Charity registration number 1155336
Company registration number 8646228 (England and Wales)
THE GOLD SERVICE FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
THE GOLD SERVICE FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | A Fasoli |
|---|---|
| L I B Forte | |
| S E Giraldin | |
| E C Griffiths | |
| T Kochs | |
| S Rebecchi | |
| A D Storey | |
| K Wylde | |
| Secretary | D L Battersby |
| Charity number | 1155336 |
| Company number | 8646228 |
| Registered office | 1 Park Road |
| Hampton Wick | |
| Kingston Upon Thames | |
| Surrey | |
| KTI 4AS | |
| Independent examiner | David Howard |
| 1 Park Road | |
| Hampton Wick | |
| Kingston Upon Thames | |
| KT1 4AS | |
| Bankers | Barclays |
| 1 Churchill Place | |
| London | |
| E14 5HP |
THE GOLD SERVICE FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 - 7 |
| Notes to the financial statements | 8 - 14 |
THE GOLD SERVICE FOUNDATION
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their annual report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities Act 2011 and "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
The principal charity objective is to provide education and training to individuals in the field of hospitality, including through the operation of its Gold Service Scholarship.
Risk Management
The trustees have examined the major risks which the charity faces and seek to control these risks to mitigate any impact that they may have on the charity.
Public benefit
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
Achievements and performance
During the year the Trustees arranged briefing events for Sponsors and Ambassadors along with an event hosted by the Corinthia London hotel to launch the 2024 Scholarship which was attended by over 200 employers and employees. Some 100 young people applied for a Scholarship and were invited for an interview. 45 were shortlisted and invited for a series of practical skills tests. Following a National Final winners were announced in February 2024 at an Awards Ceremony hosted by Claridges and attended by 250 industry leaders, employers and past Scholars. 80 past Scholars are now members of the 'Team Gold' Alumni.
During the year sponsored training placements were offered by several leading hotels and restaurants, including The Ritz, Alain Ducasse at the Dorchester, Gordon Ramsay, The Waterside Inn, Le Gavroche, Core by Clare Smyth and Gleneagles. Buckingham Palace arranged for Winning Finalists to assist at Royal Garden Parties. Our Trustees also provided mentoring. Sponsored educational visits were also arranged to vineyards in Mosel, Porto and Champagne. Training courses in wine service were arranged and hosted by the Savoy Hotel, and Winning Finalists took part in social media and public speaking training.
In addition, Trustees completed work on a series of video Masterclasses and gave access to them through the website. On-line training courses for young Front of House professionals to help them better meet the needs of customers with disabilities were also arranged in partnership with Tourism for All.
The impact of the Foundation's work can now be seen in a number of ways. The Foundation has been actively working to promote to young people, their parents and to schools the many thousands of career openings which the hospitality industry can offer to those with talent and a passion for service. In the past 10 years over 1,000 young Front of House professionals have applied for our Education and Training Scholarships. Many of those winning through the assessment process have been promoted to more senior restaurant management and food and beverage management positions. Some have also opened their own restaurants and are now employing others seeking to become masters of their craft.
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THE GOLD SERVICE FOUNDATION
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Financial review
Total Incoming Resources for the year 2023/24 amounted to £136,224 (£142,204 in 2022/23). Total Resources Expended amounted to £124,290 (£141,067 in 2022/23).
The net result for the year is a surplus of £11,934 (£1,137 surplus in 2022/23).
Reserves policy
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to approximately twelve month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Structure, governance and management
The Charity is a company limited by guarantee.
Status
The Charity’s governing instrument is the company’s Memorandum & Articles of Association.
The organisation is a charitable company limited by guarantee, incorporated on 12 August 2013 and registered as a charity on 12 August 2013. The charity is registered under the name The Gold Service Foundation and it trades under that title.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
A Fasoli
L I B Forte
S E Giraldin
E C Griffiths T Kochs S Rebecchi A D Storey K Wylde D L Battersby
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THI,. GOI.D Sb:RVtCF. FOIJNDATTON
TRUSTEES REPORT (INC"LUDINL DIRLCI'ORS, REPORT) (COliTINUED)
FOR TTII,: Yl<.AR FIVDFD 31 MARCH2024
Statement uf Tru%tee¥ rebpiin¥ibiiilies
The Trustecs. who arc also ihe dircciors of "llie (inld Seryice I"oundation for the purp)se of company law, arc
rcsponsiblc for prcparing thc TnL8tees Rcpnrl and thL finunLiJl sialemcnts. in accordallcc with applicable law
and Uniled KingdOmAccounlll Standard5 (lJnited Kingdom CJcnerally Acccpicd Accounting Praclice).
Companv l.aw requires ihe Trustees to preparc financial statcmcnts for cach finanLial year which give a true
nd f'itir vi¢w uf thL' 4lalL' u1- atlairs ot. thc L'lrIty and of thc incoTning re%ourLth dnd dppIiLdli()n L)I' rL%vurcL
including the incomc and cxpcnditurc. of tliL Lhyritsbl¢ Ll)InpiUiy for thal ycar.
In preparing the%e financial staiemettts: the.1.181ccS are re
THE GOLD SERVICE FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE GOLD SERVICE FOUNDATION
I report to the Trustees on my examination of the financial statements of The Gold Service Foundation (the Charity) for the year ended 31 March 2024.
Responsibilities and basis of report
As the Trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
David Howard
1 Park Road Hampton Wick Kingston Upon Thames KT1 4AS
04/12/2024 Dated: .........................
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THE GOLD SERVICE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 135,373 | 141,980 |
| Investments | 4 | 851 | 224 |
| Total income | 136,224 | 142,204 | |
| Expenditure on: | |||
| Charitable activities | 5 | 124,290 | 141,067 |
| Total expenditure | 124,290 | 141,067 | |
| Net income and movement in funds | 11,934 | 1,137 | |
| Reconciliation of funds: | |||
| Fund balances at 1 April 2023 | 154,168 | 153,031 | |
| Fund balances at 31 March 2024 | 166,102 | 154,168 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE GOLD SERVICE FOUNDATION
BALANCE SHEET
AS AT 31 MARCH 2024
| Notes Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Net assets The funds of the Charity Unrestricted funds |
2024 £ 9,953 190,233 200,186 (34,084) |
£ 166,102 166,102 166,102 166,102 |
2023 £ 18,221 147,834 166,055 (11,887) |
£ 154,168 |
|---|---|---|---|---|
| 154,168 | ||||
| 154,168 | ||||
| 154,168 |
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TEIE GOLD SERVICE FOUNDATION BALANCE SHEET (CONTINUED) ASAI'.lJ J1£4RCH 2024 The companv is cntiilLxI to thc cxcmplion fron) the audil r¢quiT¢nient contained in section 477 of th¢ Cojnpanics Act 20(16: for th¢ )"car cndcd 31 March 2024. Thc diroclors acknoii Icd8e tli¢ir re8ponsibilities for cr)inpliThg ii'ith thc rcquircmcnls of thc Companics A¢t 20(16 m.ith rcspccl to &¢ounting rc(x)rds and thv pteparalion oifthancial $lai¢nieiits. Thc memb¢rs hai'e not required the cornpany to obtain an audii of ils fwaocial stalcmcnts for the Near iii qucsts.on iii COrdanr iiith s¢ction 476. csc fw¥nLial slal¢mcnts have bccii prcpared in ttccnrdance with the proiisions applicablc to companics bjccl to thc small coinpanies rcgimc. io fthancial sial¥AiiciIIs lici- ,11) bi, tlie Trustees on . _&, 2()2+ tL anTr r¢8lStratson numb¢r ¥64 228 (Fnglajid an ales)
THE GOLD SERVICE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Charity information
The Gold Service Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 1 Park Road, Hampton Wick, Kingston Upon Thames, Surrey, KTI 4AS.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
1.4 Income
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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THE GOLD SERVICE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7 Financial instruments
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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THE GOLD SERVICE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from donations and legacies
| Total | Total | |
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | 135,373 | 141,980 |
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THE GOLD SERVICE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4 Income from investments
| Interest receivable 5 Expenditure on charitable activities Travel, accommodation and subsistence Photography and videos Training and education Legal and professional fees Consultancy and secretarial Computer and website costs Marketing, advertising and social media Printing, postage and stationary Scholarship and events administrator Insurance General expenes Bank charges Analysis of governance costs Accountancy fee Analysis by fund Unrestricted funds 6 Net movement in funds The net movement in funds is stated after charging/(crediting): |
|
|---|---|
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THE GOLD SERVICE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
8 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
9 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
10 Debtors
| Debtors | ||
|---|---|---|
| Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income |
2024 £ 6,000 - 3,953 9,953 |
2023 £ 16,400 1,650 171 |
| 18,221 |
11 Creditors: amounts falling due within one year
| Notes Deferred income 12 Trade creditors Accruals |
2024 £ 30,000 2,044 2,040 34,084 |
2023 £ 8,000 2,087 1,800 |
|---|---|---|
| 11,887 |
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THE GOLD SERVICE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12 Deferred income
| Deferred income | ||
|---|---|---|
| Other deferred income Deferred income is included in the financial statements as follows: Deferred income is included within: Current liabilities Movements in the year: Deferred income at 1 April 2023 Released from previous periods Resources deferred in the year Deferred income at 31 March 2024 |
2024 £ 30,000 2024 £ 30,000 8,000 (8,000) 30,000 30,000 |
2023 £ 8,000 |
| 2023 £ 8,000 |
||
| - - 8,000 |
||
| 8,000 |
13 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 April | Incoming | Resources | At 31 March | |
|---|---|---|---|---|
| 2023 | resources | expended | 2024 | |
| £ | £ | £ | £ | |
| General funds | 154,168 | 136,224 | (124,290) | 166,102 |
| Previous year: | At 1 April | Incoming | Resources | At 31 March |
| 2022 | resources | expended | 2023 | |
| £ | £ | £ | £ | |
| General funds | 153,031 | 142,204 | (141,067) | 154,168 |
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THE GOLD SERVICE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14 Related party transactions
During the year £50,000 (2023: £50,000) was received by the Foundation via a donation from The Storey Foundation, a charity which shares a common trustee with the Gold Service Foundation.
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