2024-03-31-accounts

Rethink Mental Illness

Annual Report and Accounts

Directors’ report, Trustees’ strategic report and consolidated financial statements For the year ended 31 March 2024

Rethink Mental Illness, a company limited by guarantee. Registered in England Number 1227970. Registered Charity Number 271028. Registered Office 28 Albert Embankment, London, SE1 7GR. Authorised and regulated by the Financial Financial Conduct Authority (Firm Registration Number 624502) Rethink Mental Illness Year ended 31 March 2024 Conduct Authority (Firm Registration Number 624502).

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Contents

Message from our Chair of Trustees	Page 2
Trustees Report	Pages 3-35
Who we are and what we do	Page 3
Our values and principles	Page 4
Our impact at a glance	Page 5
Our objectives, priorities and performance in 2023/24	Page 6
A spotlight on our work with Mental Health UK	Page 15
A spotlight on our campaigns	Page 16
The year ahead	Page 17
Financial review	Page 18
Reference and administrative details	Page 23
Structure, governance and management	Page 30
A spotlight on becoming an anti-racist organisation	Page 35
Statement of trustees’ responsibilities	Page 36
Independent auditors’ report	Page 37-40
Consolidated Statement of Financial Activities	Page 41
Consolidated Balance Sheet	Page 42-43
Consolidated Statement of Cash Flows	Page 44
Notes to the accounts	Page 45-76
Thank you to our funders and supporters	Page 77

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Message from our Chair of Trustees

I am pleased to present our annual report, highlighting the significant strides Rethink Mental Illness made in 2023/24 to support people severely affected by mental illness.

Undoubtedly, people severely affected by mental illness and their carers have been living through difficult and turbulent times. Demand for mental health services continues to grow, and wider support remains hard to access.

Against this backdrop, I am immensely proud of our staff, volunteers, members, campaigners, and valued donors. Their efforts have increased the support we have been able to provide and further our mission to bring about systemic change, both locally and nationally. Our services helped 4,000 more people this year than last; and our new impact framework, based on the Communities that Care model, shows us that 83% of our service users felt our support improved their quality of life, with 93% rating our services as ‘good’ or ‘excellent’.

While we were disappointed that the government shelved plans for a cross-government mental health strategy and Mental Health Act reform, our campaigning helped encourage a Parliamentary Select Committee inquiry on safeguarding vulnerable claimants and has also ensured the key issues are now on the agenda of opposition parties.

In 2023/24, we focused on increasing the quality and supply of housing for people living with severe mental illness. Our partnership with New Philanthropy Capital provided valuable insights into the challenges of accessing supported housing. We aligned our operations with the new health and social care landscape across England, securing funding to sustain our community mental health transformation activities. Our fundraising efforts have been increasingly successful, highlighted by a major donor programme and a significant legacy from the estate of Raymond Briggs CBE.

This annual report reflects hope and recovery. First-hand testimonies from Lisa and Suzi illustrate the profound impact of our services and the importance of transforming community-based mental health care. We remain dedicated to our mission to build communities that care.

At the time of writing, the UK is preparing to vote in a General Election to elect a new government. Whatever the outcome, I hope it will bring a renewed focus on mental health and deliver a more positive outlook for people severely affected by mental illness.

Kathryn Tyson

Chair of Trustees

Year ended 31 March 2024

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Trustees Report

The Members of the Board of Trustees ('The Trustees') of Rethink Mental Illness ('the charity'), who are also Directors of the charity for the purposes of the Companies Act, submit their annual report and the audited financial statements for the group for the year ended 31 March 2024. This report contains the strategic report, required under Section 414C(11) of the Companies Act 2006, which summarises the charity's activities, achievements and performance.

Name and nature of the charity

Rethink Mental Illness was formerly known as the National Schizophrenia Fellowship. The charity was formed in 1972 and is registered with the Charity Commission of England and Wales. The charity is also a company limited by guarantee and is governed by its Articles of Association.

The term "charity" refers to Rethink Mental Illness and the term "Group" refers to Rethink Mental Illness together with its subsidiaries as set out in note 19.

Who we are and what we do

No matter how bad things are, we can help people severely affected by mental illness to improve their lives. We’re Rethink Mental Illness, a leading charity provider of mental health services in England.

People with experience of mental illness are at the heart of everything we do.

They shape our expert advice, information and training and over 130 services – everything from housing to community-based services. And they drive our campaigning to change the law and tackle discrimination. Together, we run over 100 local groups which provide vital peer support in the community.

We know, from our vast experience, that people severely affected by mental illness can have a good quality of life.

With your support, we will make that possible.

(a) to improve the lives of people severely affected by mental illness and their families and carers through local support groups and services

(b) to provide expert advice, information and training to the public in the field of mental health and welfare, including influencing Government and decision makers more widely

(c) to advance awareness and understanding as to the causes, consequences and management of mental illness, working to decrease the stigma surrounding it.

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Our mission and vision

Our mission is to deliver a better life for people severely affected by mental illness.

Our vision is equality, rights, fair treatment, and the maximum quality of life for all those severely affected by mental illness.

Our values and principles

Our values:

Commitment. We work tirelessly to provide support for everyone severely affected by mental illness.

Equity. We believe that in a world where discrimination and disadvantage exist treating people with equity is critical to ensure justice and fairness for all.

Expertise. We constantly use our expertise to provide practical and personal support for people who are severely affected by mental illness.

Hope. We offer hope of a better quality of life for all those severely affected by mental illness.

Openness. We are open and transparent in all our work with beneficiaries, supporters, partners and the public to achieve change for people severely affected by mental illness.

Passion. We are passionate about leading the way to a better quality of life for everyone severely affected by mental illness.

Understanding. People who are severely affected by mental illness are at the heart of everything we do in our organisation – our membership, our governance and our workforce.

Our principles:

Co-production and involvement – people with experience of severe mental illness are at the heart of everything we do, actively shaping our services, campaigns, and strategy.

Equity and inclusion – we are committed to diversity, equity and inclusion and becoming a truly anti-racist organisation.

Collaboration and partnership – we will build and support effective partnerships that allow us to deliver more for people living with severe mental illness.

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Generous Leadership – we will share our knowledge and experience with partner organisations and recognise and support them in their own areas of expertise, so we can reach more people.

Impact – we will measure our success by what we achieve for people severely affected by mental illness and will adapt our approach as needed.

Our impact at a glance

• With over 130 services, we directly supported over 24,000 people.

• Separately, our Advice and Information Service supported over 5,000 people, with 176,117 information resources downloaded.

• Thirteen new services were added through winning new contracts, eight contracts were retained at retender and we added value to our services through 14 proposals submitted to commissioners, which were agreed.

• Service user feedback found that 83% of respondents agreed that their quality of life improved as a result of the support they had received.

• 91% of respondents would recommend the service they had received to a family member or friend if they were in a similar position.

• 93% of respondents rated the support they received as either ‘good’ or ‘excellent’.

• We delivered 109 peer support groups and have 15 new groups in development.

• There were over five million visits to our website.

• More than 825,000 people followed us across our social media channels (Facebook, Instagram, LinkedIn, TikTok and Twitter).

• We secured nearly 4,000 media mentions.

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Our objectives and priorities in 2023/24

In pursuit of our Objects (see page 3), we determined to bring about local and national systemic change that makes a difference. Our corporate strategy 2023-2028 sets out how we will strive to build Communities that Care, in which people severely affected by mental illness will:

• Get the right treatment and support at the right time, in the right place.

• Have a safe and secure place to call home.

• Have the chance for meaningful employment, education, training and volunteering.

• Enjoy good physical health and improved life expectancy.

• Develop meaningful social connections.

• Have the financial security to make ends meet.

An ambition delivered through four objectives:

1. Sustaining and growing our policy influencing and campaigning activity aligned with Communities that Care, creating system-level change for people severely affected by mental illness.

2. Sustaining and improving our existing services whilst expanding our offer aligned with Communities that Care, so that we meet the needs of more people severely affected by mental illness.

3. Increasing the number of areas in which we play a leading role in supporting community mental health transformation which reflects Communities that Care, meaning that more people severely affected by mental illness get the care and support they deserve.

4. Continuing to transform our ways of working to support the delivery of our strategy; investing in our people, technology and estate, diversifying our income, and improving how we measure our impact.

In the delivery of this, and in 2023/24, our focus was on:

• building a delivery plan that supports our ambitions to increase the quality and supply of housing for people severely affected by mental illness

• positioning our place-based operations to enable us to understand, influence, and align with the new health and social care landscape across England

• creating robust fundraising plans and processes to ensure the foundations are in place to support future growth of income and supporter numbers

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Delivering on our first priority

Housing: Build a delivery plan which supports our ambitions to increase the quality and supply of housing for people living with severe mental illness, including accessing new funding models to support development.

In 2023/24, we added 28 units of accommodation, bringing the total to 508 units where people can be supported to live well.

When suitable housing is in short supply, increased competition for places arises. Housing providers may create stricter access requirements and 'cherry-pick' residents, forcing those living with severe mental illness into unsafe, poor-quality, and short-term accommodations. This situation can lead to homelessness, worsening their condition and increasing the need for support. Others may experience a decline in mental health, leading to physical health risks and extended hospital stays due to the lack of appropriate discharge accommodations.

We partnered with New Philanthropy Capital to create a system model to understand the challenges faced by people with mental illness in accessing supported housing.

We shared our findings in the report: "The Long Journey Home: Understanding and Improving the Supported Housing System for People Living with Mental Illness." This report helped develop new relationships with housing sector organisations and professionals and allowed us to lobby and build our profile with the government on supported housing. This is especially important ahead of further engagement by the Department of Levelling Up, Housing and Communities on new National Supported Housing Standards and a related local licensing scheme.

Our newly appointed Director of Service Development will take these learnings forward as we aim to create new supported housing services.

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Lisa’s story

After experiencing grief, suicide attempts and multiple hospital admissions, Lisa accessed two supported accommodation services with Rethink Mental Illness. She is now planning on living in a flat independently and is finally looking forward to what the future holds.

“In July 2017, my mum unfortunately passed away. I was her carer for over 10 years and after she was gone, I lost all sense of purpose. My first hospital admission was in September 2017, where I got my diagnosis of a major depressive episode. Following this diagnosis, I was having thoughts around suicide and made some attempts to take my own life. I was at the lowest point I have ever been in.

After multiple readmissions into hospital, I was finally diagnosed with borderline personality disorder (BPD) and dependent personality disorder (DPD). I was still struggling with being in hospital, so, in November 2018, I was moved to Lindsay House, a Rethink Mental Illness supported living service.

With some staff encouragement, and through pushing myself, I began joining in with the service’s activities and made friends with some of the other residents. We’d go out into the local community, like shopping in town and going for coffee. Staff supported me to develop my independence further by encouraging me to bake desserts for our Sunday dinners, as well as baking my famous Christmas cake!

When the idea of moving into less supported accommodation was mentioned to me, I surprised myself when I was shown around Rethink Mental Illness’ Selsey House and I liked it. Then COVID-19 struck, and I was stuck at Lindsay House for an additional four months. In this period, staff at Lindsay House helped to keep my spirits up, even though my move-in date was unknown for a long while.

Then, moving day came! Staff were really supportive; helping me unpack, sort out my bedroom, introducing me to other residents at the service. Over time, it began to feel like home again. I joined in with activities organised by the staff, such as a weekend trip to Blackpool and communal meals with other residents.

I began Structured Clinical Management (SCM) for my borderline personality disorder which was run by the Corby Mental Health Team and I gained more of an understanding of how to deal with my emotions daily. I completed SCM in February 2023 and was finally discharged from the Mental Health Team”.

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Delivering on our second priority

Place-based working: Position our operations to enable us to understand, influence and align with the new health and social care landscape across England.

Following the end of a Charities Aid Foundation grant, we successfully transitioned activities funded by this grant, which focused on building local partnerships and alliances to support community mental health transformation, into ‘business as usual’. In doing so, we secured funding from local systems to sustain these activities and build on the programme's success.

To support this, we created new Place-Based Delivery and Accommodation Services divisions, better aligning our services,structure and ways of working with Integrated Care Boards (ICBs) across England. ICBs replaced Clinical Commissioning Groups (CCGs) in the NHS in July 2022. This alignment has helped us work more closely with local systems and experts by experience to respond to their priorities and challenges.

The voice of lived experience is the golden thread running through everything we do. The Lived Experience Programmes Team works alongside experts by experience and commissioners to deliver projects rooted in real-life experiences of the mental health system. This enables us to influence systems and policies to produce better outcomes for people. It has proven to be a highly successful model, meeting the needs of commissioners and supporting people on their recovery journeys.

We retained the contract to lead a pioneering partnership in Somerset to deliver Open Mental Health (OMH), a collaboration with other voluntary, community, and social enterprise (VCSE) organisations, the NHS Trust, and Integrated Care Boards that reaches over 10,000 service users each year.

Throughout the year, over 37,000 meaningful interventions were delivered by OMH services. Over 35,000 calls were answered by Mindline, of which around 5000 were identified as ‘Red Card’ calls (indicating suicidal feelings or intent or linking to emergency services). 81% of clients using the SWEDA (eating disorders support service) saw an improvement in their disorders eating and 3081 crisis interventions were delivered by the Crisis Safe Space Team, which led to 209 fewer accident and emergency visits and a reduction of 199 suicide attempts, according to service users.

Our strategic partnerships team is developing longer-term relationships with partners in Sheffield, Coventry and Warwickshire, Tower Hamlets in London, and North East Lincolnshire to support community mental health transformation.

We were awarded a contract with the Bristol, North Somerset, and South Gloucestershire (BNSSG) ICB to deliver new community service provision, including a new personality disorder service. We also extended community-based provision in Wiltshire, the Black Country, Gloucestershire, and Kent.

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Suzi’s story

Suzi took on the role of Expert by Experience Leader for Rethink Mental Illness and has advised on bids for grants and helped to co-produce local mental health services in Somerset.

“Two years ago, I had a mental health breakdown. I was off work for six months and simple things, like taking a shower and looking after myself, were nearly impossible. I found being off work made things a lot worse as I had nothing else to think about, other than that I was a bane to my family and that they really would be better off without me.

I talked with my manager about returning to work and eventually we felt I was well enough. But then another blow came when it was decided that because of my physical and mental health issues, I would have to leave the nursery and work in the offices upstairs. I felt very lost and like I was useless, despite loving my job.

One day, during a discussion with my manager, she mentioned a role within Rethink Mental Illness that would give me some more direction and would be around helping others. That role was becoming an Expert by Experience Leader. An Expert by Experience, of which I had gathered a fair amount.

My role as an Expert by Experience Leader is quite varied. I’ve been present and participated in meetings to give an experienced perspective on services - how to shape them to improve or even establish.

Being a part of the Grants Panel has been very interesting. I was able to review all the bids and vote for ones I felt would make the biggest impact to people struggling with mental ill health, and their families, in the communities across Somerset.

As Experts by Experience, we meet regularly and have come up with a piece of work which presented our lived experience priorities. This has since been condensed into strategic priorities which we hope can be used for present and future work streams. It’s amazing to feel like something so good has grown out of something so awful.

Nine months later and I’m still here! I’ve found a confidence I didn’t know I had. I’ve found that I’m useful and even that I’m liked. My mental health has improved drastically, and my work is recognised by being remunerated.

I never, never thought I would be able to do something like this and I hope I will be able to contribute and co-produce for as long as I can alongside my role at work.”

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Delivering on our third priority

Fundraising: Create robust plans and processes to ensure the foundations are in place to support future growth of income and supporter numbers within Fundraising.

We are indebted to our incredible supporters and fundraisers, whose generous commitments of time and money make a real difference to those who rely on our services and groups.

In 2023/2024, we established a major donor programme by creating the role of Head of Philanthropy. Over the year, this team has grown from one to three people, embedding a philanthropy and prospect research function within our Fundraising team. Our first Case for Support was written and tested with high net worth individuals, resulting in our first major donation of £200,000. This Case for Support features personal testimonials and stories from those who have benefited from our services.

We also received our largest ever legacy donation from the estate of Raymond Briggs CBE, the beloved children's author and illustrator known for classics such as The Snowman and Father Christmas. Briggs had a long-standing connection to our charity, dating back to its founding in the early seventies as the National Schizophrenia Fellowship. His wife, Jean Taprell Clarke, lived with schizophrenia, and he became a member in 1991.

Key performance indicators (KPIs) have been implemented to measure our fundraising success, and we have increased both output and improved outcomes. Our Christmas appeal, featuring a moving video of our staff discussing their challenges, exceeded its target of £14,500, reaching £27,149.65. We have also introduced new fundraising products, such as international marathon places and the Snowdon Triple Challenge.

Our Fundraising Commitment

Our fundraising activities adhere to the highest ethical standards. As a member of the Fundraising Regulator, we follow the Code of Fundraising Practice. When working with professional fundraising agencies, such as those making fundraising calls, we conduct due diligence on them as suppliers.

Our Fundraising team observes training and regularly monitors phone calls to ensure they meet the standards of the Fundraising Regulator and Rethink Mental Illness. Our processes, supported by our Supporter Promise, ensure we respect people’s rights and protect those in vulnerable circumstances.

In 2023/24, we received three formal complaints about our fundraising activities. We took speedy positive remedial action in regard to these complaints. We ensure that all complaints are monitored by our Supporter Care Team and reviewed to ensure best practice is upheld and fundraising activities optimised. Additionally, we received feedback from supporters, including suggestions for improvements and questions about some communications.

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Hanna’s story

After receiving positive support from our Crisis House in Sheffield, Hanna has decided to ‘give something back’ by doing a fundraising skydive for the charity.

“I've decided to do a charity skydive for Rethink Mental Illness. Mental illness has affected me for the majority of my life and anything I can give back to the support I've been given is a privilege. So choosing a mental health charity to fundraise for was a no brainer.

I've experienced mental health issues myself: anxiety, depression and emotionally unstable personality disorder (EUPD). I was in crisis last year and ended up going to the Crisis House in Sheffield, where I got help and support from Rethink Mental Illness. They were very supportive and made me feel welcome straight away! The staff were wonderful and did their best to distract me and talk to me in a way that was comforting. I didn't feel judged or unheard.

I've had support from other various mental health services and NHS professionals over the past 10 years, ranging from medication to different therapies. I've also had a lot of help and support from my close family and friends, which I'm forever grateful for!

As for now, my life is very different. I'm finally in a good place and feel like my mental health isn't ruling my life for once! I finally feel positive about my present and future - I have a routine, go to art therapy, see friends and family often and I volunteer for a St Luke's hospice shop. I've gained a lot of self-awareness and skills over the years too, from the various help I've managed to access and support from the people that are close to me.”

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Delivering on our fourth priority

Impact and reporting: Ensure that we are able to effectively use insight and information to support our understanding of business performance, inform decision making and evidence the impact of our work.

Our Impact and Evaluation Team created a new framework based on our Communities that Care model, guided by feedback from people with lived experience, their carers, and professionals. This framework tracks the effectiveness of our support and its impact on people’s lives.

Supporting over 24,000 people, our results showed:

• 83% agreed their quality of life improved due to our support.

• 91% would recommend our service to a family member or friend in a similar position (compared to an 86% average for NHS mental health services).

93% rated the support they received as ‘good’ or ‘excellent’.

For specific service types:

Broad Service Type	Service Description	Total People Received 1 to 1 support (23/24)	Information from respondents
Advice and helplines	Rethink Mental Illness provides a variety of helplines across England, staffed by highly trained professionals who offer specific, solution-based guidance, information, and signposting.	*31269	85% agreed the service is accessible through various means of communication, highlighting its adaptability and user-friendliness.
Advocacy	Advocacy services empower individuals by helping them voice their opinions, stand up for their rights, and access necessary services. This includes Independent Mental Health Advocates (IMHA) and Independent Mental Capacity Advocates (IMCA).	6453	Clients were significantly more likely to understand their rights, feel confident to speak for themselves, and feel involved in decisions made about them after receiving support.
Carer support	Founded by carers of individuals with mental illness, Rethink Mental Illness continues to prioritise meeting carers' needs and advocating for their rights, recognising their crucial role and positive impact on society.	1768	96% agreed they were supported to access appropriate information.
Community support	Rethink Mental Illness offers extensive community support services to help individuals with mental illness live independently and stay integrated within their communities. This includes local support structures and initiatives designed to assist with daily living and mental health management. This also	5844	Clients showed significant improvement in mental wellbeing and quality of life, with 79% progressing towards theirgoals.

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	includes our bereavement by suicide and BAME-specific services
Criminal Justice	Engaging with the criminal justice system, Rethink Mental Illness provides specialised support and advocacy for individuals with mental health conditions in prisons and secure settings.	6915
Crisis	Crisis houses offer short-term housing and support for individuals experiencing a mental health crisis, providing a less clinical alternative to hospital stays. These facilities have 24-hour onsite support and in some cases, individuals can self-refer.	891	Users experienced a significant reduction in psychological distress, with 85% agreeing the service had a positive impact on their mental health and wellbeing.
Employment and training	Rethink Mental Illness provides employment specialists who support individuals with mental health problems to find and retain jobs. This person-centred approach includes assistance with interview skills, job searches, and managing health conditions.	702
Housing	Supported housing combines accommodation with care services to help individuals with mental illness live as independently as possible. Options include group homes, sheltered housing, and therapeutic communities.	816	82% felt they were on track to achieve their goals or had already achieved them and felt positive about their progress.
Nursing and residential care	Rethink Mental Illness offers registered nursing homes for individuals with severe and enduring mental illness, providing 24-hour support and recovery services. These homes focus on daily living skills, personal support, and community involvement.	433
		*calls connected

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A spotlight on our work with Mental Health UK

Through Mental Health UK, we partner with three other national charities – Change Mental Health in Scotland, Adferiad in Wales, and MindWise in Northern Ireland. This enables us to deliver local programmes across the UK, focusing on home, school, and work.

A key highlight has been the Mental Health Crisis Breathing Space scheme, run through the Mental Health and Money Advice Service, which tackles debt and financial problems for people living with mental illness in England.

If someone is receiving mental health crisis treatment and has been entered into a mental health breathing space, that person will have a temporary break from interest and enforcement action during their crisis treatment and 30 days from their last day of crisis treatment.

The Mental Health Crisis Breathing Space supported 1,182 individuals with debts totalling £51.8m throughout the year, meaning that the creditors of these service users were prevented from taking enforcement action and adding interest and charges for an average period of 4.2 months.

The debt advice function assisted 1,050 clients, with the average user gaining over £6,100 and instances of homelessness being prevented and food/fuel vouchers obtained.

Thanks to MHUK’s ongoing partnership with Bank of America, the new Into Work service is being delivered in London, Kent, and North Wales, supporting people in entering employment. In early 2023, a team of Employment Specialists was established to deliver this service in Gravesend, Harrow, and Wrexham. The team has forged strong partnerships with job centres, Community Mental Health teams, local support groups, and third-sector organisations. The service has received 148 referrals in less than six months and is now being included in our place-based offers across the country, with Sheffield being a recent example.

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A spotlight on our campaigns

Stop Benefit Deaths

Our "Stop Benefit Deaths" campaign aims to hold the Department for Work and Pensions (DWP) accountable for deaths and serious harm experienced by people living with mental illness by the benefits system. In 2023, the campaign successfully facilitated a meeting between the then Minister for Disabled People and Leanne Dooley, a bereaved family member. This meeting resulted in a commitment from the DWP to engage in an inquiry led by the Department for Work and Pension’s Select Committee into safeguarding vulnerable benefit claimants. Attending the inquiry, Deputy CEO, Brian Dow, highlighted the urgent need for the DWP to establish a legal Duty of Care to protect vulnerable individuals and emphasized the importance of building trust between the DWP and benefit claimants. The outcome of this inquiry is expected to significantly impact the next phase of the campaign.

Wrap It Up – Reform of the Mental Health Act

The "Wrap It Up" campaign advocates for reform strengthen the rights of people detained under the Mental Health Act. Following remarkable efforts from our campaigners and wider activity across the mental health sector, the Labour Party committed to reforming the Mental Health Act in their first King’s speech if elected. Wes Streeting, Shadow Health and Social Care Secretary, promised to introduce a bill to overhaul the Act. This commitment represents a positive step, demonstrating the efficacy of campaigning, though much work remains. Despite last year's setback when the government dropped Mental Health Act reform, we will seek to hold the next government to account and push for the overhaul of this act.

Keep Your Promise – Cross-Government Plan for Mental Health

In early 2023, the "Keep Your Promise" campaign was launched in response to the government's decision to scrap the 10-year plan for Mental Health and Wellbeing. The campaign aimed to raise awareness about the plan's cancellation and ensure opposition parties committed to reinstating it if elected. Both Labour and the Liberal Democrats have shown support, and the campaign will work to hold them to their promises in the coming months. The campaign's proactive response led to meetings with the Shadow Secretary of State for Health and Social Care and garnered positive feedback from the mental health sector, for mobilising widespread disappointment over the plan's scrapping.

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The year ahead

In 2024/25 and in pursuit of our corporate objectives (2023-28) we will prioritise:

1. Increasing our political, public and media profile so that we are known as the charity for mental illness, increasing our influence to bring about systemic change.

2. Agreeing a financial model for growth within our accommodation services and defining our Rethink Accommodation standard.

3. Creating demonstrable progress on implementing the three parts of the Patient and Carers Race Equality Framework (PCREF), working with all parts of the charity - national, regional and local - to implement PCREF and by delivering at least three 'community engagement' place-based projects.

4. Embedding our place-based delivery structure, establishing a seamless insight loop between our national programme delivery, policy & practice work and service provision. Achieving measurable improvements in service growth, stakeholder engagement and the number of strategic place-based ICS partnerships we hold.

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Financial review

Group financial performance reflected our growth strategy, with income growing 8% to £44.5m (2023: £40.9m) and expenditure increasing 11% to £46.2m (2023: £41.5m). The net result was a planned operating deficit, which increased to £1.7m (2023: £0.6m), of which £1.6m was one-off investment to accelerate achievement of our strategic priorities using our designated funds. The operating position was offset by a gain on our investment fund, £0.4m, and reduction in our pension liability of £0.1m, to drive overall net expenditure of £1.2m (2023: £1.1m).

Income: Sources of funds

Despite financial pressures in the health and social care system, we continued to grow our income from charitable activities, increasing by 7% to £40.4m (2023: £37.5m). We continue to expand our relationships with Integrated Care Boards, supporting them to develop their community mental health transformation plans, co-producing and delivering new models of care.

Thanks to the support of our generous donors and partners, our income from donations and legacies increased by 22% in the year to £3.4m (2023: £2.8m), enabling us to grow our impact for our beneficiaries through campaigns, support groups and our information service.

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Expenditure

Spend on charitable activities grew 11% to £43.8m (2023: £39.3m), to deliver the growth in our commissioned service activity.

Our charitable activity spend includes the £1.6m invested through our designated funds towards our strategic priorities, including Communities that Care, investment in futureproofing and driving cost efficiencies from our IT estate and improving the condition of our accommodation. This strategic use of our reserves is the key driver of our planned deficit.

Further analysis of our expenditure is given in note 5 of the accounts.

Pension scheme

The Charity has two final salary pension schemes, the Growth Plan and the Care Plan, details of which are explained in note 18 of the financial statements. Both schemes are only open to members of the Executive team with the sole purpose of avoiding crystallization of the debt. Actuarial valuations of the Growth Plan are carried out every three years, and a full actuarial valuation of the Care Scheme was completed in September 2019. The net effect of the revaluation, repayments made in the year and FRS102 year-end valuation resulted in a financial impact on the 2024 results, with a decrease in provision of £610,000. The Growth Plan underwent a valuation in September 2020 however no further increase in provisions was required following this review. The net effect of the repayments made in the year and FRS102 year-end valuation resulted in a decrease in provision of £39,000 with no further liability outstanding at the 31 March 2024.

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Reserves policy

Rethink Mental Illness recognises the importance of maintaining a reserves policy to provide a prudent level of cover to meet future obligations and guard against unforeseen contingencies on a going concern basis. The reserves of the charity at the year-end are:

Unrestricted reserves – general funds £8,590,000

Unrestricted reserves – designated funds £2,698,000

Restricted funds £823,000

Total funds £12,110,000

Our reserves policy focuses on the level of our “free” reserves. Free reserves are defined as net assets excluding restricted funds, designated funds and the element of general funds that have been used to acquire fixed assets for the Charity’s own use. Our unrestricted reserves, which exclude designated funds, were £8.6m on 31 March 2024 (2023: £7.2m) of which £2.6m (2023: £2.9m) are fixed and intangible assets in use by the Charity. The level of free reserves on 31 March 2024 was £6.0m (2023: £4.3m). Our target range for free reserves remains between £3.5m and £6m.The target range has been calculated to ensure our ongoing operating resilience in the event that key commercial and financial risks were to be realised simultaneously.

The board reviewed the priorities for our reserves during the year and agreed a transfer of £1.0m from designated into general funds. This transfer included several strategic initiatives which will continue into 2024/25 through unrestricted funds and the release of underspend from completed programmes. Of the remaining £2.7m designated funds, £1.5m represents fixed and intangible assets and a further £1.2m will continue to support the resourcing and delivery of our corporate strategy. The focus of the funds is on continuing to improve the lives of our beneficiaries into the future. An analysis of designated funds is included in note 15 of the accounts.

The board recognise the need to ensure the Charity has the appropriate level of free reserves to enable it to meet its future needs. Free reserves will remain under review throughout the next financial year and if necessary designated funds will be reallocated to ensure they remain in line with the target range set out within the reserves policy. The board will keep its reserves policy under regular review to ensure that an appropriate balance is maintained between developing reserves to provide sufficient funds to meet forward obligations, a reserve against unforeseen events and adequate resources to fund new initiatives that promote the charitable objectives of Rethink Mental Illness.

Further details of reserves held on 31 March 2024 are shown in note 15 to the financial statements.

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Investment policy

The Trustees have wide investment powers set out in the charity’s Articles of Association. Our investment policy requires that monies of the charity not immediately required for its purposes are placed in short-term interest-bearing accounts with the charity’s main bankers or invested by the formally appointed Investment Managers. The objective is to achieve a balance between income and capital returns ensuring low to medium risk with a return of at least CPI+3% averaged over any three-year period. Any investments will have due regards for the charity’s objectives and wider ethical considerations. The committee have decided that it will not make any direct investments in companies or funds, primarily concerned with the production or distribution of pornography, tobacco, armaments or alcoholic beverages. The investment manager is expected to take account environmental, social and governance (ESG) issues in their investment analysis and decision-making processes.

In May 2023 the Charity appointed Newton Investment Management to manage the investment portfolio, and we transferred all of the assets previously held by Investec. Between 15 May 2023 and 31 March the value of the fund increased by 9.4%. This compares with a performance benchmark of 16.1% for similarly risk-weighted funds, with relative underperformance in the finance and renewable energy sectors. Over the past ten years the fund has outperformed the benchmark by an average of 1.7% per year. The Finance and Investment Committee will continue to monitor performance with regard to our risk appetite and take action as required.

Principal risks and uncertainties

The Charity has an established risk management strategy which ensures the charity’s risk exposures are managed in an effective and efficient way. A review of current strategic risks and horizon scanning exercise is carried out annually, along with setting the charity’s risk appetite statement and indicators. In addition, risk assessment and evaluation are undertaken regularly across the charity. The Audit and Assurance Committee and Board of Trustees are provided with updates and assurance that the major risks which are identified have been reviewed and evaluated, taking account of internal controls, systems and other actions pursued to mitigate them.

At the end of 2023/24 our strategic risk register contained 11 risks. During this period the highest scoring risks on our strategic risk register were:

• Insufficient levels of staff, especially in health and social care roles, impacting on the Charity’s ability to function. We have reduced this risk through the introduction in April 2023 of a revised pay structure, improving the competitiveness of our remuneration and benefits. Further mitigation will follow with the launch of our people strategy, aiming to further improve the employee experience.

• The Charity, as lead accountable body in partnership-based delivery, is subject to financial, legal or regulatory challenge due to third party actions. This risk is mitigated by the Charity’s operational governance framework, regular financial and quality

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assurance reporting to relevant committees, robust contractual agreements and due diligence reviews of our partners.

• Vulnerable people, staff and volunteers are at risk as a result of inadequate safeguarding practice, poor risk management, or external factors affecting our services. To mitigate this the charity has robust safeguarding policies in place, including mandatory training, active promotion of safeguarding, whistleblowing and complaints procedures throughout the organisation and regular internal quality and health and safety audits of our services.

Going concern

The budget set for 2024/25 follows our strategy for growth to meet the needs of more people. Areas at risk are the achievement of income targets, increased agency costs, the impact of high inflation and potential downturn on the investment portfolio. We have stress tested our financial projections up to March 2026 and in our worst-case scenario we project that both cash and reserves remain positive. Accordingly, trustees continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees Responsibilities.

Disclosure of information to auditors

The Trustees who held office at the date of approval of this Trustees’ report confirm that, so far as they are each aware, there is no relevant audit information of which the charitable company’s auditors are unaware; and each trustee has taken all the steps they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charitable company’s auditors are aware of that information

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Reference and administrative details

Registered Office:

28 Albert Embankment London SE1 7GR

Registered Charity Number (England and Wales): 271028

Company Registration Number: 1227970

The Trustees of Rethink Mental Illness are the Charity's Trustees under charity law and the Directors of the Charitable Company. During 2023/24 the Trustees were:

Chair of the Board

Kathryn Tyson

Members of the Board (Trustees)

George Hook: Vice-chair	Co-opted
Aphra Tulip-Briggs: Vice-chair	Regional
John Liver: Treasurer	Co-opted
Jane Watkinson	Regional
Frances Ashworth (retired 29 February 2024)	Regional
Garrick Prayogg	Regional
Christine Stead	Regional
Edward Gorringe	Regional
Rosalind Homan	Regional
Joanna Frost-Bryant (appointed 29 February 2024)	Regional
Ian Jackson	Co-opted
Jeremy Connick	Co-opted
Rajen Sheth	Co-opted

During the year there was qualifying third party indemnity insurance in place for directors, as allowed by section 234 of the Companies Act 2006.

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The day-to-day management of Rethink Mental Illness is led by the Chief Executive on authority delegated by the board of trustees. The Chief Executive and the senior executive officers of the charity form the Executive Team, and each has clearly defined areas of responsibility and accountability.

Executive Officers

Mark Winstanley: Chief Executive Caroline Cannar: Company Secretary Brian Dow: Deputy Chief Executive Mark Yates: Executive Director of Operations Tracey Simkins (2023) Director of Finance and Estates (Resigned 31 July 2023) Tanya Srikandan Executive Director of Corporate Resources (Appointed 20 November 2023)

The Charity's main professional advisors during the year were:

Statutory Auditors Bankers MHA NatWest Commercial Office 6[th] Floor 2nd Floor, 2 Trinity Court 2 London Wall Place Wolverhampton Business Park London Broadlands EC2Y 5AU Wolverhampton, WV10 6UH Solicitors I nsurers Bates Wells Markel International Insurance Company 10 Queen Street Place Ltd London, EC4R 1BE 20 Fenchurch Street London EC3M 3AZ Investment Managers Internal Auditors Newton Investment Management Mazars 160 Queen Victoria Street Tower Bridge House London St Katherine's Way EC4V 4LA London, E1W 1DD VAT Advisors Dains LLP 15 Colmore Row Birmingham B3 2BH

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Employees and volunteers

The Trustees would like to place on record their thanks and gratitude to the many people who have worked for, and with, Rethink Mental Illness to help us provide our essential work to those who need us.

Our People and Organisational Development team was restructured during 2023, with an increased focus on organisational development, staff engagement and partnering with the organisation.

Our workforce has continued to grow this year, with a diverse and committed colleaguebase of 979 people, a growth of 5% compared to 2022/23 (where headcount grew by 12%). We are a Disability Confident and a Real Living Wage Employer.

Our new pay structure was implemented in May 2023 following acceptance of the approach by 96% of colleagues, aligning pay as benchmarked with similar organisations. We maintain our commitment to paying a Real Living Wage for all of our staff. There will be work in developing our reward structures and processes further as a second phase to this work, to ensure that we continue to support and reward staff for the work that they do whilst ensuring a sustainable organisation.

Our inaugural Cheers from Peers recognition awards were presented in June 2023, with our CEO announcing the three winners from a pool of 60 nominees put forward by colleagues in recognition of their work, aligned with our CARES behaviours (Collaborate, Accountable, Respect, Evolve, Success).

Induction support at organisation and local level continues to be a key component of our learning and development offering, with around 260 colleagues attending the charity induction, ensuring that all colleagues are welcomed into our organisation and given the information they need to succeed from the start of their time with us. These sessions include introduction to our CARES behavioural framework, insights from one of our Experts by Experience, a welcome from a member of the Executive Team, and a wellbeing check in.

We have undertaken a cross organisational learning needs analysis to understand the skills we need to develop over the next 18 months as an organisation that ensure we continue to support our staff, leaders and managers in the work that they do and provide opportunities for our staff to develop and grow during their time working with us.

Across the year, we delivered training to 784 learners in 29 courses including health and safety, management development, operations management, outcome focused care and support, safeguarding and mental health for managers. We supported 23 apprenticeships through use of our apprenticeship levy.

The executive team restructured the leadership tiers of the organisation to introduce a leadership structure consisting of Directors team, Associate Directors and Heads of function. These changes introduced in September 2023 aim to support us in delivering our strategy, ensuring decision making is distributed across the organisation effectively, and

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ensuring staff communication and feedback on key organisational decisions and projects. The Executive and Directors team work collaboratively and meet monthly for key decisions related to delivery of the strategy and will evolve and embed how they work together further across the coming year.

In 2023/24 111 registered volunteers supported our work in a variety of ways, including working within local services and continue to grow their involvement with the charity ensuring that it is a rewarding experience for those who give us their time. During Volunteers Week 2023, we celebrated and acknowledged the ongoing dedication of our volunteers with words of thanks across our organisation and on social media.

Rethink Mental Illness acknowledges the support of our valued volunteers with grateful appreciation.

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Section 172 Statement

The trustees must act in accordance with a set of general duties. These duties are laid out in s172 of the U.K. Companies Act 2006, which is summarised as follows: ‘A Director of a Company must act in the way he/she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard to:

• the likely consequences of any decision in the long term

• the interests of the charity’s employees

• the need to foster the charity’s business relationships with suppliers, customers and others

• the impact of the charity’s operations on the community and the environment

• the desirability of the charity’s maintaining a reputation for high standards of business conduct

• the need to act fairly as between members of the charity.

The trustees believe they have completed their duties under s172.

Public benefit

The trustees have had due regard to the guidance issued by the Charity Commission on public benefit. They have considered the requirements of the public benefit test and are satisfied that the charity’s activities meet these criteria.

We deliver our charitable objects through our services, funded by voluntary and statutory sources, which directly support over 24,000 people.

• a) to improve the lives of people severely affected by mental illness and their families and carers through local support groups and services

• b) to provide expert advice, information and training to the public in the field of mental health and welfare, including influencing government and decision makers more widely

• c) to advance awareness and understanding as to the causes, consequences and management of mental illness, working to decrease the stigma surrounding it.

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Streamlined energy and carbon reporting summary

It is now a requirement of large organisations to include energy and carbon data in their annual reports, under the Streamlined Energy and Carbon Reporting (SECR) regulations. We have reviewed the relevant activities, relating to buildings and business travel, and made the calculations, as shown below.

Our SECR carbon emissions for the financial reporting year 2023-24 amounted to 933 tCO2e , with 57% arising from gas consumption. When the purchase of green energy is taken into account, total ‘market-based’ emissions reduce to 846 tCO2e .

Since last year, overall emissions have risen by 2%. The increase reflects the growth in our services over the past year, with emissions per service user having reduced by 9% from 0.043 tCO2e to 0.039.

Note that gas and electricity used in properties that are not managed by Rethink were shown under scope 1 and 2 in 2022/23 but have transferred to scope 3 in 2023/24, explaining the material movement between categories shown in the table below.

Energy & Carbon Data

SECR Energy & Carbon Emissions (kWh & tCO2e)

	Unit	2023-24	2022-23	% change
Energy consumption	kWh	5,674,047	4,666,021	21%
Scope 1 - Direct emissions	tCO2e	346.0	524.2	-34%
Scope 2 - Energy indirect emissions- location-based	tCO2e	86.4	159.3	-46%
Scope 3 - Other indirect emissions	tCO2e	500.4	229.6	118%
Total SECR emissions - location-based	tCO2e	932.8	913.1	2%
Relative SECR emissions - location-based	tCO2e/service user	0.039	0.043	-9%
Takinginto accountgreen energy purchased
Total SECR emissions - market-based	tCO2e	846.4	766.5	10%
Relative SECR emissions - market-based	tCO2e/service user	0.035	0.036	-2%

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Energy efficiency projects

There have been several specific energy-efficiency projects undertaken or started this year, for example the heating boilers at Cavendish Lodge have been replaced with more efficient models.

A number of care homes and supported residential properties have had old fluorescent lighting replaced with efficient LED lamps in communal areas, stairwells, kitchen and sometimes throughout the property. This will help improve light levels for residents and save electricity.

These sites are also having loft insulation installed or upgraded, to help improve internal temperatures and reduce gas consumption.

We now calculate our operational carbon footprint each year to help us understand our wider emissions. We are preparing a carbon management strategy and engaging with staff to set carbon reduction targets.

SECR emissions calculations – methodology

We have reported on all of the emission sources required by Streamlined Energy and Carbon Reporting (SECR), under the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. These sources fall within our consolidated financial statement.

We have followed the methodology of ISO 14064-1 (Specification with guidance at the organisation level for quantification and reporting of greenhouse gas emissions and removals) and emission factors from UK Government GHG Conversion Factors for Company Reporting 2022.

For SECR reporting, Scope 1 (Direct) emissions are those arising from natural gas heating and company vehicles. Scope 2 (Energy indirect) emissions are from electricity. Scope 3 (Other indirect) emissions come from grey fleet, hire vehicles and gas and electricity used in properties that are not managed by Rethink.

Location-based emissions are calculated as the average emissions intensity of the electricity grid, while market-based emissions take into account green energy purchasing.

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Structure, governance and management

Rethink Mental Illness is governed by a board of trustees comprising a Chair, eight trustees appointed from the regions and up to seven co-opted trustees. The board of trustees is responsible for the overall direction and control of the activities of Rethink Mental Illness. The board holds five formally constituted meetings a year, one of which is a facilitated twoday event looking at forward planning, strategy and board development.

The Chair of the board of trustees, the Vice-chairs and the Treasurer are elected by the board from the existing trustees.

There is one trustee for each of eight regions of England. Regional trustees must be either a carer, relative, user of mental health services or otherwise considered by the board to have relevant experience or expertise. Co-opted trustees are appointed by the board and are chosen for their skills, for example, fundraising, finance or business development, which may not be provided by the regional trustees. We also take into account the balance on the board of carers, people who use mental health services and others and of representation by gender, age and ethnicity.

Board members are formally appointed at the AGM to serve up to a three-year term and can serve no more than nine years in total, except for the Chair who may serve up to 12 years.

New trustees receive a formal induction into their role to familiarise themselves with both Rethink Mental Illness and the responsibilities that go with trusteeship. Trustees are invited to discuss their developmental requirements with the Chair on an annual basis. This enables more specialised development in areas such as finance or governance to be provided to either the full board or specific individuals.

To assist the board in its work there are three formally constituted national committees, each with its own terms of reference:

The Honorary Officers Committee (HOC) performs the function of an Executive Committee. In exceptional circumstances it has delegated authority to assume control over the work of the charity when urgent decisions need to be made that cannot wait until the next board meeting. HOC also acts as a Nominations, Appointment and Remuneration Committee and oversees the trustee appointment process. It has responsibility for setting the salaries of the Chief Executive, Company Secretary and members of the Executive team. HOC meets three times a year and holds additional meetings, depending on organisational demands.

The Audit and Assurance Committee (AAC) is responsible for overseeing all aspects of the charity's external and internal audit arrangements, internal control procedures and risk management. Both the charity's external and internal auditors have the right to attend all meetings as they see fit. A further degree of separation is provided by the Independent Members of AAC who are appointed from outside the charity and bring a broader perspective. AAC also has responsibility for monitoring health and safety and for ensuring the charity delivers high quality services, operating in compliance with regulatory

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frameworks. AAC reviews a range of key metrics to identify trends or themes that require management action.

The Finance and Investment Committee (FIC) agrees fundraising and service development strategies, monitors income and expenditure against budget and the effectiveness of financial management. It recommends relevant budget priorities in the form of a draft annual budget to the board of trustees.

FIC is also responsible for the appointment and supervision of the charity's Investment Managers. It sets and monitors annual performance objectives for the Investment Managers, including ensuring that the required level of free reserves is maintained, as specified in the Reserves Policy. FIC ensures that the charity’s investments are conducted in accordance with the Investment Policy, the Charity's Articles of Association and all relevant laws and regulations.

The charity also has four Governance Link Groups that involve a wider range of members interested in contributing to the work of the charity at a national level.

The Council of Rethink Mental Illness meets three time a year. While not a committee of the board with delegated decision-making powers, the Council exists to improve and strengthen the work of Rethink Mental Illness, and in turn the governance of the charity, by its oversight of involvement throughout the charity. Alongside the other Governance Link Groups and Groups, the Council is central to involvement and engagement activity and the charity’s ambitions for Communities that Care. Core membership comprises regional trustees, Chairs of the Lived Experience Advisory Board and the Carers Advisory Board and Regional Advisory Panels, and the Chair and Vice-chairs of the charity, along with the Chief Executive and Company Secretary.

The Lived Experience Advisory Board (LEAB) consists of up to 20 members (recently increased from 18), plus any trustees who use, or have used, mental health services. Key areas of work include monitoring the progress of the Involvement Strategy, making suggestions and providing constructive feedback on issues relating to the involvement and support of people who use mental health services. This includes, for example, feedback on policies and communications. LEAB meets at least three times a year, with additional, less formal, meetings in between. It is chaired by Shaun Johnson, a former Vice-chair of the charity.

The Carers Advisory Board (CAB) continues the long tradition of carer involvement within the charity and provides a distinct and strong voice for the carers of people severely affected by mental illness. It is chaired by the previous Chair of Trustees, Philippa Lowe. It also consists of up to 20 members (changed from 18).

The Clinical Advisory Group (CAG) is the fourth link group. It is made up of clinicians and experts who provide advice to inform the charity’s policy and campaigning activity. It has an external Chair and meets twice a year.

Introduced during the pandemic as a means of keep trustees up-to-date, board briefings have now become a permanent fixture in the governance calendar. They have been an

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invaluable way of keeping trustees informed about a range of activities taking place within the charity, particularly matters where no formal decision or resolution is required.

The group has now reverted to meeting face-to-face. Most other governance and link group meetings have been held remotely, with a commitment to meeting in person at least once a year.

Regional involvement takes the form of membership of Regional Advisory Panels (RAPs). The aim is to have someone from each Integrated Care Board area to provide local intelligence and a voice for local communities that will then help shape the direction of the charity through a reporting mechanism to the board. RAPs meet shortly before each board meeting, review Board papers (in particular the Chief Executive’s report to the board) and provide feedback, drawing on local knowledge and experience of mental health service provision in the area.

Statement of engagement with employees

Our growing workforce is led by a newly structured Senior Management team made up of Executive Directors, Directors and Associate Directors / Heads of team. The Directors and Executive Directors meet together fortnightly and cascade key information and seek feedback from their teams. For key decisions and processes, feedback is sought from staff through quick surveys so that the organisation can take a range of views into account and was a method of seeking feedback on the pay award process. Further developments are planned over the coming year in terms of engagement following the restructure of the Learning, Organisational Development and Engagement team in 2023.

To supplement communications from the line management structure, we make full use of our new internal social media platform to share organisational news and knowledge, enabling colleagues to comment or ask questions. We provide regular bulletins to all colleagues outlining matters of potential interest and have a dedicated email box within the People and Organisation Development function so that all colleagues can raise any matters of interest or concern.

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The charity governance code

The board of trustees is committed to developing and maintaining high standards of governance throughout the charity and has developed practice that follows the standards laid out in the Charity Governance Code. Our mission, 'leading the way to a better quality of life for everyone severely affected by mental illness', lies at the heart of all our work and feeds into the overall strategy, which is set by the board of trustees.

The annual board awaydays provide an opportunity for the board and Executive team to review the strategy and prioritise areas of work for the coming year. The committees of the board and Governance Link Groups are consulted and views considered when the board makes its decisions.

During the year, trustees have been involved in the development of the new Corporate Strategy. This will guide the work of the Charity from 2023 to 2028.

In March 2021, the charity added ‘equity' to its core values in recognition that some groups, in particular people from Black, Asian and minority ethnic backgrounds, are disproportionately likely to experience severe mental illness due to social and economic factors, including discrimination. Work has continued since then to ensure that the charity becomes a truly anti-racist organisation.

We have policies and procedures in place that underpin the requirement to act with integrity and in the best interests of the charity and its charitable purposes.

All trustees, including the Chair, receive an annual review and the Chair, Chief Executive and Company Secretary work together to address the development needs of trustees. We undertake a skills audit to record skills and experience, identify gaps and this informs the process for appointing new trustees.

Subsidiary company information

Rethink Mental Illness has a wholly owned trading subsidiary, Rethink Trading Ltd. This company operates as the trading subsidiary of Rethink Mental Illness. It commenced trading during 2017/18, with several service contracts previously held by the charity being novated across to the subsidiary. National Schizophrenia Fellowship Ltd, which was incorporated in February 2023 to keep the original charity name available for future use, along with Rethink Mental Health Ltd and Rethink Severe Mental Illness Ltd. These new companies remain dormant for now.

There are two other active subsidiary companies: NSF Trustees Limited (NSFT) and Rethink Trust Corporation Limited (RTC). NSFT was established to meet an important need for families of people with severe mental illness to make financial provision for the care of their dependants after the carer's death. RTC was later established in 2010/11 to expand the potential range of services provided through NSFT.

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Each of the subsidiaries generated a surplus in the year 2023/24, contributing to our wider charitable objects, as follows:

• Rethink Trading Limited: £41,000 (2023: £1.287m)

• NSF Trustees Limited: £37,000 (2023: £23,000)

• Rethink Trust Corporation Limited: £46,000 (2023: £48,000)

The financial statements of the subsidiaries have been consolidated into the financial statements of the Group.

Rethink Mental Illness also acts as Trustee of the Befriending Visitors Service (BVS). Financial details relating to the subsidiaries and BVS are contained on page 70 in Notes to the financial statements.

Wider networks

The charity is connected with Mental Health UK, a Charitable Incorporated Organisation (CIO). Rethink Mental Illness, Adferiad Recovery in Wales, MindWise in Northern Ireland, and Change Mental Health in Scotland are all members of Mental Health UK. Mental Health UK is not considered part of the Rethink Mental Illness Group and its finances have not been consolidated in the financial statement.

Rethink Mental Illness is part of The Richmond Group of charities, a collaboration of 14 of the leading health and social care organisations in the voluntary sector. The group works together as a collective voice to better influence health and social care policy, with the aim of improving the care and support for the 15 million people living with long term conditions it represents.

The charity is also part of the Mental Health Policy Group (MHPG), a coalition of six national organisations working together to improve mental health. MHPG represents providers, professionals and the hundreds of thousands of people who use mental health services, and advocates for cross-government approaches to improve services and support early intervention and prevention of mental health problems.

Rethink Mental Illness is a member of the Association of Mental Health Providers (AMHP), which is the leading representative body for voluntary and community sector mental health organisations in England and Wales. Representing small, medium and large providers – from locally focused to regional and national organisations – members provide services covering the full range of mental health provision.

The work of the charity requires wider networks with statutory agencies to deliver its mission and that includes representation on the Independent Oversight Advisory Group of the Long Term Plan for Mental Health and on the NHS Assembly, amongst other things.

The operating policies of Rethink Mental Illness are not affected by any of the above relationships.

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A spotlight on our ambition to become an anti-racist organisation

In March 2024, we published our "Anti-Racism Progress Report" providing an update on the organisation’s efforts and achievements towards becoming a truly anti-racist organisation. In doing so, and while celebrating progress made, we also recognise that more work is needed to achieve our ambition.

Key Areas of Progress:

Anti-Racist Leadership and Governance:

• The establishment of a robust governance framework to support the anti-racist strategy.

• Recruitment of an Associate Director for Race Equality and Equity in February 2022 to oversee the design and delivery of the Race Equality Action Plan. This plan focuses on three main areas: strategic oversight, supporting ethnically diverse colleagues, and optimising support for minoritised service users.

Workplace Representation:

• An increase in ethnic minority representation within the workforce from 11% in 2021 to 15% in 2023.

• Despite improvements in the ethnic diversity at senior levels, challenges remain in increasing representation at other levels, with a noted decrease in ethnic minority managers between 2022 and 2023.

Mutual Mentoring Programme:

• Launched in January 2023, this programme educated our senior leaders on the lived experiences of the ethnic minority co-mentors and provided career mentoring.

• The programme included structured sessions and a comprehensive toolkit to facilitate mutual learning and development.

Anti-Racist Campaigns and Services:

• Acknowledgement of the disproportionate impact of mental health inequalities on racialised communities, particularly Black communities.

• Commitment to co-designing mental health services with these communities and actively challenging the systemic inequalities affecting them.

• Our recommendations on tackling mental health inequalities were accepted by the Parliamentary Joint Committee on the Draft Mental Health Bill.

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Statement of trustees’ responsibilities in respect of the Trustees’ Annual Report and the Financial Statements

The trustees are responsible for preparing the trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year in accordance with UK Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (UK Generally Accepted Accounting Practice).

The financial statements are required by law to give a true and fair view of the state of affairs of the charitable company and of the excess of income over expenditure for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently

• make judgements and estimates that are reasonable and prudent

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue its activities.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that its financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charitable company and to prevent and detect fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charitable company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This Annual Report of the trustees, under the Charities Act 2011 and the Companies Act 2006, was approved by the board of trustees on 5 September 2024 including approving in their capacity as Directors the Trustees’ strategic report and Directors’ report contained therein and is signed as authorised on its behalf by the Chair of the board of trustees.

By order of the board

Kathryn Tyson

Chair of the Trustees

5 September 2024

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Independent Auditors’ Report to the members of Rethink Mental Illness

Opinion

We have audited the financial statements of Rethink Mental Illness (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2024 which comprise Consolidated Statement of Financial Activities, Consolidated Group and Charity Balance Sheets, Consolidated Statement of Cashflows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:

• give a true and fair view of the state of the group’s and parent charitable company’s affairs as at 31 March 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

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 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 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. Our evaluation of the trustees’ assessment of the entity’s ability to continue to adopt the going concern basis of accounting included critical reviews of budgets and forecasts provided.

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 the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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Rethink Mental Illness

37

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 trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the trustees’ report (incorporating the strategic and directors’ reports) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the trustees’ report (incorporating the strategic and directors’ reports) has been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report (incorporating the strategic report and the directors’ report).

Matters on which we are required to report by exception

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

• adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or

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38

• the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement included in the trustees’ annual report, the trustees (who are also the directors of the 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 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.

Auditor responsibilities for the audit of the financial statements

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 fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

• Obtaining an understanding of the legal and regulatory frameworks that the entity operates in, focusing on those laws and regulations that had a direct effect on the financial statements;

• Enquiry of management to identify any instances of known or suspected instances of fraud;

• Enquiry of management and those charged with governance around actual and potential litigation and claims;

• Enquiry of management about any instances of non-compliance with laws and regulations;

• Reviewing the design and implementation of control systems in place;

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39

• Testing the operational effectiveness of the controls;

• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness;

• Evaluating the business rationale of significant transactions outside the normal course of business;

• Reviewing accounting estimates for bias;

• Reviewing minutes of meetings of those charged with governance;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

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 for the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of this 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. 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.

Stuart McKay BSc FCA DChA (Senior Statutory Auditor)

For and behalf of MHA MacIntyre Hudson

Chartered Accountants and Statutory Auditors

6[th] Floor, 2 London Wall Place

London, EC2Y 5AU

Date: 18/11/2024

MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).

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Consolidated Statement of Financial Activities (incorporating Income and Expenditure Account) Year ended 31 March 2024

Note Income and Endowments from: Donations and Legacies 2 Charitable Activities 3 Other Trading Activities 4 Investments 4 Total Income Expenditure on: Raising Funds 5 Charitable Activities 5 Other Trading Activities & Investments 5 Total Expenditure Income less Expenditure Before Investments Net gains/(losses) on Investments 9 Pension liability revaluation Net Income/(Expenditure) Transfers between funds Net movement in funds Fund balances brought forward at 1 April 2023 Fund balances carried forward at 31 March 2024 15	2024 Unrestricted Funds £000 2,927 36,866 425 279 40,497 2,204 39,920 253 42,377 (1,880) 371 149 (1,360) 11 (1,349) 12,566 11,217	2024 Restricted Funds £000 579 3,425 - - 4,004 - 3,832 - 3,832 172 - - 172 (11) 161 733 894	2024 Total £000 3,506 40,291 425 279 44,501 2,204 43,752 253 46,209 (1,708) 371 149 (1,188) - (1,188) 13,299 12,111	2023 Unrestricted Funds £000 2,491 33,069 365 219 36,144 2,075 34,318 134 36,527 (383) (507) (890) 44 (846) 13,412 12,566	2023 Restricted Funds £000 326 4,474 - - 4,800 - 4,969 - 4,969 (169) - (169) (44) (213) 946 733	2023 Total £000 2,817 37,543 365 219
						40,944 2,075 39,287 134
						41,496
						(552) (507)
						(1,059) -
						(1,059) 14,358
						13,299

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Rethink Mental Illness_Year ended 31 March 2024

Consolidated Group and Charity Balance Sheets As at 31 March 2024

Note Fixed assets Intangible assets 8 Tangible assets 8 Investments 9 Current assets Stocks for resale Debtors 10 Cash at bank and in hand Creditors: amounts due within one year 11 Net current assets Total assets less current liabilities Creditors: amounts due after one year 12 Provisions for liabilities 13 Total net assets or liabilities Funds General funds 15 Designated funds 15 Restricted funds 15	Group Charity 2024 2023 2024 2023 £000 £000 £000 £000 667 587 667 587 3,713 3,106 3,713 3,106 6,222 8,593 6,207 8,585 10,602 12,286 10,587 12,278 23 23 23 23 6,999 6,132 4,879 3,405 3,581 7,295 2,259 5,099 10,603 13,450 7,161 8,527 (7,968) (10,700) (4,545) (5,799) 2,635 2,750 2,616 2,728 13,237 15,036 13,203 15,006 (851) (1,461) (851) (1,461) (275) (276) (275) (276) 12,111 13,299 12,077 13,269 8,527 7,238 8,493 7,209 2,690 5,328 2,690 5,328 894 733 824 733 12,111 13,299 12,077 13,270
	10,602 12,286 10,587 23 23 23 6,999 6,132 4,879 3,581 7,295 2,259
	10,603 13,450 7,161 (7,968) (10,700) (4,545)
	2,635 2,750 2,616
	13,237 15,036 13,203 (851) (1,461) (851) (275) (276) (275)
	12,111 13,299 12,077
	8,527 7,238 8,493 2,690 5,328 2,690 894 733 824
	12,111 13,299 12,077

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Rethink Mental Illness

Consolidated Group and Charity Balance Sheets As at 31 March 2024

A deficit reflecting expenditure above income for the year of £1,188,000 (2023: deficit of £1,059 ,000 ) has been dealt with in the financial statements of the Charitable Company (company reg: 1227970).

The financial statements were approved by the Trustees on 5 September 2024.

and were signed on their behalf by:

Kathryn Tyson (Chair of Trustees)

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Consolidated Statement of Cashflows Year ended 31 March 2024

Note Net Cash provided by operating activities 24 Cash flows from investment activities Dividends, interest and rent from Investments Proceeds from sale of property, plant and equipment Purchase of property, plant and equipment Proceeds from the sale of Investments Purchase of investments Net Cash provided by (used in) Investing Activities Cash flows from investment activities (Increase)/Decrease in cash deposits Net Cash provided by (used in) Investing Activities Change in Cash and Equivalents in the reporting period Cash and Cash Equivalents at the beginning of the reporting period Cash and Cash Equivalents at the end of the reporting period 25	2024 £000 (5,717) 279 - (1,021) 9,418 (6,675)	2023 £000 (3,142)
		219 2 (646) 1,790 (2,236)
	2,001 - - (3,714) 7,295	(871) 487
		487
		(3,525) 10,820
	3,581	7,295

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Company status

The Charity is a company limited by guarantee, incorporated in England and Wales, and treated as a public benefit entity. The board members of the company are the Trustees named under “Legal and administrative information”. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to one penny per member of the Charity.

Registered Office, The Dumont, 28 Albert Embankment, London, SE1 7GR.

Accounting policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company’s financial statements except as noted below.

Basis of preparation

The financial statements have been prepared under the historical cost accounting rules with the exception of investments which are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice (“SORP”) 2015 “Accounting and Reporting by Charities” , issued in January 2015, and Financial reporting standard 102 (FRS102), and the Companies Act. The Charity is a public benefit entity for the FRS102 purposes.

Going concern

The Charity has started the year 2024/25 in a strong financial position with above-target reserves, and a total of cash and investments of £9.8m. The budget for 2024/25 projects a net unrestricted surplus of £0.2m and the external environment remains favourable for further growth.

Although the operating projections are positive, we project a net cash outflow over the twoyear period to 31 March 2026 as we use the designated funds to make one-off investment towards our charitable objectives and transfer funds to reduce our pension liability. Our baseline projection is for a net cash outflow of £1.4m and £2.0m in 2024/25 and 2025/26 respectively and closing cash and investments of £6.5m.

We have stress-tested the monthly cash flow using a worst-case scenario where a number of financial risks materialise in rapid succession seeing additional outflow of £2.4m over twelve months from October 2024. In this scenario our lowest total cash and investment balance would be £2.1m, demonstrating our liquidity and financial resilience.

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With the positive outlook for growth, strong financial position, the trustees do not believe there to be any material uncertainties in the Charity’s ability to continue as a going concern. Accordingly, the trustees have concluded that the preparation of the annual accounts to 31 March 2024 on the going concern basis is appropriate.

Basis of consolidation

The consolidated financial statements include the financial statements of the Charity and its subsidiary undertakings made up to 31 March 2024. The results of the subsidiaries, as shown in note 19, are consolidated on a line-by-line basis within the consolidated Statement of Financial Activities (“SOFA”). In the Charitable Company’s financial statements, investments in subsidiary undertakings are stated at cost less provision for permanent diminution.

Charitable Company income and expenditure

No separate statement of financial activities has been prepared for the charity alone as permitted by Section 408 of the Companies Act 2006. A surplus reflecting income above expenditure for the year of £41,022 (2023: surplus of £1,287, 093 ) has been dealt with in the financial statements of the Charitable Company.

Fund accounting and transfers

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in note 15 to the financial statements.

General funds may be transferred to designated funds where Trustees wish to use these funds for a specific purpose. Such funds may be transferred back to general funds once the criteria for designation have been met or are no longer applicable.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of restricted funds is set out in the notes to the financial statements. Restricted funds may only be transferred to general or designated funds once the criteria for restriction have been discharged or no longer apply.

Incoming resources

All incoming resources are shown net of VAT. They are included in the SOFA when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Gifts in kind and donated facilities are included at the value to the Charity where

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this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.

For legacy income, entitlement in the case of residuary and pecuniary legacies is counted from the earlier of estate accounts being finalised and communicated to Rethink Mental Illness and cash received. Legacies where Rethink Mental Illness’s receipt of income is subject to a life tenancy have not been included.

Members’ subscriptions are taken to income on a received basis. Grants, service agreement and fee income and grants for premises and equipment are recognised in the SOFA and income and expenditure account in the period in which they are receivable. Income is deferred only when the Charity has to fulfil conditions before becoming entitled to it or where the donor/funder has specified that the income is to be expended in a future period.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been apportioned to activities on the basis of direct costs.

Costs of generating voluntary income are those incurred in seeking voluntary contributions and do not include the cost of disseminating information in support of the charitable activities.

Support costs are those costs incurred directly in support of expenditure on the objects of the Charity and include an appropriate apportionment of management overheads.

Governance costs are those costs incurred in connection with governance and professional support to Trustees.

Intangible assets and amortisation

Intangible assets costing more than £1000 are capitalised and included at cost including any incidental expenses of acquisition. Amortisation is provided on all intangible assets at rates calculated to write off the cost on a straight-line basis over their expected economic lives as follows:

ICT Licenses

the shorter of the life of the license or 10 years

Tangible fixed assets and depreciation

Tangible fixed assets costing more than £1000 are capitalised and included at cost including any incidental expenses of acquisition. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight-line basis over their expected economic lives as follows:

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Freehold land	Nil
Freehold buildings	2%
Leasehold land and buildings	2% (or over life of lease if shorter)
Furniture and equipment	25%
ICT Equipment (purchases from 01.04.2015)	33.3%
Motor vehicles	33.3%

Investments and interest receivable

Listed investments are stated at market value, valued at their bid price, at the balance sheet date.

It is the Group’s policy to keep valuations of stock exchange listed investments up to date, such that when investments are sold there is no gain or loss arising relating to prior years. As a result, the Statement of Financial Activities does not distinguish between the valuation adjustments relating to sales and those relating to continued holdings, as they are together treated as changes in the value of the investment portfolio throughout the year.

Stock

Stock consists of purchased goods for resale. Stocks are valued at the lower of cost and net realisable value. Items for resale or distribution are not included in the financial statements until they are sold or distributed.

Volunteers

The Charity has in the region of 170 volunteers. The financial value these volunteers make is not incorporated within the accounts.

Local groups

In order to correctly reflect the stewardship of the Charity over the activities of its local groups, their results are included in the SOFA and their cash balances at the year-end are included in the balance sheet as restricted funds.

Liquid resources

For the purposes of the cash flow statement, cash comprises cash in hand and deposits repayable on demand without penalty, less overdrafts payable on demand.

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Post-retirement benefits

Rethink Mental Illness participates in a pension arrangement with the People’s Pension. This scheme was established in September 2013 and it is open to all staff who qualify under the Government’s auto enrolment scheme. The People’s Pension is a defined contribution scheme.

During the year the Charity participated in the CARE (Career Average Revalued Earnings) and Growth Plan Pension Schemes administered by TPT Retirement Solutions. Both the CARE and Growth Plan Schemes are multi-employer defined benefit schemes. The Schemes are funded and contracted out of the State scheme. The assets of the schemes are held separately from those of the Charity in an independently administered fund. It is not possible to identify the share of underlying assets and liabilities belonging to individual participating employers. Rethink Mental Illness has entered into an agreement with the Multi-Employer plan which determines how a deficit will be funded. As a result, Rethink recognises the net present value of the contributions payable from this agreement as a liability on the balance sheet. The CARE and the Growth Scheme were closed during 2013 to new entrants.

All pension costs are funded through the unrestricted fund.

Finance and operating leases

Rentals applicable to operating leases are charged to the SOFA over the period in which the cost is incurred in equal amounts. Assets purchased under finance leases are capitalised at their fair value at the inception of the contracts and depreciated over their estimated useful lives. Obligations under such agreements are included in creditors. The difference between the capitalised cost and the total obligation under the lease represents the finance charges. Finance charges are allocated over the period of the lease in proportion to the capital amount outstanding.

Deferred taxation

In the subsidiary financial statements, the policy is to pay all taxable profits to Rethink Mental Illness by way of Gift Aid. No deferred tax liability arises in the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described are summarised below. Estimates are made on the following bases:

• Gift in kind donated advertising uses a market rate valuation provided by the donor. Where the service received has not changed, a % linked increase may be applied to a previous years’ market rate valuation.

• Pension Liability - The Charity is a member of two multi-employer defined benefit pension schemes. The Charity has entered into a deficit recovery repayment plan with

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TPT Retirement Solutions in respect of these schemes and this liability has been recognised on the Balance Sheet at amortised cost. The discounting assumptions used are recorded in note 18.

Debtors

Debtors are measured at amortised cost less any impairment.

Creditors & 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.

Financial instruments

Rethink Mental Illness has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. Financial liabilities held at amortised cost comprise bank loans and overdrafts, trade and other creditors.

Investments, including bonds held as part of an investment portfolio are held at fair value at the Balance Sheet date, with gains and losses being recognised within income and expenditure. Investments in subsidiary undertakings are held at cost less impairment.

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2 Analysis of Donations and Legacies

Fundraising and Donations Donated services and facilities Membership subscriptions Legacies Sponsorship and events Corporate Donations	2024 Unrestricted £000 562 346 44 1,254 359 464	2024 Restricted £000 477 - - - - -	2024 Total £000 1,039 346 44 1,254 359 464 3,506	2023 Unrestricted £000 396 397 48 878 382 390	2023 2023 Restricted Total £000 £000 207 603 - 397 - 48 - 878 - 382 119 509
	3,029	477		2,491	326 2,817

Donated services and facilities relate to Google Ad Words that have been provided free of charge.

The Charity recognises that there is a contingent asset relating to £653k of legacy income to which it is entitled, but which cannot be measured reliably enough to accrue.

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3 Analysis of income from charitable activities

Supported Housing & Floating Support Services Prisons/Criminal Justice Services Community Services Carers’ & Family Support Services Advocacy Services Helpline & Advice Services Nursing & CQC Registered Services Transformation & Community Consulting Co-Production Management & Support Mental Health UK Total funding received for charitable activities	2024 Unrestricted £000 5,227 4,282 6,799 356 3,797 1,757 10,887 2,057 459 27 1,218 36,866	2024 Restricted £000 4 - 188 2 1 1,210 5 879 - - 1,136 3,425	2024 Total £000 5,231 4,282 6,987 358 3,798 2,967 10,892 2,936 459 27 2,354 40,291	2023 Unrestricted £000 6,234 3,561 5,733 374 3,445 887 9,934 1,769 297 101 734 33,069	2023 Restricted £000 2 - 117 1 - 1,300 (6) 1,068 - - 1,992 4,474	2023 Total £000 6,236 3,561 5,850 375 3,445 2,187 9,928 2,837 297 101 2,726
						37,543

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4 Analysis of incoming resources from Other Trading Activities and Investments

Other Trading Activities Training & Consultancy Trustee Services Investments Interest received Dividends received	2024 Total £000 235 190 425 46 233 279	2023 Total £000 199 166
		365
		31 188
		219

Income from Other Trading Activities and Investments is unrestricted.

The following funders have specifically asked for income from their organisation to be listed:

	Incoming resources
	recognised in SOFA
	£000
Mental Health UK in conjunction with Lloyds Banking Group	1,135
Sport England	113
The Stone Family Foundation	40
The City Bridge Trust	12

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5 Analysis of expenditure

Raising funds Fundraising Managing Investments Trusts & Grants Total cost of raising funds Charitable activity Supported housing and floating support services Prisons/criminal justice services Community services Carers’ and family support services Advocacy services Helpline & Advice Services Nursing and CQC registered services Mental Health UK Communications and Campaigns Transformation & Community Consulting Co-Production Total cost of charitable activity Other Expenditure Trustee Services Pension Interest Charge Pension Scheme Expenses Total Other Expenditure	Direct Costs 2024 £000 1,577 15 320 1,912 4,940 3,476 6,029 603 3,196 2,650 9,336 2,120 1,843 2,270 432 36,895 115 88 50 253 39,060	Support costs 2024 £000 226 7 59 292 907 638 1,189 111 587 487 1,715 389 338 417 79 6,857 - - - - 7,149	Total 2024 £000 1,803 22 379 2,204 5,847 4,114 7,218 714 3,783 3,137 11,051 2,509 2,181 2,687 511 43,752 115 88 50 253 46,209	Direct Costs 2023 £000 1,375 57 383 1,815 5,497 2,459 4,757 535 2,895 1,973 8,369 2,415 1,634 2,291 306 36,896 80 54 - 134 35,080	Support costs 2023 £000 179 11 70 260 1,007 451 957 98 530 361 361 442 299 420 57 6,857 - - - - 6,416	Total 2023 £000 1,554 68 453
						2,075 6,504 2,910 5,714 633 3,425 2,334 9,903 2,857 1,933 2,711 363
						39,287 80 54 -
						134
						41,496

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Direct and support costs include:

Direct and support costs include:
	2024	2023
	£000	£000
Auditors’ remuneration:
Fees payable to the Charity’s Auditors for the audit of the annual accounts	48	48
Fees payable to the Charity’s Auditors for Corporate Tax services	4	-
Depreciation	334	239
Loss on disposal of fixed assets	-	18
Rents paid on leasehold premises	2,397	1,151
Operating lease rentals	159	157

Allocation of support costs:

Type of cost Governance Finance costs Human resources nformation and echnology	Allocated to Fundraising £000 53 83 64 92 292	Allocated to charitable activities £000 1,334 1,927 1,493 2,103 6,857	2024 Total £000 1,387 2,010 1,557 2,195 7,149	Allocated to Fundraising £000 50 72 59 79 260	Allocated to charitable activities £000 1,248 1,674 1,392 1,842 6,156	2023 Total £000 1,298 1,746 1,451 1,921
						6,416

Support costs have been allocated to expenditure headings based on the proportion of direct costs included in each heading.

Governance costs include:

Key management personnel and governance support staff Travel and subsistence Group life assurance Professional fees Governance of Trust Corporations Other support costs Total	2024 £000 841 54 35 125 107 225 1,387	2023 £000 912 69 29 41 95 151
		1,298

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6 Staff costs

Wages and salaries External agency costs Social security costs Pension costs: Defined benefit Pension costs: Defined contribution Pension contributions made by Rethink Mental Illness in respect of higher paid employees amounted to:	2024 £000 27,763 1,453 2,623 (200) 734 32,373 25	2023 £000 23,852 1,918 2,255 (108) 749
		28,666
		34

The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in the year and to whom retirement benefits are accruing under money purchase and defined benefit pension schemes are:

£60,000 - £69,999 £70,000 - £79,999 £80,000 - £89,999 £100.000 - £109,999 £110,000 - £119,999 £170,000 - £179,999 £180,000 - £189,999	2024 Number 10 6 - 2 1 - 1 20	2023 Number 12 2 1 2 1 1 -
		19

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Remuneration for key management personnel in the year totalled £680,094 (2023: £787,650) for 7 employees (2023: 6). Key management personnel include the Chief Executive, Deputy Chief Executive, Executive Director of Corporate Services, Executive Director of Operations and Company Secretary. There was a restructure of the Executive Team during the year with two previous Executive Officers leaving the organisation during the year. The cost of the Executives who left are included in the total cost.

The trustees listed on page 23, as directors of the company, are also considered key management personnel. Trustees are not remunerated.

The average number of employees, based on head count, analysed by function was:

Charitable activities Contract Staff Charitable activities Bank Staff Cost of generating funds Governance and administration support	Average Number of Employees 2024 2023 Number Number 985 892 168 139 6 11 8 10 1,167 1,052	Average Number of Employees 2024 2023 Number Number 985 892 168 139 6 11 8 10 1,167 1,052
		1,052

During the year, the Trustees reassessed the employment status of the Experts by Experience which the Charity involves in service co-production and concluded that as they receive taxable remuneration for their time, they should be included in the staff numbers disclosure above. The prior year comparative has not been restated.

The amount of redundancy paid to employees during the year was £170,857 (2023: £88,475).

7 Trustees’ emoluments

Trustees are not remunerated.

Expenses for travelling and subsistence on Charity business in the amount of £2,350 (2023: £3,372) were reimbursed to 7 Trustees (2023: 7).

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8 Intangible and Tangible fixed assets

Cost At 1 April 2023 Additions Disposals Transfers between categories At 31 March 2024 Depreciation / Amortisation At 1 April 2023 Charge for year On disposals Transfers between categories At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023	Intangible Assets £000 1,014 76 (164) 75 1,001 427 66 (164) 5 334 667 587	Land, buildings & property improvements £000 4,049 814 - - 4,863 1,181 150 - - 1,331 3,532 2,868	Furniture & Equipment £000 764 132 (157) (75) 664 526 118 (157) (5) 482 182 238	Total £000 5,827 1,022 (321) -
				6,528
				2,134 334 (321) -
				2,147
				4,381
				3,693

Of the land and buildings at cost, freehold was £2,326,000 and leasehold £425,000 (2023: freehold £2,326,000 and leasehold £425,000). Intangible assets are mainly capitalised software development programmes, including our Customer Relationship Management system. All fixed assets are utilised by the Charity/Group for charitable purposes.

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9 Investments

Market Value at beginning of year Additions Disposal Proceeds Net unrealised investments Gain / (Loss) Market Value at end of year Investments are represented by: 100% holding in Rethink Trust Corporation Limited Fixed Interest UK Equities Overseas Equities Commodities Cash Balances	Group Charity 2024 2024 £000 £000 8,593 8,585 6,675 6,675 (9,336) (9,336) 290 283
	6,222 6,207
	- 100 1,214 1,099 1,197 1,197 3,560 3,560 61 61 189 189
	6,222 6,207

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10 Debtors

Trade Debtors Amount due from subsidiary undertakings Prepayments & Accrued Income Other Debtors	Group Charity 2024 2023 2024 2023 £000 £000 £000 £000 3,742 4,390 1,167 1,330 - - 958 606 3,130 1,630 2,627 1,357 127 112 127 112
	6,999 6,132 4,879 3,405

11 Creditors: amounts due within one year

Trade creditors Accruals Pension deficit payments Deferred income (note 14) Tax and social security Other creditors Amounts due to related undertaking	Group 2024 2023 £000 £000 910 847 1,002 1,107 495 489 1,726 1,799 1,555 1,462 2,280 4,521 - 475 7,968 10,700	Charity 2024 2023 £000 £000 662 353 516 735 495 489 776 620 637 517 1,459 2,610 - 475 4,545 5,799	Charity 2024 2023 £000 £000 662 353 516 735 495 489 776 620 637 517 1,459 2,610 - 475 4,545 5,799
			5,799

On 15[th] January 2024, the MHUK Loan was fully repaid and thus no longer showing within Other creditors. The loan had been formalised by a Connected Charity Repayment Agreement stipulating full repayment. Repayments were made on a monthly basis and there was no interest payable on the loan.

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12 Creditors: amounts due after one year

TPT Retirement Solutions – Growth Plan TPT Retirement Solutions – Care Plan	Group 2024 2023 £000 £000 851 39 - 1,422 851 1,461	Charity 2024 2023 £000 £000 851 39 1,422 851 1,461	Charity 2024 2023 £000 £000 851 39 1,422 851 1,461
			1,461

Funds held as agent:

During the year the Charity acted as agent for the Open Mental Health Alliance, a Sustainability and Transformation Partnership. As agent, the Charity processed income of £6,216,765 and expenditure of £7,784,208 including £611,000 retained by Rethink Trading Limited as Lead Accountable Body. At the year-end a balance of £821,030 remained held as agent and is included above in Other Creditors. The Charity had four areas of direct delivery during 2023/24.

13 Provisions for Liabilities

Dilapidation costs on leased properties Total for the Charity	Balance at 1 April 2023 £000 276 276	Charged to the SOFA £000 - -	Released £000 (1) (1)	Balance at 31 March 2024 £000 275
				275

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14 Deferred Income

Balance at beginning of year Amount released to incoming resources Amount transferred to Other Creditors Amount deferred in the year Balance at end of year	Group 2024 2023 £000 £000 1,799 1,847 (1,489) (582) - (824) 1,416 1,358 1,726 1,799	Charity 2024 2023 £000 £000 620 1,042 (369) (453) - (296) 532 327 783 620	Charity 2024 2023 £000 £000 620 1,042 (369) (453) - (296) 532 327 783 620
			620

Deferred income comprises service income received in advance and grants which the donor has specified must be used in future accounting periods.

The 3-year CAF Grant had a deferred balance of £405,506 at the financial year end which is represented by £405,506 of creditors due within one year.

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15 Statement of funds

Group and Charity

General funds Designated funds ICT Infrastructure Organisational Development Mental Health UK Investment Fund CTC – Resourcing CTC – Delivery Estates Repairs Fund Policy & Practice IT Support Corporate Strategy Pay & Rewards Fund Total Designated Funds Total General funds and Designated funds Restricted funds CAF Grant Welfare Funds Capital Restricted Fund Groups Fund Mental Health UK MaPs - Breathing Space Other Restricted Funds Total Restricted Funds Total Funds	Balance at 1 April 2023 £000 7,238 1,335 327 108 597 388 1,516 90 67 400 500 5,328 12,566 113 244 194 99 - 83 733 13,299	Incoming resources £000 40,463 - 31 - - - 3 - - - - 34 40,497 879 30 - 94 1,147 1,210 644 4,004 44,501	Expenditure £000 (40,759) (491) (146) (74) (247) (30) (432) (69) (65) (64) - (1,618) (42,377) (879) (18) (6) (82) (1,150) (1,210) (487) (3,832) (46,209)	Gain/Loss on investments £000 520 - - - - - - - - - - - 520 - - - - - - - - 520	Transfers £000 1,065 45 264 - (289) (328) 90 - - (336) (500) (1,054) 11 - 25 - - (70) - 34 (11) -	Balance at 31 March 2024 £000 8,527 889 476 34 61 30 1,177 21 2 - -
						2,690 11,217 - 150 238 206 26 - 274
						894
						12,111

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Represented by:

Intangible Assets Fixed Assets – Tangible Assets Fixed Assets – Investments Current Assets Current Liabilities Non-Current Liabilities Provision for Liabilities	General Funds £000 59 2,589 6,222 8,821 (7,968) (851) (275) 8,597	Designated Funds £000 608 886 - 1,196 - - - 2,690	Restricted Funds £000 - 238 - 586 - - - 824	Total Funds £000 667 3,713 6,222 10,603 (7,968) (851) (275)
				12,111

Designated funds

• IT Infrastructure – Funds designated for the upgrade, development or replacement of IT infrastructure and systems including HR, CRM, Housing Management & Finance.

• Organisation Development - The objectives of the fund include management training, marketing spend, fundraising support and general innovation.

• Mental Health UK Investment - Represents monies set aside for the future development of the fundraising department.

• Communities that Care - Resourcing Fund – Investment to ensure that the charity has the core foundations and infrastructure of an organisation that can effectively support the delivery of CtC as the strategy develops.

• Communities that Care – Delivery Fund – This fund will help underpin the agenda to improve knowledge management strategy, capturing data that helps to build and extend our portfolio of services and innovations.

• Estates Repairs Fund - Investment will address historic under investment in the condition of the accommodation estate portfolio and refurbishment of pilot properties under the Communities that Care (CtC) strategy.

• Policy & Practice Fund – Providing additional capacity to fulfil corporate strategy aims for racial equity and research.

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• IT Support – Providing additional capacity for the Head of CRM role to support the transition to the Hive system during 2023/24.

• Corporate Strategy – Funds to ensure the successful implementation of the 5-year corporate strategy.

• Pay & Rewards Fund – Funds to support the transition to the new pay structure implemented during 2023/24.

Restricted funds

• The CAF grant will enable the charity to build place-based alliances and influence the community mental health transformation in 4 new ICSs areas: North East Lincs, East London, Coventry and Warwickshire and Sheffield. It also gives us the resource to influence the wider roll out of the community mental health framework.

• Welfare Funds represent income that has been specifically given to Services to be controlled by service users as part of their recovery. Service users can decide how to utilise this income subject to the financial regulations of the Charity.

• The Capital Restricted Fund represents the balance of funds held relating to purchase of property or property improvements. Depreciation charges relating to property assets are charged against this fund.

• The Groups Fund represents the balances of funds held by 126 peer support groups that operate under the Rethink Mental Illness charity number.

• The Fund entitled “Mental Health UK” represents funds received to create and sustain the Mental Health and Money Advice Service.

• The MaPs – Breathing Space Fund represents funding received from the Money and Pensions Service to deliver the Breathing Space programme.

• Other Restricted Funds represent unexpended income that has been received for a specific purpose. The total balance of £274,000 is made up of 8 separate balances held against individual services.

Transfers between funds

The board reviewed the priorities for our reserves during the year and agreed a transfer of £1.054m from designated into general funds. This transfer included several strategic initiatives which will continue into 2024/25 through unrestricted funds and the release of underspend from completed programmes.

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15a Statement of funds 2023

For comparative purposes the below tables are provided.

Group and Charity

General funds Designated funds Estates ICT Infrastructure Organisational Development Mental Health UK Investment Fund CTC – Resourcing CTC – Delivery Estates Repairs Fund Policy & Practice IT Support Corporate Strategy Pay & Rewards Fund Total Designated Funds Total General funds and Designated funds Restricted funds CAF Grant Welfare Funds Capital Restricted Fund Groups Fund Mental Health UK MaPs – Breathing Space Other Restricted Fund Balances Total Restricted Funds Total Funds	Balance at 1 April 2022 £000 8,706 372 1,652 356 127 525 474 1,200 - - - - 4,706 13,412 - 117 250 214 68 - 297 946 14,358	Incoming resources £000 36,044 - - 100 - - - - - - - - 100 36,144 1,068 11 - 66 1,992 1,300 363 4,800 40,944	Expenditure £000 (35,514) (88) (317) (167) (19) (183) (86) (153) - - - - (1,013) (36,527) (1,068) (15) (6) (86) (1,961) (1,300) (533) (4,969) (41,496)	Gain/Loss on investments £000 (507) - - - - - - - - - - - - (507) - - - - - - - - (507)	Transfers £000 (1,491) (284) - 38 - 255 - 469 90 67 400 500 1,535 44 - - - - - - (44) (44) -	Balance at 31 March 2023 £000 7,238 - 1,335 327 108 597 388 1,516 90 67 400 500
						5,328 12,566 - 113 244 194 99 - 83
						733
						13,299

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Represented by:

Intangible Assets Fixed Assets – Tangible Assets Fixed Assets – Investments Current Assets Current Liabilities Pension Liabilities Provision for Liabilities	General Funds £000 - 2,862 8,593 8,220 (10,700) (1,461) (276) 7,238	Designated Funds £000 587 - - 4,741 - - - 5,328	Restricted Funds £000 - 244 - 489 - - - 733	Total Funds £000 587 3,106 8,593 13,450 (10,700) (1,461) (276)
				13,299

16 Financial commitments

At 31 March 2024, the Group and Charity have commitments under non-cancellable leases as follows;

Expiry date: Less than one year Two to five years Over five years Total for the Charity	2024 Premises Other Total £000 £000 £000 890 156 1,046 2,421 130 2,551 1,915 - 1,915 5,226 286 5,512	2023 Premises Other Total £000 £000 £000 890 156 1,046 2,421 130 2,551 1,915 - 1,915
		5,226 286 5,512

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17 Capital commitments

There were no capital commitments to disclose at the year end.

18 Pension Schemes

The Charity is a member of two defined benefit pension schemes providing benefits based on career average pensionable pay. Because the Charity is one of several contributors to these schemes and is unable to identify its share of the scheme assets and liabilities on a consistent and reasonable basis, Rethink Mental Illness has entered into a deficit recovery payment plan with TPT Retirement Solutions and as such has recognised this liability in the balance sheet.

A full actuarial valuation for the Care scheme was carried out at 30 September 2022. This valuation showed assets of £49.6m, liabilities of £57.1m and a deficit of £7.5m. Rethink Mental Illness will be required to make deficit recovery payments of £453,000 in 2024/25 (£437,256 – 2023/24) and the annual value of the deficit recovery payment will increase by 3% each year up to 31 March 2027. The Present Value of the future additional deficit recovery payments is £1,304,000 based upon a discount rate of 4.95%.

The Charity has been notified by the TPT Retirement Solutions that the estimated employer debt on withdrawal from the Care Plan scheme, as at 30 September 2023, was £4.59 million. The debt on withdrawal would crystallise upon the last active member leaving the Plan. The possibility of this debt crystallising is considered remote and, therefore, no adjustment has been made to the accounts.

A full actuarial valuation for the Growth scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. Rethink Mental Illness will be required to make deficit recovery payments of £42,225 in 2024/25 (£51,636 – 2023/24) Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies. The Present Value of the future additional deficit recovery payments is £42,215 based upon a discount rate of 5.31%.

The Charity has been notified by the TPT Retirement Solutions that the estimated employer debt on withdrawal from the Growth Plan scheme, as at 30 September 2023, was £469,486. The debt on withdrawal would crystallise upon the last active member leaving the Plan. The possibility of this debt crystallising is considered remote and, therefore, no adjustment has been made to the accounts.

There have been no new admissions to TPT Retirement Solutions CARE scheme after September 2013.

The Charity also makes contributions to a number of money purchase pension schemes on behalf of certain employees. These include contributions to schemes where Rethink Mental Illness has been granted “admitted body status, and there were contributions to other money purchase schemes.

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In line with Government Auto Enrolment requirements, a new defined contribution scheme provided by the People’s Pension was made available for all staff to participate in from September 2013 onwards.

Rethink Mental Illness contributions to all defined benefit pension schemes are expected to be £495,225 for the year ending 31 March 2025.

Expenditure charged with regard to Pension Schemes People’s Pensions Schemes TPT Care including re-measurement charges TPT Growth including re-measurement charges	2024 £000 934 (204) 4 734	2023 £000 749 (106) (2)
		641

19 Subsidiary undertakings

All subsidiary companies dormant or active hold the same registered office address

Registered Office

The Dumont 28 Albert Embankment London SE1 7GR

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NSF Trustees Limited, Company Registration Number 02515917, incorporated in England and Wales

NSF Trustees Limited is a company limited by guarantee. The Charity has control of this company by virtue of voting rights in respect of the appointment and removal of directors. The principal activity of the company is to act as a Corporate Trustee of any Trust whose objectives include provision for a person or persons suffering from severe mental illness. All activities of this company have been consolidated in the SOFA on a line-by-line basis.

Turnover Cost of sales Gross profit Administrative expenses Gift Aid payable to Charity Net result The aggregate of the assets, liabilities and funds: Assets Liabilities Funds	2024 £000 69 - 69 (32) (37) - 2024 £000 69 (45) 24	2023 £000 70 -
		70 (41) (29)
		-
		2023 £000 55 (31)
		24

Amounts owed to Rethink Mental Illness included as a creditor in these accounts were £37,291 (2023: £28,881).

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Rethink Trust Corporation Limited, Company Registration Number 07327597, incorporated in England and Wales

Rethink Trust Corporation Limited is a private company limited by shares. The sole member of the company is the Charity. The share capital of the company is £250,000 of which £100,000 has been called up and paid representing £100,000 share capital investment by Rethink Mental Illness. The principal activity of the company is to undertake trust business including acting as trustee under wills and settlements and acting as executor and administrator. All activities of this company have been consolidated in the SOFA on a lineby-line basis.

Turnover Cost of sales Gross profit Administrative expenses Investment Gains/(Losses)split from turnover row Gift Aid payable to Charity Net result The aggregate of the assets, liabilities and funds: Assets Liabilities Funds	2024 £000 121 - 121 (82) 8 (47) 0 2024 £000 180 (70) 110	2032 £000 96 -
		96
		(38) (7) (51)
		(0)
		2023 £000 159 (54)
		105

Amounts owed to Rethink Mental Illness included as a creditor in these accounts were £55,245 (2023: £46,945).

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Year ended 31 March 2024

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Rethink Mental Illness Limited, Company Registration Number 04570581, incorporated in England and Wales.

Rethink Mental Illness Limited is a private company limited by shares. The sole member of the company is the Charity. The principal activity of the company is the provision of community based mental health related services across England. All activities of this company have been consolidated in the SOFA on a line-by-line basis.

Turnover Cost of sales Gross profit Administrative expenses Gift Aid payable to Charity Net result The aggregate of the assets, liabilities and funds: Assets Liabilities Funds	2024 £000 28,040 (23,654) 4,385 (4,344) (41) - 2024 £000 4,266 (4,266) -	2023 £000 24,685 (19,775) 4,910 (3,623) (1,287)
		-
		2023 £000 5,241 (5,241)
		-

Amounts owed to Rethink Mental Illness included as a creditor in these accounts were £863,000 (2023: £529,000). Management charge amounting to £4,344,000 was charged from the Charity to Rethink Mental Illness Limited in the year. (2023: £3,623,000)

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Dormant Subsidiary Undertakings

The following two wholly owned subsidiaries are all companies incorporated in England and Wales. They have not been consolidated within these financial statements as they are all dormant and have no assets or liabilities:

• Rethink Severe Mental Illness Limited, Company Registration Number 04396376

• Rethink Mental Health Limited, Company Registration Number 4571057

20 Fund for which the Charity acts as Trustee

The Befriending Visitors Service (not consolidated)

Income Cost of sales Gross profit Payment to Rethink Mental Illness Net result The aggregate of the assets, liabilities and funds: Assets Liabilities Funds	2024 £000 - - - -	2023 £000 - -
		- -
	-	-
	38 -	38 -
	38	38

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Year ended 31 March 2024

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21 Fund for which the Charity acts as Agent

Open Mental Health - The Somerset Alliance

Income Cost of sales Gross profit Payment to Rethink Mental Illness Net result The aggregate of the assets, liabilities and funds: Assets Liabilities Funds	2024 £000 6,216 (7,784) (1,568)	2023 £000 3,575 (5,277)
		(1,702) -
	(1,568)	(1,702)
	1,383 (562)	2,058 (625)
	821	1,433

22 Related parties

Transactions with subsidiary companies and connected companies are disclosed in Note 19. Trustees’ emoluments are disclosed in Note 7. There are no other related party transactions to disclose.

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23 Connected Entities

Mental Health UK a Charitable Incorporated Organisation (CIO) charity number 1170815

Registered Address The Dumont 28 Albert Embankment London SE1 7GR

Rethink Mental Illness is connected with Mental Health UK a Charitable Incorporated Organisation (CIO). Rethink Mental Illness, Adferiad in Wales, MindWise in Northern Ireland, and Support In Mind Scotland are all members of Mental Health UK. Mental Health UK is not considered part of the Rethink Mental Illness Group and has not been consolidated in the financial statements.

24 Reconciliation of net incoming resources to net cash inflow from operating activities

Net incoming resources before transfers (Gains) / losses on investments Investment Income Depreciation (Profit) / Loss on disposal of fixed assets Decrease/(increase) in stock Decrease/(increase) in debtors (Decrease) / Increase in creditors Increase in provisions for liabilities (Decrease)/increase in pension Net cash outflow from operating activities	2024 £000 (1,188) (371) (279) 334 - - (867) (2,741) (1) (604) (5,717)	2023 £000 (1,059) 507 (219) 239 18 (10) 963 (2,879) (165) (537)
		(3,142)

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25 Analysis of changes in net funds

Balance Sheet Cash at bank and in hand Cash for Cash Flow Statement	As of 1 April 2023 £000 7,295 7,295	Cash flows £000 (3,714) (3,714)	As of 31 March 2024 £000 3,581
			3,581

26 Financial Instruments

At the balance sheet date, the group held financial assets at fair value of £6,222,000 (2023 £8,593,000).

27 Contingent Liabilities

The Charity has been notified by the TPT Retirement Solutions that the estimated employer debt on withdrawal from the Care Plan scheme, as at 30 September 2023, was £4.59 million. The debt on withdrawal would crystallise upon the last active member leaving the Plan. The possibility of this debt crystallising is considered remote and, therefore, no adjustment has been made to the accounts.

The Charity has been notified by the TPT Retirement Solutions that the estimated employer debt on withdrawal from the Growth Plan scheme, as at 30 September 2023, was £469,486. The debt on withdrawal would crystallise upon the last active member leaving the Plan. The possibility of this debt crystallising is considered remote and, therefore, no adjustment has been made to the accounts.

28 Contingent Assets

As at the year-end, the Charity had been notified of legacies due to the Charity with a potential total value of £653,000. These have not been recognised as income during the year on the basis that amounts to be received may vary materially from the estimated values.

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Thank you for your support

There is not enough room to individually thank the many people who have supported the Charity over the past year by generously giving their time and money to help us carry out the work that we do.

Thank you to the fundraisers, the experts by experience, the volunteers, the campaigners, and our funders:

Sports England

Lloyds bank Foundation

Severn Trent Community Foundation

The National Lottery Community Fund

Hospital Saturday Fund

Liberty Specialist Markets

Berkeley St Edward

Pension Insurance Corporation

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Rethink Mental Illness

Leading the way to a better quality of life for everyone severely affected by mental illness.

For further information Telephone [phone] Email [e-mail]

rethink.org

Rethink Mental Illness, a company limited by guarantee. Registered in England Number 1227970. Registered Charity Number 271028. Registered Office 28 Albert Embankment, London, SE1 7GR. Authorised and regulated by the Financial Conduct Authority (Firm Registration Number 624502). Rethink Mental Illness Year ended 31 March 2024

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