##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|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 )|