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 35.
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 pertinent at this point in time when there is a shifting emphasis on the role of vocational education and the fact that all over the world, countries are beginning to realise 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 help support those projects that should, in the long term, demonstrate considerable impact and make a difference to the advancement and development of education, training and qualifications within the hospitality industry.
As outlined in the ‘review of the year’ section the Trustees undertook a strategic review of all aspect’s of the Trusts work. This exercise helped the Trustees focus on the following key points:-
Today (where we are now) Future (where we want to be) Managing the Change (how we will get there)
OBJECTIVES AND ACTIVITIES
The Trustees will continue to support projects that aim to demonstrate considerable impact and make a difference to the advancement and development of education, learning, training and qualifications within the hospitality industry.
The Trustees will give particular emphasis to projects that support one or more of the following areas: skills development, continuous professional development, and retention.
Margaret Georgiou Secretary to the Trustees
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