**Company Registration Number: 08079045 Charity Registration Number: 1149229** **The Suited & Booted Centre Limited Trustees’ Annual Report and Accounts Year Ended 31 May 2022** 1 ## **The Suited & Booted Centre Limited** **Trustees’ Report Year ended 31 May 2022** **_____________________________________________________________________________** The Trustees of The Suited & Booted Centre Limited (Suited & Booted) present its Annual Report and Financial Statements for the year ended 31 May 2022. 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 company registered in England and 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 4 London Wall Buildings Operational address Blomfield Street London EC2M 5NT United Kingdom. Telephone 07808531654 Website www.suitedbootedcentre.org.uk Trustees Angus Murray (Chair) Michael Thomas Jeremy Booth 2 **The Suited & Booted Centre Limited** **Trustees’ Report Year ended 31 May 2022** **_____________________________________________________________________________** ## _**Structure, Governance and Management**_ ## _**Governance**_ Suited & Booted is a charitable company limited by guarantee, incorporated on 22 May 2012 and registered as a charity on 5 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. 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. 3 **The Suited & Booted Centre Limited Trustees’ Report Year ended 31 May 2022** **_____________________________________________________________________________** ## _**Achievements and Performance**_ Suited & Booted was founded by Dr Maria Lenn MBE in 2012. Originally operating from the Wren church, St Andrew-by-the-Wardrobe, at St Andrews Hill in Blackfriars, in this financial year we have continued to operate in the City of London, but now from 4 London Wall Buildings in Blomfield Street near Liverpool Street. In July 2021, the Government announced a relaxation in England of the restrictions introduced to combat the COVID-19 virus pandemic, but the activities of Suited & Booted during this financial year, both fund-raising and helping our clients, have continued to be affected by the measured public response to the lifting of Covid restrictions throughout England. In this financial year, Suited & Booted saw 1,398 c lients for clothing, and all our clients have the option of receiving interview training, but the number of clients we have been able to help is inevitably fewer than would be the case 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. Despite the limited scope for fundraising owing to Covid restrictions, volunteer Iole Mottram ran in the sponsored Hackney Half Marathon and trustee Mike Thomas organised a Pub Quiz. 4 **The Suited & Booted Centre Limited Trustees’ Report Year ended 31 May 2022** **_____________________________________________________________________________** Our volunteers also gave talks on behalf of Suited & Booted in a range of venues, including Sky Television, Jobcentres in Hendon, Shepherd’s Bush and Wandsworth, the Kickstart Movement Activity to Work scheme, Hackney Employment Support Network, Shaw Trust, HMP Hollesley Bay, Ingeus (JETS), CFO Hub Croydon, a webinar for 3R Strategy and a presentation to McKinsey. Our volunteer clothing collector also carried out numerous collections of clothing for Suited & Booted. We are grateful to the following for their generous support throughout the financial year: Hiscox Foundation UK Weil, Gotshal and Manges The Worshipful Company of Actuaries The Worshipful Company of Bowyers The Worshipful Company of International Bankers The Worshipful Company of Girdlers Generation Investment Management McKinsey United Way UK/Principal The Archer Trust Capital Arches Group (McDonald’s West End) Fox & Chave Sky CosyFeet Chevron Products UK Dentons, Coutts The Royal Opera House Central District Alliance Ashdown Group 3R Strategy Scotiabank. ## _**Principal Funding Sources**_ Our income came from grants and regular donations, totalling £40,386 (a decrease from £59,040 in the prior year) and income from voluntary donations which totalled £45,109 (a significant decrease from £92,231 in the prior year). Fund raising continued to be very 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 (Unrestricted) Fund was £63,294 (2021: £35,259), which meets this target. 5 ## **The Suited & Booted Centre Limited** **Trustees’ Report Year ended 31 May 2022** **_____________________________________________________________________________** ## _**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: - Elect suitable accounting policies and then apply them consistently; - Observe the methods and principles in the charities SoRP; - Make judgements and estimates that are reasonable and prudent; - State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 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 21 February 2023 by: ## **Angus Murray (Chair)** 6 The Sulted & Boot•d Centr• Llrnltad Indep•ndent ExamlnoP$ Report Y•ar gnd•d 31 M•y 2022 TO fHE TRUSTEES Ob THE SUITED & BOOTED CENTRE LIMITED l T¢tK)rt to the charity trust¢es on my examination of the a¢counts for the year ended 31A May 2022, which aTe sei out on pages 9-17. Re5pon$lbilitieg basls of rtw>rt ThE trusttes (who are &150 the directOT8 of the tompaDy foT the pu￿08¢$ of c(xnpany l&wl are respon¥ible for the preparation of the a¢couDts in a¢cOrd￿ce with th¢ reguiirjnenrs of the comp￿leS Act 2006 {'the 2006 Act'l. Havtng saiisfJ¢d myself that the accounts of the charity are not required to be audited under Part 16 of th¢ 2006 and aTe eligible for inde￿￿￿enT examination. it is my responsibility 10.. Examine th¢ ￿cOUrtts under section 145 ofthe Charities Act 2011 to followthe PTo¢edur¢s laiddown u] the general DirtCtionsgiv¢n by theCh*rity Commission under section 145{5)(bl of the Charities Act 2011: alld 10 stato whetherpthi¢ularmatters have cfjm¢ ￿ my attention. lrtdependellt ￿9M￿tr.S 51otement I have comple*d my examination. I confum that no m&tt¢rs have ¢ome to my attention itt conn¢¢tion ￿th the examination giving me Cause to believe that in any mtttsrial respect.. atcouniing r¢cords w¢r¢ notk¢pt in respect of th¢comp2ny as reqrtired by settion 386 oftht 2006 ACL Ibe accounrs du not ￿cOrd with those rttord5', or the wcounts do not Comply with the a¢couDiing r¢quirements of s#tion 396 ofth¢ 2006 A¢t otheT than ttny rcquirement that tbe accounts give a'true and fair view, which 15 a ma¢teT considered as part of an independent exDmination', or the account$ have not been prepa￿d in Èeeordanee with the methods and principles of the Si&*meiit of Recommend¢d Pra¢tir¢ forac¢ouniin8 andTepoftingby charities lapplicableto charities preparing their ccounis u) &c¢ordllnce with the FiDanci&l Rcporring Stsndard applirable th th¢ UK and Republic of Jreland IFRS 10211. I hav¢ ￿0 cOn￿rn5 end have come across other matters in ¢onn¢ction with the examination to which atietttioD sbou]d b¢ drdwn in this r¢port in 0￿er to enable a PToper undetstanding of the accounts to be rea¢he Kllren M Wy#tt FCA ICAEW York IIou4e I S¢agrdve Road. Loll￿ SW6 IRP 21 February 2023 ## **The Suited & Booted Centre Limited** ## **Statement of Financial Activities** ## **Year ended 31 May 2022** ## **________________________________________________________________________** ||**Unrestricted**|**Unrestricted**||**Restricted**|**Restricted**||||| |---|---|---|---|---|---|---|---|---|---| |||**Funds**|||**Funds**||**Total**||**Total**| |||**2022**|||**2022**||**2022**||**2021**| |**Notes**||**£**|||**£**||**£**||**£**| |**Income**|||||||||| |Grants and regular Donations
2||40,386|||-||40,386||59,040| ||||||||||| |Fund raising and Donations
2||45,109|||-||45,109||92,230| |HMRC Gift Aid
2||2,790|||-||2,790||575| |Bank interest
2
**Total income**
**Expenditure**|
|22
**88,307**|||-||22||14| ||||||||||| ||||||**-**||**88,307**||**151,859**| ||||||||||| ||||||||||| |Cost of generating funds|||||||||| |Fundraising costs
3||-|||**-**||-||-| |Charitable activities|||||||||| |Project management, Governance
costs
3||60,272|||87,843||148,115||116,668| |**Total expenditure**||**60,272**|||87,843||**148,115**||**116,668**| |**Net (expenditure)/income before**
**other recognised gains/(losses)**||**28,035**||**(87,843)**|||**(59,808)**||**35,191**| |Other recognised gains/(losses)||**-**||**-**|||**-**||**-**| ||||||||||| |**Net movement in funds**||**28,035**||**(87,843)**|||**(59,808)**||**35,191**| |Total funds brought forward||35,259|||92,374||127,633||93,442| ||||||||||| |**Total funds carried forward**||**63,294**|||**4,531**||**67,825**||**127,633**| 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. 8 ## **The Suited & Booted Centre Limited** **Statement of Financial Position** **Year ended 31 May 2022** **________________________________________________________________________** |||**2022**|**2021**|**2021**| |---|---|---|---|---| |**Notes**||**£**|**£**|| |**Current Assets**||||| |Debtors
4||24,091|24,964|| |Cash at bank and in hand
5||43,777
|102,824|| |||||| |Total current assets||67,868|127,788|| |**Current liabilities**||||| |Creditors
6||(43)||(155)| |Net current assets||67,825|127,633|| |**Net assets**||**67,825**|**127,633**|| |**Funds of the charity**||||| |**Unrestricted funds**||||| |||||| |General funds
7||63,294|35,259|| |**Restricted funds**||||| |||||| |Restricted funds
7||4,531|92,374|| |Endowment funds|**____-__**||**____-__**|| |||||| |**Total charity funds**||**67,825**|**127,633**|| The attached notes on pages 13 to 17 form an integral part of these financial statements 9 ## **The Suited & Booted Centre Limited** **Statement of Financial Position Year ended 31 May 2022** ## **________________________________________________________________________** ## _**Statement by directors under section 476, Companies Act 2006**_ For the year ended 31 May 2022 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: - ensuring that the company keeps accounting records which comply with section 386, and - preparing accounts which give a true and fair view of the state of affairs of the company as at 31 May 2022 and of its surplus or deficit for the year then ended in accordance with the requirements of section 396 of the Companies Act 2006 and which otherwise comply with the requirements of the Act relating to accounts, so far as applicable to the company. The accounts were approved by the Trustees on 21 February 2023 and signed on its behalf by: ## **Angus Murray (Chair)** 10 **The Suited & Booted Centre Limited** **Statement of Cash flows** **Year ended 31 May 2022** **_______________________________________________________________________** ||**2022**|**2022**||**2021**| |---|---|---|---|---| |**Note**|**£**|||**£**| |Cash flows from operating activities:||||| |_Net cash provided by (used in) operating activities_
8|(59,069)|||47,271| |Net cash provided by (used in) financing activities
2|22|||14| |||||| |_Change in cash and cash equivalents in the reporting period_|(59,047)|||47,285| |_Cash and cash equivalents at the beginning of the reporting_
_period_
5|102,824|||55,539| |||||| |_Change in cash and cash equivalents due to exchange_
_movements_||___-__||___-__| |_Cash and cash equivalents at the end of the reporting period_||**43,777**|**102,824**|| 11 **The Suited & Booted Centre Limited Notes to the accounts Year ended 31 May 2022** **_________________________________________________________________________________________** ## _**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**_ - The General fund is an unrestricted fund which is available for use at the discretion of the trustees in furtherance of the general objectives of the charity. - Restricted funds are subject to restrictions on their expenditure imposed by the donor or through the terms of the appeal ## _**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: - Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. - Costs of generating funds comprise the costs associated with attracting voluntary income. - • Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include costs of producing the annual report and accounts. - All costs are allocated between the expenditure categories of the SoFA on a basis designed to reflect the use of resource. Costs relating to a particular activity are allocated directly; others are apportioned on an appropriate basis. 12 **The Suited & Booted Centre Limited Notes to the accounts Year ended 31 May 2022** **_________________________________________________________________________________________** ## _**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. 13 ## **The Suited & Booted Centre Limited Notes to the accounts Year ended 31 May 2022** **__________________________________________________________________________________________** ## _**2. Incoming Resources**_ ||**_Unrestricted_**|**_Restricted_**|**_Total_**|**_Total_**| |---|---|---|---|---| ||**_Funds_**|**_Funds_**|**_2022_**|**_2021_**| ||**_£_**|**_£_**|**_£_**|**_£_**| |Grants and regular donations|40,386|-|40,386|59,040| |Donations and Fund-raisers|45,109|-|45,109|92,230| |HMRC Gift Aid|2,790|-|2,790|575| |Bank interest|22|-|22|14| |**Total incoming resources**|88,307|-|88,307|151,859| ## _**3. Total Resources Expended**_ ||**_Basis of_**|**_Fund_**|**_Charitable_**|**_Governance_**|**_Total_**|**_Total_**|| |---|---|---|---|---|---|---|---| ||**_Allocation_**|**_Raising_**|**_Activities_**||**_2022_**|**_2021_**|| |||**_£_**|**_£_**|**_£_**|**_£_**|**_£_**|| |**Direct Costs**|||||||| |Dressing|Direct|-|36,967|-|36,967|16,840|| |Volunteer Costs|Direct|-|7,088|-|7,088|3,290|| |Project Management|Direct|-|32,455|-|32,455|31,920|| |Workshop Costs|Direct|-|-|-|-|-|| |Fundraising Costs|Direct|-|-|-|-|-|| |Other direct costs|Direct|-|11,333|-|11,333|600|| |**Total**||**-**|**87,843**|**-**|**87,843**|**52,650**|| |**Support Costs**|||||||| |Office|Time|-|2,019|656|2,675|4,565|| |Communications|Time|-|256|-|256|290|| |Premises|Usage|-|55,441|627|56,068|57,278|| |Logistics|Usage|-|1,273|-|1,273|1,885|| |**Total**||**-**|**58,989**|**1,283**|**60,272**|**64,018**|| |**Total Resources**|||||||| |**Expended**|||||||| |||**-**|**146,832**|**1,283**|**148,115**|**116,668**|| ||||||||| 14 ## **The Suited & Booted Centre Limited Notes to the accounts Year ended 31 May 2022** **________________________________________________________________________________** ## _**4. Debtors**_ ||**_4. Debtors_**|||| |---|---|---|---|---| |||**_2022_**|**_2021_**|| |||**_£_**|**_£_**|| ||HMRC|-|-|| ||Rent deposit|18,750|18,750|| ||Prepayments|5,341|6,214|| ||**Total**|24,091|24,964|| ||**_5. Cash at bank and in hand_**|||| |||**_2022_**|**_2021_**|| |||**_£_**|**_£_**|| ||Current account|9,979|32,983|| ||Deposit account|31,024|66,016|| ||Pettycash|2,774|3,825|| ||**Total**|43,777|102,824|| ||**_6. Creditors: amounts falling due within one year_**|||| |||**_2022_**|**_2021_**|| |||**_£_**|**_£_**|| ||Creditors|-|-|| ||Accruals|43|155|| ||**Total**|43|155|| ## _**7. Analysis of Funds**_ Summary of fund movements are as follows: |**_1 June 2021_**
**_Income_**
**_Expenditure_**
**_31 May 2022_**
**_£_**
**_£_**
**_£_**
**_£_**
Unrestricted Funds
35,259
88,307
(60,272)
63,294
Restricted Funds
92,374
-
(87,843)
4,531|**_31 May 2021_**
**_£_**
35,259
92,374| |---|---| |**Total all Funds**
127,633
88,307
(148,115)
67,825|127,633| 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 2022_**|**_31 May 2021_**| |---|---|---|---|---| ||**_balance_**|**_movement_**||| ||**_£_**|**_£_**|**_£_**|**_£_**| |**General Funds**||||| |Fixed assets|-|-|-|-| |Net current assets|35,259|28,035|63,294|35,259| |**Total unrestricted funds**|35,259|28,035|63,294|35,259| 15 ## **The Suited & Booted Centre Limited Notes to the accounts Year ended 31 May 2022** **________________________________________________________________________________** ## _**Restricted Funds**_ The composition of restricted Funds at the year end and the changes during the year are as follows: ||**_Opening_**|**_Net_**|**_31 May 2022_**|**_31 May 2021_**| |---|---|---|---|---| ||**_balance_**|**_movement_**||| ||**_£_**|**_£_**|**_£_**|**_£_**| |**Restricted Funds**||||| |Fixed assets|-|-|-|-| |Net current assets|92,374|(87,843)|4,531|92,374| |**Total restricted funds**|92,374|(87,842)|4,531|92,374| ## _**8. Reconciliation of net income/(expenditure) to net cash flow from operating activities**_ |||**_2022_**|**_2021_**| |---|---|---|---| ||**_Notes_**|**_£_**
|£| |Net income/(expenditure) for the reporting period||(59,808)|35,191| |(as per the statement of financial activities)|||| |Adjustments for:|||| |Bank interest||(22)|(14)| |(Increase)/decrease in debtors|4|873|12,102| |Increase/(decrease) in creditors|6|(112)|(8)| |**Net cash provided by (used in) operating activities**||(59,069)|47,271| ## _**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. 16