| Page | |||
|---|---|---|---|
| Report ofthe Trustees | 1 | to | 7 |
| Report ofthe Independent Auditors |
8 | to | 11 |
| Statement ofFinancial Activities | 12 | ||
| Balance Sheet | 13 | ||
| Cash Flow Statement | 14 | ||
| Notes to the Cash Flow Statement | 15 | ||
| Notes to the Financial Statements | 16 | to | 26 |
| Detailed Statement ofFinancial Activities | 27 | to | 28 |
| 2022 | 2021 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | |||
| INCOME AND ENDOWMENTS FROM | |||
| Charitable activities |
|||
| Educational and training |
1,776,174 | 1,783,932 | |
| Investment income |
51,239 | 62,624 | |
| Other income | 149 | ||
| Total | 1,827,413 | 1,846,705 | |
| EXPENDITURE ON | |||
| Raising funds | 26,759 | 21,540 | |
| Charitable activities |
|||
| Educational and training |
2,021,104 | 2,290,747 | |
| Total | 2,047,863 | 2,312,287 | |
| Net gains on investments | 105,650 | 705,095 | |
| NET INCOME/(EXPENDITURE) | (114,800) | 239,513 | |
| Other recognised gains/(losses) |
|||
| Actuarial gains/(losses) on defined benefit schemes |
(62,000) | (1,277,000) | |
| Net movement in funds |
(176,800) | (1,037,487) | |
| RECONCILIATION OF FUNDS |
|||
| Total funds brought forward |
(1,260,087) | (222,600) | |
| TOTAL FUNDS CARRIED FORWARD | (1,436,887) | (1,260,087) |
| BALANCE SHEET 31MARCH 2022 |
|||
|---|---|---|---|
| 2022 | 2021 | ||
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | |||
| FIXEDASSETS | |||
| Tangible assets | 12 | 9,572 | 9,401 |
| Investments | 13 | 4,110,985 | 3,985,939 |
| 4,120,557 | 3,995,340 | ||
| CURRENT ASSETS | |||
| Debtors | 14 | 256,480 | 387,075 |
| Cash at bank and in hand | 1,355,715 | 1,504,975 | |
| 1,612,195 | 1,892,050 | ||
| CREDITORS | |||
| Amounts falling due within one year |
15 | (1,179,639) | (1,284,477) |
| NET CURRENT ASSETS | 432,556 | 607,573 | |
| TOTAL ASSETSLESSCURRENT | |||
| LIABILITIES | 4,553,113 | 4,602,913 | |
| PENSION LIABILITY | 18 | (5,990,000) | (5,863,000) |
| NET ASSETS/(LIABILITIES) | (1,436,887) | (1,260,087) | |
| FUNDS | 17 | ||
| Unrestricted funds |
(1,436,887) | (1,260,087) | |
| TOTAL FUNDS | (1,436,887) | (1,260,087) |
| INTE | R | NATIONAL FOOD INFORMATION SERVICE (IFISPUBLISHING) |
||
|---|---|---|---|---|
| CASH FLOW STATEMENT | ||||
| FORTHE YEAR ENDED 31MARCH 2022 | ||||
| 2022 | 2021 | |||
| Notes | ||||
| Cash flows from operating activities |
||||
| Cash generated fiom operations |
(175,733) | (283,549) | ||
| Net cash used in operating activities |
(175,733) | (283,549) | ||
| Cash flows from investing activities |
||||
| Purchase oftangible fixed assets Purchase offixed asset investments Sale oftangible fixed assets |
(5870) (1932,119) |
(3,277) (1,567,283) 242 |
||
| Sale offixed asset investments | 1/12,723 | 1,539,218 | ||
| Interest received Dividends received |
3,605 47,634 |
9,044 53,580 |
||
| Net cash provided by investing | activities | 26,473 | 31,524 | |
| Change in cash and cash equivalents | in | the | ||
| reporting period Cash and cash equivalents at |
the beginning (149460) |
(252,025) | ||
| ofthe reporting period |
1,504,975 | 1,757,000 | ||
| Cash and cash equivalents at |
the end | ofthe | ||
| reporting period | 1/55,715 | 1,504,975 |
| ACTIVITIES | |||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Net (expenditure)/income | for the reporting | period (as per | the Statement of | ||
| Financial Activities) | (114,800) | 239,513 | |||
| Adjustments for: |
|||||
| Depreciation charges |
5,199 | 6,884 | |||
| Gain on investments | (105,650) | (705,095) | |||
| Loss on disposal offixed assets | 657 | ||||
| Interest received | (3,605) | (9,044) | |||
| Dividends received |
(47,634) | (53,580) | |||
| Decrease in debtors | 130,595 | 324,735 | |||
| Decrease in creditors | (104,838) | (134,619) | |||
| Difference between pension | charge and cash | contributions | 65,000 | 47,000 | |
| Net cash used in operations | (175,733) | (283,549) | |||
| ANALYSIS OF CHANGES IN NET FUNDS | |||||
| Ai 1.4.21 | Cash flow | At 31.3.22 | |||
| Net cash | |||||
| Cash at bank and in hand | 1,504,975 | (149,260) | 1,355,715 | ||
| 1,504,975 | (149,260) | 1,355,715 | |||
| Total | 1,504,975 | (149,260) | 1,355,715 |
| Depreciation is provided at the followi |
Depreciation is provided at the followi |
ng annual rates in ord |
|---|---|---|
| Office furniture k equipment | 25% on cost | |
| Fixtures | and fittings | 20% on cost |
| Computer | software | 25% on cost |
| Computer | hardware | 25% on cost |
| FOR THE | YEAR ENDED 31 | MARCH 2022 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 4. | INVESTMENT INCOME | |||||||||
| 2022 | 2021 | |||||||||
| Dividends | receivable | 47,634 | 53,580 | |||||||
| Interest receivable | 3,605 | 9,044 | ||||||||
| 51,239 | 62,624 | |||||||||
| INCOME | FROM | CHARITABLE ACTIVITIES | ||||||||
| 2022 | 2021 | |||||||||
| Activity | ||||||||||
| Bibliographic databases- |
||||||||||
| subscriptions | Educational | and training | 1,661,459 | 1,768,303 | ||||||
| Bibliographic databases- |
||||||||||
| PAYG | Educational | and training | 43,476 | 49,738 | ||||||
| Dictionary, | thesaurus, | bulletin | ||||||||
| &reports | Educational | and training | 23,320 | 12,934 | ||||||
| Escalex | Educational | and training | 3,183 | |||||||
| IFISCollections | Educational | and training | 30,040 | |||||||
| Gains/(losses) on exchange |
Educational | and training | 17,879 | (50,226) | ||||||
| 1,776,174 | 1,783,932 | |||||||||
| 6. | RAISING | FUNDS | ||||||||
| Raising donations | and | legacies | ||||||||
| 2022 | 2021 | |||||||||
| Investment | management | fees | 26,759 | 21,540 | ||||||
| 7. | CHARITABLE ACTIVITIES | COSTS | ||||||||
| Support | ||||||||||
| Direct | costs (see | |||||||||
| Costs | note 8) | Totals | ||||||||
| Educational | and training | 1,992,989 | 28,115 | 2,021,104 |
| Net income/(expenditme) is stated after charging/(crediting): |
||
|---|---|---|
| 2022 | 2021 | |
| Auditors' remuneration |
6,768 | 7,450 |
| Depreciation - owned assets |
5,199 | 6,883 |
| Deficit on disposal offixed assets | 657 | |
| Currency exchange (gains)/losses |
(53,219) | 112,509 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Travel and subsistence | 155 | Nil | |||
| The number oftrustees to whom expenses | were reimbursed | was I (202]:nil). | |||
| STAFF COSTS | |||||
| 2022 | 2021 | ||||
| Wages and salaries | 661&739 | 643,288 | |||
| Social security costs | 60,401 | 62,296 | |||
| Other pension costs | 238,723 | 237,090 | |||
| 960,863 | 942,674 | ||||
| The average monthly | number ofemployees | during the year | was as follows; | ||
| 2022 | 2021 | ||||
| Advancement ofpublic education |
15 | 15 | |||
| Support | 2 | 2 | |||
| 17 | 17 |
| Office | Fixtures | |||||
|---|---|---|---|---|---|---|
| furniture | and | Computer | Computer | |||
| &equipment | fittings | software | hardware | Totals | ||
| COST | ||||||
| At | 1 April 2021 | 4,681 | 2,314 | 2,438 | 39,195 | 48,628 |
| Additions | 5,370 | 5,370 | ||||
| At | 31March 2022 | 4,681 | 2,314 | 2,438 | 44,565 | 53,998 |
| DEPRECIATION | ||||||
| At | 1 April 2021 | 4,681 | 1,294 | 1,762 | 31,490 | 39,227 |
| Charge for year | 293 | 521 | 4,385 | 5,199 | ||
| At | 31 March 2022 | 4,681 | 1,587 | 2,283 | 35,875 | 44,426 |
| NET BOOK VALUE | ||||||
| At | 31 March 2022 | 727 | 155 | 8,690 | 9,572 | |
| At | 31 March 2021 | 1,020 | 676 | 7,705 | 9,401 |
| Shares | in | Cash and | |||||
|---|---|---|---|---|---|---|---|
| group | Listed | settlements | |||||
| undertakings | investments | pending | Totals | ||||
| MARKET VALUE | |||||||
| At 1 April 2021 | 3,936,278 | 49,659 | 3,985,939 | ||||
| Additions | 1,295,226 | 636,893 | 1,932,119 | ||||
| Disposals | (1,912,723) | (1,912,723) | |||||
| Revaluations | 105,650 | 105,650 | |||||
| At 31 March | 2022 | 3,424,431 | 686,552 | 4,110,985 | |||
| NET BOOK | VALUE | ||||||
| At 31 March 2022 | 2 | 3,424,431 | 686,552 | 4,110,985 | |||
| At 31 March 2021 | 2 | 3,936,278 | 49,659 | 3,985,939 | |||
| 2022 | 2021 | ||||||
| UK investment | assets | 1,977,884 | 2,390,742 | ||||
| Overseas investment |
assets | 1,446,547 | 1,545,536 | ||||
| 3,424,431 | 3,936,278 |
| 2022 | |||
|---|---|---|---|
| Edgewood L Select Fund USD Select Growth | 252,345 | ||
| Findlay Park American Funds USD Unhedged |
(GBP) | 246,204 | |
| TRowe price Funds, US Large cap Val Eqty | 255,420 | ||
| Cost or valuation at 31March 2022 is represented |
by: |
| Shares in | Cash and | |||||
|---|---|---|---|---|---|---|
| group | Listed | settlements | ||||
| undertakings | investments | pending | Totals | |||
| Valuation | in | 2022 | 533,092 | 533,092 | ||
| Cost | 2,891)339 | 686,552 | 3,577,893 | |||
| 3,424,431 | 686,552 | 4,110,985 |
| Registered office: Ground Floor, 115Wharfed Nature ofbusiness: Dormant |
ale Road Winnersh, Wokingham, |
Berkshire, England, RG |
41 5RB |
|---|---|---|---|
| Class ofshare: | holding | ||
| Ordinary | 100 | ||
| 31.3.22 | 31.3.21 | ||
| Aggregate capital and reserves |
|||
| DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 2022 | 2021 | ||
| Trade debtors | 121,269 | 288,678 | |
| Other debtors | 9,303 | 7,625 | |
| Prepayrnents and accrued income |
125,908 | 90,772 | |
| 256,480 | 387,075 |
| 2022 | 2021 | ||
|---|---|---|---|
| Trade creditors | 135,308 | 79,407 | |
| Amounts | owed to group undertakings | 2 | 2 |
| Other creditors | 16,688 | 16,512 | |
| Accruals | and deferred income | 1,027,641 | 1,188,556 |
| 1,179,639 | 1,284,477 |
| 2022 | 2021 | ||
|---|---|---|---|
| Balance | as at l April | 1,117,439 | 1,240,985 |
| Amounts | released to income | (1,117,439) | (1,240,985) |
| Amounts | deferred in the year |
946,904 | 1,117,439 |
| Balance | at 31 March | 946,904 | 1,117,439 |
| 2022 | 2021 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Between | one | and five years | 155,830 | 198,922 | ||||||
| MOVEMENT IN FUNDS | ||||||||||
| Net | ||||||||||
| movement | At | |||||||||
| At 1.4.21 | in funds | 31,3,22 | ||||||||
| Unrestricted | funds | |||||||||
| General | fund | (1,260,087) | (176,800) | (1,436,887) | ||||||
| TOTAL FUNDS | (1,260,087) | (176,800) | (1,436,887) | |||||||
| Net movement | in funds, included | in the above | are | as follows: | ||||||
| Incoming | Resources | Gains and | Movement | |||||||
| resources | expended | losses | in funds | |||||||
| Unrestricted | funds | |||||||||
| General | fund | 1,827,413 | (2,047,863) | 43,650 | (176,800) | |||||
| TOTAL | FUNDS | 1,827,413 | (2,047,863) | 43,650 | (176,800) | |||||
| Comparatives | for movement | in | funds | |||||||
| Net | ||||||||||
| movement | At | |||||||||
| At 1.4,20 | in funds | 31.3.21 | ||||||||
| Unrestricted | funds | |||||||||
| General | fund | (222,600) | (1,037,487) | (1,260,087) | ||||||
| TOTAL | FUNDS | (222,600) | (1,037,487) | (1,260,087) | ||||||
| Comparative | net movement | in | funds, included | in the above are as | follows: | |||||
| 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) |
| Defined | benefit | |||
|---|---|---|---|---|
| pension | plans | |||
| 2022 | 2021 | |||
| Present value offunded Fair value ofplan assets |
obligations | (12,904,000) 6,914,000 |
(13,016,000) 7,153,000 |
|
| Present value ofunfunded | obligations | (5,990,000) | (5,863,000) | |
| Deficit | (5,990,000) | (5,863,000) | ||
| Net liability | (5,990,000) | (5,863,000) |
| Defined | benefit | |
|---|---|---|
| pension | plans | |
| 2022 | 2021 | |
| Current service cost | ||
| Net interest from net defined benefit | ||
| asset/liability | 121,000 | 90,000 |
| Past service cost | ||
| 121,000 | 90,000 | |
| Actual return on plan assets | 239,000 | 451,000 |
| Defined | benefit | ||
|---|---|---|---|
| pension | plans | ||
| 2022 | 2021 | ||
| Opening | defined benefit obligation | 13,016,000 | 11,593,000 |
| Interest | cost | 261,000 | 228,000 |
| Benefits | paid | (534,000) | (395,000) |
| Oblig other remeasurement | 161,000 | 1,590,000 | |
| 12,904,000 | 13,016,000 |
| Defined | benefit | |||
|---|---|---|---|---|
| pension | plans | |||
| 2022 | 2021 | |||
| Opening | fair | value ofscheme assets | 7,153,000 | 7,054,000 |
| Contributions | by employer | 179,000 | 217,000 | |
| Pension | scheme expenses | (123,000) | (174,000) | |
| Expected return | 140,000 | 138,000 | ||
| Actuarial | gains/(losses) | 99,000 | 313,000 | |
| Benefits | paid | (534,000) | (395,000) | |
| 6,914,000 | 7,153,000 |
| Defined | benefit | ||
|---|---|---|---|
| pension | plans | ||
| 2022 | 2021 | ||
| Obl ig other remeasurement | (161,000) | (1,590,000) | |
| Actuarial | gains/(losses) | 99,000 | 313,000 |
| (62,000) | (1,277,000) |
| Defined | benefit | |
|---|---|---|
| pension | plans | |
| 2022 | 2021 | |
| Aon Hewitt Bespoke Fund | 6,870,000 | 7,105,000 |
| Cash/other | 44,000 | 48,000 |
| 6,914,000 | 7,153,000 |
| 2022 | 2021 | |
|---|---|---|
| Discount rate | 2.60% | 2,05% |
| Future pension increases | 3.60% | 3.30% |
| FOR THE YEAR ENDED 31M | ARCH 2022 | ||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| INCOME AND ENDOWMENTS | |||||||
| Investment income |
|||||||
| Dividends receivable |
47,634 | 53,580 | |||||
| Interest receivable | 3,605 | 9,044 | |||||
| 51,239 | 62,624 | ||||||
| Charitable activities |
|||||||
| Bibliographic databases |
- subscriptions | 1,661,459 | 1,768,303 | ||||
| Bibliographic databases |
-PAYG | 43,476 | 49,738 | ||||
| Dictionary, thesaurus, |
bulletin &reports | 23,320 | 12,934 | ||||
| Escalex | 3,183 | ||||||
| IFISCollections | 30,040 | ||||||
| Gains/(losses) on exchange |
17,879 | (50,226) | |||||
| 1,776,174 | 1,783,932 | ||||||
| Other income | |||||||
| Other income | 149 | ||||||
| Total incoming resources |
1,827,413 | 1,846,705 | |||||
| EXPENDITURE | |||||||
| Raising donations and |
legacies | ||||||
| Investment management |
fees | 26,759 | 21,540 | ||||
| Charitable activities |
|||||||
| Salaries | 642,981 | 624,773 | |||||
| Social security | 57,812 | 59,741 | |||||
| Pensions | 238,723 | 237,090 | |||||
| Other employment & outworker |
costs | 428,204 | 428,512 | ||||
| (Gains)/losses on defined |
benefit | pension | scheme | 65,000 | 47,000 | ||
| Production & distribution |
98,019 | 102,020 | |||||
| New product development | 243,136 | 344,704 | |||||
| Sales &,marketing | 80,422 | 58,537 | |||||
| Premises costs | 82,468 | 84,547 | |||||
| Office &,IT systems | 33,387 | 56,277 | |||||
| Travel &subsistence | 3/327 | 1,496 | |||||
| Meetings & seminars | 1,697 | 547 | |||||
| Legal and professional | fees | 28,607 | 24,684 | ||||
| Overheads | 19,347 | 22,479 | |||||
| Other gains/losses on exchange |
(35,340) | 162,279 | |||||
| Depreciation oftangible | fixed assets | 5,199 | 6,884 | ||||
| Loss on sale oftangible | fixed assets | 657 | |||||
| 1,992,989 | 2,262,227 |
| FOR THE YEAR ENDED 31M | ARCH 2022 | |
|---|---|---|
| 2022 | 2021 | |
| Support costs | ||
| Governance costs |
||
| Salaries Social security Auditors' remuneration |
18,758 2,589 6,768 |
18,515 2,555 7,450 |
| 28,115 | 28,520 | |
| Total resources expended | 2,047,863 | 2,312,287 |
| Net expenditure before gains and losses |
(220,450) | (465,582) |
| Realised recognised gains and losses |
||
| Realised gains/(losses) on fixed asset investments |
105,650 | 705,095 |
| Net (expenditure)/income | (114,800) | 239,513 |