## |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|Variance|| |---|---|---|---|---|---| |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|Variance|| |---|---|---|---|---|---| |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|at cost and are depreciated| |---|---|---|---|---|---| |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|activities|||| |---|---|---|---|---|---|---|---| |||||||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|activities|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|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 )|