Charity registration number." 1170734 SUIT WORKS. Appearance. Confidence * Success ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS For the year to 31 March 2023
The Sult Works Contents of the Flnancial Statements Forthe year ended 31 March 2023 Legal and Administrative Information Trustees, Annual Report Structure, Goverr¥aTrce and Management Objectives and Artivities for the Public Benefit Our Values and How We Operate Data and Performance Activities and Achievements Financial Review Reserves Policv Plans for Future Periods Trustees. Responsibilities in relation to the Financial Statements Independent Examiner's Report to the Trustees of The Suit Works Statement of Financial Activities for the year ended 31 March 2023 Balance Sheet as at 31 March 2023 Notes to the Financial Statements io li 12-21
The Sult Works Legal and Administrative Informatlon Forthe year ended 31 March 2023 Trustees Mick Nott Ichair & Treasurerl Janet Harwood (Governance) Sharon Fudge Resigned as Chair Dec 2022 Alexis Foster Ben Wright Registered office Star House 43 Division Street Sheffield SI 4GE Accountants Beyond Profit Ltd G104 Bolton Arena Arena Approach Bolton BL6 6LB Independenl Examiner It Doesn't Have to Cost the Earth Ltd 47 St. Dunstans Close Worcester WR5 2AJ
The Suit Works Trustees, Annual Report For the year ended 31 March 2023 The trustees of the charlty submlt thelr annual report and the financial statements for the year to 31 March 2023. Structure. Governance and Management The Suit Works was registered with the Charity Commission as a Charitable Incorporated Organi5ation on 14 December 2016. The liability of each member in the event of winding up is limited to £5. The trustees work with the CEO on the current and future strategies for the charity. They do thls at Board meetlngs and throuBh regular communication with the CEO. Each Trustee has an area of expertise and an area they provide support with. The Board of Trustees meets together every quarter and covers standard agenda Items.. • Trustee updates Director's Report Iperformance, progress. risks, opportunity) • Financial Report lincome, expenditure. funding sources and streams) Review and amendments of strategic plan5 and development Risk Register Regular policy reviews Annual strategy meetings take place every March. Extraordinary meetings take place as and when required. In December 2022, Sharon Fudge stood down as Chair and remained as Trustee. Mick Nott, the Treasurer, was voted in as Chair by the Board in January 2023. The Board will review, amend or change Trustee roles as required by mutual agreement. Objectives and Activities for the Public Benefit The objective of the charity is the relief of unemployment for the benefit of the public in such ways as may be thought fit, including assistance to find employment. This includes the provision of suitable inteNiew wear, interview coaching and preparation. The Trustees confirn7 that they have referred to the gijidance contained in the charity commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future attivities and setting the grant making policy for the period,
The Suit Works Trustees, Annual Report- conttnued Fofthe year ended 31 March 2023 Our Values and How We Operate Supporting Vulnerable People We provide a warm welcome and a relaxed atmosphere to help our clients feel comfortable. We give the individual the same experience they would expect from a paid styling service as we believe it is of benefit to everyone not just those who can afford it. We are respettful of individuals and their personal tastes, and we aim to style and accommodate all those who wish to a¢5$ the service. Building Confidence in the Unemployed Educate people about their style so they can be confident in making future styling choices for interviews and when they start work. Work with them until we find the right outfwt SO they can be proud of their personal presentation helping them to be at ease in their interview. Encourage people to invest in quality clothing. Our Customers should always leave with an outfit that gives them a good feeling. Working with clients on basic interview skills. This can include providing mock interview. Provision of volunteering roles (where available) to build confidence in workplace Contributing to reducing rates of employment Collaborative working with other organisations and other charities to ensure that employability support 15 provided where needed. Helping the environment We are supported by a local company who Clean our suits for free, wherever possible they wet clean which is more environmentally friendly than dry cleaning and they provide us with recycled suit bags. Clothes are donated saving them ultimately from landfill and reducing the need for more production and manufacture of clothing. Clothes that are not fit for purpose are recycled. Students work with us to upcycle fabric that is no longer wearable in its current state. Clothes that are not suitable for use by The Suit Works are given to other charities to assist with their fundraising or clients.
The Suit Works Tru5tee5' Annual Report- continued For the year ended 31 March 2023 Data and Performance In the wake of Covid-19, we have continued to support Clients in the Sheffield City region. In 202212023 we helped 258 clients with formal wear and a much-needed confidence boost. Of those clients, an amazing 62% were successful at interview and returned to the workforce. The total number of clients referred was 287, with 258 attending. This equates to an 89% attendance rate. We're really proud that so many clients attended their appointments, which is testament to the importance our referral partners place on our service when explaining it to clients. The majority of those who didn't attend were uncontactable, SUEgesting that for some reason. they didn't engage in the process. Gender The clients we helped were 41% female, 49% male, 1% trans, 1% gender neutral and 1% non-binary. Although gender data is not available from 202112022, anecdotally the biggest increase has been from female clients. The highest percentage of clients were in the 21-30 age bracket. Following this, were the 31- 40 and 20 or under, age ranges. The latter can be attributed to the close working relationship we have with the Prince's Trust. Nationally. those aged 16-24 have the highest rate of unemployment, which appears to be mirrored in our clients. Ethnltlty The ethnicity of clients (where data was collected) was predominantly white British170%1. 7% stated their ethnicity as Black or Black British-caribbean, 7% stated they were Asian- British and Asian or British Asian-Bangladeshi, Block British, other-Asian, and Mixed each represented 3% of our clients. Nationally, only 4% of those out of work class themselves as white British, wlth the highest levels unemployment in those who say they are Pakistani/Bangladeshi, Black or Mixed iii. Note: Data is dependent on the information we receive from referral agen¢ies and maybe incomplete dependent on client Ilisclosure. Location of clients Clients came to us from a range of postcodes within Sheffield City region. Of Clients who gave a permanent address, the top three p05tcodes feature two which were highlighted by the Office of National Statistics as having the lowest annual household income in Sheffield
The Suit Works Trustees, Annual Report- continued Forthe year ended 31 March 2023 IS5 and S81. Interestingly, the highest number of clients we helped were from the $6 postcode. which is not traditionally regarded as a low-income area of the city121. Where our referrals came from We've maintained good links with a number of referral partners. This year referrals came from our traditional referral partners Sheffield City Council120%1 and the Department of Work and Pensions116%1. Newer re13tionships have also started to yield results with 13% of referrals coming from the Prince's Trust and 12% from The Growth Company. 6% of clients self-referred themselves to us. 111 Gov.co.uk- Unemployment Ihttps.'/lwww.etFTni¢ity-facts.flgures.servlcÈ.gov.uk/work-pay-an& benefits/unemploymènt-and-economic-inartivitylunemploymentllatest#by- ethnic1ty-over-tlme-16-to-24-year-oldsn1Y-Whlte-2nd-Other-ethn1c-g[auP5) 121 ONS- People, populètion and tommunlty Ihttps..Ilwww.ons.8ov.uk/peoplepopUlationanLlcommunWlpersonalandhousehdf1dnceS/lncQme3ndWeaIthIbUIIetlnsIs mallareamodelbastdln¢omeestimates/flnancialyearending201 Actlvlties and Achievements This year has seen continued partnerships and a growth in engagement. Notable 2Ctivities and achievement5 include: Expanding the staff team by recruiting a aient and Wardrobe Co-ordinator Continuing to establish new partnerships and further develop existing ones. The Princes Trust, Sheffield United Community Foundation, Together for Sheffield and Street League are just some of charities and organisations we work with. This has ensured we take a collaborative approach to supporting people into employment. SUCF nominated us for the Partnership of the Year award and involved us in their strategy panel. Introducing a r>ew reporting tool, which has allowed us to provide more specific data to funders. Collaborative working with Shoe Aid and Shoe Zone. This has meant we have had a provision of brand-new shoes at no C05t to The Suit Works. Visited Smart Works Leeds. This enabled us to share best practice and to discuss service provision in other regions. Development of the new logo and branding Recruitment of new volunteers to assist with client, branding and client feedback. We continued to provide our interview coaching service to deliver mock interviews. Partnership with local IT tompany to provide u5 Wlth IT systems. We attended numerous job fairs across the clty that were hosted by the DWP and Opportunity Sheffield. Continued partnership with Barnsley College that has enabled us to develop our plan for our online charity shop> The Boutique Works. Students design and create items from unwanted donations. This generates funds for The Suit Works.
The Suit Works Trustee5' Annual Report- continued For the year ended 31 March 2023 We would like to thank the people of Sheffield for their support and Clothing donations, and we would in particular like to thank.. South Yorkshire Community Foundation Sheffield City Council Sheffield Town Trust The Company of Cutlers in Hallamshire Aviva Community Fund Sheffield Futures Together for Sheffield Co op Members Goodman Sparks Dry Cleaners Financial Review The Suit Works has seen very positive results this year. The charity has developed new sources of unrestricted income (Aviva Community Fund and Co op Members) and so has seen an increase in excess of 20% in its income levels when compared to the prior year. There was a surplus of £9,335 tompared to a deficit of £8,642 in the prior year. This meant the charity finished the year with total reserves of £30,79012022 £21,455) of which £26,118 are unrestricted. In addition to the growth in income, the charity has also achieved approximately an 8% reduction expenditure which can largely be attributed to it5 move to new premises in October 2021 which ensured that rent and rates tosts were stabilised. Unfortunately, the lease on the premises ended on 31 March 2023, however the charity's management team successfully negotiated an affordable interim payment for the six-month period to 30 September 2023. New premises were secured in September 2023 and The Suit Works now resides in premises located in the heart of Sheffield City Centre, making it a prime location for clients to reach. Whilst the charity ended the year in an Improved financial position, the Trustees recognise that in the current economic climate, It is vital to maintain and develop the chariW5 sources of both restricted and unrestricted incomes in order to ensure long term stability. The Trustees therefore review funding opportunities at every Board Meeting and continuously review income and expenditure to ensure the charity continues to be financially viable. The Suit Works considers that its funding for the short and mid-term future will be made up of a diverse blend of restricted and unrestricted income from.. larger grants restricted to partlcular needs, and/or particular outcomes or smaller unrestricted grants,. partnership funding workinE Wlth companies and corporations,. statutory funding.
The Suit Works Trustees, Annual Report- continued For the year ended 31 March 2023 corporate support, both in-kind and financial. This would ideally cover our core costs- individual givin& through one-off donations and through long-term regular giving Commitments,. legacies,. community fundraisill81 on-line trading. Dlversifying the income streams in this way will make the charity more robust and resilient to future funding challenges as well as increasing the visibility of TSW to prospective supporters that would not ordinariby see us. Reserve5 Policy The Sult Works Reserves Policy is to maintain sufficient level of reserve5 to enable normal operating activities to corktinue over a period of up to three months should a shortfall in income occur and to take account of potential risks and contingencies that may arise from time to time. The Trustees consider that for the current level of operation of the Charity the level of resetves required is three months, core operational costs, which is approximately £12,000. As at the end of this financial year the Charity had £26,118 of ur)restricted reserves. Plans for Future Periods Whilst 2022123 has been stable, the Board realise that moving into 2023124 changes in the external economy, municipal funding and the priorities of funding agencies; mean that TSW'S strateEies should be regularly evaluated by the Board as the financial year progresses. The Suit Works continues to grow, and we want to ensure we continue to engage with services and individuals to ensure everyone is reaching us. In addition, our future aspirations include.. To continue to build partnerships with organisations within the employability sector to ensure we are maximising the potential of clients by providing complete wrap around support. To strengthen retail partnerships in order to maintain the level of stock needed to meet the requirements of all clients. To forge stronger links with the local business community to provide financiallvoluntary assistance through our Corporate Partnership Package to be launched in 202312024. To continLte building our online trading arm, The Boutique Works.
The Suit Works Trustees, Annual Report- contlnued Forthe year ended 31 March 2023 Trustees. Responsibilities In relation to the Financial Statements The charity trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom AccountinE Standards (United Kingdom Generally Accepted Accountin8 Practice). The law applicable to charities in England and Wales require5 the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statement5, the trustees are required to.. select suitable accounting policies and then apply them consistently,. observe the methods and principles in the applicable Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures that must be 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 wlll continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the f inancial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities IAccounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the asset5 Qf the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements. Approved bythe Board on and signed on its behalf by.. Mick Nott Chair
Independent Examlner's Report to the Trustees of The Suit Works I report to the trustees on my examination of the accounts of The Suit Works 1.the Charitf I for the year ended 31 March 2023. ResponslbilltTe5 and basls of report As the charity trustees of the Charity you are re5tJon5ible for the preparation of the a¢counts in accordancè wlth the requirements of the Charities Act 20111'the ACYI. I report in SpeCt of my examination of the Charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charlty Commission under seetion 14515llbl of the Act. Independent examlnerfs statement I have completed my examination. l Confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Charity as required by section 130 of the Act.. or the accounts do not accord with those records- or 3. the accounts do not comply with the applicable requirernents concerning the form and content of accounts set out in the Charities IAccounts and Reports) Regulations 2008 other than any requirement that the account5 give a 'true and fair vièw. which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matter5 in connection with the examination to which attentlon should be drawn in thls report in order to enable a proper understanding of the accounts to be reached. Date.. 23rd November 2023 Teresa Fennell, ACMA CGMA It Doesn't Have to Cost the Earth Ltd 47 St Dunstan's Close, Worcester, WRS 2AJ
The Sult Works ststement of Financial Activities For the year ended 31 March 2023 Z023 2022 Unr•strlet•d R•strl¢t•d Funds Funds Total Funds Unr•%tricted Re5tri¢ted Total Funds Funds Fundj Notes Inwm¢ and Endownjents: Donations and Legacies Charitable Artivities 34,678 16,470 51,149 4.864 39,542 12.768 16.667 29.435 15.397 28.165 16,667 44,832 4,864 56.013 15.397 Exp•ndltur•: Raising Funds Charftsble Actlvltles 27 35,888 35,915 27 46,650 46.677 19 48.628 48,647 10,762 10.762 4.827 4,827 53.455 N#t Éncom•ll¢¥p¢ndlture} 15,234 5.898 119.2121 10,570 TfAnst•r l)•twwn funds Net movement In fvnds 15,234 5,898 119.212 10,570 R¢tontlll&tlon oAfvtr7d8.' Total fund5 brought forward 10,885 10.570 21A55 30,097 30,097 Totsl lunds e•rrl•d fon¥•rd 26.119 4,672 30,790 10.570 The statemènt of financial actlmties Includes all 8alns and losses recognised the yÈar. All income and expenditsire derfve from continuing activities. io
The Suit Works Balance Sheet As at 31 March 2023 2023 Notes Total Funds 202Z Total funds Tangible assets Total fixed assets 276 276 Current a55ets Debtors Cash at bank and in hand Totsl current assets 2,266 30,389 32,655 11.733 23.928 35.661 io Credtiois.. amounts falllng due wtthin oneat Net currentassèts/(kbiltie5) li 14,482 21,179 30.790 Totsl assets less current labilths Totsl netassetsI(fbllit1e5j Funds of the (haiity Unrestrirted fund5 Restrlcted funds Total funds 12 12 26.118 4,672 10.885 10,570 The note5 on pages 12 to 21 form an Integral part of the financlal 5talements. 1.1. I:..1 kn Is......... Approved by the trustee5 Oft....... - and signed on their behalfby: ID,N•- Mlck Nott. chair of Trustee5 li
The Suit Works Notes to the Financial Statements For the year ended 31 March 2023 Note I: Accountlng Pollcles The principal accounting policie5 adopted, judgements and key sources of estimatlon uncertainty in the preparation of the financial statements are as follows: al Basis of preparatlon The financial statements have been prepared in accordance with the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard appllcable in the UK and Republic of Ireland IFRS 1021, second edition - October 2019 (Charitie5 SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2016. The charity has applied the exemption available to small charities in the Charities SORP IFRS 1021 and does not include a Statement of Cash Flows in these Financial Statements. The Suit Works meets the definltion of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical c05t or transaction value unle55 Otherwise stated in the relevant accounting notes. bl Preparation of the accounts on a going Concern basis The trustees consider that there are no material uncertainties about the charity's ability to continue as a Boing concern. The tr¥Jstees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period. c) Incorne Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the itemlsl of income have been met, it is probable that the income will be received and the amount can be reliably measured. Income for government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions have been met, it is probable that the income will be received. the account can be measured reliably and is not deferred. Donations are recognised when the charity receives the funds. 12
The Sult Works Notes to the Financial Statement5 - contlnued For the year ended 31 March 2023 dl Fund accounting Ljnrestricted funds are available to spend on activities that further any of the purpose5 of the charity. Designated funds are unrestricted funds of the charity whlch the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are funds which the donor has specified are solely to be used for particular activitie5, e) Interest receivable Interest on funds held on deposit is included when receivable 2nd the amount can be measured reliably by the charity,. this is normally upon notification of the interest paid or payable by the Bank. n Expenditure Expenditure is recognised once there is a legal or construrtive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be recognised reliability. All expenditure Is shown inclusive of VAT. g) Allocation of support costs Support Costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back-office costs, finance, personnel. payroll and governance costs. Support costs have been allocated between governance tosts and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. h) Operatlng Leases The charity classifies the lease of photocopying and printing equipment as operating leases,. the title to the equipment remains with the lessor. Rental charges are charged on a straight- line basis over the term of the lease. 11 Tangible Fixed Assets Individual assets costing £500 or more are capitalised at cost and are depreciated evenly over their estimated useful economic lives, as follows.. Equipment 25% straight-llne 13
The Sult Works Notes to the FinancSal Statements- continued For the year ended 31 March 2023 Il Debtors Debtor5 lincluding trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received. k) Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Credltors and provisions are normally recogni5ed at their settlement amount after allowing for any trade discounts due. l) Corporation Tax The charity is exempt from tax on income and gains falling within sectlon 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives. ml Key estimates and accounting Judgements In applying the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions in determinin8 the carrying amounts of assets and liabilities. The Trustees, judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other fattors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates ad assumptions, the actual results and outcomes may differ. nl Donated goods During the year, donations of clothing and shoes were received for dlstribution to clients. Howevèr. no value has bèen assigned to these donations within the financial statements because it is not practicable to quantify the value of these without considerable time and expense. 14
The Suit Works Notes to the Flnancial Statements- continued For the year ended 31 March 2023 Note 2: An•lysS$ of Don*tlon$ and L•ga¢ies 2023 Unrestrlcted Restrlcted Funds Funds 2022 Unrestrirttd RestTirt•d Fund$ Funds Total Funds Total Funds sheffield Town Trust Movin8 on Up Covid Recovery Brelms Trust Hobson Charity The Forrester Family Trust Sales - Boutique Works Cutlers South Yorkshire PCC Shoezone Vouchers Donations Total 2,000 2,000 4,672 2,000 2.(M)O 4,672 7,866 4,672 4,672 7,866 2,500 2,5(X) 192 5.000 891 1,000 5,000 192 82 82 5.000 891 2,777 2,777 789 22,498 34,678 789 22,498 39,542 5,768 12,768 5.768 28,165 4,864 15,397 Not¢ 3: Income from Charltable Actlvltl¢s 2023 Unr•strlcted Restrlrted Funds Funds 2022 Unrestrlcted Restrlrted Funds Funds Total Fund$ Totsl Fund$ Sheffield City Council Other income Totol 16,470 16,470 16.667 16,667 16,470 16.470 16,667 16,667 Is
The Sult Works Notes to the Financial Staternents- contlnued For the year ended 31 March 2023 Note 4: Analysls of Charltable Arti¥ltie$ 2023 Unre$trlcted Restrlrted Funds Funds 2022 Unrestrl¢ted Restrlrted Fund$ Funds Total Funds Total Funds Suits and other clothing ttems Salaries Staff travel cosis Volunteer expenses Rent and rates Light and he3t Other office costs Office equipment depreciation Insurance Printin& posta8e and statOnery General expenses Support and 8overnance costs 1,421 15,647 1.421 26,217 I61} 26,486 195 536 14.841 67 815 603 301 1.272 257 3,856 48,628 682 3,400 82 29,886 195 536 IS,586 67 815 603 301 1,272 257 3,856 53,455 10,570 146 11.596 253 448 276 319 1,399 32 4.348 35,888 146 11,596 253 448 276 319 1.399 224 4,348 46,650 745 192 10,762 4.827 See rbotè S for the allocation of support and Bovernance costs. Note 5: Support and Governance costs 2023 2022 Accountancy and payroll fees Independent Examination INote 61 3,948 400 3,456 400 Not• 6: Detalls of certaln Items of expendlture 2023 Independent examiner fees Total 400 400 16
The Sult Works Notes to the Financial Statements- Continued For the year ended 31 March 2023 Note 7: Employee5 7.1 Staff costs 2023 2022 Salaries and wages Social Security costs Pension c05t5 Idefined ctrntribution scheme) Total rtaff cost5 25.761 29.191 456 26,217 514 29,887 No employee5 received employee benefits lexcluding employer pension costsl for the reporting period of more than £60.C¥Jo12022: nonel 7.2 AveraEe head ¢ount Inthe year 2023 2022 Total 73 Key Management Personnel The remuneration of the key management personnel is= 2023 2022 Salaries and wage5 Social Security c05t5 Pension costs Idefined contriblon scheme) 21.429 1,618 456 16.544 i.iio 319 23,503 17,973 17
The Sult Works Notes to the Financial Statements- continued For the year ended 31 March 2023 Note 8: Tanglble Flxed A55¢ts Equlpment Tot?1 Cost or Valuatlon As at l April 2022 Additions Disposals As 4t 31 March 2023 2,779 2,779 2,779 2.779 Depreciation As at l April 2022 Charge in year As at 31 March 2023 2,503 276 2,779 2,503 276 2,779 Net Book Value at 31 March 2023 Net Book Value at 31 March 2022 276 276 Note 9: Debtors and prepayments 2023 2022 Trade debtors Prepayments and accrued income Other debtors Total 3,333 8,4(H) 2,266 Note 10: Cash at bank Jnd In hand 2023 2022 Current Account Petty Cash Total 30,389 23.928 30,389 23,928 18
The Suit Work5 Notes to the Financlal Statements - contlnued Forthe yearended 31 March 2023 Note IL. Creditors & PLeruals 2023 2022 Trade creditors Accruals Taxes and SDcial security Deferred income Total 329 10511 336 379 2.592 14.482 L865 Deferred income comprises ol money found in donated stotk and remains lance at l Apri12022 Amount5 released to incgme earned frtsm charitable attivites Amounr deferred in period Balance at31 March 2023 2,692 12,6921 800 Prioryear Comparison Balance at l Apri12021 Amounts released to income earned from charitable artivites Amount deferred In period Balance at 31 March 2022 5,412 17,7201 2.692 19
The Suit Works Notes to the Financial Statements- contlnued For the year ended 31 March 2023 Nots Il. Chaiity fund5 Balance at IAprll Balance at JI March 2023 Income EKpendituiè Transfer ReslTlrtedFt4nds Hobson Charlty Covitt Recovery Funtl Moving On Up Total Restricted Funds 192 11921 15,8981 14,672 110.7021 5.898 4.672 10,570 4,672 4,6n 4,672 Unrestrlrted Funds Total Unre5trlrted Funds 10,885 10.885 51,148 51.148 135,9151 135.9151 26.118 26,118 Total Funds 21 55 56.0 46.677 Balan at IApril 20 Balance at 31 March 2022 Income Expendlture Transfèi RestrirtedFund5 Hobson Charity Covid Recovery Fund Moving On Up Sovth Yorkshire PCC Total Restricted Funds 82 7,866 4,672 2,777 15.397 (821 11.9681 5,898 4,672 2,n7 4.8271 10,570 UnTestrirtedFurttls Totsl Unre5tsicted Ful5 30.097 30,097 29,435 29A35 48.647 48.6471 10.885 Totsl Funds 30.097 53.474 20
The Sult Works Notes to the Financial Statements - continued Forthe yearended 31 March 2023 Note 13: Net asset by fund Unrestrlcted Funds Restricted Funds Totsl Fixed asset5 Net current assets 26,118 26,118 4,672 4,672 30,790 Prlor Year Comparative Unrestrlrted Funds Restricted Funds Total Fixed assets Net current assets 276 10,609 276 21,179 21.455 10,570 10,570 Note 14: Trustee5 rernuneration and expenses The tr4JStees received no remuneration for the performance of their duties12022.. £nill. Note 15: Related party transartlons The Trustees consider its key management personnel to comprise the Trustees and the CEO. The Trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or in kind12022.. £nill. No Trustee, or person related or connected bv business to them has received any payments or other benefits f rom the charity during the year. The remuneration of the CEO is shown in note 7.3. There were no related party transactions in the financial year ending 31 March 2023. Trustee indemnity insurance is covered in the Charity insurance policy. 21