**REGISTERED COMPANY NUMBER: 930776 (England and Wales) REGISTERED CHARITY NUMBER: 1121681** **Report of the Trustees and Financial Statements For the Year Ended 30 September 2023 for INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** **Contents of the Financial Statements For the Year Ended 30 September 2023** ||Page| |---|---| |Report of the Trustees (incorporating the|3 to 14| |Report of the Independent Auditor|15 to 18| |Statement of Financial Activities|19| |Balance Sheet|20| |Cash Flow Statements|21| |Notes to the Financial Statements|22 to 33| page 2 **For the Year Ended 30 September** **2023** ## **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity For the Year Ended 30 September 2023. The Trustees have adopted the provisions of the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Report Standard applicable in the UK and Republic of Ireland (FRS 102). ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Governing document** The charity is controlled by its governing document, its memorandum and its articles of association last amended in March 2018, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## **Registered Company number** 930776 (England and Wales) **Registered Charity number** 1121681 ## **Registered office** 5 Cambridge Court 210 Shepherds Bush Road London W6 7NJ ## **Trustees** M T Bell (Vice President) Resigned 30.03.23 S M Crew (President Elect) B Dodridge Appointed 30.03.23 C R Gilbert-Wood (Chair, Scientific Committee) S Jennings (Hon Treasurer & Finance Committee Chair) A Kinsey (Chair, Professional Development Committee) A L Kyriakides (Vice President) A MacGregor (Chair, Education Committee) Resigned 08.11.22 W Martindale (Hon Secretary) H S Munday (President) (Chair, External Affairs Committee) Resigned 30.03.22 J Points Appointed 30.03.23 E Weston (Chair, Publications Committee) ## **Chief Executive & Company Secretary** T R B McLachlan ## **Senior Management** S French D Kendale page 3 **For the Year Ended 30 September** ## **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** **2023** ## **Auditor** Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP ## **Professional advisors** Bankers CAF Bank 25 Kings Hill Ave Kings Hill West Malling ME19 4JQ Investment Managers Cazenove Capital 1 London Wall Place London EC2Y 5AU ## **STRUCTURE, GOVERANCE AND MANAGEMENT** ## **Appointment and training of new Trustees** The President, President Elect, Vice President(s), Honorary Secretary, Honorary Treasurer are elected by the Fellows and Members of the Institute of Food Science and Technology (IFST). The role of Immediate Past President is automatically filled. The chairs of Committees (which includes the External Affairs Committee) are nominated by the members of their respective Committees and their appointment as Trustees is ratified by the Board of Trustees. Formal training is offered to new Trustees and governance training is included at the Board meeting following the AGM. Opportunities for external Trustee training are highlighted to the Trustees. Literature relating to good governance is available for Trustees to download from IFST's website. For the first time, broad EDI training was ## **PUBLIC BENEFIT STATEMENT** objectives, its main activities and who it aims to benefit are described below. All IFST's charitable activities focus on the advancement of the science of food science and technology, its education and its application for the benefit, safety and health of the public. ## **Organisational Structure** The Board is advised by a Scientific, Finance, Education, Professional Development, Publications, and External Affairs Committees; each is chaired by a Trustee who is a member of the Institute. The Board is also advised by Advisory Groups Panels and ad hoc working groups. An Independent Assessor, responsible for assessing the effectiveness in which the Board discharges its duties, attends Board and other meetings as an observer but may not vote. The Trustees have delegated to the Chief Executive the responsibility for the day-to-day operation of the charity. Pay and remuneration of key management personnel including the Chief Executive is set by the Remuneration & Benefits Committee. An informal benchmarking exercise is carried out on a regular basis with similar organisations to ensure IFST pay and remuneration remains marketable and fair. A new, more structured discretionary bonus scheme was introduced for all personnel. page 4 **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** **For the Year Ended 30 September** **2023** ## **Risk review** The Board of Trustees taking advice from the Finance Committee maintains and monitors a register of all major strategic, business and operational risks that the charity faces and confirms that systems have been established to mitigate these risks. The key risks highlighted through this process included: - the market moves to open access and other streams - Database or website problems due to failures/bugs/upgrades - in its accreditation or professional recognition schemes - Potential for loss of key personnel through retirement/resignation - Decline in availability of members to volunteer or with the required expertise. ## **REVIEW OF IFST OBJECTIVES AND ACTIVITIES** The objective for which the Institute is established is the general advancement and application of food science and technology, for the benefit, safety and health of the public. Each year the Board undertakes a strategic review; in April 2023 IFST re-confirmed its six strategic priorities to enable it to achieve this objective. Significant activities and achievements during 2022-2023 included the following ## **1) Providing and sharing evidence-based FS&T knowledge** _Those needing access to relevant, reliable evidence-based FS&T knowledge actively seek out knowledge, outputs and positions provided by IFST. Information is known for being easily searchable and, generally, made available at no or low-cost._ Key indicators and activities included: - Further developed resources using interns and other paid resources - Further developed the delivery of hybrid events/conferences and returning to in person only events Increased the attendance at key events (Spring Conference/Lecture) Improved promotional availability of our resources Improved non-members event registrations. During the year the Institute hosted a series of in-person events and online webinars attracting registrations from members and non-members. - received and attracted 212 delegates (2022: 203) plus students from the host, Cardiff Metropolitan University. the magazine as part of their membership package; other individuals, libraries and organisations may receive the magazine as a paid-for subscription. Each issue of the magazine is themed by the Editor around an area of -2023 the themes included: food education and citizen science, food reformulation, advances in food manufacturing, innovation. The online readership continues to indicate new visitors rather than existing users indicating the online version of the magazine is read by more non-members than members. page 5 **For the Year Ended 30 September** **2023** ## **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** -reviewed academic journal published by Wiley, has performed very strongly with 622 articles and 810,128 page views, achieving an impact factor of 3.3 (2022: 3.612; 2021: 3.713). In contrast to the previous impact factor calculation period (2019 & 2020), IJFST published a greater number of citable articles. The increased number of articles reduces the ratio of citations per IFST has published 46 Information Statements, including new statements on Dietary Fibre, Food Contact Material Compliance, Genetics in Food Processing Parts 1 and 2. (2022: 42, 2021: 42). series, with recent additions on Safe Handling of Meat and Seafood, Fats and Oils, Food Processing. This year we introduced the new resource of Technical Briefs. These are concise summaries of key food science and technology subjects and targeted at Technical Managers. We have published 5 during the year including AI and Food Safety, Intellectual Property, Starting a Food Manufacturing Business. We also launched the major new scientific resource the Innovation Toolkit. A Toolkit is designed to give reliable guidance on key topics. The Innovation Toolkit has been particularly popular when it was launched in September 2023 with over 2,000 clicks within the first fortnight of being published online. Through its member-led Special Interest Groups (SIGs), Branches and Working Groups, IFST hosted a number of webinars during the year in addition to in-person and watch-along events. ## **2) Influencing key stakeholders** _Our invaluable resource of independent evidence-based scientific positions and our access to experienced professionals is actively sought to inform and support the work of key stakeholders including Governmental departments. IFST will demonstrate leadership over chosen key topics and projects where it is in the best place to deliver positive outcomes in pursuit of our mission._ Key initiatives and activities included: - Developed and deepened relationships with government departments and funding bodies Defined and embedded the branches representing the four nations Developed key policy positions and statements - Identified and developed relevant themes where IFST can lead and influence - Further promoted a governance guide for directors on food safety and food risk management Continued the petitioning for Royal Charter Relations with Government departments continue to strengthen through the work of the External Affairs Committee and the Scientific Policy Director. External Affairs Committee is continuing to prioritise policy positions. Regular contact with FSA/FSS/Defra remains commonplace. We were pleased to achieve more than 65,000 followers on our LinkedIn company page in September 2023 which represents significant growth from 50,000 in September 2022. The Institute is going to be appointing a Social Media and Scientific Communications Coordinator to specifically the different platforms. The number of users or followers is increasing year-on-year, and the average page 6 **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** **For the Year Ended 30 September** **2023** ## **3) Promoting professional standards and development** _Regulators, retailers and the general public are reassured that technical personnel at all levels within the food sector are recognised as being professionally competent and striving to remain current in their knowledge and skills through effective CPD._ Key initiatives and activities included: - Promoted membership and professional recognition Promoted adoption of the Food Safety Register The Institute continues to run sessions for employees of new and existing membership groups schemes, improving their understanding of potential memberships and registration options open to them. For existing members, small group and workshop sessions have been offered to help people find the right membership or register, and help them through the application process. Membership numbers continue to be boosted through new membership group schemes, through which employers promote professional recognition with IFST and cover the fees for their employees. However, in summer 2023 the Institute experienced severe technical difficulties with the transfer to a new member database that may have affected the experience of members in renewing their membership and registrations. The new database is due to be integrated in January 2024. All lapsed members will be contacted to find out why they did not renew to help us improve our offering going forward and also prompt members to rejoin who experienced technical difficulties. Long-held plans to redevelop the MyCPD system have been included within the update of the membership database. Under license from Science Council, the Institute has 148 Chartered Scientists (2022: 170), 45 Registered Scientists (2022: 45) and one Registered Science Technicians (2022: 2) The Institute is committed to supporting the Science Council to ensure these registers remain relevant and that licensed bodies like IFST have the information and relevant collateral they need to help them promote professional registration and attract registrants. The multi-level Register of Food Safety Professionals has continued to attract a steady flow of new registrants. The number of registrants was: 238 (2022: 246). There were 109 registrants on the Register of Professional Food Auditors and Mentors (2022: 117). The Code of Professional Conduct, which all members agree to observe, and the Disciplinary Procedures were reviewed and amendments published to members in April 2022. No complaints about the professional conduct of members under the Code of Professional Conduct and Disciplinary Procedures were received during 2022-2023 (2022: 0; 2021: 0). page 7 **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** **For the Year Ended 30 September** **2023** ## **4) Utilising and growing the strength of our membership** _The profile of our membership is respected for its breadth and depth of experience. Individuals are proud to join and be a part of the Institute for the opportunity to_ Key initiatives and activities included: - Worked with an external developer to implement a new membership database, although due to technical difficulties this experienced a number of delays. This will be implemented during 2023-2024. - Increased the number of new members involved in our SIGs and Committees Supported branches, SIG and working group activity to align with the new network model. Supported relevant industry awards. The number of members has increased slightly at 3,310 on 30 September 2023: (2022: 3,299; 2021: 2,983). Membership retention varies across the different levels of membership. The membership comprises: Fellows: 692 (2022: 697) Members: 834 (2022: 857) Associates: 922 (2022: 997) Students: 736 (2022: 748) Postgraduate Students: 126 (not recorded for 2022) **----- Start of picture text -----**
2022 2023
Fellows 697 692
Members 857 834
Associates 997 922
Undergraduate Students 736
Postgraduate Students 748 126
TOTAL 3,299 3,310
**----- End of picture text -----**
The reduction in some numbers of members may be due to the aborted implementation of the new membership system attempted in August 2023. This resulted in membership renewals being suspended for a period of 4 weeks. This was addressed in September 2023 and individual contact has been made with each lapsed member. individuals or as members of branch or SIG networks, has continued to grow but achieved less traction than anticipated and a review of the platform is overdue. This has been delayed due to the technical issues with the new membership database. This will be undertaken within 2024 with a review of the website. IFST remains hugely indebted to the 250 plus members who regularly contribute in some capacity, including serving on a committee, helping with policy development, responding to consultations, presenting at events and writing for publications. page 8 **For the Year Ended 30 September** **2023** ## **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** ## **5) Encouraging and supporting our future talent** _We are in a position to inform the sector on the current and future talent/skills needs relevant to FS&T and, where appropriate, we provide leadership in the delivery of those needs. The talent pipeline through all channels is sufficient to meet the needs of the sector._ Key initiative and activities included: - Scoped and started to build an apprenticeships portal as a one stop shop for food science and food technology apprenticeships across the UK - Developed and promoted National Food Science and Technology Week as the lead organisation in a consortium with IGD, NFU and the National Skills Council. - Continued to operate the degree accreditation scheme - Delivered Student Launchpads across the nations - We note that we have not progressed the planned development of training provider accreditation and are reviewing the capacity and value of doing this. Student LaunchPads were held in a number of locations across the UK including being held at Campden BRI in Gloucestershire and Macphie in Scotland attracting over 140 registrations increasing the number of students attending for another year. The number of Launchpads was less than in 2022, but the number of attendees was greater. The degree accreditation scheme for undergraduate and postgraduate degree courses in food science and technology has attracted new applications, with a current total of 54 degree courses accredited (2022: 56; 2021: 50), representing the majority of UK food science and technology degree provision. There are two courses that have ceased and therefore not renewed. There are three in the process of applying for accreditation. Love Food Love Science, the website resource for young people and secondary school teachers continues to attract interest and use although with less webpage visits than in previous years. It is planned that the content of this site will be integrated and revitalised in 2024 after the Apprenticeships portal has been launched. - -type competition for teams of university students. The 2023 UK competition attracted 10 teams from 5 universities (2022: 13 and 7; 2021: 11 and 6)., The U presenting high quality products to a highe European final in October 2023 at Anuga, Cologne. The 2023-24 POST Fellow Elliot Stanton commences his IFST sponsored fellowship in January 2024. His POSTnote will be published by the Parliamentary Office of Science and Technology (POST), supported by a grant from IFST. Careers Coordinator role. This appointment has now been made. page 9 **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** **For the Year Ended 30 September 2023** ## **6) Financial stability, effective governance and sustainability** _the new database project will require the planned investment from reserves._ _The budgeting process has been reviewed and a new budget built up split into core and project expenditure. This is enabling more effective reporting per project, cost control, sound financial and risk management and robust governance followed by the Board and the Executive._ The Board, supported by the IFST Executive, the Finance, Scientific, Education, Professional Development, Publications and External Affairs Committees, as well as advisory groups and panels, continues to plan activity, monitor and review performance, and manage risks in line with the strategic priorities. Key initiatives and activities included: - Defined a tender for the next Publishing contract time period with an external consultant and go out to tender - Agreed to combine the Education and Professional Development Committees to provide a spectrum of - Explored alternative income streams from corporate supporters - Pursued EDI objectives - Scoped the necessary upgrade or replacement of the website platform - the review in 2021. There have been a number of staff changes during the year and some periods of multiple vacancies. The executive team has managed this, ensuring business continuity. This has been overseen by the Remuneration & Benefits Committee. These appointments have now been made and a settled staff team is in place for 2024. ## **Diversity, equity and inclusion** The Institute is a signatory to the Science Council Declaration on Diversity, Equality and Inclusion. The Board has representation, equality and inclusivity. Employee recruitment processes have been reviewed to mitigate the potential for unconscious bias and attract a diverse range of applicants. ## **Environmental Impact** Although the Institute is an organisation of just 12 employees working out of a modest office space and does not trigger the threshold for SECR reporting - it does recognise the need to manage and, where relevant, report on its environmental impact. Indeed, as the professional body for those engaged in food science and technology, with the food sector contributing so significantly to carbon emissions and other environmental impacts, IFST recognises the leadership it must show. - Carbon: limited to employee travel, heating premises (11kWh) and electricity for light office equipment. Greenhouse Gas Emissions: limited to typical household emissions. - Water: very low; limited to WC, drinks making facilities and dish washing. - Waste: low; typical small office. Separate recyclable waste stream handled by local authority. Resource efficacy and materials: low; typical small office. - Emissions to Air, Land and Water: low; typical small office. - Biodiversity and Ecosystems: limited to typical small office. page 10 **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** **For the Year Ended 30 September** **2023** ## **FINANCIAL REVIEW** The Finance Committee receive monthly reports on key financial documents. These are reviewed by Trustees at Board meetings also together with a regular report from the Honorary Treasurer. Reporting is now split into core budgeted activities and specifically defined projects. In 2024 reporting will also be per strategic workstream. During 2024 the Finance Committee and Trustees will consider the forthcoming new SORP requirements for 2025 and the Chrity Commission guidance CC8 on internal controls. It is noted that a deficit budget was agreed for this financial year with agreed draw downs from reserves to fund specific development projects including a new membership database system. This was to utilise the reserves rather than to allow them to climb above a desired level and to invest in identified priority areas within the Institute. ## **Principal funding sources** The major income streams were publications £447,987 (2022: £372,710) followed by membership subscription £278,149 (2022: £235,191). Significant income was also generated from accreditation activities. ## **Reserves Policy** At the year end, the charity's reserves stood at £1,217,679 (2022: £1,411,180). The Trustees reviewed the reserves in 2021 and agreed it would be prudent to aim for a minimum reserve of £510,000 in any one year (which includes funds to be used for unbudgeted activity or innovations) and that, in addition, a further £1,200,000 should be held for longer term exceptional risks as identified in the risk register. The reserves policy takes account of risks and opportunities faced by the charity, the number and sources of income, security of income, level of expenditure commitment and other liabilities to ensure reserves continue to represent sufficient mitigation to foreseeable risks and are not excessive. ## **Investment Policy** a manner that annual interest on the investment, after such taxes as may be levied on charities, the target is CPI plus 3.5% over a 3 to 5 year period. The Board of Trustees believes that a medium risk investment policy is appropriate. Medium risk is described as being prepared to accept risk of some short-term volatility in pursuit of returns over the medium- to long term in line with this investment target. The Trustees recognise that they are not in a position to trade on a frequent basis and have delegated management of the portfolio to investment managers Cazenove Capital. The Trustees have also determined the investment will be held in a Responsible Multi-Asset Fund, which seeks to avoid harm (integrating ESG factors), benefit people and the plant, and supports Sustainable Development Goals, and therefore excludes investments in assets like fossil fuels. In line with good practice the choice of investment management will be reviewed in 2024 and in relation to the wider market. Drawdowns from reserves were made during the year for agreed, planned expenditure including the new membership database. The reserves are being closely monitored and a plan is in place to replace them. The Finance Committee now receives a monthly update on cashflow and the plan to replace the reserves. The Board of Trustees have kept themselves appraised of the new guidance from the Charity Commission on investments and ESG factors. They are satisfied that there is no change needed to our policies. page 11 **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** **For the Year Ended 30 September** **2023** ## **Investment Performance** During the year the value of investments decreased by £62,284, including losses of £12,334. ## **Fundraising** On occasion, IFST receives voluntary funds from trusts, foundations and individuals as income that helps us to fulfil our charitable objectives. The executive team administers any voluntary income received in this way but does not actively fundraise. IFST does not engage external professional fundraisers or commercial participators to carry out fundraising activity nor engage in face-to-face or telephone fundraising. In developing the approach to fundraising IFST has taken account of the Code of Fundraising Practice issued by the Fundraising Regulator. The charity has received no complaints about its fundraising activities either during the financial year or subsequently. The charity periodically reviews its policies and procedures in relation to the General Data Protection Regulation. This Privacy Policy, published on our website, clearly states what personal data we will hold in relation to members, stakeholders and related contacts and how this data will be used. It sets out how individuals can raise concerns or complaints. ## **PLANS FOR FUTURE PERIODS** The Board of Trustees has agreed a detailed plan for the period October 2023-September 2024 focused on utilising and leveraging the 60th Jubilee of the Institute to increase membership, awareness and impact of IFST in each of six strategic workstreams with the following priorities:- ## **Workstream 1 - Providing and sharing evidence-based FS&T knowledge** - Deliver more credible and current scientific content - optimise and celebrate insight and input from Special Interest Groups and Committees - Be seen online through increasing search engine optimisation across web content and promote through search engine marketing - Increase online presence - content optimised and functionality of a new website - Be seen at events where IFST can share knowledge and insight on food science and technology Hold better and more attractive events, increasing marketing ## **Workstream 2 - Influencing and supporting key stakeholders** - Deepen and expand relationships with press and target stakeholders - Increase the speed with which we respond credibly to consultations and news - Increase external representation to increase credible voice, presence and member recruitment ## **Workstream 3 - Promoting professional standards and development** - Increase CPD opportunities for members = member benefit Increase credibility of membership - Establish poor conduct management to maintain standards - Clarify and increase association with IFST in social media profiles (Linked-In) ## **Workstream 4 - Utilising the strength of our membership** - Increase support for Branch events including in-person events to increase networking opportunities as a membership benefit - Define and promote a series of awards for the Jubilee year - Celebrate and recognise member involvement - especially diversity page 12 **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** **For the Year Ended 30 September** **2023** ## **Workstream 5 - Encouraging and supporting our future food sector talent** - Agree and implement an updated education and professional development strategy with the new Committee - Increase engagement with UK students including a greater number of Launchpads Develop a strategy to retain and engage international students ## **Workstream 6 - Financial stability, effective governance and sustainability** - Ensure Board and Committee administration is accurate and timely - Enhance monthly finance reporting and embedd budget management across the staff team Define Office and Team Infrastructure IT, office, working at home ## **RELATED PARTIES** The only related party transactions in the year are shown in note 18. There are no related parties outside the normal course of business. ## **GOING CONCERN** year. Income generating event activity has not increased as much as intended but the running costs of the Institute have been carefully controlled. potential future) shocks and the levels of reserves, the trustees plan an ambitious programme of work and continue to operate IFST as a going concern. United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the result of the charitable company for that year. In preparing these statements the trustees are required to: - select suitable accounting policies and apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. page 13 **For the Year Ended 30 September** **2023** ## **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: 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 auditor is aware of that information. The trustees are responsible for the maintenance and integrity of the corporate and financial information included of financial statements may differ from legislation in other jurisdictions. company directors. ## **Auditor** Moore Kingston Smith LLP is deemed to be re-appointed under section 487(2) of the Companies Act 2006. ## **Small company provisions** This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006. Signed on behalf of the Trustees ............................................. Samantha Jennings Trustee 19/06/24 page 14 ## **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** ## **Opinion** We have audited the financial statements of the Institute of Food Science and Technology For the Year Ended 30 September 2023 which comprise the Statement of Financial Activities, the Balance Sheet the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Generally Accepted Accounting Practice). In our opinion the financial statements: - 2023 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; have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable of the financial statements section of our report. We are independent of the charitable company in accordance with Ethical Standard, 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. ## **Conclusions relating to going concern** accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements 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 information** The other information comprises the information included in the annual report, other than the financial statements report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. page 15 ## **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** ## **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 prepared is consistent with the financial statements; and ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the company and its environment obtained in the course of the We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to 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 - we have not received all the information and explanations we require for our audit. - the trustees were not entitled to prepare the financial statements in accordance with the small companies regime preparing a strategic report. ## **Responsibilities of trustees** 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 internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. page 16 **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the trol. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. - the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based cause the charitable company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. ## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud** Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company. Our approach was as follows: - We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. - We obtained an understanding of how the charitable company complies with these requirements by discussions with management. - We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management. - We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. page 17 ## **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** - Based on this understanding, we designed specific appropriate audit procedures to identify instances of noncompliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part members those matters we are required t fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Luke Holt (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 6[th] Floor 9 Appold Street London EC2A 2AP page 18 ## **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** ## **Statement of Financial Activities** **(Incorporating an Income and Expenditure Account)** For the Year Ended 30 September 2023 ||||
**2023**
|**2023**|**2023**|
**2023**|2022| |---|---|---|---|---|---|---|---| ||||**Unrestricted Restricted**|||**Total**|Total| ||||**funds**|**funds**||
**funds**|funds| |||Notes|**£**||**£**|£|£| |**INCOME AND ENDOWMENTS FROM:**|||||||| |**Charitable activities:**||3|||||| |Publishing|||**447,987**|-||**447,987**|372,710| |Education|||**18,557**|-||**18,557**|24,526| |Accreditation|||**65,331**|-||**65,331**|86,950| |Membership subscription|||**278,149**
|-||**278,149**|235,191| |Sponsorship|||**14,055**
|-||**14,055**|11,200| |Donations|||**850** **20,000**|||**20,850**|-| |**Investments:**|||||||| |Investment income||2|**55,656**|-||**55,656**|49,637| |**Total income**|||**880,585 20,000**|||**900,585**|780,214| |**EXPENDITURE ON**|||||||| |**Raising funds:**|||||||| |Investment management|costs|4|**4,127**|-||**4,127**|4,690| |**Charitable activities:**||5|||||| |Publishing|||**57,754**|-||**57,754**|59,041| |Education|||**348,304**|-||**348,304**|300,931| |Accreditation|||**147,406**
|-||**147,406**|139,981| |Membership administration|||**443,558**|-||**443,558**|326,861| |Other|||**86,565**|-||**86,565**|75,567| |**Total expenditure**|||**1,087,714**|-|**1,087,714**||907,071| |**Net operating (expenditure)/income**|||**(207,129) 20,000**|||**(187,129)**|(126,857)| |Net losses on investments|||**(12,334)**|-||**(12,334)**|(115,540)| |**Net (expenditure)/income for the year**|||**(219,463) 20,000**|||**(199,463)**|(242,397)| |**Other recognised gains/(losses):**|||||||| |Actuarial gains/(losses) on defined benefit|||||||| |pension schemes|||**5,962**|-||**5,962**|(82,544)| |**Net movement in funds**|||**(213,501) 20,000**|||**(193,501)**|(324,941)| |**RECONCILIATION OF FUNDS**|||||||| |Total funds brought forward|||**1,411,180**|-|**1,411,180**||1,736,121| |**TOTAL FUNDS CARRIED FORWARD**|||**1,197,679 20,000 1,217,679**||||1,411,180| |All amounts relate to continuing activities.|||||||| |All income and expenditure in 2022 and 2023 related to unrestricted activities.|||||||| |The notes on pages 22
|33 form part of these financial statements.||||||| page 19 ## **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** ## **Balance Sheet as at 30 September 2023** |Notes
**FIXED ASSETS**
Intangible assets
10
Tangible assets
11
Investments
12
**CURRENT ASSETS**
Debtors
13
Cash at bank
**CREDITORS**
Amounts falling due within one year
14
**NET CURRENT (LIABILITIES)/ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
Defined benefit pension scheme liability
15
**NET ASSETS**
**FUNDS**
Unrestricted funds
17
Restricted funds
17
**TOTAL FUNDS**||**2023**
**Total**
**funds**
**£**
**79,904**
**167,798**
**1,242,835**
**1,490,537**
**47,527**
**47,369**
**94,896**
**(240,976)**
**(146,080)**
**1,344,457**
**(126,778)**
**1,217,679**
**1,197,679**
**20,000**
**1,217,679**||2022
Total
funds
£
28,643
178,079
1,305,119
1,511,841
99,176
171,248
270,424
(237,936)
32,488
1,544,329
(133,149)
1,411,180
1,411,180
**-**
1,411,180| |---|---|---|---|---| |||||| |||||| |||||| These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies. 19/06/24 The financial statements were approved by the Board of Trustees on and were signed on its behalf by: ............................................. Trustee The notes on pages 22 33 form part of these financial statements. page 20 ## **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** ## **Cash flow Statement** For the Year Ended 30 September 2023 |**Total funds**
**£**
**Cash flows from operating activities:**
Net cash provided by operating activities
**(178,224)**
**Cash flows provided by/(used in) investing activities:**
Investments, dividends and interest income
**55,656**
Purchase of intangible fixed assets
**(51,261)**
Purchase of tangible fixed assets
**-**
Proceeds from the sale of investments
**103,799**
Purchase of investments
**(50,452)**
Movement in cash held by investment manager
**(3,397)**
**Net cash provided by investing activities**
**54,345**
**Change in cash and cash equivalents in the reporting period**
**(123,879)**
**Cash and cash equivalents at the beginning of the reporting**
**period**
**171,248**
**Cash and cash equivalents at the end of the reporting period**
**47,369**
**Reconciliation of net income/(expenditure) to net cash flow from operating activities**
**Current**
**Year**
**£**
**Net income/(expenditure) for the reporting period (as per the**
**statement of financial activities)**
**(193,501)**
Adjustments for:
Depreciation and amortisation
**10,281**
Losses on investments
**12,334**
Investments, dividends and interest income
**(55,656)**
(Increase)/decrease in debtors
**51,649**
Increase/(decrease) in creditors
**3,040**
Movement in pension liability
**(6,371)**
**Net cash used in operating activities**
**(178,224)**
**Analysis of cash and cash equivalents**
**Current**
**Year**
**£**
Cash in hand
47,369
**Total cash and cash equivalents**
**47,369**|**Prior year**
**funds**
**£**
(135,454)
49,637
(42,750)
(7,990)
200,000
(49,063)
4,281
154,115
18,661
152,587
171,248

**Prior Year**
**£**
(324,941)
59,166
115,540
(49,637)
(69,624)
48,993
85,049
(135,454)
**Prior Year**
**£**
171,248| |---|---| ||**171,248**| page 21 **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** ## **Notes to the Financial Statements For the Year Ended 30 September 2023** ## **1. ACCOUNTING POLICIES** ## **Company information** The Institute of Food Science And Technology is a private company limited by guarantee, incorporated in England and Wales. The registered office is 5 Cambridge Court, 210 Shepherds Bush Road, London, W6 7NJ. ## **Accounting convention** The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. They are in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Irelands (FRS 102) (effective 1 January 2015) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The functional currency is sterling and the financial statements are rounded to the nearest pound. The Charity constitutes a public benefit entity as defined by FRS 102. ## **Going concern** The financial statements are prepared on a going concern basis which assumes that the charitable company will continue in operational existence for the foreseeable future. The trustees have considered the reserves policy mentioned in trustees report and the working capital requirements for the period of 12 months from the date of this report and have reasonable expectation that the Institute of Food Science and Technology has adequate resources to continue its operations for the foreseeable future. Accordingly the trustees continue to adopt the going concern basis for the preparation of the annual report and accounts. ## **Income recognition** All income is included on the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy and there is probability of receipt. ## **International Journal of Food Science Technology** The _International Journal of Food Science Technology_ included within publishing income, is accounted for by bringing into the Statement of Financial Activities its share of profit earned under its agreement with its publisher, who runs to a 31[st] December year end. ## **Expenditure recognition** Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. The cost of raising funds comprises the costs of managing the investment portfolio. Charitable activities expenditure comprises those costs incurred by the Institute in the delivery of its objectives. It includes both costs that can be allocated directly to such activities and an allocation of the indirect support costs incurred by the Institute. allocated on the basis as detailed in note 6. page 22 **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** ## **Notes to the Financial Statements For the Year Ended 30 September 2023** ## **Intangible fixed assets** Intangible fixed assets comprise of website costs. They are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. The capitalisation threshold for intangible fixed assets is £1,000. Amortisation commences once the asset is completed and brought into use and is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Website development costs -3 years straight line ## **Tangible fixed assets** The capitalisation threshold for tangible fixed assets is £1,000. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property (excluding land) -2% on cost Improvements to property -10% on cost Office equipment -10-33% on cost ## **Gains/losses on investment assets** All gains and losses are taken to the Statement of Financial Activities as they arise. Unrealised gains and losses on investment assets represent the difference between their fair value at the end of the year and their fair value at the beginning of the year, or transaction value if acquired during the year. Realised gains and losses on disposal of investment assets represent the difference between the sale proceeds and the fair value at the beginning of the year, or transaction value if acquired during the year. ## **Financial instruments** the company becomes party to the contractual provisions of the instruments. Financial assets and liabilities are offset, with the net amount presented in the financial statements, when there is a legally enforceable right set off the recognised amounts and there is an intention to settle on a net basis or by realising the asset and settling the liability simultaneously. ## **Investments** Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using their closing quoted market price. Realised and unrealised gains and losses are shown in the statement of financial activities together as net gains on revaluation and disposals of investment assets. The Institute does not directly acquire put options, derivatives or other complex financial instruments. ## **Debtors** Debtors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. ## **Creditors** Creditors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. page 23 **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** ## **Notes to the Financial Statements For the Year Ended 30 September 2023** ## **Taxation** The charity is exempt from corporation tax on its income applied for charitable activities. ## **Funds** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. A premises renovation & equipment designated reserve is maintained for periodic renovation of 5 Cambridge Court. Restricted funds are used for the specific purposes laid down by the donor. Expenditure which meets their criteria is charged to the fund. ## **Defined benefit pension scheme** The Institute participates in the Universities Superannuation Scheme (USS). The scheme is a hybrid pension scheme providing defined benefit (for all members), as well as defined contribution benefits. The assets of the scheme are held in a separate trustee-administered fund. Due to the mutual nature of the scheme, the ssets are not attributed to individual institutions and a scheme-wide contribution rate is set. The Institute is therefore exposed to actuarial risks associated with other and is unable to identify its share of the underlying assets and liabilities of the Employee scheme on a consistent and reasonable basis. As required by FRS 102 Section the Institute therefore accounts for the scheme as if it were a wholly defined contribution scheme. As a result, the amount charged to the income and expenditure account represents the contributions payable to the scheme. Since the institution has entered into an agreement (the Recovery Plan) that determines how each employer within the scheme will fund the overall deficit, the institution recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and therefore an expense is recognised. FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control and represents an industry wide scheme such as USS. The accounting for a multi-employer scheme where the employer typically has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or loss in accordance with Section 28 of FRS 102. The directors are satisfied that the scheme provided by USS meets the definition of a multi-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under the recovery plan in existence at the date of approving the financial statements. ## **Critical accounting estimates and areas of judgement** In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgements are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. The USS pension scheme is a multi-employer scheme for which a deficit reduction plan is recognised. The determination of the provision is dependent on the assumptions in relation to the length of term of the plan arrangement, contribution rates assessed, actuarial assumptions and future changes to underlying interest rates. These assumptions may vary over time and impact on the provision value in future periods accordingly. page 24 **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** ## **Notes to the Financial Statements For the Year Ended 30 September 2023** ## **Heritage assets** The Institute owns a collection of books and papers on food science and technology and other related subjects. by the, now, late Prof Tom McLachlan, Past IFST President in or around 1978. Over the years, further books were added or donated to the collection by various parties but the collection has since remained in storage for more than 20 years. Following a thorough assessment of this collection we now feel it appropriate to consider position, nor do we feel it appropriate at this time, to place a value on the collection which would be a costly exercise and would serve little purpose due to the unique nature of the collection. Our primary focus is to establish a safe repository for the collection which will enable free access for those who request to use it. Further information on the McLachlan Collection is provided in the Trustees Annual Report. |**2.**
**INVESTMENT INCOME**
UK Investments, dividends and
interest
**3.**
**INCOME FROM CHARITABLE ACTIVITIES**
**Activity**
IJFST
Publishing
IJFST for members
Publishing
Food Science & Technology Publishing
Other publications sales
Publishing
Advertising
Publishing
Events
Education
SALSA
Accreditation
Other accreditation schemes Accreditation
Science Council Registers
Accreditation
IFST Registers
Accreditation
Membership subscriptions
Membership subscription
Corporate sponsorship
Sponsorship
Donations
Donations
**4.**
**INVESTMENT MANAGEMENT COSTS**
Investment management fees|**2023**
2022
**£**
£
**55,656**
49,637
**2023**
2022
**£**
£
**430,992**
342,102
**-**
681
**4,555**
7,845
**10,521**
10,682
**1,919**
11,398
**18,557**
14,005
**24,020**
23,870
**15,540**
55,517
**12,310**
7,564
**13,461**
10,521
**278,149**
235,191
**14,055**
11,200
**20,850**
-
-
**844,929 730,576**
**2023**
2022
**£**
£
**4,127**
4,690|2022
£
49,637| |---|---|---| |||
**730,576**
2022
£
4,690| page 25 **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** ## **Notes to the Financial Statements For the Year Ended 30 September 2023** ## **5. CHARITABLE ACTIVITIES COSTS** |**Direct costs Support costs**
**Totals**
**(See note 6)**
**2023**
**£**
**£**
**£**
Publishing
14,472
43,282
57,754
Education
36,672
311,632
348,304
Accreditation
8,903
138,503
147,406
Membership administration
157,895
285,664
443,558
Other
-
86,565
86,565
Total 2023
**217,942**
**865,645**
**1,083,587**
Total 2022
146,710
755,670
902,380|Totals
2022
£
59,041
300,931
139,981
326,861
75,567| |---|---| ||**902,380**| ## **6. SUPPORT COSTS** Support costs are attributed as follows: **Basis of allocation** Publishing 5% Education 36% Accreditation 16% Membership administration 33% Other 10% |**2023**
**Total**
**activities**
**£**
**Support costs comprise:**
Employment costs
**658,570**
Legal expenses
**14,743**
Other costs
**182,051**
Depreciation of tangible assets
**10,281**
Amortisation of intangible assets
**-**
**865,645**
**NET INCOME**
Net income is stated after charging:
**2023**
**£**
audit current year
**7,950**
audit prior year under accrual
**2,650**
non audit
**1,850**
Depreciation - owned assets
**10,281**
Amortisation - owned assets
**-**|2022
Total
activities
£
570,086
12,018
114,400
11,309
47,857
755,670
2022
£
7,200
2,850
1,700
11,309
47,857| |---|---| ## **7. NET INCOME** ## **8. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30 September 2023 nor for the year ended 30 September 2022. page 26 **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** ## **Notes to the Financial Statements For the Year Ended 30 September 2023** ## **Trustees' Expenses** Expenses of the trustees are reimbursed if they submit a claim. The total expenses for travel and subsistence reimbursed to five trustees (2022: three) during the year were £1,902 (2022: £2,038). ## **9. STAFF COSTS** |Wages and salaries
Social security costs
Pension
Average number of employees during the year|**2023**
**£**
**499,131**
**45,309**
**37,205**
**581,645**
**2023**
**13**|2022
£
474,201
45,399
40,282
559,882
2022
14| |---|---|---| There was one employee whose emoluments ex ed to £90,000 - £100,000 during the year (2022: None). Pension contributions on behalf of this individual was £16,200. Key management personnel comprise of three members of senior management (2022: 3) and the Chief Executive. The total benefits received by key management personnel in the year amounted to £226,855 (2022: £240,239). ## **10. INTANGIBLE FIXED ASSETS** |**Website**
**development**
**costs & CRM**
**£**
**COST**
At 1 October 2022
142,278
Additions
51,261
At 30 September 2023
**193,539**

**AMORTISATION**
At 1 October 2022
113,635
Charge for the year
-
At 30 September 2023
**113,635**
**NET BOOK VALUE**
At 30 September 2023
**79,904**
At 30 September 2022
**28,643**|**Website**
**development**
**costs & CRM**
**£**
**COST**
At 1 October 2022
142,278
Additions
51,261
At 30 September 2023
**193,539**

**AMORTISATION**
At 1 October 2022
113,635
Charge for the year
-
At 30 September 2023
**113,635**
**NET BOOK VALUE**
At 30 September 2023
**79,904**
At 30 September 2022
**28,643**|**Total**
**£**
142,278
51,261
**193,539**

113,635
-
**113,635**
**79,904**
**28,643**| |---|---|---| ||**28,643**|| page 27 **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** ## **Notes to the Financial Statements For the Year Ended 30 September 2023** ## **11. TANGIBLE FIXED ASSETS** |**Freehold Improvements**
**Office**
**property to property**
**equipment**
**£**
**£**
**£**
**COST**
At 1 October 2022 and
30 September 2023
**279,267**
**82,105**
**32,455**
**DEPRECIATION**
At 1 October 2022
128,857
66,861
20,030
Charge for year
3,800
2,308
4,173
At 30 September 2023
**132,657**
**69,169**
**24,203**
**NET BOOK VALUE**
At 30 September 2023
**146,610**
**12,936**
**8,252**
At 30 September 2022
**150,410**
**15,244**
**12,425**
**12.**
**FIXED ASSET INVESTMENTS**
**Listed investments**
**2023**
**£**
**MARKET VALUE**
At 1 October 2022
**1,305,119**

Additions at cost
**50,452**
Disposal proceeds
**(103,799)**
Realised (losses)/gains on disposals
(**17,282)**
Unrealised gains/(losses) on revaluation
**4,948**
Movement in investment broker's cash
**3,397**
At 30 September 2023
**1,242,835**

**Historical cost**
**1,073,768**
|**Total**
**£**
**393,827**
215,748
10,281
**226,029**
**167,798**
**178,079**
**2022**
£
1,575,877
49,063
(200,000)
1,905
(117,445)
(4,281)
1,305,119
1,119,239| |---|---| The following investments comprise in excess of 5% of the value of the portfolio: |**Investment Name**
SUTL Cazenove Charity Responsible
**Investments consist of:**
Equity
Cash|**Holding**
**(in units)**
1,783,220
**2023**
**£**
1,138,764
104,071
1,242,835|**Value**
**£**
1,138,764
**2022**
**£**
1,204,445
100,674| |---|---|---| |||1,305,119| page 28 **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** ## **Notes to the Financial Statements For the Year Ended 30 September 2023** ## **12. FIXED ASSET INVESTMENTS (continued)** ## **Geographical Analysis** |**Geographical Analysis**||| |---|---|---| ||**2023**|2022| ||**£**|£| |United Kingdom investments|**496,515**|100,672| |Overseas investments|**746,320**|1,204,447| ||**1,242,835**|1,305,119| |**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||| ||**2023**|2022| ||**£**|£| |Trade debtors|**25,714**|57,469| |Prepayments and accrued income|**3,710**|30,480| |Other Debtors|**18,103**|11,227| ||**47,527**|99,176| ## **13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ## **14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Trade creditors
Social security and other taxes
Accruals and deferred income
Defined benefit pension liability|**2023**
**£**
**47,691**
**13,564**
**174,373**
**5,348**
**240,976**|2022
£
14,337
14,656
204,004
4,939
237,936| |---|---|---| Included in the above is deferred income totalling £152,889 (2022: £187,419) which predominantly related to publication royalties and membership subscriptions. The 2022 amount was fully released in the 2023 year. ## **15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR** ||**2023**|2022| |---|---|---| ||**£**|£| |Defined benefit pension liability|**126,778**|133,149| page 29 **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** ## **Notes to the Financial Statements For the Year Ended 30 September 2023** ## **16. PENSION COMMITMENTS** _Universities Superannuation Scheme (USS)_ The total cost charged to the statement of financial activity was £37,205 (2022: £40,282) as shown in note 9. There was neither a prepayment nor an accrual at the end of the financial year in respect of these contributions. However, due to the adoption of FRS 102 there is now a liability in the accounts for the contributions payable that arise from the agreed future deficit contributions, this has been discounted to present value at each year end. This has been split between creditors falling due within one year and creditors falling due after more than one year. The movement in this liability from year to year is posted to the statement of financial activities and the element of unwinding the discount on the liability is recorded as finance costs in the statement of financial activities. ||**2023**|2022| |---|---|---| ||**£**|£| |DB pension liability falling due within one year|**5,348**|4,939| |DB pension liability falling due after more than one year|**126,778**|133,149| |Movement in DB pension liability in SOFA|**(5,962)**|82,544| The latest available complete actuarial valuation of the Scheme is at 31 March 2020 Since the institution cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole. The 2020 valuation was the fifth valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to adopt a statutory funding objective, which is to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was £66.5 billion provisions was £80.6 billion indicating a shortfall of £14.1 billion and a funding ratio of 83%. The key financial assumptions used in the 2020 valuation are described below: CPI assumption Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.1% p.a. to 2030, reducing linearly by 0.1% p.a. to a long-term difference of 0.1% p.a. from 2040. Pension increases (subject to CPI assumption plus 0.05%. a floor of 0%) Discount rate (forward rate) Fixed interest gilt yield curve plus: Pre-retirement: 2.75% p.a. Post-retirement: 1.00% p.a. page 30 **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** **Notes to the Financial Statements For the Year Ended 30 September 2023** ## **16. PENSION COMMITMENTS (continued)** The main demographic assumption used relates to the mortality assumptions. These assumptions are 20 actuarial valuation. The mortality assumptions used in these figures are as follows: 2020 Valuation Mortality base table Future improvements to mortality CMI_2019 with a smoothing parameter of 7.5, an initial addition of 0.5% p.a. and a long term improvement rate of 1.8% p.a. for males and 1.6% p.a. for females The current life expectancies on retirement at age 65 are: **----- Start of picture text -----**
2023 2022
Males currently aged 65 (years) 24.0 23.9
Females currently aged 65 (years) 25.6 25.5
Males currently aged 45 (years) 26.0 26.0
Females currently aged 45 (years) 27.4 27.4
**----- End of picture text -----**
A deficit recovery plan was put in place as part of the 2020 valuation which requires payment of 6.2% of salaries over the period 1 April 2022 to 31 March 2024 at which point the rate will increase to 6.3%. The 2023 deficit recover liability reflects this plan. The liability figures have been produced using the following assumptions: ||**2023**|**2022**| |---|---|---| |Discount rate|2.80%|2.59%| |Pension increases(CPI)|1%|1%| page 31 **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** ## **Notes to the Financial Statements For the Year Ended 30 September 2023** ## **17. MOVEMENT IN FUNDS** |**Unrestricted**
**funds**
General fund
Fixed asset
reserve
Premises
renovation &
equipment
reserve
**Restricted fund**
Project Inspire
**TOTAL FUNDS**
**Unrestricted**
**funds**
General fund
Fixed asset
reserve
Premises
renovation &
equipment
reserve
**TOTAL FUNDS**|At
01.10.22
Income Expenditure
Net
investment
losses
Actuarial
gain on
pension
Transfers
At
30.09.23
£
£
£
£
£
£
1,154,458
880,585
(1,087,714)
(12,334)
5,962
(40,980)
899,977
206,722
-
-
-
-
40,980
247,702
50,000
-
-
20,000
-
-
-
-
-
-
-
-
50,000
20,000
**1,411,180**
**900,585**
**(1,087,714)**
**(12,334)**
**5,962**
**- 1,217,679**
At
01.10.21
Income Expenditure
Net
investment
losses
Actuarial
loss on
pension
Transfers
At
30.09.22
£
£
£
£
£
£
1,470,975
780,214
(907,071)
(115,540)
(82,544)
8,424
1,154,458
215,146
-
-
-
-
(8,424)
206,722
50,000
-
-
-
-
-
50,000
**1,736,121**
**780,214**
**(907,071)**
**(115,540)**
**(82,544)**
**-**
**1,411,180**| |---|---| ## **Unrestricted funds** The "Fixed Asset Reserve" is to fund the cost of the Charity's fixed assets, primarily the provision of an office for the Charity and associated activities. During the year a transfer of £24,389 was made from the General Fund to align the value of the reserve with the book value of fixed assets as set out in note 11. The "Premises Renovation & Equipment Reserve" is to fund the cost of renovation and improvement of , consisting of internal and external redecoration normally every two years with the option of more substantial work if needed every five-to-ten years. ## **Restricted fund** The Project Inspire Fund relates to donations received to be spent on transforming the image of food technical careers and attracting the next generation of food professionals into the sector. page 32 **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** ## **Notes to the Financial Statements For the Year Ended 30 September 2023** ## **18. RELATED PARTY TRANSACTIONS** The charity received £26,790 (2022: £24,501) for the provision of accreditation services to Safe And Local Supplier Approval (SALSA). A balance of £6,600 was due at as at 30 September 2023 (2022: £7,152). This entity has two directors in common with Institute of Food Science and Technology. The charity received £152 (2022: £201) for the provision of membership, advertising and Science Council Register services to Berry Ottaway. Nothing was due as at 30 September 2023 nor 30 September 2022. This entity has one director in common with Institute of Food Science and Technology. The charity received £236 (2022: £Nil) for the provision of membership, advertising and Science Council Register services to John Points Consulting. Nothing was due as at 30 September 2023. This entity has one director in common with Institute of Food Science and Technology. The charity received £11,105 (2022: £13,563) for the provision of accreditation, membership and sponsorship services to Campden BRI. A balance of £144 was due at 30 September 2023 (2022: £nil). This entity has two directors in common with Institute of Food Science and Technology, one of which resigned as a director during the year. The charity received £2,700 (2022: £nil) for the sponsorship of a Student LaunchPad and towards Young Scientist Northern Ireland prizes from the Northern Ireland Food & Drink Association. The entity has one director in common with Institute of Food Science and Technology. The entity received £1,075 (2022: £1,735) from 7 trustees (2022: 11) in the form of membership fees. There were £152 of fees outstanding as at 30 September 2023 (2022: £Nil). page 33 ## **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** ## **Detailed Statement of Financial Activities** For the Year Ended 30 September 2023 |**INCOME FROM**
**Donations:**
Fundraising
**Charitable activities:**
IJFST
IJFST for members
Food Science & Technology
Other publications sales
Advertising
Events
SALSA
Other accreditation schemes
Science Council Registers
IFST Registers
Membership subscriptions
Corporate sponsorship

**Investments:**
Investment income
**Total income**

**EXPENDITURE ON**
**Raising funds:**
Investment management fees including support costs
**Charitable activities:**
IJFST
Food Science & Technology
Other publication costs
Schools & Careers
Awards
Website (including database)
Events
External representation
SALSA
Other accreditation schemes
Science Council Register
IFST Registers
Sundry member activities
Carried forward|**2023**
**£**
**20,850**
**430,992**
**-**
**4,555**
**10,521**
**1,919**
**18,557**
**24,020**
**15,540**
**12,310**
**13,461**
**278,149**
**14,055**
**844,929**
**55,656**|2022
£
-
355,016
2,806
2,695
22,907
7,530
8,646
23,730
40,524
8,803
16,209
242,331
8,700
-
741,208
49,730|2022
£
-
355,016
2,806
2,695
22,907
7,530
8,646
23,730
40,524
8,803
16,209
242,331
8,700
-
741,208
49,730| |---|---|---|---| ||||
741,208
49,730| ||**900,585**
**4,127**
239
3,035
11,198
3,086
4,614
198,193
27,891
4,153
500
4,250
7,123
3,840
1,081
**269,203**|790,938|| |||4,314
-
18,912
2,345
1,023
2,017
53,528
23,296
6,899
500
11,675
14,627
9,335
2,477|| |||1551,400|| This page does not form part of the statutory financial statements. page 34 ## **INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY** ## **Detailed Statement of Financial Activities** For the Year Ended 30 September 2023 |Brought forward
**Governance costs**
**Support costs**
**Management**
Employment costs
Consultancy & outsourcing

Building maintenance & service
Office equipment maintenance
Committee expenses
Communications
Legal expenses
Irrecoverable VAT
Freehold property - Depreciation
Office Equipment - Depreciation
Website
Amortisation

**Total expenditure**
**Net operating expenditure**
Net losses on investments
**Net expenditure for the year**
**Other recognised gains/(losses):**
Actuarial gains/(losses) on defined benefit pension schemes
**Net expenditure**
|**2023**
**£**
**269,203**
**10,750**
**658,570**
**23,358**
**23,513**
**26,347**
**36,105**
**33,650**
**16,443**
**26,628**
**6,108**
**4,173**
**14,108**
**1,153,083**
**(252,498)**
**(12,334)**
**(264,832)**
**5,962**
|2022
£
151,400
8,800
570,086
18,773
18,665
23,271
3,866
15,713
14,968
22,366
6,108
5,201
47,857
907,071
(126,857)
(115,540)
**(**242,397)
(82,544)
(324,941)| |---|---|---| ||**(258,870)**|| This page does not form part of the statutory financial statements. Page 33 Report CHA Final Audit Report 2024-06-19 Created.. 2024-￿19 By.. Hayky mah￿ lr8uui1r￿Ql1￿} Status.. &gn Transaction 10.. C8JcHBc￿BA￿FLsYC-w￿BIuTGXWaPeLPBc_70EOc "Report CHA" History Document created by Hayley Mahon {recnJitmenl@itsl.orgl 2024-06-19- 1..25..38 PM GMT . Document emailed lo Samantha Jennings Ispj@beryottaway.co.uk) for signature 2024.06-19- 1."25."43 PM GMT Email viewed by Samantha Jennings {$pj@berryottoway.w.ukl 2024-06-19- 3.'05.'39 PM GMT Document e-signed by Samantha Jennings {spj@beryottaway.co.uk} Siqnalur8 Date.. 2024-06-19- 3..36..09 PM GMT- Tlmg S￿rce.. 8er Agreement completed. 2024-06-19- 3..36..09 PM GMT Adobe Acrobat Sign