The Trustees consider that in fulfilling the main aim of the Trust, namely the advancement and development of education, training and qu


alifications within the hospitality industry are investing in both the present and future skills needs of the industry. , they In working with interested


bodies and partners the Trustees are striving to make a tangible difference and impact on the continuing development of an industry that, as highlighted earlier, is both a major employer and contributor to the UK economy.


For the year under review the total incoming resources for the Savoy Educational Trust amounted to £1,017,434 (6.01% increase on 2010: £959,720) with total resources expended amounting to £2,324,170 (72.91% increase on 2010: £1,344,144). This includes grants of (£14,341) committed but not paid at the beginning of the year and grants of £652,000 committed but not paid at the end of the financial year.


The grants awarded and paid during the year, together with support costs, governance costs and costs of generating funds are detailed below and in table 1.


The grants awarded and paid totalled £ ,338,231 (31.16% i crease on 2010: £1,020,2


1 93). Suppo rt co sts to e talle


Governance costs tota Costs of g neratin increas


£1,000,000.00 £1,200,000.00 £1,400,000.00


£200,000.00 £400,000.00 £600,000.00 £800,000.00


£0.00


Grants Awarded and Paid


Ta ble 1


The sole source of income for the Trust is derived from investment returns. When setting the annual budget the Trustees take into account the professional advice offered by their investment managers regarding the market outlook, investment trends and yield, and the prospect for future capital growth.


Expenditure targets may be over or under-spent in an individual year in a controlled manner reflecting demand and the quality of applications.


Support Costs Governance Costs


Costs of Generating Funds g fund, namly fun e e on 2010: £147,696). £1,338,231


d £128,83 10.06% incr7 ( lled £44,577 s


, (0.39% decr d ma


nagemnt fees, totalled £160,5 5 (8.69


ease on 21: £117,06300 ease on 2010: £44,7 e


2 ). 51). % n


£128,837


£160,525 £44,577


7


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