Docusign Envelope ID: 119122C9-5C59-4317-9F5B-5C2D0E8DC104
The Iceland Foods Charitable Foundation
Trustees Annual Report and Financial Statements
Year ended 5 April 2025 Charity Number: 281943
Docusign Envelope ID: 119122C9-5C59-4317-9F5B-5C2D0E8DC104
The Iceland Foods Charitable Foundation Trustees Annual Report and Financial Statements Year ended 5 April 2025
Contents
| Administrative information | 3 |
|---|---|
| Trustees’ report | 4 - 9 |
| Independent auditor's report | 10 - 12 |
| Statement of financial activities | 13 |
| Balance Sheet | 14 |
| Statement of cash flows | 15 |
| Notes | 16 - 23 |
Docusign Envelope ID: 119122C9-5C59-4317-9F5B-5C2D0E8DC104
The Iceland Foods Charitable Foundation Trustees Annual Report and Financial Statements Year ended 5 April 2025
Administrative information
Trustees Richard Walker OBE Sir Malcolm Walker CBE Tarsem Dhaliwal OBE Paul Dhaliwal Registered office The Iceland Foods Charitable Foundation Second Avenue Deeside Industrial Park Deeside Flintshire CH5 2NW Registered charity number 281943 Bankers HSBC Bank plc 60 Queen Victoria Street London EC4N 4TR Auditor Grant Thornton UK LLP Chartered Accountants & Statutory Auditor 8 Finsbury Circus London EC2M 7EA
3
Docusign Envelope ID: 119122C9-5C59-4317-9F5B-5C2D0E8DC104
The Iceland Foods Charitable Foundation Trustees Annual Report and Financial Statements Year ended 5 April 2025
Trustees’ report
The trustees present their annual report and financial statements of the charity for the year ended 5 April 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the financial statements and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
Trustees
The trustees who served during the year were as follows:
Richard Walker OBE
Sir Malcolm Walker CBE
Tarsem Dhaliwal OBE
Paul Dhaliwal
Structure, governance and management
The Trust is governed by the terms of the principal trust deed dated 30 March 1973 and the subsidiary trust 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, 24 October 2017 and 7 July 2021.
Trustees are appointed by the Board of Bejam Group Limited (the business of Bejam Group Limited was transferred to its fellow subsidiary, Iceland Foods Limited some years ago).
All Trustees hold fiduciary roles for Limited companies and have a wealth of experience and knowledge of the longestablished Charitable Foundation.
The Trustees hold quarterly meetings where all aspects of financial activities are discussed alongside future plans and expectations.
All new Trustees are provided with training from current Trustees and will be given the welcome pack guidance from the Charity Commission. Ongoing training is provided to Trustees as relevant and regular updates from the Charity Commission are shared with the Trustees.
Iceland Foods Charitable Foundation is affiliated to Iceland Foods Ltd and all charitable funds generated by Iceland Foods Ltd employees are passed to the Charitable Foundation.
Key management personnel remuneration
The Trustees consider the board of trustees and the Chief Executive as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All trustees give their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in note 4 and note 13 to the accounts.
Trustees are required to disclose all relevant interests and register them with the Chief Executive and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises.
4
Docusign Envelope ID: 119122C9-5C59-4317-9F5B-5C2D0E8DC104
The Iceland Foods Charitable Foundation Trustees Annual Report and Financial Statements Year ended 5 April 2025
Objectives and activities
The principal objectives of the charity include:
-
the application of income for the benefit of such charitable purposes as the trustees may from time to time determine and for the relief of the poor, incapacitated or necessitous employees or former employees of Iceland Foods Limited.
-
to promote all other purposes recognised as charitable under the law of England and Wales from time to time to the benefit of the general public as the trustees shall from time to time determine.
-
to make life better for people by raising money for other good causes and by increasing public awareness of the work of these good causes, the Trustees meet and agree annually the Charity of the Year to be supported the following year. The support will be both fundraising and educational activities.
-
The Trustees confirm that they have referred to the guidance contained in the charity commission’s general guidance on Public Benefit when reviewing the charity’s aims and objectives and in planning future activities.
For the year in review, details on how the charity has carried out these objectives and activities is covered in theachievements and performance section below.
Achievements and performance
During the year the charity made the following major donations:
| £ | |
|---|---|
| Campaign Against Living Miserably (CALM) | 352,500 |
| The National Brain Appeal | 50,000 |
| Nacoa | 50,000 |
| St John Ambulance | 50,000 |
The Iceland Foods Charitable Foundation (IFCF) has always had one simple mission: to make life better for people. We aim to achieve this by raising money for other good causes and by increasing public awareness of the work they do. We are independent of the Iceland Foods business, and our activities are not designed to enhance Iceland’s image or to generate publicity. We do it simply because we believe it’s the right thing to do.
Each year, Iceland Foods employees engage in an in-store fundraising effort and we hold an annual golf event. The aim at these events is to both raise awareness and to raise as much funds as possible against the backdrop of macroeconomic factors and the long-term strategy of the Charitable Foundation.
We are proud that, with the support of our Iceland colleagues, customers and suppliers, IFCF has now raised a lifetime total of more than £38m to support strategic philanthropy in our four key areas of focus: Dementia, Wellbeing, Children and the Environment.
Dementia was the main focus of the Foundation for many years, recognising the massive underfunding of medical research into dementia compared with other major killers such as cancer and heart disease. We are proud to have donated a total of more than £18 million to dementia charities including Alzheimer’s Research UK, the Alzheimer’s Society and UCL Dementia Research since 2011. In the two years to 2018 we donated £10 million directly to UCL Dementia Research to fund the construction of the London hub of the new UK Dementia Research Institute, while a further £10 million was donated by other UK retailers through the UCL Dementia Retail Partnership, the creation of which was driven by our trustee Sir Malcolm Walker. Together these donations played a critical role in triggering additional external funding to ensure that this vital project would go ahead.
In the year under review, our 2024 Charity of the Year was the Wellbeing charity CALM (Campaign Against Living Miserably), which is dedicated to suicide prevention, particularly among young people. Our goal for the year was to help create five million life-saving conversations – one for every customer that walks through the doors of an Iceland or The Food Warehouse store each week – by breaking down stigma and starting the biggest-ever national discussion
5
Docusign Envelope ID: 119122C9-5C59-4317-9F5B-5C2D0E8DC104
The Iceland Foods Charitable Foundation Trustees Annual Report and Financial Statements Year ended 5 April 2025
of suicide. We supported CALM’s life-saving helpline with an initial donation of £300,000 raised during our 2024 Charity Week, and an additional £200,000 from the funds generated by our annual Charity Golf Event. We also made a further donation of £352,500 specifically to help create CALM’s striking Missed Birthdays campaign, which was initiated with a poignant and powerful installation at Westfield White City, London in September. This featured 6,929 balloons marking the birthdays of young people lost to suicide and launched a new CALM report to encourage lifesaving conversations, viewed by 180,000 people at Westfield and reaching a total audience of more than four million people through TV coverage and social media. Phase Two of the campaign, launched in January, saw the release of Evelyn, a powerful film about the impact of youth suicide, that reached well over six million people via TV and social media.
A new CALM C.A.R.E. kit, launched with our support in conjunction with the Missed Birthdays initiative, has been designed to offer support in a variety of situations, including speaking to a young person whose mental wellbeing is fine, to intervening when a young person is in crisis. The kit has helped to support Iceland stores in educating and empowering people to start life-saving conversations about suicide and mental health through in-store messaging and prompts. We are pleased to report that we beat our target by helping to create 5,289,091 conversations about mental health and suicide between a young person and a trusted adult during the year, and we have committed to continue our work with CALM as our Charity of the Year for a second year in 2025.
Iceland colleague fundraising for CALM during our store and head office charity weeks featured a number of eyecatching initiatives, including a midnight climb of Yr Wydffa/Snowdon. In the light of sustained cost-of-living challenges, and the impact of fewer people carrying and using cash since the Covid pandemic, we were pleased to raise a total of £279,081 (2024: £346,392) through this activity. In the current year we have responded to the challenge of decreasing cash usage by rolling out to our stores the Pennies microdonation facility, which allows customers to round up their spend with a donation to IFCF. This was fully implemented in time for our annual charity week in May 2025.
We are also receiving additional support from ‘Frozen Fortunes’, a new Iceland Foods colleague lottery offering monthly cash prizes and donating surplus funds to IFCF. Since the lottery launched in September 2024 colleagues have received £85,000 in prizes and over £64,000 has been received by IFCF.
Despite very heavy rain on the day, the generous support of our suppliers and colleagues enabled our annual Charity Golf Event on 12 September 2024 to raise an increased total of £654,739 (2024: £437,212), bringing the total raised for IFCF by this event since 2009 to over £6.2m.
The charity retains substantial reserves allowing us to respond quickly and effectively to emergency appeals as well as to maintain our ongoing support to charities in our areas of focus. The charity holds these reserves in a savings account to be able to earn interest whilst also allowing instant access to the funds.
As noted above, there are two main fundraising events held each year – in-store charitable fundraising and the annual golf event.
No fundraisers are employed for instore charity fundraising as it is facilitated by Iceland Foods employees. All monies raised for the charity are banked and reconciled weekly to reduce the risk of loss or fraud. The funds raised are wholly voluntary, with the fundraising stall being held away from the till area and thus customers have the choice of whether they engage or not. All Iceland Food Employees are instructed not to place undue pressure or be unreasonably persistent towards customers with regards to fundraising.
The golf event is attended by Iceland Foods suppliers, and we therefore have a known trading relationship with them. We have not received any complaints in connection to our fundraising activities. The invites for the golf charity event are sent to all suppliers. The charity makes it clear in the invitation that if the supplier were to decline, it would not impact any future trading relationships.
We understand the legal rules that apply to various types of fundraising and ensure that we comply with the Fundraising Regulator’s Code of Fundraising Practice.
6
Docusign Envelope ID: 119122C9-5C59-4317-9F5B-5C2D0E8DC104
The Iceland Foods Charitable Foundation Trustees Annual Report and Financial Statements Year ended 5 April 2025
Impact of our fundraising
The Foundation donated a total of £933,470 (2024: £1,326,278) to good causes during the year under review.
We want our fundraising and giving to make a real difference to the organisations we support, which often means choosing to focus on unfashionable causes and smaller charities.
In addition to our support for our Charity of the Year partner CALM, we made donations during the year to a number of other Wellbeing charities. We continued our long-standing support for Prostate Cancer UK with the donation of £125,000 as part of our four-year £0.5m commitment to the charity, to which we have already donated more than £1m since 2008. We donated £50,000 to St John Ambulance to provide additional training funds, in recognition of their life-saving intervention to support our Chairman Richard Walker, who collapsed close to the finishing line of the 2024 London Marathon, in which he was running to raise funds for Alzheimer’s Research UK.
We donated a further £35,000 to Clwyd Special Riding Centre, which provides access to equine-based activities for children and adults with a wide range of disabilities, and provided a second tranche of £25,000 in funding to assist the charity Nacao in a schools outreach programme to support vulnerable children affected by parental addiction to alcohol – the largest outreach programme of its kind in UK history. We also donated an additional £25,000 to Maggie’s Cancer Centres.
In the field of Environment, we committed to maintain our support for Surfers Against Sewage’s Million Mile beach, river and street clean and their campaign against ocean plastic pollution until 2026, and donated £25,000 during the year.
Financial review
During the year, incoming resources raised amounted to £1,231,998 (2024: £2,585,816). Donations of £933,470 (2024: £1,326,278) have been made to charitable associations/organisations. Support costs of £309,509 (2024: £960,716) have been incurred during the year relating to administration and equipment. The closing fund balance is £3,815,064 (2024: £3,826,045) and will be utilised in the future for funding charitable events and making further donations.
Reserves policy
The reserves policy is to ensure the charity has sufficient funds to meet costs incurred by the charity on an annual basis. It is the trustees’ intention that the donations granted will be largely in line with income. There is no intention to increase reserves other than for meeting the charity’s annual costs.
The balance held as unrestricted funds at 5 April 2025 was £3,815,064 (2023: £3,776,045) all of which is regarded as free reserves. The unrestricted fund is held with the purpose of recording any donations received other than those with imposed narrower uses than the charity's overall objectives.
The balance held as restricted funds at 5 April 2025 was £Nil (2023: £50,000). The charity's policy in respect of restricted funds is to record separately any donations received where restrictions are imposed that are narrower than the charity's overall objectives.
The charity’s reserve policy is for the unrestricted funds should be sufficient to cover known commitments and two years of expenses. The target for this year is between £1,375,000 and £1,700,000.
The level of reserves held at 5 April 2025 are in line with the charity’s reserve policy which is dynamic and reflective of the funds raised and pledges made.
7
Docusign Envelope ID: 119122C9-5C59-4317-9F5B-5C2D0E8DC104
The Iceland Foods Charitable Foundation Trustees Annual Report and Financial Statements Year ended 5 April 2025
Going concern
The current financial statements show the charity maintains a strong cash position. In assessing the appropriateness of the going concern assumption, the trustees have reviewed forecasts and reviewed reasonable sensitivities, such as reduction in income and increases in operating costs.
The trustees going concern assessment, to the end of March 2027, reflects the latest forecasts for both income received via the annual store and golf fundraising events and include a view of future operating costs, taking into account annual inflation. These forecasts, along with the strong balance sheet position demonstrate that the charity has sufficient cash resources. As the expenditure is discretionary should the revenue decrease there would be a corresponding decrease in expenditure.
The charity has total liabilities of £152,211 for projects with grants pending in the next 12 months of £125,000 (see below). The balance held as unrestricted funds on 5 April 2025 was £3,815,064.
Grants Pending next 12 months
Prostate Cancer UK £125,000
The trustees have reviewed their current reserves policy, the current cash position, the latest forecasts for income and costs and the donations committed and granted by the charity. Based upon the information available, the trustees consider that the charity has sufficient liquidity to continue activities for at least the next 12 months and, accordingly, the going concern basis is adopted in the preparation of the financial statements.
Principal Risks and uncertainties
The principal risks and uncertainties faced by the charity are as follows:
Operational and financial risks from ineffective grant making and the capacity of the charity to make effective grants. This risk is mitigated by the trustees being involved in the grant making process with the knowledge that sufficient funds are available to award a grant. Grants are awarded to established charities who are required to meet appropriate financial regulatory requirements.
Cyber security is now a vital part of the Iceland Foods business and in extension the Iceland Foods Charitable Foundation. Our cyber security team work to protect our operations and data from internal and external threats. With phishing being acknowledged as the most common entry method for malicious actors, our employees are trained continuously on how to recognise and report phishing activity. This user training forms part of a layered system of defences against such attacks. We have a 24x7x365 Security Operations Centre (SOC) which monitors security events using our Security Information and Event Management (SIEM) platform. This, combined with the Prevention, Detection and Response function within the Cyber Security team, allows us to detect events of concern and then to perform containment, investigation, and remediation.
Key management reports, issues and actions are reviewed at regular trustee meetings. All projects are considered and reviewed as part of this process as well as the ongoing strategy.
Future plans
The charity will continue to make grants in line with the objectives and distribute income received.
Trustees’ Responsibilities Statement
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.
8
Docusign Envelope ID: 119122C9-5C59-4317-9F5B-5C2D0E8DC104
The Iceland Foods Charitable Foundation Trustees Annual Report and Financial Statements Year ended 5 April 2025
The Charities Act 2011 requires the trustees to prepare financial statements for each financial year. The trustees have to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.
-
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
By order of the board
Tarsem Dhaliwal 18 December 2025
9
Docusign Envelope ID: 119122C9-5C59-4317-9F5B-5C2D0E8DC104
The Iceland Foods Charitable Foundation Trustees Annual Report and Financial Statements Year ended 5 April 2025
Independent auditor’s report to the trustees of The Iceland Foods Charitable Foundation
Opinion
We have audited the financial statements of The Iceland Foods Charitable Foundation (the ‘charity’) for the year ended 5 April 2025, which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:
-
give a true and fair view of the state of the charity's affairs as at 5 April 2025 and of its incoming resources and application of resources for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Statement of Recommended Practice: Accounting and Reporting by Charities, 2019 Edition; and
-
have been prepared in accordance with the 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. 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 charity 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.
Conclusions relating to going concern
We are responsible for concluding on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the charity to cease to continue as a going concern.
In our evaluation of the trustees’ conclusions, we considered the inherent risks associated with the charity’s business model including effects arising from macro-economic uncertainties such as the cost of living crisis, we assessed and challenged the reasonableness of estimates made by the trustees and the related disclosures and analysed how those risks might affect the charity’s financial resources or ability to continue operations over the going concern period. In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
10
Docusign Envelope ID: 119122C9-5C59-4317-9F5B-5C2D0E8DC104
The Iceland Foods Charitable Foundation Trustees Annual Report and Financial Statements Year ended 5 April 2025
Other information
The other information comprises the information included in the Trustees’ Annual Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees’ 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 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or
-
the charity has not kept sufficient accounting records; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement set out on page 8, the trustees are responsible for the preparation of the financial statements which 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 charity’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 charity 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
- We obtained an understanding of the legal and regulatory frameworks applicable to the charity, and the industry in which it operates and determined which may influence the financial statements. Given the nature of its operating activities, the charity is subject to several laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements.
11
Docusign Envelope ID: 119122C9-5C59-4317-9F5B-5C2D0E8DC104
The Iceland Foods Charitable Foundation Trustees Annual Report and Financial Statements Year ended 5 April 2025
-
We determined that the following laws and regulations are the most significant which are directly relevant to specific assertions in the financial statements:
-
Those that relate to reporting frameworks being FRS102 and the Statement of Recommended Practice (“Charities SORP (FRS 102)”) and the Charities Act 2011 and the relevant tax compliance regulations.
-
We understood how the Charity is complying with these legal and regulatory frameworks by making enquiries of management and those charged with governance. We enquired of management and those charged with governance whether there were any instances of non-compliance with laws and regulations, or whether they had any knowledge of actual or suspected fraud. We corroborated the results of our enquiries through our review of trustee meeting minutes and through our review of legal and professional expenses.
-
We assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
-
Evaluation of the processes and controls established to address the risks related to irregularities and fraud;
-
Testing manual journal entries, in particular journal entries relating to management estimates and entries determined to be large or relating to unusual transactions;
-
Identifying and testing related party transactions;
-
Completion of audit procedures to conclude on the compliance of disclosures in the financial statements with applicable financial reporting requirements.
-
These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it;
-
The assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s knowledge of the industry in which the client operates in and understanding of, and practical experience through training and participation with audit engagement of a similar nature;
-
In assessing the potential risks of material misstatement, we obtained an understanding of:
-
The charity’s operations, including the nature of its revenue sources, expected financial statement disclosures and business risks that may result in risk of material misstatement and
-
The charity’s control environment including the adequacy of procedures for authorisation of transactions
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is 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 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's trustees 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 anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Grant Thornton UK LLP Statutory Auditor, Chartered Accountants London 18 December 2025
Grant Thornton UK LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
12
Docusign Envelope ID: 119122C9-5C59-4317-9F5B-5C2D0E8DC104
The Iceland Foods Charitable Foundation Trustees Annual Report and Financial Statements Year ended 5 April 2025
Statement of Financial Activities
for the year ended 5th April 2025
| Statement of Financial Activities for the year ended 5th April 2025 |
|||
|---|---|---|---|
| Note 2025 Unrestricted Funds Restricted Funds £ £ Income and Endowments from: Donations 3 1,084,310 - Investments 3 147,688 - Total Income 1,231,998 - Expenditure on: Charitable activities 4 (883,470) (50,000) Raising Funds 4 (309,509) - Total expenditure (1,192,979) (50,000) Net (expenditure)/income and net movement in funds 39,019 (50,000) Total funds at beginning of year 3,776,045 50,000 Total funds at end of year 3,815,064 - |
2024 Total Funds Unrestricted Funds Restricted Funds £ £ £ 1,084,310 2,295,228 149,870 147,688 140,718 - 1,231,998 2,435,946 149,870 (933,470) (1,079,236) (247,042) (309,509) (960,716) - (1,242,979) (2,039,952) (247,042) (10,981) 395,994 (97,172) 3,826,045 3,380,051 147,172 3,815,064 3,776,045 50,000 |
Total Funds £ 2,445,098 140,718 2,585,816 (1,326,278) (960,716) (2,286,994) |
|
| 298,822 3,527,223 3,826,045 |
There are no recognised gains or losses other than the net movement for the year.
The incoming resources and resulting net movement in funds arise from continuing activities.
The accompanying accounting policies and notes form part of these financial statements.
13
Docusign Envelope ID: 119122C9-5C59-4317-9F5B-5C2D0E8DC104
The Iceland Foods Charitable Foundation Trustees Annual Report and Financial Statements Year ended 5 April 2025
Balance Sheet
at 5th April 2024
| Note Current assets Debtors 7 Cash at bank and in hand 14 Total Current Assets Creditors Amounts falling due within one year 8 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one Year 9 Net assets The funds of the charity: Unrestricted funds 11 Restricted funds 11 |
2025 £ 6,731 3,960,543 |
2025 £ 3,967,274 (152,211) __ 3 3,815,063 - 3,815,063 3,815,063 - 3,815,063 |
2024 £ 73,895 4,321,391 |
2024 £ 4,395,286 (444,241) 3,951,045 3.951.045 (125,000) 3,826,045 3,776,045 50,000 3,826,045 |
|---|---|---|---|---|
These financial statements were approved by the trustees on 18 December 2025 and were signed on their behalf by:
Tarsem Dhaliwal Trustee
The accompanying accounting policies and notes form part of these financial statements.
14
Docusign Envelope ID: 119122C9-5C59-4317-9F5B-5C2D0E8DC104
The Iceland Foods Charitable Foundation Trustees Annual Report and Financial Statements Year ended 5 April 2025
Statement of Cash Flows
for the year ended 5th April 2025
| Cash flows from operating activities Net (expenditure)/income for the reporting period Decrease in debtors (Decrease)/Increase in creditors Interest received Net cash provided by operating activities Cash flows from investing activities Interest received Net cash provided by investing activities Change in cash and cash equivalents in reporting period Cash and cash equivalents at the beginning of year Cash and cash equivalents at end of year |
2025 2024 £ £ (10,981) 298,822 67,164 64,230 (417,031) 169,241 (147,688) (140,718) (508,536) 391,575 147,688 140,718 147,688 140,718 (360,848) 532,293 4,321,391 3,789,098 3,960,543 4,321,391 |
|---|---|
The accompanying accounting policies and notes form part of these financial statements.
15
Docusign Envelope ID: 119122C9-5C59-4317-9F5B-5C2D0E8DC104
The Iceland Foods Charitable Foundation Trustees Annual Report and Financial Statements Year ended 5 April 2025
Notes to the financial statements
1 Accounting Policies
1.1 Basis of preparation of financial statements
These financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with:
-
Statement of Recommended Practice: Accounting and Reporting by Charities (FRS 102 SORP);
-
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)
-
Charities Act 2011.
The charitable foundation constitutes a public benefit entity as defined by FRS 102.The functional currency of the charity is Sterling (£)
1.2 Going concern
The current financial statements show the charity maintains a strong cash position. In assessing the appropriateness of the going concern assumption, the trustees have reviewed forecasts and reviewed reasonable sensitivities, such as reduction in income and increases in operating costs.
The trustees going concern assessment, to the end of March 2027 reflects the latest forecasts for both income received via the annual store and golf fundraising events and include a view of future operating costs, taking into account annual inflation. These forecasts, along with the strong balance sheet position demonstrate that the charity has sufficient cash resources. As the expenditure is discretionary should the revenue decrease there would be a corresponding decrease in expenditure.
The charity has total liabilities of £152,211 for projects with grants pending in the next 12 months of £125,000 (see below). The balance held as unrestricted funds on 5 April 2025 was £3,815,064.
Grants Pending next 12 months
Prostate Cancer UK £125,000
The trustees have reviewed their current reserves policy, the current cash position, the latest forecasts for income and costs and the donations committed and granted by the charity. Based upon the information available, the trustees consider that the charity has sufficient liquidity to continue activities for at least the next 12 months and, accordingly, the going concern basis is adopted in the preparation of the financial statements.
1.3 Income Recognition
Incoming resources are included in the Statement of Financial Activities (SoFA) when:
-
the charity becomes entitled to the resources;
-
the receipt of resources is probable; and
-
the monetary value can be measured with sufficient reliability.
Incoming resources with related expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reported gross in the SoFA.
16
Docusign Envelope ID: 119122C9-5C59-4317-9F5B-5C2D0E8DC104
The Iceland Foods Charitable Foundation Trustees Annual Report and Financial Statements Year ended 5 April 2025
Notes to the financial statements (continued)
1 Accounting Policies (continued)
Grants and donations
Grants and donations are only included in the SoFA when the charity has unconditional entitlement to the resources, and where receipt is probable and the amount can be measured reliably.
Tax reclaims on donations and gifts
Incoming resources from tax reclaims are included in the SoFA at the same time as the gift to which they relate.
Investment income
This is included in the accounts when receivable.
Restricted funds
The restricted funds represent grants received for relevant specific purposes, which had not been spent by the end of the financial year.
Unrestricted funds
The unrestricted fund represents the funds to provide for the working capital of the charity and contingent expenditure.
1.4 Expenditure recognition
Liability recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources exists, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses involving support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
Grants with performance conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specified service or output.
Grants payable without performance conditions
These are only recognised 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.
1.5 Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition, or opening of the deposit, or similar account.
1.6 Creditors
Short term creditors are measured at transaction price.
1.7 Debtors
Short term debtors are measured at transaction price.
17
Docusign Envelope ID: 119122C9-5C59-4317-9F5B-5C2D0E8DC104
The Iceland Foods Charitable Foundation Trustees Annual Report and Financial Statements Year ended 5 April 2025
1.8 Financial instruments
The charity only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, like accounts receivable and payable.
Notes to the financial statements (continued)
1 Accounting Policies (continued)
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the SoFA.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the charity would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.9 Contingent liabilities
A contingent liability is identified and disclosed for those grants resulting from:
-
a possible obligation which will only be confirmed by the occurrence of one or more uncertain future events not wholly within the trustees control or;
-
a present obligation following a grant offer where settlement is not considered probable.
2 Significant judgements and key areas of estimation uncertainty
The Trustees consider there to be no items in the financial statements where they have had to make significant judgements in the process of applying the charity's accounting policies or key sources of estimation uncertainty.
3 Incoming resources
| Unrestricted funds £ Voluntary income Donations 429,570 Charity ball - Charity golf auction 654,740 1,084,310 Income from investments Bank deposit interest 147,688 1,231,998 |
2025 Restricted funds £ - - - - - - |
Total £ 429,570 - 654,740 1,084,310 147,688 1,231,998 |
2024 Total £ 557,886 1,450,000 437,212 2,445,098 140,718 2,585,816 |
|---|---|---|---|
18
Docusign Envelope ID: 119122C9-5C59-4317-9F5B-5C2D0E8DC104
The Iceland Foods Charitable Foundation Trustees Annual Report and Financial Statements Year ended 5 April 2025
Notes to the financial statements (continued)
4 Expenditure on Charitable activities
This charity undertakes its charitable activities through donations awarded to a number of individuals and institutions in furtherance of its charitable activities.
| 2025 | 2024 | |||
|---|---|---|---|---|
| Unrestricted | Restricted | |||
| funds | funds | Total | Total | |
| £ | £ | £ | £ | |
| Charitable activities: Institutions | ||||
| Donation - CALM Campaign | 352,500 | 0 | 352,500 | 300,000 |
| Donation - CALM Charity of the Year | 200,000 | 0 | 200,000 | 0 |
| Donation - The National Brain Appeal | 0 | 50,000 | 50,000 | 612,205 |
| Donation - Nacoa | 50,000 | 0 | 50,000 | 0 |
| Donation - St John Ambulance | 50,000 | 0 | 50,000 | 0 |
| Donation - Clwyd Riding School | 35,000 | 0 | 35,000 | 25,000 |
| Donation - Surfers Against Sewage | 25,000 | 0 | 25,000 | 50,000 |
| Donation - Maggies | 25,000 | 0 | 25,000 | 0 |
| Donation - CALM Snowdon | 22,080 | 0 | 22,080 | 0 |
| Donation - Cash 4 Kids | 20,000 | 0 | 20,000 | 0 |
| Donation - NI Hospice Child | 15,500 | 0 | 15,500 | 0 |
| Donation - Sepsis | 11,000 | 0 | 11,000 | 4,668 |
| Donation - ARUK | 10,120 | 0 | 10,120 | 101,000 |
| Donation - Rhos Male Voice Choir | 10,000 | 0 | 10,000 | 5,000 |
| Donation - Cure Parkinsons | 10,000 | 0 | 10,000 | 0 |
| Donation - The Boparan Trust | 10,000 | 0 | 10,000 | 0 |
| Donation - The Royal Air Force Benevolent Fund | 10,000 | 0 | 10,000 | 0 |
| Donation - ICMDA | 6,000 | 0 | 6,000 | 0 |
| Donation - Joseph's Challenge Altrincham FC | 5,000 | 0 | 5,000 | 0 |
| Donation - Solace Woman | 5,000 | 0 | 5,000 | 0 |
| Donation - The Chesire Wildlife Trust | 5,000 | 0 | 5,000 | 0 |
| Donation - Chester Gang Show | 2,750 | 0 | 2,750 | 2,500 |
| Donation - CALM Donations | 1,120 | 0 | 1,120 | 0 |
| Donation - Hope House | 1,000 | 0 | 1,000 | 100 |
| Donation - Brain Tumour Research | 1,000 | 0 | 1,000 | 0 |
| Donation - Dreams Come True | 100 | 0 | 100 | 0 |
| Donation - Dynamic | 100 | 0 | 100 | 0 |
| Donation - Forget Me Not Hospice | 100 | 0 | 100 | 0 |
| Donation - Macmillan | 100 | 0 | 100 | 0 |
| Donation - UCL | 0 | 0 | 0 | 150,000 |
| Donation - Action 4 Children | 0 | 0 | 0 | 25,000 |
| Donation - Clean Up Britain | 0 | 0 | 0 | 20,000 |
| Donation - JustGiving MyName5DoddieF | 0 | 0 | 0 | 5,000 |
| Donation - Missionaries of Charity Sri Lanka | 0 | 0 | 0 | 5,000 |
| Donation - Papyrus | 0 | 0 | 0 | 5,000 |
| Donation - Samaritans | 0 | 0 | 0 | 5,000 |
| Donation - The Joshua Tree | 0 | 0 | 0 | 5,000 |
| Donation - Alzheimer Society | 0 | 0 | 0 | 1,500 |
| Donation - Jersey Hospice | 0 | 0 | 0 | 1,000 |
| Donation - Cancer Research | 0 | 0 | 0 | 600 |
| Donation - Teenage Cancer Trust | 0 | 0 | 0 | 505 |
| Donation - Darby Rimmer MND | 0 | 0 | 0 | 500 |
| Donation - Future Dreams Trust Ltd | 0 | 0 | 0 | 500 |
| Donation - JustGiving ClaireHouseChi | 0 | 0 | 0 | 200 |
| Donation - Adoption Matters | 0 | 0 | 0 | 100 |
| Donation - Chester Nomads | 0 | 0 | 0 | 100 |
| Donation - Cleft Lip Association | 0 | 0 | 0 | 100 |
| Donation - Home Start | 0 | 0 | 0 | 100 |
19
Docusign Envelope ID: 119122C9-5C59-4317-9F5B-5C2D0E8DC104
The Iceland Foods Charitable Foundation Trustees Annual Report and Financial Statements Year ended 5 April 2025
Notes to the financial statements (continued)
4 Expenditure on Charitable activities (continued)
| Donation - Parkinsons Disease Society Donation - Prostate Cancer UK Donation - Royal British Legion Donation - Springhallow Donation - St Kenitgern Donation - Wellchild Expenses - Support Costs, Admin & Equipment Expenses - Equipment for Charitable Activities Expenses - Eqiupment for Charitable Activities Bank Charges Total Donations Total Expenditure Total Charitable Activities |
0 0 0 0 0 0 254,283 0 54,517 709 883,470 309,509 1,192,979 |
0 0 0 0 0 0 0 0 0 0 50,000 0 50,000 |
0 0 0 0 0 0 254,283 0 54,517 709 933,470 309,509 1,242,979 |
100 100 100 100 100 100 290,979 12,600 655,990 1,147 1,326,278 960,716 |
|---|---|---|---|---|
| 2,286,994 |
Total expenditure represents the running costs of the charity. No trustee received any renumeration for services to the charity during the current or prior period.
5 Staff number and costs
The trustees received no emoluments for their services, nor were they reimbursed for any expenses in the year or the previous year.
The charity does not employ any staff. The charity does not remunerate any key management personnel.
6 Taxation
No provision is required as all revenue is applied to charitable purposes which are exempt from tax.
7 Debtors
| Debtors | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Trade Debtors | 6,731 | 73,895 |
20
Docusign Envelope ID: 119122C9-5C59-4317-9F5B-5C2D0E8DC104
The Iceland Foods Charitable Foundation Trustees Annual Report and Financial Statements Year ended 5 April 2025
Notes to the financial statements (continued)
8 Creditors: Amounts falling due within one year
| 8 Creditors: Amounts falling due within one year | ||
|---|---|---|
| Accruals for grants payable 9 Creditors: Amounts falling due after more than one year Accruals for grants payable |
2025 £ 152,211 2025 £ - |
2024 £ 444,241 |
| 2024 £ 125,000 |
10 Auditors remuneration
Auditor remuneration of £7,500 during the current period (£7,500 during prior period) for the audit of the accounts of the Company was borne by Iceland Foods Limited.
21
Docusign Envelope ID: 119122C9-5C59-4317-9F5B-5C2D0E8DC104
The Iceland Foods Charitable Foundation Trustees Annual Report and Financial Statements Year ended 5 April 2025
Notes to the financial statements (continued)
11 Funds
Restricted funds
The restricted fund represents donations received in relation to money raised from the related parties for the objectives of expenditure in line with the ones communicated by Iceland Foods Limited.
Unrestricted funds
The unrestricted funds comprise a general fund.
Analysis of fund movements
For the year ended 5 April 2025
| Restricted funds: The National Brain Appeal Unrestricted funds: General fund Total or the year ended 5 April 2024 Restricted funds: Lady Walker Fund – Dementia Charities The National Brain Appeal Unrestricted funds: General fund Total |
Balance b/fwd £ 50,000 3,776,045 3,826,045 Balance b/fwd £ 70,922 76,260 3,380,051 3,527,223 |
Income resources Resources expended £ £ - (50,000) 1,231,998 (1,192,979) 1,231,998 (1,242,979) Income resources Resources expended £ £ - (70,922) 149,870 (176,120) 2,435,946 (2,039,952) 2,585,816 (2,286,994) |
Transfers Fund c/fwd £ £ - - - 3,815,064 3,815,064 Transfers Fund c/fwd £ £ - - - 50,000 - 3,776,045 - 3,826,045 |
Transfers Fund c/fwd £ £ - - - 3,815,064 3,815,064 Transfers Fund c/fwd £ £ - - - 50,000 - 3,776,045 - 3,826,045 |
|---|---|---|---|---|
| 3,826,045 |
For the year ended 5 April 2024
22
Docusign Envelope ID: 119122C9-5C59-4317-9F5B-5C2D0E8DC104
The Iceland Foods Charitable Foundation Trustees Annual Report and Financial Statements Year ended 5 April 2025
Notes to the financial statements (continued)
12 Financial instruments
| Financial assets Financial assets measured at amortised cost Financial liabilities Financial liabilities measured at amortised cost |
2025 £ 3,967,274 152,211 |
2024 £ 4,395,286 569,241 |
|---|---|---|
Financial assets measured at amortised cost comprise cash at bank and debtors.
Financial liabilities measured at amortised cost comprise grants payable creditors.
13 Related parties
During the year, donations of £592,905 (2024: £736,988) were received from Iceland Foods Limited, a related party by virtue of Sir Malcolm Walker, Richard Walker, Tarsem Dhaliwal and Paul Dhaliwal being trustees/ officers of both entities.
During the year, donations from trustees totalled £42,250 (2024: £196,750).
14 Analysis in changes in net funds
| At 5 April 2024 |
Cash flows | Non cash changes |
At 5 April 2025 |
|
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Cash at bank and in hand | 4,321,391 | (360,848) | - | 3,960,543 |
23