2025-12-31-accounts

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

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HEADWAY – THE BRAIN INJURY ASSOCIATION

Charity number: 1025852

Office of Scottish Charity Regulator number: SC039992

Company number: 2346893

INCORPORATED AS A COMPANY LIMITED BY GUARANTEE

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2025

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Headway – the brain injury association

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Trustees’ annual report	Trustees’ annual report	3-17
	Objectives and activities	3-4
	Public benefit	4
	Achievements and performance	4-9
	Future plans	9
	Financial review	10
	Reserves policy	10
	Investment policy	10-11
	Structure, governance and management	11-14
	Reference and administrative details	14-16
	Trustees’ responsibilities statement	16-17
Auditors’ report		18-22
Consolidated statement of financial activities including		23
the consolidated income and expenditure account
Balance sheet		24
Consolidated cashflow statement		25
Notes	relating to the financial statements	26-37

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Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

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Report of the trustees for the year ended 31 December 2025

Objectives and activities

The charity’s mission is to promote understanding of all aspects of brain injury and provide information, support and services to survivors, their families and carers.

Headway’s objectives are:

to increase awareness and understanding of brain injury and its consequences;
to initiate activities and campaigns that will reduce the incidence of brain injury;
to provide information and support for people with brain injuries, their relatives, carers and concerned professional people;
to promote improved approaches to brain injury screening, acute care, assessment, rehabilitation and community reintegration;
to assist people with brain injuries to return to community living, including access to appropriate accommodation, social outlets and productive activity; and
to support and help to establish Headway charities throughout the UK in furtherance of the charity's mission statement and encourage them to address the needs of all sections of the community.

The trustees believe that by realising these objectives we will achieve the legal purposes for which the charity was established.

In 2025 we continued to prioritise support for the network of independent Headway charities and volunteer-led branches, the Headway Emergency Fund, our nurse-led helpline, the Justice Programme and our information services.

Those priorities will remain in 2026, alongside furtherance of our five-year strategy, which was launched in August 2024.

We remain committed to providing Brain Injury Identity Cards to help brain injury survivors identify and explain their support needs in everyday situations or if they come into contact with the criminal justice system or emergency services; the Emergency Fund will continue to provide grants to families struggling to cope with the immediate financial implications of brain injury; and high-quality, award-winning information will still be made available freeof-charge to survivors, carers and professionals via the website.

The nurse-led helpline ensures brain injury survivors and carers are offered a listening ear should they need support or assistance, while the Approved Provider project will continue to assist families and commissioners to identify high-quality residential care units specialising in the support and rehabilitation of patients with acquired brain injury through its robust accreditation process.

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Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

_________________ We will also campaign and lobby for improved access to specialist rehabilitation services and the prevention of brain injury and raise awareness in the UK-wide press to champion the needs of survivors, families and carers.

Frontline services provided by Headway – the brain injury association include but are not limited to:

support and guidance to a network of independent Headway charities and volunteer-led branches providing local services across the UK;
a freephone nurse-led helpline providing confidential support and information to anyone affected by brain injury as well as professionals working to support them;
an Emergency Fund, which provides financial support to families in the aftermath of a brain injury;
the provision of free personalised Brain Injury Identity Cards, to help survivors identify their support needs;
a free-to-access award-winning range of publications designed to help people understand and cope with the effects of brain injury;
a comprehensive and award-winning website providing information and support on all aspects of acquired brain injury; and
the Justice Programme, which provides assistance to survivors of a brain injury who come into contact with the criminal justice system and training for prison and probation professionals, and police forces across the UK.

Public benefit

The trustees confirm that they have referred to the advice contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims, objectives and operations. They are of the opinion that the provision of the range of services offered enables Headway to meet its obligation to provide public benefit.

Achievements and performance

Helpline

In 2025, the Headway UK nurse-led helpline continued to provide a vital lifeline for thousands of survivors, families, carers, and professionals seeking specialist information and emotional support.

This free service, staffed by experts in acute care, rehabilitation, social work and occupational therapy, handled 10,294 enquiries, reflecting the breadth and complexity of the questions people face following brain injury.

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Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

_________________ This represents a 14% decrease from 2024. However, closer analysis suggests that this decline mirrors a reduction in the number of visits to the charity’s website as a result of AIgenerated search results changing people’s behaviours when it comes to seeking information.

For those using the helpline services, however, the support provided cannot be replicated by information alone. Throughout the year, callers shared deeply personal and often urgent situations, ranging from isolation and crisis-point distress to specialist clinical questions.

Many expressed profound gratitude for the helpline team’s patience, expertise and ability to guide them, with callers reporting that helpline intervention directly enabled improved clinical engagement or restored hope during difficult periods.

As always, the helpline remained one of the most important entry points to Headway’s wider support.

Publications and resources

Headway’s library of accessible, evidence-based publications continued to be a cornerstone of our support offer, empowering survivors and families with reliable information at every stage of their journey.

In 2025, 34,603 factsheets and e-booklets were downloaded free of charge, demonstrating sustained and significant public demand.

Covering topics from cognitive fatigue, memory problems and challenging behaviour to practical issues such as navigating welfare benefits, the resources remain an essential tool for those rebuilding their lives or supporting a loved one after a brain injury.

The Headway network

The UK-wide network of 66 local charities and 46 volunteer-led branches forms the backbone of the long-term community support for survivors and their families provided in the Headway name.

In 2025, the challenges facing local Headway charities intensified due to inflation, the cost-of-living crisis, and increasing demand for services.

A key strength of Headway – the brain injury association is the ability to unite local charities and branches, all of which are working towards the shared goal of improving life after brain injury.

In 2025, we strengthened our commitment to investing in collaboration and shared learning across the network, seeing growth in activity and participation with the Network Learning Exchange (NLE) – a programme of training, peer-support and engagement for Headway charities and branches.

The number of sessions increased by 25%, with 642 participants (up 65%) attending 58 events. Feedback was hugely encouraging, with more than 95% of attendees stating the sessions improved their knowledge and confidence in areas including safeguarding, person-centred practice and governance.

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Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

_________________ We also launched new initiatives including the ‘VOICES’ volunteer forum and expanded trustee development events via the Community of Headway Trustees, ensuring a stronger, more unified community of local Headway leaders. This collective commitment enables survivors across the UK to access consistent, high-quality community support.

Emergency Fund

Headway’s Emergency Fund continued to provide essential financial assistance to families during the acute stage of a loved one’s brain injury – often at moments of profound distress.

With the ongoing cost-of-living crisis placing additional strain on households, demand for the grants remained high. However, 2025 brought unavoidable challenges: reduced funding resulted in necessary tightening of eligibility criteria. As a result, the number of applications fell by 23%, and total grant expenditure reduced by 27%.

Despite these constraints, the fund still supported 211 families with 618 grants, totalling £44,122, with an average grant value of £209.

We remain immensely grateful to the Stewarts Foundation, whose continued generosity ensured many families could afford travel, accommodation and other essential costs that allowed them to remain close to their loved ones during life-changing moments.

The Justice Programme

The Headway Justice Programme plays a crucial role in ensuring that brain injury survivors in the criminal justice system are recognised, understood, and appropriately supported.

In 2025, the programme provided specialist consultation, problem-solving support, and training to professionals across multiple agencies. The Justice Programme strategy was reviewed and strengthened to better align with funding opportunities and long-term sustainability.

A major achievement this year was delivering specialist ABI training at HMP Five Wells, which significantly improved staff understanding of the impact of brain injury on behaviour, compliance, and rehabilitation.

The success of this initiative secured new funding from HMPPS South Central to develop and implement a five-module rehabilitation course, marking an important step forward in embedding ABI-informed practice in custodial settings.

The Brain Injury Identity Card scheme also continued to expand its reach, with 1,714 cards issued in 2025 and 455 reissued to those who had lost their cards. The card remains a vital tool for increasing the confidence and independence of brain injury survivors.

Training, learning and supporting

Headway’s education and training programmes grew strongly in 2025. We delivered 68 training sessions, reaching 897 attendees from sectors including healthcare, law, insurance, the Ministry of Defence, and the voluntary sector.

Our free monthly webinar series continued to flourish, attracting 1,171 live attendees – a 19% increase – and achieving 6,498 YouTube views, up 38% on 2024. Topics reflected

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Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

_________________ the complex presentation of brain injury, including emotional lability, frontal lobe problems, and personality change.

Alongside this, we hosted the highly successful Neuroplasticity in Action national conference, which brought together professionals from across the brain injury sector – including clinicians, therapists, legal experts and case managers – to explore the latest scientific and practical developments in neuroplasticity and rehabilitation.

The Approved Provider Scheme also grew, supported by the recruitment of new assessors and expanded capacity to evaluate NHS and independent providers. This work strengthens service quality and safeguards survivors within rehabilitation environments.

Campaigns and awareness

2025 was a highly successful year for raising the profile of brain injury across the UK. Headway’s campaigns, expert commentaries, and survivor stories featured frequently across national and regional press, radio, online publications, and broadcast media. We continued to be a trusted authority on concussion, brain health in sport, and lived-experience insight – ensuring that the voices of survivors remained central to public conversation.

Our annual Action for Brain Injury Week campaign, called On a good day , resonated strongly with audiences and achieved record website traffic, video views and exceptional social media engagement. The campaign highlighted the fluctuating nature of brain injury and helped hundreds of thousands of people to understand its invisible impacts.

Policy and Public Affairs

Headway’s policy and public affairs work made significant progress in 2025. In July we published our When Funding Fails report, which exposed the financial pressures threatening local Headway charities. The report was launched in Parliament to strengthen our call for investment in community-based rehabilitation.

We expanded our parliamentary influence with the recruitment of seven new Parliamentary Champions, bringing the total to 15 – including our first MSPs and a House of Lords Champion. Engagement across Westminster, Holyrood, the Senedd and Stormont remained strong, with recognition of ABI Week across all four legislatures.

Headway also responded to multiple government and NHS consultations and delivered practical training for the network on how to influence MPs. While the government’s action plan on brain injury was delayed, our advocacy ensured political attention and accountability remained high.

Fundraising and retail

Innovation and donor stewardship were prioritised in 2025, leading to strong performance in a number of income streams.

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Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

_________________ The undisputed fundraising star of the year was the inspirational Sam King, who ran 80 ultramarathons in 80 days in honour of his beloved mum Penny, who sustained a brain injury last year.

Sam, who broke the Guinness World Record for the highest number of consecutive ultramarathons run by a male, raised a phenomenal £86,000 for the charity while also raising awareness of brain injury through significant media coverage.

Income from trusts and foundations was up 95.6% against budget, thanks to high-quality applications and the generosity of our supporters, including but not limited to:

Stewarts Foundation
The Thompson Family Charitable Trust
Garfield Weston Foundation
Card Factory Foundation
The James Tudor Foundation
The Light Fund
Millennium Stadium Charitable Trust
The Hospital Saturday Fund

We offer our heartfelt thanks to all trusts that supported our work in 2025.

Events fundraising also achieved target, with strong engagement with third-party events, another successful golf day, and the introduction of virtual events. Gifts in memory and strong Gift Aid performance helped to ensure individual giving also outperformed target.

Despite the efforts of Sam and hundreds of other incredible fundraisers, community fundraising was down on budget, reflecting the ongoing cost-of-living crisis that is impacting public donations and sponsorship.

Similarly, income from corporate fundraising was down on budget, despite exceptional ongoing support from long-standing partners and new organisations keen to fund our work. The charity retail industry was particularly challenged in 2025, with mass shop closures announced by major national charities.

Income from Headway’s retail operations remained relatively static, despite a notable reduction in the quality of donated goods as a result of the increased popularity of online platforms allowing people to sell second-hand goods. However, this represented a significant shortfall against budget.

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Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

_________________ A significant rise in expenditure compounded the shortfall in income, including increases in payroll, including National Insurance, utilities and rent. A concentration of one-off costs in December, including redundancy payments, lease surrender costs and shop closure costs, further impacted the net return of the charity’s largest income stream.

As with general fundraising, high street charity retail is significantly impacted by the economic environment, which looks set to remain turbulent for some time.

Our teams performed exceptionally well in a very challenging operational climate and continue to not only generate vital income for the charity, but also raise awareness of brain injury and the support available in their local communities.

Volunteers

At the heart of everything we do is our incredible team of volunteers.

They are the heartbeat of the charity, whether serving customers or supporting donors in our shops, or running our branches across the UK, providing crucial rehabilitation and social support to brain injury survivors, carers and family members.

In November, we hosted our first Branch Celebration Event to honour our incredible volunteers in the community, with plans to expand these celebrations with regional events next year.

Recognition of our retail volunteers is embedded in the culture of every Headway shop. Whether it is positive feedback from customers, or acknowledgement of extraordinary acts or long service, volunteers are championed and celebrated at every opportunity.

To all Headway volunteers across the UK, including those supporting local Headway charities or branches – thank you!

Future plans

We remain committed to progressing our long-term vision and delivery of our five-year strategy, launched in August 2024.

This is an ambitious strategy for growth with the aim of stabilising and strengthening the local Headway network, while increasing our awareness-raising activities, supporting and shaping brain injury research and developing new services.

We will continue to invest in the strategy in 2026, including the development of a new website to improve the accessibility of our information and support provisions, increase awareness, and drive income.

Further investments and progress will be made in a sustainable way, recognising the challenging financial environment that is impacting charities large and small across the country.

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Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

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Financial review

2025 was a challenging year for Headway, with a reduction in income from general fundraising and our charity shops coinciding with a significant increase in costs, particularly payroll. In addition, we incurred some exceptional expenditure, including costs from redundancies and shop closures (including significant lease surrender costs).

Overall, the charity made a deficit in 2025 of £583,168, of which £607,511 was unrestricted with restricted funds showing a modest surplus of £24,343. However, £193,983 of this was planned deficit expenditure against a strategic investment fund created by the board in 2024 to draw down on reserves to invest in future growth.

Therefore, unrestricted reserves (the general fund or ‘free reserve’) were reduced by £260,160 to £1,774,611. Designated funds were reduced by £347,351 to £3,089,132, of which £133,368 was charged against the fixed asset reserve, £20,000 was the reduction of the value of two properties held as part of the expendable endowment fund and the remaining £193,983 was spend down from the strategic investment fund as part of the investment in the Strategy 2024-2029.

The statement of financial affairs provides a detailed picture of the financial performance of the charity in 2025. The details of our financial performance can be found on pages 21 and 22. Copies of the consolidated statement of financial activities and balance sheet are available in larger print on request.

Our 2025 financial reports and accounts have been prepared under the conditions set out by the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Reserves policy

In June 2024, the board reviewed Headway’s reserves policy and agreed to update the designated funds to reflect current requirements and to set a new policy for a free reserve, with a requirement to hold between 6 and 9 months of budgeted unrestricted charitable expenditure. The current free reserve at 31 December 2025 is in compliance with the policy set by the trustees.

Investment policy

Traditionally, the charity has held a high proportion of its reserves in liquid form, but due to the excessive values of cash held and the impact of inflation, the Trustees decided to invest further funds and appointed Rathbone Greenbank in 2025 as its investment advisor and manager. Rathbone Greenbank was instructed protect Headway’s reserves against inflation but also to generate an income stream to assist in the diversification of our charitable income. Trustees set the risk level at three out of six or the lower end of medium risk to ensure that there was sufficient capital growth to protect our reserves, with an expected gross annual return (growth and income) of 3% per annum and Rathbone Greenbank met this with a total 4% return in 2025.

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Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

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Headway’s ethical approach to its investment strategy require that its investments do not conflict with its values or harm the reputation of the charity. A proportion of brain injuries are linked to tobacco or alcohol consumption and therefore Headway would not wish to be associated with tobacco and alcohol production. In addition, it would be inappropriate for Headway to invest in companies that are part of the gambling industry or manufacture guns or armaments.

Structure, governance and management

i. Governing document

Headway – the brain injury association is a company limited by guarantee governed by its Memorandum and Articles of Association (dated 13 February 1989 as amended by Special Resolutions dated 2 October 1999, 6 October 2001, 11 October 2003 and 6 July 2008). It is registered as a charity with the Charity Commission and the Office of the Scottish Regulator (OSCR). In the event of the company being wound up, members are required to contribute an amount not exceeding £10.

ii. Tax status

The company is a registered charity, number 1025852, and is exempt from corporation tax and income tax.

iii. Capacity of Trustees

All members of the Board of Trustees exercise their authority in their capacity as directors under relevant company legislation and as Trustees of the charity. Given the company’s charitable status, the term ‘Trustee’ rather than ‘director’ has been used throughout this document.

iv. Appointment of Trustees

In accordance with the Article of Association, one third of the Trustees retire by rotation each year. This provides the members of the charity the opportunity to refresh the Board should it wish to do so using the democratic process. Any member entitled to vote at the general meeting may propose one person for appointment or re-appointment as a Trustee. The number of elected Trustees shall not be less than three and subject to a maximum of 12. The elected Trustees may co-opt a maximum of up to one half of their number as Trustees. Headway does not impose limits on the time that Trustees may serve as such time limits would weaken the Board through the loss of Trustees with appropriate skills and experience. This matter has previously been the subject of debate within the organisation, and the board reached the conclusion that this was not in the interests of the charity. This policy is currently under review.

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Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

_________________ Trustee induction and training

New Trustees undergo a comprehensive induction to brief them on their legal obligations under charity law, the content of the Memorandum and Articles of Association, the structure and governance of the charity as well as all policies and procedures, their obligations under the Trustees Code of Conduct, the business plan and budget together with recent financial performance. Trustees are also provided with relevant information from the Charity Commission on a regular basis. The Trustees have agreed to undertake periodic training on diversity.

v. Organisation

The Board of Trustees, which meets quarterly, governs the charity. The Board is supported by committees where matters regarding development, membership and audit are considered in detail. A Chief Executive is appointed by the Trustees to manage the day-to-day activities of the charity. To facilitate effective operations the Chief Executive has delegated authority, within terms of delegation approved by the Trustees, for operational matters including finance, employment and provision of services.

vi. Related parties/Register of interests

The charity has a well-established network of branches and affiliated groups around the country. Collaborative work is undertaken with other brain injury related organisations as well as a wide range of healthcare charities and voluntary sector organisations to raise awareness and share good practice. The charity has in place a system by which senior staff and Trustees are required to make annual declarations of interest which record related party transactions. In the interests of transparency these are published on the Headway website. There are no material disclosures for 2025.

vii. Risk management

The Trustees have a risk management strategy, which comprises:

an annual review of the risks the charity may face;
the establishment of systems and procedures to mitigate those risks identified in the annual review of risks; and
the implementation of procedures designed to minimise any potential impact on the charity should the identified risks materialise.

Through the risk management processes established for the charity, the Trustees are satisfied that any major risks identified have been adequately mitigated where necessary. It is recognised that the systems in place can only provide reasonable but not absolute assurance that all major risks have been adequately managed.

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Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

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For example, the risks created by the global pandemic could not have been predicted.

The following risks have been identified:

The Trustees have recognised that the reputation of the whole Headway movement could be damaged by adverse media coverage. This risk is mitigated by regularly reviewing the charity’s Rules of Affiliation and closer scrutiny of the governance and finances of the local network.
As a charity supporting vulnerable adults, there is a risk that service users could be harmed. This risk has been mitigated by the introduction of Service Standards and closer scrutiny of the Headway network.
The Trustees have recognised that trustees within the Headway network may not be sufficiently aware of their responsibilities. This risk is mitigated by comprehensive induction sessions for new trustees, peer to peer learning via the Community of Headway Trustees and training via the Network Learning Exchange.
The Trustees recognise that changes in local authority or ICB funding for commissioned services could have an impact on the financial viability of affiliated Headway charities. Headway UK mitigates this risk by providing support to affiliated Headway charities in managing financial challenges.
Headway continues to review its insurance requirements to ensure that appropriate cover is available to all participating affiliated charities and branches at a cost-effective price. It will continue to work closely with its branches to ensure adequate financial controls are in place and that operational needs are regularly reviewed.

viii. Pay policy for the senior leadership team

The Trustees consider that along with the Board of Trustees, the senior leadership team (comprising the Chief Executive, Director of Services, Director of Communications, Director of Fundraising, Director of Finance and Administration, and Head of HR) comprises the key personnel of the charity in charge of directing, controlling, running, and operating the charity on a day-to-day basis. All Trustees give of their time freely and no Trustees received remuneration in the year. Details of Trustees’ expenses and related party transactions are disclosed in note 7 and note 17 to the accounts. The pay of staff in the senior leadership team is reviewed on an annual basis in line with all staff. Remuneration arrangements for senior staff are in place.

ix. Network structure

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Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

_________________ As of 31 December 2025, the charity is organised into local branches and affiliated or associated charities. Branches operate under the registered charity number (1025852) and OSCR number (SC039992) of Headway – the brain injury association. The relationship between the charity and the branches is explained in the accounting policies note 1(j) on page 27. Affiliated charities are autonomous, independently registered charities which have agreed to work within the Rules of Affiliation. The activities of these affiliates, operating under their own charity registration, are not included in the financial statements.

Reference and administrative details

Headway – the brain injury association is registered with the Charity Commission for England and Wales (Charity No. 1025852) and the Office of the Scottish Charity Regulator (Charity No. SC 039992). Headway – the brain injury association is a company limited by guarantee registered in England (No. 2346893). The Directors of the Company are its Trustees for the purpose of charity law.

Trustees who have served during the relevant period:

Elected Trustees

Denzil Lush (Chair) resigned 17 June 2025 Belinda Moore (Chair) appointed 17 June 2025 Evelyn Vincent (Deputy Chair) resigned 29 June 2026 Dr Colin Reeves CBE resigned 17 June 2025 (Treasurer) Rob Callan (Treasurer) appointed 17 June 2025 Khadija Ali appointed 17 June 2025, resigned 23 January 2026 Jane Allberry CBE Alexa Charnley Mario Ganau appointed 17 June 2025 Dr June Gilchrist resigned 17 February 2025 Andrew Green resigned 17 February 2025 Andrew Harding resigned 17 June 2025 Adrian Hawley Brendan McKeever resigned 29 June 2026 Rev Abraham Lawrence resigned 29 June 2026 Allistair Renton (Company resigned 2 April 2026 Secretary) Dr Colin Shieff resigned 9 September 2025 Dr Andy Tyerman resigned 9 September 2025 Key management personnel Chief Executive: Luke Griggs Director of Finance and Administration: Ruth Ormston Director of Fundraising: Jen Murgatroyd (until 31 July 2025) Director of Fundraising: Rachel Hodson (from 23 February 2026)

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Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

Report of the trustees for the year ended 31 December 2025	Report of the trustees for the year ended 31 December 2025
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	Head of HR: Rosheen Hodgkiss Bernard
	Director of Communications: Colin Morris
	Director of Services: Ruth Owens
Principal and registered officeBradbury House
	190 Bagnall Road
	Old Basford
	Nottingham
	NG6 8SF
Auditors	Saffery LLP
	Westpoint
	Peterborough Business Park
	Lynch Wood,
	Peterborough
	PE2 6FZ
Bankers	Lloyds Bank Plc
	12-16 Lower Parliament Street
	Nottingham
	NG1 3DA
Investment Management	Greenbank, part of Rathbones Investment
	Management Ltd
	30 Gresham Street
	London
	EC2V 7QN

Registered in England company number: 2346893 Charity Commission number: 1025852

Office of the Scottish Charity Regulator number: SC039992

Committees

In June 2025, the board paused the work of its sub-committees pending a review of the wider committee structure and recommendations outlined in an independent governance review it had commissioned. The new sub-committees started working in March 2026 with new, updated terms of reference.

The final meetings in 2025 of the old sub-committees were held in June and early July and the trustees who served on these committees until July are as follows:

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Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

Report of the trustees for the year ended 31 December 2025	Report of the trustees for the year ended 31 December 2025
_________________
Executive Committee	Denzil Lush, resigned 17 June 2025
	Dr Colin Reeves CBE (Treasurer), resigned 17 June
	2025
	Allistair Renton (Company Secretary), resigned 2 April
	2026
	Evelyn Vincent (Deputy Chair), resigned 29 June 2026
Audit Committee	Allistair Renton (Chair), resigned 2 April 2026
	Dr Colin Reeves CBE (Treasurer), resigned 17 June
	2025
	Jane Allberry CBE
	Rev Abraham Lawrence, resigned 29 June 2026
	Brendan McKeever, resigned 29 June 2026
Membership Committee	Evelyn Vincent (Chair)
	Andrew Harding, resigned 17 June 2025
	Denzil Lush, resigned 17 June 2025
	Brendan McKeever, resigned 29 June 2026
	Allistair Renton, resigned 2 April 2026
Remuneration Committee	Denzil Lush (Chair), resigned 17 June 2025
	Dr Colin Reeves CBE (Treasurer), resigned 17 June
	2025
	Allistair Renton (Company Secretary), resigned 2 April
	2026

Statement of Trustees’ responsibilities

The Trustees (who are also directors of Headway – the brain injury association for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP (FRS 102);
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

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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 the group and enable them to ensure that the financial statements comply with the Companies Act 2006 and also with the requirements of the Statement of Recommended Practice (SORP) issued by the Charity Commission for England and Wales. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees, individually, are aware:

there is no relevant audit information of which the charity’s auditor is unaware; and
the Trustees have taken all steps that ought to have been taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Trustees’ liability insurance

Headway has maintained insurance during the year for Trustees against liabilities in relation to their duties as Trustees.

Signed on behalf of the Board

Belinda Moore

DATE: 29 July 2026

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Headway – the brain injury association

Independent auditors’ report to the trustees and members for the year ended 31 December 2025

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Opinion

We have audited the financial statements of Headway – the brain injury association (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2025 which comprise the Consolidated Statement of Financial Activities, Group and Charity Balance Sheets, Consolidated Cashflow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the affairs of the group and the parent charitable company as at 31 December 2025 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt

Docusign Envelope ID: B20E0FB4-EB72-8891-8167-6C7A2EB65C64

Headway – the brain injury association

Independent auditors’ report to the trustees and members for the year ended 31 December 2025

on the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Trustees’ Annual Report which includes the Directors’ Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Trustees’ Annual Report which includes the Directors’ Report and the Strategic Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

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Headway – the brain injury association

Independent auditors’ report to the trustees and members for the year ended 31 December 2025

_________________

adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on pages 22-23, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and under the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under those Acts.

Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Docusign Envelope ID: B20E0FB4-EB72-8891-8167-6C7A2EB65C64

Headway – the brain injury association

Independent auditors’ report to the trustees and members for the year ended 31 December 2025

_________________ Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with trustees and updating our understanding of the sector in which the group and parent charitable company operate.

Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and guidance issued by the Charity Commission for England and Wales and the Office of the Scottish Charity Regulator.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of noncompliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not

Docusign Envelope ID: B20E0FB4-EB72-8891-8167-6C7A2EB65C64

Headway – the brain injury association

Independent auditors’ report to the trustees and members for the year ended 31 December 2025

_________________ detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the parent charitable company’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the parent charitable company’s members and trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company, the parent charitable company’s members and trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Gareth Norris FCA (Senior Statutory Auditor) for and on behalf of Saffery LLP

Westpoint Peterborough Business Park Lynch Wood PE2 6FZ

Statutory Auditors

Date: 30 July 2026

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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Headway – the brain injury association

Consolidated statement of financial activities (incorporating the income and expenditure account) for the year ended 31 December 2025

_____________

Notes Income from: Voluntary income 3 Charitable activities:  Training  Services to/ by groups & branches  Publications & awareness Other trading activities: 4  Retail activities  Sale of other merchandise  Events & conferences Investment & rental income 5 Other incoming resources:  Profit on disposal of property Total income Expenditure on: Raising funds 6  Fundraising  Retail activities  Events & conferences Charitable activities: 6  Services provided  Grants distributed  Publications & awareness Total expenditure Total net gains on investments 9 Net income/ (expenditure) before transfers between funds Transfers between funds Net income/ (expenditure) after other losses Fund balances at 1 January 2025 Fund balances at 31 December 2025	Unrestricted funds Restricted funds Restricted branch funds Total 2025 Total 2024 £ £ £ £ £ 1,079,404 233,084 131,304 1,443,792 1.488.827 56,085 - - 56,085 34.777 248,753 - 15,593 264,346 250,040 313,644 - - 313,644 337,298 3,477,712 - - 3,477,712 3,496,412 8,564 - - 8,564 15,517 349,378 16,633 51,948 417,959 402,495 56,079 - 2,510 58,589 68,699 - - - - 13,500
	5,589,619 249,717 201,355 6,040,691 6,107,565
	446,307 - 31,675 477,982 373,068 3,305,947 - - 3,305,947 2,918,600 224,141 - - 224,141 204,641 1,612,102 183,171 157,833 1,953,106 1,992,627 66,427 43,753 10,297 120,477 113,206 582,598 - - 582,598 631,395
	6,237,522 226,924 199,805 6,664,251 6,233,537
	40,392 - - 40,392 -
	(607,511) 22,793 1,550 (583,168) (125,972) - - - - -
	(607,511) 22,793 1,550 (583,168) (125,972)
	5,471,254 90,606 523,388 6,085,248 6,211,220
	4,863,743 113,399 524,938 5,502,080 6,085,248

General purpose funds and designated funds are both unrestricted funds. The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.

The Company has also taken advantage of the exemption in s408 Companies Act 2006 from presenting its individual profit and loss account and related notes.

The notes on pages 24 - 35 from part of these financial statements.

Docusign Envelope ID: B20E0FB4-EB72-8891-8167-6C7A2EB65C64

Headway – the brain injury association

Balance sheet as at 31 December 2025

Note Fixed assets Tangible assets Investments 8 9 Current assets Stock Debtors Cash at bank & in hand 10 11 Creditors: amounts falling due within one year 12 Net current assets Net assets Funds Unrestricted funds General funds Other designated funds Restricted funds Branches Other restricted funds 13 13 14 14 Total funds	Group 2025 £ 2024 £ 1,254,154 1,056,738 1,387,522 14,399 2,310,892 1,401,921 17,169 1,104,229 2,601,859 17,522 1,112,621 4,177,276 3,723,257 5,307,419 (532,069) (624,092) 3,191,188 4,683,327 5,502,080 6,085,248 1,774,611 3,089,132 2,034,771 3,436,483 524,938 113,399 523,388 90,606 5,502,080 6,085,248	Charity 2025 £ 2024 £ 550,067 1,651,545 600,591 614,886
		2,201,612 1,215,477
		8,864 1,101,584 2,531,771 11,143 1,233,681 3,979,317
		3,642,219 5,224,141 (451,500) (541,051) 3,190,719 4,683,090
		5,392,331 5,898,567
		1,758,722 2,995,272 2,034,536 3,250,037 524,938 113,399 523,388 90,606
		5,392,311 5,898,597

The notes on pages 24 - 35 form part of these financial statements.

Approved by the board of trustees on 18 May 2026 and signed on its behalf on 29 July 2026 by:

Belinda Moore Chair

Company registration number: 2346893 (England and Wales)

Docusign Envelope ID: B20E0FB4-EB72-8891-8167-6C7A2EB65C64

Headway – the brain injury association

Consolidated cashflow statement for the year ended 31 December 2025

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Group 2025 £ (608,156) (942,113)	£ 47,789 944 - 13,500 (251,502)	Group 2024 £ (62,805) (189,269)
	Movement (1,514,606) (35,663)
(1,550,269)		(252,074)
		Group 2024 £ (125,972) (47,789) - - 98,254 (13,500) (7,314) 166,633 (133,116)
(608,156)		(62,805)
Group 2025 £ 1,530,842 1,096,165		Group 2024 £ 3,045,448 1,131,828
2,601,859	(1,550,269)	4,177,276

Docusign Envelope ID: B20E0FB4-EB72-8891-8167-6C7A2EB65C64

Headway – the brain injury association

Notes to the consolidated financial statements for the year ended 31 December 2025

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1. Accounting policies.

a. 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 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Headway the brain injury association 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).

The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.

b. Preparation of the accounts on a going concern basis .

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from the authorising of these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

c. Basis of consolidation

i) The consolidated accounts of the group incorporate the financial statements of the charity, 190 Bagnall Road Ltd and its trading subsidiary company, Headway Retail Ltd, all of which were made up to 31 December 2025 ii) Income and expenditure for Headway Retail Ltd is included in full in the consolidated statement of financial activities (SOFA). Any profits donated from the trading subsidiary during the year are removed on consolidation. iii) The income and expenditure of the subsidiary are disclosed separately in note 17. iv) A separate SOFA for the charity is not provided. See the disclosure note included with the SoFA.

d. Taxation

The Charitable Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charitable Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

e. Incoming resources

i) All incoming resources are included in the SOFA when the charity is legally entitled to the income, and the amount can be quantified with reasonable accuracy. For legacies, entitlement is when it is probable that it will be received, and this is usually when probate has been granted.

ii) Where the charity has been notified of material legacies that have not been included in the SOFA (because the conditions for recognition have not been met), this fact and an estimate, where possible, of the amounts receivable are disclosed in the notes to the accounts.

iii) Grants, whether attributable to unrestricted or restricted are accounted for on the basis of the amount receivable for the year.

iv) Investment income is accounted for on a receivable basis, including recoverable tax.

v) Corporate membership income is recognised in the year(s) for which that membership applies.

f. Government Grant Accounting policy

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions have been met. Where the grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

g. Expenditure

All expenditure has been dealt with through the SOFA on an accruals basis. Direct costs have been allocated to their appropriate functional headings. Indirect overheads have been apportioned to these headings on the basis of a fair estimate of time spent or resources used.

h. Governance and support costs

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. Governance

Docusign Envelope ID: B20E0FB4-EB72-8891-8167-6C7A2EB65C64

Headway – the brain injury association

Notes to the consolidated financial statements for the year ended 31 December 2025

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and support costs are allocated between the expenditure categories on the statement of financial activities on a basis designed to reflect the use of the resource.

i. Shops' operating costs

Costs incurred in acquiring shop leases and improvements thereon are written off over three years to reflect the break clause in the operating leases.

j. Branches and affiliated, independent local Headway charities

Branches in Headway are non- autonomous and operate under the Registered Charity number 1025852 in England and SC039992 in Scotland and are included in full in these accounts. Groups, which operate under their own registered charity number, are not included in these accounts. The financial statements include the income and expenditure of the branches in existence for the year ended 31 December 2025.

k. Investments

Investments in listed securities are held at fair value, deemed to be market value. Gains and losses are charged or credited to the SOFA as appropriate. Headway – the brain injury association also holds investments in two subsidiary companies; 190 Bagnall Road hold the property used as the head office, which is depreciated at 2% of cost per annum; and Headway Retail Ltd, which remits all profits back to the charity via gift aid and only holds its fixed assets, which are principally shop fitting costs.

l. Depreciation

Tangible assets with a cost exceeding £500 are capitalised and depreciation is calculated so as to write off the cost of tangible fixed assets on a straight-line basis over their expected useful life. Depreciation has been applied at the following rates:

Freehold property	2%
Building improvements	Between 5% and 15%
Office equipment and furniture	20%
Computer equipment and software	33%
Motor vehicles	20%
Shop operating costs	33%

m. Stocks

Merchandise and publications are valued at the lower of cost or net realisable value. Due to a review of the valuation of donated stocks and the recognition of the impracticability of estimating fair value where it is not possible to hold detailed stock records, the charity is no longer including a valuation in the accounts of donated stock held. Instead, the value of the goods donated to the charity for resale is recognised as income when sold and the proceeds of sale are categorised as 'income from other trading activities' in the SoFA.

n. Financial instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest rate method.

o. Operating leases

Rentals payable under operating leases are charged on a straight-line basis over the term of the lease. Any rent premiums are written off immediately.

p. Designated funds

Headway may at its discretion set aside funds for specific purposes which would otherwise form part of the general reserves of the organisation. Specifically, funds are set aside which represent the investment made or to be made in buildings and equipment for use by the charity. As such, they are not available for other purposes.

q. Restricted funds

Distributions from restricted resources must be used for purposes consistent with donor intentions and should be the first source of funding to support programmes and activities meeting the restriction.

r. Unrestricted funds

Unrestricted funds are funds which are available for the general purposes of that charity. These funds will be spent in a way that the Trustees see fit in accordance with the stated objectives of the charity.

s. Investment properties

Headway holds two investment properties in Manchester that were gifted as part of a legacy and are held for investment purposes to generate a rental income stream for Headway. There are no legal restrictions to prevent the sale of these properties. These properties were initially valued at cost and subsequently at fair value, which is market value, by an independent examiner.

Docusign Envelope ID: B20E0FB4-EB72-8891-8167-6C7A2EB65C64

Headway – the brain injury association

Notes to the consolidated financial statements for the year ended 31 December 2025

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t. Legal status of Headway

Headway is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. Members are liable for a period up to one year after they cease membership.

2. Critical accounting judgements and key sources of estimation uncertainty.

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

These judgements are reviewed regularly to reflect the changing environment.

3. Voluntary income.

Donations Legacies Grants	Unrestricted funds £ Restricted funds £ Branch funds £ Total 2025 £ 664,475 52,684 86,041 803,200 210,256 - 3,591 213,847 204,673 180,400 41,672 426,745 1,079,404 233,084 131,304 1,443,792	Total 2024 £ 818,422 325,174 345,231 1,488,827

Breakdown of restricted grants.

Health & Social Care Board, Belfast Charitable trusts and other grant making bodies () () includes generous grants from the following Stewarts’ Law	Total 2025 £ 116,776 63,624 180,400 50,000 50,000	Total 2024 £ 145,464 88,730 234,194 45,000 45,000

4. Other trading activities.

Retail activities Sale of merchandise Events and conferences	Unrestricted funds £ Restricted funds £ Branch funds £ Total 2025 £ 3,477,712 - - 3,477,712 8,564 - - 8,564 349,378 16,633 51,948 417,959 3,835,654 16,633 51,948 3,904,235	Total 2024 £ 3,496,412 15,517 402,495
		3,914,424

5. Investment and rental income

Income from listed investments Bank interest receivable Rental income from properties	Unrestricted funds £ Restricted funds £ Branch funds £ Total 2025 £ 7,199 - - 7,199 24,808 - 2,510 27,318 24,072 - - 24,072 56,079 - 2,510 58,589	Total 2024 £ 934 46,855 20,910
		68,699

Docusign Envelope ID: B20E0FB4-EB72-8891-8167-6C7A2EB65C64

Headway – the brain injury association

Notes to the consolidated financial statements for the year ended 31 December 2025

__________ 6. Analysis of total resources expended. Staff costs £ Other costs £ Management, support & governance costs £ Costs of generating funds Fundraising costs 266,077 122,654 89,251 Retail activities 1,879,331 1,337,364 89,252 Events and conferences 37,313 150,784 36,044 2,182,721 1,610,802 214,547 Charitable expenditure Services provided 872,139 526,578 554,389 Grants distributed 25,459 76,996 18,022 Publications and awareness 403,219 108,149 71,230 1,300,817 711,723 643,641 3,483,538 2,322,525 858,188 Support costs Staff costs Volunteer costs Office costs Computer support Depreciation Communication costs Legal and professional costs Subtotal support costs Governance costs Audit fees Fees for preparation of corporate tax returns Prior year audit fees Trustees’ expenses Trustee development Subtotal governance costs Total management support Net income for the year This is stated after charging the following to support and governance costs: Depreciation Auditor remuneration - Audit fee - Prior year audit costs - Other audit costs - Trustees’ indemnity insurance cover Operating leases – Land and buildings 7. Staff costs Staff remuneration Salaries and wages Social security costs Pension costs	_______ Total 2025 £ 477,982 3,305,947 224,141 4,008,070 1,953,106 120,477 582,598 2,656,181 6,664,251 Total 2025 £ 451,791 - 130,317 109,952 60,786 34,992 45,148 832,986 29,804 869 (8,295) 2,824 - 25,202 858,188 60,786 29,804 (8,295) - 4,480 416,138 Total 2025 £ 3,468,496 368,025 104,486 3,941,007	__ Total 2024 £ 373,068 2,918,600 204,641
		3,496,309
		1,992,627 113,206 631,395
		2,737,228
		6,233,537
		Total 2024 £ 417,520 - 129,800 111,252 52,725 26,458 37,722
		775,477 29,306 1,415 13,242 2,768 5,000
		51,731 827,208 52,609 29,305 13,242 1,415 4,480 561,334 Total 2024 £ 3,306,010 271,283 98,914 3,676,207

Docusign Envelope ID: B20E0FB4-EB72-8891-8167-6C7A2EB65C64

Headway – the brain injury association

Notes to the consolidated financial statements for the year ended 31 December 2025

_____________

Headway benefitted from the involvement of unpaid part-time volunteers. It is not practical to place a value on these services, but the number of volunteers in our shops increased in 2025

The average number of employees analysed by function was:

Administration Communications Fundraising and retail Services	2025 8 7 118 29 162	2024 9 9 113 31 162

Key management personnel

The key management personnel of the group, parent charity and the wholly owned subsidiaries is comprised of the trustees, the Chief Executive Officer, the Director of Finance & Administration, the Director of Fundraising, the Head of HR, the Director of Communications, and the Director of Services. The total employee benefits of the key management personnel were £381,972 (2024: £424,579).

Employee emoluments £50,000-£60,000 £60,000-£70,000 £70,000-£80,000 £110,000-£120,000	2025 1 3 1 1 6	2024 1 3 1 1 6

No remuneration was paid to any member of the board of trustees during the year, or the previous year. £2,824 expenditure was reimbursed to trustees in 2025 (2024: £2,768).

8. Tangible fixed assets

Group Cost - group Balance at 1 January 2025 Additions Disposals/ write-offs Balance at 31 December 2025 Accumulated depreciation Balance at 1 January 2025 Charge for the year Disposals/ write-offs Balance at 31 December 2025 NBV at 31 December 2025 NBV at 31 December 2024	Office & shop equipment Computer equipment & software Motor vehicles Land & building Investment properties Group total £ £ £ £ £ £ 670,449 391,807 63,179 827,891 480,000 2,433,326 34,454 9,849 - 15,200 - 59,503 (64,360) (13,746) - - (20,000) (98,106)
	640,543 387,910 63,179 843,091 460,000 2,394,723
	537,164 296,505 6,317 205,818 - 1,045,804 60,391 50,620 12,636 9,552 - 133,199 (32,433) (6,001) - - - (38,434)
	565,122 341,124 18,953 215,370 - 1,140,569
	75,421 46,786 44,226 627,721 460,000 1,254,154
	133,285 95,302 56,862 622,073 480,000 1,387,522

The cost of the land not depreciated included in land and buildings is £400,000 (2024: 400,000). Amounts attributed to land and buildings relate to the property owned by the charity’s subsidiary undertaking, 190 Bagnall Road Properties Limited.

Docusign Envelope ID: B20E0FB4-EB72-8891-8167-6C7A2EB65C64

Headway – the brain injury association

Notes to the consolidated financial statements for the year ended 31 December 2025

_____________

Charity Cost - charity Balance at 1 January 2025 Additions Disposals/ write-offs Balance at 31 December 2025 Accumulated depreciation Balance at 1 January 2024 Charge for the year Disposals/ write-offs Balance at 31 December 2024 NBV at 31 December 2025 NBV at 31 December 2024	Office equipment Computer equipment & software Motor vehicles Building Investment properties Charity total £ £ £ £ £ £ 90,349 329,748 - 143,891 480,000 1,043,988 (446) 9,849 - 15,200 - 24,603 - - - - (20,000) (20,000)
	89,903 339,597 - 159,091 460,000 1,048,591
	83,473 237,621 - 122,303 - 443,397 1,336 49,918 - 3,873 - 55,127 - - - - - -
	84,809 287,539 - 126,176 - 498,524
	5,094 52,058 - 32,915 460,000 550,067
	6,876 92,127 - 21,588 480,000 600,591

9.

Fixed asset investments Group Balance at 1 January 2025 Acquisitions during the year Disposals during the year Realised gains/ (losses) during the year Unrealised gains/ (losses) during the year Movement in cash held on deposit Market value at 31 December 2025	UK equities £ 14,399 1,045,294 (68,495) 4,837 35,555 25,148 1,056,738

All investments relate to holdings in the Rathbone Greenbank Investment Management or Santander UK Plc preference shares.

Charity Balance at 1 January 2025 Acquisitions during the year Disposals during the year Realised gains/ (losses) during the year Unrealised gains/ (losses) during the year Depreciation during the year Movement in cash held on deposit Market value at 31 December 2025	UK equities Subsidiary undertakings Total £ £ £ 14,399 600,487 614,886 1,045,294 - 1,045,294 (68,495) - (68,495) 4,837 - 4,837 35,555 - 35,555 - (5,680) (5,680) 25,148 25,148
	1,056,738 594,807 1,651,545

The investment in the subsidiary undertaking represents 100% of the ordinary share capital of 190 Bagnall Road Properties Limited, a company which owns the charity's property and is incorporated in England and Wales. Its results have been included in the consolidated financial statements along with Headway Retail Limited, a company limited by guarantee.

10. Stock

Goods held for resale	Group Charity 2025 2024 2025 2024 £ £ £ £ 17,169 17,522 8,864 11,143
	17,169 17,522 8,864 11,143

Docusign Envelope ID: B20E0FB4-EB72-8891-8167-6C7A2EB65C64

Headway – the brain injury association

Notes to the consolidated financial statements for the year ended 31 December 2025

11. Debtors

Group 2025 2024 £ £ Trade debtors 74,683 147,001 Other debtors 231,078 65,538 Prepayments 306,627 483,396 Amounts owed by subsidiary undertaking - - Taxation recoverable 59,475 67,811 Legacies receivable 358,840 266,626 Accrued income 73,526 82,249 1,104,229 1,112,621 reditors, amounts falling due within one year. Group 2025 2024 £ £ Trade creditors 271,916 413,228 Taxation and social security 99,301 89,109 Other creditors 15,554 4,679 Deferred income 77,695 64,750 Accruals 67,603 52,326 Taxation payable - - 532,069 624,092	Charity 2025 2024 £ £ 74,682 131,043 216,546 63,803 166,612 344,218 231,234 391,277 26,394 35,379 358,840 266,626 27,276 1,335
	1,101,584 1,233,681
	Charity 2025 2024 £ £ 208,553 346,366 99,301 89,109 15,554 4,679 77,695 64,750 50,397 36,147 - -
	451,500 541,051

12. Creditors, amounts falling due within one year.

Deferred income includes £33,418 income received for events that have not yet taken place or where the donor has not been able to participate in 2025. In 2025, £80,250 was released from income deferred in prior years and £93,195 was deferred to future periods.

13. Unrestricted funds

General funds
esignated funds
Expendable endowment fund
Fixed asset reserve
Strategic Investment fund

Balance at
31
December
2024
Incoming
resources
Expenditure,
gains/(losses)
& transfers
Balance at
31
December
2025
£
£
£
£
2,034,771
5,589,619
(5,849,779)
1,774,611
2,034,771
5,589,619
(5,849,779)
1,774,611
Balance at
31
December
2024
Incoming
resources
Expenditure,
gains/(losses)
& transfers
Balance at
31
December
2025
£
£
£
£
1,146,000
-
(20,000)
1,126,000
a
907,522
59,503
(192,871)
774,154
b
1,382,961
-
(193,983)
1,188,978
c
3,436,483
59,503
(406,854)
3,089,132

Designated funds

a The expendable endowment fund consists of property donated to the charity. The trustees have discretion as to how the fund is used and there is no actual requirement to spend or apply the capital. The trustees have the power to convert the endowment funds into income.

b The fixed asset reserve has been removed from general funds and a designation created for the group fixed assets.

c In 2024, the trustees agreed a new five-year strategy for Headway and the need to invest in our activities. The board therefore set aside a sum for this purpose with expenditure commencing in 2025.

Docusign Envelope ID: B20E0FB4-EB72-8891-8167-6C7A2EB65C64

Headway – the brain injury association

Notes to the consolidated financial statements for the year ended 31 December 2025

_____________

14. Restricted funds

Family emergency fund
Health & Social Care Board, Northern Ireland
BRAW
Look Ahead North
Headway NeuroConnect
Funds held on trust
Branches

Balance at
31
December
2024
Incoming
resources
Expenditure,
gains/(losses)
& transfers
Balance at
31
December
2025
£
£
£
£
-
50,000
(43,753)
6,247
a
2,386
123,623
(126,011)
(2)
b
9,087
2,980
(159)
11,908
c
6,414
61,053
(49,678)
17,789
d
-
9,428
(1,422)
8,006
e
72,719
2,633
(5,901)
69,451
f
90,606
249,717
(226,924)
113,399
523,388
201,355
(199,805)
524,938
613,994
451,072
(426,729)
638,337

a Family emergency fund for people with brain injuries, supported by the Stewarts Law foundation and other community funding.
b To provide people in Northern Ireland with acquired brain injury and their carers with the opportunity to access a range of services to support their needs post injury
c Balances held from fundraising and group & branches contributions for the annual BRAW event d Balances held from fundraising and group & branches contributions for the annual Look Ahead North event
e Funds held for the NeuroConnect project, which provides support for brain injury survivors
f Funds held on trust for groups and branches pending re-establishment of activities in that geographical area

15. Analysis of group net assets between funds

Tangible fixed assets Investment fixed assets Current assets Current liabilities Total net assets perating leases Short leasehold premises Operating leases which expire Within one year Within one to two years Within two to five years Over five years	Unrestricted funds Restricted funds Branch funds £ £ £ 1,254,154 - - 1,056,738 - - 3,084,920 113,399 524,938 (532,069) - -	Total 2025 £ 1,254,154 1,056,738 3,723,257 (532,069) 5,502,080 2025 £ 239,697 104,372 72,069 - 416,138	Total 2024 £ 1,387,522 14,399 5,307,419 (624,092)
	4,863,743 113,399 524,938		6,085,248
			2024 £ 337,418 162,104 61,812 - 561,334

16. Operating leases

17. Related parties

Net income from Headway Retail Limited, company number 02925092

The charity has a wholly owned trading subsidiary, Headway Retail Limited, which is incorporated in England and Wales and undertakes two main activities:

i) the company acts as an agent in selling donated goods on behalf of the charity. ii) the company conducts, as principal, the trading activity of selling greeting cards and other merchandise.

The profits arising are donated to the charity by an annual payment under gift aid.

Docusign Envelope ID: B20E0FB4-EB72-8891-8167-6C7A2EB65C64

Headway – the brain injury association

Notes to the consolidated financial statements for the year ended 31 December 2025

_____________ At 31 December 2025, the company had 25 trading shops (2024: 29 shops).

Profit and loss account 2025 Turnover (trading income) Less cost of sales Gross profit Administration expenses (shop operating costs) Other operating income Operating surplus Interest receivable and other income Surplus before taxation Tax on surplus Surplus for the financial year Gift aid payment Retained profit for the year he comparative profit and loss account for 2024 is as follows: Profit and loss account 2024 Turnover (trading income) Less cost of sales Gross profit Administration expenses (shop operating costs) Other operating income Operating surplus Interest receivable and other income Surplus before taxation Tax on surplus Surplus for the financial year Gift aid payment Retained profit for the year	Headway Retail Ltd £ 3,477,442 (12,777)
	3,464,665 (3,211,159) 1,101
	254,607 35
	254,642 -
	245,642 (254,642) - Headway Retail Ltd £ 3,496,411 (6,771)
	3,489,640 (2,813,705) 1,042
	676,977 108
	677,085 (3,558)
	673,527 (673,527) -

The comparative profit and loss account for 2024 is as follows:

Net income from 190 Bagnall Road Properties Limited, company number 02451998

The charity has a second wholly owned subsidiary, which is incorporated in England and Wales and undertakes one main activity:

i) to hold property used by the group companies

Profit and loss account 2025 Turnover (trading income) Less cost of sales Gross profit Administration expenses Loss on ordinary activities before taxation Tax on loss on ordinary activities Retained profit for the year	190 Bagnall Road Properties Ltd £ - -
	- (5,680)
	(5,680) - (5,680)

The comparative profit and loss account for 2024 is as follows:

Profit and loss account 2024 Turnover (trading income) Less cost of sales Gross profit Administration expenses	190 Bagnall Road Properties Ltd £ - -
	- (5,680)

Docusign Envelope ID: B20E0FB4-EB72-8891-8167-6C7A2EB65C64

Headway – the brain injury association

Notes to the consolidated financial statements for the year ended 31 December 2025

___________ Loss on ordinary activities before taxation Tax on loss on ordinary activities Retained profit for the year 18. Analysis of net (debt/ funds) Net cash: Cash at bank and in hand Add: liquid resources Current asset investments Less: debt Debts falling due within one year Debts falling due after one year Net funds	______ 01 January 2025 Cashflow Other non- cash charges 4,177,276 (1,575,417)	__ (5,680) (5,680) 31 December 2025 2,601,859
	- - -	-
	- - -	-
	- - - - - -	- -
	- - -	-
	4,177,276 (1,575,417) -	4,177,276

19. Contingent assets

In 2025, Headway – the brain injury association received notification of a legacy due from a residuary estate. This income has not been recognised in the above accounts due to the following reasons:

The estate contains significant pecuniary bequests, including the gift of property assets for which there is no probate value yet available,
There are potential and currently unquantifiable inheritance tax and capital gains tax liabilities against the estate, depending on the value of the property assets,
- No professional fees have yet been provided in relation to the administration of the estate or quantifying the tax liabilities.

Based on the above, the value of the legacy cannot be reliability estimated, however the Trust expects that the net receipt will exceed £100,000.

Docusign Envelope ID: B20E0FB4-EB72-8891-8167-6C7A2EB65C64

Headway – the brain injury association

Notes to the consolidated financial statements for the year ended 31 December 2025

_____________

20. Comparative Statement of Financial Activities

Income from: Voluntary income Charitable activities:  Training  Services to/ by groups & branches  Publications & awareness Other trading activities:  Retail activities  Sale of other merchandise  Events & conferences Investment & rental income Other incoming resources:  Disposal of property Total income Expenditure on: Raising funds  Fundraising  Retail activities  Events & conferences Charitable activities:  Services provided  Grants distributed  Publications & awareness Total expenditure Net gains/ (losses) on investments Net income/ (expenditure) before transfers between funds Transfers between funds Net income/ (expenditure) after other losses Fund balances brought forward at 1 January 2024 Fund balances at 31 December 2024	Unrestricted funds Restricted funds Restricted branch funds Total 2024 £ £ £ £ 1,085,907 233,618 169,302 1,488,827 34,777 - - 34,777 232,904 - 17,136 250,040 337,298 - - 337,298 3,496,412 - - 3,496,412 15,517 15,517 325,380 34,359 42,756 402,495 65,607 - 3,092 68,699 13,500 - - 13,500
	5,607,302 267,977 232,286 6,107,565
	345,378 - 27,690 373,068 2,918,600 - - 2,918,600 204,641 - - 204,641 1,453,402 386,455 152,770 1,992,627 48,405 45,000 19,801 113,206 631,395 - - 631,395
	5,601,821 431,455 200,261 6,233,537
	- - - -
	5,481 (163,478) 32,025 (125,972) - - - -
	5,481 (163,478) 32,025 (125,972)
	5,465,773 254,084 491,363 6,211,220
	5,471,254 90,606 523,388 6,085,248

Docusign Envelope ID: B20E0FB4-EB72-8891-8167-6C7A2EB65C64

Headway – the brain injury association

Notes to the consolidated financial statements for the year ended 31 December 2025

_____________

21. Comparative analysis of resources expended (note 6).

Costs of generating funds Fundraising costs Retail activities Events and conferences Charitable expenditure Services provided Grants distributed Publications and awareness	Staff costs Other costs Management, support & governance costs Total 2024 218,335 73,668 81,065 373,068 1,694,060 1,143,474 81,066 2,918,600 37,313 150,784 16,544 204,641
	1,949,708 1,367,926 178,675 3,496,309 925,101 564,582 502,944 1,992,627 25,459 87,747 - 113,206 359,121 126,685 145,589 631,395
	1,309,681 779,014 648,533 2,737,228
	3,259,389 2,146,940 827,208 6,233,537

22. Analysis of group net assets between funds (note 15).

Tangible fixed assets Investment fixed assets Current assets Current liabilities Total net assets	Unrestricted funds Restricted funds Branch funds Total 2024 £ £ £ £ 1,387,522 - - 1,387,522 14,399 - - 14,399 4,693,425 90,606 523,388 5,307,419 (624,092) - - (624,092) 5,471,254 90,606 523,388 6,085,248

HEADWAY – THE BRAIN INJURY ASSOCIATION

REPORT AND FINANCIAL STATEMENTS

Headway – the brain injury association

Contents

Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

Report of the trustees for the year ended 31 December 2025

Objectives and activities

Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

Public benefit

Achievements and performance

Helpline

Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

Publications and resources

The Headway network

Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

Emergency Fund

The Justice Programme

Training, learning and supporting

Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

Campaigns and awareness

Policy and Public Affairs

Fundraising and retail

Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

Volunteers

Future plans

Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

_________________

Financial review

Reserves policy

Investment policy

Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

_________________

Structure, governance and management

i. Governing document

ii. Tax status

iii. Capacity of Trustees

iv. Appointment of Trustees

Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

_________________ Trustee induction and training

v. Organisation

vi. Related parties/Register of interests

vii. Risk management

Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

viii. Pay policy for the senior leadership team

ix. Network structure

Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

Reference and administrative details

Elected Trustees

Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

Committees

Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

Statement of Trustees’ responsibilities

Headway – the brain injury association

Report of the trustees for the year ended 31 December 2025

Trustees’ liability insurance

Headway – the brain injury association

Independent auditors’ report to the trustees and members for the year ended 31 December 2025

_________________

Opinion

Basis for opinion

Conclusions relating to going concern

Headway – the brain injury association

Other information

Other matters prescribed by the Companies Act 2006