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 resCa￿h 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 subj￿1 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 resea￿h, 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 desI￿ed to improve publlc knowledge and support infornied d￿ls1On-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 Sea￿h¢S, further supporting resea￿h¢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-l￿acCesS IFIS Sustainability Collection, a dynamic datab￿e 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 indi￿ctlY 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 0￿ECTIVEs 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-t￿facC 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 ]mpa￿ed 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 a￿OUnts 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 un1￿k 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 op￿r￿nitIeS 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 p￿par]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 Tn￿es. 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