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← Thera Trust

2025-03-31-accounts

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? Thera Trust®
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THERA TRUST

Registered No: 03593418 Charity No: 1090163

TRUSTEES’ CONSOLIDATED REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH, 2025

THERA TRUST

CONTENTS

Page
Introduction 1
Report of the Directors and Trustees (Including Strategic Report) 2- 85
Report of the Independent Auditor 86-96
Summary of Money 97
Consolidated Statement of Financial Activities 98
Balance Sheets 99
Consolidated Statement of Cash Flows 100
Notes to the Financial Statements 101-140

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THERA TRUST

INTRODUCTION

These papers tell readers what the company has been doing between April 2024 and March 2025. The directors have written about what has gone well and what needs development. You can see how the company has managed its money. The accounts have been checked by our Auditor – Sayer Vincent LLP Some of these papers must be written in legal language. We have introduced each section with an Easy Read text box.

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REFERENCE AND ADMINISTRATIVE INFORMATION

Charity Name

Thera Trust

Charity Registration Number

1090163

Country of registration

England and Wales

Company Registration Number 03593418

Country of incorporation

United Kingdom

Registered Office

134 Edmund Street Birmingham B3 2ES

Principal Address

The West House Alpha Court Swingbridge Road Grantham Lincolnshire NG31 7XT

Company Secretary

Martin Pilkington

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Auditor

Sayer Vincent LLP

Statutory Auditor 110 Golden Lane

London

EC1Y 0TG

Solicitors

Anthony Collins Solicitors LLP T C Young 134 Edmund Street Melrose House Birmingham 69a George Street B3 2ES Edinburgh EH2 2JG

Principal Bankers

Barclays Bank plc Sutton 9

Leicester

Leicestershire

LE87 2BB

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BOARD OF TRUSTEE DIRECTORS

Members of the Board of Trustee Directors, who are Directors for the purpose of company law and Trustees for the purpose of charity law, who served during the year and up to the date of this report are set out below:

Marc Berryman (appointed 25[th] March 2025)

John Blundell (resigned 13[th] June 2025) Christine Chang (resigned 17[th] December 2024) Nicola Coote Steven Folkard (appointed 19[th] July 2024) Ceri Lennon*

Elizabeth Lichten

Michelle McDermott Co-Chairperson Priya Oomahdat (resigned 29[th] October 2024) Kathryn Platts* (appointed 2 May 2024)

Christopher Rheinberg (resigned 13[th] June 2025)

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Matthew Smith Sally Warren Co-Chairperson Lorna Weston Steven Whalley (appointed 23rd July 2024) Katie Winn*

Details of trustee remuneration are detailed in Note 7 the accounts.

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This section explains that directors are responsible for putting together accounts which must show a true and fair view. This is the law.

RESPONSIBILITIES OF THE BOARD OF TRUSTEE DIRECTORS

The Directors (who are also the Trustees of Thera Trust for the purposes of charity law) are responsible for preparing the Report of the Directors and Trustees (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of Thera Trust, the charitable company, and of the Group and of Thera Trust’s and the Group’s incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

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✓ prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charitable company will continue in operation.

The Board of Directors is responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and of the Group to enable it to ensure that the financial statements comply with the Companies Act 2006. The Board of Directors is also responsible for safeguarding the assets of Thera Trust, the charitable company, and of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Board of Directors is responsible for the maintenance and integrity of the corporate and financial information included on Thera's website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions.

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Report of the Directors and Trustees[1]

The Trustees present their report and the audited financial statements for the year ended 31 March 2025. Reference and administrative information set out on page 2 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice – Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

1 Thera Trust seeks to make its annual report and accounts accessible to all of its readers, including those with a learning disability, whilst meeting all statutory requirements. This approach requires us to "tell the story" comprehensively for the year. Key information as required by company law as part of the strategic report (context to the financial statements, analysis of our performance and insight into our objectives, strategies and risks) is woven throughout and a single integrated report is therefore being provided.

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A Message from Your Co-chairpersons

Hello,

We are the co-chairpersons of Thera.

One of us has a learning disability and one does not.

We are proud to work together to support the Thera Group.

What is this report about?

This Annual Report tells you about our year 2024/25.

It shows how Thera is growing and changing, while keeping our Vision strong.

Thera believes people with learning disabilities can be leaders.

This is very important to us.

Thank you to everyone

We want to say a big thank you to:

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Your hard work, care and kindness make Thera strong.

Thank you to Board members

We also want to thank Priya Oomahdat and Christine Chang, who stepped down from the Board this year. They gave Thera a lot of skill and support.

We are very pleased to welcome three new Board members: • Steven Whalley

They bring new ideas and experience, and we are happy they have joined us.

It has been a challenging year

Social care across the UK is facing problems:

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• more people need support.

Thera has made some big changes to stay strong in the future. We want to thank everyone for being patient, professional and positive during these changes.

We feel confident

Our new Group Executive Team is doing great work. They bring energy, honesty and strong leadership. This includes leaders with lived experience of learning disability.

The transformation plan is working well and is helping Thera to be more secure with money and planning.

Looking ahead

We are feeling hopeful.

We are refreshing our Vision, Mission and Values, with help from the people we support and staff.

We want to:

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Most of all, we want people with learning disabilities to stay at the centre of every decision we make.

Thank you

Thank you to everyone who supports Thera. Your belief, hard work and kindness help us every day. Together, we will keep moving forward and build a fair, inclusive future for everyone.

Your co-chairpersons

Michelle McDermott and Sally Warren

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What is Important for Thera

Thera has always said that the people it supports must be involved in how the organisation does its job. Thera’s Vision clearly sets out Thera’s philosophy to demonstrate the leadership and other abilities of people with a learning disability and to ensure their control of, and involvement in, Thera.

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People with a learning disability have a greater profile in society today than they did twenty-seven years ago when Thera started. They are increasingly represented in mainstream media. However, they still face considerable prejudice and barriers with health inequalities.

Learning from Lives and Deaths – people with a learning disability and autistic people (LeDeR) report, published in 2025, reviews learning from lives and deaths between 2021 and 2023.

In the LeDeR report, it states that the average age at death for people with a learning disabiilty is 62.5years old. This is 19.5 years younger than the general population. In 2023, the number of recorded avoidable deaths was 38.8%, and whilst that has reduced from 46.1% in 2021, compared to the general population average of 21.6%, it is 17% higher. People’s ethnicity also had an impact, with the average age at death being 19.8 years less than white adults. It also reports that 22-26% (depending on whether you had a mild or profound learning disability) of deaths were treatable, in comparison to the general population average of 7.6%.

In December 2022, Thera published the impact of a funded project to roll out training and awareness of the RESTORE2mini and SToMP initiative. This allowed us to train 675 people, of which 530 were employed by Thera Group. In addition to this rollout, Ansar Projects, Thera Trust, Coppafeel and Orchard came together with an aim to plug an information gap and create accessible resources about cancer.

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The impact of this can be demonstrated through the impactful stories throughout this report:

Peter experienced a change in his bowel habits. Peter’s support team quickly arranged a doctor’s appointment where they took a stool sample. The conclusion was that it was likely bowel cancer and further tests confirmed this diagnosis.

The doctor went straight to end of life care, believing that the surgery required would be too dangerous for a man in his mid-70s. Accepting this decision and beginning palliative care would start the clock on the end of Peter’s life. The team, led by manager Mel, strongly disagreed with this assessment.

They believed that Peter was healthy, very fit and active for his age, and has a strong level of independence. Peter also has selective mutism, which meant that the team had to be his voice throughout the process. The team spoke with Peter about his wishes, his family and shared their own beliefs about his fitness for treatment. They then decided to seek other medical opinions.

Peter completed a fitness test and had a treatment plan created around his current condition. Following this, Peter had the surgery to remove the mass and recovered well. The team supported him throughout the process by prepping his hospital passport to advise the hospital staff how to communicate with him. They also ensured

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that he was accompanied by familiar people to make the process as easy as possible.

The team did receive Restore2 Mini training, which they say helped give them the confidence to speak their mind with the professionals. However, they did specify that without the training, they still would have gone ahead given the seriousness of the situation. The team were shocked at the doctor’s opinion and wanted to ask questions on behalf of Peter. The situation and positive outcome have made them feel proud and validated as a team.

It is no exaggeration to say their actions saved his life and we thank them all for being incredible advocates for his health and wellbeing. Peter’s story shows how important it is that people with a learning disability have their voices heard. This is especially true in healthcare, where symptoms in people with a learning disability can go unnoticed. *Name has been changed for privacy reasons

Thera have since worked with Coppafeel to update the Know Your Body resources, also publishing printed resources for people. Our Quality and Involvement Team are now working with Ovacom to develop some more accessible resources to help bridge the health inequalities for people with a learning disability.

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Strategic Direction

Thera’s strategic direction continues the range of care, support, services and activities that Thera is now known for. As a charitable group of companies, this direction is delivered both by Thera Trust itself and through its subsidiary companies.

During 2025, working with colleagues and beneficiaries we have undertaken to refresh our Vision, Mision and Values. We look forward to being able to launch these in 2026.

The content of this report sets out how the Group achieved its strategic objectives during 2024-2025.

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In addition to the needs of beneficiaries and commercial considerations, trustees continue to have regard to the Charity Commission’s guidance on public benefit and believe that the strategic direction, objectives and activities of Thera Trust and its subsidiaries fulfil the Commission’s requirements. Thera’s objects[2] , aims and activities continue to be charitable and provide benefit both directly and indirectly to individuals in need, their families, and the local communities in which they live.

Trustees of Thera Trust promote the purposes of the charity in a number of ways, noting that this is in their role as trustees of the

2 Thera Trust’s charitable objects are for the public benefit and are “the relief of persons with a learning disability, their families and carers by the provision of support services including services in the support of residential, respite and other suitable forms of care, education and work opportunities and to promote public awareness of the needs of such persons and to give support to their families“ and “the promotion of the effective use of charitable resources for the benefit of the public by the provision of services to organisations involved in the relief of persons with learning disabilities, their families and carers.” and “the company can do all other things that are incidental or conducive to its objects or any of them.”

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parent company of a charitable group of companies. As well as talking about Thera, they:

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The social care sector and Thera

There is currently a review of Adult Social Care by the Casey Review “Independent Commission into Adult Social Care”. It is a UK

Government-initiated review to examine and propose reforms for the adult social care system. The review aims to address systemic issues and improve the lives of individuals reliant on social care by developing a sustainable and effective system.

A significant impact to the sector was the announcement of the National Living Wage and National Insurance increase. This presented significant financial challenge, which we have been working with our colleagues in Local Authorities to reflect.

A range of factors are expected to influence the sector in the coming years, including annual changes to the National Living Wage, the introduction of Fair Pay Agreements, and developments related to the Employment Rights Bill. Thera is actively engaging in discussions around these issues to ensure we stay well-informed and responsive to emerging challenges and opportunities.

Thera Supports People with a Learning Disability

As of 31[st] March, 2025, Thera was providing support to over 3100 people with a learning disability (31[st] March, 2024 – around 3,100) across the UK. Within this, around 1400 people receive support through the financial advocacy services provided by Dosh. This is

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sometimes in addition to care and support provided by another Thera company. But Dosh also has a large number of customers whose day-to-day support is delivered by another care provider.

Overall, there was an increase in the numbers of people supported. Broken down in detail, there was a reduction in support provided through short breaks, community support and day opportunities, but an increase of supported living. The reduction in short breaks was a result of the planned closure of The Camden Society (London), where the contract was successfully handed over to another provider.

The range of Thera’s work is described in its Social Impact Framework. Our Social Impact Report (for 2023-2024) was published during the year evidencing that Thera is contributing to solutions for people with a learning disability in the UK. These ratings are based on an assessment against the Impact Management Project methodology, which assesses Thera’s impact across all its impact goals.

At the time of writing, our report (for 2024-2025) was being finalised, showing Thera’s impact in this year. Copies of our annual social impact reports can be viewed online at www.thera.co.uk/impact.

Each year, we hear stories from people we work for. They range from ‘big’ to ‘small’ events, but all are significant in that person’s life and make a real difference to them. They show people achieving goals and dreams, making choices, navigating changes and leading their

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lives as valued citizens in their local community. Some of their stories are included throughout this report and illustrate the work that Thera does and the impact that we have in people’s lives.

In 2018, Blake was supported by staff to enrol to a local gym, attending sessions several times a week. Initially, Blake sought the company of staff members during his workouts to receive support and encouragement, as he lacked confidence. However, the following year, he decided to exercise at the gym independently, believing that staff couldn't keep up with his pace. This choice not only allowed him to gain more independence and confidence but also served as a challenge to improve his physique and overall fitness.

When the Covid-19 lockdowns prevented Blake from going to the gym, he was very disappointed. As an alternative, he opted to engage in a daily 4-mile walk. It soon became evident that staff couldn't match his pace yet again, so he chose to go on an independent walk every day at 7am.

When gyms reopened in late 2020, Blake eagerly returned to his workout routine, while also continuing his daily walks. He began to witness the results of his fitness regimen, with well-defined muscles and significantly improved fitness levels. This boost in self-confidence led him to feel body-confident, with support from staff reassuring him of his progress and muscle growth daily.

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In early 2023, Blake set himself a new goal: to train and run a half marathon. He started with running 6 miles several times a week, gradually increasing the distance to 8 miles. Although the staff offered to run with him, Blake jokingly laughed it off

Presently, Blake achieves 8 miles in 1 hour, a remarkable feat. However, he aims to complete the same distance in under an hour, whilst working on his distance, ready for the big challenge. With the support and encouragement from the staff, Blake is determined to accomplish his goal of running a Half Marathon this year.

Blake keeps track of his progress and fitness using his watch and iPhone, allowing him to maintain control over his diet, hydration, and fitness levels.

Over the years, the staff has witnessed a tremendous transformation in Blake. He no longer walks with his head down but holds it high, with great confidence. He feels less vulnerable when he is out and about on his own. Blake’s positive outlook has played a significant role in enabling him to manage his ADHD more independently. He continues to set and work towards his own goals to live the life he wants.

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Individual (Direct) Support – Supporting People to Have a Great Life!

This is the main area of Thera’s work. We aim to support people to achieve their ambitions, increase their independence and social / personal well-being with support in many aspects of their day-to-day lives, helping them to maintain a tenancy and build circles and networks of support in their local community.

Much of this aspect of Thera’s work is intensive 24-hour support, to people with complex support needs, in their own homes and alongside them in their local communities. The impact of Thera’s support sometimes seems only to be small steps but, over the longer term, great strides are evident.

Thera supports, helps, and encourages people in developing a range of practical life skills, to take an active part in their local community, in employment, education, hobbies and interests, for short breaks and on holiday. Thera also supports people who want only a small amount of support from us, as one part of their overall network of family, friends and support.

Throughout 2024-2025 the retention and recruitment of staff continued as a high priority, and consequently we saw continued improvement across both areas. Our use of temporary (agency) workers has seen a significant decrease during the year, which enables us to provide consistent care and support to beneficiaries. Leaders are continuing to focus on these areas as, sector-wide this is

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an ongoing challenge. The People and Culture Strategy is a key enabler in ensuring we have an engaged, equipped and empowered workforce who are well-led and supported in delivering quality care and support to deliver Thera’s Vision.

JC has been nominated for Volunteer of the Year at the Woodgreen charity shop in St Ives, Cambridgeshire! Her manager said ‘JC is willing to take on any challenge that is given to her, she is now comfortable working on the till, serving, talking to and helping customers. JC also sorts and processes stock and is a great help organising our storage container.’

JC started working at Woodgreen charity shop in 2020, having previously volunteered in several roles including with Thera East Anglia’s allotment project and with a food bank. As the first Covid-19 lockdown eased in summer 2020, she worked with the supported employment team to find a new role that would suit her. They knew she liked dogs and so suggested Woodgreen pets charity, where she could volunteer at the shop and also visit the local rehoming centre. Staff supported JC to visit the shop several times to meet the team and ensure she was comfortable. They then supported her to complete the application form and she was successful! The support team talked to the staff and volunteers at the shop about how they could help JC to be comfortable and work well and they worked alongside her at first to help her get settled.

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She has been working there since autumn 2020 and in 2022 increased her hours so that she now works four days a week in the shop in a customer facing role. This role has helped her learn how to engage well with the general public and become more confident – this is a big achievement for JC as she often hides her face when she is nervous or unsure. She has made friends at the shop and enjoys her time there.

Her support team check in on her sometimes and can provide support where needed, but she is usually very independent. This voluntary work helps Jodie to build employment and independence skills, without the pressure of a paid job, which she does not want at this time. She is using the opportunity to build skills ready for when she wants to live more independently in the future.

Being named Volunteer of the Year is the icing on the cake, showing how much she has grown in her role and what a contribution she makes.

Employment, Training and Social Enterprises

Unity Works Social Enterprises supports people with a learning disability with training and support into, and in, work. This includes working through its social enterprises – catering, gardening, warehousing and distribution, in addition to working alongside a

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number of Further Education colleges to support young people of 1925 years to progress from vocational courses into employment.

Other supported employment programmes operate elsewhere in the Group.

Housing Support

Forward Housing provides a housing brokerage service to help people with a learning disability find somewhere to live. We work with a number of housing associations and other housing providers to help people find a place of their own.

In addition, Forward Housing own, lease, and adapt property for people with a learning disability who are finding it difficult to find a house suitable to meet their specific needs.

Thera also provides support to people to move on from residential care accommodation to become tenants either in situ or in alternative accommodation.

Financial Advocacy and Corporate Appointeeship

Dosh provides specialist, person-centred financial advocacy and support to manage individual budgets and direct payments as well as corporate appointeeship services to individuals.

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Community Capacity Building

Other companies in the Group also undertake work and specific projects aimed at community capacity. The Thrive Project is being created to provide alternative options within communities for people with a Learning Disability who may currently be in receipt of buildingbased support.

Equal Futures support the creation of lasting relationships for people with a learning disability to live an equal life. They support the facilitation of circles of support around individuals along with their family. For more information about Equal Futures visit: Equal Futures | Thera Trust

Equal Futures has relied solely on income from trusts and grants to continue delivering its support to people. The social care sector is in a difficult position, with reduced funding from local authorities, and increased competition for income from trusts and grants foundations.

Unfortunately, despite best efforts, Equal Futures has been unable to secure the funds it needs to continue its support in its current form in a sustainable way.

In October 2024, a difficult decision was taken to transfer the activities of Equal Futures to Thera Trust, by 31[st] March 2025. From 1[st] April 2025 this work will be delivered by Equal Futures as a project rather than as its own charity.

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The Role of Thera Trust

Thera Trust is the parent charitable company of the Thera Group. It has several distinct roles:

In its registered charity role, Thera Trust must fulfil its charitable objectives as set out in its governing document, operates for the public benefit and complies with charity law and uses its charitable resources in the best interests of its beneficiaries.

Thera Trust also provides support and advice to subsidiary companies offering people with a learning disability company membership of their local Thera company, in line with Thera’s Vision. Andrew Bright and Sara Danby, Lead Directors of Quality and Involvement for Thera Trust, provide mentoring to Thera’s paid executive directors with lived experience of learning disability in their leadership roles, as well as to the increasing number of nonexecutive directors with similar lived experience. Andrew and Sara

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work in an equal leadership role. Andrew bringing his lived experience of a learning disability and Sara bringing her experience of leadership roles in social care working in partnership together. Having been in their role for a year, following up on their main priorities, here are some highlights:

To begin, we would like to pay tribute to Catherine Carter, Service Quality Director for Thera North. We were all shocked and saddened when Catherine passed away suddenly in November 2024.

At the time, Karen Harris, Catherine’s Executive Assistant paid the following tribute:

‘ Catherine joined Thera North in April 2023. She did a fantastic job of getting to know and represent people we support despite doing so around major surgery and chemotherapy treatments for breast cancer.

Her determination to carry on representing people and developing links with Learning Disability Partnership Boards and advocacy groups was no surprise. That's what Catherine had been doing all her life, pushing against the odds to shine a light on inequalities faced by people who have learning disabilities.

Catherine approached her work with diligence, candour and good humour with a twinkle in her eye and infectious laughter. She was a

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light that shone brightly to lift others around her despite her own difficulties. She will be greatly missed.’

In June, we said goodbye to David Parker, Service Quality Director for Thera East Anglia and Oliver Smith, Service Quality Director for The Camden Society. Both David and Oliver had been a part of Thera for a number of years and made a great contribution as leaders with a lived experience. We wish them every success in what lies ahead.

Kiran Kaur has had previous experience in the role of Service Quality Director and joins us after working as joint Head of Development. Ben McKay joins us after working for My Life My Choice and brings his experience of peer led Quality Checking and advocacy.

We look forward to seeing the impact they bring to the Companies in their roles.

In October, we began a consultation with staff at The Quality Company. The Quality Company had been a part of Thera Group since 2007.The Quality Company had been in receipt of a social investment grant from Thera Trust which was unable to continue providing this grant. The Quality Company were unable to make enough money to be sustainable. Following the consultation, staff TUPE transferred into Thera Trust as the Quality and Involvement Team and The Quality Company closed on the 31[st] October 2024.

A review of how to continue providing a peer led quality checking service was carried out and the Quality and Involvement team

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entered into consultation on a proposed new quality checking service and team structure on the 1[st] November.

The consultation ended at the beginning of December, with the new structure coming into place and people taking up their roles through December and January. The Quality and Involvement Team are now overseen by ourselves and are delivering on the plan to roll out peer led quality checking across Thera subsidiaries.

Our external work has continued. In April we became part of a 2 year national study group with NCEPOD (National Confidential Enquiry into Patient Outcome and Death). NCEPOD is an independent body dedicated to improving the quality of medical and surgical care by reviewing clinical practice across the UK. As members of the study group, we are part of a process that directly informs national policy, clinical guidelines, and the ongoing development of best practices within the health sector for people with a lived experience of learning disability. It conducts confidential surveys, audits, and reviews of patient outcomes, identifying patterns, strengths, and areas for improvement. Representing Thera Trust, we are lending our voices and the experiences of the people we support to a nationwide conversation on healthcare inequality.

In September, we attended the British Ambassador for France’s Garden Party in Paris in honour of the Paralympics. This was in recognition of Andrews work with the Power 100 and Shaw Trust. Andrew had been named in the Power 100 list of 2019 and had then

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gone on to be a part of the judging panel. The garden party was attended by people from across the disability community who had accomplished remarkable achievements.

It was an honour to have the amazing opportunity to promote Thera Trust and leaders with a learning disability at the event. The garden party was platform to exchange ideas, make connections and celebrate great achievements.

At the end of March, we were approached by King’s College, London around a research project in people with learning disabilities work in social care as experts by experience. The research is looking at what experts by experience do in social care and what changes take place when organisations have experts by experience. We look forward to sharing with you more about this research project and our contribution in next year’s report.

Andrew Bright and Sara Danby

Group Lead Directors of Quality and Involvement

As the parent company of the Thera Group, Thera Trust has overall responsibility for a variety of governance matters including the appointment of directors to company boards, the strategic planning and monitoring of the Group and a range of regulatory responsibilities.

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Thera Trust aims to support people to have a voice as citizens and increasingly leads a range of specific charitable activities and projects. Thera Trust also leads the Group’s fundraising efforts, drawing on skills and experience in other companies in the Group. We seek to influence and make a difference generally for people with a learning disability both locally and nationally.

Thera Trust also provides a range of specialist corporate functions to companies across the Group and can also provide services directly to individuals with a learning disability, such as payroll services to individuals who wish to employ their own staff.

Maria was living in a 1-bedroom flat independently, with some support each day from The Camden Society and other carers. She enjoyed going out in her local community and was a very sociable person involved in her local church and seeing friends regularly.

A few years ago, she began to have more falls at home and had to go into hospital a lot. As she lived on her own, she could often be stuck on the floor for a long time waiting for an ambulance to arrive to help her. This made her very worried about falling, and so she would sit for long periods of time in the same recliner chair and not get up unless there was someone else around. She stopped going out of her flat at all as she had lost so much confidence with her mobility, which was impacting both her physical and mental wellbeing.

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Her support team could see how much this was affecting her and so they arrange a review meeting with Maria, her family and social worker to see what could be done. Her support team also supported some people who lived together in a house nearby, who Maria knew socially from when she used to go out. There was a spare room there, which Maria could move into, which would mean there would always a support worker nearby if she needed it. Maria said she no longer felt safe in her flat, so she was really keen to move, as were her 2 brothers who she talks to regularly. The Camden Society agreed with social services that Maria would have shared support at the house along with 16 hours of 1:1 support just for her.

When she moved in around November 2022, staff worked slowly with Maria to build up her confidence again. They started by encouraging her to do more things for herself around the house. She was initially quite tearful and anxious about falling but, knowing that there was always someone nearby if she needed it, allowed her to get up more and slowly try things.

She needed a lot of support with her personal care, making meals and many other tasks around the house at first, but has rebuilt her confidence and skills with each of these and now does most things independently, including all her personal care. She has settled really well into the home and is enjoying living in her new home.

After several months, as she gained more independence again at home, Maria and her support team started to look at going out of the

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house again. They helped her get back in touch with places she had previously enjoyed going such as the coffee morning at her local church. At first, a support worker would go along with her to help her get settled and build her confidence. When they saw that she was managing the trip independently and didn’t need them there, they talked to her about starting to go independently.

Now in summer 2023 she attends the coffee morning each week independently, booking her own taxi to get her there and back. She also goes into town each week for a walk and to meet friends, as well as going to church each Sunday. Now that she is happy doing these things independently, she can use her 1:1 support hours to go out on trips, for lunch and other things she enjoys doing.

As well as arranging the house move, her support team also helped arrange a medicine review as doctors thought epilepsy seizures may have been triggering the falls. With the new medicines and building confidence again at home, she has become much more stable and confident moving around and has had no falls since she moved in November 2022. When she first moved in, she was assessed as needing a ramp installing to help with 3 steps to the door; however a review a few months later found that this was no longer needed as she was so much steadier.

Next, Maria’s support team are going to work with her to start losing some of the weight she gained when she wasn’t going out, to help her manage her epilepsy better and enjoy some longer walks. Most

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importantly, Maria is now finally able to get back out and enjoy her life, with the right support and encouragement behind her.

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Where Thera Works

During 2024-2025, Thera companies continued to support people in many parts of England, in South Wales, in South East Scotland and the Highlands.

This map shows the areas that Thera covers:

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People with a Learning Disability Help Direct and Manage Thera

People who are supported by Thera have a lot of influence on how their Thera regional company is directed and managed, as well as leading the design and delivery of their own support.

People can be company members of their local Thera company, as can families / carers and staff; they are then consulted on a range of important issues that affect the organisation. Company members can also elect an independent director to represent their views on their local company board.

In addition, people with a learning disability are employed as paid executive directors and in a number of other posts across the Group. Directors with a learning disability are responsible for overseeing the quality of the work that Thera undertakes.

Thera is 26 Years Old!

Thera Trust was incorporated on 6 July 1998, as a not-for-profit company limited by guarantee and having no share capital. Thera started trading in August 1998, supporting five people in Cambridgeshire. Thera was registered as a charity on 18 January 2002.

The company was established under a Memorandum of Association which established its objects and powers and is now governed under

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an updated set of Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £1. The total number of such guarantees at 31 March, 2025 was 14 (31 March, 2024: 12).

Thera is a large Group of Companies and Charities

As Thera has grown and developed, it has set up a group structure to continue supporting people through a number of smaller, locally focused subsidiary companies as well as with specialist services delivered through national companies. This means that the boards of individual companies are able to govern their company taking decisions which are aligned to the needs and wishes of their specific beneficiaries and customers, involving people with a learning disability in the direction and management of their local company and engaging closely with the local communities in which they work.

These company boards are supported by the Head of Governance, who assists them with the recruitment, induction and training of nonexecutive directors and provides advice and guidance to ensure those boards can operate effectively. Details of each individual company’s activities and money can be found in their respective annual reports and accounts.

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Previous annual reports have set out the history of each of the companies as part of the Group’s development.

A review of dormant companies currently in the Group was undertaken. Once final accounting entries were made, and since the financial year end, Uemploy was struck off from the Register of Companies on 27 May 2025. We anticipate that The Camden Society (London), The Quality Company, Equal Futures, and seven dormant trading companies, will also be struck off in the coming year.

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Leadership by People with a Learning Disability

Each regional company within the Thera Group has a paid Service Quality Director post on its board or senior management team, responsible for monitoring quality assurance and the design of new types of work as well as representing the views of people with a learning disability on the board and elsewhere and ensuring their influence on the organisation’s decisions. These are paid executive roles.

Each Service Quality Director is expected to bring their experience of having a learning disability to the way the board leads the organisation. There are now posts for thirteen paid / remunerated directors with a learning disability across the Group. Some of Thera’s specialist companies are also now considering such roles.

Other companies within the Group are also structured to ensure significant involvement of people with a learning disability as members, shareholders, directors, and staff.

Thera Employs Good Staff

At the end of the year, the Thera Group employed just under 3,300 staff (31[st] March 2024 - 3,300), the majority of whom are support workers. This increase in staff is reflective of a reduction in the use of agency staff and increased recruitment.

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Our staff are the most important part of Thera and we take considerable pride in their achievements, their dedication, and the level of commitment they make every day in delivering high quality support to people. Individual Thera companies have continued to invest in staff by offering first class support, training and development, ensuring that they are capable and motivated to meet the needs of our beneficiaries.

As befits an organisation with Thera's Vision, we are committed to ensuring that all job applicants and employees are treated fairly and valued regardless of gender, disability, race, age, marital status, sexual orientation, religion, colour, ethnic or national origin. We value diversity and social inclusion across all our activities and our recruitment process ensures that all applicants have equal opportunity for employment within the Group.

Thera Trust has achieved the status of a Disability Confident Employer level 1, which recognises that our systems and processes are adapted to encourage the recruitment of staff with a disability and to support them in work.

As well as the now established staff awards scheme, which are under the control of our Employee Consultative Councils in several companies, individual companies continue to explore further initiatives such as long service awards. Thera Trust has continued to maintain its support of these schemes with a £50,000 annual investment.

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Company News from 2024-2025

Annual reports necessarily highlight key events, achievements, themes, and organisational matters. We should not though forget that, on a day-to-day basis, Thera now supports around 3100 people with over 3,300 staff. It remains the case that over 6000 people therefore rely on the organisation directly in one form or another; not counting people’s families and community stakeholders! This is the core of what we do as you can read from the many stories from people we support and members of staff included throughout this report as well as in our Social Impact Report, individual company reports and through our various social media channels.

Stacey moved into a new house in Suffolk last May and began being supported by Thera East. She says she has noticed a real difference in the support she has been getting since joining Thera and shared the impact this has had on her life.

“Where I was living before, I wasn’t getting good support. Here it is better, the other people I live with, and the staff, are really nice. I used to just be stuck in my bedroom a lot and now I do lots of things.”

Stacey leads a busy life, including working at a charity shop one day a week, going to a social club and enjoying many different activities. She enjoys time at home too, cooking meals and sometimes playing cards with the other 2 people she lives with. They manage the

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household chores between them, and each week Stacey sits with her support team to plan her weekly activities and meals. She gets out independently, as well as doing things with her support team, like the weekly shop, bowling or going for a walk around town.

Stacey used to work at a local charity shop, but this stopped for a while. Her Thera support team helped her to go back to the shop and ask if she could start working there again. They were very happy to have Stacey back! Stacey’s work involves sorting the donations, putting clothes out and meeting the customers, which she really enjoys. She has also recently learnt to use the new till and give the correct change for cash payments.

Stacey’s support team introduced her to a new social club on a Thursday evening. She now goes there independently each week to meet up with friends, play pool or darts, enjoy the music and chat. She also met her boyfriend there and they have been seeing each other for 6 months now! The club also holds a regular disco night, which Stacey enjoys.

“Where I was before, I didn’t have no friends, but here I’ve got more friends like at the club now.”

Further news and stories can be found in the reports of each individual company.

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Thera’s Money

Thera’s accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with Thera’s Articles of Association, applicable law, and the requirements of the ‘Accounting and Reporting by Charities, Statement of Recommended Practice’ and FRS102.

Thera’s income in 2024-2025 continued to come largely from contracts with local authorities or NHS organisations. Contract income from these public bodies is provided to people we support on an individual basis, although the extent to which people with a learning disability themselves have a say in how their local authority spends money on their behalf varies considerably across the country.

A limited amount of income continues to come directly from individuals supported by Thera, who are taking advantage of the control that Direct Payments and Individual Budgets gives them. Rental income is consistent with last year.

Group incoming resources in 2024-2025 were £101.3m (2023-2024 £91.2m). The overall increase in income is reflective of the increase in care and support needs of the people supported. The increase is also due to the impact of the Local Authority and NHS care and support contract annual fee uplift from Local Authorities and NHS. The fee increases do not fully cover the cost of the increase in the National Minimum Wage and other pay and non-pay inflation.

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During 2024-2025, the Group made a surplus on its charitable activities of £0.8m (2023-2024 loss £-2.7m), before net exceptional costs of £1.1m (2023-2024 £0.9m). As a result, the Group made a net loss before changes in the value of investments and pensions of £-0.3m. The improvement in financial performance was in large part due to the implementation of the transformation plan which included reducing agency staff use, maximising annual fee uplifts and keeping tighter controls over financial expenditure.

The trustees undertook a review of the value of its leasehold and freehold property, which indicated an increase in value across all investment properties of £1.0m and £26k on Fixed Assets.

Actuarial gains on defined benefit pension schemes were £8k.

As a result of all of the above, the Group’s reserves at the year end were increased by a net £1.5m. EBITDA[3] (before exceptional items) was £2.0m. (2023-2024 £-1.1m.).

Several companies in the Group - The Camden Society, Aspire Living, Unity Works Social Enterprises and Forward Housing - are registered charities. Other than Forward Housing, each had reduced success in local fundraising activities, the details of which are reported separately in their respective reports and accounts.

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Net charitable income and reserves are applied by Thera to the benefit of people with a learning disability through the Group's wider charitable objectives. This may be through support to smaller companies in the Group or specific charitable projects. During the year, trustees again made a number of monetary grants to individuals to meet specific requests for financial support. Trustees have also maintained the discretionary fund to reward individual members of staff who demonstrate a particular contribution to the Charity’s objectives.

Details of the results for each of our subsidiary companies can be found in note 15 to the accounts later in this document and in their individual separately published accounts.

Investor Support

We’re really pleased to continue to be supported by a range of individual and institutional investors and we continue to be grateful to all those organisations and individuals who have supported Thera by investing in our bonds.

We are grateful to Rathbones Asset Management Limited, Rathbone Greenbank, Bridge House Estates, CAF Venturesome, Treebeard Trust, Better Society Capital, Tuixen Foundation and The Rafael Trust for their invaluable continued support, alongside many individual investors.

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Transformation Plan and rescheduling of repayment of bonds

Shortly before the March 2024 year-end, the new Thera Trust Executive team became fully aware of the significant cash flow challenge due to several factors, including: Thera Trust was only able to raise £4.1m. from the planned £5.0m. October 2023 charity bond raise; continuing slow payments for contracts from Local Authorities; and generation of a financial loss for the second year. It was clear that urgent action needed to be taken.

Meetings were held with all three groups of bondholders in April 2024, to ask for the repayment to the 2018 bondholders of their capital in March 2024 to be deferred for six months, to enable the new Executive team to prepare a transformation plan to return the Trust to a surplus over three years. This request was granted.

The three-year transformation plan has four workstreams and is led by the Executive team, supported by a Head of Transformation. The work streams are: ‘Operational efficiencies’; ‘income generation’; ‘simplification of Thera Group structure’ and ‘Central Services rightsizing’.

In addition to the three-year transformation plan, a five-year financial plan was created which identified options for paying the bondholders back in a financially sustainable way.

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To provide future liquidity and greater insulation for risks, a £4.0m. sale and lease back of property was completed on 23[rd] December 2024. A £4.5m. Asset backed lending facility was secured in July 2025. This facility is currently unused but will provide headroom against any future headwinds.

Update on the Transformation Plan

Delivery of the short-term targets in 2024-2025 have been delivered. Initial savings were made by restricting discretionary funds which included the Social Investment fund, as well as travel and accommodation. Improvements to date include:

Plans are in place to further grow income by filling vacant tenancies, increase fundraising and increasing fees where needed to ensure that care and support services are appropriately funded, and identify business development opportunities to provide services in new areas of the country.

Delivery of medium-term targets in 2025-2026 included ongoing rationalisation of the Group and delivery of the Operational Restructure - more details of the restructure can be found in the Since

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the Year End section later in this report. Throughout the period additional savings through more process and systems efficiencies have also been delivered.

Delivery of longer-term targets include achieving a stable and sustainable level of surplus generation, building cashflow resilience and planning to refinance any outstanding debt at March 2029.

The commitment to deliver high quality care and support remains at the heart of our plan and will be monitored throughout the plan.

Rescheduling of bond repayments

Meetings were held with bondholders in September 2024, to propose revised repayment dates of principal which were determined by affordability and Thera needing to maintain £3.5m. to £4.0m. liquidity headroom. The intention is to repay the bonds in order they are due: 2018-2024, then 2020-2026, then 2023-2029. However, the initial payment was paid pro rata to all holders as it was part of the proceeds of a property sale.

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The table below show the new repayment schedule for each series of bonds:

to be repaid on

The first payment, due on 31[st] December 2024 has been made.

The interest rate on the 2023-2029 bond will remain unchanged at 7.25%.

Interest rates (excl default interest) on the 2018-2024 and 2020-2026 bond are increased and are set out below.

The interest payment date will remain the same, 31[st] March each year and the interest rate will be paid on the balance outstanding from time to time, adjusted for any repayments.

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Coupon Rates

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From 1 April until 30 September 2024 Bs sete
principal
From 1 October until 31 March 2025 on balance
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Interest accrues on principal outstanding on 1[st] April each year until the next interest payment date.

From 1[st] October 2024 default interest will no longer be applicable on any of the bonds.

Property Purchases and Developments

During the year, we continued to have access to funding under our agreement with Cheyne Capital made available from their Social Impact Property Fund. These funds continued to provide opportunity for Forward Housing to make property available to individuals supported by other Thera companies with a consequent impact on turnover and trading surplus. The fund closed in October 2024 and we are in the process of looking for new Funds to continue to support investment.

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During the year, there were three new developments that had been completed.

Social Investment Policy

Thera Trust’s Social Investment Policy allows Thera:

No grants were awarded during the year

Reserves

The overall results for 2024-2025 had a positive impact on the Group's reserves. Net assets at 31[st] March, 2025 were £10.6m. (31[st] March 2024 £9.0m.). Thera’s reserves were made up as follows:

£’000
Unrestricted Reserves incl. Revaluation Reserve 10,107
Designated Reserves 8
Restricted Reserves 451
Total Reserves at 31 March 2025 10,566

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Several companies in the Group have net liabilities. These have arisen in general because of the ongoing operational challenges faced by organisations in the social care sector. This is in part driven by costs of the central services and the interest on the intragroup agreement loans.

Thera Group expects that companies will support more people in the future allowing balance sheet deficits to be eliminated over time. In the case of regional companies, there is a specific focus for development activity in the years ahead. However to be prudent, as the intragroup debt has been growing year on year and a decision has been made this year to provide for the value of intragroup debt owed to Thera Trust, or for the net liabilities if that is less for relevant Group companies. This has been undertaken for six of the regional care and support companies for Unity Works Social Enterprises and for DOSH.

The impact of this on Thera Trusts company reserves is £11.6m. There is no impact on the Thera Trust Group position.

Thera Trust will continue to provide financial support to these entities in the short term, but the transformation plan expects a transition to generation of surpluses to further strengthen the Group’s financial sustainability.

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Loss making provision of care and support is constantly reviewed to ensure that operational effectiveness moves financial performance to one of surplus generation.

Reserves Policy

Thera’s Reserves Policy has been refreshed to reflect guidance from The Charity Commissions CC 19: building Resilience (June 2023) - https://www.gov.uk/government/publications/charities ,.highlighting the different reasons and needs for having a certain level of reserves.

Considerations to assess an appropriate level of reserves include restrictions on different types of reserves; impact of risk; historical commitments and building reserves for future commitments.

The policy seeks to calculate the current reserve and establish a target reserves range. The policy will be update reviewed and updated annually.

The trustees recognise that group free reserves of £0.4m. are insufficient to secure the long-term resilience of the Group. In the short term, the trustees focus is on working capital management and maintaining sufficient cash headroom of £3.0m.- £4.0m. for operational purposes and to meet CQC expectations.

The Transformation Plan outlined in the section below is designed to further improve liquidity, provide the funds to meet obligations to bondholders and to secure longer term free reserves.

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Cash and Working Capital

At the year end, net current assets were £11.6m. (31[st] March 2024 £6.6m.). This increase primarily reflects sale proceeds from the 12 properties sold in December 2024.

Operating cash increased by £0.1m (2023-2024 decrease of £-2.3m) reflecting the improved overall trading results on the previous year . As a result of trading, the proceeds of the property sale £4.0m., and the repayment of borrowings of £-1.3m., and interest paid £-0.9m. overall cash increased over the year by £1.9m (2023-2024 decrease of £-0.9m.).

Thera's Treasury Management Policy allows only ethical investment of cash balances in money market deposits, UK commercial paper or bonds or sterling certificates of deposit. Thus far monies have only been held on deposit. We are in the process of updating our Treasury Management Policy.

Going Concern

Thera Trust Group Trustees believe that the transformation plan is measured and achievable. On a quarterly basis the plan is reassessed, and includes undertaking scenario modelling, and identify risks and uncertainties. Preparation of this three year rolling forecast supports the assertion that the accounts should be prepared on a going concern basis.

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The Group is currently on track with the delivery of the transformation plan. The Operational restructure which was implemented from July 2025 will ensure that we are able to:

Whilst this element of the transformation plan took longer and costed more to deliver due to the complexity of the Group, the process enables the organisation to have appropriately equipped leaders to ensure quality and efficiency going forwards.

The £4.0m. sale and leaseback of the properties and access to a £4.5m. Asset Based lending facility have both provided additional liquidity to ensure that bondholders are paid back in accordance with the revised repayment schedule, and that Thera Trust Group remains financially viable.

As ever for social care providers, the level of funding remains an ongoing but significant uncertainty, largely through price inflation, that local authority and NHS commissioners will agree in future years. Thera Trust is actively engaging with local authorities to ensure that the fees for 2025-2026 are fair for the provision that is provided.

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Mitigating actions have been undertaken during the year to address the identified risks so that Thera Trust Group continues to ensure the financial sustainability of the Group and is able to deliver care and support to people with learning Disabilities. This included transferring activities to other entities within the Group.

A decision was made by the board of The Camden Society (London) to wind the company down. Due to escalating pressures within the social care sector and the loss of a significant contract impacting on financial performance, The Camden Society (London) stopped providing support on 31[st] March 2024 and the company is therefore no longer a going concern.

Similarly, the board of The Camden Society Trading Ltd, who subcontracted operational work to The Camden Society (London), agreed to cease trading on 23[rd] September 2024. The Camden Society Trading Ltd is therefore no longer a going concern.

Due to financial pressures and following a review of its activities to find an approach that would be less expensive to deliver, The Quality Company ceased trading on 31[st] October 2024. From that point onward, the activities of The Quality Company have been delivered through the parent company, Thera Trust, and The Quality Company (the company) has been wound up. The Quality Company Ltd is therefore no longer a going concern.

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Due to financial pressures and following a review of its activities to find an approach that would be less expensive to deliver, Equal Futures ceased trading on 31[st] March 2025. From that point onward, the activities of Equal Futures have been delivered through the parent company, Thera Trust, and Equal Futures (the company) has been wound up. Equal Futures Ltd is therefore no longer a going concern. The next element of the Transformation plan is to further simplify the Group structure. At the date of signing the financial statements, the details of how this simplification will take place is still to be determined.

The trustees remain confident that the Group’s balance sheet is strong enough to generate sufficient additional working capital in the short term to support all remaining Group companies on a going concern basis.

The trustees do not at present consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. The trustees are aware that the introduction of UK GAAP FRS102 from January 2026 will require an assessment of the value of all leases and this will be reflected in the FY2027 Financial statements.

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Financial Covenants

Thera has historically had an obligation to perform positively against three key financial covenants in respect of its bond holdings and also its loan with its lending bank. As a result of the restructure of the bondholder agreements on 3[rd] September 2024, both the bondholder and loan arrangements have had the financial covenants removed.

The default interest from not meeting the financial covenant in respect of the March 2023 financial statements, was not paid, but instead rolled over into new bondholding in the 2023 bond.

There are new covenants within the bond instruments to enhance oversight and transparency of Thera Trust Groups performance and Thera Trust is actively working to ensure that these covenants are met.

Pensions Liability

The valuation of the Social Housing Pension Scheme in the year to March 2025 showed a slight improvement in the defined benefit liability. The net pension liability for this scheme has decreased from £-353k to £-225k.

Annual additional deficit contributions continue to be made in line with a plan set by the Scheme’s actuary. The 2023 triennial valuation

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reduced the deficit from £1.6m. to £0.7m. which is to be paid back by 31[st] March 2028.

Several Thera companies participate in the Local Government Pension Scheme (“LGPS”) for staff who have transferred under TUPE regulations. In all but one case, liabilities are effectively underwritten by the relevant local authority. In the remaining case, an employer-specific valuation is available, setting out the assets and liabilities attributable to Thera.

Changes have reduced the scheme from a surplus of £19k to a surplus of £2k.

The combined liability of these two schemes increased Group reserves by £8k.

Thera’s Directors (Trustees)

Members of the board of directors, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report, are shown in the company information at the start of this report and accounts.

Thera Group is run by a team of executive trustees, one of whom has a learning disability. They are each equally responsible for the overall strategic direction and performance of the organisation. This structure enables the director with a learning disability properly to say

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that they are at the top of the organisation. They are treated equally to colleague executive directors in terms of status and pay and have an equal status around the board table as an executive without their voice being filtered. The status of the director with a learning disability in this structure provides leadership example, confidence and ambition for other directors with a learning disability across the Group, and more widely also provides a clear focus for Thera’s culture.

New Thera Directors

Our Transformation Plan contains steps to strengthen the governance and leadership arrangements of the organisation. Since the end of the financial year, reviews have taken place of the Group’s overarching governance structure, of the company member role, and the composition of the Thera Trust board. Throughout the reporting period, the recruitment, induction and ongoing development of nonexecutive directors, within the existing Group structure, was a key focus. We recruited both nationally and locally for directors / trustees, including people with a learning disability who wish to be voluntary directors. In 2024-2025, we welcomed 25 new unpaid non-executive directors / trustees, who have increased the wide range of skills on our company boards.

Boards across the Thera Group embraced in-house tools to strengthen their effectiveness and performance. This included

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carrying out board skills audits, formalising succession plans and working through board self-review exercises.

During the year board activity consisted of a mix of face to face and hybrid or online meetings.

The chairpersons from our companies met both face to face and online during the year to share ideas about good governance, board development and organisational strategy. These sessions are invaluable for developing the links across a complex group and they also serve as peer support for individual chairpersons.

We really appreciate the contribution that unpaid directors / trustees make to the governance and leadership of the Group for the benefit of the people we support. We could not fulfil Thera’s Vision without them.

Thera makes sure that it has Good Directors

Recruitment, Induction and Training of Trustees and Directors - Nominations Committee.

During the year, the Nominations Committee consisted of two nonexecutive and two executive trustees. Its primary role is to manage the appointment of directors (both executive and non-executive) and ensure the effectiveness of boards across the Group.

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New directors and trustees are recruited through a process of open and fair recruitment. Recruitment is carried out through a formal process that involves the input of existing directors / trustees, people supported by the organisation, members of staff, and the Head of Governance. All directors and trustees are subject to references and DBS checks.

During the year, new non-executive directors and other senior leaders attended a revised online central induction to ensure they know Thera and its Vision, the context in which it operates, the role that boards play and their legal responsibilities.

The Articles of Association of Thera Trust state that the Board shall comprise a minimum of four and a maximum of fifteen directors; of which there shall be a minimum of one executive director and a maximum of five. The executive directors and the non-executive directors must each include at least one person with a learning disability. A similar expectation is placed on the boards of other operating companies in the Group.

Unremunerated Directors Decide About Directors’ Pay and About Thera's Pensions

Remuneration and Pensions Committee

Throughout the year, the Committee consisted of three non-executive directors, who independently determine the remuneration of executive directors of Thera Trust and of Thera’s subsidiary

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companies. In its remuneration policy, the Committee takes account of good practice guidelines in setting executive pay.

The Committee's approach recognises Thera's unique approach to leadership, and the equal executive team structure working at the top of the Group in line with Thera's Vision. In setting the remuneration of the Group's executive team, the Committee takes account of the breadth of its leadership roles, their professional and functional responsibilities and their shared responsibility for the overall strategic leadership of the organisation. These are considered against relevant and appropriate market data of group structures of comparable size and complexity, and the requirements of the organisation's strategic plan. The Committee has agreed a detailed methodology for setting pay rates and makes its decisions in the context of Thera's decisions on the pay of its entire workforce.

The Committee determined in 2024-2025 that no increases would be made for Thera Trust's directors. The detail of salaries is disclosed in Note 8 to the accounts.

The Committee also has responsibility for ensuring that Thera has in place adequate and appropriate pension arrangements for its staff, for ensuring effective consultation arrangements are in place with staff and to consider and address any potential liabilities. A report to the Committee reviewing Thera’s pensions arrangements was considered during 2024-2025.

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Further information on pension schemes across the Group can be found in notes 1(t) and 30 to the accounts.

Unremunerated Directors Check Thera’s Money

Audit and Risk Committee and Auditors

The Audit and Risk Committee comprised four directors from the Thera Trust Board and the financial and operational leads from amongst the Group Executive Team. The Committee met four times during the year.

In 2024-2025 the Committee operated in accordance with a revised and extended terms of reference and a new work programme to ensure it carried out its responsibilities in a timely and effective way. There was also a greater emphasis on monitoring Thera’s strategic risk environment and the controls that are in place to mitigate key risks facing the Group.

Imergo Limited took forward an internal audit programme of work during the year.

The Committee recommended the re-appointment of Sayer Vincent as the Group’s auditors for the 2024-2025 accounts.

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Changes to the board sub-committee structure

At the start of the current financial year the board decided to change its sub-committee structure. The new structure has three subcommittees: Finance, Audit & Risk; Impact, Quality & Engagement; Governance, Remuneration & Nominations. At least two nonexecutive directors sit on each sub-committee, together with two executive directors. Each sub-committee has a new terms of reference and an annual work programme to govern their work.

Unremunerated Directors Help with Thera’s Fundraising

Thera Trust’s fundraising has been overseen by the Fundraising Committee during the financial year 2024-2025, comprising of people from across the Thera Group, including a Non-Executive Chair. Amongst other changes, we have sought to improve our committee structure and fundraising will now report annually into Thera Trust Board to ensure oversight of fundraising activity and high standards of conduct. The Finance, Audit and Risk Committee will continue to monitor the amount of income earned from fundraising.

To mitigate the challenges within the Trusts and Grants market, Thera made the decision to change their Fundraising Strategy to enable exploration of other fundraising income streams. As a result of this, there was a staffing restructure, which removed specialist roles, and introduced a general fundraising expert.

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During the year, Thera Group received £0.2m (2023-2024 £0.2m.) in grants, donations and gifts-in-kind which is targeted both at specific projects and in general support of our charitable objects. The cost of generating these funds was £0.2m.

The fundraising climate across the UK has become increasingly challenging, with greater demand for support and reduction in funds available for organisations not specifically focused on the cost-ofliving response. It is expected to remain challenging for some time to come. Growth in our own fundraising is most likely to be driven by diversification of fundraising income.

Some charitable companies in the Group - Aspire Living, The Camden Society and Unity Works Social Enterprises – have each undertaken their own limited fundraising activity. They have made some use of their own staff resource to do so. There was no use of any commercial participator within Thera Group.

We do not undertake door-to-door, face-to-face or direct mail fundraising and public fundraising in general is currently very limited. As a result, the risk of fundraising in relation to vulnerable people is extremely limited. Fundraisers work closely with the Thera Trust’s Communications Team to ensure that fundraising communications are easy to understand, respectful of potential donors, provide clarity about the cause and do not mislead in any way. As public fundraising activity increases in the future, the fundraisers are planning to develop training for volunteers and other

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staff across the Group, to ensure they understand the standards we aim to uphold and what to consider when it comes to vulnerable people and fundraising.

Trustees are not aware of any complaints in relation to fundraising activities. We have clear processes in place as to how complaints will be handled should they arise.

Unremunerated Directors Talk with Thera’s Staff

Thera’s Vision states “Thera will respect the rights and wishes of people at work, at home and in the community”. This demonstrates an approach not only to people supported by the organisation, but also to members of staff and volunteers.

Staff are able to engage formally with the organisation as company members alongside people supported and family members and by electing representatives to a company’s Employee Consultative Council, a sub-committee of their Board, providing a direct line of communication between directors and the workforce.

Thera has an established Employee Consultative Council structure in most companies across the Group. Employee Consultative Councils in those Thera companies are chaired by an unremunerated director and consider a range of matters relating to Thera’s staff. This includes sharing important information about Thera and finding out

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what staff think about important decisions that may affect them or, in some cases, formal consultation processes about workforce change.

The Employee Consultative Councils are the main formal mechanism for ensuring that Thera delivers on its philosophy of involvement in relation to its staff and meets its obligations under the Information and Consultation Regulations 2005.

People with a Learning Disability will be Members of Thera

Thera Trust’s Membership Committee oversees the membership of the company in line with Thera’s Articles of Association. The Committee is chaired by Matthew Smith, Group Director - Learning Disability Leadership.

Thera’s founding aim was to be “an organisation directly controlled by people with a learning disability”. The vast majority of main operating companies in the Group now have an active company membership comprising people with a learning disability, families / carers, and members of staff.

At 31[st] March 2025, there were 91 company members of various companies across the Group. A number of companies are actively engaged in increasing the number of their company members better to ensure control by, and involvement of, the people that they support.

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Engagement with Key Stakeholders

Thera’s approach to stakeholder engagement is built into its very structure.

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Thera is part of the Care Quality Commission’s Market Oversight Scheme with regular quarterly reporting and meetings held during the year to discuss matters of mutual importance. Thera Trust has kept the CQC informed about the progress against the Transformation Plan, who have been supportive throughout the process.

Subsidiary companies manage relationships locally with local authority and NHS stakeholders. This may be through provider fora or formal contract meetings.

Within the Group, boards engage with one another through the Chairs' forum and peer liaison groups as part of internal stakeholder arrangements crucial to the effective governance of the Group.

During the year, beneficiaries and staff were still involved in the appointment of executive and non-executive directors with face to face and virtual meetings, providing feedback to boards and Thera Trust's Nominations Committee. In some companies, beneficiaries and staff were directly engaged in the compilation of annual plans in meetings with board directors.

We are grateful to the bondholders who continue to support Thera Trust. We continue to provide them will regular updates on financial performance against the transformation plan.

The appointment of an Independent Director to the Board of Thera Trust supports Key stakeholder engagement.

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Streamlined Energy and Carbon Reporting (“SECR”)

Thera is committed to good environmental practices and to operating in a sustainable manner in accordance with legislative requirements. It aims to raise awareness of our impact on the environment amongst the people we support and our staff and to work in an environmentally friendly manner.

Our policy is wholly to support and comply with, or exceed, the requirements of current environmental legislation and codes of practice.

Thera is committed to continual improvement in preventing and reducing pollution occurring from our activities, minimising waste, and ensuring the reuse and recycling of goods and materials. We aim to set and review environmental objectives and targets, minimise energy and water usage in our buildings, vehicles, and processes and to increase awareness of energy efficiency. Thera will seek to operate and maintain company vehicles with due regard to environmental issues and encourage the use of alternative means of transport and car sharing amongst our beneficiaries and our staff. As far as possible, we aim to purchase products and services that create the least damage to the environment and encourage others to do the same.

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During the year, we introduced two hybrid vehicles which are being used at support addresses and are measuring the efficiency which is showing a reduction in our greenhouse gas emissions.

We have reduced non-essential travel and made greater use of technology which has lessened the use of the grey fleet vehicles and again is showing a reduction in our greenhouse gas emissions.

Hybrid working is still in place, and we continue to obtain efficiencies from heating and lighting energy use.

During the year we have started to move to a paperless office environment. This will reduce our use of copy paper, ink usage for printers and will give an energy saving as the printers usage will decrease.

1 April 2022 to 31 March 2023 1 April 2022 to 31 March 2023 1 April 2022 to 31 March 2023 1 April 2023 to 31 March 2024 1 April 2023 to 31 March 2024 1 April 2023 to 31 March 2024
Emission Type Activity kWh tCO2e % of emissions
total		 kWh tCO2e % of emissions
total
Scope 1 - direct
emissions		 Natural Gas
Vehicle fuel
Sub-total		 470,766
292,870
763,637		 85.93
70.62
156.6		 16%
13%
28%		 431,894
171,604
603,499		 79.01
40.89
119.90		 16%
8%
24%
Scope 2 - indirect
emissions		 Electricity
Sub-total		 407,608
407,608		 78.82
78.8		 14%
14%		 252,584
252,584		 52.30
52.30		 11%
11%
Scope 3 - other
indirect emissions		 Grey Fleet
Sub-total		 1,274,508
1,274,508		 314.45
314.4		 57%
57%		 1,403,725
1,403,725		 321.37
321.37		 65%
65%
TOTALS 2,445,753 549.82 100% 2,259,808 493.57 100%
Metric 1 April 2022 to 31 March 2023 1 April 2023 to 31 March 2024
Employees
tCO2e per employee		 3,066
0.18		 3,259
0.15

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We have used the number of employees as the base measure for the intensity ratio of carbon usage as being most representative of the size of the organisation. The resulting intensity ratio will then best reflect changes in operation and energy consumption over time. We have followed the GHG Protocol Corporate Accounting and Reporting Standard and we have used the 2019 UK Government's Conversion Factors for Company Reporting. The energy efficiency narrative methodology has been created based on energy management best practice and we have used the financial control approach for the scope of this report.

Related Party Transactions

Related party transactions are detailed in Note 10 to the accounts.

Managing Risk

The trustees assess the major risks to which Thera is exposed through a risk management strategy, which is reviewed annually. Trustees then review key risks throughout the year, particularly through the Finance, Audit & Risk Committee which considers the Group Strategic Risk Register at every meeting and also conducts deep dives into critical risks.

Key risks that are inherent in Thera’s work include: the abuse or neglect of vulnerable people; a failure by one or more of our companies to comply with CQC standards or other regulatory

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obligations; a failure to meet our financial liabilities as they become due; or a failure to realise Thera’s Vision.

All of Thera’s regional care and support companies (including Aspire Living, Ansar Projects, and The Camden Society) are registered with the Care Quality Commission (in England) or the Care Inspectorate (in Scotland). Of the fourteen registered companies / locations with the Care Quality Commission, all have met or been assessed to have an overall rating of ‘Good’, with one company receiving an overall rating of ‘Outstanding’. Of the three registrations with the Care Inspectorate Scotland, all have been inspected recently, one has achieved a rating of ‘Good’, with both others achieving a rating of ‘Very Good’.

There is a risk that Thera is not able to deliver its Transformation Plan to return it to financial sustainability. This risk is being monitored by both the Executive and the Thera Trust Board on a regular basis, with contingency plans in place to ensure that progress remains on track.

The Group continues to face risk in its ability to deliver its contracts, its wider charitable activities, and to its financial position from challenges with the funding environment. Although there have been improvements in staff recruitment and retention, workforce challenges also remain, and the labour market is still difficult. The use of temporary (agency) workers remains a risk into the 2025-26 financial year – though the previous financial year showed a reduction in the use of agency staff. The increasing costs of

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employing staff, and the parallel lack of sufficient funding from local authorities, has resulted in some contracts becoming loss-making. Difficult decisions to hand back contracts, including closing one operating subsidiary, have necessarily been made and further risk of this remains, albeit not to any material extent in relation to the Group’s overall activities.

In addition, a secondary risk arises from similar staff shortages within local authorities themselves, who are finding it more difficult to process invoices with a consequent delay in settlement of invoices having a negative impact on cashflow.

The social care market in which Thera operates continues to experience significant funding challenges as commissioners attempt to reconcile increasing demand within a tighter funding environment.

Thera primarily supports people with a learning disability who have a substantial and critical assessed need. Accordingly, these individuals are at a much lower risk of having their support reduced through funding challenges, with local authorities and commissioners continuing to prioritise this area of spending. Like all care and support service providers, Thera is exposed to a range of external factors that may put pressure on continuing the provision of care and support to a person with a learning disability. However, the specialist area of the market in which Thera works, benefits from much lower levels of this pressure, as it is in both the commissioning body and the

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individual’s long-term interests to maintain continuity of support, particularly of the high-quality nature that Thera provides.

Nevertheless, whilst the volume of activity is likely to be maintained or increased, there is a risk that public sector funding constraints may impact on Thera’s ability to meet the increasing cost pressures in the labour market as described above.

The trustees have also identified risks arising from:

Trustees are satisfied that our companies have processes and systems in place to mitigate or minimise the incidence and impact of risks, acknowledging however that some risks remain outside the organisation’s control. Each company takes a proactive approach to risk management and trustees / directors review current and significant risks at each of their meetings. There have been improvements made to the Organisational Risk Management Policy that now include company risks management and overall organisational risk management. A toolkit has been produced which

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supports implementation of the policy, including risk registers and risk identification and management tools.

Thera Trust’s Health & Safety Committee, and those of subsidiary companies, provide the formal mechanism for Thera jointly with staff safety representatives to fulfil their obligations under health and safety legislation and in line with their Health and Safety Management System. The Thera Group Health and Safety ensures that group risks are monitored and managed.

Since the Year End

The Group is currently on track with the delivery of the transformation plan.

Property Sales

The Devon portfolio of six properties was sold by Forward Housing in April 2025 which generated £2.3m. cash. In addition, Thera Trust secured access to a £4.5m. Asset Based lending facility in July 2025 to provide additional liquidity to ensure that bondholders are paid back in accordance with the revised repayment schedule, and that Thera Trust Group remains financially viable.

Operational Restructure

During 2025, there has been a focus on ensuring our leaders are fully supported to deliver great care and support. In order to do this, we have restructured the operational leadership teams, created more

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time for leaders to lead teams and commenced an exciting leadership programme.

The four drivers behind the review of our operational restructure were:

The restructure required investment to ensure the organisation had appropriately equipped leaders. Leadership development is now in place to ensure quality and efficiency moving forward. Exceptional costs will be reflected in year one but will deliver efficiencies moving forward.

Invoice Group Wide Invoice Financing Facility

On 7[th] July 2025, Thera Trust alongside other Group companies providing care and support secured a £4.5m Group Invoice financing facility.

There are currently no plans to use the facility in the three-year transformation plan. The facility will be only used be provide temporary cash to support any unforeseen financial challenges that the Group may face. The facility provides time for plans to be put in place to address and resolve the challenges.

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Group Restructure and Simplification

Activities have been transferred to other entities within the group to support financial sustainability, these included:

The next element of the Transformation plan is to further explore opportunities to simplify the Group structure.

Thera Trust was founded in 1998 with a clear vision: that people with a learning disability can be leaders in society. We are proud of our history and our founding principles, including our group structure, which was introduced in 2003. We have continuously strived to keep people at the heart of what we do, whilst navigating challenges in the social care sector. Our commitment to supporting people with a learning disability to live great, ordinary lives has led to the decision to work together as one organisation – Thera Trust. This demonstrates our resilience and adaptability to the changing environment that we work in, including uncertainty around funding, by enabling us to respond to challenges and be sustainable for years to come.

We are not losing the essence of what makes Thera, Thera with this change; our experience and learning has informed the future, and we will continue to ensure a local approach and leadership by people

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with a lived experience. Despite challenges and uncertainties in the sector, we are optimistic about the future and look forward to continuing to support people with a learning disability to live great, ordinary lives together.

At the date of signing the financial statements, the details of how this simplification may take place is still to be determined.

Contractual Issue

A contractual and VAT issue is currently subject to negotiation between one local authority, HMRC and a Thera subsidiary. The end result is either expected to have a nil effect, or any resulting liability will not be material to Thera Trust (who will meet the liability on the subsidiary's behalf).

Securing Thera’s Future

Thera’s three-year transformation plan and the five-year financial plan enables the delivery of sustainable changes to the Trust to ensure its financial sustainability into the future and at the same time enable repayment of the bondholders in an affordable way.

The commitment to deliver high quality care and support remains at the heart of our plan and will be monitored throughout the plan.

Disclaimer

The content of this report and, in particular, the financial information and any forward-looking statements, is provided for information. Except where stated otherwise, the financial information is unaudited and may

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be subject to change. As a result, the information should not be relied upon to make investment or any other decisions.

This section explains that the directors have told the Auditor everything they should and that they have worked within the law.

DISCLOSURE OF INFORMATION TO THE AUDITOR

Each of the persons who are directors at the time when this Directors’ Report is approved under Section 418 of the Companies Act 2006 has confirmed that:

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This section asks the Company Members to agree that the Auditor,

Sayer Vincent Limited, be chosen again as the company’s Auditor.

RE-APPOINTMENT OF AUDITOR

In accordance with s.485 of the Companies Act 2006, a resolution is to be proposed at the Annual General Meeting for the reappointment of Sayer Vincent LLP as auditor of the Company.

The report of the directors and trustees, which includes the strategic report, has been approved by the trustees on 10 December 2025, 2025 and signed on their behalf by:

Sally Warren Trustee

Kathryn Platts Trustee

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This page explains that the Auditor is reporting that the accounts give a true and fair view of the company and that they are put together as the law says they should be put together.

OPINION

We have audited the financial statements of Thera Trust (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2025 which comprise the consolidated and parent charitable company statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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This section explains that the Auditor has audited (checked) the accounts and that they are reporting to Company Members.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the group financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Thera Trust's ability to continue

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as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the trustees’ annual report, including the strategic report, other than the group financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the group financial statements does not cover the other information, and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the group financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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This section explains that the Auditor must tell us if they are unhappy with how the directors managed the company.

The Audit report says that there is nothing bad the Auditor wishes to report to Company Members.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course

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of the audit, we have not identified material misstatements in the trustees’ annual report, including the strategic report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Act 2011 requires us to report to you if, in our opinion:

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Trustee Directors’ responsibilities are explained on page 5.

This page explains that it is the Auditor’s responsibility to audit (check) the accounts as the law says they should.

RESPONSIBILITIES OF TRUSTEE DIRECTORS

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

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This page explains how the Auditor checks the accounts.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charites Act 2011 and report in accordance with those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including

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fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

CAPABILITY OF THE AUDIT IN DETECTING IRREGULARITIES

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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THERA TRUST

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THERA TRUST

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Page 94

THERA TRUST

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THERA TRUST

USE OF OUR REPORT

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s 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.

Jonathan Orchard (Senior statutory auditor) 22 December 2025

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

Page 95

THERA TRUST

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THERA TRUST

You will see that this report and accounts also includes accessible information so that the directors of Thera Trust are ensuring that all Company Members, including those with a learning disability, are able to fulfil their duties in law including to receive the accounts and to appoint the directors and Auditor.

The law does not say we must provide this information, but Sayer Vincent LLP says it is in line with the statutory report and accounts.

Page 96

THERA TRUST

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

THERA TRUST

SUMMARY OF MONEY
For the year ended 31 March, 2025
What we have earned and what we have spent: £
Money in 101,276,364
What we spent on staff (87,673,435)
Other money spent (13,932,491)
Revaluation of houses 1,803,519
Pension valuation 8,000
Money we got in more than money we spent 1,481,957
What Thera Trust has at 31 March, 2024: £
Land, houses and buildings 1,467,619
Equipment 626,518
Investment properties 9,918,506
Stocks we own 8,411
How much cash we have in the bank 4,396,651
What we are owed by others 12,425,654
What we owe to others (18,277,101)
Net amount Thera Trust has at 31 March, 2024 10,566,258

Page 97

THERA TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(incorporating an income and expenditure account)

for the year ended 31 March 2025

Unrestricted
Note
£
Income from:
3
59,639
4
98,613,022
4
2,052,909
-
404
100,725,974
6
79,743
6
99,842,495
99,922,238
6
1,101,432
101,023,670
13
1,057,952
13
26,400
13
719,167
1,505,823
29
8,000
1,513,823
Reconciliation of funds:
8,601,033
22
10,114,856
(297,696)
Total funds brought forward
Total funds carried forward
Net income / (expenditure) before other recognised
(losses) / gains
Net movement in funds
Net actuarial gains / (losses) on defined benefit pension
schemes
Net gains on disposal of investment properties
Net gains on investment properties
Net gains on fixed assets
Net income / (expenditure) before net gains on
investments
Charitable activities
Supporting people with a learning disability
Total expenditure
Raising funds
Exceptional items
Total income
Expenditure on:
Donations and grants
Charitable activities
Other income
Supporting people with a learning disability
Rental income
Investments		 Unrestricted
Note
£
Income from:
3
59,639
4
98,613,022
4
2,052,909
-
404
100,725,974
6
79,743
6
99,842,495
99,922,238
6
1,101,432
101,023,670
13
1,057,952
13
26,400
13
719,167
1,505,823
29
8,000
1,513,823
Reconciliation of funds:
8,601,033
22
10,114,856
(297,696)
Total funds brought forward
Total funds carried forward
Net income / (expenditure) before other recognised
(losses) / gains
Net movement in funds
Net actuarial gains / (losses) on defined benefit pension
schemes
Net gains on disposal of investment properties
Net gains on investment properties
Net gains on fixed assets
Net income / (expenditure) before net gains on
investments
Charitable activities
Supporting people with a learning disability
Total expenditure
Raising funds
Exceptional items
Total income
Expenditure on:
Donations and grants
Charitable activities
Other income
Supporting people with a learning disability
Rental income
Investments		 Restricted
£
131,896
418,494
-
-
-		 2025
Total
£
191,535
99,031,516
2,052,909
-
404		 Unrestricted
£
70,110
88,551,451
2,013,228
4,000
2		 Restricted
£
85,527
507,363
-
-
-		 2024
Total
£
155,637
89,058,814
2,013,228
4,000
2
100,725,974 550,390 101,276,364 90,638,791 592,890 91,231,681
79,743
99,842,495		 -
582,256		 79,743
100,424,751		 187,214
92,813,476		 -T
187,214
562,345
93,375,821
99,922,238
1,101,432		 582,256
-		 100,504,494
1,101,432		 93,000,690
921,505		 562,345
-		 93,563,035
921,505
101,023,670 582,256 101,605,926 93,922,195 562,345 94,484,540
1,057,952
26,400
719,167
(297,696)		 -
-
-
(31,866)		 1,057,952
26,400
719,167
(329,562)		 953,816
-
-
(3,283,404)		 -
-
-
30,545		 953,816
-
-
(3,252,859)
1,505,823
8,000		 (31,866)
-		 1,473,957
8,000		 (2,329,588)
(247,000)		 30,545
-		 (2,299,043)
(247,000)
1,513,823
8,601,033		 (31,866)
483,268		 1,481,957
9,084,301		 (2,576,588)
11,177,621		 30,545
452,723		 (2,546,043)
11,630,344
10,114,856 451,402 10,566,258 8,601,033 483,268 9,084,301

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 22 to the financial statements.

Page 98

THERA TRUST

BALANCE SHEETS

as at 31 March 2025

COMPANY REGISTRATION NUMBER 03593418

2025
2024
Note
£
£
Fixed assets:
12
2,094,137
2,201,160
13
7,640,887
12,134,554
9,735,024
14,335,714
Current assets:
2,277,619
-
8,411
6,073
16
12,425,654
11,384,037
4,396,651
2,521,482
19,108,335
13,911,592
Current liabilities:
18
(7,502,624)
(7,266,481)
11,605,711
6,645,111
21,340,735
20,980,825
20
(10,552,297)
(11,562,276)
10,788,438
9,418,549
29
(222,180)
(334,248)
10,566,258
9,084,301
451,402
483,268
8,497
8,497
3,885,583
2,333,645
6,220,776
6,258,891
Total unrestricted funds
10,114,856
8,601,033
22
10,566,258
9,084,301
Designated funds
Revaluation reserve
Total assets less current liabilities
General funds
Defined benefit pension scheme liability
Total net assets
Funds:
Unrestricted income funds:
Restricted income funds
Net assets excluding pension liability
Creditors falling due after one year
Investment properties
Property held for sale
Stocks
Creditors falling due within one year
Net current assets
Debtors (including those due in more than one year)
Long term liabilities:
Cash at bank and in hand
Tangible assets
Group
Total funds		 2025
2024
Note
£
£
Fixed assets:
12
2,094,137
2,201,160
13
7,640,887
12,134,554
9,735,024
14,335,714
Current assets:
2,277,619
-
8,411
6,073
16
12,425,654
11,384,037
4,396,651
2,521,482
19,108,335
13,911,592
Current liabilities:
18
(7,502,624)
(7,266,481)
11,605,711
6,645,111
21,340,735
20,980,825
20
(10,552,297)
(11,562,276)
10,788,438
9,418,549
29
(222,180)
(334,248)
10,566,258
9,084,301
451,402
483,268
8,497
8,497
3,885,583
2,333,645
6,220,776
6,258,891
Total unrestricted funds
10,114,856
8,601,033
22
10,566,258
9,084,301
Designated funds
Revaluation reserve
Total assets less current liabilities
General funds
Defined benefit pension scheme liability
Total net assets
Funds:
Unrestricted income funds:
Restricted income funds
Net assets excluding pension liability
Creditors falling due after one year
Investment properties
Property held for sale
Stocks
Creditors falling due within one year
Net current assets
Debtors (including those due in more than one year)
Long term liabilities:
Cash at bank and in hand
Tangible assets
Group
Total funds		 2025
2024
Note
£
£
Fixed assets:
12
2,094,137
2,201,160
13
7,640,887
12,134,554
9,735,024
14,335,714
Current assets:
2,277,619
-
8,411
6,073
16
12,425,654
11,384,037
4,396,651
2,521,482
19,108,335
13,911,592
Current liabilities:
18
(7,502,624)
(7,266,481)
11,605,711
6,645,111
21,340,735
20,980,825
20
(10,552,297)
(11,562,276)
10,788,438
9,418,549
29
(222,180)
(334,248)
10,566,258
9,084,301
451,402
483,268
8,497
8,497
3,885,583
2,333,645
6,220,776
6,258,891
Total unrestricted funds
10,114,856
8,601,033
22
10,566,258
9,084,301
Designated funds
Revaluation reserve
Total assets less current liabilities
General funds
Defined benefit pension scheme liability
Total net assets
Funds:
Unrestricted income funds:
Restricted income funds
Net assets excluding pension liability
Creditors falling due after one year
Investment properties
Property held for sale
Stocks
Creditors falling due within one year
Net current assets
Debtors (including those due in more than one year)
Long term liabilities:
Cash at bank and in hand
Tangible assets
Group
Total funds		 2025
2024
£
£
1,089,953
1,168,069
-
-
1,089,953
1,168,069
-
-
-
-
16,018,995
28,098,685
791,229
774,418
16,810,224
28,873,103
(3,019,554)
(2,547,177)
13,790,670
26,325,926
14,880,623
27,493,995
(11,226,113)
(12,162,276)
3,654,510
15,331,719
(223,102)
(351,861)
3,431,408
14,979,858
331,845
265,314
8,497
8,497
14,667
32,867
3,076,399
14,673,180
3,099,563
14,714,544
3,431,408
14,979,858
Charity		 2025
2024
£
£
1,089,953
1,168,069
-
-
1,089,953
1,168,069
-
-
-
-
16,018,995
28,098,685
791,229
774,418
16,810,224
28,873,103
(3,019,554)
(2,547,177)
13,790,670
26,325,926
14,880,623
27,493,995
(11,226,113)
(12,162,276)
3,654,510
15,331,719
(223,102)
(351,861)
3,431,408
14,979,858
331,845
265,314
8,497
8,497
14,667
32,867
3,076,399
14,673,180
3,099,563
14,714,544
3,431,408
14,979,858
Charity
9,735,024
2,277,619
8,411
12,425,654
4,396,651		 14,335,714
-
6,073
11,384,037
2,521,482		 1,089,953
-
-
16,018,995
791,229		 1,168,069
-
-
28,098,685
774,418
19,108,335
(7,502,624)		 13,911,592
(7,266,481)		 16,810,224
(3,019,554)		 28,873,103
(2,547,177)
11,605,711 6,645,111 13,790,670 26,325,926
21,340,735
(10,552,297)		 20,980,825
(11,562,276)		 14,880,623
(11,226,113)		 27,493,995
(12,162,276)
10,788,438
(222,180)		 9,418,549
(334,248)		 3,654,510
(223,102)		 15,331,719
(351,861)
10,566,258 9,084,301 3,431,408 14,979,858
451,402
8,497
3,885,583
6,220,776		 483,268
8,497
2,333,645
6,258,891		 331,845
8,497
14,667
3,076,399		 265,314
8,497
32,867
14,673,180
10,114,856 8,601,033 3,099,563 14,714,544
10,566,258 9,084,301 3,431,408 14,979,858

The deficit of the Charity for the year ended 31 March 2025 was £11,548,450 (31 March 2024: surplus - £487,230). Approved by the trustees on 10 December, 2025 and signed on their behalf by

Sally Warren Trustee

Kathryn Platts Trustee

Page 99

THERA TRUST

CONSOLIDATED STATEMENT OF CASH FLOWS

for the year ended 31 March 2025

Note
23
24
Interest paid
Repayments of borrowing
Receipts from issue of new bonds
Repayments of obligations under a finance lease
Cash flows from financing activities:
Net cash provided by / (used in) investing activities
Net cash provided by / (used in) operating activities
Cash flows from investing activities:
Proceeds from the sale of fixed assets
Purchase of fixed assets
Interest received
Proceeds from sale of investment properties
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Net cash (used in) / provided by financing activities
Change in cash and cash equivalents in the year		 £
-
3,993,167
(190,836)
404		 £
112,886
3,802,735
(2,040,452)
2025		 £
4,000
-
(229,734)
2		 £
(2,344,424)
(225,732)
1,698,693
2024
(1,322,024)
158,171
-
(876,599)		 (1,629,742)
4,105,324
(22,110)
(754,779)
1,875,169
2,521,482		 (871,463)
3,392,945
4,396,651 2,521,482

Page 100

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

1 Accounting policies

a) Statutory information

Thera Trust is a charitable company limited by guarantee and is incorporated in the United Kingdom (England and Wales). The registered office address is 134, Edmund Street, Birmingham, B3 2ES. The operating address is The West House, Alpha Court, Swingbridge Road, Grantham, NG31 7XT. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

b) Basis of preparation

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

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

These financial statements consolidate the results of the charitable company and its wholly-controlled subsidiaries ("the group") on a line by line basis. Transactions and balances between the charitable company and its subsidiaries have been eliminated from the consolidated financial statements. Balances between the companies are disclosed in the notes of the charitable company's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in Sterling which is the functional currency of the charity.

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

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees of the charitable company ("the Trustees") consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The Trustees believe that the transformational financial plan (discussed in more detail within the Trustees' Annual Report) is measured and achievable. The Group has undertaken scenario modelling, and has reviewed risks and uncertainties (including the impact of the increase in National Minimum wage and Employers National Insurance contributions and the potential levels of funding from local authorities to pay for these increases) in determining that the accounts should be prepared on a going concern basis. The Group is currently on track with the delivery of the transformation plan.

The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Income

All income is included in the consolidated Statement of Financial Activities (SoFA) when the Group is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Income represents contracts with Local Authorities, NHS and other organisations and individuals, to provide support to people with a learning disability, along with grants, donations, recharges and rental income.

Page 101

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

1 Accounting policies (continued)

e) Income (continued)

Donations

For donations to be recognised, the Group will have been notified of the amounts and the settlement date in writing unless otherwise stated in the relevant accounting policy or note. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the group and it is probable that they will be fulfilled.

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the Group has control over the item. Fair value is determined on the basis of the value of the gift to the Group, for example the amount the Group would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ annual report.

Supporting people with a learning disability

Income from supporting people with a learning disability is recognised as income when the support is provided.

Fees for care, support and services comprise income receivable from health authorities and social services departments under contracts for the supply of care, support and services, fees receivable from individuals for domiciliary or residential care and other services to people with a learning disability.

Work is undertaken on a contractual basis and any income is recognised in accordance with the terms of the contract. In general terms, this means that income is recognised as support is provided.

Investment income

Investment income is earned through holding assets for investment purposes such as property. It may include dividends, interest or rent. It is included when the amount can be measured reliably. Interest income is recognised using the effective method and rent income is recognised as the group’s right to receive payment is established.

Grants

Grants receivable are recognised at fair value when the charity has entitlement after any performance conditions have been met, 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.

Other income

Other income comprises charges for the provision of office accommodation, provision of management services, recharged service costs and other sundry income.

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the group; this is normally upon notification of the interest paid or payable by the bank or other deposit taker.

Page 102

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

1 Accounting policies (continued)

g) Fund accounting

Restricted funds

Restricted funds represent grants and donations received which are allocated by the donor for specific purposes.

Unrestricted funds and designated funds

Unrestricted funds represent funds that are expendable at the discretion of the Trustees or the trustees of its charitable subsidiaries in the furtherance of the objects of the group. Such funds may be held in order to finance both working capital and capital investment.

Designated funds are those funds which are unrestricted in nature but which have been designated by the Trustees or the trustees of its charitable subsidiaries to be used in a particular manner.

h) Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Charitable expenditure comprises those costs incurred by the group in the delivery of activities and services for its beneficiaries.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the group and include audit fees.

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity comprise both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Irrecoverable VAT

The group is unable to recover all of the VAT payable by it. Irrecoverable VAT is charged as a cost.

i) Taxation

Thera Trust, Forward Housing, The Camden Society, Unity Works Social Enterprises, Equal Futures and Aspire Living are exempt from income tax and capital gains tax under Section 505 ICTA1988.

j) Operating leases

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

Page 103

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

1 Accounting policies (continued)

k) Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. The cost less the estimated residual value of tangible fixed assets is depreciated over their estimated useful lives as follows:

Where fixed assets have been revalued, any excess between the revalued amount and the historic depreciated cost of the asset will be shown as a revaluation reserve in the balance sheet.

l) Investment properties

Investment properties are included at fair value. Any gain or loss on sale or revaluation is taken to the Statement of Financial Activities. Realised gains and losses are calculated as the difference between sales proceeds and original cost. Unrealised gains and losses of the year are calculated as the difference between the fair value at the year end and the opening fair value or purchase date if later. No depreciation is charged on investment properties in accordance with the Charities SORP.

m) Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

n) Leasing and hire purchase commitments

Rentals payable under leases or hire purchase agreements are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

o) Cash at bank and in hand

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible into known amounts of cash with insignificant risk of change in value. Cash balances exclude any funds held on behalf of service users, see note 18.

p) 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 amount after allowing for any trade discounts due.

q) Financial instruments

The charitable group enters into only basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans from related parties. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Page 104

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

1 Accounting policies (continued)

q) Financial instruments (continued)

The bonds issued by the parent charitable company included within creditors are basic financial instruments and are initially measured at the transaction value and subsequently at redemption value. The interest payable is charged as a financing cost to the Statement of Financial Activities on the date it is due for payment. The transaction costs in respect of setting up each bond are included within the balance sheet as a net adjustment to the liability and then spread over the life of the bond (after the bond is formally closed) and charged as a financing cost to the Statement of Financial Activities.

r) Pensions

Defined benefit multi-employer schemes

Thera East Midlands participates in the Nottinghamshire County Council Local Government Pension Scheme, Aspire Living participates in the Worcestershire County Council's Local Government Pension Scheme, The Camden Society participates in the Oxfordshire Pension Fund and Thera South West participates in the Wiltshire County Council's Local Government Pension Scheme. These are defined benefit schemes. Contributions to the schemes are charged against net income in the period in which they are payable. The pension charges are based on a full actuarial valuation as disclosed in the relevant note to the financial statements. Contributions for these schemes are set by a qualified Actuary.

Thera Trust participates in The Pensions Trust Social Housing Pension Scheme (DB). Thera Trust, Thera East, Thera East Anglia, Thera East Midlands, Thera North, Thera South West and the Camden Society also participate in the NHS Pension Scheme which are defined benefit schemes. Contributions to both schemes are charged against net income in the period in which they are payable. The pension charge is based on full actuarial valuations as disclosed in the relevant note to the financial statements. Contributions for the NHS Pension scheme are set by the Government Actuary.

Defined contribution schemes

Some of the Group's companies (Thera Trust, Thera North, Thera East, Thera East Anglia, Thera East Midlands, Thera (Scotland), Thera South West, Forward Housing and Dosh) participate in The Pensions Trust Ethical Fund. The scheme is a defined contribution scheme and the pension charge represents the amounts payable by each company to the fund in respect of the year.

Thera Trust and Aspire Living participate in The Pensions Trust Social Housing Pension Scheme (DC) and contributions are charged against net income in the period in which they are payable. The scheme is a defined contribution scheme and the pension charge represents the amounts payable by each company to the fund in respect of the year.

The Camden Society participates in the Flexible Retirement Plan TPT. The scheme is a defined contribution scheme for the benefit of its employees and the pension charge represents the amounts payable by each company to the fund in respect of the year.

Aspire Living participates in a Group Personal Pension Plan administered by Clerical Medical. The plan is a defined contribution scheme and the pension charge represents the amounts payable by the company to the fund in respect of the period.

Page 105

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

1 Accounting policies (continued)

r) Pensions (continued)

Equal Futures and Aspire Living Limited participate in the government's NEST pension scheme. The plan is a defined contribution scheme and the pension charge represents the amount payable by each company to the fund in respect of the period.

Some of the Group's companies (The Camden Society, Unity Works Social Enterprises, Ansar Projects, Thera East Midlands, Thera North, Thera South West, The Quality Company, Aspire Living, Dosh, Thera East, Thera East Anglia and Thera (Scotland)) participate in The People's Pension Fund. The plan is a defined contribution scheme and the pension charge represents the amount payable by each company to the fund in respect of the period.

In 2010 Forward Living, a company limited by guarantee, which has since been struck off the register of companies, ceased to participate in The Pensions Trust Growth Plan. As a result a contingent liability was triggered amounting to £86,569 for which Thera Trust acts as guarantor.

s) Parent charity and financial support

An Intra-Group Agreement exists between Thera Trust and twenty four of its subsidiaries. This Intra-Group Agreement incorporates a Funding Agreement, which allows Thera Group companies to benefit from the movement of funds around the Group. Each subsidiary, other than The Camden Society, Equal Futures and Thera Limited, has acceded to this Intra-Group Agreement with Board approval. In addition to this, Thera Trust and its subsidiaries have all individually agreed not to demand the repayment of any inter-company borrowings within twelve months of the date on which the balance sheet is signed. Any amounts due to or from Group companies that have been shown as due within one year relate to balances arising from operational activities and gift aid. A market rate of interest has been charged on balances between group companies.

2 Judgements in applying accounting policies and key sources of estimation uncertainty

The trustees of the charitable company make estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the charitable company’s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

In preparing these financial statements, the Trustees have delegated authority to management to make the following judgements:

Group financial support

The Trustees have provided assurance to the directors of all the subsidiaries within the Thera Group that have acceded to the Intra-Group Agreement, as referred to above, that adequate financing is in place to meet the group's financing needs. This has enabled the directors of these subsidiaries to confirm that management can prepare the accounts on a going concern basis.

Even though The Camden Society has not acceded to the Intra-Group Agreement, Thera Trust agrees to financially support this subsidiaries.

Page 106

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

2 Judgements in applying accounting policies and key sources of estimation uncertainty (continued)

Leases

Management determines whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the balance sheets.

Investment properties - owned

Investment properties owned by Forward Housing, The Camden Society and Aspire Living Limited are valued based either upon vacant market possession, where appropriate, or upon the then current and future rental yields on properties where a lease to a Registered Housing Provider is currently in place.

Recognition of leased investment properties at donated value

A Framework Agreement between Touchpoint Housing (FH) S.A.R.L. (a subsidiary of Cheyne Capital), Thera Trust and Forward Housing was completed in July 2015 and a variation to the Agreement effective from 31 March 2017. During the current year 12 of Forward Housing's own properties were sold to Touchpoint Housing and then leased back. At 31.3.25, Forward Housing had control over a portfolio of 77 properties. These are by way of a 20 year, renewable lease, with the start date being the date of purchase (the earliest dates commencing in 2015) with the right to purchase at the end of the lease. These were sub-leased to Empower Housing Association, a Registered Housing Provider who granted assured tenancies in the properties to people with a learning disability.

The Trustees have reviewed the accounting treatment of this portfolio and have decided to recognise an asset on the balance sheet. The asset represents the economic benefit inherent in the sub-leases measured at fair value by the trustees on the basis of the net present value of future cashflows. The trustees will assess the fair value of the asset at each balance sheet date with changes in fair value being reflected in the Statement of Financial Activities. Changes in the fair value will be affected by the changes in the rate of the Consumer Prices Index (CPI) to which rental flows are linked.

No consideration has been granted in relation to the value of these properties, and the asset has therefore been recognised by way of a gift in the Statement of Financial Activities in the year.

Impairment of other assets

Management reviews the carrying value of all other assets for indications of impairment at each period end. If indicators of impairment exist, the carrying value of the asset is subject to further testing to determine whether its carrying value exceeds it recoverable amount. This process will usually involve the estimation of future cash flows which are likely to be generated by the asset.

Recoverability of trade debtors

Trade and other receivables are recognised to the extent that they are judged recoverable. Management reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain.

Management makes allowance for doubtful debts based on an assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Management specifically analyse historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such difference will impact the carrying value of debtors and the charge in the Statement of Financial Activities.

Page 107

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

2 Judgements in applying accounting policies and key sources of estimation uncertainty (continued)

Provisions

A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

Whether a present obligation is probable or not requires judgment. The nature and type of risks for these provisions differ and management’s judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

3 Income from donations and grants

Unrestricted
£
13,725
-
-
-
-
-
-
40,000
5,914
59,639
The National Lottery
The Cicely Northcote Trust
Scottish Government -NVQ
University of Bristol -
Wellbeing Project
MariaMarina Foundation
Other property specific
projects
Other
Donations
Apprenticeship levy
Government Grant		 Restricted
£
3,082
38,598
67,783
12,000
-
-
-
10,433
131,896		 2025
Total
£
16,807
38,598
67,783
12,000
-
-
-
40,000
16,347
191,535		 Unrestricted
£
54,577
-
-
-
-
-
-
-
15,533
70,110		 2024
Restricted
Total
£
£
12,537
67,114
29,603
29,603
-
-
17,100
17,100
9,200
9,200
6,067
6,067
10,000
10,000
-
-
1,020
16,553
85,527
155,637

Included in the above is £102,079 (2024: £62,236) relating to income from Government grants.

Page 108

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

4 Supporting people with a learning disability

The Group received income for supporting people with a learning disability from local authorities, other organisations and individuals within the following areas shown below. In addition, rental income includes aggregate rentals receivable in relation to operating leases totalling £2,052,909 (2024: £2,013,228).

East Anglia
East
East Midlands
West
South Midlands
South West
North
Scotland
London
Other
Rental income
Grant income
Supporting people with a learning disability
Income from charitable activities		 2025
2024
£
£
13,847,889
13,124,923
14,788,463
14,645,330
18,695,497
17,363,341
11,335,066
8,784,655
2,869,686
4,093,812
11,413,057
10,427,281
10,628,575
8,834,900
4,994,210
4,472,265
8,291,053
5,242,561
1,749,526
1,562,383
98,613,022
88,551,451
2,052,909
2,013,228
418,494
507,363
101,084,425
91,072,042

The grant income above is restricted income in both 2025 and 2024. Included within these figures is £346,707 (2024: £342,820) relating to income from Government grants.

5 Net income / (expenditure) for the year

This is stated after charging:

2025 2024
£ £
Operating lease rentals:
- motor vehicles 154,923 202,908
- land and buildings 1,990,225 1,849,270
External auditors remuneration (excluding VAT):
Audit 233,420 226,320
Other services 22,400 21,135
Other services - in respect of the prior year 1,880 1,720
Internal auditors remuneration (excluding VAT) 29,480 30,948
Depreciation of owned assets 324,259 398,808
Surplus on disposal:
Fixed assets - (4,000)
Investment properties 719,167 -

Page 109

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

6 Total expenditure

Other support costs
Governance
Net operating cost of defined
benefit pension scheme
Other
Staff and agency costs
Property costs
Other direct costs
Support costs
Staff and agency costs
Fundraising and publicity
Direct costs of supporting
individuals
Staff costs
Legal and professional
Support costs (below)
Governance costs (below)
Property costs
Depreciation
The group
Raising funds
Interest payable		 Unrestricted
£
79,743		 2025
Restricted
£
-		 Total
£
79,743		 Unrestricted
£
187,214		 2024
Restricted
£
-		 Total
£
187,214
79,743 - 79,743 187,214 - 187,214
81,627,619
2,771,539
2,621,501
12,217,881
603,955		 307,677
-
274,579
-
-		 81,935,296
2,771,539
2,896,080
12,217,881
603,955		 73,817,830
2,501,874
2,952,880
12,735,644
805,248		 308,663
-
253,682
-
-		 74,126,493
2,501,874
3,206,562
12,735,644
805,248
99,842,495 582,256 100,424,751 92,813,476 562,345 93,375,821
7,330,687
39,000
1,136,438
324,259
876,599
2,510,898		 -
-
-
-
-
-		 7,330,687
39,000
1,136,438
324,259
876,599
2,510,898		 7,292,852
38,000
1,202,254
398,808
754,779
3,048,951		 -
-
-
-
-
-		 7,292,852
38,000
1,202,254
398,808
754,779
3,048,951
12,217,881 - 12,217,881 12,735,644 - 12,735,644
126,395
444,484
33,076		 -
-
-		 126,395
444,484
33,076		 73,419
596,125
135,704		 -
-
-		 73,419
596,125
135,704
603,955 - 603,955 805,248 - 805,248

Exceptional costs of £1,101,432 (2024: £921,505) have been incurred in 2025, £94,393 (2024: £550,625) due to employment and other costs in relation to restructuring, £1,007,039 (2024: £370,880) in relation to professional and other costs.

Page 110

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

7 Directors and trustees

The Articles of Association of the charitable company state that the number of Directors must be not less than four, of whom one must be an Executive Director, and the maximum number of Directors is fourteen, of whom no more than five shall be Executive Directors, such Executive Directors to be equal in status.

During the year there were 5 Executive Directors who received aggregate remuneration attributable to the year as follows:

Mrs C Lennon
Mrs K Winn
Miss L Weston
Mrs K Platts (from 2.5.24)
Mr M Smith		 Total
remuneration
£
63,385
103,000
103,000
103,000
94,416		 Pension
£
1,902
3,090
3,090
3,090
2,832		 One-off pension
payment
£
-
-
-
-
-		 2025 Total
£
65,287
106,090
106,090
106,090
97,248
466,801 14,004 - 480,805
Mrs C Lennon (from 31.12.23)
Mrs K Winn (from 31.12.23)
Miss L Weston (from 31.12.23)
Mr S Conway (to 30.12.23)
Ms J Garrigan (to 30.12.23)
Mr M Smith		 Total
remuneration
£
82,796
82,796
63,385
26,027
25,843
28,781		 Pension
£
9,596
9,409
1,902
773
1,610
863		 One-off pension
payment
£
96,000
96,000
-
-
-
-		 2024 Total
£
188,392
188,205
65,287
26,800
27,453
29,644
309,628 24,153 192,000 525,781

Total remuneration includes salary and benefits in kind.

Kate Platts was appointed as an Executive Director to the Thera Trust Board on the 2 May 2024. Executive directors are considered to be the key management personnel of the charity.

Executive Directors are paid an equal level of salary, adjusted only for full time or part time hours and pensions. The change in costs between the two years is due to changes to the membership of the Executive team.

During the period retirement benefits were accruing to 5 (2024: 6) Directors in respect of a defined contribution scheme.

During the period 11 Trustees (2024 - 14) received reimbursed expenses relating to travel and accommodation amounting to £24,140 (2024 - £27,261). These expenses relate to attendance at meetings of the trustees, at meetings of trustees or directors of subsidiary companies and in relation to other management activities.

The highest paid director received remuneration of £103,000 (2024: £82,796) (salary and benefits in kind). The value of the employer’s contributions attributable to the reporting year, paid to a multi-employer defined contribution pension scheme in respect of the highest paid director amounted to £3,090 (2024: £9,596).

`

In addition, in 2024, two directors (2025: none) each received additional employer contributions of £96,000 to a multi-employer defined contributions pension scheme in line with their contract of employment.

Page 111

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

8 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Operating cost of defined benefit pension schemes
Employer’s contribution to defined contribution pension schemes
Redundancy and termination costs
Salaries and wages
Social security costs
Employer’s contribution to defined benefit pension schemes		 2025
£
78,794,243
94,393
6,832,839
1,652,627
260,333
39,000		 2024
£
70,873,467
338,508
5,930,858
1,499,646
261,609
38,000
87,673,435 78,942,088

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

2025 2024
No. No.
£60,000 - £69,999 10 10
£70,000 - £79,999 2 4
£80,000 - £89,999 4 5
£90,000 - £99,999 4 3
£100,000 - £109,999 - -

No disclosure has been made of the number of Executive Directors receiving total salaries and benefits in excess of £60,000 as their remuneration is disclosed in full in the above note.

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel for the Charity were £548,973 (2024: £579,122).

9 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 3,365 (2024: 3,259).

Staff are split across the activities of the charitable company as follows:

Direct and relief support work
Management and administration		 2025
No.
3,269
77		 2024
No.
3,178
81
3,346 3,259

10 Related party transactions

As disclosed in note 14, Thera Trust is the parent charitable company of all of the named subsidiary entities within the Group. The result for the year, assets and liabilities at the balance sheet date, and the registered office of these entities are all disclosed in full in that note.

Balances due to and from group undertakings are also disclosed in notes 16, 18 and 20.

The Group's subsidiaries, within their own financial statements, have taken the exemption permitted by section 33.1A of FRS 102 from disclosing transactions with other entities within the Group on the grounds that Thera Trust controls 100% of the voting rights and consolidated accounts are prepared.

Page 112

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

10 Related party transactions (continued)

As required by the SORP, Thera Trust, and its charitable subsidiaries, disclose in full transactions with other entities within the Thera Group. Due to the number of entities involved, transactions of a similar nature have been amalgamated within the table below.

The following transactions were charged / (credited) in the accounts of Thera Trust:

2025 2024
£ £
Management charges from Thera Trust to subsidiary undertakings (11,559,000) (13,296,000)
Donations under gift aid from subsidiary undertakings to Thera Trust (476,156) (194,742)
Social investment grants from Thera Trust to The Quality Company, Equal Futures,
Thera East Midlands, Thera East Anglia and Unity Works Social Enterprises - 409,140

Transactions with directors

Other than the transactions identified below, there are no other transactions with directors in the current or prior year.

Sally Warren and Michelle McDermott both provide their services as Co-Chairs of the Thera Trust Board and are paid for this service. The amount invoiced in the year to Thera Trust amounted to £21,000 (2024: £21,000) for Sally Warren and £21,000 (2024: £22,838). As at the year end the amount owed by Thera trust to both individuals was £nil (2024 - £nil).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

11 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The charitable company's trading subsidiaries gift aid available profits to the parent charitable company and therefore have no charge to corporation tax.

12 Tangible fixed assets

Tangible fixed assets
At the end of the year
Charge for the year
At the end of the year
Net book value
Cost or revaluation
Eliminated on revaluation
At the start of the year
At the end of the year
Depreciation
At the start of the year
At the start of the year
Eliminated on disposal
Revaluation
Disposals in year
Additions in year
The group		 £
729,342
-
-
-
Leasehold
property and
improvements		 Freehold land and
property
£
1,360,000
-
(15,000)
-		 Fixtures and fittings
and equipment
£
2,506,588
190,836
-
(31,690)		 Total
£
4,595,930
190,836
(15,000)
(31,690)
729,342 1,345,000 2,665,734 4,740,076
559,325
47,398
-
-		 20,700
20,700
-
(41,400)		 1,814,745
256,161
(31,690)
-		 2,394,770
324,259
(31,690)
(41,400)
606,723 - 2,039,216 2,645,939
122,619 1,345,000 626,518 2,094,137
170,017 1,339,300 691,843 2,201,160

Included above for the group is freehold land with an assessed value of £280,000 (2024: £283,000). This value is not depreciated in the accounts.

Page 113

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

12 Tangible fixed assets (continued)

The charity

Cost or revaluation
Depreciation
Eliminated on revaluation
Net book value
Additions in year
At the end of the year
At the start of the year
Charge for the year
At the start of the year
At the end of the year
At the end of the year
Revaluation
At the start of the year		 Freehold land and
property
£
560,000
-
(35,000)		 Fixtures and fittings
and equipment
£
2,233,103
189,136
-		 Total
£
2,793,103
189,136
(35,000)
525,000 2,422,239 2,947,239
8,400
8,400
(16,800)		 1,616,634
240,652
-		 1,625,034
249,052
(16,800)
- 1,857,286 1,857,286
525,000 564,953 1,089,953
551,600 616,469 1,168,069

Included above for the charity is freehold land with an assessed value of £130,000 (2024: £140,000). This value is not depreciated in the accounts.

The historic cost equivalent of freehold land and buildings for the group included at valuation are as follows:

Cost
Accumulated
depreciation
At the end of the year		 2025
2024
£
£
1,639,651
1,639,651
(685,498)
(664,798)
954,153
974,853

13 Group Investment properties

Revaluation during the year
Fair value at the start of the
year
Disposals
Property held for resale
Fair value at the end of the
year		 Owned
£
6,714,000
(3,274,000)
707,619
(2,277,619)		 Leased
£
5,420,554
-
350,333
-		 2025
£
12,134,554
(3,274,000)
1,057,952
(2,277,619)		 Owned
£
6,714,000
-
-		 Leased
£
4,466,738
-
953,816
-		 2024
£
11,180,738
-
953,816
-
1,870,000 5,770,887 7,640,887 6,714,000 5,420,554 12,134,554

Page 114

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

13 Group Investment properties (continued)

Owned properties

The trustees had been provided with a valuation from Jones Laing LaSalle ("JLL") Residential Advisory Team, in accordance with the current RICS Valuation – Global Standards (effective from January 2025), which incorporates the IVS, published by the Royal Institution of Chartered Surveyors, and the current UK national supplement (the RICS Red Book) of the properties that it owns. This valuation was at market value as at 31st March, 2025. The valuation was based either on the then current and future rental yields on properties where an under-lease to a Registered Housing Provider is currently in place, assuming good and marketable title free from onerous or unusual restrictions, covenants or encumbrances not covered by appropriate insurances, long term CPI of 2% and leases, where in place, formally registered with HM Land Registry or, where appropriate, upon vacant market possession. All of the investment properties owned by the charity are located within the United Kingdom. The majority of these properties are held for use in operating leases. After the year end, in April 2025, Forward Housing has sold six of Forward Housing's owned properties. The properties have been revalued at the yearend to reflect the sales value of the properties.

Leased properties

Some properties are leased by the charity and then under-let to a Registered Housing Provider. There is an economic benefit inherent in certain leases granted on these properties measured at fair value over their extended lifetime. This has given rise to a re-valuation of that benefit at the year-end.

14 Investments

Group - Controlled subsidiary undertakings

The parent charitable company controlled the following companies and charitable companies:

Country of Company
registration or Registration
Company incorporation Number Charity Number
Ansar Projects Limited Limited by guarantee England and Wales 11904307
Ansar Projects Trading Limited * Limited by guarantee England and Wales 10695377
Aspire Living Limited Limited by guarantee England and Wales 02720295 1024904
Aspire Living Trading Limited * Limited by guarantee England and Wales 10695243
Dosh Limited Limited by guarantee England and Wales 06337548
Equal Futures Limited by guarantee Scotland SC 238588 SC 033799
Forward Housing Limited by guarantee England and Wales 03821702 1078391/SC 045082
The Camden Society Limited by guarantee England and Wales 03023588 1044693
The Camden Society (London) Limited Limited by guarantee England and Wales 11484012
The Camden Society Trading Limited * Limited by guarantee England and Wales 10695786
The Quality Company Limited Limited by guarantee England and Wales 12591280
Thera (Scotland) Limited by guarantee England and Wales SC 322014
Thera (Scotland) Trading Limited * Limited by guarantee Scotland SC 561756
Thera East Limited by guarantee England and Wales 06795987
Thera East Anglia Limited by guarantee England and Wales 05566295
Thera East Anglia Trading Limited * Limited by guarantee England and Wales 10695759
Thera East Midlands Limited by guarantee England and Wales 05566293
Thera East Midlands Trading Limited Limited by guarantee England and Wales 10695501
Thera East Trading Limited * Limited by guarantee England and Wales 10695595
Thera Limited * Limited by guarantee England and Wales 04999446
Thera North Limited by guarantee England and Wales 05343088
Thera North Trading Limited Limited by guarantee England and Wales 10695651
Thera South Midlands Trading Limited Limited by guarantee England and Wales 10695744
Thera South West Limited by guarantee England and Wales 06797328
Thera South West Trading Limited * Limited by guarantee England and Wales 10695690
Unity Works Social Enterprises Limited Limited by guarantee England and Wales 11338498 1185113

Entities above marked with an asterisk * were dormant and did not trade during the year.

Page 115

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

14 Investments (continued)

The registered office address for the majority of Thera companies including dormant and trading companies is 134 Edmund Street, Birmingham, B3 2ES, the exceptions being:

The active subsidiaries are controlled by the parent charitable company and undertake a range of activities in fulfilment of the Group’s charitable objects. Where the subsidiary is in a net asset position, the directors of the subsidiary have determined in each case that the taxable surplus of the subsidiary for the year be gift aided to the parent charitable company.

The aggregate amount of capital and reserves and the results of the subsidiary undertakings for the last relevant financial year were as set out below. The figures are gross, before any consolidation adjustment. Any group entity not shown in the tables had no income, expenditure, assets or liabilities to report:

(Deficit) / surplus Gift Aid and other
Income Expenditure for the year transfers
£ £ £ £
Ansar Projects 5,108,391 (4,883,006) 225,385 150,197
Aspire Living Limited 11,462,174 (10,864,270) 597,904 -
Dosh Limited 1,551,188 (1,460,976) 90,212 -
Equal Futures 18,494 (101,201) (82,707) -
Forward Housing 4,199,954 (2,965,226) 1,234,728 -
The Camden Society 8,590,278 (8,718,488) (128,210) -
The Camden Society (London) Limited - (8,600) (8,600) 78,769
The Camden Society Trading 149,814 (149,814) - -
The Quality Company Limited 108,188 (120,887) (12,699) -
Thera East 14,788,463 (14,798,867) (10,404) -
Thera East Anglia 13,862,291 (13,615,101) 247,190 247,190
Thera East Midlands 18,835,136 (19,004,023) (168,887) -
Thera East Midlands Trading 9,850,464 (9,850,464) - -
Thera North 7,021,701 (6,881,424) 140,277 -
Thera North Trading - - - -
Thera (Scotland) 4,994,210 (5,292,436) (298,226) -
Thera South Midlands Trading 2,957,379 (2,957,379) - -
Thera South West 11,413,283 (11,376,574) 36,709 -
Unity Works Social Enterprises limited 2,956,372 (2,863,701) 92,671 -
Capital and
Assets Liabilities reserves
£ £ £
Ansar Projects 665,553 (665,553) -
Aspire Living Limited 3,771,463 (2,866,472) 904,991
Dosh Limited 238,372 (952,565) (714,193)
Equal Futures - - -
Forward Housing 10,056,258 (3,747,644) 6,308,614
The Camden Society 818,867 (3,686,923) (2,868,056)
The Camden Society (London) Limited - - -
The Camden Society Trading - - -
The Quality Company Limited - - -
Thera East 2,154,563 (3,059,950) (905,387)
Thera East Anglia 894,655 (894,655) -
Thera East Midlands 426,528 (3,591,177) (3,164,649)
Thera East Midlands Trading 2,184,232 (2,184,232) -
Thera North 917,933 (1,194,652) (276,719)
Thera North Trading - - -
Thera (Scotland) 699,192 (2,853,272) (2,154,080)
Thera South Midlands Trading 685,941 (685,941) -
Thera South West 1,269,119 (2,087,724) (818,605)
Unity Works Social Enterprises Limited 873,076 (1,601,361) (728,285)

Page 116

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

15 Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:

Remeasurement gain (loss) on defined benefit pension scheme
Governance costs
Total expenditure on charitable activities
Total funds brought forward
Costs of raising funds
Total funds
Gross income
Net income		 2025
£
13,568,856
(23,588,495)
(930,656)
(603,955)
24,000		 2024
£
14,945,624
(12,757,367)
(754,779)
(805,248)
(141,000)
(11,548,450) 487,230
14,492,628
14,979,858
3,431,408 14,979,858

Gross income is inclusive of donations made under gift aid of £476,156 (2024: £194,742) from its subsidiaries, as detailed in note 14.

16 Debtors

Debtors
Due after more than one year
Prepayments and accrued income
Due within one year
Operational debtors
Amounts owed from group undertakings
Other debtors		 2025
2024
£
£
-
-
5,333,243
5,354,397
460,976
560,416
6,631,435
5,469,224
12,425,654
11,384,037
Group		 2025
2024
£
£
14,247,583
27,256,699
141,312
87,843
7,375
37,060
1,622,725
717,083
16,018,995
28,098,685
Charity
12,425,654 11,384,037 16,018,995 28,098,685

17 Cash at bank

At the balance sheet date, Dosh Limited acting as appointee, court approved deputy or other approved representative, held funds on behalf of people with a learning disability supported by Dosh Limited in a separate general account amounting to £24,365 (2024: £27,693) and in individual accounts amounting to £21,082,066 (2024: £19,658,115). These funds have not been included as assets or liabilities of the company.

18 Creditors: amounts falling due within one year

Accruals and deferred income
Overdraft and bank loans
Other loans
Operational creditors
Taxation and social security
Other creditors		 2025
2024
£
£
121,749
114,335
1,105,200
1,266,488
1,510,223
885,781
1,690,722
1,673,153
838,247
1,125,525
2,236,483
2,201,199
7,502,624
7,266,481
Group		 2025
2024
£
£
121,749
114,335
1,105,200
1,266,488
1,510,223
885,781
1,690,722
1,673,153
838,247
1,125,525
2,236,483
2,201,199
7,502,624
7,266,481
Group		 2025
2024
£
£
121,749
114,335
1,105,200
1,266,488
1,094,655
347,834
153,525
155,901
7,200
38,802
537,225
623,817
3,019,554
2,547,177
Charity		 2025
2024
£
£
121,749
114,335
1,105,200
1,266,488
1,094,655
347,834
153,525
155,901
7,200
38,802
537,225
623,817
3,019,554
2,547,177
Charity
7,502,624 7,266,481 3,019,554 2,547,177

Page 117

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

19 Group deferred income

Group deferred income comprises payments in advance of services.

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year
Within one year
Creditors: amounts falling due after one year
Two - five years
Total loans repayable
Loan maturity analysis
Bank loans
Other loans
Amounts due to group undertakings		 2025
2024
£
£
277,076
406,238
10,275,221
11,156,038
-
-
10,552,297
11,562,276
2025
2024
£
£
1,226,949
1,380,823
10,552,297
11,562,276
11,779,246
12,943,099
Group
Group		 2025
2024
£
£
277,076
406,238
10,275,221
11,156,038
-
-
10,552,297
11,562,276
2025
2024
£
£
1,226,949
1,380,823
10,552,297
11,562,276
11,779,246
12,943,099
Group
Group		 2025
£
108,032
(108,032)
92,593		 2024
£
88,379
(88,379)
108,032
92,593 108,032
11,779,246 12,943,099 11,779,246 12,943,099

20 Creditors: amounts falling due after one year

During the year there was also a Barclays £2m overdraft facility and a term loan with a current balance of £0.40m (2024: £0.52m), which were secured by a Group bank account-offset cross guarantee, a cross guarantee and debenture creating fixed and floating charges over the assets of several Group companies and a floating charge over the assets of Thera (Scotland). After the year end, the overdraft facility has been removed and in July 2025 the Group has entered into a invoice financing facilty. Barclays still have a charge over two properties and different priorities over the other assets in the Group.

In September 2024, the Trust approached the bondholders and agreed to a revised repayment structure, coupon rate and a rollover of some of the bonds from the 2018 and 2020 bonds to the 2023 bond. The revised repayment period has been recognised in the financial statements.

The impact of this bond restructure is that the bond tranche previously referred to as the 2018 bond has had its coupon rate increased from 5.5% to 6%, and is due to be repaid on 31 December 2027.Interest is payable annually on 31 March each year in arrears.

The impact of this bond restructure is that the bond tranche previously referred to as the 2020 bond has had its coupon rate increased from 5.25% to 5.75%, and is due to be repaid on 31 December 2029. Interest is payable annually on 31 March each year in arrears.

The impact of this bond restructure is that the bond tranche previously referred to as the 2023 bond, it's coupon rate has remained the same at 7.25%, and is due to be repaid on 31 December 2029. Interest is payable annually on 31 March each year in arrears.

Page 118

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

21a Analysis of group net assets between funds (current year)

Net current assets
Net assets at 31 March 2025
Investment properties leased
Tangible fixed assets
Defined benefit pension scheme liability
Long term liabilities
Investment properties owned		 General
unrestricted
£
1,533,162
1,499,475
2,816,804
11,145,812
(10,552,297)
(222,180)		 Revaluation
reserve
£
560,975
370,525
2,954,083
-
-
-		 Designated funds
£
-
-
-
8,497
-
-		 Restricted funds
£
-
-
-
451,402
-
-		 Total funds
£
2,094,137
1,870,000
5,770,887
11,605,711
(10,552,297)
(222,180)
6,220,776 3,885,583 8,497 451,402 10,566,258

21b Analysis of group net assets between funds (prior year)

Defined benefit pension scheme liability
Net current assets
Tangible fixed assets
Investment properties leased
Investment properties owned
Long term liabilities
Net assets at 31 March 2024		 General
unrestricted
£
1,653,721
7,531,544
2,816,804
6,153,346
(11,562,276)
(334,248)		 Revaluation
reserve
£
547,439
(817,544)
2,603,750
-
-
-		 Designated funds
£
-
-
-
8,497
-
-		 Restricted funds
£
-
-
-
483,268
-
-		 Total funds
£
2,201,160
6,714,000
5,420,554
6,645,111
(11,562,276)
(334,248)
6,258,891 2,333,645 8,497 483,268 9,084,301

Page 119

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

22a Movements in funds (current year)

Supp
Othe
FWC
878
884
428
431
432
436
433
434
893
447
866
448
870
871
D63
D80
D81
D82
872
Total restricted funds
Designated funds
General funds
Unrestricted funds:
Other property-specific projects
Grantham
Restore 2 Mini Stomp
Thera Connex
Nottinghamshire Provider Sustainability Grant
Designated development fund
Sawston Hydrotherapy Pool
Holiday support fund
Allsorts
The Hollies fund
Apprenticeship levy - Government Grant
Inspiring Scotland WF Wellbeing Grant
General funds
Restricted Funds - North Lanarkshire
Retention and Recruitment - Lincolnshire
Gig buddies
L and D generic training
Fuel Enhancement Funding - Lincolnshire
Total unrestricted funds
Financial Wellbeing Research Project
Parent charity total funds as at 31 March
2025
TEN project
Legacies
Support for Ms TE
Revaluation reserve
Building Bridges
Scottish NVQ
Restricted funds:
Tech it Out
Pension reserve
Kenny Hill
University of Edinburgh Circles Facilitator
Conundrum Charitable Trust
Peoples Post Code Lottery
Cordis
EVOC Carers Circle		 At 1 April 2024
£
1,977
31,526
2,663
8,234
5,107
2,037
-
5,623
6,398
382
54
58,203
48,561
3,840
2,598
3,681
1,472
15,045
55,016
6,295
7
6,595
-
-
-
-
-
-
-		 Income and
gains
£
-
67,784
-
-
-
732
90,378
-
-
-
-
12,000
38,598
-
-
-
-
-
-
-
-
-
2,812
4,000
4,917
2,223
10,000
1,000
7,000		 Expenditure and
losses
£
-
(34,503)
-
-
(1,224)
-
(66,978)
-
-
-
-
(5,640)
(46,071)
-
-
(1)
-
-
(14,605)
-
(7)
(5,884)
-
-
-
-
-
-
-		 Transfers
£
-
1,184
-
-
-
-
-
-
-
-
-
-
-
-
-
(1,184)
-
-
-
-
-
-
-
-
-
-
-
-
-		 At 31 March 2025
£
1,977
65,991
2,663
8,234
3,883
2,769
23,400
5,623
6,398
382
54
64,563
41,088
3,840
2,598
2,496
1,472
15,045
40,411
6,295
-
711
2,812
4,000
4,917
2,223
10,000
1,000
7,000
265,314 241,444 (174,913) - 331,845
8,497 - - - 8,497
8,497
32,867
(351,861)
15,025,041		 -
-
128,759
13,222,653		 -
(18,200)
-
(24,948,193)		 -
-
-
-		 8,497
14,667
(223,102)
3,299,501
-
14,673,180 13,351,412 (24,948,193) - 3,076,399
14,714,544 13,351,412 (24,966,393) - 3,099,563
14,979,858 13,592,856 (25,141,306) - 3,431,408

Page 120

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

22a Movements in funds (current year continued)

BlackRock Gives
North London Forensic Collaborative
Changing Places Funding
Hub Seed Funding
Market Sustainability & Improvement Fund
Total restricted funds
Pension reserve
General funds
Legacy donation
Markyes Close
Inverclyde ICHM& WB Fund
Deloitte
The National Lottery Community Fund
Unity Works Walking Group (‘The
Adventurers’ Club’)
Bounceback Programme
LB of Camden Business Support Grants
Bulmer Trust
Total unrestricted funds
Stonewater Limited
General funds
Donations
CMHWF West Lothian
Whole Family Wellbeing Fund
CMHWF Glasgow
Edinburgh & Lothians Trust
CMHWF West Dunbartonshire
Charity total fund balance carried forward
Health & Social Care Alliance SM Grant
Herefordshire Community Foundation
Department for Education Holiday Activities
Group total funds as at 31 March 2025
North Central East London CAMHS Provider
Collaborative
The National Lottery Community Fund
CMHWF Midlothian
FSF Barnet
Donations
The Hugh Fraser Foundation
Great Escape
FSF Essex
Drappers Trust
Townsend Trust
Greenwich Worktrain Project
Nottinghamshire Provider Sustainability Grant
Tytton Lane Garden Project
Conundrum Charitable Trust
Revaluation reserve		 At 1 April 2024
£
14,979,858
9,910
10,000
10,888
40,378
3,000
9,256
9,237
1,400
9,237
9,237
-
4,980
5,405
2,524
14,260
8,073
9,976
4,192
250
24,386
1,758
9,398
2,799
9,338
-
-
-
29,010
23,166
15,835
1,375
571
(65,402)
1,584
1,933
-
-
-		 Income and
gains
£
13,592,856
-
-
14,998
-
-
-
-
-
-
-
1,149
1,000
-
200
-
-
-
-
-
25,000
-
-
-
-
168,609
10,000
13,517
-
2,882
-
-
-
64,202
-
-
1,500
500
5,389		 Expenditure and
losses
£
(25,141,306)
(9,910)
(10,000)
(25,886)
(40,378)
(3,000)
(9,256)
(9,237)
(1,400)
(9,237)
(9,237)
(1,149)
(271)
(5,405)
(2,724)
(14,260)
-
-
-
-
(49,386)
-
(9,398)
(2,799)
(9,338)
(168,609)
-
-
(6,667)
(3,907)
-
-
-
-
-
-
-
(500)
(5,389)		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,800
(5,000)
-
-
1,200
-
-
-
-
-		 At 31 March 2025
£
3,431,408
-
-
-
-
-
-
-
-
-
-
-
5,709
-
-
-
8,073
9,976
4,192
250
-
1,758
-
-
-
-
10,000
13,517
22,343
25,941
10,835
1,375
571
-
1,584
1,933
1,500
-
-
217,954 308,946 (407,343) - 119,557
2,300,778
17,613
(8,431,902)		 1,102,552
-
88,117,729		 -
(16,691)
(76,074,786)		 467,586
-
(467,586)		 3,870,916
922
3,143,455
(8,414,289) 88,117,729 (76,091,477) (467,586) 3,144,377
(6,113,511) 89,220,281 (76,091,477) - 7,015,293
9,084,301 103,122,083 (101,640,126) - 10,566,258

Page 121

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

22a Movements in funds (current year continued)

Group total funds as at 31 March 2025
Designation funds
Reconciled to:
Unrestricted funds
Restricted funds
Revaluation		 At 1 April 2024
£
6,258,891
2,333,645
8,497
483,268		 Income and
gains
£
101,469,141
1,102,552
-
550,390		 Expenditure and
losses
£
(101,039,670)
(18,200)
-
(582,256)		 Transfers
£
(467,586)
467,586
-
-		 At 31 March 2025
£
6,220,776
3,885,583
8,497
451,402
9,084,301 103,122,083 (101,640,126) - 10,566,258

The narrative to explain the purpose of each fund is given at the foot of the note below.

22b Movements in funds (prior year)

Designated funds
General funds
Restricted funds:
Other property-specific projects
Fuel Enhancement Funding - Lincolnshire
Grantham
Revaluation reserve
Sawston Hydrotherapy Pool
Total unrestricted funds
Designated development fund
TEN project
The Hollies fund
Gig buddies
Thera Connex
Pension reserve
Total restricted funds
Financial Wellbeing Research Project
Support for Ms TE
Allsorts
Building Bridges
Loughborough sensory room and garden
Clacton Beach Hut
L and D generic training
Restricted Funds - North Lanarkshire
Retention and Recruitment - Lincolnshire
Tech it Out
General funds
Holiday support fund
Unrestricted funds:
Parent charity total funds as at 31 March
2024
Scottish NVQ
Apprenticeship levy - Government Grant
Legacies
Restore 2 Mini Stomp
Inspiring Scotland WF Wellbeing Grant		 At 1 April 2023
£
1,977
418
37,880
2,663
8,234
6,059
2,037
155
-
5,623
6,398
382
54
57,028
18,958
3,840
2,819
4,093
1,600
27,783
24,879
6,295
10,000
-		 Income and
gains
£
-
-
5,666
-
-
-
-
390
82,143
-
-
-
-
17,100
29,603
-
-
-
-
-
30,137
-
-
10,000		 Expenditure and
losses
£
-
(418)
(12,020)
-
-
(952)
-
(545)
(82,143)
-
-
-
-
(15,925)
-
-
(221)
(412)
(128)
(12,738)
-
-
(9,993)
(3,405)		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 At 31 March 2024
£
1,977
-
31,526
2,663
8,234
5,107
2,037
-
-
5,623
6,398
382
54
58,203
48,561
3,840
2,598
3,681
1,472
15,045
55,016
6,295
7
6,595
229,175 175,039 (138,900) - 265,314
9,105 - (608) - 8,497
9,105
32,867
(311,307)
14,532,788		 -
-
100,446
14,670,139		 (608)
-
(141,000)
(14,177,886)		 -
-
-
-		 8,497
32,867
(351,861)
15,025,041
14,221,481 14,770,585 (14,318,886) - 14,673,180
14,263,453 14,770,585 (14,319,494) - 14,714,544
14,492,628 14,945,624 (14,458,394) - 14,979,858

Page 122

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

22b Movements in funds (prior year continued)

Movements in funds (prior year continued)
Total restricted funds
Pension reserve
General funds
Total unrestricted funds
Restricted funds:
CMHWF Midlothian
The Hugh Fraser Foundation
The National Lottery Community Fund
Whole Family Wellbeing Fund
North Lanarkshire Social
Greenwich Worktrain Project
Gerard Basset Forum
The Cicely Northcote Trust
BlackRock Gives
Changing Places Funding
Hub Seed Funding
Market Sustainability & Improvement Fund
Unity Works Walking Group (‘The
Drappers Trust
Markyes Close
Donations
Bulmer Trust
Herefordshire Community Foundation
Legacy donation
FSF Barnet
Bounceback Programme
Health & Social Care Alliance SM Grant
CMHWF Edinburgh
Charity total fund balance carried forward
Deloitte
BGC JobsOhio
Group total funds as at 31 March 2024
CMHWF West Lothian
Inverclyde ICHM& WB Fund
Edinburgh & Lothians Trust
CMHWF West Dunbartonshire
CMHWF Glasgow
Donations
LB of Camden Business Support Grants
Great Escape
Townsend Trust
Department for Education Holiday Activities
FSF Essex
The National Lottery Community Fund
General funds
Revaluation reserve		 At 1 April 2023
£
14,492,628
9,000
9,785
9,620
-
34,675
-
-
-
-
-
-
-
6,012
-
2,524
25,960
831
8,073
9,982
4,192
250
13,277
1,758
9,398
2,799
-
-
-
-
42,766
18,348
11,303
1,375
1,620
-
-
-		 Income and
gains
£
14,945,624
9,910
-
11,690
36,000
40,379
370
3,000
9,256
9,237
1,400
9,237
9,237
-
9,200
-
-
-
-
-
-
-
48,768
-
-
-
168,609
11,833
3,034
9,822
-
5,533
4,532
-
-
12,798
2,073
1,933		 Expenditure and
losses
£
(14,458,394)
(9,000)
(9,785)
(11,310)
(25,112)
(34,676)
(370)
-
-
-
-
-
-
(1,032)
(3,795)
-
(11,700)
(831)
-
(6)
-
-
(37,659)
-
-
-
(168,609)
(11,833)
(3,034)
(484)
(13,756)
(715)
-
-
(1,049)
(78,200)
(489)
-		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 At 31 March 2024
£
14,979,858
9,910
-
10,000
10,888
40,378
-
3,000
9,256
9,237
1,400
9,237
9,237
4,980
5,405
2,524
14,260
-
8,073
9,976
4,192
250
24,386
1,758
9,398
2,799
-
-
-
9,338
29,010
23,166
15,835
1,375
571
(65,402)
1,584
1,933
223,548 417,851 (423,445) - 217,954
1,359,826
124,190
(4,569,848)		 953,816
-
75,868,206		 -
(106,577)
(79,743,124)		 (12,864)
-
12,864		 2,300,778
17,613
(8,431,902)
(4,445,658)
(3,085,832)		 75,868,206
76,822,022		 (79,849,701)
(79,849,701)		 12,864
-		 (8,414,289)
(6,113,511)
11,630,344 92,185,497 (94,731,540) - 9,084,301

There is a timing difference between income and costs on the Changing Places Funding, the funding was received just after the year end.

Page 123

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

Expenditure &
At 1 April 2023 Income & gains losses Transfers At 31 March 2024
£ £ £ £ £
Reconciled to:
Unrestricted funds 9,775,823 90,638,791 (94,168,587) 12,864 6,258,891
Revaluation 1,392,693 953,816 - (12,864) 2,333,645
Designation funds 9,105 - (608) - 8,497
Restricted funds 452,723 592,890 (562,345) - 483,268
Total funds 11,630,344 92,185,497 (94,731,540) - 9,084,301

Purposes of restricted funds

Support for Ms TE

Amount donated to provide support to Ms TE.

Other property-specific projects

Various other property-specific projects undertaken.

The Hollies fund

This fund arises from a legacy received which is to be used for the benefit of the service users living in The Hollies and for The Hollies itself.

L and D generic training

Funding for staff training to enable staff to give better quality support.

Holiday support fund

Amount donated to cover additional holiday support costs for people supported by Thera.

Sawston Hydrotherapy Pool

Local fundraising to purchase a hydrotherapy pool for a house in Cambridgeshire.

Gig Buddies

Funding from Midlothian Council to support people to attend music gigs and functions.

TEN Project

Funding from the Scottish Government to a collaboration between three organisations to provide formal support with informal networks. Building Bridges

Dolphins’ Den is part of Building Bridges. Building Bridges is a partnership of organisations, led by Community First, that has come together to deliver the Building Better Opportunities Programme across Swindon and Wiltshire.

The project has received up to £6.4M of funding from the European Social Fund and The National Lottery Community Fund as part of the 2014-2020 European Structural and Investment Funds Growth Programme in England. The Department for Work and Pensions is the Managing Authority for the England European Social Fund programme. Established by the European Union, the European Social Fund helps local areas stimulate their economic development by investing in projects which will support skills development, employment and job creation, social inclusion and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding

Allsorts

Funding from Bingham Town Council for activities for people supported in Bingham, Nottinghamshire.

Grantham

Local fundraising.

Scottish Vocational Qualifications

The Scottish Government Voluntary Sector Development Fund for staff training.

Apprenticeship levy - Government Grant

The Apprenticeship Levy Top Up is grant funding provided by HMRC as part of the Apprenticeship Levy scheme.

Page 124

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

22 Movements in funds (continued)

Purposes of restricted funds (continued)

Legacies Restricted to Thera East Anglia, for the benefit of the people we support, to help to pay for days out and activities. Thera Connex To support people with a learning disability and keep them connected during Covid-19 and beyond. Tech it Out Enable people with a learning disability to access online and app-based health, social and lifestyle support: increasing independence; growing social Restore 2 Mini Stomp The funding is aimed to support Voluntary and Community Sector Enterprises (VCSE) partners to deliver information, support and advice to people with a learning disability and autistic people and their families. North Lanarkshire

Initial start up costs of a new operation and staff training.

Retention and Recruitment - Lincolnshire Grant Lincolnshire County grant towards recruitment and retention in a difficult time for the sector.

Fuel Enhancement Funding - Lincolnshire Grant

Grant towards fuel costs primarily aimed at the day opportunities fuel and utilities at a time of significant increases.

Inspiring Scotland WF Wellbeing Grant Overall staff well being for Scotland. Financial Wellbeing Research Project The aim of this project is to collaboratively generate ideas about how to understand and measure the financial wellbeing of people with a learning disability by working with our external partners Thera Trust and Dosh and the people with a learning disability they support. Nottinghamshire Provider Sustainability Grant Nottinghamshire Provider Sustainability Grant, Provides financial assistance to address the rising costs of providing care services, particularly the impact of increasing energy and fuel costs.

Kenny Hill

Equal Futures activities (core delivery of circles of support in Glasgow area only).

University of Edinburgh Circles Facilitator This project equips participants with the principles and practical tools needed to effectively facilitate a Circle of Support, fostering a collaborative and supportive environment. Through hands-on learning and guided practice, facilitators will gain the confidence to lead these circles and create meaningful connections within their communities. Conundrum Charitable Trust Funding to enable Equal Futures to support individuals with a learning disability and their families via social events across Scotland from June 2024 – June 2025.

Peoples Post Code Lottery Funding will facilitate the creation of circles of support around people with a learning disability enabling them to build social connections. Cordis To deliver our unique Circle of Support workshops. Expertly delivered by our experienced Project Coordinators, these workshops provide families who have a relative with a learning disability and autism with the tools and guidance to be able to grow a network of others around their relative, people who know and care for their loved one. EVOC Carers Circle

Develop the Carers Circle programme to deliver support and connection to the family and carers of individuals with learning disabilities and autism in Edinburgh.

CMHWF Midlothian

Co-produce person-centred plans to address individuals specific needs and introduce bespoke circles of support to enable them to live their best lives. As part of these circles of support we will offer volunteer community connectors and tailored social events to bring individuals and families together for mutual connection and friendship.

Page 125

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

22 Movements in funds (continued)

Purposes of restricted funds (continued)

CMHWF Glasgow

We will work with 20 individuals with a learning disability/autism in Glasgow and their families to co-produce person centred plans to address individuals and families’ specific needs and prevent poor outcomes and reduce the reliance of paid support. We will introduce bespoke circles of support to enable people with a learning disability to live their best lives. Alongside this we will offer volunteer befriending and tailored social events to bring individuals and families together. We will also facilitate a Christmas get together activity chosen by the people we support such as bowling and a Christmas dinner also attend by our volunteers.

Health & Social Care Alliance SM Grant

Using our successful co-production models for befriending, circles of support and social events, we will establish a new service in the area of North Lanarkshire where we have identified an unmet need and attracted 13 new referrals for our support services.

The National Lottery Community Fund

This grant will fund the Edinburgh Project Coordinator Salary, volunteer training and development costs, travel and subsidence costs, volunteer expenses, IT Equipment, Telephone Costs, Events, Communication and Licenses, Contribution to management and organisational support costs for 2 years.

The Hugh Fraser Foundation

Funding is for core costs in the Glasgow area.

CMHWF West Lothian

Create and deliver our unique Circle of Support workshops to individuals with a learning disability and their families in West Lothian. There will be 10 workshops delivered over 12 months, 5 face to face and 5 online. There will be the capacity for 12 attendees at each workshop, we expect this will be made up of 6 individuals with a learning disability who each bring a parent carer.

Inverclyde ICHM& WB Fund

Create and deliver our unique Circle of Support workshops to individuals with a learning disability and their families in Inverclyde. There will be 10 workshops delivered over 12 months, 5 face to face and 5 online. There will be the capacity for 12 attendees at each workshop, we expect this will be made up of 6 individuals with a learning disability who each bring a parent carer.

Edinburgh & Lothians Trust

Our project co-ordinator in Edinburgh will hold 4 local events over the year, 2 big and 2 small, open to all individuals living in Edinburgh and the Lothians, their family members and local volunteers.

CMHWF West Dunbartonshire

This funding is to create and deliver our unique Circle of Support workshops to individuals with a learning disability and their families across West Dunbartonshire. These will be expertly delivered by our experienced Project Coordinators and provide families who have a relative with a learning disability with the tools and guidance to be able to grow a network of others around their relative, people who know and care for their loved one.

Whole Family Wellbeing Fund

Create and deliver our unique Circle of Support workshops to individuals with a learning disability and their families in Perth and Kinross. There will be 10 workshops delivered over 12 months, 5 face to face and 5 online. There will be the capacity for 12 attendees at each workshop, we expect this will be made up of 6 individuals with a learning disability who each bring a parent carer.

Conundrum Charitable Trust

Funding to enable Equal Futures to support individuals with a learning disability and their families via social events across Scotland from June 2024 – June 2025.

Legacy donation

Monies to be spent in or towards the purchase of a caravan or towards any other project which may benefit the clients of West Oxfordshire Supported Living Scheme.

The National Lottery Community Fund

To run monthly coffee morning for people with a learning disability in 6 different communities where we know there is a need (Loughborough, Witney, Banbury, Oxford, Hertfordshire and Northamptonshire) – a total of 72 sessions across a 12 month period.

Page 126

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

22 Movements in funds (continued)

Purposes of restricted funds (continued)

Donations

Various donations including funds to support the homeless meals project and other temporary measures in Café Victoria.

Deloitte Create an online portal giving students and job seekers access to a Virtual Learning Environment and Case Management System enabling people to independently access their details, CV, job search.

Great Escape

Annual break for a week of activities designed to build skills and confidence for the people we support.

FSF Essex

For delivery of an employment project. FSF Barnet

For delivery of an employment project.

Unity Works Walking Group (‘The Adventurers’ Club’)

To cover the costs of walking group sessions throughout the winter months.

Bounceback Programme

To help people complete a vocational profile and identified career pathway, build their confidence and social skills and receive support to attend at least one interview.

LB of Camden Business Support Grants

This grant will pay for trainees with a learning disability at Greenwood Café. The aim is to make meals which will be delivered by bicycle courier to Castlehaven Community Association for distribution at their weekly foodbank.

Drappers Trust

This grant will pay for trainees with a learning disability at Greenwood Café. The aim is to make meals which will be delivered by bicycle courier to Castlehaven Community Association for distribution at their weekly foodbank.

Townsend Trust

This grant will pay for trainees with a learning disability at Greenwood Café. The aim is to make meals which will be delivered by bicycle courier to Castlehaven Community Association for distribution at their weekly foodbank. BlackRock Gives

Funding to launch MailOut 2 to enable us to increase the number of training and work experience opportunities to individuals in a new area as well as increase commercial revenue that we can use to further improve quality. Greenwich Worktrain Project

This grant is to support the AOPS employment support service. North London Forensic Collaborative

This grant is for a work based placement for two trainees within Greenwood and Lisson Grove cafes for a period of 48 weeks providing 1:1 sessions support to the trainees to enable them gain future employment.

North Central East London CAMHS Provider Collaborative

The grant is to fund Wellness Works programme provinding support to 50 people from Camden, Islington, Hackney, Havering, Redbridge, Barking, Newham, Barnet, Haringey, Tower Hamlets and the City of London boroughs over 12 months period. Markyes Close

Funds given to Aspire Living Ltd to enable the development of Markyes Close residential home from 2 individual bungalows into one home. This was done to aid and benefit the people living on Markyes Close.

Page 127

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

22 Movements in funds (continued)

Purposes of restricted funds (continued)

Donations

Various local donations for the welfare of the People we support, by providing day trips out, Youth Club annual holiday club, projects and to cover funeral costs.

Herefordshire Community Foundation Project costs for 'Be Your Own Health Champion'.

Department for Education Holiday Activities

Funding provided for holiday activities & food. Bulmer Trust

Grant to help support the Bulmer Training Room, to purchase new furniture and other items.

Changing Places Funding

Grant from Herefordshire County Council for the refurbishment of toilets at the Hub. Hub Seed Funding

Funding from Herefordshire County Council for specific equipment and training at the Hub.

Market Sustainability & Improvement Fund

One off payment from Gloucestershire County Council to support frontline care. Stonewater Limited

For a garden project at Ivy Close.

Donation Donation from Tointpoint Housing to cover works required to achieve required EPC rating.

Prior Year

Loughborough sensory room and garden

NHS and other charitable funds to pay for the fit-out and equipping of a sensory room and a sensory garden project.

Clacton Beach Hut

Local fundraising to purchase a beach hut in Essex.

CMHWF Midlothian

Our Midlothian based Project Co-ordinator will recruit, train and support 4 volunteers to help us to deliver our three main activities - 1:1 befriending, Circles of Support and Social events.

CMHWF Edinburgh

Supporting socially isolated adults (16+) with a learning disability or autism and their parent carers in Edinburgh. The aim is to facilitate families in the creation of community-based circles of support around their relative so that they can plan for the future and live their best life. Funding will be used to facilitate the co-ordinator to recruit and train additional volunteers to support up to 12 individuals and up to 24 family members. Volunteers will support beneficiaries via 1:1 befriending, circles of support and social events. CMHWF Glasgow

We aim to expand our reach of support by recruiting, training and supporting 8 volunteers to support up to 6 individuals with a learning disability or autism and their family members in Glasgow via 1:1 befriending, Circles of Support and Social events. This will increase opportunities of social connections within the local community, reducing isolation and promoting improved mental wellbeing.

North Lanarkshire Social

Funding is for social events for individuals supported in North Lanarkshire.

BGC Jobs Ohio

To purchase a coffee cart and sell coffee, thereby creating further employment of people with a learning disability.

Gerard Basset Forum

The Foundation expects the funds gifted to Unity Works to be spent on the training activities undertaken in the Social Enterprise cafes including the creation of placements for future job opportunities.

The Cicely Northcote Trust

This grant will contribute towards the costs of room hire for meetings to support Unity Works’ supported employment projects in Southwark and Lambeth.

Page 128

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

22 Movements in funds (continued)

Purposes of designated funds

Development Fund

Funds designated to allow discretionary support for the additional needs of people supported through Thera, not available from other funding sources.

Transfers between funds

Current Year

Revaluation and general reserve - The transfer between the funds have recognised the sale of properties and has brought the balance in line with the properties held by the Group.

Transfers within restricted funds - correct allocation of restricted expenditure.

23 Reconciliation of net income to net cash flow from operating activities

Reconciliation of net income to net cash flow from operating activities
Unrealised gains on fixed assets
Depreciation charges and impairment
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Unrealised gains on investment properties
Interest receivable
Interest payable
Surplus on disposal of fixed assets
Gain on disposal of investment property
Net expenditure for the reporting period
Net change in the defined benefit pension liability
(as per the statement of financial activities)
(Increase) / decrease in stocks
Net cash used in by operating activities		 2025
£
1,473,957
324,259
(719,167)
-
(1,057,952)
(26,400)
(404)
876,599
(2,338)
(1,041,617)
390,017
(104,068)		 2024
£
(2,299,043)
398,808
-
(4,000)
(953,816)
-
(2)
754,779
4,752
366,492
(512,525)
(99,869)
112,886 (2,344,424)

24 Changes in net debt

Cash at bank and in hand
Total cash and cash equivalents
Bank loans due within one year
Bank loans due beyond one year
Other loans due within one year
Other loans due beyond one year
Changes in net debt
Total		 £
At 1 April 2024		 Cash flows
£		 Other changes
£
-		 £
4,396,651
At 31 March 2025
2,521,482 1,875,169
2,521,482 1,875,169 - 4,396,651
(114,335)
(406,238)
(1,266,488)
(11,156,038)		 121,748
-
161,288
880,817		 (129,162)
129,162
-
-		 (121,749)
(277,076)
(1,105,200)
(10,275,221)
(12,943,099) 1,163,853 - (11,779,246)
(10,421,617) 3,039,022 - (7,382,595)

Page 129

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

25 Operating lease commitments - payable as a lessee

Group

The group's total future minimum lease payments payable under non-cancellable operating leases is as follows for each of the following periods:

Less than one year
One to five years
Over five years		 2025
2024
£
£
2,254,807
1,935,778
7,946,844
6,857,428
14,889,249
13,381,959
25,090,900
22,175,165
Property		 2025
2024
£
£
2,254,807
1,935,778
7,946,844
6,857,428
14,889,249
13,381,959
25,090,900
22,175,165
Property		 2025
2024
£
£
129,522
215,347
34,493
202,047
-
-
164,015
417,394
Equipment		 2025
2024
£
£
129,522
215,347
34,493
202,047
-
-
164,015
417,394
Equipment
25,090,900 22,175,165 164,015 417,394

Charity

The charity's total future minimum lease payments payable under non-cancellable operating leases is as follows for each of the following periods:

One to five years
Less than one year		 2025
2024
£
£
52,584
53,892
22,618
33,516
75,202
87,408
Property		 2025
2024
£
£
52,584
53,892
22,618
33,516
75,202
87,408
Property		 2025
2024
£
£
84,404
175,695
34,493
202,047
118,897
377,742
Equipment		 2025
2024
£
£
84,404
175,695
34,493
202,047
118,897
377,742
Equipment
75,202 87,408 118,897 377,742

26 Operating lease commitments - receivable as a lessor

Group

The group's total future minimum lease payments receivable under non-cancellable operating leases is as follows for each of the following periods:

Less than one year
One to five years
Over five years		 2025
2024
£
£
2,046,244
2,044,793
8,184,975
8,179,171
15,190,320
17,151,623
25,421,539
27,375,587
Property		 2025
2024
£
£
2,046,244
2,044,793
8,184,975
8,179,171
15,190,320
17,151,623
25,421,539
27,375,587
Property
25,421,539 27,375,587

Page 130

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

27 Contingent liabilities

In 1977 The Camden Society received a grant from the London Borough of Camden towards the purchase of property in Brightlingsea, Essex. Under the grant agreement, should the property be disposed of and the proceeds not be reinvested in an alternative property for the aims of the charity, then the London Borough of Camden have the right to request a proportion of the sale proceeds.

28 Post balance sheet events

All of the activities in The Camden Society (London) were discontinued in this entity on the 31st March 2024. Now the outstanding debts of the company have been collected and creditors settled, it is the intention of directors for the company to be struck off the register of companies.

All of the activities were discontinued in Equal Futures on the 31st March 2025. It is the intention of directors for the company to be struck off the register of companies.

All of the activities were discontinued in The Quality Company on the 31st October 2024. Now the outstanding debts of the company have been collected and creditors settled, it is the intention of directors for the company to be struck off the register of companies.

All of the above activities are to be discontinued in The Camden Society Trading on the 23rd September 2024. Now the outstanding debts of the company have been collected and creditors settled, it is the intention of directors for the company to be struck off the register of companies.

After the year end, in April 2025, Forward Housing has sold six of Forward Housing's owned properties. The properties have been revalued at the yearend to reflect the sales value of the properties.

After the year end a contractual and VAT issue is currently subject to negotiation between one local authority, HMRC and a Thera subsidiary. The end result is either expected to have a nil effect, or any resulting liability will not be material to Thera Trust (who will meet the liability on the subsidiary's behalf).

After the year end, the overdraft facility has been removed and in July 2025 the Group has entered into a invoice financing facility.

29 Pension schemes

Defined contribution schemes

The Pensions Trust Ethical Fund

A number of companies in the Group participate in The Pensions Trust Ethical Fund which is a defined contribution scheme for the benefit of its employees. Contributions payable to the scheme amounted to £959,937 (2024: £885,551). The amount outstanding in respect of the Fund at the year end was £1,030 (2024: £205,791).

The Pensions Trust Flexible Retirement Plan

The Camden Society (and in the prior year, The Camden Society (London)) participates in the Flexible Retirement Plan TPT, which is a defined contribution scheme for the benefit of its employees. Contributions payable during the period amount to £1,665 (2024: £396). The amount outstanding in respect of this scheme at the year-end was £Nil (2024: £Nil).

Page 131

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

29 Pension schemes (continued)

Defined contribution schemes (continued)

NEST pension scheme

Equal Futures and Aspire Living Limited participate in the government's NEST pension scheme which is a defined contribution scheme for the benefit of its employees. Contributions payable during the period amount to £107,986 (2024: £112,359). The amount outstanding in respect of this scheme at the year-end was £16,902 (2024: £19,852).

Clerical Medical pension scheme

Aspire Living Limited participates in the Clerical Medical Pension Scheme which is a defined contribution scheme for the benefit of its employees. Contributions payable during the period amount to £6,693 (2024: £7,028). The amount outstanding in respect of this scheme at the year-end was £940 (2024: £3,534).

The Pensions Trust Growth Plan

Forward Living used to participate in The Pensions Trust Growth Plan (the Plan). The Plan is funded and is not contracted-out of the State Scheme. On 22 February, 2010, a transfer of contracts and all employees was made from Forward Living, a charitable company limited by guarantee which has since been struck off the register of companies, to a fellow subsidiary of the Thera Group, Thera South West, at which date Forward Living ceased to participate in the Plan. The parent charity, Thera Trust, acts as a guarantor of a floating liability amounting to £86,569 which would crystallise should the Plan at some time in the future be wound up or an event occurs as a result of which there are no remaining employers participating in the Plan.

The People's Pension Scheme

The Camden Society, The Camden Society (London), Unity Works Social Enterprises, Ansar Projects, Thera East Midlands, Thera South West, Thera North, The Quality Company, Aspire Living Limited, Dosh, Thera East, Thera East Anglia and Thera (Scotland) participate in The People's Pension Fund, which is a defined contribution scheme for the benefit of its employees. Contributions payable during the period amount to £377,346 (2024: £282,220). The amount outstanding in respect of this Scheme at the year-end was £83,868 (2024: £429). At the balance sheet date there were 801 active members of the scheme employed by the society (2024: 530).

Social Housing Pension Scheme - defined contribution

Aspire Living Limited participates in The Pension's Trust Social Housing Pension Scheme (TPT SHPS) which is a defined contribution scheme for the benefit of its employees. Contributions payable during the period amount to £18,629 (2024: £4,486). The amount outstanding in respect of this Scheme at the year-end was £Nil (2024: £Nil).

Thera Trust participates in the Social Housing Pension Scheme (DB/DC hybrid). The Scheme is funded and was contracted-out of the State Pension scheme. However, from 1 April, 2013, Thera Trust adopted the defined contribution structure of the scheme, it previously having operated under a defined benefit structure.

During the accounting period Thera Trust paid total contributions of £273,140 (2024: £298,994) which included £119,462 (2024: £113,235) of past service deficit contributions. At the year end, £3,431 (2024: £40,184) was outstanding in respect of the Scheme.

As at the balance sheet date there were 157 (2024: 162) active members of the Scheme employed by Thera Trust.

Social Housing Pension Scheme - defined benefit

Thera Trust participates in the Social Housing Pension Scheme (the Scheme), a multi-employer scheme which provides benefits to some 500 nonassociated employers. The Scheme is a defined benefit scheme in the UK.

The Scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, sets out the framework for funding defined benefit occupational pension schemes in the UK.

The last triennial valuation of the scheme for funding purposes was carried out as at 30 September 2023. This valuation revealed a reduction in the deficit from £1,560m to £700m. A Recovery Plan had previously been put in place with the aim of removing this deficit by 31 March 2028, this date still remains. The Scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the Scheme.

Participating employers are legally required to meet their share of the Scheme deficit on an annuity purchase basis on withdrawal from the Scheme.

The number of members of the scheme are set out below.

The data as at 31 March 2025 and 31 March 2024 has been calculated using a modeller provided by The Pensions Trust. Certain key assumptions, such as projected earnings increases have been set within this modeller to bring them into line with the expectations of the organisation. These are set out below

Number of active members in the scheme

Number of active members in the scheme
2025 2024
No. No.
Active 2 2
Deferred 23 26
Pensioners 16 13

Page 132

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

29 Pension schemes (continued)

Defined benefit schemes multi-employer (continued)

Social Housing Pension Scheme - defined benefit (continued)

Reconciliation of Opening and Closing Balances of the Fair Value of Plan Assets

Financial assumptions

Financial assumptions
Rate of discount
Price inflation (RPI)
Price inflation (CPI)
Earnings increases
Allowance for commutation of pension for cash at retirement
Other material assumptions
Male currently aged 65
Female currently aged 65
Male currently aged 45
Female currently aged 45
Present Values of Defined Benefit Obligation, Fair Value of Assets and Defined Benefit Liability
Fair value of plan assets
Reconciliation of Opening and Closing Balances of Defined Benefit Obligation
Interest income
Benefits paid and expenses
Life expectancies in retirement:
Contributions by the employer
Opening defined benefit obligation
Experience on plan assets
Expenses
Present value of defined benefit obligation
Deficit in plan
Defined benefit liability to be recognised
Defined Benefit Costs Recognised in the Statement of Financial Activities (SOFA)
Expenses
Net interest expense
Closing fair value of employer assets
Defined benefit costs recognised in the SOFA
Opening fair value of employer assets
Interest cost
Net defined liability to be recognised
Actuarial gains
Benefits paid and expenses
Closing defined benefit obligation		 2025
% pa
6.20
3.36
3.10
3.10
75%
years
20.50
23.00
21.70
24.50
2025
£'000
1,590
(1,815)
(225)
(225)		 2024
% pa
5.22
3.41
3.09
3.09
75%
years
20.50
23.00
21.80
24.40
2024
£'000
1,617
(1,970)
(353)
(353)
(225) (353)
2025
£'000
1,617
86
(168)
124
(69)		 2024
£'000
1,669
87
(189)
118
(68)
1,590 1,617
2025
£'000
1,970
5
101
(192)
(69)		 2024
£'000
1,981
5
100
(48)
(68)
1,815 1,970
2025
£'000
5
15		 2024
£'000
5
13
20 18

Page 133

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

29 Pension schemes (continued)

Defined benefit schemes multi-employer (continued)

Social Housing Pension Scheme - defined benefit (continued)

FRS102 pension liability reconciliation 2025

Fair value of employer assets

Fair value of employer assets
Brought forward
Actuarial gains/(losses)
Expenses
Experience on Plan Assets
Interest
Contributions in - e'ee (participants)
Contributions in - e'er
Benefits out
At year end
Net change in scheme deficit
Net current service cost / expense in SoFA
Risk Sharing
Insurance-Linked Securities
Property
Infrastructure
Private Debt
Emerging Markets Debt
Cash
Long Lease Property
Credit Relative Value
Distressed Opportunities
Global Equity
Opportunistic Illiquid Credit
Absolute Return
Liability Drive Investment
Private Equity
Alternative Risk Premia
Currency Hedging
Net Current Assets
Secured income
Private Credit
Credit
Investment Grade Credit
Liquid Alternatives
Real Assets		 Assets
£'000
1,617
-
-
(168)
86
-
124
(69)		 2025
£'000
178
-
-
-
-
295
-
-
5
80
-
1
190
-
-
195
61
49
22
-
27
481
3
3		 2024
£'000
161
63
57
53
51
-
21
95
8
65
164
1
-
64
63
-
-
-
32
10
48
659
(1)
3
1,590 1,617
Liabilities
£'000
(1,970)
192
(5)
-
(101)
-
-
69		 Total
£'000
(353)
192
(5)
(168)
(15)
-
124
-
1,590 (1,815) (225)
128
(20)

Page 134

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

29 Pension schemes (continued)

Defined benefit multi-employer schemes (continued)

FRS102 pension liability reconciliation 2024

FRS102 pension liability reconciliation 2024
Brought forward
Actuarial gains/(losses)
Expenses
Experience on Plan Assets
Interest
Contributions in - e'ee (participants)
Contributions in - e'er
Benefits out
At year end
Net change in scheme surplus/(deficit)
Net current service cost / expense in SoFA		 Assets
£'000
1,669
-
-
(189)
87
-
118
(68)		 Liabilities
£'000
(1,981)
48
(5)
-
(100)
-
-
68		 Total
£'000
(312)
48
(5)
(189)
(13)
-
118
-
1,617 (1,970) (353)
(41)
(18)

NHS Pension Scheme

For some employees, who have previously worked in the NHS, Thera East Anglia, Thera East Midlands, Thera East, Thera North, Thera South West and The Camden Society also participate in the NHS Pension Scheme ("the Scheme"), which is a defined benefit scheme. Contributions to this scheme, which are charged against net income, are set by the Government Actuary as set out below. The pension charge for the year in respect of this Scheme was £143,992 (2024: £149,775). The amount outstanding at 31 March, 2025 was £Nil (2024: £Nil).

Past and present employees are covered by the provisions of the NHS Pension Scheme(s) relevant to their membership. Details of the benefits payable and rules of the Schemes can be found on the NHS Pensions website at: www.nhsbsa.nhs.uk/pensions.

Both the 1995/2008 and 2015 schemes are accounted for, and the scheme liability valued, as a single combined scheme. Both are unfunded defined benefit schemes that cover NHS employers, GP practices and other bodies, allowed under the direction of the Secretary of State for Health and Social Care in England and Wales. They are not designed to be run in a way that would enable NHS bodies to identify their share of the underlying scheme assets and liabilities. Therefore, each scheme is accounted for as if it were a defined contribution scheme: the cost to the NHS body of participating in each scheme is taken as equal to the contributions payable to that scheme for the accounting period.

In order that the defined benefit obligations recognised in the financial statements do not differ materially from those that would be determined at the reporting date by a formal actuarial valuation, the Financial Reporting Manual (FReM) requires that ‘the period between formal valuations shall be four years, with approximate assessments in intervening years’. An outline of these follows:

a) Accounting valuation

A valuation of scheme liability is carried out annually by the scheme actuary (currently the Government Actuary’s Department) as at the end of the reporting period. This utilises an actuarial assessment for the previous accounting period in conjunction with updated membership and financial data for the current reporting period, and is accepted as providing suitably robust figures for financial reporting purposes. The valuation of the scheme liability as at 31 March 2025, is based on valuation data as 31 March 2023, updated to 31 March 2025 with summary global member and accounting data. In undertaking this actuarial assessment, the methodology prescribed in IAS 19, relevant FReM interpretations, and the discount rate prescribed by HM Treasury have also been used.

The latest assessment of the liabilities of the scheme is contained in the Statement by the Actuary, which forms part of the annual NHS Pension Scheme Annual Report and Accounts. These accounts can be viewed on the NHS Pensions website and are published annually. Copies can also be obtained from The Stationery Office.

b) Full actuarial (funding) valuation

The purpose of this valuation is to assess the level of liability in respect of the benefits due under the schemes (taking into account its recent demographic experience), and to recommend the contribution rates payable by employees and employers.

Page 135

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

29 Pension schemes (continued)

Defined benefit multi-employer schemes (continued)

The latest actuarial valuation undertaken for the NHS Pension Scheme was completed as at 31 March 2020. The results of this valuation set the employer contribution rate payable from 1 April 2024 to 23.7% of pensionable pay. The core cost cap cost of the scheme was calculated to be outside of the 3% cost cap corridor as at 31 March 2020. However, when the wider economic situation was taken into account through the economic cost cap cost of the scheme, the cost cap corridor was not similarly breached. As a result, there was no impact on the member benefit structure or contribution rates.

The 2024 actuarial valuation is currently being prepared and will be published before new contribution rates are implemented from April 2027.

Local Government Pension Scheme - Nottinghamshire

Thera East Midlands participates in Nottinghamshire County Council’s Local Government Pension Scheme ("the Scheme"). The Scheme is funded and is contracted-out of the State Pension scheme.

Contributions payable during the period amount to £18,309 (2024: £19,423). The amount outstanding in respect of employer and employee contributions for this Scheme at the year end was £Nil (2024: £Nil).

The Trustee commissions an actuarial valuation of the Scheme every three years. The main purpose of the valuation is to determine the financial position of the Scheme in order to address the level of future contributions required so that the Scheme can meet its pension obligations as they fall due.

The last formal valuation of the Scheme was performed as at 31 March 2022 by a professionally qualified Actuary. The market value of the Scheme’s assets at the valuation date was £6,498 million. The valuation revealed a surplus of assets compared with the value of liabilities of £9 million, equivalent to a past service funding level of 100%.

The next triennial formal valuation of the Scheme is due as at 31 March 2025.

Thera East Midlands has not been notified by Nottinghamshire County Council of the estimated employer debt on withdrawal from the scheme. However, at the request of the Council, Thera East Midlands has put in place an on-demand bond to meet the level of risk arising in the event of insolvency, winding up or liquidation of the company, as assessed by the Council following actuarial advice. This bond is in the sum of £108,000, and has been provided by HCC International Insurance Company Plc.

The number of members of the scheme are set out below.

The data as at 31 March 2025 and 31 March 2024 has been calculated from the valuation provided by Barnett Waddingham . These are set out below:

Page 136

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

29 Pension schemes (continued)

Defined benefit multi-employer schemes (continued)

Local Government Pension Scheme - Nottinghamshire (continued)

Number of active members in the scheme

Number of active members in the scheme Number of active members in the scheme
2025
No.
5
11
7
2025
% pa
5.85
2.95
3.95
Other material assumptions
20.4
23.3
21.7
24.7
2025
£'000
1,345
(1,015)
(328)
2
2
2
2025
£'000
1,353
66
(73)
(1)
18
6
(24)
1,345
2025
£'000
1,116
18
2
55
6
(158)
(24)
1,015
Interest income
Deferred
Pensioners
Actuarial losses
Current service cost
Active
Price inflation (CPI)
Salary increases
Female currently aged 65
Male currently aged 45
Past service cost
Interest cost
Contributions by members
Actuarial gains
Benefits paid and expenses
Return on plan assets
Net defined asset to be recognised
Benefits paid and expenses
Contributions by members
Administration expenses
Female currently aged 45
Present value of defined benefit obligation
Surplus in plan
Defined benefit asset to be recognised
Closing fair value of employer assets
Contributions by the employer
Impact of asset ceiling
Financial assumptions
Rate of discount
Male currently aged 65
Present Values of Defined Benefit Obligation, Fair Value of Assets and Defined Benefit Asset / (Liability)
Fair value of plan assets
Reconciliation of Opening and Closing Balances of the Fair Value of Plan Assets
Opening fair value of employer assets
Reconciliation of Opening and Closing Balances of Defined Benefit Obligation
Opening defined benefit obligation
Closing defined benefit obligation		 2024
No.
5
11
7
2024
% pa
4.95
2.85
3.85
20.4
23.3
21.7
24.7
2024
£'000
1,353
(1,116)
(218)
19
19
2 19
2025
£'000
1,353
66
(73)
(1)
18
6
(24)		 2024
£'000
1,255
59
73
-
(1)
20
6
(59)
1,345 1,353
2025
£'000
1,116
18
2
55
6
(158)
(24)		 2024
£'000
1,130
25
-
53
6
(39)
(59)
1,015 1,116

Page 137

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

29 Pension schemes (continued)

Defined benefit multi-employer schemes (continued)

Local Government Pension Scheme - Nottinghamshire (continued)

Defined Benefit Costs Recognised in the Statement of Financial Activities (SOFA)

Brought forward
Actuarial gains/(losses)
Return on Plan Assets
Current service cost
Past service cost
Administration expenses
Interest
Contributions in - e'er
Contributions in - e'ee (participants)
Benefits out
At year end pre asset ceiling
Impact of asset ceiling
At year end
Net change in scheme surplus
Net current service cost / expense in SoFA
Gilts
Other bonds
Property
Current service cost
FRS102 pension liability reconciliation 2025
Defined benefit costs recognised in the SOFA
Actual return on employer assets
Fair value of employer assets
Equities
Cash
Administration expenses
Past service cost
Net interest expense
Inflation-linked pooled fund
Infrastructure
Private equities		 Assets
£'000
1,353
-
(73)
-
-
(1)
66
18
6
(24)		 2025
£'000
18
2
(2)
1		 2024
£'000
25
-
(6)
1
19 20
(7) 132
2025
£'000
745
67
89
137
67
94
101
45		 2024
£'000
803
34
72
150
84
64
102
44
1,345 1,353
Liabilities
£'000
(1,116)
158
-
(18)
(2)
-
(55)
-
(6)
24		 Total
£'000
237
158
(73)
(18)
(2)
(1)
11
18
-
-
1,345 (1,015) 330
(328)
2
(17)
(19)

Page 138

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

29 Pension schemes (continued)

Defined benefit multi-employer schemes (continued)

Local Government Pension Scheme - Nottinghamshire (continued)

FRS102 pension liability reconciliation 2024

Brought forward
Actuarial gains/(losses)
Return on Plan Assets
Current service cost
Administration expenses
Interest
Contributions in - e'er
Contributions in - e'ee (participants)
Benefits out
At year end pre asset ceiling
Impact of asset ceiling
At year end
Net change in scheme surplus/(deficit)
Net current service cost / expense in SoFA		 Assets
£'000
1,255
-
73
-
(1)
59
20
6
(59)		 Liabilities
£'000
(1,130)
39
-
(25)
-
(53)
-
(6)
59		 Total
£'000
125
39
73
(25)
(1)
6
20
-
-
1,353 (1,116) 237
-218
19
(106)
(20)

Local Government Pension Scheme - Oxfordshire

The Camden Society also participates in the Oxfordshire Local Government Pension Scheme ("the Scheme"). This is a multi-employer, defined benefit type scheme and the assets of the scheme are held separately from those of the charity in independently administered funds. Contributions payable during the year amounted to £57,779 (2024: £50,729) As at the balance sheet date there were 14 (2024: 14) active members of the Scheme employed by the Society. The amount outstanding in respect of this Scheme at the year-end was £Nil (2024: £Nil).

It is not possible in the normal course of events to identify on a consistent and reasonable basis the share of underlying assets and liabilities belonging to individual participating employers. This is because the Scheme is a multi-employer scheme where the Scheme assets are co-mingled for investment purposes, and benefits are paid from total Scheme assets. Accordingly, due to the nature of the Scheme, the accounting charge for the period under FRS102 represents the employer contribution payable.

Oxfordshire County Council has confirmed that it will take responsibility for any funding deficit arising should The Camden Society cease to be a member in the Scheme.

Local Government Pension Scheme - Worcestershire

Aspire Living Limited participates in the Worcestershire County Council’s Local Government Pension Scheme ("the Scheme"). The Scheme is funded and is contracted-out of the State Pension scheme.

The Council has agreed to fund any additional employer pension costs which may be required to address future pension scheme deficits in relation to Aspire’s staff.

Contributions payable during the period amount to £58,603 (2024: £68,214). The amount outstanding in respect of employer and employee contributions for this Scheme at the year-end was £Nil (2024: £Nil).

As at the balance sheet date there were 8 (2024: 10) active members of the Scheme employed by Aspire Living Limited.

It is not possible in the normal course of events to identify on a consistent and reasonable basis the share of underlying assets and liabilities belonging to individual participating employers. This is because the Scheme is a multi-employer scheme where the Scheme assets are co-mingled for investment purposes, and benefits are paid from total Scheme assets. Accordingly, due to the nature of the Scheme, the accounting charge for the period under FRS102 represents the employer contribution payable.

The scheme's Trustee commissions an actuarial valuation of the Scheme every three years. The main purpose of the valuation is to determine the financial position of the Scheme in order to address the level of future contributions required so that the Scheme can meet its pension obligations as they fall due.

The last formal valuation of the Scheme was performed as at 31 March 2022 by a professionally qualified Actuary. The market value of the Scheme’s assets at the valuation date was £3,584 million. The valuation revealed a surplus of assets compared with the value of liabilities of £14 million, equivalent to a past service funding level of 100%. This is an increase on the 90% funded position as a result of the 2019 valuation.

A common rate of contribution of 18.8% of pensionable pay per annum is required from employers. The common rate is calculated as being sufficient, together with contributions paid by members, to meet all liabilities arising in respect of service after the valuation date.

The next triennial formal valuation of the Scheme is due as at 31 March 2025.

Page 139

THERA TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

29 Pension schemes (continued)

Defined benefit multi-employer schemes (continued)

Local Government Pension Scheme - Nottinghamshire (continued)

Local Government Pension Scheme - Wiltshire

Thera South West participates in Wiltshire Council’s Local Government Pension Scheme (WLGPS). The Scheme is funded and is contracted-out of the State Pension scheme.

Contributions payable during the period amount to £3,700 (2024: £5,820). The amount outstanding in respect of employer and employee contributions for this Scheme at the year-end was £Nil (2024: £ Nil).

It is not possible in the normal course of events to identify on a consistent and reasonable basis the share of underlying assets and liabilities belonging to individual participating employers. This is because the Scheme is a multi-employer scheme where the Scheme assets are co-mingled for investment purposes, and benefits are paid from total Scheme assets. Accordingly, due to the nature of the Scheme, the accounting charge for the period under FRS 102 represents the employer contribution payable.

Wiltshire County Council has confirmed that it will take responsibility for any funding deficit arising should Thera South West cease to be a member in the Scheme.

As at the balance sheet date there were nil (2024: 1) active members of the Scheme employed by Thera South West.

The Trustee commissions an actuarial valuation of the Scheme every three years. The main purpose of the valuation is to determine the financial position of the Scheme in order to address the level of future contributions required so that the Scheme can meet its pension obligations as they fall due.

The last formal valuation of the Scheme was performed as at 31 March 2022 by a professionally qualified Actuary. The market value of the Scheme’s assets at the valuation date was £3,230 million. The valuation revealed a surplus of assets compared with the value of liabilities of £81 million, equivalent to a past service funding level of 103%.

The next triennial formal valuation of the Scheme is due as at 31 March 2025.

Page 140