www.igd.com THE INSTITUTE OF GROCERY DISTRIBUTION Annual Report and Accounts For the year ended 31st December 2022 Registered Number l)0105680 Charity Number 309939
The Institute of Grocery Distribution Report and Accounts For th• yoar•ndgd 31 Docèmbor 2022 Contents Page TNstees' Report (including Strategic Report} Gioup Staletnont of FiDanrial AGtiwlies 11 Statements of Financial Posrtion 12 Group Statement of Cash Flows 13 Notes to the Accounts 14 Independent Audilorfs Rèport 27 IGD Board of Tfustees 31 IGD Senior Leadersh) Team
The Institute of Grocery Distribution Trustees, Report (including the Strategic Report) Forth& yoar gndod 31" Docombor 2022 The trustees piesent their report (including the Slrategic Reporti together with the financial statements for the year ended 31st December 2022. The tnjstees have adopted the provisions of tho Statement of Recommended Practice for AuntIng and Reporting by Charities Icharities SORP IFRS 1021 (Second editson- October 2019)). The report and the fin8ftcial stslemenls also comply with the requirements of the Companies Act 2006. Ob'ectives and activities As a charity, we exist to upskill people working in or lookin9 to join the food and consumer goods industry. Wè also manage initiatives driven by researth and best practi relating lo economics, sc4ence and technology in thè food indu$lry. Our Charitable work is fundetl by he Profrts frorn our trading subsidiary, IGD Services Limited, together with its two overseas based trading subsidiaries. The three companiès provide research and inswht based cornmercial servic8s to the food and consumer goods industry. We enable companies across the food and consumer goods industry to work together collaboratively across four key areas of focus,. Economics, Peoplè, Health and Sustainability. We seek lo increase the public nefjt we deliver every year by making a bigger impact on a larger numb8r of people and companies and we measure performance via pre-set tar9ets {KPlsl which are summarised in a charitable matrix. The targets aTe deTwed trom our annual business plan and aro agreed with the TTuslees. Due to nature of our programmes thp KPIS change every year. bul the overarching objective is to increase level of public benefit which we daliver. Threshold, bLKJget and stretch targets are set for each objective and in aggregate we achièved just over budgetfor the year. Specthcs for ea¢h area, including the focus foi 2023, ale detailed below. Summary It's been a turbulent 12 mtsnths for the food and consumer good$ industry. From the ongoing impact of COVID-19 to the repÈrcussions tsf Ihe war Tn Ukraine and soaring food pri infiation, our industy has rarely been out of the headlines. Kèeping the supply thain moving in the fa¢e of these challenges has been an enormous task., yet dèspite all this, our industry has continued to hèlp us drive change and makè 8 tangible differen to society, business and the individual. At IGD, we unlre and inspire the food and Gonsumer goods industry, lo mobilise il as a force for good. We use our unKiue ability to convene slakeholdors afXOSS the whole fvod and consumer goods supply ethain, to influènce thange across lour key areas.. Economics, People. Health and Sustainabilty. Wa are immensely proud ofour achievements over the last 12 months are delighted to share some of our hvJhlights below. None ofour work would be possible without the expertise and support of our industry advisory groups, networks, project groups. volunteers and of course. the te8m at IGD, who are passionate about making a tangible differènce. The funding for our soual impact work is derived from IGD'S trading subsidiaries. and we are genuinely gralefvl lo business85 for their fantastic support and investment our comrnercial insight 8nd expert18e, which enable us lo deliver these critical workstreams. To find out more about our work visit igd.com/social-Smpact. wtth indu overnment Our industry advisory groups and networks are critical in guiding our woth and ènabling busiriesses lo pariner wilh us to deliver 80(ial irnpacl. They also provide an opportunity for memb8rs to dévelop peer fteorkS and drive thought leadeiship for the whole induslry. Wts wolromed sr)rne new merllbers into our forums and lleorks in 2022 and engagernent a(yoss all our groups rtrmained high. Beyond industy, we continued to build influence with govemmenl departments and grow our network of other ¢riti¢al stakeholders that can help us to deliver graatèr Soeial Imp8c*. We remained engaged in a numbgr of Dgfra's offial fDfums, including the Focrtl Resilien Industry Forum, 118 Retailer Forum, the NI-GB Food Supply Chain Fotum and the Bio-securily Borders and Trade Programme BLssiness Readiness Forum.
Tho Institute of Grocery Distribution Trustees, Report (including the Stratagic Report) (continued) For tho year ended 31° December 2022 We fitinUed to nurture Strong relationships with offiGials in Defra and other govemment departments, sharing relevant insh1 and details of our work programmes in some key policy area5. induding hèalthy and sustainable diets, environmental labelling, youth unempk)ymenl. labour market and supply chain issues. We also continued lo foster strong relationships with key industry bodies such as WRAP, the Food and Drink Federation, the British Retail Consorbum, the NFU and the Consumer Goods Forum, crtraling partneTships and aligning our goals on common Ihewnes and topics. 2022 hiyhlights Both our February and September Poli¢y Issues Council meetings were attended by the incumbent Secret2ry of state for Enwronmenl, Food and Rural Affairs, alongside senior govemment officials. At our June Policy Iss¢Jes Council, invited speakers included David Kennady, Dir8ctor Genèral. Defra and Torsten Bell, Chief Executive of The Resolution Foundation. Special gu8sts also attended many of our other working group meetings. In September, Emily Miles, Chief Executive ol the Fo(xl Standards Agency and Professor Sandy Thomas. Director of the Gltsbal Panel on Agriculluie and Food Systems for Nulrilion, joined OL¢r Technical L8ad&rs' Fonjm meeting. Meanwhile in October, our People Leaders, Advisory Group meating indud&d discussion with John Shrop$hire, Chair of DEFRA'S independent review into labour shortages. Our Chiel Economist. James Walton, provided oral evidena8, alongside the British Retail Consortium and the Food and Drink Federation, lo the Housg of Ci)mmons Envlronmenl. Food and Rural Affairs IEFRAI Se5e¢t Committ09 Food Security Inquiry in November. Economics from IGD We support better strategic planning and decision-making for the bènefft ol society, through our economic analysis an engagement with policymakers. We deliver free analysis of the latesl @conomic and soa(Fe¢onomic trends, the policy landscape, and its impact on thoppers, to help organisations n)ake sensa ol th6 8xtèmal influÈn(*s on our industry. 2022 highlights In total, mor8 than 1,800 busine8$ leaders a1 ¢rilical 81akeholdets engaged with Ewnomw from IGD content in 2022. W& Continued lo track and monf(LY key ecL)nomic indicators and important policy devèlopments through our weekly Economics Bulletin, which now has mor¢ than 3,8W subscrfbers. Wo continu to shale OUT flagship Viewpoint from IGD reports in 2022- our quarterly deeper divè into the issues impacting our industry, with accompanying webinar. We also uealed two special reports on the specrfic ¢hall¢nge$ posed by foijd pri inflation and prodLKtiwly gap5. Our food price inflation forecast, first released in our Jun8 Wi8wpoint Speci818nd Subsequently updated in Novembor. was @xlensrvety covered across nation81 broad$1, print and trade media and generated eng8ggFnent wilh key govemrnenl slakeholdors. lofrom IGD Our ambition is to build a workforcè fit for the luturè, We focus on buildino people's vital employability and lrfe skills., developing the skills and capability of industry professionals,. and supporting businesses lo create indusive workplaces where everyone can thrive. In 2022, we built on our work ¢onne¢b"ng young people and industry professionals through virtual work expenence weeks and faalitated workshops, supporting companies lo deli¥&i their own lollow-up activities to the schools within their communities. W8 piloted a range of approachès to help our industry address fulurp skills shortages.
The Institute of Grocery Distribution Trust8es' Report {including the Strategic Report) (continued) For thg ygar ondgd 31 De¢embèr 2022 Peo le from IGD ntinuod We continued to grow our free leaming programmes, which give everyone in our industy the same opportunity lo build a great skills foundation. We develop our free learning CUTricuiutn with the support of a group of L&D professionals and our resources are available through slru¢tured rgjurses, videos. webinars and other onlin@ rèsources. Finalty, w& supported businesses lo create incluswe cultures and rnake lasting chang@, through our networks to shwe best pr8¢tiCÉ and our reverse mentoiing piogramme, which we significantly scaled up in 2022, 2022 hlghllghts.. In total, we Irainad 15,500 young p8ople through our èmployability piogiammes in 2022, 0 SOYO increase on 2021. with 98Q% of participants agreeing this helped develop their employability skill5. With support from companies, we've piloted a range of aclwilies to help connècl more than 500 young people with career opportunities, from nefv40rknng conversations, in-Glass ptactic31 workshops and on-site work experience days. In lolal. we delivered 17,5CKI free leaming hoLKS to industy colloagtjes In 2023, with 91 % ol partiapants agreeing the programmes contributed lo their personal (levelopmenl. OveT 500 companies 8ngagod wf(h our free leaming programme. Some 33 companies (130 p8rtnershlps) participated in our reverse m8ntoring programme, which creates a safe and collaborative space for leaders to hear the lived-in experiences o* those from under-represented group5, and supports mPanS to drive positi've wltural change. Our ambition is lo rnake haatthy and sustainablè diets easy for everyone, by mobilising th¢ industry lo drNe collaboration. We develop the leading source of pralCa1 business insights on shifting consumei behamour and provid& high-quality technical reSoUrS and tools to SUPPDrt businesses to deliver he8tthier and more sustainabk diets. sin 2019, IGD has joined forces with leading r8tsilers. manufacturèr9 3nd researchers at the University of Leeds, lo p theory into practice through a series of behaviour change trlals. Thls Ènables us lo capture and measure sale8 and nutrition data from oach intgwvenlion, to make recommendations on what actions truly drive long-lem behaviour change. 2022 hlghlights The resutts of four health behaviour change trials wlth retsilers were published in the autumn.. Reducing the of fruit and vegetables and the itnpact on consumer baskets Isainsbury'sl. Boosting Healthy Start Vouchers for low-income latnilies Isainsbury'sl. Pla¢ement of pLqnl-based products in the meat aisle (Asdal. Pla¢emènt of salads alongside Italian ready meals IM&S}. We raised awareness of our work thro¢Jgh a variety of external platforms indudirng the Consumer Go¢)ds Fotum Sustsinable Retsil Summit." Coming Together for Healthier Lives., The Grocer HFSS conferen¢e," tha Peas Please pledgef ¢x)nfer6nce'. and the International Food & Drink Event IIFEI. Feedback swres ¢o11gGlgd from oui Sndustry network meetings in June and October showed 93% 01 industry stakeholders agTee that IGD provides leading resources on h8althy and SuStsinab diets. ina from IGD Our ambition is to accelerate progress lowards a sUStainabl8 food and CCN)sumer gtsods system. We focus on mobilising Ihe industry lo harmonise environmental lab8lling across food produd$,' halve the environmental impa¢t of packaging systems by 2030,. halve food waste by 2030 and maxSmlse food surplus redistribution,. and accelerate the food and ¢onsum$r goods inilustry s transition to Nel Zeio.
The Institute of Grocery Distribution Trustees. Report {including the Strategic Report) (continued) For the yoarandgd 31° Dgcambgr 2022 inabili from IGD continued In 2022 we continued our work with industry to dèvelop a harmonised approach lo environmental labelling in the UK. Wè are lèd by scient, informed by eonsumer$. A Steering group of senior industry represonlalives. Defra and WRAP guidès wr decisiijns, with input frotn a larger consult group. Wo also worked wlh food and consumer goods businesses and other critical stakeholders 8cross the packaging system, launching a shared ambition lo halve the environmental impact of packaging systèms by 2030. The scope includos all packaging materials (not just plastics), and their environm¢ttsl impacts. Another of our aims is lo halve food waste by 2030 and maximise food sutplus diStribution. In 2018 we creat8d a frlod waste reduction roadmap with WRAP to hèlp food businesses target, measuie and act on waste moro (xnsislentty and gi th8mselvÈB a targèt for reduction. We continue lo encourage businesses to $1gn up lo the roadmap and report their foLNJ waste data. We also host an online redistribution hub, which h88 8 compiehensive set of sOurceS to acclerate progr&ss on food surplus redistribution. 2022 hlghlkJhts W8 have undertaken various phases of t>)nsumer research lo explore attitudes. understanding and preferences towards environmentgl labellir)g on food and drink products, lo rdentify what an effective labelling solution could look like. This has induded a wrtual reality industry trk41 with Co•OP, Morrisons, Sainsbury's and Tesco, to provide industry with insights to advance the progression of the label. We published our environmentsl labellin9 framewoik. which provides stakeholders with a compreh&nsive bul easy-to-digest overview of Dur Gurtent enmronfflentsl labelling scheme rocommèndations, based on our learnings to date. We published a report on Halving the Environmental Impa(ts of the UK Packaging System, with an acmpanying webinar attended by 42 companiès, and positive feedbad( from our industry working group 0135 organisations. Later in the year. we launched best practice guidance around standardi$ing lrfe ¢y¢b a&8e8smenl of packaging and a report on secondary and tertiary packaging. Packaglng reLtse trSals are underway and we will progress this workstream in 2023. We continued to Llrive the nurnber ol businesses committod to tsrgel. measure and act on food waste and achieved our target 221 businesses submitting thpii food waste data. Nine new case studies have been pubth'shed on our food surplLSS redislrib(rtion hub, showcasing n0Vale sohjtions to IneaSe surp5 iedistribution. Lookln 0 2023 To deliver Jtsn9-term, sustabnab18 socAal impact next year, we will be contirwously improving our &xisting. large-scale progratntnes and developing new innovations. In 2023, our arnbilion is to continue creating meaningful neoS that eapture a broader Vol of industry and oxtend the reach of oui social impact. We will continue driving engagement with industry, government and other criiical slakeholder8. ensuring our groups are inclusive, transparent and collaborative. will look lo inErease and deepen engagement with our thought~leading econtsmi¢ insight. ensullng il Temains r8lav8nt lo our audience and truly supports deasion-making in Dur indLJStry. On people, we will be glowing the scale of wr employability programm8s. Our pllots will Continue to promde vital w)sight and guidance to help more MPanIeS in 2023 lo develop a local skills Strategy, to lId r8lationships with schools and join up activity with key stakeholders within the edu¢atK>n and skills landscape. INe also wantto grow lh8 long-tem impact of our learning cL)urses for new starters. oarty careers and Ilne managers, as well as focus on creating a jtsined-up, long-lasting learning journey across lolal IGD. And we will be driving company engagement in our reverse mentoring programme and trying lo Iruty understand the long-term impact of this initiative. On health, we will provide a more regular drumbeat of recommendations to industry 8t a greater pace, as we continue devetoping our world-leading programme of behaviour thange trials lo inform industry action.
The Institute of Grocery Distribution Trustees. Report (including the Strategic Report) (continued) For thg yaarandgd 31 DgG•mbor 2022 Lookin forward to 2023 continued On sustainability, wa will continue to consult widely on our environmental labellirlg work acTOSS industry. govemrnenl and key $takeholder8, mowrig on with the next phase of the programme aswe look to inform the label des, swjporting dat8 and govemanc8 of any scheme. On packaging, we will aim to increase the profilo and level of commibnent from industry Iow8rds our 8mbilion and help industry over¢x>me barriers lo the widespiead adoption of reusable packaging systems by consumers. In short, we will be focusing on strategic prK)rrties wher8 we can mobilise our industry lo help us deliver long-temi, sustainable impact at scale. to ultimatèly ben8fit thè publi Govgrnan¢o $tw¢tuR and rnana ement IGD is a registerèd Charity (registration nurnber 3099391 and is conslituled as a company registered in England and lim(ted by guarantee {registration number 1056801. Our obj8Cts and powars we sel out bn our Memorandum and ACleS of Association. As a charity. we exist lo upskill people working in or looking to join the food and consumer goods industry. We also manage initiatives driven by sear1 and best pradice relalillg lo economics, science and téchnology in the food industry. When launching anything new, we check that il complies lully with the Memorandum and Articlès ol As8oa8lion and we regularly review all activities throughout the year. In these rewew5 we remind ourselves what we sèt out to achieve, what we have leamt. the public benefit delivered $0 far and the opportuniti'e5 to extend this. In doing so, we refer lo the Charity Commission's g8neral guidance on public benefit. The trustees consider that the charity has ojmplied with the duty in s8Ction 17 of thÉ Charities Act 2011 to have due regard to public benefit guidance published by the Charities Commission. The trustees regularly consider and discus$ how our existing and planned activities contribute to IGO'S charitable objectives and prabo to 8nsur8 th8t rgsources are used effiaenuy and doliver a satisfactory retum. The Board of Trustees is responsible for governing the ¢harty. The trustees can serve for a maximum of savèn y&ars. IGD is managed by a senior lèadership team and the Chief Executive Officer reports to the Iruslees. The membèrs ol the s8nior leadership team are listed on paga 32. Thè Nominations Committèè overseès the Board's composition making recommendations lo the Board of Trustees in the light ol sp&rific ller18 and the needs eated by retirements. Trustee appointments are based on the need for the Board to have the skills and exp8rienc8 from across the supply chain. antl piomding the appropriate oversight and scrutiny, govemance and aderShiP to IGD in pursuit of its strategies lo fvlfil its charitable purpose. All trustees undertake an induction programme to $nsuro they understsnd the activities of the charity and their role as trustee. Wa have an online document store promrling trusloe8 With instant accEss lo all rekvant rosources induding poliaes, minutès 8nd goveming documents. The Board of Trustees have adopted a formal s¢h8dule of malters reseNed for the Board and this is reviewed regularty. The Audkt Commttlee provides vver8ight of finanrAal reporting, risk and finanual control matters. The Rernuneration Committee is responsible for overseeing the remuneration for the Chief Ex8cutive and senior lèadership te8m al IGD. The Board ofTtustees also has a Succession Committee whith consider$ succession planning for the Chief Executbve Officer. Trustees consider the Charty Govemane Code and use it as a tool for developing best practice lo ensure that decisions are grounded in good govefnance. IGD rawards appropriately lo attra¢t and retain high calibre individuals who have the pot&ntial to graw and dèvelop. We also recognise and reward high performance so that our slandaTds and values are never comprorllised. This requires a fiexible approach to position our p8¢kages cornpetitively against a mix of comparators, bul primarily against the industry wè recluit from_ All pa¢k8ges are benchmarked to provide assurance thal reward packages 31e faw and sel al thè level apwopriate for the responsibility ol each role. Salaries aro detsTmined Dn appointrnent depending on th8 r@vant extemal market for the skills and experienTr required anLI are reviewed each year consvjering the external market (including general pay tr8ndsl, IGD perfomianco and affordability. All pay and bonus proposals for the ChiFf Executive and the senior le8dership team are approved by the Remuneration Committee.
The Institute of Grocery Distribution Trustees, Report (including the Strategic Report) (continued) For tho year ended 31 December 2022 Flnanclal review The source of funding for our charilable actmties is profrt from our wholly owned trading subsidiary, IGD Senrices Limited together with its two overse8S trading subsidiaries. Our trading business is a trusted partner with unrivalled insight and ft)résight aeross our industry. We give our customers a better unde151anding of how to unlock Success and where our industry is going. Our global insight enables us to deliver unique ¢omrn8rGial knowledge and capabilities. We make a diff8renc8 by giving our customèrs the ability to meet everyday challengos and adapt to changing fuiures. OUT trading and profitability in 2021 saw a signlficanl uplmt following the impact of the Covid-19 pandewnic in 2020 witr a 19°k uplift in revenue. A5 such. we budgeted for fvrther gro in 2022 wilh 8n upltft in ievenue of 12°kn1£17.4ml and budgeted surplus Df £0.3wn. During 2022 howevei, we saw uncertainty and Iufbulenco In th& food and customer goods industry with 8upply chaln issues including Èxceptional high energy prIS following the conflict in the Ukraine. This lèd to a slowdown in demand for Solutions Servi as potential customers ujt spending in re8ponse lo cost inflation. As such, Cur Solutions busine38 was £1.1m behind otjr budgeted numbÈr, leading lo lolal revenue being £0.9m behind budget although still 60h growth over 2021. A signth¢anl proportion of the shortfall in revenue was offset by cost savings, and 88 a resutt, our surplus on Irading adivilies was still £5m12021'. £5MI and this enablad us to invést £5.1 m {2021.' £4.1 ml in our charrtable activiéies and to spènd £0.2m on ¢apital investment. mainly updating IT equipmgnl. This meant that we had a sm811 deficit before investment losses for the year £0.2m {2021'. £0.9m surplus) as the strong result in 2021 meant that we could maintain our spend on charitable actiwlies in 2022. During 2022, we continued lo mov8 soma of our surplus cash into a managed mulli-assel investment fund with Cazenove Capital, as approved by the T[uslS in 2021. The objective of the investmtsnl policy is to protect IGD'S reserves Irom in11ation and to generate a retum above inflation to help fund fvture charilablo progr8mmes. The frjnd has been specifically designed for Charities and the fund adopts 8 rèsponble investment approach inl6gfating environmental, social and governan consideration8 Into 118 dec15ion making with the objective of creating long-lemi sustainable returns. During the year. a fvrther £3.96m was transferred from cashlshort tèrm bank deposits to the inve51menl fund, with a lurther £1m planned to be invested in 2023. As a resuh, our nel rrent assets have fallen by £4.1m but this would only be a slight fall of £0.15m excluding the ITansfer lo fixed asset invesknents. Group reserves Tho trustees have set a reserves policy which requires that serveS be maintained at a level whlch provides finan¢ial Stability and ensures that IGD'S charitablè activities ¢ouEd continue during a period of unforeseen d¢fficulty and Ihal a proportion of reserves be maintained in a readily realisable form C'free rèseNo$1. The trustees consider freè rèserves to be the amount of reserves that are easily converted into e2sh should the nead arise., they ex¢lude unieslricted ftjnds of £2.6m up in ffixed assets. Tha trustees assèss the reserves po]icy on an annual basi8 and have delemiin8d that IGD shcwld review fh¢1ovel of reserves in conjunction with IGD'S busin8ss plan and its requirement for investment in th8 future, considering the risks associated with rts incorn8 strèam. As a gurde the level of free reserves should be within the range of 3 to 6 months of planned expenditure. Al 31st Dember 2022. f& reserves Ilotal non-restricled reserves less fixod a8setsl were £8.3m12021.' £8.7ml, which equates to 5 months of planned expenditure12021'. 6 months) which is towards the top end of the policy approved by the Board, but given the high lev&1 of econotnic uncertainty, the Board of Trustees 818 comfortable with the posiliorb. The Board considers this to be an apprtspriate level of cover and the reserves will ensure that fijrther inv¢stfflenl can be made in IGtYs charitable programwnes and in capital invèstment lo underpin IGD'S long-lemi plans. As with previous years wé have undertaken a going conrn review and the Trustee5 are confidÉnt that we will remain a going coneém for thè lo$ee¥bIe fuiure.
The Institute of Grocery Distribution Trustees, Report (including the Strategic Report) (continued For th• yoar end 31" December 2022 Princi al risks and uncertalnties The risks the charity faces are rewewed as part of ow annual busin8ss planning ¢y¢le. Risks are prioriti$o(I by revièmng the potential impact, together wilh the likelihood of them oceurring. Mibgaling acbons are reviewed with owners a$$igned lo those actions. The risk regist¢r is reviewed on a regular basis and updated as appropriate and the trustees are provided with updates on major risks by exception al regular meetings. After taken into account the mitig8ting controls in place, the followirkg risks have b99n assessed lo be the major ongoing risks which could impact IGD: R•lèvance - the industry is facing many thallonges and we need to remain alert and be dear where IGD can add most value. Retaining the support of our stskeholders and the work of our industy advisory groups is critical to ensuring our work remains relevant and ultimatety delivers social 8conamic value. Rigorous strategic planning is essential 8ftd as a Charity we need to ensure we are putting the consumer al the forefront of our thinking. We need lo embed our brand values and behaviours and build IGD'8 PTofile ensuring that wa are 8Ctiofvorienled and are adding valu8 to our stakeholders_ Reputstional- w¢ need lo be mindful oflhe risk ofreputational damage, especially as we need to bo more purposeful and vocal to ensure we remain relevant. Managing thè risk ieward profile is key. Mor& politically sensitive areas suth as sustainability 1(1 result in adverse publicrfLy. but we need to remain loyal to our purpose and objècts. Financial - particularly the k)ss of income from IGD'S trading subsidiary. The key acion is @nsuftng we have a continuous programme of existing and new produ¢t development lo ensur8 our producls remain relevant for the industry. Ensuring we are listening to our customers and are Iiacking our cornp91itois is an Integral part of this proce8S. Our rèservès polh¢y and rigorous forecasting process ensures that we have SLrfficAant rasèrves lo withstand any unft>Fgseen events. • Inflation the most significanl dire¢l impact to u5 would be hh wage inflation as our external direct costs a relatNety low. There is howovei an indirect risk that inflationary cost pressures impact our customer base ieducing their appetite to invest in our products and seNces. We managè this risk with regular forecasting and regular conversations wi(h our ¢ustomers. People ttracling and ielaining talent is key lo us dèlivering our strategic objectives. This is relevant both at TrusleelDirector level and inlema15y. People and inlein81 communicatton plans have been developed and talent and succession planning has been embedded within our internal processes. Legal- as an industry facAng charity funded by trading activities, we need lo en8UTP we have the right processes and procgdures lo ensure we remain within charty law. In addition, we also need to be ahèad of other changes su¢h as the recently introducèd IR35, data proledion legislation elc. We also neod lo ensure we have robust procedures in place lo manage competition13w especially when we bring members of the induslrytogether. We tsk8 exiernal advi whenever needed and const3ndy review changes in regulations and our own processes. Operatlonal - we need to ensure we have the rigorous Prodre$, controls and risk mthgaling prour¢S In place lo deliver our operational plan. This includes having a tethnology plan whi¢h ensures our systems are secure and robust and a targèted marketing plan which respects and prole¢ts pui Stakeholders, data.
The Institute of Grocery Distribution Trustees, Report {including the Strategic Report) (continued) For thè ar ènded 31 Dèeember 2022 Subsidia com anigs IGD SèNees Limited is a wholty OWnj trading subsidiary cDmpany of IGD. The aim of this company is to provwje sources of funding for our charitable aclivities. IGD SeM¢es Limited has two wholly owned trading subsidiary companies. IGD Sgrvice8 {Canada} Inc. IGD Servlces (Singaportr) Pte. Ltd. Both share the aim of providing funding our charitable 8¢tivtties. Our trading subsidiaries are trusted partners lo the industry prowding unriv811èd insight and foresight on the food and consumer good industry. We give our Customers a better undeistanding of how to unlo¢k success and where our industry is going. Our global insight enables us to deliver unique commercAal knowlédge #nd capabilities. We make a difference by gimng our customers the abilily to meet everyday challenges and adapt to changing fylures. Our Online Insight Serwcos prowde intemaonal news, research and forward thinking 80 that our rStOMerS can gel a deepei understanding of industry. OLJr èvents portfolio bTings people together across the industry allowing attendees to gain a dagper understanding ol themes impacting their bu8ines8. Via IGD Solutions our customers can gain aCsS to our extensive expertise to get the scle business 801utions or training they r8quir8. Amhough revenue was £0.9m short of budget, 2022 still saw ievenue growth of 6% vs 2021 in a tough trading environment which saw the food and consumer goods industry face supply chain problems and eXpIlOnaJ energy Cost inueases. Restrictions due to the global Covid-19 pandemic were lifted and we deh'vered three successful largo fa lo face événts and fully resumed Iravel, enabling us to better meet the needs of our customers and belter provide the researth and insight we are valued for. See the Finanual ieiew on page 6 for furth8r dètal. Poo le at IGD People al IGD are pivotal in all w8 do. We rely on their knowledge, skills, intellectltal rlgour and p8$sion for the food and consumar good industry. Through our policies, practices and remuneration we aim lo be a good employer. We launched our new Peopl¢ Strategy in 2021 and the focus in 2022 has been ombedding il across th8 organisalion. Workstseams have been developed und8r the four key heading8 of How we Behave, How we Work. How we D&velop a1 How we Engage. Thi$ included a new hybrid woriang policy which etnpowered colleagues to find a pattern of working whh suits them, whlle ensuring connectivity and Creatsvily remained strong. Inclusion and Diversity has also been a key fo¢us and we are proud that we achievèd our key metrics of hiring 50°/o of people who recognise themselves as non-male and 30°/. who rècognise Ihem$elve5 as non-white British. In total 69 new colleagues joined us in 2022 and onboarding has been a key focus. Recognising that go(bd line management is paramount too success, all line management participated in a line management prOarnm0 dunno the year. Our annual staff survey achiev&d a fantAStic rèsponse rate of 95°A. The overall engagement score was marginally down on the previous yearfs score at 68 and a key focus in 2023 will embedding the new iecruits. collaboration bètwéèn teams and employee engagement. We have relaunched IGD Taskforce, which is the forum taskod toi be Ihe employ88 voice. This taskfor¢e includes representatives from auoss the org8nisalion and will help our engagement and wellb8ing strategy wing forward. Environrnental res onsibili The biggest positwe irnpact we make 1$ via our charitable programm85 which include working with the fo and gIry industry on sustainability and waste. However. we are also conscious of our own activities and impa¢l on the environmènt and have worked with externol sustainability CDnsultanls lo measur8 our su$l8in8bilrty or carbon footprinL We usa that data to infomi our decision making where enwronmenlal impact has a b8aring.
The Institute of Grocery Distribution Trustees. Report (including the Strategic Report) (continuedl For tho year ended 31. December 2022 Fundraisin Stat8rnen Section 162a of the Charitios Ad 2011 requires charities to make a statement regarding fijndraising aetivities. Although we do ntsl undertake any fundraising from the general public, th818gislation deffines fund raising as "soliciting or otherwl$e procuring money or other property for charitable purposes.. Suth amounts Teceivable would be presented in our accounts as knlunlary in¢orne° should we receive any and woukl include legacA8s and grants. The charity is not bound by any underlaking lo be bound by any regulatory scheme and the charity dces not consider it necessary to comply wth any voluntary code of pradice as it does not vndertake fundraising frorn the general public. ststement of trustee8' re8 onsibllitie8 Ttte names of the trustees who have acted in the year are glven on page 31. The trustees are responsibl8 for preparing the Iru51ees' annual rewrt, including the strategic report, arid the fillanal statements in accordanc& with applieable law and United ngdoM A¢countiThJ Standards (United lfjngdom Generally Aepted ACnting Practice). Company law requir6$ Ihè trustees to prepare finand81 slalements for each f5nanual year that give a true and fair view of fhe slateof affairsofthegroup and the par8ntcharity and of the incoming re80urces and appIatiOn ofresour¢os. indudlng the nel inwme or expenditure. ofthe group for the yèar. In preparing those financial statements the 1rustS are wuiied to.. selecl suitable accounting poliaes and then apply them (x)nsislentry,' observè thè methods and principles in the Charities SORP., make judgements estwnales that are reasonable and prudent., stale whelher applicable accounting standards have been followed. subject lo any material departures dlsclosed and explained in the finanu81 stslemenls., and prepare the financial statements on the going concam basis unlèss il is inappropriate to presurne that th¢ charity will wnlinuo in bu55ngS5. The Iruslees are responsible for keeping adequato aGcounling records that dSsdose th reasonable accuracy al anytime the financial position of the group and Ihe parent chartty and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assèts ol the gr¢)up and hence for taknng rèasonablg steps for the prevention detection of fraud and other irrpgularilies. SD far as 8ach of the trustees is aw9 at the time the r8wt is approved: there is no relevant audfc infomiation of which th8 company's 8udilots are unaware., and the trustees have taken all steps Ihat they ought to have tsken lo make themselves awar8 Df 8ny relevarrt audit infom*lion and lo establish that the auditors are aware csf that inlormation. Dlrectors, report The Trustees, Report incorporates inbmiation required in the Directors, Report for the company und8r the Companies Ad 2006. Audito A resolution foi the reappointment of BDO LLP will be proposed at th& forthcomlng Annual Genera1 Meeting. Tru es Roport lin¢luding thg Stratsgic Report) approved on bohalf of the Board of Trustees: fshin Amirahmadi Chair 28 June 2023
The Instituts of Grocery Distribution al and Administrative Infom)ation Prlnclpal Offlce Addres$: IGD Grang8 Lane Leld)more Heath Watford WD25 8GD Company registrntton number: 105680 Charfty roglstralion numbor: 309939 Company secretary: l Fish (appointed 30 May 20221.. J Basttman (to 3Q May 20221 Ll8t of Advig01S to IGD Auditors: Bt)0 LLP 55 Baker Street London W1U7EU BAnk•rn: HSBC 60 Queen Victoria Street London EC4N 4TR CAF Bank 25 Kings Hill Avènue Wesl Malling Kent ME19 4JQ The Co-operatlvg Bank 3-7 Market Street, Watford IND18 OPE Lloyds Bank Ple- TreaBury Faryners House 25 Monument Street London EC3R 8BQ Inv•stment Fund ManagèTS: Cozen0 Capital 1 London Wall Plac London EC2Y SAU Solicitors: Stone King Boundary House 91 Charterhouse Street London EC1M8HR Slaughter & May 1 Bunhill Row London EC1Y 8YY Pension Scheme Advlsors: Cloud Benèfits Ltd Unit 2 Courtyard Offices Braxted Park Great Br8XtetJ Wilham Essex CM8 3GA 10
The Institute of Grocery Distribution Group Statement of Financial Activities (Incorporating an income and expenditure account) Forthè year èndèd 31 Dècèmbèr 2022 Notss Total (General Funds) Total (General Fund¥> 2022 2021 In mga Charitable a[*¥ TradirvJ actiirities 16,499,170 15,587,358 Interest recaNable 1,480 TOTAL 16A17.316 15,588.838 ndltur• on. Raising funds 7a 111.548.2111 110,568,82n Charitable Bctsvib"es 7b 5,129.203 4,088.289 TOTAL {16.677.4141 114,656,116) Net lexpenditurevincome before investment Ilosses}Igains 1160.0981 933.n2 Net Ilossesljgains on investment assets 11 1292,0381 53,207 Net lexpenditurellincomo 1452,1361 986,929 Taxation 14,9441 11,4851 Gain on revaluaticrt of ¢verseas subsidiaries 10.670 6,574 Net movgmgnt In funds {446N101 992.018 Roconcllladon of funds: Tolaf funds kxou•)I loward 11,263.965 10.271947 Totsl funds carrted for4vard 9a 10.817.555 11 263965 Thè notès pag89 14 to 26 form part ofthe88 aCunts. All th8 above rasults are dérived from wntinuing activities. There are no other rEugnised gains or losses other than those slated above.
The Institute of Grocery Distribution Statomont of Flnancial Position 31" December 2022 Company NuMr 105680 GROUP COMPANY Nots 2022 20X Z022 2021 FIXED ASSETS Intsn9ible a8sots Tangle assets Inveslmeftts 10 10 113,2 2,438,901 7 681 169 10,233,972 1e3,700 2,427,309 4 013 207 6,604,216 8,056 2,C64.747 2,130,170 4313207 6.443,377 10,054.072 CURRENT ASSETS D8btOT Short-lemi bank deposits Cash al bank gnd in h3fKI 12 3.868.534 3,239,104 3,500,(KM) 6,255,868 219,436 4.745,660 4,551.976 1,593,611 8,420,51D 12,994,772 1,813,047 6,300,465 Creditors: Amounts falllng due wlthln one year 138 17,820,312) 18.288,9211 11271,640) 11,671,899) Net curr¢nl assets 198 4 705 851 541.407 Total assets less current Ilabllttles 10.834,170 11,310,067 10.595,479 11,D71.943 CrÈditorÈ: Amounts falllng due aftgr more than one year 13b 116.8151 146,102) Net assets 10 17 555 11283 965 10 S95 479 11071 943 The fundg of the ¢harlty: Unr¢stii¢i¢d fvnds Revaluation reserve 9,499.85S 1,317.899 9,925.773 1.338,192 9,277,580 1,317,899 9,733,751 1,338,1Y2 Total charity funds 10,817 555 11263 965 79 11071943 The Statement of Financial Activities forlh¢ year ended 31 December 2022 for the parent chariéable company only w88 a deficit of £476,464 {2021.' surplus of £807.092}. Approved and authorised for issue by the Board of Trustaes on 28 June 2023 8nd signed on its behalf by.. Colin Moss- Trustee and Chair ofAudit Conrniitee The notes pages 14 to 26 form part oflhese acc£)Lt. 12
The Institute of Grocery Distribution Group Statsment of Cash Flov Forthe year ended 31 December 2022 2022 2021 Net cash nerated (used bylllrom operating Activities 14 11,028,487) 1,788,736 Cash flows from Investtng actlvltlas: Interest reNed Purchase of intsngible fixed assets Purchase of tangible fixed assets Purchase of investrnent assets 18,146 110,OCOI 1223,3511 13.960,0(KII 1,480 1134,4301 1311,0361 13,960,IKMII cash fr(¥n Investlr actlvities 14.175,2051 14,403,986) Cash flows from financing acttvlles Transfer5 from short-tem bank d•Sit$ 3,SOO,LKiI 8C6,296 Nèt eagh providèd by financing actlvltles 3,500.0 606,296 Change In cash and ¢a$h •quival•nts 1703 692 Cash and cash equivalents atthe bp9lnnlng of the year 6,255,668 8.284,622 Cash and ea$h wuivalgfts atthe end of the year 4 551976 6,2S5,668 Th& notes on pagÈ8 14 10 28 ftsrm part ofthese accoun IGD has taken advantage ofth8 exemptlon under FRS102 not to prepare a statement of Cash flows foi the parent ¢ompany. 13
The Institute of Grocery Distribution Notss to tho financial statements For the year gnd¢(131" D¢cember 2022 1. Constitution IGD is a company limited by guarantee and not having a share capital. In the 8V@nt of a winding up, th8 members (who are the trustees) eath have a maximurn liabilty Of entY-fIVe pence. 2. Accounting Poli¢1 B•$i$ of Accounts The financial stalemÈnts have bèen prepared in accordanc8 with Accounting and R8POrting by Charitiès.. Slalement tsf Recommended Piactice applicable lo charities preparing their a¢cDunls in accordance wfLh the Finanaal Reporting St8nd8rd applicable in th8 LIK and R8public of Iraland IFRS 102) (effective 1 January 2019) - Charities SORP (FRS 1021), the Financial Reporting Standard applicable in the UK 8nd Republic of IRlan(J IFRS 1021 and the Conwanies Act 2006. IGD meets the definition of a public benefit entity ullder FRS 102_ A85ets ar liabilitie8 are initially recognised at historical cost or transaction value unless otherwise 81atsd in the relevant aC)Unting policy notes. Based on the budget, cash forecasts and the available liquid resource, the Trustees believe that there 1$ nothing which would cast doubl on the charity's ability lo contlnue as a going concern for the foTeseeable future, being a period of at lèast 12 months after date on which tha report and Financ4al Statements are signed. Although the confli¢t in Ukraine. rising commodity and energy prIS and ongoin9 labour shortages has little direct impact on thè IGD Group, thÈy are hawng an irnpact on consumers arKI tllany of our stakeholders. Titllesof unrtaInty can inevitabty impacllhe wider supply chain and the services businesses procure. but the Trustees consider that any impact is well within the scenario planning completed as part of the goin9 Gonrn review. The Trustees, thorefore, consider it approprialg for the accounts to be prepared on a going concem basis. Basis of Consolidation The consolidated financial stat8m8nts have bèan prepared, using th8 èquity method, for IGD and rts 8ubsidiary IGD SeNices Lirniled together with its sub$Kliaries, IGD Servi¢e5 (Canada) Inc. and IGD Services Isingaporel Pte. Ltd. The entity has taken 8x8mption from pr8s8nting its unconsolidat8d wofit and k)ss account tar seCtn 408 of Companie8 Ad 20(K. Ineom Income is 1hè amount rècèivable lor services supplièd and from subscriptions lor membership, exduding value added tax. Wnere income is recewed relating lo fuiure events (such a5 a conference or workshop) it bs deferred and treated as 8 creditor until the event has occurred. Vthere incorne is received relating lo a fixed period leg a subscription to on8 of our onlin8 sèrvicfrs or m8mbarship) th8 amoLJnt1s allocatèd acyoss thè len9lh of the subs¢riplion on 8 monthly basis #nd any portion relatin9 to a fLJlure period is deferred and treated as a ¢redf(or. DonatMJns recEived and fund-raising efforts are shown as income in Ihe year in which they ore ie¢eivable. Expenditurè Expenditure is allocated beeen costs of raising funds and costs ol chariiable actiVitS e0rdIng to thè actual spend fof èach r2tegory. Eypendiluie Bharitsble aclNiknes ale then furthei allocated between categories within (aritable expenditure on th basis of their function within the Charity. Any such costs where it is not possible to allocat8 in this way are allocated across the activities in the same proportion as those which are diredy allocated. Vvhere costs are apportiDned between these headings a consistent basis is used. Al Costs are ce(x)gnised on an accruals b8818. Trdnslation of Foreign Currencies Transactions denorninated in foreign currenaes are translated into sterling al lh8 rata applying on thè datè of the transaction. Yèar end balanCS stated in foreign CuTnCle8 arè transled into sterling at the relevant Bank of England curr8ncy rats on 31st Dpcember. All gains and1055es on translation of foreign Curren amounts are recognised as income or expenditure. 14
The Institute of Grocery Distribution Notès to the financial statements (continued) For the year end8d 31 Decambar 2022 Accounting Pollcles Icontinu•d} Intsfflgibl• Ass•ts Intangible assets relate to website developm8nt costs. elèctronically held databases and IP. Whpre 9P companies, websites are expecled lo generate future revenues in excess of the costs of dèveloping those websites and all other capitalisalion urteria are mel, expenditure on the functionality ol the Wèbsi Is capitalised and treated as an inlangibla fixed asset. The capttalised website development costs are subsaquéntly amortised to 'administrative' expenses on a straight line basis over 3 years, expt for those that are'assels under construcbon,. whérg no amort18ation charge is incuffed until the asset is complele. Tanglblè As$Èts Only assets costing over £300 are c8Pitalised. All fixed assets are staled at cost lor deemèd cost in the case of Fieehold Property). Depreciation is calculatad to write off Ihe ¢osl amount of the assets over their estimated useful Iwes as follows.. Land Buildings Building improvomenls Fixtures and fittings Office machinery & comwter softrare Computer Hardware Not depreualed 50 years Straight line 5 years straight line IO years reduung balan
5 yeafs reduc4ng balance 3 years straight line Impalnnant Policy Impairment revigws are ca1ed out where there is an indication that the re¢oveiable amount of a fixed asset is below its net book value and values of assets written down 8txordingly. Lo0$9S Rentals P8KI under operating leases are Ghorged lo the income and exnrture account on a straight-line basis OV8r the tetm of the lease. Resoarch Researth 8xpenditure is written trff ay it is incurred. Pension costs IGD op8rat8s a Group Personal Pension Plan, which is a delined contribution pension sch8rn8. Thé 8S88ts ofthe scheme are held separately from thos8 of the company in an independently administer9d fLJnd. The ¢L)sl is recognised based on what is charged in the period. Investments held as fixed assets Inve51rnenl values in subsidiary compAniès and are slated at cost less prowsion for impairment wher8 appJic8ble. Investmonts hold in inveslrllent funds are stated al the quoted value at the yearwend dale. Any movement in the value is shown as a 'not gain on investment value, in th8 accounts. Funds Funds are dassrfied under three main types.. Restricted.. These are funds th* have b&tsn received by the Charity for a purposè specrfied by the donor. General". Th¢se are the unieslricted funds held by the charity and ils subsidiary. Rèv8lu8I'on reserve.. The revaluation reserv¢ in respect of the building is amortised over 50 year8, in line with the deprèciation of the building The revaluation reserve represents th8 uplift in value recognised when adoptlng th8 lair value as deemed cost in 2015 under FRS 102. The reseN8 rèlating to spècthc funding for the building extensi¢n is classiffied a5 Restricted ftjnds and is aTnOrtised on s¢raight-lin8 basis to wiitè back the reserve over the estimated uselul lives of the assets to which it rel8les. All other funds ale classified as General. Key ludgement and a¢¢ounting esdmate5 PrtsvisiL)n is induded in the accountsforthe 2022 811-etnpSDyees tonus 8cheme. Tlevel of pay-out is determined by meawjrlng perf0rrnan against a pr&set Icv¢l of larggts for the 2022 calendar year. These key larg&ts were derived from thè busineas plan and wÉi9 8gr88d at Ihe end of 2021 by the Remuneration Committee and are aimed at driving pèrformanTr within the organisation. The rdevanttatgetswere achieved at the end of2022 and the bonu$w3s paid in March 2023, beforo the actsunts were approved. 15
The Institute of Grocery Dlstribution Notes to the financial statements (continued) For the year ended 31° December 2022 Nèt (Expenditurnillncomg N(nlUrÈ)lirthrne is ststed after c17arging= 2022 DeprerAalionlthortisatKJn Auditors. remun6rath.on 271,557 49.648 15,889 224,796 42,013 16,770 896 for audit services for other servi Indemnty insuran Operating lease rentals - plant and ma¢*ingry 394 Staff ¢osts 2022 2021 Wages and saar$ Soaal secLJrity costs Other wsion costs 9,727,337 1,132,463 9,106,771 1,(K)7,167 1 277,130 11.391.1)68 12,307 998 Total remuneration rec¢ivgd by the senior leadership team w8s £1,614,93212021-. £1,164,993). The penyon costs 01£1,448,19812D21'. £1,277,130I representthe CA)ntiibulions payable by the company to the Group PoTBonal Pension P5an. No CoAtribution5 were payable to the fund al the year end and includad In ueditorn.12021." £nill. Redund8n¢y. reslructuring and termination rxsts relating to a number of employees were £75.45312021. £131,800). The av8fBgè number Of permanent and temporary employees ol IGD dung th& yearwa$ 16812Q21'.1491. Hlgher paid wnployees 2022 number 2021 number £60,IX)1 to £70,OOJ £70,001 to £80,C(K) £80,(101 to £90.OL)J £90.001 to £100,CK)O £100.001 to £110,000 £110,001 to £120.0 £120,001 tr) £130.000 £130.001 to £140,000 £140,1 to £150,000 £180,1 to £170.000 £170.001 to £180,000 £180,001 to £190,000 £190.001 10 £200,000 £210,001 to £220,000 £290,001 to £3CM),000 15 17 10 51 51 The banding includes salaiies, bonus payments and payrnenls in lieu of pension eonthbutions made lo employa8s during the yO8r. Total pension contributions paKI In rèspect ol higher paid empioyees were £681.19412021.' £839.9781. No remun¢r8tion or 8XP8ns8s werè to Iruslees (see Nots 181. 16
The Institute of Grocery Distribution Notes to the financial statements Icontinued) For the y•ar •nd¢d 31" Do¢embgr 2022 4. Intèrest re¢oivab10 2022 20Z1 Ba depo&t interest re1vable 18.146 5. Taxation on tho Surplu8 on Ordin8ry A¢tiviti•$ 2022 2021 Analysis oftsx charge in the yèar. Current Taxation.. UK Corporats'on tax on Profits oftrè y88r Ise& 5bl Under provision Irom prior year Isee 5bl Canadian Income tax on Profits of the year Tax on profil on ¢ydinary activitEs Factots affecting ts tsx charge for the year.. IGD Servi5 Ltd trading profft on ordinwy actiwlies before tax (note 8a) 4,940,938 4,842,074 Profit on ordinary activities multt"l8d ty th8 standard rats tsf corporation tax of 19%12021'.19PAI Effects ot. D8fbrr8d tax not recogni Fixed assetdifferen¢e8 Expenses not deduciible lor tsx purposes Charitable donatnS paid through equity 938,778 919,994 10,452 110,7511 130,3041 28,058 162 1917,9101 938,53S Totsl tsx tharge for the year IIGD SeNiee8 Lldl 17
Th8 Institute of Grocery Distribution Notes to the financial statements {continued Forthe yoar¢nd¢d 31" 06Mber2022 6. Income 2022 2021 Trddlng a¢tlvltlo5.' Membership subscriptions Insight based SeNiS 2.893,587 13 605.803 16A99.170 2,998.034 12 589,324 15,587,358 Charitable acllyities: 16 99 170 15,587.358 Expondlturo 7a. Spllt of expendlture On raislng funds 2022 2021 Dlrect cost8 1.1)44,89LI 642,788 AdrnlnLstratlve expen8e8: Staff msts DepreciationlAmorti8alion Other admin costs 8.915,e40 171,490 1,350,654 8.593,524 143.390 1.128342 10A37,784 9,885,256 GovernarKe costs: Auditorn, remurEration -for audit services -lor other serm8 49,648 42,Q13 16.770 10 $66 827 11548,211 7b. Split of expendfture on charitsb actiVTtie¥ Sustain- ablllty Econornl¢ Analysis 2022 Total PeDpI8 Health Dlract ¢osts'. 383.707 122,712 621.se1 35,683 1,164,0 AdmIntratE¥o expenses.. Staff costs Deprection 0th8r admin ¢x)sts 992.358 29,770 140.631 1,162,759 783.481 23.504 111.030 918,015 7,481 ,504 111,030 918,015 776.369 23.289 110024 909.682 3.335.689 11K).067 472.715 3.J8,471 Gov•rnanc• costs: Stsff Costs 16,859 13,310 13.310 13,1 1563 325 1,054037 1,553,26fj 958,555 5 129,203 18
The Institute of Grocery Distribution Notes to the financial statements (continued} For the year ended 31" December 2022 7b. Spllt of exponditur• on charitable actlvltles Icontinu•dl Sustaln- ablllty Economi Analysls 2021 Total People Hoalth Dlrect costs: 306,776 119.193 373,249 34.398 833,616 Administrativg •xponsas: Staff eosts DeprecÈatn Other admin costs 843,g53 25.202 116.317 985.472 681.690 20.35e 93.953 795,999 807,161 18.131 593.310 17,717 81.772 692,799 2,726,114 81.408 375 723 3,183.243 708.973 Govornan¢o ¢0$ts: Staff Co8tÈ 22.113 17.862 1S,909 15,548 71,430 1.314.361 933,054 1.098,131 742.743 4,088,289 8. a. Net Income of Troding Subsidiary IGD has a wholly owned subsidiary, IGD $ems mItsd Iregi8tered office.. Grange Lar, Letchmorè Heath, Walford, VI25 8GDI The company provides insight based s¢rvi¢es including online information servIs. events, customised solutions and training serVIS to companiès mainly within ihe food and consumer Qd$ industry. It donates its taxable profits to IGD and 8 summary of its trading results is shJMI below. Auditsd accounts are fil& annuolly wlh the Registrar ofcompanies. Profit and Lo¥$ A¢rount 2022 2021 Tumover Direct expenses Administration expenses 16,499.170 I1,044,8) 110,527,649 15,687,358 1642,788) 10,1Q3,87 (*erating surplua Interest re1vable Dividend r1Vable 4,926.631 14,307 4,840,694 1.380 Profil before taxation 4,940,938 4,842,074 Taxatic Profit Bftar t8x8b.on 4,940,938 4,842.074 Aft Aid Payment RètainÈiJ profft in Subsldlary 4 940 938 4.842.074 Total assets Tot81 liabilitiès 7,144,056 6,773 534 11,630.222 11,250,700 Shartholders, fijnds 370,522 370,522 19
The Instituts of Grocery Distribution Notes to the financial statements Icontinuedl For the year 8nd8d 31 D8c8mbor 2022 8 b. Net Income Of Canadian Subsldlary IGD Setvi¢es Lirnit¢d has a wholly i)wned subsidiary registered in Canada, IGD Services (Canada) Inc. (registered oifice- Impart Law Professional Corp, 700- 34 King Street East, Toronto, MSC 2x9, Canada) incorporated under the Business Corporations Act of Onlario on 5 October 2010. The company provllles insh1 and contsnt $8rvieAs lo IGD Sèrvices Ltd and strengthens our global research proposition. 2022 2021 Turnover Direcl expenses Administration expenses 202,943 117,658 193 279 112,055 Profit before taxation 5,P)J3 Taxation 14,9441 11,4851 Retained wofit IIGD Servlces Icanadal Inc.) 4.720 4.118 Total assets Totsl118bilities ShaTtholder5' funds 433,623 1360,8561 72.767 1366,3771 82,432 8 c. Net Income of Slngapore sudIary IGD Sarvicès Limitad also has a wholly owned subsidiary registered in Singapore, IGD SeNces {Singapore> Pte. Ltd. Iregislergd office.. clo Associate5 CoTporale Setvices Pte, Ltd., 80 Robinson Road, )¥02¥JO, Singapore (E88981 incorpordled in Singapore on 15, February 2018. The company provid8s insight and CDntènt serviee$ to IGD Services mited and strengthens our research proposthon across Asia. 2022 2021 Tumover Management ch8oe ineome Direct expen5e5 A<lmlnistrallon expenses 253.841 247,550 239 179 Profit laxab.on 14,W2 14,298 Taxati Retalned profft IIGD Servlces {Slngaporel Pte. Ltd) 14,682 14,298 Total assets Total lia.11"•S 91,299 126,6451 73,260 126,4811 Shareholders, fvnds 46,799 20
The Institute of Grocery Distribution Notes to the financial ststements (continued) Fortho y•ar endod 31" Dècember 2022 9. Categor15atlon of Funds Unmtrictsd Funds IGroupl'. RgvHluall¢)n reserve Othèr unrestrlcted funds Total general funds Fd brought forw8rd Net deficAt before Ilossesllgains Loss on Invèstsnént assèts Taxation Gain on revaluats.on of ov8rsaas subsidiariès ReseNes transfer Flmd carried forward 1,338,192 9,925,773 1160,0981 1292,0381 14,9441 10,670 20 293 9,499,656 11.263,965 {160,0981 1292.0381 14,9441 10,870 20.293 1.317,899 10 817,655 Unre8trictsd Fd9 Icompanyl: Revaluatlon other unrestrictgd funils Total goneral fund Fund brought forward Net defiat aftertaxati Loss on investfflenl 8ssets RÉ8erves transfer Fund carried forward 1.338,1W2 9.733,751 1184,4261 1292,0381 I1,071.3 1184,4261 1292,0381 1.317.899 9,277.$80 10,595 479 b. Analysts ol Net Assets {Group) Genèral 2022 D88ignated 2022 Ttx 2022 Gènèral 2021 Deslgnatod 20 Total 2021 Fix8d as80ts 8.918 073 1,317,899 10 233,972 5,266.024 Currenl assets: Cash at bank a)d in hand Short-temi bank deposits Other cyrrenl asset 4,551.97e 4,551,976 8,255,668 3,500,000 3.239 1Ch4 12,994,772 6,255, 3,500,00) 3.239.104 12.994,772 8,420,510 8,420,510 Creditors less th8n one year 7,820 312 8.288 921 8 288 921 Net current aett 800.198 4 705.851 Total ats 1088 eurrnnt 9,516.271 1,317.899 10,834,170 9,971,87S 1,331192 11.310,067 Creditors du8 aft8r more Ihan ono year 16815 46.12 46.102 Not Ass•ts 9,499.656 1317 899 10,817,555 9,925.773 1.338,192 11,263.965 21
Tha Institute of Grocery Distribution Notes to the financlal statsments (continued) For the year ended 31 December 2022 9. CatsgorJ9ation of Funds lcontinuedl b. An3lysi$ of N•t As$ots ICompany} General 2022 DeslBnatsd 2022 Total 2022 G•neral 2021 Deslgnated 2021 2021 Fixed assets 8736173 1317 &J9 1D 054 072 Curr&tt assets.. Cash at bank and in hand other IxJrr8nt ass8ts 1,S93,611 219,436 1,813,047 1,593,611 1,554,8C6 1,554,805 4.745.880 6,300.465 1,813.047 8,300.465 Creditors le88 than one year 1271640 1.271.840 Nèt curr•nt assets $41,407 4,628.566 4.628.586 NetAssots 9 277 580 1,31Y,899 10.595.479 9,733,751 1.338,192 11.071,943 10. Intangib and Tangible FLxed Assets a. Group-Tanglblo Ass•ts Freehohj propèrty Bulldlno Improv'ts Fixtures and equlpment Cost At 1 January 2022 Additions Dlsposals I Wn"te offs 2.205.148 350.711 32,700 145.9981 1,033,9Y2 190,651 11C().1501 3.589,791 223,351 1146,1481 At 31 December 2022 337,413 1,124,433 Aecumulatèd dè At 1 January 2022 Chargè for the year Ch'sp05als I Write offs ¢iation 3,244 30,503 131,318 59,845 145,9981 897.920 121,411 1100.1501 1,162,482 211,7Sg 1146,1481 Al 31 December 2022 363.747 145 1e5 719,181 1228 093 t book At 31 December 2022 1841401 2,438,901 A131 Drnber2021 1,871,904 219.393 336.012 2,427.309 IGD has tsken the option in FRS102 to u% th¢ latest valuat ofthe freehold propety as deémèd cost 8t the transition date of 1 January 2015. 22
The Institute of Grocery Distribution Note5 to the financial 5tatsments (continued) For the year end•d 31 Deeèmbèr 2022 10. Intsngiblo and TangTbio Fixod Assets (continuèdl b. Group- Intanglbl• Ass•ts Sofvare W•bslt•s Ip Total Cost At 1 January 2022 Additions Transfers At 31 Decmtèr 2022 249.790 793.569 1,043,359 10,0( 10.OCM) 793.589 10,0(KI Aeeumulatèd ortisation At 1 Jariuary 2022 Chargé for thè yéar At 31 December 2022 86,090 57 854 143,944 793,5e9 879,659 793.5e9 939 457 et book value At 31 December 2022 105,846 At 31 Det%mlxr 2021 163.7QO 163.7QO e. Company- Tanglble A8¥ets Froehold prop8rty Bulldlng lrnprowts Flxtures and equlpment Total Irrtanglblg Tangiblg Co8t At 1 January 2022 Addiltons 2,205,148 350,711 32,700 159,201 2,71S, 32.7 45.998 2,701.7e2 10,OQK) At 31 December 2022 2.205.148 337413 159.201 10.0(KJ Accumulatè At 1 January 2022 Charge for th8 y88r 333,244 30,$03 131,318 59 845 45,998 145,165 120,328 7,775 584,890 98,123 45.998 At 31 DeTrrnter 2022 363.747 128,103 Net bo At 31 E¢emr 2022 01 192 248 31.098 2 064 747 At 31 Dee£mr 2021 1,871,904 219393 38,873 2.130.170 23
The Institute of Grocery Distribution Notes to the financial Statements (continued) For th• y•ar ended 31" December 2022 11. Investments . Group Undortakiry Icompany) 2022 20 Shares at ust IGD servIs Limited IGD Limikd 3CK),000 1) 300,000 3,100 30D,000 IGD Limitsd was incorporat¢d on 28 ne 2022 and had remain8d dormant $incx incL)fpoTabon. 2022 2021 b. Other investments (Group and Company) Value at 1° January Investment during the yèar Fair value movement Impairment below c4)st 4,013,207 3,%0.0( 153.207 238,831 3,0,c 53.207 Value at 31 D8cemb&r 7,$81,169 4,013.207 OuriThJ the year, the Company h8s continued to move some of its cash surplus lo a multi-ass8t inv•stmÈnt frJnQ managgd by Cazenove Capital as a long-letffl investment in ord8r to maximise reluTns. The fund ha$ boon specifically designed for cherits.es and adopts a reswnsible investment approach int8graling ènviroftmental, social and governance considèralion$ into ts $10 Tllaking with Ihe obj¢dive of ueating long-term suslainable relums. YE is invested mainly irt globa equities and bonds. The historic (x)st ofthese irtrvestments is £7.920.OOD12021'. £3,,001. 12. Dgbtors Grow) C¢)mpany 2022 2021 2022 2021 Trade debbrs Amount du& frcm grow) u)dertaking 0th8r d8btors Prepayments and accrued Inolne 3,302,372 2,&55.027 4,486 159,251 4e,1es 9,534 1,159 4.574,295 36,914 133.292 52,481 513.701 44,541 339.536 3.239.104 4,745.680 13. a) Crnditoys: Amounts falling due wlthln on9 year Group Company 2022 2021 2022 2021 Trade creditors Amount ow8d by group undertaking Taxation and 80¢7al security AwKuals Deterred Isee 13cl 802,384 580.159 235.752 100 295,886 712.087 27.815 181,945 807,96 1,014,014 5,195,054 786,939 1,549,344 S.372,479 271.195 1,234,944 3,815 7 820 312 1 671899 24
The Institute of Grocery Distribution Notes to the financial statemants (continued) For th• year endèd 31" OÈ¢ember 2022 b) Croditorn: Amounts falllng duè after morn than one year Group Company 2022 2021 2022 2021 Deferred income Creditors falling due after one year corllpra8es deferred incomè frjr 3ubscript.ons whith lall lEYcd 31" D8mber 2023. Mov8mgnt in defèrred income Group Company 2022 2021 2022 2021 Dèfèrrèd Ino)rne brouthtforward Released in the year Income dèferfftd in the year 5.418.582 15,372,480) 5,165.567 5,841,340 15,818,412) s,,854 3,815 33,355 133.3551 3,815 24,OCKJ S.211.669 5 418 582 27,815 Deferred incom8 tMpriSeS income invoid br subscriptions, membership. training and events whith tsll beyond 31° DeCemr 2022. 14. R•¢onciliaUon of n•t l•xpendlture>fincome to Opevdting Cash Flows 2022 2021 Net lexpend1turÈllin[D8 Investrnenl income Dopre(x8tionlamorti8ation charges Profil on rev81uation of overseas subsiithary reserves Decreaselllncreasel in revaluation of investments Ilncr8asèl In debtors IDÈcre8selllncrease in cwjitors 1452,1361 118,1461 271,557 10,670 292,038 1634,3741 498,096 11,028,4871 988.929 11,4801 224,796 6,574 153,2071 177,4931 702617 1,788,736 Taxation pald Nat cash ILLged byllgenorated 0rating a¢twiUes 1 028A87 15. Ro¢onriliation of N8t Cash Flow to Movement in Funds 2022 2021 (DaSe) in cash for tha yèar 1,703 692 2 008,954 Movement in n•t funds forthe year {1.703.6921 12.008.954) Net ndS at 1 January 6,255,668 8,264.622 Not funds at 31 December 4.551.976 6,255,668 25
The Institute of Grocery Distribution Notes to the financial statements {continued •t Forthe year ended 31 Decgmbgr 2022 16. Analysis of Net Funds Balance 31 Dec 2022 Balance 1 Jan 2022 Cash Flows Cash at bank and in hand 6,255,868 11,703.6921 4,551,976 Total tfund8 6.255,668 11,703,692 4 551,976 17. Lease commitments 2022 2021 Minirnum fiJture lease commitment. Due within one yr Due 2-5 years 394 394 None of the above lease c£)mmltrngnts are in respect ol land and lIldin3. 18. Trusteos. Roimbursements No r¢imlxJr8ernerts were made in 2022 or 2021 in r8$[t of Trustees, expenses. No Trustee has receiwj ony lomuneration in 2022 or 2021 for thèir role as Trustee. 19. Relatod Party TransacVon$ TheE were no related party Iransactions in er 222 or 2021. The Compary has taken advantage ofthe exemptlClS 8vailaNe in tems of the requlremenl lo th8dose transactons with group companies on the grounds that consolidatsd financial statements Are prèpared. EGO and its Jb8idiaries prowde prolts and serwces to the bUnesseS m8nb.oned on page 31 in whith Irusteesldirectors ar• kay managernenl personnel. How?vor. in acLordance vith para. 33.4 of FRS102 these are not Con&dér related parb"e$ on the ba&s that none of the trustees or direclors have control ov?r those businesses. 20. Results of thg parent company As a consolidated Statement of Finanual Activities 18 pu1$hed, a saparAtè incA)me and expendrturo 8ccount for th& parènt undertakirKJ is omitted frotn the group accDunts by virtue of secbon 408 of the Companles Act 2([. The deficit for tho year retained In the books ol thg parent undertaking was £476.464 12021.. surpbJs £807,0921. Totsi net income of th8 parent undertakiThJ was £4,940,939 12021.. £4.842.0741 being the Gift Aid reeeivéd from IGD SeNces Ltd of £4,940,939 12021.. £4,842,074) 21. Capltal Commthonts At 31 Dgcernber 222 the Group was eommitted lo pIt spe1 of£55,CQO12021.' £nill. 26
The Institute of Grocery Distribution Independent auditorfs roport to th8 mombers of Thg Institute of Grocory Distribution Oplnlon on the financial st•tements In our opinion, the financial slalemenl5'. give a true and fair view ofthe statè of the GfOUP'S and ofthe Parent charitab Company's affairs as at 31 December 2022 and of the Group's inming ie$ources and applicalicsn of resources for the year then ended- have been properfy prepared in accordance walh United Kingdom Gener81ty Accepted Accounting Practice,. and havg been prepared in accofdance with the requirements of the Companies Act 2006. We have audtted the financial StatentS of Tha Institut8 Of Gro¢Èry Dtstribution l.the Pargnl Chatttable Compan) 8nd ils subsidiaries l.the Group? br the year ended 31 December 2023 which oomprise the group statement of finaneAal a¢tivilies {in¢orporating an inci)me and expenditure account), tha group and charity balan sheets, tho gfOUP Statement of cash ftows ané notes to the finanaal siatements, including a summary of significant accounting policAes. The finanei81 reporting framework that has bogn applied in their preparation is applicable law and United Kingdom Ac(y)unling Standards, including Finan¢ial Reporh"ng Standard 102 The Financial Raporting Stsnd&rf applicable in the UK and Reputs1 of Ilnd (United Kingdom Generally Aepted Accounting Practice). Basls for oplnlon We conducted our audit in accordance with International Standar5 on Auditing IUIQ IISAS IUKII and appli¢ablo law. Our résponsibilities under those slanttards are further described in the Audilorfs responsibilities for the audtt of the finanrAal statements sèction of our report. We believe that the audtt evidence we have obtain8d is sufriaent and approprialp lo prowde a basis for our opinion. Independ8nce Wo remain independent ol the Group and the Parent Charilablo Company in accordance th the ethical requiremants relèvant to our sudi( of thè financial statements in the UK, including Ikse FRC'S Ethical Standard, and we have fvlfillod OUT other 8thical respDnsibilitigs in accordance with these rEquirements. Conclusions related lo goAng ¢on¢om In auditing thè financial statements, we have concluded that thg Tiustees, use of th8 going concern basis of aGcountlng in the preparation of the finan81 statements is appropriate. Based on the work we have perfonned, we have nol identified any material unc6rtainties rebbng to events or ndItn8 that, indiwdualty or o)Ilectivety, may cast significant doubl on the Gioup and the Par¢nt Charitable Company's ability lo continue as a going ooncern for a peri(Kl of at least twèlve months from when the tinancial statements are authorised for issue. Our responsibilits.es the responsibilities of the Trustees whh respect to going concem are described in the relevant sedions of this report. OtherlnfornTatlon The Tiustees are responsibia for other infom8lion_ The other information comprises the infomiation includad in the Annual Report and Ac(x)unls. other than the finanrAal statement$ and our auditor's report thgreon. OLJr opinion on the financial slatomonls doe5 llotcovertre otheT 1nfDmiatn and, ext*pI to the extent otherwisg ¢xpli(itly slated in our report, we do ncrt express any fomi of assurance condkjsion Ihereon. Our responsibility is to read the other information and. in doing so, consider whether the other inforrnation is materially inconsistent with the financial statements or our knowledge obtsined in the audft or otherwise appears to bè materially misstated. If we identify such material inconsistencies or 8pp8renl material misslatemenls, we are requir6d to dplermine whether there is a material mi851alement in thè finan31 staternents themselves. If, based on the work we have performed, w8 conclude th81 there is a material mi5Statement of this other infomiation, wè are required to i?port that facL We havè nothlng lo report in this regard. 27
The Institute of Grocery Distribution Independent auditor's report to the members of The Institute of Grocèry Distribution (continued) Other Companio$ Act 2006 repong In our opinion. based on the Work undertaken In the course of th& audlt.. the information given in the Trustees. Report. which indudes the Directors, Report and the Strategic port prepared for thè purposes of Company Law, forthe financial year ft>r which the finanaal statements a prepared is consistent wrth the financial ststemonls," and the Strat8gic report and the Dire(knrs' ReporL whKh aro inclurtod in the Tw$tee$' Report, have boen prepared in accordance with applS¢able legal requirements. In the light ol the knowledg8 and understanding of the Group and the Parent Charitsble Company and ils environment oblainetl in the coursa of the audit, W8 hav8 not identified material misslatemenls in the Strategic report or th8 Trust88s' report. We have nothing to port in rèspect of th8 following matters in relation to whth the Companies Act 2006 r8quires us to report to you if. in our opinion; adequate acGounting records have not been kept by the Parent Charitable Company, or returns adequate for our audit have not been received frorll branches not visited by us.. or the Parent chaTtiab Company financial ststemenls are not in agreement with the accounting Tecords and retums.. or certain dis¢losures of Directors, remleratiOn specnled by law are not made., or we have not received all the infotmalion and explanations we requ¥e for our 8udl(," the trust88S W8ré not entitled to prepare the financial stslemenls in acCDrda with the Small cornpanie8 regime lake advantsgÈ of the sm311 companvas, exemptions in preparing the difectors, report. Responsibilititis of Trustees As explained more fully the slalemenl of trustees, responslblllties, Ihg Trustees Ivtho ar& also the dlrectors ol the Gharitable wmpany for the purposes of tpanY lawl are responsible for the preparation of the financial statements and for bèing satisf ad that they give a true and fair view, and for such inleinal control as the Trustees determine is neSSary to enable Ihg preparation of finanaal statements that are free from material misslalement. whèther due lo fraud or error. In preparing the financial staternents, the Trustees are responsible for assessing the Group's and the Parent Gharitable Company's ability lo ¢)11Ue as a going con¢ein, disdosing, as applicable, matlers related lo going conrn and using the going con basis of accounting unless the Trustees ei(her intend lo liquidate the Group or the Parent Charitable Company or to ¢ease operations, or have no realislic altemative bul lo do so. Auditorfs responsibilities forthe audhof the Ilnancial statements W8 have been appoinlgj as auditor under the Companre8 Act 2006 and iepurt in a¢[dance with the Act and relevant regulations made or havSng effect IreUner. Our objectives are to obtain reasonable assurance about whether the finanaal statemonts as a whole are free from material misstatement, whelheT due to fraud OT error, and to issue an auditoi's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducled in accordance with ISAS (UK) will aKvays detect a material misstatement when it exists. Misstalemenls can arise from fraud or error and are considered material rf. individually or In the aggregate. they Could rèasonably be expècted to inffluènce the economic derAsions of usèrs taken on the basis ofthese flnancial ststwnents. 28
The Institute of Grocery Distribution Independent auditorf$ report to the members of Tho Instituto of Grocery Distribution (continued) Extent to which the gudit was Capable of det&cling IgulaI1tieS, including rud Irregularrbes, including fraud, are instanS of non-compliance with laws and re9ulations. We dèslgn procedures in lin8 with our responsibilities, outlined above, to detect material misstslements in respect of irregularities. induding fraud. Thè extent lo which our procedures are Capable of detecting irgUIar1Iie$, including fiaud is detailed below.. Non-compliance with laws and regulabons Based on.. Our understandin9 of the Group and the sector in which YÉ oparat8s'. Discussion with manement and those charg8d with governance including the Audf( Committee-. Obtaining and understanding of the Group's policies and procedlwes regarding Compliance with laws and regulakn'ons,. and We consKlered the signthcant laws 8nd regulations to be Ihe UK Tax legi8lalion, FRS102. Companles Aot 2[6, Corporate 8nd VAT legislation. Dats protection regulations, Employment Taxes, Health and Safety and the Bribery Act 2010. Th& Group ig also subj8Ct to13ws and règulations wherè the Nsequence of non-complian could have a rnalerial pffect on the atnount or disc105uies in the financial Statements, for exarnpl8 through the imposition of fines or litigations. We idenlffied such laws and regulalHJns to be UK Tax legislation. Dats protection regulations, Health and Safety and Ihg Bribery Act 2010. Our pr¢)¢edure8 in Spect of th8 above included: Rewew of minutes of meeting ol those charged with govemance for any instsnc*s of non-compliance with laws and régulations., Review of correspondencè with r8gulatory and tax authorities any in8tances of non-compliance with laws and regulations", Review of finan¢k81 stateMt disdoswes and agreeing to supporbng docum8ntation'. and Review of legal ¢xpendituro aCunts to undèrstsnd the nature of expenditure inojrred. Fud We assessed the susceptibility of the finanal 51alemenls lo material misslatement, including fraud. Our risk assessment procedures indud8d'. Enquiry with management and those charged with governancè induding the Audit Committee regarding any known Of suspected instancas of fraud., Obtsining an undeistsnding of the Group's poleS and procedures lating lo- Detecting and responding to the risks of fraud- and o Inlemal controls established to mitigate risks related to fraud. Revipw ol minutes of meoting of those charged wrth goveman¢e foT any known or suspected instances of fraud,. th'5CU5sion amongst lh8 engagement te8m as lo how and where fraud rnighl occur in the financial stslemenls., Performing anatytical procedures to identfy any unusual or unexp8Cted relationships that may indicate risks of material misstatement due lo fraud.. and Considering remyneration incentive Schemes and perforniarKe laTg8ts and thè ralated ffin8n¢ial statement areas impacted by these. Based on our risk a59essmenl. we considered the areas most susceptible lo fraud lo be improper rev&nu& recognition as well as management OV8rrid8 of controls through the use of joumal entries and bias in si9nffiGanl avK)untSng stim3t8S. 29
The Institutè of Grocery Distribution Independent auditors report to the members of The Instituta of Grocery Distribution (continued) Our procedures in respect ofthe above induded.. Testing a sample of joumal entritss throughout the yeai, which met a defined risk criteria. by agreeing lo supporting documentaliun., Assessing signifieant eslwnates made by management for bias, induding depie¢iation ratès for assets, accruals, yearend bonus, bad debt provision and going concern a5sumplions. Rewewng revenue recognition as well as assessing cul off for revenue in finanaal ye8r. We also ¢omnwni¢ated r@levant identified laws and regulations and potential fraud ri8ks lo all engagement team members and remained alert to any irbdicatrons ol fraud or non-complian with laws and regulatioNs throughout the audit. Our audit procedures were deswned lo rèspond to risks of material mi$ststement in the fin8nci81 statements, recognisirwJ that the risk of not detecting a material misstatement due lo frauij is higher than the risk of not detecting one resulting from error, as fraud may invOe deliberate concealment by, for example, forgery. misreprés8nlalions orthiough collusion. Thère are inherent limitatnS in the audil procedures perfomied and the further removad non-compliance with laws and Tegulations is from the gvents and traftsactions refflecd in the fin8ncial statements. the less likely we are lo become aw8re tsf it. A furth deSIptIon of our responsthlltfjes kn the audit of the finanal statements is located al the Financial Reporting Council's fFRC's'l website at- hltpS..Ilbw.lrc.Og.u1adI1orsreSPonSlbI7rt1és. This description foims part of our auditorfs report. Uso of our r•port This réport Is ffjade solely to the Ch8ritable Company's members, as a body, In accordan with Chapter 3 of Part 16 of the Companie8 Act 2006. Our audit Work has been undertaken so that we might stale to the Chari18ble Company's members thosè mallers we arè required to stale 1¢> them in an audilorfs rèport and for no other purpose. To the fullest extent permitted by law, we do not acp1 or assume responsibility to anY(e other than the Charitsble Company and the Charitable Company's m8mbers as a t)ody, for our audit work, forthis rept, orfor the opinions we have formèd. SMdby.' C9A7C7396A35I56 Laurence Elliott {Senior Slatulory Auditor) For and on behaw of BOO LLP, statutory 8uditor London, UK Dat8 05 July 2023 BDO LLP Is a limited liability p8rtn8rship registsied in England and Wales (with registered rwmber OC3051271. 30
The Institute of Grocery Distribution Board of Trustees and IGD Servicos Llmitod Board of Directors Forthe year endod 31 Decemb•r 2022 The following is 8 list of Trustees and Diieclor8 who have served since of January 2022 unless ststed olhwwise. Trustee of IGD nd Dlrector of I D SeNl¢es L lan Morky Vice President Sales Northern Europe Procter & Gamble Jill Ross (resigned Dèc 20221 Chief Executive Officor Colin Moss Senior Dire¢lor- Finance Transformation Mars Natasha Adams Chief Executive Officer, Ireland Tesco Afshin Amirahwnadi {appoinled Fèb 2022) Managing Diréctor Arla Food8 Lindsay Boswell {resSgned Mar 2023) Chief Executivé Officer Fareshare.org Andrew Clappen Ir8Slgned Dec 2022) Food TethnKal Diredor Marks & Spencer Chris Whiifield Chiel Operating Dlrg¢tor COperative Food orag Freathy MD Business & Industy UK & Ireland Compass Ruth M¢Donald (appointed Jun 20221 Corporate Se[W$ Director Wm Morfson Supermarkets RieJ)8rd Sharp Wice President Hum8n Resources Unllèvei tor flGD rvlces Ltd Br8dley Mocie UK S8le8 Director Nestle Purina Petcare Michael Evans Group Communications Director Greencore GTOUP Satn Burslon Diredor of Nectar and Loyalty Sainsbury's Chris Walker Wi Pr8sid8nt Asda 31
The Institute of Grocery Distribution Sonior Loadership Team Forthe yèar •nd•d 31st DÉcemb•r 2022 IQD'S cu nlor Leadershi Team Susan Barrett Chief Ex8cutiv8 Officèr lan Fish Chief Financial Officer Naomi Kissman Soaal Impact Director Nick Downing Commercial & Insh1 Dyector Sarah Baldock Marketng and Communications Director Lix Clarf(son People Director 32