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← Institute Of Food Science And Technology

2025-09-30-accounts

REGISTERED COMPANY NUMBER: 930776 (England and Wales) REGISTERED CHARITY NUMBER: 1121681

Report of the Trustees and Financial Statements For the Year Ended 30 September 2025 for INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Report of the Trustees (incorporating the Directors’ Report) For the Year Ended 30 September 2025

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 2025. 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

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |V|Christidou|(Chair|of|Publications|Committee)| |S|M|Crew|(Past|-|President)| |B|Dodridge|(Vice|President)| |C|Gilber|t|-Wood|(President)|Appointed|on|21/03/2025| |S|Jennings|(Hon|Treasurer|&|Finance|Committee|Chair)|Resigned|on|21/03/2025| |M|Austin|(Hon|Treasurer|&|Finance|Committee|Chair)|Appointed|on|21/03/2025| |A|Kinsey|(Chair|of|Professional|Development|Resigned|on|21/03/2025| |Committee)| |AL|Kyriakides|(Vice|President)| |W|Martindale|(Hon|Secretary)| |H|S|Munday|(Past|-|President)|Resigned|on|21/03/2025| |J|Points|(Chair|Scientific|Committee)| |M|Paluch|(Chair|of|Education|and|Professional|Appointed|on|21/03/2025| |Development)| |D|Francis|(Chair|of|Policy|&|Engagement|Committee)|Appointed|on|21/03/2025| |Chief|Executive|&|Company|Secretary| |C|R|Gilber|t|-Wood|Resigned|on|01/12/2024| |C|E|Leadley|Appointed|on|11/11/2024| |Senior|Management| |S|French|

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INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Report of the Trustees (incorporating the Directors’ Report) For the Year Ended 30 September 2025

Auditor

Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP

Professional advisors

Bankers Investment Managers CAF Bank Cazenove Capital 25 Kings Hill Ave 1 London Wall Place Kings Hill London EC2Y 5AU West Malling ME19 4JQ

STRUCTURE, GOVERNANCE AND MANAGEMENT

Appointment and training of new Trustees

The President, President ~~-E~~ lect, Vice President(s), Honorary Secretary, and Honorary Treasurer are elected by the Fellows and Members of the Institute of Food Science and Technology (IFST). The role of the Immediate Past President is automatically filled ~~.~~ The chairs of Committees 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 ~~.~~ 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 ~~.~~ Directors’ and officers’ liability insurance is maintained ~~.~~

PUBLIC BENEFIT STATEMENT

The Trustees have considered the Charity Commission’s guidance on public benefit ~~.~~ The charity's objectives, main activities, and who it aims to benefit are described below ~~.~~ All IFST's charitable activities focus on the advancement 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 Committee; 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 charity's day ~~-t~~ o ~~-~~ day operation ~~.~~ The Remuneration & Benefits Committee sets the pay and remuneration of key management personnel, including the Chief Executive ~~.~~ An informal benchmarking exercise is carried out regularly with similar organisations to ensure IFST pay and remuneration remains market aligned and fair. There is a discretionary bonus scheme for all personnel. The Nominations Committee oversees succession planning for the Institute's Committees ~~.~~

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INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Report of the Trustees (incorporating the Directors’ Report) For the Year Ended 30 September 2025

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 risk register is regularly reviewed by the trustees ~~.~~

REVIEW OF IFST OBJECTIVES AND ACTIVITIES

The Institute's objective 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 May 2025, IFST reviewed its strategic priorities and established 2 strategic priorities:

These two strategic priorities are delivered through 6 workstreams (see below) ~~.~~ Significant activities and achievements in each work stream during 2024 ~~-~~ 2025 period are outlined below ~~.~~

Science & Technology Knowledge

Providing and sharing scientific and evidence-based knowledge.

Key initiatives and activities included:

During the year, the Institute hosted a series of i ~~n-~~ person events and online webinars, which attracted registrations from both members and non ~~-~~ members ~~.~~ Online events covered a broad range of topics from the science of bread baking to developing standards in Artificial Intelligence ~~.~~ Various i ~~n-~~ person regional events took place including a ‘Food Science Discovery Day’ organised by the IFST Eastern regional branch ~~.~~ This event had a series of exhibits and interactive activities for members of the public, to explain the role of food science and technology for food safety and environmental sustainability. It also included sessions on healthy eating and careers in the food industry.

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INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Report of the Trustees (incorporating the Directors’ Report) For the Year Ended 30 September 2025

This year our journal completed a transition to fully open access and we launched a new open access Journal ‘Translational Food Sciences’. To celebrate this milestone and to encourage submissions to the journals we launched a new event the ‘Oxford Summit’ with a greater focus on the sharing of scientific research results.

anticipated and plans are in place for this transitional period. The move to open access has been challenging because it has led to a drop in submissions to the journal. This was The Institute’s membership magazine, Food Science and Technology, published four issues covering a variety of topics ~~.~~ Each issue had a core theme alongside general news about Food Science & Technology ~~.~~ The four themes were: Food Quality and Analysis, Food innovations and consumer trust, a special feature giving advice on starting a food business, and Food Security.

In 2024/5, IFST produced 5 new technical briefs and 7 information statements were reviewed and updated ~~.~~ Our Processing and Innovation toolkits were reviewed and maintained ~~.~~ Our website ~~www.lovefoodlovescience.org~~ (which provides teaching resources and information about careers in the food industry) was reviewed and updated ~~.~~

Through its member-led Special Interest Groups (SIGs), IFST hosted several webinars and i ~~n-~~ person events throughout the year ~~.~~

Leadership

Positively inform and support all our stakeholders by providing insight and knowledge of the food system.

Key initiatives and activities included:

Relations with Government departments continue to strengthen through the work of the Policy & Engagement Committee and the Scientific Policy Director. Regular contact with FSA/FSS/Defra remains commonplace ~~.~~ The Policy & Engagement Committee is continuing to prioritise policy positions.

We were pleased to achieve more than 84,000 followers on our LinkedIn company page in September 2025 which represents significant growth from 75,000 in September 2024 ~~.~~

The Institute’s social media activity continues to go from strength ~~-t~~ o ~~-s~~ trength. The number of users or followers increases year ~~-o~~ n ~~-y~~ ear, with close to 200,000 followers across LinkedIn, and our other social media channels. The average ‘engagement rate’ on LinkedIn is 12 ~~.~~ 7% (2024: 7 ~~.~~ 4%).

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INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Report of the Trustees (incorporating the Directors’ Report) For the Year Ended 30 September 2025

Recognition and standards

Setting and promoting professional standards for scientific and technical professionals working in the food system.

Key initiatives and activities included:

The Institute has started to run membership displays at all of our events to improve understanding of potential memberships and registration options open to members and potential new members ~~.~~ We have also introduced easy ~~-~~ sign ~~-~~ up methods for when exhibiting at events ~~.~~

We have seen strong membership growth ~~—~~ both through individual memberships and through group schemes, through which employers promote professional recognition with IFST and cover the fees for their employees.

In 2023 we experienced significant technical difficulties with the implementation of anew CRM system. In 2024/5 we have made significant progress on resolving outstanding technical issues and we are now starting to realise the benefits that we had anticipated by switching to our new system ~~.~~ We have continued to approach lapsed members to find out why they did not renew to help us improve our offering going forward and also prompt members to rejoin who had experienced technical difficulties when we switched to our new software. Because we have resolved most of our CRM implementation issues, we continue to improve the membership onboarding experience, and we are much more responsive to member and no ~~n-~~ member queries.

We have maintained our licence with the Science Council, the Institute has 135 Chartered Scientists (2024: 131), 36 Registered Scientists (2024: 41), and 2 Registered Science Technicians (2024: 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 223 Registrants (2024: 225) ~~.~~ There were 111 registrants on the Register of Professional Food Auditors and Mentors (2024: 111) ~~.~~

No complaints about the professional conduct of members under the Code of Professional Conduct and Disciplinary Procedures were received during 2024 ~~-~~ 2025 (2023: 0; 2022: 0) ~~.~~

Community

Continue to build a welcoming and inclusive community for all STEM-minded individuals in the food system.

Key initiatives and activities included:

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INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Report of the Trustees (incorporating the Directors’ Report) For the Year Ended 30 September 2025

The number of members has increased by 8 ~~.~~ 5% to 3,803 on 30 September 2024: (2024: 3497, 2023:3,310). Membership retention varies across the different levels of membership. The membership comprises:

|~~P2025~~
~~2024~~
~~[Fellows~~
—s—<“C—sS™~s~™SCSCS|SSCiTSCdSS(‘(‘éi
~~[Members~~
s—“—~~~~s~~s~*~sSSCSsYSSCSC‘(LSC(‘(‘éN’SCOC™
2,380
2,041| |---| |TOTAL
3,803
3,497|

‘IFST Community’, the member engagement platform that enables members to interact with each other as individuals or as members of branch or SIG networks, is still available to members but continues to have less traction than anticipated ~~.~~

This year, the Institute developed new policies on our requirements for inclusive events, recruitment practices and language and style guides to ensure that we did not perpetuate harmful stereotypes ~~.~~ We participated in the Science Council EDI benchmarking activities to proactively identify areas where we could improve our practices to be a more welcoming and inclusive organisation ~~.~~ The results of the benchmarking have been used in the development of a 3 ~~-~~ year plan to improve our working practices.

IFST remains hugely indebted to the 400+ members who regularly contribute in some capacity, including serving on a committee, helping with policy development, responding to consultations, presenting at events, writing for publications, supporting us on mentoring other members ~~.~~

Future talent

Encouraging and supporting our future talent

Key initiatives and activities included:

Our ‘lovefoodlovescience’ website was (and continued to be) redeveloped as a ‘one ~~-~~ stop ~~-~~ shop’ to help students understand careers in the food industry and to provide educational resources to students and teachers ~~.~~ All resources were checked for functionality, and a new food industry educational toolkit was developed (see ‘informing the public’ section ~~.~~

We relaunched our ‘future scientist’ competition to recognise scientific excellence in early career professionals entering the food industry ~~.~~ Alongside the r ~~e-~~ establishment of this competition, we launched a mentoring scheme for any IFST member to get informal mentoring support from a more experienced member of the IFST community ~~.~~ So far, we have paired more than 50 mentors with mentees.

Student Launchpads were held at 8 locations across the UK at Mondelez International, Arla UK, AFBI, Teeside University, Abertay University, Sheffield Hallam University, Tesco and Campden BRI. In total, we reached 820 students, increasing the number of students attending from previous years (2023/4: 370) ~~.~~ We took part in a new initiative to broaden our reach beyond food scientists and food technologists ~~.~~ Using our launchpad model we worked in collaboration with Mondelez International and the Professional Food Science, Engineering, and Techology Group ‘ProFSET’ on an ‘engineering launchpad’ to encourage undergraduate engineers to consider a career in food ~~.~~ This initiative subsequently won the best training initiative award at the Food & Drink Federation Awards 2025.

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INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Report of the Trustees (incorporating the Directors’ Report) For the Year Ended 30 September 2025

In collaboration with Campden BRI, IFST continues to support Ecotrophelia UK. 2025 was the 13" year of Ecotrophelia UK, the British heat of a Europe ~~-~~ wide Dragons Den style competition ~~.~~ The Ecotrophelia Competition challenges students around Europe to develop a sustainable and innovative food product from concept to market. It promotes environmentally and socially sustainable design to inspire future entrepreneurs to create innovative products ~~.~~ From idea generation to the final packaged product, the teams get a hands ~~-~~ on experience of bringing an eco ~~-f~~ riendly food or drink product to market ~~.~~ The 2025 UK competition attracted 15 teams from 9 universities (2024; 14 and 7; 2023: 10 and 5) ~~.~~

Each year, the winning team receives a cash prize of £2,000, a year’s free IFST membership, and expert mentorship from the “dragons” who judge the competition, to aid in their preparations for the European final. The “dragons” are senior food experts from across the industry, from companies including Sainsbury’s, Nestlé, Coca Cola, Unilever, Mondeléz, Warburtons, Ella’s Kitchen, Marks & Spencer, Tesco, Weetabix, IFST and Campden BRI. The silver and bronze ~~-~~ award teams take home £1,000 and £500, respectively, with both teams also receiving a year’s free IFST membership. Entrant could also win a food safety award with a prize of £250.

A team from the University of Leeds, ‘Oat ‘n About’, won the UK competition and represented the UK in the European final, which took place in Cologne in October 2025 ~~.~~ They competed against 17 other national champions for the grand prize of €4000. The UK team won a €500 prize for entrepreneurship.

Informing the public

Promoting an understanding of the food system.

Key initiatives and activities included:

Our two peer reviewed journals ‘International Journal of Food Science & Technology’ and ‘Translational Food Science’, are fully open access as is our ‘Food Science & Technology’ Magazine. The latter is, in particular, aimed at a more general audience ~~.~~ Free educational resources on our website include factsheets, technical briefs and knowledge hubs which curate trusted information on a range of technical subjects ~~.~~

Our regionally organised event at the Science Museum was developed to enable the public to get a better understanding of the public benefit of Food Science & Technology (see Science & Knowledge section for more details about this initiative).

GOVERNANCE AND SUSTAINABILITY

The Board, supported by the IFST Executive, our Committees, 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:

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INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Report of the Trustees (incorporating the Directors’ Report) For the Year Ended 30 September 2025

In recent years there has been a significant turnover of staff which has been challenging for continuity ~~.~~ This situation has significantly improved. The acting Chief Executive stood down and a new Chief Executive joined the IFST in November 2024 ~~.~~ No further changes of permanent staff occurred in the executive team during this period ~~.~~

Stabilising the team has enabled us to make good progress in ensuring robust and transparent governance and accurately documenting business processes.

We were informed by the Privy Council that the IFST has been granted Royal Charter ~~.~~ The sealing date for the Charter was set for 1st October 2025 and plans were initiated to start the legal processes to transition to the new organisation ~~.~~

Equity, Diversity & Inclusion

The Institute is a signatory to the Science Council Declaration on Diversity, Equality and Inclusion. IFST continues to work with the Science Council to improve representation, equality and inclusivity ~~.~~ See ‘community’ section for more details of our activities to improve our EDI practices ~~.~~

Environmental Impact

Although the Institute is an organisation of just 15 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.

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INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Report of the Trustees (incorporating the Directors’ Report) For the Year Ended 30 September 2025

FINANCIAL REVIEW

The Finance Committee receives monthly reports on key financial documents ~~.~~ Trustees also review these at Board meetings, together with a regular report from the Honorary Treasurer.

Principal funding sources

The major income streams were publications £601,972 (2024: £404,806) followed by membership subscription £287,464 (2024: £285,907). Income was also generated from accreditation activities and events.

Reserves Policy

At the year ~~-~~ end, the charity's reserves stood at £1,133,660 (2024: £1,182,282) ~~.~~

The Trustees reviewed the reserves in 2025 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 exceptional risks as identified in the reserves policy).

In our previous report, we retained a further £650,000 for pension liabilities. In 2024/5 we were able to exit the USS pension scheme and so removed our pension liability risk ~~.~~

The reserves policy considers 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. The trustees are currently satisfied with the amount of reserves held compared to the reserves policy in place and will look to maintain this level of reserves in the future.

Investment Policy

The Trustees wish to invest those monies not immediately required for the benefit of the charity’s activities in such 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 shor ~~t-~~ 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 Mult ~~i-~~ Asset Fund, which seeks to avoid harm (integrating ESG factors), benefit people and the planet, and support 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 2026 and in relation to the broader market.

Investment Performance

During the year the value of investments decreased by £90,150, including gains of £34,385 ~~.~~

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INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Report of the Trustees (incorporating the Directors’ Report) For the Year Ended 30 September 2025

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 did not actively fundraise during the period. IFST does not engage external professional fundraisers or commercial participators to carry out fundraising activity nor engage in face ~~-t~~ o ~~-~~ 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

Following a review by the Trustees in May 2025, they have agreed to focus on two strategic priorities underpinned by 6 workstreams ~~.~~

Strategic priorities:

Workstreams:

RELATED PARTIES

Note 19 shows the only related party transactions in the year. There were no related parties outside the normal course of business.

GOING CONCERN

A significant proportion of IFST’s income comes from publishing and membership activity, which have risen in the year. Income ~~-g~~ enerating event activity has not increased as much as intended, but the Institute's running costs have been carefully controlled.

As referred to earlier in this report, we were informed by the Privy Council that the IFST has been granted Royal Charter. The sealing date for the Charter was set for 1st October 2025 and plans were initiated to start the legal processes to transition to the new organisation which is called Chartered Institute of Food Science and Technology with Royal Charter number RCO00946. It is intended to transfer all of the assets and liabilities from IFST to this new organisation within the next 12 months. In view of this, the trustees consider it appropriate to prepare the financial statements on a basis other than that of a going concern ~~.~~ The adoption of a basis of preparation other than a going concern has not had an impact on the recognition and measurement of income, expenditure, assets or liabilities. No provisions have been recognised in these financial statements as a result of the changing of the basis of preparation from a going concern ~~.~~

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2025

INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

For the Year Ended 30 September

STATEMENT OF

RESPONSIBILITIES

The trustees (who are also directors for the purposes of company law) are responsible for preparing the 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:

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 are responsible for the maintenance and integrity of the corporate and financial information included on charitable website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In approving the Report, the Trustees are also approving the Report in their capacity as 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

............................................. Martin Austin Trustee Approved by the Trustees on

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INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Independent auditor’s report to the members of 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 2025 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 FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law ~~.~~ Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report ~~.~~ We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s 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 ~~.~~

Emphasis of matter ~~—~~ Preparation of financial statements on a basis other than that of a going concern

We draw attention to Note 1: “Basis other than that of a going concern” which explains that the trustees intend to transfer all assets and liabilities of the charity to the Chartered Institute of Food Science and Technology and therefore do not consider it to be appropriate to adopt the going concern basis of accounting when preparing the financial statements.

In auditing the financial statements, we have concluded that it is appropriate to prepare the financial statements on a basis other than that of a going concern ~~.~~ 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 and our auditor’s report thereon ~~.~~ The trustees are responsible for the other information contained within the annual 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 ~~.~~

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INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Independent auditor’s report to the members of 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:

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 audit, we have not identified material misstatements in the trustees’ annual report ~~.~~

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:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such 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.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to 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 ~~.~~

Auditor’s Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion ~~.~~ 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:

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INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Independent auditor’s report to the members of Institute of Food Science and Technology

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:

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INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Independent auditor’s report to the members of Institute of Food Science and Technology

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 16 of the Companies Act 2006 ~~.~~ Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose ~~.~~ To the 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 ~~.~~

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bebe ee cee cee cence eects eee tee tae cee teeceetsateeeeenes Luke Holt (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

Date: 17 March 2026

6 Floor 9 Appold Street London EC2A 2AP

pagelT

INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Statement of Financial Activities (Incorporating an Income and Expenditure Account)

For the Year Ended 30 September 2025

2025 2025 2025 2025 2025 2024
Unrestricted Restricted Unrestricted Restricted Total Total
funds funds funds funds
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM:
Charitable activities: 3
Publishing 601,972 601,972 404,806
Education 42,459 42,459 6,970
Accreditation 70,229 70,229 79,950
Membership subscription 287,464 287,464 285,907
Sponsorship 40,977 40,977 16,331
Donations 25 - 25 -
Awards 3,000 3,000 1,500
Investments:
Investment income 2 50,404
50,404
~~E~~E		 51,878
Total income 1,093.530 **3,000 ** 1,096.530 847,342
EXPENDITURE ON
Raising funds:
Investment management costs 4 3,780 3,780 3,799
Charitable activities: 5
Publishing 180,180 180,180 125,380
Education 354,590 354,590 345,150
Accreditation 141,983 141,983 139,145
Membership administration 420,018 420,018 441,291
Other 72,837 3,000 75,837 75,975
Total expenditure 1,173.388
3,000 1,176.388 1,130.740
~~a~~
Net operating expenditure (79,858) (79,858) (283,398) (79,858) (283,398)
Net gains/(losses) on investments 31,236 31,236 115,875
Net expenditure for the year (48,622)
(48,622) (167,523)
~~$e~~
~~,~~
Other recognised gains/(losses):
Actuarial gains on defined benefit
pension schemes 132,126
Transfer between funds 17 - -
-		 -
-		 -
-		 -
-
-		 -
-
-
-
Net movement in funds (48,622) (48,622) (35,397)
RECONCILIATION OF FUNDS
Total funds brought forward 1,182.282 1,182.282 1,217.679
TOTAL FUNDS CARRIED FORWARD 1,133.660 -
1,133.660 1,812,282
~~a~~
~~pg~~

As the charity intends to be wound up within 12 months of the year end, activities are not continuing.

There was £1,500 of restricted income and expenditure in 2024. All other income and expenditure in 2024 related to unrestricted activities.

The notes on pages 21 - 34 form part of these financial statements.

page 18

INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Balance Sheet as at 30 September 2025

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
TOTAL ASSETS LESS CURRENT LIABILITIES

Amounts falling due between one and five years
15
NET ASSETS
FUNDS
Unrestricted funds
17
Restricted funds
17
TOTAL FUNDS		 2025
Total
funds
£
17,875
157,649
1,214,503
1,390,027
28,664
144,036
172,700
(429,067)
(256,367)
1,133,660
-
1,133,660
1,133,660
-
1,133,660		 2024
Total
funds
£
48,888
157,546
1,304,653
1,511,087
51,884
118,600
170,484
(499,289)
(328,805)
1,182,282
-
1,182,282
1,182,282
-
1,182,282

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.

The financial statements were approved by the Board of Trustees on and were signed on its behalf by:

~~.............................................~~ Martin Austin Trustee

The notes on pages 21 34 form part of these financial statements.

page 19

INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Cash flow Statement

For the Year Ended 30 September 2025

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Total|funds|Prior year| |funds| |£|£| |Cash|flows|from|operating|activities:| |Net|cash|provided|by|operating|activities|(134,997)|(34,704)| |Cash|flows|provided|by/(used|in)|investing|activities:| |Investments,|dividends|and|interest|income|50,404|51,878| |Purchase|of tangible|fixed|assets|(11,356)|-| |Proceeds|from|the|sale|of|investments|168,400|1,005| |Purchase|of|investments|(48,388)|(49,028)| |Movement|in|cash|held|by|investment|manager|1,373|102,080| |Net|cash|provided|by|investing|activities|160,433|105,935| |Change|in|cash|and|cash|equivalents|in|the|reporting|period|25,436|71,231| |Cash|and|cash|equivalents|at the|beginning|of the|reporting| |period|118,600|47,369| |Cash|and|cash|equivalents|at the|end|of the|reporting|period|144,036|118,600| |Reconciliation|of|net|income/(expenditure)|to|net|cash|flow from|operating|activities| |Current|Prior|Year| |Year| |£|£| |Net|expenditure|for the|reporting|period|(as|per the|statement|(48,622)|(35,397)| |of financial|activities)| |Adjustments|for:| |Depreciation|and|amortisation|42,266|41,268| |(Gains)/losses|on|investments|(31,235)|(115,875)| |Investments,|dividends|and|interest|income|(50,404)|(51,878)| |(Increase)/decrease|in|debtors|23,220|(4,357)| |Increase/(decrease)|in|creditors|(70,222)|258,313| |Movement|in|pension|liability|-|(126,778)| |Net cash|used|in|operating|activities|(134,997)|(34,704)| |Analysis|of cash|and|cash|equivalents| |Current|Prior|Year| |Year| |£|£| |Cash|in|hand|144,036|118,600| |Total|cash|and|cash|equivalents|144,036|118,600|

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page 20

INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Notes to the Financial Statements For the Year Ended 30 September 2025

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 ~~.~~

Basis other than that of a going concern

IFST were informed by the Privy Council that they had been granted Royal Charter ~~.~~ The sealing date for the Charter was set for 1st October 2025 and plans were initiated to start the legal processes to transition to the new organisation which is called Chartered Institute of Food Science and Technology with Royal Charter number RC000946. It is intended to transfer all of the assets and liabilities from IFST to this new organisation within the next 12 months. In view of this, the trustees consider it appropriate to prepare the financial statements on a basis other than that of a going concern ~~.~~ The adoption of a basis of preparation other than a going concern has not had an impact on the recognition and measurement of income, expenditure, assets or liabilities ~~.~~ No provisions have been recognised in these financial statements as a result of the changing of the basis of preparation from a going concern.

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 31st 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 ~~.~~

Support costs represent indirect expenditure incurred in support of the Institute’s primary objectives and allocated on the basis as detailed in note 6.

page 21

INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Notes to the Financial Statements For the Year Ended 30 September 2025

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 ~~-~~ 1 ~~0-~~ 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 has chosen to apply the provisions of Section 12 “Basic Financial Instruments” and Section 12 “Other Financial Instruments” of FRS102 to all of its financial instruments. Financial instruments are recognised in the company’s balance sheet when 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 22

INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Notes to the Financial Statements For the Year Ended 30 September 2025

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

Prior to this financial year, the Institute participated 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 truste ~~e-~~ administered fund ~~.~~ Due to the mutual nature of the scheme, the scheme’s assets are not attributed to individual institutions and a scheme ~~-w~~ ide contribution rate is set ~~.~~ The Institute was therefore exposed to actuarial risks associated with other institutions’ employees and was 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 28 “Employee benefits’, the Institute therefore previously accounted for the scheme as if it were a wholly defined contribution scheme ~~.~~ As a result, the amount charged to the income and expenditure account represented the contributions payable to the scheme. Since the institution had entered into an agreement (the Recovery Plan) that determined how each employer within the scheme funded the overall deficit, the institution recognised a liability for the contributions payable that arise from the agreement (to the extent that they related to the deficit) and therefore an expense was recognised ~~.~~

FRS 102 makes the distinction between a group plan and a mult ~~i-~~ employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer ~~.~~ A mult ~~i-~~ employer scheme is a scheme for entities not under common control and represents an industry wide scheme such as USS ~~.~~ The accounting for a mult ~~i-~~ 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 were satisfied that the scheme provided by USS met the definition of a mult ~~i-~~ employer scheme and therefore previously recognised the discounted fair value of the contractual contributions under the recovery plan in existence ~~.~~

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.

page 23

INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Notes to the Financial Statements For the Year Ended 30 September 2025

Heritage assets

The Institute owns a collection of books and papers on food science and technology and other related subjects. These are known as the ‘McLachlan Collection’ as the majority of the collection was donated to the Institute 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 these as a ‘Heritage Asset’ under Financial Reporting Standard 102 and the Charities SORP. We are not ina 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 ~~.~~

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|||||||| |---|---|---|---|---|---|---| |2.|INVESTMENT|INCOME|2025|2024| |£|£| |UK|Investments,|dividends|and| |interest|50,404|51,878| |3.|INCOME|FROM|CHARITABLE|ACTIVITIES| |2025|2024| |Activity|£|£| |IJFST|Publishing|588,965|395,971| |Food|Science|&|Technology|Publishing|150|-| |Other|publications|sales|Publishing|7,783|8,406| |Advertising|Publishing|5,074|429| |Events|Education|42,459|6,970| |SALSA|Accreditation|22,685|23,180| |Other|accreditation|schemes|_|Accreditation|33,669|42,434| |Science|Council|Registers|Accreditation|5,931|6,295| |IFST|Registers|Accreditation|7,944|8,041| |Awards|Accreditation|3,000|1,500| |Group|Scheme|Membership|Membership|subscription|127,925|95,211| |Membership|subscriptions|Membership|subscription|159,539|190,696| |Corporate|sponsorship|Sponsorship|40,977|16,331| |Donations|Donations|25|-| |1,046,126|795,464| |4.|INVESTMENT|MANAGEMENT|COSTS| |2025|2024| |£|£| |Investment|management|fees|3,780|3,799|

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page 24

INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Notes to the Financial Statements For the Year Ended 30 September 2025

5. CHARITABLE ACTIVITIES COSTS

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||||||| |---|---|---|---|---|---| |Direct|costs|Support|costs|Totals|Totals| |(See|note|6)|2025|2024| |£|£|£|£| |Publishing|99,927|80,253|180,180|125,381| |Education|46,872|307,718|354,590|345,150| |Accreditation|12,125|129,858|141,983|139,145| |Membership|administration|77,438|342,580|420,018|441,291| |Other|-|75,837|75,837|75,974| |Total|2025|236,362|933,246|1,172,608|1,126,941| |Total|2024|189,003|937,938|1,126,941|

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6 ~~.~~ SUPPORT COSTS

Support costs are attributed as follows:

Basis of allocation Publishing 9% Education 33% Accreditation 14% Membership administration 36% Other 8%

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|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |Total|Total| |activities|activities| |£|£| |Support|costs|comprise:| |Employment|costs|743,914|729,871| |Legal|expenses|10,289|10,129| |Other|costs|136,773|156,670| |Depreciation|of tangible|assets|11,254|10,252| |Amortisation|of|intangible|assets|31,016|31,013| |933,246|937,938| |NET|INCOME| |Net|income|is|stated|after|charging:| |2025|2024| |£|£| |Auditor's|remuneration|—|audit|current|year|15,375|12,995| |Auditor’s|remuneration|—|audit|prior year|under|accrual|5,308|7,750| |Auditor's|remuneration|—|non|audit|2,075|1,950| |Depreciation|-|owned|assets|11,253|10,252| |Amortisation|-|owned|assets|31,013|31,016|

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7 ~~.~~ NET INCOME Net income is stated after charging:

page 25

INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Notes to the Financial Statements For the Year Ended 30 September 2025

8 ~~.~~ TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees’ remuneration or other benefits for the year ended 30 September 2025 nor for the year ended 30 September 2024 ~~.~~

Trustees’ Expenses

Expenses of the trustees are reimbursed if they submit a claim. The total expenses for travel and subsistence reimbursed to six trustees (2024: five) during the year were £2,498 (2024: £3,658).

9 ~~.~~ STAFF COSTS

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Wages|and|salaries|533,227|608,347| |Social|security|costs|52,408|57,631| |Pension|129,881|27,829| |715,516|693,807| |2025|2024| |Average|number|of employees|during|the|year|14|16| |Included|in|the|above|are|termination|payments|of|£13,668|(2024:|£52,250)|.|

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There were no employees whose emoluments excluding employers’ pensions contributions amounted to over £60,000 during the year (2024: One between £90,000 ~~-~~ £100,000 with pension contributions of £8,449) ~~.~~

Please note that included in the pension figure above is £115,140 paid to exit the USS scheme. See note 16.

Key management personnel comprise of 8 members of senior management (2024: 2) and the Chief Executive, a role fulfilled by two different employees during the year ~~.~~ The total benefits received by key management personnel in the year amounted to £460,059 (2024: £278,623).

page 26

INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Notes to the Financial Statements For the Year Ended 30 September 2025

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||||||||| |---|---|---|---|---|---|---|---| |11|.|TANGIBLE|FIXED|ASSETS| |Freehold|Improvements|Office| |property|toproperty|equipment|Total| |£|£|£|£| |COST| |At|1|October|2024|279,267|82,105|32,455|393,827| |Additions|-|-|11,356|11,356| |At|30|September 2025|279,267|82,105|43,811|405,183| |DEPRECIATION| |At|1|October|2024|136,457|71,477|28,347|236,281| |Charge|for|year|3,783|2,308|5,162|11,253| |At|30|September 2025|140,240|73,785|33,509|247,534| |NET|BOOK|VALUE| |At|30|September 2025|139,027|8,320|10,302|157,649| |At|30|September|2024|142,810|10,628|4,108|157,546| |12.|FIXED|ASSET|INVESTMENTS| |Listed|investments|2025|2024| |£|£| |MARKET VALUE| |At|1|October|2024|1,304,653|1,242,835| |Additions|at|cost|48,388|49,028| |Disposal|proceeds|(168,400)|(1,005)| |Realised|(losses)/gains|on|disposals|(3,150)|89| |Unrealised|gains|on|revaluation|34,385|115,786| |Movement|in|investment|broker's|cash|(1,373)|(102,080)| |At|30|September 2025|1,214,503|1,304,653| |Historical|cost|1,019,689|1,121,911|

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The following investments comprise in excess of 5% of the value of the portfolio:

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||||||| |---|---|---|---|---|---| |Investment|Name|Holding|Value| |(in|units)|£| |SUTL|Cazenove|Charity|Responsible|1,547,139|1,213,885| |Investments|consist|of:|2025|2024| |£|£| |Equity|1,213,885|1,302,662| |Cash|618|1,991| |1,214,503|1,304,653|

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page 28

INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Notes to the Financial Statements For the Year Ended 30 September 2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |12|.|FIXED ASSET|INVESTMENTS|(continued)| |Geographical|Analysis| |2025|2024| |£|£| |United|Kingdom|investments|246,310|309,962| |Overseas|investments|968,193|994,691| |1,214,503|1,304,653| |13|.|DEBTORS:|AMOUNTS|FALLING|DUE|WITHIN|ONE|YEAR| |2025|2024| |£|£| |Trade|debtors|19,107|36,667| |Prepayments|and|accrued|income|9,557|11,268| |Other|Debtors|-|3,949| |28,664|51,884| |14.|CREDITORS:|AMOUNTS|FALLING|DUE|WITHIN|ONE|YEAR| |2025|2024| |£|£| |Trade|creditors|11,070|20,816| |Social|security|and|other|taxes|31,269|14,069| |Accruals|and|deferred|income|386,707|464,387| |Other|creditors|21|17| |429,067|499,289|

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Included in the above is deferred income totalling £366,257 (2024: £488,955) which predominantly related to publication royalties and membership subscriptions. The 2024 amount was fully released in the 2025 year.

15 ~~.~~ CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

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||||||| |---|---|---|---|---|---| |2025|2024| |£|£| |Defined|benefit|pension|liability|-|-|

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page 29

INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Notes to the Financial Statements For the Year Ended 30 September 2025

16 ~~.~~ PENSION COMMITMENTS

Universities Superannuation Scheme (USS)

The total cost charged to the statement of financial activity was £nil (2024: £27,829) 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 ~~.~~

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However, due to the adoption of FRS 102 there is nowa 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 .
BR 2025| 2024
DB pension liability falling due within one year a ee ee
DB pension liability falling due after more than one year ee eee
Movement in DB pension liability in SOFA |le 132,126
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The latest available complete actuarial valuation before the scheme was sold was at 31 March 2023 (‘the valuation date”), which was carried out using the projected unit method ~~.~~

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 2023 valuation was the seventh valuation for the scheme under the scheme- ~~sp~~ ecific 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 £73 ~~.~~ 1 billion and the value of the scheme’s technical provisions was £65 ~~.~~ 7 billion indicating a surplus of £7 ~~.~~ 4 billion and a funding ratio of 111% ~~.~~

The key financial assumptions used in the 2023 valuation are described below:

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|||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |CPI|assumption|Term|dependent|rates|in|line|with|the|difference|between|the|Fixed| |Interest|and|Index|Linked|yield|curves,|less|1|.|0%|p|.|a|.|to|2030,|reducing| |linearly|by|0.1%|from|2030|.| |Pension|increases|(subject|to|CPI|assumption|plus|3bps|.| |a|floor|of 0%)|Benefits|subject|to|a|“soft|cap”|of|5%|(providing|inflationary|increases| |up|to|5%,|and|half|of any|excess|inflation|over 5%|up|to|a|maximum|of| |10%):| |CPI|assumption|minus|3bps.| |Discount|rate|(forward|rate)|Fixed|interest|gilt|yield|curve|plus:| |Pre|-r|etirement:|2.5%|p.a.| |Post|-r|etirement:|0|.|9%|p|.|a.|

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page 30

INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Notes to the Financial Statements For the Year Ended 30 September 2025

16 ~~.~~ PENSION COMMITMENTS (continued)

The main demographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2023 actuarial valuation ~~.~~ The mortality assumptions used in these figures are as follows:

2023 Valuation

Mortality base table

101% of S2PMA “light” for males and 95% of S3PFA for females

Future improvements to mortality

CMI_2021 with a smoothing parameter of 7 ~~.~~ 5, an initial addition of 0.4% p ~~.~~ a ~~.,~~ 10% w2020 and w2021 parameters, 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:

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|||||| |---|---|---|---|---| |Males|currently|aged|65|(years)| |Females|currently|aged|65|(years)| |Males|currently|aged|45|(years)|

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page 31

INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Notes to the Financial Statements For the Year Ended 30 September 2025

17~~.~~
.MOVEMENT IN FUNDS		 17~~.~~
.MOVEMENT IN FUNDS		 17~~.~~
.MOVEMENT IN FUNDS		 17~~.~~
.MOVEMENT IN FUNDS		 17~~.~~
.MOVEMENT IN FUNDS		 17~~.~~
.MOVEMENT IN FUNDS		 17~~.~~
.MOVEMENT IN FUNDS		 17~~.~~
.MOVEMENT IN FUNDS
At Income Expenditure Net
Actuarial		 Transfers At
01~~.~~10.24 investment
gain		 on 30.09.25
profit
pension
£ £ £ £ £ £
Unrestricted
funds
General fund 925,848 1,093,530 (1,161,518) 31,236 ~~-~~ 19,040 908,136
Fixed asset
reserve		 206,434 - - - - (30,910) 175,524
Premises 50,000 - (11,870) - - 11,870 50,000
renovation &
equipment
reserve
Restricted funds
Project Inspire - - - - - ~~-~~ ~~-~~
Awards
TOTAL		 FUNDS ~~-~~
1,182,282		 3,000
1,096,530		 (3,000)
(1,176,388)		 -
31,236		 -
-		 -
-		 -
1,133,660
At Income Expenditure Net
Actuarial		 Transfers At
01~~.~~10~~.~~23 investment
gain		 on 30.09.24
losses
pension
£ £ £ £ £ £
Unrestricted
funds
General fund 899,977 845,842 (1,116,393) 115,875
132,126		 48,421 925,848
Fixed asset
reserve		 247,702 - - - - (41,268) 206,434
Premises 50,000 ~~-~~ (12,847) - - 12,847 50,000
renovation &
equipment
reserve
Restricted fund
Project Inspire
Awards		 20,000
-		 -
1,500		 ~~-~~
(1,500)		 -
-		 -
-		 (20,000)
-		 -
-
TOTAL FUNDS 1,217,679 847,342 (1,130,740) 115,875
132,126		 ~~-~~ 1,182,282

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 £30,910 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 the charity’s head office and office equipment, consisting of internal and external redecoration normally every two years with the option of more substantial work if needed every fiv ~~e-~~ t ~~o-~~ ten years ~~.~~ The transfer in the year is to bring the fund back up to £50,000, the expected amount to be spent over that time period ~~.~~

Restricted funds

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 ~~.~~ The transfer is to reflect restrict expenditure made over the course of the project ~~.~~

The Awards fund relates to income received to be spent on prizes for scientist competitions.

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INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Notes to the Financial Statements For the Year Ended 30 September 2025

18 ~~.~~ ANALYSIS OF NET ASSETS BETWEEN FUNDS

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|2025| |funds|Funds| |General|Fixed|Premises| Project|Inspire|Total| |asset|renovation| |reserve|and| |equipment| |reserve| |£|£|£|£|£| |Fixed|assets|-|175,524|-|-|175,524| |Investments|1,214,503|-|-|-|1,214,503| |Net|Current|Liabilities|(306,367)|-|50,000|-|(256,367)| |Closing|Value|of|Funds|908,136|175,524|50,000|-|1,133,660| |Unrestricted|Restricted|2024| |funds|Funds| |General|Fixed|Premises| Project|Inspire|Total| |asset|renovation| |reserve|and| |equipment| |reserve| |£|£|£|£|£| |Fixed|assets|-|206|434|-|-|206,434| |Investments|1,304,653|-|-|-|1,304,653| |Net|Current|Liabilities|(378,805)|-|50,000|-|(328,805)| |Closing|Value|of|Funds|925,848|206|434|50,000|-|1,182,282|

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INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Notes to the Financial Statements For the Year Ended 30 September 2025

19 ~~.~~ RELATED PARTY TRANSACTIONS

The charity received £102 (2024: £22) for the provision of membership, advertising and register services to Berry Ottaway ~~.~~ Nothing was due as at 30 September 2025 nor 30 September 2024. This entity has one director in common with Institute of Food Science and Technology who resigned as a director during the year ~~.~~

The charity received £11,642 (2024: £11,117) for the provision of accreditation, membership and sponsorship services to Campden BRI. A balance of £nil was due at 30 September 2025 (2024: £nil) ~~.~~ This entity has a director in common with Institute of Food Science and Technology ~~.~~

The entity received £2,041 (2024: £1,248) from 8 trustees (2024: 8) in the form of membership fees and events ~~.~~ There were £nil of fees outstanding as at 30 September 2025 (2024: Enil).

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INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Detailed Statement of Financial Activities For the Year Ended 30 September 2025

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |£|£| |INCOME|FROM| |Charitable|activities:| |Donations|25|-| |IJFST|588,965|395,971| |Food|Science|&|Technology|150|-| |Other|publications|sales|7,783|8,406| |Advertising|5,074|429| |Events|6,234|6,970| |IFST|Central|Events|36,225|-| |SALSA|22,685|23,180| |Other|accreditation|schemes|33,669|42,434| |Science|Council|Registers|5,931|6,295| |IFST|Registers|7,944|8,041| |Awards|3,000|1,500| |Group|Scheme|Membership|127,925|95,211| |Membership|subscriptions|159,539|190,696| |Corporate|sponsorship|40.977|16,331| |1,046,126|795,464| |Investments:| |Investment|income|50,404|51,878| |Total|income|1,096,530|847,342| |EXPENDITURE|ON| |Raising|funds:| |Investment|management|fees|including|support|costs|3,780|3,799| |Charitable|activities:| |IJFST|70,903|-| |Food|Science|&|Technology|20,000|20,300| |Other|publication|costs|9,024|24,682| |Schools|&|Careers|-|650| |Awards|6,200|10,935| |Website|(including|database)|50,972|71,727| |Events|40,872|24,671| |External|representation|7,094|5,152| |SALSA|1,056|900| |Other|accreditation|schemes|3,975|3,000| |Science|Council|Register|18,631|15,776| |IFST|Registers|7,835|10,590| |Sundry|member|activities|-|1,081| |Carried|forward|240,342|192,802|

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This page does not form part of the statutory financial statements ~~.~~

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INSTITUTE OF FOOD SCIENCE AND TECHNOLOGY

Detailed Statement of Financial Activities

For the Year Ended 30 September 2025

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Brought|forward|240,342|192,802| |Governance|costs| |Auditor's|remuneration|22,798|22,695| |Support|costs| |Management| |Employment|costs|743,915|677,621| |Consultancy|&|outsourcing|20,100|19,860| |Building|maintenance|&|service|18,535|19,306| |Office|equipment|maintenance|34,293|34,777| |Committee|expenses|4,693|18,553| |Communications|7,031|14,627| |Legal|expenses|13,289|10,129| |Irrecoverable|VAT|17,782|17,232| |Bad|debt|provision|and|Others|6,361|56,710| |Bank|charges|4,981|5,160| |Freehold|property|-|Depreciation|6,091|6,108| |Office|Equipment|-|Depreciation|5,162|4,144| |Website|—|Amortisation|31,015|31,016| |Total|expenditure|1,176,388|1,130,740| |Net|operating|expenditure|(79,858)|(283,398)| |Net|gains|on|investments|31,236|115,875| |Net|expenditure|for the|year|(48,622)|(167,523)| |Other|recognised|gains/(losses):| |Actuarial|gains|on|defined|benefit|pension|schemes|-|132,126| |Net|expenditure|(48,622)|(35,397)|

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This page does not form part of the statutory financial statements.

Page 36