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, no￿ne is excluded from bener￿Ing 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
othe￿iSe 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 circUmstan￿s. 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