - 34,265 7,735 1,343,902 141,410 1,655,409 3 27.
Events after the reporting period At the time of approving these Financial Statements the energy price increases and on-going price volatility is continuing.
The directors have considered the impact of the energy price increases and the mitigating actions management have taken on the projected performance of the Company for 2023 and expect that management can meet the risks presented, accordingly no revision of the figures included in the financial statements for the year ended 31 December 2022 has been made.
There have been no other events since the balance sheet date, which necessitate revision of the figures included in the financial statements, or inclusion of a note thereto.

28.

Approval of the financial statements The financial statements were approved by the board of directors on 22nd February 2023.

32