Pig Recen Limited (a company limited by guarantee) Financial statements for the year ended 31 March 2024 N1063168 Charity number XT10373
Pig ReGen Limited Contents Pages Trustees, advisers & other information Trustees, report Independent Examiner's Report Statement of Financial Activities Balance sheet Notes to the financial statements 10-15
Pig ReGen Limited Trustees and advisers Trustees Gary A. Anderson (Chairman) A. Nonnan Robson Samuel J. Shields Lyndon W. Milligan James Wright Cyril M. Millar Andrew Mccrea Malcolm F.C. Keys Philip Walker William Anderson Derek Hall William A.1. Ferguson Samuel G. Cuddy (iesigns 30 May 2024) Robert E. Ferguson Andrew J. McGowan James K. Millar Company secretsry Lyndon W. Milligan Registered office HMT Consultancy 65 8 Gransha Road Bangor BT19 7PX Accountants Neeson Chambers Ltd 123-125 Main Str¢¢t Bangor BT20 4AE Bankers Bank of Ireland 82A Main Street Bangor BT20 4AG Solicitors Quinn & Heron 15 Broad Street Magherafelt BT45 6EB
Pig ReGen Limited Trustees, report for the year ended 31 fYtar¢h 2024 The Trustees present their annual report and the unaudited financial statements for the year ended 31 March 2024. The infonnation with respect to the Trustees and Advisers set out on page I fonn part of this report. The financial statements comply with current statutory requiremenls, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015). Structure, 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 them. 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 usefu5 results of such research and surveys. Review of Operations and Future Developments The charity is dependant on the goodwill of its voluntary levy nders, Northern Ireland pig producers. Givep this, the trustees have put in place a range of systems to 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 2024- cont'd Review of Operations and Future Development The projects supported by Pig ReGen Ltd continue to fall into the following board categories: l. Improving health and welfare of the NI pig herd. 2. Research into improving efficiency and competitiveness of Nl producers. 3. Education. Health and Welfare Access to slaughter plants was opened after COVID and three Herd Health Surveys were carried out during the year. Individual and average health reports were assessed and circulated by email to producers involved. The PRRS project referred to in previous reports has been completed and its importance recognised UK wide at an awards ceremony in London organised by Pigworld Ltd. PigRegen's PRRS Project was awarded first place in the section relating to Innovation and Co-operation covering Health and Welfare in the pig industy. The producers involved in this project were very impressed by the results achieved, as were the Board of Directors of PigRegen Ltd who made an unanimous Board Decision that PigRegen would extend the project and include all Nl Pig Producers. A meeting open to all producers was organised to introduce the scheme, and all producers were emailed with the details inviting their interest in the scheme with returns being very positive. Organisational aspects of the scheme commenced in January with initial blood sampling and biosecurity checks to commence in April 2024. 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 noi yet available. Education Educational information continues to be circulated among all producers by email on a regular basis. The Directors are satisfied that the activities of Pig ReGen Limited accurately reflect the aims of the charity and finance is in place to cover all agreed yrojects.
Pig ReGen Limited Trustees, report for the year ended 31 March 2024- 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, performance 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 tneets at least 4 times per year. The Chaitinan, Vice-chaimian and Company secretary meet frequently to review the day to day operation and govemance of the organisation. Trustees The trustees who served during the year are listed on page 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 2024 all of whom have been Trustees for the whole year ended on that date othenvise 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 March 2024 - 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 fanners with more than 600 sows. Three farmers with 250-600 sows" Three farniers with less than 250 sows. and One UFU Central Pork and Bacon Committee represenlative. Trustees Induction and Training New trustees have an induction briefing from the chaim]an 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 £77,617 (2023. incoming resources of £17,848), yielding total funds at the end of the year amounting to £1,524,286 (2023- £1,446,669). Governanee and Internal Control The trustees have an overall responsibility for ensuring that there is an appropriate system of internal 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, regJi lar consideration 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 ReGen Limited Trustees, report for the yeAr ended 31 March 2024- cont'd Statement of trustees, responsibilities The trustees are responsible for preparing the annual report and the financial statements In accordance with applicable law and United Kingdom Accoiinling Standards (United Kingdon) Generally Accepted Practice}. Company law requires tlie trustee5 to prepdre financial statements for eaLI) financial period which gyive a true and fair leW of the state of affairs of the company for Ihal i)eriod. Iii preparinn Ih05e financial statements, the tru5tee5 are required to" select suiiable accoiintiiig pol icies and then apply them consistently: mak-e Judsjmenls and estimates tlial are reasonable and prudent. slate whether applicable aecounling standards have been folloived, subject to any maleriai departure disclosed and explained in the financial slatenients, and prepare the financial statements on the going concern basi5 unless it Is Inappropriate to presume that Ihe company will continue in busiiiess. The Truslees confinT) that they have coniplied wth the above requirenients In preparing the financial statemenls. 'rhe truslees are respoThsible for keeping proper accounting records which disclose wryth reasonable accuracy at any time the fiiiancial posilion of the company and to enable thein to ensure that the financial statements comply with the Companies Act 2006. 'fhey are also responsible for safegiiardina the assets of the company wid hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. Sninll Compq4 ny Exemption This report has been prepared in accordance with the specia] provisions of part 15 of the Companies Act 2006 relalinby to small companies. Byor i. ofthe boxi'd on. Lyndo Se¢relAIy illigan
Pig ReGen Limited Independent Examiner's Report for the year ended 31 March 2024 We report on the accounts of the charity for the year ended 31 March 2024, which are set out on pages 8t0 15. Respective responsibilities of directors and examiner Having satisfied ourselves that the charity is not subject to audit under company law, and is eligible for independent examination, it is our responsibility to: examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008. follow the procedures laid down in the general directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. and state whether particular matters have come to our attention. Basis of independent examiner's report We have examined your charity accounts as required under section 65 of the Charities Act and our examination was carried out in accordance with the general directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparision of the accounts presented with those recoids. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees conceming any such matters. Our role is to state whether any material matters have come to my attention giving us cause to believe: l. That accounting records were not kept in accordance with section 386 of the Companies Act 2006 2. That the accounts do not accord with those accounting records. 3. That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. 4. That there. is further information needed for a proper understanding nf the accounts to be reached. Independent examiner's st=tement We h_ave completed our examination and have no concerns in respect of matters I to 4 listed above and, in connection with following the directions of the Lharity Commission for Northern Ireland, we have found no matters that require draw.ng to youi attention. We have not carried out an audit. Neeson Chambers Ltd 123-125 Main Street Bangor BT20 4AE Date:
Pig ReGen Limited Statement of Financi21 Activities for the year ended 31 March 2024 Unrestricted Funds 2024 2023 Note Incoming resources Incoming resources from generated funds: Levy income Grant income Investment income Total incoming resources 64,906 77,777 41,696 184,379 78,982 9,276 33,880 122,138 Resources expended Charitable expenditure Direct programme expenditure Governance costs Managemcnt & administration 81,854 78,863 24,908 25,427 Total resources expended 106,762 104,290 Net incoming resources for the year 77,617 17,848 Fund balance brought forward at start of year 1,446,669 1,428,821 Fund balance carried forward at end of year 1,524,286 1,446,669 All amounts above relate to the continuing operatior_" of the company. The company has no recognized gains and losses other than those included in the results above and therefore no separate statement of total rec-gnizcd gains and losses has been presented.
Pig ReGen LiniitLd Balancc sheet as 31 Marcli 2024 Note 2024 Filed asscts Invesltjient propLrty 683,268 683,268 683.?611 683.268 Currcnt #sset5 Debiors & prepavjiienls Casl) al bank 29.278 839,174 868,452 3?.6)3 7i2.3SI 78i,nJ4 10 Creditors: amou nl4 falling d ue within one vear (27,434) (?1,63i} Nct current liabilities 841,018 763.401 Total assets less eurrenl liabililie5 1.524,28C) 1.44().669 Funds Unrestricted funds 13 1.524,286 1,446.669 Tot81 funds 1,524,286 1.446.669 ThL conipaiiv is eniitled lo Il)e exeinplion froiii Ilie avdii requirenieni contained iii seLiiOli 477 of the Coiiipdnies ALI ?006, for Ilie }'ear elided i l fvlarcli ?0?4. No iiieiiiblr of tl)¢ coinpc1ny lias deposil¢d a iioiice. pursuani to seciion 476. requiring an alidil uf iliese accounts. 'riie direciors, responsibililets for ei)surii)gi tlial Ilie cliarity kLeps aL¢ounting records wliiLh ¢ompl)I willi s¢¢lion 386 of tlie Aci and for prepariiig> acLQUllts ivhi¢h SFive a irue aiid fair viei%' of ilie slate of llrrairs of Ihe coinpaii} as al Ihe end of the fiiiancial year and of 115 i Iiconiiiig r¢soLirces and application of resourcLS. iiicluding lis iliCOliiL iiILluding ils inconie and ¢ipcndilure. for ihe linaiicial year of its iiicomingy rcsoiirces and appl ilatioii and iNpLiiditiiri%. for 11ie l inaiicic11 year in accordance witli ilie reqiiii'¢meiit5 of .8eclii)n 394 i)iid .19) and i¥liicli oiherwise coiiiply iviili Ihe reqiiireiiieiils ofilie Companies Acl ?006 relalinb) to accounls. so far a5 applicable lo ilie coinpany. I'liese accounls1141V¢ bceii prepared in accordlf nce iviih tlie provisi0115 appl icable io coinpaiiies siibjecl i() IhL sinall con)panies reginie. I'hese lin1< ncial slalemenls ii'erc aLiihorised lor issue by IIiL 13oard ol-"I'ruslees on nd si&vned 011 .15 bel)alf by Gar), A. Anderson Trustee
Pig ReGen Limited 10 Notes to the financial statements for the year ended 31 March 2024 Principal accounting policies Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice 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)- (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Reconciliation with previous Generally Accepted Accounting Practice In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was required. No such adjustments were required. Tangible Fixed Assets Tangible fixed assets were transferred across from PPDC and PIG Limited on l April 2008 at cost less accumulated deprecation. As these assets are not presently held for operational use they have been revalued and included in the balance sheet at open market value. Incoming Resources Income represents all rnonies, on an accruals basis, collected on behalf of the company by its agents. The levy rate charged to producers is 15p per pig slaughtered in Northern Ireland, restricted to a maximum for each producer of £1,200 per annum. Resources Expended All expenditure is accounted for on an accruals basis and has been Classified under the headings that aggregate all costs related to the category. Direci Programme Expenditure Direct programme expenditure represents research and developtnent grants and costs approved for payment which is chai'ged as expenditure in the year in which the expenditure is inc1 Ted or the commitment is made and, as appropriate, is carried fonvard as a liability until paid.
Pig ReGen Limited 11 Notes to the financial ststements for the year ended 31 March 2024 (continued) Management and Administration Expenditure These represent costs incurred in the management of the company's assets, organisational administration and compliance with constitutional and statutory requirements and other support functions. Value Added Tax The company registered for V AT on I September 2016. Income and expenditure are net of VAT where applicable. Unrestricted Funds Unrestricted ndS are amounts received or generated and which are expendable at the discretion of the company in furtherance of its objectives.
Pig ReGen Limited 12 Notes to the financial statements for the year ended 31 March 2024 (continued) Investment Income Investment income is recognised on a receivable basis and arises from investment property rental and bank deposit interest. Investment Property The investment properties values are reveiwed annually and are included in the balance sheet at their open market value. Any change to the value of the investment properties are disclosed as movement on an investment revaluation reserve, unless a deficit is expected to be pennanent and is then charged in the Statements of Financial Activities (including income and expenditure account)- On the sale of an investment property, the surplus or deficit arising since the last balance sheet valuation and any revaluation surpluses from prior years thus realised are transferred from investment revaluation reserve to Statement of Financial Activates (including income and expenditure account)- No depreciation is provided in respect of investment properties. Capital Reserve The capital reserve (note 13) arose on the transfer of assets at book value from the old Pig Production Development Committee and PIG Limited. Investment Income 2024 2023 Rental income from investment properties Bank deposit interest 32,891 8,805 41.696 32,530 1,350 33,880 Direct Programme Expenditure 2024 2023 Mossvet AFBI trial work Parklands CIEL Creamill Porcus Aps Acare Lab Violet Wylie Agrihealth Colin Henry 8,456 40,101 4,650 595 1,620 1,338 5,409 16,601 750 2,334 81.854 17,064 41,012 1,575 550 1,530 5,262 11,420 450 78,863
Pig ReGen Limited 13 Notes to the financial statements for the year ended 31 March 2024 (continued) 4 Management & Administration 2024 Investment property expenses Administration services Accountancy seTvices Bank charges Travelling expenses Sundry expenses 10,122 10,538 2,400 155 8,6)8 2,400 98 1,694 24,908 955 25,427 5 Employee Information The company does not have any employees. 6 Trustees, Emoluments Th¢ trustees received no emoluments during the year to J l March 2024 (202J £nil) and no other pension costs were accruing to trustees in either year. Details of reimbursed board travelling expenses are given in note 4. 7 Taxation The company is a registered charity, and as such, is entitled to certain tsx exemptions on income and Profits frorn investrnents surpluses on any tradiThg activities carried on in furtherance of the charity's prirnary objective if these profits and surplLlSP.s are applied solely for charitable purposes.
Pig ReGen Limited 14 Notes to the financial statements for the year ended 31 March 2024 (eontinued) Investment Property Giecnmount Cottages Kirby's Lane, Antrim No's 2,6,8,9 &12 - long leasehold 2024 2023 683,268 683,268 Greenmount Cottages were revalued in 2009 at open market value for existing use by Tom Evans of Evans Little Estate Agents, Antrim. Thls valuation is still considered valid by the trustees. Details of rental income and related costs are given in notes 2 and 4. Debtors 2024 2023 Levy debtors Prepayments & accrued income 12,695 16,583 29,278 16,571 16,082 32,653 10 Cash at Bank 2024 2023 Committed funds (note 12) Uncommitted funds 17,409 821,765 839,174 10,707 741,674 752,381 11 Creditors 2024 2023 Accruals & deferred income Other creditors {not¢ l O) VAT 5,052 17,409 4,973 27,434 4,4UI 10,707 6,525 21.633
Pig ReG¢n Limited 15 Notes to the financial statements for the year ended 31 March 2024 (eontinued) 12 Cotnmitttd Research Expenditure 21124 2023 Committed expendilure at start of year Research grant and cost commiirnents made during thc ycar. Paid during the ye2r Committed expenditure at end of year 10,707 7,500 81,854 75.IS2 17.409 78,862 (75.655 10.707 13 moveCt in Funds Ineomc and expenditure account Capit41 reservt Revxluation reservt Total reserves Opening ba12nee 444.242 956,427 46,000 1.446.669 Incomings 184,379 184,379 Resources ¢xpended 106,762 106.762 Transfer lo profit & loss Balanee at 31 March 2024 521,859 956.427 46,000 1,524,286 Revaluation r¢serve of tangible assets Revaluation reserve of investment properties 46.000 46.000 14 Share Capit21- Limited by Guarantte Pig ReGen Limited is a company limited by guarantee. Th¢ liability of th¢ members is limited to an xmounl not exeeding £1.
eeson Chambers c112rtLred accountaiics Neeson Chambers Limited N1046036 1231125 Main Street Bangor B T20 4AE Tel 028 9147 1923 Fax 028 9147 8127 Michael Chambers BA FCA VAT Reg 701545174 Our ref: MWCIID Your ref: 23 December 2024 Companies Registry Second Floor The Linenhall 32-38 Linenhall Street Belfast BT2 8BG Dear Sirs, Pig ReGen Limited, NK 063168 Please find enclosed financial statements for the above named company for the year ended 31 March 2024. Yours faithfully, Neeson Chambers Ltd. Encs Our privacy policy be viewed ai www.neesoncha[tLbe.£O.uk
eeson Chambers cliartered accountaiits Neeson Chambers Limited N1046036 1231125 Main Street Bangor B T20 4AE Tel 028 9147 1923 Fax 028 9147 8127 Michael Chambers BA FCA VAT Reg 701545174 Our ref: MWCIID Your ref: 23 December 2024 Companies Registry Second Floor The Linenhall 32-38 Linenhall Street Belfast BT2 8BG Dear Sirs. Pig ReGen Limited, Nl 063168 Please find enclosed financial statements for the above named company for the year ended 31 mch 2024. Yours faithfully, Neeson Chambers Ltd. Encs Our privacy policy can be viewed at wi¥w.neeson¢hambers.co.uk