Docusign En¥ÈlopÈ ID." 70FF7C3341144C27-9B92-70B92D2F1D55 The Iceland Foods Charitable Foundation Trustees Annual Report and Financial Statements Year ended 5 April 2021 Charity Number: 281943
Docusign En¥ÈlopÈ ID." 70FF7C3341144C27-9B92-70B92D2F1D55 The Iceland Foods ChaTithblc Foundtstion Trusiees Annual Report an(1 Financial Sialemen15 Yetsr ended 5 April 2021 Contents Administrative informttion Trusiees. TCPOrt Independent auditofs rert Statcrnent of financial activities 9-1 12 Balallce Sheet 13 Sthiemeni of cash flow8 14 Notes
Docusign En¥ÈlopÈ ID." 70FF7C3341144C27-9B92-70B92D2F1D55 Thc l¢eland Foods Chariiable Foundaiion Tnist¢e5 Annual Rtport and Financial Slaiemenls Year endcd 5 Apnl 2021 Administrative information Tru5tee$ Richard Walker Sir Malcolm Walker Tarsem Dhaliwal Registered offJ¢e The Iceland Foods Charitable Foundation Second Avenue Deeside Industrial Park Deeside FliIitshire CHS 2NW Registered charity UMber 281943 BkerS HSBC Bank plc 60 Queen Victoria Street London EC4N 4TR Audltor Grant Thornton UK LLP Chartered Accountants & Statutory Auditor Royal LiveT Building Liverpool L3 IPS
Docusign En¥ÈlopÈ ID." 70FF7C3341144C27-9B92-70B92D2F1D55 The IcclaRd Foods Charitrablc Foundation TTuslee5 Anniial Repon and Financial Siat¢meDts Year elided 5 April 2021 Trustees, report The tteeS preseni their annual report and financial ststements of the charity for the year ended 5 April 2021. The financial statements have been prepared in accordonce with the accounting policies set out in the basis of preparation note to Ihe aL'Lounts and Lomply with the ¢harity's trust deed, the Chariiies Act 2011 Ènd Accounting and Reportillg by Charities.. StatcThcnt of Re¢ommended Practice applicable io charities PTeparing their account5 in accordance with the Financial Reporting Standard appltcable in the UK and Republic of Ireland published in October 2019. Trustees The ttuslees who served during the year were as follows= Richard Walker Sir Mal£olm Walker Tarsem Dlialiwal Str¢Te? gtsvernADct and mAnagement The TNst És governed by the lernis of the principal trust deed dated 30 March 1973 and the subsidiary tNst deeds dated 28 September 1989, 8 December 1992, 12 February 1996, 25 April 2005, 26 February 2010, 8 February 2011, 21 January 2013, 31 December 2014 and 24 October 2017. Trustees are appointed by the Boaid of Bejatn Group Limited (the business of Bejam Group Limited was transferred io its fellow subsidiary, Iceland Foods Lirnited some years ago). Key management personnel remuncration The trustees consider the board of trustees and the chief executive as comprising the key management personnel o the charity in ¢harg¢ of directing and ¢ontrolling the charity and Nnning and operating the charity on a day to day basis. All trustees give their time freely and no tTU5tec remuneration w85 paid in thc year. Details of trusiee expenses and related party transactions are disclosed in note 4 and note I I to the accounts. Trustees are rtquired to disclose all ieleyant interests and register them wilh the Chief Executive and in accordat]ce with the Tnkst's policy withdrdw from decisions where a conflict of interest arises. Objectives and activities The principal objectives of the charity include= tlie applitation of income for the benefit of such choritable purposes as the TruSeS may from tilnc to tirnc deterniine and for the relief ofthe POOT, incapa¢ilated or neSSit0uS employees or fomer employees of Iceland Foods LimiÈed. to promote all other PUTpose8 recognised as charitable under the law of England and Wales from tirne to time to the benefit of the general public as the ijustees shall from time to time determine. The TStee$ confimi that they have referred io The guidance contained in the eh2Tity cornmission's general guidance on Public BencfEt ivhen revivIng the charity's aims and objeciives and tn planning future aetivities.
Docusign En¥ÈlopÈ ID." 70FF7C3341144C27-9B92-70B92D2F1D55 The Iceland Foods Charitable Foundation Trustecs Annual Repon and Financial Siatcmeiits Y¢ar ended 5 April 2021 Achievement$ During the year the charity made the folloiving major donations= Adion for Children St John's Ambulance Surfers Against Sewage Wildlife Wol¢s ARUK UK Sepsis Trnsi 280,(X)O 150.000 150,000 94,0(M) 87,256 65.5(X) The Iceland Foods ChaFitable Foundation has always had oiie simple mÉssion: to make life better for people. We aim to achieve this by r3i5ill(F money for other good causes and by increasing public aivareness of ¢he work they do. We are independent of ihc Iccland Foods business, and our activities are not designed to enhaiiLe Iceland's image or to generate publicity. Wc do it simply because we believ¢ it's the righi th2ng to do. The Covsd-19 pandemic made this a truly exceptional year for tl?e Foundation, both in the nttds it created and by preventiiig us from holding the two annual events that are normally the tnainstay of our fundraising.. the Charity week in Iceland and The Food Warehouse stores. and our charity golf day. This wa5 reflected in the very substantial rcductiot) in the charity's income during thc ycar. Fortunately. Ihe substsntial revenues gcncrated by the sale of Sp single-use plasti¢ ¢arrier bag5 in Iceland and The Food Warehouse stores up to October 2018 had enabled us to build up subsiantial reserves which not only allowed us io respond quickly and effe¢iively to the need5 creakd by the pandemic, but also to mairstaiD ow estsblished pattern of giving io medical charities and eDvironThLcntal good causes. All monies raised for the ¢harity are banked and reconciled weekly to reduce the risk of loss or fraud. We understand the legal rules that apply lo vaTiOUS types of fitndraising and ensuT¢ that we cornply ivith the Fundraising Regulator's Code of Fundraising Ptaciice. Impact of our fundraising We wani our fundraising ond giving to ynake a real dÈfference io the organisaiioDS W¢ SUPPQrt. Often this rneans Ch($10 to focus on unfashionable Causes and smaller Lhaiiiies. The £3.2 million we donated to Aizhetmer's Researeh UK between 2011 and 2014 represented a material increase in the charity's income, and henLe its Ability to advance medical research in an area that 15 massively underfut]ded Lompared with cancer or heart disease. Siinilarly we donated £l.000.000 over the ten years to 2018 to Prostate Cancer UK. helping to advanee research into a disease that has traditionally received much less funding than rnany oiher cancers.. our involvement also helped to raise the pn)file of prostate canter and improve care. In ihe two years to 2018 we donated £10 millton to UCL Dementia Reseawh tts fund the construction of the London hub of the new UK Dementia Rcscarch Insiitute. Together with a further £10 million donaled by other UK retailers through the UCL Dementia Retail Partnetship. the creaiion of which was driven by out ttustee Sir Malcolm Walker, this played 8 critical role in triggcring additional external funding to ensure that thi5 Vital project would go ahead. The Foundation donated a total of £889,436 to g(K)d causes during the year und¢r review. OUT largest single donation of £280,000 to Action For Children responded to that charity's 'S¢cret Santa, campaign to alleviaie child poverty and food insecurity by ensuring Ihai vulnerable ¢hildTen received a hot meal, a pair tsf shoes or warni winter clothes at Christmas 2020. Our dotydtion represenÉed a £10 gift on behalf of each of Iceland's 28,000 employees. A donation of £150,000 to St John's Ambulance, to 5UPPOrt thcir work during the Covid-19 pandemic, followed a donation of thE samc &MoLr to Age UK'S Coronaviru% Emcrgcncy Appeal al the end of the previous financial year.
Docusign En¥ÈlopÈ ID." 70FF7C3341144C27-9B92-70B92D2F1D55 The Iceland Foods Chamtable Foundaiion Tnisiecs Annual Report and Fittancial Siaiements Year ended 5 April 2021 Wc continued our long-standing support for dementia reseaich wilh a donation of £87.256 to Alzheimer's Research UK. Also in the medical field. we donated a further £65.500 to the UK Scpsis Trust to support a jointly developed and fi]nded campaign to raise awareness of this life-threaiening condition by making busittesses'Sepsi5 Savvy.. In the envifonmental field, we continued our support for Surfers Against Sewage with a £150,000 donation to support their biggest-ever Million Mile Beaeh Clean and their campaigtting against ocean plastic pollution. In February 2021 we donated £94,000 to Wildlife Wales to help them realise their ambitious plans for the fi]11 resioraiion of all Welsh peailands by 2030. with thc aim of reducing carbon emissions, restoring naiure. filtering water and reducing flood risks for local communitics. We also eontinued to support a rdnge of smaller charities. including local good causes nominated by CTnploy¢es in Iceland and The Food Warehouse stores. Financial review During the year. incoming resources raised amounted to £365,493 (2020: £1,966,826). Donations of £889,436 (2020-. £1,565.9251 have bethi made to charitable ag%ociation51organi5ations. Support costs of £73,11512020.. £nil) have been incuEred duting the year relating to administration and eqlliprnent. Thc closing fund balance is £3,958.249 (2020.. £4.555.3071 and will bt utiliscd ii) the future for funding charitable events and making further donations. Rtstrves policy The reserves policy is to ensure the charkty has 5uffieient funds to meet cosis incurred by the charity On an annual basis. It is the trusttts, intention tliat tl?e donations granted will be largely in line with incoine. There 15 n intention to build up a buff¢r of frec resetve5 Other than for meeting the charity's anrtual costs. The balance held as unrestricted funds at 5 April 2021 was £3.795.458 (2020= £4,535,803} all of which is regarded as free reserves. The unrestricted fund is held with the puipose of recording any donatjolls receiv¢d oth¢r than those with imposed narrower uses ihan the chariiy's overall objeeiives. The balance held as restricted funds at 5 April 2021 was £162,791 (2020.. £19,504). The charitys policy in respect of restricted funds is to record separately any donations received where restrictions are imposed that aTe narrower than the charity's overall objeciives.
Docusign En¥ÈlopÈ ID." 70FF7C3341144C27-9B92-70B92D2F1D55 The Iteland Foods Ch2rtiable Foundaiton TTUSlccs Anniial Rewrt and Financi21 Statements Year ended 5 April 2021 Coing concern The current financial statements show thc charity Maintains a strong balance sheet P051tion and cash position. The tmpact on the charity arising from the uncertainty of the re¢eni COVID-19 outbreak ha5 been considered by the trustees- The trustees hav¢ r¢viewed their current reserves policy, the current cash position and the donalions committed and granted by the charity. Based iipon the infomiation available, the trustees consider that the charity has sufficient liquidity to ¢ontinue a¢tivities for at least the next 12 Enonths as a going concern. As the charity raises fvnds to donate io various causes. the main risk associared with COVID-19 is in reltstion to the ability to Tai5e funds through the Jceland Foods stores or through donations made at events put on. As a result of the rescrves poliey that is in place and The money I'aised in previous years, the charity is not dcpendent on incom¢ raised from future donat2ons to be able to meet ihe donations li is currently committed to paying. The charity has cuffent liobilities of £232,670 including projects WltlJ grants pending in the next 12 months of £232,670 {see beltsw). The balance held as unrcstricled funds on 5 April 2021 ivas £3,795,458. Grants Pending next 12 month5 Surfers Against Seivagc Thc Royal Found&iion Wildlife Wales UK Scpsis Trust £ioo,000 £50,000 £62.670 £20.(K)O Grants Pethdlng greater than 12 months Surfcrs AgAinst Sewage £50.0 The tntstecg therefore have o reasonable expectation that the charity has adeouate resources to continue its activities for thc foreseeable lUTe and, accordingly. the going concern basis is adopted in the preparation of the financial statements. Principal Risk$ nCertaIntes The principal risks and tsncertainiies faced by the charity are as follow& Operational and financial risks from ineffective grant making and the capacity of the charity to m&ke ¢ffectiv¢ grants. This risk is mitigated by the trustees being involved in ihe grant making process with the knowledg¢ that sufficient fvnds are availablc to award a grant. Grants are awarded to e8tsbli5hed chorities who are required to n3eet appropriate financial regulatory rcquireFnettts. Key management reports. issues and a¢tion8 are reviewed At rcgular trustee meetings. All projecrs are considered and reviewed as part of this process as well as the ongotng strategy. Ftsture plans The charity will ¢ontinue to make grants in line with the objectives and distribute income received. Trustees, Respon$ibRlities Statement The tTUStees ale responsible for preparing the Tn]sttts' Report and the financial statements in a¢eordan¢e with applicable law aELd regulations. The Charities Act 2011 requires the trustees 10 prepare financial siatemenls for each financial year. The trustees have to prepare the financial statements in accordanLe with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting StandaTds and applicable law}, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The tn]stees must not approve the financial slaiements unless they are satisfied thai they give o tru¢ and fair vitw of the stste of affaiFS of the thatiiy and of the incoming resuuTces and application otresources, including ihe inLome and expenditure, of the charity for that period.
Docusign En¥ÈlopÈ ID." 70FF7C3341144C27-9B92-70B92D2F1D55 The Iceland Foods Charithbl¢ Foundation Tnislccs Annu21 Report and Financial Siaiemertts Yeèr ended 5 April 2021 Trustees, Rcsponsibllitles Statement (continued) In preparing thcse finan¢ial slatemenls, the trustees are required to.. select suitable aectsuThting policies and then apply them ¢onsislently- observe the methods and principle$ in the Charities SORP {FRS 1021; make judgnTrents and accounting esiilnates thal are rvdsonable and prudent. stai¢ wherheT applicable UK Accounting Standards have been followed, subject to any maierial departurcs disclos¢d and explained in the financial statements.. prepare the financial statements on the going concem basis unle55 it is inappropiiate to pre5Urn£ that the ¢haiity will continue in business. The tTYStees are responsible for keeping adequate accounting records that are sufficient to show and explain the ¢harity's transactions and disclose with reasonable accuracy at an), time ihe fiRancial position of th¢ ¢harity and enable them to et]sure ihat thc financial statements LOTnply with the Chariiics Act 202 1, the Charity {A¢count5 and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the asset5 of the charity and hence for taking reasonable steps for the prevention and detectÉon of fraud and other irregularities. By order of the board Tarsem Dhaliwal JUA 2021
Docusign En¥ÈlopÈ ID." 70FF7C3341144C27-9B92-70B92D2F1D55 The Iceland Fi)ods Charitable Fourtdaiion Trustees Annual Report arLd Fillanfjial Siotttnents Year ended 5 April 2021 Independent auditor's report to the trustees of The Iceland Foods Charitable Foundation Opinlon We have audited the financial sfatemen(s of The Iceland Food Charilable Foundation (the '¢hatity') for ihe year ended 5 April ?021. which comprise the Statement of Financial Activilies, the Balance Sheet, the Siatemenl of Cash Flows and notes to ihe financial statements, including a suTY of signifiLant accoullting policies. The financial reporting framework rhat ha8 be¢n oppli¢d in their prcparation is applicable law and United Kingdom Accountiiig Standaids, including Financial Reporting Standard 102; The Financial Reporting Standard opplicablo in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting PrdCti¢el. In our opinion, the fEnancial siatemenis- give a twe and fail view of tl)e slate of thc chaT2ty'8 affair5 a$ at 5 April 2021 and of tts incoming resources and application of iesources for the year then endcd. have been properly prepared in a¢¢oTdance with United KÉngdom Generally Accepted AcLounting Practice- and have been prepared in accordance with th¢ requirements of the Charities Act 2011. Basis for opinion We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Wc conduLted our audii in ac¢ordanLe wilh International Stsndards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under ihose standards are fvrther described in the 'Audilor'.8 rcsponsibilitie5 for the audit of the financial siaiemen15' seciion ofour report. We are indcpcndent of th¢ charity in accoixiance with ilie ethical requiFements thal 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 ac¢ordance with thest requirements. We believe thai the audit evidence we have obtained is sufficieTrt and appropriate to provide a basis for our opinion. Conclusions relating to going concern We are responsible for concluding on the appropriateness of the trustees, use of the 8oillg concern basis of accounting and. based on the audit evidence obtained, whether a Tnaterial uncertainty exists related to events or conditions thai may cast significant doubt on the Lharity's ability io Continue as a going concern. If we conclude that a material uncenainty exists, we are required to draw attention in our report to the relaied disclosures in the financsal statements or, if such disc105ures are inadequate, to modify the auditor's opinion. Our ¢on¢lusion5 are based on the audit evidence obtained up to the date of our report. However, future event8 or condition5 may cause the charity to Cwdse t(Tr continue as a going conctTn. In our evaluation of the tThtees, conclusions, we considered the inherent risks associared with the charity's bu5111tss model including effects arising from macro-econornic uncertasnties such as Brexit and Covid-19. we assessed and chzllentsed the reasonableness of estimatcs made by the trustccs and the related disclosures and analyscd how those Fi%k5 might affeLt the charity's financial rcsources or ability to continue Operations over the going ¢on¢em period. Based on the work we have perfonned. we have not identified any rnatersal uTrcertainties relating lo events or condition5 that, individually or collectively. may cast significant doubt on the charity's ability to continue as a going ¢oncern for a period of at least twelve months from ivhen the fjnancial staternents are authorised for issue. In auditing the financial statements, Ive have concluded that the trustees, usc of tho going conccrn basis of accounting in the preparalion of the fillancial staiemeiils is appropriatc. The responsibilities of the ¢w5tees with respect to going concem are described in the 'Respon5ibilities of trustees for the fitjancial statements, section of this report.
Docusign En¥ÈlopÈ ID." 70FF7C3341144C27-9B92-70B92D2F1D55 Thc Iceland Food5 Charitable Foundation TTusl¢es Annual Rerrf>rt and Fsnaneial Siatemellis Ycar endcd 5 April 2021 Other infortiO The trustees are responsible for the otlier infotmdtion. The other information Lompriscs the iRformatEon included in the TTUStees' report, oiher than the finanLial staierncnt5 and our audiior's report thcicon. OUT opinion on thc rEnanci&l Statements docs not cover ihe other infoTmation and, except lo the extent otherwise explicitly stated in our report, we do not express any forni of assurance conclusion thereon. In connection with our audEt of the financial statejnents, our re5ponsibilily is to re8d the othei info]7nation and, in doing so. consider whether the other information ts materially inconsisient with the finaijtial statem¢nts, or our knowledge obtained in the audit or othetwisc appears to b¢ materially misstated. If we identify such material inconsisiencies or apparent material misstatements, Ive are required to detem)ine whether there is a material misstatom¢Dt in the financial statement5 or a material rni5Statement of the other infomiation. If. based on the work we have perfomied, we conLlude that there is a aterial rnisstatement of this other information, we are required to report thai foct. We have noihing lo report in this regard. Matter5 on whlch we are required to report by exception We have nothing io report in respect of the folloiving matters where the ChaTities Act 2011 requires u5 to report to you if, in our opinion.. thc informaiion given in the Thstees, report is inconsistent ID any material respect with the financial stat¢ments; or the charity has not kept suffJcieDt a¢¢ounting records,. or the finanLial stateEnents are not In 3greernent with the accounting records aTrd retum5' or we have not received all the infomiation and explanktion5 we require for our audit. Responslbilities of trllstees for the financi81 statements As explained more fully in the Trusiees. Rebponsibilities Staternent set out on pages 7 and 8. the trustees are responsible for the preparation of the financial stamentS which give a trne and fair view, and for such iniemal control as the ttustees d¢tCTttJin¢ is TJecessary to enable the Prepaiation of financial statements that are free from material misstaicmcnt, whcther due to fraud or eJTOr. In preparing the financial stat¢ments, the trustees are responsible for assessing th¢ charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of a¢¢ounting unles5 Ihe trustees either intend to liquidate the charity 01 to eease operations, OT have no realisÈiL alternative but to do so. Auditor'5 respollslbilitles for the audlt of the financial Statements Our objectiYe5 are to obtain reasonable assuranc¢ abouf whether the financial stBtement5 as a whole ore free from material misstaterncnt, whether duc to fTavd OT error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran¢e but is not a guaralltee that aTJ audit conducted in accordance with ISAS (UK} will always detect a Mater8[ mi5Stalement when it exists. Misstatements can arise fvosn fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users iaken on the basis of these financial statements. A further description of our responsibilities for the audir of the financial statements is located on the FinanLial RertIllg Council's website at.. www kl uditorsres OT)sibilities. Thi5 description forn part of our auditor's report. Explanatlon as to what extetkt the audit was considered capable of deteeting irregularities, Including fraud Irregularities, includtng fraud are instances of non-complian¢e with laws and regulations. We design procedures in linc with oiir responsibilities, outlined above. to detect material misstatemcnts in respect of 5rregularities. includitlg fraud. Owing to the inherent limitations of an audit, tliere 15 an unavoidable risk that material missiatements in the financi215talernenls may not be detected, even though the audit 53 prop¢rly planned and performed in accordance Wlth the ISAS IUK). io
Docusign En¥ÈlopÈ ID." 70FF7C3341144C27-9B92-70B92D2F1D55 The Iceltsnd Foods Charitable Foiindaiion TTu5tees Annual Repon attd Financial Statements Year end¢d 5 April 2021 The extent to which our procedures are capable of defr¢tÈng irrcgularities, kncluding fraud is det2iled beloiv.. We obtaiRcd ai? understanding ol'the legal and regulatory frdmeworks applicable to the charity, and the industry in which il operates and deiemiined whiLh may influence the f]nancial Slatetnents. Given the nature of its opcratsng activitiCS, the LhaTlty is subjcct to scvcrnl laws and rcgulations wherc the onsequcnces of non-eo¥npliance could have a material effttt on amounts or disclosures in the financial statement5. We detern7ined that the following laws and regulations are the most significant iyhich are directly relevant to speLifi¢ assertions in the financial statcments.. Those that relate lo reporting frameworks being FRS102 and the Statement of Recommended Pracrice {"Charities SORP (FRS102)') and the Chariiies Act 2011 and the relevant tax compliance regulations. We assessed the susceptibility of the eharity's fjnancial statements to material mis5taternent: including how fraud might o¢cur. Audit procedures performed by the engagement team included= evaluation of the processes and conirols established to address the risks related to irregularities and fraud: testing manual journal entries, in particular journal entrtes relating to management estimates and entries detemined to be large or relating io unusual tsansactions.. identifykng and testÉng related party transactions. The asscssment of the appropiiateness of Ihe collective competence and capatiilities of the engagement team irtcluded considerarion of the engagement team's knowledge of the industry in which the client operates I and underst8ndEng of, and practical expersence through training and participation with audit engagements of a similar nalure,. In a55essing the potenÉiAI risks of material misstatement. we obtained an understanding of.. the ¢h&rity's operations, including the nature of its revenuc sourees, expeLtcd financial statement disclosures and busiTJC55 risks that may result risk of material misstatement and the charity's control environment ineluding the adequacy of procedures for authorisation of tran5a¢tions. Use of 0r report This rcport LS made solely to the charity's trustees. as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and Section 5 54 of the Charities Act 2011. Our audit work has been undertaken so that we might State to ihe charity's tTUStees those matters we are required to slate to them in an 8uditor's report and for no other purpose. To the lIest extent perniitted by law, we do not accept or assume responsibility to anyone othcr than the charity aTHI its ttusEes as a body. foi our audit work. for this report. or for the opinions we have formed. Grant Thornton UK LLP Statutory Auditor, artered Aecountants Liverpool 2021 30/6/2021 Grant Thornton UK LLP is eligible to act as an auditor in ternis of section 1212 of the Companies Act 2006
Docusign En¥ÈlopÈ ID." 70FF7C3341144C27-9B92-70B92D2F1D55 Thc Jcc12rtd Foods Charitsble Fouttdaiion Trnstees Annual Repon and Financial Sthiements Yeat ended 5 April 2021 Statement of Financial Activities for iheyefir elided 5ih April 21121 Noie 2021 Restricted Funds 2020 Unre5tricled Funds Tot31 Unreslricled Funds Futtds RestrtCEed Funds Total Futtds IntomÈ #nd Endowment5 from: Donation5 Invc5tmenls 93,940 336 271217 361157 336 1.151.037 26,882 788.907 1.939.944 26.882 Totsl Income 271 365 493 19 88 907 1966 826 Expenditure on: ChaTitable activitie5 Raising Funds 1761,5061 1127,9301 1889.4361 173,1151 1796.5221 1769.403} 11,565.925} Tot#1 expenditure 834621 127930 962 796 52? Net lexpendilurellfneome and net movement in fuDds 740 345 597 058 381397 Traosfrrs between fitnds Tot21 funds at beglnnlng ofyelr 4,535.803 19,504 4.555J07 4.154,406 4,154.406 Total funds at end olyear There are no recognised gains or losses other thaT) the net movement for ihe year. The incoming resources and resulting n¢t movement in funds arise from continutng activities. The AecoD7P8nying accounting polities #nd note$ form part of these rtn#nci81 $tat¢ments. 12
Docusign En¥ÈlopÈ ID." 70FF7C3341144C27-9B92-70B92D2F1D55 Th¢ l¢elartd Foods Charitable Foundation TTU5tecs Annual Report and Fiiiancial Siatenieiils Year ended 5 April 2021 Balance Sheet ai 5th April 2021 Noie 2021 2021 2020 2020 Current &sset5 Caslk al bank aiid in hand 4,240,919 5.061,692 Total Cllrrtnt Assets 4,240.919 5.061,692 Cr¢ditors Amounts folling du¢ within oneyear {232,6701 1456.385) Net eurrent assets 4,008,249 4.605.307 Total a55¢ts It5$ current IlabllltAe5 4.0(I8.249 4.605.307 Creditors: amounts fslling dug after more than one year {50.0001 150,0001 Net assets 3,958249 4.555,307 The funds of the charity: Unre81rieled fund5 Resiricied fund5 3,795,458 162,791 4,535.803 19,504 3,958249 4.555,307 These financial statements were approved by the trustees on s3MJufiL2021 attd were signed on their behalf by: Tarsein Dhaliwal The aceompanylng aecountlng polieles and notes form part of these financ5al statements. 13
Docusign En¥ÈlopÈ ID." 70FF7C3341144C27-9B92-70B92D2F1D55 The leeland Foeds Charitable Foundation Trustees Annual Report ond Fillancial Stotcmcllls Year ended 5 April 2021 Statement of Cash Flows for iliyéur ended Sih April 2021 2021 2020 C2sh llows from operallllg atllvltles in¢om¢ for the reponing period {597.D581 400.901 D¢cruse in creditors (223.7151 1244,615} Inter¢51 received 1336) 126.88?) IYe¢ cash (used bYVpr0Ided by op¢rtlttg #etsyities (821,109) 129,404 Cash flDWS from iDves1ing cilvitie5 Interest rcceivcd 336 26.882 Net cash provided by investtng attivities 336 26,882 ChAnge ltt CAsh tg$h ¢qvlv#lent5 in reportiTrg period (820.773) 156.286 Cash c5h equiY#lell15 St the beginning of year 5,061,692 4,905.406 C#$h cash ¢quiYalenl$ al end of year 4,240,919 S,(KSl,692 The aceompanylng aecounting pollcle5 and notes form part of these financi#l 5t8teTnents. 14
Docusign En¥ÈlopÈ ID." 70FF7C3341144C27-9B92-70B92D2F1D55 The l¢elattd Foods Charitable Foundation Tn15t¢es Annual Report aiid Financial Statement5 Year ended 5 April 2021 Notes to the financial statements IftsrNiingpttrt ofiltÉfiiiallcial siuiehienls) l Accounting Policies 1.1 B&5is of prep#ratlon of financial st%teTnents These financial statementy have been prepared under the historical c05t cortvention with itcms rccognised at cost or transaciion value ilnless otherwise slated in tlie relevant notelsl to these accounts. The financial statements have been prepaied in ac¢ordanLe with.. Statemcnl of RecomiTJended Prn¢tice.' AccoutJlii]g and Reporting by Charities (FRS 102 SORP)- Finallcial Reporting Standard applicable in the UK And Republic of Ireland (FRS 102): ChErities Act 2011. The charitabl¢ foundation constitutes a public benefit ¢ntkty 25 defined by FRS 102. 1.2 Going coDcerD The current finan¢ial sÈatements show th¢ charity maintains a strong balance sheer posiiion and cash position. The impact on the charity arising from the un¢ertainty of the recent COVID-19 outbreak has be¢n considered by ihe tn]stees'. The tnJ8tees have reviewed their current reseTves policy, the current C85h position and the donation5 Committed and granted by the charity. Based upon the iiiforrnation available. the trustecs consider that ihe charity has suffieieni liquidity to continue activities for ot least the Rext 12 months as a going concern. A5 the charity raises funds to donate io various Causes, the main risk associated ivith COVID-19 is in relation to the ability to raise funds through the Iceland Foods stores or through donations Tnade at events put on. As a result of the reserves policy that is in place and rhe money raised in previous years, the charity is not dependent on income raised from future donations to be able to Tneet the donaiions ir is currently co]nmittEd io PY¢ying. The tn15te¢s therefore have a reasonable cxpeciation that the charsty has adequate resources to conlinue its activities for the for¢s¢¢abl¢ fuNre and. accordingly, the going concern basis is adopted in the preparation of the finan¢ial statements. 1.3 Income Reewiltlon Incoming resou¢5 are Tncluded in the Statement of Financial A¢tivitie$ {SoFA) when.. the ch8riiy b¢cotne5 entltled to the re50urces' the receipt of resourLes is probable; and the monctary value Can be measuTed wilh sufficient reliab%lity. Incoming resources ivlth related expenditure Where inconiing rcsouices have related expcnditure (as with fundraising or contract incorne) the incoTning resources and related expcnditure are report¢d gross in the SOFA. Grants 4nd donations Grants and donations aTe only included in the SOFA when Ihe charity has unconditional entitlement to the resources, and where receipt is probable and the amount can be m¢asured reliably. 15
Docusign En¥ÈlopÈ ID." 70FF7C3341144C27-9B92-70B92D2F1D55 The Iceland Foods Charitable Foundatio TNslecs Anrtual Reptsrt ond Financial Stat¢menls Year ended 5 April 2021 Notes (continued) l Accounting Policies (Continued) Tax reclaims donations arsd gifts Incoming resources from tax reclaims are included in the SOFA at the same lime as the gift to which they rtlate. Investment income This is included in the accounts when rtteivable. Restricted funds The restricted funds represent the original ¢apilal sums iogether witli tlie balance of income received for the relevant specifEe purposes: which had not been spent by the end of the financi41 yeaT. Unrestricted funds and designated fund5 The unrestricted fvnd repres¢nts the funds to provide for the working capital of the Foundation and contingent expcnditure. Designated funds ore those ihat have beet] Set aside by the Trnstees out of unrestricted funds for identifiable fLEture expenditure, but designation has an administFative pu]pose only 8nd does not legally restTl¢t the Trustees. disLrelion to apply the refunds. 1.4 Expenditure recognition LSability reeognition Liabilities are rccogDised as soon as ¢here is a legal or constnictive obligation comrnilling the chaTlty to pay out resotLTces exists, it 15 probabl¢ that the settlement will be requ2red and thc amount of the obligation Lan be tnea5ured reliably. All expenditure is accounted for on an accrua15 basis. All expenses involving support costs at]d govenJance eosts are allocated or apportion¢d to the applicable expenditure headillgs. Grants with performance conditions Where th¢ charity giv¢5 a grant with conditions for its payment being a specifjc level of service or output to be provided, such grants are only recognised in the StsFA once Éhe recipient of the grant has provided the specified service or output. Grants payable without performanee tondititsns These are only reeognÉsed in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity. The charity Considers that COTllmitmenls only arise when suffi¢ieMi fvnds have been Taised to ]rI[ pledges made. 1.5 Cmsb At bank and in hand Cash at bank and in hand iiicludes ¢ash and short temi highly liquid inve$tments with a short maturity of three months or less from the date of acquisition, or opening of the deposit. or similar account. 1.6 Credffitors Short tetrn LTeditors are measured at transaction price. Other financial liabilities are measured initially al fair value. net of transaction costs, and are mea8UTed subsequently at amortised cost using thc effective interest meihod. 16
Docusign En¥ÈlopÈ ID." 70FF7C3341144C27-9B92-70B92D2F1D55 The l¢¢land Foods Cliaritable Foundation Trustee5 Annual Repon aiid Financial Sr2temcnts Year ciided 5 April 2021 Notes (continued) l Accounting Policies (continued) 1.7 Flnancial instruments The charity only enters into basic fjnancial instTument Ironsactioiis that result in tlie recognition of financial assets and liabiliiies, likc atcouiits receivable and payable. Financial assets that are measured at cost and aEnorlised Cost are assessed at the end of each reporting period for objectivc cvidence of impairment. If objective evidence of %rnpaimienl is follnd, an impaimient10ss is recognised in the SOF For fsnancial assets measured al amoflised cost, the impairment loss is m£asured as the diffcrenc¢ bctwccn an asset's carrying amount and the Present value of estimated cash flows discounted at the asset's original effective inierest rate. If a fii)ancial asset has a variable interest rale, the discount rate for measuring any impainneni Ioss IS the current eff¢ctÉve interest Tate d¢temiined under the contract. For financial assets measured at cost less impaim)ent, the impairMent loss is measured as the difference between an asset's carying amount and best estimate, which is an approximation of the amount Éhzt the charity would reeeive for the as5¢t if it were to be sold at the balance sheet dat¢. Financial assets and li2bilities are offsei and the net amount reported in the balance sheet whcn there is an enforceable right to Sct off the recognised atnouiits and there is an intention to settle on a nct basis or io realise the asset and settle the li4bilsty S5multaneously. 1.8 Contlngent li8bililies A contilltsent liability 15 identified and disclosed for those grants resulting from: a possible obligation whch will only be confinn¢d by the OC¢UFren¢e of one or more uncestsin future everjts not wholly within the trusttts control or. a present obligation following a grant offer where settlement is not considered probable. 1.9 Significant Judgemcnts key areas of estimation unf ertainty Trustees consider there to be no iÈms It) the financtal statements where they have had to make signiflcant judgements in the process of applying the Lharily's accounting policies or key SOUTces of estimation uncertainty. 2 Incoming resources 2021 Restrictcd nds 2020 UnTeStri¢ied funds Total Total Voluntary iN£ome Donations Charity golf auction 93.940 271,217 365.157 1.380,440 559.504 93,940 271.217 365.157 1.939,944 Income from tDvestment$ Bank deposit iniere51 336 336 26.882 94.276 271.217 365.493 1,966,826
Docusign En¥ÈlopÈ ID." 70FF7C3341144C27-9B92-70B92D2F1D55 The Iceland Foods Charitable Foundation Tnjstces Annual Report and Financial Siatcmenis Year e*)ded 5 April 2021 Notes (continued) 3 Expendlture on Charitable #ctivities This Charity undertakes its ehariiable activities thT(kugh donatlOll5 awarded a number of ittdividuals artd instithtions in furtherance of its chartfable actsvittes. 2021 Re5tricled fund5 2020 UThrestricted funds Total Total Charitable activities: Instltutions Donation- Action for Children 280,1100 280.1)00 Donaiion- St John's Ambulan 150,(H)O 150,000 Donatiott- ARUK 87256 87256 605.500 DonaiioEI- Tlie UK Sepsis Tnisi 65.SOO 65500 250.(X>O Donotion- NHS Charitic$ Together 37,606 37,606 Donation- Wildlife Walcs 94.000 94,1100 Donation- DKMS 10,000 Donation- Exeter Demeiilia S,500 5,500 Donation- Carlisle Youth 4,000 4,000 Donaiion- Bu¥xfoot Conimunity 2,000 2,000 Donatiort- Farnili¢5 3ff¢cted by Suicide Donation- AGE UK 1.068 1.068 150,1)00 Donation- EDEN refor¢sfation 956 956 130.409 Donaiion- British Lung Foundation IoD.000 DoJJaiton-The Royal Foundation 150.000 DoD)tion- PTtsject Dirt ISEMBLEI Donation- Clwyd Spectal Riding Cenrre 90,000 25,000 Donation- Mojtion Hall Edu¢aiion TTUST 14.363 Donation- Surf¢rs Against Sewage 150,000 150,OIJO 10,000 Donation- The Message Trnsi 10.000 Expcnse- Kaleidoscope Advertising, Design & Marketing 7.200 Donation_ l& Standsione SeoutGroup Dtbnati¢)n-The Lingd¢n Davie5 Canc¢r Fund Donation- Thc Public Memorials Appeal Donaiion-Nieola' FuDd 5.(XlO 5.(XlO 1,750 DoB#ti¢)n- BaTnstone 1.740 Donarion- Alzheimer's Society Donatien- CF Wattiors I,(x)O 18
Docusign En¥ÈlopÈ ID." 70FF7C3341144C27-9B92-70B92D2F1D55 The Ic¢laDd Foods Cliaritablt Foundation TnJsiee5 AnDii81 Rcport attd Financial Sfai¢rn¢nlS Year elided 5 April 2021 Notes (continued) 3 Expenditure on Charitable Actlyliles (continued) 2021 Restricted 2020 UBrÉ5tritttd funds Total Total DonotioD- Home Start Lecds UK I,IK)o l.(M)ts Donation- The Teena8e Canc¢r Trust Donation5 to 5mtsller Charities 1,5SD 1550 490 rotolDofi&0nS 761,506 127,93 889,436 741 1.565.925 Bank ChaTEe$ ExpendittiTe- Siipport Cosls, admittistraiion and equipment Expenditure- Equipment for Charitable A¢tivjlies 741 473 47,265 47.265 25,109 25,109 To¢olExpeNdil¥re 73,lJS 73.115 Totsl ChArilable Activities 834.621 127,930 962551 1,565,925 4 Staff number and costs The trustees Tec¢iv¢d no etTroltsments fortheir scrvi¢cs, tiQT were they reimbursed foT any expenses in the y¢aroT the previou5 year. The charity dlxs not ernploy )ny thff. The charity doe5 not T¢munerate any key mantsgement personnel. 5 Taxatlon No provision is requir for taxation as thc trust is a registered charity. 6 Creditors: Amounts falllng due Ivithin one year 2021 2020 Donations payable 232,670 456,385 7 Creditors: Amounts fallRDg due after more than one year 2021 2020 Donations payable 50,000 50,0(MI 8 Auditors remuneration Audit fees are bom¢ by Ic¢land Feods Limited, a TeL1¢d party. 19
Docusign En¥ÈlopÈ ID." 70FF7C3341144C27-9B92-70B92D2F1D55 The Icelaiid Foods Charitsble FouTrdation Twsiees Annual R¢porr and Financial Staitmen15 Year ¢nded 5 April 2021 9 Funds Restritted funds Th¢ r¢stri¢ted fiind represents donations received in relation lo rnoncy raised from ihe related parties for the objectives or expcnditurc in line wirh the ones communicated by Iceland Foods Liniited. Unre51rieted funds The teSIr1¢1¢rt funds ¢OEnprise a gen¢ral fimd. Analysis of fUd moveJnenls For the yeAr ethdtd S April 2021 Balanee blfwd Incom¢ resourtes R¢5ources expended Transfers F¥Dd (wd Rtstrltted fTtJ]d$: Alzheimcr'5 Rcsearch UK Lady Walker Fund- Dementia Charities 19,504 89.976 {87,256} 22.224 70,922 70.922 NHS Charities Together 37.606 137,6061 Bumfoot comnity 2.fflo 12,0001 Families affected by Suicid¢ Vari¢)vs Charities 1,068 {1,0681 69,645 69.64S Unrestricted funds: General Fund 4,535.803 94.276 1834.6211 3,795.458 Total 4.555.307 365,493 1962.551) 3,958.249 For thc vesr ended S April 2020 Balance Wfwd Ineome resoure ResoLErce$ txpendtd Tr#n5fer5 Fvnd tlfwd Restricted funds: Alzheimer's Rese8r¢h UK 538.907 1519,403} 19,504 Th¢ UK S¢psis Tr51 Unrutricted fund5: 250.000 1250,000) Get11 Fund 4.154.406 .177.919 1796,522} 4,535,803 TOLII 4,154.406 1.966.826 11.565.925} 4.555,307 20
Docusign En¥ÈlopÈ ID." 70FF7C3341144C27-9B92-70B92D2F1D55 The Iccland Foods Chariiable Fourtdaiion Tnjsiees Allnu31 Reptrrt and Financi21 Staicmcnls Ytar ettded 5 ApHI 2021 Notes (continued) 10 Financial instrumeRts 2021 2020 FAnartcial asse*s FinaJ¢itsl asseis measur¢d tst amortiscd cost 4,240,919 5,061,692 Financial liabilities Fitmncial liabilities ft?easured ai amortl5ed cosi 282,670 506.385 Financial asscts mcasured at amortised cost comptise Cash at bank. Financial liabilities nJcasuTed at aTriortiscd eost comprise grattis payabl¢ cr¢dilo I l Related pxrtles l¢el8Thd Foods Limiled During thc year, donations of £1 19,495 12020.. £1,675,205} w¢r¢ te1Ved froa) Iceland Foods Limited. a related party by virnie tsf Malcolm Ivalker, Richard Walker and Tarsem Dlialiwal being trusteesl officus of both ¢ntiiies. During the year Ihe charity has agreed to provide a donation of £150,000 to Surfcrs Against Sewag¢ which is incliidcd withirt donations payable. Richard Walker. a TNstcc of she ¢harity. was appoint¢d as Ihe Chair of Tru5t¢e$ at Surfers Agatn5t Sewage on 17 March ?021. During the yeai, donations from trustees totsllcd £NIL12020: £40,300). 12 Analysls in changes in net fuDds At6 April 2020 At5 April 2021 Cash flows Non rash chAngts Cush at bank ind in hand 5,061,692 1820,7731 4.240.919 13 Contingent gr8nt commitments Th¢ tSlee$ intend make gTallts of £NIL12020.. £Nill within the ncxt thr¢e years lo a number of orgarttS8tions. contingEnt sufficient lutllre income being raised. 21
Docusign En¥ÈlopÈ ID." 70FF7C3341144C27-9B92-70B92D2F1D55