MY NEW HAIR
COMPANY LIMITED BY GUARANTEE UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
Charity Number: 1130815
Company Registration: 06856066
DEBÉRE LIMITED
Chartered Accountants Swallow House Parsons Road Washington Tyne and Wear NE37 1EZ
MY NEW HAIR
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
| CONTENTS | PAGES |
|---|---|
| Officers and professional advisers | 1 |
| Trustees’ annual report | 2 to 4 |
| Independent examiner’s report | 5 |
| Statement of financial activities | 6 |
| Statement of financial position | 7 |
| Notes to the financial statements | 8 to 13 |
MY NEW HAIR
COMPANY LIMITED BY GUARANTEE
OFFICERS AND PROFESSIONAL ADVISERS
YEAR ENDED 31 MARCH 2022
| The Trustees | Mrs Ann Fox |
|---|---|
| Mr Nigel Simpson | |
| Mr Darren Stuart | |
| Mrs Joanne Atkinson | |
| Registered office | Swallow House |
| Parsons House | |
| Washington | |
| Tyne and Wear | |
| NE37 1EZ | |
| Charity number | 1130815 |
| Company registration number | 06856066 |
| Accountants | Debére Limited |
| Chartered Accountants | |
| Swallow House | |
| Parsons Road | |
| Washington | |
| Tyne and Wear | |
| NE37 1EZ | |
| Bankers | The Royal Bank of Scotland |
| 62/63 Threadneedle Street | |
| London | |
| EC2R 8LA |
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YEAR ENDED 31 MARCH 2022
MY NEW HAIR
COMPANY LIMITED BY GUARANTEE
TRUSTEES’ ANNUAL REPORT
The trustees, who are the directors of the organisation for the purpose of Company Law, present their annual director’s report together with the charity’s financial statements for the year ended 31 March 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019)”.
REFERENCE AND ADMINISTRATION DETAILS
Reference and administrative details are shown on page 1 of the financial statements.
THE TRUSTEES
The trustees who served the charity during the year were as follows:
Mrs Ann Fox Mr Darren Stuart Mr Nigel Simpson Mrs Joanne Atkinson
STRUCTURE, GOVERNANCE AND MANGEMENT
My New Hair registered as a company limited by guarantee on 23 March 2009 and it registered as a charity on 29 July 2009. Every member of the charity undertakes to contribute to its assets in the event of being wound up, such amount, as may be required not exceeding £1.
Trustees Induction and Training
The Trustees are already familiar with the practice work of the Charity. They are encouraged to participate in training appropriate to their role.
Governance
The Board of Trustees manage the affairs of the charity by holding regular meetings between annual and general meetings.
OBJECTIVE AND ACTIVITIES
The charity was established in 2009 with the following objectives:
Relief of individuals who have suffered medical hair loss from chemotherapy, radiotherapy, alopecia, and/or other medical treatments resulting in hair loss. The charity will continue to provide help, advice and information on the process of selecting wigs, training and education programmes for Hair Professionals in cutting and personalising wigs for people suffering from medical hair loss, and healthcare professionals in giving advice and support suffering from medical hair loss. The charity also provides financial support to patients towards the purchase of a wig in extenuating circumstances.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s guidance on public benefit when reviewing the company’s aim and objectives and in planning future activities.
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YEAR ENDED 31 MARCH 2022
MY NEW HAIR
COMPANY LIMITED BY GUARANTEE
TRUSTEES’ ANNUAL REPORT
ACHIEVEMENTS AND PERFORMANCE
During this financial year the charity has continued to support individuals suffering medical hair loss via our website platform and with virtual consultations.
A return to in person consultations provided by the network of mynewhair trained salons has been possible in addition to many salons providing ‘How To ’and online advice videos to support clients.
The education program returned to face-to-face sessions for the Autumn of 2021 and a full program of 6 Level 1 seminars and 2 Level 2 seminars is planned for 2022.
Our Trustees are very proud to share that two of the team Ann Fox and Joanne Atkinson were part of the volunteer team of registered nurses administering Covid-19 vaccinations and Ann supported the charity by filming the first of the charity’s specialist videos for use on the mynewhair social media platforms.
Serious Incidents
There are no serious incidents to report during this year.
Fundraising Activities
During the year fundraising activities continued to prove difficult and as a result the charity has seen a notable reduction in the volume of activities taking place.
Key events were Kate Morris’s skydive which contributed a further £620 and Beau Hairdressing’s new salon opening raffle donated £250.
Steady donations continued to be made via Just Giving within the 12month period of the report totaling an amount of £1,633.
FINANCIAL REVIEW
The charity is in its thirteenth year of operating. Net assets as at 31 March 2022 were £41,735 (2021: £43,830), of which £3,150 (2021: £4,650) were held as fixed assets. The company therefore has positive free reserves of £38,585 (2021: £39,180).
Investment Policy
Aside from retaining prudent amounts in reserves each year, most of the charitable company’s funds are to be spent in the short term, so there are few opportunities for long-term investment. Where cash flow allows, funds are held in short term deposit accounts in order to maximise interest receivable.
Reserves Policy
The charity aims to retain enough reserves to cover at least six months unrestricted expenditure, management and support costs.
PLANS FOR FUTURE PERIODS
The goal of the charity for the coming year is to continue the face to face education program to train hair professionals in the UK and deliver the advanced skills seminars necessary to support both the patient and the stylist. Delegate numbers had been set at a maximum of 10 delegates for 2022 and the charity hope to increase these numbers back to previous levels of 16.
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MY NEW HAIR
COMPANY LIMITED BY GUARANTEE
TRUSTEES’ ANNUAL REPORT (continued)
YEAR ENDED 31 MARCH 2022
PLANS FOR FUTURE PERIODS (continued)
The charity will continue to work with the partnerships already established with the NHS and Macmillan Cancer Support to enable the charity to reach and provide support to people with cancer.They also plan to continue working closely with their corporate partners ,L’Oreal, Trendco and Herb UK to influence/engage professionals and organisations across the hair and wig industry sector.
RESPONSIBILITIES OF THE TRUSTEES
The trustees/directors are responsible for preparing the report and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees/directors to prepare financial statements for each financial year. Under that law the trustees/directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Under Kingdom Accounting Standards and applicable law). Under company law the trustees/directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the trustees/directors are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The trustees/directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
INDEPENDENT EXAMINER
A Resolution to appoint Claire Miller at Debére Limited as Independent Examiner for the ensuing year will be proposed at the Annual General Meeting.
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
Signed on behalf of the directors
Mrs Ann Fox Director
Date: 2 November 2022
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MY NEW HAIR
COMPANY LIMITED BY GUARANTEE
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF MY NEW HAIR
YEAR ENDED 31 MARCH 2022
I report on the accounts of My New Hair for the year ended 31 March 2022, which are set out on pages 6 to 13.
Respective responsibilities of trustees and examiner
The trustees (who are also directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 Act (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or;
- (2) to which in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Claire Miller BA (Hons) FCA Independent Examiner
ON BEHALF OF DEBÉRE LIMITED Chartered Accountants Swallow House Parsons Road Washington Tyne and Wear NE37 1EZ
Date: 2 November 2022
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MY NEW HAIR
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME STATEMENT)
YEAR ENDED 31 MARCH 2022
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| Total | Total | ||
| Funds | Funds | ||
| 2022 | 2021 | ||
| Notes | £ | £ | |
| Income and endowments from: | |||
| Donations and legacies | 5 | 15,144 | 15,447 |
| Charitable activities | 6 | 12,800 | – |
| Total | 27,944 |
15,447 | |
| Expenditure on: | |||
| Raising funds | 274 | 276 | |
| Charitable activities | 7 | 29,765 | 16,341 |
| Total | 30,039 |
16,617 | |
| Net movements in funds | 9 | (2,095) | (1,170) |
| Total funds brought forward | 43,830 | 45,000 | |
| Total funds carried forward | 41,735 | 43,830 |
The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.
All of the above amounts relate to continuing activities.
The notes on pages 8 to 13 form part of these financial statements.
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MY NEW HAIR
COMPANY LIMITED BY GUARANTEE
Registered Number 06856066
STATEMENT OF FINANCIAL POSITION
31 MARCH 2022
| Notes Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Funds Unrestricted income funds 13 Total funds |
2022 £ £ 3,150 5,286 36,754 42,040 (3,455) 38,585 41,735 41,735 41,735 |
2021 £ £ 4,650 2,356 38,871 41,227 (2,047) 39,180 43,830 43,830 43,830 |
2021 £ £ 4,650 2,356 38,871 41,227 (2,047) 39,180 43,830 43,830 43,830 |
|---|---|---|---|
43,830 |
|||
| 43,830 | |||
43,830 |
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)).
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors/trustees responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors/trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the Board and authorised for issue on 2 November 2022 and are signed on their behalf by:
Mrs Ann Fox Director
The notes on pages 8 to 13 form part of these financial statements
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MY NEW HAIR
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
1 General information
The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Swallow House, Parsons Road, Washington, Tyne and Wear, NE37 1EZ.
2 Statement of compliance
The financial statements have been prepared in accordance with the charity’s governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)”. The charity is a Public Benefit Entity as defined by FRS 102.
3 Accounting policies
The principal accounting policies are set out below. The accounting policies have been adopted consistently throughout the year.
Going concern
The financial statements have been prepared on a going concern basis. The trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the trustees have taken into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.
Cashflow statement
The charity has elected to adopt the exemption from preparing a cash flow statement on the grounds that the charity qualifies as a small charity.
Judgements and Key Sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonably under the circumstances.
Tangible fixed assets and depreciation
Fixed assets are stated at cost less depreciation. Assets costing less than £200 are not capitalised.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Website development 10% straight line
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MY NEW HAIR
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
3 Accounting policies (continued)
Incoming resources
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income.
Voluntary income including donations and grants that provide core funding or are of a generated nature are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Investment income and income from charitable activities is recognised on a receivable basis.
Resources expended
Resources expended are brought into the financial statements on an accruals basis. Support costs include those incurred in the governance of the charity and its assets are primarily associated with constitutional and statutory requirements. They include apportionment of staff costs based on an estimate of time spent by staff members on governance matters.
Where costs cannot be directly attributed to a particular heading, they have been allocated to activities on a basis consistent with the use of resources.
Support cost allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement after allowing for any trade discounts due.
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MY NEW HAIR
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022
3 Accounting policies (continued)
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Fund accounting
The general fund is unrestricted and available for use at the discretion of the directors and trustees in furtherance of the objectives of the charity.
The trustees/directors set up designed funds, which are also unrestricted, where they consider it appropriate.
Restricted funds are shown separately where the funds are only available for specific projects.
4 Statement of Financial Activities for the prior year:
| Income and endowments from: Donations and legacies Charitable activities Total Expenditure on: Raising funds Charitable activities Total Net movements in funds Total funds brought forward Total funds carried forward 5 Donations and legacies L’Oreal donations Other donations |
Notes Unrestricted Total Funds 2021 £ 5 15,447 6 – 15,447 276 7 16,341 16,617 9 (1,170) 45,000 43,830 2022 £ 2021 £ 13,500 13,500 1,644 1,947 15,144 15,447 |
|---|---|
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MY NEW HAIR
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
6 Income from charitable activities
| Training seminar contributions Treatment contributions |
2022 2021 £ £ 7,800 – 5,000 – 12,800 – |
|---|---|
7 Costs of charitable activities
| Direct Costs £ Charitable activity – wigs – Charitable activity – training 8,000 Charitable activity – supply of information 2,334 10,334 overnance costs are made up as follows: Accountancy fees and independent examination |
Support Governance Costs Costs £ £ 1,795 – 7,180 1,147 8,974 335 17,949 1,482 2022 £ 1,482 |
Total Funds 2022 £ 1,795 16,327 11,643 29,765 |
Total Funds 2021 £ 1,311 5,246 9,784 16,341 2021 £ 1,434 |
|---|---|---|---|
Governance costs are made up as follows:
8 Staff costs
During the year there were no wages paid (2021: £nil) and there was no remuneration paid to the trustees/directors (2021: £nil).
Particular of employees
The average number of persons employed by the charity during the year (including the trustees/directors) was as follows:
| Number of management and administration staff 9 Net movement in funds This is stated after charging: Depreciation Independent examiner’s fees (including preparation of financial statements) |
2022 £ 4 2022 £ 1,500 1,482 |
2021 £ 4 2021 £ 1,500 1,434 |
|---|---|---|
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MY NEW HAIR
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
10 Tangible fixed assets
| Website Development £ Cost At 1 April 2021 15,000 Additions in the year – Disposals – 15,000 At 31 March 2022 Depreciation At 1 April 2021 10,350 Charge for the year 1,500 Disposals – At 31 March 2022 11,850 Net book value At 31 March 2022 3,150 At 31 March 2021 4,650 11 Debtors 2022 £ Trade debtors 5,175 Other debtors 111 5,286 12 Creditors: Amounts falling due within one year 2022 £ Trade creditors 1,973 Other creditors 1,482 3,455 |
Total £ 15,000 – – 15,000 10,350 1,500 – 11,850 3,150 4,650 2021 £ 2,250 106 2,356 2021 £ 613 1,434 2,047 |
|---|---|
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MY NEW HAIR
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
13 Analysis of unrestricted fund movements
For the year ended 31 March 2022:
| Unrestricted funds or the year ended 31 March 2021: Unrestricted funds |
Balance At 1 April Incoming Resources 2021 Resources Expended £ £ £ 43,830 27,944 (30,039) Balance At 1 April Incoming Resources 2020 Resources Expended £ £ £ 45,000 15,447 (16,617) |
Balance At 31 March 2022 £ 41,735 Balance At 31 March 2021 £ 43,830 |
|---|---|---|
For the year ended 31 March 2021:
14 Related party transactions
Mrs Joanne Atkinson - Trustee
During the year Mrs Joanne Atkinson provided training services on behalf of the Charity on a subcontractor basis. Payments for the year amounted to £1,200 (2021: £nil). Mrs Joanne Atkinson was also reimbursed expenses of £68 (2021: £nil).
Mrs Ann Fox - Trustee
During the year Mrs Ann Fox provided training services on behalf of the Charity on a sub-contractor basis. Payments for the year amounted to £1,200 (2021: £nil). Mrs Ann Fox was also reimbursed expenses of £108 (2021: £nil).
Mr Darren Stuart – Trustee
During the year Mr Darren Stuart provided training services on behalf of the charity on a sub-contractor basis. Payments for the year amounted to £3,200 (2021: £nil). Mr Darren Stuart was also reimbursed expenses of £2,136 (2021: £nil).
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