**SAVOY EDUCATIONAL TRUST ANNUAL REPORT AND ACCOUNTS FOR THE YEAR 1[ST] APRIL 2023-31[ST] MARCH 2024** _**Charity Number 1161014**_ 1 ## Table of Contents Charity Information .................................................................................................................................... 4 Structure, Governance and Management .................................................................................................... 5 Constitution ........................................................................................................................................... 5 Governance and Management ................................................................................................................ 5 Trustees ................................................................................................................................................. 5 Investment Committee ........................................................................................................................... 6 Public Benefit Statement ........................................................................................................................ 6 Risk Assessment .................................................................................................................................... 6 Environmental Policy .............................................................................................................................. 7 Trademark Registration ........................................................................................................................... 7 Objectives and Activities ............................................................................................................................ 8 Review of the year: Overview of the hospitality industry and education ...................................................... 8 The Savoy Educational Trust’s year at a glance....................................................................................... 10 Organisations supported by the Savoy Educational Trust ....................................................................... 10 Strategic Funding Priorities ................................................................................................................... 10 Income and Expenditure ....................................................................................................................... 11 Application Procedure .......................................................................................................................... 11 Aims and Strategic Objectives ............................................................................................................... 11 Grant awards in the year under review ....................................................................................................... 12 Educational Establishments (schools, colleges and universities) ............................................................ 12 Charitable Organisations, Non-Profits and Industry Associations ........................................................... 19 Competitions/Prizes ............................................................................................................................... 25 Graphical Analysis of Activities ............................................................................................................. 30 Allocation of Grants for Years ending 2022-2024 .................................................................................... 30 Evaluation Procedure and Process ........................................................................................................ 30 Financial Review and Results .................................................................................................................... 31 Financial Overview ............................................................................................................................... 31 Fund Management ............................................................................................................................... 31 Investment Policy and Objectives .......................................................................................................... 31 Investment Performance ...................................................................................................................... 32 Sustainable Investments ...................................................................................................................... 32 Reserves Policy .................................................................................................................................... 33 Going Concern ..................................................................................................................................... 33 Trustees Responsibilities ...................................................................................................................... 34 Plans for the Future .................................................................................................................................. 34 Auditor Report ......................................................................................................................................... 36 Statement of Financial Activities ............................................................................................................... 39 2 Balance Sheet .......................................................................................................................................... 40 Statement of Cashflows ........................................................................................................................... 41 Notes to the Accounts .............................................................................................................................. 42 _**Photographs on front cover: from top left; Springboard Take-Over Day Wales; Nestlé Professional Toque d’Or winners 2024; Well Grounded CIC trainee event**_ ## Charity Information _**Trustees:**_ **Howard Field FCA FIH FHOSPA** _**(Chair of Trustees)**_ **Robert Davis MA (Cantab) MBE DL Professor Peter A Jones MBE DSc (hon) FCGI FIH FRACA Steve Lowy Dr Sally Messenger FIH David Taylor MI FIH Bill Toner FIH** _**Grants & Trust**_ **Louise Hewitt (0.5 FTE)** (appointed 1[st] November 2023) _**Administrators:**_ **Dr Sarah Tunstall (0.5 FTE)** (appointed 1[st] November 2023) _**Chief Executive:**_ **Angela Maher FIH** _**Trust Accountants:**_ **The Trust Partnership** _**Charity Registration No.**_ **1161014** _**Place of Registration:**_ **England and Wales** _**Principal Office:**_ **6 Trull Farm Buildings, Tetbury Gloucestershire, GL8 8SQ Telephone: 01285 841 900 E: info@savoyeducationaltrust.org.uk W: www.savoyeducationaltrust.org.uk** _**Investment Advisors:**_ **Cazenove Capital Management 1 London Wall Place, London, EC2Y 5AU Investec Wealth & Investment UK 30 Gresham Street, London, EC2V 7PG** _**Auditor:**_ **RSM UK Audit LLP Portland, 25 High Street, Crawley, West Sussex, RH10 1BG** _**Solicitors:**_ **Macfarlanes LLP 20 Cursitor Street, London, EC4A 1LT** _**Bankers:**_ **The Royal Bank of Scotland PLC, London Drummonds Branch 49 Charing Cross, London, SW1A 2DX** 4 ## Structure, Governance and Management ## Constitution The Savoy Educational Trust (hereafter referred to as ‘the SET’ or ‘the Trust’) was registered as a Charitable Incorporated Organisation (CIO) on the 23[rd] March 2015 with a charity number 1161014, having converted from its previous unincorporated status. The Trust remains a grant giving charity for educational purposes, mainly, though not exclusively, in relation to the hospitality industry. ## Governance and Management The Trust’s constitution prescribes its objectives and sets out a framework under which the Trustees and administrative staff govern the Trust’s affairs. No new Trustees were appointed during the year. All Trustees are appointed in accordance with the Trust’s constitution and are aware that they are responsible for the overall direction, effectiveness, supervision and accountability of the Trust. The Trustees consider that the Board of Trustees, together with the Chief Executive and the Grants & Trust Administrators make up the key management personnel of the charity. They are in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All Trustees give their time freely and no Trustee remuneration was paid during the year under review. Trustees’ expenses amounted to £1,437 (2023: £935). The Chief Executive is a full-time employee of the Trust. Two new part-time Grants & Trust Administrators were appointed on 1[st] November 2023, with ad hoc administration services provided by an experienced clerking team at The Trust Partnership as and when required. Accounting and payroll services are also provided by The Trust Partnership on an ongoing basis. The remuneration of the Chief Executive is reviewed on an annual basis by the Chair of Trustees in consultation with the full Board of Trustees. The remuneration of the administrative team is also reviewed annually by the Chief Executive and a recommendation for any increases is made to the Board of Trustees for approval. The aim is to ensure that the remuneration of employees is fair and commensurate with that generally paid for similar roles. ## Trustees The Trustees who served during the year were as follows:Robert Davis Howard Field Peter A Jones Steve Lowy Sally Messenger David Taylor Bill Toner Trustees are appointed by invitation from the existing Trustees to serve a 3-year term of office, but may be reelected for succeeding terms. Terms of office were introduced to enable the Trust to continually review the skill set of the Trustees in order to maintain a board with the relevant experience, knowledge and understanding of the Trust’s charitable objectives and activities. In accordance with good governance, the Trustees also consider it appropriate to rotate the role of Chair. The role commences at the start of each financial year having been voted upon by the Trustees at one of their quarterly meetings. The appointment is for an initial term of one year, although this can be extended if it is the wish of the Trustees. For the year 1[st] April 2023-31[st] March 2024, Howard Field undertook the role of Chair having been re-elected to continue in this role for a further year at the December 2022 meeting. Potential Trustees will receive background information on the SET which will include the Trust Deed, Minutes of meetings, Annual Report and Accounts and job description for a Trustee of the SET. They will also receive documentation on what is expected of them under charity law, with particular reference to Charity Commission news and guidance publications such as ‘CC3: The Essential Trustee’, ‘Welcome – you’re a charity trustee’, 5 ‘NCVO’s The Good Trustee Guide’, ‘Charities and Public Benefit’, and ‘CC29: Conflicts of Interest’. Following their appointment new Trustees will be invited to spend some time with the Chief Executive/ and Grants & Trust Administrators as part of their induction process to further develop their understanding of the policies and practices of the SET. The Trustees give due consideration to the principles outlined in the ‘Charity Governance Code’ for larger charities and where appropriate apply the principles in their governance and decision-making processes. They also take note of guidance issued by the Charity Commission and other bodies on how to operate the Trust on an ongoing basis. All new Trustees sign the Trustee eligibility declaration. They are also asked to complete the Register of Interests which is held centrally and regularly updated in order to avoid any potential conflicts of interest. At each meeting there is an agenda item for Trustees to declare an interest and in accordance with the Trust’s conflict of interest policy, where a conflict does arise, they are required to withdraw from the decision-making process. Trustees are also encouraged to attend Trustee training courses or link to webinars to enhance their knowledge or continue their professional development. The induction and training of new and existing Trustees remain under review in order to meet the needs of both the Trustees and the Charity. ## Investment Committee In order to minimise administrative costs and benefit from economies of scale, the Trust collaborates with The D’Oyly Carte Charitable Trust on matters of Fund Management. A Joint Investment Committee comprising of representatives from both Trusts meets with the Fund Managers (usually bi-annually) to review and monitor investment performance and asset allocation. Fund Managers are also invited to a Board meeting once a year to present to the SET Trustees. Members of the Investment Committee from the SET include Howard Field and Angela Maher, although any Trustee can attend the meetings. Notes of these meetings and full financial data are circulated to all Trustees. There is a ‘Terms of Reference’ document for the Investment Committee which is approved by Trustees and reviewed as and when required. The SET has written Investment & Social Investment Policy Statements in place. These policies are reviewed regularly to ensure they meet the Trust’s investment/ethical investment objectives. Any changes to the policies must be agreed by all Trustees and, once agreed, will be signed by two Trustees on behalf of the Board. ## Public Benefit Statement The Trustees acknowledge that education is the most powerful tool there is in achieving social justice. Talent, wherever it exists, should be sought out, supported and nurtured. They can confirm that they have had due regard to the Charity Commission’s general and supplementary guidance on public benefit in determining the activities undertaken by the Trust for the advancement of education. The Trustees wholeheartedly believe that they can demonstrate that their grant giving activities outlined in the _**objectives and activities**_ and the _**activities, achievements and performance**_ sections of this report are carried out for the public benefit and clearly meet the two key principles of public benefit and also the requirements of 6.1 and 6.2 of the Charity Governance Code for larger charities on Equality, Diversity and Inclusion. ## Risk Assessment The Trustees have given due consideration to the major risks to which the SET is exposed and satisfied themselves that systems or procedures are established in order to manage those risks. The Trustees have detailed their risk assessment policy in a document covering the major risks to the charity. The policy outlines and details the risk; who is responsible; the impact of the risk; the probability of an occurrence; and the arrangements that are in place to mitigate the risk. During the last review, the policy document identified the following areas of risk and detailed how each should be addressed:- 1. **Governance** – the Trustees have reviewed the governance aspects of the Trust, including organisational structure, process for electing trustees (to achieve an appropriate representation of skills/experience), and to ensure that conflict of interest policies and procedures are in place and followed. 2. **Strategic** – the Trustees hold annual strategy meetings at which they review their direction, their charitable objectives and funding priorities. The Trustees are aware that the Trust operates in a dynamic environment 6 and that the strategy of the Trust should be kept under review to ensure its grant giving makes a positive and significant difference in the pursuit of its charitable objectives. 3. **Operational** – the Trustees ensure that the operational aspects of the Trust are robust and effective. The Trust employs a comprehensive system of recordkeeping and ensures appropriate security of its IT systems. The Trustees recognise that IT systems and working practices now accommodate a remote working model and they review/update IT infrastructure as required to support this. Trustees are aware contingency planning is an important part of the risk management process to ensure that its operation can cope with unexpected situations/events. 4. **Status and Reputational** – The Trustees regularly discuss reputational risk and a clear framework for assessment and decision-making on grant applications is in place. 5. **Financial** – the Trustees are fully aware of their financial responsibilities to ensure the Trust operates effectively. Monitoring of Trust finances is undertaken on an ongoing basis throughout the year and there are robust systems in place for the awarding/payment of grants and the monitoring of grants through evaluation processes. The Trust has a clear written Investment Policy Statement which is kept under regular review, and Trustees receive detailed quarterly reports and an annual presentation on portfolio performance from Fund Managers. The Trust employs qualified accountants to oversee the day-to-day finances of the Trust, who provide monthly management accounts to the Chief Executive and quarterly to Trustees. Accounts are subject to robust external audit on an annual basis. 6. **Ethical and Environmental** – the Trust has an agreed Social Investment Policy Statement which is kept under regular review. Ethical, Social and Governance (ESG) factors are integral to investment decisions and are monitored and fully reported on by Fund Managers in their reports to Trustees. 7. **Regulatory** – the Trustees are fully aware of the regulatory requirements for Charities operating in the UK. The Chief Executive provides updates to Trustees on any changes to legislation or regulations that concern them, including the provision of information/guidelines from the Charity Commission as required. 8. **People** – the Trustees are aware of their need to ensure their employees are looked after and that they comply with all relevant employment legislation. The Trust has an employee handbook covering all policies and procedures in line with current employment good practice and legislation. 9. **Safeguarding –** Trustees recognise that safeguarding is a key priority for all charities, and for projects working with children, young people or vulnerable adults, the charity requires that all applicants confirm as part of the application process that up-to-date Safeguarding Policies and Procedures are in place in line with Charity Commission regulatory expectations. 10. **Pandemic –** due to the unprecedented global impact of COVID-19, the implications of pandemic on both the Charity’s assets and operations have been highlighted on the Risk Register as an ongoing risk. It is understood that effective risk management, once embedded, should be a seamless process that informs decision-making. It should also help to ensure that the Trust achieves its aims more effectively, improves forward planning and demonstrates the charity’s accountability to stakeholders. The Trustees believe it is essential that risk management is not considered as a one-off exercise but rather a process that requires regular monitoring and assessment. They seek to ensure that risk management is on-going and embedded in all management and operational procedures. ## Environmental Policy A responsible attitude is adopted regarding environmental/green issues. Wastage of natural resources is kept to a minimum and as far as practicable, recycled products are used. Meeting and other papers are distributed electronically to save printing and the move to remote working has had a positive environmental impact. Further reference on the Trust’s environmental policy in relation to its grant giving appears in the section dealing with the application procedure on page 11. ## Trademark Registration The logo and wording ‘The Savoy Educational Trust’ are registered trademarks. Grant recipients are provided with specific protocols which they must follow should they wish to display the logo and name on any marketing and PR material for projects for which they have received funding. 7 ## Objectives and Activities ## Review of the year: Overview of the hospitality industry and education It is widely recognised that the hospitality industry makes an enormous and valuable contribution to the UK economy. It is a dynamic, vibrant and innovative sector delivering vital jobs, growth and investment opportunities in the heart of local communities – it is important culturally, socially and economically. It gives cities and towns their distinctive character, enriches the lives of local residents, brings communities together and also shapes perceptions and memories for visitors. According to a recent report from UKHospitality (the trade body for hospitality, leisure and tourism in the UK):- _‘Hospitality is one of the most strategically important sectors in the UK – contributing £93 billion to the economy, employing 3.5 million people and generating £54 billion in tax revenues for the Treasury. Hospitality is a powerful growth engine. It generates £140 billion in revenues per year, more than automotive, pharma and aeronautics combined, and is projected to grow by 6% p.a. over the next five years.’_ The ability of hospitality employers to recruit and retain people with the right skills is critical to success, and vital if the industry is to meet its growth potential. Whilst there has been strong recovery post-COVID, sharp increases in food and energy costs along with stubbornly high inflation and interest rates in the year under review have continued to challenge the sector. In addition, labour shortages have driven up the wage bill for many operators, putting further pressure on businesses. Whilst labour shortages have eased somewhat since the beginning of 2024, employers report that recruiting people with the right skills remains problematic, pushing up training costs and making it difficult to retain staff. In the education sphere, schools, colleges and universities are facing their own challenges. Whilst schools report an increase in the number of students wishing to take hospitality-related qualifications at GCSE level, poor facilities and a national shortage of food teachers makes this difficult to accommodate. Indeed a lack of funding for upgrading food teaching rooms has meant that some secondary schools have had to reduce numbers or, in some cases, cease to offer this as a GCSE option. This has a knock-on effect for further and higher education institutions, and for the industry itself, with less young people being introduced to hospitality study and employment opportunities pre- and post-16. It is a sad fact that the hospitality industry continues to suffer from a negative image when it comes to attracting the brightest and best students, and the diversity of career paths and opportunity for highly rewarded, and rewarding, employment is often overlooked. The Trust is keenly aware that it has a potential role to play in facilitating initiatives that challenge the perceptions of the sector as a low pay, low skill industry, and it is proactively working with a range of associations, partners and sector charities to address this in order to present hospitality as a career of first choice. In the year under review, trustees awarded several grants for projects that focus on increasing awareness of hospitality as a career. This included a £1.5 million grant that will enable the Springboard Charity to deliver its nation-wide series of employability and educational programmes and to promote its CareerScope platform, reaching over 300,000 students and disadvantaged people over the next three years. Another significant project, Hospitality Connect, funded by the Trust will work to directly connect hoteliers around the country with their local secondary schools, providing a structured programme of activities, workplace visits and support over the school year to showcase the myriad of careers available in the hospitality industry. With the number of 18-year-olds in the population set to rise by 15% by 2030, Trustees feel this is an ideal time to support initiatives that encourage young people to explore hospitality as a viable and rewarding career option. Equally important is the Trust’s continued support to charitable organisations that work with disadvantaged groups so that they can access employment opportunities in the sector. Hotel School is one such organisation that provides training to those who have experienced homelessness or are facing significant life challenges/barriers to employment. Beyond the 10-week intensive training programme and work experience provided by many employer partners, Hotel School staff provide a wrap-around service that includes a minimum of 12 months support post-graduation to ensure trainees are able to sustain their employment long-term. Given the challenges facing the sector, the Trustees are fully aware that their funding is more important than ever in helping organisations address the skills deficit in the industry. Their commitment to supporting education and training projects can ensure a strong and resilient talent pipeline for the sector - drawing not only on those in formal education but also from other marginalised sectors of society who, with the right support and development, can enjoy rewarding and fulfilling careers in hospitality. In pursuit of the main aim of the Trust, namely **the advancement and development of education and training in hospitality** , the Trustees believe their funding can positively impact the lives of many who, in turn, can make a major contribution to the UK economy. 8 _**Source: SERVING-BRITAIN.pdf (ukhospitality.org.uk)**_ 9 ## The Savoy Educational Trust’s year at a glance Demand on Trust funds remains high and this year saw an uplift in both the number of applications and the amount of funding requested. Trustees awarded 61 grants with more than £1.9 million paid during the year, and several 3-year term grants committed. Term grants are awarded on the basis that clear impact measures are in place and these projects are carefully monitored to ensure they are meeting their objectives/targets. The budget for grant distributions was increased in-year to allow the Trust to support more organisations, and in recognition of the need to invest in both present and future skills needs of the sector. In the year under review, grants were awarded to 23 educational establishments, 23 charitable organisations/non-profits and industry associations, and 15 grants to support industry competitions/awards. ## Organisations supported by the Savoy Educational Trust The Trustees welcome applications for funds from educational establishments with a hospitality department; industry associations and charitable organisations/non-profits with specific hospitality related educational projects. The Trustees believe in helping well thought-out, balanced and sustainable projects that will, in the long-term, make a real difference and impact on the hospitality industry. A breakdown of the grants awarded, the value and percentage of funding appear below:- - **11 Schools with grants totalling £323,073 - 16%** - **9 Further Education Colleges (FE) grants totalling £429,604 – 22%** - **3 Universities (HE) with grants totalling £19,484 – 1%** - **23 Charitable organisations and Industry Associations with grants totalling £1,040,019 – 52%** - **15 Competitions with grants totalling £179,415 – 9%** Grants were awarded to **23 Schools, FE and HE institutions** for a variety of projects to enhance and enrich the quality of students’ hospitality education and provide realistic training facilities. This allows these institutions to continue to play a leading role in delivering the vocational and professional skills required for the success and growth of the UK catering and hospitality industry. The provision within educational settings of industry-standard learning environments allows for the smooth transition from education to the workplace and is pivotal at a time when employers can no longer rely on skills from abroad. Grants were also awarded to **23 Charitable Organisations** for a wide range of hospitality-related projects, representing a significant increase in funds awarded in this area. A wide variety of charities were supported, including those that provide hospitality training for disadvantaged and/or marginalised groups, supporting them to improve their lives and become economically independent. The Trustees also wish to highlight under this category the support they gave to the important area of Continuing Professional Development (CPD). In the year under review, grants were awarded for 3 CPD programmes; the Innholder Scholarships awarded by the **Innholders Charitable Foundation** , HOSPA Scholarships awarded by the **Hospitality Professionals Association** , and Professional Development Scholarships awarded by **Hospitality Industry Training (HIT) Scotland.** Trustees feel it is important to support initiatives that attract young people to careers in the hospitality industry, and to encourage those studying at college/young professionals to further develop their skills through competition and awards programmes. In year, **15 Competitions/Awards** were supported by grants from the Trust. ## Strategic Funding Priorities In the year under review the Trustees continued discussions regarding their funding priorities/strategy to ensure the Trust continues to invest in skills, training and education that will support the present and future needs of the hospitality industry. The Chief Executive conducted an in-depth analysis of the previous ten years of the SET grant-making activity and funding impact. The Chief Executive also continues to review the hospitality industry and education landscape, speaking to key stakeholders, to identify projects/initiatives that will make a long-term positive difference for the sector. As a result of this evaluation, strategic funding priorities for the next financial 10 year have been agreed and will be kept under review to ensure grant-making remains relevant and impactful. Trustees believe that proactively targeting funding in this way is key to achieving the Trust’s charitable objectives. ## Income and Expenditure **For this year, the total investment income for the Savoy Educational Trust amounted to £1,453,360** (2023: £1,297,266). **Costs of raising funds** , namely fund management fees, totalled **£233,487** (2023: £233,136). **Grants awarded** totalled **£1,991,595** (2023: £1,697,715). **Support and Governance costs** totalled **£221,826** (2023: £257,798). The investment income, grants awarded, support and governance costs, and costs of raising funds are illustrated in Chart 1 below. ## _**Chart 1**_ **Comparison of Income and Expenditure for the past two years** **==> picture [292 x 167] intentionally omitted <==** **----- Start of picture text -----**
2,000,000
1,500,000
1,000,000
500,000
0
Investment
Income Costs of Raising
Grants Awarded
Funds
Support and
Governance
Costs
Year End 2023 Year End 2024
**----- End of picture text -----**
## Application Procedure The majority of applications for assistance are considered by the Trustees four times a year in March, June, September and December. There is also a Grants Sub-Committee whose remit is to consider small grant applications of up to £10,000. The maximum the Grants Sub-Committee can award in any one financial year is £150,000, albeit with some flexibility subject to prior agreement of Trustees. In December 2023 to coincide with the launch of the new website, the application procedure was amended slightly. All potential applicants are now required to complete an online eligibility quiz. This screens prospective applicants to ensure they have the appropriate organisational status and that their project/initiative falls within the remit of the Trust. Applicants applying for under £10,000 who meet the initial screening criteria are automatically directed to the application form. Applicants applying for over £10,000 are directed to an online expression of interest (EOI) form which requires them to provide further details of their proposed project. The Executive Team assess all EOIs in line with Trust funding priorities and grants budget (consulting with trustees as appropriate) before inviting an application. The Trust has a website, **www.savoyeducationaltrust.org.uk** , containing full details on the Trust and its activities, together with details on how to apply for funding. When applying for funding towards a kitchen/training restaurant or equipment, the applicant will need to demonstrate that consideration has been given to reducing carbon footprint, and that the equipment selected is as environmentally friendly and energy efficient as possible. ## Aims and Strategic Objectives The core purpose of the Trust is the _**advancement and development of education and learning**_ within the hospitality industry. To fulfil its core purpose, the Trust works closely with schools, colleges of Further and Higher Education (FE & HE), industry associations, charitable organisations, employers and other interested stakeholders in order to:- - _Establish and maintain contact with schools, colleges, universities, and other providers of recognised qualifications for those studying for careers in the hospitality industry._ 11 - _Promote and provide scholarships to help develop and enhance education, training and continual professional development._ - _Recognise and reward the achievement of specific skills by supporting the leading industry competitions with educational scholarships/prizes._ - _Encourage and sponsor further learning opportunities relevant to the industry by all modern forms of technology and communication._ - _Work closely with a network of key people on current matters affecting education, training and issues such as skills development, recruitment and retention._ ## **Chart 2 below outlines the Trust’s core purpose** ## Grant awards in the year under review In the year under review, **the grants awarded** amounted to **£1,991,595** (2023: £1,697,715). ## Educational Establishments (schools, colleges and universities) The Trustees consider that grants to educational establishments is an important part of their grant giving activities. From the world of education, the future employees of the hospitality industry will be sourced. It is vital, therefore, that the learning experience students encounter during their journey to work in hospitality is a positive one. Juxtaposed with this have been endemic budget constraints that can be particularly detrimental to vocational subjects such as hospitality. This can hinder educational establishments in their efforts to offer ‘fit for purpose’ hospitality courses, facilities and/or added value activities. The following pages contain a listing and synopsis of all grants awarded to educational establishments in the year. **In the period under review, the Trustees awarded grants totalling £323,073 to 11 schools** (2023: £301,119 to 11 schools) **for the following projects:-** ## **Bishop Perowne C of E College** ## **£75,000** Bishop Perowne College is based in an area of Worcestershire with a high level of deprivation. They have 1,050 students aged 11-16yrs on roll and a 38% pupil premium. They offer the WJEC Level 1 and 2 Vocational Award in Hospitality and Catering, which is the most popular Key Stage 4 subject. Around 10% of their students have pursued careers in the hospitality industry over the past six years. The school has strong connections with local post -16 catering employers. A grant was awarded to upgrade two outdated food technology rooms and storage areas. ## **Camphill School Aberdeen £29,935** Established in 1940, Camphill School Aberdeen is an educational and training charity supporting 100 young people in Scotland, aged 3-25, with highly complex/multiple diagnoses such as Autism, Learning Disabilities, and Down’s Syndrome. The Training Centre for 16- 25-year-olds offers 15 workshops including kitchen and hospitality, organic gardening/farming and features the unique STARS Awards for skills development. A grant 12 was awarded to transform a disused building into Murtle Market, a hospitality training centre with a café, refill store and heritage centre. This project aims to support 100 young people, allowing for an additional 40 school places over five years. ## **Dene Magna School** ## **£8,056** Dene Magna School, serving students aged 11-19 in Gloucestershire, has been rated outstanding by OFSTED since 2012. At KS4, 42 students study the WJEC Level 2 Hospitality and Catering course, producing outstanding work recognised by the exam board. The food technology room is also used by years 7-9. Over the past few years, more than 40 students have entered the hospitality industry, and 12 have continued their studies at Gloucester College. A grant was awarded to support the refurbishment of their food technology rooms, allowing them to purchase a blast chiller plus light catering equipment. ## **Friends of Barnham Broom School** ## **£3,000** Friends of Barnham Broom School is a small charity, run by volunteer parents, raising funds to enhance pupil experiences and educational outcomes in their school in Norfolk. They aim to provide a well-equipped food technology facility to teach essential cookery skills. Despite a recent full refurbishment of their food room, they lack sufficient equipment, forcing children to share basic items in large groups. The school has 110 children aged 4-11 on roll. It integrates food technology teaching into its curriculum and uses the kitchen facility for before and after school clubs, school events and wellbeing programmes. The funding was used to purchase kitchen equipment, helping children develop skills relevant to the hospitality industry and fostering aspirations in this field of learning. ## **George Hastwell School** ## **£27,082** George Hastwell School, based in Barrow-in-Furness, Cumbria, is a specialist school for pupils with severe, profound and complex learning needs. A grant was awarded to enable them to enhance their educational offerings by creating a food technology room accessible to all 92 enrolled students. This initiative targets the development of independent living skills and aims to facilitate internal delivery of catering courses, currently accessed externally by some sixth-form students. The school hopes to collaborate with local chefs and catering college lecturers to provide engaging lessons, thereby preparing students for potential employment in the hospitality industry. ## **Long Stratton High School** ## **£10,000** Long Stratton High School is a secondary school based in Norwich providing education for students aged 11-19. They have a ‘good’ OFSTED rating and offer Food Technology at KS3 and OCR Food Preparation & Nutrition at KS4 (GCSE). In the current year they have two year 11 groups (45 students) and one year 10 group of 21 students. The school states that 25% of those who study their food and nutrition courses go on to work or study hospitality. The funding was used to purchase a fridge, heavy duty food mixer, food processor and saucepans. ## **Newent Community School** ## **£30,000** Newent Community School, a co-educational secondary school in Gloucestershire, is experiencing growing interest in its food related courses. This year, 37 students are enrolled in GCSE Food Preparation & Nutrition and 17 in Eduqas Level 1 & 2 Hospitality and Catering. The kitchen facilities are also used by students in the OCR Cambridge National Child Development-Nutrition Option and years 7-9. To accommodate the increasing number of students and further promote these courses, the school was awarded a grant to refurbish a second food technology room. The school has engaged with external bodies like The Royal Navy chefs and their students have participated in catering competitions. ## **North West Kent Alternative Provision Service** ## **£10,000** North West Kent Alternative Provision Service (NWKAPS), part of the Alternative Learning Trust, provides Social Emotional Mental Health education for KS3 & KS4 students who struggle in mainstream schools. They focus on practical subjects like cooking to help students regulate behaviour and learn useful skills. NWKAPS was awarded a grant to enhance their cooking room by installing extractor fans, a professional dishwasher, knife storage, vegetable preparation machines and other equipment. The project aims to improve capacity, enhance the relevance of their cooking programme and inspire students. 13 Food Teachers Centre 5AThQI EDLGiTIO.YAL YKL'ST Food Teachers Centre- new initiative launched to tackle food teaching crisis in schools The Savoy Educational Trust avMrded funding to the FI￿j Teachers Centre, a UK-based suptM)rt group for school teachets. The grant wll fund a new digtial intti'ative aimed at incteasing applications for food teaching roles and lo address the current shortfall of expenenced foc4J teachers in UK secondary schools. The new scheme. TeachFood. will see the creatt.on of a 9-month campaign featuring a vatiety of tools. resources and support neiworks designed to educale and attiact aspiring f(K)d teachers. Resources include the TeachFood toolkit, an online plaffoTh delivering vtdeos, graphics and case studies from food teachers, as well as informab'on on how to pursue a career in foc#Y teaching. In addttion, a questionnaire will also be shared wrth those who engaged with the platfotm, wilh questsons to help indicate the likelihood of users enlenng the fcrf)d teaching profession following the campaign. "Schools ar8 tellingus that theyhave reallystronginterest from students wanting to study fi>o&related sutyects. but many are havlng to Ilmlt numbers due to the shortaga of teachers and more help is needed to fill these specialist roles. Wo hope our funding will 8nabla th8 Food Teach8rs Centre to promote food teaching in schools. attractmorn teachers into the profession. and allow more students to undertake thls knportant andworthwhlle study optlon.- Angela Maher. Chlef Executlve. Savoy Educatlonal Trust Findings from the 'Teachers Labour Market, report from the National Foundation for Educational Research. highlight that 10 out of 17 secondary subjects Ite8ching posibonsl are likely to under-rectuit in 2024125. with ovetall secondary recruttment foiecastto be around only 61 per￿￿t ot target Data from Ihe latest 'Educalion arxl Training StatsslK￿ for Ihe UK, govemment ieport also shows that there were only 3.745 teachers for fcK%1 technolcgy das￿ for the 2022_23 academic year- a drop of 4°/0 compared to 2021_22 and matkn.ng the 1LP year in a row that fcmyj teth numtws have fallen. The TeachFood project is being led by Louise T Davies, Founder of the Food Teachers Centre, as well as Roy Ballam, Education Consultant. This project ali8ns wtth the Savoy Educational Trust mission to introduce more youn8 people to the world of caterin8 and hospitality whilst they are at school. Food teachers who can ignite a passion for food and cooking in students play a vital role in encouraging more of them to consider a career in the sertor. Where are all the food teachers? -Alongside helping increase interest and applic8tions for food teacher rolas, TeachFood also aims to tackle the many misconceptions and stareotypes around food teachlng In schools and Interest In It from secondaryschool pupils.- Louise T Davies. Founder, the Food Teacher5 Centre ' Make a differen￿. Teach food. TEACH FOOD UIJ -,TEACH i•FOOD 14 **£45,000** ## **Ss John Fisher Thomas More RC High School** Fisher Thomas More School, a popular and oversubscribed 11-16 Catholic comprehensive in Colne, Lancashire, is expanding its capacity from 750 to 900 students with funding from the Local Authority and Diocese. Serving an area of high social deprivation, the school has a significant number of disadvantaged pupils (30%). Despite having only one outdated food technology room, food tech remains a popular subject, especially at Key Stage 3 and 4, with 103 students currently enrolled on GCSE Food & Nutrition years 10/11. The school was awarded a grant to develop a new, modern food technology room to improve examination results and enhance the practical experience for the students. ## **St James CofE High School** ## **£45,000** St James School in Bolton, located in one of the 10% most deprived areas of the country, has 1,054 pupils and has been part of the Bishop Fraser Trust since 2017. The school, known for its strong academic education and outstanding pastoral care, was aiming to replace its outdated kitchen, which had not been updated in over 25 years. Despite some new ovens, the overall condition of the kitchen was uninspiring. A grant was awarded to create an inspirational workspace to enhance the learning environment and increase demand for food technology at GCSE level. They also aim to expand workspaces and develop stronger links with local colleges and industry, which was limited due to the poor state of their facilities. ## **The Cooper School** ## **£40,000** The Cooper School is an academy school in Bicester, Oxfordshire providing secondary and post-16 education. A grant was awarded to refurbish its second food technology room, which was in very poor condition with inadequate equipment. The school seeks to inspire students’ passion for catering and demonstrate their investment in students’ futures. The refurbishment will also enhance connections with local business partners in the catering and hospitality industry, providing practical teaching space to prepare students for careers in these fields and encouraging creative young people to enter the hospitality industry. **In the period under review, the Trustees awarded grants totalling £429,604 to 9 FE colleges** (2023: £676,828 to 19 colleges) **for the following projects:-** ## **Communication Specialist College** ## **£35,000** Communication Specialist College, part of the Doncaster Deaf Trust, offers a vocational curriculum tailored for individuals with special educational needs and includes a Skills for Life programme and British Sign Language. A grant was awarded to help create a new public café using refurbished shipping containers. The project aims to provide a realistic work environment to deliver hospitality and catering qualifications, including professional cookery, barista, confectionary, and patisserie, to young people and adults with deafness or complex needs. The initiative will help students achieve accredited qualifications and develop key skills, enhancing resilience, confidence, and wellbeing. The funding was used to purchase industry-standard kitchen and café equipment. ## **Eastleigh College** ## **£14,323** Eastleigh College, based in Hampshire, known for its catering/hospitality courses and strong industry connections, was awarded a grant to replace the hazardous and lifting flooring in the kitchens and back-of-house area of its hospitality and catering department. This issue was flagged by Environmental Health and internal safety inspections. The new flooring will ensure a safe, clean, and hygienic working environment for staff, students and visitors. The project will benefit a wide range of learners, including participants in the Junior Chefs programme (14–16-year-olds), 45 full time Level 1-3 learners, 20 apprentices and community-based work during college holidays. ## **Farnborough College of Technology** ## **£29,420** Farnborough College in Hampshire is undertaking the final phase of its refurbishment project to enhance vocational hospitality and catering training for learners of all ages. The college aims to ensure achievement, progression, and employment opportunities through outstanding technical, vocational, and academic education. A grant was awarded to help modernise their training kitchen, where learners complete their practical assessments and to upgrade a mobile horsebox used by students at external catering events. This refurbishment significantly improves the learner experience by providing a relevant, realistic, safe and modern working environment with current industry standard equipment. 15 **£125,000** ## **Lancaster & Morecambe College** Lancaster & Morecombe College, based in the Northwest of England, offers catering and hospitality courses and apprenticeships with a training restaurant called Coulson’s at its Lancaster campus. The college was awarded a grant to develop a state-of-the-art low carbon training kitchen for learners. Partnering with the Eden Project Morecambe, the college aims to become the leading provider of hospitality workers in the area. The new facility will enhance their engagement with local schools, therefore increasing student enrolment in catering and hospitality. The funding was used for the purchase of eco-grade commercial kitchen equipment including worktops, hobs, ovens, fridges, blast chillers and dishwashers. ## **Riverside College** ## **£8,661** Riverside college based in Widnes, Cheshire, has a high number of students from deprived backgrounds that need help with the costs of purchasing uniforms and sundry items for their hospitality courses. A grant was awarded to provide uniforms and essential books for 35 students. ## **Runshaw College** ## **£4,500** Runshaw College, based in Leyland, Lancashire, is a college providing education for 16–19-year-olds and adults. The college is an inclusive one offering courses from Level 2 through Level 5. A grant was awarded to support students to undertake field trips to hospitality venues, engage in Masterclasses delivered by industry experts, and to support travel costs for students to undertake work placements. Runshaw College has excellent engagement with industry and is committed to providing students with work and learning experiences that enable them to build strong CVs and develop a professional network that can help them gain good employment upon graduation. ## **South Devon College** ## **£43,700** South Devon College is a general further and higher education college serving Torbay, Teignbridge and the South Hams. The College focuses on community engagement and local economic regeneration, particularly in the Hospitality, Catering and Tourism industries. A grant was awarded to cover several programmes as follows: 1. Championing aspiring chefs of tomorrow: This includes a Junior Chef Academy for 26 young chefs (ages 1116); 2. Savoy Educational Trust Learner Support Fund: Providing financial assistance to disadvantaged students for purchasing equipment and materials; 3. Work experience and enrichment activities: This aims to offer Hospitality and Catering students (both FE and HE) local, regional and national work experiences, ensuring opportunities are accessible regardless of learners’ financial situation. ## **TEC Partnership – Grimsby Institute** ## **£139,000** TEC Partnership is an Ofsted ‘Good’, Beacon Award winning provider of vocational Further and Higher Education with campuses in Grimsby, Skegness, Scarborough and East Riding. They offer professional chef courses at levels 1-3, City & Guilds levels 1-3 and currently have 60+ full time students. They also offer a range of PDCL courses in pastry, baking, professional cookery and cake decoration. A grant was awarded to update and refurbish the training kitchen at their Grimsby campus. The current skills kitchen was installed in the 1980s and was in a poor state of repair. This project will see the skills kitchen fully refurbished, with new equipment and improvements made to create a more sustainable facility including replacing/repairing ceilings, floor and walls, adapting the ventilation system, heavy equipment installation and various fixtures & fittings. ## **Wiltshire College & University Centre** ## **£30,000** Wiltshire College, known for its excellent teaching, currently provides Catering and Hospitality qualifications at Levels 1 and 2. The college aims to expand its offering by adding a Kitchen Level 3 progression route, enhancing students’ knowledge and employability skills. Collaborating with the local employers likes Bowood House and Bishopstrow House, the college supports work placements, masterclasses and visits. A grant was awarded to help modernise their restaurant and training kitchens with new equipment including ice cream machines, specialist chocolate equipment, iPads for taking orders, TV screens for interactive learning, and replacements for outdated equipment across all course levels. 16 Ulster University 2￿￿￿o.￿nUSr Ulster University - delivering innovative experiential learning for hospitality and culinary arts management students Ulster Universty is commrtled to hosprtality and culinary arts e(Iu(2tion and thls Is one of rts most successfijl and distinclwe areas of provision. As a sign ol this commtlment. it nas created a brand new state-of-the-art multi-million pound leaming facility al ils Belfast Campus. which has been named - The Academy. the centre for food, drink an cutture. The Academy incotporates an 8&cover restaurant wÉlh extensr¥e kitchens" a culinary school" beverage school". and includes meeting and Conferen￿ facilrtJ"es. The pnmary purpose of the new buil¢Jing is lo ensure an outstanding learning experience tor onompus students and the W￿er communty. A defining aspect of studenl leaming (known as The Ulster Experience). is its 'experiential' nature. This means stu¢Jents engage in hands-on learning in world-class facilrties- are part ol a supportNe community that helps them achieve personal grovAh" and. tney benefit trom constant interacb.on with teading hospitalty professionals Irorn across Ihe UK and intefflationally_ The skn'lls crisis in UK hosprtalty well-documented and tl is intended that that The Ulster Experience wll enhance the appeal of courses. maximising stu¢Jent recruitmenl an¢J ¢Jevelopment, and therefore direclly contributs.ng to tackling the sldlls cnsis. "T8klng on the role of peer mentor gave me the opportunity lor self-reflection. Throu8h the process. I w8S able to relive what worked for me during my placement employ7nent and what my main strengths are. It 8ts0 8Uowed me to consider what I would do differentty if faced with the same clrcumst8nces.- Flnal Year IHM Sthdent This project is focused on the delivery of co-curricular learning experiences for hospitalty and culinary arts management students that now form crucial elements of The Ulster Experience. Support from the Savoy Educational Trust facilrtates learning experiences that could not be funded from core student income. Specificalty. rt covers a proportion of the cosls of an annual fiel¢J trip for 75 students - a culinary salon (eight events per year through wnich students work wrth leading chets including Andi Oliver. Jeremy Lee and Robin Gill),. a peer mentoring programme-. and, a Patrons Day (inaugural event pending). Ulster Untversity is tracking key data sets including student recruitment. studenl retention. overall satisfaction, prOpO￿"0n of graduates in gradua-.- .) occupalioris b further stu(ty and QS rankings. 11 is anticipated Ihat Ihe creative approaches to Ihe student expertence. supporled by the Savoy Educalional Trust, will over time have a posittve impact on these areas. Ulster Universty is CU￿ent￿ ranked second in the UK for Hospitality, Event Management and Tourisrn in the Guardian UnNersity Rankings 2024. The Guardian rankn.ngs Place emphasis on ttie student experience and Ulster University Staff feel confident ineir posib.on in the league lable is recognitson of the priorty Iney Place on innovative approaches to learning. -The role OY peer mentor w8s invaluable in developing my leadership skilts. I found it very rew8rding to share InsiWIts and provide encourggement to my peers. This experience has definitely enh8nced my CV and key employability skilts." Final Year IHM s￿dent 17 ## **In the period under review, the Trustees awarded grants totalling £19,484 to 3 universities** (2023: £2,000 to 1 university) **for the following projects:-** ## **Oxford Brookes University** ## **£2,500** The ‘Field-to-fork’ fieldtrips are designed to be experiential learning experiences aimed at undergraduate and postgraduate hospitality management students, primarily those studying on the Food, Drink and Culture module. They aim to raise awareness among students of alternative local and regional food networks and diverse types of food production and consumption; demonstrate the positive and negative impacts of food, drink and hospitality for the environment, society and the economy; and develop a sense of social responsibility amongst future hospitality leaders, which will help them make decisions that promote sustainable business practice. A 3-year term grant of £7,500 was awarded (£2,500 per annum) with each payment subject to satisfactory annual review/evaluation report. This is the first payment. ## **Ulster University** ## **£10,000** The Department of Hospitality and Tourism Management at Ulster University Business School offers specialist undergraduate and postgraduate programmes including International Hospitality Management and Culinary Arts Management at the Belfast Campus. Opened in 2021 following a £280 million redevelopment, the campus features The Academy: a dedicated learning environment for food, drink and culture. This includes a 100-cover restaurant, extensive kitchens, a culinary school and conference facilities. The new facility aims to provide immersive learning experiences and support Northern Ireland’s development as a top food and hospitality destination. A two-year term grant of £20,000 (£10,000 per annum) was awarded, subject to satisfactory annual review/evaluation. This will support co-curricular learning experiences, including the costs for annual field trips for 75 students, hosting a series of culinary salons with visits from eight internationally renowned chefs annually, and implementing a peer mentoring programme. This is the first payment. ## **University of Bedfordshire** ## **£6,984** The University of Bedfordshire, based in Luton, applied for a grant to set up and license the OPERA Property Management system to support skills development for its hospitality and tourism students. The project aims to equip their International Tourism and Hospitality students with the knowledge and practical skills to use the main hospitality and property management software and cloud-based solutions currently used in the industry. The funding covers initial installation and cloud access for students for three years. The software will be used across all three years of the degree programme for 100 students. ## _**Geographical Breakdown of Grants to Schools, FE and HE Establishments**_ **Chart 3 below shows the number of grants and the amount awarded directly in the year under review to Schools, FE and HE in each of the regions.** **==> picture [193 x 262] intentionally omitted <==** **----- Start of picture text -----**
4
**----- End of picture text -----**
**Scotland – 1 grant - £29,935 Northern Ireland – 1 grant - £10,000 North East - 0 grants** **Yorkshire & Humber – 1 grant - £35,000 North West – 6 grants - £255,243 West Midlands – 1 grant - £75,000 Wales – 0 grants** **East Midlands – 1 grant - £139,000 South East – 5 grants - £96,243 South West – 4 grants - £111,756 London – 0 grants Anglia – 3 grants - £19,984** **Total – 23 grants - £772,161** 18 ## Charitable Organisations, Non-Profits and Industry Associations **In the year under review the Trustees awarded funding of £1,040,019 to 23 charitable organisations, nonprofits and industry associations** (2023: £574,940 to 20 organisations) for a wide range of hospitality-related initiatives. The uplift in year is accounted for by Trustees’ decision to award a significant grant to the Springboard Charity to support their national employability and training programmes. Other charities supported include those specifically focused on the hospitality industry, together with those that have wider remits for projects that showcase the many routes into, and the varied roles there are, in the hospitality industry, or those that support the wellbeing of people in the sector. The individuals who benefit from the projects have often experienced educational, social and/or economic disadvantage. Many have disengaged from mainstream education, have experienced homelessness or prison, or are in marginalised sectors of society that may receive little support elsewhere. Through such projects they are given the opportunity to undertake practical training and also to study for qualifications that could lead to a long and fulfilling career in the hospitality industry. Grants were also awarded to several industry associations, including the Institute of Hospitality and HOSPA. Details of the grants appear below. ## **Be Inclusive Hospitality CIC** ## **£10,000** Be Inclusive Hospitality CIC, a social enterprise and a not-for-profit organisation, was founded in July 2020. Its mission is to advance race equity and inclusion in the Hospitality, Food & Drink industries addressing the underrepresentation of people of colour in influential roles and the supply chain. The organisation has grown into a vibrant community focused on collaboration. They annually produce the ‘Inside Hospitality Report’ based on surveys examining race inequality in education, career progression, racism, and EDI in the workplace. In 2024, they plan to use this data, along with the latest census data and other sources, to explore career progressions and pay disparities in the UK hospitality industry. A grant was awarded towards the production of a report entitled, ‘Bridging the Gap: understanding the ethnicity pay gap and career trajectories,’ which will be available for free and aims to raise awareness, guide future research and enhance career development programmes for hospitality leaders and CEOs. ## **Beresford Street Kitchen** ## **£5,000** Beresford Street Kitchen, founded in 2017, provides education, training and employment for people with learning disabilities and/or autism (The Crew). Addressing the lack of opportunities for this group post-18, the charity offers practical experience in a range of catering, hospitality and operations including customer service skills, barista skills and food preparation, as well as supporting social and independence skills development. They conduct over 11,000 training sessions annually, costing £165,000, funded through events, donations and grants. A three-year term grant of £15,000 was awarded, with each payment subject to satisfactory annual review/evaluation. The grant awarded will secure 333 additional workplace training sessions per year. This is the first payment. ## **Change Please Foundation** ## **£20,000** The Change Please Foundation, founded in 2018, is a registered charity with a mission to try and help combat homelessness by empowering beneficiaries to regain their independence and contribute positively to society. Through offering accredited City and Guilds Barista training, employment opportunities and ongoing support to individuals, they hope to provide the necessary tools and support to reintegrate trainees into the community and into hospitality sector jobs. A grant was awarded towards its ‘Paid Employment Training Programme’ for London. Their primary project, Peckham Training Academy, will provide training and paid work experience for at least 75 individuals with the grant provided. ## **Down Syndrome Development Trust** ## **£10,000** The Down Syndrome Development Trust (DSDT), established in 2013, is a charity that enhances the lives of individuals with Down syndrome (DS). A grant was awarded for a ‘Coffee and Bagel Van’ that will enable young people aged 16 to 25 who have Down Syndrome and other learning differences to receive hospitality education. They will provide training and skills development to individuals via their van which is located on the University of Sussex campus. Up to 20 young people will learn about developing a micro business and will take part in the training. The project is intended to enhance their career aspirations and will increase the visibility and representation of young people with additional needs in the hospitality sphere, encouraging a more inclusive and diverse society. 19 5A)QI" EDLCATIQNAL YKLST Hotel School - empowering vulnerable individuals through hospitality training HOTEL SCHOOL Hotel School. established srx years ago. is dedicated to inspiring individuals experienang homelessness or Signif￿￿t vulnerabilty to pursue caieers in hosprtalrty. Thtough a comprehensive 12-week p[￿ramme, pa￿"clpants acquire the fuThJamenlal skills nee(leil to enter Ihe in¢Juslry. UtKsn gra¢Jual￿n, tw are matche¢J wrth empbyment opportunities in partner hotels and hospitalty selbngs arNJ re￿Ne conlinwj support from wjdusty e￿[ts Ihroughoui their first year of employryEnL The ptimary goal is to motpRte homekss arKJ vulnerable indrrfwJuals to expbte careeT5 in hospitalty by provKJiThJ them vrilh essentsl training. Hotet School establsh and mainlaln strong partnetships wrth hospitalty employers to ensure a sm(x)Ih transrtK)n trotn training to Suslawieil employment "2023 was an excit•ng and dynamic year. We delivered 3 m•zing cohorts. ono of which wos ow largest to8radu4to to date wlth 14 students. Despite facing ￿£￿ilICant challonges 8t times. we gr• so proud of the resilience. ￿etern￿nstIOn and drlve shown by each student. W8tchlng tljeir peysonal growth. fostering 8 p4ssion for hospitstity and achieving success in the industy h88 been truty Inspiri￿ A massive thank you to the Trust for being ow steadfast aupporters. we couÉthY do the work we do without your support" They also offer e￿rtJ￿￿ SUPKK)rt for g￿￿u￿eS for at least 12 monlhs to help them sustain their empioymenl and lh[r￿ as valued hospttalty emptoyees. This year the proFd has supp)rted 36 indi¥MJuals acro&s three cydes 01 1(Pweek training courses. achieving an impressNe 88% graouation rate. The th￿ cohorts come from divetse and challenging backgroums. Many are rebjgees and inOivKluals wno have experEnced home5essness. They indude those who have faced long-term unemployment, mental heallh ￿SUeS and domeslc violen￿. Some are care leavers or youThJ people with low 5elfesteem due lo disrupted education, while olher5 have ex[e[En￿ having children removed from their care. Thi5 diverse dem¢)Jraphic highhghts Ihe programme's commilment to supporthg ¥M1Mduals wm strjnff￿nI vulnerarMIrt￿S and helping them transithm into sustairkible erytymerrt ￿ the hospitalty Zoe Minihan, Piogramme MaTrager, Hotel School Rizlan. 26. had only f>een in London lor one month when he VRS referred to Hotel Scnool. He arrived in the UK from Sn Lanka and was finally reunrted with his mother and brother after being apart for 8 years. From the first day in Ihe classroom, his posrtive attitude and detemiination realty stood out. No one would have guessed that he had never worke¢J before due to nis professional approach ano eagemess to learn. His posrtive pertoimance carrie¢J on during his work experience placements at Rosewood London and Gail's Bakery. He was immedialely offered a job at Gail's and started working only a few days after graduating_ In the meanwhile. working at gosei*food conlin'.ied t? Se on his mind as he really enjoyed time at the otel and he received some amazing feedback from the team there. He approached the Hotel School Employment ano Progression Team and asked for advice as he could not stop thinking about the opportunty al Rosewood. It took one phone call and an Inte￿ieW and within a week Rizlan decided to leave Gail's and start empioymenl as a lulklime Commis Warter at Rosewood Londons ienowned Holborn Dining Room. Afler his nrsl Couple ol weeks. ne says rt is amazing and it feels very natural to him to be there_ 20 **Food Teachers Centre** **£9,690** The Food Teachers Centre, a UK-based self-help group for secondary school teachers, was founded 10 years ago and is supported by volunteer associates and ambassadors. With over 9,100 active teachers, it offers a platform for best practice exchange and CPD. In response to declining food teacher numbers and low recruitment, the Centre launched “TeachFood”, a campaign to promote food teaching careers and support existing staff. A grant was awarded to launch a social media campaign aiming to highlight the benefit of food teaching, increase interest in and applications for food teachers, and provide clear and actionable guidance to promote food teaching as a career choice. The project will collaborate with sector partners to amplify its reach, using the ‘TeachFood’ toolkit. ## **Heart of Bucks Community Foundation** ## **£10,000** Heart of Bucks Community Foundation, a charity formed in 2000, supports local people in Buckinghamshire by partnering with various organisations to award grants and loans to not-for-profit groups and individuals. They recently launched a new funding programme called the ‘Young Futures Fund’ (YFF) to support young people’s aspirations through bursaries and other grants. A grant was awarded to create a bursary scheme, in partnership with the Savoy Educational Trust, for young people in the hospitality industry, offering up to £1,000 per applicant. This initiative aims to increase competence, promote inclusion, support career development and retain local talent in the hospitality sector. ## **Hospitality Industry Trust (HIT) Scotland** ## **£30,000** HIT Scotland, a Scottish Charitable Incorporated Organisation (SCIO), aims to support inspirational development for individuals working in or studying towards the hospitality industry in Scotland. They offer a scholarship programme that provides education/learning opportunities for both industry professionals and students alike. The programme is open to everyone working within the sector or studying towards a hospitality qualification at college/university. ## **Hospitality Professionals Association (HOSPA)** ## **£12,500** HOSPA is an industry membership organisation specialising in finance, revenue management, asset management, marketing and IT. It has over 4,000 members and has provided professional development to more than 500 individuals through its finance, revenue management and asset management programmes. A grant was awarded towards the set-up of a new Professional Development Grant for self-funded learners. The grant from the Trust will cover 50% of the course fees for 20 learners. ## **Hotel School** ## **£126,500** Hotel School is a charity formed in 2017 for those who have experienced homelessness or other significant barriers to employment. They offer a 12-week training programme in hospitality, partnering with over 50 employers in London who offer work experience and employment. Graduates from the programme are matched with suitable employers and supported by the school during their first 12 months of employment. A grant was awarded to help support the delivery of 3 x 12 week training programmes, covering the running costs of the programme including staff costs, materials, uniforms, small equipment and graduate support costs postgraduation. ## **Innholders Charitable Foundation** ## **£40,278** The Innholders Scholarship is a highly regarded and well-established educational programme whereby middle managers in the hotel industry apply for and, if successful, are supported with funding to enable them to attend either the General Manager’s Programme at Cornell University in the USA or the Talent Development Programme at Cranfield University in the UK. For almost 25 years, the Master Innholders, in conjunction with the Worshipful Company of Innholders, has awarded more than 310 scholarship opportunities since inception, and feedback from those attending these programmes continue to affirm the life-changing and career-enhancing benefits it offers. A grant was awarded to provide up to 12 scholarships in 2023-24 **.** ## **Institute of Hospitality** ## **£40,000** The Institute of Hospitality (IoH) works to unite professionals, promote best practice, enhance skills, promote networking, and raise the profile of the hospitality, leisure and tourism industry. In the year under review two grants were awarded to the IoH for the following:- 21 ## _**Passion 4 Hospitality Conference - £30,000**_ Since P4H launched in 2011, it has seen over 2,000 students from across the UK attend and benefit from networking with employers, speakers, panel conversations, and the delivered educational content. In 2023, the IoH hoped to welcome over 500 students to the conference. A grant was awarded to cover travel event costs for 225 students from social mobility cold spots who would otherwise struggle to attend. ## _**IoH Roundtable events - £10,000**_ A grant of £20,000 was awarded to deliver a series of roundtables in different regions of the UK on issues affecting/important to the hospitality industry. There will be eight roundtables delivered over 2 years, each resulting in a ‘white paper’ that will address a particular topic/issue, with a view to sharing best practice. The grant will be paid in two equal instalments, with the second subject to successful delivery and evaluation of the first four roundtables. White papers will be freely available to all, including students and industry, via the IoH website. This is the first payment. ## **Manchester Hoteliers Association (Hospitality Connect)** ## **£40,000** The Manchester Hoteliers Association (MHA), operating for 15 years with 74 hotel members, meets six times annually and is involved in several initiatives including sustainability, business initiatives/opportunities, charity, community work and educational support for the industry. Two years ago, MHA launched a school liaison programme for 14–16-year-olds to promote hospitality careers. The programme includes hotel visits, educational fairs and involves parents and careers advisors, resulting in a significant increase in school leavers pursuing hospitality qualifications, courses and employment opportunities. Currently, 35 hotels partner with 35 schools in Greater Manchester with expansion of the programme into Liverpool, Chester and the Lake District. A two-year term grant of £77,000 was awarded (subject to satisfactory evaluation) to help expand the programme nationally under the name of ‘Hospitality Connect’, allowing them to hire an administrator and to cover operational costs. UK Hospitality supports the initiative and there is potential for broader industry collaboration. This is the first payment. ## **Manchester Youth Zone** ## **£19,584** Manchester Youth Zone (MYZ) is a charity in North Manchester, serves around 4,000 vulnerable young people aged 8- 19, with a variety of additional needs. They provide enriching activities to help youth in a historically deprived area build positive futures. A grant was awarded to launch their ‘Melting Pot’ cooking skills development programme offering over 100 young people weekly sessions to learn diverse and healthy culinary skills from experts. The funding will help engage 60 youths, based on their needs, interests and career aspirations in hospitality. Funding will be used to cover training costs, to purchase light equipment and aprons, cover travel costs for 30 students undertaking work experience in hospitality venues, and to cover costs of ingredients for a year. ## **Royal Academy of Culinary Arts - ‘Adopt a School’ Trust** **£82,649** Adopt a School (AAS) Charity was founded by RACA in 1990. The programme teaches children about food, cooking, food provenance and sustainability, hygiene and the importance of eating together. As well as their chef team, one hundred chefs and hospitality professionals volunteer their time to deliver high quality, healthy food education to over 17,000 children annually in schools across the country. Sessions are delivered mainly in primary schools but also in secondary and SEN schools, hospitals and on farms. A three-year term grant was awarded for a chef teacher to cover parts of London as additional capacity was needed due to a long waiting list of schools wishing to participate. The chef delivers in-school sessions to children in a range of settings, and also works with a network of local chefs and front of house professionals to promote AAS activities and to support them in their delivery. The funding was requested for a three-year period and is dependent upon a satisfactory annual evaluation report. This is the third and final payment of the term grant. ## **Saira Hospitality** ## **£8,860** Saira Hospitality is a non-profit (CIC) organisation that delivers pop-up hospitality training schools across London. They aim to deliver four 4-week schools over 2024 to marginalised communities in the city, whilst also providing a platform for hospitality employers to support and hire new entry level talent. Trustees awarded a grant of £35,440 to be paid in 4 equal instalments in 2024, each grant payment being subject to satisfactory review/evaluation. This is the first quarterly payment. 22 HOSPITALITY CONNECT Hospitality Connect- a national hotellschools partnership project showcasing careers in hospitality Created by holelier Adrian Ellis in 2021 following the Covid-19 pandemic. Hospitalty Connect is a partnership project model aimed ai promoting the nosprtalty industry as a viable career option for young people. By working wrth schools and colleges and partnering them wtlh local hotets and hospttalty venues. awareness of the opportunities in hospttaltty is increase¢J, helping io nighlignt Ine many vaned Options ano pathways available into the industry. while also building important relationships and Toundats"ons for young peopk to (lo so successlully. The project was first launched in Manchester vmh the support of 10 hotels from across the Manchester Hoteliers Associatlon members, wrth each provioing six ¢Jrfterent career focused activities Ihroughout the year to various schools. each focused on areas such as curriculum enhancement. employer ne￿Orking and career development. By the end of the ffirst year of the programme. the number ol secondary schools in Manchester rose from 10 to 20. and by summer 2023 this nad lurther increased to 32 schools supported by 30 different hotels_ -up 8nd down the ¢*)untry. ts4¢hers •ndper¢nts h•* PreC￿ceptIOnS around hospitality. Even il wo rofrch young people and inspire them. it's no zood rf the parents aren't also ¢onvin¢¢d that it's theright ¢h¢¥<• thom. Th8t's why so many of the pro£ramm• s actiwties fi>cus on parent involvernent - it's about break￿¥down barriws and shtY•vcasingwhathntastic e•reer opportunities4gre availabl&- Laura Johnson, Hotels & Schools Liason Manager at Hospilality Conneel Following the success of me programme In Manchesler. further funding was sought from the Savoy Educational Trust to help bring tne project lo additional cilies across Ihe UK. alrning to reach a much wider audience of both young people and hoteliers.The programme has successfulty launched in Leeos. YotK Central and Wesl London, the LaKe Districi and wtder Cheshire. The funding from the Savoy Educalional Trust covers two key areas" a Hospitalty Connect ambassador programme framework (which sees hoteliers volunteering to partner with schools and colleges to posrtivety promole bolh Ine sector and the opportunrties available) and lacilitating and delivering the various opportuntb'es accessible through the programme such as hotel-based activrties (Inciuding iours and takeover ¢Jays), school-based activities {including mock intennew days and spee¢J networking), curriculum enhancement (such as worknng life awareness workshops) and parental an¢J carer engagement (inclu¢Jing krtchen takeover events an¢J career pathways evenings). Whilst it will take some ts.me to effeclivety demonstrate the lasts.ng impact oflhe programme on the uptake of further education and employment in hospÈtalty. inrtial figures. both from collected data ano anec¢Jolal leedback trom schools and colleges. have been incredibty promising. -when we first joined the project. we had 18 unmotlV8ted boys doing Fo¢xl Prep. We now have 76 coming throuth fromyear9 intoye8r 10-we couldnt be h8ppier.- Sam A5hbuin, Founder, Teachers of Fo¢)d, Cookinq & Nuttttion, Wellacre )ys Academy 23 **£4,500** ## **Spitalfields Crypt Trust** Spitalfields Crypt Trust (SCT), an East London charity embedded in the local community, provides practical help, support and training to people affected by homelessness and addiction. A grant was awarded to contribute to the cost of training five trainees at their community coffee shop, Paper & Cup. SCT have worked with thousands of people since they were established in 1965, originally situated in the crypt of Christ Church in Spitalfields. The people they support present with a range of the most complex needs. SCT trainees are recommended for employment with their wide variety of employers partners. ## **Square Food Foundation** ## **£4,500** Square Food Foundation (SFF) teaches people of all ages, abilities and walks of life to cook good food from scratch. A grant was awarded to support their ‘’How to Be a Chef’ (HTBAC) Programme. HTBAC is a 12-week (2 x days per week) accredited, vocational programme in cooking that encompasses skills, techniques and ingredients plus learning about issues around sustainability and food waste. HTBAC is aimed at young people aged 16-25. SFF aim to reach young people that will most benefit from attending this programme, specifically those that are at risk of being ‘left behind’ due to lack of qualifications, low confidence, or those who find the traditional learning model challenging. Funding will be used to contribute towards trainer salary, ingredients for classes and overheads. ## **Team Domenica** ## **£4,500** Team Domenica is a social enterprise charity whose vision is for people with learning disabilities to be valued in the workplace, to enable them to reach their full potential and feel included as members of society. They deliver training, education, wellbeing and employment programmes to over 70 young people (aged 19- 25) with learning disabilities. Based in central Brighton & Hove, they provide employment programmes to young people with a wide range of learning needs, referred to as their ‘candidates’. A grant was awarded to part-fund the salary of a Café Training Assistant who will work with job candidates in one of their four Training Enterprise cafés (Cafés Domenica), preparing them for work placements with local employers. ## **The Geoffrey Harrison Foundation** ## **£40,500** The Geoffrey Harrison Foundation was established to advance education and learning in the hotel, restaurant and hospitality industries, and to help young people develop their capabilities in order to grow to maturity as members of society. A three-year term grant was awarded to expand their Junior Chefs Academy programme for year 10 and 11 students. Participants attend 10-week courses on a Saturday covering food preparation, cooking, presentation, hygiene, safety, teamwork, organisational skills and foodservice techniques at Westminster Kingsway College (WKC), the University of West London or Loughborough College. The grant is subject to receipt of satisfactory annual review/evaluation and this is the second payment. ## **The Parish Trust** ## **£6,458** The Parish Trust, a charity founded in December 2019, exists to provide hope and opportunities to socioeconomically deprived individuals located in Trethomas and Caerphilly. A grant was awarded to fund a young person to train/work in their mobile cafe (Caffi Caredig) that operates out of a reconditioned horsebox. The charity operates within an area of disadvantage where there are limited opportunities for young people to gain skills and pursue employment. Through this funding they will give a young person a vital first opportunity to develop a career in hospitality. Funding covered the salary for the first 5 months plus some café operating costs. ## **The Springboard Charity** ## **£500,000** Springboard Charity, established in 1990, supports the hospitality, leisure and tourism industry and those seeking employment within it, with three key aims: To advance the life and education of those under the age of 25, through the provision of advice, training and skills courses; To relieve poverty and unemployment, assisting people to secure jobs in the hospitality sector; and, to tackle ongoing problems the hospitality, leisure and tourism industries face, including staff and skills shortages and misrepresentation about what a fulfilling career it offers. A threeyear term grant of £1.5 million (£500,000 per annum) was awarded to support its core activities: Employability Training Programmes; Careers and Education work including Summer Schools, Hospitality Takeover Days, Career hubs; and CareerScope work. The grant is subject to satisfactory annual review/evaluation, and this is the first payment. ## **Well Grounded Jobs CIC** Well Grounded (WG) provides accredited training and wider support for vulnerable adults with complex needs to help them obtain sustainable employment within the coffee sector. WG runs two Training Academies in the London Borough of Camden and the London Borough of Tower Hamlets. Trainees include the long-term 24 unemployed, refugees and asylum seekers and people with mental health challenges or neurodiversity. A grant was awarded to support a 6-month Speciality Barista Course for 10 trainees, recruited from their extensive network of referral agencies in the host and neighbouring boroughs. They work with a wide range of hospitality employers to offer work experience and employment opportunities for their graduates. ## **Youth Options** ## **£10,000** Youth Options is a charity that works with over 6,000 children and young people across Hampshire and Southampton. Their mission is to support those who need it most, to engage, develop and empower them to achieve a better future. A grant was awarded to help towards delivery of a bespoke employability programme focusing on investing in 10 NEET 16–25-year-olds to gain skills to work in the hospitality and catering industry. An initial 10 candidates will receive 1:1 support, work placements and visits from an employability mentor to provide genuine wraparound support for both the young person and the employer. A minimum of four local hospitality employers will also benefit from receiving training and guidance in supporting NEET young people into employment. ## Competitions/Prizes Competitions challenge, stretch and often motivate individuals to great heights within their profession. The Trustees recognise the importance of rewarding those who demonstrate good practice and aspire to further their development by entering various industry competitions. They are very keen to recognise the achievement of these specific skills and expertise by providing educational scholarships for leading industry competitions and by awarding prizes. Funding in the main is targeted for the provision of education, training and development of the competition finalists/winners. **In the year under review the Trust supported 15 industry competitions/prizes** with grants totalling **£179,415** (2023: £144,128 also to 9 competitions/prizes). Below are details of those competitions/prizes that received funding. ## **Association Culinaire Francaise (North West)** ## **£3,169** One of the main aims of the Association Culinaire Francaise (ACF) is to promote cuisine, skills development and hospitality industry opportunities to students and trainees. To this end, they continue to facilitate a range of activities for colleges, including culinary competitions. Due to the challenging financial environment that colleges are experiencing to support the curriculum, ACF successfully applied for a grant to help with costs for several competitions; the ACF Commis of the Year Competition, ACF Commis Pastry Chef of the Year, and Restaurant 4 Skills front of house challenge. ## **British Culinary Federation** ## **£5,000** The formation of the British Culinary Federation (BCF), the national member of World Chefs, is the result of the Midlands Association of Chefs and the Chefs & Cooks Circle amalgamating in 2005. The BCF has strong links with the industry, including schools, colleges, armed forces, caterers and professional supply companies. A grant was awarded to contribute towards the costs of travel/accommodation for chefs aged 18-25, to represent their country in the competition arena as England’s Junior National Team at the Culinary Olympics in Stuttgart, Germany in February 2024. ## **Cardiff and Vale College – Culinary Olympiad** ## **£4,000** Cardiff and Vale is one of the largest colleges in the UK, delivering high quality education and training within the Capital Region of Wales. The Young Chef Olympiad welcomes over 50 countries to compete across five cities in India and this competition offers an exceptional opportunity for learners to experience a different culture as well as to gain valuable skills and knowledge. A grant was awarded towards ingredients for practising dishes, competition chefs whites and travel costs to India to attend the competition finals in January/February 2024. ## **Dupree International** ## **£2,478** The Inspiring Culinary Generations cookery competition is about inspiring and helping younger generations see the culinary industry as a prospective career and to assist them in essentially making it happen. A grant was awarded for the Aspiring Student Chefs category of the competition, which works with school children aged 1118. This experience allows them to showcase the skills they have learnt in a competitive environment and be judged by elite professional chefs. The experience also provides an insight into career opportunities in catering, with the possibility to take up a three-year Specialised Chefs Scholarship at Bournemouth & Poole College for 25 MAS 6foLQ Innholder Scholarships- supporting and educating hotel professionals The Master Innholders is a leading force within the hotel industy that offers career-changing training and support through its various educational programmes. Ils programme. aimed at middle managets in the hotel industry. The Innholder Scholarships. was establisne(l in 1997 w.rth the support of the Savoy Educats"onal Trust. Worshipiul Company of Innnolders. Master Innhohfjers Charitable Trust and Lor¢J Forte Foundation. This programme allows promising hotel professionals to undertake fulty funded study on intemationally recognised leadership development programmes at renowned universÉbes in both the UK and abroad. Currently up to 12 successftjl applicants per year are awarded a scholarship worth over £10.000 for one of two exceptional courses. bolh designe¢J to help notel professionals ¢Jevelop their management and leadership capabilrties and broaden their expertise wtlhin the inoustry. The two course5 available include the Talent -The enduring friendsljips 8nd robust netwo￿ I developed through the programme continue to be invaluable. keeping me 8bre8St of global changes and innovations. These connections ensure tlJ8t we remain 4t the lorefront of the industry. reaty to adapt and thrive. l am profoundly th8nkfuK for this schol8￿nIp. which has not only aGGelernted my professional development but 4ts0 enriched my capacity to lead4nd innov8te in an industry I 8m passionate 8bout.- Francisco Macedo Ml, ILH Group Operations Dlrector a Clivoden Goner81 M•n889r. Development Prc*Jramme at Crannehj Universty, in the UK. and the General Managers Programme at Cornell UnNersty in New York State, USA. Each course ensures successful applicants undertake a number of in-person and virtual courses taught by welkienowned hospttality lecturer5 over several months_ The Talent Development Programme is designed for earty career professionals looking to develop Iheir management ano lea¢Jership capabilities an¢J includes two five41ay faCe-tO-fa￿ workshops al the universty. The General Managers Programme aims to support general managers ano senior hospitalrty professionats in ioentrfying key challenges and opportunibes facing hospiialrty businesses today aTMI includes a five-day immersive lace-to-fa piogramme at the campus in Ithica. Since Ihe programme launch in 1997. the Twst grants have funded more than 300 life-changing scholarships for hotel professionals. upon compielion of tneir course. sludents become part of an extensive alumni network who come together several times a year to discuss issues lacing the hospitalty industry an¢Y to engage in CPD actMties_. These meelings are an important forum for Ihe professional development of the recipients of the Innholder Scholars as Ihey leam Irom top in¢Justy speakers and many of the noteliers who have un¢Jertaken an Innholder Scholarship have gone on to have Illuslrious careers within the hotel industy. -Th* Innholder Sehotsrship prozromm* has instilled in me • Commitment to tilelong leornin£. whfrth4Y throuEh formal •ducotion, mtrntLYship* or &weriential opportunities. By sta>•ng Curious. adaptable and openrfninded. I can continue to evolve as • leader •nd drive positive ¢h•nze iti my (Y£4￿1￿￿tiOn 4*nd beyty>d. Itis with th•nks torn olllwm•kthcthispossibl&" Rachel Steven5 FIH SJS. Rooms Division Manager. Pennyhill Park 26 the older age category. Funding will be used for competition prizes (a set of knives for the winner, and a small prize for up to 50 finalists) and ingredient costs for competitors. ## **Gold Service Foundation** ## **£10,000** The Gold Service Foundation was formed in 2013, aiming to advance the education, training and professional development of front of house professionals in the United Kingdom. This includes the award of scholarships; bursaries; traineeships; short courses and mentoring as part of a programme of continuing professional development. The Gold Service Foundation works in partnership with awarding bodies, educational establishments and employers. The Gold Service Scholarship was introduced to inspire young people to develop much needed skills of professional food and beverage service, to recognise and celebrate their achievements, and to help them aspire to achieve excellence as masters of their craft. In September each year around 100 young professionals aged 22-28, employed ‘front of house’ in the United Kingdom, apply to enter the Scholarship. A three-year term grant of £30,000 (£10,000 per annum) was awarded, subject to receipt of satisfactory annual review/evaluation reports. This is the first payment. ## **International Wine and Food Society** ## **£1,000** The object of the IWFS is to bring together and serve all who believe that an understanding of good food and wine is an essential part of personal contentment and health, and that an intelligent approach to the pleasures and problems of the table offers far greater rewards than the mere satisfaction of appetite (Andre Simon Wine & Food Society Founder, 1933). The IWFS offers the opportunity for learners to engage in competition that challenges them to produce a dish with a particular ingredient, with the final to be held in May 2024. A grant was awarded towards their 2023/24 competition where FE college students’ dishes will be judged by a panel of judges, led by celebrity chef Paul Heathcote MBE. ## **Nestle UK Ltd – Toque d’Or** ## **£19,400** The Nestlé Toque d’Or competition is an initiative created by Nestle Professional to showcase young talent and skills within the hospitality industry. It is a national competition that links industry and education and has the reputation for inspiring and challenging catering students at FE colleges up and down the country. Now in its 35[th] year, Toque d’Or is open to all back and front of house students and apprentices who are studying at Level 2 and above. A grant was awarded to fund **The Savoy Educational Trust Equipment Prize Fund** (£1,200 per college for the 12 colleges who had students competing in the Grand Finals and a grant of £2,500 for each winning college). ## **Royal Academy of Culinary Arts – Annual Awards of Excellence** ## **£6,500** The Annual Awards of Excellence was established in 1983 to recognise and reward the most talented up and coming chefs, pastry chefs and waiters aged between 20 and 26. These are the only awards to cover all three categories of kitchen, pastry, and service. Funding from the Trust covers three travel bursaries for the winning students to travel abroad to gain additional skills/knowledge of different cuisines. ## **South Eastern Regional College – Culinary Olympiad** ## **£2,508** South Eastern Regional College (SERC) is the highest-performing College in Northern Ireland and delivers education with entrepreneurship, innovation and real-world learning at the heart of the curriculum. Their enterprise-driven curriculum ensures students are work-ready when they leave college. A grant was awarded to cover travel costs for a student chef and their mentor to attend the Young Chef Olympiad in India in January/February 2024. As stated above, the Young Chef Olympiad welcomes over 50 countries to compete across five cities in India and this competition offers an exceptional opportunity for learners to experience a different culture as well as to gain valuable skills and knowledge. ## **The Craft Guild of Chefs** ## **£12,000** In the year under review two grants were awarded to the Craft Guild of Chefs to support their Graduate Awards. ## _**The Craft Guild of Chefs Graduate Awards 2023 – two grants of £6,000 each**_ The Craft Guild of Chefs Graduate Awards is an annual competition that provides formal recognition of the culinary excellence of young working chefs. The main objective is to encourage young chefs to improve their skill levels and assist in their educational progression. All working chefs under the age of 25 can compete for a Graduate Award by having their knowledge and skills tested in this free nationwide culinary challenge. Funding 27 helps with costs of running the competition, hiring space at colleges, examiner expenses, masterclasses/videos for kitchen, pastry and larder chefs, and ingredients for the competitors. ## **The Springboard Charity FutureChef Programme** ## **£100,000** First introduced in 1999, ‘FutureChef’ has grown into a successful culinary programme that helps young people aged 12-16 learn to cook, take an interest in food, develop their culinary talent, and informs them about entry routes into the hospitality industry. This is Springboard’s flagship education programme, delivered in secondary schools nationally, focusing on inspiring, educating and supporting young people, with the aim of helping them progress on to roles within the hospitality, leisure and tourism industry. A three-year term grant of £300,000 was awarded to expand the reach of FutureChef, with a target of engaging 45,000 students by 2025 on the FutureChef Juniors and FutureChef programmes. The grant is subject to satisfactory annual evaluations, and this is the second payment. ## **University Hospitality Seminars** ## **£7,860** University Hospitality Seminars, a not-for-profit organisation formed in 2011, partners with the Association of Colleges and University Business Officers to provide bespoke hospitality training and education. Their mission is to develop talented professionals and future leaders. A grant was awarded to support the 11th Annual UK Young Restaurant Team of the Year Competition, involving students (aged 21 or under) from FE colleges. This competition awards prizes to two teams of chefs and one front of house team. The competition also highlights the importance of training kitchens/restaurants within an educational environment, connects colleges with employers, and promotes careers in the hospitality industry. ## **Westminster Kingsway College – Culinary Olympiad** ## **£4,000** Westminster Kingsway College was awarded a grant to allow students to participate in the Young Chef Olympiad competition. As stated above, the Young Chef Olympiad welcomes over 50 countries to compete across five cities in India and the competition offers an exceptional opportunity for learners to experience a different culture as well as to gain valuable skills and knowledge. The grant contributes towards practice ingredients for the competition, and travel costs to India for a student and their mentor. ## **Worsley College** ## **£1,500** Worsley College hosts the Greater Manchester College Group's annual ‘Hospitality and Catering Competitions’, organised by its Deputy Head of Department for Hospitality & Business Enterprise. Competitors from nine Greater Manchester colleges compete in various challenges, including Food & Beverage Service, three levels of Professional Cookery, Patisserie and an Apprentice/Adult Competition, totalling approximately 70 participants. A grant was awarded to provide prizes for first, second and third place winners, aiming to enhance the competition experience, motivate high performance, and encourage future participation. 28 >ATrQI EDLCAnoy& AL YRL'5T Toque d'or Hospitality Competition The Toque d'or competition enhances students, skills and industry knowledge provK1ing a Platromi for networkn"ng. rec￿nth"on. ano career aovancement. It continues to motivate and Inspire potential talent. opening their minds to the vast opportunrties within the foodservi￿ industy. Supported by Nestlé Professional, the Toque d'or competth.on has signfficanuy contributed to Dr￿gIng tne gap bemeen education and Ine hospitality induslry. addressing skn'll shortages. and enhancing the career appeal of Ihe induslry_ By continuousEy evolving to meet indusiry needs. rt remains a prestigious and impacttul compe￿"t10n for aspiring hosprtality professionals. Nesllé Professional research indicates Ihat over half of those wotking in foo(Ise[vi￿ tsel￿Ve that engaging in Iraining and development opportunrties. such as competitions. are key to mak'tng a career in the industry more atttactive. The Toque d'or competrtion serves as a valuable con¢Jurt belween the foodsetvice industry and ftjrther education providers. inspiting and educating UK catering students. "This journey has been an incredible and fun-filled experience. ￿ceedIng all my expect8tions. Ign deeply gratefu( for this opportunity. which hos not only provided me with unforgettable memorles but 8ts0 Inv8lu8ble knowtedge thst wiu shupe my future csreer. A heartfett thank you to everyone who made this adventure possible- College lecturers register their students through a targeted campaign. BOH competitors create a sustainable fish dish. and FOH competitors prepare a themed lable and coffee dnnk. Students submit photos and a video explaining their passion for hosprtality. Competitors participate maslerdasses al Nestle Galwick and recreate dishes. followed by serving their creations. Compelitors undertake challenges focused on Regenerative Agriculture. including visits to farms and factories. and culminate in a fine dining event at The Grand Hotel in York. A gala event in London celebrates the winne[5 wilh a fine dining luncheon. An incredible winning trip to Swstzerfand follows. GeialdiTre Sieiia Tottes, Back of House Winnei. We5tmin5tet Kingsway College The winner of Back-of-House Getaldine Sietra Torres and runner up ol Front4)f-House Emma Bancroft travelled to Swrtzenand and engaged in sustainabilily-focuseo culinary arts and t)espoKe beverage training wilh Nestle's experts in Vevey and Ort)e. They enjoyeo tours and tastings at tne Mosimann Colleclion. La Maison du Gruyere. Malson Cailler and the vineyards of Lavaux. They also experienced fine dining at EHL Hospitalty Business School. a boat cruise on Lake Geneva. a scenic train joumey on the Golden Pass Railway an¢J various actNrties on Mount Pilatus, conclu¢Jing wtlh a meal at Restautant Pilatus Kulm. Savoy Educatlonal Trust Contrtbutlon. The grant from tne Savoy Educalional trust rewards the colleges rather Ihan in¢Jivi¢Juals wrth The Savoy Educational Ttust Equipment Prize Fund. There were 12 slu¢Jents in the gran¢J rinals. with each college receiving £1200 to be used towards equipment. The two winning colleges overall, one for back of house (BOH) and one for front of house (FOH), each receive an additional £2500 grant. fROFEs 29 Graphical Analysis of Activities ## **Allocation of Grants 1[st] April 2023 - 31[st] March 2024** **==> picture [325 x 195] intentionally omitted <==** **----- Start of picture text -----**
£179,415
£323,073
£429,604
£1,040,019
£19,484
Competitions Charitable Organisations HE FE Schools
**----- End of picture text -----**
_**Chart 4 – Allocation of grants for specific areas of support in this financial year**_ ## Allocation of Grants for Years ending 2022-2024 **==> picture [455 x 172] intentionally omitted <==** **----- Start of picture text -----**
Competitions
Charitable Organisations/Industry Associations
HE
FE
Schools
0 200,000 400,000 600,000 800,000 1,000,000 1,200,000
Year End 2024 Year End 2023 Year End 2022
**----- End of picture text -----**
_**Chart 5 – Allocation of grants over a three-year period**_ ## Evaluation Procedure and Process The Trustees are aware that ultimate responsibility to ensure charitable funds are spent appropriately, including being used as expected by the recipients, lies with them. They consider that systematic evaluation of a project is important for a formal analysis of what has been achieved, for a chance to reflect on the experience, and to inform future work that might be undertaken. The interim monitoring and end of grant reviews help to measure impact and performance and to identify whether the targets and outcomes outlined in the application for funding have been met. 30 The monitoring and evaluation process includes attendance by Trust personnel at project meetings, site visits, completion of the Trust’s evaluation form/written progress reports, social media, and photographs from grant recipients. It should also be stated that the Trustees will only consider repeat funding for a project/initiative where the recipient can demonstrate that the funds awarded have (a) been applied as intended; (b) met the specified objectives; and, (c) have gone some way in making an impact or difference to the ultimate beneficiaries. Should it become evident during the evaluation process that a project funded by the Trust is unlikely to proceed, the recipient is asked to return the grant. This is also the case if part of the grant remains unspent. The Trust always tries to engage with grant recipients where circumstances are difficult or where a change in use of funds is requested. This degree of flexibility will continue to be shown on the understanding that the recipient enters into a meaningful dialogue with the Trust. Some grants are awarded on a multi-year basis. In the main, these are for a period of three years and usually not more than five. Term grants are contingent on an annual review process (or a period as set out in the grant offer). This reflects the obligations placed on the recipients of these grants to meet specific conditions in order for subsequent funding instalments to be released. In the year under review, the evaluation process culminated in the following:- - The sum of £3,000 was written back into the accounts as an underspend on a competition. The grant was awarded in the year ended 2023. When evaluating projects and measuring their impact, the Trustees acknowledge that in some cases their grant is one part of a funding mosaic and cannot therefore take sole credit for the project outcomes. It is also important to mention in this section that the Trustees are aware that some projects are subject to change due to unforeseen circumstances. The Trust’s executive team continue to monitor all projects and work closely with grant recipients to offer guidance and support and to gain an understanding of what is going on and what is needed in order to aid the satisfactory conclusion of all projects supported. ## Financial Review and Results ## Financial Overview The Trust portfolio performed well in the year under review in the light of some challenging market conditions. As shown on the balance sheet, the value of the Trust’s net assets at 31[st] March 2024 was **£67,737,954** , an increase of 7.4%/£4,683,052 over the previous year (2023: £63,054,902). There was an increase in the dividend income received which totalled £1,453,360 (2023: £1,297,266). The Trust derives income entirely from its investment portfolio. In the year under review, the Trust drew down £2,069,500 in cash from funds managers. Total grants paid in year amounted to £1,872,645 and support costs totalled £221,826. Whilst the value of the portfolio fluctuates in line with global market conditions, trustees consider that in the year ahead a larger budget for grant distributions can be set to align with its strategic funding priorities and charitable objectives whilst maintaining a healthy capital base. ## Fund Management All investments held by the charity have been acquired in accordance with the powers available to the Trustees. For the year under review the Trust’s portfolio was managed by Cazenove Capital Management and Investec Wealth & Investment UK. The Investment Committee and Trustees are mindful of their obligation under the Trustee Act 2000 to conduct periodic independent reviews of their Fund Managers with the last such review taking place in January 2020 by Portfolio Review Services. ## Investment Policy and Objectives The Trust’s investment performance objectives are _“_ _**to provide for increases in annual grant giving while preserving the Portfolio’s capital base in real terms using a total return approach** ”_ . This is achieved by 31 both Fund Managers adopting a medium/high approach to risk and investing in a balanced and diversified portfolio of equities, bonds, alternatives and cash. The long-term objective of CPI +4% per annum over a rolling 5-year period affords the Trust the best of both worlds (i.e. a multi asset approach that is measured against relevant indices over the short term and a “target return” approach over the longer term that meets the investment objective). This runs alongside composite benchmarks for each Fund Manager. As highlighted on page 6, the Trustees have an Investment Policy in place which is reviewed on an annual basis. The Trustees consider that the investments are performing in accordance with the charity’s long-term investment policy and strategy, and this remains under regular review. ## Investment Performance As stated in the Financial Analysis section of this report, the performance for the year under review reflected the market conditions, namely:- **Cazenove Capital Management (CCM):** The portfolio managed by Cazenove Capital achieved a total return for the financial year of +13.1%, which was slightly behind the bespoke benchmark return of +15.0%. The long-term target of CPI+4% posted a +7.6% ***** return whilst the peer group (ARC Steady Growth Index) returned +9.3%. Looking forward, Cazenove Capital still favour ‘real’ assets such as equities and property for clients with longterm time horizons. However, it is likely that markets will continue to experience volatility given concerns regarding interest rates, persisting high levels of inflation (although falling), ongoing conflict in Ukraine and the Middle East as well concerns regarding the outcome of the US election. ***** CPI data lagged by one month **Investec Wealth & Investment UK (IW&I):** Over the year the portfolio managed by Investec Wealth & Investment UK delivered a positive return as markets were boosted by better economic growth than feared in the US, despite a much higher interest rate environment. The total return achieved by the fund, net of fees, was +8.9% and this compares with the long-term CPI +4% target over the same period of +7.2%. The benchmark, bolstered by the afore-mentioned high stock concentration, returned +14.9%. The fund, by comparison, is managed on a more diversified basis. The manager’s expectation, going forwards, is that the return profile of the market will broaden out and this should suit a more diversified approach. A global investment strategy for equity investment was formally adopted and agreed by Trustees during the year and this has been reflected in a change of benchmark as at 31[st] December 2023. At the corporate level, Investec Wealth & Investment UK has now combined with the Rathbones Group and the investment philosophy of favouring companies with strong cash flow returns on capital will remain in place, which is important for the compounding of attractive long-term returns. ## Sustainable Investments The primary investment objective is to maximise total return within the agreed risk parameters and constraints. Providing that this objective is not compromised in the process, the Fund Managers believe that it is also possible to develop a framework that allows a broader range of considerations, including environmental and social issues to be taken into account when selecting investments. Consideration of Environmental, Social and Governance (ESG) factors as part of an investment decision has become more commonplace and there is more academic and practical research to prove that these factors can have a meaningful impact on both the sustainability and financial returns of companies. CCM state that good stewardship is integrated within their investment process. They believe all investments have an impact on people and planet. CCM have a Climate Transition Action Plan in place, aiming to transition all their discretionary assets under management to be net zero by 2050. To provide further insight into the Trust’s portfolio, they include an overall assessment of the impact of the Trust’s equity investments on people and the planet, and a comparison against an appropriate benchmark. They provide two metrics encompassing planet and people as outlined below:- _**SET PORTFOLIO ESG REPORT – Cazenove Capital Management – March 2024**_ 32 IW&I have embedded ESG considerations into the investment process and use the services of Sustainalytics, a leading ESG scored provider, to provide ESG risk scoring as well as institutional Shareholder Services (ISS) to provide data to enable them to identify companies that are contributing positively to the UN Sustainability Development Goals. Charities have become increasingly interested in how their managers engage with the companies they invest in and again wish to see examples of engagement and collaboration with other investment houses to deliver positive ESG outcomes and greater disclosure. As such, they are a signatory to both the United Nations Principles of Responsible Investment and the UK Stewardship Code 2020. Investec provide regular updates on the ESG performance of the Trust portfolio. _**SET PORTFOLIO ESG REPORT – Investec Wealth & Investment UK – March 2024**_ The Trustees’ ethical restrictions are outlined in their Social Investment Policy document. ## Reserves Policy In July 1998 the Savoy Educational Trust realised £36,800,584 from the sale of their shareholding in the Savoy Group plc. This sum formed the capital assets of the Trust and since that date has been invested in a diversified portfolio of investments. This formed part of the transfer of assets into the CIO which amounted to £53,140,809 at the date of transfer, 3[rd] June 2015. The reserve balance at year end 2024 was £67,737,954 (2023: £63,054,902). The investment of the capital is the only source of on-going income. The investment objective (as stated earlier) helps to protect a core of investments and cash assets to generate income for future grant awards sufficient to meet the needs of present and future beneficiaries. The Trust sets out an annual budget to ensure, as far as is reasonably possible, that the charity’s annual expenditure objectives can be met, given certain assumptions about the yearly and future income streams. Within the budget there exists the capacity, should the need arise, to curtail activities specifically of those new applications presented at the quarterly meetings. At present the Trustees are able to maintain operating costs at a relatively low level. The Trustees will review this policy annually in the light of changing circumstances and alter it as necessary. ## Going Concern The Trustees are long term investors and are capable of meeting all their liabilities comfortably. They are also able to confirm that there are no material uncertainties about the Charity's ability to operate as a going concern. 33 ## Trustees Responsibilities The Trustees present their annual report and financial statements of the charity for the year ended 31[st] March 2024. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and the Charities Statement of Recommended Practice (second Edition) and Financial Reporting Standard FRS 102. The law applicable to charities in England & Wales 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgments and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on a ‘going concern’ 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 charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provision of the charity’s governing document. 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. The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements. ## Plans for the Future With the appointment of a new Chief Executive in January 2023 and two part-time administrators in November 2023, the Trust is going through an exciting period of development. The decision to move to fully remote working for the Executive Team is working well and IT and administrative systems have been upgraded to facilitate this. A new website was launched in December 2023 which provides information and guidance for applicants. The application process has been partly automated and the Executive Team are keeping this under review to see whether it can be moved fully online. Having undertaken a review of grant-giving over the past decade, Trustees are looking ahead strategically to ensure funds are employed to achieve maximum impact in pursuit of the charitable objectives. To this end Trustees are keen to draw on a variety of views, research sources and data so that they are fully appraised of current and future developments in the hospitality industry. In addition to funding worthy initiatives, the priority for the coming three years will be to allocate a proportion of funding for projects that promote hospitality careers within the schools sector, collaborative projects, and projects that bring together key stakeholders in industry and academia that will directly benefit the development of education and employment in hospitality. A strategic funding document to shape, and maximise the impact of, future grant giving has been developed and approved. The Trust is aiming to appoint up to two additional Trustees in the year ahead. Priority will be given to identifying Trustees who can add to the skills set of the Board and to reflect the diversity of the sector(s) it supports. The Trust will also review its policies and procedures for appointing trustees and the Chair of Trustees in 2024-25. Whilst the hospitality and education sectors continue to face considerable challenges as outlined in the introduction to this report, Trustees are optimistic that through their funding much can be done to ensure those wishing to pursue a fulfilling career in the sector are given the right educational and development opportunities/support to do so. 34 ## Strategy, Operational and Governance In the forthcoming year the Trustees will: - Seek to support and fulfil the priorities outlined in the Trust’s strategic funding document - Continue to invest in the Trust’s IT and administrative systems to ensure effective and secure operation of Trust business - Support the recently appointed Executive Office Team to ensure they can maximise the operational effectiveness and positive reach of the Trust - Seek to appoint two additional trustees that meet the needs of the Trust and fulfil its responsibility to promote equity, diversity and inclusion within the organisation - Keep under review the Trust’s governance structure, fund management and ethical/investment policies to ensure best practice and fiduciary responsibility **This report was approved on behalf of the Trustees by:** **Howard Field, FCA, FIH, FHOSPA Trustee** **Angela Maher Chief Executive** **Date: 20[th] September 2024** 35 ## Auditor Report **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE SAVOY EDUCATIONAL TRUST** ## **Opinion** We have audited the financial statements of The Savoy Educational Trust (the ‘charity’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the charity’s affairs as at 31 March 2024 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; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We have been appointed as auditors under section 151 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 charity’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 other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Annual Report. 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. 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 course of 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. 36 ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion: - the information given in the financial statements is inconsistent in any material respect with the Trustees’ Report; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the Statement of Trustees’ responsibilities set out on page 34, the trustees 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s 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 an auditor’s report 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 the audit was considered capable of detecting irregularities, including fraud** Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team: - obtained an understanding of the nature of the sector, including the legal and regulatory framework that the charity operates in and how the charity is complying with the legal and regulatory framework; - inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; - discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. 37 As a result of these procedures, we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Charities Act 2011, Charities SORP (FRS 102), and the charity’s governing document. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report and remaining alert to new or unusual transactions which may not be in accordance with the governing documents. The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgments and estimates. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. ## **Use of our report** This report is made solely to the charity’s trustees as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. Zoe Longstaff-Tyrrell (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants Portland 25 High Street Crawley, West Sussex, RH10 1BG Date: 20[th] September 2024 RSM UK Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 38 Statement of Financial Activities STATEMENT OF FINANCIAL ACTrrfmES FOR THE YEAR ENDED 31ST IAARCH 2024 2024 Total Fund# 2￿23 TLrfal FuThJ5 Incom? Inveslment 1A53,360 1.297.266 Total Ir+come 1,453,360 1.297.266 Exp•￿1￿￿ C051s ofTrisry tund5 Inveslmenl Man&3￿1 C<￿ts 2￿.136 ExpeThJiture cffl ac*Vit￿." Ed￿a￿Or￿al Institutm)￿l ASS￿la￿ CkntatrAe Tntsts corn￿titKYn5 arwj ptEos 2,010,635 199.786 1,775.&16 169,989 Total expendituro on thariialle *thilies 2210.421 1.945.525 Total •xp•ndithr• 2,443,908 2.178.661 19ty),$481 I881.3￿) N•t gaim I (Itx￿) ¢)n in71*1kn4n 4673.600 12.153,8141 N¢t Incomt I10x￿1￿11Wl¢l •nd net rntyiwnwrt In funds for th• year 13 4,683,052 13.035.2fr31 Rec¢HKlllètlon of F￿d> Toia FuThts 8muW Fcfihwd 63,054,902 66,0￿,111 Funds Carwj Fowrd 13.14 67,737,954 63.054.￿2 39 ## Balance Sheet The notes on pages 42 to 46 form part of these accounts 40 Statement of Cashflows THE SAVOY EDUCATIONAL TRUST CIO STATEMENT c￿ CASHFLOWS FOR THE YEAR ENDED 31ST MARCH 2tr24 2024 Unmtrictsd F￿d% 2ff23 FuTrJs C•sh used In OV•llry •thll*¥ 17 11315,8531 12.045.411) Coh frtyh Inv¢sting •¢¢ivlty¢S.' Investmenl income Puwchase of inv85tsllonts Pr(K£eds of di¥Ktsals of investmerts Paymnts to investh￿nt pNtrOl￿ cash Cash pn)VKled by inveslww athvitse5 1,4S3,360 125,715.4041 27.356.178 $43,604 2,550,530 1,297.2eA8 110,762,185) 11.701.853 78.115 2.158.819 Increas6 In ￿$h aThJ cash eqthithts In 234.6n 113.408 Cash aThJ cash 8qufva￿rts at the of 251,232 Totsl cash and cash equlvalerts Jt end ol the Calh bthlancè e¢)mpis•• Cash at bank 599.317 41 Notes to the Accounts THE SAVOY EDUCATKXIAL TRUST CIO IIOTES TOTHE ACCCAINTS FOR YEAR ENDED 31ST MARCH 2024 1 A¢¢IXINTING KLICIES al Ba￿¥ of P*o)unUng and Golrvj COn￿rn The siatements ha%* been prep¥&J undw the histuKal c4AI *rth rt￿$ rwnwj at (t6t ￿ tsansa¢tK¥) ¥thJe except fr insestments a￿ rwnised al m*kel Yaue. The st*em￿ts haN* bw) *c(*da)¢e wth the Se¢L¥¥J ￿rt￿)n Charities Slatemenl of ReoYnm￿ded Prath(* issuwj in Oclobw 2019. Fin*xi¥ Star¥Ja￿ in the United KingdLYn a)d Reput4K oflro1*)d IFRS 1021 Ihts Chkn 2011. The Trust Cc￿stil￿ a pubk beneft ￿8$ defined by FRS 102. The thanty rmtnues io a svjntsnt TeseTh*s ba￿. to £67.737.954 12023.. £63.054.W21 in the >wr. to m8et its in the prepaaw of¢he slatements. b) Incomè #nd Expend￿1* AJI Inc￿le and expendrture ￿ng durYKJ the year ts d￿L￿1th IhrrAfvah IhÈ Slatement d Finan(Aa A(Mies. Ml is rwx¥JnBth1 On￿ the thanty has ￿tillement to the inc%ynÈ. rt ts the infxxne be ￿l¥ti1 and Ihe Infxme ￿Vable ￿ be m&asural cl Grants Payabl• Grants paWAe rwin¢&J they we c(mmrtknJ IndU￿j * uvJrttys unia We p•J. d) Ststu$ The Tnjst b cthstrtuled under a Trust Do&a date¥J 26th Awrf" 1961. (M 23 2015 Ihe Tnjst VAS to a Chart*l& Incuwathj Ory*ls81th ICIOI, Ch• Numb•r 1161014. AJI Of1￿ ffijnds ol Th• Edut**rftsl Tru* transftrr•J to Iho 3rd Jun• 2015. •) Taxatl¢)n The Injst ￿ a fryi8ler•J th•rty and as suth ffs inccffle ￿ gains S•*ffls 471 to489 cdlhe Tax ALI 2010 ly SeL1> 256 01 the TayatKfi d Chwge*le Gams Act 1992 ae exernpt frcfn cupCrfatb￿ lax to the eY￿t that It￿ ae applk8d to ts chwifas n Value Added Tox gl Axed A$60ts h) Depreclatlon Depreciati￿ is c*Jktthl so as to crflh• t￿t cl ￿ *seL Itss ts •sb"matthl v*uo. ¢hW th• us6￿1 &fa ¢Mlhat ass•t as lovts". Compulw E4uipmenl.. 33.33% p.a. on a str•*t b 11 lJlo¢atlon of support eoA Supprrt CAlSts ae thcse fiJndKns that assist the d the t#rt ths nci undertae tharitab￿ thi￿s. SupF#Jt (rtsts inrA bxk office finance. pa￿dI gO￿￿ce suppjt Ihe Tnjsts p￿￿Me8 ￿ xbvities. These have be￿ a&xal&l in knll to expendrtureon tharilable xtimlies rffi the ￿ of9rants the ￿￿￿. Jl Cos¢s of ralglrwj funds kl ￿n￿on In accr￿d￿￿e *ith its du￿$ under the Pen$￿S Aci 2(Ml8 Ihe enrrAs efyble slaff rnernb￿S in its staehrAdu pensKm sc*eme %Mth a default fr(￿ the staff rA 5% d grrtss SW. The thanty malth ttmtr*AJ1k￿S to a maxmnum of 3% of gn>ss sa¥y. The ch¥ty the 42 NOTES TO THE Accouiirs FOR TrE YEAR ENDED 31ST MARCH 2024 1 ACCOUNTING POUCIES Iclxrtkn 11 In¥•stsNnts Investmenls are slated at rna￿et Realised urKealtsèY gairs and k)sses imieslrnents ae deam wlh ￿ the Ststement cl Finw¢k4 Adivitie5. Investrrwl inrwe ￿u$ asscKaated lax r￿￿4)le is lo xcruaL8 b￿1$. date5 Foyments thidends. daity acuu* for iThtwe*. ml Remrrts Pdlcy In July 1gg8 Ihe EdwAlbJnal Trust rEaI5ed EJ8.8￿1.￿ IrDm the sale ol their shthkliry in Ihe GID￿ pk. This sum forn￿￿ Ihe cawtal assets of the Tru* grKe that date has ￿ inve￿1 n a dNwsified prthKJ cl imlestrr￿l$. Thi8 f￿ned pwl the trartsfef of assets into orgar*saiM)n W￿DIed lo £S3.140.8Cv3 at the date oftransfer, 3rd June 2015. The investment d Ihe i8 the 0￿Y source of rrymro arnl the [￿d5 invesled as io seek lolal rebjm ov the lenn in ￿der lo pr￿￿je lor re¥ irKxeases in ann￿1 g￿1 preser¥iTrJ ￿ I￿j.$ ca￿la1 base in real tem)s. Th5 cknjeth've hdps to ￿￿t￿t a c￿e ol 1rwes1m￿ts ￿ cath assels lo 9￿￿ale rmne futu￿ grard s￿(lent to meet the eed5 of prFsent atKI futur8 The Trust sets cKrt an amul ￿1(￿381 lo en5LYe. a5 lar 35 Ys rea5(Thbly ￿KS￿tIe. Ihai the (*arty5 annual exFen(knJTe otry'eclNe5 can be mei 9ven certain assurnptions at￿All the ye¥ty and fu￿re streaTh6. Wrthn the tMJ¢*Jet there exists the cyoty. sh￿Id the ne•J arise, to cwtgil ac4Aii¢w speofi¢*ty of th)se rew apr*alb￿S [￿led at ts quwlety [[￿￿jS. At we5ent the Tru51ees a￿ atle k) maintain operatrg cc6ts at a rdalwdy thl. The Trustees revi¥ this tt* W oldwwd ri[wn*￿$ as recessary. n) D8btorn ol C¥sh Jt ￿￿k WKI In hw Cash al bank arKJ In hand Thsudes cash temi kn]u*J trNestM￿. pl Li*ilitio1 atrA"lities are recrqnised the entity h&8 a wesert d)b3akn lo tsansler benefft as a resutt of pasi Ir￿￿tiOnS or ￿ents. Ihal wll probatty resutt in the trarBfer cl fvTrJs lo a Ihwd paty aThJ the arrojnl cw te rneaSw￿ ¢x eslvnated ￿l&￿ty. Credrtors are cogThsed al the Sett￿m￿t arminl after fc¥ any lrnde ¢Jscwnts due. q) FI￿n¢[al Ins¢runwts The Compa)y (￿lY has assets ￿ f￿a￿la1 11*4ths (rf a knl that quafy as basK Irstrumerts. Bask fin￿bal trurn8nt5 are irmbally at value aThJ sutwp• m8a5w•J at th&1 setu8r￿1 ¥￿U8. Jut*èmènts and kèy S￿r¢t$ of è1￿mItion utxèrtalnty In ￿ 8P￿1¢4b0n ol the tharivs &cwntsng [￿A￿￿$. ￿ thtstees we rw4wed kj makeh**Jrnrts eslunales aThJ a5surryticn5 ab)ui (arrwThJ arTh)unt cl assets li&Jilths that we rK•t re•JiLv appaMI from cts s￿￿$. esbmales aThJ a$S￿lated assumpth)Trs are pe￿d in %shith the esbmate ￿ revwl tIE re¥￿ *fects cty that pe￿J. or Fvicrfj cl ￿ revtsic￿ ￿ ftrtwe Fwods ¥knre 2024 2023 stèl investments Interest frcmn cash thFK6it Total inveslmenl incory 1A513 991 1297.124 142 1.297.266 2024 2023 3 ¢￿ts Lrf ralslThJ funds Investm￿( M*￿gen￿lt Fees 233 136 43 THE SAVOY EDIKATIIJ40L TRUST CK) NOTES TO THE ACC(￿NTs F(Ki THE YEAR ENDED 31ST MARCH 2024 2024 2023 4 CharitalAe aC￿￿tieS Cost5 LIq￿l1t￿￿q EdUcati￿a Inslriu 1010.635 1.775.536 2 210 421 Cthts cL¥nmthd but r¥A D*J at slart (knt5 pa the (knts crmrnrt￿ but pad al eThl cl¥e 1137.6401 1.869.645 256.590 1,988,595 125.5CKII 1.575.587 137.640 1,687,727 Cmts a4ArtsJ pad during the w (pw 44 to 451 ts ccxnrnrt￿ in paKI al rA Suppol tc&s (see 51 1.152.1)05 236.59) 221.826 1,550.087 137.640 257.798 2.210 421 Educati£wl CL¥npettlion5 In¥itthK>ns and wizes 1024 5 SuppLYI awKJ qovetntnce c (knt alministr3t Accwnla)cv ALwJrt f*s ¥KI 707 9A 7.9n 10.541 13,2(￿j 340 37,359 29.061 123.346 221,826 9.611 12.029 310 3,314 2.578 26.4KJ 202.148 19.678 Ac¢jJJn￿CyfE85 Audrt fees Lega 9.747 10.864 18.765 12.039 42.839 141.727 235.981 10,648 11.868 1.113 13.152 46.8 154.8x1 251.7 13.103 21.817 2034 2023 Audrt fee 13.2(M) 11.868 6 Staff costs WHI ern￿￿ents Sawes f*s Il Securty cr 66,396 1.595 55.249 106 134.700 6.426 12.730 974 I￿al WTy1LwT￿ Lwefts ofthe key werp £89.61413)Ti". £154.8301. theyear12023." l¥￿ falliru betsyeen £70.£(￿ £KI.(￿l Th8 averag8 nuthr of emtty8s, cakJJabJ on a basi4, an*ys•J ty fijrvkn was: 2023 Man4em￿l AdminL%lrntNe Staff 1.25 44 THE SAVOY £￿￿TIONAL TRUST CIO NOTES TO THE ACCOU1￿$ FOR IHE YEAR ENDED 31ST IAARCH 2024 7 P•n*ion The Cha￿ty$ ￿trI￿Al￿ ts the PWkxI to the srtene Is a$ frkn." 2024 2023 Staff ￿n90￿ ccthtrftmj 12.730 8 Tanglblo Flxed Assets 2024 Totsi As at 1 A[￿1 2023 aThJ 31st K¥r¢h 2024 193 Depre¢btKJn As at 1 Aw'l 2023 8TrJ 31st March 2024 Net B¢yJk Value 8 al 1 Aw'l 2023 aThl 31sl March 2024 2024 2023 g InTrtstrrnnt ass•ts st•J investments Mthel Wak￿ at 1 2023 A(klitiMs d￿ng Ihe yaar at c>Jst Di5P05al pr(Ke&Js Realised Gains V￿￿all$0d gain5 1 Ik15se51 61029.303 25.715A04 127,356,178) 65.122.785 10.762.185 {11,701,8531 S95.436 1,078,164 S87.9&8 2.741.767 5,673.600 66.062.129 .153,814 62,029.303 et at 31st Mari* 3)24 Cash hdd f¢y Irvestsnwrt Tolal Inv85tmert al 31sl 2)24 1.391,602 67.453.731 847.998 62,877.301 Investrnent at market vaue ot. UK T￿1 Total PLM)1sd Investrnert VelKfe5 Fixed Interest Serxjrities 14,(N.539 44377,254 3.674.748 s￿$.$86 1.391,602 59,381,793 6.680.336 1,391,602 67 453 731 55,013.840 7.01S.463 847.998 62 877.301 ￿￿0[￿81 C05t d Investments S9 216 633 54 8n.216 l the Tnjst's IrNeslments hekl in Ihe iffiit￿ 45 THE SAVOY EDUCAIIOPIAL TRUST CIO NiJfES TO THE ACCOUP￿s FOR THE YEAR ENOED 31ST MARCH 2024 2024 2023 Interest arKY di¥m*￿S re￿￿￿tAe S￿dry deb¢(ws 24438 974 21.7e6 17.797 39.563 2024 2023 11 Crqdltor¥: *nounts falllng wlthlTr ono y￿r A¢trual$ Grants payable Sundry uedilors 77,012 117.640 10.863 2C6.602 2024 2023 12 Cw•ditOfS'. amijunis falling in mor• than on• >••r Grants payable 20,000 2024 2023 13 Vwmtrict8d Fun General Fund5 at 1 Aw"1 ￿23 Incr8a5e during Ihe year B￿anC* at 31 Marth 2024 63,054,￿2 4,683.052 67 737 954 66.M.111 3.035,209 63 054.902 14 Anatysls a1148t A88ats Beiween Funds let Current 2024 Totsl UM•slri(thJ Fw 67.453 731 67.453.731 284.223 284.223 67,737,954 67 737 9S4 ¥851rn8nts Net CurT8nt Lk8bilit*s & Assets 2023 Total UrYe8lrirl•J Fw 62.877 301 62.877 301 177.601 63.054.902 15 Poymenls to Tntytees arnl Prcle$s￿ Indemnlty Iraw￿¢• No Trust0• received any rVmUrnra￿n frorn the TnJ5t fL¥ th￿r Services the yezr. EXF￿￿5 to £1,437 worn rvimt¥Js•d to three Truslees thring the ￿rI2023.. £915 to three Trustees) in relat￿ to travd costs. PrDfes5ional iTraemnity inwranc¥ ￿ a cos1 d £2,482 {2023: £2,482) ￿ t#Wt to th• the Tru5te05 from 105805 ansiTrJ from nèjkna or defaLIt. 16 Ulllmate Cortrolllng Party 17 R•conciliation of mo¥•mnt in fvThJs io not c•sh Ilow O•iNJ a￿1¥1￿ 2024 2023 Net movement m funds Dedud interest irKL¥ne SIN)￿ in inve5twvJ IDeduct g￿nsI l add kjsses on investments 0*￿8$e in £kb¢tys Inu8a5e in crodiiN5 4.683.052 11.453,3601 1&6n.6001 14,151 111904 1315,8S3 13.035.209) 11.297,2661 2.153.814 15.333 117.917 2.04S.411 46 THE SAVOY EDUCATIONAL TRUST CIO GRAKfs. PRIZES. SCHOLARSHIPS AND AWARDS FOR THE YEAR ENOED 31ST IAARCH 2024 2024 2023 ¢3RANT8*DUCATIONAL INs￿run0NsIK￿80C1ATIoNPJcHARrrABLE TRUSTS Jtichjke Trust Beresfud Street lfjId￿n Bishop PerovKe C ol E Coll&3e &MJrnemouth & P¢x4e CL41ege CambrKJge Reg#Thl Col CaMphill SthoL4 Abetdeen Cardinal Nv•rnan Sr Clty Cdlege P ae8ve M8adthY SchorA Cdeg Cambria CL¥nmunication Speaalist CL*ge Ccmnmunity Rescwrces Oene Magna SL*KK (￿rnfr￿ & Gallo*ay Cdlege Eastk￿h Colle Esher HwJh School FarnbcK￿gh Col* of Tthok*3y Ftiend5 of Bawnham Broom SclKK4 C￿rge Hash%pll Sc HwJh Scl Herelordshire & Ludbw Cdlege Home Krtchen Dimr CIC s￿181￿ Hoswtalty Industry Trust (HIT) Scotland trkj5￿tsIrtY Profe&%ionals AssLKiati k)tel SchcM)I InnhokJ615 Charrtsble FourKlat Inspir&1 CrKnmunity GrrAJP CIC Instrtute of Hoswtaity JwJs&¥Plus Trust Lancaster and Morecamte Colege Lan(trnark5 Speoalist Cd Leeds Q'¢y Cdl&Je Leicester Colkngtr Long Strattcffi SrlK LoUJht￿oUgh Cc41ege Luminary Bakery Ltd Manchester Hotel￿rS As%Kxa anch8Ster Yiyjth Zone Merton Cc41ege Nthv Cty N￿ent C(Mnmunity &hool North Hertfordshire Colko North Walsham Phoenix GrrAJP Mounts Bay Academy Oathall Communty Col Oxford Brocaes UnNer5ity PeterbLwh Cdleg 7S,000 3.525 11.868 29.935 17.649 40.000 85,250 {9.9881 8.056 14,323 17,200 29,420 3,000 27,082 24,558 34.825 22,500 18.500 30,000 12,500 126,500 40278 47,000 4.500 72.500 3.418 12S,000 16.000 26.428 1CQ,000 10,000 7SO 40,000 19,584 9.671 15,000 7S,000 4.500 so.000 40.000 2.000 8,633 7.894 30,000 6.399 4.100 22.000 8x1.242 fv'Ve￿￿e College fv.ve1s￿e S¢￿4 Royal Acadeffly of Culinary AA5 Royal Acad￿nY of Culinary Arts'&Wbt.￿Sd￿￿ Trlst Runshaw Colleg s￿ra HosrAt￿Ity Settlebeck SIS S(MJth D8von Cd 'tslfields Crypt Trusl 8.661 8.860 43.700 40,700 856,048 1.CM)9.122 47 THE SAVOY EDUCAMONAL TRUST CIO GRANTS, PRIZES, SCHOLARSHIPS AND AWARDS FOR THE YEAR ENOED 31ST MARCH 2024 2024 2023 GRANTS￿DUCA￿oNAL INSTrfuTIONSIASSOCIATIONSICHARITABLE TRUSTS Icontinuedl BrOl￿ht forward 856,t148 4.500 1,009,122 Squ8re Focxj F￿ndati0Th Stoke on Trent College Team Domenica TEC Partnership- Grimsby Instrtute Test5￿M)d Schwl The Bridge Project The Buint Chef Project The Clink Charity The Cooper Schod The Geoffrey Harrison Foundati The House of St Bamabas The Parish Trust The Priory CofE Schc The Springboard Charity The Wren Bakery Tollbar Multi Academy Trust Ulster University University Cdlege Birmingham University of Bedfordshire Wakefield College Wèll Grounded Jobs CIC 120.000 4,500 4,SOO 139.000 14,567 10,000 12.000 40,140 40.000 40.500 40.500 4,500 20,000 soo,000 4.500 35,000 10,000 58.021 29,909 4.500 1,407,259 4,500 1,612,490 GRANTS4OMpEnTIONS & PRIZES Association Culinaire Francaise (North Westl British Culinary Fe(lei8b"on Cardiff and Vale College - Culinary Olyrnpiad Dupree Intemath)nal 'lnspiring Culinary Generations" Insb"tutÈ ol Hosprt8lity International Wine and Food Swety Nestle UK Ltd - Toque d'or Professional Association of Catering Educati£￿ IPACEI Royal Academy of Culinary Arts- Annual Avrdrds of Excellen South East Regional College - Culinary Olympiad The Craft Guild ol Chef5- Gr￿lUate Avrards The Springboard Charity Futurechef PrtyJramme University Hosprtality Seminars Westminster Kingswdy College- Cijlinary (knnpiad 3,169 5,000 4.000 2,478 4,000 5.000 1,878 1.000 13.000} 17,000 11.3001 6,$00 2,508 6.000 100,000 8.400 100,000 7,850 4.000 139.515 142,828 GRANTS AWAROED ANO PAID DURING THE YEAR Grants awarded in 2023 and paid in 2024 GRANTS PAID OURING THE YEAR 1.752.005 117.640 1,550,087 25.500 1.575.587 GRANTS AWARDED AND NOT PAID AT THE END OF THE YEAR 8e Inclusive Hospitalty CIG Change Please Foundatson Dow) Syndrome Development Trust FoThY Teachers Centre Gold Service FouThJats'on Heart of Bucks Community FourKl8tion Nestle UK Ltd Toque D'or North West Kent Altemative ProvisKsn &Thice Institute of Hosptslity Royal Academy of Culinary Arts Ss John Fisher Thomas More RC HKJh sc￿ St James CofE H￿h Sch(x The Clink Charity The Craft Guild of Chefs Wiltshire Cd*e & Univerw Cwtre WL*sley College Y¢JJth Options 10,000 20,000 10,1)00 9.690 10,000 10,000 19.400 10.000 57.500 40,000 45.1￿0 45.000 40,140 6.1100 30,000 10.000 236.590 137.640 48