THE BRITISH PIG ASSOCIATION (A company lirniied by Guarantee) REPORT AND FfNANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2021 Charity No: 248119 Company No: 00022088 (England and Wales) Agutter . Khanderia Chartered Accountants and Registered Auditors 27 Imperial Drive, Ha￿oW HA2 7DG THE BR￿[SH PIG ASSOCIATION (A company limited by Guarantee) REPORT AND FtNANCIAL STATEMENTS FOR THE YEAR ENDED 3 1st DECEMBER 2021 CONTENTS Charity Reference and Administrative Detsils Trustees. Annual Re￿rt (including Directors, Rep)rt) Independent Auditor's Report 10- 12 Statement of Financial Activities (including Income and Expenditure Account) 13 Balance Sheet 14- 15 Notes to the financial stalements 16-27 THE BRITISH PIG ASSOCIATION (A company limited by Guarantee) CHARtTY REFERENCE ADMtNISTRATIVE DETAILS FOR THE YEAR ENDED 3 1st DECEMBER 2021 Charity name: The British Pig Association Charity registration number-. 248119 Company registrntion number". 00022088 (England and Wales) Registered office and Operational addr¢55= Trumpington Mews 40B High Street Trumpinyon Cambridge CB2 9LS Rankers.. National Westrninster 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 Auditors: Agutter . Khanderia Chartered Accountants 27 Imperial L)rive Harrow HA2 7DG THE BRITISH PIG ASSOCIATION (A comFrany limited by Guarantee) CHARITY REFERENCE ADMtNISTRATIVE DETAILS Continued FOR THE YEAR ENDED 31st DECEMBER 2021 Trustees and management Committee: President= The Most Hon. The Marquess of Salisbury KG KCVO PC DL Acting Chairperson: C. Impey Vice Chairpersons: B. Kelly Mrs. M Naylor Honorary Vi¢e-Presidents: P. Brier B. Knight J. Millard Mrs. V. Mills Chief executive otTicer and s￿retary. M. Bates Directors and Trustees.. Mrs. T. Bretherton Mrs. C. Coe Dr. M. Giles C. [M￿Y B. Kelly S. Lovel¢ss- resigned 3010312021 MTS. S. Lugg Ms. J. Mathews- resigned 3010312021 Mrs. M Naylor N. Overend THE FIRITISFI PIG ASSOCIATION (A company limited by Guaraniee) TRUSTEES, ANNUAL REPORT tNCLuf)ING DIRECTORS, REPOR FOR THE YEAR ENDED 31si DECEMBER 2021 The trustees, who are a150 directors of the charity for the purposes of the Companies Act, presenl their annual report iogeiher with th¢ audited financial slatements for the year ended 31 st tkcember 2021. The trustees have adopied the provisions of the Statement of Recommended Practice (SORP) "Accounting and Rewrting by Charities" the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) in preparing the annual rcport and financial ststements of the charity- The financial ststements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charitie5= Statement of Recommended Practice applicable to charilies preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and R¢publi¢ of Ireland Nblished in October 2019. Trnstees of the charity The directors of the charilable company are its trusiees for the Pur￿15¢$ of charity law. List of truslees who served during the year and since the year*nd are lisied on page 2 of the financial statements. Pybli¢ beDefit statement The charity is a public benefit entity. Our Aims, objectives and activities ses and Aims Our charity's purposes as set out in the objects clauses Contained in the company's memordndum of association are to: Procure advancement of breed society functions in pedigree pig breeding. conservation and re¢ording of all major breed and in particular, native breeds. The aims of our charity are to provide comprehensive services to pedigree pig farn)ers in maintenance of their individual pigs and herds- educate mernbers aExiut the risks of disease ihrough organising trdining workshops. shows and exhibitions both in the U. K. and overse&s' d¢v¢lopment of the pedigree pig industry iKJth in the United Kingdom and overseas by exchanges between countries. Our aims fully reflect the purposes that the charily w&$ set up. Ensurin our work delivers our aims We review our aims, objectives and activilies each year. Regular meetings are arranged by dedicated committees to review training. organisation of shows and events, regional and specific matters, and conservation of rnre breeds, inspection of animal herds. welfare and special projects. The executive Commit￿ meets at least once a year to review the work of the individual committees. THE BRITISH PIG ASSOCIATION (A Comrony limited by Guarantee) TRUSTEES. ANNUAL REPORT tNCLUDING DIRECTORS, REPOR Continued FOR THE YEAR ENDED 31st DECEMBER 2021 The reviews look at the success of each core activity and the benefits they have delivered to those groups of people we are set to help. The reviews 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 generdl guidance on public benefit when reviewing our aim and objectives and in planning our fulure activities. In particular, the trustees consider how planned activities will contribute to the aim5 and obje¢tiv¢s they have set. The focu5 of our work Our main objectives for the year continued to be that of the advancement of pedigree breeding. conservation and recording. The strategies we used to meel these objectives included.. Electronic and manual registrdtion5 of br¢¢d society functions in ￿dIgree pig recordings" Active support for members by lelephone, correspondence, Internet and educalional workshops. Conservation of rare pedigree pigs semen stocks as part of our h¢ritsge' and Organising events, shows and exhibitions both in the United Kingdom and worldwide to promote breeding and con5¢rvation of pedigree pigs. How our activities deliver public benefit Our main activities and whom we iry to help are described below. All our charitable activities focus on delivering advancement and conservation within the pig industry that helps in delivering b?ubli¢ benefit to a wider community. Who used and benefited from our services Our object5 and our Coverage helped us to provide services to the pedigree pig farniers throughout the United Kingdom. Advanced methods deployed in animal husbandry help the ultimate consumers in obtaining safe Sou￿¢ of fo(Kl and promote the pedigree faming to regions outside the UK. Our activities of organising shows and mission5 EK)th in the United Kingdom and overseas countries deliver services to impmve methods of pedigree breeding, control and help to eradicate disease and improve the quality of food sutply Chain that deliver a much wider public benefit. Advice and information Members and oth¢r users may obtain advice and infomiaiion by Internet. We have developed our website to me¢1 the assurance and accreditation stsndards. We have a dedicated website .brilisli We provide dedicaled supwrt to members by telephone. electronic mail and by correspondence. THE BRtTISH PIG ASSOCIATION (A company limited by Guardntee) TRUSTEES, ANNUAL REPORT tNCLUDtNG DIRECTORS. REPOR Continued FOR THE YEAR ENI)ED 3 1st DECEMBER 2021 Financial Revielv The Statement of Financial Activities and balance sheei for the year are set out on pages 13 and 14 of ihe financial thtements. A summary of the financial results and the work of the charity are set Qui b¢low. The trustees consider that the perfomlance of the charity this year has been severely affected by the continued p￿Sence of ¢ovid-19 pandemic throughout the world and ge0-￿IlliCa1 issues in some parts of the world where we operate. This has resulted in cancellation of most of our shows and exhibitions since March 2020. We still 0￿rat¢ in extremely challenging and uncertain financial and 0￿ratIonal environment caused by the unpredictable global economy, incre&sed ￿gUlatIon following United Kingdom's cancellation of ils rnembership of the European Union at the beginning of year 2021. The ststemenl of financial activities shows net deficit for the year of £13.136 (2020.. tkficit of £21,959). Gains arising from revaluation of our Quoted Stock Market Investments for the year were £30.296 (2020.. Gains of £12,870). Our r¢serv¢s after revaluation of assets and investment gains stand at £607.850 (2020.. £590.690). The trustees have reviewed fund-raising strdtegies and return on fund-rdising costs. We have managed to control costs to achieve stsble delivery of services in an extremely difficult year. Fund- raising costs were financed by s￿nsorshIps. grants and contributions from members participating in the activities. Global stock markets have recovered since un¢¢rtainlies caused by covid-19 pandemic restriciions. Our investments have continued io ￿rfOrni well in the year 2021. Current investments consist of SUTL Cazenove Charity Class S Multi-Asset Fund income units. Further addition was made during 2021 to this holding at a cost of £97,798. Cost of our holding at the year-end was £495,654. The trustees expect a yield of around 4.00/0 on our investments. We achieved 3.V/o on the market value of our investments. The activities of the charity hav¢ ￿mained the same as in previous year. THE FIRtTISH PIG ASSOCIATION (A company limited by Guarnntee) TRUSTEES. ANNUAL REPORT rNCLUDtNG DIRECTORS. REPOR Continued FOR THE YEAR ENDED 31si DECEMBER 2021 Princi al Fund-raisin Sources Our charily ￿ctiVeS principal funding from rnembership subscriplions. donaiions and pedigree recording services logeiher with S￿nSorShIps, grnnts and voluntary donation5. The Council has authorised to continu¢ to promolc and expand the pedigree pig industry l)oth in the United Kingdom and overseas. Overseas schemes were mainly funded by grants and sponsorships. Events organised in the United Kingdom for the year 2020 and 2021 were either cancelled or postponed due io corona vinjs pandemic restrictions since March 2020. All events and shows a normally financed from our own funds and from sutvort of our sponsors. Investment lic and returns The executive committee has considered the mosl appropriate policy for investing funds and has found ihat specialised unit trusts. designed for the charity sector to control financial 8nd other risks. meet their requirements to generate l)oih income and capital growth. Our portfolio of investments should deliver stability and income return of atvoxirnately 4.IJP/o. ReserYe5 and funds available The Charity funds ils various aclivities partly from membership subscriptions and fee& investment income and other fund-raising activities including grants and 5tx)nsorships. The current levels of services we tyovide are nomially expected ￿ result in a deFi¢il of income over eX￿ndItUre in the short tem), which is financed by reserves of the Charity. The trustees have reviewed the level of reserves required io effectively continue the breed society functions in pedigree pig recordings and conservation and provide other related services to its members. Our free reseryes as described below were £564,267. Total reserves 607.850 Less: Restricted income funds (4.692) Non-liquid assets Funds available £564 267 The review concluded that to allow the charity to b¢ managed efficiently and to provide unintemipted services. the current l¢v¢l of reserves should be maintained. The present level of funding is adequate to supwrt the continuation of the charity's functions for the short to medium tenn. and the trustees consider the financial wjsition of the charity to be satisfa¢iory. THE BRITISH PIG ASSOCIATION (A company limited by Guarantre) TRUSTEES, ANNUAL REIY)RT INCLUDtNG DIRECTORS, REPOR Continued FOR THE YEAR ENDED 31￿ DECEMBER 2021 We also hold as part of our unrestricted reserv¢5. designated income funds of £313 for the Irish Members, Committee. and £1.207 for Large White Breeders. Committee. which is available to facilitate continuation of White breed conservation activities. The charity has one designated and restricted income fund. which is represented by investment in a savings account- 'Geoffrey Cloke Memorial Fund. to honour Mr. G. E. Cloke, was set up during 2004 from donations to serv¢ the interests of the Association and its members. This fund currenily holds a balance of £3,172 {2020: £3.168). Plydn$ for future periods The irustee5 expect to continue its breed society functions in pedigree pig r￿Ording5 and onservation. organise events. shows and exhibitions tK>th in the United Kingdom and worldwide to promote anirnal welfare and the recording and conservaiion of ￿lgree pigs. The chief execulive monitors tfO8ress to ensure that the charity delivers the services specified and that key perfomiance targets are met to inelude individual supervision of the staff team. Stru¢tsrfy Governance and Management Governin document The charity is a chariiable company limited by guarantee. It Is governed by its Memordndum and Articles of A550ciation. Structure and mana ement The charity is organised so that the trustees meet regularly to manage its affairs. All directors of ihe company are also trustees of the Charity. and there are no other trustees. All of the trustees named on page 2 served partly or throughout the year. The Board has the power to apwinl additional truslees. as it considers fit to do so. All trustees serve for a three-year period and may be re*l￿ted. Trustee Induction and Trainin Most trustees are already familiar with our charity's work through their activities as pedigree pig famiers. Our charity regularly organises trdinin8 workshops. inward mission to the United Kingdom from overseas pedigree pig famers and outward missions to learn and exchange expertise with overseas pedigree pig farmers. THE 141UTISH PIG ASSOCIATION (A compny limited by Guarantee} TRUSTEES, ANNUAL REPORT tNCLUDING DIRECTORS, REPOR Continued FOR THE YEAR ENDED 31st DECEMBER 2021 Risk Mana ement The executive committee has conducted its own ￿VIeW 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 ihe developmenl of regular appraisals of plans, which would allow for the diver5ification of re50urce5. Internal risks are minimised by the implementstion of procedures for authori5ation of transactions and projects. All projects and procedures are regularly reviewed for compliance with our objectives. The t￿Ste¢S have recently undertaken additional covid-19 pandernic risk a55essmenl and have implemented measures to overcome short-terni problems thai may arise due to the continued presence of corona virus pandemic. anisational Structure There is one full time chief executive who manages the day-today administration of the charity, and organises fundraising initiatives. The remaining stsff members are deployed to assisi with fundraising and administration. The irusiees volunteer their services lo the company. Our ¢harity ha5 sevcrdl committees that meet regularly to review the achievernent of our aims. There are Sc￿rate committees that manage shows and events. pedigree pork schemes. regional issues, conservation, herd inspections. and breed enhancement and protection projects. The Council of trustees and the executive Commitlee rneet at least once a year ￿ review progress and assess achievement of our aims. Trnstees, responsibilities Company and Charily law requires the trustees to prepare financial statements for each financial year. which give a true and fair view of the financial aeiivities of the charity and of ils financial position at ihe end of that year. In preparing those financial 5tal¢ments. the trustees have: (a) selected suitable accounting policies and then applied them consistently. (b) made judgements and estimates that are reasonable and prudent. (¢) stated whether applicable accounting standards have been lollowed. subject to any material departure disclosed and explained in ihe financial ststements- and (d) prepared the financial staiements on the going concern basis. Statement of trustees, rcs nsibilities The trustees (who are a150 the directors of the company) are reswnsible for preparing a trustees. annual report, keeping prO￿r accounting records which disclose with reasonable accuracy at any time, the financial position of the charity and enabl¢ thern to ensure that the financial statements THE BRITISH PIG ASSOCIATION (A company limit￿ by Guarantee) TRUSTEES, ANNUAL REPORT INCLUDING DIRECTORS. REPOR Continued FOR THE YEAR ENDED 3 1st DECEMBER 2021 comply with the Companies Act 2006 and Statement of Recommended Practice applicable to charities preparing their accounts in accordan¢¢ with the Financial Reporting Standard applicable in the UK and Republlc of Ireland (FRS 102). They are also responsible for safeguarding the assets of the company and hence for taking re&sonable steps for the prevention and detection of fraud and oiber irregularities. Auditors We, the directors of the Company who held office at the date of approval of these Financial Statements as Set out above each COnfm￿ so far as we are aware. that: '.there is no audit inforniation of which the company's auditors are unaware, and we have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any relevant audit infonnalion and to establish that the company's auditors are aware of that infomiation. Approv941 The board of directors and trustees approved this report on the 26th September 2022 and signed on ils behalf. On behalf of the board c. tmpey Chair Person and Trnstee 26th September 2022 THE BRrrisH PIG ASOCtATION (A company limited by Guarantee) REPORT OF THE tNDEPENDENT AUDITORS Independent Auditor's Report to the members of The British Pig Association Opinion We have audited the financial statrments of The British Pig AS￿latIOn for the year ended 31 st December 2021. which comprise the Statement of Financial Activities, the Balance Sheet and notes lo the financial stalernents, including a summary of significant a¢counting policies. The financial reporting framewot* that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial ReN)rting Standard 102: The Financial Rewrting Stsndard appli¢able in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Prdctice). In our opinion the financial statements: give a true and fair view of the state of the charitable company""s affairs as at 31st tkcember 2021 and of ils incoming resources and application of resources. including its income and expenditure. for the year then ended. have been properly prewdred in a¢¢ordance with United Kingdom Generally Accepted Accounting Practice- and have b¢¢n prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Stsndards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under ihose slandards are further described in the Auditor's responsibilities for the audit of the financial 5tatem¢nts section of our rep)rt. We are inde￿ndent of the charitable company in accordance with the eihical requirements that are relevant to our audit of the financial slatements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Conelusions relating to going concern In auditing the financial slatements. we have con¢liJded that the tTUStees' use of going concem basis of accounting in the preparation of the financial staternents is appropriate. Based on the work we have perforncd. w¢ have not identified any material uncertainties relating to the evcnls or wndilions thaL individually or colleciively. may cast significant doubt on the charitable company's ability to continue as a going concern for a tKriod of at least twelve months from when the financial statements are authorised for issue. Our resFKinsibilities and the restx)nsibilities of the Iru5t¢¢5 with respect to going concern are d¢scribed in the relevant sections of this rew)rt. 10 THE BRITISH PIG ASOCIATION (A CoM￿Y limited by Guarantee) REPORT OF THE tNDEPENDENT AUDITORS Continued Other inforniation The other information comprises the infomialion included in the trustees, annual report. oiher than the financial slatements and our auditor's report thereon. The trustees are responsible for the other information contained within ihe annual rewrt. Our opinion on the financial statements does not cover ihe other infomiation and, except to the extent otherwi5¢ explicitly slated in the report, we do not express any form of assurance conclusion ihereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the other infonnation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to materially misstated. If we identify such material inconsistencies or apparenl material misstatements, we are required to deterniine whether ihis gives rise to a material misstatement in the financial statements themselves. If based on the work we have perforni¢d. we conclude that there is material misstatement of this other inforniation, we are required to retK)rt that fact. We have nothing to report in this regard. Opiniolls on other matters prescribed by the Companios Act 21M16 In our opinion, based on the work undertaken in the course of the audit: the infonnation given in the trustees. rew)rt for the financial year for which the financial statements are prepared is consisten¢ with the financial ststements. and the tru5tees' reFK)rt has been prepared in accordance with applicable legal requirements. Matters on wbich we are required to report by exception In ihe light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material rni55ta*ments in the directors. re￿)rt. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept or returns adequate for our audii have not been received from branches not visited by us- the financial slatements are not in agreement with the accounting records and retums" certain disclosures of directors. remunerdtion specified by law are not made. or we have not obtained all the infomiaiion and explanations necessary for the pUr￿SeS of our audit. ## TE BRTISH PIG ASOCIATION (A company limited by Guarantee) ## RPORT OF T INDEPENDE AUDITORS (Continue) ## **Responsibilities of trustees** As explained more fully in the trustees' responsibilities statement set out on page 8, the trustees who are also directors of the charitable company for the purposes of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial or. statements that are free from material misstatement, whether due to fraud or e In preparing the financial statements, the trustees are responsible for a essing the charitable company's ability to continue as a going concern, disclosing, as a licable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditor's responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable a urance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable a urance is a high level of a urance, but is not a guarantee that an audit conducted in accordance \vith ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individua y 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 for the audit of the financial statements is located on the Financial Reporting Council's website at ,vw,vfc.org.ukauditorsresonsibilites. This description forms 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 charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or a ume responsibility to anyone other than the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. ��a ACA (Senior Statutory Auditor) (For and on behalf of Agutter Khanderia), Statutory Auditor Chartered Accountants 27 Imperial Drive Harrow HA2 7DG UK 26th September 2022 12 THE BRrrisH PIG ASSOCIATION (A comtFany limited by Guarantee) STATEMENT OF FtNANCIAL ACTIVITIES tNCLUDtNG tNCOME AND EXPENDITURE ACCOUN FOR THE YEAR ENDED 31st DECEMBER 2021 Unrestricted Funds Restricted Total funds Totsl funds income funds 2021 2020 Note Ineoming resources Income and endowments from: Donations and legacies Charitable activities Other income Investments (2) (3) (4) (5) 41.132 187.109 11,535 I9.￿8 41.132 187,109 11.535 19.012 38,888 204,200 12,387 18,988 Total income and endowments 258,784 258.788 274,463 Resourc08 expended Expenditure on- Raisin8 funds Charithble activities Govemance and support {6) {7) (8) 31.067 11.088 129,769 31.067 11,088 129.769 30.482 137,013 128.927 Total expenditure 271.924 271,924 296.422 Net income/ investment ex ains nditure before (9) (13,140) {13,136) (21.959) Other recognised gain￿(lo$s¢s). Gains/{losses) on revaluation of charity's investmenis (10) 30.296 30.296 12,870 Net movement in funds 17,156 17.160 {9.089) Re¢on¢iliation of funds: Total funds at I si January 2021 586.002 4.688 590.690 599.779 Total funds al 31 st December 2021 603.158 4,692 607,850 590.690 All income and expenditure derive from continuing activities. The notes on pages16 to 27 forni part of these financial statements. 13 THE BRITISH PIG ASSOCIATION (A company limited by Guardntee) BALANCE SHEET AS AT 3 1st DECEMBER 2021 Unrestricted Funds Restricted income funds Total funds 2021 Prior year funds 2020 Note Fixed assets Intangible assets Tangible assets Investments (13) (14) (15) 7.557 1,540 597.447 7.557 .540 597.447 8.563 2,053 469,353 Total fixed assets 606.544 606.544 479.969 Current 45sets Debtors Cash at bank and in hand (16) 30.785 33272 30.785 37.964 66.357 117,385 4.692 Total eurrent assets 64,057 4.692 68.749 183.742 Creditors: Amounts falling due within one year (17) 67.443 67.443 73.021 Net Current assetsl(liabilities) (3.386) 4,692 1.306 110,721 Total assets 603.158 4.692 607.850 590,690 Ch•rity Funds Restricted income funds Unrestricted funds (18) (19) 4,692 4,692 603.158 4,688 586,IX)2 603.158 Total charity funds 603.158 4,692 607,850 590.690 14 THF, BIIITISH PIti ASSOCIATION (.4 coinpany limited by Cvuarantee) FIAI.ANCF. SHEET AS AT 31sl DECEMf4F.R ?021 'l)C Iruslvi'8 hal'c preparcd the NOTES TO THE FNANCIAL STATEMENTS Continued FOR THE YEAR ENDED 31s1 DECEMBER 2021 1.3 Ineome recognition All incoming resources are included in the Sthtement of Financial Activities (SOFA) when the charity is legally entitled to the income after the performance conditions have been met, the amount can be measured reliably and it is probable that the incorne will be received. For donations to be recognised the charity will have been nolified of the amounts and the settlement date in writing. Donated facilities are recognised in income at their fair value when their economic benefit is probable, it can be measured and ihe Charity has control over them. Fair value is deterniined on the basis of the value of the gift to ihe charity. No amount is included in the financial slatements for volunteer tim¢ in line with the SORP. FRS102 and Companies Aci 2006. Fixed asset gifts in kind are recognised when receivable and are included at their fair value. They are not deferred over ihe life of the asseL For legacies. entitlement is the earlier of the charity being notified of an impending distribulion or the legacy being received. At this p)int income is recogni5¢d. Income from membership activities and s¢rvi¢¢s and fundraising events to raise funds for the charity, is reco8nised when goods or Services are wovided. The charity receives government grnnts for organi5ing trade shows for promotion of pedigree pig famiing and livestock genetics work. Income from government and other grants are ognised at their fair value when the charity ¢ntiilement after any perfomlance conditions have been mel. il is probable ihai the income will be received and the income can be measured reliably. If entitlement is not met then these amounts are deferred. Investment income is earned through holding assets for investrnent purposes such as shares. It includes dividends and interest. Investment management costs incurred are recognised as governance costs. Dividend and interest income is recognised as the charity's right to receive payment is established. Other income is recognised as the charity's right lo receive payment is established. .4 Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. ExrKnditure is recognised where there is a legal or constructive obligation to make payments io third parties, it is probable that the settlement will be required and the amount of the obligalion can be measured reliably. It 15 categorised under the following headin85= 17 THE IIRITISH PIG ASSOCIATION (A company limiled by Guarantee) NOTES TO THE FtNANCIAL STATEMENTS Continued FOR THE YEAR ENt)Ef) 31st DECEMBER 2021 1.4 Expenditure recognition - Continued Costs of raising funds Extknditure on Charithble activities - Other expenditur¢ including irrecoverdble VAT. governance and suptKYrt costs 1.5 Support costs allocation Sutport costs are those that assisi the work of ihe charity but do not directly represent charitable activities and include office costs, governances costs, adrninistrativ¢ payroll costs. They a incurred directly in support of expenditure on the objects of the charity. Support payroll costs are allocated between administrdtive. rnising funds and charitable aclivities on a basis consistent with use of the resource5. The analysis of these costs is included in note 8. 1.6 Intangible assets Intangible assets are amortised on a strai8ht-line basis over their useful lives at the following rates: Computer software and website- 150/0 per annurn Siraight line Computer software and website cost since 0110112020- 33.33 % per annum straight line Provision is made for any impairnienl. 1.7 TaDgible fixed assets Tangible fixed assets are stated at cost or valuaiion. Cost in¢lude5 costs directly attributable to making the asset capable of opernting as intended. Depreciation is provided on all tangible fixed assets. at rates calculated lo write off the cosl, less estimated residual value. of each asset over its eX￿ted useful life as follows: Furniture, fittings and equipment- 25 /9 reducing balance method 1.8 Heritage conservation costs Heritage expenditure comprise frozen semen bank of rare [tdtg￿¢ pigs that is donated by [￿dIgree pig farniers and purchased by the ¢h3ritable wmpany. Expenditure includes storage costs of the semen bank. Th¢ Company receives grant to fund part of the cost for conservation. Expenditure for conservation in the current year is charged as extKndilure on charitable activities. The company also supwrts its pedigree farniers by providing supwrt grants for conservation. 18 THE BRITISH PIG ASSOCIATION (A company limited by Guarantee) NOTES TO THE FtNANCIAL STATEMENTS Conlinued FOR THE YEAR ENDEF) 31st DECEMBER 2021 1.9 Investments Investments are recognised initially at fair value which is normally the tI￿sactIon price excluding transaction costs. Subsequently. they are measured at fair value with changes recognised in 'net gains/(losses) on investments. in SOFA if share5 are publicly traded or their fair value can othernvise be measured reliably. 1.10 Impairnient Assets not measured at fair value are reviewed for any indication that the assel may be impaired at each balance sheet date. If such indication exists. the recoverdble amount of the asset, or the asset's cash generating uni¢ is esiimaied and cornpared to the carrying amount. whe￿ the a￿Ing amount exceeds its recoverable amounL an impairnient loss is recognised in profit and loss unless the asset is ca￿led at a ￿-ValU￿ amounl where the imtmimient loss is a revaluation decrease. 1.1 I Provisions Provisions are recognised when the charity h&s an obligation at the balance sheet date as a result of a past event, it is probable ihat an oufflow of economic benefit will be required in settlement and the amount can be reliably estimated. 1.12 Leases Assets acquired under finance leases are capitslised and depreciated over the shorter of the lease terni and the expected useful life of the a55et. Lea5¢ payments are arn)ortioned between the finance charges and ihe reduciion of the outstsnding lease liability using the effective interest method. The relaied obligations. net of future finance charges, are included in creditors. lientals Wdyable under otrrating leases are charged to the SOFA on a strnight-line basis over the period of the lease. 1.13 Foreign eurreD¢y Fo￿l8n currency transactions are initially recognised by applying to the foreign currency amount at the spot exchange rate between the functional currency and the fo￿ ign currency at the date of the transaction. Monetary assets and liabilities denominated in a foreign currcncy at the balance sheet are translated using the closing rdte. 1.14 Employee benefits When employees have rendered service to the Charily. short-tenn employee benefits to which the employees are entitled are recogni5ed al the undiscounted amount io be paid in exchange for that service. 19 THE BRITISH PIG ASSOCIATION (A company limited by Guarantee) NOTES TO THE FtNANCIAL STA TEMENTS Continued FOR THE YEAR ENDE[) 315t DECEMBER 2021 1.14 Employee benefits- Continued The charily operydtes workplace money purchased pension contribuiion plan for all eligible employees. Contribution5 payabl¢ by the charity are eXFKnsed as they become payable. 1.15 Tax The charity is an exempt charity wiihin the meaning of schedule 3 of the Charities Act 2011 and is considered io pass the tests set out in Paragraph I Schedule 6 Finance Act 2010 and therefore meets the definition of a charitable company for UK corporation tax purpose5. 1.16 Government and other grnnts Government and other grants are recogni5ed using the ￿rfONnance model. Under the perfomiance model, where the grant does not imFK)se Specified future performance- related conditions on the recipient. il is recognised in income when the grant proceeds are received or receivable. When the grani does ]rn￿Se specified future perfomiance-related conditions on the recipient. it is recognised in income only when ihe perfomlance-related conditions have been met. Where grants received a￿ prior to satisfying the revenue recognition criteria. they are recognised as a liability. 1.17 Going eoncern The financial statements have been prepared on a going concern b&sis as the trustees believe that no malerial uncertainties have been identified that may cast significant doubt about the ability of the charitable company to continue as a going ¢on¢ern. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves of ihe charity to be able to continue as a going concern. 1.18 Judgements and key sourcos of estimation uneertAinty No changes to accounting estimates have occurred in the rewrting period. 20 THE BRITISH PIG ASSOCIATION (A company limited by Guarani¢¢) NOTES TO THE FtNANCIAL STA TEMENTS Continued FOR THE YEAR ENDED 31st DECEMBER 2021 2. Ineome from donations and legaties Unrestricted Funds ReStric￿d income funds Total funds 2021 Prior year funds 2020 Donations". Donations and gifts Gift aid 601 40.531 532 38.356 40.531 Total 41.132 41.132 38.888 3. Income frorn ¢h8ritable activities Membership subscriptions 32.099 Fees from breed society 20.342 Grnnts for trade shows and genetics work 49,850 Granls for rare breed5 conservation 14.400 Other income from trade shows and supporting activities 32.099 20.342 49,850 14.400 35,095 21.567 82.100 15.600 70.418 70,418 49,838 Total 187.109 187.109 204.200 Other infomiation= There were no unfulfilled condilions and other contingencies attaching to swTrnsoTships and grants for activitie5. Unrestricted Funds Restricted income funds Total filnds 2021 Prior year funds 2020 4. Income from other activities H M Revenue & Customs: Employment allowance Job retention scheme 4.0(K) 7.535 4,000 7.535 4,000 8,387 Total 11.535 11,535 12.387 5. Income from investments Interest income Dividend income 22 18.986 26 18,986 71 18.917 Total 19,008 19.012 18.988 21 THE BRITISH PIG ASSOCIATION (A comrAny limii¢d by Guardn*e) NOTES TO THE FtNANCIAL STA TEMENTS Continued FOR THE YEAR ENDE[) 31st DECEMBER 2021 Unrestricted Funds Restricted income funds Total funds 2021 Prior year funds 2020 6. Anatysis of expenditsre on rnising funds Staff support costs apportioned: Seeking donations Advertising and marketing Publication of Practical Pig News Subscripiions and donations Investrnent managemenl costs 6.400 1.258 18,700 3.274 1,435 6.4(K) ,258 18.700 3.274 1.435 5.600 1.193 18.700 3,705 1,284 Total 31,067 31,067 30.482 7. Anatysis of expenditure on charitable activities Staff support costs apportioned.. -operating membership schemes - Management of UK shows and events Management of oversras exhibilions Tolal staff Costs UK shows and events costs Overseas exhibitions and events costs Travel costs to promote overseas events Conservation of traditional breeds Conservation grnnts Projects consultancy RLUP benchmarking royalties 24.523 1,500 24.523 1.500 34.500 ,500 47.773 1,861 37.406 2.684 17.655 1.250 2,109 350 47.773 1.861 37,406 2,684 17,655 ,250 2,109 350 59.500 536 47,503 20.660 1.260 7.029 525 Totsl 111,088 111,088 137.013 8. Anatysis of Governance and 5UPPOrt costs Estsblishment 18.379 Sthff costs apwrtioned=_ Administrative 38.121 Other operaiing costs 67.150 Amortisation of inlangible fixed assets 5,606 D¢pre¢iation of tsngible fixed assets 513 18.379 38.121 67.150 5.606 513 18,651 34.848 70,540 4.205 683 Total 129.769 129.769 128,927 22 THE FIRITISH PIG ASSOCIATION {A comrmny limited by Guarantee) TES TO THE FINANCIAL STATEMENTS Coniinued FOR THE YEAR ENDED 31si DECEMBER 2021 2021 2020 9. Net income before investment gainsl{1055es) and after charging: Auditors, remuneration: Audit fees Other services Operating lease rentals Amortisation of owned intangible fixed assets Depreciation of owned tsngible fixed assets 4.950 5,258 25,821 5,606 513 4,550 4.437 27.558 4.205 683 10. Gains and losses on revaluation of chvdrity's investments: Unrealised gains on revaluation 30.296 12.870 I l. Trn$tea' remuneration and expenses The trustees neither received nor waived any r¢muneration during the year (2020= £Nil) There were 3 (2020.7) trustees that had eX￿seS reimbursed. Total expenses reimbursed for attending meetings and oiher meeting costs during the year was £1,529 (2020.. £2,473). 12. Staff eosts and employee benefits 2021 2020 Salaries and wages Social security costs Ststutory pension costs 82,007 8,388 1.899 89.584 8,411 1.953 Total 92,294 99,948 Staff costs apwyrtionment based on activities during the year: Seeking donations - Operdting membership schemes Management of UK shows and events Management of overseas exhibitions and events - Govemance costs 6.400 24.523 1.500 21.750 38.121 5.600 34.500 1,500 23,500 34,848 92.294 99,948 23 THE BRITISH PIG ASSOCIATION {A company limited by Guardntee) NOTES TO THE FtNANCIAL STATEMENTS Continued FOR THE YEAR ENDED 31st DECEMBER 2021 12. Staff costs and employee benefits - Continued There were no employees who receiv￿ total employee benefits of more than £60.000. The avernge number of persons employed by the charity during ihe year was 4 (2020: 4). 13. Intangible fixed assets Computer software Totsl Cost AtOI.01.2021 Additions At31.12.2021 73.527 73,527 Amortisation AtOI.01.2021 Charge for the year At 31.12.2021 64.964 64,964 Net Book Value At31.12.2021 7.557 7,557 At 31.12.2020 8,563 8,563 14. Tangibk fixed assets Equipment, Fixtures & fittin Total Cost AtOI.01.2021 At 31.12.2021 reciation At 01.01.2021 Charge for the year At31.12.2021 4.955 513 4.955 513 Net Book Value At31.12.2021 .540 1.540 At 31.12.2020 2.053 2.053 24 THE 14RITISH PIG ASSOCIATION (A company limited by Guaran￿e) NOTES TO THE FtNANCIAL STATEMENTS Continued FOR THE YEAR ENDED 31st DECEMBER 2021 2021 2020 15. Fixed asset investment Listed investmellls: U. Carying fair value at beginning of yeaT Additions Add= Nel gain on revaluation Carrying fair value at end of year 469,353 97.798 456,483 597,447 469,353 The fair value of lisied inveslrnents is detennined by reference to the quoted price for the shares on the London Stock Exchange. Historic cost of listed invesirnents on 315t December 2021 was £495.654 (2020- £397.856). 2021 2020 16. Debtors Amounts falling due within one year: Trade debtors Prepayments and other debiors Tax recoverable 12.597 18,188 37,583 21.103 7,671 30.785 66,357 17. Creditors Amounts falling due within one year: Trade Creditors Accruals Taxation and social security 50,292 13,660 3.491 50,001 12,369 10,651 67.443 73,021 18. Charity funds Restricted iD¢ome fuDds available for specific projeets: Geoffrey Cloke Memorial Fund Large White Breeders, Memorial Fund Irish Members, Committee Fund 3,172 1.207 313 3.168 1.207 313 At end of the year 4.692 4,688 The committee that has control of the fund governs the airn and of each restricted fund. 25 THE BRITISH PIG ASSOCIATION (A company limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS Continued FOR THE YEAR ENDED 31st DECEMBER 2021 19. Finan¢i81 commitments eratin leases- Conlractual commitments for the acquisition of intangible and tangible fixed assets contracted for but not provided in the financial 5tat¢rn¢nts amounted to £41.070 (2020.. £62.138). Conlrdctual commitments are analysed by year of ￿Yment. Is follows: Due within one year £17.265 (2020= £21.068) Due in (he second to fifth year £23.805 (2020: £41.070) 20. Related party trnnsactions with trustees and members Trustees, remuneration and meetin ex nses= The trustees are entitled to claim expenses in¢urred wholly and exclusively in attending meetings organised by the charity. No remuneration was paid to trustees in th¢ year. 2021 2021 Travel, subsistence and accommodation 1.529 2,473 Related transactions with tNstees The charitable company entered into transaciions with one trustee in the nornial course of bu5in¢ss activilies during the year. Ilusiness services and pri)ducts were acquired fmm this trustee on nornal cornmercial tern)s resulting in no financial or privileged ternis at a cost of £10.040 (2020= £15.260). SeNices are provided to all trustees. rnemkrs and non-members on same commercial temis resulting in no financial or privileged ternis. Sources of income include annual amouni for subscriptions each trustee and registrntion fees for tKdigr¢¢ birth notifications, herd book enlries and registered pedigrec pig transfers. Total income from trustees was £658 (2020.. £650). Related transactions- Other The chief executive, who is not a trustee. acts as a director of a connected company. Export Certification Limited to rewe5ent the interests of the charity's members. The chief executive has no financial interest in this company and does noi personally receive any remuneration or benefits from this source. For the year ended 31 December 2021, the charity re¢¢iV￿ income of £31,849 (2020= £29,610) for services provided to (he related company. 26 THE BtUTISH PIG ASSOCIATION (A comrmny limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS Continued FOR THE YEAR ENDED 31st DECEMBER 2021 21. Non-3djustiThg events after the eDd ofthe period Covid-19 corona virus pandernic during years 2020 10 2022 in parts of the far-east where the charitable company has significant otrrations followed by geo-political uncertainty in 2022, has resulted in cancellation or poslponement of planned events. exhibitions and trdde shows scheduled for the year 2022. A small number of trnde shows ￿heduled for ihe year 2022 have been replaced by virtual presentations or def¢tTed to a later date. The trustees have undertaken covid-19 corona VITUS risk assessment and have implemented measures to overcome short-terni txoblems that may arise due to the continued presence of this pandemic. Review of our fixed asset inveslments since the end of the Our investment manager has valued our fixed asset investments MO￿ ￿centlY on 30 June 2022 ai £546,368. 27