36 DSGEI NATE U D D F N S–E O ME NDW NT F N U D
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 31.
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 a time of large-scale funding constraints in both Higher and Further Education and the fact that from September 2012 Universities and Colleges in England were able to charge new full-time students fees of up to £9,000 a year. At the same it is widely acknowledged that globally countries have realised that education and skills are one of, or even the, most important lever they have to maintain the competitiveness of their economies. It is also the case that vocational courses, when delivered correctly, can engage, enthuse and educate young people, hence are vitally important in times of increasing youth unemployment.
The Trustees believe that by monitoring and considering the environment in which they operate and taking into account external factors when developing and reviewing 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 may also be implemented:-
Structure, Governance and Management The Trustees will seek to convert to a Charitable Incorporated Organisation. 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. The Trustees will review the Trust’s positioning and future status. Review the Trust’s strategic plan to ensure it remains focused and relevant. Consideration will be given to commissioning an independent impact report on the Trust’s funding. The report will also help answer the question ‘How does the Trust create value?’
Objectives and Activities The Trustees will continue to give emphasis to projects that support one or more of the following areas: skills development, retention, continuous professional development, and those projects that demonstrate community involvement, long term sustainability and have due regard to the environment. The Trustees will explore the possibility of supporting a number of people on a MBA programme at Cranfield University.
Margaret Georgiou Secretary to the Trustees and Administrator
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