2025-03-31-accounts

REGISTERED COMPANY NUMBER: 03507902 (England and Wales)
REGISTERED CHARITY NUMBER: 1068176

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

INTERNATIONAL FOOD INFORMATION SERVICE
(IFIS PUBLISHING)

Collards
Chartered Accountants
Statutory Auditor
5-9 Eden Street
Kingston-upon-Thames
Surrey
KT1 1BQ

INTERNATIONAL FOOD INFORMATION SERVICE
(IFIS PUBLISHING)

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

		Page
Report of the Trustees	1	to	8
Report of the Independent Auditors	9	to	12
Statement of Financial Activities		13
Balance Sheet		14
Cash Flow Statement		15
Notes to the Cash Flow Statement		16
Notes to the Financial Statements	17	to	26
Detailed Statement of Financial Activities	27	to	28

INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING) (REGISTERED NUMBER: 03507902)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheirreport with
thefinancialstatementsofthecharityfortheyearended31March2025.Thetrusteeshaveadoptedtheprovisions of
AccountingandReportingbyCharities:StatementofRecommendedPracticeapplicabletocharitiespreparing their
accountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims Summary of objectives

a.TheobjectiveofIFISPublishingistoadvancepubliceducationandvocationaltraininginthesciencesoffood and
health ("the objective"). The term 'food' also encompasses drinking water, and alcoholic and non- alcoholic beverages.

b. In pursuit of the above objective IFIS Publishing will:

*acquire,process,createanddisseminateinformationon,andrelevantto,thesciencesoffoodandhealth, with
particularreferenceto:foodsafetyandhygiene;foodregulations;foodcomposition;sensoryanalysis;the chemical,
physical,biologicalandnutritionalpropertiesoffoodsandfoodproducts;andtheprocessing,manufacture, packaging,
storage and distribution of foods.

*participateinresearchanddevelopmentprojectsdesignedtocollect/collate,prepareanddisseminateinformation on,
and relevant to, the sciences of food and health.

*undertakeothertasksconnectedwiththeprovisionofsubjectrelevantscientificandtechnicalinformation,training and
education.

c.IFISPublishingwillco-operate/collaboratewithotherrelevant/appropriateorganisationsandmay,inaddition, acquire
other information services and products, or shares in them.

d.IFISPublishinghasaspecialinterestinassistingdevelopingcountriestoimprovetheiraccesstoinformation services
in the sciences of food and health in order to help meet national and regional educational  and training needs.

ThetrusteesconfirmthattheyhavereferredtotheguidancecontainedintheCharityCommission'sgeneralguidance on
public benefit when reviewing the objectives of the charity and in planning future activities.

Restriction of operations

a.IFISPublishingoperatesexclusivelyforscientificandeducationalpurposesandwillnotbeoperatedforthepurpose of
carrying on a trade or business for profit.

b.IFISPublishing'sassetswillbeutilisedonlyinpursuanceofitsobjectivesandinaccordancewithits Constitution.
Neithertrustees,noranyotherorganisation,orprivateindividualmayorwillreceiveanydividendorany other
distribution out of the assets or earnings of IFIS Publishing.

c.NopersonshallreceiveanypaymentorbenefitfromIFISPublishinginrespectofexpenditureincurredinrelation to
matters falling outside the objectives of the company.

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INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING) (REGISTERED NUMBER: 03507902)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

OBJECTIVES AND ACTIVITIES Public benefit Aims

TheultimatemissionofIFISPublishingistobethegloballyrecognizedproviderofinternationallyapplicable, top-quality
informationrelevanttothesciencesoffoodandhealth.Weaimtomeettheresearch,education,andtrainingneeds of
industry, academia, schools and the general public.

TheIFISPublishingwebsite(www.ifis.org)offersfreeaccesstoarticlesaboutfoodandhealth,providing valuable
informationtoabroadaudience.Eachyear,werunseveralindividualandgroupeducationandtrainingactivities to
enhancethefoodcommunity'sunderstandingofhowtoeffectivelyutilizerelevantinformationsources.These initiatives
are designed to improve public knowledge and support informed decision-making.

Sinceitsinceptionin1969,thebibliographicdatabaseFoodScienceandTechnologyAbstracts®(FSTA®)hasbeen the
world'sleadingdiscoverydatabasecontainingsourcematerialpublishedonthesciencesoffoodandhealth,and related
subjects.FSTAisavailableonvarioussearchplatformsoperatedbythird-partyhostssuchasWoltersKluwerOvid SP,
Clarivate Analytics Web of Science, EBSCOhost, ProQuest Dialog, and STN.

FSTAiswidelyusedbylibraries,particularlythoseinuniversitiesofferingcoursesinfoodscience,nutrition,and related
fields.Thedatabasealsoservesscientistsinthefoodindustry,governmentdepartments,andresearchinstitutes focused
onfoodpolicyandnationallyfundedfoodresearch.ThecompanionthesaurusforFSTAisusedtostructurethedata and
represents an invaluable aid for efficient database searches, further supporting researchers and educators.

IFISPublishing'sdedicationtopublicbenefitisalsoevidentinthecommitmenttomakinghigh-quality scientific
informationaccessibletoaglobalaudience.Thisisachievedthroughinitiativeslikethe2023launchofthe free-to-access
IFISSustainabilityCollection,adynamicdatabaseofinformationrelevanttofoodscienceandtechnologythatstrives to
promotesustainabilitypracticeswithinthefieldandsupporttheglobalfoodcommunity.Promotinginformationaccess for
scientists in developing economies, IFIS also participates in the United Nation's Research4Life programme.

Bycontinuouslydevelopingandprovidingtop-qualityinformationresources,IFISPublishingfulfillsitsmissionto support
theinformationneedsofthefoodsciencecommunityandthebroaderpublic,ultimatelycontributingtoimproved health
and well-being worldwide.

Beneficiaries

TheprimeanddirectbeneficiariesfromIFISPublishingproductsandservicesarethosepeopleand organisations
comprisingtheglobalfoodanddrinkcommunitywhostrivetoensurethatknowledge,trainingandeducationin all
relatedsubjectareasarebasedonscientificintegrityandqualityofinformation.Membersofthegeneralpublic benefit
directlybyvirtueoffreeaccesstocertainarticlesavailableontheIFISwebsite,andviasomelibraries;theyalso benefit
indirectly via the prime beneficiaries.

Theultimateaimofinformationprovisionofthistypeistohelpensurethattheworld'sknowledgeofthesciencesof food
andhealthisavailabletobeappliedforthebenefitofallpeopleinallcontextsincluding,forexample:tackling the
problemssufferedbytheundernourishedortheobese;andhelpingtoensurethateachcountryoftheworldhas the
information it needs to produce the required sustainable quantities of affordable, safe, high-quality food for all its citizens.

Customer types

IFIScustomertypesarevariedinbackgroundandareinvolvedinanumberofdifferentrolesincluding: teaching;
studying;research;productandprocessdevelopment;decisionmaking;policydevelopment;technical management
information provision; and consultancy. They are, therefore, drawn typically from the following areas:

Universities and colleges
Governments and governmental organisations
Research Institutes
Non-governmental organisations and charities
Industry and its various sectors
Professional and trade associations
Teachers, lecturers and librarians
Students
Consultants and advisors

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INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING) (REGISTERED NUMBER: 03507902)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

OBJECTIVES AND ACTIVITIES

Customer market research

Feedbackfromcustomersissoughtregularlyusingvariousmethods(e.g.,surveys,interviews,meetingsat conferences).
Additionally,IFISPublishinghasformedadvisorygroupswhichrepresenteachofourkeystakeholdergroups (namely
faculty,library,corporateandstudentgroups).Thesegroupsadviseonthemarketenvironmentand development
initiatives and opportunities.

ACHIEVEMENT AND PERFORMANCE

Investment performance

Specific Investment Powers

Fundsmaybeheldinthenameofanyclearingbank,anytrustcorporationoranystockbrokingcompanywhichis a
memberoftheStockExchangeasnomineeforthetrustees.Atpresent,IFIS'sinvestmentsareactivelymanaged by
Rathbones.

Investment Policy and Performance

Theobjectiveoftheportfolioistomakeinvestmentsthatpreservethecapitalprincipal,tosafeguardtheprincipaland its
income,andprovideacompetitivelong-termtotalreturnasfaraspossible.Theportfoliocompositionandbalance are
designedtoachieve"conservativegrowth".Thisisaboutmid-waybetweeninvestingtoachievehighincome and
investing to achieve high capital growth.

Nominallytheportfoliocomprises68.5%equities,24.5%cashandbondsand7%indiversifyingassets.IFISis not
investingincarbon-intensiveindustries,howevertheremaybeade-minimislevelofexposureviathefundsheldin the
portfoliowhichareregularlymonitoredwiththeaimofkeepingbelowathresholdof1.8%ofthetotal portfolio
allocation.

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INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING) (REGISTERED NUMBER: 03507902)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

ACHIEVEMENT AND PERFORMANCE

Overview

Thecharitycontinuestoimplementthestrategicdevelopmentinitiativesapprovedbythetrustees.Athree-year rolling
strategicplanispresentedtotheBoardatthebeginningofeachfinancialyear,withprogressreviewedateach quarterly
meeting.

During2023-2024,IFISPublishingundertookeffortstoexpanditsdatabaseoffering,culminatinginthelaunchofa new
bibliographicdatabase,NutriHealth,inpartnershipwithWoltersKluwer.NutriHealthcontainsasubsetofFSTA data
focusedonthesciencesofdietandhealth,supportingresearchinthemedicalfield.Thisinitiativeunderscores the
charity'scommitmenttoaddressingemergingresearchneedsandfacilitatingaccesstocriticalinformationthat can
influence health outcomes.

Furtheringthecharitablemissiontoimproveaccesstoscientificliteratureandsupportthediscoveryneedsofthe food
sciencecommunity,thenot-for-profitalsolaunchedtheIFISSustainabilityCollection,adynamic,free-to-access database
ofinformationrelevanttosustainablefoodscience.Thiscollectioncontainsarollingsix-monthsegmentofdataand is
accessible globally, promoting sustainability practices within the field.

Thecharityhasadvanceditsthoughtleadershipeffortsacrossdigitalandface-to-facechannels,presentingdata at
variousconferencesandeventsontopicsrangingfromacademicpublishingtotrendsinfoodandhealthscience.It has
partneredwithleadingadvocatesofscientificintegrity,includingRetractionWatch,todrivetheconversation on
predatory publishing and paper mill activity.

Tosupportbeneficiariesinavoidingfakescience,thecharityhasdevelopedvariousresources,includingafreetool to
identifypredatoryopen-accessjournalsandanonlineresourcehub.Educationalactivitiescontinuedthroughoutthe year
and included the proportion of research best practice guides and associated webinars.

IFIS'scommitmenttoinnovationandcollaborationremainsstrong.Theorganisationcontinuouslyexplores new
partnershipsandtechnologicaladvancementstoenhanceitsservicesandextenditsimpact.Afocuson educational
outreach,trustworthyscientificinformation,andsupportingtheglobalfoodsciencecommunityunderscores IFIS's
dedication to its mission and values.

Financial review

The movement in funds for the year is set out in note 18.

Incomefrom1April2024through31March2025arisingfromactivitiesinfurtheranceofthecharity's objectives
amountedto£2,229,816,anincreaseof26%onthepreviousyear.Amajorcomponentoftheincreasewasa one-off
paymentforaPlanningGainfromasitepreviouslysoldtoadeveloperwithachangeofuseprofitsharearrangement as
partoftheoriginalsale.Thepaymenttotalled£540,305.Thisincreasewasmanagedagainstabackground of
challengingeconomicconditions,particularlythefundingsituationinourcoremarketofhigher educational
establishments.Withouttheone-offpaymentIncomewouldhavebeen4%lessthantheprioryear.Expenditure was
£1,871,572,adecreaseof£110,508comparedtotheprioryear.Thisdecreasewasinthemainduetotight financial
controls on expenditure.

Netoutgoingresourcesbeforeotherrecognisedgainsandlossesamountedto£426,427.Theresultswere significantly
impactedbythesaleoftangiblefixedassetsmentionedinthepreviousparagraphduringtheyearandbythereduction in
expenditure.

Afterallowingforareducedpensionliabilityinthefinancialyearto31March2025,theaccumulatedfundwasbrought to
(£503,124),asignificantimprovementofjustover£640kcomparedtothepreviousyear-end.Thiswasafteran increased
paymentduringtheyearof£875,000tothepensionscheme,aspartofthedeficitrecoveryplanagreedasaresultof the
latesttriennialvaluationcompletedthisyear.ThishasreducedIFIS'sFixedAssetsalthoughtheCashBalances have
improved by £121k.

Thetriennialvaluationofthepensionfundfortheperiodending31stDecember2023showedamodestdeterioration in
thefundingposition,partlyasaresultoftheuseofmoreconservativeassumptions,especiallyaroundtheDiscount Rate,
andtherecenthighlevelofpriceinflationincreasingpensionpaymentssignificantly.Arevisedscheduleof Deficit
ReductionContributionswasagreedwithalargepaymentof£2mincalendaryear2025,withsmallercontribution levels
in future years of £200k.

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INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING) (REGISTERED NUMBER: 03507902)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

ACHIEVEMENT AND PERFORMANCE

Theliquiditypositioncontinuestobefavourablewith£2,326,948ininvestments,and£902,881inbankand cash
balances.TheestimatedvalueofthefixedassetsofIFISPublishingisnotmateriallydifferentfromthatshownin the
accounts.

All investments held by IFIS Publishing have been acquired in accordance with the powers available to the trustees.

FINANCIAL REVIEW

Reserves policy

ThetrusteeshaveconsideredthekeyrequirementsoftheCharitiesAct2011.Theyhavecontinuedtoreview IFIS
Publishingreservesandtheinvestmentportfolio.Considerationoftheseissuesisconductedundertheguidanceof the
Chair of the Governing Board and the six other member trustees on the Board.

ThefinancialreservessetasidesincetheformationofIFISPublishingprovidefinancialstabilityandthemeansfor the
developmentoftheprincipalinformationproductsandservices.Undesignatedfundsaremaintainedatalevelthatis at
leastequivalenttoapproximatelyoneyear'soperatingcosts,pluspotentialpensionliabilitycosts.Theaccumulated fund
iscurrently(£503,124)whichisconsideredanappropriatelevelduetothelong-termnatureofthepotential pension
liabilities.

Inaddition,undesignatedfundsaresetasideinreadinesstoenablethecontinueddevelopmentofinformation products
andservicesforthebenefitoftheinternationalfoodcommunity.Someoftheseundesignatedfundsmaybeused to
financetheuseofspecialist,outsourcedexpertiseacquiredviakeyexternaldevelopmentpartnershipsorby the
appointment of consultants.

Inadditiontotheauditedaccounts,managementaccountsarereportedtotheGoverningBoardatleastfour times
annually for monitoring income and expenditure against the pre-agreed annual budget.

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INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING) (REGISTERED NUMBER: 03507902)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

FUTURE PLANS

IFISPublishingaimstostabiliserevenuetrendsinitscoredatabasebusiness,FSTA,throughimprovedrenewalrates and
newuseracquisition.Thiswillbeachievedbyleveragingincreasedindustrycollaboration,customer engagement,
meaningful partnerships, and the charity's unique value proposition in the fields of food and health.

Thecharityisextendingitsreachintoneweducationalsegmentsandmarketsthroughinnovation.TheMarch 2024
launchoftheNutriHealthdatabasedemonstrateshowexistingdataflowscanbeleveragedtomeetthespecificneeds of
medicalprofessionals.Thissupportsthecharity'sambitiontoimproveaccesstotrustworthyscientificinformation and
supportthescientificcommunity'seffortstobuildafoodsystemthatunderpinsimprovedhumanandplanetaryhealth. In
theshortterm,theorganisationwillconcentrateonraisingawarenessoftheproductwithinthemedical community.
Outreach plans include: event participation, multichannel awareness campaigns, and thought leadership efforts.

Inthemediumterm,IFISPublishingwillexploreothernicheareaswithinfoodscienceandrelateddisciplines, targeting
specificprofessionalgroupsandeducationalinstitutions.Byidentifyingemergingtrendsandgapsinthemarket, IFIS
aims to develop tailored resources that cater to evolving information needs.

Theorganisationwillcontinuetoexplorecollaborationandpartnershipopportunitieswithotherstakeholdersinthe food
scienceandtechnologyspacetoextenditsreachandscaleitsimpact.Strategicallianceswithacademic institutions,
industry bodies, and technology partners will enhance resource sharing and innovation.

AdvancingIFIS'seducationalmissiontopromoteaccesstotrustworthyscientificinformation,trainingefforts will
concentrateonthepromotionofresearchbestpractices.Awareness-raisingandoutreachactivitieswillhighlight the
growingriskposedbypredatorypublishingandpapermillstotrustinrigorousscientificliterature.Specific initiatives
includeworkshops,webinars,conferenceattendance,andthedevelopmentofeducationalmaterialsaimedat both
researchers and educators.

Ongoingworkistakingplacetounderstandthenuancedimpactofdevelopmentsinartificialintelligenceon academic
publishingandscientificresearchgenerally.IFIS'sproductdevelopmenteffortsareexploringhowmachine learning,
LLMs,andautomationcanimprovethequalityofitsworkflows.ProcessoptimisationandR&Dwillhelpthecharity build
productresilienceandunlockinnovationopportunities.Theseeffortswillfocusonenhancingdataaccuracy and
streamlining editorial processes.

Inlinewithitsstatedcharitableobjectives,IFISwillcontinuetoparticipateintheResearch4Lifescheme,a public-private
partnershipbetweenpublishers,UNagencies,anduniversitiesprovidingfreeorlow-costaccesstoscientificliterature in
lower-incomecountries.Throughthisprogramme,FSTAiscurrentlyavailableforfreetouniversitiesand related
institutions in over 120 countries.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

TheInternationalFoodInformationService(IFIS)wasfoundedin1968andisnowanorganisationcomprising two
separate legally recognised entities based in the United Kingdom.

1.TheInternationalFoodInformationService(IFISPublishing)isacompanylimitedbyguaranteewhichwas registered
as a charity on 17 February 1998. Its activities are governed by its Memorandum and Articles of Association.

On3April1998,thecompanytookoveralltheoperationsandassetsoftheInternationalFoodInformationService, an
unincorporatedassociationwhichwasregisteredasacharityintheUnitedKingdomon13February1990with the
registered charity number 802722.

Thecompany(IFISPublishing)isconstitutedunderaTrustdeedandhastheregisteredcharitynumber1068176 (with
effect from 17 February 1998).

2. IFIS Limited is a wholly owned subsidiary undertaking of IFIS Publishing, dormant since 1 April 1991.

Page 6

INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING) (REGISTERED NUMBER: 03507902)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment and appointment of new trustees

ThetrusteesofthecharityconductedareviewofitsgovernanceandadoptednewArticlesandByeLawson23 May
2012.ThearticleswerebasedonamodelrecommendedbytheCharityCommission.Themostmaterialchangerelated to
asimplificationoftheprocessofappointingtrusteesandmembersofthecharity.Trusteesandmembersarenow one
andthesame,therebyremovingtheprevioustwo-tieredmanagementofthecharity.Thechangesallowedthecharity to
increase the number of trustees and broaden its knowledge and expertise on the board.

Newtrustees,whofulfiltheeligibilitycriteriaandrequirementsspecifiedbytheArticlesandByeLaws,canbevotedon to
theBoardbytheexistingtrustees.EachnewtrusteeisgivenaninductiontotheCompanybytheManagingDirector and
ChairmanoftheTrustees,andeachisgiventheIFISPublishingdocument'GuidetotheDutiesandResponsibilities of
IFISTrustees'.Thisdocumentisreviewedregularlyandincludes:theUKCharityCommissionguidancedocument 'The
EssentialTrustee-Whatyouneedtoknow';theIFISPublishingArticlesofAssociationandByeLaws;andcopiesof the
annual insurance policy documents relating to Directors and Officers Liability.

Role of Managing Director

TheManagingDirector,MsKAskew,providesleadershiptoemployeesandisresponsiblefortheoperationaldetail and
implementationofthebusinessplanandthemanagementofthecharity,includingcontrolofexpenditureinline with
budgetsanddelegationsapprovedbytheBoard.TheManagingDirectorreportsregularlytotheTrusteeson progress
against agreed priorities and objectives and seeks opportunities to expand and promote the organisation.

Key management remuneration

Thetrusteesconsiderthemanagementteamascomprisingthekeymanagementpersonnelofthecharityincharge of
directingandcontrollingthecharityandrunningandoperatingthecharityonaday-to-daybasis.Alltrusteesgiveof their
timefreelyandnotrusteeremunerationwaspaidintheyear.Detailsoftrusteeexpensesandrelatedparty transactions
aredisclosedinnotes11and20totheaccounts.Trusteesarerequiredtodiscloseallrelevantinterestsandregister them
withthemanagingdirectorandinaccordancewiththeCharity'spolicywithdrawfromdecisionswhereaconflict of
interest arises.

Thepayofthecharity'smanagementteamisreviewedannuallyanddisclosedinnote12totheaccounts. Remuneration
isnormallyincreasedinaccordancewithfactorssuchasthecurrentinflationrate,individualperformance, and
responsibilities,andbench-markedwithorganisationsofasimilarsizeandactivitytoensurethatremunerationis set
fairly and not out of line with that generally paid for similar roles.

Risk management

Thetrusteeshaveadutytoidentifyandreviewtheriskstowhichthecharityisexposedandtoensure appropriate
controls are in place to provide reasonable assurance against fraud and error.

ThetrusteesconsidertherisksthattheymayhavetomanageatthefourBoardmeetingswhichareheldeach calendar
year (January through December).

Ariskregisterisupdatedasjudgednecessary,andriskandcontrolratingsaremonitoredregularly.Appropriate control
measures are discussed and implemented.

Suchrisksrelate,forexample,tomostoftheincomereceivedbeingpaidinUS$;relevantinsurancesinthisrespect are
regularlyreviewed.Provisionforanypossiblebaddebtsismadeintheregularbudgetingprocess.Pensionliabilities, the
potentialfordataloss,cybersecurity,investmentchanges,andmarketchangesareotherexamplesofrisksthat are
considered.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

03507902 (England and Wales)

Registered Charity number

1068176

Registered office

5-9 Eden Street
Kingston-upon-Thames
Surrey
KT1 1BQ

Page 7

INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING) (REGISTERED NUMBER: 03507902)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Trustees

Professor C Dennis (Chair)
Mr D H Duncan (resigned 11.11.24)
Mr P Pavlicic (Vice Chair)
Professor W Zhou
Ms C T Shannon
Dr I J Noble
Mr M J Griffiths

Company Secretary

J F Nash

Auditors

Collards
Chartered Accountants
Statutory Auditor
5-9 Eden Street
Kingston-upon-Thames
Surrey
KT1 1BQ

STATEMENT OF TRUSTEES' RESPONSIBILITIES

Thetrustees(whoarealsothedirectorsofInternationalFoodInformationService(IFISPublishing)forthepurposes of
companylaw)areresponsibleforpreparingtheReportoftheTrusteesandthefinancialstatementsinaccordance with
applicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAcceptedAccounting Practice)
includingFinancialReportingStandard102"TheFinancialReportingStandardapplicableintheUKandRepublic of
Ireland".

Companylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyearwhichgiveatrueandfair view
ofthestateofaffairsofthecharitablecompanyandoftheincomingresourcesandapplicationofresources,including the
incomeandexpenditure,ofthecharitablecompanyforthatperiod.Inpreparingthosefinancialstatements,the trustees
are required to

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charity SORP;

• make judgements and estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyatany time
thefinancialpositionofthecharitablecompanyandtoenablethemtoensurethatthefinancialstatementscomply with
theCompaniesAct2006.Theyarealsoresponsibleforsafeguardingtheassetsofthecharitablecompanyandhence for
taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

• there is no relevant audit information of which the charitable company's auditors are unaware; and

• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Approved by order of the board of trustees on 13 August 2025 and signed on its behalf by:

Professor C Dennis (Chair) - Trustee

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING)

Opinion

WehaveauditedthefinancialstatementsofInternationalFoodInformationService(IFISPublishing)(the 'charitable
company')fortheyearended31March2025whichcomprisetheStatementofFinancialActivities,theBalanceSheet, the
CashFlowStatementandnotestothefinancialstatements,includingasummaryofsignificantaccountingpolicies. The
financialreportingframeworkthathasbeenappliedintheirpreparationisapplicablelawandUnitedKingdom Accounting
Standards(UnitedKingdomGenerallyAcceptedAccountingPractice),includingFinancialReportingStandard102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland'.

• In our opinion the financial statements:

• give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming 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 Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicablelaw. Our
responsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditofthe financial
statementssectionofourreport.Weareindependentofthecharitablecompanyinaccordancewiththe ethical
requirementsthatarerelevanttoourauditofthefinancialstatementsintheUK,includingtheFRC'sEthical Standard,
andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethatthe audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcernbasisofaccounting in
the preparation of the financial statements is appropriate.

Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoeventsor conditions
that,individuallyorcollectively,maycastsignificantdoubtonthecharitablecompany'sabilitytocontinueasa going
concern for a period of at least twelve months from when the financial statements are authorised for issue.

Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedinthe relevant
sections of this report.

Other information

Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincludedin the
Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,in doing
so,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorour knowledge
obtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentifysuchmaterialinconsistencies or
apparentmaterialmisstatements,wearerequiredtodeterminewhetherthisgivesrisetoamaterialmisstatementin the
financialstatementsthemselves.If,basedontheworkwehaveperformed,weconcludethatthereisa material
misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information 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

• the Report of the Trustees has been prepared in accordance with applicable legal requirements.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING)

Matters on which we are required to report by exception

Inthelightoftheknowledgeandunderstandingofthecharitablecompanyanditsenvironmentobtainedinthecourse of
the audit, we have not identified material misstatements in the Report of the Trustees.

WehavenothingtoreportinrespectofthefollowingmatterswheretheCompaniesAct2006requiresustoreportto you
if, in our opinion:

• adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrustees(whoarealsothedirectorsof the
charitablecompanyforthepurposesofcompanylaw)areresponsibleforthepreparationofthefinancialstatements and
forbeingsatisfiedthattheygiveatrueandfairview,andforsuchinternalcontrolasthetrusteesdetermineis necessary
to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharitablecompany'sability to
continueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoing concern
basisofaccountingunlessthetrusteeseitherintendtoliquidatethecharitablecompanyortoceaseoperations,or have
no realistic 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 financial statements

Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefree from
materialmisstatement,whetherduetofraudorerror,andtoissueaReportoftheIndependentAuditorsthat includes
ouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconducted in
accordancewithISAs(UK)willalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefrom fraud
orerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedto 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:

Ourapproachtoidentifyingandassessingtherisksofmaterialmisstatementinrespectofirregularities,including fraud
and non-compliance with laws and regulations, was as follows:

*theengagementpartnerensuredthattheengagementteamcollectivelyhadtheappropriatecompetence, capabilities
and skills to identify or recognise non-compliance with applicable laws and regulations;

*identifiedlawsandregulationswerecommunicatedwithintheauditteamregularlyandtheteamremainedalert to
instances of non-compliance throughout the audit.

Weassessedthesusceptibilityofthecompany'sfinancialstatementstomaterialmisstatement,includingobtaining an
understanding of how fraud might occur, by:

*makingenquiriesofmanagementastowheretheyconsideredtherewassusceptibilitytofraud,theirknowledge of
actual, suspected and alleged fraud;

* considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

To address the risk of fraud through management bias and override of controls, we:

* performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

*assessedwhetherjudgementsandassumptionsmadeindeterminingtheaccountingestimateswereindicative of
potential bias;

* investigated the rationale behind significant or unusual transactions;

Inresponsetotheriskofirregularitiesandnon-compliancewithlawsandregulations,wedesignedprocedures which
included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance;

• enquiring of management as to actual and potential litigation and claims;

• reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

Thereareinherentlimitationsinourauditproceduresdescribedabove.Themoreremovedthatlawsandregulations are
fromfinancialtransactions,thelesslikelyitisthatwewouldbecomeawareofnon-compliance.Auditingstandards also
limittheauditproceduresrequiredtoidentifynon-compliancewithlawsandregulationstoenquiryofthedirectors and
other management and the inspection of regulatory and legal correspondence, if any.

Materialmisstatementsthatariseduetofraudcanbehardertodetectthanthosethatarisefromerrorasthey may
involve deliberate concealment or collusion.

AfurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedontheFinancial Reporting
Council'swebsiteatwww.frc.org.uk/auditorsresponsibilities.ThisdescriptionformspartofourReportofthe Independent
Auditors.

Page 11

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING)

Use of our report

Thisreportismadesolelytothecharitablecompany'smembers,asabody,inaccordancewithChapter3ofPart16 of
theCompaniesAct2006.Ourauditworkhasbeenundertakensothatwemightstatetothecharitable company's
membersthosematterswearerequiredtostatetotheminanauditors'reportandfornootherpurpose.Tothe fullest
extentpermittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthanthecharitablecompanyand the
charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Addison FCA (Senior Statutory Auditor)
for and on behalf of Collards
Chartered Accountants
Statutory Auditor
5-9 Eden Street
Kingston-upon-Thames
Surrey
KT1 1BQ

13 August 2025

Page 12

INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Notes INCOME AND ENDOWMENTS FROM Charitable activities 5 Educational and training Investment income 4 Other income 6 Total EXPENDITURE ON Raising funds 7 Charitable activities 8 Educational and training Total Net gains on investments NET INCOME/(EXPENDITURE) Other recognised gains/(losses) Actuarial gains on defined benefit schemes Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	2025 Unrestricted fund £ 1,624,166 65,345 540,305 2,229,816 15,000 1,856,572 1,871,572 68,183 426,427 214,000 640,427 (1,143,551) (503,124)	2024 Total funds £ 1,696,354 67,540 - 1,763,894 17,157 1,964,923 1,982,080 138,783 (79,403) 53,000 (26,403) (1,117,148) (1,143,551)

The notes form part of these financial statements

Page 13

INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING) (REGISTERED NUMBER: 03507902)

BALANCE SHEET

31 MARCH 2025

2025 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 13 7,888 Investments 14 2,319,060 2,326,948 CURRENT ASSETS Debtors 15 284,189 Cash at bank 902,881 1,187,070 CREDITORS Amounts falling due within one year 16 (1,048,142) NET CURRENT ASSETS 138,928 TOTAL ASSETS LESS CURRENT LIABILITIES 2,465,876 PENSION LIABILITY 19 (2,969,000) NET ASSETS/(LIABILITIES) (503,124) FUNDS 18 Unrestricted funds (503,124) TOTAL FUNDS (503,124)

2024 Total funds £ 9,960 2,674,653 2,684,613 312,709 781,940 1,094,649 (1,127,813) (33,164) 2,651,449 (3,795,000) (1,143,551) (1,143,551) (1,143,551)

Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.

ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon13August2025and were
signed on its behalf by:

Professor C Dennis (Chair) - Trustee

The notes form part of these financial statements

Page 14

INTERNATIONAL FOOD INFORMATION SERVICE (IFIS PUBLISHING)

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

		2025	2024
	Notes	£	£
Cash flows from operating activities
Cash generated from operations	1	(905,794)	(533,221)
Net cash used in operating activities		(905,794)	(533,221)
Cash flows from investing activities
Purchase of tangible fixed assets		(2,713)	-
Purchase of fixed asset investments		(412,273)	(933,129)
Sale of tangible fixed assets		540,329	-
Sale of fixed asset investments		836,047	1,291,676
Interest received		17,085	14,486
Dividends received		48,260	53,054
Net cash provided by investing activities		1,026,735	426,087
Change in cash and cash equivalents in
the reporting period		120,941	(107,134)
Cash and cash equivalents at the
beginning of the reporting period		781,940	889,074
Cash and cash equivalents at the end of
the reporting period		902,881	781,940

The notes form part of these financial statements

Page 15

INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING)

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Gain on investments Profit on disposal of fixed assets Interest received Dividends received Decrease in debtors Decrease in creditors Difference between pension charge and cash contributions Net cash used in operations	2025 £ 426,427 4,763 (68,183) (540,305) (17,085) (48,260) 28,520 (79,671) (612,000) (905,794)	2024 £ (79,403) 5,330 (138,783) - (14,486) (53,054) 39,360 (93,185) (199,000)
		(533,221)

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash Cash at bank Total	At 1.4.24 £ 781,940 781,940 781,940	Cash flow At 31.3.25 £ £ 120,941 902,881 120,941 902,881 120,941 902,881	Cash flow At 31.3.25 £ £ 120,941 902,881 120,941 902,881 120,941 902,881
			902,881
			902,881

The notes form part of these financial statements

Page 16

INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. STATUTORY INFORMATION

InternationalFoodInformationServiceisaprivatecompany,limitedbyguarantee,registeredinEngland and
Wales.Thecompany'sregisterednumbers(asbotharegisteredcompanyandaregisteredcharity)together with
itsregisteredofficeaddresscanbefoundinthereportoftheTrustees.Intheeventofthecharitybeing wound
up, the liability in respect of the guarantee is limited to £10 per member of the charity.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting
StandardapplicableintheUKandRepublicofIreland(FRS102)(effective1January2019)',Financial Reporting
Standard102'TheFinancialReportingStandardapplicableintheUKandRepublicofIreland'andthe Companies
Act2006.Thefinancialstatementshavebeenpreparedunderthehistoricalcostconvention,withtheexception of
investments which are included at market value, as modified by the revaluation of certain assets.

Income

AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementtothefunds,it is
probablethattheincomewillbereceivedandtheamountcanbemeasuredreliablyandisstatedafter trade
discounts, other sales taxes and net of VAT.

Subscriptionsforthecharity'sdatabaseproductsarecreditedtotheIncomeandExpendituresectionof the
Statement of Financial Activities over the period of the subscription on a straight line basis.

Royaltiesinrespectofthecharity'sdatabaseproductsarecreditedtotheIncomeandExpendituresectionof the
Statement of Financial Activities over the period of the service to which the royalties relate.

Expenditure

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlement and
theamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisand has
beenclassifiedunderheadingsthataggregateallcostrelatedtothecategory.Wherecostscannotbe directly
attributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwiththeuse of
resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office furniture and equipment- 20% on cost
Fixtures and fittings- 20% on cost
Computer software-   Straight line over 4 years and Straight line over 5 years
Computer hardware-   Straight line over 4 years and Straight line over 6 years

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthecharity. Restrictions
arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Foreign currencies

Assetsandliabilitiesinforeigncurrenciesaretranslatedintosterlingattheratesofexchangerulingatthe balance
sheetdate.Transactionsinforeigncurrenciesaretranslatedintosterlingattherateofexchangerulingat the
date of transaction. Exchange differences are taken into account in arriving at the operating result.

continued...

Page 17

INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING)

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

IFISPublishingisanAssociatedEmployerwithinthepensionschemeoperatedbyCABInternational. This
schemeisadefinedbenefitschemewhichwascappedat£30,000perpersonprorataandsalaries exceeding
£30,000werethenenteredintodefinedcontribution.Thescheme'sfundsareadministeredbytrusteesand are
independentofthefinancesofbothIFISPublishingandCABInternational.From1April2016thisscheme was
closed to new members and all future contributions were paid to a defined contribution scheme.

Thecontributionstothedefinedbenefitschemearedeterminedbyaqualifiedindependentactuary,Russell Agius
ofAonSolutionsUKLimitedonthebasisoftriennialactuarialvaluations.Thelatestfullactuarialreview, carried
out as at 31 December 2023 and updated to 31 March 2025, showed a deficit in the scheme.

Leasing commitments

RentalsunderoperatingleasesarechargedtotheStatementoffinancialactivitiesincorporatingincome and
expenditure account on a straight line basis over the lease term.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Thepreparationofthefinancialstatementsrequiresthecharitytomakejudgments,estimatesand assumptions
thataffecttheamountsreportedforassetsandliabilitiesasatthebalancesheetdateandtheamounts reported
forincomeandexpensesduringtheyear.However,thenatureofestimationmeansthatactualoutcomes could
differfromthoseestimates.Thefollowingjudgmentsandestimateshavehadthemostsignificanteffect on
amounts recognised in the financial statements.

Tangible fixed assets

Tangiblefixedassetsaredepreciatedovertheirusefullivestakingintoaccountresidualvalues, where
appropriate.  The  actual lives  of the assets and residual values may vary depending on a number of factors.

Bad debt provisions

Provisionsareestimatedbythecharityinrespectofspecificdebtsbasedupontheageofthedebtand knowledge
of known issues.

Accrued expenses

Accruedexpensesareestimatedbythecharitybaseduponpastexperience,withknowledgeofknownissues at
thebalancesheetdate,andmanagementinformationavailableafterthebalancesheetdate,inrespectof matters
for which the charity is confident there will be an outflow of economic benefit.

Retirement benefits

Variousassumptionsaremadeinreportingtheperformanceofthecharity'sshareofthepension scheme
operatedbyCABInternational.Avaluationiscarriedoutforreportingpurposesbyaqualified independent
actuary. The principal actuarial assumptions made are disclosed in note 19.

4. INVESTMENT INCOME

INVESTMENT INCOME
Dividends receivable Interest receivable	2025 £ 48,260 17,085 65,345	2024 £ 53,054 14,486
		67,540

continued...

Page 18

INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING)

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

5. INCOME FROM CHARITABLE ACTIVITIES Activity Bibliographic databases - subscriptions Educational and training Bibliographic databases - PAYG Educational and training Dictionary, thesaurus, bulletin and reports Educational and training IFIS Collections Educational and training Gains/(losses) on exchange Educational and training 6. OTHER INCOME Gain on sale of tangible fixed assets 7. RAISING FUNDS Raising donations and legacies Investment management fees 8. CHARITABLE ACTIVITIES COSTS Educational and training 9. SUPPORT COSTS Educational and training 10. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Auditors' remuneration Depreciation - owned assets Surplus on disposal of fixed assets Currency exchange (gains)/losses Operating lease expense	Direct Costs £ 1,824,543	2025 £ 1,551,086 43,982 12,532 5,425 11,141 1,624,166 2025 £ 540,305 2025 £ 15,000 Support costs (see note 9) £ 32,029 2025 £ 7,009 4,761 (540,305) 216 41,197	2025 £ 1,551,086 43,982 12,532 5,425 11,141 1,624,166 2025 £ 540,305 2025 £ 15,000 Support costs (see note 9) £ 32,029 2025 £ 7,009 4,761 (540,305) 216 41,197		2024 £ 1,658,408 39,694 10,967 3,376 (16,091) 1,696,354 2024 £ - 2024 £ 17,157 Totals £ 1,856,572 Governance costs £ 32,029 2024 £ 7,475 5,330 - 21,421 39,623

continued...

Page 19

INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING)

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

11. TRUSTEES' REMUNERATION AND BENEFITS

Therewerenotrustees'remunerationorotherbenefitsfortheyearended31March2025norfortheyear ended
31 March 2024.

Trustees' expenses

During the year the following expenses were reimbursed to the charity's trustees:

	2025	2024
	£	£
Travel and subsistence	232	12,868

The number of trustees to whom expenses were reimbursed was 7 (2024 : 8).

12. STAFF COSTS

Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: Advancement of public education Support	2025 £ 663,629 58,149 935,687 1,657,465 2025 15 2 17	2024 £ 643,219 57,402 558,737	2024 £ 643,219 57,402 558,737
		1,259,358
			2024 18 2 20

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

£60,001 - £70,000 £90,001 - £100,000	2025 1 1 2	2024 1 1
		2

Benefitsareaccruingtotheseemployeesunderthecharity'sdefinedbenefitscheme.Contributionspaidin the
periodamountedto£nil(2024:£nil).Benefitsarealsoaccruingtotheseemployeesunderthecharity's defined
contribution scheme. Contributions paid in the period amounted to £nil (2024: £nil).

ThecharityconsidersitskeymanagementpersonnelcomprisetheTrustees,theManagingDirector,Head of
Marketing&EngagementandtheHeadofProductDevelopment.Thetotalemploymentbenefits including
employerpensioncontributionsandnationalinsuranceofthekeymanagementpersonnelwere£249,932 (2024:
£235,278). The Trustees received no remuneration during the period (2024: £nil).

continued...

Page 20

INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING)

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

13. TANGIBLE FIXED ASSETS

Office furniture and equipment £ COST At 1 April 2024 4,681 Additions - Disposals (4,681) At 31 March 2025 - DEPRECIATION At 1 April 2024 4,681 Charge for year - Eliminated on disposal (4,681) At 31 March 2025 - NET BOOK VALUE At 31 March 2025 - At 31 March 2024 - 14. FIXED ASSET INVESTMENTS MARKET VALUE At 1 April 2024 Additions Disposals Revaluations At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 UK investment assets Overseas investment assets	Office furniture and equipment £ COST At 1 April 2024 4,681 Additions - Disposals (4,681) At 31 March 2025 - DEPRECIATION At 1 April 2024 4,681 Charge for year - Eliminated on disposal (4,681) At 31 March 2025 - NET BOOK VALUE At 31 March 2025 - At 31 March 2024 - 14. FIXED ASSET INVESTMENTS MARKET VALUE At 1 April 2024 Additions Disposals Revaluations At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 UK investment assets Overseas investment assets	Fixtures and fittings £ 1,356 - (1,356) - 1,099 233 (1,332) - - 257 Shares in group undertakings £ 2 - - - 2 2 2	Computer software £ 3,080 - - 3,080 1,117 746 - 1,863 1,217 1,963 Listed investments £ 2,629,300 412,273 (800,638) 44,668 2,285,603 2,285,603 2,629,300	Computer software £ 3,080 - - 3,080 1,117 746 - 1,863 1,217 1,963 Listed investments £ 2,629,300 412,273 (800,638) 44,668 2,285,603 2,285,603 2,629,300	Computer hardware £ 43,992 2,713 (27,835) 18,870 36,252 3,782 (27,835) 12,199 6,671 7,740 Cash and settlements pending £ 45,351 - (11,896) - 33,455 33,455 45,351		Totals £ 53,109 2,713 (33,872) 21,950 43,149 4,761 (33,848) 14,062 7,888 9,960 Totals £ 2,674,653 412,273 (812,534) 44,668 2,319,060 2,319,060 2,674,653
					2025		2024
					£		£
					1,461,465		1,518,918
					857,595		1,155,735
					2,319,060		2,674,653

continued...

Page 21

INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING)

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

14. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 March 2025 is represented by:

Valuation in 2025 Cost	Shares in group Listed undertakings investments £ £ - 212,566 2 2,073,037 2 2,285,603	Cash and settlements pending £ - 33,455 33,455	Totals £ 212,566 2,106,494
			2,319,060

The company's investments at the balance sheet date in the share capital of companies include the following:

IFIS Limited

Registered office: 5-9 Eden Street, Kingston Upon Thames, England, KT1 1BQ
Nature of business: Dormant

% Class of share: holding Ordinary 100 Aggregate capital and reserves DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Amounts owed to group undertakings Other creditors Accruals and deferred income

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

16.

Subscription and Royalties in Advance

Includedwithinaccrualsanddeferredincomeissubscriptionandroyaltyincomereceivedinadvance. The
movement for the year is described below:

	2025	2024
	£	£
Balance as at 1 April	996,545	1,075,977
Amounts released to income	(996,545)	(1,075,977)
Amounts deferred in the year	946,522	996,545
Balance at 31 March	946,522	996,545

continued...

Page 22

INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING)

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year Between one and five years MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS	At 1.4.24 £ (1,143,551) (1,143,551)	2025 £ 3,797 - 3,797 Net movement in funds £ 640,427 640,427	2024 £ - 69,646 69,646 At 31.3.25 £ (503,124) (503,124)

18. MOVEMENT IN FUNDS

Net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 2,229,816 2,229,816	Resources expended £ (1,871,572) (1,871,572)	Gains and losses £ 282,183 282,183	Movement in funds £ 640,427 640,427

Comparatives for movement in funds

Unrestricted funds General fund TOTAL FUNDS	At 1.4.23 £ (1,117,148) (1,117,148)	Net movement in funds £ (26,403) (26,403)	At 31.3.24 £ (1,143,551) (1,143,551)

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 1,763,894 1,763,894	Resources expended £ (1,982,080) (1,982,080)	Gains and losses £ 191,783 191,783	Movement in funds £ (26,403) (26,403)

continued...

Page 23

INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING)

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

19. EMPLOYEE BENEFIT OBLIGATIONS

IFISPublishingisanAssociatedEmployerwithinthepensionschemeoperatedbyCABInternational.Until 1
August2007theschemewasawhollydefinedbenefitscheme,itthenbecameinpartadefinedbenefit scheme
andinpartadefinedcontributionscheme.Thescheme'sfundsareadministeredbytrusteesandare independent
of the finances of both IFIS Publishing and CAB International.

TheperformanceofIFISPublishing'sshareoftheschemeisreportedinaccordancewiththeprovisionsof FRS
102, which are incorporated within the Charities SORP (FRS 102).

Afullactuarialvaluationoftheschemewascarriedoutasat31December2023andupdatedto31March 2025
by a qualified independent actuary for the purposes of this disclosure.

The amounts recognised in the Balance Sheet are as follows:

	Defined benefit	Defined benefit
	pension plans
	2025	2024
	£	£
Present value of funded obligations	(8,646,000)	(9,325,000)
Fair value of plan assets	5,677,000	5,530,000
	(2,969,000)	(3,795,000)
Present value of unfunded obligations	-	-
Deficit	(2,969,000)	(3,795,000)
Net liability	(2,969,000)	(3,795,000)

The amounts recognised in the Statement of Financial Activities are as follows:

Current service cost Net interest from net defined benefit asset/liability Past service cost Actual return on plan assets	Defined benefit pension plans 2025 2024 £ £ - - 163,000 181,000 - - 163,000 181,000 (109,000) 122,000	Defined benefit pension plans 2025 2024 £ £ - - 163,000 181,000 - - 163,000 181,000 (109,000) 122,000
		181,000
		122,000

Changes in the present value of the defined benefit obligation are as follows:

Opening defined benefit obligation Interest cost Benefits paid Oblig other remeasurement	Defined benefit pension plans 2025 2024 £ £ 9,325,000 9,559,000 435,000 438,000 (519,000) (484,000) (595,000) (188,000) 8,646,000 9,325,000	Defined benefit pension plans 2025 2024 £ £ 9,325,000 9,559,000 435,000 438,000 (519,000) (484,000) (595,000) (188,000) 8,646,000 9,325,000
		9,325,000

continued...

Page 24

INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING)

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

19. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the fair value of scheme assets are as follows:

Opening fair value of scheme assets Contributions by employer Pension scheme expenses Expected return Actuarial gains/(losses) Benefits paid	Defined benefit pension plans 2025 2024 £ £ 5,530,000 5,512,000 875,000 500,000 (100,000) (120,000) 272,000 257,000 (381,000) (135,000) (519,000) (484,000) 5,677,000 5,530,000	Defined benefit pension plans 2025 2024 £ £ 5,530,000 5,512,000 875,000 500,000 (100,000) (120,000) 272,000 257,000 (381,000) (135,000) (519,000) (484,000) 5,677,000 5,530,000
		5,530,000

The amounts recognised in other recognised gains and losses are as follows:

Oblig other remeasurement Actuarial gains/(losses)	Defined benefit pension plans 2025 2024 £ £ 595,000 188,000 (381,000) (135,000) 214,000 53,000	Defined benefit pension plans 2025 2024 £ £ 595,000 188,000 (381,000) (135,000) 214,000 53,000
		53,000

The major categories of scheme assets as amounts of total scheme assets are as follows:

Fiduciary portfolios Cash/other Private market assets	Defined benefit pension plans 2025 2024 £ £ 4,557,000 4,780,000 467,000 104,000 653,000 646,000 5,677,000 5,530,000	Defined benefit pension plans 2025 2024 £ £ 4,557,000 4,780,000 467,000 104,000 653,000 646,000 5,677,000 5,530,000
		5,530,000

Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages):

	2025	2024
Discount rate	5.60%	4.80%
Future pension increases	3.20%	3.20%

continued...

Page 25

INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING)

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

20. RELATED PARTY DISCLOSURES

Therewerenootherrelatedpartytransactionsduringtheyear.Transactionsinvolvingtrusteeshave been
disclosed in note 11 of these accounts and comprise expense reimbursements only.

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INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING)

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

INCOME AND ENDOWMENTS Investment income Dividends receivable Interest receivable Charitable activities Bibliographic databases - subscriptions Bibliographic databases - PAYG Dictionary, thesaurus, bulletin and reports IFIS Collections Gains/(losses) on exchange Other income Gain on sale of tangible fixed assets Total incoming resources EXPENDITURE Raising donations and legacies Investment management fees Charitable activities Salaries Social security Pensions Other employment and outworker costs (Gains)/losses on defined benefit pension scheme Production and distribution New product development Sales and marketing Premises costs Office and IT systems Travel and subsistence Meetings and seminars Legal and professional fees Overheads Other gains/losses on exchange Depreciation of tangible fixed assets Support costs Governance costs Salaries Social security Carried forward	2025 £ 48,260 17,085 65,345 1,551,086 43,982 12,532 5,425 11,141 1,624,166 540,305 2,229,816 15,000 641,847 55,143 935,687 367,200 (612,000) 104,007 55,469 111,065 90,121 25,477 12,306 682 7,935 10,256 14,585 4,763 1,824,543 21,782 3,006 24,788	2024 £ 53,054 14,486 67,540 1,658,408 39,694 10,967 3,376 (16,091) 1,696,354 - 1,763,894 17,157 622,257 54,509 558,737 434,318 (199,000) 109,582 79,219 91,824 90,637 25,157 15,674 1,485 15,072 11,296 4,628 5,330 1,920,725 20,962 2,893 23,855

This page does not form part of the statutory financial statements

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INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING)

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2025

Governance costs Brought forward Auditors' remuneration Travel and subsistence Total resources expended Net income/(expenditure) before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net income/(expenditure)	2025 £ 24,788 7,009 232 32,029 1,871,572 358,244 68,183 426,427	2024 £ 23,855 7,475 12,868 44,198 1,982,080 (218,186) 138,783 (79,403)

This page does not form part of the statutory financial statements

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