Pig ReGen Limited Trustees, report for the year ended 31 March 2023 The Trustees present their annual report and the unaudited financial statements for the year ended 31 March 2023. The information with respect to the Trustees and Advisers set out on page I fomi part of this report. The financial statements Cotiiply with current statutory requirements, the Merriorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Praclic¢ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015)- Strueture, Governance and Management Pig ReGen Limited is a charitable company limited by guarantee with no share capital. It is governed by its Memorandum and Articles of Association. The Board of Trustees are also the directors of the charitable company. The assets and undertakings of the Pig Production Development Fund and PIG Industry Genetics Limited were transferred to Pig ReGen Limited on l April 2008 under the Pig Production Development Committee (Winding up) Order (Northern Ireland) 2007. Risk Management A risk policy and a risk register have been agreed. Under the policy the board reviews annually the major risks to which the charity is subject and how to manage th¢m. A key element in the management of the financial risk is the setting of a reserves policy and its regular review by the trustees. Objectives and Principal Activities The principal activity of Pig ReGen Limited is to advance education for the public benefit, in particular, by conducting and commissioning research and surveys into the improvement and development of pigs, pork and pig farming in Northern Ireland and to disseminate and publish useful results of such research and surveys. Review of Operations and Future Developments Tbe charity is dependant on the goodwill of its voluntary levy funders. Northern Ireland pig producers. Given this, the trustees have put in place a range of systems lo try to ensure appropriate research projects are committed, that research findings are fully and innovatively disseminated and that feedback and engagement is sought. All projects are approved by the trustees before moneys are allocated to any project and no grant is approved until finances are fully in place to complete the contracted project.
Pig ReGen Limited Trustees, report for the year ended 31 March 2023 - cont'd Review of Operations and Future Development The projects supported by Pig ReGen Ltd continue to fall into the following board cat¢gories= l. Improving health and welfare of the NK pig herd. 2. Research into improving efficiency and competitiveness of Nl producers. 3. Education. Health and Welfare Because of the continued situation and complications as a results of Covid regulations our vets had only limited access to factories, however two surveys were completed and circulated among producers. The PRRS project referred to in the previous report is almost completed. A meeting was held with producers to update results in November and a very successful evening seminar open to producers and others with associated interest. Presentations were given by Zoom from Denmark where similar work is being carried out by Boehringer specialist iri PRRS and its effects on general health and welfare of pigs. Research The 3 year research project with AFBI into factors affecting quantity and quality of colostrum produced by sows post farrowing colostrum is continuing although results are not yet available. Education Due to COVID-19 Regulations all meetings both management and producer were restricted to Zoom meetings and telephone conversations. Educational information was circulated among producers by email. The Directors are satisfied that the activities of Pig ReGen Limited accurately reflect the aims of the charity.
Pig ReGen Limited Trustees, report for the year ended 31 March 2023 - cont'd Key Performance Indicators Given the straightforward nature of the business, the company's trustees are of the opinion that analysis using KPI'S is not necessary for an understanding of the development, p¢rformanGe or position of the company. Reserves Policy The trustees have established a policy whereby the company's free reserves. being funds not comitted to third parties for research, should represent at least six months, annual income. At this level the trustees are of the view that the company would be able to continue in the event of a significant drop in funding. Organisation The Board of Trustees meets al least 4 times per year. The Chaiman, Vice-chairman and Company secretary meet frequently to review the day to day operation and governance of the organisation. Trustees The trustees who served during the year are listed on pag¢ l. The Articles of Association indicate that any reference to the trustees" means the Directors of the charity. The trustees of the company during the year to 31 March 2023 all of whom have been Trustees for the whole year ended on that date otherwise stated are listed on page l. The trustees act in a voluntary capacity and do not receive any remuneration.
Pig ReGen Limited Trustees, report for the year ended 31 M2reh 2023 - cont'd Appointment of Trustees The number of trustees shall not be less than 8 or exceed 24. Subject to this the board shall include certain persons who fall into the following categories-. Three farmers with more than 600 sows. Three farrners wilh 250-600 sows. Three farmers witli less than 250 sows- and One UFU Central Pork and Bacon Committee representative. Trustees Induction and Training New trustees have an induction briefing from the chairman and or company secretary which provides information and guidelines on their tasks and responsibilities together with an outline of the objectives of Pig ReGen Ltd. They also receive copies of past trustee minutes and approved research proposals. Results The net incoming resources for the financial year were £17,848 (2022. incoming resources of £56,024), yielding total funds at the end of the year amounting to £1,446,669 (2022. £1,428,821). Governance and Internal Control The Irustees have an overall responsibility for ensuring that there is an appropriate system of inlernal controls and that it complies with relevant laws and regulations. The system of internal controls is designed to provide reasonable, but not absolute, assurance against material misstatement or loss. Key features of the system are an annual budget approved by the trustees, regular consideratÉon by the trustees of financial results, variance from budgets, other performance indicators and benchmarking reviews, delegation of authority and segregation of duties and the identification, review and management of strategic business and operational risks.
Pig R¢Geo Llmlted Trustees. report for th¢ y¢Ar ended 31 MArcb 2023- ront'd Siatement of trust¢tt' reJponilbillrf¢y The Iru5tee5 are rtsponsible for preparing the annual repotl and the financial statements in accordance with applicable law and United Kingdom Accounting 5tsndards {United Kingdom Genernlly Acccpted Praclice). Company law require5 the trustws to prepare financial staments fcy ea¥.h finun¢ial period which 8iv¢ a Irue and fJir view of the of affairs of the company for thai PCri(x1. In preparing those financial statements. the tsIteS are required to: lect suitsblc accounting lItIeS and then apply them consistently. make Judnts and estirnates that are reasonable and pNdent: stale whether 3ppli¢8ble accouniingslandard5 havc been followed subject to any material dcparturc disclosed aT]d eAplain¢d in the financial staicmenis. and pr¢pare Éhe financial staiements on the going conecTn basis unless it is inappropriate lo pre5U7ne thai thc company will continue in business. The TnteeS confimx ihai they have complied with ihc above requirements in prcparing the financial ststemenls. The Inisiees are TEsponsible for kcepsng proper accounting records which disclose with rcJsonable 8¥ciirdCy dt any (ime ihe financial posiuon of the company and kn enable them to ensure that the ringncial ststernents comply with the Companies Act 2006. They are also rLspon5iblc for safeguaTdin8 th¢ a55ets of the eompatty and hence fDr takirtg re850nable steps for the prevention and detection of fraud and other irregUl11)eS. Swll Compgny Esernptao This report has been prepared in a¢WTdancc with th¢ special provisions ofpart 15 ofthe Compani¢s Act 21)06 relating lo small compani¢s. Byor of the board on: Secretary