Cbarity R¢gLthlfO 212954 THE BESPOKE TAILORS, BENEVOLENT ASSOCIATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 AUGUST 2024
THE BESPOKE TAILORS, BENEVOLENT ASSOCIATION LEGAL AND ADMINISTRATIVE INFORMATION Trustee$ Mr. Simon Cundey Ms. Claire Mahon (Treasur¢r) Ms. Diana Mern]ezan-Platona Miss Natasha Mokshanaj Mr. Patrick Murphy Mr. Suresh Ramakrishnan (President) Mr. William Skinner Mr. David Wilkinson Secretary Miss Elizabeth P. Fox (resigned 31 December 2024) Charity Dumber. 212954 Prineipal address clo Henry Poole and Company (Savile Row) Limited 15 Savi1¢ Row London WIS3PJ Auditor Barnes Roffe LLP Leytonstone House Leytonstone London EII IGA Bankers Coutts & Co 440 Strand London WC2R OQS Inveslment Manager Rathbone Investment Management Limited 8 Finsbury Circus London EC2M 7AZ Page 2
THE BESPOKE TAILORS, BENEVOLENT ASSOCIATION CONTENTS Page Trustees, report *5 Statements of Tntees, responsibilities Independent audiiorfs report Ststement of financial athivities io Balance sheet Notes to the Financial Statements 12-16 Page 3
THE BESPOKE TAILORS, BEIYEVOLENT ASSOCIATION TRUSTEES, REPORT FOR THE YEAR ENDED 3 AUGUST 2024 Th¢ Trust¢es pre4tnt thcir rcp)rt and finarKia] ststytknts fw thcyf4rfn&d 3 Au8USt 2024. Th¢ financia] statrments have beth pr¢r•r>J in xcordance with the £ourfing w)li¢ie5 Xt out ID Dot¢ I lo th¢ fi#an¢iaJ statetnetlts and cotThply with the ¢Trwitys Royal Charw. the LTharities 2011 attd "Accollntin8 and Rwrting by Ch&riti¢s.. Stat¢ment of R¢¢0 Prxtic¢ applicabl¢ lo charilie5 prewit their aceounts. in xcordance with th¢ Financi Reporting StsEthTd wlicable tn th¢ UK and Rtpublic of IrelaThJ (FILS 1021 {¢ffe£tivc l J8nu8ry 20191.. Objeetlvej gttd a¢tlvltles A ch8rt¢r. datyl 12 August 1859. crealed The B¢ts¢voknt TrlUtIon for thc Relief of Agtyl and Infirn Journ¢ynJ8t) Tailo I'lhe Instirutk)n-l. tn 2011 th¢ In&ibJiior4 then kt)n Tr Ttiilors Bcfjcvoleni Instits]-. r¢501ved to chan80 its namc to Tr lIes)ke T8ilco' Berfvok¥Lt AsSltson- fol1& th¢ mtt8tr of its xtivtti¢s Sets with those of The M&sw T8iloT'5 Benevolcnt A&%(xiatiorL Th¢ ObjeiVeS of the InstiDJtion arc to re]i¢v¢ a1 erthcr g¢nually or iTrJividually pttwn5 who are or have b¢¢t) en8Agcd in thc Tctsil bwjke thi10ringle wt w)y ¢lty Ind are in neal ofwiJmn¢eby reason ofFw¢ty. disability. infinnity or oth¢rwis¢ by of grants or orK-off paymtnts 10 rrlicvc hardship. Th¢ lllstilutilm invilcs a11{tIonS from past journeyman thilors and tailort%w w hclp fund the reAular provisiott of weif8r¢ s¢rvi¢¢% Tr applications are l¢Wed sr¢cifi¢ tlitcria whtch are by th¢ Trusiea The Institution ai80 invit¢s applielon$ from individua]s for 8raots w klp rd onc-off projecL8 or tre•tm¢nts that may be requir¢d Di OTd¢r Wimote the wclfarc of thir members. To a¢hicve its objective& the Instituiion relies nomwltyon sp1 forvol¥Jtht8ry ]xymW the F¢stIV Dinntt, the SummerP8rty and in¢om¢ froutwiithj inVeSunen lTrvestsnerbts tre maintaincdtO8enetatein¢cthewhilst preservin8 these fund$ 8¢ sufficieni level to cover the fuwr¢obliwithM of thechwiry. Achievements and performattte As in prior years thc Instibjlion receiv¢d the niority of its income from ity inv¢thietht portfolio. whith had anoth¢r su¢¢¢ssful yw. The In#itsJtion held a Festiv tlinner and Patty in the yw. B(h evc41ts would no¢ hav¢ ken place without the 511Ptx)rt of two ¢nJsk¢s and six AeW4Td5 who volunte¢r&J their time and efforts for whith the Institution i5 8rgt¢fiJl. With an ov¢r4]I 411 surplus bein8 Twnisa in the year. the In#ltion w&8 able to continue to give support to its benefi¢iaN¢s. Publk B¢nellt The Trust¢¢s have due rewd to WLLid8nce published by the CharÈty Commi&8iw ith de¢iding what activits¢s th¢ Institution should u[thrt¢ required by seaion 17 of the Chari¢ie5 Act 2011. Funds It is the policy of the InMi¢u¢ion to m&intain fits at & l¢vel to ¢nre irKome fryjm ¢¥ts hrld in thc ycar d from investments will cov¢rthe d¢mw for gra0 Thu¢ w¢ no Itrictl fillbts. In the opinioth of th¢ thc curr¢ni level of is wropriatr to mea thest with inc4)me galcratrd being fully utilithl yw on ycar cjwitsble objettiV Th¢ l¢vcl of rd5 ts re¥icwed on an artnu3J bllS. Th¢ unr¢styi¢kd fund5 3 Aug 2024 wue £5.030.11512023.. £4.625.6071. Finaneisl rtVi¢TF Both the level of busine&8 and the year-thd Fy}siti( wer¢ as expwied. The Institirtion Yrned its historic level of tiviti¢5 in the financial ytgr (see l01-1Mpt of Cffjvermncni rutrictions wing from the lak3t PdeI¢- belov+}. The incomin8 re forthe ycar. bcforc cOUntir* for gain on Inv amout)(&110 £182227 23.. £167.l69) arld tota] na OU018 r)Ur¢eS grjnts and opuatioTral exwses were £141,639 12023.. £141.0511. Durin8 the ye8r the charity ha5 provided grants of £35J71 {2023.. £40.715) to 14 on8oinB benefitiwies {2023.. 14 brTrficiari¢sl who met thc ¢li8ibility criteria and two bCrTICS on a orLe-off b&sis (2023.. two). After tk¢t gain5 on inV¢ts of £363.920121Y23.. £214.2571, inCTe&< in fimds of £404,508 {2023.. £240.3751 was obtained resulting an InCre of 8ener81 to ,030.1151202j.' to £4.625.fA)7). Pag¢ 4
THE BESPOKE TAILORS, BEIYEVOLENT ASSOCIATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 3 AUGUST 2024 Impa¢t of Governjttent r&8trletlons #rtslD¥ the ltest pADdemic The Ittstitution held tNJth its Festivaj DiTJncr hlld SUM PBrty in the year which is the se4)nd year it has able to do so since thc last pthic. Thcse CVttLts arc the cjwity's key fiAr8 eY¢Dts and as imwrtant networku occ10 within thc bwkc tsiloriTrg The funds raisth throu8h the IniPJtym'$ &4iviti¢5 Tn thc yc4r Cteded those geTrerated in 2019. the year trttore the lalesi pdeMIc. Strnctiire governllee and mDgemeDt Thetn]steesaTe aware of the m8iorstrategjc8ndormi riskswhtththe¢lwity and CoThfi th&t Tegu18fTeN>rts •re produced by th¢ investment mwer in ordtr for be thkcn to le51) risks. The irtvesttnent manager rew>rts the It0.5 ¢ommitttt quartttly mectingk The r#thlio is nm on a diwretioThary ba5LS but the ¢ommitttt rnvi¢w$ th¢ inv¢sIm4 in¢luding wuisÉtsrAJs disp by the inv¢5th1¢ rnaner. at thesc me¢tiDg$. Trust¢¢s ar¢ ¢le¢d •t th¢ Atmual Wing ycar. New In bave a J¢r1118 their n)Ic5 whd respoTrstbiliti45 from nomiuth m¢mben orth¢ Tn¢ Trugte¢s Th¢ Tru3tee8 who s¢rvtyJ durinB the year up the dtte of siptwe of th¢ fuw¢ial w¢rt'. Mr. Simon Cundey Mr. P4uI Frearson ITffww¢r, dK¢s•J 6 MaTrh 2025) Ms. Claire Mahon (Spinted 2 November 21r23,'1'1¢rs1nl% 3 April 2025) Ms. Diattg Merniez8t).Platoni{wuid 2 Nov¢mbcr2023) Miss NaS&8ha MOksh8J Mr. Patrick MuTphy (Prtsident until 15 January 2025) Mr. T4iunder Phull {wind 2 Nov¢mtr 2023. r¢si&wJ 30 Januw 2025) Mr. Suruh RatDakrishn8tt {Pr¢sid¢nt sinLY IS Jsnuwy 2025) Mr. William Sklnncr Mr. David Wilkitt50n Th¢ TruJtetJ' rert WapproVal ty Tnth& S. IPr¢Jld¢nt) Trustee DAted: 11 Page 5
THE BESPOKE TAILORS, BENEVOLENT ASSOCIATION STATEMENT OF TRUSTEES, RESPOIYSIBILITIES FOR THE YEAR ENDED 3 AUGUST 2024 The Trnstees aye responsible for preparing th¢ Trustees. Report and the financial statements in accordance with applicabl¢ law and United Kin8th)m Aecowiting Standards (United Kingdom Generally Accepted Ac¢ourtling Prndi¢e). The law 8pplicabl¢ to ¢haTities in EnglaThJ and Wales requir¢s th¢ Tne¢S to prepare fumncial sialement5 for ¢a¢h financial year which give a true and fair view of the state of affaits of th¢ IDsiiiution and of th¢ incoming resources and application of r&wuTC¢S of the InstitIOn fff that year. In preparing these financial ststemettty TnLStew are requtred to.. - se1¢ sui¢able accounting wlictes and theD apply them cmsiststty: - observe the methods and principl&q in th¢ Chartties SORP: - make judgcments and estiInates th3t are reasonabl¢ and pnth¢ - state whether applicable ac¢ounting standards have been follow subje¢t to any matsrial departswes disclosed and explain¢d iti the financial statements. and - pr¢par¢ the financial statements on the 8oin8 ¢onc¢rn basis unl¢ss il is inappropriate to pr¢sume that the charity will continue in 010n. The Ttust¢¢8 are T¢SW)n$ible for keepingsufficA¢nt trf¢ountin8 rKords thatdisclos¢ with reasonable accuracy at any time the financial position of th¢ Institution and enable them tsy ¢D5ure that the fjnancial sta*m¢nts comply wilh the Charities A¢t 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also r¢$ponsible for safe8uardirtg th¢ Sets of th¢ tnstiwtion and hence for takin8 rety)nabl¢ Steps for the &YevtiOn aftd detection of fraud and other irregulwilies. Page 6
THE BESPOKE TAILORS, BENEVOIEIYT AocIATIoN INDEPENDENT AUDrroR'S REPORT TO THE BOARD OF MANAGEMENT OF THE BESPOKE TAILORS, BENEVOLENT ASSOCIATION Opinion W¢ bavc Oudl th¢ ruw111 stm of The Besp)k¢ Taikffs, B<¥Tholent A55LKlat1 lthc Ch•rity) for th¢ year ended 3 Augua 2W24 whidj comprise the y8tan¢ni of a(tiVIti die Wance sht and thc relaied not itt¢ludirtg a summary of si8nific4nt acwJntin8 rditits. The fJn8E%¢ial r¢ting framcwolkthat h&sFen applithl irt th¢ir PTrpaTaiior) is WpIib1e IAW 8nd Urtited Kin8th)m A¢4%)Wkting Standard& including financta] Rep)rtittE StattduTd 102 'The Financi Rep)rttTh8 Standard applicable in the UK 4r#1 iiqxd>li¢ of Jr¢lW, IUDitryJ Kingdom Genernlly ACC¢pd Ac¢ounting Practiee). In Opini the finala1 #emen. 8ive a true and fair vicw of the s¢at¢ of the awiws Affairs &8 ¥ 3 Augu 2024 aThJ of its incomiD8 re8our¢¢s and appli¢wi(xi of res0W itic111Th8 its i0o)me and extThJitsrt forthe ye4r then ¢nded; have been [o{¢rIY prw¢4 ID with United Kulgdom CKrKrnlly Accepied Ac¢ountiE)g Prnct¥¢e,' have been prepued in with Ibe wuiremu)ts orth¢ Ch•xides A¢t 2011. B881s for oplnion Wc conduded our audit in aCCordce with Intetnatio SlafyJ&rth Auditing (UK) {ISAs (UK)) •nd aFvIK&bl¢ I. Our responsibilitie5 under those gandards fvnhc¥ d¢s¢ribed in thc Awjitoffs rnSIbilIti¢$ for the wdit of th rEnanei&l statements section of rALT 1X)rL We #ff tthd¢p¢tht of thc Charity inxeordgnc¢ with thc eAhiuJ requircments th&t are relev8nt th our audLL of the r1rthrt¢i swements the Unl1 Kin8d{ iThcludtng the FintillI Rffjortin8 Council's bthicaj WMI wehave fulfLlltyJ wrotherethitsl re5wnsl ilitics in accorthce with requiremcTrts. We bclicve that thc a111 evidtZLce w¢ have ottsined is wffi¢ient Ind ¥presThtr to provide a IAsis for WTOPirtion. Con¢lu$lon$ relAtlng to golThg eollrt In auditin8 thc financid Aatcrnen we have corKId th•t theTnJ#ets ofthe iwis ofw)Uniirt4 in PTeparin8 of the fm8nci8] Statements is 4ywia Bascd oth the work w¢ hav¢ pttfornrf wt h8vc not identifled 8ny MB1 wK¢rwnties relating to ev or ¢ODdition$ th•L individu&lly or wll¢¢tiv¢ly. may ¢ast sirrie1 doulrt rn the Charity's ability ¢th¢inu¢ aBoinB eoncern for 8 period of at le&st twelve moTrths from when th¢ flrwKial authoTised for iss11e. Our responsibili¢i¢s and the •billtks of TnJ#ttS with r¢spea to Boing cuK¢rn deIb In th¢ r¢l¢vw)t S¢¢lions of this repL Other Inforni#tlon The other itLforn)ation conwises the InforntIOn irKIth in tk othcT the f1noThci ststememts and our Audi¢ol$ rw)rt th¢ro)n. The T¢¢$ rtSPOn5ible for the othes infomwiott contain within the At)nU r¢poTL Ouropinion on the fi1Cial statemts do w ¢ov¢rth¢ othu infornation except the¢xl1 otherwiseexpliciily stad in our r¢p)rL we do t1 cxpress any fornj of &8$Ur cClUSIOn thcreon. (hr re5rMsibility i to r¢&d the other information and. in doin8 considcr whether the other inf0mb0Tr is matrrially iwmsisnt with the financi statements or our knowledge ol&inrJJ in th¢ cows¢ of the wdi( or otheThse appe$ to b¢ materittlly misalcd. If w¢ identify such maortai inconsiswciesorappamil Mtrial misAatementy We3 rtquithlth ddcrminEwhetherthi$8ives rise to a m8terial Mi8SW¢L in th¢ fMMcl statC4nc4ts themlves. l( bAstyJ on th¢ WOTk we have we ¢on¢Judc there is a n111 DJisstalcmcDt of infOrno w¢ ue rwfired to rewlthat f We h?vc nothin8 to r¢FQrt in this Tcgard. Mtter5 0# which we gre r¢quir¢d to report by exeepth)n W¢ havc TKbthin8 lo rq)ort in r¢sp¢(l of the followiTr8 mattrrs i# telim to wlLith thc awÉtie5 (Accounty at)d Reports) RegullltiOll5 2008 require to rewKt to you if. in wr (oinion: or th¢ finan¢1 Memets &r not agrruKnt with thc books ofaow)L we have not ¢r¢¢iv&l 811 th¢ InfOnn eXplllnDtl we T£4Ui forulrwxlii Page 7
THE BESPOKE TAILORS, BENEVOLENT ASSOCIATION INDEPE1ENT AUDITOR'S REPORT TO THE BOARD OF MANAGEMENT OF THE BESPOKE TAILORS, BENEVOLENT ASSOCIATION (coiYfINUED) Ru)S1b1lltles of Trnste As &Kplatned more fully in the Tru¢'s rt4thsibi11tiesstatem th¢ TftMe¢sarc re5FsIble fortht pr4)arI0n ofthe rinancial statements and forbein8 S8tisfi¢d thot they gjveatrne f8ir view. 8tyJ foT Such intrrna] eoDtToI &$ th¢Trusttt% dthrminc is necessary to enable th¢ preparntion of financia] thst are free from matcrial miSstL whether due to fraud or ¢m)r. In Prering the financial Statemen th¢TrtSare responsiblcf(w&8s¢s8ingth¢Charity's ability toconifftueasagoing ¢on¢ern. dis¢losing. applicable. matt<s r¢lth] to going (ortcem atml 4J5ing th¢ going concern b1$ of &¢¢ounting un1¢55 th¢ eithcr inlcnd to liwith th¢ thrity or to ¢t or have no rt4li5Lic 8]teTh2tiv¢ Iwt w do Ayditorfj responsibilities for the audh ofihe Ilnncl&l ststrm¢ffjts We hav¢ been appoinieA as awJÉlor under sertion 144 of thc Clwitie5 Ad 2011 T in aCurda[ with the Aa 8nd levan¢ regtslations made orhavin8 effffj thertwth. OUT objecti¥es e toobtsin rety)nabl¢ assurance aFwi whetherthe staments awholear¢ free from matcri&l mitCmCn( whether due to fTHud or error. wjd to kssue An AudiWs T¢POrt includes our opinion. Rcasonable &ssurart¢¢ is a high Icvd of assurw¢. by¢ is rtot 48uarHntre th&[ sn audi¢ ¢onded ITh xordanc£ with ISAS (UKI will a]way5 (ktcc¢ a matcrial mi551atcment wh¢n li ¢¥IS Misswcments CAn 8risr from fThud or error and ore wisid¢red motsriol if, individually OT in the 88greg¥ they eoukl re&%onknty be ¢xpthJ to ihfluen¢c thc ttonomic decisions or User5 tskcn on th¢ basis of these financid Statem Irtegularities in¢lwlin8 are instsn¢ts Of mnwpli8n¢e with laws and reguiions. We d¢si8n pr in line with our r¢5ponsibilitie& outltnttl abov< 10 dctect Materi missthtemertts in rc5PeCt of irrtgul8rill¢$, including friud. The extent to which our procedures are ¢apble of dc¢cdin8 irre8uiariiie& in¢1108 fraA 1$ dew'l¢d below." Identifying and asxssing poteNtknI riyks r¢t•t¢d to Irregulritl In idojtifying Bnd &wssin8 risks of makri missta1 in respect of irr¢8ujtri we consideroj th¢ foliowln8: the nUl of the indu. •nd c4)nttDI envirotlTEKTht includin8 the prrxedwts for revenu¢ TWO8nitI. results of our enquiries of mAna8¢mthtt about thcir owm idenitfi¢a¢ÉM and &%8¢Sfftt of the risks of irttgul&ritses' aoy Mr$ w¢ identifid havinB wuiri¢s of about th•r p)lici¢s procedures r¢li#8 to.. identifyin& cvaluatin8&ftd c(mplyin8with knws and re8ul¥¢K)ns atyj whdherthcy wtreaware ofany inst&ne¢s of non.compliancc; decting aEJd resp(xJdin8 to the risks of fiXj whethu th¢y hav¢ kTh)wleAl8e of xtugL suspecied or aJle8ed fraud,. th¢ internal controbestablish¢d w miiigth ris of or nrrtrL¥)mpltwK¢ wsth law3 and rc8ulations; and the Matt di3cus%d among the audit eny8eAntht tam rewdinB how and whu¢ fratyj might occur IN the financid staknWts •nd any Wential iDdicatrn of fTowI All relevfjnt Ixwsond rc8ulatioTts identified and are¥g]5¢¢Wibkfofraud thatcollidh8veam1aI effertotttherincll ststcmLmts w¢re ¢ommuniukd. Any inL%5 of rwrrwliancc of non-compliancc with knw5 and rcgulation5 identilied were considered in ouraudiiapFyh. The most signific1 Jaws wlati0Th5 WL¥C deternIln w follows.. UK GAAP FRS 102. ChaTitits Act 2011 Additional •Jdit prrKedurts perfryd by audit Len includol: Review of the fthaDcia] sthtthnent discl¢JsurES arwj tr&iDgtO gJrwrtingd(ww0fj Completion of disclosure Checkli to id¢ntify 4Tf45 of norb-compliance. The rn that we identthcd &$ txm8 suwlible w Matrri rni&4attrnt due to fraud wer¢: R¢vertuE rfcognitiork. Mang8ement overrid<' Gr81 payabl¢. Page 8
THE BESPOKE TAILORS, BENEVOLENT ASSOCIATION INDEPENDENf AUDrroR'S REPORT TO THE BOARD OF MANAGEMENT OF THE BESPOKE TAILORS, BENEVOLENT ASSOCIATION (CONTINUED) Audit pro¢¢dur¢s in restA)nse to the idenitfied arw above.. enquirin8 of mwemcnt abo a0 litigai¥)n and cl4ims perfornjing &1y1teal proc•lurts and subthtive wting th idffltify or urtexp rtltittoTrships that rn&y indicate ri5k5 of JTJ•riaJ misst8ththt du¢ty frarf. in addressing the risk of fra through mryc4ncnt ovcrridE of Ixmtrol4 te5tingthB 8pproprikn of journal u. tries ond other &lj¢ts. assusin8 whethu the jts mk in makin8 ItlctIv¢ ofa tttill bias; aTrJ business. Weolso communicatedrelcvantidc4rtificd iknFaDlreguli0nsw[rtffltia1 fraMirisL8tol wenit¢wnm&nbers and Temained alert to any indicDtion5 of frawj ornLxKomplICC with laws aDJ Te8u]atiotts throu8lMxrt th¢ wdtl. A further des¢riMioo ofowTestAYLsibiliiies forth¢ awliL orth¢ fitw¢i41 $eMents 1$ l(4J ¢m thc Financial Ryrtins Councs1'$ websitt ar.. wwW.fr¢.o.VkloI1¢slbll1i]¢& This deS¢T1p¢i forms part of ¢)yr Awjiiorfs T¢pofL Use of our report This rep)n is made solety thc Charity'5 Tn]Aees in ac¢ofth¢£ with pffi 4 of the Chwiii¢s (Accounts and Reports) RegulatLon5 2008. (hJTaudit work tKcn undcrtakcn so thwe mighi 5tstc wthe Charity dM)sem&ttersweare requiTtyJ to stktc to thurt itt an AUdI1S ryrt thyd for no other purpose. To the fvllcst ¢xteni F¢nnined by law. we do T1 llcwt or spOnsibl]Ity to other th¢Chty for0wit worl fwthis Teirf orforthe opinions we have fornied. r. Brn¢s Rolfe LLP Chartered A¢¢ounioJ)ts Statutory Auditor Lcytonstont House L¢yt(xJstw l.ondon BII IGA Barnes Roffe LLP is eli8ible for aP[ltment as a*1 of th¢ Inxitytion by vitr of its eligibility for aFP)inun¢n¢ as dttor of •¢omtffjny under of wtion 1212 of th¢ cpleS Act 2CQ6. Page 9
THE BESPOKE TAILORS, BENEVOLENT ASSOCIATION STATEMENT OF FtNANCTAL ACTIvrrIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 3 AUGUST 2024 Unrestiicted Funds 2024 2023 Notes Ineome fro Lk)natIO aThl legacies Fundraising activities onr from invesinmts Totydl 13,259 59,740 109228 17.212 52,851 182227 167.169 Exnditre on: FuAlraisin8 activlties Marn9genkrt of investnrnts arnl secrelariat Grants 51.943 54.325 46,465 53,871 Total 141639 Result before Net Gairnq on Investnr Net Gains on Investrtnts Net Mov¢meJrt ID Fu 40.588 363 920 26,118 214 257 404J08 240J75 4 625 607 4 385 232 5030 115 4625607 Total FuThJs brought forward Total Funds canied forward The s18terncnt of financial thctivities Éncludes all gains and losses reco8nised in th¢ year. All income and ¢xpenditure derive from c(mtinuin8 activities. Page 10
THE BESPOKE TAILORS. BENEVOLENT ASSOCIATION BALANCE SHEET AS AT 3 AUGUST 2024 2024 21123 Notes ASSETS Flxed Assets Investhknts 12 5.035.638 4,616,602 Current As8¢ts Debtors Cash at ard in harml 13 5.800 11,340 26,299 51.797 Creditors: anx)wts falliTW within year Net Cwrent (Liabilitiesy Assets Total #¢1¥ k&s Current Uaillhles 14 5 030 115 4625 07 tNCOME TriJNDS Uftyestricted Furnls 5030115 4625607 5030 115 4625 07 The financial sthtements weTe wved by the Tn on ..... ... .. .. Sure$h RamA Trustse bDaD, Esq. (Presldent) Pagell
THE BESPOKE TAILORS, BENEVOLENT ASSOCIATION
NOTES TO THE FINANCIAL STATEMEIYTS FOR THE YEAR
ENDED 3 AUGUST 2024
Acco¥lltiu8 polieiu
1.1 Charlty lttfomdtsJt
Th¢ Bcspoke Tailorf Benevolent Aw¢iion ts a registera tsttxble whose objectiVCS art to Yeli¢ve,
8cnerally or individually, who arc or have tr£cniourneym8n lOr$ or tsil0reJc& The te8isitted offi¢e is
clo Henry Pwl¢ and coMY (Savile Rowl LIMI 15 Savik Rtsw. Lth WIS 3PJ.
13 Ae¢outhtlDg tonvulion
The rJnanci sr8ments hw¢ be<n prryated in with the tharitys Roya] (kn. th¢awrti¢5 Act 2011
nd"Accout#in8 8nd Reportijjgby ChaTitics'. Statemcntof RmM•ed Ptactiec applicble ¢h•ritiCS PT¢POTing
their aecounts in accord8rt
THE BESPOKE TAILORS, BENEVOLENT ASSOCIATION NOTES TO THE FINANCIAL STATEMENtS FOR THE YEAR ENDED 3 AUGUST 2024 (CONTINUED) A¢eouatlng pollelu (¢otl•yed) 1.6 R£sourcu expemded Liabilitie5 arerecoBnÉsed as cxrKndilurc 0¢ there is a le8a] or oblig&tion eornmittingth¢ In#iullion io thai expenditur4 it is probibk that s¢¢Uw•)t be TequiTrd ar thc amourEtofthcobli8ation can be measured Jrliably. All eXnd1]re is xcountcd foron an a¢cn]s All expenK iticlt sLTrwtcosts8nd pvffj)W¢¢¢LW& arc a]located to the onc charitable rdtvity in thc strtem of tivIti. The costs of fUJ5 Irc thos¢ sts in mawin8the Instit)nts inw¢$tytKI w0110. Grants payablc are ptyments madc to third partic5 Én the filnhtran of th¢ ¢haTitsble objects of the Jnsliiutiort. Provisions for gmts mk Wht the inlentil lo tttakc the grnjt beu ¢ommunicatcd to the r¢¢ipi¢nt prior to the ba1ce 5tkeet datr but the timing of p&ymeni is likely be pjst yw clld. With re8ards to multt.year 8r8Dt% thEÉr discretion lo review exh aw8rd anm]8Jty WMI determine wh¢th¢r fvnLr¢ will k pid. GoVerRtt costs comprisc all e05ts involving tk b]I¢ &&)unthlity of th Ins¢ibJtion and its ¢(¥nplian¢e with re8ulation sl80j prxtice. Irr¢coverabl¢ VAT is ¢hty I1n$t the expthlitiwc forwhich ti was in¢4red. 1.7 Coh Cash ilUd¢S D)oni¢s held th¢ Inlti1.5 t•nk IA FlnAn¢lal Initrab••ts Thc In5¢ilu¢ion ¢lcctyJ to awly thc pry)vi%ions of Seaion I I 'Basic Financia] Inthmthts. and 10 12 'OthcT financial In5trumtthts Issues, of FRS 102 all of its fmanciaj irthmetlty. rin8n¢ial instrwnuts are rwiid irt the Inststu,l W•n(¢ 5hgd Wh the In]bItIon borneS party to the provisions of the ittS¢nunenL Fin4nci81 ass¢(s and Ii•biliii are offseL with the tt nourds prewwi in the financial Statem whm there 1$ Ic8ally cnforceable right lo sel off the and thue is an int•rtN)n to on a net bft5is or to rcalise the asset artd settle the liability simijlthnwjsly. 1.9 BASIC ftnnelil B&sic fi[¢11 asse which incledelW$ ADdcaShandbthbth ar¢ iniiia]ly m¢red &ttrarLSXtion pn'ce includin8 tranwtion COSL8 8Thd we subwuentty ctrricd at ¥nortiJ wst the effective intu¢st method. Financid &wts ¢1w1fi re¢eiwablc within one year we Dot amorti Investments are a fo of tr¥tc fiEWKt41 irtsinl and ue ÈniiiAily rwniJ at thur trans&ctiott valu¢ afyj subsequently mcasurcd at their fair value as w th¢ b814rKe shed date using the closing quoted mBTket priee. Th¢ $tamMi of finan¢id includG8 the nct gains aNI lo& wising on Tcvalu1uj and disp05a15 throughout the y¢thr. The Instilution not wyir¢ put oNions dttivitives orothere(xnpkx fir¢1&E instwne 1.10 B•sle flD¥D¢lal Ilbllhl B&sic financial liabilLiie& including ¢r¢ditOTS aTr initiajty re¢wis&l trAtWlion pricc unless the 3r¥ang¢rncnt nslttut¢5 arIn¢18 transaction. where thedtbt instrwwt is at the pmnt vve of thc future Jyeeip di5countd at a market rate ofinterc5L FInciAl li8bilttyts claksificd rrayable withith onc y¢ar arc tMTrt 8mortigd. Crltlul •cco•ntlni ogtlm•t¢J In the appltcalK)n of the Institirtith)'$ pDlICi the Trw are requiroj make jydgwts. ]Mat¢S and nlOn$ aiknitthe wrying amount of &ts and liabiliti¢Sth aTC not rc4dity yarent othcr 50uree5. The estimates 8nd s5WiXtal assumptions ut b1 on histori aperi¢ncc and other factor8 con51dered to k r¢l¢v•nL Arttwi rr5uIts may d¥ff¢f from thc5C CStim The cstimat¢s and undertying &8sumptions are revwcJ on an ongoing basi& RevLSiOE)S to aLrountinB e#imates are reto8ni5a itt the p¢riod in which the crtimatr is whett the revision ¥ffects onty p¢rsrf ot in the period of the revisi(FJJ and future whcrc th¢ reviston 8ff¢¢ts and future pcriod> TheTTrLstc&sdo rK>t bclicvc thercknbc aDyj1gUntts0rcsI1mSthW01d trKconsidered ¢riii¢a] wthe finaTrcial Page 13
THE BESPOKE TAILORS, BENEVOLENT ASSOCIATION NOTES TO THE FtNANCIAL sTATEmEs FOR THE YEAR ENDED 3 AUGUST 2024 (CONTINUED) DoA•tloos tyd legaeiu Untilld )ndS 2024 2023 Dm¢KW aThJ gifts 5259 7,612 13.259 17,212 The wish to thank several compsThies for their kind do[tIonSuTig the yetr. Included within gifts in kind 15 th¢ use of the mh8n1 Taylors, Hall from MeT¢hant Taylors, Cuin8 Ltd This WLwld havc had a market value of £3,(NJ)12023.. £6.(MM>I forth¢ F¢S¢1v Dinncrand £3.O¢M)12023'. LI,600} forthc Summer Pllty. This h&$ also beeth included within direa ctbarity lfare expcn Fundra1$ Ilrtivitlu- ineomÈ Unrestrkted Fu•d$ 2024 2023 Festival Dwr 4IM5 36J73 16278 Sr Party 59.740 52.851 The Tesult for th¢ F¢MivaJ tlinner was & of £13.225 {2023.. $ll1 of £12.7601 including the donation of £J.Q(K)12023.. £6.(KK)I for the use of the T&ylor'5 Hall {se¢ Notr 3). The r¢gJlt net of the of the hdl was a surplus of £8,22512023.. surylus of £6.760} (see Not¢ 6). The re5uli forthe Summer Party a Su780f £1572 12023.. sluS0r£5326) in¢ludingthc donation of £3,0(X) 2023.. £4.8001 for the use of the Mtrchant Taylor'$ Hdl (8¢¢ Not¢ 31. The result Thet of th¢ us¢ of the h] deficit of £42812023.. defjcii of £374} Isc¢ ¢ 6). ltheomt from livetheAts Unrestricted Fundj 2024 2023 71742 33.J186 6&Y43 2&113 Int¢rest rc¢eNabk. TKbji £444 (3n3.. £148) frun Ixnk rest ac¢w t09228 97,106 Findrblng *ctivitia- è¥peDdlthre Uttrtstritted Fwnds 2024 2(123 Fe5tr¥EI DThr 33.430 29.813 1&&52 Ststmr Party 1&513 51.943 4&465 Pag¢ 14
THE MESPOKE TAILORS, BENEVOLENT ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 AUGUST 2024 (CONTINUED) MAmagemeDt of imvtstrntst And xtrttsYl•t- XdI UnTrstrieted Fubds 2024 2023 Investn%nt fee5 33.416 io( 31412 iQ(MX) Ajit. current year AJit. year Bank ChaeS I&t 112 212 Prty1)g 35 35 $4J25 53,871 Audit Costs include pYtoryr4r adju51mcnts for ac¢rualsof audii fe¢$ were hi8httor lowtt than the fltwi c05L Amounts paid to auditors for audityn8 servi¢¢s thI1] £IO.iXKI (2023.. £10.120}. GrAKts p•id to ¢11<1•r1el UAR¥tricted Fuods 2024 2023 AnrThny Ewardcd an Or¢.itiv fywarthd ll9 31.¥X) 37.450 3J71 Grts to btme&larltJ 3JJ71 40,71S All 8rants p8Éd in the year hsv¢ bem mJe dirt¢dy w individu•15 to prnwd¢ flnancioj 5uroort during periods of h&rdship. Trustees Notlt of the TnMee5 lor any Perso oN)r¢etyJ with them) rtre1V any remurKradm dunng the y. During th¢ year noTrurte¢5 wcrc reimbursoj experLYS12023.. nill. l& Employee• There w¢r¢ no ¢mploy#s dwin8 the atrrettt (tl0ryt1r. I l. Net gAinJ oll invutments Untted Funds 2023 136258 183J21 30.936 sak ofthv¢sts)s 363.920 214J57 Page 15
THE BESPOKE TAILORS, BENEVOLENT ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 AUGUST 2024 (CONTINUED) 12. Flx¢d o$set knv¢¥th1ts Cash in porthllo l•vestmeDIs Totsi Cost orvalDtiOD At 4 Aug1 2023 4484hn 355J&l 131.9XS (355J8Jl 4616,(Ar2 120) 363.920 12q(KA)) 11&785 133fj49} Vahxtk)n ¢ Cash wihdrnwn (M(ts)I DNMlend atkl rrterest rtt¢ld InvesmKnt ftes kni1} Capial r¢¥4yrrM {33,6491 (12251 371k982 Jn982 At 3 Auewt 2024 4J31.708 203,930 5.035W8 Carrylry •mo•nt At 3 Aw 2024 203.930 5,035,638 At3Aw2ff 4.61W2 13. Debtori 2024 2023 Other debtor¥ I lJ40 Other debtors consist of accnjed irthme for th¢ F¢sttV81 DinDer8tKI Summu P&ty. Ixin8 tickcL Sales. which w¢re sctiled after the ertd ofthe fin•mcial y¢4r. l& Credito 2024 2023 Anxxmts fallmg year. 3122 42,792 IS. Relakd party trsttlo Dwn8 the y¢ar w•r fcu of £]0.• (2023: £IO,IKQ) in]nEd to EPF AsKKias Lllnit•L 8 npany Wlty by E.P. Fo& the seuetsry ofThe Beswk¢Tailor¢ Benevoleni As%)ciation Ènd £nil12023.. £nil} of rcimbur] expen The sccrcw r¢¢¢iv¢s a coffjplinThW ticket for the F1¥ l)i]Jner and Summcr P8ty. During the ytar%Nne of thctswttts h8V¢PTovidd 1(10 thc thanty fTeeof char8e. ThLe tothe nbturc ofthc5C seTViCC4 the c05t cantM)t be reliably tslimatrd. For this reLw]L this b¢en included withsn Nore 3 of the financi8J stytrmenL The r¢suli of thi$docs affca thc overa]I t)sition of the ch8rity. Page 16