International Food Information Service - Charities report - 22.2

REGISTERED COMPANY NUMBER: 03507902 (England and Wales)

REGISTERED CHARITY NUMBER: 1068176

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

INTERNATIONAL FOOD INFORMATION SERVICE

(IFIS PUBLISHING)

Page

Report of the Trustees

1

to

6

Report of the Independent Auditors

7

to

10

Statement of Financial Activities

11

Balance Sheet

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

to

23

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Summary of objectives

a. The objective of IFIS Publishing is to advance public education and vocational training in the sciences of food and health ("the objective"). The term 'food' also encompasses drinking water, and alcoholic and non­ alcoholic beverages.

b. In pursuit of the above objective IFIS Publishing will:

* acquire, process, create and disseminate information on, and relevant to, the sciences of food and health, with particular reference to: food safety and hygiene; food regulations; food composition; sensory analysis; the chemical, physical, biological and nutritional properties of foods and food products; and the processing, manufacture, packaging, storage and distribution of foods.

* participate in research and development projects designed to collect/collate, prepare and disseminate information on, and relevant to, the sciences of food and health.

* undertake other tasks connected with the provision of subject relevant scientific and technical information, training and education.

c. IFIS Publishing will co-operate/collaborate with other relevant/appropriate organisations and may, in addition, acquire other information services and products, or shares in them.

d. IFIS Publishing has a special interest in assisting developing countries to improve their access to information services in the sciences of food and health in order to help meet national and regional educational and training needs.

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the objectives of the charity and in planning future activities.

Restriction of operations

a. IFIS Publishing operates exclusively for scientific and educational purposes and will not be operated for the purpose of carrying on a trade or business for profit.

b. IFIS Publishing's assets will be utilised only in pursuance of its objectives and in accordance with its Constitution. Neither trustees, nor any other organisation, or private individual may or will receive any dividend or any other distribution out of the assets or earnings of IFIS Publishing.

c. No person shall receive any payment or benefit from IFIS Publishing in respect of expenditure incurred in relation to matters falling outside the objectives of the company.

Public benefit

Aims

The ultimate IFIS Publishing mission is to be the globally recognised provider of internationally applicable, top-quality information relevant to the sciences of food and health, to meet the research, education and training needs of industry, academia, schools and the general public.

The IFIS Publishing website, www.ifis.org, provides free access to articles about food and health. Several individual and group education and training activities are run each year which augment the food community's understanding of how to make best use of relevant information sources.

The bibliographic database FSTA - Food Science and Technology Abstracts® (FSTA®) - was first produced in 1969; it is the world's leading database describing the content of source material that has been published on the sciences of food and health, and related subjects. The database is available on a range of search platforms operated by third party hosts or vendors including Wolters Kluwer Ovid SP, Clarivate Analytic Web of Science, EBSCOhost, ProQuest Dialog and STN. FSTA is taken by libraries located throughout the world, particularly those of universities offering courses in food science, nutrition and related subjects. It is also used by scientists working in the food industry, in government departments and in research institutes concerned with food policy and nationally funded food research. IFIS produces a companion thesaurus for FSTA which acts as an invaluable aid to searching the database.

Beneficiaries

The prime and direct beneficiaries from !FIS Publishing products and services are those people and organisations comprising the global food and drink community who strive to ensure that knowledge, training and education in all related subject areas are based on scientific integrity and quality of information. Members of the general public benefit directly by virtue of free access to certain articles available on the IFIS website, and via some libraries; they also benefit indirectly via the prime beneficiaries.

The ultimate aim of information provision of this type is to help ensure that the world's knowledge of the sciences of food and health is available to be applied for the benefit of all people in all contexts including, for example: tackling the problems suffered by the undernourished or the obese; and helping to ensure that each country of the world has the information it needs to produce the required sustainable quantities of affordable, safe, high-quality food for all its citizens.

Customer types

IFIS customer types are varied in background and are involved in a number of different roles including: teaching; studying; research; product and process development; decision making; policy development; technical management information provision ; and consultancy. They are, therefore, drawn typically from the following areas:

Universities and colleges

Governments and governmental organisations

Research Institutes

Non-governmental organisations and charities

Industry and its various sectors

Professional and trade associations

Teachers, lecturers and librarians

Students

Consultants and advisors

Customer market research

Feedback from customers is sought regularly using various methods (e.g., surveys, interviews, meetings at conferences). Additionally, IFIS Publishing has formed advisory groups which represent each of our key stakeholder groups (namely faculty, library, corporate and student groups). These groups advise on the market environment and development initiatives and opportunities.

ACHIEVEMENT AND PERFORMANCE

Investment performance

Specific Investment Powers

Funds may be held in the name of any clearing bank, any trust corporation or any stock broking company which is a member of the Stock Exchange as nominee for the trustees. At present, IFIS's investments are actively managed by Rathbones.

Investment Policy and Performance

The objective of the portfolio is to make investments that preserve the capital principal, to safeguard the principal and its income, and provide a competitive long-term total return as far as possible. The portfolio composition and balance are designed to achieve "conservative growth". This is about mid-way between investing to achieve high income and investing to achieve high capital growth.

Nominally the portfolio comprises 70% equities, and 30% cash and bonds. IFIS is not investing in carbon-intensive industries.

Overview

The charity continues to implement the strategic development initiatives approved by trustees. A three-year rolling strategic plan is presented to the Board at the beginning of each financial year, and progress is reviewed at each quarterly meeting.

The charity has developed various resources to help our beneficiaries avoid fake science. These included a free tool to identify predatory open-access journals and an online resource hub. Our educational activities have continued, particularly promoting our best practice guides and associated webinars.

Similarly, our partnership with the Nutrition Society has continued, in addition to the marketing of a new version of the FSTA database with greater access to full text.

Towards the latter part of the year, we were able to resume face-to-face engagement activities which had been prevented in the last two years due the impact of the Covid pandemic. These are planned to be further expanded in the coming year.

Financial review

The movement in funds for the year is set out on page 21.

Income from 1 April 2022 through 31 March 2023 arising from activities in furtherance of the charity's objectives amounted to £1,733,025, a decrease of 5% on the previous year. This decrease was partly caused by the impact of the Covid pandemic and partly by challenging economic conditions, particularly the exchange rate. Expenditure totalled £2,077,569, an increase of £29,706 compared to the prior year.

Net outgoing resources before other recognised gains and losses amounted to £584,261. The results were significantly impacted by the fall in stock markets experienced during the year.

After allowing for a significantly reduced pension liability in the financial year to 31 March 2023, the accumulated fund was brought to (£1,117,048), an improvement of just over £200k compared to the previous year-end. This was after a large one-off payment during the year of £1,293,000 to the pension scheme, as part of the deficit recovery plan. This has reduced IFIS's Fixed Assets and Cash Balances.

The liquidity position continues to be favourable with £2,894,411 in investments, and £889.074 in bank and cash balances.

The estimated value of the fixed assets of IFIS Publishing is not materially different from that shown in the accounts.

All investments held by IFIS Publishing have been acquired in accordance with the powers available to the trustees.

FINANCIAL REVIEW

Reserves policy

The trustees have taken into account the key requirements of the Charities Act 2011. They have continued to review IFIS Publishing reserves and the investment portfolio. Consideration of these issues is conducted under the guidance of the Chair of the Governing Board and the seven other member trustees on the Board.

The financial reserves set aside since the formation of IFIS Publishing provide financial stability and the means for the development of the principal information products and services. Undesignated funds are maintained at a level that is at least equivalent to approximately one year's operating costs, plus potential pension liability costs. The accumulated fund is currently (£1,117,148) which is considered an appropriate level due to the long-term nature of the potential pension liabilities.

In addition, undesignated funds are set aside in readiness to enable the continued development of information products and services for the benefit of the international food community. Some of these undesignated funds may be used to finance the use of specialist, outsourced expertise acquired via key external development partnerships or by the appointment of consultants.

In addition to the audited accounts, management budgets for ongoing maintenance and development expenditures are reported to the Governing Board at least four times annually.

FUTURE PLANS

IFIS Publishing is prioritising work to strengthen revenue trends of its core database proposition through robust renewal rates and new user acquisition. This will be achieved through execution excellence, increased engagement, meaningful partnerships, and the charity's unique value proposition as a market-leading niche A&I database focused on the fields of food and health.

Advancing IFIS's educational mission to promote access to trustworthy scientific information, training efforts will concentrate on the promotion of research best practices while awareness-raising and outreach activities will highlight the growing risk posed by predatory publishing to trust in rigorous scientific literature.

IFIS will continue to proactively promote its partnership with the Nutrition Society to support the advancement of nutrition science. Additionally, the organisation will further explore collaboration and partnership opportunities with other stakeholders in the food science space in order to extend its reach and scale its impact.

Investment in new products and services will allow the charity to diversify its product offering, reaching new customers and markets to broaden its income base and protect against market shocks. Product development will leverage existing data sets to meet the needs of specific routes-to-market and customer segments. Data products linking adjacent disciplines such as nutrition, preventative healthcare, and treatment will help drive research and innovation. Process optimisation and the exploration of emerging machine learning and AI tools will boost efficiency, build product resilience and unlock innovation opportunities.

In line with its stated charitable objectives, IFIS will continue to participate in the Reserch4Life scheme, a public-private partnership between publishers, UN agencies and universities providing free or low-cost access to scientific literature in lower-income countries. Through this programme, FSTA is currently available for free to universities and related institutions in over 120 countries. The organisation is also developing and promoting other free-to-access tools, such as its Sustainability Collection, with the aim of supporting the transition to a food system that is better for people and the planet.

An emphasis on people development will underpin these efforts, with skills development and professional growth placed at the heart of IFIS's strategy.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The International Food Information Service (IFIS) was founded in 1968 and is now an organisation comprising two separate legally recognised entities based in the United Kingdom.

1. The International Food Information Service (IFIS Publishing) is a company limited by guarantee which was registered as a charity on 17 February 1998. Its activities are governed by its Memorandum and Articles of Association.

On 3 April 1998, the company took over all the operations and assets of the International Food Information Service, an unincorporated association which was registered as a charity in the United Kingdom on 13 February 1990 with the registered charity number 802722.

The company (IFIS Publishing) is constituted under a Trust deed and has the registered charity number 1068176 (with effect from 17 February 1998).

2. IFIS Limited is a wholly owned subsidiary undertaking of IFIS Publishing, dormant since 1 April 1991.

Recruitment and appointment of new trustees

The trustees of the charity conducted a review of its governance and adopted new Articles and Bye Laws on 23 May 2012. The articles were based on a model recommended by the Charity Commission. The most material change related to a simplification of the process of appointing trustees and members of the charity. Trustees and members are now one and the same, thereby removing the previous two-tiered management of the charity. The changes allowed the charity to broaden its trustee base. During the previous year, three new trustees were appointed, increasing the number from five to eight. During the current year, Mrs. Barbara Byrd Keenan resigned as a trustee after almost 20 years' of service. The trustees and staff (past and present) recognized the immense contribution which Barbara had made to the charity. We all have great admiration for her professionalism, business acumen, her personal qualities of friendship, kindness and for her empathy with, and dedication to the aims and objectives of IFIS Ltd.

New trustees, who fulfil the eligibility criteria and requirements specified by the Articles and Bye Laws, can be voted on to the Board by the existing trustees. Each new trustee is given an induction to the Company by the Managing Director and Chairman of the Trustees, and each is given the IFIS Publishing document 'Guide to the Duties and Responsibilities of IFIS Trustees'. This document is reviewed regularly and includes: the UK Charity Commission guidance document 'The Essential Trustee - What you need to know'; the IFIS Publishing Articles of Association and Bye Laws; and copies of the annual insurance policy documents relating to Directors and Officers Liability.

Key management remuneration

The trustees consider the management team as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in notes 10 and 19 to the accounts. Trustees are required to disclose all relevant interests and register them with the managing director and in accordance with the Charity's policy withdraw from decisions where a conflict of interest arises.

The pay of the charity's management team is reviewed annually and disclosed in note 11 to the accounts. Remuneration is normally increased in accordance with factors such as the current inflation rate, individual performance, and responsibilities, and bench-marked with organisations of a similar size and activity to ensure that remuneration is set fairly and not out of line with that generally paid for similar roles.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The trustees consider the risks that they may have to manage at the four Board meetings which are held each calendar year (January through December).

A risk register is updated as judged necessary, and risk and control ratings are monitored regularly. Appropriate control measures are discussed and implemented.

Such risks relate, for example, to most of the income received being paid in US$; relevant insurances in this respect are regularly reviewed. Provision for any possible bad debts is made in the regular budgeting process. Pension liabilities, the potential for data loss, cybersecurity, investment changes, and market changes are other examples of risks that are considered.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

03507902 (England and Wales)

Registered Charity number

1068176

Registered office

Ground Floor

115 Wharfedale Road

Wokingham

Berkshire

RG41 5RB

Trustees

Mrs B Byrd Keenan (resigned 12.8.22)

Professor C Dennis

Mr D H Duncan

Mr P Pavlicic

Professor W Zhou

Ms C T Shannon

Dr I J Noble

Mr M J Griffiths

Company Secretary

J F Nash

Auditors

Collards

Chartered Accountants

Registered Auditors

5-9 Eden Street

Kingston-upon-Thames

Surrey

KT1 1BQ

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of International Food Information Service (IFIS Publishing) for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-	select suitable accounting policies and then apply them consistently;

-	observe the methods and principles in the Charity SORP;

-	make judgements and estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

-	there is no relevant audit information of which the charitable company's auditors are unaware; and

-	the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, Collards, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 9 August 2023 and signed on its behalf by:

Professor C Dennis - Trustee

Opinion

We have audited the financial statements of International Food Information Service (IFIS Publishing) (the 'charitable company') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

-	give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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 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, other than the financial statements and our Report of the Independent Auditors 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.

In connection with our audit of the financial statements, 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 this gives rise to 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

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

-	adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of trustees' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

* the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

* identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

* making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

* considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

To address the risk of fraud through management bias and override of controls, we:

* performed analytical procedures to identify any unusual or unexpected relationships;

* tested journal entries to identify unusual transactions;

* assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

* investigated the rationale behind significant or unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

* agreeing financial statement disclosures to underlying supporting documentation;

* reading the minutes of meetings of those charged with governance;

* enquiring of management as to actual and potential litigation and claims;

* reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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 auditors' 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.

Jonathan Addison FCA (Senior Statutory Auditor)

for and on behalf of Collards

Chartered Accountants

Registered Auditors

5-9 Eden Street

Kingston-upon-Thames

Surrey

KT1 1BQ

9 August 2023

2023

2022

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Charitable activities

5

Educational and training

1,680,918

1,776,174

Investment income

4

52,107

51,239

Total

1,733,025

1,827,413

EXPENDITURE ON

Raising funds

6

16,928

26,759

Charitable activities

7

Educational and training

2,060,641

2,021,104

Total

2,077,569

2,047,863

Net gains/(losses) on investments

(239,717

)

105,650

NET INCOME/(EXPENDITURE)

(584,261

)

(114,800

)

Other recognised gains/(losses)

Actuarial gains/(losses) on defined benefit schemes

904,000

(62,000

)

Net movement in funds

319,739

(176,800

)

RECONCILIATION OF FUNDS

Total funds brought forward

(1,436,887

)

(1,260,087

)

TOTAL FUNDS CARRIED FORWARD

(1,117,148

)

(1,436,887

)

2023

2022

Unrestricted

Total

fund

funds

Notes

£

£

FIXED ASSETS

Tangible assets

12

15,290

9,572

Investments

13

2,894,411

4,110,985

2,909,701

4,120,557

CURRENT ASSETS

Debtors

14

352,069

256,480

Cash at bank and in hand

889,074

1,355,715

1,241,143

1,612,195

CREDITORS

Amounts falling due within one year

15

(1,220,992

)

(1,179,639

)

NET CURRENT ASSETS

20,151

432,556

TOTAL ASSETS LESS CURRENT LIABILITIES

2,929,852

4,553,113

PENSION LIABILITY

18

(4,047,000

)

(5,990,000

)

NET ASSETS/(LIABILITIES)

(1,117,148

)

(1,436,887

)

FUNDS

17

Unrestricted funds

(1,117,148

)

(1,436,887

)

TOTAL FUNDS

(1,117,148

)

(1,436,887

)

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 9 August 2023 and were signed on its behalf by:

Professor C Dennis - Trustee

Cash flows from operating activities

Cash generated from operations

1

(1,484,135

)

(175,733

)

Net cash used in operating activities

(1,484,135

)

(175,733

)

Cash flows from investing activities

Purchase of tangible fixed assets

(11,468

)

(5,370

)

Purchase of fixed asset investments

(883,161

)

(1,932,119

)

Sale of fixed asset investments

1,860,016

1,912,723

Interest received

8,899

3,605

Dividends received

43,208

47,634

Net cash provided by investing activities

1,017,494

26,473

Change in cash and cash equivalents in the reporting period

(466,641

)

(149,260

)

Cash and cash equivalents at the beginning of the reporting period

1,355,715

1,504,975

Cash and cash equivalents at the end of the reporting period

889,074

1,355,715

1.	RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

2023

2022

£

£

Net expenditure for the reporting period (as per the Statement of Financial Activities)

(584,261

)

(114,800

)

Adjustments for:

Depreciation charges

5,750

5,199

Losses/(gain) on investments

239,717

(105,650

)

Interest received

(8,899

)

(3,605

)

Dividends received

(43,208

)

(47,634

)

(Increase)/decrease in debtors

(95,589

)

130,595

Increase/(decrease) in creditors

41,355

(104,838

)

Difference between pension charge and cash contributions

(1,039,000

)

65,000

Net cash used in operations

(1,484,135

)

(175,733

)

2.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.22

Cash flow

At 31.3.23

£

£

£

Net cash

Cash at bank and in hand

1,355,715

(466,641

)

889,074

1,355,715

(466,641

)

889,074

Total

1,355,715

(466,641

)

889,074

1.	STATUTORY INFORMATION

International Food Information Service is a private company, limited by guarantee, registered in England and Wales. The company's registered numbers (as both a registered company and a registered charity) together with its registered office address can be found in the report of the Trustees. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Subscriptions for the charity's database products are credited to the Income and Expenditure section of the Statement of Financial Activities over the period of the subscription on a straight line basis.

Royalties in respect of the charity's database products are credited to the Income and Expenditure section of the Statement of Financial Activities over the period of the service to which the royalties relate.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office furniture & equipment

-

25% on cost

Fixtures and fittings

-

20% on cost

Computer software

-

25% on cost

Computer hardware

-

25% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

IFIS Publishing is an Associated Employer within the pension scheme operated by CAB International. This scheme is a defined benefit scheme which was capped at £30,000 per person pro rata and salaries exceeding £30,000 were then entered into defined contribution. The scheme's funds are administered by trustees and are independent of the finances of both IFIS Publishing and CAB International. From 1 April 2016 this scheme was closed to new members and all future contributions were paid to a defined contribution scheme.

The contributions to the defined benefit scheme are determined by a qualified independent actuary, Russell Agius of Aon Solutions UK Limited on the basis of triennial actuarial valuations. The latest full actuarial review, carried out as at 31 December 2020 and updated to 31 March 2023, showed a deficit in the scheme.

Leasing commitments

Rentals under operating leases are charged to the Statement of financial activities incorporating income and expenditure account on a straight line basis over the lease term.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires the charity to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgments and estimates have had the most significant effect on amounts recognised in the financial statements.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values may vary depending on a number of factors.

Bad debt provisions

Provisions are estimated by the charity in respect of specific debts based upon the age of the debt and knowledge of known issues.

Accrued expenses

Accrued expenses are estimated by the charity based upon past experience, with knowledge of known issues at the balance sheet date, and management information available after the balance sheet date, in respect of matters for which the charity is confident there will be an outflow of economic benefit.

Retirement benefits

Various assumptions are made in reporting the performance of the charity's share of the pension scheme operated by CAB International. A valuation is carried out for reporting purposes by a qualified independent actuary. The principal actuarial assumptions made are disclosed in note 18.

4.	INVESTMENT INCOME

2023

2022

£

£

Dividends receivable

43,208

47,634

Interest receivable

8,899

3,605

52,107

51,239

5.	INCOME FROM CHARITABLE ACTIVITIES

2023

2022

Activity

£

£

Bibliographic databases - subscriptions

Educational and training

1,623,843

1,661,459

Bibliographic databases - PAYG

Educational and training

43,894

43,476

Dictionary, thesaurus, bulletin & reports

Educational and training

20,135

23,320

IFIS Collections

Educational and training

896

30,040

Gains/(losses) on exchange

Educational and training

(7,850

)

17,879

1,680,918

1,776,174

6.	RAISING FUNDS

Raising donations and legacies

2023

2022

£

£

Investment management fees

16,928

26,759

7.	CHARITABLE ACTIVITIES COSTS

Support

Direct

costs (see

Costs

note 8)

Totals

£

£

£

Educational and training

2,006,666

53,975

2,060,641

8.	SUPPORT COSTS

Governance

costs

£

Educational and training

53,975

9.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2023

2022

£

£

Auditors' remuneration

7,008

6,768

Depreciation - owned assets

5,750

5,199

Currency exchange (gains)/losses

(6,939

)

(53,219

)

10.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

During the year the following expenses were reimbursed to the charity's trustees:

2023

2022

£

£

Travel and subsistence

26,205

155

The number of trustees to whom expenses were reimbursed was 8 (2022 : 1).

11.	STAFF COSTS

2023

2022

£

£

Wages and salaries

647,755

661,739

Social security costs

58,187

60,401

Other pension costs

1,336,615

238,723

2,042,557

960,863

The average monthly number of employees during the year was as follows:

2023

2022

Advancement of public education

15

15

Support

2

2

17

17

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2023

2022

£60,001 - £70,000

1

-

£80,001 - £90,000

-

1

1

1

Benefits are accruing to these employees under the charity's defined benefit scheme. Contributions paid in the period amounted to £nil (2022: £nil). Benefits are also accruing to these employees under the charity's defined contribution scheme. Contributions paid in the period amounted to £4,571 (2022: £8,402).

The charity considers its key management personnel comprise the Trustees, the Managing Director, Head of Marketing & Engagement and the Head of Product Development. The total employment benefits including employer pension contributions and national insurance of the key management personnel were £197,895 (2022: £260,887). The Trustees received no remuneration during the period (2022: £nil).