THE BRITISH PIG ASSOCIATtON (A company lin]ited by Guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Charity No: 248119 CoTnpany No: (M)022088 {England and Wales) Agutter . Khanderia Chartered Accountants and Registered Auditors 27 ItllpeTiai Drive. Harrow HA2 7DG
THE BRlTISH PIG ASSOCIATION
(A company limited by Guarantee)
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31st DECEMBER 2020
CONTENTS
| Charity Reference and Administrative Details | 1 - 2 |
|---|---|
| Trustees' Annual Report | |
| (including Directors' Report) | 3-9 |
| Independent Auditor's Report | 10 - 12 |
| Statement of Financial Activities | |
| (including Income and Expenditure Account) | 13 |
| Balance Sheet | 14 - 15 |
| Notes to the financial statements | 16 -28 |
THE BRTfIsH PIG ASSOCIATION (A company limited by Guarantee) CHARITY REFERENCE ADMINIST12ATtVE DETAILS FOR THE YEA ENDED 3 1st DECEMBE 20 Charity name: The Britisb Pig Association Charity registration numb¢r: 248119 Company registration number: 00022088 (England and Wales) R¢gistered olTice and Operational address.. TTumpingtOD M¢ws 40B High Street Trumpington Cambridge CB2 9LS Bankers: National Westminster Bank Plc. 72-74 High Street Watford Hertfordshire WDI 2BQ Investment advisers and bankers: Cazenove Capital Management Schroder & Co. Limited l London Wall Place London EC2Y SAU Audilors: Agutter . Kbanderia Chartered Accountants 27 Imperial Drive Harrow HA2 7DG
THE BRITISH PIG ASSOCIATtON (A company limited by Guarantee) CHARITY REFERENCE ADMINISTRATIVE DETAILS Continu FOR THE YEAR ENDED 1st DECEMBER 2020 Tnee8 and management Committ¢e: President: The Most Hon. The Marquess of Salisbury KCVO, P.C.,D.L. Acting Chairy)erson.' C. Impey Vice Chairyersons.. B. Kelly Mrs. M Naylor Honorary Vic¢-Presidents: P. Brier B. Knight J. Millard Mrs. V. Mills Chief executive oificer and Secretary.. M. Bates Directors and Trustees: Mrs. T. Bretherton Mrs. C. Coe Dr. M. Giles C. Impey B. Kelly S. Loveless - resigned 3010312021 Mrs. S. Lugg Ms. J. MatheNvs- resigned 3010312021 Mrs. M Naylor N. Overend
THE BRITISH PIG ASSOCIATION (A cotnpany limited by Guarantee) RUSTEES, ANNUAL REPORT CLUDNG DIREC ORS, REPOR FOR THE YEAR ENDED 3 1st DECEMBER 2020 The trustees, who are also directors of the charity for the PUryKises of the Companies Act, present their annual report together with the audited financial stafrments for the year end 31 st December 2020. The tTUStees have adopted the provisions of the Sthtement of Recommended Prdctice (SORP) "Accounting and Reporting by Charities" the FinanciaI Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) in preparing the annual port and financial statements of the charity. The fll)ancial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the ¢harity'5 governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Ststemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Trnstees of the charity The directors of the charitable company are its lrnstees for the Purposes of charity law. List of trustees who served during the year and since the ye4r-end are list&1 on page 2 of the financial statements. Publle benefit statement The charity is a public benefit ¢ntity. Our Aims, objeclivu *nd aethrities se dAim Our charity's purposes set out in the objects clauses contained in the wmpany's memoraodum of &ssociation are to: Procure advancement of breed society fijnctions in p&Jigree pig breeding, LY)ns¢rYation and recording of all major breed and in patticular, native br$. The aims of our charity to provide comprehensive services to pedigree pig farn)ers in maintenance of their individual pigs and herds. educate members about the risks of dise&8e through organising training workshops, shows and exhibitions iK)th in the U. K. and overseas. development of the pedigree pig industy both in the United Kingdom and overseas by exchanges between countries. Ow aims fully reflect the putposes that the charity was set up. nsurin our work delivers ow aims We teview our aims, objectives and activities each year. ReguIar meetings are arranged by dedicated conllnittees to review training, organisauon of show5 and events, gIOnal and specific matteTS. and conservation of rare breeds, inspection of animal herds, welfatE and special projects. The executive Committee meets at least once a year to review the work of the individual committees.
THE BRITISH PIG ASSOCIAIION (A company limited by Guardntee) TRUSTEES. ANNUAL REPORT INCLUDING DIRECTORS. REPO FOR THE ED 31 st DECEMBE 20 The reviews look at the success of each core activity and the benefits they have delivered to those ups of people we set to help. The vIewS also help us to ensure our aims. objectives and activities remain focused and deliver the planned benefits. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in plantiing our future activities. In particular, the trustees consider how planned activities will contiibute to th¢ aims and objectives they have set. The fuS f our work Our main objectives for the year continued to be that of the advancement of F¢digr¢e breeding, Conservation and recording. The strategies we used to meet these objectives included: Electronic and manual registrations of breed society functions in paigree pig recordings; Adive supw)rt for members by t¢lephone, correspond¢nce, Internet and educational workshops. Cohservation of rare dIgree pigs semen strKks as part of our heritage. and Organising events, shows and exhibitions both ID the United Kingdom arKI worldwide to promote breeding and conservation of pedigre¢ pigs. How our aetivities deliver public benefit Our main activities and whom we ty io help are described below. All our charilable activities focus on delivering advanc¢ment and conservation within the pig industy that helps in delivering public benefit to a wider community. Who used and benefited f Our objects and our coverage helped us to provide services to the lgree pig famiers throughout the United Kingdom. Advanced methods deployed in animal husbandry help the ultimate consumers in obtaining safe source of food and promote the t*digree farniing to regions outsid¢ the UK. Our activities of organising shows and missions both in the Unita Kingdom and overse&8 countries deliver services to improve n]eth(Kls of pedigree breeding, control and help to eradicate disease and improve the quality of food supply chain that deliver a much wider public benefit. Advice and inforn]ation Members and other users may obtain advice and infonnation by Internet. We bave developed our website to meet the &ssuranc¢ and accreditstion stalld. We have a dedicated website 'www.british ' s.or We provide dedicated support to members by telephone. electronic mail and by correswndenc¢.
THE BRrrIsH PIG ASSOCIATION (A company limited b> Guarantee) TRUSTEES. AKNUAL REPORT CLUDING DIRECTORS, REPOR Continued FOR THE YE ED 1st DECEMBER 2020 Finaneial Review The Statement of Financial Activities and balance sheet for the year are set out on pages 13 and 14 of the financial slatements. A summary of the fllwicial results and the work of the charity are set out below. The trustees consider that the perforniance of the charity this year has been severely affected by the 5pr¢ad of covid-19 pandemic throughout the world aDd Government lockdown of the county. The continuing restrictions resulting from the presence of the corona virus in the UK and rest of the world has resulied in cancellation of most of our shows and exhibitions from March 2020 onwards. We still operate in extremely challenging and uncertain financial and operattonal environment Caused by the unpredictable global economy, corona virus pandemic in the year 2020 and into 2021, increased regulation and continued uncertainty following United Kingdom's cancellation of tts membership of th¢ European Union at the beginning of year 2021. The ststement of fmancial activities shows net deficit for the year of £21,959 (2019: Deficit of £26,723). Gains arising from revaIuation of our Quoted Slock Market Investments for the year were £12,870 (2019: Gains of £34.655). Our reserves after revaluation of assets and investment gains Stand at £590,690 (2019: £599,779). The tteeS have reviewed fimd-raising strategies and return on fund-raising costs. We have managed to wntrol costs to achieve stable delivery of services in an extremely difficult year. Fund- raising costs were financed by sp)nsorships, grants and contrlbutions from members participating in the activities. Global stock markets were extremely volatile during the first half of year 2020 due to uncertainties caused by covid-19 pandemic restrictions. However, our investments recovered during the second half of year 2020 and have continued to perforni well in the year 2021. Current investments consist of SUTL Cazenove Charity Class S Multi-Asset Fund income units at a cost of £397,856. The trustees expect a yield of around 4.ly/o on our investsnents. The activities of the charity hav¢ remained the same as in previous year. Princi Fund-raisin Our Charity receives principal funding from membership subscriptions, donations and pedigree recording services together with sponsorships. grants and voluntary donations.
JHE BRlSH PIG ASSOCIATION (A compally limited by GuaraDtee) TR STEES. ANNUAL REPORT CLUDtNG DIRECTORS, REPOR Continued FOR THE YEAR ENDED 3 1st DECEMBER 2020 The Council has authoris¢d io continue to promote and expand the pedigree pig industry both in th¢ Unitd Kingdom and overseas. Overseas schemes were mainly funded by grants and sponsorships. Events organised in the United Kingdom for the year 2020 were either cancelled or postponed due to corona virus pandemic Testriction during the year 2020. All events and shows are nornially financed from our owa funds and from supwt of our sponsors. estment lic and ret The executive committee has Considered the most appropriate policy for investing funds and has found that specialised unit tnLSts, designed for the charity sector to control financia] and other risks, meet their requirements to generate both income and capital growth. Our portfolio of investments should deliver siability and income return of approximately 4.000/0. eserve and funds available The Charity funds its various activities partly from membership subscriptions and fees, investment income and other fund-raising activities including grants and sponsorships. The current levels of Services we provide are nornially expected to resu]t in a deficit of income over expenditure in the short tern, which is financed by reserves of the Charity. The trustees have reviewed the level of reserves requir1 to effectively continue the breed society functions in pedi8re¢ pig recordings and conservation and provide other related services to its members. The review Conclud that to allow the charity to be managol efficiently and to provide unintemipted service5, the current level of reserves should be maintain. The present level of funding is adequate to support the continuation of the charity's functions for the short to mediutn temi and the trustees consider the financial w)sition of the charity to be satisfactory. We aIso hold as part of our uDrestricted resetves, designated fimds of £313 for the Irish Mernbers, Committee. and £1.207 for Large White Breeders. Committee, which is available to facilitate continuation of White bed conservation actÈvitie& The cbarity has one designated and restricted Ilmd, which is repttSent by investment in a savings 'Geoffrey Clok¢ Memorlal Fund, lo honour Mr. G. E. Cloke. was set up durtng 2004 from donations to s¢rve th¢ interests of the Association and its members. This fund currently holds a balan of £3,168 (2019: £3,164).
THE BRrrIsH PIG ASSOCL4TION (A company limited by Guarantee) TR STEES, ANNUAL REPORT CLUDING DIRECTORS. Continued RT FOR THE YEAR ENDED 31st DECEMBER 2020 Plan8 for future periods The trust¢es ¢xp¢ct to continue its breed society fijnctions in pedigree pig Tecordings and conservation. organise events. shows a1 exhibitions l)oth in the United Kingdom and worldwide to promote anima] welfare and the recording and cons¢rvation of p&Jigree pigs. The chief executive monitors progress to ensure that the charity delivers the services specified and that key perfom]ance targets are m¢t to include individual supervision of the staff teanL Structure, Governance and Management rnin ument The charity is a charitable company limited by guarnntce. It is governed by its Memorandum and Articles of Association. Structure and mana The charity is organtsed so that the tr meet regularly to manage its affairs. All director8 of the wmpany ar¢ also twstees of the Charity. and there are no other InLsiees. All of the trustees named on page 2 served partly or thmughout the year. The Board has the power to appoint additional truslees, as it considers fit to do so. All tAtee$ serve for a three-year period and may be re-¢lected. st e Tnduction and Trainin Most trustees are already familiar with our charity's work through their activities as pedigree pi8 farrners. Our charity regularly organises training workshops, inward mission lo the United Kingdom from overseas pedigree pig farniers atMI outward missioLs to learn and exchange expertise with overseas pedigre¢ pig farniers. isk Mana ement The executive committee has conductd its own review of the major risks to which the charity is exposed and systems have been established to mitigate those risks. Significant external risks to funding have led to the development of regular appraisals of plan& which would allow for the diversification of resour. Internal risks are minimised by the implementation of pro¢ureS for authorisation of tronsactions and projects. All projects and procedures are regularly review¢d for compliance with our objtives.
IHE BRITISH PIG ASSOCIATION (A company limited by Guarantee) TRUSIEES, AFTNUAL REPORT INCLUDING DEcToRs, REPOR Continued FOR THE YEAR ENDED 3 5t ECEMBER 2020 The trustees have Tecently undertaken additional covid-19 pandemtc risk assessment and have implemented me&sur¢s to overcome short-tern) problems that may arise due to the continued PTesence of corona virus pand¢mic. anis tional Structure There is one full time chief executive who manages the day-to-day administration of the charity, and organises fundraising initiativ¢s. The remaining staff members are deployed to assist with fimdraising and administration. The trustees volunteer their services to the company. Our Ch1£Y has several committees that meet regularly to review the achievement of our aims. There e separate commitle¢s that manage shows and events. pedigree pork schemes, regional igsues, conservation, hettt inspections, and breed enhancement and protection projects. The Council of trustees and the executive committee meet at least once a year to review progress and assess achievement of our aims. Trustee8' re$ponsibilRties Company and Charity i&w requires the trustees to ppa financial SteMentS for each financial year, which give a true and fair view of the financial activilies of the cknty and of its financial position at the end of that year. In preparin8 those financial statements, the tnte¢S have.. (a) s¢lected SUAtable accounting policies and then applied them CO]stentIy1 (b) made judgements and estimates that re&8onable and prudent. (c) stated whether applÈcable accounting stsndards have been followed, subject to any material departure disclosed and explained in the fmancial statements. and (d) prepared the fanCIal statements on the going conc¢m basis. Stat¢ment of tte¢s. tes 8ibilities The tntstees (who are also the directors of the company) are responsible for preparing a trustees, annual report, keeping proper accounting records thieh disclose with reasonable accura¢y at any time, the financial position of the charity and enable them to ensure that the financtal ststements comply with the Companles Act 2006 and Statement of Recommended Practice applicable to harities preparing their accounts in accordance with the Financial Re}rtIng Standard applicable in the UK and Republic of Ire18nd (FRS 102).They are aIso resp)nsible for safeguarding the &8sets of the Company and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities.
THE BRITISH PIG ASSOCIATION (A comp8ny limited by Guarantee) TRUSTEES, ANNUAL REPORT INCLUDING DIRECTORS. REPOR Continued FOR THE YEAR ENDED 31st D CEMBE 2020 Audilors We, the directors of the company who held office at the date of approval of these Financial Ststements as set out Above each confllm, so far as we are aware. that: there is no audit inforniation of wh.ich the company's auditors are unaware, and we have laken all the steps that we ought to have taken &$ directors in order to make ourselves . aware of any relevant audit infornlation and to eslablish that the company's auditors are awar¢ of that infornmtion. Approval The boaTd of directors and trustees approved this ryort on the 23rd September 2021 and signed on its behalf. On b¢half of the board L. Imp¢y Chair Person and Trustee 23rd September 2021
elo THE BRrfisH PIG ASOCIATION (A company limited by Guarantee) PORT THE INDEPEND AUDfTORS Independent Auditor's Report to the members of The British Pig Association Opinion We have audited the financial statements of The British Pig Association for the year ended 31st December 2020, which comprise the Statement of Financia] Activities. the SUMM Income and Expenditt Account, the Balall Shed and not¢5 to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their prepardtion is applicable law and United Kingdom Accounting Standards, including Financial Reporting SLdard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the fuqnCIal statements: give a true and fair view of the state of the charitable company's affairs as at 31 st December 2020 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in acrdanCe with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordane£ with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with ternatIonal Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibÉliti¢s under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the chariiable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Siand8rd, and we have fvlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sU1CleDt and appropriate to provide a basis for OUT opinion. Conelusions relaling to going ¢on¢ern We have nothing to report ITh r¢sF¢Ct of the following matters in relation to which the ISAS (UK) require us to report to you where.. the tnths use of the goiDg concem basis of accounting in th¢ preparation of the financial statements is not appropriate, or the trustees have not disclosed in the fancIal statements any identified materiaI un¢ertainties that may cast significant doubt about the Cl]arity's ability to continue to adopt the going concern 'basis of accounting for a period of at le&st twelve months from the date when the fanciaL . statements are authorised for issue. Other inforniation The trustees are responsible for the other inforn]ation. The other infOrntiOTh comprises the infornution included in the annual rewrt other than the financial statements and our auditor's report thereon.
ell THE BRETISH PIG ASOCIATtON (A company limited by Guarante¢) REPORT OF THE INDEPENDENT AUDITORS ntinued Our opinion on tbe financial statements does not cover th¢ other information and, except to the extent otherwise explicitly stated in the reporu we do not express any fonn of &ssuraDce conclusion thereon. In connection with our audit of the financiaE statements, our responsibility is to read the other infornialion and in doing so, whether the other inforn]ation is materia]ly inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be matsrially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to deterniine whether there is a material misstatement in the financial statements or a material misststement of the other inforniation. If. based on the work we have perfornled, we conclude that there 1$ a material misstatement of this other inforntion, we are required to report that facL We have nothing to report in thxs regard. Oplnions on other matters preseribed by the Companie8 Act 2006 In our opinion, based on th¢ work und¢rthken in the course of the audit: the infomtIOn given in the trstee$, report for the financiaj year for which the financial statements are prepared is consistent with th¢ financial statements, and the trustees, rep)rt has been prepared in accordance with applicable legal requirements. Matters on which we Are required to report by exeeption In the light of our knowledge and understanding of the charitable wmpany and its environment obtained in the course of the audit, w¢ have not identifial material misstatements in tILe directors, report. We have nothlng to report in respect of the following matters in relation to which the Companies Act 2006 requires us to rep)rt to you if, in our opinion: adequate accounttng records have not been kept or returns adequate for our audit have not been received from brn]ches not visited by us" the financial statements are not in agreement with the accounting records and returns. certain disclosures of directors, remuneration specified by law are not made; or we have not obtained ail the inforniation and eXpla[tIonS necessary for the Purposes of our audit.
e12 THE BRrrIsH PIG ASOCIATION (A company limited by Guardntee) REPORT OF IHE tNDEPENDENT AUDrroRS Continu Re8pon8lbllitie8 of truytees As explained more fully in the trustees, resFK)nsibilities statement set out on page 8, the trustees who are also directors of the clwitsble company for the purposes of company law. are responsible for the preparation of the financial ststements and for being satisfied that they give a true and fair view. and for such internal control as the trustees deternjine is necessary to enable the preparatioll of financial stateTnents that are free from Jnateriai misstatement, whether du¢ to fraud or error. In preparing the financial statements, the trustees are responsible for &85essing the charitable company's ability to continue as a going Conce disclosing, as applicable, matters related io going ¢onc¢rn and using the going concern b&sis of accounling unless the trustees either intend io liquidate the charitsble company or to cease operntions, or have no realistic alternative but to do so. Auditor's responsibilitie5 for the audit of the financial statements Our objectives are to obtatn reasonable Urance aboul whether the financial statements as a whole are fr¢e from material misslatemenL whether due to fraud or error, and to issue an auditor's report that includes our opinion. Re&sonable assurance is a high level of assurance, but Is not a guarantee that audÈt conducted in accordance with ISAS (UK) will always detect a materlal misstatement when it exists. Misstatements arise from fraud or em)r and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities fi)r the audit of the financia] slatements is located on the Financial Reporting Council's website at www.frc.or .uklauditorsresonsibilites. This description fornis part of our Auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charilable company's members those matters we are required to state to thern in an auditor's report and for no other purpose. To the fullesl exteni pemiitted by law, we do not accept or assume responsibility to anyone other than the charitable company's members as a body, for our audit work, for this reporL or for the opinions we have fonn. shor Khanderia ACA (Senior Statutory Auditor) (For and on behalf of Agutter Khanderia), Statutory Auditor Chartered Accountants 271rriperiat Drtve Harrow HA2 7DG UK 23rd September 2021
e13 THE BRITISH PEG ASSOCIATI (A company limited by Guarantee) STA TEMEwf OF FfN'ANCIAL ACTIVITIES CLUDING IN, OME AND EX DITURE ACCOUNT R THE YEAR NDED 31st DECEMBER 2020 Unrestrictul Restricted TfUn¢t8 T tal f(mds 2020 2019 Note Ineomlng r0ree8 Income and endowments from: Donations and legacies Charitable actiwties Other income Investments (2) {3) (4) (5) 38.888 204200 12J87 18,984 38,888 204200 12.387 18,988 41,954 364,316 3,(K)O 19,540 Total income and endowments 274,459 274,463 428,810 Resources expended Expenditure on.. Raising funds Charitable activities Governance and support (6) (7) (8) 30,482 137.013 128.927 30,482 137,013 128.927 31,927 285,521 138,085 Total expendilurt 296,422 296,422 455,533 Neti Anve com ex ains iture before ment (9) {21,963) (21,959) (26,.3) Other recognised gaIn(lOsSes). Gain(lOSses) on revaluation of cbarily's investments (io) 12,870 12.870 34,665 Net movement in funds (9,093) (9.089) 7,942 Re¢on¢iliation of fund8: Total funds at I st January 2020 595,095 4,684 599,779 591,837 Total funds at 31 st December 2020 586,002 4,688 590,690 599.779 All income and expenditure derive from continuing activities. The notes on pages 16 to 28 forni part of these fllwicial statements.
e14 THE BRrrIsH PIG ASSOCIATION (A company limited by Guarantee) BALANCE SHEET S AT 31 st DECEMBER 2020 Unrestricted Restrict&l come funds Total funds 20 Prior year Note Flxed assets Intangible assets Tangible &8sets Inv¢slments (13) (14) (15) 8,563 2,053 469,353 8,563 2,053 469,353 4,228 2,736 456.483 Total fixed assets 479,969 479,969 463,447 Current assets Debtors Cash at bank and in hand (16) 66357 114J51 66,357 117,385 93,086 101,137 3,034 Total curren¢ assets 180.708 3,034 183,742 194223 Creditors.. Amounts falling due within one year (17) 73,021 73,021 57,891 Net current assets 107,687 3,034 110,721 136,332 Total gssets 587,656 3,034 590,690 599,779 Chvdrity Fund8 Restricted income Unrestricted funds (18) (19) 1,654 586.002 3.034 4,688 586.002 4,684 595,095 Total charity funds 587,656 3.034 590,690 599,779
·' I
THE BRITISH PIG ASSOCITON (i. company limited by Gu tee)
Page 15
.BAANCE SHEET
AS AT 31st DECEMBER 2020
The:trustees have prepared these accounts in accordance with the provisions of the Companies Act 4()06 and of the Charities Act 2011. These accounts· are prepared in accordance with the special pfofisions of Part 15 of the Companies Act relating to small companies .and constitute the a ual 'acc·oWits required by the Companies '[·: ] i ·•[�. ' ] . . , • .Act.2006, '. : ·�
�it The:f?.nancial statem�nts w��e approved and authorised for issue by the Board on 23rd September· . . . Sigt+�d on behalf of the board of trustees: :,·;1;.:.�.-· . <.: .. '-�.·· p.:;]mpey(Director and tnh>tee)-Ll[. ]
......... . .... . .................... . ......... Nfrs; :� ,: .C Co.. .e (Director �dtrustee) : . . ·. T.P:i�riotes on pages 16 to 28 fonn part of :t):iese financial stateme�ts . ,· . .;·I . �
' cbx§i,any registration nwnber: 00022088 .[,,·.1-.,] :- . ·.·:.·>,f' .> .
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e16 THE BRITtSH PIG ASSOCIATION (A company limit¢d by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2020 l. Summary of significant accounting policies The signifLcant accounting policies applied for the preparalion of th¢s¢ financial statements are set out below. Th¢se policies have been consistently applied to all years presented unless otberwise stated. 1.1 General inforniation and basis of preparation The British Pig association is a company limited by guarantee in England & Wales. In the event of the charity being wound up, the liability of the guaranfre is limited to £1 per member of the charity. The registered address of the charity is given on page l of these financial statements. The nature of the charity's operations and principal activtties are thal of the advancanent of pedigree breeding, conservation and dIgree pig rerdIngS. The British Pig Association meets th¢ definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise statcd in the relevant accounting policy note(s). The financial statements hav¢ been prepared in acconlance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan¢¢ with the FinanciaI Reporting Standards applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011. the Companies Act 2006 and UK Generally Accepted Accounting PractiL%. The financial statements are prepared on a going concern basis under the historical cost convention with items cOgnIsed at cost or trdnsaction value unless otherwise stated in the relevant notes to these accounts. The fll]ancial statements are presented in sterlin8 which is the functional currency of the charity. 1.2 Funds Unrestricted funds are available for at the discretion of the trustees in furtherance of the general obje¢tiv¢s of the charity and which have been designated for other purEX)ses. Restricted funds are fimds which are to be used in accordance with specific restrictions imposed by donors or which have Ixcn raised by the clwity for particular purposes. The cost of raising and administering such fimds are cbaTged agai[ the specific funds. The aim and use of each restricted fund is set out in the notes to the financial statements.
THE BRrrisH PIG ASSOCIATtON (A company limited by Guarantee) TES TO THE FANCIAL STATEMEwrs Continued FOR THE YEAR ENDED 3 1st DECEMBER 2020 '.13 Income recognition All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the illcomc after the perf0mAre conditions have been m¢L the amount can measured reliably and it is probabl¢ that the income 711 be received. For donations to be recogni8 the chaTity will have been notified of the arnots and the settlement date in WTiting, Donated facilities are recognised in income at their fair value when their ¢conomic benefit is probable. it can be Mured and the charity has control over them. Fair value is detcrn]ined on the basis of the value of the gift to the charity. No amount is included in the financial statements for volunteer time in line with the SORP. FRSI 02 and Companies Act 2006. Fixed asset gifts in kind are recognised when receivable and are included at their fair value. They are not deferred over the life of the asseL For legacies, entitlement is the earlier of the charity being notified of an imt*nding distribution or the legacy being received. At this point income is recognised. Incom¢ from membership activities and services and fundraising events to raise fimds for the charity, ts r¢wgni5ed when goods or services are provided. The charity receives government grants for organising trade shows for promotion of pedigree Pl8 famiing and livestock genetics work. Income from governrnent and other grants ar¢ rQgnised at their fair value when the charity has entitlement afier any perf0mxce conditions have been m¢t, it is probable that the income will be receAved and the incom¢ Can be measured reliably. If entitlement is not met then these an]ounts are deferred. Inve8tment income is earned through holding a&8ets for investment purposes such shares. It includes dividends and interest. Investment mana8ement costs incurred recognised as governance costs. Dividend and interest income is recognised &s the charity's right to receive payment is established. Other income As recognised as the cRlty.$ right to receive payment is established. 1.4 Expenditure recognition All expenditure is acwunt¢d for on an accrnals b&8is and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised wh¢r¢ there is a legal or constructive obligation to make payments to third parties, it is probable tIHt the settlement will be required and the amount of the obligation can be measured teliably. It is categorised under the foltowing headings:
e18 THE BRrrIsH PIG ASSOCIATION (A company limited by GuaTantee) NOTES TO THE FINANCIAL STATEMENTS Continued FOR THE YEAR ENDED 31 st DECEMBER 2020 . 1.4 Expenditure recognition - Continued - Costs of raising funds - Expenditu on charitable activities - Other exp¢nditwe including itrecoverable VAT, governance and support costs 1.5 Support eosts allocation Support costs are those that &ssist the work of the charity but do noi directly r¢pr¢s¢nt charitable activities and include office costs, governances costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Support payroll costs . are allocated between administr&tive, raising funds and charitable activities on a b&sis consistent with use of the resources. The ana]ysis of these Costs is included in note 8. 1.6 Intangible assets Intangible assets are amortised on a straight-line basis over their use1 lives at the followAng rdtes: ' Computer software and website- 150/0 per annum straight line Computer software and website cost since 01101/2020_ 33.33 % per annum straight line Provision is made for any impainnent. 1.7 TAngible fixed assets Tangible fed assets are stated at cost or valuation. Cost includes costs directly attributable to making the asset capable of operatin8 as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected eful life &s follows: Furniture, fittings and equipment - 250/0 reducing balance method 1.8 Heritage conservation costs Heritage assets comprise frozen semen bank of rare pedigree pigs that is donated by pedigree pig farn]ers and purch&8ed by the charitable company. The company receives Government grant to fund part of th¢ Cost for conseryation. Expenditwe for co$ervation An the cuThent year is Charg &s expenditure on tharitsbl¢ activities. The company also supwrts its [*d]ge farners by providing support grants for conservation.
e19 THE BRrnSH PIG ASSOCIATION . (A company limited by Guarantee) NOJES TO THE FINANCIAL STATEMENrs Continued FOR TTrIE YEAR ENDED 3 1st D CEMBE 2020 1.9 Investments Investments are recognised initially at fair value wbi¢h is nornially the transaction price excluding transaction costs. Subscquently, they arc me&8ured at fair value with changes recognised in 'net gainsl(loss¢s) orj investments, in SOFA if shares are publicly traded OT their fair value can otherwise be measured reliably. 1.10 Impairnient Assets not measured at fair value are review¢d for any indication that the asset may be impaired at ¢ach balanc¢ sheet date. If such indication exisls. the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Wher¢ the ' wrying amount exceeds its recoverable amounL an impairnieni loss is re¢ognised in profit and loss unless the &sset is carried at a re-valu amount wher¢ the impainnent loss is a revalu10n decrease. 1.11 Provlslons Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an ouiflow of economic benefil will be required in s¢ttlem¢nt and the amount can be reliably estimated. 1.12 Leases Assets acquired under finance leases are capitalised and deplated over the shorter of the lease terni and the expected fll1 life of the assel. Lease payments are apportioned between the fanCe charges and the reduction of the ouistanding le liability using the effective interest meth(xl. The related obligations, net of future finance charges. are included in crnlitOTS. Rentals payable under operating leases are chargd to the SOFA on a straight-line basis over the period of the lease. 1.13 Foreign currency Foreign currency transactions are initially recognised by applying to the foreign currency amount at the sry)t exchange rate Ectween the functional currency and the foreign currency at the date of the transaction. Monetary assets and liabilities denominated in a foreign curreDCy at the balance sheet are transEated using the closing rdte. 1.14 Employee benefits When employees have rendered service to the charity, short-term employee ben¢fits to which the employees are entided are recognised at the undtscounted amount to be paid in exchange for ' that service.
¢20 BRrrIsH PIG ASSOCIATION (A compally limited by Guarantee) NOTES TO THE FNAN STATEMENrs FOR AR ENDED MBER 2020 1.14 Employee benefits- Continued The chlty operates workplace mon¢y purchased p¢nsion contribution plan for all ellgible employees. Contributions payable by th¢ Ch1ty are expensed as they become payable. 1.15 Tax The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set oul in Paragraph I Sch¢dul¢ 6 Finance Act 2010 and therefore meets the definition of a charilable company for UK corpordtion tax purposes. 1.16 GovernmeDt and other grants Government and other grants are recognised using the accrual model and the perforniance model. Under the accrual model* grants relating to revenue are recognIs on a systematic basis over the period in which th¢ company recognis¢s the related Costs for which the grant is intendd to compensate. Grants that are rec¢ivable &s compensation for expenses or losses already incurred or for the purpose of giving immediate fjnancial support to the entity with no future r¢lat¢d costs are re¢ognised in income in the period in which it becomes receivable. Under the perfonnance model, wher¢ the grant does not impose specified future perfonnance- r¢lated conditions on the recipient, it is recognised in incorne the grant proce5 are received or receivable. When the grant does impose specified future perforn]ance-related conditions on the recipient. it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to 8&tisfying the revenue recognition ciiteri4 they are recognised as a liability. 1.17 GoRng Concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties have Fttn identified that may cast significant doubt about the ability of the charitable company to continue &s a going concern. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these fuwicial ststements. The budget&J income and exFnditure is sufficient with the level of reserves of the charity to be able to continue &8 a going concern. 1.18 Judgements and key sources of estimation uncertainty No changcs to accounting estimat&s have oCcUed in the reporting period.
THE BRITISH PIG ASSOCIATION (A company lin]ited by Guarantee) NOTES TO THE FINANCIAL ST TEMENT Continued FOR THE 1st DECEMBER 2020 2. Income from dongtions and legaeies UtrACted Restricted Total Prior year 2020 2019 Donations: Donations and gifts Gift aid 532 38J56 532 38,356 454 41,500 Total 38,888 38,888 41,954 3. Ineome from charit#ble activities Membership sub8criptions Fees from breed society Grants for trnde shows and missions Grants for rar¢ breeds conservation Other income for trade shows and supporting activities 35,095 21,567 82,100 15.600 35,095 21.567 82,100 15,61)0 34,421 22,201 138,769 49,838 49,838 168,925 Totsl 2042(K) 204200 364,316 er infornjatio There were no unfulfilled conditions and other contingencies attaching to sponsorships and grants for activities. UDrestricted Restricted Fund income fund Totsl funds 2020 Prior year funds 2019 4. Income from other activities H M Revenue & Customs: Employment allowance Job retention scheme 3,000 8,387 8,387 Total 12J87 12.387 3,000 5. Inconxe from investments Interest income Dividend income 67 18917 71 18,917 596 18,944 Total 18,984 18,988 19,540
e22 THE BRtTISH PIG ASS CIATION (A company limited by Guarantse) TES TO THE FANCIAL STATEMEKrs Continued FOR THE YEAR ENDED 31st DECEMBER 2020 Unrestricted Funds Restricted income funds Total funds 2020 Prior year funds 2019 6. Anaty8is of expenditure on raising funds Staff support costs apportioned: Seeking donations Advertising and marketing Publication of Practical Pig N¢ws Subscriptions and donations Investment management costs 5,600 1,193 18,7(X) 3,705 1.284 5,600 1.193 18,700 3,705 1284 4,800 3,511 18.700 3,659 1,257 Total 30,482 30,482 31,927 7. Anaty$l$ of eIpenditure on eharitable aetivities Stsff support costs apportioned: -operating membership schemes - Management of UK shows and events - Management of ov¢rs¢as exhibitions Total staff costs UK shows and events costs Overseas exhibitions and events costs Herd EH)ok preparations Conservation of traditional bre¢ds Conservation grants Projects consultancy BLUP benchmarking royalties 34,500 1,500 34,500 1,500 27,500 9,500 59.500 536 47,503 59,500 536 47,503 63,500 13,695 189,046 260 18,320 20,660 1260 7,029 525 20,660 1260 7,029 525 700 Total 137,013 137,013 285,521 8. Analysis of Governance and support costs Establishlnent 18.651 Stsff costs apportioned: _ Administrative 34,848 Other operating costs 70,540 Amortisation of intangible fixed assets 4,205 Depreciation of tangible fixed assets 683 18,651 34.848 70,540 4,205 683 17.687 24,418 91.132 3,936 912 Total 128.927 128,927 138,085
THE BRITISH PIG ASSOCIATION (A company limited by Guarantee) NOTES TO THE FNANCIAL STATEMENrs Continu&J FOR THE YEAR ENDED 31st DE EMBER 2020 02 2019 9. Net income before investment gxinsl(10s8¢8) And after charging: Auditors, MUneration. - Audit fees - Other services Operating lease ntalS Amort15ation of owned intangible fixed assets Depreciation of owned tangible fixed assets 4.550 4.437 27.558 4.205 683 4,550 4,660 23.675 3,936 912 10. Gatns and losses on revaluation of Charity's investments: Unrealised gains on revaluation 12,870 34,665 I l. Trustees, remunerntion and expenses The trustees neither rec¢ived nor waived any remuneration duTing the year (2019.. £Nil) There were 7 Irustees that had expenses reimbursed. Totsl expenses reimbursed for attending meetings during th¢ year was £2.473 (2019.. £10,769). 2020 12. Staff eosts and employee benefits Salaries and wages Social security costs Statutory pension costs 89.584 8,411 1,953 82,213 8,769 1,736 Total 99,948 92,718 Staff costs app)rtionm¢nt based on activities during the year: - Seeking donations - Operating membership schemes Management of UK shows and events Manag¢mcnt of overseas exhibitions and events - Governance costs 5,600 34,500 1,500 23.5(10 34,848 4.800 27,500 9,500 26,500 24,418 99,948 92,718
e24 THE BRrrIsH PIG ASSOCIATION (A company limitsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS Continu FOR THE YEAR ENDED 31st DECEMBER 2020 12. Staff costs and employtt benefils - Continutd There were no employe¢s who received total employ¢e benefits of more than £60,000. The average number of persons employed by the charity during the year was 4 (2019: 3). 13. Intangible fixed as$¢ts', Computer software Total At 01.01.2020 Disposals Additions At 31,12.2020 82,557 (17,570) 82,557 (17.570) Amortisation At 01.01.2020 Disposals Charge for the year At 31.12.2020 78.329 (17,570) 78,329 (17,570) 964 Net Book Value At 31.12.2020 8,563 8,563 At31,12.2019 4228 4,228 14. Tangible fixed assets EquipmenL Fixture Total AtOI.01.2020 At31.12.2020 7.008 iation At 01.01.2020 Charge for the year At 31.12.2020 4.272 683 4.272 683 Net Book Value At 31.12.2020 2.053 2.,053 At 31.12.2019 2,736 2,736
THE BRrrtSH PIG ASSOCIATtON (A company limited by Guarantee) NOTES TO THE FTNANCIAL STATEMEKrs Continued FOR THE YEAR ENDED 3 1st DECEMBER 2020 2020 019 15. Flxed 2s8et investment Llsted Investments: UX. Carrying fair value at beginning of year d: Net gain on revaluation Carying fair value at end of y¢ar 456.483 421,818 469,353 456,483 The fair value of list investments is detell]ned by reference to the quoted price for the shares on the London Stock Exchange. Historic cost of listed investsnents on 31st December 2020 was £397,856 (2019: £397,856). 020 2019 16. Debtors Amounts falling due within one year: Trade debtors Prepayments and other debtors Yax recoverable 37,583 21,103 7,671 75,725 9,061 8.300 66,357 93,086 17. Creditors Amounts falling due WAthin one year: Trade creditors Accruals Taxation and social UrIty 50.001 12,369 10,651 40,099 11.118 6.674 73.021 57,891 18. Charity funds Restricted income funds availvdble for specific projeets: Geoffrey Cloke Memorial Fund LArge White Breeders, Memorial Fund Irish Members, Con]mittee Fund 3,168 1207 313 3,164 1207 313 At end of the year 4,688 4,684 The committee that has control of the fund governs the aim atKI e of eath restrict fund.
e26 THE BRITISH PIG ASSOCIATtON (A company limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS Continued FOR THE YEAR ENDED 31 st DECEMBER 2020 2020 019 19. Charity fundy Unrestricted income funds: At beginning of the year Net incomel(defJcit) for the year 595,095 (9,093) 587,160 7,935 At end of the year 586,002 595.095 Total of restricted and unrestricted funds at year end 590,690 599,779 ADAlysis of net assets betweeD funds stricted funds.. Fixed assets Cash Other Cuent assets less Current liabilities Desi ated Cash Other current assets IS current liabilities 479,969 114,351 (8.318) 463,447 98,107 33,541 3,034 1.654 3.030 1,654 Total of Vdll funds at year end 590,690 599,779 20. Future financial eommitm¢nt8 ratin leases: At 31 sl December 2020 the company had annual commitments under operating leases &8 set out below: 2020 2019 Land & IAnd & buildin lea he Other (a) within one year (b) in the second to fifth years (c) over 5 years 3,724 6,426 4.141 5,006 11,539 11,539 Total future financial commitments under operating le&8es, which are not included in the balance she¢t, atnount to £62.138 (2019.. £61,479).
e27 THE BRITISH PIG ASSOCIATION (A company limited by Guarantee) NOTES O THE FINANC STAT Continu R THE YEAR ENDED 31 st DECEMBER 2020 21. Related party Iransactions with trnSt8 and members Tees. remuneration and meetin ex The tnte¢S are entitled to claim expenses incurred wholly and exclusively in attending meetings organised by the charity. No remuneralion was paid to trnstees in the year. 020 2019 Travel, subsistence and accommodation 2,473 10,769 Related transactions with tnle¢S The charitable company enfrred into transactions with three trustees in the nonnal course of business activities during 2019 (previous year). There were no transactions durin8 2020.. Grants received from the Department of Trade and Industy on behalf of the trustees amounted lo nil (2019: £19,500). These were repaid to them as part of trade shows finance. The entity received from these trustees nil (2019: £13,740) for services and costs invoiced to them in respect of these trade shows. Services are provided to all trustc¢s. members and non-members on same commercial tern]s resulting in no financial or prÈvileged tern]s. Related transactioLs- Other Th¢ chief executive, who is not a trustee, acts as a director of a connected company, Export Certification Limited to represent the interests of the charity's members. The chief executive has no financial interest in this Company and does not personally receive any remuneration or benefits from this source. For the year ended 31 December 2020. the charity received income of £29,610 (2019: £32,500) for services to the related company. Amount due from Export Certification Limited at 31 December 2020 included in note 16 under trade debtors, was nil (2019: £23,392). 22. Non-adju$ting ents after the eDd of tbe period Coiiid-19 corona virus pandemic that has spread throughout the world during the year 2020 and since the charitable company's year-end has resulted in material uncertainties concerning the entity's planned events, exhibitions and trade shows scheduled for the year 2021. A small number of the trade shows scheduled for the year 2020 have been replaced by Virtu presentations or deferral to the year 2021 2022.
e28 THE BRrtlSH PIG ASSOCIATION (A company limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS Continued FOR THE YEAR ENDED 31 sl DECEMBER 2020 22. Non-adju8ting events after the end of the period - Continued The trustees hav¢ widertaken covid-19 corona virus risk assessment and have implemented measures to overcome short-t¢rni prObl¢n that may arise du¢ to the continued presence of this pandemic. Review of our fixed asset investments since the end of the Our investmenl manager has valued our fixed asset investments more recently on 30 June 2021 at £488,333.