Charity reglstration number: 1003371 Master Innholders Charitable Trust Report of the Trustees and Financial Statements For the year ended 30 June 2024
Master Innholders Charitable Trust Report and flnancial statements For the year ended 30 June 2024 Contents Page: Reference and administrative information Report of Trustees Independent examiners report Statement of financial activities Balance sheet 9-13 Notes forming part of the financial statements
Master Innholders Charitable Trust Legal and admlnlstrative details for the year ended 30 June 2024 Reference and admlnlstrative Information Charity name: Master Innholders Charitable Trust Charity registration number: Operational address.. 1003371 Innholders Hall 30 College Street London EC4R 2RH Board of Trustees The Trustees who served the Charity during the year were as follows.. The Rt Hon the Viscount Thurso, PC, FIH. MI J Essenhigh, FRICS T Holmes, FIH, MI D P8lmer, FIH, MI. CMA D Picot, FIH, MI Independent examiner: Andrew Broom ACA Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG Bankers: Bank of Scotland, Cty of London Corporate Centre 155 Bishopsgate London EC2M 3YB Soll¢ltors: Bates, Wells & Braithwaites LLP 10 Queen Street Place London EC4R 1AG
Master Innholders Charitable Trust Report of the Trustees For the year ended 30 June 2024 The Trustees present their annual report togeth8r with the financial stalem8nts of th8 Charity for the year ended 30 June 2024. The Master Innholders Charf(able Trust was set up in 1991 to provide funding for the adv8ncement of education and Iraining in the art and practice of hotel-keeping and catering by encouraging th8 development of and improving of stsndards and by the promotion of education and training. The Trust's main source of income is derived from a Deed of Covenant between The Master Innholders Limited and the Master Innholders Charitable Trust; additional sources of income come from dividend income from investments, from banklbuilding society interest and from occasional sundry gifts. nisation & Charit Contact The organisation has its offices at the Worshipful Company of Innholders. The administration of the charity is currently undertaken on a voluntary basis by the trust88s who have engag8d Haysmacintyre to compile the accounts. Method of a Intment or electlon of Trustees The managemenl of the Charity is the responsibilty of the Trustees who are elected and co-opted under the terms of the Trust deed. Goin concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounling policies. Plans for Future Periods The Trustees will continue to support the objectives of the Charity, for the foreseeable future.
Master Innholders Charitable Trust Report of the Trustees For the year ended 30 June 2024 (contlnued) Review of the ear's actlvltles The main part of the income of the Trust is usually represented by a donation made under tha terms of a Deed of Covenant between The Master Innholders Limited and the Master Innholders Charitable Trust. Under the terms of the Deed, The Master Innholders Limited pays to the Charitable Trust an annual sum amounting to thelr proffts, less tax. The donation for 2024 was increased to £60,000. These funds were used to support the Innholders Scholarship programme, the Aspiring Leaders programme. and the Developing additional skills Programme. In addition £9,179 was raised by an appeal in memory of the late Stuart Johnson Ml which was donated to the Edge Hotel School which Stuart Johnson had supported. The charity also received investment income from the Bannister bequest which was used to award a further Scholarship In his name Grants to Indust Charities No grants were made to Industry Charities during the year. Innholder Scholarshi The Innholder Scholarships are managed by the Master Innholders on behalf of the Worshipful Company of Innholders and seek to provide training in management skills to deserving candidates in the UK who might not otherwise benefrt from these programmes. Typically, they are for courses run at Cranfield University in the UK and Cornell University in the US. The Scholarships are supported by a number of other charities In 2024 the total support came to £42,000. As Irln Leaders Pro ramme. The Aspiring Leaders programme is aimed at supervisors in the hospitality industry and is a course of days teaching with mentoring from senlor industry leaders. The courses are Conceived and run on a voluntary basis by individual Master Innholders with professional support. The progrdmme allows talented people, many from disadvantaged backgrounds to gain confidence and skills which help them progress to senior management. Support for this programme amounted to £25,000.
Master Innholders Charitsble Trust Report of the Trustees For the year ended 30 June 2024 {continued) Financial Reserves The Trustees maintain a rolling financial plan which considers accumulated income, estimated dividends on investments and sundry income and donations. The Trustees have agreed a general policy of matching expenditure against income. This year, income from the Master Innholders Limited was £60,000. The trustees also received income from the Bannister legacy. The combined income from donations fundraising and investments covered the cost of grants and left a small surplus. Investment Polic The Trustees have opted for a medium risk approach to the charitable investments using a total retum basis. During the year, the trustees appointed Schroders as investment managers with the bulk of funds in accumulation units in their specialist charity fund. In addition, the Trust holds Charifund units which are held by Schroders. The trustees benefit from informal oversight by the WCI investment committee. Risks to which the Charit isex osed The Trustees have analysed potential risks under three main headings.. financial, operational and reputational. They are satisfied that sufficient safeguards are in place to guard against foreseeable risks or to mitigate the effects of such risks. The Charity relies primarily on the gifts it receives from The Master Innholders Limited, and it makes its grants to other organisations which fund the education81 programmes. Loss of the gift from The Master Innholders Limited would curtail the Charity's ability to maintain its current grant-making expenditure to these programmes and the Trustees would have to identify smaller programmes and grants that the charity Could support from its investment dividends and other fundralsing activities.. ndlture The trustees continue to employ Haysmacintyre LLP to compile the accounts and undertake filings. Othernise as the trustees give of their time and there are no other administrative costs overall expenditure is kept to a minimum. Testin of Public Benefit In assessing public benefit, the Trustees have due regard to the Charity Commission's Guidance for Charity Trustees and are satisfied that the beneficiaries of all grants have fallen within the aims of the charity- No geographical restrictions are made on potential beneficiaries. The Trustees are not able to inftuence the selection of the recipients of scholarships proposed by the selection panels. In the rare case where a donation is being considered to an organisation in which one of the Trustees is also a trustee, that person is required to make a declaration of hislher interest and withdraw from the decision-making process. The Trust maintains a register of the interests of members of the Trustee body, which might lead to a conflict of interests. While the benefit of an Innholder Scholarship, and other programmes, is limited to a specific section of the public (i.e. those within the hospitality and catering industry), the Trustees are satisfied that, as the fourth largest employment sector in the county, this is a sufficient proportion of the population to demonstrate public benefit.
Master Innholders Charitsble Trust Report of the Trustees For the year ended 30 June 2024 (contlnued) Testln of Publlc Benefit conL Wrthin that sector, none is excluded from benerIng from the award of a scholarship or benefit of support and, since no fees are charged, the ability to pay or contribute fees is not an issue. People in povety are not excluded: indeed. the grants made are specifically aimed either at those from low- income or otherwise deprived backgrounds. The Trustees consider that restrictions that are made In the granting of scholarships are only made because of the amount of funds available and not on any other basis. They also conslder that the distributions the charity makes is proportionate to the funds available. Ke mana ement ersonnel remuneration The Trustees are fortunate that the costs associated with the running of the charity other than to Haysmaclntyre LLP are contributed free by the trustees. None of the Trustees. receives any personal or private benefits, real or incidental, nor do they receive any remuneration from the charity. Statement of Trustees, res onslbllttles The Trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. The law applicable to charities in England and Wales requires the trustees to prepare financial statements ft)r each financial year which give a true and fair view of the state of affairs of the Charity and of the income and application of resources of the Charity for that period. In preparing these financial statements. the trustees are required to: select sultable accounting policies and then apply them consistently-, observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent: state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charlty and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees on u¢) Z¢2%nd signed as authorised on their b8half by.. The RT Hon the Viscount Thurso. PC Chalr
Master Innholders Charltable Trust Independent examiner's report For the year ended 30 June 2024 I report to the Trustees on my examination of the accounts of the Master Innholders Charitable Trust for the year ended 30 June 2024, which are set out on pages 7 to 13. Respective responsibilities of trustees and examiner The trustees are responsible for the preparatton of the accounts in accordance with the requirements of the Charities Act 2011 {'the 2011 Acf). The truste85 are satisfied that an audit is not required for this year under section 144(2) of the 2011 Act and have chosen instead to have an independent examination. I report in respect of my examination of the Trust's accounts as c8rried out under section 145 of the 2011 Act. In carrying out my examination I have followed the requirem8nts of the applicable Directions given by the Charity Commission under section 145(5){b} of the 2011 Act. Independent examlner's statement I have completed my examination. I confimi that no matters have come to my attention giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act- or 2. the accounts do not accord with those records," or 3. the accounts do not comply wilh the applicable requirements concerning the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters In connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Andrew Broome ACA Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG Date .24 October 2024
Master Innholders Charitable Trust Statement of financial actlvities (incorporating the income and expenditure account) For the year ended 30 June 2024 Unrestricted 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Investment income 71,346 4,397 71,346 4,397 20,444 55,000 4,211 18 96.187 96.187 59,229 Expenditure on: Charitable activities Finance expenses (76,179) (4,0941 {76,179) {4,0941 (73.000) 13,898) Totsl expenditure (80,273 (80,273) (76,898) Net incomel{expenditure) before gainl(losses) on investments 15.914 15,914 (17,669) Net gainsl(losses) on investments 62,552 62,552 (5,520) Net movements in funds for the year 78.466 78,466 (12,149) Total funds brought forward 857,900 857,900 870,449 Total funds carrled forward 936,366 936,366 857,900 The statement of financial activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared. All of the above amounts relate to continuing activities and unrestricted funds. The notes on pages 9 to 13 form part of these financial statements.
Master Innholders Charltable Trust Balance sheet at 30 June 2024 Charity number 1003371 Noto 2024 2023 Fixed assets Investments 6 773.761 687,935 Current assets Cash at bank in hand 165.356 172.715 939.116 860,650 Creditors.. 8mounts failing due within one year (2,750} (2,750) Net assets 936.366 857,900 Represented by: Unrestricted funds 8 936,366 857,900 These financial statements were approved by the Trustees on and signed on its behaff by.. The Rt Hon Viscount Thurso, PC, FIH. MI Trustee Date: The notes on pages 9 to 13 form part of these financial statements
Master Innholders Charitable Trust Notes fomling part of the financlal ststements For the year ended 30 June 2024 General Infomiatlon Master Innholders Charitable Trust is an unincorporated charity in England and Wales, with the charity registratlon number 1003371. The registered office is Innholders Hall. 30 College Street, London. EC4R 2RH. The princlpal objectives of the charity are set out within the Trustees Report. on page 2. Accountlng policles The principal accounting policies which have been adopted are set out below: B8sis of preparation The financial statements have been prepared in accordance with the Charities SORP {FRS102)- Accounting and Rep)rting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 8pplicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019>, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. Master Innholders Charitable Trust meets the definition of a public benefft entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transactioD_.value unless otheiSe stated in the relevant accounting poliw. The financial statements are presented in UK Sterling, which is the Charty's functional currency, and rounded to the nearest pound. Going concem After making appropriate enquiries. the Trustees have a reasonable expectation that the Charlty has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the golng concern basis can be found in the accounting policies. Unrgsti7Cted funds Unrestricted funds are donations or other income received or generated for the objects of the charity without further specified purpose and are available as general funds. Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can b8 measured reliably. Income tsx recoverable in relation to investment income is recognised at the time the investment income is receivable.
Master Innholders Charitable Trust Notes forming part of the financlal statements For the year ended 30 June 2024 Accounting policies {continued) Expenditure Expenditure is recognised on 8n accruals basis as a liability Is incurred. Expenditure includes VAT which cannot b8 fully r8COV8red, and is reported as part of the expenditure to which rt relates: Governance costs includes those costs associated with meeting the constitutional and statutory requirements of the Charity and include the accountancy fees and costs linked to the strategic management of the Charty. Charitable expenditure comprises those costs incurred by the charity in the provision of grant funding activities. It includes other costs thal can be allocated directly to such activities and those costs of an indirect nature necessary to support them. No account has been taken of any administrativ8 expenses which have been discharged on behalf of the Trust by The Master Innholders Limited. Inv8Stments Fixed asset investments are a form of financial instrument and are initially r8cognised at their transaction cast and subs8qU8ntty measured at fair value at the Balance sheet date unless the value cannot be measured reliably in which case it is measured at Gost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Losses) on inve8tm8nls' in thè statement of financial activities. Cash and Cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments. that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Crpditor Short tem creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value. net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value. io
Master Innholders Charitable Trust Notes forming part of the financlal ststements For the year ended 30 June 2024 (continued) Accounting policies (continu8d) Critical acGounting estimates 8nd areas ofjudgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectatlons of future events that are believed to be reasonable under the circUmstans. The Charity does not currently have any significant accounting estimates or areas of judgement. Donations and legacies 2024 2023 Donations received 71,346 55,000 Charitsble activities 2024 2023 Fundraising event 4,397 4,211 Investment income 2024 2023 Investment income Bank interest received 20,092 352 18 20,444 18 li
Master Innholders Charitable Trust Notes forming part of the financial statements For the year ended 30 June 2024 (continued) Charitable activities 2024 2023 The Worshipful Company of Innholders: Masters Innholders Scholarship5 Developing Additional skills programme Aspiring Leaders Programme Bannisler Scholarship Edge Hotel School bursary (S Johnson) 30,000 30.000 6.000 25,000 12.000 25,000 12,000 9,179 76,179 73,000 Investments 2024 2023 Movement In market value Market valu8 at 1 July 2023 Cash accounts movement Net gain l (lossl on revaluations in the year 687,935 682.415 23,274 62,552 5,520 Market value at 30 June 2024 773,761 687,935 Historical cost at 30 June 2024 667,160 667,160 Analysis of investments Schroder investment XO Schroder investment 82,238 72,307 691,523 615,628 773,761 687,935 All of the fixed asset investment are listed investments held in the UK. Creditors: amounts falling due within one year 2024 2023 Accruals 2,750 2,750 12
Master Innholders Charitable Trust Notes forming part of the financlal statements For the year ended 30 June 2024 (continued) Unrestricted income funds Balance at 1 July 2023 Balance at 30 June 2024 Current year Income from General funds 857,900 78.466 936,366 Balance at 1 July Expendlture 2022 on Balance at 30June 2023 Prior year General funds 870,049 (12.149 857,900 Analysis of net assets between funds Other net assets Current year Investments Total Unrestricted funds 773,761 162,605 936,366 Total funds 773,761 162,605 936,366 Prlor year Other net assets Investments Total Unrestricted funds 687,935 169,965 857,900 Total funds 687,935 169,956 857,900 10 Related partles, trust8e8' remuneration and expenses No payments were made to any Trustees in the year for service as Trustees (2023 - none). The Trustees ar8 members of the Worshipful Company of Innholders and the Master Innholders. Other than the support provid8d by these two organisations disclosed within in these accounts, there were no related party transactions during the year (2023 - none), and there were no balances outstanding with any related parties at the Balance sheet date (2023 - £Nil) 13