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← The Brainwave Centre Limited

2024-11-30-accounts

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Year ended Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Page | 1 Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739) 30 November 2024

While the year has brought continued success across the organisation — with more children and families supported — I must also acknowledge developments at the end of the financial year (November 2024) that will have a significant impact on Brainwave and the wider charity sector moving forward. Changes to employer National Insurance (NI) contributions will increase costs across the UK charity sector by an estimated £1.4 billion. For Brainwave, this represents an additional £72,000 in the coming year (8 months) and over £100,000 annually thereafter. These added costs will need to be met through increased income generation (fundraising and retail) or by identifying savings.

We remain fully committed to supporting the children and families who rely on us, however rising costs — including the recent NI changes and wider operational expenses — are placing considerable pressure on our charity. Unlike commercial organisations, we are unable to pass these costs on, which makes this challenge more complex. To raise awareness of the impact on charities, we joined other organisations in signing the National Council for Voluntary Organisation’s (NCVO’s) open letter to the Chancellor and also issued our own press release, resulting in both local and national media coverage. At the same time, demand for our services continues to grow, with charities like ours often stepping in where health and social care services are under strain. These added financial pressures therefore come at a particularly challenging time.

In June, we welcomed our Patron of 13 years, Olly Murs to the Centre, and whilst with us he reaffirmed his commitment and dedication to raising awareness and funds for Brainwave, so that we can continue providing our vital services. During his time at Brainwave, Olly met with our team, children, and their families, sharing his enthusiasm and support for our work. The visit achieved a great deal of media attention, and we hope that this will help to increase awareness of all that we achieve for the children and families we support.

Alongside these operational developments, I am pleased to report that our financial performance this year has strengthened considerably. Our return on investment in fundraising improved by +£1.09 compared to 2023–2024 figures, demonstrating both the generosity of our supporters and the efficiency of our fundraising activities. We achieved a surplus of £143,990 — an increase of £39,588 on the previous year — while our reserves grew by £134,992 to £179,401, bringing us significantly closer to our long-term target. These results reflect careful stewardship of our resources and a continued focus on sustainability, ensuring we can protect and grow our services for children and families into the future.

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Despite the challenges, we continue to make significant strides in our aim to support even more children and families. Since the last years report, we have welcomed a new Speech and Language Therapist to our team which will allow us to expand our reach and deliver even more assessments in the coming year. Additionally, we are excited to be recruiting to a new role for 2025: a Family Support Worker, who will move us closer to achieving a more ‘whole family’ approach to our support offer.

We also finalised proposals for a review of our Therapy Access Fund and Fee Structure for consulting with families on in 2025. Whilst we remain committed to never turning families away and will always strive to support as many children as possible,

at the same time, we must ensure our long-term sustainability in a challenging economic environment. Whatever we end up implementing will be fair, transparent, and responsive to the needs of the many families we support.

As we look ahead, we remain focused, resilient, and determined to adapt and grow. Our mission — to unlock the potential of every child we support — has never been more important. Thanks to the dedication of our team, volunteers, partners, and supporters, we are well positioned to meet these challenges with creativity and compassion. Together, we will continue to drive forward, ensuring that Brainwave remains a lifeline for families across the UK. With renewed energy and commitment, we move into the next year with hope, ambition, and an unwavering belief in the difference we can make.

None of this would be possible without the extraordinary people who stand with us. To our dedicated team, passionate volunteers, committed trustees, generous funders, loyal supporters, our President HRH The Duchess of Edinburgh, valued patrons, and our wonderful retail customers — thank you. Your belief in us drives everything we do. Together, we are changing lives, unlocking potential, and building brighter futures for children and families across the UK. We couldn’t do it without you!

We hope you enjoy reading our 2023/2024 Annual Report, which offers a snapshot of the remarkable progress and achievements of our dedicated team and the incredible children we support.

Keith Sinclair Chief Executive

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

End of Year Summary: Progress Against Strategic Intentions

Be the Best We Can Be

This year has seen real momentum in enhancing the quality and depth of our services for families. A proposal for a new Family Support Worker role was developed and consulted on across the team, with recruitment set to begin in early 2025. This marks an important step towards a more holistic and responsive ‘whole family’ support offer.

Our digital transformation is well underway, with the successful launch of a redesigned website. Work continues with developing our chatbot facility, which will improve accessibility and create a more seamless user experience for families seeking support.

We have implemented new outcomes measurement tools, culminating in our firstever Impact Report, which provides powerful, data-driven (qualitative and quantitative) insights into the positive change we help create. These insights will support continuous improvement and help shape future service delivery.

To strengthen user voice and our user led approach, we launched the Service Delivery and Development Subcommittee, which has met twice this year and includes service users, ensuring lived experience actively informs our decisionmaking.

Be Sustainable and Resilient

Against the backdrop of a difficult funding environment, we have focused on diversifying income streams and reinforcing our organisational resilience. Our efforts to increase unrestricted income have focused on adapting our approach and implementing footfall drivers within our retail activity, with new goods and greeting cards added to our offering.

A key objective for our long-term sustainability is getting closer to being commissioned (NHS and Local Authorities). Our growing evidence base — particularly through our outcomes data — positions us well to build these relationships with statutory services. The Service Delivery and Development Subcommittee has played a vital role in strategic planning, including a review of our fee structure and Therapy Access Fund criteria. These recommendations have now been shared with the Board, and we remain committed to involving families in this ongoing and important work during 2025.

Increase Our Reach

We have made steps to expand our reach this year. With new therapists joining the team in September and October, this will provide us with the capacity to deliver 3 assessments each day in 2024/2025 — increasing numbers again from the 295 achieved during 2023/2024. Space and resources have already been allocated to support this uplift in capacity.

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Digital innovation is also extending our reach. The upcoming chatbot and the introduction of the Family Support Worker role will enhance access to our services and ensure more families across the UK receive timely, tailored support. In addition, events like our Manchester Carol Concert, which saw over 250 tickets sold, have helped raise awareness of Brainwave's mission and the broader challenges facing children with disabilities and their families.

Be Recognised as a Centre of Excellence and Leaders in Our Field

Our ambition to be recognised as a leader in our sector is reflected in the strides we have made in evidence-based practice and visibility. The implementation of our outcome’s measurement framework is enabling us to clearly demonstrate the impact of our services and is already informing improvements and highlighting areas for further development.

We continue to raise our profile through strategic marketing activity, external engagement, and partnerships — building a strong and recognisable voice for Brainwave within the sector. Our Clinical Governance Subcommittee will further underpin our commitment to quality, reflection, and innovation as we continue to grow.

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Page | 6
Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)
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Vision, Mission, Objects and Activities

Our Objects – to support children with disabilities and additional needs, whether caused by brain injury for example cerebral palsy, a genetic condition like Down syndrome, autism, or general developmental delay, through the provision and promotion of specialist therapy programmes. We work in partnership with, and empower families to, deliver home-based Therapy Programmes tailored to their individual child’s needs enabling them to ‘unlock their potential.’ This could be anything from improving mobility, communication to counting, or forming sentences. We employ a range of experienced specialist staff, including, physiotherapists, speech, and language therapists’ sensory integration and learning development specialists. We take a ‘whole family’ approach to identifying and achieving what is possible for each individual child.

In summary we:

Public Benefit

By working to these [objects] the Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2022 to have due regard to the Charity Commission’s general guidance on public benefit, ‘Charities and Public Benefit’.

Brainwave’s charitable purpose is ‘to support children with disabilities and additional needs through the provision and promotion of specialist therapy and the Trustees ensure that this [charitable purpose] is carried out for the public benefit by:

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Our Vision: that children with disabilities and additional needs will have the opportunity to reach their full potential and benefit from bespoke therapy programmes to achieve this, and that Brainwave will be recognised as leading in this area.

Our Mission: deliver accessible high-quality therapy to more children through our team of qualified staff from our Centre, outreach hubs, online and home visits.

Our Aims

We are committed to:

Best practice: Ensuring that our team are informed, supported, and developed to be exemplars in their field, including benchmarking our service against other providers.

Therapy delivery: increase the number of children helped each year, and to respond proactively to technological and therapeutic developments and the changing needs of children and families.

Access: delivering services at appropriate intervals and locations to make therapy available more locally to families throughout the UK.

Sustainability: continually reviewing fundraising initiatives and developing new income streams to enable sustainable therapy provision.

Our values: are an expression of what we believe in and how we behave as an organisation. In all aspects of our work and activities we will strive to be:

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

What we do

For over 40 years, we have worked alongside children with disabilities and additional needs and their families to deliver individual home-based Therapy Programmes that cover physical, sensory, educational, and social abilities. These offer the most benefit to younger children – we will see a child for an initial assessment from birth and up to 12 years of age. However, once a child follows a Brainwave Programme, they only leave when the family feels the time is right. The average time a child stays on a Programme is three years.

Our team of qualified therapists and Learning and Development specialist work with families to design Therapy Programmes specific to a child’s needs that provide a combination of structured play and exercise which when carried out on a regular basis can provide exceptional results. Specific developmental areas are identified for each child - such as visual cognition, hearing and comprehension, movement, speech, hand function, self-help, and socialisation, and our approach is a holistic one. Most of the children following the Programme make measurable progress and some achieve a degree of independence that is well beyond their parent’s initial expectations. Over 90% of families who have been on a Brainwave Programme say that we have made a difference to their child and, therefore, a substantial number of children now lead more independent lives.

Based on the principle of neuroplasticity, our bespoke Programmes help the brain find new pathways by providing regular repetition of newly acquired skills. We can therefore maximise each child’s potential by taking an integrated approach to their physical and cognitive development, enhancing their social skills and emotional wellbeing.

Parents often come to Brainwave when they have exhausted all other options to help their child and we are proud of the achievements and milestones met by the children we support, see feedback and case studies contained within this report.

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

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needs. outcome, we simply move onto Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Page | 10 Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739) the next goal. The weight this lifts

Service Development and Delivery

Summary of assessments for 2024

Month Initial Reassessments Total
Assessments Assessments
December 2022 5 6 11
January 2023 8 16 24
February 2023 15 12 27
March 2023 6 15 21
April 2023 8 15 23
May 2023 8 18 26
June 2023 12 16 28
July 2023 10 17 27
August 2023 4 13 17
September 2023 13 14 27
October 2023 12 26 38
November 2023 9 17 26
Total
110
185
295
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Therapy Comparison Figures from year end 2023 to 2024

2023 2024 Variance
Initial 99 110 +11.1%
**Assessments **
Reassessments 167 185 +10.8%
Total 266 295 +10.9%

Summary of 2024

We continued to deliver more assessments year on year with 11 Initial Assessments and 18 more Reassessments than in 2023.

Our Therapy Assistant left Brainwave in April 2024, and we took the decision not to replace this role. Two new Speech and Language Therapists (SLTs) joined the team in September 2024 and will impact on the number of children we see in 2025 once they have completed their full induction and shadowed assessments. Therefore in 2025 we expect to see a gradual increase in assessments each month, aiming to book 3 children per day on average. Regrettably, post year end, one of the SLTs resigned early in 2025 to take up a post in the NHS and left the team in February 2025. We have since recruited a new SLT to replace them and they will join the team in September 2025.

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

At the year-end those actively following a Brainwave therapy programme were supported at:

National Therapy Assessment Centre 263
North West Hub 12
South East Hub 18
Scottish Hub 9
Total 302

In total 20% of the assessments delivered at our National Therapy Assessment Centre in Somerset were families who had travelled from the South East, London, and East of England.

7% of assessments completed, were families who had travelled from North West, North East, Yorkshire, and Humber.

85% of families who have assessments with Brainwave access our Therapy Access Fund and contribute just £50 to each assessment. The full costs of each are £500 and £450 respectively, which is less than 25% of the total costs to Brainwave of delivering each assessment (c£4,000 per child, per year)

During the year we expanded the North West Outreach Hub to 4 therapists for a week of assessments in October. We also identified new premises as we have outgrown The Gateway in Warrington.

We delivered two outreach hubs in the South East, with 4 assessments taking place at each. We are looking to expand this hub in the future too, once our new SLT is operational. Two Scottish hubs were also delivered with 4 children seen in their own homes at each.

We continued to have a steady flow of enquiries each month and have seen an increase in enquiries from parents whose child has Autism.

Service Development

Below is a summary of our developments through the year, all aimed at enhancing our services and reaching even more children and families. We are also taking steps to increase opportunities for family involvement in our service development.

Website and Chatbot

We have been working on our digital transformation plans and have received funding to refresh our website and launch a chatbot in the year. Initially this [chatbot] facility will be “entry-level” however we have plans to further develop this into a more intuitive AI powered tool.

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

New Family Support Worker Role

As mentioned earlier in response to feedback from families, we developed a new Family Support Worker role for Brainwave which we will be recruiting to in 2025. This role will provide advice and information support to families, as well as online support groups, webinars, and workshops. In time they will provide responses to questions that come through the website (chatbot) that are more complex and need more personalised response.

Brainwave Awareness Day

Raising awareness is key to reaching more families and securing the support we need to sustain our services. With this in mind, we worked on plans for a dedicated Brainwave Awareness Week to be launched in 2025. This will give us the chance to highlight the incredible progress of the children and families we support and increase awareness of the impact of our work.

Sensory Garden Enhancement

We were successful in achieving additional funding to further enhance our sensory garden. These enhancements brought even more sensory elements to the garden, making it a valuable resource for children and families to take ‘time out’ during their assessments.

Capital Appeal to Expand Therapy Space

As we continue to grow, so does the need for space to accommodate more families. To meet this need, we will be launching a Capital Appeal in 2025 to expand our therapy space at our National Therapy Assessment Centre in Somerset. With this increased capacity, we will be able to provide more assessments, reduce waiting times, and support even more children each year.

Co-Production: Partnering with Families to Shape Brainwave’s Future

A key part of our vision for Brainwave is to involve families more in our planning and service development through a process known as co-production . By co-production, we mean working side-by-side with families to design, implement, and evaluate our services. This approach will ensure that our services are aligned with the needs of those we support. Families bring unique insights, ideas, and feedback, helping us shape our services in ways that directly reflect their experiences and needs.

To strengthen our commitment to co-production, we are inviting families to participate in upcoming consultations, discussions and focus groups. Their perspectives are invaluable to us, and we look forward to working together on future service developments and improvements.

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

a Visiting Brainwave has helped calm family life and

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

As Chair of Trustees, I am pleased to present Brainwave’s Annual Report and Accounts for 2024.

Now in my third year as Chair, I remain continually inspired by the dedication, professionalism, and compassion of our exceptional team. Their tireless efforts have once again delivered life-changing outcomes for the children and families we support through our distinctive, multi-disciplinary therapy programmes. The impact of their work is both profound and enduring, and I offer my sincere thanks for their continued commitment.

This year, the ongoing cost-of-living crisis has continued to exert pressure on families and on charities like ours. Escalating operational costs have presented challenges, but I am proud of how we have responded—with resilience, innovation, and an unwavering commitment to those we support.

Despite the challenging economic climate, Brainwave has not only sustained its operations—it has strengthened them. Through agility, creativity, and purpose, we have adapted and continued to grow. Over the past year, we delivered 295 assessments and personalised therapy programmes, representing yet another increase on previous years. This continued growth is a testament to the skill, energy and dedication of our team, whose work has a direct and positive impact on the developmental progress and quality of life of the children they support.

I extend my heartfelt thanks to every member of our staff and wider team—whether delivering therapy or supporting its delivery behind the scenes. Each role is vital to our collective success.

This year, we were pleased to welcome Jess Barham to our Board of Trustees. Jess brings not only a wealth of lived experience as a parent of a child currently supported by Brainwave, but also a valuable perspective that helps move us further toward a more service user led approach to governance.

Since the year end, we have bid a fond farewell to two long-serving trustees, Stuart Wells and Matthew Locke, who have retired from the Board. We are immensely grateful for their many years of dedicated service and wish them the very best for the future. In June, we were delighted to welcome Sarah Twist as a new trustee, and we look forward to working with her and drawing on her expertise in the months and years ahead.

In the coming year, we will be launching a trustee recruitment campaign alongside the introduction of a skills audit and appraisal system, which will guide and strengthen the governance of our charity in the years ahead.

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

I would also like to extend my sincere thanks to our President HRH The Duchess of Edinburgh GCVO, along with our Vice Presidents, Patrons, Ambassadors, and fellow Trustees, for their unwavering support. Your dedication remains a foundation of Brainwave’s strength and resilience.

Last, but by no means least, I would like to thank our CEO for his exemplary leadership through another demanding yet successful year. His vision, integrity and steady guidance continue to move the organisation forward with clarity and confidence.

Together, we remain united in our belief that every child with a disability deserves the opportunity to reach their full potential. I look ahead to the coming year with optimism, ambition, and deep gratitude—for what we have achieved and what we can continue to achieve together.

Thank you!

Andrew Hannam - Chair of Trustees

The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 30 November 2024.

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Story

sit for short periods of time has Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Page | 17 Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739) got much better since doing this

Income and Expenditure Review

Income Year ending 2023 Year ending 2024 Difference
+/-
Donations and gifts £1,010,299 £1,131,674 +£121,375
Legacies £32,424 £12,954 -£19,470
Therapy Service £39,002 £32,640 -£6,362
Hydropool £85,184 £83,973 -£1,211
Accommodation £11,860 £13,438 +£1,578
Retail (including £1,005,692 £940,027 -£65,665
rental income)
Investments / Other
£4,949
£6,092
+£1,143
Total
£2,189,410
£2,220,798
+£31,388
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Income - 2023 v 2024

Retail £940,027 ee £1,005,692 £130,051 Therapy, Hydropool & Accommodation £136,046 | s £1,144,628 Donations, Gifts & Legacies oo £1,042,723 " 2024 a 2023

Registered with a) FUNDRAISING[REGULATOR]

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Expenditure Year ending 2023 Year ending 2024 Difference
+/-
Service Delivery £782,267 £818,190 +£35,923
Trading (Retail) £917,802 £954,554 +£36,752
Raising Funds £384,889 £304,064 -£80,825
Total £2,084,958 £2,076,808 -£8,150

Expenditure 2023 v 2024

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£818,190
Service Delivery
£782,267
£954,554
Trading (Retail)
£917,802
£304,064
Raising Funds
£384,889
| 2024 a 2023
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Commentary on Income and Expenditure: Year Ending 2024 vs. 2023

The charity's total income for the year ending 2024 was £2,220,798 , representing a modest increase of £31,388 on the 2023 income of £2,189,410 .

Income Analysis:

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(FR) REGULATORRegistered with[FUNDRAISING]

Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Expenditure Analysis:

Total expenditure for 2024 was £2,076,808 , a decrease of £8,150 compared to £2,084,958 in 2023, despite cost pressures.

Fundraising Return on Investment (ROI):

To measure fundraising efficiency, we compare the cost of fundraising to the income generated from donations and gifts:

• 2024 ROI : Donations and gifts: £1,131,674 Fundraising expenditure: £304,064 ROI = £1,131,674 / £304,064 ≈ £3.72 (£3.72 raised for every £1 spent)

• 2023 ROI : Donations and gifts: £1,010,299 Fundraising expenditure: £384,889 ROI = £1,010,299 / £384,889 ≈ £2.63 (£2.63 raised for every £1 spent)

Sector Benchmark Comparison :

According to sector data, the average fundraising ROI for UK charities typically ranges from £3 to £4 per £1 spent, depending on organisation size and fundraising strategy.

Our 2024 ROI of £3.72 places us comfortably within the sector average and marks a notable improvement on the previous year's figure. This indicates a strong return on our fundraising investment and improved cost-effectiveness.

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Summary:

Despite economic challenges, including inflation, increased staffing costs, and competition for funds, the charity maintained a stable financial position with improved efficiency in fundraising. The positive trajectory in donations and gifts highlights the strength of our supporter engagement and the continued relevance of our mission and the outcomes we achieve for the children and families we support.

Looking forward, we will continue to monitor financial trends closely, review cost structures, and ensure resources are allocated to deliver the greatest impact for our families.

Risk Management

The Board of Trustees has a risk register in place which is discussed and reviewed at each board meeting (standing item on the agenda).

Financial security is essential if Brainwave is to continue delivering support services in the years to come. Income generation from Fundraising has improved this year however Retail and Therapy have reduced as summarised above. The implementation of a strategy to increase unrestricted funds is continuing to produce positive results. The CEO and Trustees will continue to review the income streams to meet the strategic growth targets of the Charity.

To ensure our future sustainability and that our service remains accessible to all, with support from our families, in 2024 we carried out a review of our fees and Therapy Access Funding (TAF). We need to balance the financial support we can provide with the funds we have available and those that we are able to source. The criteria we have in place for TAF also needs to be reviewed so that we have a system in place that is fair and equitable for all. We will be consulting with families on our proposals in 2025 with any implementation of these during 2025/2026.

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Human Resources (HR)

Staff turnover during 2024:

Starters: We have had 11 employees start, with the following breakdown:

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||| |---|---| |Department|Number| |Retail|6| |Therapy & Family Support|2| |Operational Support /Admin|3|

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Leavers:

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||| |---|---| |Department|Number| |Fundraising|1| |Retail|6| |Therapy & Family Support|2| |Operational Support / Admin|2|

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Reason for leaving:

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||| |---|---| |Reason|Number| |Resigned|5| |Other|3| |Career Progression|1| |Retirement|2|

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Recruitment

Recruitment during the last 12 months has again been challenging and enquiries have been slow or, applications have been received from candidates with salaries more than what is offered. We continued to benchmark roles in 2024 across all areas of the organisation to ensure we are competitive and comparable to similar labour markets and employers.

Retail recruitment is an ongoing concern which has an impact on income due to temporary shop closures when cover cannot be sourced elsewhere.

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(FR) REGULATORRegistered with[FUNDRAISING]

Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

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Fundraising Snapshot

A huge thank to Lee England who abseiled down 17 storeys from the helipad on the roof of the Royal London Hospital and raised an amazing £1,640 for Brainwave from this exploit.

As well as this amazing challenge, Lee also organises an annual golf day in aid of Brainwave. This year’s event in September raised £7,500 and to date Lee has raised a staggering £45,000 for us. Thank you for your unwavering support.

PopVox Choir launched a Christmas charity single for Brainwave, ‘Believe (It’s Christmas!)’ The single was released across all streaming platforms and was performed live at Manchester Cathedral.

Thank you to the members from Quantock Mark Lodge, Bridgwater, who attended our Centre to formally unveil the newest addition to our Sensory Garden, a wheelchair accessible roundabout.

The roundabout is a significant addition to our garden, which we hope the children and families we support will enjoy using.

(FR) REGULATOR[FUNDRAISING] Registered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Fundraising Overview: Summary of 2024 and Looking Ahead to 2025

2024 has been a year of growth, innovation, and resilience for our fundraising team , with significant progress made across Trusts and Foundations, corporate partnerships, major donor engagement, and events. Despite a challenging external environment, our income-generating activities have delivered strong results—surpassing many targets and laying robust foundations for continued success in 2025.

Trusts and Foundations

Our Trusts and Foundations team achieved a record volume of activity, submitting 776 funding applications —a 14% increase on the previous year—totalling over £1.39 million in funding requests. In total £692,542 was received which compared to the 2023 total of £548,115 was an increase of just over 26% .

This year, we placed a stronger emphasis on unrestricted income , submitting 383 applications from May 2024. This proved successful with major wins totalling £27,000 in the first few months.

We also made strategic progress toward our digital transformation goals, securing £30,000 in targeted funding from the Vinci Foundation, National Lottery’s Awards for All, and the Clothworkers’ Foundation.

Key funder relationships have been maintained and strengthened through thorough reporting, targeted stewardship, and re-engagement, ensuring continued support from long-term partners such as St. James’s Place Foundation, the Foyle Foundation, and the James Tudor Trust.

2025 Priorities

Looking ahead, the Trusts and Foundations team will focus on:

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Major Donors and Corporate Fundraising (North West)

NW Fundraising

This year, our North West fundraising programme included making important strides in meeting up with our donors to provide in person updates on the difference their support has made , securing new corporate partnerships , and delivering successful events. Highlights include:

2025 Priorities

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Community and Corporate Fundraising (South West)

Despite moving to part-time hours, our fundraiser delivered outstanding results in the South West region. Against an initial target of £65,000, actual income reached £118,424, exceeding the revised goal by £53,424 .

Key achievements included:

2025 Priorities

Summary and Outlook for 2025

Brainwave’s fundraising performance in 2024 reflects the dedication, creativity, and strategic acumen of our fundraising team. Despite economic pressures and staffing transitions, we have exceeded key targets, strengthened relationships, and laid the groundwork for further expansion in 2025.

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

—— ss W e a<a In the coming year, our focus will remain on unrestricted and multi-year funding, corporate partnerships, and donor retention . With new initiatives, enhanced data use, and continued collaboration across teams, we are confident in our ability to meet our ambitious 2025 goals and continue securing vital support for the families we serve.

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Retail Overview

The Retail team has faced a challenging and transformative year, overcome challenges whilst achieving significant milestones. We are pleased (and proud) to present an overview of our achievements and key initiatives that will support sustainable growth in 2025 and beyond.

Shop Developments

Our focus on creating inviting and enhanced retail spaces has delivered meaningful improvements across several locations:

Product Innovations

We have introduced new goods to drive footfall whilst remaining true to our key ‘charity shop‘ values and ethos:

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Technology Enhancements

Investments in technology to streamline operations and enhance the customer experience:

Operational Highlights

Our efforts to adapt to seasonal challenges and optimise processes are producing positive results:

Strategic Adjustments

To navigate rising operational costs, we implemented measured changes across our retail operations:

Looking Ahead

We are deeply grateful to our shop teams for their unwavering dedication and resilience this year. Their commitment has driven our progress and positioned us to make the most of our opportunities in 2025. With a solid foundation in place, we are looking forward to tackling future challenges together and continue building on this year’s successes.

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Overall Financial Review

Liquidity is ahead of last year end, which is a great achievement given the financial climate within which we are operating. In summary, the year-end has seen a fifth successive surplus of £143,990. This was an increase of £39,538 on 2023.

Unrestricted funds are at £632,581 compared with £503,485, an increase of 25.6% and restricted at £715,637 compared with £700,743 up 2.1% on the previous year. We know that 2025 will continue to be challenging particularly around fundraising and retail and we need to ensure that we can continue this trajectory and have plans in place to achieve this.

Reserves and Investment Policy

We are committed to maintaining financial stability to ensure the sustainability of our services and activities. Our Reserves Policy outlines the rationale, aims, and guidelines for managing our financial reserves, including the use of our bespoke "Winding Up Costs Calculator" to determine the appropriate level of reserves we should aspire to hold at any one time.

Purpose

The purpose of this policy is to:

Policy Statement

Ideally, we would aim to hold reserves sufficient to cover:

  1. Operational Costs : manage cashflow fluctuations and ensure uninterrupted operations.

  2. Risk Management : address potential risks and uncertainties, such as unexpected expenses or loss of income.

  3. Winding Up Costs : cover all necessary expenses in the event of the charity needing to close operations.

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

In terms of the first two areas, we operate a level of unrestricted and restricted income that covers our monthly outgoings. However, for the purposes of this reserves policy we have developed a "Winding Up Costs Calculator" to ascertain the necessary level of reserves to cover our costs in the eventuality of winding up. This calculator considers:

The output from this calculator is reviewed annually to ensure it reflects current obligations and financial circumstances.

Reserves Target

As of August 2025 (the date of signing these accounts), our reserves target stands at a minimum of £410,000. This figure reflects the amount required to cover key costs and contingencies, based on the factors outlined above. The target is reviewed quarterly and formally adjusted each financial year to ensure it remains appropriate.

Our current free reserves, as reported in these accounts, are £179,401 — an increase of £134,992 (303.97%) from the 2023 figure of £44,409. While we still have some way to go to meet the target, this significant growth represents clear progress and provides evidence that our financial strategy is beginning to deliver results.

In addition to free reserves, we also hold assets valued at approximately £1 million (primarily our premises), which could be liquidated if necessary to meet core costs. That said, our aim remains to build up our free reserves to the target level through sustainable means. Plans to achieve this include:

Trading Activities: Retail, Hydropool and Therapy

1. Enhanced Marketing and Promotions

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

2. Shops, Donations and Goods

3. Volunteer Engagement

4. Hydropool

5. Therapy delivery

Fundraising Activities

Alongside our current range of activities, we intend to increase resources in the following areas:

1. Corporate Partnerships

2. Major Donors

3. Grants and Trusts

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

4. Legacy Giving

Monitoring and Reporting

The reserves level is monitored quarterly by the finance team and reported to the Board of Trustees. The CEO and Head of Finance will be responsible for:

Structure, Governance and Management:

Management and staffing

The CEO has responsibility for leading the organisation and strategic planning, to ensure we are fit for both ‘today’ and ‘tomorrow.’ In addition, they have overall responsibility for Fundraising, Therapy, HR & Health and Safety and Service Development as previous ‘Heads of’ roles have not been replaced when staff left the organisation. They have oversight for ensuring that the staff team is developed, valued, and supported to provide the skills and expertise required to both achieve positive outcomes for the children and families we support and run a successful organisation.

The Senior Management team currently consist of the CEO and Heads of Finance, Retail, IT and Maintenance, and Service Delivery Manager.

As of 30 November 2024, the organisation employed 67 staff who are supported by over 150 volunteers , without the hard work and dedication of whom we would not be able to achieve all we do.

Governance

At the year end, there were ten trustees on the Board. Since then, this number has decreased slightly to nine, following the retirement of two longstanding trustees and the appointment of Sarah Twist (see Chair’s Report on page 15). One of our current trustees is a service user of the charity, reflecting our commitment to becoming a more user-led organisation. A targeted trustee recruitment campaign is planned for 2024–2025 to further strengthen user representation and broaden the skills and perspectives on the Board.

Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ FUNDRAISING Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739) REGULATORRegistered with

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The Board meets four times per year and is responsible for the appointment of trustees, and in doing so seeks individuals with appropriate experience and skills to provide the Board with the necessary range of expertise and diversity.

In addition, there are HR and Service Development Board subcommittees.

Following application to become a Trustee, all candidates are interviewed by the Chair and CEO. On appointment, each new Trustee meets with the Chair and CEO and follows a formal induction process.

The Brainwave Trustees delegate operational management of the Charity to the CEO, who reports on performance against the strategic and operational plans approved by the Trustees. Management information, reflecting activities across the Charity, is prepared monthly, and presented at each Board meeting for discussion and review.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the Charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Acknowledgements

The Board wishes to record its deep appreciation of the generosity of many supporters and of the time given so willingly by so many volunteers. Brainwave has also benefitted from help from companies, local authorities, and individuals in the form of gifts in kind, preferential rents, and partial relief from business rates. These all add to the work Brainwave can achieve with the children on its Therapy Programme.

By order of the Board of Trustees

Andrew Hannam - Chair of Trustees

Date: 20 August 2025

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Reference and Administrative details

Status: The Brainwave Centre Limited is a registered charity and company limited by guarantee. It has no share capital and is a registered charity in England and Wales, and Scotland. The guarantee of each member is limited to £1. The governing document is the Memorandum and Articles of Association of the Company, and Members of the Board of Trustees are the Directors of the Company. The organisation is more commonly known by its operating name of Brainwave.

Company number: 03666739 Charity number: 1073238 / SC039137 (Scotland) Registered office: Marsh Lane Huntworth Gate Bridgwater Somerset TA6 6LQ

Trustees: Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Andrew Hannam – Chair Richard Adams - Vice Chair Martin Jackson Barrie Crow Dr Stuart Wells: resigned 13 March 2025 Matthew Locke : resigned 13 March 2025 Glenys Taylor Chris Medlock Jeremy Tankel Jessica Barham: appointed 7 March 2024 Sarah Twist: appointed 12 June 2025

Bankers: Lloyds Bank PLC 25 Cornhill Bridgwater Somerset TA3 3AY

Auditors: Corrigan Accountants Limited First Floor 25 King Street Bristol BS1 4PB

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

President :

Her Royal Highness The Duchess of Edinburgh GCVO

Vice Presidents:

The Rt Hon The Lord King of Bridgwater, CH Major General Sir Christopher Airy, KCVO, CBE Dame Jane Whiteley, DBE Lady Gass, DCVO

Patrons:

The Lady Fellowes of West Stafford LVO The Lord Fellowes of West Stafford DL Sir Ranulph Fiennes, Bt OBE Dr Michael Smith Mr Olly Murs

Chief Executive Officer:

Keith Sinclair

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Statement of Trustees' Responsibilities

The trustees (who are also the directors of The Brainwave Centre Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

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 charitable company and of its incoming resources and application of resources, including its 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 charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Independent Auditor’s Report to the Members of The Brainwave Centre Limited

Opinion

We have audited the financial statements of The Brainwave Centre Limited (the ‘charitable company’) for the year ended 30 November 2024, which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows, and the related notes. 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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least 12 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.

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

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. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions 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 the 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 Directors’ Report, included within the Trustees’ Report.

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

Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ FUNDRAISING Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739) REGULATORRegistered with

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Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement set out on page 31 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.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the 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.

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

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit, we also:

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-theaudit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

Corrigan Accountants Limited

David Wright FCA (Senior Statutory Auditor) for and on behalf of Corrigan Accountants Limited, Statutory Auditor First Floor 25 King Street Bristol BS1 4PB

Date: 21.8.25

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Statement of Financial Activities (including income and expenditure account and Statement of Total Recognised Gains and Losses)

For the year end 30 November 2024

Unrestricted
Funds Total
Charity Unrestricted Restricted Funds
Shops Funds Funds 2024
Income and endowments from: Note £ £ £ £
Donations and legacies 3 910 603,714 540,004 1,144,628
Charitable activities 4 - 130,051 - 130,051
Other trading activities 5 917,372 22,655 - 940,027
Investments 6 - 5,845 - 5,845
Other - 247 - 247
Total income 918,282 762,512 540,004 2,220,798
Expenditure on:
Raising Funds 7, 8 954,554 304,064 - 1,258,618
Charitable activities 9, 10 - 293,080 525,110 818,190
Total expenditure 954,554 597,144 525,110 2,076,808
Net income/(expenditure) before 12 (36,272) 165,368 14,894 143,990
transfers
Transfers between funds 24 36,272 (36,272) - -
Net movements in funds - 129,096 14,894 143,990
Reconciliation of funds
Total funds brought forward 24 - 503,485 700,743 1,204,228
Total funds carried forward 24 - 632,581 715,637 1,348,218

The charity has no recognised gains or losses other than the results for the period as set out above.

The notes on page 47 to 69 form an integral part of these financial statements.

Registered with FR) REGULATORFUNDRAISING

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Statement of Financial Activities (including income and expenditure account and Statement of Total Recognised Gains and Losses)

For the year end 30 November 2023

(As
Unrestricted Restated)
Funds Total
Charity Unrestricted Restricted Funds
Shops Funds Funds 2023
Income and endowments from: Note £ £ £ £
Donations and legacies 3 175 615,298 427,250 1,042,723
Charitable activities 4 - 136,046 136,046
-		 136,046
Other trading activities 5 900,955 104,737 - 1,005,692
Investments 6 - 3,952 - 3,952
Other - 997 - 997
Total income 901,130 861,030 427,250 2,189,410
Expenditure on:
Raising Funds 7, 8 917,802 384,889 - 1,302,691
Charitable activities 9, 10 - 469,471 312,796 782,267
Total expenditure 917,802 854,360 312,796 2,084,958
Net income/(expenditure) before 12 (16,672) 6,670 114,454 104,452
transfers
Transfers between funds 24 16,672 (16,672) - -
Net movements in funds - (10,002) 114,454 104,452
Reconciliation of funds
Total funds brought forward 24 - 513,487 586,289 1,099,776
Total funds carried forward 24 - 503,485 700,743 1,204,228

The charity has no recognised gains or losses other than the results for the period as set out above.

The notes on page 48 to 68 form an integral part of these financial statements.

Registered with FR) REGULATORFUNDRAISING

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Balance Sheet as at 30 November 2024

(Registration number: 03666739)

2024 2023
Note £ £
Fixed assets:
Tangible assets 15 810,487 803,904
Investments 17 2 2
810,489 803,906
Current assets:
Stocks 16 4,695 -
Debtors 18 50,624 76,931
Cash at bank and in hand 19 707,764 637,272
763,083 714,203
Creditors: Amounts falling due
within one year 20 (181,511) (244,032)
Net current assets 581,572 470,171
Total assets less current
liabilities 1,392,061 1,274,077
Creditors: Amounts falling due after more
than one year 21 (43,843) (69,849)
Net assets 1,348,218 1,204,228
Funds of the charity:
Restricted income funds 24 715,637 700,743
Unrestricted funds:
Revaluation reserve 24 45,944 45,944
General funds 24 586,637 457,541
Total unrestricted funds 632,581 503,485
Total funds 24 1,348,218 1,204,228

These financial statements have been prepared in accordance with the special provisions of Part

15 of the Companies Act 2006 relating to small companies and were approved by the trustees on 20 August 2025 and are signed on their behalf by:

Andrew Hannam - Chair

Richard Adams – Vice Chair

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Statement of Cash Flows as at 30 November 2024 (Registration number: 03666739)

2024 2023
Note £ £
Cash flows from operating activities
Net income 143,990 104,452
Adjustments for:
Depreciation 12 37,642 30,726
Investment income 6 (5,845) (3,952)
Changes in:
(Increase) in stocks (4,695) -
(Increase)/decrease in debtors 17 26,307 (38,372)
(Decrease) in creditors 20 (62,522) 2,306
Net cash inflow/(outflow) from operating
activities 134,877 95,160
Cash flows from investing activities
Interest receivable and similar income 6 5,845 3,952
Purchase of tangible fixed assets 15 (44,225) (18,933)
Net cash inflow/(outflow) from investing activities (38,380) (14,981)
Cash flows from financing activities
Repayment of loans and borrowings 20 (26,005) (35,049)
Net cash inflow/(outflow) from financing
activities (26,005) (35,049)
Net increase/(decrease) in cash and cash equivalents 70,492 45,130
Cash and cash equivalents at beginning of year 637,272 592,142
Cash and cash equivalents at end of year 707,764 637,272

Charity law prohibits the use of net cash flows on any restricted fund to offset net cash outflows on any fund outside of its own purposes, except on special authority. In practice, this restriction has not had any effect on cash flows for the year.

The notes on pages 48-69 form an integral part of these financial statements.

Registered with FR) REGULATORFUNDRAISING

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Notes to the Financial Statements for the Year Ended 30 November 2024

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales and Scotland, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office (and principal place of business) is: Huntworth Gate Bridgwater Somerset TA6 6LQ

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK And Republic of Ireland (FRS 102), and the Companies Act 2006.

Basis of preparation

The Brainwave Centre Limited 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 notes.

Going concern

The trustees, having made all necessary enquiries and taken all steps that they ought to have taken, have concluded that the going concern basis of preparation remains appropriate.

Group accounts not prepared

The company formed a trading subsidiary on 27 October 1998. The subsidiary was dormant for the year ended 30 November 2024 and had net assets at 30 November 2024 of £1,794 (2023 - £1,794).

The charity regulations do not contain the exemption available to companies, that immateriality is grounds for non-consolidations. However, having considered that the subsidiary company was dormant during the current and prior period, the trustees believe that the cost of preparing group accounts is disproportionate to the value of any additional information that might be obtained from them, and they have therefore concluded that preparation of group accounts this year is not an appropriate use of the charity's resources.

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Notes to the Financial Statements for the Year Ended 30 November 2024

2 Accounting policies (continued)

Key judgements and sources of estimation uncertainty

In the application of the charity 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key judgement that has a significant impact on the financial statements is in respect of going concern, as described above.

The key sources of estimation uncertainty that have a significant impact on the amounts recognised in the financial statements are as follows:

Included within accruals are provisions made by the charity is in relation to the expected cost of returning leasehold properties to their original condition at the end of the lease term. The carrying amount of the total provisions made as at 30 November 2024 is £29,051 (2023 - £55,179).

Income and endowments

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

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Notes to the Financial Statements for the Year Ended 30 November 2024

2 Accounting policies (continued)

Grants receivable

Grants are recognised when the charity has entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the Balance Sheet as deferred income to be released.

Expenditure

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under heading that aggregate all costs related to the category.

Costs of raising funds are those costs incurred in generating voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs have been allocated to activity cost categories on a basis consistent with the use of resources.

All resources expended are inclusive of irrecoverable VAT.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised.

Taxation

The charity 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 charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation 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.

FUNDRAISING REGULATORRegistered with

Page | 50

Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Notes to the Financial Statements for the Year Ended 30 November 2024

2 Accounting policies (continued)

Tangible fixed assets

Individual fixed assets costing £1,000 or more are initially recorded in the Balance Sheet at costs, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Freehold land and buildings were stated at deemed cost on transition to FRS 102.

Desktop computer equipment is not capitalised as the trustees believe the useful life of such items is too short. Major computer software investment in excess of £5,000 is capitalised at cost.

Depreciation

Depreciation is provided on tangible fixed assets, other than land, so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Assets class

Depreciation method and rate

Freehold buildings Plant and equipment Motor vehicles Computer software

2% straight line 15% - 50% reducing balance 25% reducing balance 25% straight-line

Fixed asset investments

Investments in subsidiaries are measured at cost less impairment.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.

Restricted funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Further details of each fund are disclosed in Note 24.

FUNDRAISING REGULATORRegistered with

Page | 51

Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Notes to the Financial Statements for the Year Ended 30 November 2024

2 Accounting policies (continued)

Defined contribution pension scheme

The charity operates a defined contribution pension plan for eligible employees. Contributions are charged to the income and expenditure account in accordance with the rules of the scheme.

Financial instruments

Classification

The company holds the following financial instruments:

All financial instruments are classified as basic.

Recognition and measurement

The charity has applied the recognition and measurement principles in FRS 102.

Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the charity's obligations are discharged, expire or are cancelled.

Except for bank borrowings, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank borrowings are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

Prior period adjustments

Where an error or omission is identified in respect of comparative figures this is adjusted in the preceding period.

FUNDRAISING REGULATORRegistered with

Page | 52

Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Notes to the Financial Statements for the Year Ended 30 November 2024

3 Income from donations and legacies

----- Start of picture text -----
|||||| |---|---|---|---|---| |Unrestricted|Unrestricted| |Charity|Other|Restricted|Total| |Shops|Funds|Funds|Funds 2024| |£|£|£|£| |Donations and gifts|910|590,760|540,004|1,131,674| |-|-| |Legacies|12,954|12,954| |910|603,714|540,004|1,144,628| |Unrestricted|Unrestricted| |Charity|Other|Restricted|Total| |Shops|Funds|Funds|Funds 2023| |£|£|£|£| |Donations and gifts|175|582,874|427,250|1,010,299| |-|-| |Legacies|32,424|32,424| |175|615,298|427,250|1,042,723| |Income from charitable activities| |Unrestricted|Unrestricted| |Charity|Other|Restricted|Total Funds| |Shops|Funds|Funds|2024| |£|£|£|£| |Assessment income|-|32,640|-|32,640| |Hydrotherapy income|-|83,973|-|83,973| |Accommodation income|-|13,438|-|13,438| |-|-| |130,051|130,051| |(As| |Unrestricted|Unrestricted|Restated)| |Charity|Other|Restricted|Total Funds| |Shops|Funds|Funds|2023| |£|£|£|£| |Assessment income|-|39,002|-|39,002| |Hydrotherapy income|-|85,184|-|85,184| |Accommodation income|-|11,860|-|11,860| |-|-| |136,046|136,046|

----- End of picture text -----

4 Income from charitable activities

Registered with FR) REGULATORFUNDRAISING

Page | 53

Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Notes to the Financial Statements for the Year Ended 30 November 2024

5 Income from other trading activities

Charity shop sales Rent Charity shop sales Insurance Rent

Unrestricted Unrestricted
Charity Other Restricted Total Funds
Shops Funds Funds 2024
£ £ £ £
917,372 - - 917,372
- 22,655 - 22,655
917,372 22,655 - 940,027
Unrestricted Unrestricted
Charity Other Restricted Total Funds
Shops Funds Funds 2023
£ £ £ £
900,955 - - 900,955
- 78,007 - 78,007
- 26,730 - 26,730
900,955 104,737 - 1,005,692

6 Investment income

Interest

Interest

Unrestricted Unrestricted Total
Charity Other Restricted Funds
Shops Funds Funds 2024
£ £ £ £
- 5,845 - 5,845
- 5,845 - 5,845
Unrestricted Unrestricted Total
Charity Other Restricted Funds
Shops Funds Funds 2023
£ £ £ £
- 3,952 - 3,952
- 3,952 - 3,952

Registered with FR) REGULATORFUNDRAISING

Page | 54

Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Notes to the Financial Statements for the Year Ended 30 November 2024

7 7
Expenditure on raising funds by activity
Unrestricted Unrestricted Total
Charity Other Restricted Funds
Shops Funds Funds 2024
£ £ £ £
Fundraising expenses - 304,064 - 304,064
Charity shops 954,554 - - 954,554
954,554 304,064 - 1,258,618
Unrestricted Unrestricted Total
Charity Other Restricted Funds
Shops Funds Funds 2023
£ £ £ £
Fundraising expenses - 384,889 - 384,889
Charity shops 917,802 - - 917,802
917,802 384,889 - 1,302,691
8 8
Expenditure on raising funds by cost
Other
Support direct
Staff costs costs costs Total 2024
£ £ £ £
(see note
11)
Fundraising expenses 206,487 19,638 77,939 304,064
Charity shops 623,334 20,410 310,810 954,554
829,821 40,048 388,749 1,258,618
Support Other
Staff costs costs direct costs direct costs
Total 2023
£ £ £ £
(see note
11)
Fundraising expenses 248,752 21,244 114,892 384,888
Charity shops 555,701 22,873 339,229 917,803
804,453 44,117 454,121 1,302,691

Registered with FR) REGULATORFUNDRAISING

Page | 55

Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Notes to the Financial Statements for the Year Ended 30 November 2024

9 Expenditure on charitable activities by activity
Unrestricted Unrestricted
Charity Other Restricted Total Funds
Shops Funds Funds 2024
£ £ £ £
South West Centre and Outreach Hubs - 60,637 525,110 585,747
Home & regional support - 57,231 - 57,231
- 117,868 525,110 642,978
Governance costs
Legal and professional - 9,968 - 9,968
Audit and accountancy - 9,996 - 9,996
Staff costs - 128,048 - 128,048
Support costs - 27,200 - 27,200
- 175,212 - 175,212
Total - 293,080 525,110 818,190
(As
Unrestricted Unrestricted Restated)
Charity Other Restricted Total Funds
Shops Funds Funds 2023
£ £ £ £
South West Centre and Outreach Hubs - 226,987 312,796 539,783
Home & regional support - 56,262 - 56,262
- 283,249 312,796 596,045
Governance costs
Legal and professional - 10,150 - 10,150
Audit and accountancy - 14,400 - 14,400
Staff costs - 122,136 - 122,136
Support costs - 39,536 - 39,536
- 186,222 - 186,222
Total - 469,471 312,796 782,267

Registered with FR) REGULATORFUNDRAISING

Page | 56

Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Notes to the Financial Statements for the Year Ended 30 November 2024

10 Expenditure on charitable activities by cost

Support Other
Staff costs costs direct costs Total 2024
£ £ £ £
(see note 11)
South West Centre and Outreach Hubs 403,336 34,833 147,578 585,747
Home & regional support 50,851 1,017 5,363 57,231
Governance 128,048 27,200 19,964 175,212
582,235 63,050 172,905 818,190
Support Other
Staff costs costs direct costs Total 2023
£ £ £ £
(see note 11)
South West Centre and Outreach Hubs 394,184 38,045 107,554 539,783
Home & regional support 49,715 1,184 5,363 56,262
Governance 122,136 39,536 24,550 186,222
566,035 78,765 137,467 782,267

Registered with FR) REGULATORFUNDRAISING

Page | 57

Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Notes to the Financial Statements for the Year Ended 30 November 2024

11 Analysis of support costs
Premises Printing & Equipment & Travel &
costs stationery IT subsistence
£ £ £ £
Fundraising 968 1,703 7,227 801
Charity shops 1,296 2,282 9,682 1,072
South West Centre and Outreach Hubs 1,889 3,325 14,111 1,563
Home support 92 162 687 76
Governance 1,846 3,248 13,785 1,527
Total 6,091 10,720 45,492 5,039
Professional Financial
fees costs Depreciation Total 2024
£ £ £ £
Fundraising - 4,277 4,662 19,638
Charity shops - 2,908 3,170 20,410
South West Centre and Outreach Hubs - 6,672 7,273 34,833
Home support - - - 1,017
Governance - 3,251 3,543 27,200
Total - 17,108 18,648 103,098

Registered with FR) REGULATORFUNDRAISING

Page | 58

Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Notes to the Financial Statements for the Year Ended 30 November 2024

11 11
Analysis of support costs (continued)
Premises Printing & Equipment & Equipment &
Travel &
costs stationery IT IT
subsistence
£ £ £ £
£
Fundraising 4,482 1,207 5,694 1,291
Charity shops 6,030 1,621 7,658 1,734
South West Region and Centre 8,728 2,350 11,086 2,510
South East Region and Outreach Hubs - - - -
North West Region and Outreach Hubs - - - -
Home support 419 113 532 120
Governance 9,337 2,513 11,859 2,685
Total 28,996 7,804 36,829 8,340
Professional Financial
fees costs Depreciation Depreciation
Total 2023
£ £ £ £
£
Fundraising - 4,104 5,154 21,932
Charity shops - 1,672 2,099 20,814
South West Centre and Outreach Hubs - 6,688 8,397 39,759
South East region and Outreach Hubs - 912 1,145 2,057
North West region and Outreach Hubs - 912 1,145 2,057
Home support - 152 191 1,527
Governance 6,628 760 954 34,736
Total 6,628 15,200 19,085 122,882
12 12
Net income
This is stated after charging:
This is stated after charging:
Total funds Total funds
2024 2023
£ £
Depreciation (see note 15) 37,642 30,726
Auditor's remuneration for statutory audit
services 9,996 14,400

Registered with FR) REGULATORFUNDRAISING

Page | 59

Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Notes to the Financial Statements for the Year Ended 30 November 2024

13 Trustees' remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the current or previous year.

No trustees have received or waived any reimbursed expenses or any other benefits from the charity during the current or previous year.

14 Staff costs

The aggregate payroll costs were as follows:

Staff costs
The aggregate payroll costs were as follows:
2024 2023
£ £
Staff costs during the year were:
Wages and salaries 1,251,963 1,200,300
Social security costs 97,237 95,947
Pensions costs 36,532 27,799
1,385,732 1,324,046

The monthly average number of persons (including senior management team) employed by the charity during the year (based on head count) was as follows:

2024 2023
No No
Fundraising and administration 20 20
Charity shops 37 35
South West Region and Centre 9 9
Home support 1 2
67 66

During the year, the charity made redundancy and termination payments which totalled £9,388 (2023 - £8,846).

The number of employees whose emoluments fell within the following bands was:

2024 2023
No No
£70,001 - £80,000 £70,001 - £80,000 1 1

The key management personnel of the charity include the trustees, the Chief Executive Officer, the Head of Retail, IT and Maintenance, the Therapy Service Delivery Manager, and the Head of Finance. The total employment benefits paid to key management during the year were £219,508 (2023 - £205,458). No trustee received any remuneration during the year or the previous year.

Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ FUNDRAISING Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739) REGULATORRegistered with

Page | 60

Notes to the Financial Statements for the Year Ended 30 November 2024

15 Tangible fixed assets
Land and Plant and Motor Computer
buildings equipment vehicles software Total
£ £ £ £ £
Cost
At 1 December 2023 853,746 240,872 20,795 14,113 1,129,526
Additions 7,639 36,586 - - 44,225
At 30 November 2024 861,385 277,458 20,795 14,113 1,173,750
Depreciation
At 1 December 2023 89,543 217,919 13,132 5,028 325,622
Charge for the year 17,186 15,511 1,917 3,028 37,642
At 30 November 2024 106,729 233,430 15,049 8,056 363,264
Net book value
At 30 November 2024 754,656 44,028 5,746 6,057 810,487
At 30 November 2023 764,203 22,953 7,663 9,085 803,904

Included within land and buildings is freehold land with a cost of £233,750 (2023 - £233,750) which is not depreciated.

Property, plant, and equipment with a carrying value of £810,487(2023 - £803,904) has been pledged as security for the bank borrowings of the charity.

2024 2023
£ £
16 Stocks
Charity shop stocks 4,695 -

Registered with FR) REGULATORFUNDRAISING

Page | 61

Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Notes to the Financial Statements for the Year Ended 30 November 2024

17 17
Fixed asset investments
2024 2023
£ £
Investment in subsidiaries 2 2
Subsidiaries
Total
£
Cost
At 1 December 2023 and 30 November 2024 2
Net book value
At 1 December 2023 and 30 November 2024 2
Details of undertakings

Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows:

Proportion
of voting
rights and
shares held shares held
in both the in both the
current
Country of and prior Principal
Undertaking incorporation incorporation
Holding		 period activity
The Brainwave Trading Company Limited England and England and
Ordinary		 100% Dormant
Wales

The profit for the financial year of The Brainwave Trading Company Limited was £Nil (2023 - £Nil) and the aggregate amount of capital and reserves at the end of the financial year was £1,794 (2023 - £1,794).

18 18
Debtors
2024 2023
£ £
Trade debtors 13,870 13,706
Other debtors and prepayments 36,754 63,225
50,624 76,931

Debtors with a carrying value of £27,233 (2023 - £27,233) have been pledged as security for the bank borrowings of the Charity.

FUNDRAISING REGULATORRegistered with

Page | 62

Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Notes to the Financial Statements for the Year Ended 30 November 2024

19 Cash and cash equivalents

Cash and cash equivalents
2024 2023
£ £
Cash at bank 707,764 637,272

Cash at bank and in hand with a carrying value of £707,764 (2023 - £637,272) has been pledged as security for the bank borrowings of the charity.

20 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans 25,596 25,595
Trade creditors 29,792 45,746
Due to group undertakings 1,773 1,773
Other taxation and social
security 31,936 28,745
Other creditors and accruals 92,414 142,173
181,511 244,032

Creditors due within one year includes the following liabilities, on which security has been given by the charity:

2024 2023
£ £
Bank loans 25,596 25,595

The bank loans are each secured via a fixed charge over the freehold property belonging to the charity and a debenture over all other assets belonging to the charity.

The bank loans are repayable in equal monthly instalments, with the final instalment being due in November 2024. Interest is payable on the loans at a fixed rate of between 2.50% - 4.56%.

21 Creditors: amounts falling due after one year

Creditors: amounts falling due after one year
2024 2023
£ £
Bank loans 43,843 69,849

The terms of the bank loans are disclosed in note 20 above.

Registered with FR) REGULATORFUNDRAISING

Page | 63

Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Notes to the Financial Statements for the Year Ended 30 November 2024

22 Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

follows:
2024 2023
£ £
Land and buildings
Within one year 19,500 27,729
Between one and five years 11,000 62,000
30,500 89,729
Other
Within one year 7,681 9,031
Between one and five years 16,637 5,882
Greater than 5 years - 451
24,318 15,364

23 Pension schemes

Defined contribution pension scheme

The charity operates a defined contribution pension scheme for eligible staff. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £36,532 (2023 - £27,799).

Contributions totalling £6,494 (2023 - £6,137) were payable to the scheme at the end of the year and are included in creditors.

Registered with FR) REGULATORFUNDRAISING

Page | 64

Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Notes to the Financial Statements for the Year Ended 30 November 2024

24 Movement in funds

(As Restated) Balance at 30
Balance at 1 November
December 2023 Income Expenditure Transfers 2024
Unrestricted funds
Charity shops - 918,282 (954,554) 36,272 -
General funds 457,541 762,512 (597,144) (36,272) 586,637
Designated revaluation fund 45,944 - - - 45,944
Total unrestricted funds 503,485 1,680,794 (1,551,698) - 632,581
Restricted funds
Sponsorships & bursaries 212,708 211,315 (291,881) - 132,142
General - all areas 88,927 256,330 (153,430) (23,474) 168,353
South West Centre 7,260 53,559 (19,227) (6,214) 35,378
Accommodation Units 59,157 - (1,715) 7,638 65,080
Hydrotherapy pool 270,891 12,000 (21,327) - 261,564
South East Region 32,393 6,800 (25,265) (6,921) 7,007
North West Region 19,176 - (100) (5,191) 13,885
Other fixed assets 10,231 - (12,165) 34,162 32,228
Total restricted funds 700,743 540,004 (525,110) - 715,637
Total funds 1,204,228 2,220,798 (2,076,808) - 1,348,218

Registered with FR) REGULATORFUNDRAISING

Page | 65

Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Notes to the Financial Statements for the Year Ended 30 November 2024

24 Movement in funds (continued)

As Restated Balance at 30
Balance at 1 November
December 2022 Income Expenditure Transfers 2023
Unrestricted funds
Charity shops - 901,130 (917,802) 16,672 -
General funds 467,543 861,030 (854,360) (16,672) 457,541
Designated revaluation fund 45,944 - - - 45,944
Total unrestricted funds 513,487 1,762,160 (1,772,162) - 503,485
Restricted funds
Sponsorships & bursaries 125,023 253,567 (165,882) - 212,708
General - all areas 38,688 146,983 (96,744) - 88,927
South West Centre 14,867 4,000 (11,607) - 7,260
Accommodation Units 59,157 - - - 59,157
Hydrotherapy pool 280,218 - (9,327) - 270,891
South East Region 34,450 22,700 (24,757) - 32,393
North West Region 21,233 - (2,057) - 19,176
Other fixed assets 12,653 - (2,422) - 10,231
Total restricted funds 586,289 427,250 (312,796) - 700,743
Total funds 1,099,776 2,189,410 (2,084,958) - 1,204,228

Registered with FR) REGULATORFUNDRAISING

Page | 66

Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Notes to the Financial Statements for the Year Ended 30 November 2024

These funds will be utilised as the specified children are seen for assessments in the 2023/24 financial year and beyond.

Sponsorship and bursaries

Funds raised to provide bursaries available to families in need to assist with initial assessment costs, and sponsorship funds to assist individually specified children with reassessment costs.

General - all areas

Funds raised for general equipment, salary costs, support, and the website. Funds representing restricted assets have been transferred to the 'Other fixed assets' restricted funds.

South West Centre

Funds for equipment and activities specifically at the South West Centre. Funds representing restricted assets have been transferred to the 'Other fixed assets' restricted funds.

Accommodation Units

Funds relating to the initial costs of the building of onsite accommodation. Depreciation in respect of these costs is charged against this fund each year.

Hydrotherapy pool

Funds relating to the initial costs of the Hydrotherapy Pool at the South West Centre and to fund the ongoing running costs. Depreciation in respect of the build cost of the Hydrotherapy Pool is charged against this fund each year.

South East Region

Funds for equipment and activities specifically for the South East region. Funds representing restricted assets have been transferred to the 'Other fixed assets' restricted funds.

North West Region

Funds for equipment and activities specifically for the North West region. Funds representing restricted assets have been transferred to the 'Other fixed assets' restricted funds.

Other fixed assets

Funds relating to the initial costs of other restricted fixed assets. Depreciation in respect of these costs is charged against this fund each year.

These funds will be utilised as the specified children are seen for assessments in the 2024/25 financial year and beyond.

FUNDRAISING REGULATORRegistered with

Page | 67

Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Notes to the Financial Statements for the Year Ended 30 November 2024

25 Analysis of net assets between funds

Analysis of net assets between
funds
Unrestricted Restricted Total funds
funds funds 2024
£ £ £
Tangible fixed assets 453,178 357,309 810,487
Fixed asset investments 2 - 2
Current assets 404,755 358,328 763,083
Current liabilities (181,511) - (181,511)
Creditors over 1 year (43,843) - (43,843)
Total net assets 632,581 715,637 1,348,218
Unrestricted Restricted Total funds
funds funds 2023
£ £ £
Tangible fixed assets 465,189 338,715 803,904
Fixed asset investments 2 - 2
Current assets 352,175 362,028 714,203
Current liabilities (244,032) - (244,032)
Creditors over 1 year (69,849) - (69,849)
Total net assets 503,485 700,743 1,204,228

26 Analysis of changes in net debt

26 Analysis of changes in net debt
At 1 Other At 30
December non-cash November
2023 Cash flows changes 2024
£ £ £ £
Cash at bank and in hand 637,272 70,492 - 707,764
Debt due within one year (25,595) 26,005 (26,006) (25,596)
Debt due after more than one
year (69,849) - 26,006 (43,843)
541,828 96,497 - 638,325
At 1 Other At 30
December non-cash November
2022 Cash flows changes 2023
£ £ £ £
Cash at bank and in hand 592,142 45,130 - 637,272
Debt due within one year (92,160) 35,049 31,516 (25,595)
Debt due after more than one
year (38,333) - (31,516) (69,849)
461,649 80,179 - 541,828

Registered with FR) REGULATORFUNDRAISING

Page | 68

Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)

Notes to the Financial Statements for the Year Ended 30 November 2024

27 Related party transactions

There were no transactions with the trustees, as disclosed in Note 13.

There were no other related party transactions during the year or the previous year.

28 Prior year restatements

Income and expenditure classification

During the year it was identified that £136,046 of charitable activity income which had no restrictions had been recorded as restricted income.

Accordingly, a prior period adjustment has been made to reduce restricted income by £136,046 and increase unrestricted income by the same amount.

Expenditure totalling £136,046 which related to this income had also been recorded as restricted. Accordingly, a prior period adjustment has been made to reduce restricted expenditure by £136,046 and increase unrestricted expenditure by the same amount.

There is no net impact on net assets as a result of these adjustments, it is purely a reclassification of fund balances.

Fund movements

During the year it was identified that within the movement in funds disclosure note, in some cases income was recorded net after removal of allocated costs. In accordance with the Statement of Recommended Practice income and expenses should not be offset. Accordingly, a prior period adjustment has been made to gross up income to actual amounts received and separately recorded the relevant expenditure.

There is no net impact on net assets as a result of these adjustments, it is purely a reclassification of fund balances.

Depreciation Allocation

During the year it was identified that depreciation on restricted assets had not been applied to the fund in which the asset was held. Accordingly, a prior period adjustment has been made to increase deprecation by £2,422 on the Other Fixed Asset fund and reduce by £511 on Hydrotherapy pool fund and £1,911 the South West Centre fund.

There is no net impact on net assets as a result of these adjustments, it is purely a reclassification of fund balances.

FUNDRAISING REGULATORRegistered with

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Registered Office: Marsh Lane, Huntworth Gate, Bridgwater, Somerset, TA6 6LQ Brainwave is a charity (1073238 / SC039137) and a company limited by guarantee (3666739)