Pig ReGen Limited (a company limited by guarantee) Financial statements for the year ended 31 March 2025 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 financi21 statements 10-15
Pig ReGen Limited Trustees and advisers Trustees Gary A. Anderson (Chairnian) A. Nom]an Robson Samuel J. Shields Lyndon W. Milligan James Wright Cyril M. Millar Andrew Mccrea Malcolm F.C. Keys PhTlip Walker William Anderson Derek Hall William A.l. Ferguson (resigned 31 May 2025) Samuel G. Cuddy (resigned 30 May 2024) Robert E. Ferguson Andrew J. McGowan James K. Millar Company secretary Lyndon W. Milligan Registered office HMT Consultancy 658 Gransha Road Bangor BT19 7PX Aeeountants Neeson Chambers Ltd 123-125 Main Street 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 March 2025 The Trustees present their annual report and the unaudited financial statements for the year ended 31 March 2025. The infoTmation with respect to the Trustees and Advisers set out on page I form part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association, and Accounting and Reporting by Chartties: 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). 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 io 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 2nd 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 The charity is dependant on the goodwill of its voluntary levy funders, Northern Ireland pig t)roducers. Given this, the trustees have put in place a range of systems to try to ensure appropriate research projects are commilted, that research findings are fully and innovativ¢5y disseminated and that feedback and engagement is sought. All proj¢cts are approved by the trustees before moneys are allocated to any project and no grant is approved until finances are fully in plac¢ to complete the contracted project.
Pig ReGen Limited Trustees, report for the year ended 31 March 2025- 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 Nl pig herd. 2. Research into improving efficiency and competitiveness of Nl producers. 3. Education. Health and Welfare Three Herd Health Surveys were carried out during the year with approximately 40,000 pig carcasses being assessed for disease lesions by PigRegen contracted Veterinary Surgeons . Individual and average health reports were calculated and circulated by email to producers involved. This program continues to show improvements in the health of the national herd which in turn result in reduction in the requirements for on-farm antibiotics- a very important feature of the program helping to reduce incidents of animallhuman immunity to drugs which are important for human health. Subsequent to the Board's decision, and in view of the success of the tnitial Cookstown project referred to in previous yearly reports, Pigregen commenced the national PRRS program with pulmonary and blood assessments as well as bios¢curity checks having already been completed for the presence of PRRS on approximately 50 % of the national herd. It is the Board's intention to continue this throughout the coming year. Research The 3 year research project with AFBI into factors affecting quantity and quality of colostrum produced by sows post farrowing colostrum has been completed. Analysis of the results are being carried out and reports will be emailed to all producers when they becom¢ available. The next research projects to be funded or co-funded by Pigregen are currently being considered with the intention of starting in the MarchlApril 2026 Education Three lecture evenings have been organised throughout the Province. open to all pig producers with specialists in the field highlighting the importance of Biosecurity in PRRS eradication in particular but control of pig diseases in general. These meetings were well attended and fully justified the effort put into the presentations Educational information Coiitinues 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 projects.
Pig ReGen Limited Trustees, report for the year ended 31 March 2025- 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, performaThce 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 at least 4 times per year. The Chairman, 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 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 2025 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 March 2025 - 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 farmers with 250-600 sows. Three fanners with less than 250 sows. and One UFU Central Pork and Bacon Committee representative. Trustees Induction and Training New trustees have an inductioIi 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 £186,669 (2024- incoming resources of £77,617), yielding total funds at the end of the year amounting to £1.710,955 (2024. £1,524,286). Governance and Internal Control The trustees l)ave an overall responsibility for ensuring that there is an appropriate systcm of intemal controls aiid 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 consideration by the trustees of financial results, variance from budgets. other perfonnance indicators and benchmarking reviews, delegation of authority and segregation of duties and the identification, review and management of strategic business and operational risks.
Pig IlcGen Limited Triislees, re,poi't for tlie ycar ¢iidcd 31 Mai'ch 202S- cont'd Stlltemeiit of trilslc, respoiisibilities The trustees are responsible for preparing tlie annual report and ihe financial st4Trtenients in accordance with applicable laiv and United Kingdom Accounting Standards (United Kingdom Generally Accepted Practice). Company law requires tlie trustees to prepare financial slateinents for each financial period which give a true ]d fair view of t5ie state of affairs of tlie conipany for that period. In preparing those financial staleinents, thc trustees are required to.. sclect suitable aecounting policies and Ilien appl)I them coi)sislcnily- make judgyments lind estimates that iifL redsoll<ible dnd prudent" state ivheth¢r applicable accounting standards havc bcen followed, siibject to any material departure disclosed explained in the financial statements, and prepare the finaneial stalemenls on the goin(y concem basis unless it is inappropriate lo presunie that tlie company will continue in business. The Trustees confirm that they have complied with the above requirements in preparinn the financial stateinents. The trustees are responsible for keeping proper accountins records which disclose with reasonable accuracy at any time the financial posltion of the company and to enable tliein to ensure that Ihe rinancial statements comply with the Companies Act 2006. They are also responsible for safe(iuardin(r the assets of the uompany dnd hence for taking rei150n4Lble steps for the prevenlior. and detection of fraud and other irtegularities. Small Company ExenipÉion Tliis report h8s been prepared in accordance with tl)e special provisLOftS of part 15 of the Companies Act 2006 relatintr to small companies. rder of th¢ board OD: ndoii TriJlligaJi Seci"et8ry
Pig ReGen Limited Independent Examiner's Report for the year ended 31 March 2025 We report on the accounts of the charity for the year ended 31 March 2025, 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 (Northein 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 records. It also includes consideration of any unusual items or disclosures in the accounts, and seekÉng explanations from you as charity trustees concerning 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 Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial ReportEng Standard applicable in the UK and Republic of Ireland. 4. That there is further information needed for a proper understanding of the accounts to be reached. Independent examiner's statement We have 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 Charity Commission for Northern Ireland. we have found no matters that require drawing to your attention. We have not carried out an audit. Neeson Chambers Ltd 123-125 Main Street Bangor BT20 4AE Date:
Pig ReGen Limited Statement of Financial Activities for the year ended 31 March 2025 Unrestricted Funds 2025 2024 Note Incoming resources Incoming resources from generated funds: Levy income Grant income tnvestment income Total incoming resources 77,882 188,000 64,948 330,830 64,906 77,777 41,696 184,379 Resources expended Charitable expenditure Direct programme expenditure Governance costs Management & administration 113,527 81,854 30,634 24,908 Totsl resources expended 144,161 106,762 Net incoming resources for the year 186,669 77,617 Fund balance brought forward at start of year 1,524,286 I,446,669 Fund balaDce carried forward at end of year 1,710,955 1,524,286 All amounts above relate to the continuing operations of the company. The company has no recognized gains and losses other than those included in the results above and therefore no separate siatement of total recognized gains and losses has been presented.
Pig RcGeii l.iinite.d
BalaIicc slieet
lls at JI larC17 ?0?5
2024
rixed a.ssels
Ini-cslnienl proi)erti'
683,?68
683,?68
(¥8.).?()¥
68i.268
Ciii-i-eiit assets
Dtybiors & i)rcpLlI'mciils
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io
1.00?.787
1,047,933
C.I'cdilors: 'Inioii nt% fc111jJio duc
i'itliin orie i'eai"
(20,246)
(77,4-4)
r44et ciii'rent liabilities
1,077,687
X41.1118
Total assets less ciii.rent IiAbi lities
1,710.955
l .) ?4.?8()
F"u rid5
U1)rstric1Ld l Liiids
13
1.710,945
1 ?24.?%(?
Tolal fund
1,710.955
l i?4.28(,
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Plg ReGen Limited 10 Notes to the financial statements for the year ended 31 Mareh 2025 Principal accounting policies Basis of preparation The financial slatements 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) (efyective 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 prepaTing 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 monies, 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. Direct Programme Expenditure Direct programme expenditure represents research and development grants and costs approved for payment which is charged as expenditure in the year in which the expenditure is incurred or the committnent is made and, as appropriate, is carried forwai-d as a liability until paid.
Pig ReGen Limited 11 Notes to the financial statements for the year ended 31 March 2025 (continued) Management and Administration Expenditure These represent costs incurred in the management of the company's SetS, organisational administration and compliance with constitutional and statutory requirements and other support functions. Value Added Tax The company registered for VAT on I September 2016. Income and expenditure are net of VAT where applicable. Unrestricted Funds Unrestricted funds are amounts received or generated and which are expendable at the discretion of the company in furtherance of its objectives. Investment Income Investment income is recognised on a receivable basis and arises from investment property rental and bank deposit interest.
Pig ReGen Limited 12 Notes to the financial statements for the year ended 31 March 2025 (continued) 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 suiylus 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 expendilure accounl)- No depreciation is provided in respect of investment properties. Capital Reserve The capital i'eserve (note 13) arose on the transfer of assets at book value from the old Pig Production Development Committee and PIG Limited. Investment Ineome 2025 2024 Rental income from investment properties Bank deposit interest 34,728 30,220 64,948 32,891 8,805 41,696 Direct Programme Expenditure 2025 2024 Mossvet AFBI trial work Parklands CIEL Creamill Porcus Aps Acare Lab Violet Wylie Agrihealth Colin Henry Campsie S Taylor Scitech 27,227 26,439 3.485 8,456 40,101 4,650 595 1,620 1,338 5,409 16,601 750 2,334 23,549 20,345 255 70 12,157 113,527 81,854
Pig ReGen Limited 13 Notes to the finaneial statements for the year ended 31 March 2025 (continued) 4 Management & Administration 2025 2024 Investment property expenses Administration servi¢¢s Accountancy services Bank charges Travelling expenses Sundry expenses 9,978 14,572 2,400 171 531 2.982 30,634 10,122 10.538 2,400 155 1,694 24,908 5 Employee Information The company does not have any employees. 6 Trustees, Emoluments The trustees received no emolutnents during the year to i l March 2025 (2024:£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 regist¢r¢d charity, and &8 such, is entitled to certain tax exemptions on income and profit5 from investments and surpluses on any trading activities carried on in furtherance of the charity's primary objective if these profits and surpluses are applied solely for charitable purpose5.
Pig ReGen Limited 14 Notes to the financial statements for the year ended 31 March 2025 (continued) nvestment Property Greenmount Cottages Kirby's Lane, Antrim No's 2,6,8,9 &12- long leasehold 2025 2024 683,268 683,268 Greenmount Cottages were revalued in 2009 at open market value for existing us¢ by Tom Evans of Evans Little Estate Agents, Antrim. This valuation is still considcred valid by the trustees. Details of rental income and related costs are given in notes 2 and 4. Debtors 2025 2024 Levy debtors Prepayments & accrued income 28,122 17,024 45,146 12,695 16,583 29,278 io Cash at Bank 2025 2024 Committcd funds (note 12) Uncommitted funds 14.181 988,606 1,002,787 17,409 821,765 839.174 11 Creditors 2025 2024 Accruals & deferred incoine Other creditors (note l O) VAT 4J30 14,181 1,735 20,246 5,052 17,409 4,973 27,434
Pig ReGcn Limited 15 Notes to the fInallcial ststcrnents for the year ended 31 M2rth 2025 (eontinlled) 12 Committed Research Expenditure 2025 2024 Cotnmitted cxpenditure al start of year . Research ant and cost commitments mAde during the ycar Paid during ihe year Committed exp¢nditur¢ at ¢nd of y¢ar 17,409 10.707 113,527 (116.755) 14,181 81.854 (75,152) 17,409 13 Movement in fiund$ Income and ¢xpenditure aeeount Capital reserve RevaluatlOD Total Teserve reserves Opening balance 521,859 956.427 46,000 1,524,286 Incomings 330,830 330,830 Resources expended 144,161 144,161 Transfer to profit & loss Balanc¢ at 31 March 2025 708.528 956,427 46,000 1,710.955 Revaluation reserve of tangible assels Revaluation reserve of investment properties 46,000 46,000 14 Sharc Capital- Limited by Guaratttet Pig ReGen Limited is a company limited by guarantee. The liabilily of th¢ m¢mber5 is limited to an amount not exeeding £1.