- 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

13. Debtors
2023
rooo
79
2022
£000
Trade debtors
Prepayments and accrued In￿Me
33
178
143
14. 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