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2021-12-31-accounts

Company Registered Number: 02988368 Charity Registered Number: 1042574

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charitable Company, its Trustees and 1 - 2
Advisers
Trustees' Report 3 - 15
Trustees' Responsibilities Statement 16
Independent Auditor's Report on the Financial Statements 17 - 20
Consolidated Statement of Financial Activities 21
Consolidated Balance Sheet 22
Charitable Company Balance Sheet 23 - 24
Consolidated Statement of Cash Flows 25
Notes to the Financial Statements 26 - 43

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021

Trustees F Ahmed, Treasurer
M Ashina, Past president
R Burstein, President-elect (appointed 8 September 2021)
A Carmine Belin (appointed 8 September 2021)
G Coppola
L Edvinsson (resigned 8 September 2021)
S Evers (resigned 8 September 2021)
J Hoffmann (appointed 8 September 2021)
MJ Lee (resigned 8 September 2021)
M Lisicki (resigned 8 September 2021)
M Peres (resigned 8 September 2021)
A Özge
P Pozo Rosich, Honorary Secretary (resigned 8 September 2021, appointed 20
October 2021)
Todd Schwedt (resigned 8 September 2021)
A Sinclair (resigned 27 June 2021)
K Skorobogatykh (resigned 8 September 2021)
C Tassorelli, President
WL Thomas (resigned 8 September 2021)
M Chu (appointed 20 October 2021)
M Goicochea (appointed 20 October 2021)
A Charway-Felli (appointed 20 October 2021)
A Mohammed (appointed 15 November 2021)
T Monteith (appointed 15 November 2021)
Company registered
number
02988368
Charity registered
number
1042574
Registered office
6th Floor
2 London Wall Place
London, United Kingdom
EC2Y 5AU
Independent auditor
MHA MacIntyre Hudson
Statutory Auditor
2 London Wall Place
London, United Kingdom
EC2Y 5AU

Page 1

(A Company Limited by Guarantee)

INTERNATIONAL HEADACHE SOCIETY

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Bankers Santander UK plc
1st Floor
Market Place
Derby
DE1 3PY
Close Brothers Limited
10 Crown Place
London
EC2A 4FT
Solicitors Penningtons Manches Cooper LLP
Clarendon House
Clarendon Road
Cambridge
CB2 8FH
Investment Managers Schroder Unit Trust Limited
31 Gresham Street
London
EC2V 7QA
Eskmuir Asset Management Ltd
8 Queen Anne Street
London
W1G 9LD

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INTERNATIONAL HEADACHE SOCIETY (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their annual report with the accounts of the Society and its subsidiary company for the year ended 31 December 2021.

Legal status

The International Headache Society (IHS) was founded in 1982 and incorporated as a company limited by guarantee and not having a share capital (company registration number 2988368) in 1994. Its affairs are governed by its Memorandum and Articles of Association. The company was registered as a Charity in England and Wales (registered Charity number 1042574) in 1995.

Structure, governance and management

In common with all limited liability companies, the Society has a Board of Directors who take overall responsibility. A new Memorandum and Articles of Association was adopted in September 2008 which created a Board of Trustees, who became the Directors of the Society.

The day-to-day running of the Society is the responsibility of the Board of Trustees with the assistance of a selfemployed Administrative Manager and outsourced financial services support from the Migraine Trust until 31 December 2021 and from MHA MacIntyre Hudson from January 2022. In addition, there are twenty advisory Standing Committees and Special Interest Groups.

The constitution allows for the members in general meeting to elect Honorary life members; seven were elected in 1997 (Eero Hokkanen, James W Lance (since deceased), Frank Clifford Rose (since deceased), Federigo Sicuteri (since deceased), Ottar Sjaastad, Dieter Soyka (since deceased), Marcia Wilkinson (since deceased)) and a further four in 2002 (John Desmond Carroll (since deceased), Karl Ekbom (since deceased), Lee Kudrow, Edgard Rafaelli Jnr (since deceased)). From 2005, it was agreed that all Past-Presidents of the Society should be elected as Honorary life members following their leaving the Executive Committee (including retrospectively) and a further seven were elected at this time (Marie-Germaine Bousser, Michel D Ferrari, Ninan T Mathew (since deceased), Jes Olesen, Jean Schoenen, Peer Tfelt-Hansen, K Michael Welch). In 2009 a further two Past-Presidents (Michael A Moskowitz, Fumihiko Sakai) and two recipients of the IHS Recognition for Service Award (Peter J Goadsby, Timothy J Steiner) were elected. In 2011 the Past-President (Hans-Christoph Diener) and a recipient of the IHS Recognition for Service Award (E Anne MacGregor) were elected. In 2013 two recipients of the IHS Recognition for Service Award (Giuseppe Nappi and K Ravishankar) were elected. In 2017 the Past-President (Alan Rapoport) was elected. In 2019 the Past-President (David Dodick) was elected. In 2021 the Past-President (Lars Edvinsson), two recipients of the IHS Recognition for Service Award (Allan Purdy and Vincenzo Guidetti) and two Honorary Life Members (Patrick Humphrey and Pramod Saxena) were elected.

IHS offers Junior membership at a reduced rate to Residents and Trainees alternatively within three years of obtaining medical doctorate or academic post graduate degree or specialist certification, whichever was obtained latest, or within 6 years of obtaining latest academic degree for other academic groups. Standard members (which includes Honorary and Junior members) are entitled to vote at IHS meetings.

National scientific societies sharing the aims of the IHS can become Affiliate Member Societies of IHS. The representatives of the Affiliate Member Societies join the Advisory Council.

In 2002, Associate membership of IHS was created to assist those professionally interested in headache disorders who are residents of the world’s 100 poorest countries to participate in the global discourse on headache via free online access to the journal Cephalalgia which the Society publishes.

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INTERNATIONAL HEADACHE SOCIETY (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Induction and training of Trustees

Following elections at the Annual General Meeting, a ‘Trustees’ Pack’ is given to new Trustees which includes the Society’s Articles and Bylaws as well as Charity Commission Guides on being a Trustee of a UK registered charity. In view of the worldwide location of Trustees it is complex to organise formal face to face training for new Trustees but consideration will be given to Virtual training sessions in future years.

Risk management

The Society has a formal risk management policy and structure for assessing risk. The policy was reviewed and updated in January 2022. The Society supports a systematic approach to risk management that ensures that the risks associated with every activity are assessed, ranked and prioritised. A risk map is produced which is reviewed by the Board of Trustees annually. The Board of Trustees are confident that this ensures that any exposure to risk is identified and that procedures are in place to manage that risk.

The Trustees consider the principal risks and associated mitigation strategies to be:

Public Benefit

The Trustees confirm that they have referred to the information contained in the Charity Commission’s general guidance on public benefit when reviewing the Society’s aims and objectives, and in planning activities and strategy for the year ahead.

Through its activities, mostly notably the journals, the International Congress, the International Classification of Headache Disorders, clinical trial guidelines, grants, worldwide education and the Online Learning and Education Centre, the Society disseminates vital research and educates physicians and headache specialists throughout the world in order that they are better able to understand and treat headache sufferers.

The impact of IHS grants was recently reported in an article published in Cephalalgia. The results of a study of past grant recipients shows that 81% have remained in the headache field since the award and overall stated that the grant had had a significantly positive impact on their careers. A video with input from five past attendees of the IHS International Headache Academy (iHEAD) was released, explaining how the academy had enhanced their headache knowledge and the importance of the opportunity the academy gave them to network with international headache experts and their international peers. IHS continues to monitor the careers of grant recipients and iHEAD attendees.

Objectives and Principal Activities

The Society’s activities, summarised below, ensure that it fulfills its charitable purpose and that they are for the public benefit across the world.

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INTERNATIONAL HEADACHE SOCIETY (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Objectives

The objects are to relieve sickness and to protect and preserve health in the United Kingdom and elsewhere in the world, including in any one or more of the individual countries of the world. The Society achieves this, in particular, by promoting research into the causes, mechanisms, consequences, diagnosis, prevention, treatment and other aspects of headache and by disseminating the useful results of such research, by advancing the education and raising the awareness of the public of the subjects of headache, its science and management, and by such other ways as the charity through its trustees may from time to time decide.

The income and property of the Society are applied solely towards the promotion of its objects.

Aims and Activities

In 2021 the Society aimed to continue its work in promoting headache research and dissemination of knowledge. However, due to the COVID-19 pandemic, some planned activities were cancelled or postponed.

The 20[th] Congress of the International Headache Society (IHC) in collaboration with the European Headache Federation was held as a virtual meeting in September. The Online Learning and Education Centre launched in 2020 on the website was updated with new online educational content. Two headache awareness campaigns were run online on cluster headache and migraine. Two IHS Fellowships and two Allied Specialties Scholarships were awarded; the Allied Specialties Scholarships were deferred to 2021. Three Junior Research Grants were awarded. IHS supported a student to attend the German Master of Migraine and Headache Medicine course.

IHS supported the 8[th] Asian Regional Conference of Headache which was held in Taipei, Taiwan, and as a hybrid meeting in collaboration with the Asian Oceanian Association of Neurology. Funding was also offered to the 2[nd] Global and Migraine Pain Summit/5[th] Middle East and North African meeting/3[rd] Turkish African Meeting of Headache and Pain Management which was held as a virtual meeting.

One IHS Guidelines document was published in Cephalalgia and one submitted for publication. Cephalalgia and Cephalalgia Reports, the IHS scientific journals, continued publication.

The IHS Corporate Roundtable meetings were held virtually and brought together key stakeholders to ensure the future of headache medicine and patient access to new medications.

IHS Board members continued to sit on the Steering and Core Committees of the IHS Global Patient Advocacy Coalition, now run by the American Migraine Foundation, and the coalition continues work to implement optimal standards of care for those affected by migraine and other headache disorders and raise awareness of their impact on individuals and society through its workplace migraine employee support initiative.

Activities

Every other year the Society, through its subsidiary company, holds an International Headache Congress, at which developments and research in the field of headache is discussed (see above). The Society also publishes a professionally acclaimed journal, Cephalalgia, and an extensive Online Learning and Education Centre is hosted on the IHS website. Educating the next generation of headache specialists and teaching in regions where headache specialists are few (Visiting Professor programme, IHS Master Schools) are key objectives, as is raising awareness of headache and migraine worldwide and reducing the associated stigma.

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INTERNATIONAL HEADACHE SOCIETY

(A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Professional Collaborations

The Society works closely with its Affiliate Member Societies (national societies). In 2021 there were 54 Affiliate Member Societies worldwide. Some of the Affiliate Member Societies offer membership of IHS through their society; these include:

IHS (via the IHS Trading Company) hosts the biennial International Headache Congress which is organised in consultation with the national society of the hosting country. Recent congresses have been held virtually – joint congress with the European Headache Federation (2021), Dublin, Ireland (2019), Vancouver, Canada (2017), Valencia, Spain (2015), Boston, USA (2013), and Berlin, Germany (2011).

The next congresses will in Seoul, Korea, in 2023 and São Paolo, Brazil, in 2025.

IHS also collaborates with the World Health Organization on the International Classification of Headache Disorders (ICD-11), and with the International Association for the Study of Pain and the World Federation of Neurology.

Fundraising

The Society carries out its fundraising both internally and externally. It does not use professional fundraisers or commercial participators.

Corporate sponsorships provide the only fundraising income for the Society and this is done through Trustee interactions with corporate companies who are contacted in the course of a regular professional relationship or though the Professional Conference Organiser in respect of the International Headache Congresses. The Society is not subject to any undertaking to be bound by any voluntary scheme for regulating fundraising or any voluntary standard of fundraising in respect of its activities.

The Society does not raise funds from the public. No complaints have been received in respect of the Society’s fundraising activities during the financial year.

Achievements and performance

Dr Patricia Pozo Rosich reports to the Society as honorary secretary.

This report covers the activities of IHS for the year ended 31 December 2021.

2021 continued to be a challenging year worldwide due to the COVID-19 pandemic; IHS was able to continue with some activities, although others were cancelled or postponed. In particular the Society continued to take the opportunity to enhance online educational content.

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INTERNATIONAL HEADACHE SOCIETY (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Cephalalgia had another successful year. The 2020 impact factor rose to 6.292; Cephalalgia is ranked 28 out of 208 clinical neurology journals and 48 out of 273 neuroscience journals. A special issue on Secondary Headache was published and also a supplement containing the International Headache Congress (IHC) abstracts. Professor Arne May continues as Editor-in-Chief and Wendy Krank as Managing Editor. The journal is published by SAGE Publications Ltd.

Cephalalgia Reports, the open-access silhouette title to Cephalalgia providing an international forum for original research papers, review articles, clinical perspectives, case reports, technical reports and short communications, was launched in 2018 and now has over 100 published articles. The journal is listed in the Directory of Open Access Journals and Scopus.

Membership numbers reached an all-time high during 2021; at the end of the year there were 1,676 members, 58% of whom were members through their Affiliate Society. Members who did not renew were actively followed up throughout the year and a membership campaign was begun in the autumn and carried through to early 2022. The number of Associate Members, specialists living in developing countries who receive free access to Cephalalgia and the IHS website, increased to 1,624.

The elections for the elected members of the Board of Trustees were successful; 38% of IHS members voted and Rami Burstein was elected as President-elect, and Andrea Carmine Belin, Jan Hoffmann and Aynur Özge as Elected Trustees. Subsequently in October and November the Board Co-opted five new Trustees: Augustina Charway-Felli (Ghana), Maria Teresa Goicochea (Argentina) Amr Hassan Elsayed Mohammed (Egypt) (October) and Min Kyung Chu (Korea) and Teshamae Monteith (USA) (November). Henrik Schytz, Arne May and Mo Levin continued as Ex-officio members representing the Education Committee, Ethics Committee and as Editor-inChief of Cephalalgia, respectively. Nine members of the Board retired – Lars Edvinsson (Past-President), Stefan Evers (Honorary Secretary), Wendy Thomas (Treasurer), Mario Peres, Todd Schwedt, Mi Ji Lee, Marco Lisicki, Kirill Skorobogatykh and we thank them for their work on behalf of the society. Patricia Pozo Rosich also resigned, but was appointed Honorary Secretary in October.

To recognise their outstanding contribution to the formation and advancement of IHS since its foundation, in 2021 IHS awarded two Special Recognition Awards to Vincenzo Guidetti and Allan Purdy. IHS also elected two Life Members to the society, Patrick Humphrey and Pramod Saxena, in recognition of their excellence in headache science and research through the discovery of the triptans in the 1980s.

IHS leaders continued to be involved in the Committees of the IHS Global Patient Advocacy Coalition (IHSGPAC), management of which was transferred to the American Migraine Foundation in 2020. IHS-GPAC works to ensure that migraine and headache are recognised worldwide as serious disorders, affecting around 3 billion of the population globally and contributing around 17% to the global burden of neurologic diseases, with migraine the second most disabling disorder overall. The mission of IHS-GPAC is to help implement optimal standards of care for those affected by migraine and other headache disorders and raise awareness of their impact on individuals and society. Its current activities are focused on engaging and partnering with global employers to raise awareness of and reduce the stigma surrounding migraine and other headache disorders, while providing education, resources and workplace initiatives for employers and employees that will provide care for those in need and improve quality of life for those impacted. Ultimately the resources and key learnings from these initiatives will be used to engage local advocates in regions around the world to implement similar workplace programmes with local employers.

During 2021 IHS-GPAC held an educational programme in Africa, ‘Education in Headache to Healthcare Providers in Africa (EHHPA)’, a collaboration between the African Academy of Neurology, IHS-GPAC and the World Federation of Neurology. The virtual programme was offered free of charge to provide world-class headache and migraine education to African healthcare providers all over the African continent, with added education focused on patient experience and perspective. IHS-GPAC also continued to develop customised programmes for employers to empower employees, reduce stigma in the workplace and provide support for those living with migraine, cluster and other headache disorders.

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INTERNATIONAL HEADACHE SOCIETY (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Throughout 2021 there continued to be much research on the relationship between COVID-19 and headache. Many articles were published in Cephalalgia, a video was posted on the IHS website and an article was published in the December IHS newsletter. A webinar was held in January 2022.

The European Corporate Roundtable brings together industry partners, IHS representatives, patient advocates and a European Medicines Agency representative. The main purpose of the Corporate Roundtable is to hold a dialogue between all stakeholders to enhance the efficiency of drug development in the European Union and evaluate/minimise barriers to access to new drugs and devices for appropriate patients. The Corporate Roundtable met virtually in July and December to discuss priorities for cluster headache research and activities, migraine definitions, IHS guidelines on cluster headache, treatment guidelines, preceptorships, the IHS International Headache Academy, telemedicine and diagnosing and treating headache during the COVID-19 pandemic and COVID-related headaches.

The Standing Committees and Special Interest Groups continued to be active on behalf of the Society.

The Society continued to collaborate with the International Association for the Study of Pain (IASP) and the World Health Organization (WHO) on the International Classification of Diseases-11 (ICD-11), where IHS is represented by Stefan Evers and Shuu-Jiun Wang. A joint pain and headache session with IASP, European Headache Federation (EHF) and the European Pain Federation and was held during the IHC.

The Clinical Trials Committee published one Guidelines document: ‘Guidelines of the International Headache Society for clinical trials with neuromodulation devices for the treatment of migraine’ and the position paper ‘Health technology assessment for the acute and preventive treatment of migraine: a position statement of the International Headache Society’. Guidelines on clinic-based registries were submitted for publication in Cephalalgia. Work is continuing on guidelines on cluster headache, idiopathic intracranial hypertension and post-traumatic headache, and on GRADE tables to evaluate therapies for acute migraine attacks and the prevention of migraine attacks.

Due to the ongoing pandemic, all Visiting Professor meetings and the Child and Adolescent teaching course in Poland were postponed.

IHS supported the 8[th] Asian Regional Conference of Headache which was held in April in Taiwan, Taipei, and as a hybrid meeting in collaboration with the Asian Oceanian Association of Neurology. Support was also offered to the 2021 2[nd] Global and Migraine Pain Summit/5[th] Middle East and North African meeting/3[rd] Turkish African Meeting of Headache and Pain Management which was held as a virtual meeting in October.

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INTERNATIONAL HEADACHE SOCIETY (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Three IHS Fellowships were awarded in 2021, one to a researcher from India to study with Dr David Yeomans in the USA, one to a researcher from Argentina to study with Dr Patricia Pozo-Rosich in Spain, and one to a researcher from France to study with Dr Faisal Amin in Denmark. IHS also offered additional funding to one of the 2020 Fellowship recipients whose work was delayed due to COVID-19. One of the 2020 awarded Trainee programme recipients from Colombia visited the São Paolo Headache Center in Brazil; the other two Trainee programme recipients and the five Short-Stay Scholarship were delayed until 2022.

IHS supported one Masters Grant to attend the German Master of Migraine and Headache Medicine course, run by the University of Kiel, a continuing professional development programme for healthcare professionals.

For the first time the IHS Board opened applications for Junior research grants for scientific projects. Three projects were selected from the applications received, one based in Germany, one in Australia and one in Uzbekistan.

Two awards were offered to recognise promising early- and mid-career basic, clinical or translational scientists whose research has contributed to the headache field. The award winners delivered a lecture at the IHC in September.

The Juniors’ Group organised the 8[th] Headache Excellence Tournament during the IHC; the tournament offers juniors a platform to present their data during a short talk and discussion and two winners were voted for by the audience. This is an exceptional experience which has always proved very valuable for participants and will continue in future years.

The Electronic Media Committee continued to heighten IHS’ profile in social media. Under the guidance of the two Electronic Media Committee Co-Chairs, IHS enhanced its online profile through the social media channels and the Society is now more active than ever before, highlighting Society new and general headache medicine advancements on a daily basis, giving IHS a strong online presence. Two awareness campaigns were held on cluster headache (21 March, to co-incide with Cluster Headache Awareness Day, the spring equinox) and on migraine in June. Each campaign included three videos on ‘What is’, ‘How to diagnose’ and ‘How to treat’ the disorders, with videos in 14 different languages.

Nine congresses/courses were offered the opportunity to run under the auspices of IHS during 2021:

Additionally the German Master of Migraine and Headache Medicine course was approved to run under the auspices of IHS.

The Society continued its collaboration with Lifting the Burden, supporting three child and adolescent epidemiology studies in Zambia, Iran and Mongolia. Results of the Mongolia study have been published in the Journal of Headache and Pain. Results from Zambia and Iran are currently under review.

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INTERNATIONAL HEADACHE SOCIETY (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Following the launch of the new IHS website in 2021, the content continued to expand, in particular the online education content which includes educational videos and podcasts on diverse headache conditions – diagnosis and treatment – with new content being regularly added for members, and some open for non-members. Podcasts include interviews with authors of key articles published in Cephalalgia. All videos are available with English, Spanish and Chinese subtitles. Six webinars have now been held and recordings all posted online for members to access. IHS associated societies continue to provide online links to their virtual local and regional meeting presentations.

In collaboration with the Chinese Headache Society and Wiley China, a webinar focussing on highlights from the IHC was held for Chinese researchers and physicians interested in headache, with presentations by worldwide and Chinese headache specialists.

IHS is collaborating in a television documentary on headache: ‘Headed for the future’. The documentary will highlight the progress within the field of headache disorders and science with the message that headache science will lead to improved quality of life for patients, The target audience will be the general public, health policy makers and healthcare professionals. The three episodes will involve interviews with leading scientists, headache specialists, patient advocates and patients enrolled in clinical trials throughout the world.

For the second time due to COVID-19 the IHS Annual General Meeting and IHS Advisory Council Meeting were held virtually, and again proved successful.

The highlight of the year was the 20[th] International Headache Congress (IHC) held virtually as a joint congress with EHF. This first virtual congress for IHS proved very successful, with over 2,000 delegates registered. They enjoyed an incredibly diverse and rich programme covering all topics of headache medicine through teaching courses, plenary sessions, debates, lunchtime and parallel sessions, and satellite symposia. Oral presentations from submitted abstracts highlighted the recent exciting developments in headache medicine and over 500 posters were displayed, the best of which were selected for presentation as e-posters. Following the end of the On-demand period in December 2021, many of the session recordings were posted on the IHS website for member viewing, and many posters were uploaded to the online Poster Library.

Carol Taylor continues to provide administrative assistance to the Society and Intermarketing Agency supports the website. The Migraine Trust provided financial services until December 2021. In 2022 financial services will be taken over by MHA MacIntyre Hudson. The Board thanks the Migraine Trust for their support of IHS over many years.

I am grateful to the Trustees, Standing Committees and Special Interest Groups and Affiliate Societies for their activities on behalf of IHS throughout 2021.

Financial review

Investment policy

The Trustees consider social, environmental and ethical considerations when investing. The Society held significant cash reserves as at 31 December 2011 of £1.4m and a decision was made by the Board in early 2012 to invest £500k in specialist quoted charity investments with J P Morgan to generate higher revenue in capital returns.

In September 2016 the J P Morgan products were no longer available and were sold for £643k. In November 2016 £600k was reinvested in four Schroder Unit Trust Funds.

In 2017 it was recommended and subsequently agreed by the Board to invest £250k in the Diversified Property Fund for Charities (DPFC) managed by Eskmuir Asset Management Ltd. This was concluded in August 2017. A further £250k was invested in the DPFC in September 2018.

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INTERNATIONAL HEADACHE SOCIETY (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Any significant surplus cash held by the Society is placed on bank deposit. The Trustees consider this gives a reasonable return at very low risk and allows the flexibility to have easy access to funds at short notice should demands be made on the Society in order for it to achieve its charitable objectives.

The Trustees consider that the investment performance was satisfactory and investment objectives had been met. It is the intention of the new Treasurer appointed in October 2021 to formulate and agree a new investment policy for the Society.

Reserves policy

At 31 December 2021 the group's total funds were £2,997,207 (2020 - £2,358,559) of which £2,715,873 (2020 - £2,280,185) were unrestricted and £281,334 (2020 - £78,374) were restricted.

Certain of the group's income arises only in alternate years. In addition, grants and donations received can vary significantly from year to year. At this stage in the group's development the Trustees consider it appropriate to maintain a general reserve in the region of two to three times the expected annual expenditure (£1.5m to £2.3m) which is in line with similar not for profit international organisations. Should the group's income fall unexpectedly, this general reserve would be used to enable it to plan and execute in good order either a reduction in its activities or an improvement in its income stream. The Trustees acknowledge that the current level of reserves is high and the new Treasurer will take steps to address the situation in the post COVID period when the Society’s activities become more fully operational.

Financial activities and affairs

As shown in the statement of financial activities, the group had total income of £1,223,728 in 2021 (2020 - £666,315) and net increase in funds for the year before tax of £638,648 (2020 - decrease of £74,364 before tax).

The group’s income was made up from several sources. Royalty income from the Society’s journal Cephalalgia totalled £378,794 (2020 - £283,628) and membership fees reached £131,400 (2020 - £102,108). There was £233,598 of income from its trading subsidiary as 2021 was an IHC year (2020 - £NIL as it was not an IHC year).

In addition, the company received corporate donations of £197,446 (2020 - £204,146). Of the total corporate donations received, £NIL is restricted funds (2020 - £NIL). Investment income from its investments and bank deposits totalled £45,023 (2020 - £55,944).

The group had total expenditure of £687,680 in 2021 (2020 - £709,007). Of the total expenditure in 2021 £34,507 (2020 - £242,845) was restricted.

The group’s expenditure included governance costs of £24,690 (2020 - £9,678), grants and expenditure made in furtherance of the charity’s objectives of £288,388 (2020 - £50,100), educational development costs including the Open Learning centre and two Master Course (Copenhagen) totalled £121,723 (2020 - £42,404), costs of its journal, Cephalalgia, of £43,656 (2020 - £49,517), committee expenses of £43,208 (2020 - £83,877) and support costs of £179,528 (2020 - £181,056). A further £NIL (2020 - £242,845) of expenditure was spent on GPAC.

Going concern and consideration

The Trustees have assessed the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the Group to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. At 31 December 2021 the group's total funds were £2,997,207. The 2022 budget, set in November 2021, re-forecast in July 2022, forecasts an expected deficit of £160,000. In 2023, Cephalalgia will transition to an open-access journal, therefore the royalty income for 2023 will not be received until early in 2024.

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INTERNATIONAL HEADACHE SOCIETY (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

It is anticipated the royalty income will be reduced in the first few years as the journal becomes established as an open-access title. In September 2023 the 21st International Headache Congress will be held in Seoul, Korea. The original draft budget forecasts a surplus of £80,000. Due to the level of reserves held, the Society is able to manage the anticipated expenditure and reduction in income from some streams over the next 2 years. The Trustees have concluded that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing these financial statements.

Grants and donations

All of the Society’s resources are dedicated to the achievement of its objectives. There are occasions where it is appropriate to make grants (and to provide support) to individuals and institutions towards the costs of activities and events undertaken for reasons complementary to the Society’s objectives. In addition, there are cases where other institutions working on a similar agenda are better placed to achieve the Society’s objectives. In those cases, the Society may choose to donate some of its financial resources thereto. The Board of Trustees considers all grants and donations in detail prior to giving approval (or otherwise).

Plans for future periods

IHS will continue work to strengthen existing partnerships and establish new strategic relationships which will allow the Society to extend its educational reach and influence regional, national, and global policy makers that will facilitate drug development, remove barriers to care, and improve access to new and emerging therapies.

In 2022 the Board will hold a Strategic Planning retreat to determine the short- and long-term strategic priorities for the society.

IHS will continue to seek representation in the developing world through the Affiliate Societies in these regions and fund educational activities. Associate Membership will be actively promoted through the Affiliate Societies at their meetings and courses to further highlight the work of the Society and increase knowledge and headache research in these regions. IHS will also promote membership to national general neurology societies, in particular those countries to which free of charge membership is offered.

A Regional Outreach Programme will be developed to reach areas where there is little or no headache education. The programme, intended to foster dissemination and uptake of headache science and medicine in countries with limited resources, will identify the needs of local healthcare professionals, the current state of headache science and management in countries with limited resources, and determine the best modalities to reach out to these countries in order to foster improvement. The first target country will be Malawi. IHS will also foster the creation of regional headache societies affiliated to IHS. These activities will focus initially on Africa; the second target region will be represented by Central and South America and other geographic areas will follow.

IHS is represented throughout Asia with the Asian Regional Committee for Headache (ARCH), and will continue to support activities in this region and try to promote headache research among the general neurologists. Funding has been offered for the 9[th] ARCH meeting.

In September 2022 the first IHS Regional Headache Conference will be held in Buenos, Aires, Argentina. The conference will be a unique opportunity for neurologists and researchers from the wider Latin America region to come together to discuss headache medicine and science with international headache opinion leaders, and will be the first time IHS holds a major event in Latin America. International, regional and local headache specialists will bring their expertise to the conference to deliver a programme that will not only include a variety of scientific sessions and courses covering international scientific data and practices, but also sessions based on local needs, and practical courses for young delegates to guide them in their future careers. The conference will encourage interest and research in the headache field in Latin America.

Page 12

INTERNATIONAL HEADACHE SOCIETY (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The Clinical Trials committee will publish guidelines on cluster headache and registries on real-life data, and continue work on guidelines on idiopathic intracranial hypertension and post-traumatic headache. IHS leaders will discuss publishing treatment guidelines.

The Classification Committee will begin to discuss updates and publication of the International Classification of Headache Disorders, 4[th] edition.

Work will continue on GRADE tables for treatment of acute migraine attacks and the prevention of migraine attacks; the tables will be evidence based and independently assessed. The document will be published on the IHS website and national societies can use these to develop their own guidelines.

The Secondary Headache Special Interest Group published a summary of the main red flags (SNNOOP10 list) in 2019 and a proposal of green flags. The Group will perform a prospective cohort study conducted in a multicentric fashion to validate the results in clinical practice to evaluate the sensitivity, specificity, positive predictive value, and negative predictive value.

In 2022 IHS will continue focus on online educational activities with further webinars, educational videos and podcasts being released in the Online Learning and Education Centre. Additionally, an accredited Online Learning Institute will be launched with courses on different types of headache. The first course on migraine will be launched in summer; the course will follow the IHS Core Curriculum and be of six to seven hours duration with six to eight speakers, and include quizzes at the end of each module to assess learning progress. Continuing Medical Education accreditation will be offered to all those completing the course.

Up to two Fellowships worth £50,000 each will be offered to junior IHS members for either clinical or basic research, or a combination of both. IHS will support students to attend the Danish Master of Headache Disorders course, run by the University of Copenhagen.

Two Visiting Professors meetings delayed from 2020 will take place in Kenya and Cambodia and application will be open for four Visiting Professors in 2022. The 2020 Visiting Professor Plus Programme in Russia is deferred until further notice due to the conflict in Ukraine. The 7[th] International Headache Academy will be held in September in London, UK.

Following the ending of travel restrictions due to COVID-19, the 2020 Headache Trainee and Short-Stay Scholarships programmes, to facilitate attendance of physicians from developing countries or countries in transition to visit specialised headache institutions abroad and actively increase knowledge on headache disorders and specialised headache management, will be held. Application will be open for two Headache Trainees in 2022.

The two 2021 Allied Health Specialities Scholarships, an initiative to address the need to develop expertise in the field of headache for allied specialities e.g. nurses, therapists, will take place in international headache centres.

The Juniors Group will offer three Junior Research Grants, for basic or clinical research, to support innovative and impactful research from young investigators, promote the career of young investigators in the field of headache, and increase the knowledge base of headache disorders.

The Child and Adolescent Committee will offer seed funding to initiate projects that study headaches in children and adolescents. The Secondary Headache Special Interest Group will offer two Secondary Headache Research Grants, for basic or clinical research, to promote and support research related to secondary headache disorders, including preclinical and clinical aspects, from epidemiology, pathophysiology, clinical presentation to diagnosis and treatment.

Page 13

INTERNATIONAL HEADACHE SOCIETY (A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Two awards will be offered to recognise promising early- and mid-career basic, clinical or translational scientists whose research has contributed to the headache field. The award winners will deliver a lecture at the IHC in September 2023.

The Electronic Media Committee will continue to forge relationships with doctors and researchers all over the world, and actively promote IHS activities through social media platforms. In collaboration with the Education Committee, the Committee will support a Tension-Type Headache Awareness Campaign in February, a Cluster Headache Awareness Day in March and a Post-Traumatic Headache Awareness Campaign later in the year.

The Board will discuss changing Cephalalgia from a subscription journal to an open-access journal. Scientific research should be freely accessible and no science should be behind a paywall. Over the past years research funding agencies have been working to ensure that people funded by public grants publish their research open access. It is believed all scientific journals will in time become open access, and the aim is for Cephalalgia to move to open-access from January 2023.

A Special Interest Group on History of Headache Medicine will be discussed to ensure that a library of historical events and research is available for the future generation of headache specialists.

The 3[rd] Global and Migraine Pain Summit/6[th] Middle East and North African meeting/4[th] Turkish African Meeting of Headache and Pain Management will be held in Turkey in November and IHS will contribute to funding the meeting costs.

In collaboration with the American Headache Society (AHS) and National Institute for Neurological Diseases and Stroke (NINDS) IHS will work to identify three priority areas for headache research in the short (3–5 years) and longer term (6–10 years) with the aim to unify the headache field towards reaching goals and to cite priorities when proposing new research projects. The expected deliverables will be a manuscript/white paper which will be posted on the IHS, AHS, NINDS and other websites both in scientific and lay language, and also presentations at scientific meetings and video summaries.

Due to the conflict between Russia and Ukraine, IHS will not accept any new member applications or grant applications or hold any activities in Russia or Belarus until further notice. The society will be ready to help Ukrainian doctors and researchers through scientific/clinical initiatives, projects and educational opportunities when the conflict is over.

IHS is engaged in many activities which are important for the headache world, but they are not well known and deserve better recognition. Advice will be sought from PR experts on how to raise the profile of the society.

Other matters

Auditors

MHA MacIntyre Hudson are deemed to be re-appointed under section 487(2) of Companies Act 2006.

Special exemptions

This Report of the Trustees has been prepared in accordance with the special provisions under Part 15 of the Companies Act 2006 relating to small companies and the Charity has taken advantage of the small companies’ exemptions in preparing the Directors Report and the requirement to prepare a Strategic Report.

Page 14

INTERNATIONAL HEADACHE SOCIETY

(A company limited by guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

This report was approved and authorised for issue by the Trustees and signed on its behalf by:

…………………………… Cristina Tassorelli President

Date: 26 September 2022

Page 15

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees (who are also the Directors of the Charitable Company 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. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charitable Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charitable Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

Approved by order of the Members of the Board of Trustees and signed on its behalf by:

................................................

C Tassorelli President Date: 26 September 2022

Page 16

(A Company Limited by Guarantee)

INTERNATIONAL HEADACHE SOCIETY

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTERNATIONAL HEADACHE SOCIETY

Opinion

We have audited the financial statements of International Headache Society (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 December 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charitable Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of 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:

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 in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 on the Group's or 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.

Page 17

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTERNATIONAL HEADACHE SOCIETY (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities, the Trustees (who are also the Directors of the 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 financial statements that are free from material misstatement, whether due to fraud or error.

Page 18

(A Company Limited by Guarantee)

INTERNATIONAL HEADACHE SOCIETY

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTERNATIONAL HEADACHE SOCIETY (CONTINUED)

In preparing the financial statements, the Trustees are responsible for assessing the Group's and 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 Group or 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

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, 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there 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 be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Page 19

(A Company Limited by Guarantee)

INTERNATIONAL HEADACHE SOCIETY

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTERNATIONAL HEADACHE SOCIETY (CONTINUED)

Use of our report

This report is made solely to the charitable company's Members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's Trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's Members 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 charitable company and its Members, as a body, for our audit work, for this report, or for the opinions we have formed.

Rakesh Shaunak FCA (Senior Statutory Auditor)

for and on behalf of MHA MacIntyre Hudson Statutory Auditor London, United Kingdom

Date: 28 September 2022

Page 20

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021

Note
Income from:
Donations
4
Charitable activities
5
Other trading activities
6
Investments
7
Gain on foreign exchange
Total income
Expenditure on:
Raising funds
8
Charitable activities
9,10
Total expenditure
Net income/(expenditure) before net
gains/(losses) on investments
Net gains/(losses) on investments
Net income/(expenditure) before
taxation
Taxation
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2021
£
197,446
510,194
233,598
45,023
-
986,261
11,177
641,996
653,173
333,088
102,600
435,688
-
435,688
2,280,185
435,688
2,715,873		 Restricted
funds
2021
£
-
237,467
-
-
-
237,467
-
34,507
34,507
202,960
-
202,960
-
202,960
78,374
202,960
281,334		 Total
funds
2021
£
197,446
747,661
233,598
45,023
-
1,223,728
11,177
676,503
687,680
536,048
102,600
638,648
-
638,648
2,358,559
638,648
2,997,207		 Total
funds
2020
£
204,146
385,736
-
55,944
20,489
666,315
59,208
649,799
709,007
(42,692)
(31,672)
(74,364)
(26,789)
(101,153)
2,459,712
(101,153)
2,358,559

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 26 to 43 form part of these financial statements.

Page 21

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee) REGISTERED NUMBER: 02988368

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2021

Note
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors: Amounts falling due within one year
17
Cash at bank and in hand
22
Creditors: Amounts falling due within one year
18
Net current assets
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
Designated fund
19
General fund
19
Non-charitable trading fund
19
Total unrestricted funds
19
Total funds		 2021
£
557,818
1,362,311
1,920,129
(163,675)
65,000
2,531,433
119,440		 2021
£
557,818
1,362,311
1,920,129
(163,675)
65,000
2,531,433
119,440		 2021
£
-
1,240,753		 2020
£
205,954
1,129,399
1,335,353
(114,949)
65,000
2,280,607
(65,422)		 2020
£
205,954
1,129,399
1,335,353
(114,949)
65,000
2,280,607
(65,422)		 2020
£
2
1,138,153
1,240,753
1,756,454		 1,138,155
1,220,404
65,000
2,531,433
119,440		 65,000
2,280,607
(65,422)
2,997,207 2,358,559
281,334
2,715,873
2,997,207		 78,374
2,280,185
2,358,559

The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ ................................................ C Tassorelli F Ahmed Trustee Trustee Date: 26 September 2022

The notes on pages 26 to 43 form part of these financial statements.

Page 22

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee) REGISTERED NUMBER: 02988368

CHARITABLE COMPANY BALANCE SHEET AS AT 31 DECEMBER 2021

Note
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors: Amounts falling due within one year
17
Cash at bank and in hand
Creditors: Amounts falling due within one
year
18
Net current assets
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
Designated funds
19
General funds
19
Total unrestricted funds
19
Total funds		 460,212
1,333,976
1,794,188
(157,175)
65,000
2,531,433		 2021
£
-
1,240,754
1,240,754
1,637,013
2,877,767
281,334
2,596,433
2,877,767		 242,160
1,118,481
1,360,641
(74,816)
65,000
2,280,607		 2020
£
2
1,138,154
1,138,156
1,285,825
2,423,981
78,374
2,345,607
2,423,981

The Charitable Company's net movement in funds for the year was £ 453,786 (2020 - £(35,731)) .

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Page 23

INTERNATIONAL HEADACHE SOCIETY (A Company Limited by Guarantee) REGISTERED NUMBER: 02988368

CHARITABLE COMPANY BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2021

................................................ ................................................ C Tassorelli F Ahmed Trustee Trustee Date: 26 September 2022

The notes on pages 26 to 43 form part of these financial statements.

Page 24

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021

Note
Cash flows from operating activities
Net cash provided by/(used in) operating activities
21
Cash flows from investing activities
Investment income
7
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
22
The notes on pages 26 to 43 form part of these financial statements		 2021
£
187,889
45,023
45,023
232,912
1,129,399
1,362,311		 2020
£
(239,425)
55,944
55,944
(183,481)
1,312,880
1,129,399

Page 25

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. General information

The International Headache Society is a charitable company limited by guarantee and is registered with the Charity Commission (Charity Registered Number: 1042574) and the Registrar of Companies (Company Registration Number: 02988368) England and Wales.

The address of the registered office is given in the Group and Charity information on page 1 of these financial statements.

The nature of the Group and Charity's operations and principal activities are detailed within the Trustees Report.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

International Headache Society 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. The financial statements have been presented in sterling, which is also the functional currency of the Group and are rounded to the nearest pound.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charitable Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charitable Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

2.2 Going concern

The Trustees have assessed the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the Group and Charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. The Trustees have concluded that there is a reasonable expectation that the Group and Charity has adequate resources to continue in operational existence for the foreseeable future. The Group and Charity therefore continues to adopt the going concern basis in preparing its financial statements.

Page 26

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charitable Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities, events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 International Headache Congress (IHC)

The International Headache Congress (IHC) – IHS and EHF joint congress 2021 – was held between 8–12 September 2021. The congress was co-organised by IHS and the European Headache Federation as a virtual congress. The accounts of the IHC 2021 were finalised in the year ending 31 December 2021. The 21st IHC is due to be held in Seoul, South Korea, in September 2023.

Page 27

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2. Accounting policies (continued)

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Furniture and equipment - 25%

2.7 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Consolidated Statement of Financial Activities.

2.8 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 28

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2. Accounting policies (continued)

2.9 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.10 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.

2.11 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.12 Liabilities

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charitable Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.13 Financial instruments

The Group 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 method.

3. Judgements and key sources of estimation uncertainty

No significant judgements or estimates have been made by management in preparing these financial statements other than in the consideration of useful lives of tangible fixed assets. The Trustees consider that the useful lives of assets are fairly stated.

Page 29

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

4. Income from donations

Unrestricted
funds
2021
£
Donations
197,446
Unrestricted
funds
2020
£
Donations
204,146
5.
Income from charitable activities
Unrestricted
funds
2021
Restricted
funds
2021
£
£
Membership fees receivable from individuals
131,400
-
Income from journal
378,794
-
Headed for the future
-
237,467
510,194
237,467
Unrestricted
funds
2020
£
Membership fees receivable from individuals
102,108
Income from journal
283,628
385,736		 Total
funds
2021
£
197,446
Total
funds
2020
£
204,146
Total
funds
2021
£
131,400
378,794
237,467
747,661
Total
funds
2020
£
102,108
283,628
385,736

Page 30

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

6. Income from other trading activities

Unrestricted Total Total
funds funds funds
2021 2021 2020
£ £ £
Income received by trading subsidiary 233,598 233,598 -

7. Investment income

Unrestricted
funds
2021
£
Dividend income
44,717
Bank interest receivable
306
45,023
Unrestricted
funds
2020
£
Dividend income
51,227
Bank interest receivable
4,717
55,944		 Total
funds
2021
£
44,717
306
45,023
Total
funds
2020
£
51,227
4,717
55,944

Page 31

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

8. Expenditure on raising funds

Unrestricted
funds
2021
£
Expenditure incurred by trading subsidiary
11,177
Unrestricted
funds
2020
£
Expenditure incurred by trading subsidiary
59,208		 Total
funds
2021
£
11,177
Total
funds
2020
£
59,208

9. Analysis of expenditure on charitable activities - by fund

Unrestricted
funds
2021
£
Charitable Activities
641,996
Unrestricted
funds
2020
£
Charitable Activities
406,954		 Restricted
funds
2021
£
34,507
Restricted
funds
2020
£
242,845		 Total
funds
2021
£
676,503
Total
funds
2020
£
649,799

Page 32

(A Company Limited by Guarantee)

INTERNATIONAL HEADACHE SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

10. Analysis of expenditure on charitable activities - by type

Charitable Activities
Charitable Activities
Analysis of support costs
Depreciation
Administrator's fees and financial support
Membership administration
Travel and meetings expenses
Website running costs
Website upgrade costs
Communication/Stationary costs
Bank and credit card charges
Sundry expenses
Governance costs		 Activities
undertaken
directly
2021
£
208,587
Activities
undertaken
directly
2020
£
418,643		 Grant
funding to
individuals
2021
£
288,388
Grant
funding to
individuals
2020
£
50,100		 Support
costs
2021
£
179,528
Support
costs
2020
£
181,056
Total
funds
2021
£
2
133,706
10,427
139
10,761
-
3,073
712
518
20,190
179,528		 Total
funds
2021
£
676,503
Total
funds
2020
£
649,799
Total
funds
2020
£
1
89,479
7,326
17
10,580
61,782
1,267
839
87
9,678
181,056

Page 33

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

11. Governance costs

Auditor's remuneration - Audit services
Auditor's remuneration - Non-audit services
Prior year under accrual of audit fees
Legal, professional and consultancy
Travel and meeting expenses		 2021
£
13,000
5,000
4,250
66
2,374
24,690		 2020
£
7,200
-
-
66
2,412
9,678

Included within governance costs are £4,500 (2020 - £NIL) of raising funds expenditure (Note 8).

12. Trustees' remuneration and expenses

No staff are directly employed by the Charity.

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

During the year ended 31 December 2021, no Trustee expenses have been incurred (2020 - £14,243 to 11 Trustees). These expenses reimbursed related to travel costs.

13. Taxation

2021 2020
£ £
Corporation tax - 26,789

There were no factors that affected the tax credit for the year which has been calculated on net income/(expenditure) at the standard rate of corporation tax in the UK of 19% (2020 - 19%).

There are no factors considered likely to affect future tax charges.

Page 34

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

14.
Tangible fixed assets
Group and Charitable Company
Cost
At 1 January 2021
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020
15.
Fixed asset investments
Group
Cost or valuation
At 1 January 2021
Revaluations
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Furniture and
equipment
£
283		 Furniture and
equipment
£
283
283
281
2
283
-
2
Listed
investments
£
1,138,153
102,600
1,240,753
1,240,753
1,138,153

Page 35

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

15. Fixed asset investments (continued)

Charitable Company
Cost or valuation
At 1 January 2021
Revaluations
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Investments
in
subsidiary
companies
£
1
-
1
1
1		 Listed
investments
£
1,138,153
102,600
1,240,753
1,240,753
1,138,153		 Total
£
1,138,154
102,600
1,240,754
1,240,754
1,138,154

The investment in subsidiary company represents 100% of the issued share capital of I. H. S. Trading Company Ltd, a company registered in England and Wales, company registration number : 04008927.

The details of the subsidiary and its activity in the year have been included below.

16. Principal subsidiaries

The Society has one wholly owned subsidiary company, I. H. S. Trading Company Ltd. Company number is 04008927. Registered office address is; 6th Floor, 2 London Wall Place, London, EC2Y 5AU. That company was incorporated on 1 June 2000 and commenced its activity, the organization of conferences, on 1 January 2001. The Society has owned all of the company's share capital since it was incorporated. The company gifts its taxable profits, where applicable, to the Society. A summary of the company's trading results is shown below. Audited accounts for the company have been filed with the Registrar of Companies.

The following was a subsidiary undertaking of the Charitable Company:

Name Company Number Holding Included in consolidation I.H.S Trading Company Ltd 04008927 100% Yes The financial results of the subsidiary for the year were: Name Income Expenditure Profit/(Loss) Net Assets £ £ for the year £ I.H.S Trading 233,598 (48,736) 184,862 119,441 Company Ltd

Page 36

(A Company Limited by Guarantee)

INTERNATIONAL HEADACHE SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

17. Debtors

Due within one year
Amounts owed by group undertakings
Corporation tax recoverable
Prepayments and Accrued income
VAT recoverable		 Group
2021
£
-
7,344
550,165
309
557,818		 Group
2020
£
-
7,344
198,428
182
205,954		 Charitable
Company
2021
£
167,011
-
293,201
-
460,212		 Charitable
Company
2020
£
44,452
-
197,708
-
242,160

18. Creditors: Amounts falling due within one year

Membership fees received in advance
Corporation tax payable
Other creditors
Accruals
Grants payable		 Group
2021
£
33,002
-
-
50,673
80,000
163,675		 Group
2020
£
29,089
34,133
8,927
17,800
25,000
114,949		 Charitable
Company
2021
£
33,002
-
-
44,173
80,000
157,175		 Charitable
Company
2020
£
29,089
-
8,927
11,800
25,000
74,816

Page 37

(A Company Limited by Guarantee)

INTERNATIONAL HEADACHE SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

19. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Contingency fund
General funds
General fund
Non - charitable
trading fund
Total Unrestricted
funds
Restricted funds
Chronic Migraine
Guidelines fund
Core Curriculum fund
Online Education fund
IASP/HIS Joint
Meeting fund
Headed for the future
Total of funds		 Balance at 1
January
2021
£
65,000
2,280,607
(65,422)
2,215,185
2,280,185
28,153
9,001
40,530
690
-
78,374
2,358,559		 Income
£
-
752,663
233,598
986,261
986,261
-
-
-
-
237,467
237,467
1,223,728		 Expenditure
£
-
(641,996)
(11,177)
(653,173)
(653,173)
-
-
-
-
(34,507)
(34,507)
(687,680)		 Transfers
in/out
£
-
37,559
(37,559)
-
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
-
102,600
-
102,600
102,600
-
-
-
-
-
-
102,600		 Balance at
31
December
2021
£
65,000
2,531,433
119,440
2,650,873
2,715,873
28,153
9,001
40,530
690
202,960
281,334
2,997,207

Page 38

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

19. Statement of funds (continued)

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes.

The Contingency fund is a designated fund set up by the Society to provide for future unforeseen expenditure.

The Society’s restricted funds are the Chronic Migraine Guidelines fund, representing grants received towards the costs of creating guidelines for controlled trials of prophylactic treatment of chronic migraine in adults, the Core Curriculum fund, representing a grant received towards the cost of developing a core curriculum of education for neurologists and an Online Education fund, funded by Pfizer and Allergan. The IASP/IHS joint meeting fund is restricted to use on IASP and IHS meetings.

These restricted funds are historical with no movement year on year. The Board has approved application to the Charity Commision to request approval to release restrictions on these funds.

A restricted fund, Headed for the future, represents grant funding received from Lundbeck for a collaboration with IHS in creating a television documentary on headache, which is managed for IHS by Gospel PR.

Page 39

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

19. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated funds
Contingency fund
General funds
General fund
Non - charitable
trading fund
Total Unrestricted
funds
Restricted funds
Chronic Migraine
Guidelines fund
Core Curriculum
fund
GPAC fund
Online Education
fund
IASP/HIS Joint
Meeting fund
Total of funds		 Balance at
1 January
2020
£
65,000
1,895,350
178,143
2,073,493
2,138,493
28,153
9,001
242,845
40,530
690
321,219
2,459,712		 Income
£
-
645,740
20,575
666,315
666,315
-
-
-
-
-
-
666,315		 Expenditure
£
-
(406,954)
(85,997)
(492,951)
(492,951)
-
-
(242,845)
-
-
(242,845)
(735,796)		 Transfers
in/out
£
-
178,143
(178,143)
-
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
-
(31,672)
-
(31,672)
(31,672)
-
-
-
-
-
-
(31,672)		 Balance at
31
December
2020
£
65,000
2,280,607
(65,422)
2,215,185
2,280,185
28,153
9,001
-
40,530
690
78,374
2,358,559

Page 40

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2021
£
Fixed asset investments
1,240,753
Current assets
1,638,795
Creditors due within one year
(163,675)
Total
2,715,873
Analysis of net assets between funds - prior year
Unrestricted
funds
2020
£
Tangible fixed assets
2
Fixed asset investments
1,138,153
Current assets
1,256,979
Creditors due within one year
(114,949)
Total
2,280,185		 Restricted
funds
2021
£
-
281,334
-
281,334
Restricted
funds
2020
£
-
-
78,374
-
78,374		 Total
funds
2021
£
1,240,753
1,920,129
(163,675)
2,997,207
Total
funds
2020
£
2
1,138,153
1,335,353
(114,949)
2,358,559

Page 41

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement
Activities)
Adjustments for:
Depreciation charges
(Gains)/losses on investments
Investment income
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
22.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
23.
Analysis of changes in net debt
Cash at bank and in hand		 of Financial
At 1
January
2021
£
1,129,399
1,129,399		 Group
2021
£
638,648
2
(102,600)
(45,023)
(351,864)
48,726
187,889
Group
2021
£
1,362,311
1,362,311
Cash flows
£
232,912
232,912		 Group
2020
£
(101,153)
1
31,672
(55,944)
341,897
(455,898)
(239,425)
Group
2020
£
1,129,399
1,129,399
At 31
December
2021
£
1,362,311
1,362,311

Page 42

INTERNATIONAL HEADACHE SOCIETY

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

24. Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

25. Related party transactions

The Charity has one wholly owned subsidiary company, I.H.S. Trading Company Ltd (IHS Trading).

The Charity charged IHS Trading £37,559 (2020 - £24,852) during the year ended 31 December 2021 representing an allocation of costs relating to finance and costs incurred in administering the company.

During the year, the Charity loaned £85,000 to the I.H.S Trading Company Ltd (IHST), for the purpose of setting up for the Congress.

During the year ended 31 December 2021, IHS Trading made a gift of £NIL (2020 - £178,143) . As at 31 December 2021 IHS Trading owed the parent company £167,011 (2020 - £44,452).

Page 43