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2024-12-31-accounts

www.igd.com

THE INSTITUTE OF GROCERY DISTRIBUTION

Annual Report and Accounts For the year ended 31[st] December 2024

Registered Number 00105680 Charity Number 309939

The Institute of Grocery Distribution

Report and Accounts

For the year ended 31[st] December 2024

Contents Page
Trustees’ Report (including Strategic Report) 1
Group Statement of Financial Activities 11
Statements of Financial Position 12
Group Statement of Cash Flows 13
Notes to the Accounts 14
Independent Auditor’s Report 28
IGD Board of Trustees 32
IGD Senior Leadership Team 33

The Institute of Grocery Distribution

Trustees’ Report (including the Strategic Report) (continued)

For the year ended 31[st] December 2024

The trustees present their report (including the Strategic Report) together with the financial statements for the year ended 31st December 2024. The trustees have adopted the provisions of the Statement of Recommended Practice for Accounting and Reporting by Charities (Charities SORP (FRS 102) (Second edition – October 2019)). The report and the financial statements also comply with the requirements of the Companies Act 2006.

Objectives and activities

At The Institute of Grocery Distribution (IGD), we serve as a unique, impartial force for good, driven by our charitable status and commitment to public benefit. Our purpose is clear: to unite and inspire everyone to deliver a thriving food system. We achieve this by acting as a trusted convener, uniting stakeholders from across the entire agrifood supply chain to address critical challenges.

We foster collaboration through a broad range of forums bringing together businesses, policymakers, and thought leaders. By providing evidence-based insights, credible research, and strategic foresight, we help organisations make informed decisions that not only benefit their operations but also contribute to the collective good of society.

We are immensely proud of our achievements over the last 12 months, while realising that there is much more work to be done. We are delighted to share some highlights of this work below.

None of our work would be possible without the expertise and support of our Industry Forums, networks, project groups, volunteers and of course, the team here at IGD, who are passionate about making a tangible difference.

The funding for our social impact work is derived from IGD’s trading subsidiary IGD Services Limited, together with its two overseas based trading subsidiaries, The three companies provide research and insight based commercial services to the food and consumer goods industry. We are genuinely grateful to businesses for their fantastic support and investment in our commercial insight and expertise, which enable us to deliver these critical workstreams.

IGD’s role in delivering social impact

As a charity, we exist to upskill people working in or looking to 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.

In practice this means delivering insights, analysis, tools, resources and programmes that drive change, supporting a food system that is evolving and facing the need for both short and long-term transformation.

We aim to be the essential partner to a thriving food system, with a unique ability to bring together stakeholders across the whole value chain, influencing and driving action.

Our Industry Forums are central to this work, bringing together Chief Executives, Food System Change Leaders, People Leaders, Technical Leaders and Nutritionists to support five key priorities:

Over the last 12 months, although the rate of food inflation fell, global energy and commodity prices remained relatively high. Alongside a sluggish economy and slow growth in household incomes this meant businesses across the food system remained under pressure. Added to this, an unstable geopolitical landscape and climate related weather events continued to impact supply chains underlining the importance of food system resilience. Closer to home the political landscape became more stable with a change of government and a new mission-led approach, designed to set bold visions for change, inspiring collaboration across the system and society to break down silos and work towards a common goal. This mission-led approach can also be applied to the food system, where significant transformation is required and it has never been more crucial to come together, ensuring stakeholders across the whole value chain work collectively towards common goals and priorities.

1

The Institute of Grocery Distribution

Trustees’ Report (including the Strategic Report) (continued)

For the year ended 31[st] December 2024

2024 highlights

Driving economic growth: unlocking the potential of food

Our experts track and monitor multiple sources of information to provide analysis of the economic and policy landscape. Combined with our knowledge of the industry and consumer insights, this shapes our “Viewpoint”. We provide this analysis as part of IGD’s Social Impact activity, because it supports businesses with better planning and decisionmaking, to the benefit of the consumers we serve and society as a whole.

2024 highlights:

Building Resilience: strengthening the food system for the future

In recent years, the UK food system has faced major supply chain disruption as a result of numerous challenges including a pandemic and war in Europe. The food system has met many of these challenges head-on, continuing to provide UK consumers with high-quality, safe and affordable food. Some challenges, however, have had significant impacts on both price and availability across the market.

As we look to the years ahead, the world finds itself in a more unstable place with risks such as climate change and geopolitics coming to the fore, challenging the model of the current food system.

2024 highlights:

Accelerating a sustainable transition: Driving progress towards net zero

In 2024, IGD continued to work in partnership with businesses in the food system, providing research and tools to support them in reducing their environmental impact. This included continuation of our environmental labelling programme to develop a consistent approach for the UK, and our work to support sustainable packaging systems.

In recognition for the urgency of the climate and nature crisis and the need to drive greater progress we also established a new Food System Change Leaders Forum alongside WRAP and WWF, bringing together key decision makers, representing businesses across sectors, to work together.

This drove a greater focus on working with businesses, policy-makers and other experts to identify opportunities to go further, faster, together, particularly in pursuit of net zero.

2

The Institute of Grocery Distribution

Trustees’ Report (including the Strategic Report) (continued)

For the year ended 31[st] December 2024

Accelerating a sustainable transition: Driving progress towards net zero (continued)

2024 highlights:

- Securing a healthier future: meeting changing diet and well being needs

In 2024 we continued to work towards our goal to make healthy and sustainable diets easy and accessible to everyone.

Our resources, including reformulation guides and best practice guidance for front-of-pack labelling continue to support businesses to improve the health profile of their products and communicate the nutritional profile to consumers. We also continued our world-leading programme of behaviour change trials in partnership with the University of Leeds, to build evidence on what works and what doesn’t to shift consumers towards healthy and more sustainable diets.

2024 highlights:

3

The Institute of Grocery Distribution

Trustees’ Report (including the Strategic Report) (continued)

For the year ended 31[st] December 2024

Developing a workforce for the future: attracting talent, developing our people, addressing future

skills gaps

Over 4 million people work across the UK food system playing a critical role in feeding the nation. We continued to work with businesses, policymakers and other experts to ensure this workforce is fit for the future – helping to navigate labour market challenges and future skills gaps. This includes our long-standing work in schools, supporting young people to develop their skills for work with the support of volunteers from food and consumer goods businesses. This programme of school workshops is inspiring the next generation of talent to envision their future in the sector. It also includes our free foundation learning programmes designed for new starters and new or aspiring line managers, plus IGD’s mentoring programmes.

2024 highlights:

Looking forward to 2025

In 2025 we will continue to align our work to five priorities for a thriving food system.

  1. Driving economic growth: unlocking the potential of food

  2. Building resilience: strengthening the food system for the future

  3. Accelerating a sustainable transition: driving progress towards net zero

  4. Securing a healthier future: meeting changing diet and well-being needs

  5. Developing a workforce for the future: attracting talent, developing our people, addressing future skills gaps

We will continue to provide expert analysis of the economic landscape and food inflation forecasts. In addition, we will develop robust assessments of the opportunity to build resilience and drive growth in two key categories, poultry and fresh produce.

We will work with our Food System Leaders Forum using the findings from the sector-wide net zero transition plan, prioritising areas for collective action, including more detailed work to support the agricultural transition and drive dietary shift. We will also deliver the final elements of an environmental labelling toolkit, enabling those businesses that want to pilot labels to do so in 2026.

On the health front, we will deliver the findings of the first detailed analysis of the impact of location restrictions on HFSS products, based on retailers' sales and nutrition data. This will be done in collaboration with our valued partners at the University of Leeds and the University of Aberdeen, with support from UK Research and Innovation (UKRI).

We will continue to raise the appeal of working in the food sector and develop talent pipelines, through our long-running schools programme and building on our ‘mmmake your mark’ campaign. We will also pilot a new in-person schools initiative to encourage more young people to consider engineering roles in the food system.

Our popular learning and mentoring programmes will continue to support thousands of people working in food and consumer goods businesses, and we will explore how our learning offer can drive food system change by piloting a sustainability literacy programme.

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The Institute of Grocery Distribution

Trustees’ Report (including the Strategic Report) (continued)

For the year ended 31[st] December 2024

Looking forward to 2025 (continued)

Furthermore, we will grow our engagement so that more people benefit from our programmes and we drive greater impact, and seek to deepen our engagement with priority businesses to strengthen our partnerships.

Finally, as the government embarks on development of a new food strategy we are delighted to act as co-secretariat on food strategy engagement and support for the Food Strategy Advisory Board. We will support DEFRA in our unique, impartial role, driven by our charitable status and commitment to public benefit, drawing on our long history as a trusted and neutral convener.

Governance, structure and management

IGD is a registered charity (registration number 309939) and is constituted as a company registered in England and limited by guarantee (registration number 00105680). 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 to 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. 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 this.

In doing so, we refer to 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 2011 to have due regard to 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 of Trustees 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 team are listed on page 33.

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 its 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 to all relevant resources including policies, minutes 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 control matters.

The Remuneration Committee is responsible for overseeing the remuneration for the Chief Executive and senior leadership team at IGD. The Board of Trustees 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 to 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.

5

The Institute of Grocery Distribution

Trustees’ Report (including the Strategic Report) (continued)

For the year ended 31[st] December 2024

Financial review

The source of funding for our charitable activities is profit from our wholly owned trading subsidiary, IGD Services Limited together with its two overseas trading subsidiaries. Our trading business is a trusted partner with unrivalled insight and foresight across our industry. We give our customers a better understanding of how to 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 the ability to meet everyday challenges and adapt to changing futures.

During 2024, trading revenue grew by 2% to £18.8m which was £0.9m lower than the budget set at the end of 2023. The lower growth was driven by a reduction in the number of large supplier briefing events we held, lower new business wins and fewer consulting projects than assumed in the budget. Ongoing cost challenges in the industry and issues with the launch of our new website made 2024 a challenging year commercially. Despite this, our surplus on trading activities of £5.5m (2023: £5m) was only marginally below the £5.8m budgeted due to cost savings made when it became apparent that we were not going to hit the revenue budget. Given our strong reserve position and the cost savings made in trading areas, we made the decision to continue to invest in our charitable activities where we spent £5.9m vs the £6.1m budgeted (2023: £5.7m) and to continue our capital spend (mainly investing in a new website for our insight subscription services) of £0.4m (2023: £0.2m). This meant that we had a surplus of £0.1m (2023: deficit £0.6m) before a gain on revaluing our investment portfolio of £0.8m.

Group reserves

The trustees have set a reserves policy which requires that reserves be maintained at a level which provides financial stability and ensures that IGD’s charitable activities could continue during a period of unforeseen difficulty and that a proportion of reserves be maintained in a readily realisable form (“free reserves”). The trustees consider free reserves to be the amount of reserves that are easily converted into cash should the need arise; they exclude unrestricted funds of £2.4m tied up in fixed assets.

The trustees assess the reserves policy on an annual basis and have determined that IGD should review the level of reserves 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.

At 31st December 2024, free reserves (total non-restricted reserves less fixed assets) were £9.1m (2023: £8.3m), which equates to 5.4 months of planned expenditure (2023: 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 charitable programmes and in capital investment to underpin IGD’s long-term plans.

As with previous years we have undertaken a going concern review and the Trustees are confident that we will remain a going concern for the foreseeable future.

6

The Institute of Grocery Distribution

Trustees’ Report (including the Strategic Report) (continued)

For the year ended 31[st] December 2024

Principal risks and uncertainties

The risks the charity faces are reviewed as part of our annual business planning cycle. Risks are prioritised 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 trustees are provided with updates on major risks by exception at regular meetings.

After taken into account the mitigating controls in place, the following risks have been assessed to be the major ongoing risks which could impact IGD:

Subsidiary companies

IGD Services Limited is a wholly owned trading subsidiary company of IGD. The aim of this company is to provide sources of funding for our charitable activities.

IGD Services Limited has two wholly owned trading subsidiary companies. IGD Services (Canada) Inc, IGD Services (Singapore) Pte. Ltd. Both share the aim of providing funding our charitable activities.

Subsidiary companies (continued)

Our trading subsidiaries are trusted partners to 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 to deliver unique commercial knowledge and capabilities. We make a difference by giving our customers the ability to meet everyday challenges and adapt to changing futures.

7

The Institute of Grocery Distribution

Trustees’ Report (including the Strategic Report) (continued)

For the year ended 31[st] December 2024

2024 revenue was £927k lower than budget with year-on-year growth of 2%. We delivered fewer large events during the year, less than in 2023 and, excluding events, our growth was 4%. Our shortfall vs budget came as we won fewer new subscriptions and consulting projects than assumed given continuing cost challenges in the industry and issues with the launch of our new website. See the Financial review on page 6 for further detail.

People at IGD

People at IGD are critical. We rely on their knowledge, skills, intellectual rigour, and passion for the food and consumer goods industry. Our aim is to become an employer of choice for top talent by implementing policies, practices, and compensation packages that attract and retain the best talent.

In 2021 we were excited to share our People Strategy, which revolves around four main principles:

These principles serve as guiding pillars to communicate and inspire our colleagues around 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 expectations and fosters personal and professional growth for all employees.

We are proud to have onboarded 28 new colleagues in 2024 and have been working hard to ensure that they are onboarded successfully, feel part of the team and are equipped to do great work.

Our latest engagement survey gave an engagement score of 69% with a 93% participation rate. This year, we are looking forward to focusing on wellbeing, development, and recognition to boost our engagement and working environment.

Our focus at the start of this year has been to align our team objectives with our business drivers to enable clarity, focus and collaboration.

Our work and leadership approach emphasizes governance improvement and operational efficiency. We hold regular extended leadership meetings to ensure alignment, integrated decision-making, 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 responsibility

The biggest positive impact we make is via our charitable programmes which include working with the food and grocery industry on sustainability and waste. However, we are also conscious of our own activities and impact on the environment and have worked with external sustainability consultants to measure our sustainability or carbon footprint. We use that data to inform our decision making where environmental impact has a bearing.

Fundraising Statement

Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. Although we do not undertake any fundraising from the general public, the 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 legacies and grants. The charity is not

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The Institute of Grocery Distribution

Trustees’ Report (including the Strategic Report) (continued)

For the year ended 31[st] December 2024

bound by any undertaking to be bound by any regulatory scheme and the charity does not consider it necessary to comply with any voluntary code of practice as it does not undertake fundraising from the general public.

Statement of trustees’ responsibilities

The names of the trustees who have acted in the year are given on page 32. 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 state of affairs of the group and the parent charity and of the incoming resources and application of resources, including the net income or expenditure, of the group for the year. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time 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 the 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 time the report is approved:

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 at the forthcoming Annual General Meeting.

Trustees Report (including the Strategic Report) approved on behalf of the Board of Trustees:

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The Institute of Grocery Distribution

Legal and Administrative Information

Principal Office Address: IGD Grange Lane Letchmore Heath Watford WD25 8GD Company registration number: 105680 Charity registration number: 309939 Company secretary: D Charalambous List of Advisors to IGD Auditors: BDO LLP 55 Baker Street London W1U 7EU Bankers: HSBC 1-3 Bishopsgate London EC2N 3AQ The Co-operative Bank 3-7 Market Street, Watford WD18 0PE Investment Fund Managers: Cazenove Capital 1 London Wall Place London EC2Y 5AU Solicitors: Stone King Slaughter & May Boundary House 1 Bunhill Row 91 Charterhouse Street London London EC1Y 8YY EC1M 6HR Pension Scheme Advisors: Cloud Benefits Ltd Unit 2 Courtyard Offices Braxted Park Great Braxted Witham Essex CM8 3GA

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The Institute of Grocery Distribution

Group Statement of Financial Activities (Incorporating an income and expenditure account) For the year ended 31[st] December 2024

Notes
Income and endowments
from:
Charitable activities
6
Trading activities
6
Interest receivable
4
TOTAL
Expenditure on:
Raising funds
7a
Charitable activities
7b
TOTAL
Net income/(expenditure) before
investment gains
Net gains on investment assets
11
Net income/(expenditure)
Taxation
5
Loss on revaluation of
overseas subsidiaries
9
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
9a		 General
Funds
2024
£
395,000
18,826,070
99,089
19,320,159
(13,286,368)
(5,940,508)
(19,226,876)
93,283
775,642
868,925
(5,965)
(7,118)
855,842
10,758,056
11,613,898		 Restricted
Funds
2024
£
22,500
-
-
22,500
-
(10,167)
(10,167)
12,333
-
12,333
-
-
12,333
-
12,333		 Total
2024
£
417,500
18,826,070
99,089
19,342,659
(13,286,368)
(5,950,675)
(19,237,043)
105,616
775,642
881,258
(5,965)
(7,118)
868,175
10,758,056
11,626,231		 Total
(General
Funds)
2023
£
-
18,475,205
92,470
18,567,675
(13,466,427)
(5,749,383)
(19,215,810)
(648,135)
596,205
(51,930)
(2,142)
(5,427)
(59,499)
10,817,555
10,758,056

The notes on pages 14 to 27 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 stated above.

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The Institute of Grocery Distribution

Statements of Financial Position 31[st] December 2024

Company Number 105680

GROUP GROUP COMPANY COMPANY
Notes 2024 2023 2024 2023
£ £ £ £
FIXED ASSETS
Intangible assets 10 245,929 55,960 - -
Tangible assets 10 2,260,685 2,385,950 1,943,311 1,979,538
Investments 11 10,043,016 9,267,374 10,343,116 9,567,474
12,549,630 11,709,284 12,286,427 11,547,012
CURRENT ASSETS
Debtors 12 4,961,652 3,757,983 376,658 82,863
Cash at bank and in hand 3,491,909 3,359,131 492,225 603,296
8,453,561 7,117,114 868,883 686,159
Creditors: Amounts falling due within
one year 13a (9,360,497) (8,055,389) (1,711,922) (1,645,021)
Net current liabilities (906,936) (938,275) (843,039) (958,862)
Total assets less current liabilities 11,642,694 10,771,009 11,443,388 10,588,150
Creditors: Amounts falling due after
more than one year 13b (16,463) (12,953) - -
Net assets **11,626,231 ** 10,758,056 11,443,388 10,588,150
The funds of the charity:
Restricted funds 9 12,333 - 12,333 -
Unrestricted funds 9 9,203,569 9,103,076 9,020,726 8,933,170
Revaluation reserve 9 2,410,329 1,654,980 2,410,329 1,654,980
Total charity funds 11,626,231 10,758,056 11,443,388 10,588,150

The Statement of Financial Activities for the year ended 31 December 2024 for the parent charitable company only was a surplus of £855,238 (2023: deficit of £7,329).

Approved and authorised for issue by the Board of Trustees on 4 June 2025 and signed on its behalf by:

Colin Moss – Trustee and Chair of Audit Committee

The notes on pages 14 to 27 form part of these accounts.

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The Institute of Grocery Distribution

Group Statement of Cash Flows For the year ended 31[st] December 2024

Notes
Net cash from/(used by) operating activities
14
Cash flows from investing activities:
Interest received
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Purchase of investment assets
Net cash used by investing activities
Change in cash and cash equivalents
16
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
£
388,228
99,089
(220,536)
(134,003)
-
(255,450)
132,778
3,359,131
3,491,909		 2023
£
(90,509)
92,470
(1,371)
(203,435)
(990,000)
(1,102,336)
(1,192,845)
4,551,976
**3,359,131 **

The notes on pages 14 to 27 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 31[st] December 2024

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. Accounting 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 accordance 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 benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The financial statements are prepared in sterling which is the functional currency of the group and rounded to the nearest £.

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 £10m of the liquid assets are held in an investment fund, worst case scenario forecasts are such that the investments would not need to be sold within 12 months as there is sufficient resource held in cash. Current factors such as the ongoing conflicts in the Middle East and Ukraine together with domestic labour shortages, increase to the minimum wage/National Insurance and continued food inflation have relatively little direct impact on the IGD Group but are having an impact on consumers and many of our stakeholders in the food and consumer goods sector. Continued cost 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 the going concern review. The Trustees, therefore, consider it appropriate for the accounts to be prepared on a going concern basis.

Basis of Consolidation

The consolidated financial statements have been prepared, using the equity method, for IGD and its subsidiary IGD Services Limited together with its subsidiaries, IGD Services (Canada) Inc. and IGD Services (Singapore) Pte. Ltd. The entity has taken exemption from presenting its unconsolidated profit and loss account under section 408 of Companies Act 2006.

Income

Income is the amount receivable for services supplied and from subscriptions for membership, excluding value added tax. Where income is received relating to future events (such as a conference or workshop) it 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 the subscription on a monthly basis and any portion relating to a future period is deferred and treated as a creditor.

Donations received and fund-raising efforts are shown as income in the year in which they are receivable.

Expenditure

Expenditure 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 the basis of their function within the Charity. Any such costs where it is not possible to 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.

Translation of Foreign Currencies

Transactions denominated in foreign currencies are translated into sterling at the rate applying on the date of the transaction. Year end balances stated in foreign currencies are translated into sterling at the relevant Bank of England currency rate on 31[st] December. All gains and losses on translation of foreign currency amounts are recognised as income or expenditure.

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The Institute of Grocery Distribution

Notes to the financial statements (continued) For the year ended 31[st] December 2024

2. Accounting Policies (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 capitalisation criteria are met, expenditure on the functionality of the website is capitalised and treated as an intangible fixed asset. The capitalised website development costs are subsequently amortised to ‘administrative’ expenses on a straight 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 stated at cost (or deemed cost in the case of Freehold Property). Depreciation is calculated to write off the cost amount of the assets over their estimated useful lives as follows:

Land Not depreciated Buildings 50 years straight line Building improvements 5 years straight line Fixtures and fittings 10 years reducing balance Office machinery & computer software 3-5 years reducing balance Computer Hardware 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

Rentals paid under operating leases are charged to the income and expenditure account 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 stated at cost less provision for impairment where applicable. Investments held in investment funds are stated at the quoted value at the year-end date. Any movement in the value is shown as a ‘net gain on investment value’ in the accounts.

Funds

Funds are classified under three main types:

The reserve relating to specific funding for the building extension is classified as Restricted funds and is amortised on a straight-line basis to write back the reserve over the estimated useful lives of the assets to which it relates. All other funds are classified as General.

Key judgement and accounting estimates

Provision is included in the accounts for the 2024 all-employees bonus scheme. The level of pay-out is determined by measuring performance against a pre-set level of targets for the 2024 calendar year. These key targets were derived from the business plan and were agreed at the end of 2023 by the Remuneration Committee and are aimed at driving performance within the organisation. The relevant targets were achieved at the end of 2024 and communicated to a broad range of individuals throughout the business at that point. The bonus was paid in March 2025, before the accounts were approved.

15

The Institute of Grocery Distribution

Notes to the financial statements (continued) For the year ended 31[st] December 2024

3. Net Income/(expenditure)

Net income/(expenditure) is stated after charging:

Depreciation/Amortisation - owned assets
Auditors' remuneration
- for audit services
- for other services
Indemnity insurance
Operating lease rentals
- plant and machinery		 2024
£
289,835
56,624
20,072
600
6,345		 2023
£
315,699
50,784
23,497
600
1,560

Staff costs

Wages and salaries
Social security costs
Other pension costs		 2024
£
10,787,069
1,213,914
1,842,686
13,843,669		 2023
£
10,829,018
1,214,888
1,624,898
13,668,804

Total remuneration received by the senior leadership team was £1,569,569 (2023: £1,503,090).

The pension costs of £1,842,686 (2023: £1,624,898) represent the contributions payable by the company to the Group Personal Pension Plan. £nil was payable to the fund at the year end and included in creditors. (2023: £139,713).

Redundancy, restructuring and termination costs relating to a number of employees were £383,720 (2023: £280,584).

The average number of permanent and temporary employees of IGD during the year was 175 (2023: 178).

Higher paid employees

£60,001 to £70,000
£70,001 to £80,000
£80,001 to £90,000
£90,001 to £100,000
£100,001 to £110,000
£110,001 to £120,000
£130,001 to £140,000
£140,001 to £150,000
£150,001 to £160,000
£160,001 to £170,000
£170,001 to £180,000
£200,001 to £210,000
£230,001 to £240,000
£240,001 to £250,000		 2024
number
12
14
6
9
5
4
-
1
1
-
1
1
-
1
55		 2023
number
14
11
12
6
4
3
1
-
2
3
-
-
1
-
57

The banding includes salaries, 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 £834,953 (2023: £800,801). No remuneration or expenses were paid to trustees (see Note 18).

16

The Institute of Grocery Distribution

Notes to the financial statements (continued) For the year ended 31[st] December 2024

4.
Interest receivable
Bank deposit interest receivable
5.
Taxation on the Surplus on Ordinary Activities
5a.
Analysis of tax charge in the year:
Current Taxation:
UK Corporation tax on Profits of the year (see 5c)
Canadian Income tax on Profits of the year
Tax on profit on ordinary activities
5b.
Provision for deferred tax
Short term timing differences
Movement in provision:
Provision at start of year
Deferred tax charged/(crediting) the Statement of
Financial Activities for the year
Provision at end of year
Deferred tax asset not recognised
5c.
Factors affecting the tax charge for the year:
IGD Services Ltd trading profit on ordinary activities
before tax (note 8a)
Profit on ordinary activities multiplied by the standard rate of
corporation tax of 25% (2023:23.52%)
Effects of:
Fixed asset differences
Group relief surrendered
Marginal relief
Adjustments to tax charge in respect of previous periods
Adjustments to tax charge in respect of previous periods - deferred tax
Remeasurement of deferred tax for changes in tax rates
Movement in deferred tax not recognised
Charitable donations paid through equity
Total tax charge for the year (IGD Services Ltd)		 2024
£
99,089
2024
£
-
5,965
5,965
-
(4,558)
4,558
-
2,331
5,612,770
1,403,193
-
5,030
-
(4,558)
4,558
-
(31,477)
(1,376,746)
-		 2023
£
92,470
2023
£
-
2,142
2,142
(4,558)
-
(4,558)
(4,558)
(34,486)
5,069,370
1,192,344
(2,113)
-
(463)
-
-
(1,492)
20,655
(1,208,931)
-

17

The Institute of Grocery Distribution

Notes to the financial statements (continued) For the year ended 31[st] December 2024

6.
Income
2024
£
Trading activities:
Membership subscriptions
3,186,006
Insight based services
15,640,064
18,826,070
Charitable activities:
Funding for research programmes
417,500
19,243,570
7.
Expenditure
7a.
Split of expenditure on raising funds
2024
£
Direct costs
1,753,963
Administrative
expenses:
Staff costs
9,916,666
Depreciation/Amortisation
192,796
Other admin costs
1,346,247
11,455,709
Governance costs:
Auditors’ remuneration
-for audit services
56,624
-for other services
20,072
13,286,368
7b.
Split of expenditure on charitable activities
People
Health
Sustain-
ability
Economic
Analysis &
Resilience
£
£
£
£
Direct costs:
303,655
240,899
820,430
83,373
Administrative
expenses:
Staff costs
1,137,828
894,903
905,124
929,575
Depreciation
28,550
22,454
22,711
23,324
Other admin costs
140,713
110,671
111,935
114,957
Governance costs:
Staff Costs
17,527
13,785
13,942
14,319
1,628,273
1,282,712
1,874,142
1,165,548		 6.
Income
2024
£
Trading activities:
Membership subscriptions
3,186,006
Insight based services
15,640,064
18,826,070
Charitable activities:
Funding for research programmes
417,500
19,243,570
7.
Expenditure
7a.
Split of expenditure on raising funds
2024
£
Direct costs
1,753,963
Administrative
expenses:
Staff costs
9,916,666
Depreciation/Amortisation
192,796
Other admin costs
1,346,247
11,455,709
Governance costs:
Auditors’ remuneration
-for audit services
56,624
-for other services
20,072
13,286,368
7b.
Split of expenditure on charitable activities
People
Health
Sustain-
ability
Economic
Analysis &
Resilience
£
£
£
£
Direct costs:
303,655
240,899
820,430
83,373
Administrative
expenses:
Staff costs
1,137,828
894,903
905,124
929,575
Depreciation
28,550
22,454
22,711
23,324
Other admin costs
140,713
110,671
111,935
114,957
Governance costs:
Staff Costs
17,527
13,785
13,942
14,319
1,628,273
1,282,712
1,874,142
1,165,548		 2024
£
3,186,006
15,640,064
18,826,070
417,500
19,243,570
2024
£
1,753,963
9,916,666
192,796
1,346,247
11,455,709
56,624
20,072		 2023
£
2,950,263
15,524,942
18,475,205
-
18,475,205
2023
£
1,866,117
9,698,509
208,673
1,618,847
11,526,029
50,784
23,497
13,286,368 13,466,427
2024
Total
£
1,448,357
3,867,430
97,039
478,276
17,527
13,785
13,942
14,319		 59,573
1,628,273
1,282,712
1,874,142
1,165,548		 5,950,675

18

The Institute of Grocery Distribution

Notes to the financial statements (continued) For the year ended 31[st] December 2024

7b. Split of expenditure on charitable activities (continued)

Direct costs:
Administrative
expenses:
Staff costs
Depreciation
Other admin costs
Governance costs:
Staff Costs		 People
Health
Sustain-
ability
Economic
Analysis
&
resilience
2023
Total
£
£
£
£
£
339,212
208,397
471,981
38,825
1,058,415
1,098,516
974,295
974,295
867,444
3,914,550
30,034
26,638
26,638
23,716
107,026
172,204
152,731
152,731
135,981
613,647
1,300,754
1,153,664
1,153,664
1,027,141
4,635,223
15,643
13,874
13,874
12,354
55,745
1,655,609
1,375,935
1,639,519
1,078,320
5,749,383

8. a. Net Income of Trading Subsidiary

IGD has a wholly owned subsidiary, IGD Services Limited (registered office: Grange Lane, Letchmore Heath, Watford, WD25 8GD). The company provides insight based services including online information services, events, customised solutions and training services to companies mainly within the food and consumer goods industry. It donates its taxable profits to IGD and a summary of its trading results is shown below. Audited accounts are filed annually with the Registrar of Companies.

Profit and Loss Account

Turnover
Direct expenses
Administration expenses
Operating surplus
Interest receivable
Profit before taxation
Taxation
Profit after taxation
Gift Aid Payment
Retained profit/(loss) in subsidiary
Total assets
Total liabilities
Shareholders’ funds		 2024
£
18,826,070
(1,753,963)
(11,558,426)
5,513,681
99,089
5,612,770
-
5,612,770
(5,612,770)
-
8,334,748
(8,034,748)
300,000		 2023
£
18,475,205
(1,866,117)
(11,626,232)
4,982,856
86,514
5,069,370
-
5,069,370
(5,139,892)
(70,522)
6,807,663
(6,507,663)
300,000

19

The Institute of Grocery Distribution

Notes to the financial statements (continued) For the year ended 31[st] December 2024

8 b. Net Income of Canadian 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, M5C 2X9, Canada) incorporated under the Business Corporations Act of Ontario on 5[th] October 2010. The company provides insight and content services to IGD Services Ltd and strengthens our global research proposition.

Management charge income
Direct expenses
Administration expenses
Profit before taxation
Taxation
Retained profit (IGD Services (Canada) Inc.)
Total assets
Total liabilities
Shareholders’ funds		 2024
£
123,865
-
(117,966)
5,899
(1,535)
4,364
315,192
(230,321)
84,871		 2023
£
150,901
-
(143,715)
7,186
(2,142)
5,044
282,647
(198,636)
84,011

8 c. Net Income of Singapore Subsidiary

IGD Services Limited also has a wholly owned subsidiary registered in Singapore, IGD Services (Singapore) Pte. Ltd. (registered office: c/o Associates Corporate Services Pte. Ltd., 9 Raffles Place, #26-01 Republic Plaza, Singapore 048619) incorporated in Singapore on 15[th] February 2016. The company provides insight and content services to IGD Services Limited and strengthens our research proposition across Asia.

Management charge income
Direct expenses
Administration expenses
Profit before taxation
Taxation
Retained profit (IGD Services (Singapore) Pte. Ltd)
Total assets
Total liabilities
Shareholders’ funds		 2024
£
348,359
-
(328,238)
20,121
(4,430)
15,691
134,342
(35,843)
98,499		 2023
£
324,352
-
(305,618)
18,734
-
**18,734 **
121,721
(37,052)
84,669

20

The Institute of Grocery Distribution

Notes to the financial statements (continued) For the year ended 31[st] December 2024

9. Categorisation of Funds a. Unrestricted and Restricted Funds (Group):

Fund brought forward
Net surplus before gains
Gain on investment assets
Taxation
Loss on revaluation of overseas subsidiaries
Reserves transfer
Fund carried forward		 Revaluation
reserve
£
1,654,980
-
775,642
-
-
(20,293)
2,410,329		 Other
unrestricted
funds
£
9,103,076
93,283
-
(5,965)
(7,118)
20,293
9,203,569		 Restricted
funds
£
-
12,333
-
-
-
-
12,333		 Total
general
funds
£
10,758,056
105,616
775,642
(5,965)
(7,118)
-
11,626,231

The restricted funds represent monies received to spend on employees specifically recruited to work on the Alliance Food Sourcing project which aims to help facilitate the extraction of surplus food from manufacturer and retailer supply chains diverting it from food waste into charitable and community organisations for the production of meals for those in need.

Unrestricted and Restricted Funds (Company):

Fund brought forward
Net surplus before gains
Gain on investment assets
Reserves transfer
Fund carried forward
b. Analysis of Net Assets (Group)
Fixed assets
Current assets:
Cash at bank and in hand
Other current assets
Creditors less than one year
Net current (liabilities)/assets
Total assets less current liabilities
Creditors due after more than one year
Net Assets		 Revaluation
reserve
£
1,654,980
-
775,642
(20,293)
2,410,329
General
2024
£
10,139,301		 Other
unrestricted
funds
Restricted
funds
£
£
8,933,170
-
67,263
12,333
-
-
20,293
-
9,020,726
12,333
Revaluation
reserve
2024
£
Restricted
2024
£
2,410,329
-		 Total
general
funds
£
10,588,150
79,596
775,642
-
11,443,388
Total
2024
£
12,549,630
3,491,909
4,961,652
8,453,561
(9,360,497)
(906,936)
11,642,694
(16,463)
**11,626,231 **
3,221,276
4,922,052		 -
270,633
-
39,600
8,143,328
(9,062,597)		 -
310,233
-
(297,900)
(919,269) -
12,333
9,220,032
(16,463)		 2,410,329
12,333
-
-
9,203,569 2,410,329
12,333

21

The Institute of Grocery Distribution

Notes to the financial statements (continued) For the year ended 31[st] December 2024

9. Categorisation of Funds (continued)

b. Analysis of Net Assets (Group) (continued)

Fixed assets
Current assets:
Cash at bank and in hand
Other current assets
Creditors less than one year
Net current (liabilities)/assets
Total assets less current liabilities
Creditors due after more than one year
Net Assets		 General
2023
£
Revaluation
reserve
2023
£
Restricted
2023
£
Total
2023
£
10,054,304
1,654,980
-
11,709,284
3,359,131
-
-
3,359,131
3,757,983
-
-
3,757,983
7,117,114
-
-
7,117,114
(8,055,389)
-
-
(8,055,389)
(938,275)
-
-
(938,275)
9,116,029
1,654,980
-
10,771,009
(12,953)
-
-
(12,953)
9,103,076
1,654,980
-
10,758,056

b. Analysis of Net Assets (Company)

Fixed assets
Current assets:
Cash at bank and in hand
Other current assets
Creditors less than one year
Net current (liabilities)/assets
Net Assets		 General
2024
£
Revaluation
reserve
2024
£
Restricted
2024
£
Total
2024
£
9,876,098
2,410,329
-
12,286,427
221,592
-
270,633
492,225
337,058
-
39,600
376,658
558,650
-
310,233
868,883
(1,414,022)
-
(297,900)
(1,711,922)
(855,372)
2,410,329
12,333
11,443,388
9,020,726
2,410,329
12,333
11,443,388

22

The Institute of Grocery Distribution

Notes to the financial statements (continued) For the year ended 31[st] December 2024

9. Categorisation of Funds (continued)

b. Analysis of Net Assets (Company) (continued)

Fixed assets
Current assets:
Cash at bank and in hand
Other current assets
Creditors less than one year
Net current liabilities
Net Assets		 General
2023
£
Revaluation
reserve
2023
£
Restricted
2023
£
Total
2023
£
9,892,032
1,654,980
-
11,547,012
603,296
-
-
603,296
82,863
-
-
82,863
686,159
-
-
686,159
(1,645,021)
-
-
(1,645,021)
(958,862)
-
-
(958,862)
8,933,170
1,654,980
-
10,588,150

10. Intangible and Tangible Fixed Assets

a. Group – Tangible Assets

Cost
At 1 January 2024
Additions
Disposals / Write offs
At 31 December 2024
Accumulated depreciation
At 1 January 2024
Charge for the year
Disposals / Write offs
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Freehold
property
£
2,205,148
-
-
2,205,148
394,250
30,503
-
424,753
1,780,395
1,810,898		 Building
Improv’ts
£
351,174
35,812
-
386,986
207,063
61,560
-
268,623
118,363
144,111		 Fixtures
and
equipment
£
1,225,162
73,191
(123,330)
1,175,023
794,221
167,205
(123,330)
838,096
336,927
430,941		 Assets under
construction
£
-
25,000
-
25,000
-
-
-
-
25,000
-		 Total
£
3,781,484
134,003
(123,330)
3,792,157
1,395,534
259,268
(123,330)
1,531,472
2,260,685
2,385,950

Assets under construction is part completion of rewiring and replacing network points through the office building. This work will be completed in Q1 2025.

23

The Institute of Grocery Distribution

Notes to the financial statements (continued) For the year ended 31[st] December 2024

10. Intangible and Tangible Fixed Assets (continued)

b. Group – Intangible Assets
Cost
At 1 January 2024
Additions
Disposals / Write offs
At 31 December 2024
Accumulated amortisation
At 1 January 2024
Charge for the year
Disposals / Write offs
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Software
£
251,161
-
-
251,161
195,201
30,567
-
225,768
25,393
55,960		 Websites
£
793,569
-
(793,569)
-
793,569
-
(793,569)
-
-
-		 IP
£
10,000
-
-
10,000
10,000
-
-
10,000
-
-		 Assets under
construction
£
-
220,536
-
220,536
-
-
-
-
220,536
-		 Total
£
1,054,730
220,536
(793,569)
481,697
998,770
30,567
(793,569)
235,768
245,929
55,960

Assets under construction comprises costs to date of a third party organisation in rebuilding our insight subscription website. This project is expected to be completed and go live towards the end of Q1 2025.

c. Company – Tangible Assets

Cost
At 1 January 2024
Additions
At 31 December 2024
Accumulated
depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Freehold
property
£
2,205,148
-
2,205,148
394,250
30,503
424,753
1,780,395
1,810,898		 Building
Improv’ts
£
351,174
35,812
386,986
207,063
61,560
268,623
118,363
144,111		 Fixtures
and
equipment
£
159,201
-
159,201
134,672
4,976
139,648
19,553
24,529		 Assets
under
construction
£
-
25,000
25,000
-
-
-
25,000
-		 Total
Tangible
£
2,715,523
60,812
2,776,335
735,985
97,039
833,024
1,943,311
1,979,538		 Total
Intangible
(IP)
£
10,000
-
10,000
10,000
-
10,000
-
-

Assets under construction is part completion of rewiring and replacing network points through the office building. This work will be completed in Q1 2025.

24

The Institute of Grocery Distribution

Notes to the financial statements (continued) For the year ended 31[st] December 2024

11. Investments
a. Group Undertakings (Company)
2024
£
Shares at cost
IGD Services Limited
300,000
IGD Limited
100
300,100
IGD Limited was incorporated on 28 June 2022 and had remained dormant since incorporation.
b. Other investments (Group and Company)
2024
£
Value at 1stJanuary
9,267,374
Investment during the year
-
Fair value movement
775,642
Impairment below cost
-
Value at 31stDecember
10,043,016		 2023
£
300,000
100
300,100
2023
£
7,681,169
990,000
357,374
238,831
9,267,374

The Company has continued to hold some of its cash surplus in a multi-asset investment fund managed by Cazenove Capital as a long-term investment in order to maximise returns. The fund has been specifically designed for Charities and adopts a responsible investment approach integrating environmental, social and governance considerations into its decision making with the objective of creating long-term sustainable returns. It is invested mainly in global equities and bonds. The historic cost of these investments is £8,910,000 (2023: £8,910,000).

12. Debtors

2. Debtors
Trade debtors
Amount due from group undertaking
Other debtors
Prepayments and accrued income		 Group
2024
2023
£
£
4,587,457
3,276,075
-
-
51,582
50,604
322,613
431,304
4,961,652
3,757,983		 Company
2024
2023
£
£
3,022
3,113
288,017
-
49,665
45,191
35,954
34,559
376,658
82,863
82,863

13. a) Creditors: Amounts falling due within one year

Trade creditors
Amount owed by group undertaking
Taxation and social security
Accruals
Deferred income (see 13c)		 Group
2024
2023
£
£
614,680
796,527
-
-
790,979
856,730
1,256,642
1,318,578
6,698,196
5,083,554
9,360,497
8,055,389		 Company
2024
2023
£
£
135,581
181,701
100
23,265
307,155
357,789
984,771
1,045,451
284,315
36,815
1,711,922
1,645,021		 Company
2024
2023
£
£
135,581
181,701
100
23,265
307,155
357,789
984,771
1,045,451
284,315
36,815
1,711,922
1,645,021
1,645,021

25

The Institute of Grocery Distribution

Notes to the financial statements (continued) For the year ended 31[st] December 2024

b) Creditors: Amounts falling due after more than one year

Deferred income Group
2024
2023
£
£
16,463
12,953		 Company
2024
2023
£
£
-
-

Creditors falling due after one year comprises deferred income for subscriptions which fall beyond 31[st] December 2024.

c) Movement in deferred income (due within and after 1 year)

Deferred income brought forward
Released in the year
Income deferred in the year		 Group
2024
2023
£
£
5,096,507
5,211,669
(5,448,740)
(5,195,054)
7,066,892
5,079,892
6,714,659
**5,096,507 **		 Company
2024
2023
£
£
36,815
27,815
(412,500)
(18,000)
660,000
27,000
284,315
36,815		 Company
2024
2023
£
£
36,815
27,815
(412,500)
(18,000)
660,000
27,000
284,315
36,815
36,815

Deferred income comprises income invoiced for subscriptions, membership, training and events which fall beyond 31[st] December 2024.

14. Reconciliation of net expenditure to Operating Cash Flows

Net income / (expenditure)
Interest receivable
Depreciation/amortisation charges
Loss on revaluation of overseas subsidiary reserves
Increase in revaluation of investments
(Increase)/decrease in debtors
Increase in creditors
Taxation paid
Net cash generated from/(used by) operating activities		 2024
£
881,258
(99,089)
289,835
(7,118)
(775,642)
(1,204,577)
1,304,166
388,833
(605)
388,228		 2023
£
(51,930)
(92,470)
315,699
(5,427)
(596,205)
108,409
231,415
(90,509)
-
(90,509)

15. Reconciliation of Net Cash Flow to Movement in Net Funds

Increase/(decrease) in cash for the year
Movement in net funds for the year
Net funds at 1 January
Net funds at 31 December		 2024
£
132,778
132,778
3,359,131
3,491,909		 2023
£
(1,192,845)
(1,192,845)
4,551,976
3,359,131

26

The Institute of Grocery Distribution

Notes to the financial statements (continued) For the year ended 31[st] December 2024

16. Analysis of Net Funds

Cash at bank and in hand
Total net funds
17.Lease commitments
Minimum future lease commitment:
Due within one year
Due 2-5 years		 Balance
1 Jan 2024
£
3,359,131
**3,359,131 **		 Cash
Flows
£
132,778
132,778
2024
£
8,540
23,655
32,195		 Balance
31 Dec
2024
£
3,491,909
3,491,909
2023
£
1,872
5,923
7,795

None of the above lease commitments are in respect of land and buildings.

18. Trustees’ Reimbursements

No reimbursements were made in 2024 or 2023 in respect of Trustees’ expenses.

No Trustee has received any remuneration in 2024 or 2023 for their role as Trustee.

19. Related Party Transactions

There were no related party transactions in either 2024 or 2023.

The Company has taken advantage of the exemptions available in terms of the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared.

IGD and its subsidiaries provide products and services to the businesses mentioned on page 32 in which trustees/directors 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 trustees 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 omitted from the group accounts by virtue of section 408 of the Companies Act 2006. The surplus for the year retained in the books of the parent undertaking was £855,238 (2023: deficit £7,329). Total net income of the parent undertaking was £6,030,270 (2023: £5,139,892) being the Gift Aid received from IGD Services Ltd of £5,612,770 (2023: £5,139,892) plus external funding for charitable programmes £417,500 (£nil).

21. Capital Commitments

At 31 December 2024 the Group was committed to capital spend of £249,825 (2023: £7,491) being website build, cabling works and computer hardware.

27

The Institute of Grocery Distribution

Independent auditor’s report to the members of The Institute of Grocery Distribution

Opinion on the financial statements

In our opinion, the financial statements:

We have audited the financial statements of The Institute Of Grocery Distribution (“the Parent Charitable Company”) and its subsidiaries (“the Group”) for the year ended 31 December 2024 which comprise the group statement of financial activities (incorporating 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 Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting 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 Auditor’s responsibilities for the audit of the financial statements section 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 to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions related to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The 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 not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

28

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:

In the light of the knowledge and understanding of the Group and the Parent Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion;

Responsibilities of Trustees

As explained more fully in the statement of trustees’ responsibilities, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group’s and the Parent Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the Parent Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

29

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 misstatements 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:

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 regulations, Health and Safety and the Bribery Act 2010.

Our procedures in respect of the above included:

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

Based on our risk assessment, we considered 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.

30

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:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, 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 statements, the less likely we are to 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 (“FRC’s”) website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other 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.

Laurence Elliott (Senior Statutory Auditor) For and on behalf of BDO LLP, statutory auditor London, UK

05 September 2025 …………………… 2025

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

31

The Institute of Grocery Distribution

Board of Trustees and IGD Services Limited Board of Directors For the year ended 31[st] December 2024

The following is a list of Trustees and Directors who have served since 1[st] of January 2024 unless stated otherwise.

Trustee of IGD and Director of IGD Services Ltd

Colin Moss Senior Director – Finance Transformation Mars Natasha Rice People Director Tesco Afshin Amirahmadi Chief Executive Officer Sofina Foods Ruth McDonald Corporate Services Director Wm Morrison Supermarkets Trustee of IGD Chris Whitfield Chief Operating Director Co-operative Food (resigned Jun 2024) Richard Sharp Vice President Human Resources Unilever Matt Lee CEO UK & Ireland Hilton Food Group Plc Allessandra de Druille Marketing & Commercial Director Kraft Heinz (appointed Feb 2024) Claire Davies Corporate Communications Director Nestle Purina Petcare (UK) (appointed Jun 2024) Heather Thomas Vice President International Real Estate Walmart Inc (appointed Mar 2025) Director of IGD Services Ltd Michael Evans Group Communications Director Greencore Group Sam Burston Chief Digital Officer Sainsbury’s Chris Walker Vice President Asda Simon Fisher Director of Sales, Northern Europe General Mills (appointed Jan 2024) Keith Packer Manager Director British Sugar (appointed Feb 2024) Surojit Majumder Commercial Finance Director Sainsbury’s (appointed Mar 2025)

32

The Institute of Grocery Distribution

Senior Leadership Team

For the year ended 31st December 2024

IGD’s current Senior Leadership Team

Sarah Bradbury

Sarah Baldock (resigned Nov-24)

Liz Clarkson

Ian Dunkley (Appointed Mar 2024)

Naomi Kissman

Kate Sizer (appointed Jun 2024)

Tom Wakeman (Appointed Mar 2024)

Joan O’Connor (appointed Oct 2024)

Chief Executive Officer

Marketing and Communications Director

People Director

Chief Financial Officer

Social Impact Director

Commercial Customer Director

Insight Director

Communications Director

33