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. 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