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2022-03-31-accounts

Charity registration number 1046863

Company registration number 2991672 (England and Wales)

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Dr R Bowden (Chair)
Mr S Casson
Mrs M Ferguson
Mrs H M Goatley (Vice Chair)
Mr W Glover
Miss S Ings
Mr A Golding
Charity number 1046863
Company number 2991672
Registered office Headway House
21 North Road
Guildford
Surrey
GU2 9PU
Independent examiner Stephen Meredith FCA DChA
Alliotts LLP
4th Floor Friary Court
13-21 High Street
Guildford
Surrey
GU1 3DL
Bankers CAF Bank Limited
Kings Hill
West Malling
Kent
ME19 4TA

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

CONTENTS

Page
Trustees' report 1 - 8
Independent examiner's report 9
Statement of financial activities 10
Balance sheet 11 - 12
Notes to the financial statements 13 - 25

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022

The trustees present their annual report and financial statements for the year ended 31 March 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Companies Act 2006 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 (FRS 102) (effective 1 January 2019)".

Objectives and activities

Objectives

Activities

Mission Statement

Headway Surrey supports adults in Surrey with acquired or traumatic brain injuries and head injuries, their families and carers.

The trustees have considered the Charity Commission’s guidance on the provision of public benefit and the trustees believe that Headway Surrey provides a public benefit to clients with acquired or traumatic brain injury, their carers, their families, local community, public services, SCC, NHS, Adult Social Care, Social Services and health care providers, providing specialist support not provided elsewhere.

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Chief Executive Report on Services

Covid is still in our community and we are continuing to work around it by offering online sessions and in person sessions. Rehabilitation Team Services are delivered by a small Rehab Team of 3 holding the recognised Certificate in Brain Injury from Headway UK and Northampton University and they also have experience in special needs, challenging behaviour and psychology. Most sessions are supported by volunteers where suitable.

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

As well as working with Surrey County Council, we also work with Adult Social Services, Adult Locality Teams, Adult and Community Care Teams, NHS Clinical Commissioning Groups, Surrey Borough Councils and many other organisations from the voluntary sector, funding organisations, local groups, companies and corporates. Eg. Lions, Rotary.

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Report by the Chair on Achievements and Performance

Whenever I meet our clients, at our drop in coffee mornings, or on outings, or at a weekly rehab session, I am always blown away by their resilience and fortitude. They come from all walks of life, all ages, and their brain injury suddenly arrived one day – maybe through a cycle accident, or a simple trip up some steps whilst rushing to catch a train. They must deal with the immediate and traumatic impact of the injury, but then also over the months and years that follow they have to learn to deal with a range of new symptoms and learn to live their lives differently, finding new coping mechanisms and strategies, which of course our talented staff help them with. This year our little charity has had to be very resilient; we have had to have flexibility, adaptability and a great deal of stoicism and fortitude. Perhaps in 2020-21 we thought we had dealt with the worst of the pandemic, but in 2021-22 we had to face more challenges – ever-changing rules and regulations, and a much harder fundraising landscape as we still had a very limited number of events that our individual fundraisers could get involved in, and competition for grants was higher than ever.

Nevertheless, our outstanding staff and volunteer team remained dedicated to supporting our clients through some of the most difficult times of their lives. Many of our clients have multiple health issues and remain vulnerable to infection, they were understandably nervous about returning to face-to-face activities and the team managed the change sensitively and compassionately. It is a real joy to see things like an active art class taking place in the centre again – and I know that clients are benefiting hugely from the opportunity for that interaction.

In addition, our staff and volunteers have worked minor miracles in the garden – not only in the existing outdoor space but also transforming an adjacent patch of waste land to a wonderful garden for the local community to make use of as well as our clients. This is a real demonstration of ‘community’ in action, as well as the healing power of growing things.

It has been an extremely challenging year financially, and it is fortunate that in prior years, and under our previous Chairman, we were able to do so well in building up our strategic development fund. We have drawn on it heavily this year to invest in our charity – to grow the team and develop new services. Coming out of lockdown it was clear that our clients had faced a huge toll on their mental health, and we addressed this by appointing a counsellor. She was soon facing a waiting list and we worked in collaboration with the University of Surrey to appoint a team of volunteer trainee counsellors to support her so that we could expand our service. We also appointed a link-worker to improve our links to local healthcare and support professionals. This was in response to listening to our clients – many of whom had found it incredibly hard to find out about our services. We are trying to ensure that anyone with an acquired brain injury in Surrey knows how we can help them to re-build their lives. Fundraising this year has been very difficult, far more so than in 2020-21, and when we have sadly lost staff due to their changing circumstances, we have taken the reluctant decision not to recruit replacements in order to keep our costs down. This means that as we end the year, we are a very small team indeed – punching way above our weight, but we must find a way to expand the team in order to help increased client numbers in the coming years.

I would like to pay tribute to our wonderful staff and volunteer team, and our fabulous trustees, without whom we would be unable to continue providing such life-changing support to our clients. In particular our CEO Sonja who has shown great leadership and personal fortitude in steering our charity through very difficult times. It is a real honour to work with such a dedicated and professional team, who care so deeply about each person that we support.

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Financial review

The accounts for the year ending 31 March 2022 show total income amounting to £204,667 (2021: £232,566) and resources expended of £269,913 (2021: £238,643). A deficit of £67,245 (2021: £19,144 surplus) was achieved in the year following the inclusion of a £1,999 loss on investments (2021: £25,521 gain).

A deficit of this level is cause for concern and occurred despite the Board of Trustees and senior staff carefully monitoring income and expenditure on a monthly basis. The difficult conditions in the charitable sector created by the Covid-19 pandemic contributed to a significant decrease in grants received during the year, resulting in falling income despite higher receipts for services provided at the Centre. Expended resources have seen large growth primarily due to higher employment costs as we incurred the first full year of counselling service costs, and salaries in the previous year being suppressed due to furlough receipts.

The Board has responded to the increasingly difficult economic conditions by introducing a free reserve policy, discussed below, and new cash flow monitoring controls which together will enable potential threats to the Charity’s finances to be identified quickly and before they create operational problems. Free reserves are the portion of unrestricted reserves held in current assets less liabilities and are the funds available to the charity at short notice, to meet immediate expenses as they come in. Eg. it ignores for example the value of the building.

Reserves Policy

The Reserves Policy is reviewed annually. It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to 6 months expenditure. The trustees consider that reserves at this level would ensure that, in the event of a significant drop in funding, they would be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. Trustees have supported a cautious reserves policy for two reasons:

Based on these accounts to the time of this statement Headway Surrey Head Injuries Association Ltd carries £341,026 unrestricted reserves, equal to 15 months operating costs based on the results of the year. Headway Surrey’s free reserves at the year end stood at £37,090 (note 24), compared to £98,778 at the end of the previous year. The trustees have considered the minimum amount of free reserves required is 2 months of operating expenditure and the target is £45,000 based on current levels of expenditure. Our year end free reserves are equivalent to 1.6 months, lower than this target by £7,910.

This level of unrestricted reserves is a result of including the cost of the leasehold property, which is disproportionately high compared to the levels of annual income and expenditure. This is the reason that a policy for free reserves was introduced, as it is considered a more accurate measure of the Charity’s ability to meet its financial obligations.

Strategic Development Fund and Investments

The Strategic Development Fund (SDF) is a designated fund earmarked for improving the provision of existing services and developing new services in response to the needs of our beneficiaries as directed by the Trustees. The fund is substantially made up by an investment portfolio. Cash income generated by the investments will be available for unrestricted use by the Charity, whilst gains on investment values shall remain within the designated fund.

During the year a portion of the fund was used to re-instate the link worker position, with the aim of improving the number of individuals we reach. February and March saw the global markets enter a period of decline which is ongoing. This contributed to the fall in investment values compared to the opening position.

It is the objective of the charity that total annualised returns over a three year period exceed average annual CPI over the same period. Total annual returns will be measured using an industry standard, and will account for additions to, and withdrawals from, the capital invested. This level of return is considered necessary to justify the risk to capital inherent with investments of this nature. It is deemed inappropriate to make an appraisal of the investments at this stage due to the global shocks that have affected their values in the short term.

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Headway Surrey Head Injuries Association Ltd retains a long-term interest in the site at North Road, Guildford, having leased the land from Windsor and District Housing Association for a period of 125 years, at a peppercorn rent.

Risk and insurance

The trustees review at Board meetings the major risks to which the charity is exposed. Procedures are in place to mitigate those risks. A risk register is reviewed regularly by the Board of Trustees. A full review of policies commenced in 2022 and was finalised in the first few months of the 2022/2023 year end.

Individual client risks and activity assessments are undertaken by staff as required and procedures are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors to the centre, with public, employee and legal insurance in place.

Quality Standards

Headway Surrey undertakes a National Standards Audit by Headway UK to ensure consistent quality of delivery for all operational and service aspects of the charity.

Development Areas

Due to Covid, some plans have been placed on hold.

Our key strategic priorities

For the year 2022/2023 we continue to monitor and assess service requirements appropriate to client needs to improve outcomes and services across Surrey and adapt to the challenges of new ways of working required because of Covid.

Sustainable centre of excellence for ABI support in Surrey

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

ABI cognitive rehabilitation providing support and guidance for living well with ABI

Community Support - practical support to improve independence and signpost available support.

Social and emotional support to reduce loneliness and isolation

The charity is a company limited by guarantee, founded in 1985, registered with the Charity Commission in June 1995. Memorandum and Articles were incorporated on 17th November 1994, as amended by special resolutions dated 26th April 1995, 11th October 2011 and 27th October 2016.

In the event of the company being wound up, all the Trustees who are members are required to contribute an amount of £1. None of the Trustees has any beneficial interest in the company and give their time freely as volunteers. No trustee received remuneration in the year.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Dr R Bowden (Chair) Mr S Casson Mrs M Ferguson Mrs H M Goatley (Vice Chair) Mr W Glover Miss S Ings Mr A Golding

The responsibility of recruiting new trustees is the responsibility of the exiting trustees and is mainly through word of mouth and social media. The trustees are responsible for the election of the Charity’s Chairman, Secretary and Treasurer. The trustees feel that it is important to have a diverse Board of Trustees and a minimum of one survivor of brain injury. All Trustees are subject a minimum of one interview and a trial period on the Board, DBS check, two references. Trustee Skill Audits are carried out every one to two years depending on retiring Trustees.

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Staff

The CEO has overall responsibility for the charity’s daily operations and in conjunction with the Board of Trustees its policies and strategic development. As of 31st March 2022, the charity employed 10 staff (5 full-time), details are as follows:

1 Chief Executive Officer

1 Services Coordinator

The CEO has overall responsibility for the charity’s daily operations and in conjunction with the Board of Trustees its policies and strategic development.

Statement of trustees' responsibilities

The trustees, who are also the directors of Headway Surrey Head Injuries Association Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' report was approved by the Board of Trustees.

.............................. Dr R Bowden (Chair) Chairman Dated: .........................28th October 2022

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

I report to the trustees on my examination of the financial statements of Headway Surrey Head Injuries Association Limited (the charity) for the year ended 31 March 2022.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Stephen Meredith FCA DChA

Alliotts LLP 4th Floor Friary Court 13-21 High Street Guildford Surrey GU1 3DL

09/11/2022 Dated: .........................

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations and legacies
3
49,001
-
Charitable activities
4
120,127
33,149
Investments
5
2,390
-
Total income
171,518
33,149
Expenditure on:
Raising funds
6
16,323
-
Charitable activities
7
227,781
25,809
Total expenditure
244,104
25,809
Net gains/(losses) on
investments
11
(1,999)
-
Net movement in funds
(74,585)
7,340
Fund balances at 1 April 2021
415,611
84,222
Fund balances at 31 March
2022
341,026
91,562		 Total Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
49,001
43,605
-
153,276
154,372
30,923
2,390
3,666
-
204,667
201,643
30,923
16,323
23,496
-
253,590
190,446
24,701
269,913
213,942
24,701
(1,999)
25,221
-
(67,245)
12,922
6,222
499,833
402,689
78,000
432,588
415,611
84,222		 Total
2021
£
43,605
185,295
3,666
232,566
23,496
215,147
238,643
25,221
19,144
480,689
499,833

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

BALANCE SHEET

AS AT 31 MARCH 2022

Notes
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
19
Net assets
Income funds
Restricted funds
21
Unrestricted funds
Designated funds
22
General unrestricted funds
Revaluation reserve		 2022
£
15
12,778
75,231
88,024
(11,526)
134,538
133,627
72,861		 £
247,398
128,692
376,090
76,498
452,588
(20,000)
432,588
91,562
341,026
432,588		 2021
£
-
16,371
140,502
156,873
(16,390)
146,174
196,576
72,861		 £
248,659
130,691
379,350
140,483
519,833
(20,000)
499,833
84,222
415,611
499,833

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2022

The charitable company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2022.

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

The members have not required the charitable company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the Trustees on .........................

.............................. Dr R Bowden (Chair)

Trustee

Company registration number 2991672

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Charity information

Headway Surrey Head Injuries Association Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Headway House, 21 North Road, Guildford, Surrey, GU2 9PU.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in respect of a period of one year from the date of approval of these financial statements.

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.5 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 are allocated on the portion of the asset’s use.

Support and governance costs are allocated to charitable activities (85%) and fundraising costs (15%) to reflect the underlying activity levels.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings Nil Day centre equipment 5 years straight-line Fixtures and fittings 5 years straight-line Computers 5 years straight-line

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14 Concessionary loans

Concessionary loans with no set repayment date are measured at the amount received, adjusted for any amounts repaid and accrued interest.

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.15 Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

2 Critical accounting estimates and judgements

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

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

Valuation of investments

A key accounting estimate is the value at which trustees recognise investments. The risk of misstatement is mitigated by the use of investment managers who publish a portfolio valuation. Listed investments are valued by reference to their market value prevailing at the balance sheet date.

3 Donations and legacies

Unrestricted Unrestricted
funds funds
general general
2022 2021
£ £
Donations and gifts 49,001 32,421
Grants - 11,184
49,001 43,605

All donations and gifts received in this year and in the previous year were recognised in unrestricted funds.

The Grants amount received relates to the Coronavirus Job Retention Scheme - Government grant, shown as grant income in 2021.

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

4 Charitable activities

Charitable
Income
Charitable
Income
2022
2021
£
£
Fees receivable
102,789
153,730
Grants
33,149
30,923
Subscriptions
17,338
642
153,276
185,295
Analysis by fund
Unrestricted funds - general
120,127
154,372
Restricted funds
33,149
30,923
153,276
185,295		 Charitable
Income
Charitable
Income
2022
2021
£
£
Fees receivable
102,789
153,730
Grants
33,149
30,923
Subscriptions
17,338
642
153,276
185,295
Analysis by fund
Unrestricted funds - general
120,127
154,372
Restricted funds
33,149
30,923
153,276
185,295		 Charitable
Income
Charitable
Income
2022
2021
£
£
Fees receivable
102,789
153,730
Grants
33,149
30,923
Subscriptions
17,338
642
153,276
185,295
Analysis by fund
Unrestricted funds - general
120,127
154,372
Restricted funds
33,149
30,923
153,276
185,295
2022
£
102,789
33,149
17,338
153,276
120,127
33,149
153,276		 2021
£
153,730
30,923
642
185,295
154,372
30,923
185,295

5 Investments

Unrestricted Unrestricted
funds funds
general general
2022 2021
£ £
Income from listed investments 2,388 3,467
Interest receivable 2 199
2,390 3,666

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

6 Raising funds

Unrestricted Unrestricted
funds funds
general general
2022 2021
£ £
Fundraising and publicity
Seeking donations, grants and legacies 290 647
Advertising 285 1,269
Support costs 15,748 21,580
Fundraising and publicity 16,323 23,496
16,323 23,496

7 Charitable activities

Charitable
Expenditure
.
Charitable
Expenditure
.
2022
2021
£
£
Staff costs
108,937
91,796
Community travel
156
573
Day centre expenses
710
21
Befriending expenses
155
46
Helpline and centre
1,896
2,166
111,854
94,602
Share of support costs (see note 8)
135,176
117,612
Share of governance costs (see note 8)
6,560
2,933
253,590
215,147
Analysis by fund
Unrestricted funds - general
227,781
190,446
Restricted funds
25,809
24,701
253,590
215,147		 Charitable
Expenditure
.
Charitable
Expenditure
.
2022
2021
£
£
Staff costs
108,937
91,796
Community travel
156
573
Day centre expenses
710
21
Befriending expenses
155
46
Helpline and centre
1,896
2,166
111,854
94,602
Share of support costs (see note 8)
135,176
117,612
Share of governance costs (see note 8)
6,560
2,933
253,590
215,147
Analysis by fund
Unrestricted funds - general
227,781
190,446
Restricted funds
25,809
24,701
253,590
215,147		 Charitable
Expenditure
.
Charitable
Expenditure
.
2022
2021
£
£
Staff costs
108,937
91,796
Community travel
156
573
Day centre expenses
710
21
Befriending expenses
155
46
Helpline and centre
1,896
2,166
111,854
94,602
Share of support costs (see note 8)
135,176
117,612
Share of governance costs (see note 8)
6,560
2,933
253,590
215,147
Analysis by fund
Unrestricted funds - general
227,781
190,446
Restricted funds
25,809
24,701
253,590
215,147
2022
£
108,937
156
710
155
1,896
111,854
135,176
6,560
253,590
227,781
25,809
253,590		 2021
£
91,796
573
21
46
2,166
94,602
117,612
2,933
215,147
190,446
24,701
215,147

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

8
Support costs
Staff costs
Depreciation
Energy and rates
Premises costs
Printing, postage and
stationery
Telecommunications
Staff recruitment and
training
Computer running costs
Subscriptions
Sundry
Audit fees
Accountancy
Analysed between
Fundraising
Charitable activities		 Support
costs
Governance
costs
£
£
118,539
-
1,261
-
736
-
4,742
-
639
-
4,437
-
803
-
12,528
-
1,187
-
5,323
-
-
1,640
-
5,649
150,195
7,289
15,019
729
135,176
6,560
150,195
7,289		 2022
£
118,539
1,261
736
4,742
639
4,437
803
12,528
1,187
5,323
1,640
5,649
157,484
15,748
141,736
157,484		 Support
costs
Governance
costs
£
£
118,825
-
1,267
-
810
-
4,895
-
1,928
-
4,722
-
743
-
1,818
-
984
-
1,943
-
-
1,526
-
2,664
137,935
4,190
21,580
-
117,612
2,933
139,192
2,933		 2021
£
118,825
1,267
810
4,895
1,928
4,722
743
1,818
984
1,943
1,526
2,664
142,125
21,580
120,545
142,125

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

10 Employees

Number of employees

The average monthly number of employees during the year was:

Chief Executive
Finance and Administration Manager
Services Co-ordinator
Rehabiliation Co-ordinators
Executive Assistant
Counsellor
Rehabilitation Assistant
Marketing Assistant
ABI link worker
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2022
Number
1
1
1
2
1
1
1
1
1
10
2022
£
209,435
13,627
4,414
227,476		 2021
Number
1
1
1
2
1
1
-
-
1
8
2021
£
191,246
15,279
4,096
210,621

There were no employees whose annual remuneration was £60,000 or more.

11 Net gains/(losses) on investments

Unrestricted Unrestricted
funds funds
general general
2022 2021
£ £
Revaluation of investments (1,999) 25,464
Gain/(loss) on sale of investments - (243)
(1,999) 25,221

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

12 Tangible fixed assets

Leasehold
land and
buildings
Day centre
equipment
Fixtures and
fittings
Computers
£
£
£
£
Cost or valuation
At 1 April 2021
245,000
845
10,318
18,169
At 31 March 2022
245,000
845
10,318
18,169
Depreciation and impairment
At 1 April 2021
-
845
10,046
14,782
Depreciation charged in the year
-
-
78
1,183
At 31 March 2022
-
845
10,124
15,965
Carrying amount
At 31 March 2022
245,000
-
194
2,204
At 31 March 2021
245,000
-
272
3,387		 Total
£
274,332
274,332
25,673
1,261
26,934
247,398
248,659

Land and buildings with a carrying amount of £245,000 were revalued in September 2016 by a RICS registered independent valuer not connected with the charity on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

At 31 March 2022, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £172,139 (2021 - £172,139).

The revaluation surplus is disclosed on the balance sheet.

13 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 April 2021 130,691
Valuation changes (1,999)
At 31 March 2022 128,692
Carrying amount
At 31 March 2022 128,692
At 31 March 2021 130,691

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

14
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
15
Stocks
Finished goods and goods for resale
16
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
17
Loans and overdrafts
Other loans
Payable after one year		 2022
£
128,692
2022
£
15
2022
£
7,909
4,869
12,778
2022
£
20,000
20,000		 2021
£
130,691
2021
£
-
2021
£
8,967
7,404
16,371
2021
£
20,000
20,000

The loan of £20,000 from Surrey County Council is unsecured and is for an indefinite period, and will only be repayable in the event of liquidation. The loan is interest-free and is measured at the amount received. No repayments have been made nor any interest accrued as none is due.

18 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2022
£
4,304
352
1,756
5,114
11,526		 2021
£
10,723
352
3,258
2,057
16,390

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

19 Creditors: amounts falling due after more than one year

2022 2021
£ £
Borrowings 20,000 20,000

20 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to income and expenditure in respect of defined contribution schemes was £4,414 (2021 - £4,096).

21 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement Movement in funds Movement Movement in funds
Balance at Income Expenditure Balance at Income Expenditure Balance at
1 April 2020 1 April 2021 31 March 2022
£ £ £ £ £ £ £
Fixed asset
donations 78,000 - - 78,000 - - 78,000
Projects - 30,922 (24,700) 6,222 33,149 (25,809) 13,562
78,000 30,922 (24,700) 84,222 33,149 (25,809) 91,562

Fixed asset donations were received for the purchase of fixed assets for continued use by the charity. A balance of £75,000 relates to the Lottery Fund grant for property which is not depreciated and a further £3,000 relates to a donation towards a new door for the premises.

Grants were received from several entities towards specific projects.

HEADWAY SURREY HEAD INJURIES ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

22 Designated funds

Movement Movement in funds Movement Movement in funds
Balance at Transfers Expenditure Balance at Transfers Expenditure Balance at
1 April 2020 1 April 2021 31 March 2022
£ £ £ £ £ £ £
Strategic
development
fund 125,757 21,269 (10,954) 136,072 - (6,074) 129,998
Temporary
employee
fund 8,958 11,264 (14,448) 5,774 10,740 (16,331) 183
ICT Fund 330 - (330) - - - -
Bursary fund 2,000 - (1,272) 728 1,045 (1,016) 757
Friends of
HWS set up 2,000 21 (2,021) - - - -
Building
project 3,600 - - 3,600 - - 3,600
Website
redevelopme
nt - - - - 10,100 (10,100) -
142,645 32,554 (29,025) 146,174 21,885 (33,521) 134,538

• The Strategic Development Fund (SDF) is held for projects which aim to secure and expand the provision of future services and help more people suffering with acquired brain injury. It consists substantially of the charity's investment portfolio and the gain or loss on the value of investments is included within income or expenditure.

• The Temporary employee fund, previously the Link Worker fund, provides funding to fill short term roles that meet the aims of the SDF. If a role becomes permanent, expenditure will then be met by unrestricted reserves.

• The ICT development fund is to be used to ensure that the Charity’s software and hardware resources meet the demands of the client base. During the year it was decided that costs of this nature could be met from unrestricted funds, therefore the ICT fund was released back to the SDF.

• The Bursary Fund is available for clients undergoing financial hardship, to ensure their continued access to Headway Surrey’s services.

• The Friends of Headway Surrey fund is to be utilised in the set up and ongoing maintenance of the Friends of Headway donations scheme.

• The building development fund was established to research and implement improvements to the Headway building and physical facilities.

23 Related party transactions

There were no disclosable related party transactions during the year (2021 - none).

Total 2021 £ 248,659 130,691 140,483 (20,000) 499,833
Analysis of net assets between funds Unrestricted
Designated
Restricted
Total
Unrestricted
Designated
Restricted		 funds
funds
funds
funds
funds
funds		 2022
2022
2022
2022
2021
2021
2021		 £
£
£
£
£
£
£		 Fund balances at 31 March 2022 are represented by: Tangible assets
169,398
-
78,000
247,398
170,659
-
78,000		 Investments
-
128,692
-
128,692
-
130,691
-		 Current assets/(liabilities)
57,090
5,846
13,562
76,498
118,778
15,483
6,222		 Long term liabilities
(20,000)
-
-
(20,000)
(20,000)
-
-		 206,488
134,538
91,562
432,588
269,437
146,174
84,222		 Free reserves at the year end are £37,090, represented by unrestricted Current assets/(liabilities) of £57,090 less Long term liabilities of £20,000.
24

Headway Accounts (@25.10.22) v2 - signed by BB

Final Audit Report

2022-11-09

Created: 2022-11-09 By: Alliotts Guildford Support (Guildfordsupport@alliotts.com) Status: Signed Transaction ID: CBJCHBCAABAA2bGS5XUWu3LJr-C2kWjq_TuNsDIVsVYl

"Headway Accounts (@25.10.22) v2 - signed by BB" History

Document created by Alliotts Guildford Support (Guildfordsupport@alliotts.com) 2022-11-09 - 12:11:26 GMT- IP address: 88.98.47.65

Document emailed to Stephen Meredith (stephen.meredith@alliotts.com) for signature 2022-11-09 - 12:13:23 GMT

Email viewed by Stephen Meredith (stephen.meredith@alliotts.com)

2022-11-09 - 14:37:45 GMT- IP address: 185.152.38.89

Document e-signed by Stephen Meredith (stephen.meredith@alliotts.com)

Signature Date: 2022-11-09 - 14:38:41 GMT - Time Source: server- IP address: 88.98.47.65

Agreement completed.

2022-11-09 - 14:38:41 GMT