Charity registration number 1116773 Company reglstratlon number 05822301 (England and Wales) HALOW PROJECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
HALOW PROJECT LEGAL AND ADMINISTRATIVE INFORMATION Trustees MDay S Hill M McArthur R Meins T Oliver N E F Butcher A Edward (Appointed 10 January 20251 Secrolary Mr R Melns Non4tstutory Dlrector Nr N Wheeler Dlrector of halow project servlces Charlty number 1118773 Company number 05822301 Reglstered offl¢a Carroll House 11 Quary Street Gulldford Surrey Unlted Klngdom GU13UY Audltor Azets Audit Services Ashcombe Court Woolsack Way Godalming England GU71LQ
HALOW PROJECT CONTENTS Page Trustees report Statement of Truslees responsibilltles 10 Independent auditols report Statement of financlal activities 14-15 Balance sheet Slatement of cash flows 17 Notes to the financial statements 18-33
HALOW PROJECT TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report and financial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance wilh the accounting policies set out in note 1 to the financial statements and comply with the Charity's memorandum and articles of association. the Companies Act 2006 and 'Accounting and Reporting by Charities: Statement of R8commended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effeclive 1 January 2019)" Objecllves and actlvltlos Overall purpose "(8) To provlde educ8tlon, trainlng, care and accornmodatlon and olh&r support ser41ces to persons with perm8n8nt learning disabilities and others who hav8 charitable n88d for such seNices with the object of dev8loplng thelr mental, physic81 and spiritU81 c8P8cilies so thal they may realise their full potenlial 8s individu818 8nd m6tmbers of society and Ihat their condition for life may be improved.. and (b) ¢0 undertake any other chari18ble activity." Memorandum and Artlcles ofAssocSation Incorporat8d on 19 May 2006 as amended S October 2006 The principal activlty of the charity Is to provlde benefit lo young people wlth a leamlng dlsablllty In Surrey and the surrounds. Maln actlvltles Halow Project (halow) is a registered charily dedicated to creatlng opportunities and supporting young people aged 16+ with a leaming disability so that they are able to live independent, meaningful, fulfilled Ilves and become more involved in their local community. halow provSdes speciallst, person-cenlred support and activities and our aim Is for every person with leaming disabilitie5 to have the same life choices and chances as any oth8r person. The young people we work with wanl the opportunity to: Bulld relatlonshlps Become part of th8 community Find meaningful employment Have a home oflheir own Our four core areas of activity are as follows.. 8ulldlng Futures: is halow's full-time. communily-based leaming programme for young adults aged 18-25 wilh a learning disability in Surrey. Distinct from traditional educationa5 settings, the programme is designed around communily immersion ralher than a fixed curriculum. It focuses on person-c8nlred planning lo achieve tailored outcomes for each participant. The programme aims to empower young people lo shape their own futures by fostering independence, supporting continued leaming, and offering meanin9ful social and work- based experiences. A Reason to Get Up: A programme which seeks to develop the skills leamt by service users In Building Futures by developing their interests for further independence and employability. It supports them in teaming new life skills that can help them find a satisfying vocation. Currently the 4 sessions provided are Cook and Grow, Crafty Creations, Fit Club and IT Crowd. The programme also provides a rang8 of social activities which enable people to enjoy an active socia5 life, make new friends and become part of their community. Independent Support Programme: An intensive 10-week programme with 1 to 1 support which enables each young person to set their own goals an(1 prepares them to live independently. Supported Living: halow provide staffing for 5 supported living houses across Surrey to support our young people to live independently.
HALOW PROJECT TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Many of our young people are referred to halow by the local authority and are funded for some of the programmes they access. Our remaining costs are covered through a mixture of individuals, fees and fundraising. Statement of Compliance wlth Charlty Commlsslon guldance The Trustees have paid due regard to guidance issued by the Charity Commission's guidance on public benefit and what activities they should undertake. Achlevements and Perfomiance From April 2024 to March 2025, halow supported 344 (previously 326} indivlduals across our services. representing a 5.SO/• increase in people supported on previous year. Many young people use several of our servlces wilh the breakdown per service as follows.. No o18ttnoliciories •Anr Soclal Actlvllies 203 people b8n8fltted from our range of actlvltles . A Reason to Get Up (ARTGU)- 57 people attended our regularARTGU sesslons Building Futures- 48 people were supported on our educational programme Independent Support Programme (Buddy Service)- 27 people were supported to grow In Sndepend8nGe Supported Living 9 people supported intensively lo live independently In total, halow dellvered 7,698 hours of soclal and learnSng actlvities and flexlbly provided 26,462 hours of car8 within Supported Living and 4882 hours to 27 Indlviduals In the communlty through the Independent Support Programme. One of our serySces, our Supported Llvlng servlce, Is regulated by the Care Quallty Commlsslon (CQC) where we scored "good. across all assessment areas In our last inspection120221. Our reach has grown significantly over the past year, partlcularly wlthln our educational and lifestyle programmes- Building Futures. A Reason to G8t Up, and Social Activities which co118Ctively saw an 8.40/0 incréase in the number of Individuals supported. This is a testament to Ihe impact and relevance of our work within the community, However, with around 21.000 people in Surrey living with a learnlng disabllity and fewer than 4,000 currently known to Surrey County Council, th8 n88d for inclusive, community-based support continues to far exceed available provision. Organisations like halow are critical in bridging this gap, offering a range of seNices from social activities that reduce loneliness and build confidence, to more intensive support such as supported living. Despite our continued growih, we are facing mounting challenges. Ongoing financial constraints at Surrey County Council have resulted in continued underfunding, while Ihe economic instability of 202412025 has led to a significant decline in fundraising income. As we look ahead and refine our strategy. we remaln acut61y aware of the need to balanco our response to local demand with the reality of our limited resources. Our focus remains on delivering hlgh-lmpact, person-Gentred support to people with a learning disability - but dolng so sustainably. and with resilience, in the face of increasing pressures.
HALOW PROJECT TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Over the past year. the Halow Project has seen a vibrant and diverse range of fundraising activities that have significantly contributed to our mission. Our Challenge events, including marathons, cycling events and treks, inspired supporters to push their limits while raising vital funds. We strengthened our partnerships with corporate supporters. who not only provided financial backing bul also engaged their teams in volunleering and matched giving initiatives. Key events such as our annual karting and golf days were standout successes. bringing together our community for fun and fundraising, while also raising awareness of our work. Additionally, we secured generous support from trusts and foundations. whose contributions have been instrumental in sustaining and expanding our service5. Together, these efforts have helped us continue empowering young people with leaming disabilities to lead independent and fulfilling lives. Staff & Volunteers In addition to the 77 halow staff (equal to 41 FTE) who work to support young people, we are Indebted to tho 37 halow volunteers who support the organisation In its work on a regular basls. Our volunteers tak8 part In th8 daytime actlvity and léarning programmes enabllng more young people to tak8 part. They ar8 SUPPOrted wlth trainlng and compl818 OBS checks. STAFFING BRÉAKDOWN In addition to our regular volunteers, we benefit from the 5UPPOrt of 31 additional volunteer contacts from local businesses who assist the organisalion in various ways, including ad hoc fundraising. Corporate and community volunteers play a vital and growing role In supportlng our Inltiatives, bringing with them a rlch and diverse range of skills, experiences, and perspectives. Thelr contribullons extend well beyond financlal support, encompassing th8 delivery of targeted skills training, mentorlng, project-based support, and hands-on Involvement In soclal and community-based activities. This broad sp8clrum of input not only enhances Ihe quality and reach of our services bul also creates meanlngful opportunities for collaboratlon and shared learning. Recognislng and valulng th8 dlversity of volunt8er involv8menl is key to the slrengih of our programmes, helping us bulld more Incluslve, innovative, and connected approaches that benefit both th8 young people we support and the wlder communlty With the charity experiencing a growing demand for our servlces. and to meet this need, we urgently require more volunteers. With additional hands. we can expand our reach, offer more support, and continue to provide vital resources to those who depend on us. Th& success of our programs relies heavily on the dedication of volunteers, and with more support, we can make an even greater impact. The Trustees (Company Directors) are pleased to report progress in those areas identified within our 2024-25 plans, namely:
HALOW PROJECT TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Challenges to the Charity 202412025 The financial year 202412025 has proven to be one of the most difficult periods for the charity sector In recent memory. We have faced a convergence of financial pressures that have threatened both our operations and our ability to support vulnerable communities. Despite previous efforts to secure more sustainable funding, a combination of economic and adminlstrative challenges has led lo a sharp decline in available resources. The ongoing cosl of living crisis has significantly impacted our fundraising capabilities. Rising inflation and energy prices have nol only increased our operational costs but also reduced public capacity to attend or support fundraising evenls. Many events scheduled for 202412025 were cancelled due to low ticket sales or insufficient sponsorship, directly affecting income streams. The lack of face-to-face fundraising opportunities has further exacerbated these issues, In October 2024, Surrey County Councll approved Increased fundlng rates for a supported Ilvlng. However, significant delays in the disbursement of these funds have caused operatlonal straln for us whlch were relylng on this support. The uncertainty around funding tlmellnes has made It difficult for us lo plan effecllvely, forcing US to scale back services or delay important projects despite budget approvals already belng In place. According to recent data released by the Charities Aid Foundation {CAF}, both personal and corporate donations have seen a marked decline throughout 2024 and into 2025. Economic inslabilily has resulted In households reducing discretionary spending, including charitable giving. Similarly, many businesses have cul back on their Corporate Social Responsibility ICSR) budgets, reducing sponsorshlp and grant opportunlties for nonprofit organisalions. As a result of these compoundlng challenges. many charitles have experlenced a tough flnanclal y88r. Th8 shortfall In Income has led to., Reduced staffing or redundancles Limited outreach and seNlce dellvery Delays in programme development Increased reliance on emergency reserves or short-tem borrowing Th8S8 financial strains com8 at a Ilme when demand for the Charitable services Is Increaslng 202412025 has highlighted the vulnerability of the charity sector to wider economic trends and administrative inefficiencies. Without timely intervention, renewed public support, and more responsive funding mechanisms, many charities may face ongoing difficulties in meeting the growing needs of the communities we serve. Collaboration between government bodies, donors, and third-seclor organisations will be Crucial in rebuilding financial stability and ensuring the sustainability of critical charitable work in the years ahead. As we reflect on 2024. Ihls revlew provldes an opportunlty to assess how effectively our Gharity has progressed toward its goals. Over the past year. we have conlinued to focus on our core mission whlle adapting to new challenges and opportunities. This report outlines the key objectives sel for 2024. evaluates our achievements, and highlighls areas where further growth and improvement are needed. Through transparency and accountability, we aim to strengthen our impact and inform our plans for the year ahead.
HALOW PROJECT TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 1. Continue to deliver hlgh quallty, Innovatlve. and person<entred servlces and to exceed oxpectstlons of the young people themselves, famllles, Commlssloners and the local communlty. Our approach has been to actively engaging with young people, putting them front and centr8 of all we do. After the difficult year we have consulted commissioners regarding funding and pleased to confirm Hampshire County Council and Surrey SEND provision have signed on with new negotiated rates for Building Futures. We recognise the need to continue to develop our relationships with our stakeholders for statutory services. We have continued to consult with famllies and the local communlty to refine our serviceg, ensuring they rem81n relevant. We continue to invest in staff development, adopt evldence-based pra¢tlC8s, and embrace creative solutions that promote positive outcomes and lasting impact, 2. Contlnue the implementatSon of our Exceptlonal Per80n¢entrod Care IEPC) strategyi a root and branch approach to reposllion our teams to dellver Ihls. We have completed the implementation of our Exc8Ptlonal P8rson-Centred Care (EPC) strategy, it Is embedded the way we deliver care.This strategy marks a significant step forward in raising the standard of c8re. It reflects our enduring commitment to delivering care that is not only exceptional but truly responsive, respectful, and aligned with what matters most lo those we serve. 3. Ensure the smooth transltlon of staff Into the expand•d charlty and further strengthen th• valuas-ba8ed approach to recruStment, tralnlng and dellvory. We must acknow18dge that the planned expanslon of the charlty has faced slgnlficant setbacks over the past yéar. As a result, the transition and onboarding of staff into the expanded structure have not proceeded as planned. Resource constraints have limited our capacity lo scale operations. recruit at the necessary pace, and deliver the full breadth of Iraining we had envisioned. We recognise the importance of maintaining momentum and are actively exploring contingency slralegies to realign our staffing plans with available resources, without compromlsing our core values or th8 quality of care. We remain focused on stabllSslng our financial position and wlll contlnue to prioritls8 Staff d8velopment and values- led practice as key elements of our recovery and long-term strategy 4. To modeml8e our flnanclal procedures and brlng Ihe dopartment more In Ilne wlth operatlonal need. In th8 185t year we have moved to using a single plattorm for HR Management and payroll to streamline the process. By implementing improv8d financial practices, we have Smproved accuracy, reduce manual workloads, and enabled more agile decision-making. These changes will ensure that our financial management Is not only up to date but also fully supports the dynamic demands of our growing organizalion, allowing us to allocate resources more effectively and respond swiftly lo emerging opportunities and challenges.
HALOW PROJECT TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Plans for future perlod Our annual objectives for 2025-26 are as follows: Rebuilding Sustalnable Income: In 202512026, our key financial objeclive is to rebuild sustainable income streams to restore and strengthen our reserves, ensuring the long-term stability of our services. This will be achieved through a combination of inlemal r8Structuring lo improve efficiency and financial oversight, and external efforts focused on securing full and timely payment of approved statutory funding rates. We will continue to engage proacliveSy with commissioning bodies lo campaign for fair. transparent, and prompt funding disbursements. Alongside this, we will develop largeted fundraising initiatives and explore new income opportunities to diversify our funding base. These efforts are essential not only for replenishing the reserves used to maintain operations during the financially challenging 202412025 period but also for building a more resilient financial model capable of supporting the ongoing growth and Impact of our work. Dov•lop a three year 8trateglc plan: halow is developino ils Strategic Plan, setting out how we will achieve our framework over the next three years. As we celebrate our 20th anniversary, we are building out resilience and crealing a sustainable model to ensure we have a collective vision for the next 20 years. Extend Bulldlng Futur93: In early 2025 halow undertook an amalgamation of Bullding Futures and ARTGU to crgate differenl pathways for our young peopl8 With relevant themes for actlvltles. We continue to pl8¢8 emphasls on creating a pathway into employment and l or supportlng movlng Inlo Independent livlng. We wlll undertake an Internal review of the current ARTGU programme to ensure it delivers meanlngful outcomes across all sesslons. Enhanclng and Sustalnlng Soclal Actlvltl•8.' In 202512026, we wlll prlorltlse the development and sustainabllity of our Social Activities programme, whlch supports over 60Q/0 of our benaficlarles and plays a vital role Sn promoting Inclusion, confidence, and wellbelng. R8cognlslng the Importance of soclal connectlon as part of a fulfilling life. we wlll undertake a comprehensive ravlew of our Soclal Activitl8s offer alongside the broader r8Vl8w of ARTGU. lo cleady define the scopo. purpose, and outcomes of this work. Thls revlew wlll Infomi future plannlng and ensure allgnment with th8 evolving needs and preferenc8s of those we support. In para1181, we will actively seek dedicated funding to sustain and expand Ihls programme, focuslng on removing financial barriers and enabling more ben8ficiarie5 to access meanlngful social opportunltles. Our goal is to ensure that everyone we support has the chance to lead a socially connected life, regardless of economic circumstances. It is a credit to our teams that we w8r8 abl8 to deliver services for more young people than in prevlous years, have invested further in the quality of our seNlces, have made real and sustainable change to further secure the charlty's priorities and future, and end the year in a healthy financial position. Everyone at halow wishes to thank all our young people, families. staff, volunteers, commissioners, funders and corporate supporters for your support for our work this year.
HALOW PROJECT TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Flnanclal revlew Overvlew During the financial year 202412025, halow faced an excepiionally challenglng envlronment du8 to a convergence of economic pressures that deeply affected the charity sector as a whole. The ongoing cost of living crisis, rising inflation, and increased operational expenses-coupled with reduced income from fundralsing events and charitable donalions-significantly impacted the organisation's financial stability. In ord8r to continu8 d81iv8ring essential seNices and supporting vulnerable communitl8s amidst these diificu5tl8s, halow was forced to rely heavily on its financial reserves. These reseNes acted as a vital buffer, allowing halow to maintain operations despite delays in expected funding- such as the late disbursement of increased supported living rates approved by Surrey County Council-and the cancellation of key fundraising events. With both individual and corporate donations declining, halow's ability to generate new income was further constrained, leaving reseNes as the only immediate source of financial continuity. Whi18 thls depletion of r8serv8s was a n8C8ssary m8asur8 to survive an extraordlnarily dlfficult yèar, It also enabled the organlsatlon lo adapt, stabillse, and contlnue supportlng Its beneficlartes wlthout dlsruption. As a r8suIt of these efforts, halow has emerged from thls period more resilient and better posltloned to rebulld. Looklng ahead to 20251 2026, with mor8 predictabl8 funding, potential improv8m8nls In the economic cllmat8, and strengthened internal plannlng, halow is now In a stronger posltion to gradually reslore its reserv85 and move toward a more sustalnable financial footing. The financial accounts for the year to 31 March 2025 show a net loss of £298,336 as shown on the Statement of Financial Activities on page 14. The Cash Flow Statement on page 17 shows a decrease In cash and cash equlvalents of £249,008 durfng the year. Income overall decreased by £107,628 over the year, This has been a result of underfunding from local authority and a significant drop in corporate fundraising halow has worked lo increase It's funding from Surrey County Councll and has secured a signlficent Increase for Building Futures and Supported Llvlng for 2025126 Reserves Pollcy The Finance Committee annually reviews the ReseNes Policy and the level of reseNes whlch are shown in the Financial Statements. At the lime of approving this report, the truslees have approved the budget that will allow us to build reserves over the following 12 months In setting the ReseNe Policy, the Board of Trustees has considered the financial position of the charity, the perfomance in recent years and expectations of future years, and the currenl and future liquidity cover. This is with the goal of ensuring we have the funds required to cary on our activities safely and consistently through period of uncertainty. Having regard to halow's strategic plans and economic conditions. the 8oard of Trustees have set a target level of unreslricted reserves, which have not been designated for a specific use, of £300,000, with a minirnum of £250.000 required. This reserve figure is based on the charities liabilities outside of local authorlty Statutory funding (supported living l education) which equates to 25 % of our income. nol covered by contractual agreements. These rigures are considered appropriate to ensure financial stability and act as a safeguard against volatile and unpredictable income streams or unforeseen expenditure and liabilities. Fundraising standards At halow, we are fully committed to upholding the highest standards of ethical and transparent fundraising by subscribing to and adhering to The Code of Fundraising Pra¢ti¢e, set by the Fundraising Regulator. This means that all of our fundraising activities are ¢ondu¢ted with integrity. honesty, and accountability. ensuring that donors, 5UPPOrters, and the public can have full confidence in how we raise and use funds. We follow clear guldellnes on
HALOW PROJECT TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 consent, transparency, and respectful engagement. and we continuously review our practices to remain compliant with current regulations. By embedding the principles of the Code into our fundraising approach, we aim to foster trust, protect the dignity of our supporters, and ensure that all fundraising is carried out responsibly and respectfully. Ensuring ethical, respectful, and transparent fundraising is a core priority for Ihe charity. Oversight of fundraislng activity is provided directly by the Managing Director, who works closely with the Fundralslng team and actively participates in fundraising efforts. We do not engage external agencies lo fundralse or communlcate wllh donors on our behalf, maintaining full control and accountability over our fundraising practlces. Over th8 past year, the charity received no complaints relating to its fundraising activlty. We define a complaint as any expression of dissatisfaction from a supporter or funder. All complaints are treated seriously-none are disregarded and are escalated appropriately to colleagues and managers. We are committed to leaming from all feedback and use il to continuously improve our fundraising approach. As an organlsation that supports some of Ihe most vulnerable young people In our communlty, we operate wlth strlct safeguards around fundralsing. We adhere to robust guldellnes to ensure that no Indlvldual Is asked to contrlbute if they may be considered vulnerable, whether du8 to raduced mental capacity, financlal hardship, or111 health. Whll8 many of the young peopl8 we support are enthusiastic about partlclpatlng In communlty events-such as sponsored activities, seasonal fundraising, or awareness-ralslng Inltlatlves-we never 8ollclt or accept donatlons trom them, either directly or through appeals. R18k Managemenl The Trustees have a duly to Identlfy and r8vSew the rlsks to whlch the charlty Is exposed and to ensure appropriate controls are in place lo provlde reasonable assurance agalnst fraud and error. Key financial risks to our charity include factors that could significantly impact its financial stability. Contract Prlclng: Our most slgnlficant operatlonal rlsk at present Is the delay In the Implem8ntatlon and disbursement of slalutory contract pricing. Thgsg delays create considerable uncertalnty around funding tlm81in8S. whlch directly impacts our ability lo plan and allocale resources effectlvely. In practlcal temis, thls may result In the need lo reduce staffing levels or delay recrullmenl In order to remain within tightened financlal constralnls. Such actions, while necessary to preseNe financial stability, could limit our capacity to deliver consistent levels of servlce and support to those who rely on us. We actively monitor this risk through ongoing dialogue with commissioning bodies and have implemented contingency plans to manage staffing and service levels where needed. Our leadership team remains focused on maintaining operational resilience and minimising disruption while continuing lo advocate for more timely and transparent funding processes. Reduced donor fundlng is a major concern. especially if there is over-reliance on a few large donors or if economic conditions lead to a downturn in individual giving. Fluctuatlng oconomlc condltlons-such as inflation, changes in tax laws, or economlc recesslons-can affect both operational costs and donor generosity. Cash flow Issues could arise if there is a mismatch beeen the timing of incoming funds and outgolng expenses, particularly if there are delays in grant disbursements or large expenditures. Compllance and regulatory rlsks are also significant, as failure to meet reporting requirements or maintain nonprofit stalus could lead to financial penalties or loss of donor confidence. Fraud or financial mismanagemant. although rare, remains a potential threal. To mitigate these risks, our charity can diversify income streams by expandlng beyond individual donations, seeking corporate partnerships, government grants, and social enterprise opportunities. Establishing a strong financial reserve or endowment can provide a buffer during lean periods. Implementing stringent financial oversight, such as regular audits, clear segregation of dutles. an(i transparency In financial reporting, can r8duc8 the likelihood of mismanagement. Regular risk assessments will help in identifying potential vulnerabilities early. Strong budget
HALOW PROJECT TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 planning, cash flow forecasting, and regular financial reviews will ensure funds are allocated appropriately and that we remain adaplable to financial shifts. Engaging with donors and maintaining clear communication about our impact can also help retain their support, even in challenging times. Structure, governance and management The charity is a company limited by guarantee, Incorporaled on 19 May 2006 and registeréd as a charity. The company was established under a Memorandum of Association which defined the objects and powers of the charitable company and is governed und8r ils Articles ofAssociation. The Trustees, who are also Ihe directors for the purpose of company law, and who served during the year and up to the date of signature of the financial stalements were: MDay S Hill M M¢Arthur R Melns T Oliver N E F Butcher A Edward (Appointed 10 January 2025) Recrultment and appolntment of new tru8tees Current Trustees are already famSllar with the practical work of the charlty. Prlor to the appolntment as a new Trustee, the candidate Is mel by indlvldual Trustees and offic8rs of the charity to ensure that helshe Is fully aware of th8 r8quirements and the statutory duties of a Trustee, and to ensure that th8 person is suitable to hold such an appointment, halow has a Board that m8t onc8 8very quarter In 2024-25. It Is responslble for the slrateglc dlrectlon and pollGy of the charity. At pr8S8nt th8 Board has 7 members from a variety of professional backgrounds relevant to the work of the charity. A number of subwcommiltees and a scheme of delegation Is Sn place and day to day responsibility rests with th8 Managing Director and the senior leadership team, Dl8closure of Infomiallon to audltor Each of the Trustees has confirmed that there is no information of which they are aware which Is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and lo establish that the auditor is aware of suGh information. sle s raport was approved by the Board of Trustees. N E F Butcher 1611212025
HALOW PROJECT STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees, who are also the directors of halow Project for the purpose of company law. are responsible for preparing the Trustees Report and the financial statements in accordance with applicabl8 law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practic8). Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charily and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial slatements, the Trustees are required to: select suitable accounting policies and then apply them consistently; obseNe the methods and principles In the Charities SORP; make judgem8nts and estimates that are reasonable and prudent., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responslble for keeplng adequate accountlng records thal dlsclose wlth reasonable accuracy at any lime the financial position of the charity and enable them to ensure that the financlal statements comply wlth the Companles Act 2006. They are also responslb18 for safeguardlng the assets of the charlty and hence for taklng reasonable sleps for the preventlon and detectlon of fraud and other Irregularltles. The Trustees are responsible for th6 malntenance and integrity of the charfty and flnanclal Informatlon Included on the charity's website. Legislation in the United Kingdom governlng the preparatlon and dlssemlnallon of flnanclal statements may differ from legislatlon In other lurlsdlcllons. 10-
HALOW PROJECT INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF HALOW PROJECT Oplnlon We have audited the financial statements of halow Project (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial aclivilies, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting St8ndards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and RepubliG of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinlon. the financial statements: give a true and fair view of the stale of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of r8sourc8s, including its income and expenditure. for the year then ended; have been properly prepar8d Sn accordance wlth Unitad Klngdom Generally Accepted Accountlng Practlce,, and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon 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 Auditorfs r9sponsibililies for the audil ol Ihe financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevanl to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other elhScal responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained Is sufficient and appropriate to provide a basls for our opinlon. Conclu8lons relatlng to golng concern In auditing the financial statements, we have concluded that Ihe Trustees use of the golng concem basls of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not Identified any material uncertalntles relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability lo continue as a golng concern for 8 period of at least twelve months from when the financial statements are authorised for Issue. Our responslbllllies and the responsibllities of the Trustees wlth respect to going concern are described in the relevant seclions of this report. Olher Inforniatlon The other information comprlses the Infonnation Included in the annual report other than the financlal statements and our auditorfs report thereon. The Trustees are responslble for the other information contained withln the annual r8POrt. Our opinion on th8 financial slat8ments d08s not COV8r the Other information and. except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance concluslon thereon. Our responsibility is to read the other Informatlon and, in dolng so, consider whether the other infomiation Is materially inconsistent wilh the financial statements or our knowledge obtained in the course of the audit, or otheiSe appears to b8 materially misslated. If we identify such material inconsistencies or apparent material misstatem8nts, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work w8 have performed, we conclude that there is a matarial mlsstatement of this other infomation, we are required to report that fact. We have nothing to report in this regard, Opinions on other matters prescrlbed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of our audit- the infomialion given in the Trustees report for the financial year for which the financial statements are prepared, which includes the directors. report prepared for the purposes of company law, is consistent with the rinancial statements., and the direclors, report inGluded within the Trustees report has been prepared in accordance with applicable legal requirements. 11
HALOW PROJECT INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF HALOW PROJECT Matters on whlch we are required to report by exceptlon In the light of the knowledge and understanding of the charity 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. In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees report. We have nothing to report in respect of the following matters in relation to which the CompaniesAct 2006 requires US to report to you if, in our opinion: adequate accounting records have not been kept, or retums adaquate for our audlt have not been rec61ved from branches not vislted by us; or the financial statements are not in agreement with the accountlng records and returns,, or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the Trustees were not enlilled to prepare the financial statements in accordance with the small companles regime and take advantage of the small companies, exemptions in preparing the Trustees report and from the requirement lo prepare a stralegic report. Responslbllitles of Trustees As explained more fully in the ststement of Trustees responslbllltles, the Twstees, who 8re also the dlreclors of the charity for the purpose of company law, are responsible for the preparatlon of the financlal statements and for belng satisfied that they give a true and fair view. and for such Internal control as Ihe Truslees delermine Is necessary to enab18 the preparation of financlal slat8ments that are free from materlal mlsstalemenl, whether due to fraud or error. In preparing the financial stalements, the Trustees are responsibl8 for assesslng the charlty's abillty to continue as a golng conc8rn, discloslng, as appllcable, matters related to golng conc8rn and u51ng the golng concern basls of accounting unless the Trustees elther Intend to Ilquldate the charltable company or to cease operations, or have no reallstic allernaliv8 but to do so. Audltorfs responslbllltles for the audlt of tha flnanclal statement$ Our objectives are lo obtain reasonable assurance about whether th8 financlal statements as a whole are fre8 from material misslat8ment, whether due to fraud or error, and to issue an audltorfs report that includes our oplnion. Reasonable assuran¢8 is a high level of assuranca 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 Ihe basis of these financial statements. A further description of our responsibilities Is available on the Financial Reporting Council's website at.. https'.11 www,frc.org.uklauditorsresponsibilities. This description foms parl of our auditorfs report. 12-
HALOW PROJECT INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF HALOW PROJECT Extent to whlch the audit was considered capable of detectlng Irregularltles. Includlng fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website. to detect malerial misstatements in respecl of irregularili6s, including fraud. We obtain and update our understanding of the entity, Ils activities, ils control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial stalemenls. whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence thal is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were conlrary lo applicable laws and regulations, including fraud. In response to the risk of irregularilies and non-compllance with laws and regulations, including fraud, we deslgned procedures which included.. Enquiry of management and those charged with govemance around actual and pot8ntl81 litlgatlon and claims as well as actual, suspected and allaged fraud; Reviewing minutes of meetings of those charged with govemance; Assessing the extent of compllance wlth the laws and regulallons considered to have a dlrect materfal effect on the flnanclal statements or the operations of the entity through enqulry and Inspectlon: Reviewing financlal statement disclosures and testing to supporting documentatlon to assess compllance with applicable laws and regulatlons., Performing audit work over the risk of management blas and overrlde of controls. Includlng testlng of journal entries and other adlustments for approprlateness. evaluating the business rationale of slgnlficant transactions outside the normal course of business and revlewing accounting 8Stlmates for Indicators of potentlal blas, Because of Ihe inherent limltations of an audlt, there Is a rlsk that we will not detect all Irregularitles, Includlng those leadlng to a malerlal mlsstatement in the financial statements or non-compllance wllh regulatlon. Thls risk Increases th8 more that compllance wlth a law or regulatlon Is removed from the 8V8nts and transactlons reflected in the financlal statements, as w8 will be less lik81y to become aware of Instances of non4ompllance. The risk of not detecting a material mi5Stalemenl re5ulling from fraud is higher than for one resultlng from error, as fraud may involve collusion, forgery, intentlonal omlsslons, misrepresentation3, or the override of internal control. Use of our report This report is made solely to the charitable company's members, as a body, in accord8nce with Chapter 3 of Part 16 of the Companies Acl 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to stale to them in an audiiorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body. for our audit work, for this report, or for the opinions we have formed. Ats+s £0 Debra Saunders Bsc FCA (Senlor Statutory AudStor) for and on behalf of Az8ts Audlt Sèrvlces CharteTed Accountants Statutory Auditor 16 December 2025 Asheombe Court Woolsack Way Godalming England GU7 1LQ 13-
HALOW PROJECT STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Current flnanclal year Unrestrlcted Restrlcted fund$ funds 2025 2025 Total Total 2025 2024 Nole8 Incorne from: Donations and legacies Charitable activities Building Futures A Reason To Get Up Buddy Support Services Supported Living Fundraising activities 207,140 9,800 216,940 382.421 905.696 132.491 11 S.502 761.434 258.605 3,500 57,017 909,196 189,508 115,502 761,434 258,605 794.313 173.828 89.606 749.061 369,584 Total Income 2,380,868 70,317 2,451,185 2,558,813 Ex endlture on: Raising funds 250.111 10,832 260,943 200,090 haritable activili 8uilding Futures A Reason To Get Up Information and Awar8n8ss Raislng Buddy Support Services Supported Living SCC Infection Control & Workforce Capacity 1.033,139 231,677 6,758 66,943 1,039,895 298.620 851,740 275,386 86,994 233,043 815,167 10,522 188,727 961,171 188.727 961.336 165 Total charltable expendlture 2,414,714 73,864 2,488,578 2,272,852 Total expendlture 2.664,825 84,696 2,749.521 2.472,942 Net lexpendlture)Ilncome for the yearl Net movement In fund8 {283,957) 114,379) (298.336) 85,871 Fund balances at 1 April 2024 325,393 35,288 360,681 274,810 Fund balanc•s at 31 March 2025 41,436 20,909 62,345 360,681 Th8 Statem9nl of financial activities Includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with tha requirements for an ineomè and expenditure account under the CompaniesAct 2006. 14-
HALOW PROJECT STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Prlor flnanGlal year Unrestrlcted Restrlcted funds funds 2024 2024 Total 2024 Not68 Income from: Donations and legacies Charitable a¢tiviti Building Futures A Reason To Get Up Buddy Support Services Supported Living Fundraising activities 375,271 7,150 382,421 788,139 113,228 86,606 749,061 369.584 6,174 60,600 3,000 794,313 173,828 89.606 749.061 369,584 Total Income 2,481,889 76,924 2,558,813 endlture on: Raising funds 198,122 1,968 200,090 haritable activiti Building Futures A Reason To Get Up Information and Awareness Raising Buddy Support Services Supported Living SCC Infection Control & Workforce Capacity 841,916 210,483 86,994 230.208 815.167 10.522 9.824 64.923 851,740 275,386 86,994 233,043 815.167 10,522 2,835 Total charltable expendlturo 2,195,270 77,582 2,272,852 Total expendlture 2.393,392 79,550 2,472,942 Not loxpendlture)Ilncom• for the yearl Net movoment In funds 88,497 (2,626) 85,871 Fund balances at 1 April 2023 236,896 37,914 274,810 Fund balances at 31 March 2024 325.393 35,288 360.681 15-
HALOW PROJECT BALANCE SHEET ASAT31 MARCH 2025 2025 2024 Notes Flxed assets Tangible assets 13 18,233 13,982 Current assets Debtors Cash at bank and in hand 14 258,416 201,553 188.084 450.561 459,969 638,645 Credllors: amounts falllng du6 wlthln one year 15 (415.857) (291,946) Net current assets 44,112 346,699 Total assets less current Ilabllltl8$ 62.345 360,681 Incom8 funds Reslrictad funds Unrestricted funds 20.909 41,436 35,288 325,393 62.345 360,681 The fi an al statements were approved by the Trustees on 1.F.1121.202fj. N E F Butcher Trustee Company rgglstratlon number 05822301 16-
HALOW PROJECT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operatlng activltles Cash (absorbed by}Igenerated from operations 24 1234,618) 101.122 Investlng actSvltles Purchase of tangible fixed assets (14,390) (4,331) Net cash used In Investlng actlvllles (14,390) (4,331 } Net Cash u8•d In flnanelng aetlvltlos Net {decrease)Ilncrease In cash and cash equlvalents 1249,008) 96,791 Cash and cash equival8nt8 at beginning of yéar 450,561 353.770 Cash and cash equlvalents at end of year 201,553 450.561 17-
HALOW PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policles Charity informatlon halow project is a private company limited by guarantee incorporated in England and Wales, The registered office is Carroll House, 11 Quarry Slreet, Guildford, Surrey. GU13UY, United Kingdom. 1.1 Accounting conventlon The financial statements have been prepared in accordance wlth the charity's gov8rnlng document. the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102> {effective 1 January 2019).. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterfing, which Is the functional currency of the charity. Monetary amounts in thesé financial statements are rounded lo the nearest £. The financial statements have been prepared under the historical cost conventlon. The prfnclpal accounting poIici8s adopted are set out below. 1.2 Golng concern The charity has remalned In a surplus at the year end. Looklng ahead to 2025126. the charity antlcipales more predictable funding, potential improvements in the wider economic environment, and benefits from slrenglhened internal planning. These factors place halow in a stronger position to gradually rebuild its reserves and progress towards e more sustainable long-term financial position. Accordingly, at the time of approving the financial statements. the Trustees have a reasonable expectation that the charity has sufficlent resources to continue It5 operatlons for the foreseeable future. Thus. the Trustees continue to adopt the golng concern basls of accountlng In preparlng the finanGlal statements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specSfic condStlons by donors as to how they may be used. The purposes and uses of the restricted funds ar8 Set out In the notes to the financial stat8ments. 1.4 Income Income is recognised when the charity is legally entitled to it after any perfonnance conditions hav6 been met. the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations ar8 recognised once the charity has b88n notified of the donation, unless performance conditlons r8quire deferral of the amount. Incom8 tax recoverable In relation to donations r8ceiv8d under Gift Aid or deeds of covenant Is recognised at the time of the donation. Legacies are reGogni5ed on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. Buddy Support Services and Supported Living income is included in the financial stalements as it becomes receivable. 18-
HALOW PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policias (Contlnued) The charity receives govemment grants in respecl of projects aimed at vulnerable young people. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been mel, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met, then these amounts are deferred, 1.5 Expendlture Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure is Incluslve of VAT. Costs of g8n8rating funds comprlse the costs assoclated wlth attractlng donatlons and legacles and the cost of trading for fundraislng purposes. Charitable expendilure comprises those costs Incurred by the charity in the delivery of its aclivitles and service for ils beneficiaries. It includes both costs that can be allocated directly to such seNices and those costs of an indirect nature necessary lo support them. Grants offered subjecl to conditions whlch have not been met at the year end dale are noted as a commitment bul not accrued as expenditure. Support costs are allocated between charitable actlvltles on the basls of the proportlon of staff worklng on each actlvity as follows.. Supported Llvlng - 36 % {2024: 19.9 % ) Buddy Support SeNl¢es- 10P/o (2024: 19.9 /0) Buildlng Futures - 400/012024.. 39.90hl A Reason To Get Up - 90/0 (2024.. 10.50/0 Information and Awar8n8ss Ralslng - 00/0 {2024.' 3.40h) Fundraising- 50/0 (2024.. 6.40/9) 1.6 Tanglble flxed a88ets Tangible fixed assets are inltially measured at cost and subsequently measured at cost or valualion, net of depreciation and any impairment losses. There is a minimum threshold of £250 for capitallsing fixed assets. Depreclation Is recognSsed so as to wrlte off the cost or valuatlon of assets less their rasldual valu8s over th85r useful lives on the following bases: Fixtures and fittings 25 % on cost The gain or loss arising on the disposal of an asset is determined as the dlfference be88n the sale proceeds and the carrying value of the asset, and is recognised in the statement of financlal activities. 1.7 Impairment of fixed assets Al each reporting end dale. the charity reviews th8 carrying amounts of ils tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists. the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.8 Cash and ca6h equlvalents Cash and cash equivalents include cash in hand. deposits held at call with banks. other short-temi liquid investments with original maturili8s of three months or18ss, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 19-
HALOW PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles (Conllnued) 1.9 Financial Instruments The charity has elected to apply the provlsions of Sectlon 11 '8aslc Fin8n¢lal Instrum8nts' and S8Ction 12 'Other Financial Instnjments Issues, of FRS 102 to all of its financial instrum8nts. Financial instruments are recognised In the charlty's balance sheet when the charlty becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statem8nts. when there is a legally enforceable right lo set off the r8cognls8d amounts and ther& Is an Intentlon to settle on a n81 basis or lo realis8 th8 asset and settle the liability simultaneously. Baslc flnanclal assets Basic financial assets, which Include debtors and cash and bank balances, are Initlally measured at transaction price including Iransactlon costs and are subsequ8nlly carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured al the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. BaslG flnanclal Ilabllltles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement conslilules a financing transaction, where the debt inslrumenl Is measured at the present value of the future payments discounted at a market rate of interest. Financial Ilabilities classified as payable within one year are not amortised. Trade creditors are obligalions lo pay for goods or services that have been acqulred In the ordlnary course of operations from suppliers. Amounls payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current Ilabilities, Trade creditors are recognised initially 81 transaction price and subsequently measured at amortised cost using the effective interest method, D•r•cognltlon of financlal Ilabllllles Financlal liabilities are derecognlsed when the charlty's contractual obllgatlons explre or are dlscharged or cancelled. 1.10 Taxatlon The charity Is exempt from corporation tax on Its charitable activities. 1.11 Employee bonoflts The cost of any unused holiday entltlement Is recognised in the perlod In whlch the employee's servlces are received. Termination benefits are recognised immediately as an expense when the charity Is demonstrably commltted to terminate the employment of an employee or lo provide temiination benefits, 1.12 Retlrement beneflts Paymenls to defined contribution retirement benefit schemes are charged as an expense as they fall due. -20-
HALOW PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Donatlons and logacies Unr•slricted Rostrlcted funds funds Total Unr8Stricled Restricted funds funds Tolal 2025 2025 2025 2024 2024 2024 Donations and glfts Grants receivable 205.185 1,955 9,800 214,985 1,955 374.071 1,200 7.150 381,221 1,200 207,140 9.800 216,940 375.271 7,150 382,421 Charltablè act5vltlog Bulldlng A R•ason To Future¥ Gét Up 8uddy Support S•rvlcfjs 8upport•d Llvlng Tolal 2025 Total 2024 202S 2025 2025 2025 Income from charitable activities 909,196 189,508 115,502 761,434 1,975,640 1,806.808 Analysls by fund Unreslricted funds Restricted funds 905,696 3.500 132,491 57.017 115,502 761,434 1,915.123 1,737,034 60.517 69,774 909.196 189,508 115,502 761,434 1,975,640 1.806,808 For the year ended 31 March 2024 Bulldlng A Rea•on To Futurns G•t Up Buddy Support Sèrvlces Support•d Llylng Tot41 2024 Incom8 from charitable activities 794,313 173,828 89,606 749,061 1,806.808 Analysis by fund Unrestricted funds Restricted funds 788,139 6,174 113,228 60,600 86,606 3,000 749.061 1,737.034 69,774 794.313 173,828 89.606 749.061 1,806,808 21
HALOW PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Fundralslng activitles Unrastrlcted Unroslrlctèd fund$ funds 2025 2024 Volunleer-led fundraising Fundraising events Trading 74,190 184,187 248 297,369 71,621 594 Fundralslng actlvllles 258.605 369.584 -22-
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HALOW PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charltable activities BuildingA Reason To Futures Get Up 8uddy Supportèd Support Living Servlces 2025 Total 2025 Total 2024 2025 2025 2025 staff costs Direct costs 643.108 151.633 175,438 68.023 117,195 10,243 710,011 30.686 1,645.752 260,585 1.442,065 291,147 794,741 243,461 127.438 740,697 1,906,337 1.733,212 Share of support costs (see note 7) Share of governance costs (see note 7) 214,308 48,219 53.577 192,877 508,981 515,236 30,846 6,940 7,712 27,762 73,260 24.404 1,039,895 298,620 188,727 961,336 2,488.578 2,272,852 Analysls by fund Unrestricted funds Re5tricled funds 1,033.139 6,756 231,677 66,943 188,727 961.171 2,414,714 165 73.864 2,195,270 77,582 1.039,895 298,620 188.727 961,336 2,488,578 2.272,852 -24-
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HALOW PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs Support Governance ¢osts costs 2025 Support Governanco costs ¢ost$ 2024 Staff cosls Depreciation Operating lease charges Pr8mis8S Costs Computer costs Printing, postage and telephone Staff welfare and expenses Sundry expenses Bank charges Bad d8bts 363,828 10,139 40,800 46.800 29,486 363,828 10,139 40,800 46,800 29,486 378,717 10,938 40,463 45,225 22,672 378,717 10,938 40,463 45,225 22,672 19,046 19,046 17,598 17,598 27,914 1.090 499 {3.8341 27,914 1,090 499 {3.834) 29,644 4,386 576 70 29,644 4,386 576 70 Audit fees Legal and professional HR and other consultancy 14,473 14,473 19.194 1.310 19.194 1,310 82.643 62.643 5.560 5.560 535,768 77,116 612.884 550,289 26.064 576.353 Analysed between Fundraising Trading Charitable actlvltles 26,787 26.787 3.856 582,241 35,053 35.053 1,660 539,640 3.856 73.260 1.660 24,404 508,981 515,236 535,768 77,116 612,884 550,289 26,064 576.353 Not movom•nt In funds 2025 2024 Net movement in funds is staled after chargingl(crediling) 08precialion of owned tangible fixed assets Operaling lease charges 10,139 40,800 10,937 40,463 -26-
HALOW PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Audltor's remuneratlon The analysis of auditor's remuneration is as follows: Fees payable to the charlty's auditor: 2025 2024 Audit of the Charity's annual accounts 12,000 11,100 Other serilces to the charlty Non-audit services 2,100 1,620 Total audlt fees 14,100 12,720 10 Tru8teo$ None of th8 Trustees (or any persons connected with them) receSved any remuneratlon durfng the year. There were no reimbursments made to any trustees for travelllng expenses (2024 - £8071. 11 Employees Number of employee8 The average monthly number of employees durlng the year was.. 2025 Numbor 2024 Number Admlnislrative Fundraising Operational Management 77 71 88 83 Employment CO8t6 2025 2024 Wages and salaries Social security costs Other pension costs 1,863,475 154.999 46.444 1,700,208 141,334 43,654 2,064,918 1,885,196 The number of employees whose annual remuneralion was £60,000 or more were: 2025 Numb8r 2024 Number £60,000- £70,000 -27-
HALOW PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Taxatlon The charity is exempt from tax on income and gains falling within s8clion $05 of lh6 Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 13 Tanglblo flx8d assets Flxtur•• and Ilttlng• Cost At 1 Aprll 2024 Additions 79.907 14,390 At 31 March 2025 94.297 Depreclatlon and Impalrment At 1 April 2024 Depreclatlon charged In the year 65.925 10,139 At 31 March 2025 76,064 Carrylng amount At 31 March 2025 18,233 At 31 March 2024 13,982 14 Debtors 2025 2024 Amounts falllng dug wlthln one y•ar: Trade debtors Other debtors Prepayments and accrued income 133,422 683 124.311 101,022 43 87,019 258,416 188.084 15 Cr6dltors: amounts falllng du6 wlthln ono yoar 2025 2024 Notes Other taxation and social security Deferred income Trade creditors Other creditors Accruals 37,745 177,407 89,439 82,603 28,663 33,999 111.983 45,789 74,233 25,942 16 415,857 291.946 -28-
HALOW PROJECT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Deferred Income 2025 2024 Arising from Deferred income 177,407 111,983 Deferred income Is included in the financlal statements in relation to services and future events involced in advance. 17 Retlremgnt beneflt schemes Definod contributlon schemos The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently adminlstered fund. The charge to profit or loss In respect of defined contrlbution schemes was £46,444 (2024 - £43.654), 18 Movement In Funds The income funds of Ihe charity include restrlcled funds comprislng the followlng unexpended balances of donations and grants held on trust for speclftc purposes,. Current year Movement In funds Incomlng R080urc08 Balanca at 31 re8ourco8 oxpendod March 2025 Balance at 1 Aprll 2024 SCC SEND Community Foundation Grant Clothworkers The Wisley Foundation Cathering Woolford The Julia & Hans Rausing Trust REDEVCO Foundation UNUM Insurance Industry Charitable Foundatlon Electronic Arts Hampshire Care Association ICB Funding Panel Bramley Golf Club Insurance Industry Charitable Foundation Other (<£1 k) 2,500 (224) {3,426) {9,800J {2,8981 (901 (39,3791 (12.6591 <2.8321 (2,7851 2,276 74 3,500 9.800 5,500 965 203 4,328 12,659 5,000 2,785 4,150 1,032 165 3,567 113 4,949 40,000 2,168 4,150 (1,032) (165) (1,068) {5,538} {2,800) 1,068 7.880 2,569 2,342 1,270 1,501 Total Restricted Funds 35.288 70,317 (84.696) 20.909 -29-
HALOW PROJECT NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 18 Movement In Fund8 (Contlnued) SCC SEND Funds received to be spenl on Building Futures promotion materials. The Bally Thomas Charltable Trust Funds received to be spent on costs and equipment forARTGU Cook & Grow sessions. Clothworkers Capital grant recelved to cover acquisition costs of e1ve laptops. Communlty Foundatlon Grant Funds received Io cover costs for ARTGU IT Crowd sesslons. Natlonal Lottery Communlty Fund Funds received lo be spent on running costs of ARTGU Cook & Grow sesslons. Ironmongors Company Funds received to be spent on BFG Duke ol Edlnburgh equlpment. Sport England's Queen Platlnum Jubllee Funds to b8 SP8nl on sports groups for Soclal Actlvltles - coach fees, hlre facilitles, equlpment hSre and transport costs. The Wlslay Foundatlon Funds recelved to Cover costs for ARTGU Cook and Grow sesslons for 2 halow adults. Cathorlne Woolford Funds to be spent on 8FG shed. No Fear Brldge Funds to be spent on BFG activities. The Julla & Hans Rauslng Trust Funds received to be spent on ARTGU Cook and Grow sessions. REDEVCO Foundatlon Funds received lo be spent on ARTGU Crafty Creatlons. UNUM Funds received lo be spent on ARTGU Life Skills (Independence and Employability) course. Insurance Industry Charltable Foundatlon Funds lo be spent on 8FG public transport for training purposes and ARTGU IT Crowd project. Ele¢tronl¢ Arts Funds to contribute to the costs of Its programmlng and lo fund at least 1 volunteer event to engage our employees in their mission. Hampshire Care Assoclatlon Funds received to be spenl on international recruitment. ICB Funding Panel Funds received to be spent on Care Digit81 Transformation Fund- Implementation of Sekoia. Groundwork (Tesco Communlty Fund) Funds received to be spent on BFG Woking Rallway project. Mlddlesex Sports Foundatlon Funds to be spent on Social Activltes Sports Group. Bramley Golf Club Funds received to b8 Spent forARTGU pantomine. Other This consists of immaterial restricted income funds. -30-
HALOW PROJECT NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Movement in Funds (Contlnued) Prlor year Movement In funds Balanco at 1 Incomlng Resourcos Balance at 31 Aprll 2023 rosources expended March 2024 Communlty Foundation for Surrey SCC SEND The Bailey Thomas Charitable Trust Community Foundation Grant National Lottery Communlty Fund Ironmong8rs Company Sports England's Queen Plallnum Jubllaa The Wisley Foundation Catherine Woolford No Fear Bridge Other {<£1 kl The Julia & Hans Rauslng Trust REDEVCO Foundation UNUM Insurance Industry Charitable Foundation Electronic Arts Hampshire Care Associatlon ICB Funding Panel Groundwork (Tesco Community Fund) Mldd18S8x Sports Foundatlon 2,500 15,000 5,241 5,652 2,840 49 1,333 521 3,000 1,778 2,500 (15,000) (5,241) (5,652) (2,840) 149) {368) (318) (3,000) (2,392) (35.672) 965 203 2,115 40,000 12,659 5,000 5,000 4,150 3.000 3.000 1,000 1,000 1,501 4,328 12,659 5,000 2,785 4.150 1,032 165 (2,215) (1,9681 (2,8351 {1,0001 (1,0001 Total Rgstrlcted Funds 37,914 76.924 (79,5501 35,288 19 Analysls of net assets between funds Unrestrlcted Restrlcted funds fund8 2025 2025 Total Unr•slrlcted Rostrlcted funds funds 2024 2024 Total 2025 2024 Fund balances at 31 March 2025 are represented by.. Tangible assets Current assetsl(liabilitiesl 18,233 23,203 18,233 44,112 13,982 311.411 13,982 346.699 20,909 35,288 41,436 20,909 62,345 325,393 35,288 360.681 31
HALOW PROJECT NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Operatlng lease commltments At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: 2025 2024 Within one year Beeen and five years 47.430 21,120 40.800 52.800 68,550 93.600 21 Related party transactlons Ourlng the year, £54,00012024.' £nll) was pald to Ignltlon Human P8rfomiance Ltd In respect of consulllng services relating lo a strategic buslness revlew. N Butcher, a trustee, is a dlrector of IgnStSon Human P8rformance Ltd. These servlces wer8 provided at an open market rate and were In the best Interest of the Charity. The Charity has followed the Charity Commlsslon guldance on paying 8 trustee for provldlng services. Durlng th8 year. £754.60 was pald to a family member of R Malns, Trustee, for conference room space. Remuneratlon of key management parsonnel The remuneration of key management personnel is as follows. 2025 2024 Aggregate compensation 78.145 74,665 22 Company Ilmlted by guarantee halow project is a company Ilmited by guarantee and accordlngly does not have any share capital. Each director has pledged lo contribute £1 in the case the charitable company becomes insolvent. 23 Charges held A charge is held by Propety Inveslment Holdings Limtted for the sum of £8,519 (and such other sums as may be deposited by the company from time to time pursuant to the temis of the said deed) the interast from time to time accrued and any sums from time to time deposited in respect of value added tax. -32-
HALOW PROJECT NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 24 Cash generated from operatlons 2025 2024 IDeficit)Isurpus for the year 1298,336) 85,871 Adjustments for.. Deprecialion and impaimient of tangible fixed assets 10,139 10,937 Movements in working capital: (Increase} in debtors Increaselldecrease) in creditors Increase in deferred Income (70.332) 58,487 65.424 (42,178) (22,589) 69.079 Cash (absorbod by)Igeneratod from oporatlons (234,618) 101.122 -33-