2021-12-31-accounts - Institute Of Hospitality

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Trustees' Report		1-14
Independent Auditor's	Report	15 - 17
Statement of Financial	Activities	18
Balance Sheet		19
Statement ofCash Flows		20
Notes to the Financial	Statements	21-30

d'000		2021	2020
Dorrntioris		47	16	31
Cliari table activities		691	708	-17
Other trndiag	activities	127	117	10
lnvestneeats
Ollrer Tnconr e		57	57
Total		922	898	24

0'000		2021	2020
Raisirig Fonda		28	43	-15
Clraritable	nctivities	688	726	-38
Totnl		716	769	-53

				Unrestricted		Pension	Total Funds		Total Funds
				Funds		Reserve	2021		2020
			Notes	8'000		6'000	6'000		6'000
Income from:
Donations				47			47		16
Charitable activities				691			691		708
Other trading activities				127			127		117
Investments
Other				57			57		57
Total Income				922			922		898
Expenditure on:
Raising funds				8		20	28		43
Charitable activities				889	(	201 )	688		726
Total Expenditure				897		181	716		769
Total income less	total expenditure			25		181	206		129
Gains/(losses) on	investments
Realised gain on investment			14
Unrealised loss on	investment		14
Net gains/ losses	on Investments
Net income/(loss)				25		181	206		129
Other recognised	gains/(losses)
Pension scheme actuarial		gain/(loss)				542	542	(	383 )
Net movement in funds				25		723	748	(	254 )
Reconciliation offunds
Total funds brought	forward		23	274	(	1,502 ) (	1,228 )	(	974 )
Total funds carried	forward		23	299		779 ) (	480		1,228

at 31 Decemb	er 202	1
				Notes		2021	2020
						6'000	6'000
Fixed assets
Fixed assets				13		55	39
Investments				14
						55	39
Current assets
Stock
Debtors				15		154	105
Cash at bank and	in hand			22		517	498
						671	603
Current liabilities
Creditors falling due within one			year	16	(	427 ) (	368 )
Net current assets						244	235
Total assets less net current			liabilities			299	274
Pension scheme	liability			17	(	779 ) (	1,502 )
Total net (liabilities)					(	480) (	1,228)
Funds
Unrestricted funds				23		299	274
Pension scheme funding		reserve		23	(	779 ) (	1,502 )
Total funds					(	480) (	1,228)

				Notes		2021	2020
						8'000	f'000
Cash flows from operating	activities:
Netcash rovidedb operatin activities				21		66	51
Cash flows from Investing	activities:
Purchase offixed assets Proceeds on disposal offixed assets				13	(	47)(	3)
Investment income
Purchase of investment
Proceeds on disposal ofinvestments				14
Net cash provided b Investing activities						47) (	3)
Change in cash and cash	equivalents	in	the year			19	48
Cash and cash equivalents	at the beginning		ofthe year			498	450
Cash and cash equivalents	at the end	of	the year	22		517	498

Individual	tangible and	intangible	fixed assets costing more than F500 are capitalised	fixed assets costing more than F500 are capitalised
or amortised over their		useful economic lives on a straight		line basis as follows:.
Freehold	buildings			2%
Furniture,	fittings &equipment:
	Computer	software		25%
	Computer	equipment		333%
	Office furniture and		other equipment	125%
	Photocopiers			20%
Intangible	fixed assets			20%

Income fro	m trading	a	ctivities
				2021	2020
				f'000	6'000
Business affiliates				118	85
Events				9	32
				127	117
ncome from charitable			activities
				2021	2020
				6'000	E'000
Qualifications
Accreditation	activity:
	Course accreditation			76	54
	Hospitality	assured		7	9
Membership	activity:
	Membership		subscriptions	592	629
	Branch activity			12	12
Information	services &	ublications		3	2
				691	708

2021	2020
P000	6'000

Other i	ncome
			2021	2020
			6'000	6'000
Surplus	on the sale of property
Surplus	on the sale offurniture,	fittings and equipment
Rental income
Furlough	grant		2	30
Other income			55	27
			57	57

Expenditur	e on raising funds
		Unrestricted	Reserve		Pension Fund
			2021	2020	2021	2020
			6'000	6'000	6'000	6'000
Fundraising
Business affiliates
Events			8	19
Investment	manager fees
Other finance charges					20	24
			8	19	20	24

		Fund-	Business	Events	Invest-	Total	Total
		raising	affiliates		ment	2021	2020
					fees
		OOOO		6'000	8'000	8'000	6'000
Salary
Events						8	19
Professional	fees
						8	19

Expenditu	re	on ch	aritable
					Unrestricted	Reserve
					2021	2020
					2'000	f.'000
Qualifications					108	108
Accreditation		activity			124	113
Membership		activity			489	487
Information	services		8, publications		76	65
Head Office		Fundraising			92	84
					889	857
					PensIon	Fund
					2021	2020
					8'000	6'000
Expected return on scheme assets Contributions Loss/gain on lan introductions and chan es				( (	134) ( 6'7) (	64 ) 67 )
				(	201) (	131)

				Qualifi-	Accredi.	Member.	Info 8	Head Office	Total	Total
				catlons	tation	ship	publl.	Fundraising	2021	2020
							cation
				2'000	6'000	6'000	f'000	f.'000	8'000	5'000
Qualification	development
Examination	costs
Accreditation	costs				10				10
Hospitality Assured		costs							2
Publications							41		41	31
Salary								92	92	84
Branch costs									9	19
Travel & meeting costs									3
Printing &office equipment						16			20	12
Communications						3			3	7
Professional	fees								1	10
Publicit costs
Total directly attributable			costs		18	28	41	92	181	170
Reallocation	ofsupport costs
8 governance	costs	note 9		106	106	461	35		708	687
				108	124	489	76	92	889	857

				Governance	Support	Total	Total
				costs	costs	2021	2020
				E'000	E'000	E'000	E'000
Salary				54	464	518	499
Travel &meeting costs					8	8	10
Printing &office equipment					61	61	59
Communications					8	8	1
Premises costs					24	24	31
Professional fees					49	49	50
Audit fee						9	9
De reciation and loss on disposals					31	31	28
				63	645	708	687
Net income/(expenditure)
This is stated after	charging
						2021	2020
						E'000	E'000
Interest payable
Depreciation, impairment			charges and loss on disposals			31	28
Auditor's remuneration						9	g
Actuarial costs						3	3
Staff costs
						2021	2020
						E'000	E'000
Wages and salaries						462	416
Furlough grant						2	30
Social security costs						47	42
Pension costs						75	75
Administration costs of		ension schemes				16	16
						602	579
The number ofstaff whose			emoluments	exceeded E60,000 were as follows:
						2021	2020
						No	No
F60,001 - E70,000
E70,001 - E80,000
F90,001 - 6100,000
Chief Executive Officer gross salary:						2021	2020
						E'000	E'000
Peter Ducker - left end of March 2021						35	93
Robert Richardson	—from	April 2021				52

equivalent	employees (including casual and part-time staff) during	the year were as follows:
		2021	2020
		No	No
Business affiliates
Events
Qualifications
Accreditation	activity		1
Membership	activity		4
Information	services &publications		1
Support			3
Governance			1
		13	12

Fixed assets
	Intangible		Furniture,		Total
	fixed		fittings	&
	assets	equipment
	6'000		U000		8'000
COST
At 1 January 2021	12		162		174
Additions			47		47
Disposals At 31 December 2021	12	(	24 185		24) 197
DEPRECIATION
At 1 January 2021	8		127		135
Charge	3		27		30
Dis osals At 31 December 2021	11		23 131	) (	23 142
NBV
At 31 December 2021	1		54		55
At31 December2020	4		35		39

2021	2020
f'000	6'000

Market value.	'
At 1 January
Additions
Disposals
Realised gain	on disposal
Unrealised loss on valuation
At 31 December

Debtors
		2021	2020
		f.'000	6'000
Trade debtors		103	63
Prepayments	and accrued income	51	42
		154	105

Creditors
		2021	2020
		2'000	6'000
Bank overdraft
Trade creditors		44	12
Taxes and social security costs		26	19
Other creditors		20	27
Accruals and deferred	income	337	310
		427	368

The amounts recognised	in the balance sheet for defined pens	ion schemes are as follows:
			2021	2020
			2'000	6'000
Present value offunded	obligations	(	3,675 ) (	4,260 )
Fair value ofscheme assets			2,896	2,758
Balance sheet deficit		(	779) (	1,502)

The amounts recognised	The amounts recognised	in the statement	in the statement	offinancial	are as follows:
						2021		2020
						f'000		f'000
Current	service costs
Interest on obligations Expected return on scheme			assets		(	20 ) 134	(	24 ) 64
Contributions						67		67
Actuarial Loss on	gains plan introductions	and changes				542	(	383 )
						723	(	276 )
Actual return on assets						171		117
Changes	in the present value of the defined			benefit obligation	are as follows:
						2021		2020
						f'000		f'000
Opening	defined benefit obligation					4,260		3,887
Service	cost
Interest	cost					57		77
Employee contributions
Past service cost
Actuarial Benefits Gain on	losses paid plan introductions	and changes			( (	542 ) 100 )	(	383 87 )
Closing defined benefit obligations						3,675		4,260
Changes	in the fair value of		scheme assets	are as follows:
						2021		2020
						f'000		f'000
Opening	fair value ofscheme assets					2,758		2,661
Expected	return					171		117
Actuarial	gains/(loss)
Contributions by employer						67		67
Contributions by employees
Benefits Year end	paid fair value ofscheme assets				(	100 2,896		87) 2,758

	2021	2020
Equities	44.9%	44.4%
Fl Gilts	23.0%	22.7%
Property	1.0%	1.0%
Cash	13.7%	17.3%
Annuities	174%	146%

The principal actuarial	assumptions	assumptions	at the balance sheet	at the balance sheet	at the balance sheet	date were	date were	as follows:
								2021						2020
Discount rate								195%						1.35%
Future salary increases								N/a						N/a
Future pension increases								300%						3.00%
Pensioner mortality				S2PXA 1.5%with			IAMI	of0.2%	S2PXA		1.5%with		IAMI	of0.2%
Commutation				Cash		sum 3/80th ofFPS				Cash sum 3/80th				ofFPS
				actives. 15%ofpension				benefits	actives.		15%of pension			benefits
								deferred					deferred
Accounts for the current	and	previous four years are as follows:
						2021		2020	2019			2018		2017
						6'000		6'000	f.'000			6'000		6'000
Defined benefit obligation				(	3,675)		(	4,260) (	3,887)	(		4,473)	(	4,832)
Scheme assets					2,896			2,758	2,661			3,176		3,308
Scheme deficit				(		779 )	(	1,502 ) (	1,226 )	(		1,297 )	(	1,524 )
Experience adjustments	on	scheme	liabilities	(		134 )	(	64 )	593			178		67
Changes in the assumptions		for value of				676	(	319)	43			289	(	71 )
scheme liabilities
Experience adjustments	on	scheme	assets

The institut	e had annual commitments under operating l	eases expiring as follows;
		2021	2020
		6'000	6'000
Less than	1 year	5	17
2 - 5 years
		5	17

					2021		2020
					6'000		6'000
Net income	for the reporting period				25		22
Adjustments	for:
	Depreciation charge				30		28
	Loss on disposal of	fixed	assets		1
	Realised profit on investments
	Unrealised profit/(loss)loss		on investments
	Investment income
	Decrease/(increase)	in stock
	Decrease/(increase)	in debtors		(	49 )		63
	(Decrease)/increase	in creditors			59	(	62 )
					66		51

Analysis of changes in net debt
	At 1	Cash	at 31
	January	flows	December
	2021		2021
	6'000	6'000	6'000
Cash at bank	498	19	517
Overdrafl
	498	19	517

Reconcil	iati	on of funds
				At 1	Fund	Fund		at 31
				January	movement	Transfer		December
				2021				2021
				6'000	6'000	6'000		6'000
Unrestricted		funds
General	fund			274	25			299
Revaluation		reserve
				274	25			299
Pension	Reserve		(	1,502 )	723		(	779 )
			(	1,228)	748		(	480 )