2023-12-31-accounts

• Institute ofHospitality Institute of Hospitality (A Company Limitsd by Guarant88) Report and Financial Ststements 31 December 2023 Company Number.. 00474810 Charity Number: 326180

Contents Trustees, Report Independent Auditorfs Report 22-24 Statement of Financial Activrties 25 Balance Sheet 26 Statement of Cash Flows 27 Notes to the Financial Statements 28-38

Trustees, Report 1) OBJECTIVES AND ACTIVITIES The Members of the Supervisory Board, who are also the Trustees of the charity and directors of the company, have pleasure in presenting their report and financial ststements for the year ended 31st December 2023. These are also prepared to meet the requirements for a directors. report and accounts for Companies Act purposes. The financial 5tat8ments comply with the Charities Act 2011, the Companies Act 2008, the Memorandum and Articles of Association, and Accounting and Reporting by ChaTiti8s: Ststsment of Recommended PradiGe applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102) {effective 1 January 2015). Our purpose and objectlves The Inststute of Hospitality (he￿ in loH) exists to promote the highest professional standards of management and education in the international hospitality industry. Our core activities are serving members, supporting vocational education, and promoting hospitality as a careér of choice. Our Five Core Strategies remain (1) Driving Membership and Engagement, (21 Financial Stability and Growth. (3) Education and Accreditation,14) Brand Value, (5) Industry Support and Wider Impact. Our prlm8 Strategic goal is to achièvè Chartered Status for the Institute of Hospitality, and wider hospitality profession. Governlng document The Charity is controlled by its governing documents, a deed of trust, and constitutes a limitsd company, limited by guarantee, as defined by the Companies Act 20C6. The organisation is a charStable company limited by guarantee and was incorporated on 9th November 1949 and ré-registered as a charity on 28th October 1982. Our objective is to be the prè-emin8nt body for individuals engaged in management across the spectrum of Hospitality S8Ctors and in doing so, wè aim to.. Enh9nce members, career prospects Win greater recognition for hospitality managers, in every sector of the Industry Help m8mb8ts develop and maintain their knowledge, skills and ability Provide an irnterfa￿ be￿een education and industry Set recognised educational standards 8nd assist in the mobility and recruitment of hospitalty professionals Develop best practice in hospitality businesses Prlncipal activities The Charity's principal activities in the pursuit of thè obj6ctNes are: The dev81opment of qualifications in the hospltality, tourism and leisure s8ctors The provision of information ServI￿S and the Und8rta￿'ng of research. dissemination and publication of information which is of interest and concem both to the membership of the Instituts and the industy al large.

Trustees, Report (conti nued) The validation of quality d81ivery of programmes of learning and study through our accreditstion and endorsement standards of professional career development The validation of quality hospitality businesses through the Hospitality Assured stsndard which supports and r8cognises best practi￿ in the industy. The provision of services to members including rnemtership benefits and ne￿OrkIng opportunitl8S All these activib'gs provide the opportunity to r8tain and extend the Institute's ne￿Ork of m8mbers and in undertaking these acts'vities, the Institut8 also provides a benefit to Ihe wder community. Through the development and oThJoing maintenance of the qualifications frarnework the Institute has increased educational choice and career progr6ssion opportunities for those engaged in the increasingly important hospitslity, tourism, and leisur8 sector, which employs more than thrèe million people in the UK, and counUess millions globally. As a result of establishing and growing thts unique knowledge base, the Institute can provide information and advice to key bodies in the public domain and is ca116d upon frequently to participate in a wide vari9ty of public fowms where it can influencE policy dècisions on matters affectin9 the wider industry. As a body committed to res@arch and the dissomination of knowledge and b8St practicè, Ihe Institute and its membérship are in an excellent position to raise awareness of key issues which impact on the public. These include, but are not limited to, matt8rs r61ating to the environment. food safety, h8alth and safety, security, and employee engagement. Finally, in its role as an accrediting body, recognising excellenc8 in both educational institutions and commeraal enterprises through the Accreditation, Endorsement and Hospitality Assured quality standards, the Instrtule continues to drNe up standard5 Within the sector and thereby benefit the public at large as consumers of these seNices. Th8 Trustees confirm that they have complied wrth their duty lo have due regard to the Charity Commission's general guidan￿ on public benefit. The Trusteés have referred to this guidance whén r8vl8wing the Instilute's aims and objectives, and in planning tha future act￿lI1&S of the Charity. Admlnistration and Governance The Institute is govemed by its Memorandum and Articles adopted on 27th November 19718nd last amended in February 2023, During the year there were three meetings of the Supervisory Board, one Emergency General Meeting and one Annual General Meeting. During the year Kellie Rixon MBE FIH was re-elected as Chair of the SupeNisory Board, her fourth, and final, year in offieA. The Rt Hon Th8 Viscount Thurso FIH Ml assumed the role of Insts'tut8 of Hospitality President on January 1st 2023. Rachael Stevens FIH vacated the role of Trustee of the Supervisory Board on February 20th 2023.

Trustees, Report (continued) Strategic Direction 2023 was the Institute of Hospitality's 85th anniversary, a huge milestone for any professional body. Our 85th Anniversary celebrations peaked with our annual dinner and awards ceremony on th8 26th of June, where we were privileged to not only have a waiting list, but also members from across 5 Countries fly into the United Kingdom to join us, on such a special occasion. I would like to take a moment and recognise th8 achievements of our team members, pantheon of CEQS, and trustees since 1938, without whom the loH could not have grown, evolved, and thrived. More importantly however, thank you to all of rnembers, who have supported our professional body for nearly 9 decades. Without you, our 85th year would never have been reached. Here's to the next 85 yaarsl Retuming to 2023, our objective for the year was to build on the founda￿'On$ laid in the preceding post pandemic years. providing valuable opportunities for members engagement, both in the UK and ovèrseas, and to increase the value of their investment in membership whilsl equally providing opportunities for our College of Fellows to give back to the profession. At a time of great challenge for our profession. exhibitions such as ihe Hotel, Restaurant and Catering show and the Hotel & Resort Innovation Expo (for which the loH was a hèadline sponsor), allowed us greater opportunities to meet our members, whilst our support of tha Roux Scholarship and Gold SeNice Scholarship, and our own Restaurant Manager of the Year, allowed us greater opportunity to meet the hospitality leaders of the future. Our webinars and podcasts grew théir global audience5, Wlth notsbly our podcast growing its list8n8rship by 86% 8Gross th8 y8ar and expanding into 51 countie5. Our regional restructure allowed for greater local level membership engagernent, all of which was complimented by our hosting nearly 40 opportunities for our member5 to Corn8 together across the course of the year. As alluded to above, and with the valuable support of our Nomination5 Committee, our regional restructure (superseding the previously known branch slTUCturel in England conduded, with 811 but loH East of England (whid) in 2023 appointed a chair, with a committee to be appointed in early 20241 up and running and providing many memorable learning and networking experiences for our members in their own geographical locations. I would like to thank every chair, and committee member that has worked so hard with us to build a strong and collaborative regional structure as we together launched a bigger, brighter, regional netsvork across England, which has allowed far greater membership r8pres8ntation in the County. Our aspiration to b@ more visible outsidg of London saw our interacts'ng with our m8mbers acros5 the UK, through the provision of round table discussions, 8vents, and membership surgéries, with warm wel¢om8s received in Birmingham, Bournemouth. Essèx. GSoucestershire, Kent, Lincolnshire, Liverpool, Manchéster, Northern Ireland, Nottingham, Oxford, Scotland. Somersel, Surrey, Wales, and Yotk, As a global professional body, we also ensured that we held opportunities for Meaningful interaction with our members outside of the UK with virtual opportunities held in Bangladesh, Dubai, India, Sri Lanka and NigeTia, and face to face opportunities held across Switzerland. in Lucerne. Montreux, Sorenberg and Zurich. Global penetration of the IDH continued wilh our"I'm in" CPD Podcast finding an audience in 51 countries, with the UK, USA, India, Qatar and Canada being the top five in tems of listenership. Use of more MaInst￿arn media platforms such as Google, Apple App Store. Spotify and Castbox has been valuable in raising the loHs profile as a brand both in the UK and internationally. This continued effort to be geographically diverse was matched by efforts to be rep￿sentatiVe across the spectrum of industry, with a spectrum of industry sectors represented including the Care Sector, Chefs, Contract Catering, Cruise Sector, Education (Apprenticeships and Universities), Hotels, Human Resources, Marketing, Restaurants and Revenue Management, through output such as our popular'ln Conversation and Spotlighf, series, our webinars and "Fellows Broadsheets" Popular output included "The Continuing Economic Itnpact on UK Hospitality.. how to do more with less A ca￿er in Hospitality Around The World. and "Building Trust In The Workplace Building on the foLJndations laid in 2022, our strategy to expand outside of London saw our Annual Dinner in Scotland (in partnership with loH Scoll2ndl, and our Annual Golf Day and Gala Dinner lin support of our Youth Council, and in partnership with Handc News} were well attended by members, non-members, and members of govefnment. Both are now established events in our calendar, with dates scheduled for 2024. Equally we were pleased to visit our members in Northern Ireland with the relaunch of the loH Northern Ireland Annual Dinner and Awards, which raised over £2,500 for our highly successful "funded membership scheme..

Trustees, Report (continued) To support both our value to members and ability to provide further opportunities we secured stratégic partnerships with several industry bodies, including the Society of the Golden Keys, WIHTL (We are inclusive across Hospitality, Tourism and Leisurel and USA based ICHRIE (Council on Hotel, Restaurant, and Institutional Education). whilst building on the foundations of long established relations with organisalions such as CHME {IThel Council for Hospitality and Tourism Management Education). The loH and the Master Innhold8rs also took Ihe opportunity to renew, and grow, the relations be￿88n our industry bodies. with greater opportunities for collaboration as a result. During 2023, and with support from the Savoy Educational Tnjsl and many of our academic partners both in the UK and internats'onally, we commenced our strategy to raise education and awar8ness in the field of Diversity, Equity, Belonging and Inclusion (DEIBI within hospitality. which will See us invest more than £160.000 over three years. As an organisation. this strategy includes.. Our fijnded membership {bursary) schem8 which provides a level playing field for membership to talenled individuals who for reasons outside of th6ir control would be prohibited joining our professional body and the benefits that this provides. "Hearts in Hospitality" (launched at our 2023 Annual Dinner and Awards) which aims to recognige and reward people who are the everyday 'unsung heroes, of the hospitality profgssion, providing them récognition and development opportunities. Ensuring accessibility for our annual eduG8tr'onal conference and caréers fair, Passion4Hospilalty, by successLlly bidding for funding to cover the travel costs of Colleges and universities across tho UK, to atténd and benefit from the impact this will have on their careers. Both our funded membérship and hearts. schemes are oversèèn by ta16nted groups from within our mèmbétshlp, and I would like to take a moment and thank them for their dedication and support in providing greater opportunitl8S for memters of our proÈssion, all within our overarching EDI strategy. Other initiatiV8s undertaken in support of our EDI educational strategy included podcasts. webinars and thought pieces around subjects including, but not limited to, Intemational Women's Day, Mental Health Awareness week, Generational Oiversity, and How to Avoid Tokenism in the Workplace. We also worked the University of Surrey on various EDI initiatives, including a Wom8n in Leadership project and their Well-￿CeIved 'Credit Club launch Ico-crealing equitable, diverse, and inclusive travel and tourism). A particular highlight of our 2023 EDI output was a whito papér produced with our members in th8 North of England discussing 'How hospitality can help create sustainable jobs in social mobility cold spots?.. W8 hav8 many future EDI initiatives planned as part of our strategy, including a partnèrship with e-hotelier, and an industry wide EOI glossary, we achieved 8 major milestone in 2023 when we forrned a partnership with the mental health charity MIND, to produce a toolkit for our members and th8 wder hospitslity profession to help support their mental health. Informatlon aml tlps for improvlng mental health In yowhospitdity orianisatim. Our loolkil. to h¢slp ih¢• inontul wfjllbolng I ppoplo WDrklng In h05plt8lily ItEALTK ATWOIX 85 As a reaction to the cha118nging times our sector ft)und itself in during 2023, we took the step to launch a 'Redundancy Infomiation Hub. to support our members through the conts'nuing trend of business closures. Employment and HR advice, CV and I nterview Skills. Mentoring, Wellnes$ and Mental Health have been made available via the hub, as have links to industry support such as Careersscope (powered by Springboard) and H05Pitality Action.

Trustees. Report (continued) Internally. our team ha5 benefited from a greater exposure to the subject matter, and partnerships based on a shared aspiration for a more inclusive industry, and profession. have included Be Inclusive Hospitality and the Blue Badge Ac￿S Awards. A working group, the DEIB Council. replaced our prewou5 EDI working group"The Future Forum. and has been extremely supportive of our delivery of this strategy. Our year of EDI education culminated at Passion4Hosprtality 2023, when we weff host to Aaron Phipps MBE, Gold Medal Winning Paralympic Champion, who delivered a keynote on resilience in the face of adversity to an audience of 500 hospitality professionals and students. Pfoviding them a valuable lesson in the normalisalion of EDI and an unparalleled life experience. Our primary strategic goal to achieve Chartered Status for the Institute of Hospitality, and wider hospitalty profession, came a step closer to realisation in 2023, with our submitting a comprehensive application, in the region of 2¢)0 pages, with vast support from the hosp'rtalty, education and charte￿d sectors. Whereas this application was returned with very constructsve feedback, it did also prowde comfort that the reslructure of the organisation, our solvency, and the demographio breakdown of our membership were not obstacles in our application. Further correspondence With the Office of the Privy Counal has giv8n us positive and clear direction in the stsps we need to take during 2024. which is set out below. Feedback received f rom the Privy Council Office Actlon{s) taken The loH now responds to appropriate (SME. business, education) UK government consultations and participants in All Party Parliamentary Groups (including the APPG for modernising employment) which allows us to engage with Ministers, raising awareness of our work across government. We have expanded our existing relationship with the Ministry of Defence, which will facilitate 500 new loH Chef apprentice members. Advlsors com mented that the work of the Institute was not well known across government We are part of the Employer Directory for Institute of Apprenticeships and Technical Education (IfATE) (part of the Department of Education) to advise directly on technical and Apprenticeship education for the Hospitality Profession. We meet regularly with The Office of Qualifications and Examinations Regulation (Ofqual) to provide industry intelligence, trends, and statistics, so they are updated with the sector's challenges. We have opened discussions with the Hospitality Sector Council. regarding what support the loH may provide. (Currently we are a member of the Hospitality and Tourism Skills Board, which provides input to the Hospitality Sector Council.)

We have signed a Memorandum of Understanding between ourselves and the Night Time Industry Association (NTIA), who will support us in promoting the work of the Institute within Government. We have signed a Memorandum of Understanding between ourselves and the Night Time Industry Association (NTIA), who will support us in promoting the work of the Institute within Government. We are recording all interactions with Government across the UK and will include this in our next application to demonstrate our efforts here. Our President The Rt Hon The Viscount Thurso has written on our behalf to the members and office of the Privy Council to put forward the differences between our professional development association, and an industry trade body. [the application] falls to draw a clear distinctlon between the work of the IOH and that of other trade bodies working across hospitality and tourism, In particular UK-Hospitallty. At the suggestion of the Privy Council Office we are drafting a paper that outlines the difference between our professional development association, and an industry trade body. An initial draft of this has been provided to UK Hospitality. It is a huge point of pride that the structure and output of the organisation was well r8ceived by way of our application. and that our mission to promots professionalism within the sector was demonstrated to be in the public interest, as evidenced through many letters of support from well-respected professional bodi6S. During 2024 a revised application will be submltted addressing the advisors, point5, feedback, and clear helpful directions as transcribed above, Whereas we have yet to cross the line for this aspiration, during 2023 we took the I nstitute a lot closer to becoming a Chartered body for our profession. Thank you to everyone that has helped, guided and supported us this far.

Trustees, Report {continued) Membership During 2023 the Institute lost 5,187 members (verses 5,642 in the prior yearl. We acquired 6,379 n8w members, including 3,195 students and 2,204 apprentices, which is a néi gain of 1,210 in 8 challenging trading environment. We are confident that as the industry recovers, we will see the numbers in this sector continue to build, and w51h th8 recruitment of a Head of Membership Sales for 2024 have an ambitious growth plan. At the end of 2023 we had 15,001 members vs 13,826 at the samé tim8 In 2022, which is positiv8 growth of1,175 memb&rs190/0l year on year. Currenly one fifth of our members are outside of the UK. Company sponsored membershlp Company sponsored mernbership ICSMI has continued to see growth. with 81 companies and 1,825 members (verses 83 companies and 1,526 membérs in 2023)joining our membership. Company-spon50red membership allows employers to purchase membership for a group of their employees to grow tsam retenb'on, support learning, and develop individual business management strategies. During 2023, we continued to push our CSM scheme to the non-hotel sectorby welcoming employers from Private Members Clubs {including the Royal Automobile Club}, Restsurants (including Gouqi Restaurants and COSMO Restaurant Group), Visitor Attractlons (including Royal Yacht Britannia). and our first employer from Bangladesh {th8 Pearl Hotel). Two employers have used the CSM Scheme to add graduates into loH membership (De Vere Hotels and Leonardo Hotels) to sit alongside their professional members. We have improved the onboarding for members of the CSM schemè with online and in-person presentations on accessing our CPD resour￿5, materials, and events to demonstrate the wealth of resources available to them.

Trustees. Report (continued) Professional development Our library. powered by EBSCO, continues to be our most extensive resour￿, with an average monthly usage of 12,213 unique sessions, which is up by 16.30kn year on year. Library top search temis in 2023,. m8ntorlng for success evtffi man•.itr.r'ii business leadership tourism,, customer women in hospit811ty sales promotion hospitsiity hDSllltality reyenue management 18 professional development webinars were delivered in 2023 {2 more than in 2022), with 484 bookings {560 bookings in 20221, a decrease of 13.5 /0 year on year. The interest rats'ng was an average of 870k, versus 63 % in 2022 which is an increase of 4¥0. Our webinar subjects are mapped to the hospitality educational syllabus, which provides professional development resources to students and experienced members. All webinars are placed on our website with 280 views. up from 256 in 2022, 8 9.30k incr8as8. The loH Mentoring programrr8 (Mentor Mel is the leading global provider of outstanding quality and ￿reer dèvelopment for the profession. and it has a reputation as an internats'onal best-in-class programme. Our programme can match students, apprentices, and @nlry-level lalenl lo leading global professionals in order lo develop future hospitality talènt. In 2023, we had an average of 135 Mentoring pairs per month {down from 193 in 2022, 300/a). This is due to the migration lo an automated change in the Mentoring platfomi and a tidy-up of the database where we had to regain commitrnenl from members to be mentors. However, this saw an increase of 800/0 of mentoring pairs completing the programme and providing valuable feedback on how the programme has a meaningful impact on their personal and professional development. Sian Rann MIH, who is a mentee, said "Having mentor5 has been incredible for my personal and professional growth. They create an environment where I not only can explore my strengths and weaknesses openly but, their encour8gemenl has really helped me believe in myself and my abilities. Their guidan and experience helped me navigate tricky situations and has been invaluable in setting and achieving goals. It's like having a personal cheerleader and coach all rolled in one. pushing me to reach my full potential." During 2023 Ihe loH and Master Innholders partnered, with the loH overseeing the Masl6r innholders mentorship programme. Chairman of the Master Innholders, Dan Rose-Bristow FIH Ml said. This demonstrates the strength of sharing a vision to improve and develop tomorrow's talent wrthin the hotel industry. We are delighted we have so many mentors already signed up and with the loH framework this promises to be a successful and rewarding programme for both the mentor and mentee." During 2023, we published 13 Market Intelligence, Research and ￿lte Papers on our website, giving members ac￿SS to the latest thought leadership and information from a range of sources. We aspire for all members lo complete at least 30 hours of CPD each year. In 2023, 1,934 hours of learning was recorded by members, up by 8.7 la from 2022. Commeraally. we Gontinue to receive nominal royalties from our outsourced qualifications partner, CTH Awards, and Stepstone for our global jobs board, and we launched an online learning Academy with eHotelier (to support CPD opportunib'es). These courses have a 20 % discount for all loH members.

Trustees. Report (continued) Engagement with Hospitality Management Educators Strengthening hospitality education remains a vital strategic objective. Hospitality, Leisure and Tourism {HLTI departsnents of universities and colleges can sponsor individual institute membership for th8ir students, seeing th* their students and staff benefit from having access to all of our specialist reSoUr￿s. We saw growth in th8 number of universities and Gollegesjoinlng our Education Membership Scheme IEMS) wth 72 establishments in the programme compared to 70 in 2022, with 4,728 studènt members11,621 international students) ccmpared to 3.637 in 2022, a 29Vo increase. New members were Lewisham Colleg8. University of Lincon, University ofwolverhampton, Buckinghamshire New University, Edinburgh College. Our Lady of Fatima University, and HTMI Switzerland Dubai. We have continued to increase our engagement with students and EMS clients., we have been introducing the loH to the students members by Onboarding sessions both in person and online, these sessions are interactive and a member of the Youth Council joins where they can to talk about their career, the industry and how they b8St usé the loH resources. We have mapped our CPD r8sources lo curriculum, gsving our matsrials currency to thélr studies, and in Septembér 2023, we SUNeyed our Educational Membershlp partners using the Gather platfomi. The response rate was 24Wo, Overall, the results havè shown thal recruitment of students is at the expected level within the partner's plan5. 76 % saying it was at the level they expected. with 470h saying it Is becoming hard or very hard to recruit students. 47% of partners say that slud8nt numbers are staying the same, with 29% saying student numb8rs are decreasing 8nd 230k saying they are increasing. 760h of partn8rs think thls is a Irend 8nd is expected to continue for the medium tenn. The partners believe that 800h of students will complete their courses that they start. Some of the main reasons for the movement of numbers include a decline In UK based slud8nts and an increase in international students, DU￿ng Covid, Hotel Managémént Courses grew rapidly from 100's to 1000's as an onliné course, but Tourism & Events recruitment (which was strong in 20201 dropped off during tha pandemic and has not hasn't increased. Cost of the programmes, negative perception of hospitality-based careers and cost of living impacting decisions to study, and a focus from UK Government on STEM subjects has impacted the attraction of hospitality programmes. Respondents are very happy with the service given to them by the loH, with many thanking us for the support they received. The suNey will be repeated in September 2024. As a fovnding partner, we continue supporting the Careerscope initiative led by Springboard and supported by Hospitality Action, the Savoy Education Trust and UK Hospitality. Our work continues as part of the Employer Directory for Institute of Apprenti￿S￿lpS and Technical Education {IfATEI, part of the Department of Education {DfE) where we have been involved directly on technical and Apprenticeship education for the hospitality sector through several consultations and reviews. Equally, we meet regularly with The Office of Qualifications and Examinations Regulation IOfqual} lo provide industry intelligence, trends. and statistics, so they are updated with the sectorfs challenges.

Trustees, Report (continued) Accreditstion and endorsement Total nUM￿r of provld8r818 94 locatsd In 21 countrle8. 42 Insbtutions have accredited programmes. 52 tralnlng providers have endorsed programmes. UK48%. Int8matlonal 52% UK 75%, Intemational 25% 2023 saw positivè growth for the Institute of Hospitality Accredltatlon and Endorsement services, which has granted professional recognition to 1,100 programmes offered by 94 provid8rs across 21 countries. These programme level recognition seNices support the charitsble aims of the Institute, and support the professional career development of loH members, aspiring members. and global learners. In 2023 revenue increased by £14k119.5 % ) vs the prior year. Accreditation saw growth from renewals with a totsl of 210 accredited programmes of professional study (qualifications) in hospitality, leisure, tourism, events, and related fields (2.5°/0 increase on 2022), offered by 42 educational institutions. The professional endorsémènt also saw growth during 2023, with 890 8ndorsed training courses for continuing professional developrnenl138% increase on 2022), offered by 52 training providers (6 /¢ in¢rease on 2022). The Professiona1 Revi8w Panel (PRPI undortakes thè quality review process for all applications and recommends range of outcomes based on professional judgements and the evidence submitted. During 2023 the panel reviewed applicats'ons from a wide range of global programme providers in Bermuda, Egypt, Hong Kong, India, Ireland, New Zealand, Philippines. Singapore, TuTkey, United Kingdom, and the USA. Accreditation and Endorsement provide international credibility, an enhanced status, and an assurance of quality for individuals and companies. The panel findings assist in the further development, enhancement and improvement of the recognised programmes and the organisation's quality management systsms. "Havlng our tr8iniThJ courses endorsed by th8 Institute of Hospitality Signifi￿n{lY amplffies the value of our programmes for our loarners. This endorsemont slgnmos our commitment to excellenc8 in leamirwJ and development, provldino leamers vlth tho a5surar that thoir development aligns wtth industry standards and best practices." e take immense prbJ8 in recoNlng aecredltation from the Institute of Hospitality, which serves a5 8 te518mgnt lo lh8 8xcoplion81 quality of OUT hospttality programmes and lo our comrnltrngnt to shaping graduates into hlghly capabl8 end Industy-ready profosslonals. This recognition grealy boosts our con)Idence as we continue to strive for excallance.. Magda Alphln4K Head of Learnlng. D•v•lopm•nt and Cullur• d Carnallon Hots1• Dlrector Academlc and Academlc S•rvlc•• LorKlon School of Bu•ln•8• Ind Hnanc•, Slngaporn 10

Trustees. Report {continued) Commercial activities Academic partnerships.. The Institut6 continues to support and develop the relationship with universities who wish to be more involved with our work and take advantag8 of our extensive nelwork. Education Memb8rship Scheme establishes the students and three teathing stsff as Members., Academic Partnership is a more involved partnership including a Series of benefits and opportunikn'es to connect with the industry sharing thought-lead8rship and research with Members. Academic Partnership usually indudes membership for all academic staff. Academic Partners in 2023 include: Glion Greenwich UCB University of Surrey Stenden Westrninsier lfjngsway College Swss Education Group Buslness partnershlps The Institute eontlnu8S to develop and grow thè relatlonship with business p8rtneTS, thos8 suppliers of goods I services who wish to support the work we do. These relationships provide rev6nue, but also contribute to the thought leadership and expertlse. This feeds into the loH's CPO offering via white pap8rs, webinars, podcasts, management guides, news features, magazine articles and speaker contributions. Busln8ss Partners in 2023 includ8'. Amadeus Aspire Airport Lounges Belu Bolsius Prof88sional caterer.com CGA Davenport Solicitors Foodbuy Glion HIT Training Lightspeed Oxwash Paperchas8 Planday sterling Law Workday Yummy Jobs Zonal 11

Trustees. Report (continued) Strategic and sponsorship partners The strategic partnerships are vital and contribute to the commercial success of the loH in terms of providing prC￿UCts or services which w& would otherwise have to fund. These partners include: Gather (feedback and survey provision) Fentimans (soft drinks) Prosecco DOC (Prosecco for events) Encore {AV and staging at events) IPW1 (printing of tickets, programmes, banners. stag8 Sets) Spirit Cartel (gin and cocktails provision) Twist Teas {soft drinks and fruit teal Lowy Group (provision of loH London office) Hotel Café Royal (venue Restaurant Manager Ot th8 Yearl Honourable Arti118ry Company (reduced venue costs for Fellows, Dinner) Searcy's (Prosecco provision at Fellows, Dinner) Events Instituts events are a vital part of our engagement with members, suppll8rs, and the industry at large. Flv• Abovo & Boyond evonts waro In 2023: Shangri-La, The Shard, London (122 guests) Honourable Artillery Company1128 guests) The Rosewood, London {125 guests) The Waldorf, London (55 guests) RAF Club, London1104 guests) Pag8ion4Ho8pltallty was bigger than ever in lenns of d6legates1550 Students), quality of speakers (kéynote speaker Aaron Phipps MBEI, 8xhibitors146 businesses) and workshops112 workshops during the day). Funding (from the Savoy Educational Trust) was sought for students to attend from the following universities.. Oxford Brookes University Univèrsity of Derby University of Wolverhampton Manchester Metropolitan University Leeds Bethett University University of Plymouth University of Wales Trinity St David Sheffield Hallam University University of Gloucestershire The first ever Best Student Paper Award 2023 was launched sponsored by Preferred Hotels & Resorts and the wining article published in Hospitality Magazine. The Scolland Dlnner was held on board Fingal. 49 Guests attended. Th6 Golf Day was held at The B8lfry. £2.5k raised for the Youth Council. The Annual Dinner was held at Hilton London Bankside (320 guests) and the Fellows, Dinner was held at thè Honourable Artillery Company1140 guests)- Restaurant Manager of the Yoar at the Hotel Café Royal had 18 semi-finalists competing during the day and 110 guests for the Winner's Reception. 12

Trustees, Report (continued) Marketing For a second year, our flagship Memb8rship Brochure with 2 2023 wall planner of loH Activities was produced. Used for our annual membership renewal campaign, it is now our key 'sales brochure at events. It continues to provid8 a strong, visual commitment to members about all the reSoUr￿S and professional opportunities that are available to them through professional membership of the Institute. A digital version is a150 available on our website. The planner fomis the basis of the support the team promdes to argas of the busine55 and the regions. Over 100 plann8d activits'es were supported and delivered, alongside our daily social media and other direct marketing activities. Our social media activity was brought in-house in Ihe summer and our engagement has continued to grow across our four pl8tfomis,' Twitter, Linkedln, Instagram, and Facebook. In pa￿'Cular Linkedln followers increased 11.7% Our social media activity combined with our other integrated communications continues to build our brand. Social Media Growth (Followers) 45,000 40,1X)O 35,000 30,000 25,000 20,000 15,000 10,000 5,000 Twltter Llnkedln Instagram Facebook Dec-22 11 Dec-23 Our monthly members I'm Informed, newsletter, and student newsletters continu8 to outperform the industry average with an average 30Vo monthly engagement, 8.30h above the industry average for membership email marketing engagement. To end our85-year ce18brations we undertook a major membership survey. The first since 2022. We asked 61 questions and 1.9% of our membership responded. Covering all aspects of membership benefits, including how we communicats with our members and what aspects of membership are most valued, the findings are being used to develop our 2024124 Marf(eting Strategy. To broaden our voice across the press and media we issued on average two press releases per monlh during the year. Notable coverage was received in Ihe Belfast Telegraph. Irish Times, iPaper (The Independent), Delicious Magazine. ITV West (Television), and Global Spirits Magazine. We continued to support our CEO at speaking opportunities which included the Beyond Retail Podcast and a range of UK￿aSed conferences and events. Under the stewardship of our talented Editor Catherine Chewnd MIH. the Editorial Forum of Jill Whittaker FIH, Brenda Collin FIH, and Eloise Hanson AIH and our publisheTS H20. help ensure the magazine successfully delNers relevant news and articles to members. Thg digitsl version with its wealth of video content continues to be well- received. Our magazine, which is mailed to paid subscribers and members who request a printed copy, is being used more widely at events than in previous years. The 85yr research confimed our members enjoy, ffspect and value the publication. 13

Trustees, Report (continued) Institute of Hospitality Magazine Digital & Printed Useage 2500 2000 1500 iooo 500 Issue l Feb Issue 2 Ibne 2022 2022 Issue 3 October 2022 Issue 4 Feb Issue 5- lune 2023 2023 Issue 6 October 2023 2022 2023 •TOTAL useage digStal and prlnt per Issue •Subscriptions HOSPITALITY HOSPITALITY HOSPITALITY SAM THA-. JE CA IF HUGH 14

Trustees, Report (continued) Financial 2023 has been another challenging year for the hospitality industry, and the loH has faced its fair share of challengés as well. However. we have risen to these challenges and proven our resilience. We Gontinue to champion th8 hospitality industry in all its diverse fomis. Our total income reached £1,230,482. performing favour8bty against a budget of £1,124,585. Financial growth during this period was driven by Awreditation and Endorsement, attendance at events. grant income, and advertising sales for our magazine. These results reflect the continued growth of our output, reach. and visibility in recent years. The company achieved a nel profit of £37,000 for the year. NOMINATIONS COMMITTEE REPORT In my capacity as Chair of th8 Nominations Committee it is my pleasure to report that during 2023 the nominations committee comprised of. Committee Chair.. Liz Hartstone FIH Committee Members.. Sl8phen Carter OBE FIH Peter Hancock FIH Liz McGivern FIH Matthèw White FIH Mike Wood FIH Eugenio Pirri FIH I would like to place on record my thanks to all members of the committee for their support and guidance during the year. During 2023 the Nominations Committee successfully supported the Institute in the appointm8nt of a new Chair for loH London, Chair and Vic8 Chairs for loH South of England, Southwest, Midlands, Cyrnru, North and Regional Chair end Reglonal Vice Chair for Nigeria. We assisted in the updating, and subsequent approval, of Job Descriptions for Chair, Vice Chair and Member of the Supervisory Board rolès. It has been a pleasure to 5UPPOrt the work of CEO Robert Richardson, the trustees and the te8m, and the Nominatsons Committee and I look fomard to fiJrther supporting them into 2024. Liz Hartstone FIH Chair Nomination$ Committee 15

Trustees, Report (continued) STRUCTURE, GOVERNANCE AND MANAGEMENT MEMBERS OFTHE SUPERVISORYBOARD D Adams FIH M Ashton FIH PAvis FIH B Collin FIH T Cookson FIH P Gi118y FIH B Nwuso FIH DBA K Rixon MBE FIH R Stevens MIH W SLrth8dand FIH (ResvJned 20 February 2023) ADVISORS TO THE SUPERVISORY BOARD K Bailey MIH S Coulstock FIH T Daffu AIH Head of Marketing H6ad of Professional Development Head ofmembership & Membership Sales {1 June 2023- 12 October 2023) Head of Membership (until 31 March 2023) Head of Comrnercial Developmént Chief Executive Head of Operations Head of Finan D James AIH S Peters FIH R Richardson FIH J Smith MIH L Williams FIH PRINCIPAL PROFESSIONAL ADVISERS BANKER Unity Trusl Bank plc 4 Brindleyplac8, Birmiroham B1 2JB SOLICITOR Gaby Hardwi¢ke Solicrtors 33 The Avenue Eastbourne, East Sussex, BN213YD FINANCE The Trust Partnership 6 Trull Fam) Buildings Trull, Tetbury, Gloucestershire England, GL8 8SQ INDEPENDENT AUDITOR Saffery LLP Midland House 2 Poole Road Bournemouth BH2 5QY 16

Reference and Admlnistrative detail. REGISTERED COMPANY NUMBER". 00474810 (England & Wales) REGISTERED CHARITY NUMBER.. 326180 (England and Wales) REGISTERED OFFICE.. The Counting House 14, Palmerston Road Sulton, Surrey SM14QL The Institute of Hospltality is a registered charity (No.326180) that was regist8red on 28th October 1982. It is also a company (No.00474810} limited by membership guarantses. Its registsr8d office is shown above. 17

Trustees, Report (continued) STATEMENT OF FINANCIAL ACTIVITY AND BALANCE SHEET Income Charitable Income in the period was £1,230,000 an increase of £132.000 {12%1 In the year. The increase in Income is made up as follows.. £'ooo 2023 2022 Varlance DonaÉions CkaTilable activiliÉs Other tradimg aclivities 98 839 235 95 722 238 117 (3} Other lllcott 58 43 15 Total 1,230 1,098 132 Expondlture As a result of the challenging year the Charity h8s continued to focus on controlllng expenditure. Expenditure 18 made up as follows,, £'ooo 2023 2022 Varlanco Ratsln8 Fmnds Churliable Tolal 69 1,038 1,107 78 (9) 1,428 (3211 The variance of £321,000 is du8 to inerèased membership activity expenditure, as is demonstrated in note 7 of the accounts. Funds The Balance Sheet is shown on page 26. Funds in 2023 were a surplus of £388,000, an increas8 of £37,000 on 2022, driven principally by trading perfomiance. Ponslon Scheme The deficit as reported for FRS 102 purposes has remained at £nil. sin￿ the last triennial valuation the Pension Trustee and the IOH have taken a￿lOn to manage the Pension Scheme deficit. 18

Trustees, Report (continued) The actuary's report was produced by XPS Pensions Consulting Limited and signéd by Michael Robins FFA, a member of the Instituts and Faculty of Actuaries, on the 2 February 2024. The Final Salary Pension Scheme cost the Institute £53,000 in the past financial year and was made up as follows.. Additional Contributions Administration and Prof8S5ional Fees Total Cost £48,000 £5.(KKI £53,000 The additional contributions as per actuary's report for the year in note 15 totaled £48,000. Net movement In fund8 The net trading result for th8 financial year was a £37,000 profit arising solely frorn trading activities. FINANCIAL MANAGEMENT POLICIES Institute of Ho•pltslity branches The Board ha5 incorporated into the financial statements of the Instituts thé results and position of the actwe branches operats'ng in the United Kingdom and internationally. These branches carry out a range of mainly educational and ne￿ort(Ing activities, which 5UPPOrt the local membership in their profession81 development. RESERVES POLICY The Sup8Nlsory Board has reviewed the ReseNés Policy and believes that the Institute should accumulate reserves whenever possible to fvnd future development opportunitl8s for the Institute gs they aris8. The Inslitute has ￿en utilising r6s8rves to fund the development of products and services and to grow both the reach and numb8r of memberships of the Institute through individua5 and company memberships. Our aim is to grow the membership base of the Institute by increasing the research and dissemination of knowledge and best practice across our rnemb8rs so that they are the best informed with the industry. The Institute also has an obligation to make good over the nexi years to the 1st December 2033 the deficit in the company's Final Salary Pension Scheme. It is the stated intention of the Trustees lo hold unre5trict8d liquid reserves against unexpected increases in running costs, and that reserves equivalent to al least three months, running costs but no more than six months. running costs be held in liquid reserves. At the year end the Institute held £713,000 in cash, which equates to 7.7 months of running costs. The management is aware that this exceeds the policy of six months but is bèing held with a specific ongoing project in mind and conb'nue to feel this provides a satisfactory level of reserves as a result. The Trust88s Continue to tske action lo raise th8 level of income being gen8rat8d over the CL)ming years. The control ofcash flow is a key control for the Trustees and the S8nior Management Team and as a result cash flow is monitored on an ongoing basis. 19

Trustees, Report {continued) NOTES TO FINANCIAL STATEMENTS Chief Executive The Chief Executive is responsiblé for the day-to4ay management of the Institut8 of Hospltality and for implementing the policies agr66d by the Supervisory Board. The Chief Executive is assisted by the Senior Management Tèam. Pay pollcy lor senlor Stsff The Trustees consider the senior management team ofthe Institute to be the key management personnel. These are the Chief Executive Officer, the Head of Operations, th8 Head of Finance, the Head of Commercial Devélopment and Events, the Head of Professional Development and the Head of Marketing. The pay of senior staff is reviewed annually. Employaas As an employer, the In5tituts of Hospitalty aims to provide employees with a supportive and davelopmental environment. Employees are informed about the Institute strategy and business plan and regular information is made available through me8tings, e-mail briefings. Ihe Inlemet and staff and manager communication. All employee$ are invited to provide their input and suggestions to operational activities Th& Charity supports equal opportunit188 and Its recruitment policy is on the basis of aptltudé and ability without discrimination. Th8 Institu18 of Hospitslity is committed to training and career development. Formal appraisals are conducted on an annual basis supplemented by regular job chats, Cross departmental working has been improved with a number of Project Tgams being set up to deliver an improved standard of sUPPOrt to the membership. Penslon The company operates schemes on tehalf of its employees. The first is a defined benefit pension scheme providing benefits based on final pensionable pay., this scheme is closed to both new and existing members. The assets of the scheme are held separately from those of the company, being invested by Phoenix Life Limiled, trading as Phoenix Corporate Investrnenl Services. The second scheme is a defined contribution scheme that is administered by Awva and open to new and existing employe95 Of the Institute. In Common with many other organisatsons, the final salary pension scheme deficit shown within thè financial statements is not an immediate cash oufflow for the Institule. Following the 2018 triennial valuation a revised fvnding regime was disCU5sed and given the restrictions of the ongoing financial position it was ag￿ed that the existing shortfall payments would be maintained with the intention of eradicating thg shortfall by 2033. Corporate goveman¢e Internal controls continue to be refined to improve efficiency and risk management. Processes are in place to ensure that perfOMan￿ is monitored. and that appropriate management infomation Is prepared and reviewed regularly by both managementand the Supervisory Board. The systems of internal controls are designed to provide reasonable assurance against misstatement or loss. They indude.. A strategic plan and annual budggt approved by the Trustees., Regular consideration by the Trustees of financial results, variances trom budgel, non-finanaal perfomiance and benchmarking reviews., Delégation of day-to-day management authority and segregats'on of duties,. Identification and management of risks. 20

Trustees, Report {continued) Risk management The Supervisory Board has a formal risk management process to idÈnkn'fy and assess business risks and implement risk management strategies. This has involved identr'fying the types of risks that the Charity facès, prioribsing them in terms of potential impact and likelihood of occurrence, and identifying means of mitigating the risks. The Risk Management process allocates 811 identified nsks to 2 member ofthe Senior Management Team who owns the risk and is responsible for implementing strategies for reducing the likelihood of a risk occurring and its impact should the risk materialise. The Risk Re9lSter proc8ss is reviewed by the Senior Management Team formally three times a year. The Trustees are responsible for preparing the Trustses, Report and the financial statements in accordance with applicable law and regu5ations. Company law requir8S the Trustees to prepar8 financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United lfjngdom Accounting standards) and applicable law. Under company law the Trustees must not approve th8 financial statements unless they are sats'sfied that they give a true 8nd fair view of the ststs of affairs of the charitable company and of its net movement in fijnds for that period. In preparing these financial statements, the Trustees ar8 required to: sèlect suitable accounting policies and then apply them consistently., make judgments and estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it 18 inappropriate to presum8 that the charity will continue to operat8. Th8 TnJ8tee$ ar8 responsible for keeping proper accounting re¢ords that are sufficient to show and explaln the chanlable company's transactions and disclose with reasonable accuracy at any time the financlal position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 20C6. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for Ihe prevents'on and detsction of fraud and other irregularib'es. So far as each of the trustees at the dal8 of this report is 8ware, there is no relevant audit Infomation of which the charity's auditors are unaware. Each trustee has taken all the steps that helshe ought to have taken as Iruslees in order to make themselves aware of any relevant audit infomatson and to establish that the company's auditors are aware of that information. EXEMPTION FROM DISCLOSURE The Institute of Hospitality has no exemptions from the disclosure of infomation. FUNDS HELD AS CUSTODIAN TRUSTEE ON BEHALF OF OTHERS The Charity holds no funds on behalf of other Charities or org8nisations. By order of the Board of Trustses Signed on behalf of the Board of Trustees "" Srbf 21

Institute of Hospitality Independent Auditor's Report to the members of Institute of Hospitality Opinion We have audited the financial statements of Institute of Hospitality (the 'charitable company'} for the year ended 31st December 2023 which comprise the Statement of Financial Activities. the Balan￿ Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practi￿}. In our opinion, the financial slatemenls.. give a Irue and fair view of the state of the charitable company's affairs as al 31 st December 2023 and of its incoming resources and application of resources, including ils income and expenditure, for the year then ended,. have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting Practs¢e,' and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordan￿ with Inlemalional Standards on Auditing IUKI IISAS IUK)} and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial slalements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in aC￿rdanCe with these requirements. W8 beliève that the audit évidence we have obtained Is sufficient and appropriale to provide a basi$ for our opinion. Concluslons relatlng to golng 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 15 appropriate. Based on the work we have performed, we have not identified any materlal uneertainties relating lo events or Conditions that, individually or collectively, may cast significant doubl on the entity's ability to continue as a goir)g con￿rn for period of at least t￿e1ve months from when the financial statements a￿ authorised for issue. Our responsibilities and the responsibilities of the trustees WTth ￿ Spect to going concern are described in the relevant sections of this report. Other Informatlon The other information comprises the information included in the annual report other than the financial statements and our audilorfs report Ihereon. Thè trustees are responsible lor the other infomiation contained within the annual report. Our opinion on the financial statements does nol cover Ihe other information and, except to the exlenl othejwise explicilly stated in our ￿pOrt, we do not express any form of assurance ¢onc4usion thereon. Our ￿sponsibl11tY is to read the other information and. in doing so, Consider whether the other infomalion 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 inconsi51encies or apparent material misstatements. we are required to determine whether this gives rise lo 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. Oplnions on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit the infomiation given in the trustees, report, which includes the directors, report prepared for company law purposes, for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees. annual report. 22

Institute of Hospitality Independent Auditor's Report to the members of Institute of Hospitallty (continued) We have nothing to report in respect of the following matter5 in ￿lation to which the Companies Act 20C6 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not V151ted by us,. or the financial statements are not in agreement wrth the accounting records and returns,. or rtain disclosures of trustees, ￿ muneration specified by law are nol made,. or we have not re￿iVed all the information and explanations we requi￿ for our audit Responslbllltles of trustees As explained more fully in the trustees, respongibilities statemenl sel out on page 21 the trustees (who are a150 the directors ofthe Charitable company for the purposes of company lawl a￿ responsible for the preparaliorb of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the Irustees determine is necessary to enable the PTeparalion of financi81 statements that are free frorn material misstatement, whether due to fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the charitable company's ability lo continue as a going concem. disclosing, as applicable, matters related to going concern and using the going con￿r￿ basis of accounting unless the trustees either intend to liquidat8 the charitsble company or to cease operations, or have no realistic alternative but to do so. Audltor's responslblllties for the audlt of the flnancial statements We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assuran￿ about whether the financial statements as a whole are free from material misstatement, whether due to fraud OT error, and lo issue an auditofs 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 IUKI will always detect a material misstatement when il exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influen￿ the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-complian￿ with laws and regulations. We de819n procedures in line th our responsibilities, outlined above, to detect material misstatements in respect of Ir￿ gularities, includin9 fraud. The extent to which our procedures are capable of dèlècling irregularitie8, induding fraud is delailed below.. We assessed the susceptibility of the charitable Gompany's financial slalemenls to material misslalemenl and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible In￿￿tIveS and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulation5 that are of significance in the conlexi of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates. Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidan￿ issued by the Charily Commission for England and Wales Audit response to risks identified,. We considered the extent of Cornplian￿ with these laws and regulations as part of our audit procedures on the related financial slalemenl items including a review of financial statement disclosures. We reviewed the charitable company's records of breaches of laws and regulations, minutes of meetings and correspolldence with relevant aulhorilies to identify potential material misstatements arising. We discussed the charitable company's poli¢ies and procedures for compliance with laws and fegulalions with mernbers of management responsible for compliance. During the planning meeting with the audit team, the engagement partner drew attention to the key a￿aS which might involve non-compliance with laws and regulalions or fraud. We enquired of management whether they were aware of any inslanc£s of non-compliance with laws and reguSations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of joumal entries and identifying any significant transactions that were unusual or outside the nomial ¢ourse of business. We assessed whetherjudgements made in making accounting estimates gave rise to a possible indication of management bias. At the complets'on stage of the audit, the engagement partnerfs review included ensuring that the team had approached their work with appropriate professional sceplicism and thus the capacity to identify non-compliance with laws and regulats.ons and fraud. 23

Institute of Hospitality Independent Auditor's Report to the members of Institute of Hospitality (continued) There are inherent limitations in the audit procedures described above and the further removed non-complian￿ with laws and regulations is from the events and transactions reflected in the financial Statements. the less likety we would b8come aware of it. Also, the risk of not detecting a malerial misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate COn￿alMent by, for example, forgery or intentional mIs￿presentatIOns, or through collusion. A further description of our ￿SpOnsIbl11118S for the audit of the financial Statements is located on the Financial Reporting Council's website al.. httpS.'l￿.frc.org.uk lauditorsrespon5ibilities. This description fomis part of our audilorfs report. Use of our report This ￿port is made solely to the charitable company's members, as a body, in awordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit wort( has been undertaken so that we might state to the charitable company's members those matters we are required to slate to them in an auditorfs report and for no other Purpose. To the fullest extent permitted by law, we do not ac￿pt or assume responsibility lo anyone other than the charitable company and the charitable company's members as 8 body, for our audit work, for this réport, or for the opinions w8 have fomied. S• LLP Casidhe Baleri (Senior Statutory Auditor) For and on behalfof Saffery LLP Midland House 2 Poole Road Bournemouth Dorset BH2 5QY Date 10 September 2024 24

Statement of Financial Activities for the year ended 31 December 2023 Unrestrlctsd Funds rooo Panslon Total Funds Tolal Funds Raserve 2023 2022 eooo £000 £'ooo Notes Income from: Donats'ons 98 Olher trading activib'eg Charitab16 aCtiV￿e8 Other income 235 839 58 235 839 58 238 712 Total Income 1,230 1,098 Expandlture on: Raising fijnds Charitabl8 activities 74 (51 78 1,119 181) otal Expen ture Total inGomg less total oxpendlture {86) 86 1,107 123 1,428 (330) 37 Net 8urplusl{deflclt) 123 {330 Other ro¢ogni80d galnslllo8sas) Penslon scheme actuarial gainllloss) 15 {86) 186) 1.161 N•t movement In fund8 37 37 831 Recon¢lllation of funds Total funds brought forward 21 351 351 1480) Tots unds carr18d forAiard 388 388 35 All amounts relate to continuing activities and there were no recognised gains or losses other than those shown above. The notes on pages 28 to 38 form part of these Financial Statements. 25

Balance Sheet at 31 December 2023 Notes 2023 £'ooo 2022 £'ooo Flxed assets Fixed assets 12 55 55 Current assets Stock Debtor5 Cash at bank 8nd in hand 13 20 143 713 178 519 860 760 Current Ilabllltlos Creditors falling due within one yéar 14 {5271 (467) Net currant assots 333 293 Tolal a888ts les8 nèt currant liabllltle8 388 361 Pension scheme liability 15 Total net assetsl{Ilabllltiesl 388 351 Fund8 Unrestricted fiJnd8 Pension scheme funding r8S8 21 21 388 351 Total fund8 388 351 The notes on pages 28 to 38 form part of these Financial Statements. The Financial Statements were approved and 8Uthorised for issue by the Board of Trustees on the.. and were signed on behalf of the council by.. 22 August 2024 Trustee Trusts8 26

Statement of Cash Flows for the year ended 31 December 2023 Noteg 2023 £'ooo 2022 £000 Cash flow5 from operating activities: Net cash provided by operatin activities 19 151 90 Cash flows from Inve8tlng actlvltias: Purchase of fixed assets Proceeds on disposal of fixed assets Investment income Purchase of inv8stm8nt 12 (ln 128) Net cash provlded by Investlng actSvltle8 {171 {28) Change In ¢a8h and cash equlvalents In tha year 134 62 Cash and cash equivalents at th8 beginning of the year 579 517 Ca8h and ca8h aqulvalèntg at th• end of tho year 713 579 The notes on pages 28 to 38 fom part of these Financial Staternents. 27

Notes to the Financial Statements Accounting policies al Basls of prÈparatlon The financial statements have been prepared in accordance with the Charities Act 2011, the Companies Act 20C6, the Statement of Recommended Practi￿ applicable lo charities preparing their accounts and in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of I￿land IFRS 102) (effective 1 January 2015). The Balan￿ Sheet indicated a net liabilities position at the year end. This is as a ￿sUIt of the Pension Scheme liability. This liability can vary greatly depending on changes in market conditions and therefore il is important to continue to focus on meeting the pension contributions as they fall due. The trustees have concluded that it IS reasonable to continue to adopt the going cOn￿M basis in preparing the financial statements as oullined in the Statement of Trustees Responsibilities on page 21. The financial statements have been prepared on the historical cost basis except that the listed investments are staled at fair value. b) Braneh Accounlng The financial statements of the In9titule incorporate the results. assets and liabilities of branches operating under the Institute name. For this accounting year, the Institute has included the results, assets and liabilrties of those branches Ihat have filed their financial returns at the date of preparation of the Institute's financial slalemenls. An estimation of the financial results of those branches that have not filed a return has been incorporated into the Institute's ￿suIts, assets and liabilities based on a review of their adivilies over the year. ¢1 Incoffle Income relating to subscriptions, student régistration and examination fees a￿ accounted for on receivable basis unless it relates to future penods, in which case the appropriate portion is carried forward as deferred income. Income represents amounts receivable nèt of VAT where applicable. dl expendlturo Exper￿lIU￿ is included in the Statement of Financial Activities on an accruals basSs. Certain expenditure is directly attributabl8 to specific a￿1vIlle$ and has been Includéd in those cost calegories. However. Support Costs are those functions that assist the work of the charity but do not directly undertake charitable activits'es. Support costs Include back office costs, finan￿, personnel, payroll and governance costs which support the Institute's activities. These costs have been allocated between the cost of raising funds and expenditure on charitable activities on the basis of time spent on these areas, as sel out in note 8. e) Flxod A880ts Individual tangible and intangible fixed assels costing more than £500 are capitslised at cost and are depreciated or amortised over their useful economic live5 on a straight line basis as follows... Freehold buildings Furniture, fitb'ngs & equipment.. Cornputer SOf￿are Computer equipment OffiTr furniture and other equipment Photo(x)piers Intangible fixed assets 2% 33.30/0 12.5¥o 20% Pension costs Pension cost is assessed in accordance wilh advi￿ of professionally qualified actuaries. Actuarial gains or losses arising are recognised within the gains and losses categories of SOFA under the heading "pension scheme actuanal {lossl" Contributions to the defined contributions scheme are charged to the statement of financial activities in the year they are made and are included within staff msls. 28

Notes to the Financial Statements (continued) g} Unrestricted Funds These are monies. which have no legal restrictions on their use other than those determined ag the charity's adivities. h) Flnancial instruments The Charity has elected to apply Ihe provisions of Section 11 'Ba8ic Financ4al Instrumants, and Section 12 '0ther Financial Instruments Issues, of FRS 10210 all of its financial inslrumenls. Financial instruments are recognised in the charity's balan￿ sheel when the charity becomes party lo the contractual provision5 of the instrument. Financial assets and liabilities are offset, with the nel amounts presented in the financial statements, when there is a legally enforceable right to sel off the recognised amounts and there is an intention to settle on a nel basis or to realise the asset and settle the liability simultaneously. Financial liabilities and equity instruments are classified according to the substanTr of the contractual arrangements entered into. An equity instrument is any ¢onlract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Basic finanaal liabilities, includlng creditors, bank loans. loans from fellow group companies and preference Shares th81 a￿ classified as debt. aff initially recognised at transaction pncé unless the arrangement conslitules a financing transaction, where the debt instrument is measured at the present value of the fiJture payments discounted al a market raté of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised ￿$1, using the effective intsrest rate rnelhod. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Basic financ4al assets, whS¢h include deblors, are initially measured al transadion price including transaction costs and are subsequently carried at amortised cost using the effective interest rnethod unless the arrangemenl conslitules a financing transaction. where the Iransaclion is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets dassified as receivable within one year are not amortised. Other financial assets, including investments in equity instruments which are not subsidiaries, associates orjoinl ventures, are initially measured at fair value, which is nomially the transaction pri￿. Such assets are gubsequenuy Carried at fair value and the Ghanges in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannol be measured reliably are measured at C05t less impaimient. Financial assets are derecogni5ed only when the conlraclual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial assel and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained bul control of the as5el has transferred lo another party that is able to sell the asset in its entirety to an unrelated third party. 2. Critical accounting judgements and key sources of estimation Un￿rtaInty The trustees do not consider there to be any critical judgements that have been made in the pro￿5$ of applying the Charity's accounting poliaes. 29

Notes to the Financial Statements (continued) 3. Income from trading activities 2023 £'ooo 126 109 235 2022 £'ooo 145 93 238 Business affiliates Events 4. Income from charitable activities 2023 £'ooo 2022 £'ooo Accreditat￿On activity.. Course accreditation Hospitality assured mem￿rShIp ac*ivity'. Membership subscriplions Branch activity Information services & publications 85 15 71 12 630 109 603 22 839 712 5. Other income 2023 £'ooo 58 58 2022 £'ooo 54 Olher in￿rne 6. Expenditure on raising funds Unrestrietsd Reserve 2023 £'ooo 74 Penslon Fund 2023 £'ooo 2022 £'ooo 63 2022 £'ooo Events Other finance chavges 151 151 15 15 74 63 30

Notes to the Financial Statements (continued) 7. Expenditure on charitable activities Unrestricted ReseNe 2023 2022 £'ooo £'ooo 134 119 125 137 658 541 78 124 Iralions Accreditation activity Membership activity Information 5ervi¢es & publications Head Office Fundraising 102 1.119 983 Penslon Fund 2023 £'ooo 1331 1481 2022 £'ooo 429 1621 Expected reluTn on scheme as5els Contributions Losslgain on lan Introductions and chan es Refer to the table below for the anatysis of expenditure on charitable aclivltk89 In tha Unrestricted Reserve.. Qualifi- Accredl- Mernber- cations tatlon 8hlp Info & Head Offlce publi- Fundralslng catlon £'ooo Total 2023 Total 2022 £'ooo eooo eooo eooo £'ooo Accreditation costs Publi¢ations Salary Branch ensts Travel & rneelng costs Printing & office equipment Communications Professional fees Publici CDsI8 Total dlrectly attrlbutablo ¢OSts Reallocation Df support costs ovemance costs (nots 8) 33 25 25 91 27 21 10 103 33 25 171 127 134 134 115 555 6S8 45 78 99 124 948 1.11 856 983 31

Notes to the Financial Statements (continued) 8. Analysis of support and governance costs The Institute identifies the costs of its support lunclions. It then identsfies those costs which relate to the governance funth"on. Having identified its governan￿ cnsts, the remaining support costs together with the governance costs are apportioned between the four key charitable activities undertaken {see note 81 in the year on the basis of an approximation of 3taff and rnanagement timè. Refer to the table below for the analysis of support and governan￿ o)sts'. Governance costs £'ooo Support costs £'ooo 682 34 25 65 25 83 Tolal 2023 £'ooo 682 34 25 Total 2022 £.￿0 612 27 18 56 25 Salary Travel & meeting costs Pnntsng & Offi￿ equipment Office c081 Premises costs Professional fees Audit fee Depreaation and loss on disposals 25 83 14 20 948 14 10 26 20 934 14 9. Net incomel(expendtture) This IS statsd after charging 2023 £'ooo 20 14 2022 £'ooo 26 10 Dep￿riatIOn, impairment charges and loss on disposals Auditorfs fftmuneralion 10. Staff costs 2023 £'ooo 546 56 70 16 10 698 2022 £'ooo 493 51 Wages and salaries Social security costs Pension costs Administration costs of penslon schemes Staff welfa 16 628 32

Notes to the Financial Statements (continued) Staff costs (continued) The number of staff whose emoluments exceeded £60,000 were as follows.. 2023 No 2022 No £70.001 - £80,000 £90,001- £100,000 Chief Executive Officer gross salary.. 2023 £'ooo 2022 £'LK)O Robert Rich8rdson - from April 2021 93 78 The key managemenl personnel of the Institute comprise the Chief Executive, the Head of Operations, the Head of Finance. the Head of Commercial Development and Events, The Head of Professional Development and the Head of Marketing. The total employee benefits of the key management personnel of the Institute total £29,295 per month 12022 £23,283). The average monthly head count was 16 staff12022'. 15 staffj and the av8rage monthly number of full-time equivalent employees (including casual and part-lime stsff) during the year were as follows.. 2023 No 2022 No Business affiliates Events Qualifications Accreditation activity Membership activity Informallon servi¢es & publlcations Support Govemance 14 16 11. Trustees, remuneration No emoluments for seNIc8S to the Institute were received by any of the Trustees during the year. One Trustee (2022.. Nil) received reimbursed expenses during the period totaling £238 (2022.. £Nill. The expenses related lo travel and subsistence expenses. 33

Notes to the Financial Statements (continued) 12. Fixed assets Furniture, flttlngs & equlpment £'ooo Totsl £'ooo COST At 1 January 2023 Additions Disposals At 31 Oecember 2023 226 17 226 17 24 242 DEPRECIATION At l January 2023 Charge Disposals At 31 December 2023 168 20 168 20 NBV At 31 De￿mber 2023 55 55 At 31 December 2022 58 58 34

1. Debtors 2023 rooo 79 2022 £000 Trade debtors Prepayments and accrued In￿Me 33 178 143
2. Creditors 2023 £'ooo 37 2022 rooo 28 Trade creditors Taxes and social security C£ssts Other cTrditors A￿ru?1$ and def8rred income 38 445 527 412 467 15, Penslon scheme The company op8rates schemès on behalf ol its employees Th8 fitst Is a defined benefit pension scheme. A full actuarial valuation was carried out as at 30 November 2018. Th6 HCIMA 1977 Retirement & Dèath Benefit Scheme is 8 defined ￿nOfit occupational pension scheme. Prior to 1 January 2008, pensions arising were fully secured with the insurer. but pensions arising since this are being paid from the Scheme. Deferred benefits are subject to revaluation broadly in line with price inflation up to 5% p. Pensions in payment earn8d prior to 6 April 1997 increase at a fixed rate of 3.0 % pa whilst other pensions are subject to annual increases in line with price inflation up to 5Yo. The amounts recognis8d in the balance she8t for dèfined pension 6¢hemes are as follows., 2023 £'ooo 12,576) 2,734 1158) 2022 £'ooo {2.4831 2,567 Present value of funded obligations Fair value of scheme assets Restriction on asset Balance sheet deficit There are no obligations arising from ￿heMeS which are wholly unfunded. The amounts ￿cOgnised in the statement of financial activities are a5 follows.. 2023 £000 2022 £'ooo Current service costs Interest on obligations Expected return on scheme assets Contributs'ons Actuarial gainsl (losses} Loss on plan introductions and changes 115) I￿5) 62 1,161 107 1861 74 Actual return on assets 230 12891 35

Notes to the Financial Statements (continued) Changes in the present value of the defined ￿nefit obligation are as follows= 2023 £'ooo 2.483 2022 £OOD 3,675 Opening defined benefit obligab'on servi￿ cost Interest C05t Employee contributions Past service cost Actuarial lossesl (g8insl Benefits paid Gain on plan introductions and chang88 Closing defined benefit obligations 118 71 86 (111) (1,181) (102) 2,576 2,483 Changes in the fair value of scheme assets aré as follows.. 2023 £'ooo 2.567 230 2022 £'ooo 2,896 (2891 Opening fair value of scheme ass8tS Expecied rétum Acluanal gainslllossl Contributions by employer Contributions by ernployees Benefits paid Year and lair value o 48 (111) ,734 (102) 2,567 scheme assets The Scheme does not own any property used by the Inststute of Hospitslity. The major categori@s of scheme assets as a per￿ntsge of total scheme assets are as follows: 2023 47.7% 33.3% 3.0% 0.8% 15.2% 2022 46.7% 32.6V. 2.￿/. 0.8% 16.9% Equikn'es Fl Gilts Property Cash Annuities 36

Notes to the Financial Statements (continued) Pension scheme (continued) The principal actuarial assumptions at the b81ance sheet date We￿ as follows.. 2023 2022 Discount rate Future salary Inc￿ ases Future pension increases Pensioner mortality Commutats'on Nla 3.000/0 1.5% with S2PXA IAMI of 0.20 Cash sum 3180th of FPS actives. 15 % of pension benefits deferred Nla 3.00°/0 S2PXA 1.5% with IAMI of 0.20 Cash sum 3180th of FPS actives. 150/0 of pension tenefrts defeThed Accounts for the current and previous four year5 are as follows: 2023 £'ooo {2.5761 2.734 158 {107} 11371 2022 £'ooo {2,4831 2,￿7 2021 £'ooo 13.6751 2,896 (7791 11341 676 2020 £'ooo 14,260} 2,758 11,502) 1641 (319) 2019 £'ooo 13.8871 2.661 11,226) 593 43 Defined benefit obligation Scheme assets Scheme Surplus l (deficit) Experience adjustments on scheme liabilities Changes in the assumptions for value of scheme liabilities Expèrtence adjustments on schèmé assets The second scheme is a defined contribution scheme that is open to new and existing employees of the Institute. Contributions to the scheme are charged to the statement of financial 8Ctivilies so as to Sp￿ad the cost of pensions over employees, working lives with the charity. The scheme is funded on the basis of contribulions from the employer of 8.10 and from the employee of 6 % of earnings. Contributions are paid to Aviva Life & Pensions UK Ltd {previously Friends Provident Corporate Pensions Ltd and London & Manchester Corporate Pension8). The8e amounted to £21,11412022'. £19,524) paid by the employer. 16. Taxation The Inslitute of Hosp5talily is a registered charity and as such is entitled to the exemptions from lax affordèd by section 505 ICTA 1988 and section 256 TCGA 1992 80 far as it3 income and gains are applied for charitable purposes. 17. Related paty transactlons No significant related party transaction occurred in the period except for services of £12,500 paid for Website design from a company in which a Trustee is a dir8ctor12022: £12.5001. There were no outstanding balances as al the year end. 18. Operating lease commitments The institute had annual commitments under operating lease5 expiring as follows: 2023 £'ooo 10 10 20 2022 £'ooo 10 20 Less than 1 year 2-5years 37

Notes to the Financial Statements (continued) 19. Reconciliation of net incomel(expenditure) to net cash flow from operating activities 2023 £'ooo 2022 eooo Net income for the reporting period 37 52 Adjustments for. Depreciation charge Decreasellincreasel in stock DeCreasellinc￿8seI in debtors {Decreasellincrease in creditors 20 131 124} 39 35 60 151 20. Analysis of changes in net debl At1 January 2023 £'ooo 579 Cash flov at31 December 2023 £'ooo 713 £'ooo 134 Cash at bank 21. Reconciliation of funds At1 Fund January movement 2022 rooo Fund Transfer at31 Deceffl￿r 2022 £'ooo £'ooo £'ooo Unrestrlctod funds G8n&ral fund 299 299 52 52 351 351 Penslon Reser4e {7791 779 14801 831 At1 Fund January movement 351 a131 December Fund Transfer 2023 £'ooo 2023 £'ooo £'ooo £'ooo un￿$t￿¢t9d fund8 General fund 351 37 388 Penslon R939fVO 38