REGISTERED COMPANY NUMBER: 03507902 (England and Wales) REGISTERED CHARITY NUMBER: 1068176 REPORT OF THE TRUSTEES AND FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 MARCH 2024 FOR INTERNATIONAL FOOD INFORMATION SERVICE {IFIS PUBLISHING) Collards Chartered Accountants Statutory Auditor 5-9 Eden Street Kingston-upon-Thames Surrey KTI IBQ
INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of lh¢ Trustees Report of the Independent Audltors 9 to 12 Slatement of Flnanclal Actlvltlej 13 Balance Sheel 14 Cash Flow StAtement 15 Notes to the C95h Flow Statement 16 Iyotes to the Fln4n¢l41 Statements 17 to 27 Detalled St#tement of FlnanelAI A¢tlvltles 28 to 29
INTERNATIONAL FOOD INFORMATION SERVICE OFIS PUBLISHING) (REGISTERED NUMBER: 03507902) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present iheir report with the financial ststements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Ststement of Recommended Practice appli¢able to charities preparing their accounts in accordance with the Financial Reporting Standard applicablc in the UK and Republic of Ireland (FRS 102) (effective l January 2019), OWECTIVES AND ACTIVITIES ObJeetlves And qlms Summary of objectives The objeciive of IFIS Publishing is to advance public education and v¢xational training in the sciences of food and health ("the objective"). The tenn'food, also encompasses drftnking water, and alcoholic and non- atcoholic beverages. b. In pursuit of the abov¢ objective IFIS Publishing will., acquire, process, create and disseminate inforn]ation on, and relevant to, the sciences of food and health, with particular reference to: food safety and hygiene. food regulations. food composition. sensory analysis. the chemical, physical, biological and nutritional properties of foods and food products. and the processin& manufacture, pa¢kagin& storage and distribution of foods. participate in resCah and development projects designed to collecvcollate, prepare and disseminate infomiation on, And relevant to, the sciences of food and health. undertake other tasks connected with the provision of subj1 relevant scientific and technical infom)ation, training and education. c. IFIS Publishing will co-operntelcollaborate with other relevantlappropriale organisalions and may, in addition, acquire other inforniation services and products, or shares in them. d. IFIS Publishing has a special interest in assistin8 developin8 countries to improve their access to infomiation services in the sciences of food and health in order to help meet national and regional educational and training needs. The trustees confim) that they have referrcd to the guidance contained in the Charity Commission's generAI guidance on public benefit when reviewing the objectives of the charity and in plannin8 futyr¢ aclivities. Re5trietion of operltlons JFIS Publishing operates exclusively for scientific and educational purposes and will not be operated for the purpose of carying on a trade or business for profit. b. IFIS Publishing's assets will bc utilised only in pursuance of its objective5 and in accordance wilh its Constitution. Neither trustees, nor any other organisation, or private individual may or will receive any dividend or any other distribution out of the &ssels or earnings of IFIS Publishing. . No person shall receive any payment or benefit from IFIS Publishing in respect of expenditure incurred in relation to matters falling outside the objectives of the company. Page I
INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) (REGISTERED NUMBER: 03507902) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OWEcfivES AND ACTtVITIES Public benefit Aims The ultimate mission of IFIS Publishing is to be the globally recognized provider of internationally applicable, topquality inforn)ation relevant to the sciences of food and health. We aim to meet the reseah, education, and training needs of industy, a¢ademi4 schools and the general publi¢. The IFIS Publishing website (wiww.ifis.org) offers free access to articles about food and health, providing valuable infomiation to a broad audience. Each year, we run several individual and group education and training activities to enhance the food community's understanding of how to effectively utilize relevant inforniation sources. These initiatives are desIed to improve publlc knowledge and support infornied dls1On-makIn8. Since its inception in 1969, th¢ bibliographic database Food Science and Technolo8y Abstracts@ (FSTAQ) h8s been th¢ world's leading discovery database containin8 source material published on the sciences of food and health, and related subjects. FSTA is available on variou5 search platfoms operated by third-party hosts such as Wolters Kluwer Ovid SP, Clarivate Analytics Web of Science, EBSCOhost, ProQuest Dialo& and STh. FSTA is widely used by libraries, particularly those in universities offerin8 courses in food science, nutrition, and related fields. The database also serves scientists in the food industy, government departments. and research institules focused on food policy and nationally funded food research. The companion thesaurus for FSTA is used to structure the data and represents an invaluable aid for ¢I¢l¢nI database Seah¢S, further supporting reseah¢r5 and educalors. IFIS Publishing's dedication to public benefit is Also evident in the commitment to making high-quality scientific infornialion accessible to a global audience, This is achieved through initiatives like the 2023 launch of the free-lacCesS IFIS Sustainability Collection, a dynamic databe of information relevanl to food science and lechnology that strives to promote sustainability practices within the field And support the global food community. Promoting infomiation acces5 for scientists in developing economies, IFIS also participates in the United Nalion's Research4Life programme. By continuously developing and providing top"quality inforniation resources, IFIS Publishing fijlfills its mission to support the infom)ation needs of the food science community and the broader public, ultimately conlribuling to improved h¢allh and well-being worldwide. Beneficlarles The prime and direct beneficiaries from IFIS Publishing products and services are those people and organisations comprising the global food and drink community who strive to ensure that knowledge. training and education in all related subject areas are based on scientific integrity and quality of inforniation. Members of the general public benefit directly by virtue of free acGe5S to certain articles available on the IFIS wcbsitc, and via some libraries; they also benefit indictlY via the prime bcneficiaries. The ultimate aim of infomiation provision of this type is to help ensure that the World's knowledge of the science5 of food and health is available lo be applied for the benefit of all people in all contexts inoluding, for example.. tscklin8 the problems suffered by the undernourished or the obese. and helping to ensu that each county of the world has the infomiation it needs to produce the required sustainable quantities of affordable, safe, high-quality food for its citizen5. Customer types JFIS customer type5 are varied in background and are involved in a number of different role5 including: teaching. studying. research. product and process development. decision making. policy development. technical management inforniation provision; and consultancy. They ar4 therefore, drawn typically from the following areas: Universities and colleges Governments and governmental organisations Research Institutes Page 2
INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) (REGISTERED NUMBER: 03507902) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 0ECTIVEs AND ACTIVITIES Non-governmentsl organi5ations and charities Industry and its various sectors Professional and trade associations Teachers, lecturers and librarians Students Consultants and advisors Customer market research Feedback from customers is sought regularly using various methods (e,g., surveys, interviews, meetings at conferences). Additionally, IFIS Publishing h&$ forn)ed advisory groups which represent each of our key stakeholder groups (namely faculty, library, corporate and student groups). These groups advise on the market environment and development initiatives and opportunities. ACHIEVEMENT AND PERFORMANCE Investment perform8n¢¢ Speclfic Investment Powtrs Funds may be held in the name of any clearing banl any trust corporntion or any stock broking company which is a member of the Stock Exchange as nominee for the trustees. At present, IFIS'S investments are actively managed by Rathbones. Investment Poliey #nd Perfornianee The objective of the portfolio is to make inveslm¢nts that preserve the capital principal, to safeguard the principal and its income, and provide a competitive long-lenn totsi return as far as possible. The portfolio composition and balance are designed to achieve "conservative 8rowth" This is about mid-way between investing lo achieve high income and investing to achieve high capital growth. Nominally the portfolio comprises 68.50/0 equities, 24,50/0 ¢&sh and bonds and 7Yo in diversifying assets. IFIS 15 not investing in carbon-intensive industries, however there may be a de-minimis level of exposure via the funds held in the portfolio which are regularly monitored wilh the airn of keeping below a threshold of 1.80h of ihe tolal portfolio allocation. Page 3
INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) (REGISTERED IYUMBER: 03507902) REPORT OF THE TRUSTEES FOR THE YEAR EIYDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Overvlew The charity continues to implement the strategic development initiatives approved by the trustee5. A three-year rolling strategic plan is presenied to the Board at the beginning of each financial year, with progress reviewed at each quarterly meeting. Durin8 2023-2024, IFIS Publishing undertook efforts to expand its database offering. culminating in the launch of a new bibliographi¢ database, NutriHealth, in partnership with Wolter5 Kluwer. NutriHealth contains a subset of FSTA data focused on the sciences of diet and health, supporting research in the medical field. This initiative underscores the charity's commitment to addressing emerging research needs and facilitating access to critical infoThnation that can influence health outcomes. Furthering the charitable mission to improve access to scientific literature and support the discovery needs of the food science community, the not-for-profit also launched the IFIS SustAinability Collection, a dynamic, free.to-access datsbase of infonnation relevant to sustainable f(iod science. This collection contains a rolling six-monih segment of data and is accessible globally, promoting sustainability practices within the field. The charity has advanced its thought leadership efforts acros5 digital and facc-tfacC channels, presenting data at various conferences and events on topics ranging from academi¢ publishing to trends in food and health science. It has partnered with leading advocates of scientific integrity, including Retraction Watch, to drive the conversation on predatory publishin8 and paper mill adivity. TO 5UPPOrt beneficiaries in avoiding fake science, the charity has developed various resources, including a free tool to identify predatory open.access journals and an online resource hub. Educational activities continued throughout the year and included the proportion of rese8rch best praclice 8uide5 and SOciated webinars. IFIS'S commitment to innovation and collaboration remains strong. The organisation continuously explore5 new partnerships and technological advancements to enhance its services and extend ils impact. A focus on educational outreach, trustworthy scientific infom)ation, and supporting the global food science community underscores IFIS'S dedicalion to its mission and values. Flngnclal revlew The movement in fiinds for the year is 5Ct out in note 17. Income from l April 2023 through 31 March 2024 arising from tiVitIeS in furtherance of the charity's objectives amounted lo £1,763,894, an increase of 2 % on the previous year. This incrcasc was managed against a background of challen8ing economic conditions, particularly the funding situation in our core market of higher educationa] establishments. Expenditure was £1,982,080. a de¢re&s¢ of £95,489 compared to the prior year. This decre&se was in the main due to tight financial controls on expenditure. Net outgoing resources before other recognised gains and losses amounted to £79,403. The results were significantly ]mpaed by the recovery of stwk markets during the year and by the reduction in expenditure. After allowing for a marginally reduced pension liability in the financial year to 31 March 2024, the accumulated fund w&$ brought to (£1,143,551), a minor dderiorntion of just over £26k compared to the previous year*nd. This was after an increased regular payment during the year of £500,0 to the pension scheme, as part of the deficit recovery plan. This has redu¢ed IFIS'S Fixed Assels and Cash Balances. The liquidity position continues to be favourable with £2,674,653 in inveslments. and £781.940 in bank and cash balances. The estimated value of the fixed &8sets of IFIS Publishing is not materially different from that shown in the accounts. All investments held by IFIS Publishing have been acquired in accordance with the powers available to the trustees, Page 4
INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) {REGISTERED NUMBER: 03507902) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINAIYCIAL REVtEW Reserves policy The trustees have considered the key requirements of the Charities Act 2011. They have continued to review IFIS Publishing reserves and the investment portfolio. Consideration of these issues is Conducted under the guidance of the Chair of the Governing Board and the six other member trustees on the Board. The financial reserves set &side since the forniation of IFIS Publishing provide financial stability and the means for the development of the principal infomalion products and services. Undesignated funds are mainiained at a level that is at least equivalent to approximately one yea15 operating cosls, plus potential pension liability costs. The accumulated nd is currently (£1,143,551) which is considered an appropriate level due to the long-terni nature of Ihe potential pension liabilities. In addition, undesignated ndS are set aside in readiness to enable the continued development of inforniation products and services for the benefit of the international food community. Some of these undesignated funds may be used lo finance the use of specialist, outsourced expertise acquired via key extsrnal development partnerships or by the appointment of consultants, In addition to the audited accounts, management aOUnts are reported to th¢ Governing Board at least four times annually for monitoring income and expenditure against the pre-agreed annual budget. FUTURE PLAIYS IFIS Publishing aims to stsbilise revenue trends in its core databasc business, FSTA, through improved renewal rates and new user acquisition. This will be achieved by leveragin8 in¢reased industry collaboration, customer engagemen( meaningful partnerships, and the charity's unique value proposition in the fields of food and health. The ¢hArity is extending ils reach into new edu¢alional s¢gmenls and markets through innovation. The March 2024 launch of the NutriHealth datab&8e demonstrates how existing dataflows can be leveraged to meet ihe specific needs of medical professionals. This supports the charity's ambition to improve access lo trustworthy scientific infomialion and support the scientific community's efforts to build a food system that underpins improved human and planetary health. In the short lemi. the orwiisation will concentrate on raisin8 awareness of the product within the medical community. Outreach plans include., event particiwion, multichannel awareness campaigns, and thought leadership efforts. In the medium terni, IFIS Publishing will explore other niche areas within food science and related disciplines, targeting specific professional groups and educational inslilulions. By identifying emerging trends and gaps in the market, IFIS aims to develop tailored resources that cater to evolving infornialion needs. The or8anisation will continue to explore collaboration and partnership opportunities with other stskeholders in the food science and technology space to extend its reach and scale its impact. Strategic alliances with academic institutions, industy bodies. and technology partners will enhanc¢ resource sharing and innovation. Advancing IFIS'S educational mission to promote acce5S to trustworthy scientific infomation. trainin8 efforts will concentrate on the promotion of research best practices. Awareness-raising and outreach activities will highlight the growing risk posed by predatory publishing and papem)ills to trust in rigorous scientific literature. Specific initiatives include workshops, webinars, conference attendance, and the developmenl of educational materials aimed at both researchers and educators. Ongoing work is taking place to understand the nuanced impad of developments in artificial intelligence on academic publishing and scientific research generally. IFIS'5 product development efforts are exploring how machine learning, LLMS, and automation can improve the quality of its workflows. Process optimisation and R&D will help the charity build product resilience and un1k innovation opportunities. These efforts will foGu5 on enhancing data accuracy and streamlining editorial processes. In line with its slated charitable objectives, IFIS will continue to participate in Ihe Research4Life scheme, public-private partnership between publishers, UN agencies, and univer51tics providing free or low-cost access to scientific literydture in lower-income countries. Through this programme, FSTA is currently available for free to universities and related institutions in over 120 countries. Page 5
INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) {REGISTERED NUMBER: 03507902) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTUKE, GOVERNANCE AND MANAGEMENT Governing document The International Fwd Infonnation Service (IFIS) founded in 1968 and is now an organisation comprising two separate lega]ly recognised entitie5 based in the United Kingdom. . The Intemational Food Information Service (IFIS Publishing) is a company limited by guarantee which was registered as a charity on 17 February 1998. Its activities are govemed by its Memorandum and Articles of Association. On 3 April 1998, the company took over all the operdtions and assels of the Inlemational Food Infomation Service, an unincorporated association which was registered as a charity in the United Kingdom on 13 February 1990 with the registered charity number 802722. The company (IFIS Publishing) is ¢onstiluted under a Trust deed and has the registered charity number 1068176 (with effect from 17 Febru8ry 1998). 2. IFIS Limited is a wholly owned subsidiary undertaking of IFIS Publishing, donnant since l April 1991. Recrultment and appolntment of new trustees The trustees of the charity conducted a review of its governance and adopted new Articles and Bye Laws on 23 May 2012. The articles were b&sed on a model recommended by the Charity Commission. The most material change related to h simplification of the process of appointing trustees and members of the Charity. Trustees and members are now one and the same, thereby removin8 the previous two.tiered managemenl of the charity. The changes allowed the charity to increase the number of trustees and broaden its knowledge and expertise on the board, During the curreni year Mr Pedja Pavlicic was elected as Vice Chair. New trustees, who fulfil the eligibility criteria and requirements specified by the Articles and Bye Laws, can be voted on lo the Board by the existing trustees. Each new trustee is given an induction to the Company by the Managing Director and Chaiman of the Tru5tces, and each is given the IFIS Publishing document 'Guide to Ihe Duties and Responsibilities of IFIS Trustees,. This document is reviewed regularly and includes: the UK Charity Commission guidance document The Essential Trustee What you need to know,; the IFIS Publishing Articles of Association and Bye Laws. and copies of the annual insurance policy documents relating to Direclors and Officers Liability, Role of MAnAglng Dlreetor The Managing Director, Ms K Askew, provides leadership to employees and is responsible for the operational detail and implementation of the business plan and the management of the charity, including ¢ontrol of expenditure in line wilh budgets and delegations approved by the Board. The Managing Director reports regularly to the Trustees on progress against agreed priorities and objectives and seeks oprnitIeS lo expand and promote the organisation. Key management remunergtlon The trustees consider the management team as comprising thc key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to4lay basis. All trustees give of their time freely and no trustee remuneration was paid in the year. Detsils of trustee expenses and related paty transactions are disclosed in notes 10 and 19 to the accounts. Trustees are required to disclose all relevant interests and reBlSter them with the managing director and in accordance with the Charity'5 policy withdraw from decisions where a conflict of interest arises. The pay of the charity's management team is reviewed annually and disclosed in note I I to the accounts. Remuneration is nomlally increased in accordance with factors such as the current inflation rate, individual perfom]ance, responsibilities. and bench-marked with organisations of a similar sizc and activity lo ensure that rernuneration is set fairly and not out of line with that generally paid for similar roles. Page 6
INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) (REGISTERED NUMBER: 03507902) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Rlsk management The trustees have a duty lo identify and review the risks to which the charity is exposed and to ensure appropriate controls arc in place to provide reasonable assurance against fraud and error. The trustees consider the risks that they may have to manage at the four Board meetings which are held each calendar year (January through t)ecember). A risk register is updated &$ judged necessary, and risk and control ratings are monitored regularly. Appropriate control measures are discussed and implemented. Such risks relate, for exarnple, to most of the income received being paid in US$. relevant insurances in this respect are regularly reviewed. Provision for any possible bad debts is made in the regular budgeting process. Pension liabilities, the potential for data 105s, cybersecurity, tnveslment changes, and market changes are other examples of risks that are considered. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 03507902 (England and Wales) Regl$ter¢d Charlty number 1068176 Regl$tered offlee Ground Floor 115 Wharfedale Road Wokingham Berkshire RG415RB Trustees Professor C Dennis Mr D H Duncan Mr P Pavlicic Professor W Zhou Ms C T Shannon Dr l J Noble Mr M J GritTiths Company Seeretlry JFNash Audltors Collards Chartered Accountants Statutory Auditor 5-9 Eden Street Kingston-upon-Thames Surrey KTI IBQ STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees {who are also the directors of International Food Infomlation Service (IFIS Publishing) for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial stalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Page 7
tNTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) (REGISTERED NUMBER: 03507902) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES- eontinued Company law requires the trustees to prepare financial statements for each fmancial year which give a true and fair view of the state of affairs of the ¢haTitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In ppar]rtg those financial statements, the trustees are required to s¢lect suitable accounting policies 8nd then apply them consiskntly; observe the methods and prin¢iples in the Charity SORP. make judgements and estimates that are sOllable and prudent. prepare the fmancial statements on the going concern b&sis unless it is inappropriate to presume that the charitable company will ¢ontiDUe in business. The trustees are responsible for keeping proper acrounting records which disclose with reasonable a¢¢ura¢y at any time the fmancial position of the charitable company and to enable them to ensure that the fmanrial statements comply with the Companies Act 21x16. They are also responsible for safeguarding the assets of the ¢haritabl¢ ¢ompany and hence for tsking re&sonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: there is no relevant audit inforniation of which the charitable company's auditors are unaware; and the tNstees have taken all steps that they ought to have tsken to make themselves aware of any relevant audit inforniation and to establish that the auditot3 are aw at infonnation. Approved by der'o•the board of tNstees on ...... ... . . and $i¢d on its behalf by: Professor C Denn Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) Opinlon We have audited the financial ststsments of Inlernational Food Infornialion Service (IFIS Publishing) (the 'charitable ¢ompany') for the year ended 31 March 2024 which comprise the Statement of Financial Activities. the Balance SheeL the Cash Flow Statement and notes lo the financial statements, including a summary of significant accounting policies. The financial reporting framework that h&£ been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial stslements: give a true and fair view of the state of the charitable company's affairs &8 at 31 March 2024 and of its in¢oming resources and application of resources, including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Praclice. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. have been prepared in accordance with the requirernents of the Companies Act 2006. Bas15 for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independenl of ihe charitable company in accordance with the ethical requirements that are relevant to our audit of the financial stalements in the UK, including the FRC'S Eihical Slandard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conelu$lons relotfing to golng coneern In auditing the finAncial stslemcnts, we have concluded that the trustees, use of the 80in8 concern basis of accounting in the preparation of the financial statements is appropriale. Based on the work we have pcrfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significani doubt on the Charitable company's ability to continue as a going concem for a period of at least twelve months from wh¢n the financial statemenls are authorised for issue, Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Informatlon The trustees are responsible for ihe other inforniation. The other inforniation comprises the infomiation included in the Annual Report, other than the financial stst¢ments and our Report of the Independent Auditor5 thereon. Our opinion on the financial slatements does not cover the other inforniation and, except to the extent otherwis¢ explicitly stated in our report, wc do not express any fonn of &ssurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infomiation and, in doing so, consider whdher the other infonnation 15 materially inconsistent with the financial slalements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparenl material mi5Statements, we are required lo detern)ine whether this gives rise to a material misslalement in the financial statements themselves. If, Imsed on the work we have perfomied, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this rewd. Oplnlons on other matters prescrlbed by the Companies Act 2(K16 In our opinion. based on the work undertaken in the course of the audit: the inforniation given in the Report of the Trustees for the financial year for which the financial statements are prepared is Consistent with the financial statements. and th¢ Report of the Trustee5 has been prepared in accordance with applicable legal requirements. Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBEILS OF INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) MAtters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Tnes. We have nothing to report in respect of the following matters where the Companies Act 2Crf)6 requires us to report to you if, in our opinion: dequate accounting records have not been kept or returns adcquate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounling records and returns. or ertain di5c105ures of tru5tee5' remuneration specified by law a not made. or we have not received all the inforniation and explanations we require for our audit. or Ihe trustees were not entitled to tske advaniage of the small companies exemption from the requirement lo prepare a Strategic Report or in Preparing the Report of the Trustees. Responslbllltles of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlemal control as Ihe trustees delemine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charilable company's ability to continue AS a going concern, disclosing, as applicable, matters related io going concern and using the going concern b&8is of accounting unless the trustees either intend to liquidate the charitable company or lo cease operations, or have no realislic alternative but to do so. Page 10
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) Our responsibilities for the audit of the finaneial statements Our objective5 are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Re&8onable &ssurance is a hish level of &8surance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always dete¢t a material misstatement when il exists. Misstatements can arise from fraud or error and are considered rnaterial if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, w&$ &8 follows: * the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and re8ulations' identified laws and regulations were communicated within the audit team regularly and the team remained al¢rt to instances of non<ornpliance throughout the audit. We assessed the sus¢epiibility of the company's financial statements to maierial misstatement, including obtaining an understanding of how fraud might occur, by: makin8 enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; considering the internal controls in place to miligale risks of fraud and nonrfompliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: perfonned analytical procedures lo idenlify any unusual OT unexpected relationships. tested journal entries to identify unusual transactions. assessed whether judgements and assumptions made in detemiining the accounting eImat¢S were indicative of potential bias. investigated the rationale behind Significant or unusual transactions. In response to the risk of irregularities and non-complianee with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement disclosures to underlying supportin8 documentstion. * reading the minutes of meetings of those charged with governance; enquiring of management a5 to actual and potential litigation and claims; reviewing Correspondence with HMRC, relevant regulators and the company's le8al advisors. There are inherent limitations in our audit procedures described above. The more rcmovcd that laws and regulations are from financial transactions. the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedutts required to identify nonompliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material rnisslatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A fvrther description of our responsibllities for the audit of the financial ststements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description fornis part of our Report of the Independent Auditors. Pagell
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) Use of our report This report is made solely to the charitable company's members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2(K)6. Our audit work has been undertaken so that we might state to ihe Charitsble MpanY'S members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent pemiitted by law. we do not ac¢epi or &ssume responsibiltty to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report. or for the opinions we have fomied. Jonathan Addison FCA (Senior Statutory Auditor) for and on behalf of Collards Chartered Accountants Statutory Auditor 5-9 Eden Street Kingston-upon-Th8rne5 Surrey KTI IBQ Page 12
INTERNATIONAL FOOD INFORMATJON SERVICE (IFIS PUBLISHING) STATEMENT OF FINANCIAL ACTtVtTIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 2024 Unrestrleted fund 2023 Totsl funds Notes INCOME AND ENDOWMENTS FROM Charitable aetivities Educational and lrnining 1,696J54 1.680.918 Investment income 67,540 52,107 Total 1,763,894 ,733,025 EXPENDITURE ON Raisin8 fijnds 17,157 16,928 Charitlble gctlvltleg Educational and training 1,964,923 2,060,641 Total 1,982,080 2,077,569 Net gainsl(losses) on investments 138,783 (239,717) NET INCOMEI(EXPENDITURE) Other reeognlsed gaIn{loSses) Actuarial gains on defined benefil schemes (79,403) (584,261) 53,000 904,000 IY¢t movement In funds (26,403) 319,739 RECONCILIATION OF FUNDS Total funds brought forward (1,117,148) (1,436,887) TOTAL FUNDS CARRIED FORWARD (1,143551) (1,117,148) The notes fonn part of these financial statements Page 13
INTERNATIONAL FOOD INFORMATION SERVtCE (IFIS PUBLISHING) (REGISTERED NUMBER: 03507902) BALANCE SHEET 31 MARCH 2024 2024 Unrestricted fund 2023 Total funds Note5 FIXED ASSETS Tangible assets ]nv¢stments 12 13 15290 2.894,411 2,674,653 1684613 2,9.101 CURRENT ASSETS Debtors Cash at bank 14 312,709 781,940 352,069 889,074 1,094,649 1241,143 CREDITORS Amounts falling due within one year 15 (1,127013) (1220,992) NET cuRREr ASSETS (33,164) 20,151 TOTAL ASSETS LESS CURRENT LIABILITIES 2,651.449 2,929,852 PENSION LIABILITY 18 (179SIJ(KJ ) (4,047.(X)o ) NET ASSETSI(LIABILITIES) (1,143,551) (1,117,148) FUNDS Unrestricted fimds 17 (1,143JS1) (1,117,148) TOTAL FUNDS (1,143,551) (1,117,148) These fmancial statements have been in accordance with the provisions applicable to charitable companies subjert to the small companies regime. The. ents were approved by the Board of Tntstees and authoris¢d for issue ..i..<qiifand were Sied on its behalf by: Professor C Dennis- Ttee The notes fomi part of these fmancial stat¢m¢nts Page 14
JNTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating aetlvltles Cash generated from operations {$33221) (1,484,135) Net cash used in operating activities (533321) {1,484,135) Cash floivs from Investlng Aetlvltles Purchase of iangible fixed assets Purchase of fixed asset investments Sale of fixed &8set inveslments Interest received Dividends received (11.468) (883,161) 1,860,016 8.899 43,208 (933,129) 1391,676 14486 53,054 Net cash provided by investing activities 426,087 1,017,494 Change In elsh and t*sh equfvalents In the r¢portlng perlod Cash And cash equlvalents At the beglnnlng of the reportlng perlod (107.134) (466,641) 889,074 1,355,715 Cash and CAsh equivalents at the end of the reporting perlod 781,940 889,074 The notes forni part of these financial ststements Page 15
INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) NOTES TO THE CASH Finw STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net expenditure for the reporting perlod (as per the Statement of Fin*n¢iil Aetlvltles) Adjustments for: Depreciation charges {Gainylosses on investments Interest received Dividends received Decre&se/(increase) in debtors (Decrea5e)lincrease in creditors Difference between pension charge and Cash contributions (79,403) (584,261) SJ30 5,750 (138,783) 239.717 {14,486) (8,899} (53,054) (43,2081 39J60 (95,589) (93,185} 41,355 {19900) (1.039,000) Net elsh used In operatlons (533221) (1,484,135) ANALYSIS OF CHANCES IN NET FUNDS At 1.4.23 Cash flow At 31.3.24 Net CAsh Cash at bank and in hand 889,074 (107,134) 781,940 889,074 (107,134) 781,940 Total 889,074 (107,134) 781,940 The notes forni part of these financial statements Pa8e 16
INfERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION International Food Infonnation S¢rvicc is a private company, limited by guarantee, registered in England and Wales. The company's registered numbcrs (as both a registered company and a registered charity) together with its registered office address Can be found in the report of the Trustees. In the event of the charity being wound up, the liability in respect of the gurntee is limited to £10 per member of the charity. ACCOUNTING POLICIES B4s1s of prepgrlng the flnanelal statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan¢e with the Financial Reportin8 Slandard applicable in the UK and Republic of Ireland IFRS 102) {effective l January 2019),, Financial Reporting Standard 102 'The Financial Reportin8 Stsndgrd applible in the UK and Republic of Ireland, and the Companies Ath 2006. The financial statements have been prepared under the historical cosl convention, with the exception of investments which are included at market valuc. as modified by thc revaluation of certain assets. Income All income is reCOlSed in the Statement of Financial Actlvities once the charity ha5 entitlemcnt to the nds, it is probable that the income will be received and the amount C8n be measured reliably and is stated after trade discounts. other sales taxes and net of VAT. Subscriptions for the charity's datsbe products are credited to the Income and Exp¢ndilur¢ seclion of th¢ ststement of Financial Aclivilies over the period of the subscription on a straight line b&8is. Royalties in respect of the charity's database products are credited to the Income and Expenditure section of ihe Statement of Financial Activities over the period of the service lo which the royalties relate, Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constrnctive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be requId in settl¢m¢nt and the amounl of the obligation can be measured reliably. Expenditure is oUnted for on an accruals basis and has been Classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tanglble flxed assets Depreciation is provided at the following annual rates in order to write off each &sset over its estimated useful life. oirice furniture and equipment Fixtures and fittings Computer 50ftware Computer hardware 20 % on cost 200/0 on cost 25 % on cost 250/0 on cosl Taxatlon The charity is exempt from corporntion tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of ihe trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arlse when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fvnd is included in the notes to the financial statements. Page 17 continued...
INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING} NOTLS TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUIYTING POLICIES- eontinued Forelgn eurrencles Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. Pension eosts and other post-retirement benefits JFIS Publishing is an Associated Employer within the pension scheme operaled by CAB Inlernational. This scheme is a defined benefit scheme which was capped at £30.000 per person pro rata and salaries exceeding £30,000 were Ihen entered into defined contribution. The scheme's funds are adminislered by trusiees and are independent of the finances of both IFIS Publishing and CAB International. From l April 2016 Ihis scheme was closed to new members and all fvture contributions were paid to a defined contribution scheme. The contribution5 to the defined benefil scheme are d¢t¢rn]ined by a qualified indep¢ndenl actuary, Russell Agiu5 of Aon Solutions UK Limited on the b&8is of triennial actuarial valuations. The latest full actuarial review, carried out as at 31 December 2020 and updaled to 31 March 2024. showed a surplus in the scheme. aslng commltm¢nts Rentals under operating leases are Charged to the Statement of financial activities incorporating income and expenditure account on a straight line basis over the Le lerni. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The preparation of the financial statemenls requires the charity to make judgments. estimates and Assumptions that affect the amounts reported for assets and liabilities hs ai the balance sheet date and the amounts reported for income and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judents and estimates have had the most significant effect on amounts recognised in the financial stslements, Tanglble flxed #$sets Tangible fixed Sets 8re depreciated over their usefvl lives taking into account residual values, where appropriate. The actual lives of the assets and residual values may vary depending on A number of factors. BAd debt proytslons Provisions are estimated by the charity in respect of specific debts b&sed upon the age of the debt and knowledge of known issues. A¢erued expenses Accrued expenses are estimated by the charity based upon past experience, wilh knowledge of known issucs at the balance sheet date, and management infom)ation available after the balance sheet dale, in respecl of matter5 for which the charity is ¢onfidenl Ihere will be an oufflow of economic benefit. Retirement benefjts Various assumptions are made in reporting the perfomiance of the charity's share of the pension scheme operated by CAB Internalional. A valuation is carried out for reporting purposes by a qualified independent actuary. The principal actuarial assumptions made are disclosed in note 18. Page18 continued...
INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENT INCOME 2024 2023 Dividends receivable Interest receivable 53,054 14,486 43,208 8,899 67J40 52,107 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Bibliographic datsbases- subscriptions Bibliographic databases - PAYG Dictionary. thesaurus, bulletin and reports IFIS Collections Gains/(losses) on exchange Educational and training Iffj58,408 ,623,843 Educational and trainin8 39,694 43,894 Educational and training Educational and training Educational and training 10.967 3J76 {16,091) 20,135 896 (7,850) 1,696J54 1,680,918 RAISING FUNDS Ralslng donatlons Ind legacles 2024 2023 Inveslment management fees 17,157 16,928 CHARITABLE ACTIVITIES COSTS Support costs {see note 8) Direct Costs Totals Educational and training 1,920,725 44,198 1,964,923 Page 19 continued...
INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT COSTS Governance costs Educalional and training 44,198 NET tNCOMEI(EXPENDITURE) Net incornel{expenditur¢} is stated after Chargin{creditIng). 2024 2023 Audilors, remuneration Depreciation - owned assels Currency exchange (gainsylosses Operating lease expense 7,475 5a30 21,42J 39,623 7,008 5,750 (6,939) 39,549 10. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trnstee$' expenses During the year the following expenses were reimbursed to the charity's trustees.. 2024 2023 Travel and subsistence 12068 26,205 The number of trustees to whom expenses were reimbursed was 7 {2023 ., 8). I I. STAFF COSTS 2024 2023 Wages and salaries Social 5UrIty costs Other pension costs 643219 57,402 558,737 647,755 58.187 1,336,615 1259J58 2,042,557 The average rnonthly number of employees during the year was as follows,, 2024 18 2023 15 Advancement of public education Support 20 17 Page 20 continued...
INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR EIYDED 31 MARCH 2024 ii. STAFF COSTS- continued The number of employees whose employee benefits (excluding employer pension ¢osts) exceeded £60,000 was: 2024 2023 £60,001- £70,000 £90,001- £100,000 Benefits are accrning to these employees under the charity's defined benefit scheme. Contributions paid in the period amounted to £nil (2023: £nil). Benefits are also accruing to these employees under the charity's defined contribution scheme. Contribution5 paid in the period amounted to £nil (2023: £4,571). The charity considers its key management personnel comprise the Trustees, the Managing Director, Head of Markettng & Engagement and the Head of Product Development. The total employment benefits including employer pension contributions and national insurance of the key management personnel were £235,278 (2023,. £197.895). The Trnstees received no remuneration during the period (2023: £nil). 11 TANGIBLE FIXED ASSETS Office fiirniture Fixtures Compuler software Computer hardware equipment fittin8S Totals COST At l April 2023 and 31 March 2024 4,681 lJ56 3,080 43,992 53,109 DEPRECIATION Al l April 2023 Charge for year 4,681 900 199 371 746 31067 4J85 37,819 5a30 At 31 March 2024 4,681 1,099 36352 43,149 NET BOOK VALUE At 31 March 2024 257 7,740 9,960 At 31 March 2023 456 2,709 12,125 15,290 Page21 continued...
IIYTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2024 13. FIXED ASSET INVESTMENTS Shares in group undertakings C&8h and settlements pending Listed investments Totals MARKET VALUE At l April 2023 Additions Disposals Revaluations 2,855,949 926244 (1,184366) 31,673 38,460 6,891 2,894,411 933,135 (1,184J66) 31,673 At 31 March 2024 2,629JOO 45J51 2,674,653 NET BOOK VALUE At 31 March 2024 2,629JOO 45J51 2,674,653 At 31 March 2023 2,855,949 38,460 2,894,411 2024 2023 UK investment assels Overseas investhient assets 1018,918 ,155,735 1,602,345 1,292,066 2,674,6S3 2,894.411 Cost or valuation at 31 March 2024 is represented by: Shares In group Ll$¢ed undertAklng5 Investments Cash and settlements pendlng Totals Valuation in 2024 Cost 206,855 2,422,445 206055 2,467,798 45J51 2.629JOO 45JS1 2,674,6S3 The company's investhents at the balance sheet date in the share capital of companies include the following: IFIS Limited Registered office.. Ground Floor, 115 Wharfedale Road Winnersh, Wokingham, Berkshire, England, RG415RB Nature of business.. Dom]ant Class of share,. Ordinary holding 100 2024 2023 Aggregate capital and reserv¢5 Page 22 continued...
INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) NOTES TO THE FINANCIAL STATEMENTS - eontlnued FOR THE YEAR ENDED 31 MARCH 2024 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 TTade debtors Other debtors Prepayments and accrned income 185,761 5,162 121,786 233,438 9.016 109,615 312,709 352.069 I& CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Amounts owed to group underthkings Other creditors Accruals and deferred income 78,478 75,237 23,425 1,025,9(18 28,692 1,117.061 1,127,813 1,220.992 Subserlptlon and Royal¢les In Advance Included within accruals and deferred income is subscription and royalty income received in advance. The movement for the year is described below: 2024 2023 Balance as at l April Amounts released lo income Amounts deferred in the year 1,075,977 (1,075,977) 996045 946,904 (946,904) ,075,977 Balance at 31 March 996,545 ,075,977 16. LEASING AGREEMENTS Minimum lease payments under non-¢ancellable operating leases fall due as follows: 2024 2023 Between one and five years 69,646 112,738 Page 23 continued...
INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) NOTES TO THE FINANCIAL STATEMENTS. eontinued FOR THE YEAR ENDED 31 MARCH 2024 17. MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestrlcted fund$ General fund (1,117,148) (26,403) (1,143JSi ) TOTAL FUNDS (1,117,148) (26,403) (1,143,551) Net movement in funds, included in the above are as follows: Incorning resources Resources expended Gains and losses Movement in funds Unrestrlrted funds General fund 1,763,894 (1,982,080) 191,783 (26,403) TOTAL FUNDS 1,763,894 (1,982,080) 191,783 (26,403) Cornpar#tlvrf for movement In funds Nel movement in funds Al 31.3.23 At 1.4.22 Unrestrieted funds General fvnd (1.436,887) 319,739 (1,117,148) TOTAL FUNDS (1,436,887) 319,739 (1,117,148) Comparative net movement in fund4 included in the above are as follows.. Incomin8 resources Resources expended Gains and losses Movement in funds Unrestrided funds General fund ,733,025 (2,077,569) 664,283 319,739 TOTAL FUNDS ,733,025 (2,077,569) 664,283 319,739 Page 24 continued...
INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) NOTES TO THE FINANCIAL STATEMENTS- eontlnued FOR THE YEAR ENDED 31 MARCH 2024 i& EMPiA)YEE BENEFIT OBLIGATIONS IFIS Publishing is an Associated Employer within the pension scheme operated by CAB International. Until I August 2007 the scheme w&$ a wholly defined benefit scheme, it then became in part a defined benefit scheme and in part a defined contribution scheme. The scheme's funds are administered by trustecs and are independent of the finances of both IFIS Publishing and CAB Intemationat. The perfonnance of IFIS Publishing's share of the scheme is reported in accordance with the provisions of FRS 102, which are incorporated within the Charities SORP {FRS 102). A full actuarial v8]uation of the scheme was carried out as at 31 December 2020 and updated lo 31 March 2024 by a qualified independent a¢ary for the purposes of this disclosure. The amounts recognised in the Balance Sheet are as follows: Deflned beneflt penslon plans 2024 2023 Present value of funded obligations Fair value of plan assets (9J25,000) {9,559.0(X) ) 5,530,000 5,512,000 {3,795,000) (4,047,000) Present value of unfijnded obli8ations Deficit (3,795,(H)O ) (4,047,000) Nel liability (3,795,1)00) (4,047,000) The amounts recognised in the Statement of Financial Activities are as follows: Deflned beneflt penslon plgns 2024 2023 Current service wst Net interest from net defined benefit asseV]iability Pasl service cost 181,000 140,000 181.000 140,000 Actual relurn on plan assets 122,000 (2,090,000) Page 25 ontinued...
INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) NOTES TO THE FINANCIAL STATEMENTS- conilnu¢d FOR THE YEAR ENDED 31 MARCH 2024 18. EMPLOYEE BENEFIT OBLIGATIONS- eontinued Changes in the present value of the defined benefit obli8ation are as follows: Deflned bene(It pension plans 2024 2023 Opening defined benefit obligation Interest cost Benefits paid Oblig other remeasurement 9J59,000 12.904.000 438,000 329,000 (484,000) (491.000) (188,000) (3,183,000 } 9J25,000 9,559,000 Changes in the fair value of s¢herne assets are as follows.. Deflned beneflt penslon plans 2024 2023 Opening fair value of scheme assets Contributions by employer Pension scheme expcnscs Expected return Actuarial 8ains/(losses) Benefits paid 5,512,000 6,914,000 500,000 1,293,000 (120,000) (114,000) 257,000 189,0(M) (135,000) (2,279,000) (484,000) (491,000) 5,530,000 5,512,000 The amounls reColsed in other recognised gains and losses ar¢ u follows: Defined ben¢flt pension plans 2024 2023 Oblig other reme&surement Actuarial gainsl(losses) 188,000 3.183.000 {135,000) (2,279,000) $3,000 904,000 The major categories of scheme assets as amount5 of total 5cherne a&sets are as follows: Deflned benefjt pension plans 2024 2023 Fiduciary portfolios Cashlother Private market assets 4,780,000 104,000 646,000 S.274.Cl0 238,000 5,530,000 5,512.000 Page 26 continued...
INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHIIYG) NOTES TO THE FIIYANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 18. EMPLOYEE BENEFIT OBLIGATIONS- continued Principal actuarial assumptions al the Balance Sheet date (expressed as weighted averages): 2024 4.800/0 2023 Diswunt rate Future pension increases 3.200/0 19. RELATED PARTY DISCLOSURES There were no other related paty transactions during the year. Transactions involving truslees have been disclosed in note 10 of these accounts and comprise expense reimbursements only. Page 27
INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING) DETAILED STATEMENT OF FINANCIAL ACTtVlTIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME AIYD ENDOWMENTS Investment income Dividends receivable Interest receivable 53,054 14,486 43,208 8,899 67J40 52,107 Charitable activltles Bibliographic databas¢s- subscriptions Bibliographic databases - PA YG Dictionary, thesaurus, bulletin and reports IFIS Collection5 Gainsl(losses) on exchange 1,658,408 39,694 10,967 3J76 (16,091) 1,623,843 43.894 20,135 896 (7,850) 1,696J54 ,680,918 Totil Ineomlng resources 1,763894 1,733,025 EXPENDITURE Ralslng don&tlon$ and legaeles Investment management fees 17,157 16,928 Ch4rltable ietlvltles Salaries Socip41 security Pensions Other employment and outworker costs {Gains)Ilosses on defined benefit pension scheme Production and distribution 622257 629,511 54J09 55,669 558,737 1,336,615 434J18 476,083 (199,000) (1,039,000) 109,382 104,599 t li New product development Sales and marketing Premises costs Office and IT systems Travel and subsistence Meelings and seminars Legal and professional fees Overheads Other gainsliosses on exchange Deprecialion of tangible fixed assets 79,219 91,824 90,637 25,157 15,674 1,485 15,072 11296 4,628 5J30 173,260 97,673 85,954 29,511 29,889 3,497 12,682 19,762 (14,789) 5,750 1,920,72S 2,006,666 Support costs Governanee ¢ost$ Salaries Carried forward 20,962 20,962 18,244 18,244 This page does not fomi part of the statutory financial statements Page 28
INTERNATIONAL FOOD INFORMATION SERVICE FIS PUBLISHING) DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Governance costs Brought forward Social security Auditors, remuneration Travel and subsistence 20,962 2,893 7,475 12068 18,244 2,518 7,008 26.205 44198 53,975 Total resources expended 1,982,080 2,077,569 Net expendlture before galns And lo$seg (21&186) {344,544) Reallsed reeognlsed galns Ind losses Realised gainsl(losse5) on fixed asset investments 138,783 (239.717) Net expendlture (79,403) {584,261) This page does not fom part of the statutory financial statements Page 29