Holiday Inn 2013 Annual Report Download - page 155
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34. System Fund
The Group operates a System Fund (the Fund) to collect and administer assessments and contributions from hotel owners for specific use
in marketing, the IHG Rewards Club loyalty programme and the global reservation system. The Fund and loyalty programme are accounted
for in accordance with the accounting policies set out on pages 115 and 116 of the Financial Statements.
The following information is relevant to the operation of the Fund:
2013
$m
2012
$m
2011
$m
Income1:
Assessment fees and contributions received from hotels 1,154 1,106 1,025
Proceeds from sale of IHG Rewards Club points 153 144 128
Key elements of expenditure1:
Marketing 245 250 203
IHG Rewards Club 219 250 232
Payroll costs 239 221 182
Net surplus for the year135 12 19
Interest payable to the Fund 22 1
1 Not included in the Group income statement in accordance with the Group’s accounting policies.
The payroll costs above relate to 4,615 (2012 4,431, 2011 3,885) employees whose costs are borne by the Fund.
The following liabilities relating to the Fund are included in the Group statement of financial position:
2013
$m
2012
$m
2011
$m
Cumulative short-term net surplus 86 51 39
Loyalty programme liability 649 623 578
735 674 617
The net change in the loyalty programme liability and Fund surplus contributed an inflow of $61m (2012 $57m, 2011 $66m) to the Group’s
cash flow from operations.
35. Events after the reporting period
In February 2014, the Group signed an agreement to sell the InterContinental Mark Hopkins San Francisco for $120m in cash and enter
into a long term management contract on the hotel. The hotel had a net book value of $90m at 31 December 2013.
36. Principal operating subsidiary undertakings
InterContinental Hotels Group PLC was the beneficial owner of all of the equity share capital, indirectly through subsidiary undertakings,
of the following companies during the year:
Six Continents Limited1
IHG Hotels Limited1
Six Continents Hotels, Inc.2
Inter-Continental Hotels Corporation2
111 East 48th Street Holdings, LLC2
InterContinental Hotels Group Resources, Inc.2
InterContinental Hong Kong Limited3
Société Nouvelle du Grand Hotel SA4
The companies listed above include those which principally affect the amount of profit and assets of the Group.
1 Incorporated in Great Britain and registered in England and Wales.
2 Incorporated in the US.
3 Incorporated in Hong Kong.
4 Incorporated in France.
Notes to the Group Financial Statements 153
OVERVIEW STRATEGIC REPORT GOVERNANCE
GROUP
FINANCIAL STATEMENTS
PARENT COMPANY
FINANCIAL STATEMENTS ADDITIONAL INFORMATION