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2021-05-31-accounts

Company Registration Number: 08079045 Charity Registration Number: 1149229

The Suited & Booted Centre Limited Trustees’ Annual Report and Accounts Year Ended 31 May 2021

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The Suited & Booted Centre Limited

Trustees’ Report Year ended 31 May 2021

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The Trustees of Suited & Booted present its Annual Report and Financial Statements for the year ended 31 May 2021. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS102, ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

Reference and Administrative Information

Suited & Booted is a UK registered charity regulated by the Charity Commission for England and Wales

Registered Name The Suited & Booted Centre Limited Charity Registration Number 1149229

Company Registration Number 08079045

Registered office and Operational address 4, London Wall Buildings, Blomfield Street, City of London, EC2M 5NT, United Kingdom. Telephone 07808531654 Website www.suitedbootedcentre.org.uk Trustees Angus Murray (Chair) Lucy Winkett (resigned 15 May 2021) Michael Thomas Jeremy Booth

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The Suited & Booted Centre Limited

Trustees’ Report

Year ended 31 May 2021

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Structure, Governance and Management

Governance

Suited & Booted is a charitable company limited by guarantee, incorporated on 22[nd] May 2012 and registered as a charity on 5[th] October 2012. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under the Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.

Recruitment and Appointment of Trustees

The trustees are also directors of the charity for the purposes of company law. All trustees must retire from office at the first annual general meeting. At each subsequent annual general meeting one trustee must retire by rotation but may be re-elected by members.

In this financial year Suited & Booted had three trustees – a lawyer, a former pensions actuary, and a former consultant surgeon. Our Patron is Dr Rowan Williams (The Rt Revd & Rt Hon The Lord Williams of Oystermouth PC FBA FRSL FLSW) formerly Archbishop of Canterbury and the Master of Magdalene College in the University of Cambridge. The members consider that this provides a range of relevant knowledge, experience and skills sufficient to run the charity effectively.

New trustees are appointed by the members, on the basis of their ability to ensure proper governance and promote the objectives of the charity.

Objectives

Our objects are targeted at assisting men and youths who are out of work, are in temporary or insecure work, have recently been discharged from the armed services or released from prison, or are otherwise classed by statute as being vulnerable, to find employment. We operate from the City of London, so the majority of those who are referred to us by public agencies are from one of the London boroughs, but we also work with agencies, such as prison authorities, who are outside London and we place no restrictions on who may be referred to us for assistance.

Activities

Suited & Booted provides those referred by public agencies with suitable (donated) interview clothing, interview training and general mentoring. This is made possible by Suited & Booted receiving donations of ‘office’ clothing and shoes, and by working with various City firms. Suited & Booted makes no charge for any of its services.

We believe that these activities are in accordance with the Charity Commission Guidance on Public Benefit and meet the requirement of ‘for the public benefit’ in the Charities Act 2011.

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The Suited & Booted Centre Limited

Trustees’ Report Year ended 31 May 2021

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Achievements and Performance

Suited & Booted is delighted that in this financial year our Chief Executive, Dr Maria Lenn, has been appointed an MBE (a Member of The Most Excellent Order of the British Empire) for her services to the unemployed in London through this charity, The Suited & Booted Centre Limited.

Maria founded Suited & Booted in 2012, originally using space in the Wren church at Blackfriars, St Andrew-by-the-Wardrobe. It is a wonderful achievement for her, through her energy, drive and vision, to have developed the charity into what it has become today.

The activities of Suited & Booted during this financial year have continued to be severely restricted by the steps taken by government to address the COVID-19 virus pandemic. These included, in particular, regulations made under the Public Health (Control of Diseases) Act 1984 which placed restrictions on general gathering, movement and business throughout England. Nevertheless, in the course of the year, Suited & Booted saw 387 clients for clothing, and all our clients have the option of distance interview training.

Government restrictions to address the Covid-19 pandemic have continued in one form or another throughout this financial year. We have responded to demand for our services by adapting our procedures to enable us to offer our services in a way compatible with safety, social distancing and the Government’s measures. However, the number of clients we have been able to help is inevitably fewer than we would see in normal conditions.

Our aim is to help our clients to achieve success by transforming their appearance and by boosting their morale and self-confidence. Volunteers help clients to select and be fitted with appropriate clothing from our stock of donated suits, shirts, ties, cufflinks and shoes, in preparation for their interview. It is not always possible to fit clients entirely from donated stock, and as our clients need help for an interview which will take place within days, in such cases, it will be necessary to purchase an item of low cost clothing on behalf of the client. It is our aim, however, to keep such purchases to a minimum.

We continue to liaise with referral agencies in order to manage the inflow of clients they send to us. We arrange appointments for clients on weekdays. We do not monitor, or keep records on, the clients we see, but from feedback from the referral agencies and from unsolicited testimonials sent in by our clients, we estimate that over half the clients we see are successful in their interview.

We have continued to receive clothing donations from a wide range of corporate companies, such as banks, law firms and finance institutions, many based in the City of London, or Docklands, and also from individuals. Our City-based location has helped us to develop these links, and to spread awareness of our charity and to build up support in the area. We also on occasion get remaindered stock from fashion companies.

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Donors

We have been supported by a wide range of City organisations, charitable organisations and companies, including the law firms Weil, Gotschal & Manges LLP; Dentons; and Norton Rose Fulbright; Scotia Bank; The Hiscox Foundation; United Way; The Veterans’ Foundation; Aon; AKO Capital; City of London Corporation; L&Q; The Peter Cruddas Foundation; The Worshipful Company of Actuaries; The Worshipful Company of Bowyers; The Worshipful Company of Cutlers; The Freemasons Provincial Grand Lodge; 3R Strategy; EECF (Ben Ogden (Allen & Overy)); The Garfield Weston Foundation; London York Executive Attire; and Go Compare. We have also had generous support from private individuals.

Activities

Throughout the year we participated in various online and in person events such as:

Fundraising Events

Captain Tom 100 Challenge – a Suited & Booted supporter, a trustee and a volunteer all raised money for our charity through various activities;

Opera singer Eves Sanders did a recital for us; and

A supporter, James Hume, organised a Concert on youtube with 25 West End performers.

Our volunteer collector carried out 26 collections of donated clothing for Suited & Booted.

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The Suited & Booted Centre Limited

Trustees’ Report Year ended 31 May 2021

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Financial Review

Suited & Booted received income of £151,859 compared to £160,233 in the previous financial year – only a slight drop in income notwithstanding the difficult circumstances created by the Government restrictions imposed to combat the Covid epidemic.

The resources we expended also reduced to £116,668 in this financial year from £127,800 in the previous financial year.

At year end the book value of assets held was £127,633 ( 2020: £92,422 )which mostly comprised cash held at bank. There was a significant stock of some hundreds of donated suits, shirts and ties but it is not our policy to recognise these in the financial statements.

Principal Funding Sources

Our income came from grants and donations from charities, £59,040 (a slight increase from £48,820 in the prior year) and income from voluntary donations, including Gift Aid, which was £92,819 (a decrease from £110,588 in the prior year). Fund raising was limited because of Covid restrictions.

Reserves Policy

It is the charity’s policy to maintain a balance on unrestricted funds, which equates to at least three months unrestricted payments. The balance on the General Fund was £35,259 (2020:£33,402), which meets this target.

Statement of Trustees’ responsibilities

The charity trustees (who are also the directors of Suited & Booted for the purposes of company law) are responsible for preparing a trustees’ annual report and financial statements in accordance with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities and The Financial Reporting Standard (FRS 102), applicable in United Kingdom Accounting Standards and Republic of Ireland.

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the financial statements, the trustees are required to:

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The Suited & Booted Centre Limited

Trustees’ Report Year ended 31 May 2021

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The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the trustees and signed on their behalf on 28 February 2022 by:

Angus Murray (Chair)

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Th• Sult•d & 8oot•d C•ntre Llmlt•d Indep•ndent Examlnerfs Report Y••r •nd•d 31 May 2021 l Ter￿ io the charity t￿l¢eS on my examination of the accounts forth¢ year ¢nded 3151 May 2021, whi¢ are set out on pag¢s 8-16. Respective responsibilhies of trustees and examiner Th¢ trustees (who ar¢ also the dir¢ctors of the company forthe pu￿$¢$ of company law) arr respon$ibl¢ forthe prepardtion of the a¢counts in accordance with the Tequirements of the Companies Act 20061'th¢ 2006 Aci'i. Havijjg satisfied myself that the accounts of the £haTity are not r¢qU￿e4 to be audid under Part 16 of the 2(M16 Act aDd 8re eligible for indepthdent examination, it is my r¢5ponsibility lo.. examine the 2c¢ounts und¢r secliott 145 of the Chzriti¢s Aet 2011 to follow the procedures laid down in th¢ general Directions given bythe Charity Commission utd¢r section 145151(b) of the Charities Aci 2011,. and to state wh¢thrr particular matt¢rs hav¢ come to my attentioJJ. Bw$i5 ofittdependetht ex&mlfj¢r's report My examination ¢arried out in aceordance with the generdl Direcl101I5 given by the ChttTity Cotnmission. An ¢xaTnination includes a review of tht accounting records kept ty the chariry and a comparison of the accounts pre￿ted with those records. It also in¢lude5 Gonsideration of any unusual items or disclosur¢5 in the accounts and seeking explanations from you as trustees ¢on¢erninb any such matters. The procedures undenaken do not prov2de all the evidence that would be required in an audit and consequently no opinion 1$ giv¢D as to wh¢ther the acwuttts pr¢sent a'tN¢ and afair view. and the report i8 limited to those matt¢rs set out in the statement below. Independent examkn¢r'$ stst¢ment Tn conn¢rtion with my examinatioJJ, no Matter tsa5 eome to tny &¢tetttion'. {1) which gives tlle reasonable Cause to believe that in any materia] re4)o¢t the requirements.. to k¢ep a¢¢ountill8 r¢rords in a¢rordance with section 386 of the CoTnpanies Act 2006. artd to prepaT¢ accounts which a(￿rd with the accounting records, comply with the accounting r¢quirem¢nts of the section 396 of the Companies Act 2006, section 130 of the Chariti¢s Act oth¢r t1￿ any requirern￿t that the account5 give a-tru¢ and fair" view which i5 noi & Jnatt¢r con55dered as pyrt of an indepertd¢nt exaTnination,' and to prepare th¢ accounts in a¢cordan¢e with th¢ methods and PTinciple$ of the Statemettt of re¢omfflended practi￿ foT accounting and rwrtittg by Chariti¢s {issu¢d ])¢cember 2019} atKi Finatt¢ial R¢portUi8 StandaTd IFRS 102} have not b¢cn rn¢t; or ro which. in my opinion. attention ghould be dr*wn in ¢wd¢rto eJJ4blo a pmpw uThder$thndins of the account5 to b¢ rcached. Karen M Wyatt FCA ICAEW York House I Se8grave Ri>ad, London SW6 IRP 28 Febrllary 2022

The Suited & Booted Centre Limited Statement of Financial Position

Year ended 31 May 2021

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Unrestricted Restricted
Funds Funds Total Total
2021 2021 2021 2020
Notes £ £ £ £
Income
Grants
2		 10,946 48,094 59,040 48,820
Fund raising and Donations
2		 92,230 - 92,230 110,588
HMRC Gift Aid
2		 575 - 575 747
Bank interest
2
Total income
Expenditure		 14
103,765
 -_ 14 78
48,094 151,859 160,233
Cost of generating funds
-
Fundraising costs
3		 - - - 1,993
Charitable activities
-
Project management and
Governance costs
3		 101,908 14,760 116,668 125,807
Total expenditure 101,908 14,760 116,668 127,800
Net (expenditure)/income before
other recognised gains/(losses)		 1,857 33,334 35,191 32,433
Other recognised gains/(losses) -
 - - -
Net movement in funds 1,857 33,334 35,191 32,433
Total funds brought forward 33,402 59,040 92,442 60,009
Total funds carried forward 35,259 92,374 127,633 92,422

All incoming resources and resources expended derive from continuing activities. There are no recognised gains or losses other than those disclosed above.

There is no difference between the net movement in funds for the year stated above and the historic cost equivalent the profit for the year for Companies Act purposes is the same as the net movement in funds for the year.

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The Suited & Booted Centre Limited Statement of Financial Position

Year ended 31 May 2021

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2021 2020
Notes £ £
Current Assets
Debtors
4		 24,964 37,066
Cash at bank and in hand
5		 102,824 55,539
Total current assets 127,788 92,605
Current liabilities
Creditors
6		 (155) (163)
Net current assets 127,633 92,442
Net assets 127,633 92,442
Funds of the charity
Unrestricted funds
General funds
7		 35,259 33,402
Restricted funds
Restricted funds
7		 92,374 59,040
Endowment funds ____-__
 ____-__
Total charity funds 127,633 92,442

The attached notes on pages 12 to 16 form an integral part of these financial statements

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The Suited & Booted Centre Limited Statement of Financial Position Year ended 31 May 2021

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Statement by directors under section 476, Companies Act 2006

For the year ended 31 May 2021 the company was entitled to exemption from the requirement to have an audit under section 477(1) of the Companies Act 2006. No notice has been deposited under section 476 of the Act by members requesting an audit of the company's accounts for the financial year. The directors acknowledge their responsibilities for:

The accounts were approved by the management committee on 28 February 2022 and signed on its behalf by:

Angus Murray (Chair)

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The Suited & Booted Centre Limited Statement of Cash flows

Year ended 31 May 2021

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2021 2020
Notes £ £
Cash flows from operating activities:
Net cash provided by (used in) operating activities
8		 47,271 17,983
Net cash provided by (used in) financing activities 14 78
Change in cash and cash equivalents in the reporting period 47,285 18,061
Cash and cash equivalents at the beginning of the reporting
period		 55,539 37,478
Change in cash and cash equivalents due to exchange
movements		 ___-__ ___-
__
Cash and cash equivalents at the end of the reporting period 102,824 55,539

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The Suited & Booted Centre Limited Notes to the accounts Year ended 31 May 2021

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1. Accounting Policies

Basis of Preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Going concern

The accounts have been prepared on a going concern basis. Having carried out a detailed review of the company’s resources and challenges presented by the current economic climate, the directors are satisfied that the company has sufficient cashflows to meet its liabilities as they fall due for at least one year from the date of the approval of the accounts.

Fund Accounting

Incoming Resources

All incoming resources are included in the statements of financial activities (SOFA) when the charity becomes entitled to the resources, the trustees are virtually certain they will receive the resources and the monetary value can be quantified with reasonable accuracy.

Donated goods and services

Donated goods and services are recognised in the financial statements where they are usually provided by the donor as part of their trade or profession for a fee. The value placed on these resources is the estimated value the charity would pay in the open market for equivalent goods and services. Accordingly, donated clothing and volunteer help is not recognised in the financial statements but is described in the trustees' annual report.

Resources Expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:

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The Suited & Booted Centre Limited Notes to the accounts Year ended 31 May 2021

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Liability Recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

Fixed Assets

Fixed assets are capitalised if they can be used for more than one year and cost at least £1,000. No such assets were owned or had been purchased by the charity at the balance sheet date.

Stocks and work in progress

These are valued at the lower of cost or market value or where stock has been donated it is not recognised in the financial statements but is described in the Trustee’s annual report.

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The Suited & Booted Centre Limited Notes to the accounts Year ended 31 May 2021

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2. Incoming Resources

2. Incoming Resources
Unrestricted Restricted Total Total
Funds Funds 2021 2020
£ £ £ £
Grants 10,946 48,094 59,040 48,820
Donations and Fund-raisers 92,230 - 92,230 110,588
HMRC Gift Aid 575 - 575 747
Bank interest 14 - 14 78
Total incoming resources 103,765 48,094 151,859 160,233

3. Total Resources Expended

Basis of Fund Charitable Governance Total Total
Allocation Raising Activities 2021 2020
£ £ £ £ £
Direct Costs
Allocated to Activities
Dressing Direct - 16,840 - 16,840 33,413
Volunteer Costs Direct - 3,290 - 3,290 2,162
Project Management Direct - 31,920 - 31,920 31,030
Workshop Costs Direct - - - - 153
Fundraising Costs Direct - - - - 1,993
Other direct costs Direct - 600 - 600 -
Total - 52,650 - 52,650 68,751
Support Costs
Allocated to Activities
Office Time - 4,341 224 4,565 5,776
Communications Time - 290 - 290 359
Premises Usage - 55,027 2,251 57,278 52,914
Logistics Usage - 1,885 - 1,885 -
Total - 61,543 2,475 64,018 59,049
Total Resources
Expended
- 114,193 2,475 116,668 127,800

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The Suited & Booted Centre Limited Notes to the accounts Year ended 31 May 2021

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4. Debtors

4. Debtors
2021 2020
£ £
HMRC - -
Rent deposit 18,750 18,750
Prepayments 6,214 18,316
Total 24,964 37,066
5. Cash at bank and in hand
2021 2020
£ £
Current account 32,983 18,121
Deposit account 66,016 36,012
Pettycash 3,825 1,406
Total 102,824 55,539
6. Creditors: amounts falling due within one year
2021 2020
£ £
Creditors - -
Accruals 155 163
Total 155 163

7. Analysis of Funds

Summary of fund movements are as follows:

1 June 2020
Income
Expenditure
31 May 2021
£
£
£
£
Unrestricted Funds
33,402
103,765
(101,908)
35,259
Restricted Funds
59,040
48,094
(14,760)
92,374		 31 May 2020
£
33,402
59,040
Total all Funds
92,442
151,859
(116,668)
127,633		 92,422

The composition and changes of the individual funds are as follows:

Unrestricted Funds

The composition of Unrestricted Funds at the year end and the changes during the year are as follows:

Opening Net 31 May 2021 31 May 2020
balance movement
£ £ £ £
General Funds
Fixed assets - - - -
Net current assets 33,402 1,857 35,259 33,402
Total unrestricted funds 33,402 1,857 35,259 33,402

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Restricted Funds

The composition of restricted Funds at the year end and the changes during the year are as follows:

Opening Net 31 May 2021 31 May 2020
balance movement
£ £ £ £
Restricted Funds
Fixed assets - - - -
Net current assets 59,040 33,334 92,374 59,040
Total restricted funds 59,040 33,334 92,374 59,040

8. Reconciliation of net income/(expenditure) to net cash flow from operating activities

2021 2020
Notes £
 £
Net income/(expenditure) for the reporting period 35,191 32,433
(as per the statement of financial activities)
Adjustments for:
Bank interest (14) (78)
(Increase)/decrease in debtors 12,102 (14,535)
Increase/(decrease) in creditors (8) 163
Net cash provided by (used in) operating activities 47,271 17,983

9. Details of certain items of Expenditure

Related Party -Trustees Remuneration and Expenses

No trustee received any remuneration or expenses from the charity.

Fees for examination of the accounts

The Independent Examiner waived her fee.

10. Post balance sheet events

On 12 March 2020, The World Health Organisation declared the (Covid-19) a pandemic. Many countries, including the UK, have continued measures to contain and delay the spread of the virus, which includes extensive social distancing, business closures and travel bans. The trustees have considered the continuing financial impact of this pandemic and have concluded that the matter is a non-adjusting PBSE.

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