2021-03-31-accounts - International Food Information Service (Ifis Publishing)

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		Page
Report ofthe Trustees	1	to	6
Report ofthe Independent Auditors	7	to	9
Statement ofFinancial Activities		10
Balance Sheet
Cash Flosv Statement		12
Notes to the Cash Flow Statement		13
Notes to the Financial Statements	14	to	22
Detailed Statement ofFinancial Activities	23	to	24

Universities	and colleges
Governments	and governmental	organisations
Research Institutes
Non-governmental organisations		and charities
Industry and	its various sectors
Professional	and trade associations
Teachers, lecturers and librarians
Students
Consultants	and advisors

			2021	2020
			Unrestricted	Total
			fund	funds
		Notes
INCOA'IK AND ENDOiVii'IKNTS	FROiil
Charitable activities
Educational and training			1,783,932	2,039,818
Investment income			62,624	71,679
Other income			149
Total			1,846,705	2,111,497
EXPENDITURE ON
Raising funds			21,540	21,779
Charitable activities
Educational and training			2,290,747	2,026,528
Total			2,312,287	2,048,307
Net gains/(losses) on investments			705,095	(236,021)
Ii(ETIiVCOMK/(EXPENDITURE)			239,513	(172,831)
Other recognised gains/(losses)
Actuarial gains/(losses) on defined benefit schemes			(1,277,000)	578,000
Net movement in funds			(1,037,487)	405,169
RECONCILIATION OF FUNDS
Total funds brought foisvard			(222,600)	(627,769)
TOTAL FUNDS CARRIED FORWARD			(1,260,087)	(222,600)

			2021	2020
			Unrestricted	Total
			fund	funds
		Notes		f.
FIXEDASSFTS
Tangible assets		11	9,401	13,906
Investments		12	3,985,939	3,252,779
			3,995,340	3,266,685
CURRENT ASSETS
Debtors		13	387,075	711,810
Cash at bank and in hand			1,504,975	1,757,000
			1,892,050	2,468,810
CREDITORS
Amounts falling due within	one year		(1,284,477 )	(1,419,095 )
NET CURRENT ASSETS			607,573	1,049,715
TOTAL ASSETSLESSCIJRRENT LIABILITIES			4,602,913	4,316,400
PENSION LIABILITY		17	(5,863,000)	(4,539,000 )
iNET ASSETS/(LIABILITIES)			(1,260,087 )	(222,600)
F(JNDS		16
Unrestricted funds			(1,260,087 )	(222,600)
TOTAL FUNDS			(1,260,087)	(222,600)

				INTE	RNATIONAL FOOD INFORIVIATION (IFISPUBLISHING)	SERVICE
					CASH FLOW STATEMENT
					FORTHE YEAR ENDED 311VIARCH	2021
						2021	2020
					Notes
Cash flosvs from operating		activities
Cash generated from	operations					(283,549)	(154,762)
Net cash used in operating		activities				(283,549)	(154,762)
Cash floivs from investing		activities
Purchase oftangible	fixed assets					(3,277)	(5,222)
Purchase offixed asset investments						(1,567,283 )	(1,155,528 )
Sale oftangible fixed	assets					242	608
Sale offixed asset investments						1,539,218	1,123,725
Interest received						9,044	18,786
Dividends received						53,580	52,893
Net cash provided by	investing		activities			31,524	35,262
Change in cash and	cash equivalents			in the
reporting period						(252,025)	(119,500)
Cash and cash equivalents		at	the beginning		ofthc
reporting period						1,757,000	1,876,500
Cash and cash equivalents		at	the end	ofthe
reporting period						1,504,975	1,757,000

FOR THE YEAR ENDE	FOR THE YEAR ENDE	FOR THE YEAR ENDE	D 31MARCH 2021
RECONCILIATION OF NET INCOME/(EXPENDITURE)			TO NET CASH FLOWV FROM	OPERATING	ACTIVITIES
				2021	2020
					f.
Net income/(expenditure)	for the reporting	period (as per the	Statement of
Financial Activities)				239,513	(172,831)
Adjustmcnts for:
Depreciation charges				6,884	17,103
(Gain)/losses on investments				(705,095)	236,021
Loss/(profit) on disposal of	fixed assets			657	(23)
Interest received				(9,044)	(18,786)
Dividends received				(53,580)	(52,893)
Decrease/(increase) in debtors				324,735	(276,537)
(Decrease)/increase in creditors				(134,619)	22,184
Difference behveen pension	charge and cash	contributions		47,000	91,000
Net cash used in operations				(283,549)	(154,762)
ANALYSIS OF CHANGES IN NKT FUNDS
			At 1.4.20	Cash flow	At 31.3.21
Net cash
Cash at bank and in hand			1,757,000	(252,025)	1,504,975
			1,757,000	(252,025)	1,504,975
Total			1,757,000	(252,025)	1,504,975

Office furniture &equipment	Office furniture &equipment	25%on cost
Fixtures	and fittings	20%on cost
Computer	solbvare	25%on cost
Computer	hardware	25%on cost

							2021	2020
								f.
Dividends	receivable						53,580	52,893
Interest receivable							9,044	18,786
							62,624	71,679
INCOME	FROM CHARITABLE				ACTIVITIES
							2021	2020
					Activity
Bibliographic		databases-
subscriptions					Educational	and training	1,768,303	1,953,582
Bibliographic		databases		-PAYG	Educational	and training	49,738	48,310
Dictionary,	thesaurus,		bulletin k
reports					Educational	and training	12,934	17,546
Escalex					Educational	and training	3,183	8,285
Gains/(losses)		on exchange			Educational	and training	(50,226)	12,095
							1,783,932	2,039,818

Raising donations and	legacies
				2021	2020
Investment management	fees			21,540	21,779
CHARITABLE ACTIVITIES COSTS
				Support
			Direct	costs (see
			Costs	note 7)	Totals
			f.	f.
Educational and training			2,262,227	28,520	2,290,747
SUPPORT COSTS
					Governance
					costs
Educational and training					28,520
NET INCOiii'IE/(EXPENDITURE)
Net income/(expenditure)	is stated aller charging/(crediting):
				2021	2020
Auditors' remuneration				7,450	8,450
Depreciation -owned assets				6,883	17,103
(Deficit)/surplus on disposal offixed assets				657	(23)
Currency exchange gains/losses				112,509	(104,369)
TRUSTEES' REMUNERATION		AND BENEFITS

		2021	2020
	Travel and subsistence	Nil	16,410
10.	STAFF COSTS
		2021	2020
	Wages and salaries	643,288	630,827
	Social security costs	62,296	71,829
	Other pension costs	237,090	234,125
		942,674	936,781

The average	monthly	number ofemployees	during	the year kvas	as follows:	as follows:
							2021	2020
Advancement	ofpublic education						15	16
Support							2	2
							17	18
The number	ofemployees	whose employee	benefits	(excluding	employer	pension costs) exceeded f60,000was:
							2021	2020
f60,001 - f.70,000							2	I
f.90,001 - f100,000							1	I

		Office	Fixtures
		furniture	aild	Computer	Computer
		k equipment	fittings	so0kvare	hardware	Totals
				f.
COST
At I April	2020	47,419	4,976	2,438	53,313	108,146
Additions			877		2,400	3/277
Disposals		(42,738)	(3,539)		(16,518)	(62,795)
At 31 March 2021		4,681	2,314	2,438	39,195	48,628
DEPRECIATION
At I April	2020	46,965	4,062	1,176	42,037	94,240
Charge for	year	454	771	586	5,072	6,883
Eliminated	on disposal	(42,738)	(3,539)		(15,619)	(61,896)
At 31 March 2021		4,681	1,294	1,762	31,490	39,227
NET BOOK VALUE
At 31March 2021			1,020	676	7,705	9,401
At 31 March 2020		454	914	1,262	11,276	13,906

			Shares in		Cash and
			group	Listed	settlements
			undertakings	investments f	pending f.	Totals
MARKET VALUE
At I April 2020				2,939,729	313,048	3,252,779
Additions				1,567,283		1,567,283
Disposals				(1,275,829 )	(263,389)	(1,539,218)
Revaluations				705,095		705,095
At 31 March 2021				3,936,278	49,659	3,985,939
NET BOOK VALUE
At 31March 2021				3,936,278	49,659	3,985,939
At 31 March 2020				2,939,729	313,048	3,252,779
					2021	2020
						f.
UK investment	assets				2,390,742	1,351,670
Overseas investment		assets			1,545,536	1,588,059
					3,936,278	2,939,729

			Shares in		Cash and
			group	Listed	settlements
			undertakings	investments	pending	Totals
				f.
Valuation	in	2021		643,226		643,226
Cost				3,293,052	49,659	3,342,713
				3,936,278	49,659	3,985,939

DEBTORS:	AMOUNTS FALLING DUE WITHIN ONE YEAR
		2021	2020
Trade debtors		288,678	595,871
Other debtors		7,625	18,209
Prepayments	and accrued income	90,772	97,730
		387,075	711,810
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2021	2020
Trade creditors		79,407	94,525
Amounts owed to group undertakings		2	2
Other creditors		16,512	15,498
Accruals and	deferred income	1,188,556	1,309,070
		1,284,477	1,419,095

		2021	2020
Balance	as at 1 April	1,240,985	1,283,264
Amounts	released to income	(1,240,985)	(1,283,264 )
Amounts	deferred in the year	1,117,439	1,240,985
Balance	at 31March	1,117,439	1,240,985

			2021	2020
Within one year				11,595
Behveen one	and five years		198,922
			198,922	11,595
IVIOVEMKNT IN FUNDS
			Net
			movement	At
		At 1.4.20	in funds	31.3.21
		f.	f.
Unrestricted	funds
General fund		(222,600)	(1,037,487)	(1,260,087)
TOTAL FUNDS		(222,600)	(1,037,487)	(1,260,087)

			Incoming	Resources	Gains and	Movement
			resources	expended	losses	in funds
Unrestricted	funds
General fund			1,846,705	(2,312,287 )	(571,905)	(1,037,487)
TOTAL FUNDS			1,846,705	(2,312,287)	(571,905)	(1,037,487)
Comparatives	for movement	in funds
					Net
					movement	At
				At 1.4.19	in funds	31.3.20
				f.
Unrestricted	funds
General fund				(627,769)	405,169	(222,600)
TOTALFUNDS				(627,769)	405,169	(222,600)

		Incoming	Resources	Gains and	Movement
		resources	expended	losses	in funds
Unrestricted	funds
General fund		2,111,497	(2,048,307)	341,979	405,169
TOTAL FUNDS		2,111,497	(2,048,307)	341,979	405,169

		Defined	benefit
		pension	plans
		2021	2020
Present value offunded obligations		(13,016,000)	(11,593,000)
Fair value ofplan assets		7,153,000	7,054,000
Present value ofunfunded	obligations	(5,863,000)	(4,539,000)
Deficit		(5,863,000)	(4,539,000)
Net liability		(5,863,000)	(4,539,000)

		Defined benefit	Defined benefit
		pension plans
		2021	2020
Current service cost
Net interest	&om net defined benefit asset/liability	90,000	123,000
Past service	cost
		90,000	123,000
Actual return	on plan assets	451,000	80,000

		Defined	benefit
		pension	plans
		2021	2020
Opening	defined benefit obligation	11,593,000	12,325,000
Interest	cost	228,000	298,000
Benefits	paid	(395,000)	(357,000)
Oblig other remeasurement		1,590,000	(673,000)
		13,016,000	11,593,000

			Defined	benefit
			pension	plans
			2021	2020
Opening	fair	value ofscheme assets	7,054,000	7,299,000
Contributions		by employer	217,000	168,000
Pension	scheme expenses		(174,000)	(136,000)
Expected	return		138,000	175,000
Actuarial	gains/(losses)		313,000	(95,000)
Benefits	paid		(395,000)	(357,000)
			7,153,000	7,054,000

		Defined	benefit
		pension	plans
		2021	2020
Oblig other remeasurement		(1,590,000)	673,000
Actuarial	gains/(losses)	313,000	(95,000)
		(1,277,000 )	578,000

					Defined	benefit
					pension	plans
					2021	2020
Aon Hewitt Bespoke Fund					7,105,000	6,967,000
Cash/other					AS,000	87,000
					7,153,000	7,054,000
Principal	actuarial	assumptions	at the Balance Sheet date (expressed as weighted	averages):
					2021	2020
Discount	rate				2.05%	2.00%
Future pe	nsion increases				3.30%	2.60%

				FOR THE YEAR ENDED 31	MARCH 2021
					2021	2020
INCOME AND ENDOWMENTS
Investment income
Dividends receivable					53,580	52,893
Interest receivable					9,044	18,786
					62,624	71,679
Charitable activities
Bibliographic databases			- subscriptions		1,768,303	1,953,582
Bibliographic databases			-PAYG		49,738	48,310
Dictionary, thesaurus,	bulletin &			reports	12,934	17,546
Escalex					3,183	8,285
Gains/(losses) on exchange					(50,226)	12,095
					1,783,932	2,039,818
Other income
Other income					149
Total incoming resources					1,846,705	2,111,497
EXPENDITURE
Raising donations and		legacies
Investment management			fees		21,540	21,779
Charitable activities
Salaries					624,773	612,879
Social security					59,741	69,352
Pensions					237,090	234,125
Other employment &outworker				costs	42S,512	356,495
(Gains)/losses on defined			benefit	pension scheme	47,000	91,000
Production &distribution					102,020	112,089
New product development					344,704	258,211
Sales &marketing					58,537	73,134
Premises costs					84,547	93,316
OAice &ITsystems					56,277	65,704
Travel &subsistence					1,496	41,524
Meetings &seminars					547	3,600
Legal and professional		fees			24,684	19,147
Overheads					22,479	25,805
Other gains/losses on exchange					162,279	(92,274)
Depreciation oftangible			fixed assets		6,884	17,103
Loss on sale oftangible		fixed assets			657	(23)
					2,262)227	1,981,187
Support costs
Governance costs
Salaries					18,515	17,948
Social security					2,555	2,477
Carried forward					21,070	20,425

		FOR THE YEAR ENDED 31M	ARCH 2021
			2021	2020
Governance costs
Brought fonvard			21,070	20,425
Auditors' remuneration			7,450	8,450
Travel k subsistence				16,466
			28,520	45,341
Total resources expended			2,312,287	2,048,307
Net (expenditure)/income		before gains and losses	(465,582)	63,190
Realised recognised	gains	and losses
Realised gains/(losses)	on	fixed asset investments	705,095	(236,021)
Net income/(expenditure)			239,513	(172,831)