IGO
www.lgd.com
THE INSTITUTE OF GROCERY DISTRIBUTION
Annual Report and Accounts
For the year ended 31st December 2023
Registered Number 00105680
Charity Number 309939

The Institute of Grocery Distribution
Report and Accounts
For the year ended 31$t December 2023
Contents
Page
Trustees, Report (including Strategic Report)
Group Statement of Financial Aclivilie5
Statemenls of Financial Posilion
12
Group Statement of Cash Flows
13
Notes to the Accounts
14
Independent Auditor's Report
27
IGD Board of Trustees
31
IGD Senior Leadership Team
32

The Institute of Grocery Distribution
Trustees, Report (including the Strategic Report)
For the year ended 3151 December 2023
The truslees present their report (including the Stralegic Report) together with the financial statements for the year
ended 31st December 2023. The trustees have adopted the provisions of the Statemenl of Recommended Practice for
Accounting and Reporting by Charities (Charities SORP {FRS 102) (Second edition - October 2019)). The report and
the financial statements 81so comply with the requirements of the Companies Act 2006.
Ob'ectives and activities
As a charity, we exist to upskill people working in or looking lo join the food and consumer goods industry. We also
manage initiatives driven by research and best practice relating to economics, science and technology in the food
industry. Our charitable work is funded by the profits from our trading subsidiary, IGD SeNices Limited, together with its
Iwo overseas based trading subsidiaries. The three companies provide research and insight based commercial services
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, People, Health and Sustainability.
We seek to increase the public benefit we deliver every year by making a bigger impacl on a larger number of people
and companies and we measure performance via pre-set targets (KPlsl which are summarised in a charitable matrix.
The targets are derived from our annual business plan and are agreed with the Trustees. Due to nature of our
programmes the KPIS change every year, but the overarching objective is to increase the level of public benefit which
we deliver. Threshold, budget and stretch targets are set for each objective and in aggregate we achieved just over
budget for the year. Specifics for each area, including the focus for 2024, are detailed below.
Our 2023 charitable achievements
Summary
Over the last 12 months, the food and consumer goods industry has contended with high inflation alongside the effects
of low economic growth and ongoing labour shortages. Supply chains continue to be challenged by an unstable global
landscape and changing regulatory environment while, closer to home, UK households are expected lo see living
slandards lower than pre-pandemic levels by the end of 2024. The food industry needs to make progress in overcoming
these challenges while amplifying the need to work together to build a heallhy, sustainable and resilient food system.
11 has never been more crucial to continue bringing the food and consumer goods industry together, lo ensure
stakeholders across the whole value chaln work collaboratively to make a positive difference on the issues that matter to
us all.
IGD aims to be the essenlial partner to a thriving food and consumer goods induslry. We have a unique ability lo convene
stakeholders across the whole food and consumer goods supply chain, to influence change across four key areas: people,
health, sustainability and economics. We are immensely proud of our achievements over the last 12 months and are
delighted to share some of our highlighls below.
None of our work would be possible without the expertise and support of our Industry Forums, ne￿OrkS, project groups,
volunteers and of course, the team here at IGD, who are passionate aboul making a tangible difference. The funding for
our social impact work is derived from IGD'S trading subsidiary, and we are genuinely grateful to businesses for their
fantastic support and investment in our commerGial insight and expertise, which enable us to deliver these critical
workstreams.
To find out more about our work visit igd.comlsocial-impact.
in
with indust
and
overnrnent
Our Industry Forums and networks are critical in guiding our work and enabling businesses to partner with us to deliver
social impact. They also provide an opportunity for members to develop peer networks and drive thought leadership for
the whole industry.
We welcomed some new members inlo our forums and networks in 2023 and engagement across all our groups remained
high.

The Institute of Grocery Distribution
Trustees, Report (including the Strategic Report) (continued)
For the year ended 31st December 2023
with indust
and
overnment
contlnued
Beyond industry, we continued lo build influence with government departments and grow our network of other critical
stakeholders that can help us to deliver greater social impact.
We continued to work closely with policy makers across key government departments including the Department for the
Environment, Food and Rural Affairs (DEFRA), the Department for Health and Social Care (DHSC) and the Department
for Work and Pensions {DWP), sharing our insights to support evidence-based policy making. Examples include our
inflation forecasts, economic resilience, our research on diels and behaviour change, and recommendations for a
harmonised approach lo environmental labelling for the UK food syslem. We also continued to foster good relationships
wilh key industry bodies such as WRAP, the Food and Drink Federation, the British Retail Consortium, the NFU and the
Consumer Goods Forum, creating parlnerships and aligning our goals on common themes and topics.
2023 highlights
At our March Chief Executive's Forum, we welcomed the Secretary of State for Environment, Food and Rural Affairs. We
also held meetings in June and September that were well attended by a spectrum of experts and senior government
stakeholders.
We have provided an authoritative voice on food inflation
offering accurate forecasts and briefing key stakeholders,
including industry leaders, DEFRA, the Bank of England and the Competition and Markets Authority.
We took 8 significant role leading the workforce sub-committee of the Food and Drink Sector Council, in
responding to the recommendations in the Independent Review into Labour Shortages in the Food Supply Chain.
A record-breaking 22,500 yOLJng people have been trained through our employabilily workshops and work
experience this year.
We continued lo deliver a world-leading programme of behaviour change trials in partnership with Leeds
University and the University of Aberdeen, which was recognised by the prestigious ESRC Celebrating Impact
Award.
We delivered a set of recommendalions for a 'harmonised approach, to environmental labelling for the UK Food
System, based on extensive research and engagement with industry, academia and technical consultants.
Economics from IGD
We support better strategic planning and decision-making for the benefit of society, through our economic analysis and
engagement with policymakers. We deliver free analysis of the latest economic and socio-economic trends, the policy
landscape, and its impact on consumers, to help organisations make sense of the external influences on our industry.
2023 hlghlights
In lolal, more than 2,000 business leaders and critical stakeholders engaged with Economics from IGD content
in 2023.
We continued to track and monitor key economic indicators 2nd important policy developments through our
weekly Economics Bulletin, which now has more than 4,100 subscribers.
We continued to share ourflagship Viewpoint reports in 2023- our quarterly deeper dive into the issues impacling
our industry, with accompanying webinar. We also created two Viewpoint special reports on the specific
challenges posed by food price inflation and rebuilding resilience.
Our food price inflation forecast issued in June 2023 as part of the Viewpoint special report achieved high levels
ofengagemenl from the media and key stakeholders. Ourfood inflation forecasts have informed key stakeholders
including the Treasury, Defra, the Bank of England and the Competition and Markets Aulhority.

The Institute of Grocery Distribution
Trustees, Report (including the Strategic Report) (continued)
For the year ended 3151 December 2023
Peo
le from IGD
Our ambition is to build a workforce fit for the future. We focus on building people's vital employability and life skills.,
developing the skills and capability of industry professionals,. and supporting businesses lo create inclusive workplaces
where everyone can thrive.
In 2023, we built on our work connecting young people and industry professionals through virtual work experience weeks
and facililaled workshops, supporting Gompanies to deliver their own follow-up activilies lo the schools withln their
communities. We rolled-out a wide-reaching employability pilot in Yorkshire, in partnership with local education
infrastructure, The Careers and Enterprise Company and major manufacturers and retailers based In the region.
2023 highlights:
We provided free learning for more than 2,800 people from over 400 companies. who this year took part In our
mentoring programmes, our New Starter Skills course and our two-part New Manager Skills course.
The largest learning intake ofthe yearwas our New Starter Skills autumn intake where over 800 people took part.
Some 5,000 people have taken part In the course over the past five years.
A record-breaking 22,500 young people have been trained through our employabiliiy workshops and work
experience this year, with 93 % increasing their understanding of how skills are used in the world of work.
We launched our new partnership toolkit to support our industry to independently engage with schools and
colleges. Many companies are now commilled to delivering local psrtnerships as part of their atlraclion strategy
for 2024.
On our Inclusion and Diversity Reverse Mentoring Programme, 86/0 of participants agreed that they had
developed their knowledge as a result of the programme, with 86 % agreeing they feel inspired to do something
differently.
Health from IGD
Our ambltion is lo make healthy and sustainable diets easy for everyone, by mobilising Ihe industry to drive action. We
develop the leading source of practical business insights on shifting consumer behaviour and provide high-quality
technical resources and tools lo support businesses to deliver healthier and more sustainable diets.
Since 2019, IGD has joined forces with leading retailers, manufacturers and researchers at the Universily of Leeds, lo put
theory into practice with millions of people through a series of behaviour change trials. This enables us to capture and
measure sales and nutrition data from each intervention, lo make recommendations on what actions truly drive long-lerm
behaviour change.
In 2023, we continued lo build stronger links with policy makers al the Department for Health and Social Care, the Office
for Health Improvement and Disparities, the Food Standards Agency, the Forensic Science Service and the Welsh
Government, raising awareness for our work via external speaking engagements. In 2023, our experts participated in a
Sainsbury's parliamentary briefing and spoke al the Retail Institute at Leeds Beckett and the CDRC Data Partnership
Forum at Leeds University. We have further developed strong conneGtions with the Industry Nutrition Strategy Group and
Nutrition Network.
2023 highlights
In 2023 we published two reports.. one looking at the reformulation of products in response to the HFSS legislation
and one updated product development and reformulation guide. to steer industry towards improving the nutritional
quality of products.
We continued to lake part in an exciting academic collaboration to analyse population level supermarket
transaction data from multiple retailers, to evaluate the impact of the HFSS legislation, with results due at the end
of 2024.
In July we published results from a research project on consumer attitudes to Ultra Processed Foods, showing a
high level of shopper confusion on the topic.
The team were asked to contribute an editorial to a virtual issue of Ihe Nutrition Bulletin, the British Nutrition
Foundation's journal. The issue and editorial, "Changing the Relail Food environment" explored the research
from academia, including IGD'S programme of trials, on how lo nudge consumer behaviour towards healthier and
more sustainable diets.

The Institute of Grocery Distribution
Trustees, Report (including the Strategic Report) (continued)
For the year ended 31st December 2023
Suslainabilit from IGD
Our ambition is to accelerate progress towards a sustainable food and consumer goods syslem. We focus on mobilising
the industry lo harmonise environmental labelling across food products. halve the environmental impact of packaging
systems by 2030,. halve food waste by 2030 and maximise food surplus redistribution., and accelerate the food and
consumer goods indLrstry's transition to Net Zero.
In 2023 we Gontinued our work with industry to develop a harmonlsed approach lo environmenlal labelling in the UK. We
are led by science, informed by consumers. A steering group of senior industry represenlatives, Defra and WRAP guide
our decisions, with input from a larger consultancy group.
We also worked with food and consumer goods businesses and other critical stakeholders across the packaging system,
to further our shared ambition lo halve the environmental impact of packaging systems by 2030. The scope includes all
packaging materials (not just plastics), and their environrnenlal impacts.
2023 highlights
Significantly, we delivered recornmendalions for a harmonised approach to food environment labelling to
government as the culmination of a two-year programme and extensive consultation process across industry,
academia, government and the third sector. We aimed to engage with 50 wider stakeholders over the year to
inform our approach and exceeded that target, reaching 94
As testament to the significance of our environment labelling work, we informed a deep-dive feature article on the
topic of IGD'S recommendations lo government for the food industry's key magazine The Grocer.
We published IGD'S Sustainable Packaging Choice Tool and Supermarket Heat Map in April, with positive
feedback from industry. This enabled our stakeholders to belter understand the impacts and opportunilies for
sustainability per product category. Our packaging team also made strides towards the ambition lo halve the use
of plastics in the supply-chain by 2030, by delivering a series of over-subscribed sustainable packaging
workshops with C-suite colleagues al five major retailers and manufacturers.
The packaging team attended the Innovation Forum in Amslerdam, sharing the stage with partners Anthesis and
Hubbub, and paving the way for further engagements from partners and businesses wishing to work on their
sustainability packaging stralegies with IGD.
We strengthened our relationship with WRAP, laying the foundation for handing over delivery of our ambition,
with the aim of maximising the reach and impact of the work via WRAP'S global network. This will enable LIS to
belter align our resource and expertise to most effectively drive action.
Lookin
fO￿ard to 2024
To deliver long-lerm, sustainable social impact next year, we will be continuously improving our existing, large-scale
programmes and developing new programmes of research and impact delivery.
In 2024, we aim lo be the trusted convenor of the industry, driving action and leading positive Ghange, thereby playing a
central role in securing a healthy, sustainable and resilient food system for the UK.
We will look to increase and deepen engagement among industry leaders with our Ihought-leading economic insight,
sustainability, health and people programmes, ensuring these remain relevant to our audience, while supporting decision-
making within our industry.
On people programmes, we will be galvanising a seclor-wide campaign lo attract talent lo UK food and consumer goods,
while continuing lo deliverwork experience, workshops and mentoring programmes. We also intend to mainlain the impact
and reach of our learning courses for new slarters, early careers and line managers.
On health, we will deliver the first detailed analysis of the impact of location restrictions on HFSS products based on
retailers, sales and nutrition data. We will continue to do this in collaboration with valued delivery partners at the University
of Leeds 8nd the University of Aberdeen, with the support of UK Research and Innovation (UKRI).
On sustainability, we will develop a toolkit to enable businesses lo implement a harmonised approach to environmental
labelling. In addition, we will provide industry leaders with an articulation of the business case for sustainable packaging
alongside calls to action for both businesses and government. We will also explore the potential for IGD to play a role
across a broader agenda including net zero and sustainable agriculture.

The Institute of Grocery Distribution
Trustees, Report {including the Strategic Report) (continued)
For the year ended 3151 December 2023
Lookln
fO￿ard to 2024
continued
On sustainability, we will develop a toolkit to enable businesses lo implement a harmonised approach lo environmental
labelling. In addition, we will provide industry leaders with an articulation of the business case for sustainable packaging
alongside calls to action for both businesses and government. We will also explore the polenlial for IGD lo play a role
across a broader agenda inGluding net zero and sustainable agriculture.
In short, we will be focusing on strategic priori1Ses where we can mobilise our industry to help us deliver long-term,
sustainable impact on a scale, to ultimately benefit the public.
Governance structure and mana
ement
IGD is a regislered charity (registration number 309939) and is constituted as a company registered in England and
limlted by guarantee {registration number 105680). Our objects and powers are set out in our Memorandum and Articles
of Association.
As a charity, we exist to upskill people working in or looking lo join the food and consumer goods industry. We also
manage inilialives driven by research and best practice relating to economics, sclence and technology in the food
ndustry. When launching anything new, we check that It complies fully with the Memorandum and Articles of
Association and we regularly review all activities throughout the year. In these reviews we remind ourselves what we set
out to achieve, what we have learnt, the public benefit delivered so far and the opportunities to extend Ihis.
In doing so, we refer lo the Charity Commission's general guidance on public benefit. The trustees consider that the
charity has complied with the duty in section 17 of the Charities Act 201110 have due regard lo public benefit guidance
published by the Charities Commission. The trustees regularly consider and discuss how our existing and planned
activities contribute to IGD'S charitable objectives and probe to ensure that resources are used efficiently and deliver a
satisfactory return.
The Board ofTrustees is responsible for governing the charity. The trustees can serve for a maximum of seven years.
IGD is managed by a senior leadership team and the Chief Executive Officer reports to the trustees. The members of
the senior leadership leam ar8 listed on page 32.
The Nominations Committee oversees the Board's composition making recommendations to the Board of Trustees in
the light of specific criteria and the needs created by retirements. Trustee appointments are based on the need for the
Board to have the skills and experience from across the supply chain, and providing the appropriate oversight and
scrutiny, governance and leadership to IGD in pursuit of ils strategies to fulfil its charitable purpose.
All trustees undertake an induction programme to ensure they understand the activities of the charity and their role as a
trustee. We have an online document store providing trustees with instant access lo all relevant resources including
policies, minules and governing documents.
The Board of Trustees have adopted a formal schedule of matters reserved for the Board and this is reviewed regularly.
The Audit Committee provides oversight of financial reporting, risk and financial conlrol mallers.
The Remuneration Committee is responsible for overseeing the remuneration for the Chief Executive and senior
leadership team at IGD. The Board ofTrustees also has a Succession Committee which considers succession planning
for the Chief Executive Officer.
Trustees consider the Charity Governance Code and use it as a tool for developing best practice to ensure that
decisions are grounded in good governance. IGD rewards appropriately to attract and retain high calibre individuals who
have the potential to grow and develop. We also recognise and reward high performance so that our standards and
values are never compromised. This requires a flexible approach lo position our packages competitively against a mix
of comparators, but primarily against the industry we recruit from.
All packages are benchmarked to provide assurance that reward packages are fair and set at the level appropriate for
the responsibility of each role. Salaries are determined on appointment depending on the relevant external market for
the skills and experience required and are reviewed each year considering the external market (including general pay
trends), IGD performance and affordability. All pay and bonus proposals for the Chief Executive and the senior
leadership team are approved by the Remuneration Committee.

The Institute of Grocery Distribution
Trustees, Report (including the Strategic Report) (continued)
st
For the year ended 31 December 2023
Financial review
The source of funding for our charitable activities is profit from our wholly owned trading subsidiary, IGD SeNices
Limited together with its Iwo overseas trading subsidiaries. Our trading business is a trusted partner with unrivalled
nsight and foresight across our industry. We give our customers a better understanding of how lo unlock success and
where our industry is going. Our global insight enables us to deliver unique commercial knowledge and capabilities. We
make a difference by giving our customers Ihe abilily to meet everyday challenges and adapt to changing futures.
During 2023, trading revenue grew by 120/0 10 £18.5m which was £0.2m higher than Ihe budget set towards the end of
2022. A large proportion of the growth came from an increase in the number of events which we held, with growth in
other areas averaging around 5 %. Our surplus on trading activities of £5m was marginally below the £5.2m which was
budgeted due lo the costs of the additional events. Given our strong reserve position, we made the decision to continue
to invest the budgeted amounl of £5.7m in our charitable activities {2022: £5.1 ml and continue our capital spend (mainly
updaling IT equipment) of £0.2m {2022.. £0.2m). This meant that we had a deficit of £0.6m before a gain on revaluing
our investment portfolio of £0.6m.
During 2023, we moved a further £1m of our surplus cash into a managed mulli-asset investment fund with Cazenove
Capital, as approved by the Trustees in 2021. The objective of the investment policy is to protect IGD'S reserves from
inflation and lo generate a return above inflation lo help fund future charitable programmes. The fund has been
specifically designed for Charities and the fund adopts a responsible investment approach integrating environmental, social
and governance considerations into its decision making with the objective of creating long-term sustainable returns. As
a resull, our net current assets have fallen by £1.5m. This would be a fall of £0.5m excluding the transfer to fixed asset
investments in line with the deficit for the year.
Group reserves
The trustees have set a reserves policy which requires that reseNes be maintained al a level which provides financial
stabilily and ensures that IGD'S charitable activities could continue during a period of unforeseen difficulty and that a
proportion of reseNes be maintained in a readily realisable form ("free reserves"). The trustees consider free resewes to
be the amount of reserves that are easily converted into cash should the need arise., they exclude unrestricted funds of
£2.4m lied up in fixed assets.
The trustees assess the reserves policy on an annual basis and have determined that IGD should review the level of
reseNes in conjunction with IGD'S business plan and its requirement for investment in the future, considering the risks
associated with its income stream. As a guide the level of free reserves should be within the range of 3 to 6 months of
planned expenditure.
Al 31st December 2023, free reseNes {tolal non-restricted reserves less fixed assets) were £8.3m {2022: £8.3m), which
equates to 5 months of planned expenditure (2022.. 5 months) which is towards the top end of the policy approved by
the Board, but given the high level of economic uncertainty, the Board of Trustees are comfortable with the position. The
Board considers this to be an appropriate level of cover and the reserves will ensure that further investment can be
made in IGD'S charitablè programmes and in capital investment lo underpin IGD'S long-term plans.
As with previous ye2rs we have undertaken a going concern review and the Trustees are confident that we will remair) a
going concern for the foreseeable future.

The Institute of Grocery Distribution
Trustees, Report (Including the Strategic Report) (continued)
For the year ended 31st December 2023
Princi
al risks and uncertainties
The risks the charity faces are reviewed as part of our annual business planning cycle. Risks are priorilised by reviewing
the potential impact, together with the likelihood of them occurring. Mitigating actions are reviewed with owners
assigned to those actions. The risk register is reviewed on a regular basis and updated as appropriate and the trustee5
are provided with updates on major risks by exception at regular meetings.
After laken into account the rnitigaling controls in place, the following risks have been assessod to be the major ongoing
risks which could Impact IGD-
Relevance the industry is facing many challenges and we need to remain alert and be clear where IGD can add
most value. Retaining the support of our stakeholders and the work of our industry advisory groups is critical to
ensuring our work remains relevant and ultimately delivers social economic value. Rigorous strategic planning is
essential and as a charity we need to ensure we are pulling the consumer at the forefront of our thinking. We need to
embed our brand values and behaviours and build IGD'S profile ensuring that we are action-orienled and are adding
value to our stakeholders.
Reputational -we need to be mindful ofthe risk of reputational damage, especially as we need to be more purposeful
and vocal to ensure we remain relevanl. Managing the risk reward profile is key. More politically sensitive ar8as such
as sustainability could result in adverse publicity, but we need to remain loyal to our purpose and objects.
Financial - particularly the loss of income from IGD'S trading subsidiary. The key action is ensuring we have a
continuous programme of existing and new product development to ensure our products remain relevant for the
industry. Ensuring we are listening to our customers and are tracking our competitors is an integral part of this process.
Our reserves policy and rigorous forecasting process ensures Ihal we have sufficient reserves lo withstand any
unforeseen events.
Inflation
the most significant direct impact to us would be high wage inflation as our external direct costs are
relatively low. There is however an indirect risk that inflationary cost pressures impact our customer base reducing
their appetite to invest in our products and services. We manage this risk with regular forecasting and regular
conversations with our customers.
People altracting and retaining talent is key to us delivering our strategic objectives. This is relevant both at
TrusleelDireGtor level and internally. People and internal communication plans have been developed and talent and
succession planning has been embedded within our internal processes.
Legal - as an industry facing charity funded by trading activities, we need lo ensure we have the right processes and
procedures to ensure we remain within charity law. In addition, we also need to be ahead of other changes such as
IR35, data protection legislation elc. We also need lo ensure we have robust procedures in place to manage
competition law especially when we bring members of the induslry together. We lake external advice whenever
needed and constantly review changes in regulations and our own processes.
Operational - we need to ensure we have Ihe rigorous procedures, controls and risk mitigating procedures in place
lo deliver our operational plan. This includes having a technology plan which ensures our systems are secure and
robust and a targeted marketing plan which respects and protects our stakeholders, data.

The Institute of Grocery Distribution
Trustees, Report (including the Strategic Report) (continued)
For the year ended 31st December 2023
Subsidia
com
anies
IGD SeNices Limited is a wholly owned trading subsidiary company of IGD. The aim of this Gompany is lo provide
sources of funding for our charitable activities.
IGD Services Limited has two wholly owned Irading subsidiary companies. IGD Services (Canada) Inc, IGD Services
(Singapore) Pte. Ltd. Both share the aim of providing funding our charitable activities.
Our Irading subsidiaries are trusted partners lo the industry providing unrivalled insight and foresight on the food and
consumer good industry. We give our customers a better understanding of how to unlock success and where our
industry is going. Our global insight enables us lo deliver unique commercial knowledge and capabilities. We make a
difference by giving our customers the ability lo meet everyday challenges and adapt lo changing futures.
Our Online Insight Services provide international news, research and foNard Ihinking so that our customers
can get a deeper understanding of industry.
Our events portfolio brings people together across the industry allowing attendees to gain a deeper
understanding of themes impacting their business.
Via our Consulting offer our customers can gain access lo our extensive expertise to get the specific business
solutions or training they require.
2023 revenue was £0.2m higher than budget with year-on-year growth of 12 %. We delivered five successful large face
to face events which was one more than budgeted and two more than in 2022. This helped lo drive revenue and
covered a shortfall against budget of our Consulting revenue where continued cost challenges in the industry meant that
customers had lower discretionary budgets lo spend. See the Financial review on page 6 for further detail.
Peo
le at IGD
People al IGD are pivotal in all we do. We rely on their knowledge, skills, intellectual rigour and passion for the food and
consumer good industry. Our aim is to become an employer of choice for lop talent by implementing policies, practices,
and compensation packages that attract and retain the best professionals.
In 2021, we introduced our People Strategy, which revolves around four rnain principles- How we Behave, How we
Work, How we Develop, and How we Engage. These principles serve as guiding pillars to communicate and inspire our
colleagues about our areas of focus. Since its launch, we've continued to refine and enhance our strategies, such as
introducing a development framework in 2023 that clarifies role expectalions and fosters personal and professional
growth for all employees.
We onboarded 55 colleagues in 2023 and we have been working hard to ensure that are onboarded successfully and
feel part of the team and equipped to do great work.
Our latesl engagement survey gave an engagement score of 73 /0 Wlth a 910/0 participation rate, surpassing previous
surveys and marking our highest engagement score lo date. Thls year, we've taken a comprehensive approach to
engagement, focusing on organizational themes such as leadership, change management, and working practices.
Our work and leadership approach emphasise governance improvement and operational efficiency. We hold regular
extended leadership meetings to ensure alignment, integrated decision-maklng, and better communication. This work
will ensure that all employees benefit from clearly defined objectives aligned with our business and operational plans,
streamlining planning efforts towards a unified strategy.
Environmental res
onsibilit
The biggest positive impact we make is via our charitable programmes which include working with the food and grocery
industry on suslainabilily and waste. However, we are also conscious of our own activities and impact on the
environment and have worked with exlernal suslainabilily consultants to measure our suslainabilily or carbon foolprinl.
We use that data to inform our decision making where environmental impact has a bearing.

The Institute of Grocery Distribution
Trustees, Report {including the Strategic Report) (continued)
For the year ended 31st December 2023
Fundraisin
Statement
Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. Although
we do nol undertake any fundraising from the general public, Ihe legislation defines fund raising as "soliciting or
otherwise procuring money or other property for charitable purposes., Such amounts receivable would be presented in
our accounts as "voluntary income" should we receive any and would include leg30ies and grants. The charity is not
bound by any undertaking to be bound by any regulalory scheme and the charity does not consider it necessary to
comply with any voluntary code of practice as il does not undertake fundraising from the general publlc.
Statement of trustees, res
onsibilities
The names of the trustees who have acted in the year are given on page 31. The trustees are responsible for preparing
the trustees, annual report, including the strategic report, and the financial statements in accordance with applicable law
and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year that give a true and fair view of
the stale of affairs of the group and the parent charity and of the incoming resources and application of resoLtrces, including
the net income or expenditure, of the group for the year. In preparing those financial slatements the trustees are required
to:
select suitable accounting policies and then apply Ihem consislenlly.,
obseNe the methods and principles in the Charities SORP.,
make judgements and estimates that are reasonable and prudent-,
stale whether applicable accounting standards have been followed, subject to any material departures disclosed
and explained in the financial stalemenls., and
prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charity
will continue in business.
The trustees are responsible for keeping adequate accounting records that disclose wilh reasonable accuracy at any lime
the financial position of the group and the parent Charity and enable them to ensure that the financial statements comply
with the Companies Act 2006. They are also responsible for safeguarding Ihe assets of the group and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
So far as each of the trustees is aware at the tirne the report is approved..
there is no relevant audit information of which the company's auditors are unaware- and
the trustees have taken all steps that they ought lo have taken to make themselves aware of any relevant
audit information and lo establish that the auditors are aware of that information.
Directors, report
The Trustees, Report incorporates information required in the Directors, Report for the company under the Companies
Act 2006.
Auditors
A resolution for the reappointment of BDO LLP will be proposed al the forthcoming Annual General Meeting.
Truste
s Report (including the Strategic Report) approved on behalf of the Board of Trustees:
Afshin Amira
Chair
17 June 2024

The Institute of Grocery Distribution
al and Administrative Information
Principal Offlcè Address:
IGD
Grange Lane
Letchmore Heath
Walford
WD25 8GD
Company reglstration number:
105680
Charity registration number:
309939
Company secretary:
l Fish (to 1 Sep 2023)-
J Sim (27 Sep 2023 to 15 Nov 2023).
D Charalambous (from 15 Nov 2023)
List of Advisors to IGD
Auditors:
BDO LLP
55 Baker Street
London
W1U 7EU
Bankers:
HSBC
60 Queen Victoria Street
London
EC4N 4TR
CAF Bank
25 Kings Hill Avenue
West Malling
Kent ME19 4JQ
The Co-operatlve Bank
3-7 Market Street,
Watford
WD18 OPE
Investment Fund Managers:
Cazenove Capital
1 London Wall Place
London
EC2Y SAU
Sollcltors:
Stone Klng
Boundary House
91 Charterhouse Street
London
EC1hA 6HR
Slaughter & May
1 Bunhill Row
London
EC1Y 8YY
Pension Scheme Advisors:
Cloud Benefits Ltd
Unil 2 Courtyard Offices
Braxled Park
Great Braxted
Wilham
Essex CM8 3GA
10

The Institute of Grocery Distribution
Group Statement of Financial Activities
(Incorporating an income and expenditure account)
For the year ended 3191 December 2023
Notes
Total
(General
Funds)
Total
(General
Funds)
2023
2022
Income and endowments from.,
Charitable activities
Trading activities
18,475,205
16,499,170
Interest receivable
92,470
18,146
TOTAL
18,567,675
16,517,316
Ex
endlture on:
Raising funds
(13,466,427)
(11,548,211)
Charitable activities
7b
5,749,383
5,129,203
TOTAL
{19,215,810)
{16,677,4141
Net expenditure before Investment galnsl{losses)
1648,1351
596,205
{160,0981
(292,038)
Net gainsl(losses) on investment assets
Net expenditure
151,930)
{452,1361
Taxation
(2,142)
14,944)
(Lossllgain on revaluation of
overseas subsidiaries
(5,4271
10,670
Net movement in funds
(59,4991
(446,410)
Reconclllatlon of funds..
Total funds brought forward
10 817,555
11,263 965
9a
10,758,056
10,817,555
Total funds carried forward
The notes on pages 14 10 26 form part of these accounts.
All the above results are derived from continuing activities. There are no other recognised gains or losses other than those
slated above.

The Institute of Grocery Distribution
Statement of Financial Position
31st December 2023
Company Number 105680
GROUP
COMPANY
Notes
2023
2022
2023
2022
FIXED ASSETS
Intangible assets
Tangible assets
Investments
10
10
55,960
2,385,950
9 267 374
11,709,284
113,902
2,438,901
7 681,169
10,233,972
8,056
2,064,747
7,981,269
10,054,072
1.979,538
9 567 474
11,547,012
CURRENT ASSETS
Debtors
Cash at bank and in hand
12
3,757,983
3 359,131
3,868,534
4 551,976
82,863
603,296
219,436
1,593,611
7,117,114
8,420,510
686,159
1,813,047
Credltors.. Amounts falling due within
one year
13a
{8,055,389)
<7,820,312)
(1,645,021)
(1,271,640)
Net Current assets
938 275
600,198
958,862
541,407
Total assets less current Ilabllities
10,771,009
10,834,170
10,588,150
10,595,479
Credltors: Amounts fallTng due after
more than one year
13b
112,953)
(16,6151
Net assets
10,758,056
10,817,555
10,588,150
10,595,479
The funds of the charity:
Unrestrlcted funds
Revaluation reserve
9,103,076
1,654,980
9,499,656
1,317,899
8,933,170
1,654,980
9,277,580
1,317,899
Total charlty funds
10,758,056
10,817 555
10,588,150
10,595,479
The Statement of Financial Activities for the year ended 31 December 2023 for the parent charitable Gompany only was
a deficit of £7,32912022.' deficit of £476,464).
Approved and authorised for issue by the Board of Trustees on 17 June 2024 and signed on ils behalf by..
Colin Moss- Trustee and Chair of Audit Committee
The notes on pages 14 to 26 form part of these accounts.
12

The Institute of Grocery Distribution
Group Statement of Cash Flows
Forthe year ended 3151 December 2023
Notes
2023
2022
Net cash generated (used by) operating activities
14
190,509)
{1,028,487)
Cash flows from investlng actlvitles:
Interest received
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Purchase of investment assets
92,470
11,371)
(203,435)
(990,000)
18,146
110,0001
{223,351)
13,960,000)
Net cash from investing actlvlties
(1,102,336)
(4,175,205)
Cash flows from financing activities
Transfers from short-term bank deposits
3.500,000
Net cash provided by financlng activities
3,500,000
Change in cash and cash equlvalents
1192 845
1703,692
Cash and cash equivalents at the beginning of the year
4,551,976
6,255,668
Cash and cash equivalents at the end of the year
3,359,131
4,551976
The notes on pages 14 to 26 form part of these accounts.
IGD has taken advantage of the exemption under FRS102 not to prepare a statement of cash flows for the parent
company.
13

The Institute of Grocery Distribution
Notes to the financial statements
For the year ended 31st December 2023
1. Constitution
IGD is a company limited by guarantee and not having a share capital. In the event of a winding up, the members (who
are the trustees) each have a maximum liability of twenty-five pence.
2. Accountlng Policies
Basis of Accounts
The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of
Recommended Practice applicable to charities preparing their accounts in aGcordance with the Financial Reporting
standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2019) - Charities SORP (FRS
102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act
2006.
IGD meets the definition of a public ben8fil entity under FRS 102. Assets and liabilities are initially recognised at historical
cosl or transaction value unless otherwise stated in the relevant accounting polioy notes.
Based on the budget, cash forecasts and the available liquid resource, the Trustees believe that there is nothing which
would cast doubt on the charity's ability to continue as a going concern for the foreseeable future, being a period of at
least 12 months after the date on which the report and Financial Statements are signed. Although £9.3m of the liquid
assets are held in an investment fund, worst case scenario forecasts are such that the investments would not need lo be
sold within the 12 months as there is sufficient resource held in cash. Current factors such as the ongoing conflicls in the
Middle East and Ukraine together with domestic labour shortages, increase lo the minimum wage and continued food
inflation have relatively little direct impact on the IGD Group bul are having an impact on consumers and many of our
stakeholders in the food and consumer goods sector. Continued Gost increases and wider supply chain issues are likely
to have an impact on the services our customers procure, but the Trustees consider that any impact is well within the
scenario planning completed as part of Ihe going concern review. The Trustees, therefore, consider il appropriate for the
accounts to be prepared on a going concern basis.
Basis of Consolldation
The consolidated financial statements have been prepared, using the equity method, for IGD and ils subsidiary IGD
Services Limited together with its subsidiaries, IGD Services (Canada) Inc. and IGD Services (Singapore) Pte. Ltd. The
enlily has taken exemption from presenting its unconsolidated profil and loss aGcounl under sectior1408 of Companies
Act 2006.
Income
Income is the amounl receivable for services supplied and from subscriptions for membership, excluding value added tax.
Where income is received relating lo future events {such as a conference or workshop) il is deferred and treated as a
creditor until the event has occurred. Where income is received relating to a fixed period (eg a subscription to one of our
online services or membership) the amount is allocated across the length of Ihe subscription on a monthly basis and any
portion relating to a future period is deferred and treated as a creditor.
Donations received and ftjnd-raising efforts are shown as income in the year in which Ihey are receivable.
Expenditure
ExpendilLfre is allocated between costs of raising funds and costs of charitable activities according to the actual spend
for each category.
Expenditure on charitable activities are then further allocated between categories within charitable expenditure on Ihe
basis of their function within the Charity. Any SUGh costs where il is not possible lo allocate in this way are allocated
across the activities in the same proportion as those which are directly allocated. Where costs are apportioned between
these headings a consistent basis is used.
All costs are recognised on an accruals basis.
Translatlon of Foreign Currencies
Transactions denominated in foreign currencles are translated into sterling at the rate applying on the date of the
transaclion. Year end balances slated in foreign currencies are Iranslated into sterling at the relevant Bank of England
currency rale on 31 $1 December. All gains and losses on translation of foreign currency amounts are recognised as
income or expenditure.
14

The Institute of Grocery Distribution
Notes to the financial statements (continued)
For the year ended 31st December 2023
Accounting PollcTes (continued)
Intangible Assets
Intangible assets relate to website development costs, electronically held databases and IP. Where group companies,
websites are expected to generate future revenues in excess of the costs of developing those websites and all other
capilalisalion criteria are mel, expenditure on the functionality of the website is capilalised and treated as an intangible
fixed asset. The capitalised website development costs are subsequently amortised to 'administrative' expenses on a
slraight line basis over 3 years, except for those that are 'assets under construction,, where no amortisation charge is
incurred until the asset is complete.
Tangible Assets
Only assets costing over £300 are capitalised. All fixed assets are staled at cost (or deemed Cost in the case of Freehold
Property). Depreciation is Galculaled to wrile off Ihe cost amount of the assets over their estimated useful lives as follows..
Land
Buildings
Building improvements
Fixtures and fittings
Office machinery & computer software
Computer Hardware
Not depreciated
50 years straight line
5 years straighl line
10 years reducing balance
3-5 years reducing balance
3 years straight line
Impairment Policy
Impairment reviews are carried out where there is an indication that the recoverable amount of a fixed asset is below its
net book value and values of assets written down accordingly.
Leases
Renlals paid under operaling leases are charged lo the income and expenditure acGount on a straight-line basis over
the term of the lease.
Research
Research expenditure is written off as it is incurred.
Pension costs
IGD operates a Group Personal Pension Plan, which is a defined contribution pension scheme. The assets of the
Scheme are held separately from those of the company in an independently administered fund. The cost is recognised
based on what is charged in the period.
Investments held as fixed assets
Investment values in subsidiary companies and are staled at cost less provision for impairment where applicable.
Investments held in investment funds are stated at the quoted value at the year-end dale. Any movement in the value is
shown as a 'nel gain on investment value, in the accounts.
Funds
Funds are classified under three main types..
Restricted.. These are funds that have been received by the Charity for a purpose specified by the donor.
General: These are the unrestricted funds held by the charity and its subsidiary.
Revaluation reserve.. The revaluation reserve in respect of the building is amortised over 50 years, in line with
Ihe depreciation of the building. The revaluation reserve represents Ihe uplift in value recognised when adopting
the fair value as deemed cost in 2015 under FRS 102.
The reserve relating lo specific funding for the building extension is classified as Restricted funds and is amortised on a
slraight-line basis lo write back the reserve over the estimated useful lives of the assets to which it relates. All other funds
are c18ssified as General.
Key judgement and accounting estimates
Provision is included in the accounts for the 2023 all-employees bonus scheme. The level of pay-out is determined by measuring
performance against a pre-set level of largels for the 2023 calendar year. These key targets were derived from the business
plan and were agreed at the end of 2022 by the Remuneration Committee and are aimed al driving performance within the
organisation. The relevant targets were achieved al the end of 2023 and the bonus was paid in March 2024, before the accounts
were approved.
15

The Institute of Grocery Distribution
Notes to the financial statements (continued)
For the year ended 31st December 2023
Net Expenditure
Net expendilureis stated after charging..
2023
2022
DeprecialionlAmortisation
Auditors, remuneration
owned assets
for audit services
for other services
315,699
50,784
23,497
600
1,560
271,557
49,648
15,889
600
394
Indemnity insurance
Operating lease rentals
plant and machinery
Staff costs
2023
2022
Wages and salaries
Social security costs
Other pension costs
10,829,018
1,214,888
1,624,898
13,668,804
9,727,337
1,132,463
1,448,198
12,307 998
Total remuneration received by the senior leadership team was £1,503,090 {2022'. £1,614,932).
The pension costs of £1,624,898 (2022- £1,448,198) represent the contributions payable by the company to the Group Personal
Pension Plan. £139,713 was payable to the fund at the year end and included in creditors. (2022: £nil).
Redundancy, restructuring and termination costs relating lo a number of employees were £280,584 {2022.' £75,453).
The average number of permanent and temporary employees of IGD during the year was 17812022.. 168).
Higher paid employees
2023
number
2022
number
£60,00110 £70,000
£70,00110 £80,000
£80,001 to £90,000
£90,001 to £100,000
£100,00110 £110,000
£110,00110 £120,000
£120,001 to £130,000
£130,001 to £140,000
£150,00110 £160,000
£160,00110 £170,000
£170,00110 £180,000
£180,001 to £190,000
£190,00110 £200,000
£230,00110 £240,000
£290,00110 £300,000
14
10
12
57
51
The banding includes salarie5, bonus payments and payments in lieu of pension contributions made to employees during the
year. Total pension contributions paid in respect of higher paid employees were £800,801 (2022.. £681,194). No remuneration
or expenses were paid to Iruslees (see Nole 18).
16

The Institute of Grocery Distribution
Notes to the financial statements (continued)
For the year ended 31st December 2023
Interest receivable
2023
2022
Bank deposit interest receivable
92,470
18,146
5. Taxation on the Surplus on Ordinary Actlvlties
2023
2022
Analysis of tax charge In the year:
Current Taxalion:
UK Corporation tax on Profits of the year (see 5cl
Canadian Income tax on Profits of the year
2,142
4,944
Tax on profil on ordinary activities
2,142
4,944
5b.
Provislon for deferred tax
Short term liming differences
4,558
Movement in provision..
Provision al start of year
Deferred tax charged in the Statement of Financial
Activities for the year
4,558
Provision at end of year
4,558
Deferred tax asset not recognised
34,486
10,184
5¢.
Factors affecting the tax charge for the year:
IGD SeNices Lld trading profit on ordinary activities
before lax (note 8a)
5,069,370
4,940,938
Profit on ordin8ry activities mulliplied by the standard rate of
corporation tax of 23.52D/. (2022.'19D/.I
Effects of..
Fixed asset differences
Expenses not deductible for tax purposes
Marginal relief
Remeasuremenl of deferred lax for changes in lax rates
Movement in deferred lax not recognised
Charitable donations paid through equity
1,192,344
938,778
(2,113)
110,7511
56
{4631
{1,492)
20,655
(1,208,931)
10,452
{938,5351
Total tax charge for the year (IGD Setvices Ltd)
17

The Institute of Grocery Distribution
Notes to the financial statements (continued)
For the year ended 31st December 2023
Income
2023
2022
Tradlng activities:
Membership subscriptions
Insighl based Se￿iceS
2,950,263
15,524,942
18,475,205
2,893,567
13,605,603
16,499,170
Charitable activities:
18,475 205
16 499,170
Expenditure
Split of expendlture on raising funds
2023
2022
Dlrect costs
1,866,117
1,044,890
Administrative
expenses:
staff costs
DeprecialionlAmortisation
Other admin costs
9,698,509
208,673
1,618,847
8,915,640
171,490
1,350,654
11,526,029
Governance costs:
Auditors, remuneration
10,437,784
-for audit seNices
-for other services
50,784
49,648
13 466,427
11,548,211
7b.
Split of expenditure on charitable activities
Sustaln-
ablllty
Economlc
Analysls
2023
Total
People
Health
Direct costs:
339,212
208,397
471,981
38,825
1,058,415
Administrative
expenses:
Staff costs
Depreciation
Other admin costs
1,098,516
30,034
172,204
1,300,754
974,295
26,638
152,731
1,153,664
974,295
867,444
26,638
23,716
152,731
135,981
1,153,664 1,027,141
3,914,550
107,026
613,647
4,635,223
Governance costs:
Staff Costs
15.643
13,874
13,874
12,354
55,745
1,655,609
1375,935
1,639,519 1078,320
5,749,383
18

The Institute of Grocery Distribution
Notes to the financial statements (continued)
For the year ended 3151 December 2023
7b.
Spllt of expenditure on charitable actlvities (continued)
Sustaln-
abillty
Economic
Analysis
2022
Total
People
Health
Direct costs:
383.707
122,712
621,961
35,683
1,164,063
Administrative
expenses".
Staff costs
Depreclatlon
Other admin costs
992,358
29.770
140,631
1,162,759
783,481
23,504
111,030
918,015
783,481
23,504
111,030
918,015
776,369
23,289
110,024
909,682
3,335,689
100,067
472,715
3,908,471
Governance costs:
Staff Costs
16,859
13,310
13,310
13,190
56,669
1563 325
1 054,037
1,553.286
958 555
5,129,203
8. a. Net Income of Trading Subsidiary
IGD has a wholly owned subsidiary, IGD SeNices Limited (registered office.. Grange Lane, Lelchmore Heath, Walford,
WD25 8GD). The company provides insight based services including online information services, events, customised solullons
and training serviGes lo companies mainly wilhin the food and consumer goods industry. It donates its taxable profits lo IGD
2nd a summary of ils trading results is shown below. Audited accounts are filed annually with the Registrar of Companies.
Profit and Loss Account
2023
2022
Turnover
Direct expenses
Administration expenses
18,475,205
(1,866,117)
(11,626,232)
16,499,170
(1,044,890)
10,527,649)
Operating surplus
Interest receivable
Dividend receivable
4,982,856
86,514
4,926,631
14,307
Profil before taxation
5,069,370
4,940,938
Taxation
Profit after taxation
5,069,370
4,940,938
Gift Aid Payment
Retained profit in subsidiary
5 139,892
4,940,938
Total assets
Total liabilitles
6,807,663
6,507,663
7,144,056
6,773,534
Shareholders, funds
300 000
370,522
19

The Institute of Grocery Distribution
Notes to the financial statements (continued)
st
For the year ended 31 December 2023
8 b. Net Income of Canadlan Subsidiary
IGD Services Limited has a wholly owned subsidiary registered in Canada, IGD Services (Canada) Inc. (registered office..
Impart Law Professional Corp, 700 - 34 King Street East, Toronto, MSC 2x9, Canada) incorporated under the Business
Corporations Act of Ontario on 51h October 2010. The company provides insight and content seNices to IGD SeNices Ltd
and strengthens our global research proposition.
2023
2022
Turnover
Direct expenses
Administration expenses
150,901
202,943
143,715
193,279
Profit before taxation
7,186
9,664
Taxation
{2,142)
14,944)
Retained profit IIGD Services (Canada) Inc.)
5,044
Total assets
282,647
1198,636)
448,809
(366,377)
82,432
Total liabilities
Shareholders, funds
8 ¢. Net Income of Singapore Subsidiary
IGD Services Limited also has a wholly owned subsidiary registered in Singapore, IGD Services (Singapore) Ple. Ltd.
(regislered office.. clo Associates Corporate Services Ple. Lld., 80 Robinson Road, #02-00, Singapore 068898)
incorporated in Singapore on 151h February 2016. The company provides insight and content services to IGD Services
Limited and strengthens our research proposition across Asia.
2023
2022
Management charge income
Direct expenses
Administration expenses
324,352
253,841
305,618
239,179
Profil before laxalion
18,734
14,662
Taxation
Retained profit (IGD Services (Singapore) Pte. Ltd}
18,734
14,662
Total assets
Total liabilities
121,721
(37,0521
91,299
{26,645)
Shareholders. funds
84,669
64,654
20

The Institute of Grocery Distribution
Notes to the financial statements (continued)
For the year ended 31st December 2023
Categorisation of Funds
Unrestricted Funds (Group):
Revaluation
reserve
Other
unrestricted
funds
Total
general
funds
Fund brought forward
Net deficit before gains
Gain on inveslmenl assets
Taxation
(Loss) on revaluation of overseas subsidiaries
Reserves transfer
1,317,899
9,499,656
(648,135)
238,831
12,142)
{5,427)
20,293
10,817,555
1648,135)
596,205
{2,142)
(5,427)
357,374
20,293
Fund carried foward
1 654 980
9,103,076
10,758 056
Unrestricted Funds (Company):
Revaluation
reserve
Other
unrestricted
funds
Total
general
funds
Fund brought foward
Net deficit after laxalion
Gain on Investment assets
Reserves transfer
1,317,899
9,277,580
1603,534)
238,831
20,293
10,595,479
1603,5341
596,205
357,374
20,293
Fund carried forward
1,654,980
8,933 170
10 588,150
b. Analysis of Net Assets (Group)
General
2023
Designated
2023
Total
2023
General
2022
Designated
2022
Total
2022
Fixed assets
10 054,304
1,654,980 11,709,284
8,916 073
1,317,899 10,233 972
Current assets..
Cash al bank and in hand
Other current assets
3,359,131
3,757,983
7,117,114
3,359,131
3,757,983
7,117,114
4,551,976
3,868,534
8,420,510
4,551,976
3,868,534
8,420,510
Creditors less than one year
8,055,389
8,055,389
7,820,312
7.820,312
Net current (Ilabllltiesllassets
938,275
938,275
600,198
600,198
Total assets less current
liabilities
Creditors due after more than
one year
9,116,029
1,654,980 10,771.009
9,516,271
1,317,899 10,834,170
12,953
12,953
16,615
16.615
Net Assets
9,103,076
1,654,980 10,758,056
9,499,656
1,317,899 10 817,555
21

The Institute of Grocery Distribution
Notes to the financial statements (continued)
For the year ended 31st December 2023
9. Categorisation of Funds (continued)
b. Analysis of Net Assets (Company>
General
2023
Deslgnated
2023
Total
2023
General
2022
Deslgnated
2022
Total
2022
Fixed assets
9,892,032
1,654,980 11,547,012
8,736.173
1,317,899 10,054,072
Current assets..
Cash at bank and in hand
Other current assets
603,296
82,863
686,159
603,296
82,863
686,159
1,593,611
219,436
1,813,047
1,593,611
219,436
1,813,047
Creditors less than one year
1,645,021
1,645,021
1,271,640
1,271,640
Net current (liabilities}lassets
958,862
958,862
541.407
541,407
Net Assets
8,933,170
1,654,980 10,588,150
9,277,580
1,317,899 10,595,479
10. Intangible and Tangible Fixed Assets
a. Group- Tangible Assets
Freehold
property
Buildlng
Improv'ts
Fixtures
and
equipment
Total
Cost
At 1 January 2023
Additions
Disposals I Write offs
2,205,148
337,413
13,761
1,124,433
189,674
(88.945)
3,666,994
203,435
(88,945)
At 31 December 2023
2,205,148
351174
1,225 162
3,781,484
Accumulated de
At 1 January 2023
Charge for the year
Disposals I Wrlte offs
reciation
363,747
30,503
145,165
61,898
719,181
163,985
(88.945)
1,228,093
256,386
(88,9451
Al 31 December 2023
394,250
207,063
794,221
1,395 534
Net book value
At 31 December 2023
1,810,898
144,111
430,941
2,385 950
At 31 December 2022
1,841,401
192,248
405,252
2,438,901
IGD has taken the option in FRS102 to use the latest valuation of the freehold property as deemed cost at the transition dale of
1 January 2015.
22

The Institute of Grocery Distribution
Notes to the financial statements (continued)
For the year ended 31st December 2023
10. Intangible and Tangible Fixed Assets {continued)
b. Group- Intangible Assets
Software
Websites
Ip
Total
Cost
At 1 January 2023
Additions
Transfers
Al 31 December 2023
249,790
1,371
793,569
10,000
1,053,359
1,371
251,161
793,569
10,000
1,054,730
Accumulated amortisation
At 1 January 2023
Charge for the year
Al 31 December 2023
143,944
51,257
195,201
793,569
1,944
8,056
10,000
939,457
59,313
998,770
793,569
Net book value
At 31 December 2023
Al 31 December 2022
105,846
113902
c. Company- Tanglble Assets
Freehold
property
Buildlng
Improv'ts
Fixtures
and
equlpment
Total
Tangible
Total
Intangible
lip)
Cost
At 1 January 2023
Additions
2,205,148
337,413
13,761
159,201
2,701.762
13,761
10,000
At 31 December 2023
2,205,148
351 174
159',201
2,715,523
10,000
Accumulated de
At l January 2023
Charge for the year
reciation
363,747
30,503
145,165
61,898
128,103
6,569
637,015
98,970
1.944
8,056
At 31 December 2023
394,250
207,063
134,672
735,985
10,000
Net book value
At 31 December 2023
1,810,898
144,111
24,529
1979 538
At 31 December 2022
1,841,401
192,248
2 064,747
8,056
23

The Institute of Grocery Distribution
Notes to the financial statements (continued)
For the year ended 315t December 2023
11. Investments
a. Group Undertakings (Company)
2023
2022
Shares al cost
IGD Services Limited
IGD Limited
300,000
100
300,000
100
300,100
300,100
IGD Limlled was incorporated on 28 June 2022 and had remained domant since incorporation.
2023
2022
b. Other investments (Group and Company)
Value at 151 January
Investment during the year
Fair value movement
Impaiment below cost
7,681,169
990,000
357,374
238,831
4,013,207
3,960,000
(53,2071
238,831
Value at 31, December
9,267,374
7,681,169
During the year, the Company has continued to move some of its cash surplus to a mulli-asset inveslmenl fund managed by
Cazenove Capital as a long-term investment in order to maximise returns. The fund has been specifically desSgned for
Charities and adopts a responsible investment approach integrating environmental, social and governance consideralions
into Ils decision making with the objective of creating long-term sustainable returns. It is invested mainly in global equilies
and bonds. The historic cost of these investments is £8,910,000 (2022.. £7,920,000).
12. Debtors
Group
Company
2023
2022
2023
2022
Trade debtors
Amount due from group undertaking
Other debtors
Prepayments and accrued income
3,276,075
3,302,372
3,113
4,486
159,251
46,165
9,534
50,604
431,304
52,461
513,701
45,191
34,559
3,757,983
3,868,534
82,863
219436
13. a) Creditors: Amounts falling due within one year
Group
Company
2023
2022
2023
2022
Trade creditors
Amount owed by group undertaking
Taxation and social securlly
Accruals
Deferred income (see 13c}
796,527
802,384
181,701
23,265
357,789
1,045,451
36,815
235,752
100
295,886
712,087
27,815
856,730
1,318,578
5,083,554
807,960
1,014,914
5,195,054
8,055,389
7,820,312
1,645,021
1,271,640
24

The Institute of Grocery Distribution
Notes to the financial statements (continued)
For the year ended 315t December 2023
b) Creditors: Amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Deferred iricome
12,953
16,615
Creditors falling due after one year comprises d8ferred income for subscriptlons whlch fall beyond 31. December 2024.
Movement in deferred income
Group
Company
2023
2022
2023
2022
Defeffed income brought forward
Released in Ihe year
Income deferred in the year
5,211,669
(5,195,054)
5,079,892
5,418,582
{5,372,480)
5,165,567
27,815
{18,000)
27,000
3,815
24,000
5,096,507
5,211,669
36,815
27,815
Deferred income comprises income invoiced for subscriptions, membership, training and evenls which f811 beyond 3181
December 2023.
14. Reconciliation of net expenditure to Operating Cash Flows
2023
2022
Net expenditure
Investment incorne
Depreciationlamortisation charges
(Lossllprofil on revalualion of overseas subsidiary reseNes
(Increaselldecrease in revalualion of investments
Decreasel(increasel in debtors
Incre8sel{decrease) in creditors
(51,930)
(92,470)
315,699
(5,427)
(596,205)
108,409
231,415
{90,5091
(452,136)
(18,146)
271,557
10,670
292,038
(634,3741
498 096
11,028,487)
Taxation paid
Net cash used by operatlng activities
90,509
1,028,487
15. Reconciliation of Net Cash Flow to Movement in Net Funds
2023
2022
(Decrease) in cash for the year
1 192,845
1,703,692
Movement In net funds for the year
(1,192,845)
11,703,692}
Net funds at 1 January
4,551,976
6,255,668
Net funds at 31 December
3,359,131
4,551,976
25

The Institute of Grocery Distribution
Notes to the financial statements (contlnued)
For the year ended 31st December 2023
16. Analysls of Net Funds
Balance
31 Dec
2023
Balance
1 Jan 2023
Cash
Flows
Cash al bank and in hand
4,551,976
(1,192,845)
3,359,131
Total net funds
4,551,976
1,192,845
3,359,131
17. Lease commitments
2023
2022
Minimum future lease commitment..
Due within one year
Due 2-5 years
1.872
5,923
7,795
None of the above lease commitments are in respect of land and buildings.
18. Trustees, Reimbursements
No reimbursemenls were made in 2023 or 2022 in respect of Trustees, expenses.
No Trustee has received any remuneration in 2023 or 2022 for their role as Trustee.
19. Related Party Transactions
There were no related party transactions in either 2023 or 2022.
The Company has taken advantage of the exemptions available in terms of the requirement lo disclose transactions with
group companies on Ihe grounds that consolidated financial statements are prepared.
IGD and Its subsidiaries provide products and services to the businesses mentioned on page 31 in which Irusteesldireclors
are key management personnel. However, in accordance with para. 33.4 of FRS102 these are not considered related parties
on the basis that none of the Iruslees or directors have control over those businesses.
20. Results of the parent company
As a consolidated Statement of Financial Activities is published, a separate income and expenditure account for the parent
undertaking is omilted from the group accounts by virtue of section 408 of the Companies Act 2006. The deficit for the year
retained in the books of the parent undertaking was £7,329 (2022.. £476,464). Total nel income of the parent undertaking was
£5,139,89212022: £4,940,939) being the Gift Aid received from IGD Services Ltd of £5,139,892 (2022.. £4,940,939).
21. Capital Commitments
Al 31 December 2023 the Group was committed to capital spend of £7,491 12022.. £55,000).
26

The Institute of Grocery Distribution
Independent auditor's report to the members of The Institute of Grocery Distributlon
Opinion on the financialstatements
In our opinion, the financial statements:
give 3 true and fair view oflhe state of thè Group's and of the Parent Charitable Company's affairs as at 31 December
2023 and of the Group's incoming resources and application of resources for the year then ended.,
have beèn properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and
have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited Ihe financial stalements of The Institute Of Grocery Distribution ("the Parent Charitable Company") and
its subsidiaries ("Ihe Group") for the year ended 31 December 2023 which comprise the group statement of financial
activities (incorporatlng an income and expenditure account), the group and charity balance sheets, the group statement
of cash flows 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 Slandard applicable in the UK and
Republic of Ireland (Uniled Kingdom Generally Accepted Aocounting Practice).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our
responsibilities under those standards are further described in the Audilor's responsibilities for the audit of the financial
statements seclion of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Independence
We remain independent of the Group and the Parent Charitable Company in accordance with the ethical requirements
relevant lo our audit of the finanGial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our
other ethical responsibilities in accordance with these requSrements.
Conclusions related to going concern
In auditing the financial stalemenls, 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 unceriainties relating to events or conditions
that, individually or collectively, may cast significant doubt on the Group and the Parent Charitable Company's ability to
continue as a going concern for a period of at least twelve months from when the financial slatements are aulhorised for
issue.
Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant
sections of this report.
other informatlon
The Trustees are responsible for the other information. The other information comprises the information included in the
Annual Report and Accounts, other than the financial statements and our auditor's report thereon. 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 nol express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inGonsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or
apparent material misstatements, we are required lo determine whether there is a material misstatement in the financial
statements themselves. If, based on the work we have performed, we conclL¢de 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.
27

The Institute of Grocery Distribution
Independent auditor's report to the members of The Institute of Grocery Distribution
(continued)
other Companies Act 2006 reporting
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Trustees, Report, which includes the Directors, Report and the Strategic report prepared
for the purposes of Company Law, for the financial year for which the financial statements are prepared is consistent
with the financial statements., and
the Strategic report and the Directors, Report, which are included in the Trustees, Report, have been prepared in
accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Charitable Company and ils environmenl
obtained in the Course of the audil, we have nol identified material misstalements in the Strategic report or the Trustees,
report.
We have nothing to report in respect of the following matters in relalion lo which the Companies Act 2006 requires us to
report lo you if, in our opinion.,
adequate accounting records have not been kept by the Parent Charitable Company, or returns adequate for our
audit have not been received from branches not visitad by us., or
the Parenl Charilable Company financial statements are not in agreement with the accounting records and returns.,
or
certain disclosures of Directors, remuneration specified by law are nol made- or
we have not received all the information and explanations we require for our audil- or
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and
take advantage of the small companies, exemptions in preparing the directors, report.
Responslbllltles of Trustees
As explained more fully in the statement of trustees, responsibilities, the Trustees (who are also the directors of the
Gharitable company for the purposes of company law) are responsible for the preparation of the financial statements and
for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary
to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Group's and the Parenl Charitable
Company's ability to continue as a going concern, disclosing, as applicable, mallers related lo going concern and using
the going con￿rn basis of accounting unless the Trustees either intend to liquidate Ihe Group or the Parent Charitable
Company or to cease operations, or have no realistic alternative bul lo do so.
Auditor's responslbllltles for the audit of the financlal statements
We have been appointed as auditor Ltnder the Companies Act 2006 and report in accordance wilh the Act and relevant
regulations made or having effect thereunder.
Our objectives are lo 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 delect a material misstalement when il 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 stalements.
28

The Institute of Grocery Distribution
Independent auditor's report to the members of The Institute of Grocery Distribution
(continued)
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line
with our responsibilities, outlined above, to detect material misstalemenls in respect of irregularities, including fraud. The
extent to which our procedures are capable of detecting irregularities, including fraud is detailed below..
Non-compliance with laws and regulations
Based on..
Our understanding of the Group and the sector in which it operates.,
Discussion with management and those charged with governan￿ including the Audit Committee.
Obtaining and Ltnderslanding of the Group's policies and procedures regarding compliance with laws and
regulations. and
We considered the significant laws and regulations to be the UK Tax legislation, FRS102, Companies Act 2006,
Corporate and VAT legislation, Data protection regulations, Employment Taxes, Health and Safety and the Bribery Act
2010.
The Group is also subject to laws and regulations where the consequence of non-compliance could have a material
effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations.
We identified such laws and regulations to be UK Tax legislation, Data protection regulatlons, Health and Safety and the
Bribery Act 2010.
Our procedures in respect of the above included..
Review of minutes of meeting of those charged wilh governance for any instances of non-compliance with laws
and regulations.
Review of correspondence with regulatory and tax authorities for any instances of non-compllance with laws
and regulations,.
Review of financlal statement disclosures and agreeing to supporting documentation., and
Review of legal expenditure accounts lo understand the nalure of expenditure incurred.
Fraud
We assessed the susceplibilily of the financial statements to malerial misslatemenl, including fraud. Our risk
assessment procedures included:
Enquiry with management and those charged with governance including the Audit Committee regarding any
known or suspected instances of fraud-
Obtaining an understanding of the Group's policies and procedures relating lo-
Detecting and responding to the risks of fraud. and
Internal controls established lo mitigate risks related to fraud.
Review of minutes of meeting of those charged with governance for any known or suspected inslances of fraud:
Discussion amongst the engagement team as to how and where fraud might occur in Ihe financial slatemenls.,
Performing analytical prooedures to identify any unusual or unexpected relationships that may indicate risks of
material misstalemenl due to fraud; and
Considering remuneration incentive schemes and performance targets and the related financial statement
areas impacted by these.
Based on our risk assessment, we Gonsidered the areas most susceptible to fraud to be improper revenue recognition
as well as management override of controls through the use of journal entries and bias in significant accounting
estimates.
29

The Institute of Grocery Distribution
Independent auditor's report to the members of The Institute of Grocery Distribution
(continued)
Our procedures in respect of the above included..
Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to
supporting doGumentation'
Assessing significant eslimates made by management for bias, including depreciation rates for assets,
accruals, yearend bonus, bad debt provision and going concern assumptions.
Revlewing revenue recognition as well as assessing cut off for revenue in the financial year.
We also communicated relevant idenlified laws and regulations and potential fraud risks to all engagement team
members and remained alert to any indications of fraud or non-compliance wilh laws and regulations throughout the
audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial slatemenls, recognising
that the risk of not detecting a material misstatement due to fraud is higher than the risk of nol detecting one resulting
from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and
regulations is from the events and transactions reflected in the financial slaternents, the less likely we are lo become
aware of it.
A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting
Council's I'FRC'S") website al: htips:Ilwww.frc.org.uklauditorsresponsibllities. This description forms part of our auditor's
report.
Use of our report
This report is made solely to the Charilable Company's members, as a body, in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. Our audit work has been undertaken so thal we might slate lo the Charitable Company's
membars those malters we are required to slate to them in an auditor's report and for no other purpose. To the fullesl
extent permilled by law, we do not accept or assume responsibility lo anyone olher than the Charitable Company and the
Charitable Company's members as a body, for our audit work, for this report, or for the opinions we have formed.
SIg￿ed by..
C9A7C7386A25456..
Laurence Elliott (Senior Statutory Auditor)
For and on behalf of BDO LLP, slalutory auditor
London, UK
01 July 2024
BDO LLP is a limited liability partnership registered In England and Wales (with registered number OC305127).
30

The Institute of Grocery Distribution
Board of Trustees and IGD Services Limited Board of Directors
For the year ended 31st December 2023
The following is a list of Trustees and Directors who have served since 1 sl of January 2023 unless Stated otherwise.
Trustee of IGD and Dlrector of IGD Services Ltd
lan Morley
(resigned Dec 2023)
Vice Presidenl Sales Northern Europe
Procler & Gamble
Colin Moss
Senior Director- Finance Transformation
Mars
Natasha Adams
(resigned Jun 2023)
Chief Executive Officer, Ireland
Tesco
Natasha Rice
(appoinled Sep 2023)
People Director
Tesco
Afshin Amirahmadi
Chief Executive Officer
Sofina Foods
Ruth McDonald
Corporate Services Director
(appointed Director of IGD se￿ices Ltd Dec 2023)
Wm Morrison Supermarkets
Trustee of IGD
Lindsay Boswell
(resigned Mar 2023)
Chief Executive Officer
Fareshare.org
Chris Whitfield
Chief Operating Director
Co-operative Food
Morag Frealhy
(resigned Sep 2023)
MD Business & Industry UK & Ireland
Compass
Richard Sharp
Vice President Human Resources
Unilever
Mall Lee
(appointed Nov 2023)
CEO UK & Ireland
Hilton Food Group PIC
Allessandra de Druille Marketing & Commercial Director
(appointed Feb 2024)
Kraft Heinz
Director of IGD Services Ltd
Bradley Moore
(resign8d Dec 2023)
UK Sales Director
Nestle Purina Petcare
Michael Evans
Group Communications Director
Greencore Group
Sam Burston
Chief Digilal Officer
Sainsbury's
Chris Walker
Vice President
Asda
Simon Fisher
(appointed Jan 2024)
Sales Director UKI & Head of
Sales Capability EUAU
General Mills
Keith Packer
(appointed Feb 2024)
Manager Director
British Sugar
31

The Institute of Grocery Distribution
Senior Leadership Team
For the year ended 31st December 2023
IGD'S current Senior Leadershl Team
Sarah Bradbury
(appointed Jul 2023)
Chief Executive Officer
Sarah Baldock
Markeling and Communications Director
Li2 Clarkson
People Director
lan Dunkley
(Appointed Mar 20241
Chief Financial Officer
Naomi Kissman
Social Impact Director
Kate Sizer
(appointed Jun 2024)
Commercial Customer Director
Tom Wakeman
(Appointed Mar 2024)
Insight Director
32