Reglstered number.. 2686901 Registered Charlty number. 1040706 HEADWAY NORFOLK & WAVENEY LIMITED DIRECTORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
HEADWAY NORFOLK & WAVENEY LIMITED COMPANY INFORMATION TRUSTEES AND DIRECTORS Colin Cook Paul Langshaw Katherine McGlashan (Resigned 6 December 2023) Damian Short {Resigned 11 June 2024) Chris Coath Mark Trenavin-Body Helen Lewis Claire Boothby-Bambrook (Resign8d 10 June 2024) Ella Wisbey (Nee A'court. Appointed 11 September 2023) Dr Venu Harilal (Appointed 30 September 2024) COMPANY NUMBER 2686901 REGISTERED CHARITY NUMBER 1040706 REGISTERED OFFICE Floor 2 4 Woolgate Court st. Benedicts Street Norwich Norfolk NR2 4AP AUDrroRS Sexty & Co Chartered Certified Accountants and Registered Auditors 124 Thorpe Road Nop4vich NR1 RS
HEADWAY NORFOLK & WAVENEY LIMITED CONTENTS Page Report of the Trustees 1-6 Indep8ndent Auditor's Report 7-9 Statement of Financial Actlvltles 10 Balance Sheet 11 Stat8mant of Cash Flows 12 Notes 13-23
HEADWAY NORFOLK & WAVENEY UMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL STATEMENTS The Trustees have pleasure in submitting their report together with the financial statements of the charitable company for the year ended 31 March 2024. The financial ststements have been pr8pared in accordance with th8 accounting policies set out on pages 13 to 16. The financial statement6 have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's govemlng document, the Charities Act 2011 and 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 published in October 2019. STRUCTURE, GOVERNANCE AND MANAGEMENT TRUSTEES AND DIRECTORS The dlrectors of the charitsble company are its Trustees for the purpos88 of charity law. The Trustees who have served during the year and Since the year end were as follows: Colin Cook Paul Langshaw Katherin8 McGlash8n {Resigned 8 December 2023) Damian Short (Resigned 11 June 2024) Chris Coath Mark Trenavin-Body Helen Lewis Claire Boothby-Barnbrook (Resigned 10 June 2024) Ella Wlsbey (Nee A'court. Appointed 11 September 2023) Drvenu Harilal (Appointed 30 September 2024) Trustees are recruited either through external advert or internal netrOrkS as a result of identifying a skill gap or when a trustee resigns. Potential new trustees are inteNiewed by the board and CEO to ascertain suitability and then invited to attend a board meeting befor8 deciding rf thay wish to join. Then would then be elected onto the board by the members in the next board meeting and confimed al our AGM. New trustees are given induction training and also have access to training and peer support networks through our affiliation to Headway UK. Trustees meet regularly and are responsible for strategic decision making. The trustees delegate the day to day management of the organis*ion to the Chief Executive Officer, who is supported by th8 Director of Operations and a wider Senior Leedership Team. In 202&24 this team included a Finance Manager, but in Juty 2024 this was changed to include a external consultant as Chief Financial Officer. Michael Krtching (CEO September 2021 to July 2024) Claire Boothby-Bambrook (Interim CEO from July 2024 and recruited as pemianent CEO in December 2024) Rosie Dunthorne (Director of Operations August 2017 to October 2023) Jessica Blomfield (Director of Operations October 2023 to present) Louise Thomson {Finance Manager to July 2024) Caron McLoughlin (Chief Fin8nci81 Officer- Consultant July 2024 to present) Amanda Barmby (Therapy SeNices Manager October 2021 to present) Tim Gardner (External Relations Manager June 2023 to present) Tara Davis (Fundraising and Communications Manager July 2022 to presentl Board meetings take place quarter with additional subcornmtttee meetings and exiraordinary board meetings 88 requirèd. Membars of the Senior Leadership Team attend subcommittee meetings, whilst the CEO, CFO and D1ctor of Operatlons attend the quarterly board meetlng. Monthly reports are submitted to the board by the CEO and CFO to advise on risk and our financial position. The Pay and Reward subcommitt88 reviews proposals for th8 organisation's annual pay award, including any inflationary increases and is responsible for agreeing the salaries of the CEO and Director of Operations. These are
HEADWAY NORFOLK & WAVENEY LIMITED REPORT OF THE TRUSTEES (CONTINUED> FOR THE YEAR ENDED 31 MARCH 2024 benchmarked 8g8inst local charitable organis*ion3 of a similar size and Income, taking into account our budget and ststutory increases in minimum wages and national insurance. Statement of Trustees, responsibilitles The Trustee5 who are also directors of Headway Norfolk & Waveney Limited for the purposes of company law are responsible for preparing the Trustees, Report and the financial statements in accordance with applrcable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Cornpany law requires the Trustees to prepare financial ststements for each financial year, which gtve a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the Trustees are required to- select suitable accounting policies and then apply them Consistent,. observe the methods and principles in the Charities SORP 2019 (FRS 102)., make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose wlth reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They ar8 also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and d8tection of fraud and other irregularities. In so far as the Trustees are aware.. there is no relevant audit information of which the charitable company's 8uditor is unaware. and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit infomiation and to establish that the auditor is aware of that information. CONSTITUTION AND OBJECTS The company is a registered charrty and company limited by guarantee and was set up on 12 February 1992. It is governed by a Memorandurn and Articles of Association. The objects are to provide for the long-term rehabilitation and care ot persons in the Norfolk & Waveney area who have acquired brain injuries. PUBLIC BENEFIT The Trustees are mindful of the requirements of the Charity Commission regarding the Public Benefrt test and confimi that the activities of the charitable company will conform with these requirements. FUNDRAISING STANDARDS In line with the provisions of Paragraph 162A of the Charities Act 2011, we confirm that we raise funds through a team of two employed staff. Our Fundraising and Communications Manager is full-time and worf(s primarity on external communications, fundraising events. individual giving, and corporate sponsorship. whilst our part-time Trust and Grants Fundraising Manager maintains our relationships with Trusts and Grants funders and applies for restricted and unrestricted funds on behalf of the organisation. This is a chang8 this year from previou8ty using an external fundraising consuttancy. Where required by our fund8r we complete or provide a report on how their grant was spent including 8vidence of activities carried out
HEADWAY NORFOLK & WAVENEY UMITED REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 We are register8d wilh the Fundraising Regulator and we have not received any complaints about our fundraising activities in this period. As a charity that works with vulnerable adutts, we have a good understanding of how to safeguard people from financial abuse and the risks of placing undue pressure on anyone to support our fundraising activities. We do not do doorstep appeals or cold calling. We do not use anyexternal fundraising companies to gain supporters. We do most of our publicfundr8i8ing via ourwebsite. Sla1 media or at planned events. We promote in-memory and legacy fundraising but this is done sensitively via our website and social media and never targeted at individuals. REVIEW OF THE YEAR In 2023-24. we continued ourstrategy of growlng and developing the service, building on the previous yearfs restwcture and the Introduction of key roles to support the organisation's 8U8tain8bility. We completed our rebrand and launched our new wèbsite to raise awareness of our services. This is included some market rasearch to understand current levels of brand awareness. We opened new services in Aylsham and Dereham and our Norwich c8ntre continues to thrive to the point where we needed to explore additional venues to meet demand. We also started a new group for young people that included DJ workshops. We reorganised our Occupation81 Therapy team to hw4e a part-time OT supporting each of our three areas and introduced an Occupational Therapy Assistsnt role. The t8am 8Stablished and r8n a number of peer support groups across the region for both clients and their families, in addition to their role in assessing clients. developing their 8UPPOrt plans and providing direct support with clients with more complex needs. We also undertook a data project with external support to look at to better gath8r data and insight to infom the development of the service. We developed our programme of activities to focus on mor8 Structured 12-week programmes such as Armchair Travel, Vocational Rehabiltt8tion, Advanced Communication and Mood Management. Our Lottery- funded ABI Connections project, whilst successful in reaching a wide range of clients, came to an end this year when funding ce8sed, We worked on a new bid to continue to deliver this work but unfortunately this not successful. We delivered a range of new fundraising events to help diversify our income sources and raise our profile across the region, including corporate Sponsored golf day8, sponsor8d abseiling and skydiving events and an art exhibition showcasing work from our clients as well as local artists. We also invested time in dev81oping th8 rang8 of ski118 in the board, identifying gaps and recruiting a new Chair. Treasurer and a trustee with a People and Communications focus. We started Ihe process of reviewing the organisation's governance and putting together an action plan to support the board to develop. Our Director of Operations moved onto a CEO role at another charity and we appointed an internal candidate from our OT team as our new Director. We also appointed a new Finance Assistant to support our Finance Manager as the organisation grows. A signifant unanticipated project for the organisation this year was the support we provided to Headway Cambridgeshire which was forced to close due to becoming insolvent. Our team stepped in and supported the continued delivery of the council-fund8d service and the Cardinal funded role based al Addenbrookes Hospit81, whilst supporting the development of a new Headway service for Headway Cambridge and Peterborough, wrth some of our trustees acting as trustees for the new organisation. Whilst this was undoubtedly a challenging period for everyone involved, it proved highly successful In that we were able to hand back most of the seNices and functions to the newly created Headway Cambridge and Peterborough in the space of 12 months and it is now entirely independent and financially sustainable and the CEO did an excellent job of managing risk for Headway Norfolk and Waveney and ensurtng a timely transition and exit strategy. Financially we had another ch811enging year. After the restructure undertaken in January and February 2023, our financial situation improved and our cash reseNes increased. We continued to work closely alongside our Gommissioners to improve the process for referring and assessing clients for our services. This resulted in the introduction of a Reablement Scheme to 8llow us to deliver some short-term interventions to clients
HEADWAY NORFOLK & WAVENEY UMITED REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 while they awaited the outcome of the often-lengthy financi81 assessment process. Howev8r. desprte much effort on both sides, this project did not result in more clients attendlng sooner or in more income. We did receive a 5.70A fee uplift from Norfolk County Council however this didn't adequatety cover the salary increases we had to meet due to the 9% increase in the minimum wage. We also secured a loan from Headway UK to ensure the security of our cashfl¢)w, but in the end we didn't need it and we returned it in full within three months. Declining client numbers and the unsuccessful lottery bid prompted a need for a further restructure in March 2024. Contracts were ended for fixed term staff who were funded by the ABI Connections project and we adjusted staff number8 in our Great Yarmouth Gentre to refiect a reduction in clients attending that centre. In addition, we developed a relationship with the Probation Service with a view to delivering some funded activty for potential clients within the Crlmlnal Justi system. We also identified that W8 had reached a ceiling with our external fundraisers as they predominant supported charities wrth an income under £1 million and we had crossed that threshold. So we invested in our own fundraiser, which has hugely increased our capacity for grants and trusts fundraising. but the fundraising environment remains extremely competitive. Despite these challenges however. we continued to Increase our impact with an 80 increase in clients accessing our 7 centre-b8sed servi8 across the region. PLANS FOR FUTURE PERIODS Given the challenging nature of fundlng security for the voluntary sector as a whole as well as furKling pressures on local authorities and the health and social care sector following the cost of living crisis. increased minimum wage and employer national insurance requirements, Headway Norfolk and Waveney will now be entering into a period of consolidation rather than growth. Our intention is to review our costs and income close, looking at how we can further diversify and grow our income, and prForit188 our resources to the front line delivery of our services. This will likely mean revlewlng our seniice delNery model over the next twelve months to ensure it is both meeting the needs of clients and financially suslainable. We will be devising our new 3-5 year strategy over this period with clear goals and key performance indicators aligned to our strategic vision. MEMBERS The charitable company ha8 no share capital and is limited by guarantee. Each member is liable to contrlbute £1 to the assets ofthe company in the event of its winding up. At 31 March 2024 the company had 88 such members. In the event of the charitable company being wound up with surplus funds, no member Shall be entitled to participate in the distribution of this surplus. The funds remaining after settlement of all debts and liabilities will be transferred to organisations pursuing similar objectives to those of this charity. RESERVES The Trustees have reviewed the charities reserves policy during the financial year. In doing this. th8y have balanced the need to keep sufficient liquid reserrfes with the desire to Invest in developing the charities future. The Trustees have concluded that they wish to hold approximately two months running costs in reserve at all times, which equates to around £180,000. They believe th8t thls level of reserve provides an adequate Cushion to allow the charity to function were it to hit difficult financial circumstances. However, the charty is not currently maintaining this level of reserves due to the difficult Operating environment. The trustees have set budgets for 2024125 and 2025126 which will work towards bringing the level of resenies back in line with the reserves policy. There are no funds that have been separately designated for any activity by the trustees. The funds that were designated for seNice development and for the website and rebrand in 2022-23 have been used for those purposes.
HEADWAY NORFOLK &WAVENEY UMITED REPORT OF THE TRUSTEES {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 General unrestricted funds at 31 March 2024 were £108,570 (2023 £206,473}. Designated funds at the year- end were £nil (2023 - £40,000). Restricted funds at the year-end were £1,521 12023 - £1,521). Total funds at the year*nd were £110,091 (2023 - £247,994). RISK MANAGEMENT The Trustees have, during the year. conts'nued to review the major risks to which the Charity is exposed and to establish systems to mitigate those risks Klentified not already covered by the Charty's existing systems and risk management strategies and controls. RISKS AND UNCERTAINTIES The Trustees acknowledge the Charity Commissioner's requirement for them ta undertake a review of the major risks to which the Charity is exposed. The Trustees continued to review the major risks to which the Charty is exposed, and to establish systems and actions to mitigate those risks identified in the risk register where not already covered by the Charity's existj'ng systems and risk management strategies. The principal risks and uncertainties identified by the Trustees are as follows.. Liquidty risk- not being able to meet our obligations as they fall due, given cash balances are Funding risk- inabilty to achi8V8 our strategic objectives due to lack of available funds Cost inflation, particularly wage inflation have added significant cost to the organisation and local authority incom8 has not kept up with this GOING CONCERN With the organis8tion reporting a deficit of £137.903 for 2023-24 8nd a challenging financial year in 2024- 2025 due to inflationary pressures on our own costs. on our main stskeholder, Norfolk County Council and on our clients who either pay for or contribute to the costs of their care, the board are concerned about our reseNes level and a further deficit this year. In particular, the organisation has identified a risk to our cashflow over the next five months due to depleting cash reserves. We were notified early in 2024 that we would be receiving a legacy donation of approximately £100.000 but we have no clear indication yet of when the full amount will be received. As a result, the board have approved steps to address this including.. Securing an interest free loan from Headway UK Securing an overdraft Exploring opportunities to increase fundraising and fee income over the next 12 months to rebuild reseNes We continue to review our operating model to maximise opportunities and cost efficiencies. The board is confident that taking these steps will support us to rebuild our reserves and with the savings made, next year looks less challenging. Our fee income this year is up 3.40/0 and our fundraising income is up 15% on 2023-24, so we are happy that there is still potential for this income to grow but bringing our expenditure back inline wrth our income will allow us to addre&s the lack of reserves and more able to withstsnd the volatility of the sector. INVESTMENT POLICY The Trustees have considered the most appropriate policy for investing funds and concluded that holding monies in bank deposit accounts meets the requirements to generate incom8 whilst minimising risk and maintaining liquidity. Given the nature of this investment the Trustees consider the return to be satisfactory.
HEADWAY NORFOLK & WAVENEY LIMITED REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. ON BEHALF OF THE TRUSTEES Mark Trenanvln-Body Dlrectorrrrustee Date.. 2011212024
HEADWAY NORFOLK & WAVENEY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF HEADWAY NORFOLK & WAVENEY LIMITED Oplnion We have audited the financial statements of Headway Norfolk & Waveney Limited (the 'charitable company,) for the year 8nded 31 March 2024 which comprise the Statement of Financial Activrties, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including signrficant 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: grve a true and fair view of the state of the charitable cornpany's affairs as at 31 March 2024. and of its incoming resources and application of resources, including its incom8 and expenditure, for the year then ended. have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice., and have been prep8red in accordance with the requirements of the Charities Act 2011. Basis for oplnion We conducted our audit in accordance wrth Intemational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under th088 Standards are further described in the auditor responsibilities for the audit of the financial statements section of our reporL Ive are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial slatem8nts in th8 UK, including the FRC'S Ethical Standard, and w8 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. Other matter The comparative figures are unaudited. Materfal uncertalnty related to golng concern We draw attention to note 1.3 in the financial statements, which indicates due to inflationary pressures, along with the other matters as set forth in the trustees. report, that a material uncertainty exists that may cast significant doubt on the charitable company's ability to continu8 as a going conc8rn. Our opinion is not modrfi8d in respect of this matter. In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparalion of the financial ststements is appropriate. Our responsibilities and the re8pon8ibilities of the trustees with respect to going concern are described in the relevant sections of thls report. Other infomiation The other infomi8tion comprises the inftxmation included in the trustees, annual report, other than the financial ststements and our auditor's report thereon. The trust888 are responsible for th8 Other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation 8nd, 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 mat8rially misstated. If we identify such mat8rial incon8lStencies 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 perfonned. we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard.
HEADWAY NORFOLK & WAVENEY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF HEADWAY NORFOLK & WAVENEY LIMITED (CONTINUED) Matters on whlch we are requlred to report by exception We have nothing to report in respect of the following matters in relation to whlch the Charrties (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the infomiation given in the trustees, report is inconsistent in any material respect with the financial statements., or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records,. or we have not received all the infomation and explanations we require for our audit. Responsibilitles of trustees As explained more fulty in the trustees. resFX)nsibilities statement {set out on page 1], the trustees (who are also the directors of the charf(able 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 intemal control as the trustees determine is necessary to enable the preparation of 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 charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the golng concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternatlve but to do so. Audltor responsibilitias for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, arKI to issue an auditorfs 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 adayS det8Ct a material misststement when it exists. Misstatements can arise from fraud or error and are considered material if, individualty or in the aggregate, they could reasonabty be expected to influence the economic decisions of users taken on the basis of these financlal statements. Irregularities, including frdud, are instances of non-cornpliance 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 extent to which our prcredures are capable of detecting irregularities, including fraud is detailed below, along wrth a sumrnary the audii procedures performed.. We have made enquiries with management regarding their procedures for complying with laws and regulations along with detecting and prevent fraud. We also requested details to any instances that have occurred during the period. INe have reviewed minutes of meetings and any published news articles ta identify any instances of non-compliance with and regulations or fraud. We reviewed nominal activities for evidence of any non-disclosed legal claims. Written representation has been obtsined to provide management with a further opportunty to disclose any breaches of laws and regulations or instances of fraud. We have reviewed the manual journal entries on the accounting system. The audit procedures are designed so that with reasonable assurance, material misstatements can be detected, including those relating to fraud. Because of the inherent limitations of an audlt. the is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will less likely to become aware of instances of non-compllance. The risk is also greater regarding irregularities occurring due to fraud rath8r than error, as fraud involves intentlonal concealment, forgery, collusion, omission or mlsrepresentatlon.
HEADWAY NORFOLK & WAVENEY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF HEADWAY NORFOLK & WAVENEY LIMITED (CONTINUED) further description our responsibilities is available on the FRC'S website at: LttLs lknw,frc,or ,uklauditorslaudit-8ssurancelauditor-s-r6sponsibilities-Tor-the-aLidit-of-the-fildescri lion- of-lhe-aud. nsibilities-for. This description forms part of our audltorfs report. Use of our report This r8POrt is rnade solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Chartties (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to stat8 to th8m in an audrtor's report and for no other purpose. To the fullest extent permittgd by law, we do not accept or assume responsibility to anyone oth8r than the charitable company and the charitable company's trustees as a body, for our audit work. for this report, or for the oplnlons we have fonned. l A Barlow FCCA {Senlor Statutory Audltor} For and on behalf of Sexty & Co Chartèred Certified Accountants and Registérad Auditors 124 Thorpo Road Norwich NRI 1RS Date.. l itlz
HEADWAY NORFOLK & WAVENEY LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Restricted funds funds 2024 total 2023 total Note INCOME Donations, grants and legacies 32,532 32,532 29.720 Income from charitable activtties 989.011 81,083 1.070,074 892.375 Investment income 6,507 6.507 2,836 Other income 18.661 18.661 TOTAL INCOME 1046711 81063 1127 774 989 061 EXPENDITURE Costs of raising funds 4.361 4,361 4,437 Expendtture on charitable activities 1.180.253 81.063 1,261,316 1,052.975 TOTAL EXPENDITURE 1.184.614 81,063 1,265,677 1.057.412 NET INCOMEI(EXPENDITURE) AND NET MOVEMENT FOR THE YEAR (137.903) {137,903) {68.351} Fund balances brought forward 14 246.473 1,521 247,994 316.345 FUND BALANCES CARRIED FORWARD 14 108 570 110 091 All amounts relate to continuing activities. All recognised gains and losses are included above. The notes on pages 13 to 23 fomi part of these financial statements. io
HEADWAY NORFOLK & WAVENEY LIMITED COMPANY NUMBER 2686901 BALANCE SHEET AS AT 31 MARCH 2024 Note 2024 2023 FIXED ASSETS Intangible assets Tangible assets 10 11 30.546 35.400 30,666 34,990 65,946 65,656 CURRENT ASSETS Stock Debtors Cash at bank and in hand 500 84,685 52,525 500 78,487 128,530 12 137,710 207.517 CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 13 93,565 25,179 NET CURRENT ASSETS 44.145 182.338 NEfASSETS 110,091 247,994 UNRESTRICTED FUNDS General fund Designated fund 14 14 108,570 206,473 40,000 246,473 108,570 RESTRICTED FUNDS 14 1,521 1,521 TOTAL FUNDS 110,091 247,994 These financial statements have been prepared in accordance with the special provision of Part 15 of the Companies Act 2006 relating to small charitable companies and with the FRS 102 SORP. The financlal statements were approved by the Trustees and authorised for issue on . signed on their behalf by,. l* and are Ella Wlsbey Directorrrrustee Mark Trenavln-Body Directorrrrustee The notes on pages 13 to 23 form part of these financial statements
HEADWAY NORFOLK & WAVENEY LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Net income (137,903) (68,351) Adjustments.. Depreciation l Amortisation Investment income (Increase)IDecrease in debtors (Decrease}llncrease in creditors 24,750 (6,507) (6,196) 11,268 (2,836) {61,508) 20,064 Net cash provlded by operatlng actlvltles (87,47D) (141,491) Cash flows from investlng activltles: Int8r8St Purchase of fLYed assets 6,507 25,042 2,836 26.150 Net cash used In Investlng actlvltles {18,535} 28,986 Cash flows from flnancing activitias: Loan receipt Net cash provlded by flnanclng actlvltles 30,000 Change in cash and cash equivalents in the reporting period {76,005) (112.505) Cash and cash equivalents at the beginning of the pericm 128,530 241.035 Cash and cash equlvalents at the end of the perlod 52.525 128,530 Cash and cash equivalents consists of: Cash at bank and in hand 52,525 128.530 52,525 128,530 The notes on pages 13 to 23 fom part of these financial statements. 12
HEADWAY NORFOLK & WAVENEY UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POUCIES The principal accounting policies adopted. judgements and key sources of estimation uncertainty in the preparation of the financial ststements are as follows: 1.1 Basis of preparation of financial statements The financial ststements 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 issued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011. the Companies Act 2006 and UK Generally Accepted Accounting Practice. Headway Norfolk & Waven8y meets the definition of a public benefii entty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwi88 Stated in the relevant accounting policy notes. The financial statements are pr&sented in pounds sterling and are rounded to the nearest pound. 1.2 Legal status of the Charlty Headway Norfolk & Waveney Limited is a private company limited by guarant88 in England and has no share capital. In the event of the charity b8ing wound up, the liabilty in respect of the guarantee is limited to £1 per member of the charity. 1.3 Golng concern The Trustees consider that. due to inflationary pressures, along with the other matters as set forth in the trustees report indicate that a material uncertainty exists that may cast significant doubt on the charitable company's abiltiy to continue as a going concern. 1.4 Fund aceounting Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the Trustees have decided at their discretion to set aside to use for a specific purpose. The aim and purpose of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which must be spent on particular projects being undertaken by the charity. The cost of raising and 8dministerlng such funds are charged against the specrfic fund. The aim and use of each material designated and StrIcted fund is set out in the notes to the financial ststements. Investment incorne, gains and losses are allocated to the appropriate fund. 13
HEADWAY NORFOLK & WAVENEY UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (contlnued 1.5 Income Income is recognlsed when the charty has entitlement to the funds, any perfomiance conditions attached to the item(s) of income have been met. it is probable that the income will be recetved and the amount can be measured reliably. Vthere Income has related expenditure {as with fijndraising or contract income), the income and related expendrture are reported gross in the Statement of Financial Activities. Donations, grants and glfts are recognlsed when recelvable. In the event that a donation is subject to fulfilling perfomance conditions before the charity is entitled to the funds, Ihe income is deferred and not recognised until it is probable that those conditions will be fulfilled in the reporting period. Income from Gift Aid tax reclaims is recognised for any donations with relevant Gtft Aid certificates COgnised in income for the year. Any arnounts of Gift Aid not received by the year end are accounted for in income and accrued income in debtors. Income from local councll contracts, government and other grants, whether 'capital' grants or 'revenue' grants, are recognised when the charity has entitlement to the funds, any performance conditions attached to the grants hav8 bean met, it is probable that the income will be r8ceiv8d and th8 amount can be measured reliably and Is not deferred. For legacies, entitlement 18 taken on a case by case basis as the earlier of the date on which.. the charity is aware that probate has been granted, the estste has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part. is only considered probable when the amount can be measured reliably and there is an expectation that a distribution will be made. If the legacy is in the form of an asset other than cash or an asset listed on a recognised stock exchange, recognition is subject to the value of the asset being able to be reliably measured and title to the asset has passed to the charity. IAth8re18gaci8s hav8 been notified lo the charity or the charity is aware of the granling of probate. and the criteria for income recognition have not been met, then the legacy is a tre8ted as a contingent asset and discknsed if material. Income received in advance for a future fundralslng event or for a grant received relating to the following year are deferred until the criteria for income recognition are met. Interest on deposit funds held is included when recelvable and the amount can be measured reliably by the charity which is nomially upon notification of the interest paid or payable by the bank. Sponsorship from events, fundraising and events registration fees are reGognised in income when the event takes place. Trading income is recognised on point of sale for both donated and purchased goods. 14
HEADWAY NORFOLK & WAVENEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POUCIES (continu•d) 1.6 Expendituro and Irrecoverablo VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditu is accounted for on an accruals basis under the following headings: Costs of raising funds comprises fundrsising costs incurred in seeklng don8tions, grants and legacres. costs of fundraising activtties Including the costs of goods sold, shop costs, commercial trading and their assoclated support costs. Fundraising costs do not include the costs of di88eminating infonnation in support of the charitable activities. Expenditure on charitable activities includes the costs of advising and informing, supporting and enabling, listening, consulling and involving, training and upskilling and other 8Ctivities undertaken to further the purposes of the charty and their associated support costs. Support Costs comprise tho88 Costs which are incurred directly in support of expenditure on the objects of the charity and include governance cost, finance, and office costs. Governance costs are those costs incurred in connection with the compliance with constitLrtional and stalutory requirements of the charity- Irrecoverable VAT is charged as a cost against the 8Ctivity for which the expenditure was incurred. Support costs are allocated to each of the activities based on direct costs incurred. 1.7 Volunteers The value of the services provided by volunteers is not incorporat8d into these financial statements. Further details of their contribution is provided in the Trustees report. The charity would like to acknowledge the hard work of all volunt88rs and th8ir contribution and commitment to supporting clients with their recovery and reablement. 1.8 Intanglble flxed a888ts Intangible fixed as88ts ar8 Stated at Cost less amortisation. Amortisation 18 provided at rates calculated to write off the cost of fixed assets. less their estimated residual value, ovar their expected useful lives on the following basis.. Website 20 /0 Straight line 1.9 Tangible fixed assots Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimatal residual value. over their expected useful lives on the following basis.. Fixtures, fittings and equipment Computer equipment 15°h straight line 33QA straight line 1.10 Debtors Trade and other debtor5 are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid n8t of any trad8 discounts du8. Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date. 15
HEADWAY NORFOLK & WAVENEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1.11 Credltors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. 1.12 Pensions The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the find in respect of the year. 1.13 Operating leases Operating leases a recognised over the perlod of which the lease falls due. Beneffts received and receivable as an incentive to sign an operating lea88 are r8cognis8d on a straight line basis over the period of the lease. 1.14 Taxation The 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 charitsble company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital galns received wf(hin 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. EMPLOYEES (a) Number of employees The average number of employees by head count during the reporting period was 48 {2023 44). all of whom were engaged in the pursuit of the charitable activities of the company. 2024 2023 Wages and salaries Social securily costs Pension cost 814,618 53,437 22,226 670,090 34,877 18.214 890 281 723,181 No employees ceiVed total employee benefts of more than £60,000 per annum (2023 - Nil). In accordance with the charitable company's Memorandum of Association, the Board of Directors, who are the Charity's Trustees, receive no emoluments for their services as directors of the company. The directors were not paid or reimbursed for expenses during the year. 16
HEADWAY NORFOLK & WAVENEY LIMITED NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2024 The Charity considers that the key management personnel comprise the Trustees and the Senior management team. The total employee benefrts of the key management personnel of the Charity were £202.452 {2023 £185,943). INCOME FROM DONATIONS, GRANTS AND LEGACIES Unrestricted Restrictad 2024 2023 Donations 32,532 32,532 29,720 32,532 29.720 All of the income previous year relates to unrestricted funds. INCOME FROM CHARITA8IEACTIVmES Unr•stricted Restrfcted 2024 2023 County Council payments Grants received Other client payments Lunch and tuck shop income Fund raising 642,615 64,845 270,585 10,256 710 642.615 145,908 270,585 10,256 710 531.751 156,578 198.189 5.822 35 81,063 989011 81063 1070 074 892 375 All of the incom8 previous year relates to unrestricted funds. OTHER INCOME 2024 2023 Profit on disposal of fixed assets Management fees 64,130 18,661 18,881 64,130 COSTS OF RAISING FUNDS 2024 2023 Fund raising costs 4.361 4,437 All costs of raising funds in 2024 and 2023 relates to unrestricted funds. 17
HEADWAY NORFOLK & WAVENEY UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 EXPENDITURE ON CHARITABLE ACTNITIES 2024 2023 Direct costs; Client activities Light, heat and water Direct salaries staff other cost8 Lunch costs Depreciation - fumiture and fittings Depreciation - computer Amortisation - website General and cleaning Equipment repairs and maintenance 17,064 2,048 712,854 24.551 2.218 1,533 11,000 8,040 3,054 14,338 18.028 2,078 578,545 27.815 2.428 1.337 1,211 11,410 15,897 Support costs: Light, heat and water Property repairs Travel expenses Insurance Depreciation - furniture and rIng$ Depreciation - computer Amortisation - website Printing, stationery and advertising Telephone and postage General and cleanlng Subscriptions and affiliation fess Indirect salaries Equipmenl repairs and maintenance Rent payable Training and recruitment expenses Bank charges Bad debts Equipment rental Consultancy Professional fees 683 177 14,973 3,675 511 3,667 693 4,900 12.772 3,151 1,968 404 6.423 10,231 2,852 14,366 144,636 3,974 109,745 12.887 1,198 6,394 10,140 763 15,219 178,164 3,585 133,386 7,786 590 259 7.041 58,497 9,677 1.816 27,859 22,129 Governance costs: Accountancy and bookkeeping 9,829 5,872 TOTAL 1,261,316 1,052,975 All support costs have been allocated to the single activity of the charity. Expenditure on charitable activities was £1,261,316 {2023 £1,052,975) of whlch £1,180,253 was unrestricted {2023 £1,017,500) and £81,063 was restricted (2023 £35,475), NET INCOMEIEXPENDITURE IS STATED AFfER CHARGING: 2024 2023 Independent examiners fee 2,490 Auditor fee 9,600 18
HEADWAY NORFOLK & WAVENEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TAXATION The charity is exempt from corporation tax. 10 INTANGIBLE ASSETS Webslte COST At 1 April 2023 Additions Disposals 32,280 7.920 At 31 March 2024 40,2IJO DEPRECIATIONIA At 1 April 2023 Provided for the year 1,614 8,040 At 31 March 2024 9,654 NET BOOK VALUE At 31 March 2024 30,546 At 31 March 2023 All assets are used for charitable purposes. 11 TANGIBLEASSErs Fixtures, frttings and equipment Computer equipment Total COST At 1 April 2023 Additions 70,566 3,879 113,293 13,242 183,859 17,121 At 31 March 2024 126,535 200.980 DEPRECIATIONIA At 1 April 2023 Provided for the year 69,059 79,810 14,667 148,869 At 31 March 2024 71,103 94,477 165.580 NET BOOK VALUE At 31 March 2024 3.342 At 31 March 2023 1.507 34.990 19
HEADWAY NORFOLK & WAVENEY UMITED NOTES TO THE FINANCIAL sTATEMErs FOR THE YEAR ENDED 31 MARCH 2024 12 DEBTORS 2024 2023 Client income Other debtors Prepayments 77,222 3,791 76,235 397 84,685 78,487 13 CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Supplier creditors Taxation and social security Accruals and deferred income Other creditors Loan 16,355 14,291 23,261 9,858 6,770 12,909 5,500 93,565 25.179 14 RECONCILIATION OF MOVEMENT IN FUNDS 2024 Opening funds Closlng funds Income Expendlture Transfers Unrestricted General Designated 206,473 1.046,711 40,000 1.144,614 40,000 108,570 Totsl unrestricted 246,473 1,046,711 1,184,614 108,570 Restricted funds Grant income 1,521 81.063 81,063 1.521 Total restricted 81,063 1,521 Total funds 247 994 1,127,774 1,265,677 110,091 20
HEADWAY NORFOLK & WAVENEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14 RECONCILIATION OF MOVEMENT IN FUNDS (contlnued) 2023 Opaning funds Closing funds Income Expendlture Transfers Unrestricted G8n8ral Designated 271,826 40 000 956,584 1,021,937 206,473 40 000 Total unrestricted 311,826 956,584 1,021,937 246.473 Restricted funds Grant income 4.519 32.477 35.475 1,521 Total restricted 4,519 32,477 35,475 1,521 Total funds 316.345 989,061 1,057,412 247,994 Grant incomg detail$'. Headway Norfolk & Waveney would like to *knowledge the generous and ongoing support from the National Lottery, with the following grants being awarded in the last 10 years. We have also been awarded funding to cary oul an Acquired Brain Injury Early Connections project over three years to in-reach in hospitals across the county to provide support to those who have reGently 8cquired 8 brain injury. This aims to provide emotional support, infomation, and 8dvice to help support those who have been recently discharged from hospital to navigate and adjust to their new life circumstances. £9,962 - A4A - ABI Carers - Creatlng Connections - Awards for All - 2411112015- 2411112016 £9,987 - Headway Norfolk & Waveney Peer Support- Awards for All - 0410112019 - 0410112020 £9,950- Heading Your Way - Awards for All- 0810512020- 3110712021 £56,358- Headway Norfolk and Waveney Covld Applicatlon - Reaching Communf(ies - 0110612020- 3111212020 £54,265 ~ ABI Connections Project (year 1) - 0110512021 to 3010412022 £54,126 - ABI Connections Project (year 2)- 0110512022 to 3010412023 £38,404 - ABI Connections Project (year 3) - 0110512023 to 3010412024 £20.000 received from Postcodes Places Tnjst to go towards occupational therapist costs. £5,000 received from The Jarnes Tudor Foundation to go towards occupational therapist costs. £3.284 received from Norfolk Community Foundation to go towards occupational therapist costs. £3.000 receNed from Anton Jurgens Charitable Trust to go towards neurological music therapy Sessions. £3,000 received from Suffolk Communty Foundation to go towards occupational therapist costs. £2,000 re1v& from The Hospital Saturday Fund to go towards occupational therapist costs. 21
HEADWAY NORFOLK & WAVENEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 £2,000 reiVed from The Sir Jules Thorn Charitable Trust to go towards cora costs. £1,500 received from The Strangward Trust to go towards occupational therapist costs. £1.500 received from Wymondham Satellrte Rotary Club to go towards DJ Skills workshop. £500 receNed from The Douglas Arter Foundation to go towards occupational therapist costs. £500 received from The Timothy Colman Charitable Trust to go towards core costs. £200 received from Valeo Foods to go towards equipment costs. 15 ANALYSIS OF NET ASSETS BETWEEN FUNDS Each fund is repres8nted by the following assets and liabilrties: 2024 Unrostricted General Deslgnated Restrlcted Fund Totsl Fixed assets Cash and bank balances Other current assets Current liabilit188 65,946 51.004 85,185 93,565 65,946 52,525 85.185 93.565 1,521 Closing funds 108,570 1,521 110,091 2023 Unr¢stricted General Designatod Restrlcted Fund Total Fixed assets Cash and bank balances Other current assets Current liabilities 65,656 87,009 78,987 25.179 65,656 128,530 78.987 25.179 40,000 1.521 Closing funds 206,473 1521 247.994 22
HEADWAY NORFOLK & WAVENEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16 LEASING AGREEMENTS Minimum18ase payments under non•cancellable operating leases fall due as follows: Within one year Laterthan one year and not later than five years 133,879 60.686 194,565 The arnount of lease payments recognised as an expense in the year amounts to £133,387 (2023 £109,745) 17 PENSION COMMrrMENTS The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and armunted to £22.226 (2023 £18,214). Contributions totaling £9,306 (2023 £NIL) We payable to the fund at the balance sheet date and are included in creditors. 18 RELATED PARTY TRANSACTIONS There were no business relationships or related paty transactions during the year. 23