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 2025
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 | ||
| Conor O'Leary | (Appointed 15 July 2025) | |
| 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 2025
The Trustees present their annual report and financial statements for the year ended 31 March 2025.
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 of the Gold Service Scholarship, along with an event hosted by the Corinthia London hotel to launch the 2024-25 Scholarship. This was attended by over 200 employers and employees. Some 100 young people applied for a Scholarship and were invited for an interview at Quarter-Final level. 50 were shortlisted and invited for a series of practical skills tests at the Semi-Final. Following a National Final, winners were announced in February 2025 at an Awards Ceremony hosted by Claridges and attended by 250 industry leaders, employers and past Winning Finalists and Scholars. Over 90 past Winning Finalists and 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, Core by Clare Smyth; L’Enclume; Helene Darrose at the Connaught; Gleneagles; the Mandarin Oriental Hotels in Bangkok and Hong Kong, and the Rocco Forte Villa Iglea Hotel in Sicily. Buckingham Palace arranged for Winning Finalists to assist at a Royal Garden Party. Our Trustees also provided mentoring. Sponsored educational visits were also arranged to vineyards in Porto and Champagne. A training course in wine service was arranged by the Gold Service Scholarship and hosted by the Savoy Hotel. All 10 Winning Finalists in 2024 took part in social media and public speaking training and, in addition, attended a four-day, customised, Professional Development Programme at the Lausanne Hotel and Business School in Switzerland.
In addition, Trustees completed further 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.
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THE GOLD SERVICE FOUNDATION
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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 13 years over 1,200 young Front of House professionals have applied for our Education and Training Scholarships. Many of those reaching beyond the Semi-Final stage of 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."
Financial review
Total Incoming Resources for the year 2024/25 amounted to £171,707 (£136,224 in 2023/24). Total Resources Expended amounted to £164,764 (£124,290 in 2023/24).
The net result for the year is a surplus of £6,943 (£11,934 surplus in 2023/24).
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 Conor O'Leary
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THE GOLD SERVICE FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YFAR ENDED 31 MARCH2025 Statement of Trustees responsibilities Thc Trustees, who are also the directors of The Gold S¢rvic¢ Foundation for the purpose of company law. are responsible for preparing the Trustees Report and th¢ financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees lo prepar¢ financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming rcsources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Trustces are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgements and estimates that are rea8onabl¢ and prudent. and prepare the financial statements on the going concern basis unless it is inappropriate to pr¢sum¢ that the Charity will continu¢ in operation. Tje Trustees ar¢ responsible for keeping adcouatc accounting records that di.8closc with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the flnancial stat¢m¢nts mply with th¢ Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and nce for taking rca.4onabl steps for the prevention and detection of fraud and other irregulariiies. he Trustees rep6rt sapp ve the Board of Trustees. stee
THE GOLD SERVICE FOUNDATION INDEPENDEIYT EXAMINER'S REPORT TO THE TRUSTEES OFTHE GOLD SERVICE FOUNDATION I report to the Trustees on my examination of the financial statements of The Gold Service Foundation (the Charity) for th¢ yeai ended 31 March 2025. Responsibilities and basis of report As the Trnstees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of th¢ 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 Acl and are eligible for independent examination, I report in r¢spect of my examin£ltion 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 exAmlner's statement I havc completed my examination. I confirni that no matters have come to my attention in connection with thc examination giving me causc to believe that in any material rcspect: accounting records wcre not kept in respect of the Charity as required by section 386 of the 2006 Act. or the financial statements do not accord with those records. or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act othcr than any rcquircment that tlic accounts give a true and fair view which is not a matter considered as parl of an indLpcndcnt examination. or the financial stat¢ments have not been prepared in accordance with the methods and principles of the Statement of Recommended Practicc 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 com¢ 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 reachcd. c4iJ4 David Howard I Park Road Hampton Wick Kingston Upon Thames KTI 4AS
THE GOLD SERVICE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 169,500 | 135,373 |
| Investments | 4 | 2,207 | 851 |
| Total income | 171,707 | 136,224 | |
| Expenditure on: | |||
| Charitable activities | 5 | 164,764 | 124,290 |
| Total expenditure | 164,764 | 124,290 | |
| Net income and movement in funds | 6,943 | 11,934 | |
| Reconciliation of funds: | |||
| Fund balances at 1 April 2024 | 166,102 | 154,168 | |
| Fund balances at 31 March 2025 | 173,045 | 166,102 |
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 2025
| 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 |
2025 £ 21,359 156,073 177,432 (4,387) |
£ 173,045 173,045 173,045 173,045 |
2024 £ 9,953 190,233 200,186 (34,084) |
£ 166,102 |
|---|---|---|---|---|
| 166,102 | ||||
| 166,102 | ||||
| 166,102 |
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THE GOLD SERVICE FOUNDATION BALANCE SHEET (CONTINUED) ASAT31 MARCH2025 The company is entitled to the exemption from the audit requirement contained in scction 477 of the Companies Act 2006, for the year ended 31 March 2025. The directors acknowledge their re8pon%ibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These fin&illci<il statements have been prepared in acCordce with the provisions applicable to companies bjcct to thc small companie e financial statethe ts wer ed by the Trustees on L... La: tee any registration number 8646228 (England and Wales)
THE GOLD SERVICE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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 2025
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 2025
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 | |
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Donations and gifts | 169,500 | 135,373 |
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THE GOLD SERVICE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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 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 2025
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:
| 2025 | 2024 | |
|---|---|---|
| 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 Amounts falling due within one year: Trade debtors Prepayments and accrued income 11 Creditors: amounts falling due within one year Notes Deferred income 12 Trade creditors Accruals |
2025 £ 13,500 7,859 21,359 2025 £ - 2,347 2,040 4,387 |
2024 £ 6,000 3,953 |
|---|---|---|
| 9,953 | ||
| 2024 £ 30,000 2,044 2,040 |
||
| 34,084 |
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THE GOLD SERVICE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12 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 2024 Released from previous periods Resources deferred in the year Deferred income at 31 March 2025 |
2025 £ - 2025 £ - 30,000 (30,000) - - |
2024 £ 30,000 2024 £ 30,000 8,000 (8,000) 30,000 30,000 |
|---|---|---|
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 | |
|---|---|---|---|---|
| 2024 | resources | expended | 2025 | |
| £ | £ | £ | £ | |
| General funds | 166,102 | 171,707 | (164,764) | 173,045 |
| Previous year: | At 1 April | Incoming | Resources | At 31 March |
| 2023 | resources | expended | 2024 | |
| £ | £ | £ | £ | |
| General funds | 154,168 | 136,224 | (124,290) | 166,102 |
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THE GOLD SERVICE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
14 Related party transactions
During the year £50,000 (2024: £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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