| I'000 | 2020 | 2019 | Variance | |
|---|---|---|---|---|
| Dotmllons | 16 | 28 | -12 | |
| Clmri table nell | vi ties | 708 | 772 | -64 |
| Other trading | nclivilies | 117 | 155 | -38 |
| Investmettls | ||||
| Otiter Income | 57 | 79 | -22 | |
| Totnl | 898 | 1034 | -136 |
| I'000 | 2020 | 2019 | Variance | |
|---|---|---|---|---|
| Raising Funds | 43 | 80 | -37 | |
| Charitnble | activities | 726 | 1501 | -775 |
| Total | 769 | 1,581 | -812 |
| for the year end | ed 31 | December 20 | 20 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Pension | Total Funds | Total Funds | ||||||
| Funds | Reserve | 2020 | 2019 | ||||||
| Notes | 6'000 | 6'000 | 6'000 | 6'000 | |||||
| Income from: | |||||||||
| Donations | 16 | 16 | 26 | ||||||
| Charitable activities |
708 | 708 | 772 | ||||||
| Other trading activities |
117 | 117 | 155 | ||||||
| Investments | |||||||||
| Other | 57 | 57 | 79 | ||||||
| Total Income | 898 | 898 | 1,034 | ||||||
| Expenditure on: |
|||||||||
| Raising funds | 19 | 24 | 43 | 80 | |||||
| Charitable activities |
857 | ( | 131 ) | 726 | 1,501 | ||||
| Total Expenditure | 876 | ( | 107 ) | 769 | 1,581 | ||||
| Total income less | total expenditure | 22 | 107 | 129 | ( | 547 ) | |||
| Gains/(losses) on |
investments | ||||||||
| Reahsed gain on investment |
14 | ||||||||
| Unrealised loss on |
investment | 14 | |||||||
| Net gains/(losses) | on investments | ||||||||
| Net income/(loss) | 22 | 107 | 129 | ( | 547 ) | ||||
| Other recognised | gains/(losses) | ||||||||
| Pension scheme actuarial | (loss)/gain | 17 | ( | 383)( | 383 ) | 636 | |||
| Net movement in funds |
22 | ( | 276)( | 254 ) | |||||
| Reconciliation offunds |
|||||||||
| Total funds brought | forward | 23 | 252 | ( | 1,226 ) ( | 974 ) | ( | 1,063 ) | |
| Total funds carried | forward | 23 | 274 | ( | 1,502 ) ( | 1,228 ) | ( | 974 ) |
| at 31 Dece | mbe | r 202 | 0 | |||||
|---|---|---|---|---|---|---|---|---|
| Notes | 2020 | 2019 | ||||||
| f."000 | 6'000 | |||||||
| Fixed assets | ||||||||
| Fixed assets | 13 | 39 | 64 | |||||
| Investments | 14 | |||||||
| 39 | 64 | |||||||
| Current assets | ||||||||
| Stock | ||||||||
| Debtors | 15 | 105 | 168 | |||||
| Cash at bank | and | in hand | 22 | 498 | 450 | |||
| 603 | 618 | |||||||
| Current liabilities |
||||||||
| Creditors falling due within |
one year | 16 | ( | 366 ) ( | 430 ) | |||
| Net current assets | 236 | 188 | ||||||
| Total assets | less | net current liabilities | 274 | 262 | ||||
| Pension scheme | liability | 17 | ( | 1,502 ) ( | 1,226 ) | |||
| Total net (liabilities) | ( | 1,228) ( | 974) | |||||
| Funds | ||||||||
| Unrestricted | funds | 23 | 274 | 252 | ||||
| Pension scheme | funding | reserve | 23 | ( | 1,502 ) ( | 1,226 ) | ||
| Total funds | ( | 1,228) ( | 974) |
| for the | year ended 31 | December | 2 | 020 | ||||
|---|---|---|---|---|---|---|---|---|
| Notes | 2020 | 2019 | ||||||
| 6'000 | 6'000 | |||||||
| Cash flows from operating | activities: | |||||||
| Net cash provided b operatin activities |
21 | 51 | 26 | |||||
| Cash flows from investing | activities: | |||||||
| Purchase | of fixed assets | 13 | ( | 3)( | 7) | |||
| Proceeds | on disposal of fixed assets | |||||||
| Investment income |
||||||||
| Purchase | of investment | |||||||
| Proceeds | on disposal of investments | 14 | ||||||
| Net cash | provided b investin activities |
( | 3)( | T) | ||||
| Change | in cash and cash | equivalents | in | the year | 48 | 19 | ||
| Cash and | cash equivalents | at the beginning | ofthe year | 450 | 431 | |||
| Cash and cash equivalents | at the end | of | the year | 22 | 498 | 450 |
| Freehold | buildings | 2% |
|---|---|---|
| Furniture, | fittings &equipment: |
|
| Computer software |
25% | |
| Computer equipment |
33.3% | |
| Office furniture and other equipment |
t2.5% | |
| Photocopiers | 20% | |
| Intangible | fixed assets | 20% |
| ncome | from trading activities |
||
|---|---|---|---|
| 2020 | 2019 | ||
| E'000 | E'000 | ||
| Business | affiliates | 85 | 99 |
| Events | 32 | 56 | |
| 117 | 155 |
| 2020 | 2019 | |||
|---|---|---|---|---|
| E'000 | E'000 | |||
| Qualifications | ||||
| Accreditation | activity. | |||
| Course accreditation | 54 | 71 | ||
| Hospitahty | assured | 9 | 19 | |
| Membership | activity. | |||
| Membership | subscriptions | 629 | 647 | |
| Branch activity | 12 | 29 | ||
| Information | services 6 publications | 2 | 5 | |
| 708 | 772 |
| 2020 | 2019 |
|---|---|
| E'000 | E'000 |
| Income | from | listed | investments |
|---|---|---|---|
| Interest | from | cash | on de osits |
| ther | income | |||
|---|---|---|---|---|
| 2020 | 2019 | |||
| E'000 | E'000 | |||
| Surplus | on the sale of property | |||
| Surplus | on the sale of furniture, | fittings and equipment | ||
| Rental | income | |||
| Other income | 57 | 79 | ||
| 57 | 79 |
| xpenditur | e on raising funds |
|||||
|---|---|---|---|---|---|---|
| Unrestricted | Reserve | Pension Fund |
||||
| 2020 | 2019 | 2020 | 2019 | |||
| E'000 | E'000 | E'000 | E'000 | |||
| Fundraising | ||||||
| Business affdiates | ||||||
| Events | 19 | 41 | ||||
| Investment | manager fees | |||||
| Other fmance char es | 24 | 39 | ||||
| 19 | 41 | 24 | 39 |
| Fund- | Business | Events | Invest- | Total | Total | ||
|---|---|---|---|---|---|---|---|
| raising | affiliates | ment | 2020 | 2019 | |||
| fees | |||||||
| 8'000 | EOOO | F000 | E000 | EOOO | |||
| Salary | |||||||
| Events | 19 | 19 | 41 | ||||
| Professional | fees | ||||||
| 19 | 19 | 41 |
| Unrestricted | Reserve | ||||||
|---|---|---|---|---|---|---|---|
| 2020 | 2019 | ||||||
| E'000 | 6'000 | ||||||
| Quahfications | 108 | 132 | |||||
| Accreditation | activity | 113 | 125 | ||||
| Membership | activity | 487 | 539 | ||||
| Information | services & publications | 65 | 86 | ||||
| Head Office | Fundraism | 84 | 93 | ||||
| 857 | 975 | ||||||
| Pension | Fund | ||||||
| 2020 | 2019 | ||||||
| EOOO | 8'000 | ||||||
| Expected return Contributions |
on scheme assets | ( ( |
64 ) 67)( |
593 67 ) |
|||
| Loss/ ain |
on plan introductions | and changes | |||||
| ( | 131 ) | 526 |
| Qualifi- | Accredi- | Member- | Info & | Head Office | Total | Total | |||
|---|---|---|---|---|---|---|---|---|---|
| cations | tation | ship | publi- | Fundraising | 2020 | 2019 | |||
| cation | |||||||||
| BOOO | 8'000 | EOOO | EOOO | F'000 | F.'000 | F'000 | |||
| Qualification | development | ||||||||
| Examination | costs | ||||||||
| Accreditation | costs | 7 | 7 | 8 | |||||
| Hospitality Assured costs |
9 | ||||||||
| Pubhcations | 31 | 31 | 48 | ||||||
| Salary | 84 | 84 | 93 | ||||||
| Branch costs | 19 | 19 | 30 | ||||||
| Travel & meeting costs | 1 | ||||||||
| Printing &office equipment |
1 | 11 | 12 | 14 | |||||
| Communications | 5 | 2 | 7 | 13 | |||||
| Professional | fees | 2 | 8 | 10 | 1 | ||||
| Publlcit costs |
|||||||||
| Total directly attributable | costs | 5 | 10 | 40 | 31 | 84 | 170 | 217 | |
| Reallocation | of support costs | ||||||||
| & overnance |
costs(note | 9) | 103 | 103 | 447 | 34 | 687 | 758 | |
| 108 | 113 | 487 | 65 | 84 | 857 | 975 |
| Refer to the | table below for the analysis of su | pport and governance costs: |
|||
|---|---|---|---|---|---|
| Governance | Support | Total | Total | ||
| costs | costs | 2020 | 2019 | ||
| E'000 | E'000 | E'000 | E'000 | ||
| Salary | 53 | 446 | 499 | 534 | |
| Travel &meeting costs | 10 | 10 | 32 | ||
| Printing 8 office equipment |
59 | 59 | 74 | ||
| Communications | 1 | 1 | 9 | ||
| Premises costs | 31 | 31 | 34 | ||
| Professional | fees | 50 | 50 | 37 | |
| Audit fee | 9 | 8 | |||
| Depreciation | 28 | 28 | 30 | ||
| 62 | 625 | 687 | 758 |
| This is s | tated after charging | |||
|---|---|---|---|---|
| 2020 | 2019 | |||
| E'000 | E'000 | |||
| Interest | payable | |||
| Depreciation and impairment |
charges | 28 | 30 | |
| Auditors | remuneration | 9 | 8 | |
| Actuarial | costs | 3 | 3 |
| taff costs | ||||
|---|---|---|---|---|
| 2020 | 2019 | |||
| E'000 | E.'000 | |||
| Wages and salanes | 446 | 471 | ||
| Social security | costs | 42 | 46 | |
| Pension costs | 75 | 87 | ||
| Administration | costs of pension schemes | 16 | 16 | |
| 579 | 620 | |||
| The number of |
staff whose emoluments | exceeded E60,000 were as follows | ||
| 2020 | 2019 | |||
| No | No | |||
| E60,001 —E70,000 | ||||
| E70,001 —E80,000 | ||||
| r90,001 —E100,000 |
| equivalent e |
mployees (including casual and part-time staff) during |
the year were as follows: | |
|---|---|---|---|
| 2020 | 2019 | ||
| No | No | ||
| Business affiliates | |||
| Events | |||
| Qualifications | |||
| Accreditation | activity | 1 | |
| Membership | activity | 4 | |
| Information | services & publications | 1 | |
| Support | 4 | ||
| Governance | 1 | ||
| 12 | 13 |
| Fixed assets | |||
|---|---|---|---|
| Intangible | Furniture, | Total | |
| fixed | fittings 8 | ||
| assets | equipment | ||
| f.'000 | 8'000 | 8'000 | |
| COST | |||
| At 1 January 2020 | 12 | 159 | 171 |
| Additions | 3 | 3 | |
| Disposals | |||
| At 31 December 2020 | 12 | 162 | 174 |
| DEPRECIATION | |||
| At I January 2020 | 6 | 101 | 107 |
| Charge | 2 | 26 | 28 |
| Disposals | |||
| At 31 December 2020 | 8 | 127 | 135 |
| NBV | |||
| At 31 December 2020 | 4 | 35 | 39 |
| At 31 December 2019 | 6 | 58 | 64 |
| 2020 | 2019 |
|---|---|
| f.'000 | 6'000 |
| Market value: |
|---|
| At 1 January |
| Additions |
| Disposals |
| Realised gain on disposal |
| Unrealised loss on valuation |
| At 31 December |
| Debtors | |||
|---|---|---|---|
| 2020 | 2019 | ||
| 9'000 | 6'000 | ||
| Trade debtors | 63 | 121 | |
| Prepayments | and accrued income | 42 105 |
47 168 |
| Creditors | |||
|---|---|---|---|
| 2020 | 2019 | ||
| 6'000 | 9'000 | ||
| Bank overdraft | |||
| Trade creditors | 12 | 7 | |
| Taxes and social security costs | 19 | 25 | |
| Other creditors | 27 | 19 | |
| Accruals and deferred | income | 310 | 379 |
| 368 | 430 |
| The amounts recognised |
in the balance sheet for defined pensi | on schemes are as follows: | ||
|---|---|---|---|---|
| 2020 | 2019 | |||
| 6'000 | F'000 | |||
| Present value offunded | obhgations | ( | 4,260) ( | 3,887 ) |
| Fair value ofscheme assets | 2,758 | 2,661 | ||
| Balance sheet deficit | ( | 1,502 ) ( | 1,226 ) |
| The amounts | recognised | recognised | in the statement | in the statement | offinancial | activities | activities | are as follows | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | ||||||||||||
| 6'000 | 6'000 | ||||||||||||
| Current service costs | |||||||||||||
| Interest on obligations | ( | 24)( | 39 ) | ||||||||||
| Expected return on scheme |
assets | 64 | ( | 593) | |||||||||
| Contributions | 67 | 67 | |||||||||||
| Actuarial gains | ( | 383 ) | 636 | ||||||||||
| Loss on plan | introductions | and changes | |||||||||||
| ( | 276 ) | 71 | |||||||||||
| Actual return | on assets | 117 | ( | 495 ) | |||||||||
| Changes in the present value ofthe defined benefit obligation |
are as follows | ||||||||||||
| 2020 | 2019 | ||||||||||||
| F000 | 6'000 | ||||||||||||
| Opening defined benefit obligation |
3,887 | 4,473 | |||||||||||
| Service cost | |||||||||||||
| Interest cost | 77 | 137 | |||||||||||
| Employee contributions |
|||||||||||||
| Past service | cost | ||||||||||||
| Actuanal losses |
383 | ( | 636 ) | ||||||||||
| Benefits paid | ( | 87)( | 87 ) | ||||||||||
| Gain on plan | introductions | and changes | |||||||||||
| Closing defined benefit obhgations |
4,260 | 3,887 | |||||||||||
| Changes m the fair value |
ofscheme assets are as follows | ||||||||||||
| 2020 | 2019 | ||||||||||||
| E'000 | 6'000 | ||||||||||||
| Opemng fair |
value ofscheme assets | 2,661 | 3,176 | ||||||||||
| Expected return |
117 | ( | 495 ) | ||||||||||
| Actuarial gains/(loss) |
|||||||||||||
| Contnbutions | by employer | 67 | 67 | ||||||||||
| Contributions | by employees | ||||||||||||
| Benefits aid |
( | 87)( | 87 | ||||||||||
| Year end fair | value of | scheme assets | 2,758 | 2,661 | |||||||||
| The Scheme | does not | own | any property | used by the | Institute | of Hospitality | |||||||
| The employer | expects | to | contribute 663,600 in the year ending 31 December | 2021. | |||||||||
| The major categories | ofscheme assets as a percentage | oftotal scheme assets are | as follows | ||||||||||
| 2020 | 2019 | ||||||||||||
| Equities | 44 4% | 393% | |||||||||||
| Fl Gilts | 22.7% | 25.6% | |||||||||||
| Property | 10% | 0.9% | |||||||||||
| Cash | 173% | 15.0% | |||||||||||
| Annuities | 146% | 191% |
| The pnncipal actuarial |
assumptions | assumptions | assumptions | at the | at the | balance | sheet | date were as follows | date were as follows | date were as follows | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | |||||||||||||||
| Discount rate | 1 35% | 2.00% | ||||||||||||||
| Future salary increases | N/a | N/a | ||||||||||||||
| Future pension increases |
3.00% | 3.00% | ||||||||||||||
| Pensioner mortality |
S2PXA 1.5%with | IAMI | of0.2% | S2PXA 1 5% with | IAMI | of02% | ||||||||||
| Commutation | Cash sum 3/80th of FPS | Cash sum 3/80th | ofFPS | |||||||||||||
| actives | 15%of pension | benefits | actives. | 15%of pension | benefits | |||||||||||
| deferred | deferred | |||||||||||||||
| Accounts for the current |
and | previous | four | years are as follows: | ||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||
| E'000 | E'000 | 000 | E'000 | E'000 | ||||||||||||
| Defined benefit obligation Scheme assets |
( | 4,260) 2,758 |
( | 3,887) ( 2,661 |
4,473 ) 3,176 |
( | 4,832 ) 3,308 |
( | 4,806 ) 3,196 |
|||||||
| Scheme deficit | ( | 1,502) | ( | 1,226) ( | 1,297 ) | ( | 1,524 ) | ( | 1,610 ) | |||||||
| Experience adjustments | on | scheme | kabilities | ( | 64) | 593 | 178 | 67 | ( | 145 ) | ||||||
| Changes in the assumptions |
for value of | ( | 319) | 43 | 289 | ( | 71 ) | ( | 485 ) | |||||||
| scheme liabilities |
||||||||||||||||
| Experience adjustments |
on | scheme | assets |
| The institut | e had annual commitments under operating l |
eases expiring as follows | |
|---|---|---|---|
| 2020 | 2019 | ||
| E'000 | E'000 | ||
| Less than | 1 year | 17 | 21 |
| 2 - 5years | |||
| 17 | 21 |
| Reconciliat | ion of net income/ |
(expenditure) to net cash flow |
from operating act |
ivities | ||
|---|---|---|---|---|---|---|
| 2020 | 2019 | |||||
| 9'000 | 9'000 | |||||
| Net income | for the reporting period |
22 | 18 | |||
| Adiustments | for: | |||||
| Depreciation charge |
28 | 30 | ||||
| Profit on sale offixed | assets | |||||
| Realised profit on investments | ||||||
| Unrealised profiV(loss)loss on investments |
||||||
| Investment income |
||||||
| Decrease/(increase) | in stock | |||||
| Decrease/(increase) | in debtors | 63 | ( | 40) | ||
| (Decrease)/increase | in creditors | ( | 62) | 18 | ||
| 51 | 26 |
| nalysis of changes in net debt |
|||
|---|---|---|---|
| A(1 | Cash | at 31 | |
| January | flows | December | |
| 2020 | 2020 | ||
| 6'000 | 6'000 | 6'000 | |
| Cash at bank | 450 | 48 | 498 |
| Overdraft | |||
| 450 | 48 | 498 |
| Reconcil | iati | on of funds |
||||||
|---|---|---|---|---|---|---|---|---|
| At 1 | Fund | Fund | at 31 | |||||
| January | movement | Transfer | December | |||||
| 2020 | 2020 | |||||||
| f.'000 | 6'000 | 9'000 | 9'000 | |||||
| Unrestricted | funds | |||||||
| General | fund | 252 | 22 | 274 | ||||
| Revaluation | reserve | |||||||
| 252 | 22 | 274 | ||||||
| Pension | Reserve | ( | 1,226) ( | 276) | ( | 1,502 ) | ||
| ( | 974 ) ( | 254 ) | - | ( | 1,228 ) |