## **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|
- 1 -
**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.
- 2 -
**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.
- 3 -
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- 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
- 4 -
## **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:
- examine the accounts under section 145 of the 2011 Act;
- 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
- 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:
- (1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 386 of the Companies Act 2006; and
- 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
- 5 -
## **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.
- 6 -
## **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:
- 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;
- 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
- 7 -
## **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
- 8 -
## **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.
- 9 -
## **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_|
|---|---|
- 10 -
## **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_|
|---|---|---|
- 11 -
## **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_|
|---|---|
|||
|||
- 12 -
## **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).
- 13 -