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|---|---|---|---|
|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|
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|||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|
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|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|
##
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##
|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|
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|||||||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%|
##
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##
##
||||||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|