REGISTERED COMPANY NUMBER: 10085412 (England and Wales)

REGISTERED CHARITY NUMBER: 1166298

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

HAIR AND BEAUTY CHARITY

Page

Report of the Trustees

1

to

5

Independent Examiner's Report

6

Statement of Financial Activities

7

Balance Sheet

8

to

9

Notes to the Financial Statements

10

to

17

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of 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).

PUBLIC BENEFIT STATEMENT

The board have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aim and objectives and in planning the charity's future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives set.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity was founded for the following charitable purposes:

- Rendering assistance in cases of need by way of annuities and/or grants to past and present members of the hairdressing, barber and beauty industry, their spouses and/or children. Such awards are granted by the committee in accordance with the charity's rules;

- Granting relief in cases by way of grants to non-members connected with the hairdressing, barber and beauty industries of any nationality and resident in the UK.

Grantmaking

The management committee reviews all applications and decides who to help and what kind of help would be most appropriate. Our guiding principle is that we help professional hairdressers, barbers and beauticians in need and all applications will be considered against the said principle.

To ensure we support those in the most need, priority is given to individuals who have savings of less than £500 and whose income is less or not significantly higher than their expenditure to help as many hairdressers, barbers and beauticians and their young children.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

We continue to attract generous levels of funds from our sponsors and our regular events such as raffle tickets, bike rides and golf days.

During the year the society made grants of £156,428 (2023 - £142,610) to a wide range of adults and children and aims to continue and where possible expand its grant programme in the next twelve months.

Fundraising activities

We are pleased to say that we managed to generate £87,142 from fundraising activities during the year.

Chairman's Statement

Jayne Lewis-Orr and Hellen Ward embarked on their third year as President and Vice President respectively, roles which were made permanent for continuity purposes from December 2023 after Charity restructuring agreed by the Trustees.

I remain as Chairman and Lynn Hickey as Treasurer. Current Directors and Trustees will be asked to resign and re-stand for re-election as usual each year at the AGM.

Sponsor representation on the committee remains by invitation at Silver level. All current and new sponsors to be asked to nominate their representative for the sponsorship period.

Independent committee members will be asked annually to resign at year end, with effect from 31st December 2024 and put themselves forward for re-election for the following 12 months and these will be reviewed and voted on by the Trustees.

Once again, our resolve was to organise and concentrate on events and with continued thanks to our President Jayne Lewis-Orr, our golf day was combined with that of the HBSA again which proved to be beneficial for both parties.

Our first Summer Party was held on the roof terrace at Doggetts Coat and Badge on the embankment on Sunday 2nd June, and it is generally felt that this could become an annual event.

In September, Victor Pajak again successfully hosted our annual bike ride, this time in Cyprus.

Our raffle continues to be ever more successful thanks to our President and Mark Moloney of the Professional Beauty Group allowing tickets to be sold at their award events and at their trade shows where great success was also achieved from selling donated, end-of-line products from many hair and beauty manufacturers.

We were fortunate again to receive donations from voluntary fundraisers including individuals, other hairdressing organisations, wholesalers, various salons and product companies.

Thankfully, because of our reserves interest and dividends received through COIFF/CCLA, we were able to continue to support our administration team without dipping into raised funds and donations. Our Charity Manager and Company Secretary Natalie Merola, along with our Beneficiaries Executive Sarah Hashim, continue to do a first-class job not only in administrative roles, but also at hair events.

After several years of service to the charity as both a committee member and head of SLBPR (whose company handled PR for the Charity), Sharon Brigden resigned, and her PR contract terminated. We thank her for her help and wish her and her company every future success. Subsequently, Redmane Media were contracted as the Charity's new PR and Ruth Hunsley joined the committee.

Our Treasurer and Trustee Lynn Hickey officially retired from the Sean Hanna group in November, but I'm delighted to say will continue her steadfast work for the charity.

Unfortunately, one of our industry and Charity's lifelong stalwarts, Trevor Sorbie, passed away on 8th November 2024.

As with most charities, legacies are being sought after and we were fortunate to receive a legacy donation from a former beneficiary of the charity, a 55-year-old terminally ill lady, who sadly passed away leaving a percentage of her house sale to the charity in her will to the sum of £22,500.

Lastly, but by no means least, I take this opportunity to thank our President Jayne Lewis-Orr and our Vice President Hellen Ward, all our valued Sponsors, Donors, Trustees and Committee members for their continued support, and our administration team, for their ongoing resolve and dedication.

Phillip Rogers, Chairman

Investment performance

Net profit on investment amounted to £59,063. Total investment income from listed investments was £75,385.

FINANCIAL REVIEW

Financial position

The financial results for the year to 31 December 2024 are shown in the attached financial statements.

Total income increased from £267,058 to £305,904.

Total expenditure increased from £289,877 to £307,852.

There was a net increase in funds of £57,115 with total unrestricted funds carried forward of £2,746,675 (2023 - £2,689,560).

Investment policy and objectives

The charity aims to achieve a certain return of both income and capital growth with no more than a moderate level of risk.

Reserves policy

The trustees have established the level of reserves (that is those funds that are freely available) that the charity ought to have. Reserves are needed to bridge the funding gaps between spending on activities and receiving resources through voluntary income. The trustees consider that the ideal level of reserves as at 31 December 2024 would be three months of resources expended which is about £76,963. However, the charity is principally operated as a grant giving charity, and the trustees' policy is to seek to distribute the bulk of the income arising in each financial year as it becomes available.

The free reserves as at 31 December 2024 were £72,835. In calculating the reserves, the trustees have excluded from total funds fixed assets, investments and any restricted income funds.

Going concern

The trustees, having made appropriate enquiries, consider that adequate resources exists for the charity to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt going concern basis in preparing the financial statements as at and for the period ended 31 December 2024. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

Undoubtedly there will be challenges ahead but the trustees do not expect material concerns to arise over the charity's financial or going concern position.

FUTURE PLANS

The charity plans to continue assisting the past and present members of the hairdressing and beauty industry.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Hair and Beauty Charity is a company limited by guarantee without share capital, incorporated on 25 March 2016 and registered with the Charity commission on 31 March 2016.

The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.

Recruitment and appointment of new trustees

New trustees are appointed due to their interest in the work of the charity and their recognised experience in specific fields which will further support the work of Hair and Beauty Charity. Trustees can retire when they do not serve under a fixed term of tenure.

Organisational structure

The board of trustees administers the charity. The board meets periodically.

Induction and training of new trustees

New trustees are given a full induction by the other trustees of the charity. Trustees can retire when they wish as they do not serve under a fixed term of tenure.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The trustees have a risk management strategy which comprises:

- an annual review of the risks the charity may face;

- the establishment of systems and procedures to mitigate those risks identified in the plan;

- the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

10085412 (England and Wales)

Registered Charity number

1166298

Registered office

First Floor, One Abbey Court

Fraser Road

Priory Business Park

Bedford

Bedfordshire

MK44 3WH

Trustees

Mrs J A Lewis-Orr

Ms P Mabey

R M Rogers

Mrs H Ward

Mrs L J Hickey

Mrs S Grocutt-Davies

Fundraising Committee

Amy Woolner

Caroline Larissey (Joined 09.01.24)

David Drew (Resigned 31.12.24)

Fern Sayer (Joined 13.02.24)

Gaynor Hodge

Hannah Martin (Joined 14.05.24)

Janine Jennings

Lorenzo Colangelo

Luke Doolin (Joined 13.02.24)

Paul Brooks

Philip Sharp (Re-joined 09.01.24)

Robbie Atherton

Ruth Hunsley (Joined 01.10.24)

Sam Johnson (Re-joined 12.03.24)

Samantha Sweet

Sharon Brigden (Resigned 31.12.24)

Sheila Abrahams (Joined 11.06.24)

Susan Routledge

Sara Shoemark

Wendy Frame

Company Secretary

Mrs N Merola

Independent Examiner

Raffingers Holdings Limited

Chartered Accountants

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

Approved by order of the board of trustees on 22 May 2025 and signed on its behalf by:

R M Rogers - Trustee

I report on the accounts for the year ended 31 December 2024 set out on pages seven to seventeen.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of the independent examiner's report

My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. 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 I do not express an audit opinion on the view given by the accounts.

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 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

-	to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations

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.

Mr Thurairatnam Sudarshan FCCA

The Institute of Chartered Accountants in England and Wales

Raffingers Holdings Limited

Chartered Accountants

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

12 June 2025

2024

2023

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

143,377

-

143,377

87,323

Fundraising

2

87,142

-

87,142

105,444

Investment income

3

75,385

-

75,385

74,291

Total

305,904

-

305,904

267,058

EXPENDITURE ON

Raising funds

4

43,009

-

43,009

32,389

Charitable activities

5

Charitable activities

264,843

-

264,843

257,488

Total

307,852

-

307,852

289,877

Net gains on investments

59,063

-

59,063

220,028

NET INCOME

57,115

-

57,115

197,209

RECONCILIATION OF FUNDS

Total funds brought forward

2,689,560

-

2,689,560

2,492,351

TOTAL FUNDS CARRIED FORWARD

2,746,675

-

2,746,675

2,689,560

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

2024

2023

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

11

283

-

283

424

Investments

12

2,673,557

-

2,673,557

2,614,494

2,673,840

-

2,673,840

2,614,918

CURRENT ASSETS

Debtors

13

3,405

-

3,405

5,050

Cash at bank

77,451

-

77,451

83,611

80,856

-

80,856

88,661

CREDITORS

Amounts falling due within one year

14

(8,021

)

-

(8,021

)

(14,019

)

NET CURRENT ASSETS

72,835

-

72,835

74,642

TOTAL ASSETS LESS CURRENT LIABILITIES

2,746,675

-

2,746,675

2,689,560

NET ASSETS

2,746,675

-

2,746,675

2,689,560

FUNDS

15

Unrestricted funds

2,746,675

2,689,560

TOTAL FUNDS

2,746,675

2,689,560

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on 22 May 2025 and were signed on its behalf by:

R M Rogers - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

Assessment of going concern

The trustees, having made appropriate enquiries, consider that adequate resources exists for the charity to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt going concern basis in preparing the financial statements as at and for the period ended 31 December 2024. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

With regard to the next accounting period, the year ending 31 December 2024, the most significant areas that may affect the charity are potential loss of income due to reduction in fundraising activities and investment return and the carrying value of the assets held by the charity due to the performance of the investment markets.

Undoubtedly there will be challenges ahead but the trustees do not expect material concerns to arise over the charity's financial position or going concern.

Critical accounting judgements and key sources of estimation uncertainty

Preparation of the financial statements requires the trustees and management to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

- the useful economic lives attributed to tangible fixed assets used to determine the annual depreciation charge.

Income

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

Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount.

Dividends and interest on securities are credited in the financial statements when the charitable company is entitled to receive the funds.

Gift in kind

Gifts in kind are recognised at their open market value at the date of transfer.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on cost

Taxation

The company is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months form the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits.

Creditors and provision

Creditors and provision are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provision are recognised at the moment the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payments where such discounting is material.

2.	FUNDRAISING

2024

2023

£

£

Bike ride

15,124

11,543

Golf day

12,166

10,489

Raffle tickets

16,189

11,513

Voluntary fundraising

21,174

47,436

Charity fundraising

21,513

14,072

Other income

976

10,391

87,142

105,444

3.	INVESTMENT INCOME

2024

2023

£

£

Investment income received

75,385

74,291

4.	RAISING FUNDS

Raising donations and legacies

2024

2023

£

£

Bike rides

10,970

3,747

Raffle tickets

1,132

(133

)

Salons and beauty costs

4,283

5,569

Other fundraising costs

4,906

4,778

Advertising and marketing

12,496

12,000

Travelling

2,564

2,034

Golf Day Costs

6,658

4,394

43,009

32,389

5.	CHARITABLE ACTIVITIES COSTS

Grant

funding of

activities

Direct

(see note

Support

Costs

6)

costs

Totals

£

£

£

£

Charitable activities

82,823

156,428

25,592

264,843

6.	GRANTS PAYABLE

2024

2023

£

£

Charitable activities

156,428

142,610

The total grants paid to individuals during the year was as follows:

2024

2023

£

£

Grants to individuals

156,428

142,610

7.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024

2023

£

£

Depreciation - owned assets

141

213

Other operating leases

6,000

6,000

8.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

9.	STAFF COSTS

The average monthly number of employees during the year was as follows:

2024

2023

Administration

2

2

No employees received emoluments in excess of £60,000.

The average number of employees during the year was 2.

10.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

fund

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

87,323

-

87,323

Fundraising

105,444

-

105,444

Investment income

74,291

-

74,291

Total

267,058

-

267,058

EXPENDITURE ON

Raising funds

32,389

-

32,389

Charitable activities

Charitable activities

257,488

-

257,488

Total

289,877

-

289,877

Net gains on investments

220,028

-

220,028

NET INCOME

197,209

-

197,209

RECONCILIATION OF FUNDS

Total funds brought forward

2,492,351

-

2,492,351

TOTAL FUNDS CARRIED FORWARD

2,689,560

-

2,689,560

11.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024 and 31 December 2024

2,233

1,699

3,932

DEPRECIATION

At 1 January 2024

2,233

1,275

3,508

Charge for year

-

141

141

At 31 December 2024

2,233

1,416

3,649

NET BOOK VALUE

At 31 December 2024

-

283

283

At 31 December 2023

-

424

424

12.	FIXED ASSET INVESTMENTS

Listed

investments

£

MARKET VALUE

At 1 January 2024

2,614,494

Revaluation

59,063

At 31 December 2024

2,673,557

NET BOOK VALUE

At 31 December 2024

2,673,557

At 31 December 2023

2,614,494

There were no investment assets outside the UK.

13.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

2,105

3,750

Other debtors

1,300

1,300

3,405

5,050

14.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other creditors

371

6,369

Accrued expenses

7,650

7,650

8,021

14,019

15.	MOVEMENT IN FUNDS

Net

movement

At

At 1.1.24

in funds

31.12.24

£

£

£

Unrestricted funds

General fund

2,689,560

57,115

2,746,675

TOTAL FUNDS

2,689,560

57,115

2,746,675

Net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

305,904

(307,852

)

59,063

57,115

TOTAL FUNDS

305,904

(307,852

)

59,063

57,115

Comparatives for movement in funds

Net

movement

At

At 1.1.23

in funds

31.12.23

£

£

£

Unrestricted funds

General fund

2,492,351

197,209

2,689,560

TOTAL FUNDS

2,492,351

197,209

2,689,560

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

267,058

(289,877

)

220,028

197,209

TOTAL FUNDS

267,058

(289,877

)

220,028

197,209

Leonard Lewis Fund

The Leonard Lewis Fund was established to provide financial assistance to Mr Leonard Lewis who was an eligible beneficiary of the Hair & Beauty Benevolent Society, at the direction of the trustees. Leonard Lewis died on 30 November 2016. During the previous year, it was decided that the restricted funds brought forward of £13,815 is to be transferred to the unrestricted fund until it is decided where to spend the money.