Charity registratlon number: 1170734 SUIT WORKS.. Appearance. Confidence • Success ANNUAL REPORT AND UNAUDITED STATEMENT OF ACCOUNTS For the year to 31 March 2024
The Suit Works Contents For the year ended 31 March 2024 Legal and Administrative Information Trustees, Annual Report Structure, Governance and Management Objectives and Actlvlties for the Public Benefit Our Values and How We Operate Data and Performance Activitie5 and Achievements Financial Review Reserves Policy Pla ns for Future Periods Tru gtees, Responsibilities Independent Examiner's Report to the Trustees of The Suit Works Statement of Receipts and Payments forthe year ended 31 March 2024 Statement of Assets and Liabilities as at 31 March 2024 Notes to the Accounts io li 12-13
The Sult Works Legal and Administrative Information Forthe year ended 31 March 2024 Trustees Mick Nott Ichair & Treasurerl - Resigned April 2024 Janet Harwood (Governance & Chair from April 20241 Sharon Fudge Alexis Foster Ben Wright Samantha Headford- Appointed 4 May 2023 Tim Jeffery-Appointed 22 June 2023 Charlty registration number: 1170734 Registered off5ce Third Floor Suite Carver House 4 Carver Street Sheffield SI 4FS Accountants Beyond Profit Ltd G104 Bolton Arena Arena Approach Bolton BL6 6LB Independent Examiner It Doesn't Have to Cost the Earth Ltd 47 St. Dunstans Close Worcester WR52
The Suit Works Trustees, Annual Report For the year ended 31 MaTch 2024 The Trustees of the charity submit their annual report and the statement of accounts for the year to 31 March 2024. Strurture, Governance and Management The Suit Works was registered with the Charity Commission as a Charitable Incorporated Organisation 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 this at Board meetings and through regular communication with the CEO. Each Trustee has an area of expertlse and an area they provide support with. The Board of Trustees meets together every quarter and covers stsndard agenda items: • Trustee updates Directorfs Report Iperformance, progress, risks, opportunity) Financial Report (income, expenditure, funding sources and 5treamsl Review and amendments of strategic plans and development Risk Register Regular policy reviews Strategy meetings take place annually. Extraordinary meetings take place as and when required. In April 2024, Mick Nott resigned from the Board and Janet Hanwood was voted in as Chair by the Board in April 2024. The Board will review, amend or change Trustee roles as required by mutual agreement. Objertives 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 interview wear, interview coaching and preparation. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charitvs aims and objectives and in planning future artivities and setting the grant making policy for the period.
The Sult Works Trustees, Annual Report- contlnued For the year ended 31 March 2024 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 can be of benefit to everyone not just those who can afford it. We are respectful of individuals and their personal tastes, and we aim to style and accommodate all those who wish to access 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 outfit 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 Iwhere availablel to build confidence in workplace skills. Contributing to reducing rates of employment Collaborative working with other organisations and other charities to ensure that employability support is 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 reducin8 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 suitsble for use by The Suit Works are given to other charities to assist with their fundraising or clients. Data and Performance The Suit Works is pleased to report an 12% increase in the number of clients supported during the financial year 202312024. Our client base grew from 258 clients in the previous year to 289 clients this year. of these clients, we are pleased to report that 63% were successful in securing a job in the month following their visit to our service. This growth reflects our ongoing commitment to supporting individuals in need of smart wear for job interviews and new job roles.
The Sult Works Trustees, Annual Report- wntlnued For the year ended 31 March 2024 A key factor in our continued growth has been the beginning of our strategic expansion into community outreach and collaboration with employability groups. Over the past year we have reached an additional 66 individuals through visits to various community organi5ations, including Sheffield Ulted Community Foundation, Street League and Together for Sheffield. Whilst these individuals did not receive our primary service of smart wear provision, these partnerships allowed us to connect with more individuals who can benef it eventually from not only our primary service of smart wear provision, but also benefit from our interview presentation and preparation guidance service. In addition to working with employability groups, we have actively participated In more community events. This increased presence has not only expanded our reach but also boosted the number of referrals we receive. As more people become aware of oijr services, we expect this trend to continue, leading to further growth in the number of referrals received. Gender A significant aspett of our client growth involves understanding the gender dynamic of our referrals. Almost three quarters of our clients are males162%1. 37Yo are females, with the remainder identifying as non-binary. This is interesting as last year the gender balance was more equal. The increase in male referrals may be a result of the community groups we support. These figures highlight the importance of analysing our partnerships and outreach strategies to ensure we are effectively reaching and Supporting both males and females. Age The highest percentage of clients we Saw were aged 21-30, followed by 20 and under. This can be attrlbuted to the number of organisations we work with who support younger people into work. We saw an increase in the number of referrals for people aged 41-60. This increase can be attributed to various economic factors, including the c05t-of-living crisis, targeted outreach efforts, and specific challenges faced by older job seekers. By continuing to understand these factors, we can continue to tailor our service and outreach strategies. Location of clients Whilst the majority of our clients are from the Sheffield area, we have received an increase in referrals from outside of Sheffield. Notable areas include Doncaster, Leeds, Wakefield and Hull. Thi5 is due to the lack of provision in these areas. Of clients that stated their permanent address, two of our top three postcodes IS5 & S21 were also featured in data from the Office of National Statistics as the most socio-economic deprived areas in Sheffield. This is important because these areas have lower income levels but also people living in these areas are more likely to be facing inequalities.
The Suit Works Trustees, Annual Report- continued For the year ended 31 March 2024 Where our referrals come from The Suit Works receives referrals from over 30 organisations. Sheffield City Council accounted for 2890 of referrals this year. The couftcil'5 extensive reach across variou5 services allows us to serve a diverse range of clients. The Growth Company accounted for 24% of referrals (last year this was 12¥01. They have become a key partner in our mission to support more individuals over the past year and we predict a further increase in the next year. The Princes Trust accounted for 20¥0 of referrals Ilast year this was 13%1. This growth is due to an increase in employability programmes run by The Princes Trust. Activities and Achievements During the financial year 2023 to 2024, as well as an increase in referra15, The Suit Works achieved several significant milestones in our continued mission to support unemployed individuals into paid employment. l. ServitÈ Location: Due to rising rents, new premises were required part way through the financial year. Our priority was to maintain a presence within the city centre to ensure clients are able ro reach us with minimal transport costs. We also wanted to remain close to our referral agencies le.g DWP, SCC Provider services) to ensure we could arrange same day appointments where needed. In October 2023 we secured new premises that aligned with our budget and location needs. It has been a successful move with positive feedback from both clients and referrer5. 2. Corporate Partnerships: In order to diversify our income stream, we strengthened our corporate partnerships package. This enabled local businesses to have a clear understanding of what we were providing and how their support would assist us in the delivering our service. An example of this was an invitation to a large networking event where all proceeds were donated to The Suit Works. This resulted in a donation of over £2,000. Moving forward to the nexr financial year, we have secured a large sponsorship package from a local IT provider and we continue to build on relationships built over the past year. 3. Client Success Stories". Numerous client success stories were shared, demonstrating the transformative effect of the charity's services. This in turn has attracted the support of local businesses. Many clients expressed increased self-esteem and confidence, which significantly improved their chances of securing employment. 4. Increased Communlty Engagement: The Suit Works saw a rise in community engagement, with more volunteers, donations, and participation in events. Notable events include being involved in the BBC Bitesize schools tour, along with playing an active role in employability forums around South Yorkshire. We also featured in local press, took part in several interviews for BBC Sheffield and was nominated for a Sheffield Community Award.
The Sult Works Trustees, Annual Report- contlnued For the year ended 31 March 2024 5. Partnershlp Working: We continue to build partnerships with local referral agencies, which allows us to increase our reach and extend our Services to a broader range of individuals who need assistance. Referral agencies often provide various forms of support such as job training, housing assistance and interview coaching. By partnering with these agencies, we can offer a more holistic support System. This collaborative approach ensures that cllents not only received much needed smart wear and confidence building, but also other essential services that address multiple challenges. Referral agencies such as DWP, Sheffield United Community Foundation, Princes Trust, Depaul and SCC are just an example of the many agencies we work collaboratively with. We would like to thank the people of Sheff ield for their support and clothing donations, and we would in particular like to thank: South Yorkshire Community Foundation Sheff ield City Council Sheff ield Town Trust First Degree Ltd Shoe Aid Grant Thorton Baird Group Sheffield Futures Network King HSBC Financial Review The Suit Works has seen very positive results this year. The charity had net receipts of £12,324 12023.. £12.3581. Thi5 meant the charity finished the year with total cash funds of £42,71212023 - £30,388) of which £38,040 are unrestricted. The income for the year, when compared to the prior year is showing an Increase of £24,270 whith can be accounted for by the £38,000 in additional grant income recelved this year compared to last. The expenditure is over budget for the year by £9,775. This is largely due to the unexpected moving costs and rise in rent. There is also a slight overspend to budget in relation to supplies. However, thls Is the kind of cost that is difFicult to budget with any degree of accuracy as it 15 dependent on both stock being held as well as the requirements of the clients using the service. In contrast there has been a significant underspend in budgeted staff costs. Whilst the charity again ends the year in an improved financial p051tion, the Trustee5 recognise that in the cijrrent economic climate, it is vital to maintain and develop the charitws 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 Sult Works Trustees, Annual Report- continued For the year ended 31 March 2024 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 particular needs, and/or particular outcomes or smaller unrestricted grants,. statutory funding; 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 ¢ommitment5,' legacies,. community fundraising: on-line trading. Diversifying 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 ordinarily see us. Reserves Pollcv The Suit Works Reserves Policy is to maintain sufficient level of reserves to enable normal operating activities to continue 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 reserves required is three months, core operational costs, which is approximately £18,000. As at the end of this financial year the Charity had £38,040 of unrestricted cash funds. Plans for Future Periods Whilst 2023/24 has been stable, the Board realise that moving into 2024125 changes in the external economy, municipal funding and the priorities of funding agencies; mean that TSW'S strategies should be regularly evaluated by the Board as the financial year progresses. The Suit Works contlnues 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 financi31lvolurntary assistance through our Corporate Partnership Package. To assess the need for The Suit Works to have a presence in other areas of the country.
The Suit Works Trustees, Annual Report- continued For the year ended 31 March 2024 Trustees. Responsibilities The charity Trustees are responsible for preparing a Trustees, annual report and accounts. The accounts have been prepared as receipts and payments as allowed under section 133 of the Charities Act 2011. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial p051tion of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charitie5 IAccounts and Reports) Regulation5, and the provisions of the Constitution. They are also responsible for safeguarding the assets of 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 f inancial information included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of statement of accounts. Declaration The Trustees declare that they have approved the Trustees report. Signed on behalf of the charivs Trustees: Name: Position- Date.. Jan Hanvood Chair
Independent examinerfs report to the Trustees of The Sult Works ('the Charitrf) I report to the Trustees on my examination of the accounts of the Charity for the year ended 31 March 2024. Responsibilities and basis of report As the charity Trustees of the Charity you are responsible for the preparation of the account5 in accordance with the requirements of the Charities Act 20111" the ACY'I. I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examlnation I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examinerfs statement I have completed my examination. I conf irm that no material matters have come to my atter¢tion in connertion with the examination giving me cause to believe that in any material respect.. l. Accounting record5 were not kept in respect of the Charity as required by section 130 of the Act,. or 2. The accounts do not accord with those records. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Teresa Fennell, ACMA It Doesn't Have to Cost the Earth Ltd 47 St Dunstans Close, Worcester, WR5 2AJ Date.. 12th December 2024
The Sult Works Statement of Receipts and Payments For the year ended 31 March 2024 31 March 2024 Unrestricted Restrl¢ted tund5 funds 31 March 2023 Unrestrictsd Restricted funds funds Notes Totalfunds Total funds Receipts.. Grants, Donations and Other Lotal Authority Contract Tgtol Payments: Charitable Expenditure Totol 48,129 26,029 4,672 52,801 26,029 78.830 30,133 19,803 49.936 4,672 34.805 19.803 54.608 4,672 4.672 61,834 61,834 4,672 4.672 37.578 37,578 10,570 10.570 48.148 48,148 66,506 Net re¢eiptsllpaymentsl 12.324 12.324 12.358 {5.898} Cash Aund5 Ot31 March 2023 Transfers between funds Cush lunds ot31 M¢7rch 2024 25,716 4.672 30.388 13,358 10.570 23,928 38,040 42.712 25,716 4.672 30.388 io
The Suit Work5 Statement of Assets and Liabilities As at 31 March 2024 31 March 2024 Re$tri¢ted Income funds 31 March 2023 Restrfcted Income lund$ Unre5trfcted funds Total funds Totsl Cash Funds Cash at bank 38,040 38,040 4,672 4,672 42,712 42.712 25,716 25,716 4.672 4.672 30,388 30.388 Liabilttie5 Independent Examlnation Fee Pension contribLrtions Social security costs 440 128 290 858 440 128 290 858 440 440 113 223 776 113 223 776 These accounts were approved by the Board of Trustee5 on ..... behalf by-. and signed on their Jan Harwood Chair of Trustees li
The Suit Works Notes to the Accounts For the year ended 31 March 2024 11 Recelpts and Payment Accounts Receipts and payments accounts are Statements that summarise the movement of cash into and out of the organisation during the financial year. In this context 'cash" include5 cash equivalents, for example, bank accounts where cash can be readily withdrawn to pay debts as they become due. These accounts present both the current and prior year figures as receipts and payment5. 2) Grants, Donation5 and Other 2024 Unrestricted Restricted fund5 funds 2023 Unre5tritted Restflcted funds funds Totsl fund5 Total fvnds Donations 2,504 44,000 618 1,007 48,129 2.504 48,672 618 1.007 52,801 23,270 23,270 10.672 132 731 34.805 Gonts Other Income The Boutique Work5 Sale5 4,672 4,672 132 731 30.133 4.672 4672 3} Charltable Expendlture 2024 Unrestrfcted RestrKtsd funds funds 2023 Unrestritted Re5trirted funds funds T¢rtal funds Total funds Accountancy and Payroll Fees Clothin& Suits and Shoes General Expensos Independent Examiner Fee Insurance Legal and Professional Office Cost5 Rent and Rates Salaries Staff Travel and Expense5 Subscriptions Telephone Volunteer Expenses 3,909 1,030 43 440 330 175 i.oii 27,600 26,705 38 55 472 26 61,834 3,909 1,030 43 3,907 593 224 400 319 3.9)7 593 224 4(Y) 319 330 175 i.oii 27.6(KJ 31.377 38 55 472 26 1.473 14,136 15,699 256 1,473 14,136 26.269 256 4.672 10.570 432 139 37,578 432 139 48.148 4.672 10,570 12
The Suit Works Note5 to the Accounts - contlnued For the year ended 31 March 2024 41 Funds Transfers between fund5 Balance at 31 March 2024 Balance at I Incomlng April 2023 Resourtè5 Resources Expended Restricted Funds.. Moving On Up Total Rest¥Scted Funds 4,672 4,672 4,672 4,672 4,6721 14.672} 4,672 4,672 Unrestricted funds Total Funds 25,716 30,388 74,158 78.830 161,8341 166,506 38,040 42.712 Transftts between funds Balance at 31 March 2023 Balance at I Incomlng April 2022 Rèsources Resources Expended Prioryeorcompamtive Restricted Funds.. Covid Recovery Fund Moving On Up Total Restricted Funds 5,898 4.672 10,570 153981 14,6721 {10,570 4,672 4.672 4,672 4.672 Unrestricted funds Total Funds 13,358 23.928 49,936 37.5781 148,Wl 25.716 30,388 5} Related party transactions, Trustees, expenses and remuneratlon The Trustees all gtve freely thelrtime and expertise wtthout any form of remuneration o¥ other benefit in cash or kind12023.' £nill. No Trustees, or person related or connected by business to them has ceiVed any payments or other benefits from the charity during the year. Trustee indemntty Insuran is covered in the CharTty insurance policy. 6) Guarantees and Securities At the year end, there were no potentlal Ilablllties for which the charity had provided guarantees nor did the charity have any debts that had been secured by a charge on assets. 13