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2025-03-31-accounts

Rethink Mental Illness Trustees’ Annual Report and Consolidated Financial Statements

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Contents

Message from our Chair of Trustees Page 3 Who we are and what we do Page 4

Our values and principles Page 5 Our impact at a glance Page 6 Our objectives, priorities and performance in 2024/25 Pages 8 - 22 The year ahead Pages 23 - 25 References and admin details Pages 26 – 28

Streamlined energy and carbon reporting summary Pages 29-30 Financial review Pages 31 - 35 Structure, governance and management Pages 36 - 41 Statement of trustees’ responsibilities Pages 42 - 43 Independent auditors’ report Pages 44 - 48 Consolidated Statement of Financial Activities Page 49 Consolidated Balance Sheet Page 50 Consolidated Statement of Cash Flows Page 51 Notes to the accounts Pages 52 - 84 Thank you to our funders and supporters Page 85

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Message from our Chair of Trustees

It is my privilege to introduce the Rethink Mental Illness Annual Report for 2024/25 — a year marked by both significant progress and considerable challenge. Throughout the year, the dedication of our staff, volunteers, members, and supporters has helped us make a real and positive difference in the lives of people severely affected by mental illness.

This year, our reach expanded to support more than 24,000 people through 143 services across the country. At a national level, the introduction of a new Mental Health Bill reflects long-standing priorities that Rethink and our allies have championed for many years.

Our campaigns continued to shape public discourse. Fix Our Mental Health System kept pressure on decision-makers, while Let’s Rethink Mental Illness challenged stigma nationwide and brought thousands of new supporters to our cause.

Progress also continued on our anti-racism journey, with the publication of a second AntiRacism Progress Report and rollout of the Advancing Mental Health Equalities Plan. Representation improved across the Charity, with our Race Equality Action Leaders network helping shape culture and values.

All of this has been achieved against a challenging external backdrop. Income fell slightly to £43.9 million, reflecting a shortfall in fundraising, and the closure of services and contracts, including Breathing Space, amid broader economic uncertainty and rising cost pressures. This resulted in an end of year total deficit of £4m; however, through careful financial management and the strategic use of reserves, the Charity has been able to safeguard services, invest in priorities, and remain well-positioned for future growth.

As trustees, our responsibility is to ensure that Rethink remains resilient, forward-looking, and ambitious. As we look ahead to 2025/26, our commitment to the Communities that Care strategy remains unwavering. Priorities include scaling our Health Navigator model, strengthening national helpline support, expanding local alliances, and championing lived experience-led research — all grounded in what works and shaped by those we serve.

On behalf of the Board of Trustees, I want to offer my heartfelt thanks to everyone who has contributed to our work this year. Your passion, dedication, and generosity drive us forward — towards a society where people severely affected by mental illness are met with dignity, compassion, and the respect they deserve.

Kathryn Tyson Chair of Trustees

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The Trustees of Rethink Mental Illness present their annual report and the Consolidated Financial Statements for the Charity for the year ended 31 March 2025 as required under the Charities Act 2011 and the Companies Act 2006.

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 18 to the accounts.

Who we are and what we do

We are Rethink Mental Illness. No matter how bad things are, we can help people severely affected by mental illness improve their lives.

As a leading charity provider of mental health services in England, we’re on a mission to bring about meaningful change: to our health and social care system, to the way society views mental illness, and to people’s lives across the country.

People affected by mental illness are at the heart of everything we do.

Their insight shapes our advice, information, and over 200 groups and services – from housing to employment, carer support to legal advice. Their passion and courage drives our campaigns to change the law and tackle discrimination. And the rich diversity of their experience helps us make sure that our services are accessible to everyone – whatever their background or identity.

We know people severely affected by mental illness can have a good quality of life. With your support, we will make that possible.

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.

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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.

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

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Our impact at a glance

Overall feedback (across all services)

In a survey of over 1,200 service users:

In 2024/25 we supported 24,569 people directly through our 143 services:

In addition our Rethink Advice and Information Service supported:

And our wider local advice helplines supported 53,880 clients

Wider Reach

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“There was a lot of hope” – Andrew’s story

Andrew has been attending our Wiltshire Hearing Voices group after struggling with voice-hearing and unusual beliefs. He shares how the group’s welcoming and supportive environment has helped him to live a more peaceful life.

I started hearing voices and originally did not realise that they weren't real until I got COVID-19. Then I started hearing a lot more voices. But who could I tell? I was too scared of going to see the doctor for help as I had seen what happens to people when they get sectioned, and I did not want this to happen to me. So a lot of time had passed, I was still hearing voices and had started to have some very unusual beliefs.

A family member realised that I was not myself and got me to go to counselling. I wasn't sure how counselling would cure me from hearing voices, but I knew that talking to someone about what I was experiencing might help me get a better understanding of what was going on with me. I was also very lucky in that my counsellor was an exemployee of Rethink Mental Illness and had a very good understanding of what mental health support was out there, which put me at ease.

It was after my original appointment with a mental health professional that I received a text message notifying me about a Rethink Hearing Voices group. From then on everything started to change for the better.

Originally, I thought, "What would they think of me?" But here was a group of people whose stories were not too dissimilar to mine. It was a safe space where I could go, and the first time I spoke about what I had been experiencing to the group felt like a massive weight had been lifted off my shoulders. I certainly felt freer from the voices. I found the

group to be very welcoming and supportive; there was no one there judging me, and people would share helpful advice, tips, and coping strategies on managing their mental health.

The group lead was very informative and easy to talk to, as well as two of the volunteers. Each time I attended the group, I felt better about myself and less anxious about my voices. I was also learning not to give power to the voices, which was really helping me.

I have now reached the point where I have made peace with them. Although I still hear them, I am no longer anxious or interested in what they are saying. I know that I may hear them for the rest of my life, but they no longer worry or have any power over me. My only disappointment about the Rethink Hearing Voices group was that I did not find them sooner when I was at my worst, but I am so glad that I did, as who knows where my life might have gone. I still go to the group, and I find everyone who attends very inspiring, particularly being able to talk about their mental health so openly.

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Our objectives and priorities in 2024/25

As a charity we are 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:

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.

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Delivering on Our First Objective

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.

The year 2024–25 marked a significant turning point in Rethink Mental Illness’s advocacy efforts. The election of a new Labour Government, with a manifesto prioritising mental health - including commitments to recruit 8,500 additional staff and to modernise mental health legislation - created a unique opportunity to drive system-level change.

The Fix Our Mental Health System campaign played a central role in keeping mental health high on the political agenda during the General Election. In response to the reshaped Parliament, efforts focused on building relationships with new MPs, delivering tailored training to help them support constituents affected by mental illness, and publishing a dedicated guide for their staff.

An early meeting with the new Mental Health Minister took place during a visit to South London and Maudsley NHS Foundation Trust, where the Minister heard directly from people severely affected by mental illness.

Through the Mental Health Policy Group , Rethink Mental Illness joined with other sector leaders to publish a comprehensive roadmap for the new Government. This joint vision set out both immediate priorities and proposals for longer-term reform.

A major milestone followed with the introduction of a new Mental Health Bill . The Bill includes several reforms long championed by Rethink, including the right for individuals detained under the Act to choose a nominated person to support them and strengthened rights around care planning. Work continues with Government and parliamentarians to support the Bill’s progression to Royal Assent and to help shape the accompanying statutory guidance.

The Breaking Barriers: Supporting Mental Health to Boost Economic Growth report, launched at a roundtable with the Employment Minister, demonstrated how improved employment support could transform outcomes for people severely affected by mental illness. Drawing on evidence from our Individual Placement Support (IPS) services, the report contributed to the Government’s decision to commit £1 billion to employment support.

Further work brought stakeholders together to explore other priority areas, including increased investment in mental health clinical research and improved care pathways for children and young people.

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When draft NHS planning guidance proposed removing the Mental Health Investment Standard (MHIS), a rapid and coordinated advocacy response helped secure its retention. Following pressure from across the sector, the Government confirmed that MHIS would remain in place - preserving ring-fenced mental health funding for another year and marking a significant campaign success.

A spotlight on our campaigns

A fairer social security system

Campaigning continued throughout the year for a fairer social security system for people severely affected by mental illness. In April 2024, the Conservative Government announced plans to reform key elements of the system, including proposed changes to fit notes, Work Capability Assessments, and Personal Independence Payments. In

response, campaigners were mobilised to contact their MPs with a clear message: stop scapegoating people living with mental illness and ensure those unable to work receive the financial support they need. This will remain a core focus of influencing work into 2025.

Let’s Rethink Mental Illness

One of the year’s flagship campaigns, Let’s Rethink Mental Illness , was a bold, national initiative aimed at challenging the stigma and discrimination still faced by people severely affected by mental illness. The campaign featured a television advert aired on ITV, reaching over 11 million viewers. It resulted in more than 7,000 new supporters joining the Charity, over 20,000 visits to the website, and a 150% increase in social media engagement.

Mental Health Unpaid Carers Charter

In June 2024, the Mental Health Unpaid Carers Charter was launched in partnership with our Carers Advisory Board. The Charter recognises the essential yet often overlooked role unpaid carers play in supporting people with severe mental illness. As part of the launch, carers and their families were encouraged to contact MPs to raise awareness of their contribution and to advocate for improved recognition and support in Parliament and beyond.

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Delivering on Our Second Objective

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.

In 2024–25, Rethink Mental Illness made significant strides expanding its service offer across several areas, introducing new services and strengthening existing ones to ensure more people severely affected by mental illness receive the care and support they need. However, while our service offer expanded, this progress was not without its challenges, and we still experienced a loss of income due to the closure of some services and the end of contracts, most notably Breathing Space (a debt respite scheme).

The Sanctuary Hubs model was extended in the Black Country to include Wolverhampton . These hubs offer a safe, out-of-hours space where people can access support from experienced mental health recovery workers. Service delivery in Wolverhampton began in June 2024, supporting more than 140 people by March 2025. A unique community hub was also piloted at Wolverhampton Railway Station - only the second of its kind in the UK - providing immediate crisis support and access to partner services, with potential for wider national rollout.

In the North East , service delivery expanded with new provision at specialist inpatient services within Tees, Esk and Wear Valleys NHS Foundation Trust (TEWV). Step 1 psychological support and suicide prevention work at the Bishop Auckland Safety Hub were introduced - both commissioned directly in recognition of Rethink’s reputation for quality.

Leadership continued in suicide prevention through the North West London Suicide Prevention Programme, which received the HSJ Best Mental Health Partnership Award 2024 and was featured at the National Suicide Prevention Conference.

In Milton Keynes , a service improvement programme brought in new staff and introduced structured, outcome-focused support planning. The team’s work was recognised through positive service user feedback and a donation from the local WallNut Tree Community Shop.

Cornwall saw the launch of an integrated community service delivered in partnership with the local Rehabilitation Team, supporting individuals with complex needs to rebuild independence and reintegrate into their communities.

Two new long-term services - Bedford House in Stoke-on-Trent and Ashleigh Road in Barnstaple - were opened through a fast-track approval process, adding 13 supported

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homes to the existing portfolio. Several sites received Outstanding ratings in internal audits, and refurbishments were completed at multiple locations.

Rethink also led efforts to rethink the supported housing system. In partnership with New Philanthropy Capital (NPC), the organisation conducted and published The Long Journey Home , a user-centred analysis exploring how supported housing influences individual outcomes.

Building on this work, a pilot was launched in Sheffield to design and test a new model of high-quality supported housing for people severely affected by mental illness. Developed in collaboration with local systems and Experts by Experience, the project mapped existing provision, assembled a local delivery team, and began work on a coproduced strategy. With NPC as a learning partner, the pilot will embed open learning and iteration, feeding into wider efforts to influence national policy and commissioning.

Despite these positive developments, we also faced challenges, including the closure of some services and the ending of key contracts, which led to a loss of income. These setbacks serve as a reminder of the financial hurdles we face in the current economic climate, which have made it difficult to fully meet our income targets for the year.

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“Living a positive and bright life” – Ben’s story

Ben accessed Rethink Mental Illness’ Mendos service during the most difficult parts of his journey in the criminal justice system. With the support from Mendos, Ben has regained hope to lead a fulfilling life.

To begin my journey, we must go back to 28 February 2023. This was the day I was arrested and I describe this day as the worst and best day of my life. Worst because of course no one wants to be arrested, and best because it marked the start of my journey to becoming the best version of myself.

After coming home, I confessed what I’d done to my parents. This was the hardest but bravest thing I could do. It helped relieve a weight I had on my shoulders for many years. But for the next two weeks, I suffered a complete mental breakdown due to guilt, shame and anger. My mind was consumed with negative and dark thoughts, up to the point where I almost took my own life.

It was at this point that I told my parents I need go to the hospital to talk to someone, as the thoughts were becoming too much to bear. I feared I would succeed in taking my life if left any longer. My parents took me to the hospital, and this was the first time I truly talked to someone about how I was feeling; my fears of being a bad person and all of the negative, dark thoughts that were swirling around in my head.

My mental health consultant referred me to another charity and after a few weekly meetings, I started to make progress in terms of rebuilding my mental state. For the first time since my arrest, I felt awake and a small glimmer of hope that there was life worth living for. This was when I found Rethink Mental Illness’ Mendos service, where I could continue having emotional support and a space to relieve any thoughts I was having.

I will always stress that Wendy from the Mendos service truly saved my life. We had weekly meetings for nearly a year, which continued all the way through my process of the criminal justice system, from police interviews to court and post-court. The advice, and having that space to talk about things I would not with loved ones, was an essential piece of developing my positive outlook on life. I truly consider Mendos and Wendy my saviours, and I hope to repay the help they gave me by living a positive and bright life.

I can wholeheartedly say that I have never felt better mentally, physically and spiritually. For the first time in my life, I am at peace. I look forward to making more positive changes in my life, so that my actions resonant with my favourite quote: “Your past does not define your future and always remember how far you have come.” I’ve put this quote on a bracelet that I wear all the time.

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Delivering on Our Third Objective

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.

Following the award of the new Somerset Alliance contract, significant progress was made in enhancing service delivery, building capacity, and improving quality.

A key milestone was the development and rollout of a Best Practice Framework and capacity modelling across the programme and its partners, helping to ensure timely access to support. A small grants fund was also launched in partnership with Somerset NHS Foundation Trust Charity to strengthen the local mental health ecosystem. The fund supports small and micro organisations delivering services aligned with Open Mental Health priorities and will continue to be rolled out into 2025/26.

Alliance work in Sheffield, Tower Hamlets, and Coventry & Warwickshire was sustained - initiatives originally supported through CAF grant funding and now fully embedded within the Strategic Partnerships & Alliances (SPA) division with long-term funding. Notably, Rethink is a delivery partner in two of NHS England’s six 24/7 community mental health pilot programmes, based in Sheffield and Tower Hamlets.

In Sheffield, work is underway to improve access to mental health support and deliver more integrated care for people in the Heeley, Gleadless Valley, and Meersbrook areas. In Tower Hamlets, services are being delivered in Bethnal Green, with the pilot designed to provide early intervention in local neighbourhoods - helping to prevent crisis and reduce the need for hospital admission. This includes support with wider factors such as housing and employment, which are essential to long-term recovery and wellbeing.

The Understand Me project in Coventry & Warwickshire continues to promote cultural inclusion and improve access to mental health support for minoritised and Global Majority communities.

In Gloucestershire , five new Mental Health Forums were launched to strengthen collaboration between VCSE organisations, statutory partners, and Experts by Experience. The forums focus on co-producing local solutions, developing care pathways, and identifying shared training and development needs.

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“When we see the sun, there is always hope” – Hilary’s story

After losing her brother to suicide, Hilary was struck with shock and unanswered questions. She reflects on the happy memories of her brother and the support she received from Rethink Mental Illness’ suicide bereavement service.

I lost my only younger brother who I grew up with. We’d enjoyed sharing silly jokes, messages and photos on WhatsApp for many years, and only a few years ago, had gone on holiday together to scatter our mother’s ashes. My brother’s humour was witty and clever, he loved wordplay.

The main reaction to the news of my brother’s untimely death, by taking his own life, was first shock, but then numbness and gradually a mind fog. Everything else that day involved just going through the motions - feeding the cat, making a light meal, probably soup.

Then came the raw emotion. Questions started forming - couldn’t he have talked to someone; when; how? As the days and weeks wore on, I realised we would never know the answers to our questions because the person who might have had the answers was no longer around. That’s the awful truth with a suicide where no note is left.

Grief is a very heavy emotion and comes with terrible pain. My heart did literally feel broken. The word ‘loss’ to describe the death of a loved one is inadequate and inaccurate. The person is not an object lost under the sofa or mislaid in the supermarket. What has happened is irreversible, life-changing; there’s no lost office for dead siblings.

I had some very good bereavement counselling from Rethink Mental Illness, specifically a counsellor trained in supporting families affected by the suicide of a loved one. Charlotte's good listening skills and the opportunity to give me a safe space at a time when I wanted to offload many emotions and reactions, helped me to process my grief.

The sun had set on my world, but when we see the sun, there is always hope because we know it will rise again the next day. Each day lived is a step away from the death, and nearer to peace and acceptance. There is a big gaping hole left by the death of my brother, but I have started to fill it by sharing good memories with my sister, family and his friends, whilst keeping him in my heart.

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Delivering on Our Fourth Objective

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.

Work continued to modernise and strengthen the organisation’s operations – through investment in people, new technologies, improved estate management, diversified income streams, and better impact measurement. These actions are essential to delivering the Communities that Care strategy and reaching more people severely affected by mental illness.

Data, Insight and Measuring Impact

The Quality and Business Intelligence (Q&BI) team played a central role in embedding data-led decision-making, improving staff capability, and enhancing the ability to evidence impact across programmes.

The introduction of a Quality and Safety Framework , alongside real-time operational dashboards, provided greater visibility across key areas including safeguarding, data quality, and outcomes. Operations KPIs were established, and a predictive model was piloted to estimate unmet mental health need, supporting strategic planning and external collaboration.

Evaluation and feedback were prioritised, with reviews completed for Crisis

Accommodation, the Advice and Information Service, and Peer Support Groups. More than 20 surveys were conducted with staff, service users, carers, and stakeholders. Eight theories of change were developed or updated in collaboration with delivery teams, helping clarify service logic and measurable outcomes.

Academic partnerships continued, including a PhD-led evaluation and a CASE studentship focused on recovery. Resources such as toolkits, training, and Communities of Practice supported a culture of continuous improvement and built evaluation capability.

Professional development remained a key focus. Over 30 staff enrolled on the Rethink Data-Driven Professional Apprenticeship, delivered with Corndel. Health and safety capability was strengthened through NEBOSH training completed by the Head of Quality and several Quality Support Managers.

Employees and Volunteers

The commitment of staff and volunteers remains fundamental to delivering high-quality support for people severely affected by mental illness.

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As of 31 March 2025, the workforce stood at 920 - a 6% reduction from the previous year. Financial pressures led to a further necessary but limited headcount reduction at year-end. Despite this, staff continued to show resilience, professionalism, and a strong sense of purpose.

Support was also provided by 141 registered volunteers - an increase of 30 on the previous year - contributing around 700 hours of support each week. Ensuring a positive and rewarding volunteer experience continues to be a priority.

The organisation maintained its commitment to being a Real Living Wage employer. In April 2024, eligible staff received a 3% pay increase following benchmarking and budget planning. While future reward structures remain under review, the focus has been on affordability and maximising non-financial recognition.

We remained a Disability Confident employer, committed to full and fair consideration of applications made by disabled persons, continuing employment of, and arranging training for employees who have become disabled persons while employed and actively promoting training and career development of persons with a recognised disability.

A comprehensive wellbeing framework was developed, covering four pillars: psychological, social, physical, and financial wellbeing. Practical initiatives included financial wellbeing resources and pension awareness campaigns.

Following the restructure of the People team, work progressed on organisational development, engagement, and internal partnering. Initiatives included guidance on professional boundaries, a pilot management development programme, and continued support for change processes.

A refreshed staff engagement survey showed that 84% of staff were proud to work for the Charity. However, results also highlighted a need to improve connectivity across a geographically dispersed workforce - a key focus for 2025/26.

The early implementation of a new Human Resources Information System (HRIS) marked a major infrastructure project, aiming to modernise systems, support data-driven decisions, and reduce manual processes.

Training was delivered to 855 learners across 19 courses , including health and safety, operations management, outcome-focused care and support, rescue from ligature, and autism and learning disabilities. New modules were added on Domestic Abuse and Conflict Management, with 70 managers trained to cascade learning to their teams.

Around 342 colleagues, including volunteers, took part in the Charity’s induction, covering the CARES behavioural framework, insights from Experts by Experience, a welcome from the Executive Team, and a wellbeing check-in.

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Apprenticeships supported career development, with 69 apprenticeships active across the organisation.

Leadership development was further embedded, with a joint Directors Team (DT) and Executive Team (XT) away day in late 2024, led by the Learning, OD and Engagement team. The session focused on collaboration, 360-degree feedback, and leadership behaviours.

Diversifying Income and Growing Supporter Engagement

Support from donors and fundraisers continued to play a critical role in sustaining our work. However, 2024/25 proved to be a challenging year for fundraising, with a shortfall against target, largely due to delays in legacy income. While much of this shortfall is expected to materialise in 2025/26, the pressures of the economic climate and changes in fundraising patterns impacted our income targets.

Despite these challenges, we saw several significant fundraising successes. Over £70k was raised through the London Marathon, £23k from the London Landmarks Half Marathon, £37k from the Berlin Marathon, £27k from the Great North Run, and over £47k from new international marathon opportunities.

In response to the changing landscape, we developed a Regional Fundraising proposition, embedding fundraising efforts across Groups and Services. We also recruited Fundraising Volunteers and launched new online resources and training materials to equip our teams for future success.

Individual Giving showed positive returns, with a successful winter appeal and the first hand-raiser acquisition test. Our Trusts, Grants and Corporate Partnerships team also secured renewed support, including funding from the Lloyds Bank Foundation for work on welfare reform.

While we faced setbacks, the foundations we’ve built, and the resilience of our supporters position us well for future growth.

We are enormously grateful to everyone who donated, fundraised or gave their time and energy this year. This support makes a real difference to our work and the lives of people severely affected by mental illness.

Fundraising Commitment

All fundraising activity continues to follow the Code of Fundraising Practice, as part of the organisation's membership of the Fundraising Regulator. Our Supporter Promise guides all activity, with systems in place to safeguard supporters. We ensure that any individuals identified as vulnerable are flagged as ‘do not contact for fundraising,’ to

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protect the privacy of their status. All our processes follow the Charity’s Vulnerable Persons Policy - Adults & Children.

Three formal complaints were received in 2024/25, with prompt action taken. All complaints are monitored and reviewed to uphold best practice.

Estate Transformation and Sustainability

In April 2024, the Estates Department assumed responsibility for property maintenance, landlord compliance, and repairs - streamlining processes and relieving pressure on frontline teams. This change was supported by the rollout of Microsoft Dynamics 365, which replaced manual systems and improved oversight and efficiency.

A Repairs and Maintenance Manager was appointed to oversee standards across the estate. Strategic investment from the Estates Designated Fund was used to address backlog maintenance.

The year also saw the launch of a new Environmental, Social and Governance (ESG) strategy , approved by the Board of Trustees. Implementation included establishing an ESG Working Group to oversee delivery.

Technology and Digital Innovation

Digital capability remained a key focus. AI training was made available to all staff, and feedback has been positive, with teams beginning to apply AI tools in practical and innovative ways.

This spirit of innovation was formally recognised when our Technology Services Team was named Best Service Desk 2025 by the Service Desk Institute (SDI) — the only charity to be shortlisted.

We were also pleased to retain Cyber Essentials Plus certification for the second consecutive year. With fewer than 5% of certified organisations reaching this standard, it reflects our ongoing commitment to maintaining robust cybersecurity.

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A Spotlight on Our Ambition to Become an Anti-Racist Organisation

We are committed to becoming an anti-racist employer, campaigning organisation, and service provider. Since publishing our Race Equality Action Plan and Anti-Racist Statement just over two years ago, we have continued to focus on delivering measurable change.

In 2024, Rethink Mental Illness published its second Anti-Racism Progress Report . The report reflects a period of sustained action, challenge, listening, and reflection - emphasising a strong commitment to accountability, transparency, and meaningful impact, particularly in response to the rise in Islamophobic and anti-racist riots.

This year also saw the appointment of Shocka (Kenneth Erhahon) - rapper, writer, and mental health advocate - as a Rethink Mental Illness Ambassador . Drawing on lived experience, he uses his platform to confront stigma, amplify marginalised voices, and help shape more equitable approaches to mental health.

The launch of the Advancing Mental Health Equalities Plan (AMHEP) marked a key milestone, detailing how the Patient and Carer Race Equality Framework (PCREF) is being implemented to address racial disparities in mental health care. Work is underway to embed the plan in selected services, with a wider rollout to follow.

Policy and influencing activity strengthened during the year. Engagement with Government, NHS leaders, and sector partners helped ensure the Mental Health Bill includes meaningful reforms to tackle racial disparities in detention and restrictive practices.

At a local level, Emotional Emancipation Circles were delivered, commissioned by the North West London Integrated Care Board (ICB), alongside co-created cultural competency frameworks for suicide prevention and detention under the Mental Health Act, developed with the Association of Black Psychologists and Managing Our Mental.

Support was also provided for the development and launch of the Black Mental Health Manifesto , co-produced with Black-led grassroots organisations and community leaders.

The Race Equality Action Leaders (REAL) staff network remained active, contributing to cultural celebrations across the organisation, including Black History Month, Ramadan, Eid, Diwali, and Windrush Day.

Crucially, representation continued to improve. The proportion of ethnic minority staff rose from 15% in 2023 to 18% in 2024. The ethnic diversity of the Lived Experience and Carers Advisory Boards also grew, helping to ensure a broader range of perspectives shapes the organisation’s anti-racism and equalities work.

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A Spotlight on Our Programmes

Rethink Mental Illness delivers much needed support through our own Advice and Information Service and through national programmes delivered in partnership with and funded by Mental Health UK. Mental Health UK is our sister charity, a partnership spanning the four nations of the UK of which Rethink is a member, working alongside MindWise (Northern Ireland), Adferiad (Wales), and Change Mental Health (Scotland).

Rethink Advice and Information Service (RAIS)

Our Rethink Advice and Information Service is a highly valued and heavily-in-demand helpline which supports people with lived experience of mental illness. During a three month period in 2024 alone, in which we evaluated the service’s impact, over 500,000 advice and information pages were viewed, and 35,000 ‘factsheets’ were downloaded. In the same period, the service provided bespoke advice and information to 1,186 people.

However, this represents only around 20% of the people who needed direct support, and so the gap between the support we are able to provide (supply), and the scale of need (demand) remains significant. It is our ambition to expand the service, and we will continue to explore new models of delivery alongside a range of new funding partnerships to reach more of the people who would benefit from, and clearly value, this important part of our offer.

Programmes Delivered in Partnership with and funded by Mental Health UK

Mental Health & Money Advice

The Mental Health & Money Advice service supported 1,341 clients this year, generating over £11 million in financial outcomes, including £7.4 million in debt managed and £2.6 million in income gains . The service also reached over 669,000 people online with information and resources. Client feedback highlighted the service’s strong outcomes, with 93% reporting improved money management skills and 89% experiencing improved wellbeing . The service secured renewed core funding from Nationwide and Money Wellness, supporting its continued delivery.

Into Work

Employment remains a key strategic priority. The Into Work programme supported 757 people, with 114 securing employment or volunteering opportunities. Notably , 98% of participants reported improvements in their mental health . This year, the programme also strengthened partnerships with employers, expanded peer-led support, and increased its presence at job fairs and community events. These efforts helped broaden access to meaningful employment for people living with mental illness.

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Young People’s Programmes

Mental Health UK’s preventative programmes for 14–18-year-olds continued to grow, with strong outcomes across all areas. Bloom reached 100,153 young people with 83% reporting more awareness of their resilience applying the skills learned. Your Resilience delivered 720 workshops to 3,866 participants with 96% feeling more confident in their understanding of mental health as a result . Me & Money reached 1,573 young people through a UK-wide relaunch, with attendees reporting improved awareness of where to find support with money issues affecting their mental health. While all three programmes demonstrated positive impact, future development will focus on securing long-term funding and reaching underserved groups.

Workplace Mental Health & Training

Our Workplace Mental Health & Training team delivered 156 sessions to 4,276 participants, supporting staff and leaders across sectors to better manage stress, prevent burnout, and build healthier workplace cultures. Clients this year included NHS Trusts, the Metropolitan Police, Ordnance Survey, and Bank of America. Feedback was overwhelmingly positive, with over 90% of attendees reporting high satisfaction .

Clic (Online Peer Support)

With 2.6 million adults across Great Britain reporting that they feel lonely “often” or “always,” Clic provided an online space for connection and support. The platform offered a safe, moderated environment for peer-to-peer conversations and access to mental health resources, helping to reduce isolation and promote wellbeing.

Clic supported thousands of people when they needed it most. Following a reduction in demand, Clic closed on 31 March 2025. Its closure reflects a successful delivery against its aims, and we continue to take learnings from our programmes to ensure we are providing solutions for the people we support in the evolving landscape of digital mental health.

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The year ahead

At Rethink Mental Illness, we believe meaningful progress happens when bold ideas are guided by the needs of the people we support. As we look ahead to 2025, our strategic priorities reflect our commitment to addressing the root causes of mental ill health, closing gaps in care, and building a system that is equitable, compassionate, and meets people wherever they are in life.

These priorities are shaped by the voices of people with lived experience, grounded in the evidence from our frontline services, and aligned with opportunities emerging across national policy and funding landscapes.

1. Expanding Employment

As a long-standing provider of Individual Placement Support (IPS), a well-evidenced scheme that helps people living with severe mental illness return to work, Rethink is exceptionally well placed to expand and innovate its return-to-work programmes.

With the government rolling out the expansion of employment support through its Connect to Work programme, we will seek to develop partnerships with a range of organisations, including Mental Health UK, building on our decades-long understanding of the barriers faced by people living with severe mental illness in returning to and retaining work.

We will also seek to support employers with their own policies to ensure that workplaces are suitably adapted to people’s needs.

2. Development of our Housing Support Model

Good quality housing is essential both to supporting good mental health and to aiding recovery from mental illness. Over the last three years, we have been working with partners to develop new models of supported housing to ensure that people have the highest quality place to call home. In 2025/26 we will build on these partnerships, piloting a more blended approach to funding models, including social finance, in order to support more people and ease pressure on a social care system under strain.

3. Increasing Timely Access to Care and Support

People living with mental illness often face complex and overlapping challenges. Navigating fragmented systems across health, housing, welfare, and employment can be overwhelming and delays can prevent people getting the right support when it matters most.

We are committed to building more community-based models of care that bring help closer to people’s lives. This includes developing and expanding the role of peer support, navigators, and support workers – all of whom can provide personalised, one-to-one support that helps people access the right care at the right time.

With Health Navigators now recognised as part of the mental health workforce, there is a real opportunity to grow a diverse community workforce that improves access, reduces pressure

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on GPs and hospitals, and delivers better outcomes. In 2025/26, we will continue to champion sustainable funding, clear national standards, and workforce development, while making the case for peer and community support to be a core part of the mental health system.

4. Growing Helpline Services to Reach More People

Our helplines - including the Rethink Advice and Information Service (RAIS) - remain a critical lifeline. Yet, current capacity allows us to respond to only around 20% of people who try to reach us. This is not acceptable.

We aim to expand and integrate our helpline services into a national offer capable of meeting growing demand. Enhanced data collection and service evaluation are already laying the foundations for new funding streams alongside the exploration of new models of delivery.

We will also explore partnerships with Integrated Care Systems (ICSs) and national commissioners, further developing our commissioned helpline services in line with changes to NHS 111 and digital triage. Our ambition is simple: no call for help should go unanswered.

5. Replicating the Somerset Alliance Model

The Somerset Open Mental Health alliance - bringing together the NHS, voluntary sector, and people with lived experience - has shown what collaborative, community-based mental health care can achieve. The model has delivered improved outcomes and eased pressure on acute services.

The NHS Long Term Plan, 10 Year Health Plan for England, an increasing focus on Integrated Neighbourhood Teams and further community mental health transformation provides an opportunity to build on this success by replicating the partnership models in new areas. Our national influence will open doors; our local experience will ensure the approach is tailored and sustainable.

This work aligns with national ambitions to move care closer to communities and neighbourhoods and provide support before people reach crisis point. We will work closely with ICS leaders, commissioners, and local authorities to help shape inclusive, co-produced services that last.

6. Leading Lived Experience-Led Mental Health Research

Mental health research has long been underfunded, underpowered, and too often disconnected from the people it aims to serve. That must change.

In partnership with MQ Mental Health Research and a coalition of funders including Wellcome, we are planning to drive a new approach - one where people with lived experience play a central role in setting research priorities, shaping study design, and ensuring findings are used to make real-world impact.

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In the coming year, we will convene expert panels, co-create funding bids, and influence national strategies. Our ambition is to embed lived experience at the heart of innovation, ensuring research delivers meaningful change.

7. Strengthening our Relationship with Mental Health UK

Through our partnership with Mental Health UK, Rethink supports people with financial problems, provides programmes to help people return to work, and builds young people’s resilience and confidence. We are looking to further strengthen the relationship between the two charities, both in terms of the range and reach of the programmes we deliver together, and by seeking to codify and simplify our governance arrangements in order to protect and preserve Mental Health UK alongside our partners in all four nations: Adferiad in Wales, Change Mental Health in Scotland, and Mindwise in Northern Ireland. The trustees believe these changes will reduce the risk exposure of each charity and offer greater opportunities to share resources in a way that maximises impact for our beneficiaries.

8. Financial Sustainability

After a challenging financial year in 2024/25, we are committed to delivering a balanced budget for 2025/26 and beyond. We will accelerate the optimisation of our support functions, ensuring that every pound of commissioner and donor funding has the greatest possible impact, while laying the groundwork for future growth in our reach.

A System That Works for Everyone

Each of these priorities reflects a simple truth: people living with mental illness deserve better. They deserve services that are responsive, respectful, and easy to navigate. They deserve a workforce that understands their needs and is equipped to meet them. And they deserve to help shape the future of mental health care - not just receive it.

As we move into 2025/26, we do so with ambition and optimism. These priorities are bold but achievable, grounded in what works and driven by the belief that with the right support, recovery is always possible.

We look forward to working alongside partners, supporters, and the people we serve to turn these priorities into action. Together, we will continue to fight for equity, dignity, and lasting change.

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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 2024/25 the Trustees were:

Chair of the Board

Kathryn Tyson

Members of the Board (Trustees)

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

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

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

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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 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. Our helplines recorded over 53,000 contacts during the year. We also run approximately 80 groups that provide support to carers, relatives and people that use or have used mental health services.

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Streamlined energy and carbon reporting summary

Rethink is committed to reducing the impact of our activities on the environment and reducing our energy consumption and carbon emissions. Our SECR carbon emissions for the financial reporting year 2024/25 amounted to 899 tCO2e , with 43% arising from gas consumption. When the purchase of green energy is taken into account, total ‘marketbased’ emissions reduce to 740 tCO2e .

Since last year, overall emissions have reduced by 4%, which when considering an increase in service user reach of 2.5%, translates to a 6% reduction per service user.

Streamlined Energy and Carbon Reporting (SECR) Energy & Carbon Emissions

----- Start of picture text -----
Unit 2024/25 2023/24 % change
Energy consumption kWh 5,435,293 5,674,047 -4%
Scope 1 - Direct emissions tCO2e 390.5 346.0 12.8%
Scope 2 - Energy indirect
tCO2e
emissions - location-based 91.4 86.4 6%
Scope 3 - Other indirect
tCO2e
emissions
416.8 500.4 -17%
Total SECR emissions -
location-based tCO2e 898.7 932.8 -4%
Relative SECR emissions - tCO2e/service
location-based user 0.037 0.039 -6%
Taking into account green energy purchased
Total SECR emissions -
market-based tCO2e 740.4 783.7 -6%
Relative SECR emissions - tCO2e/service
market-based user 0.030 0.033 -8%
----- End of picture text -----

Energy efficiency projects

Over the past year, we have implemented a range of energy-efficiency projects aimed at reducing our carbon footprint and improving comfort for the people who use our services.

At our Hornsey Lane residential care site in Islington, we introduced new heating controls and enhanced insulation. These upgrades are helping to maintain more

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consistent indoor temperatures, reduce reliance on gas heating, and lower overall energy consumption.

Several of our residential properties have also seen lighting improvements. Outdated fluorescent fittings have been replaced with energy-efficient LED lamps in communal areas, stairwells, kitchens, and, in some cases, throughout entire buildings. These upgrades are improving light quality for residents while reducing electricity use.

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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Financial Review

Following a number of years of significant growth across all areas of service delivery, the external environment proved more challenging through 2024/25. Total income fell slightly by 1% to £43.9m (2024: £44.5m), with fundraising income below trend and more modest growth in commissioned service income than in previous years - rising by 2% to £41.1m (2024: £40.4m). This took place against a backdrop of rising cost pressures and a highly competitive staff recruitment market.

With reserves above target, the organisation was able to maintain support for beneficiaries throughout the year while continuing to invest in strategic priorities via designated funds (£0.8m, compared to £1.6m in 2024). The overall deficit of £4.0m (2024: £1.2m) included this planned investment as well as restructuring costs to deliver future efficiency savings and ensure long-term sustainability from 2025/26 onwards.

With projected real-terms public spending growth, rising demand for accommodation services, and increasing investment in employment programmes, the outlook for growth remains positive. Continued focus on quality service provision and cost efficiency leaves Rethink well placed to respond to these opportunities - expanding income and increasing impact in the communities served.

Income: Sources of Funds

----- Start of picture text -----
202 129
2,541
Sources of
Funds 2025
41,060
Donations and Legacies Charitable Activities
Other trading Activities Investments (Dividends)
----- End of picture text -----

Despite financial pressures within the health and social care system, income from charitable activities rose by 2% to £41.1m (2024: £40.3m) with income from new services, funding uplifts and inflationary increases to rents and service charges helping to mitigate reduced income from service closures.

Thanks to the generosity of donors and partners, income from donations and legacies totalled £2.5m (2024: £3.5m). The 26% reduction from the previous year reflected a more challenging environment for corporate partnerships and lower-thanexpected legacy income.

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Expenditure

----- Start of picture text -----
295
1,999
Expenditure
2025
£'000s
45,621
Raising Funds Charitable Activities Other
----- End of picture text -----

Total spending on charitable activities increased by 4% to £45.6m (2024: £43.8m). This reflected the need to maintain real-terms pay in a competitive labour market, alongside investment in restructuring to achieve back-office efficiency savings and support financial sustainability from 2025/26.

With further fundraising growth projected for 2025/26, reserves were used to sustain the Charity’s broader impact across policy work, research, campaigns, support groups, and advice and information services.

Charitable activity spend included

£0.8m invested through designated funds in strategic priorities such as the Communities that Care programme, IT infrastructure upgrades to drive cost efficiencies, and improvements to residential property conditions.

Further detail on expenditure is available in Note 5 of the financial statements.

Pension Scheme

The Charity operates two final salary pension schemes - the Growth Plan and the Care Plan - details of which are outlined in Note 17. Both schemes are closed to new members and remain open only to Executive Team members, to avoid crystallisation of historic debt.

Actuarial valuations are carried out every three years, with the latest for the Care Plan completed on 30 September 2022, and the Growth Plan on 30 September 2023. The Growth Plan valuation identified increased liabilities, resulting in a £101k revaluation charge to the SOFA in 2024/25. The combined effect of contributions and revaluation reduced the total outstanding deficit liability from £1.346m to £1.005m.

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Reserves Policy

Rethink maintains a reserves policy to ensure prudent cover for future obligations and to safeguard against unforeseen events. As at 31 March 2025, the Charity’s reserves comprised:

The reserves policy focuses primarily on unrestricted free reserves, which stood at £3.4m on 31 March 2025 (2024: £6.0m). The minimum level is set at £3.5m, reflecting a cautious risk appetite and calculated to cover the Group’s key financial risks. Plans are in place to recover the funds to target during 2025/26, with robust mitigations in place for downside risk within the year. Our multi-year projections see the Charity continue to drive efficiency and reduce operating costs while growing our impact, ensuring financial sustainability. Additionally, the Charity is directly reducing financial risk exposure by changing our approach to investments.

Designated funds were used to support IT improvements and property refurbishments. With the completion of these objectives, remaining balances were transferred to unrestricted funds at year-end. The Board also created a designated fixed asset reserve to reflect the value of fixed assets and improve clarity around free reserve levels.

The Board will continue to review the reserves policy annually to ensure it strikes the right balance between safeguarding operations, mitigating risk, and supporting future initiatives aligned with the Charity’s objectives.

Full details of reserves held at year-end are available in Note 14.

Investment Policy

The Charity’s Articles of Association grant wide investment powers. Funds not immediately required are held in interest-bearing accounts or managed by formally appointed investment managers. The aim is to balance income and capital returns within a low-to-medium risk framework.

Investment activity is guided by ethical considerations. The Charity does not invest directly in companies or funds primarily associated with pornography, tobacco, armaments, or alcohol, recognising the impact of each of these on mental health and wellbeing in wider society.

Newton Investment Management manages the Charity’s portfolio. In 2024/25, the portfolio generated a return of £102,000 (2.8%) against a benchmark of 3.7%. However, over the past 10 years, the fund has outperformed the benchmark by an average of 1.7%

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annually. Performance is reviewed regularly by the Finance and Investment Committee in line with the Charity’s risk appetite.

Principal Risks and Uncertainties

The Charity maintains a comprehensive risk management strategy, including an annual strategic risk review and horizon scanning exercise. Risk appetite statements and indicators are set annually, and ongoing evaluation of operational risk takes place across the organisation.

As at year-end, the strategic risk register included 12 risks. Key risks included:

Going Concern

The 2025/26 budget supports strategic growth to meet rising demand and prioritises a return to financial sustainability and meeting our reserves target. During Q4 of 2024/25 we delivered significant cost improvements across the charity, most materially in central support costs. In the event of further downside risk materialising we have mitigating actions ready to implement to ensure we achieve our financial targets for the year.

Ongoing risk areas include fundraising targets, potential contract loss, and market volatility affecting investments. Stress testing to March 2027 confirms that reserves and liquidity remain robust, even under adverse conditions. Trustees therefore continue to prepare the accounts on a going concern basis.

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With the positive outlook for growth and sound 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 2025 on the going concern basis is appropriate.

Disclosure of Information to Auditors

Trustees in office at the time of approving this report confirm that, as far as they are aware, there is no relevant audit information of which the Charity’s auditors are unaware. Each trustee has taken steps to ensure they are aware of relevant information and that the auditors are informed of it.

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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. The board holds five formally constituted meetings a year, one of which is a facilitated two-day 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 the 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 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 four 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.

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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 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 Council of Rethink Mental Illness (COR) meets three times 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, and in turn the governance of the Charity, by its oversight of involvement throughout the Charity.

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 Forums, and the Chair and Vice-chairs of the Charity, along with the Chief Executive and Company Secretary.

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

People with lived experience of mental illness and carers (Experts by Experience) are at the heart of everything we do at Rethink, with Co-production and Involvement underpinning principles of our Corporate Strategy. Our Lived Experience Advisory Board (LEAB) and Carers Advisory Board (CAB) are diverse and inclusive forums, set up to provide an advisory role to Rethink and help embed involvement across all we do. LEAB and CAB report into the Council of Rethink, which holds oversight of involvement throughout the Charity.

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Our Lived Experience Advisory Board (LEAB) is a driving force of lived experience involvement at Rethink. LEAB is made up of 18 members, plus any trustees who use, or have used, mental health services. LEAB provide support and advice to Rethink on organisational matters, such as shaping our services, campaigns and strategies and providing constructive feedback on issues related to involvement and support of people with lived experience.

Our Carers Advisory Board (CAB) brings the voice, perspective and experiences of carers to our work, continuing Rethink’s long tradition of carer involvement within the charity. CAB is made up of 18 members, plus any trustees with experience of caring about, and for, someone with a mental illness. Similarly to LEAB, CAB provides an advisory role to Rethink, bringing the carers’ perspective to organisational matters such as our campaigns, services, strategy and involvement work.

The Clinical Advisory Group (CAG) is the third 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 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 board meets 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 Forums. The aim is to have someone from each Integrated Care Board (ICB) 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. Regional Forums provide the link to regional and local activity through representation from each of the seven NHS Regions (North East & Yorkshire, North West, Midlands, East of England, South West, South East and London) and are key to for gathering information, informing policy and driving change throughout the Charity. Regional Forums meet quarterly online 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. They also meet in person at an annual engagement day.

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Statement of engagement with employees

Our workforce is led by a newly structured Senior Management team made up of Executive Directors, Directors and Associate Directors / Heads of team. The Directors (DT) meet as a group together fortnightly online with quarterly in-person meetings. The Executive Directors (XT) meet weekly as a group and hold a joint meeting with DT each month to cascade key information and seek feedback from wider 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.

To supplement communications from the line management structure, we make full use of our 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.

The charity governance code

The board of trustees is committed to developing and maintaining high standards of governance throughout the Charity. 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 reviewing the Charity’s progress against its Corporate Strategy 2023 to 2028 to reflect on the realities of the ever-changing external operating environment. Together with the Senior Management team the board has revisited the financial plan and strategy to reflect the impact changing environment has had on the Charity and its funding and agreed a five-year plan and relative prioritisation of Communities that Care (CtC) with a renewed focus on housing and employment.

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.

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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.

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

Financial details relating to the subsidiaries are contained on page 77 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 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.

40

Rethink Mental Illness

Year ended 31 March 2025

Rethink is a member of the Association of Mental Health Providers (AMPG), which is the leading representative body for voluntary and community sector mental health service provider 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 NHS England’s Independent Oversight Advisory Group of the Long Term Plan for Mental Health and Mental Health Programme Board of which the Charity’s CEO is Chair/Co-Chair respectively. This also includes the NHS Assembly, amongst other things.

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

41

Rethink Mental Illness

Year ended 31 March 2025

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:

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.

42

Rethink Mental Illness

Year ended 31 March 2025

This Annual Report of the trustees, under the Charities Act 2011 and the Companies Act 2006, was approved by the board of trustees on TBC 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

4 September 2025

43

Rethink Mental Illness

Year ended 31 March 2025

Independent auditors’ report

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 2025 which comprise Consolidated Statement of Financial Activities, Consolidated Group and Charity Balance Sheets, Consolidated Statement of Cash Flows 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:

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.

44

Rethink Mental Illness

Year ended 31 March 2025

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.

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

Other Information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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 and Directors’ Reports).

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:

45

Rethink Mental Illness

Year ended 31 March 2025

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:

46

Rethink Mental Illness

Year ended 31 March 2025

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

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

47

Rethink Mental Illness

Year ended 31 March 2025

Use of our report

This report is made solely to the Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 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

Statutory Auditor London, United Kingdom

Date: 11/12/2025

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).

48

Rethink Mental Illness

Year ended 31 March 2025

Consolidated Statement of Financial Activities Year ended 31 March 2025

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
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 2024
Fund balances carried forward at 31 March 2025
14		 2025
Unrestricted
Funds
£000
2,244
38,817
202
129
41,392
1,999
42,912
295
45,206
(3,814)
102
(101)
(3,813)
38
(3,775)
11,217
7,442		 2025
Restricted
Funds
£000
297
2,243
-
-
2,540
-
2,706
-
2,706
(166)
-
-
(166)
(38)
(204)
894
690		 2025
Total
£000
2,541
41,060
202
129
43,932
1,999
45,618
295
47,912
(3,980)
102
(101)
(3,979)
-
(3,979)
12,111
8,132		 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

49

Rethink Mental Illness

Year ended 31 March 2025

Consolidated Group and Charity Balance Sheets As at 31 March 2025

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
14
Designated funds
14
Restricted funds
14		 2025
£000

521
3,772
3,225
7,518
15
6,837
2,617
9,469
(8,350)
1,119
8,637
(505)
-
8,132
3,415
4,027
690
8,132		 Group
2024
£000
667
3,713
6,222
10,602
23
6,999
3,581
10,603
(7,968)
2,635
13,237
(851)
(275)
12,111
8,527
2,690
894
12,111		 2025
£000
521
3,772
3,209
7,502
15
4,973
1,404
6,392
(5,293)
1,099
8,601
(505)
-
8,096
3,379
4,027
690
8,096		 Charity
2024
£000
667
3,713
6,207
10,587
23
4,879
2,259
7,161
(4,545)
2,616
13,203
(851)
(275)
12,077
8,493
2,690
894
12,077

A deficit reflecting expenditure above income for the year of £3,979,000 (2024: deficit of £1,188 ,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 4 September 2025 and were signed on their behalf by:

Kathryn Tyson (Chair of Trustees)

50

Rethink Mental Illness

Year ended 31 March 2025

Consolidated Statement of Cashflows As at 31 March 2025

Note
Net Cash provided by operating activities
23
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
24		 2025
£000
(3,706)
129
-
(489)
3,100
-
2,740
-
-
(966)
3,581
2,615		 2024
£000
(5,717)
279
-
(1,021)
9,420
(6,675)
2,003
-
-
(3,714)
7,295
3,581

51

Rethink Mental Illness

Year ended 31 March 2025

Notes to the Financial Statements

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.

The operating name of the National Schizophrenia Fellowship is Rethink Mental Illness.

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

1. 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 has taken exemption from presenting its unconsolidated profit and loss account under section 408 of the Companies Act 2006. The Charity is a public benefit entity for the FRS102 purposes.

Going concern

The 2025/26 budget supports strategic growth to meet rising demand and prioritises a return to financial sustainability and meeting our reserves target. During Q4 of 2024/25 we delivered significant cost improvements across the Charity, most materially in central support costs. In the event of further downside risk materialising we have mitigating actions ready to implement to ensure we achieve our financial targets for the year.

Ongoing risk areas include fundraising targets, potential contract loss, and market volatility affecting investments. Stress testing to March 2027 confirms that reserves and

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Rethink Mental Illness

Year ended 31 March 2025

liquidity remain robust, even under adverse conditions. Trustees therefore continue to prepare the accounts on a going concern basis.

With the positive outlook for growth and sound 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 2025 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 2025. The results of the subsidiaries, as shown in note 18, 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 deficit reflecting expenditure above income for the year of £3.894m (2024: surplus of £41,022) 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 14 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.

53

Rethink Mental Illness

Year ended 31 March 2025

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 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.

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Rethink Mental Illness

Year ended 31 March 2025

Redundancy and termination benefits, including statutory redundancy payments, pay in lieu of notice and settlement agreements are recognised when there is a demonstrable commitment to an individual or group that cannot be realistically withdrawn.

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 are capitalised and included at cost including any incidental expenses of acquisition. The de minimis level for capitalisation increased from £1,000 to £5,000 from 1 March 2025. 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:

Freehold land Nil Freehold buildings 2% Leasehold land and buildings 2% (or over life of lease if shorter) Furniture and equipment 25% ICT equipment 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

55

Rethink Mental Illness

Year ended 31 March 2025

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 141 registered 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.

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

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Rethink Mental Illness

Year ended 31 March 2025

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:

Debtors

Debtors are measured at amortised cost less any impairment.

Creditors & provisions

57

Rethink Mental Illness

Year ended 31 March 2025

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.

58

Rethink Mental Illness

Year ended 31 March 2025

2. Analysis of Donations and Legacies

Donations
Donated services and
facilities
Legacies
Grants		 2025
Unrestricted
£000
1,398
490
356
-
2,244		 2025
Restricted
£000
91
-
-
206
297		 2025
Total
£000
1,489
490
356
206
2,541		 2024
Unrestricted
£000
965
346
1,152
464
2,927		 2024
2024
Restricted
Total
£000
£000
477
1,442
-
346
102
1,254
-
464
579
3,506

Donated services and facilities include Google advertising services that have been provided free of charge and properties provided for use by the Charity rent-free.

59

Rethink Mental Illness

Year ended 31 March 2025

3. Analysis of income from charitable activities

Policy, Influencing &
Campaigning
Accommodation
services
Community Services
National Programmes
Management & Support
Total funding received
for charitable activities		 2025
Unrestricted
£000
364
17,701
17,499
3,213
40
38,817		 2025
Restricted
£000
99
2
427
1,715
2,243		 2025
Total
£000
463
17,703
17,926
4,928
40
41,060		 2024
Unrestricted
£000
5,227
16,114
12,107
3,391
27
36,866		 2024
Restricted
£000
4
9
2,789
623
-
3,425		 2024
Total
£000
5,231
16,123
14,896
4,014
27
40,291

60

Rethink Mental Illness

Year ended 31 March 2025

4. Analysis of incoming resources from Other Trading Activities and Investments

Other trading Activities
Training & Consultancy
Trustee Services
Interest received
Dividends received		 2025
£000
116
86
202

29
100
129		 2024
£000
235
190
425
46
233
279

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 1,048
Sport England 149

61

Rethink Mental Illness

Year ended 31 March 2025

5. Analysis of expenditure

Raising funds
Fundraising
Managing Investments
Trusts & Grants
Total cost of raising funds
_C_haritable activity
Policy, Influencing & Campaigning
Accommodation Services
Community services
National Programmes
Total cost of charitable activity
Other Expenditure
Trustee Services
Pension Interest Charge
Pension Scheme Expenses
Total Other Expenditure		 Direct
Costs
2025
£000
1,835
27
-
1,862
2,418
16,244
16,101
4,400
39,163
117
54
124
295
41,320		 Support
Costs
2025
£000
137
-
-
137
247
2,710
2,715
783
6,455
-
-
-
-
6,592		 Total
Costs
2025
£000
1,972
27
-
1,999
2,665
18,954
18,816
5,183
45,618
117
54
124
295
47,912		 Direct
Costs
2024
£000
1,577
15
320
1,912
2,275
14,276
15,574
4,770
36,895
115
88
50
253
39,060		 Support
Costs
2024
£000
226
7
59
292
417
2,622
2,942
876
6,857
-
-
-
-
7,149		 Total
Costs
2024
£000
1,803
22
379
2,204
2,692
16,898
18,516
5,646
43,752
115
88
50
253
46,209

Direct and support costs include:

2025 2024
£000 £000
Auditors’ remuneration:
Fees payable to the Charity’s Auditors for the audit of the annual accounts 49 48
Fees payable to the Charity’s Auditors for Corporation Tax services 4 4
Depreciation 459 334
Impairment of fixed assets 100 -
Rents paid on leasehold premises 2,564 2,397
Operating lease rentals 159 159

62

Rethink Mental Illness

Year ended 31 March 2025

Allocation of support costs:

Type of cost
Governance
Finance costs
Human resources
Information and technology		 Allocated to
fundraising
2025
£000
18
23
29
67
137		 Allocated to
charitable
activities
2025
£000
1,091
1,419
1,810
2,138
6,458		 Total
2025
£000
1,109
1,442
1,839
2,205
6,595		 Allocated to
fundraising
2024
£000
53
83
64
92
292		 Allocated to
charitable
activities
2024
£000
1,334
1,927
1,493
2,103
6,857		 Total
2024
£000
1,387
2,010
1,557
2,195
7,149

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		 2025
£000
878
69
-
49
-
113
1,109		 2024
£000
841
54
35
125
107
225
1,387

63

Rethink Mental Illness

Year ended 31 March 2025

6. Staff costs

6. Staff costs
Wages and salaries
External agency costs
Social security costs
Pension costs: Defined benefit
Pension costs: Defined contribution		 2025
£000
29,919
1,099
2,880
(200)
1,081
34,779		 2024
£000
27,763
1,453
2,623
(200)
734
32,373

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:

2025 2024
Number Number
£60,000 - £69,999 13 10
£70,000 - £79,999 11 6
£80,000 - £89,999 2 -
£100.000 - £109,999 - 2
£110,000 - £119,999 1 1
£120,001 - £129,999 1 -
£170,000 - £179,999 1 -
£180,000 - £189,999 - 1
£190,000 - £200,000 1 -
30 20

Included within wages and salaries above are termination benefits totalling £483,431 (2024: £170,857) in respect of 70 individuals (2024: 21). £121,076 (2024: nil) of these total termination benefits were outstanding at the year-end and are therefore also recognised within Accruals. Of the total value of termination benefits, £448,511 (2024: 97,072) were contractual and £34,920 (2024: £73,785) were non-contractual. The non-contractual benefits represent ex-gratia payments, which the Trustees believed the Charity was morally obliged to make, to three individuals.

Remuneration for key management personnel in the year totalled £744,037 (2024: £680,094) for 5 employees (2024: 7). 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

64

Rethink Mental Illness

Year ended 31 March 2025

Team during the year with one Executive Officer leaving the organisation during the year. The cost of the Executive who left is included in the total cost.

The trustees listed on page 26, as directors of the company, are also considered key management personnel. Trustees are not remunerated.

The average number of employees (including Experts by Experience), based on head count, analysed by function was:

Charitable activities Contract Staff
Charitable activities Bank Staff
Cost of generating funds
Governance and administration support		 2025
Number
988
172
5
10
1,175		 2024
Number
985
168
6
8
1,167

7. Trustees’ emoluments

Trustees are not remunerated.

Expenses for travelling and subsistence on Charity business in the amount of £3,009 (2024: £2,350) were reimbursed to 6 Trustees (2024: 7).

65

Rethink Mental Illness

Year ended 31 March 2025

8. Intangible and Tangible fixed assets

Cost
At 1 April 2024
Additions
Disposals
Transfers between categories
At 31 March 2025
Depreciation
At 1 April 2024
Charge for year
Impairment Charge
On disposals
Transfers between categories
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Intangible
Assets
£000
1,001
19
-
(84)
936
334
85
-
-
(4)
415
521
667		 Land, buildings
& property
improvements
£000
4,863
256
(447)
84
4,756
1,331
218
100
(430)
-
1,219
3,537
3,532		 Furniture &
Equipment
£000
664
215
(5)
-
874
482
157
-
(4)
4
639
235
182		 Total
£000
6,528
490
(452)
-
6,566
2,147
460
100
(434)
-
2,273
4,293
4,381

Of the land and buildings at cost, freehold was £3,294,930 and leasehold £1,456,200 (2024: freehold £2,326,000 and leasehold £425,000). All fixed assets are utilised by the Charity/Group for charitable purposes.

The impairment of £100k relates to an office building in Rotherham which is currently vacant. The net book value has been reduced in line with its net realisable value according to a recent valuation.

The transfers between categories relate to a correction to the categorisation of a small number of property assets that had previously been held as intangible.

66

Rethink Mental Illness

Year ended 31 March 2025

9. Investments

Market Value at beginning of year
Disposal Proceeds
Net unrealised investments Gain
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
2025
£000
6,222
(2,999)
2
3,225
-
645
591
1,834
62
93
3,225		 Charity
2025
£000
6,207
(3,000)
2
3,209
100
529
591
1,834
62
93
3,209

10. Debtors

Trade Debtors
Amount due from subsidiary undertakings
Prepayments & Accrued Income
Other Debtors		 2025
£000
2,709
1
4,012
115
6,837		 Group
2024
£000
3,742
-
3,130
127
6,999		 Charity
2025
2024
£000
£000
1,066
1,167
503
958
3,289
2,627
115
127
4,973
4,879		 Charity
2025
2024
£000
£000
1,066
1,167
503
958
3,289
2,627
115
127
4,973
4,879
4,879

67

Rethink Mental Illness

Year ended 31 March 2025

11. Creditors: amounts due within one year

Trade creditors
Accruals
Pension deficit payments
Deferred income
Tax and social security
Other creditors
Amounts due to related undertaking
Analysis of Deferred Income
Balance at beginning of year
Amount released to incoming
resources
Amount deferred in the year
Balance at end of year		 Group
2025
2024
£000
£000
1,254
910
908
1,002
502
495
1,736
1,726
1,288
1,555
1,819
2,280
843
-
8,350
7,968
Group
2025
2024
£000
£000
1,726
1,799
(1,490)
(1,489)
1,500
1,416
1,736
1,726		 Charity
2025
2024
£000
£000
1,009
662
594
516
502
495
855
776
636
637
854
1,459
843
-
5,293
4,545
Charity
2025
2024
£000
£000
783
620
(369)
(369)
532
532
946
783

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

12. Creditors: amounts due after one year

68

Rethink Mental Illness

Year ended 31 March 2025

TPT Retirement Solutions – Growth Plan
TPT Retirement Solutions – Care Plan		 Group
2025
2024
£000
£000
66
851
439
-
505
851		 Charity
2025
2024
£000
£000
66
851
439
-
505
851		 Charity
2025
2024
£000
£000
66
851
439
-
505
851
851

The Charity is a member of two defined benefit pension schemes, the TPT Growth Plan and TPT Care Plan. The above creditors represent outstanding deficit payments, all payable within five years. For more detail on valuation, please see note 17 below.

13. Provisions for Liabilities

Dilapidation costs on leased properties
Total for the Charity		 Balance at
1 April 2024
£000
275
275		 Charged to
the SOFA
£000
-
-		 Released
£000
(275)
(275)		 Balance at
31 March 2025
£000
-
-

During the year the Charity reviewed contractual obligations on leasehold properties and determined that following a period of significant investment and improvement, the value of future dilapidation obligations was either immaterial or could not be reliably measured. The previously held provision has been released.

69

Rethink Mental Illness

Year ended 31 March 2025

14. Statement of funds - Group

General funds
Designated funds
IT Infrastructure
Organisational
Development
Mental Health UK
Investment Fund
CTC – Resourcing
CTC – Delivery
Estates Repairs Fund
Policy & Practice
IT Support
Fixed Asset Designated
Fund
Total Designated Funds
Total General funds and
Designated funds		 Balance at
1 April 2024
£000
8,527
889
476
34
61
30
1,177
21
2
-
2,690
11,217		 Incoming
resources
£000
41,392
-
-
-
-
-
-
-
-
-
-
41,392		 Expenditure
£000
(44,456)
(148)
(299)
(18)
(49)
(11)
(204)
(21)
-
-
(750)
(45,206)		 Investment
Gain/Loss&
pension
liability
revaluation
Transfers
£000
£000
1
(2,049)
-
(741)
-
(177)
-
(16)
-
(12)
-
(19)
-
(973)
-
-
(2)
4,027
2,087
1
38		 Balance at
31 Mar 2025
£000
3,415
-
-
-
-
-
-
-
-
4,027
4,027
7,442

70

Rethink Mental Illness

Year ended 31 March 2025

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 2024
-
150
238
206
26
-
274
894
12,111		 Incoming
resources
406
22
-
92
1,047
667
306
2,540
43,932		 Expenditure
(406)
(20)
(6)
(97)
(1,075)
(667)
(435)
(2,706)
(47,912)		 Investment
Gain/Loss&
pension
liability
revaluation
Transfers
-
-
-
-
-
34
-
-
-
2
-
-
(74)
(38)
1
-		 Balance at
31 Mar
2025
-
152
266
201
-
-
71
690
8,132

Represented by:

Intangible Assets
Fixed Assets – Tangible Assets
Fixed Assets – Investments
Current Assets
Current Liabilities
Non-Current Liabilities
Provision for Liabilities		 General
£000
-
-
3,225
9,044
(8,349)
(505)
3.415		 Designated
£000
521
3,506
-
-
-
-
4,027		 Restricted
£000
-
266
-
424
-
-
690		 Total Funds
£000
521
3,772
3,225
9,468
(8,349)
(505)
8,132

Designated funds

71

Rethink Mental Illness

Year ended 31 March 2025

During the year the trustees approved the inception of a Fixed Asset Designated Fund and the transfer of balances representing the value of Intangible and Tangible Fixed Assets, excluding those represented by Restricted Funds. The fund will be used over the useful economic lives of the assets it represents.

The organisation continued significant investment in IT infrastructure, our residential accommodation and our brand with a view to driving future efficiencies, income growth and improving services for our residents. With the objectives of these funds now achieved, the trustees have approved the transfer of remaining balances to general funds.

Restricted funds

72

Rethink Mental Illness

Year ended 31 March 2025

14a Statement of funds 2024 - Group

For comparative purposes the below tables are provided.

General funds
Designated funds
ICT Infrastructure
Organisational Development
Mental Health UK
CTC – Resourcing
CTC – Delivery
Estates Repairs Fund
Policy & Practice
IT Support
Corporate Strategy
Pay & Rewards Fund
Total Designated Funds
Total General funds and
Restricted funds
CAF Grant
Welfare Funds
Capital Restricted Fund
Groups Fund
Mental Health UK
MaPS – Breathing Space
Other Restricted Fund
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		 Incoming
resources
Expenditure
£000
£000
40,463
(40,759)
-
(491)
31
(146)
-
(74)
-
(247)
-
(30)
3
(432)
-
(69)
-
(65)
-
(64)
-
-
34
(1,618)
40,497
(42,377)
879
(879)
30
(18)
-
(6)
94
(82)
1,147
(1,150)
1,210
(1,210)
644
(487)
4,004
(3,832)
44,501
(46,209)		 Investment
Gain/Loss
£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 Mar 2024
£000
8,527
889
476
34
61
30
1,177
21
2
-
-
5,328
12,566
-
113
244
194
99
-
83		 2,690
11,217
-
150
238
206
26
-
274
733
13,299		 894
12,111

73

Rethink Mental Illness

Year ended 31 March 2025

Represented by:

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

15. Financial commitments

At 31 March 2025, 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		 2025
Premises
Other
Total
£000
£000
£000
790
33
823
2,850
99
2,949
1,313
-
1,313
4,953
132
5,085		 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

74

Rethink Mental Illness

Year ended 31 March 2025

16. Capital commitments

The Charity is implementing a Human Resources Management system and costs relating to this project have been capitalised under intangible assets. The outstanding commitment is shown below.

HR system implementation
Total		 2025
£000
109
109		 2024
£000
-
-

17. Pension Schemes

The Charity is a member of two defined benefit pension schemes, the Care and Growth 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.

Care scheme

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 £466,000 in 2025/26 (2025: £453,000) 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 £905,000 based upon a discount rate of 4.88%.

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 2024, was £4.651m and was projected to be similar at the balance sheet date. The debt on withdrawal would crystallise upon the last active member leaving the Plan. The Group’s assessment at the balance sheet date is that the possibility of this debt crystallising is considered remote and, therefore, no adjustment has been made to the accounts.

75

Rethink Mental Illness

Year ended 31 March 2025

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

Growth scheme

A full actuarial valuation for the Growth scheme was carried out at 30 September 2023. This valuation showed assets of £514.9m, liabilities of £531.0m and a deficit of £16.1m. Rethink Mental Illness will be required to make deficit recovery payments of £36,000 in 2025/26 (2025: £43,000). The Present Value of the future additional deficit recovery payments is £100,000 based upon a discount rate of 4.84%.

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 2024, was £511,000 and was projected to be similar at the balance sheet date. The debt on withdrawal would crystallise upon the last active member leaving the Plan. The Group’s assessment at the balance sheet date is that the possibility of this debt crystallising is considered remote and, therefore, no adjustment has been made to the accounts.

The Charity’s contributions to all defined benefit pension schemes were £496,000 for the year ending 31 March 2025.

Defined contribution schemes

The Charity also makes contributions to several money purchase pension schemes on behalf of certain employees. These include contributions to schemes where Rethink Mental Illness has been granted admitted body status.

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.

Expenditure charged with regard to Pension Schemes
People’s Pensions Schemes
TPT Care including re-measurement charges
TPT Growth including re-measurement charges
Standard Life		 2025
£000
975
100
1
5
1,081		 2024
£000
934
(204)
4
-
734

76

Rethink Mental Illness

Year ended 31 March 2025

18. Subsidiary undertakings

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

Registered Office

The Dumont 28 Albert Embankment London SE1 7GR

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.

ine by line basis.
Turnover
Cost of sales
Gross profit
Administrative expenses
Gift Aid payable to Charity
Net result		 2025
£000
65
-
65
(44)
(21)
-		 2024
£000
69
-
69
(32)
(37)
-

The aggregate of the assets, liabilities and funds:

Assets
Liabilities
Funds		 2025
£000
69
(44)
25		 2024
£000
70
(45)
25

Amounts owed to Rethink Mental Illness included as a creditor in these accounts were £20,993 (2024: £37,291).

77

Rethink Mental Illness

Year ended 31 March 2025

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 line by line basis.

Turnover
Cost of sales
Gross profit
Administrative expenses
Investment Gains/(Losses)
Gift Aid payable to Charity
Net result		 2025
£000
148
-
148
(74)
-
(74)
-		 2024
£000
121
-
121
(82)
8
(47)
-

The aggregate of the assets, liabilities and funds:

Assets
Liabilities
Funds		 2025
£000
205
(93)
112		 2024
£000
180
(68)
112

Amounts owed to Rethink Mental Illness included as a creditor in these accounts were £87,367 (2024: £55,245).

78

Rethink Mental Illness

Year ended 31 March 2025

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

Rethink Trading 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		 2025
£000
25,818
(22,055)
3,763
(3,748)
(15)
-		 2024
£000
28,040
(23,654)
4,386
(4,345)
(41)
-

The aggregate of the assets, liabilities and funds:

Assets
Liabilities
Funds		 2025
£000
3,421
(3,421)
-		 2024
£000
4,266
(4,266)
-

Amounts owed to Rethink Mental Illness included as a creditor in these accounts were £393,000 (2024: £863,000). A management charge amounting to £3,748,000 was charged from the Charity to Rethink Mental Illness Limited in the year. (2024: £4,344,000)

79

Rethink Mental Illness

Year ended 31 March 2025

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:

19. Fund for which the Charity acts as Trustee

The Befriending Visitors Service (not consolidated in 2024)

Income
Cost of sales
Gross profit
Payment to Rethink Mental Illness
Net result
The aggregate of the assets, liabilities and funds:
Assets
Liabilities
Funds		 2025
£000
-
-
-
-		 2024
£000
-
-
-
-
- -
-
-		 38
-
38
-

The Befriending Visitors fund was closed during 2024/25, and the funds were transferred over to Rethink Mental Illness and restricted to support the activity of our Volunteer Groups.

80

Rethink Mental Illness

Year ended 31 March 2025

20. 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		 2025
£000
6,538
(6,407)
131		 2024
£000
6,216
(7,784)
(1,568)
131 (1,568)
1,015
(63)		 1,383
(562)
821
952

During the year the Group acted as agent for the Open Mental Health Alliance, a Sustainability and Transformation Partnership. As agent, the Charity processed income of £6.538m (2024: £6.217m) and expenditure of £6.408m (2024: £7.784m) including £514,000 (2024: £611k) retained by Rethink Trading Limited as Lead Accountable Body. At the year-end a balance of £954,000 (2024: £821k) remained held as agent and is included above in Other Creditors. The Charity had three areas of direct delivery during 2024/25.

21. Related Parties

Transactions with subsidiary companies and connected companies are disclosed in Note 18. Trustees’ emoluments are disclosed in Note 7. Unrestricted donations totalling £1,200 were received from seven members of Key Management Personnel during the year. There are no other related party transactions to disclose.

81

Rethink Mental Illness

Year ended 31 March 2025

22. 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. At the balance sheet date, Mental Health UK was not considered part of the Rethink Mental Illness Group and has not been consolidated in the financial statements. For more detail on the acquisition of a controlling interest in Mental Health UK after the balance sheet date, see note 28.

23. Reconciliation of net incoming resources to net cash inflow from operating activities

Net incoming resources before transfers
(Gains) on investments
Investment Income
Depreciation
Loss on disposal of fixed assets
Decrease in stock
Decrease / (increase) in debtors
Increase / (decrease) in creditors
(Decrease) in provisions for liabilities
(Decrease) in pension liabilities
Net cash outflow from operating activities		 2025
£000
(3,882)
(102)
(129)
459
19
8
163
374
(275)
(341)
(3,706)		 2024
£000
(1,188)
(371)
(279)
334
-
-
(867)
(2,741)
(1)
(604)
(5,717)

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24. Analysis of changes in net funds

Cash at bank and in hand
Cash for Cash Flow Statement		 At 1 April
2024
£000
3,581
3,581		 Cash flows
£000
(966)
(966)		 At 31 March
2025
£000
2,615
2,615

25. Financial Instruments

At the balance sheet date, the group held financial assets at fair value of £3,225,000 (2024 £6,222,000).

26. 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 2024, was £4.651m and is projected to be similar at the balance sheet date. The debt on withdrawal would crystallise upon the last active member leaving the Plan. At the balance sheet date the possibility of this debt crystallising was 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 2024, was £511,000 and is projected to be similar at the balance sheet date. The debt on withdrawal would crystallise upon the last active member leaving the Plan. At the balance sheet date the possibility of this debt crystallising was considered remote and, therefore, no adjustment has been made to the accounts.

27. Contingent Assets

As at the year-end, the Charity had been notified of legacies due to the Charity with a potential total value of £763,000. 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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28. Post Balance Sheet Event – Acquisition of Subsidiary

On 3 July 2025, the Group acquired a 51% controlling interest in Mental Health UK, bringing Mental Health UK into the Rethink Mental Illness Group and strengthening the long-standing bond between each entity and the wider partnership.

This transaction is classified as a non-adjusting event under Section 32 of FRS 102, as it occurred after the reporting date and does not reflect conditions existing at 31 March 2025. No adjustments have been made to the financial statements for the year ended 31 March 2025.

The trustees believe the acquisition will reduce the risk exposure of each Charity and offer greater opportunities to share resources in a manner that maximises impact for our beneficiaries.

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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, members, experts by experience, volunteers, campaigners, and our funders:

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Year ended 31 March 2025