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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|
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|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||
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||||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)|
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||||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|
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|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|
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|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|
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||||||||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|
##
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|The average|monthly|number ofemployees|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|
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|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)|