level.
They do, however, incorporate in their annual budget contingency plans for an
increase in operating costs particularly with regard to further office relocation, rental and utilities.
The Trustees will review this policy annually in the light of changing circumstances and alter it as necessary.
DESIGNATED FUNDS – ENDOWMENT FUND
The Savoy Educational Trust received a legacy in year end 2001 of £30,000 from Olive Barnett, OBE who set up the Savoy Training Scheme and was also a former Trustee of the Savoy Educational Trust. It was requested by Miss Barnett that the funds be invested at the unfettered discretion of the Trustees to enable them to give an annual award. The Trustees agreed that they would match the sum received from the legacy and the capital would be ring fenced to provide an annual income to finance an award.
The income from this Fund is allocated to the Savoy Gastronomes for the ‘Olive Barnett Award’, details of which can be found on page 27.
PLANS FOR THE FUTURE
The Savoy Educational Trust works within the very diverse and evolving sector of hospitality. The Trustees therefore need to take account of and be influenced by what is happening in the industry particularly with reference to the long term challenges it faces. At the same time the Trust operates in the world of education and therefore also needs to embrace current developments in that area. This is particularly relevant with a shifting emphasis on the role of vocational education and the fact that globally countries have realised that skills are one of, or even the, most important lever they have to maintain the competitiveness of
their economies. The Trustees believe that by monitoring and
considering external factors when developing their strategic objectives, they can continue to help support those projects that should, in the long term, demonstrate considerable impact, create value, and make a difference to the advancement and development of education, training and qualifications within the hospitality industry.
In the forthcoming year it is anticipated that the following changes will be implemented:- STRUCTURE, GOVERNAN
CE AND MANAGEMENT
The Trust will become a Charitable Incorporated Organisation. This will be dependent on the full implementation of the new legal form of incorporation as detailed in the Charities Act 2006. As part of the process of incorporation the Trust Deed will be updated and rewritten and consideration will be given to increasing the Trustee number to 6.
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