2025-03-31-accounts

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Registered number: 01820492 Charity number: 515755

Annual Report and Financial Statements for the year ended 31 March 2025

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CONTENTS
	Page
Waythrough Group Board Members and Advisers-----------------------------	2
Introduction from the Chair------------------------------------------------------------	3
Report of the Group Board--------------------------------------------------------------	4-19
Statement of the Group Board on Value for Money----------------------------	20-22
Statement of the Group Board on internal controls and assurance------	23-25
Statement of responsibility of the Group Board---------------------------------	26
Independent Auditor’s Report----------------------------------------------------------	27-30
Statements of Financial Activities----------------------------------------------------	31-32
Statements of Financial Position------------------------------------------------------	33
Statements of Changes in Equity-----------------------------------------------------	34
Consolidated Cash Flow Statement-------------------------------------------------	35
Notes to the Accounts--------------------------------------------------------------------	36-78

Waythrough Report & accounts for the year ended 31 March 2025

WAYTHROUGH GROUP TRUSTEES AND ADVISERS

TRUSTEES	Carolyn Regan, CBE – Chair (joined 01 June 2024)	Carolyn Regan, CBE – Chair (joined 01 June 2024)
	Caroline Gitsham, MBE - Vice Chair and Senior Independent Director
	Ian Ayling_(joined 01 June 2024)_
	Kapil Bakshi_(joined 01 June 2024)_
	Alex Boyt_(resigned 31 May 2025)_
	Selina Douglas
	Maureen Hopcroft_(joined 01 June_	2024)
	Ian Macqueen
	Susan Moore_(joined 01 June 2024)_
	Paul Najsarek_(joined 01 June 2024)_
	Danielle Oum_(joined 01 June 2024)_
	Bhakti Seth (resigned 31 May 2025)
	Sarah Shepherd
	James Walder
COMPANY SECRETARY	Andrew Whitley (resigned 1 August 2025)
	June Riley_(appointed 1 August 2025)_
CHIEF EXECUTIVE OFFICER	Paul Townsley
SOLICITORS	Womble Bond Dickinson LLP
	St Ann’s Wharf
	112 Quayside
	Newcastle upon Tynes
	NE1 3DX
BANKERS	Barclays Bank	Lloyds Bank Plc
	49-51 Northumberland Street	4thFloor
	Newcastle upon Tyne	25 Gresham Street
	NE1 7AF	London EC2V 7HN
INDEPENDENT AUDITOR	S&W Audit
	Statutory Auditors
	Chartered Accountants
	45 Gresham Street
	London EC2V 7BG
REGISTERED OFFICE	Inspiration House
	Unit 22
	Bowburn North Industrial Estate
	Bowburn
	Durham
	DH6 5PF
COMPANY REGISTRATION	01820492
CHARITY NUMBER	515755
REGISTERED PROVIDER OF
SOCIAL HOUSING	4713

WEBSITE: www.waythrough.org.uk

Waythrough Report & accounts for the year ended 31 March 2025

Introduction from the Chair of Waythrough

This is the second Annual Directors Report and Accounts introduction that I have written as Chair, having previously been Chair of Recovery Focus, but I am delighted that this year I am doing so as the Chair of the newly launched Waythrough.

It has been a transformational year; bringing together two organisations, both of which were pioneers in their respective work, has required considerable work and investment. Throughout this work, we kept the people who access, or could access, our services at the very heart of what we do; we built on the two preceding organisations’ strong reputations and heritages, their reach, the depth and breadth of their specialisms and their combined impact. This culminated firstly in June 2024 when we completed the legal process to merge and then in October 2024, when we launched our new collaboratively developed identity, vision and operating model through a series of celebration events and our new website http://www.waythrough.org.uk/.

Alongside our subsidiary, Aquarius, we now stand to benefit from this investment. Offering a wide range of different delivery models to over 130,000 people across the country facing multiple disadvantages, Waythrough is actively focused on developing more integrated and comprehensive models of support which better address the needs and aspirations of the full range of individuals who access our services.

Throughout the considerable relaunch of our organisation, our services have continued to undertake a critical role in our service users’ lives, from delivering large community drug and alcohol treatment services through to a small social enterprise or floating housing support services. This is evident from the 8,812 people successfully moving on from our drug and alcohol services, ready for their next chapter; our staff distributing over 7,000 Naloxone kits (which reverse potentially fatal opiate overdoses), and over 15,000 people who needed support due to mental health and wellbeing challenges sought that support from us. We have also made major investments this year to create a new mental health crisis house in Hertfordshire and sourced new homes for local authority homeless nominees with key commissioners, and we are currently developing new drug and alcohol support services for adults in North Tyneside and for young people in the London Borough of Bexley.

This investment and work undertaken over this year will importantly also stand us in good stead for the future and find us better able to meet the individual needs of those facing multiple disadvantages. We have a team of senior leaders in place who will take the organisation into its next chapter, shaping and leading a co-produced strategy which will be launched in 2026 and define the expectations and bold ambitions of our new organisation over the next 10 years. Developed through ongoing collaboration and discussion with those that we support, our colleagues and trustees, I look forward to sharing and launching this with you all next year.

Most importantly, none of this work would be possible without the considerable work and support of our staff. We exist to help people find a way through, to walk alongside those who want to make a positive change in their lives and are often affected by some of the deepest inequalities in our society, and we can only do that through our staff, volunteers and commissioning and delivery partners. I would like to thank everyone who has been part of our evolution to become Waythrough.

This includes those who have played a significant role in shaping the two predecessor charities. Eric Feltin and Chris Matthews-Maxwell (Humankind) and Rachel Perkins and Jon Royle (Richmond Fellowship) retired from our predecessor charity boards after remarkable service, and a year on from our merger, we are losing Alex Boyt and Bhakti Seth as trustees. As well as their extensive service and contributions, they played important roles in forming Waythrough and ensuring that it can better respond to the needs of the people we serve. The Board and I personally owe them a debt of gratitude, as we do to Caroline Gitsham, now Vice Chair, and previous chair of Humankind.

Last, but certainly not least, I want to extend my sincere thanks to all the staff and volunteers, the senior team under the leadership of CEO Paul Townsley and the Board of Trustees for their vision and support.

Carolyn Regan , Chair Waythrough

Waythrough Report & accounts for the year ended 31 March 2025

REPORT OF THE BOARD

KEY HIGHLIGHTS

Across England, we supported 130,000 people. This map clearly illustrates the areas in which we operate. Our regional divide enables us to provide services at a local level.

North-East, Cumbria & social enterprise

Yorkshire & North-West

South & Midlands

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Waythrough Report & accounts for the year ended 31 March 2025

STRATEGIC REPORT

Our Group continues to comprise Waythrough and Aquarius Action Projects (Aquarius). Waythrough and Aquarius are both registered charities, and Waythrough is also a registered provider of social housing.

In December 2023, Humankind and Richmond Fellowship announced the decision to merge to form a new national charity to better support people facing multiple disadvantages. The organisations legally merged in June 2024, with Aquarius as a subsidiary. In October 2024, we changed our name to Waythrough.

As a Group, we aim to break down the barriers that stop people from getting the support they need to live a life they value. Over the years, we’ve developed an array of support services to do that, and become specialists in mental health, alcohol, drugs and related areas along the way.

OUR ACTIVITIES AND MODELS TO SUPPORT PEOPLE

Our high-quality, evidence-based services are tailored to meet the needs of the people we serve. At Waythrough, we work with our commissioners, partners, and the people we support to develop/deliver services which meet the needs of those facing multiple disadvantage(s). Our principal activities are as follows:

Drug and Alcohol support : our services provide support to those impacted by drink and drug use. Our staff support individuals through a combination of case management and psychosocial interventions, clinical support, and aftercare, in partnership with a range of other charities, NHS trusts and community groups.
Mental Health : We provide a range of different mental health services, from our crisis services and safe havens which provide short-term interventions for individuals in crisis, to our community-based support services that utilise peer support, allowing people to receive help from others who have faced similar issues.
Supported housing : Our supported housing services range from ‘floating support’ services, which support people in emergency accommodation, hostels and independent tenancies, to houses we own and manage as a social landlord. Our model includes both intensive 24-hour support for those who need it, and a 12hour support model with help throughout the day and an on-call system at night.
Criminal Justice : We support people in the community, court, prison and post-release. In the North-East, we support people across prisons with drug or alcohol needs and post-release via our ‘through the gate’ services. We also operate liaison and diversion schemes, and support people issued with Drug Rehabilitation Requirements (DRRs) and Alcohol Treatment Requirements (ATRs).
Employment and skills : Working with people to build their skills and confidence can be one of the best ways to support their recovery and growth. For example, in Tees Valley we support people into training, education and employment through our Tees Valley Employability Partnership, with support from the National Lottery Community Fund. Additionally, we are specialists in Individual Placement Support (IPS), involving intensive/personalised support, rapid job searches and continuing in-work support.
Young people and families : We offer a broad range of services to young people and families, delivered nationally, including those with drug and alcohol support needs and alternative education. For example, our Education Centre supports young people aged 16-19 who have faced significant barriers in their education, using a bespoke curriculum based around their needs. We’re proud to be part of Investing in Children (IiC), which recognises good practice and inclusion of children and young people in service/organisation change.
Domestic Abuse : We work with both survivors and perpetrators of domestic abuse to keep people safe, get them the support they need, and ensure the people responsible for abuse take responsibility for their actions. We also support young people affected by domestic abuse through children’s therapy, and young people who use abusive behaviours towards their parents/carers or partners through YUVA (Young People Using Violence and Abuse).
Social Enterprise : we run a range of social enterprises that provide an income stream and employment opportunities, training, and development for the people we support. Art Matters, in Redhill, Surrey, enables people with mental health challenges to produce creative work, gaining skills and opportunities. The Old Moat garden centre in Surrey provides people facing similar issues to volunteer/work on vocational qualifications in horticulture and retail. MoreTime, provides repairs, cleaning and maintenance services.
Gambling Services : we provide support, information, and advice to anyone affected by gambling, providing specialist services tailored to young people, adults and their family or friends.

Waythrough Report & accounts for the year ended 31 March 2025

Our Group Strategy, Corporate Plan and Business Models

In the first year of the merger, we focused on our eighteen-month ‘Coming Together Strategy’, which was launched in October 2024 and brought together the existing Humankind and Recovery Focus strategies until April 2026, when our full new strategy will be launched.

The ‘Coming Together’ strategy focuses on three areas:

1. Delivering quality services that have the people we support at the centre of everything we do, focusing on ensuring our services are the very best they can be.

2. Developing local service provision to enable holistic place-based support so that more people get the support they need, focusing on local partnership and developing and sharing good practice across the new organisation.

3. Coming together to create our new foundations, focusing on ‘merging well’, developing a new strategy and greater awareness of our fresh mission and identity.

We have developed a clear identity and are committed to upholding our promise and values:

Our vision is to break down the barriers that stop people getting the support they need to live a life they value.
Our Promise is that wherever you are now, we won’t judge or write you off; we’ll help you work out who you want to be and where you want to go. And we will stick with you until you’re ready to move on.
Our Values:
Kindness . Be generous, caring and compassionate
Courage . Be bold, trust, commit
Respect. Everyone deserves dignity

To achieve our strategy, we set ourselves three clear goals, supported by two key enablers:

Goals & Enablers Outputs • Ensure we meet/exceed quality standards
Goal 1 • Ensure our contracts are high performing
Deliver quality services that have • Build our services to enable equity in outcomes and opportunities people we support at the centre of for the people we support everything we do • Create a combined Working Together plan to ensure we design our services alongside people we support
Understand, plan and develop service provision within the areas we work, in line with best practice models, and to meet local
Goal 2 needs Develop local service provision to • Continue to build partnerships and relationships with local enable holistic place-based organisations to meet local needs support so that more people get the • Deliver against the Drugs Strategy, and work towards support they need sustainability of funding
Build new ways of working to identify best practice, create and share models of support internally
Understand our influence and develop an impact plan.
Goal 3 • Innovation & research - Develop evidence-based models for
Come together to create our new future service provision
foundations • Co-produce a new 10-year strategy for long-term change

Waythrough Report & accounts for the year ended 31 March 2025

Develop a strong culture, reflecting our values, creating a settled workforce, and giving time for people to adjust to change

Enabler 1

Support, develop and retain our workforce – building on a valuesdriven culture -

Reward. Build a collaborative, inclusive and supportive working environment for the workforce, where people feel valued and recognised
Align and implement our workforce and retention approach
Create, develop and retain a well-led, high-performing and committed workforce and leadership group
Retain our existing contracts, seeking to secure new contracts for growth
Understand and review the economic sustainability of existing contracts and the ways we work

Enabler 2

Build a robust and sustainable business model

Implement plans to achieve the UK government’s Net Zero and NHS Green Plan targets
Drive forward the use of technology to improve the efficiency of what we do
Integrate our systems and ways of working
Develop a sustainable finance plan with clear positions on reserves and investments for the future
Maintain our property portfolio, and continue to retrofit, repurpose and refurbish properties

Waythrough Report & accounts for the year ended 31 March 2025

REVIEW OF THE YEAR AND KEY PERFORMANCE INDICATORS

Financial performance in the year

We have been working hard to bring the two organisations together, which has included significant investment in full integration, maintaining a strong reward offer for staff, launching new systems and driving innovation.

Integration

A one-off investment of £2.69m was made from reserves this year to support the integration of Humankind and Richmond Fellowship, following our merger on 1 June 2024. This included expenditure on legal, professional, and consultancy support to ensure a smooth transition. A key outcome was the successful creation of a shared identity and brand, culminating in the launch of Waythrough on 1 October 2025. This new identity reflects our shared values, vision, and promise to the people we support, our staff, and our stakeholders.

As part of the integration process, we are realigning our systems, processes, and workforce, with expected benefits to be realised in the coming year. To date, we have identified synergy savings of £3.9m through to the end of 2026/27, and we will continue to monitor any additional financial benefits resulting from the merger. We expect the total revenue cost investment in the merger and integration to be paid back by the end of FY26/27.

Our drive to modernise continued with significant investment in ICT infrastructure and cybersecurity. Total investment in other fixed assets, including IT, fixtures, freehold offices, and leasehold buildings, was £4.22m (2024: £3.96m).

Developments

Revenue increased by 4.8%, reaching £163.71m in 2025 (2024: £156.21m). This growth reflects a successful contract mobilisation programme, bringing in new contracts. We continue to see growth in our commissioned services, particularly in mental health crisis houses, gambling services, drug and alcohol services, liaison and diversion services and employment support services. Examples include Leeds Operational Delivery Network (ODN) funding, Bexley Young People’s Drug and Alcohol Services, North Tyneside non-clinical drug and alcohol services and Bradford Homelessness Service for Women.

We have also taken the decision not to bid to retain or hand back some of our increasingly unviable services, mostly in housing support, in line with our strategic priorities and service transformation plans.

Staff & Culture

Despite many of our services not funding salary increases or the Real Living Wage, we have continued to make our reward offer competitive. This commitment was also maintained as we faced cost-of-living pressures. We continue to be a Real Living Wage employer and to offer further enhanced terms and conditions to all staff, which places upward pressure on costs, while many of our support contracts have remained flat. Despite these challenges, we remain committed to investing in our staff.

Housing

We remain committed to investing in and maintaining high-quality homes. In 2024-2025, we spent over £5.25m on developments, up from £3.39m in 2023-2024. This included component replacement and critical fire safety works. Notably, we invested in two Aquarius properties to provide stable accommodation for young people in the community, as well as a property in Hertfordshire for the development of a new crisis house. These improvements contributed to a group net asset portfolio of £64.56m (2024: £64.39m). Three properties were sold after becoming vacant at the end of their contracts, resulting in a net surplus of 0.35m.

Voids in our social housing portfolio remain a challenge, which we are actively addressing through targeted interventions and engagement with tenants and commissioners.

To support our mission and diversify our income, we continue to generate revenue from market-rented properties, providing much-needed and highly sought-after homes in London.

The final outturn for the year was supported by a net gain of £0.25m from the revaluation of investment properties. This included a £0.50m uplift from revalued market rental properties, offset by a £0.25m decline in the fair value

Waythrough Report & accounts for the year ended 31 March 2025

movement of the investment funds, which was negatively impacted by the US decision to raise tariffs, which had an adverse effect on the markets. This compares to a £0.28m positive impact in 2024.

Interest and dividend income from treasury deposits declined slightly to £1.17m (2024: £1.27m), reflecting our call on cash to fund investments.

Pensions

Waythrough is the sole employer of the 2Care Pension and Life Assurance Scheme. The net value of the pension scheme reserve increased slightly, bringing the reserve total to zero. The Scheme remains in surplus and financially strong, with future liabilities not reflected in the current movement. As at 31 March 2025, the surplus in the Scheme was £1.98m compared with £1.74m as at 31 March 2024. This is before the effect of any asset ceilings applicable. Applying an asset ceiling caps the surplus to nil as at 31 March 2025.

Cash and Reserve Balances

The Group’s cash balance reduced from £29.80m to £21.80m, which comfortably meets our obligations and provides a stable foundation for long-term sustainability. Reserves remain strong at £64.56m (2024: £64.39m).

The table below sets out key financial indicators for the past two years. FINANCIAL REVIEW AND TWO-YEAR SUMMARY

FINANCIAL REVIEW AND TWO-YEAR SUMMARY
Financial highlights in £'000	2025	2024
Statement of comprehensive income*
Rental income and service charges 10,421 10,973
Non-rental income 153,285 145,236
Total revenue 163,706 156,209
Operatingcost 162,554 152,352
Core operating surplus /(deficit) 1,152 3,857
Non-recurringcost 2,688 636
Operating surplus /(deficit) (1,536) 3,221
Fair valuegain/(losses)on investmentproperties 494 587
Fair valuegain/(losses)on investments (250) 278
Surplus on disposals 348 235
Operating surplus /(deficit) (944) 4,322
Net interest & investment income/(loss) 1,172 1,273
Actuarial(Loss)/Gain onpensions obligations (59) 3
Surplus /(deficit) for theyear 169 5,598
Group Cash & Cash Equivalents 2025		2024
Opening Cash balance 29,801 29,908
Net Cash from operating activities (8,007) (107)
Closing Cash Balance 21,794 29,801

Statement of Financial Position 2025		2024
Non-current assets 47,147 43,697
Current assets 52,632 59,188
Current liabilities (22,750) (27,788)
Long-term creditors (12,468) (10,704)
Net assets 64,561 64,392
Restricted funds 14,549 12,708
Unrestricted reserve 50,012 51,637
Pension reserve 0 47
Total reserves 64,561 64,392
Financial Statistics 2025		2024
Surplus for theyear as % of turnover 0.10% 3.58%
Operatingmargin (0.94%) 2.06%
Operatingcost as % of revenue 100.94% 97.94%

*Statement of Comprehensive Income as an additional disclosure to the SOFA in the financial statements.

Reserves policy

Waythrough Report & accounts for the year ended 31 March 2025

Following the review of our reserves policy, we believe that the target level set is sufficient for the needs of our organisation. Our reserves policy is set at an equivalent of two months’ salary and two weeks of other operating costs. Such a level of reserves would provide a buffer, enabling the organisation to make provisions for the loss of a major service while maintaining effective management and administration of the charity. These reserves also provide working capital to enable the development of service provision.

Based on the above, the target reserves would have needed to be £18.9m. The actual free reserves balance of £31.3m meets our target. We will continue to review the requirements for establishing an appropriate reserve policy to ensure we can continue to meet our group aspirations in the future.

PEOPLE WE SUPPORT – OUR IMPACT.

Examples of our impact in 2024/25 include:

Service User Feedback

A total of 7357 responses were received from people who access our services, who provided the following feedback:
People surveyed gave our services an average satisfaction score of 4.8 out of 5.
97% of people said that they would recommend us to a friend or family member.

Volunteers

Volunteers across our services gave a total of 49,482 hours; an average of 951 hours for each week of the year (volunteer hours have not been included within the financial statements as a donation).

Drug and Alcohol Recovery

8,994 adults exited our services in a positive, planned way having achieved abstinence or reduced their use – a 12% increase on 2023/24.
Each day on average, 25 people successfully complete treatment from our services, drug or alcohol free.
5,380 Naloxone kits were given out to people accessing our Drug & Alcohol services.
9,497 Hepatitis C tests have been carried out with people accessing our Drug & Alcohol Services, with seven of our services either micro-eliminated or re-eliminated.

Independent Living & Housing Services

In 2024/25 our independent living and housing services supported 4697 people.
368 people (93%) receiving ‘floating support’ were successfully supported to obtain accommodation or to keep their existing tenancy when it was under threat.
1858 people were supported to leave our services in a supported, planned way. 90% of people's desired outcomes were achieved.
131 were supported to obtain employment or training opportunities.

Housing

510 vulnerable people have been accommodated – 301 of which have been housed within our commissioned supported accommodation services.
77% of residents have been supported to move into secure, permanent housing (non-commissioned services only).
630 people were accommodated in our 12-hour or 24-hour supported housing services in 2024-25.

Work & Skills

Our Steps for Success Service during 2024/25 achieved 81 learners aged 16-18, and up to 24 (if they have an EHCP) have been enrolled on Waythrough's Steps for Success Study Programme.
138 started a voluntary placement.
66 Started a work trial or placement.

Waythrough Report & accounts for the year ended 31 March 2025

PRINCIPAL BUSINESS RISKS AND UNCERTAINTIES

The Group Executive Management (GEM) is responsible for reviewing and overseeing the risk register quarterly, ahead of presenting it to the Board's Audit and Risk Committee, thereby providing essential Board oversight and engagement. Quality systems and audit checks are embedded in our service delivery, and we comply with various audit frameworks, including those of the Care Quality Commission (CQC), Ofsted, and the regulatory standards set by the Regulator of Social Housing.

The risk review process comprises the following key elements:

Group risk register : This register identifies risks and their interrelationships while aligning closely with our strategic priorities. It emphasises the direction of risk and outlines actions to address controllable risks. It also adapts our frameworks to manage the effects of less controllable risks.
Operational and functional risk registers : These registers support the corporate register and allow reporting of emerging risks. We actively manage risks on a day-to-day basis by fostering a strong risk culture.
Board Assurance Framework (BAF) We have adopted a BAF that brings together in one place all of the relevant information on risks to the Board’s strategic objectives. It is a structured means of identifying and mapping the main sources of assurance in an organisation and coordinating them to best effect (HM Treasury guidance on BAF, 2012). It assures the Board that Waythrough is well run by;
a. Providing a strategic higher-level view of our risks, how we are controlling/mitigating them and any gaps.
b. A structured means to present and map these.
c. Engaging the committees and the full Board in assurance and informed strategic decisionmaking.

Our internal auditors play a crucial role in supporting these risks and provide a third line of assurance. They collaborate with us to design and enhance our controls and support us in reviewing the effectiveness and integrity of our risk management practices.

Following the merger, integration risk was actively managed through the establishment of a shadow board and a dedicated Programme Management Office (PMO) to oversee and support change. The shadow board provided strategic oversight and ensured alignment of objectives across the newly combined organisation, enabling early identification and mitigation of potential risks. The PMO coordinated key workstreams, tracked progress against the integration plan, and provided consistent reporting to senior leadership. This structured approach ensured decisions were well-informed, risks were managed proactively, and the organisation remained focused on maintaining service continuity while delivering the benefits of the merger.

Like most in the sector, one of our principal resource risks over the last year was related to high levels of staff turnover, ensuring that services always had the appropriate staffing levels, while prioritising continuity of care for the people we support. Recruitment and staff turnover remain a challenge in the sector; however, despite the merger, staff turnover was at 23%. A key strategy was to support, develop and retain our workforce. We have been driving this by developing a strong culture which reflects our values, whilst giving people time to adjust to change. We are building an inclusive working environment for our people where they feel valued and recognised.

The principal risks and uncertainties we face include reduced contract viability and ongoing cost pressures, alongside demanding inspection standards, contract targets, and performance outcomes. Our management strategies to mitigate these risks include conducting rigorous contract sustainability reviews, evaluating bids and associated liabilities, engaging with staff, and implementing a comprehensive induction programme.

Another key risk relates to some contracts not receiving sufficient funding to deliver increasing activity levels, which, if continued, could compromise service safety and impact. While we work closely with commissioners to support their objectives wherever possible, there are occasions when we must make strategic decisions to withdraw from contracts that are no longer financially sustainable, or where to become financially sustainable

Waythrough Report & accounts for the year ended 31 March 2025

would compromise their safety and quality. Given the broader economic climate, we do not anticipate this risk diminishing in the near future. Nonetheless, we continue to explore innovative approaches to service delivery, ensuring we remain responsive and competitive in the marketplace.

A further emerging risk is the growing threat of cybersecurity breaches. We utilise external accreditation frameworks to ensure we are taking all reasonable steps to manage this ongoing threat. Additionally, we offer comprehensive training for all staff to enhance their awareness and vigilance. Some cybersecurity concerns are closely linked to the evolving nature of fraud, which we continue to monitor and address proactively.

COMPLIANCE WITH OUR STATUTORY DUTIES UNDER SECTION 172 OF THE COMPANIES ACT .

The Directors of Waythrough always act in good faith, believing that their actions are most likely to promote the company’s long-term success for the benefit of those we support, while also addressing the immediate needs of our current beneficiaries. In accordance with our duties under section 172 of the Companies Act 2006, the Directors have had regard to the following matters:

(a) the likely impact and consequences of all immediate and long-term decisions, with social and financial returns clearly outlined alongside wider impact assessments.
(b) the interests of our stakeholders by working closely with and listening to issues raised by the people we support, our staff (including volunteers), our commissioners, regulators, suppliers, and customers. We take all feedback seriously to help us uphold this commitment.
(c) the impact of our services and their delivery on local and wider communities, as well as the environment, while continuing to provide value-for-money services.
(d) maintaining a reputation for high standards of business conduct, reflected in how our staff approach their work and our expectations of our partners and providers; and
(e) the need to act fairly between all members of the company.

For example, during the past year we have engaged directly with service users, employees, volunteers, and commissioners through structured consultations and forums. Feedback from these sessions directly informed decisions around service redesign, workforce development, and investment priorities.

We recognise our wider environmental and social responsibilities and have taken steps to minimise our environmental footprint, improve sustainability in procurement, and support long-term community resilience.

The Board also carefully considers potential risks and competing priorities when making decisions, balancing the organisation’s financial sustainability with the needs of our beneficiaries and regulatory requirements. These considerations are reflected in our governance structures and reviewed regularly.

Throughout this report, we reference examples of how we have carried out our operations in this manner over the past year, alongside relevant targeted improvement plans. Further details of our stakeholder engagement, risk management, and environmental initiatives can be found in the Strategic Report and Risk & Governance sections of this document.

Waythrough Report & accounts for the year ended 31 March 2025

DIRECTORS REPORT

FINANCIAL RISK MANAGEMENT

We proactively aim to minimise our risk exposure wherever possible. A potential significant risk is the credit risk from bank balances. We also encounter market risk from listed investments and liquidity risk from our trade debtors. Much of our trade debt by value is owed to the government in one form or another, so the risk of debtor default is ultimately regarded as insignificant.

The Group has a treasury policy that underpins how our liquid resources are managed. The policy includes liquidity limits, investment security, and approved counterparty ratings. It is regularly monitored by the Board and reviewed in consultation with our treasury advisers. Investments are split between the Cazenove Charity multiasset fund, Greenbank, and CCLA-COIF’s ethical fund (relatively low-risk funds), portfolios that engage only with opportunities that can demonstrate high ethical standards. Investment managers present regularly to our Finance and Investment Committee to ensure that the evidence of these standards is robust and reliable.

We remain free of loan financing, so covenants, gearing, and securitisation are not risks for us.

We continue to pursue a strategic approach to utilising our reserves.

POST BALANCE SHEET

The Sector Group Limited (“TSG”), number 7738950, was dissolved on 26 August 2025. Andrew Whitely, the company secretary, retired on 1 August 2025 and was replaced by June Riley. There are no further material postbalance sheet events to disclose.

OUR PEOPLE: DRIVING QUALITY AND IMPACT

At Waythrough, our dedicated workforce and volunteers are at the heart of everything we do. Their commitment and passion are vital in delivering high-quality operational services to the people and communities we serve.

Over the past year, we have taken significant steps to enhance our support for those who work and volunteer with us. A key focus has been on reviewing and refining our total reward offer to ensure it reflects the needs and aspirations of our people. We actively sought feedback through surveys and engagement sessions, which have informed the development of a more meaningful and responsive package. We have also introduced and embedded a new organisational values framework— Kindness, Courage , and Respect —which now underpins everything we do. These values guide our behaviours, shape our culture, and strengthen our shared sense of purpose across the organisation.

Talent development remains a central priority. We are committed to creating a welcoming, inclusive, and supportive environment from day one, offering clear opportunities for growth and progression. Our approach is underpinned by our Thrive training programme, which has embedded psychological safety as a core element of our workplace culture.

Listening to our people is fundamental to shaping how we work. Through regular workforce surveys and our opendoor scheme with executive leaders, we’ve created clear channels for staff and volunteers to share their voices, influence decisions, and help shape the future of Waythrough. In parallel, we have been streamlining systems and processes to enhance service delivery and ensure operational excellence. These improvements have enabled our support teams to work more efficiently and effectively, ensuring frontline services are empowered and resourced to make the greatest impact. Together, our people are not only delivering services, but also shaping a stronger, more compassionate, and high-performing organisation.

Waythrough Group actively works to prevent unintentional contributions to Modern Slavery. Our Group Statement in support of this cause is available on the Waythrough website (Statement on modern slavery - Waythrough).

Waythrough Report & accounts for the year ended 31 March 2025

The following indicators are taken from across the Waythrough Group for 24/25:

Metric	Waythrough Group
Headcount	3044
Volunteers	318
% Voluntary Turnover	23%

The following workforce data is reported as at 31[st] March 2025 for Waythrough:

The Group’s workforce is split by 73% female and 26% male across the group.
15% of the Group’s workforce self-classify their ethnicity as other than white.
32% of the Group’s workforce consider they have a disability.
26% of the Group’s workforce consider they have a lived experience of the issues that our services currently support.

Championing Inclusion and Belonging

We are deeply committed to fostering a diverse and inclusive workforce where everyone feels they truly belong. Over the past year, we have strengthened our focus on equity, inclusion, and representation across all levels of the organisation. Our initiatives have included inclusive recruitment practices, staff-led networks, and dedicated learning opportunities that help build awareness and understanding of different lived experiences. We know that creating a culture of belonging is an ongoing journey, and we are proud to be creating spaces where people feel seen, heard, and valued for who they are.

Fair and Transparent Pay

Waythrough is committed to fairness, equity, and transparency in pay across all levels of the organisation. Our pay policy ensures that remuneration is proportionate, benchmarked against comparable roles in the sector, and aligned with our values and charitable objectives. All decisions on senior pay are subject to scrutiny and governance by our Board of Trustees, with clear justification and alignment to performance and impact. This approach supports trust and accountability, both internally and with our stakeholders.

Promoting Health and Wellbeing

At Waythrough, we recognise that the health and well-being of our employees is essential to sustaining a positive, productive, and supportive workplace. We are committed to fostering a culture that promotes mental, physical, and emotional well-being across the organisation.

Our wellbeing offer includes access to a range of support services, such as an Employee Assistance Programme (EAP), mental health first aiders, wellbeing champions, and flexible working arrangements to help individuals balance work and personal responsibilities. We also promote regular wellbeing campaigns and activities throughout the year, encouraging a proactive approach to self-care and resilience. These initiatives are supported by our suite of wellbeing policies which covers areas such as mental health, stress management, sickness absence, menopause, and work-life balance. These policies are regularly reviewed to ensure they remain responsive to the needs of our workforce and reflect best practice. Line managers are supported and trained to have open, compassionate conversations with staff and to signpost to appropriate resources when needed.

Waythrough is committed to ensuring every employee feels supported, valued, and empowered to prioritise their wellbeing at work.

Diversity, Equality and Social Responsibility

We are committed to social inclusion, a vital part of our goal to reduce the stigma faced by the people we support. It is important to us that our organisation reflects and celebrates the diversity of the communities we serve. Our commitment is a golden thread running through our organisational culture, as well as our key strategies, policies, and processes. Our workforce is a strong reflection of the diversity of the people we support, ensuring balanced representation.

Waythrough Report & accounts for the year ended 31 March 2025

We fully comply with the Equality Act 2010. We have achieved Level 2 Disability Confident Employer and display an Equality, Diversity and Inclusion statement of intent on our website. We do not discriminate against employees because of mental or physical disability and will offer an interview to all candidates who are deemed suitable for a role vacancy, regardless of their disability status. We will make any reasonable adjustments required to encourage a person to attend an interview. Should a person become disabled during their employment period, we will work with the employee and our third-party occupational health provider, where appropriate, to determine what reasonable adjustments can be made to facilitate continued employment. Training is available to all employees, and any reasonable adjustments will be made to ensure it is accessible to all.

STREAMLINED ENERGY AND CARBON REPORT

The total greenhouse gas emissions for Waythrough for the financial year from 1 April 2024 to 31 March 2025 amounted to 2,691.98 tonnes CO₂e. This figure includes emissions associated with UK electricity and natural gas consumption, as well as business travel in company vehicles, in accordance with mandatory disclosure requirements.

The emissions for 2024–25 represent a 134% increase compared to 2023–24, primarily due to the impact of the merger which resulted in significant rise in the number of residential units owned and managed from 342 units in 2024 to 887 units in 2025.

For the same reasons, Waythrough’s emissions intensity also rose, with emissions of 16.59 tonnes CO₂e per £m of turnover, a 46% increase compared to 2023–24.

A summary of annual greenhouse gas emissions is presented in Table 1.

Table 1 Greenhouse gas emissions by year (tonnes CO2e)

Energy consumption

Annual quantity of energy consumed by the company, in the UK resulting from the purchase of electricity, combustion of gas and consumption of fuel for transport purposes.

Waythrough Report & accounts for the year ended 31 March 2025

Table 2 Energy consumption by year (kWh).

Methodology

The SECR report relates to Waythrough and covers the emissions from its operations from 1 April 2024 to 31 March 2025, aligning with the fiscal year. The reported carbon emissions have been calculated following the guidance in the UK Government's Environmental Reporting Guidelines, 2019, and the methodology outlined in The GHG Protocol Corporate Accounting and Reporting Standard (revised edition). Carbon Emission factors have been obtained from the UK Government’s GHG Conversion Factors for Company Reporting 2024. An 'operational control' methodology has been adopted to outline the scope of carbon emissions reporting for Waythrough. Operational control refers to the ability of an organisation to direct the activities of a facility or operation. In the context of greenhouse gas (GHG) reporting, a company is considered to have operational control over a facility, if it has the authority to introduce and implement operating policies at that facility, regardless of ownership. This means the organisation is responsible for the GHG emissions from the ‘operations it controls’. This report includes the material carbon emissions, categorised in line with the requirements of the SECR regulations. Table 1 includes a reduced ‘net’ carbon emission figure. The ‘net’ figure is based on our purchase of a ‘contractual arrangement’ for the supply of renewable electricity; the emissions reduction is reported as ‘market-based’. This is voluntarily reported.

Energy efficiency initiatives

Since the merger, we are developing an environmental strategy to meet the needs of the merged organisation. We continued to upgrade to LED lighting in refurbishments and as part of ongoing maintenance wherever practical. Where suitable, to meet business needs, we continue to support hybrid working arrangements and promote the use of online meetings rather than business travel. Local services continue to encourage energy efficiency, such as turning off lights, setting heating to the lowest comfortable levels and powering off electrical equipment and IT when not in use. Staff are encouraged to use rail travel where practical for longer journeys and reduce the use of private cars. To further reduce the use of private cars, some services have invested in small, economical pool cars to improve fuel efficiency.

FUNDRAISING

As a Group we do not currently engage in unsolicited direct fund-raising, either to specific supporters or the general public. Occasionally, individuals who have been affected by the Group's services engage in a sponsored activity and donate the proceeds to a service or partner within the Group, doing so of their own volition. When approached in advance, we support such gestures by providing charity-branded materials. However, we do not actively monitor individuals who independently raise funds for the Group.

The Group does not participate in any voluntary fundraising schemes. It does not use commercial participants or professional fundraisers, pursues no organisation-wide fundraising programmes, and has received no complaints regarding fundraising in the year.

Waythrough Report & accounts for the year ended 31 March 2025

LEGAL STRUCTURE AND GOVERNANCE

During the year, the charities Humankind Charity and Richmond Fellowship (and their respective subsidiary entities) came together through merger to form a single new charity by means of a Transfer Agreement, enacted on 31 May 2024. Concurrently on 31 May 2024, the sole membership of the charity Aquarius Action Projects (“Aquarius”) transferred from Richmond Fellowship to Humankind Charity.

The Transfer Agreement gifted the continuing assets and liabilities of Richmond Fellowship into the single entity Humankind Charity, and on 6 February 2025, this charity was renamed Waythrough (having already been introduced as a brand name from 1 October 2024). On merger, the new Group Board comprised seven trustees from one of the two predecessor charities.

The objects for which Waythrough is established are for general charitable purposes to provide support and assistance to individuals who may be socially excluded and seeking to improve their quality of life, in particular by:

providing assistance and support in the relief of physical and mental health problems of persons in need by reasons of substance use, abuse or dependency, including alcohol and drugs;
providing assistance and support in the prevention of harm by reasons of substance use, abuse or dependency, including alcohol and drugs;
relieving the hardship of those in need by reasons of youth, age, infirmity, physical or mental disability, poverty or social and economic circumstances by the provision of social housing and housing support;
the relief of unemployment and advancement of education (including sustainable training for employment or work) for the benefit of the public generally and in particular such persons who are in need due to the lack of educational or skills attainment or who otherwise require assistance in gaining employment;
the relief of poverty, hardship (financial or otherwise) and distress among children, young people, families and other members of society in necessitous circumstances by providing and assisting in the provision of such facilities, advice and support as may be required to improve their conditions of life; and
• assisting in the preservation and protection of health, and in the treatment and care of persons suffering from mental or physical health conditions or illnesses or in need of rehabilitation as a result of the same, through the provision of clinical and other services and support.

Since 1 June 2024, the Group Board has been a non-executive trustee board comprising seven trustees from both legacy charities, referred to as the “first directors” in the Articles. The exceptional commitment required of the Board during the merger and subsequent integration justified the larger-than-normal board size. However, in November 2024, the Board formally resolved to gradually reduce its number to ten trustees by mid-2027/28, as business activity is expected to return to normal. Each of the ‘first directors’ will complete their original terms before being replaced under an agreed trustee succession plan.

The first two trustees to retire did so on 1 April 2025, with the departures of Alex Boyt and Bhakti Seth. A further three trustees are scheduled, under the agreed trustee succession plan, to retire during 2025/26 and arrangements will be put in place to bring on board new trustees who will add to the Board’s skills and diversity of voice and experience.

New Group Board trustee directors will be recruited in accordance with specific provisions in the Articles and undergo a tailored induction upon joining. The induction process includes service visits (which Trustees do on a rolling basis) and attendance at a scheduled series of trustee development sessions. Group Board members are provided with ongoing general and tailored training support, identified through appraisal and review discussions. Whilst the Articles provide for maximum terms of nine years, in practice, trustee renewal typically occurs after six years, with new trustees serving two terms of three years (subject to review).

The Group has standing orders and a schedule of delegations from the Board to the Executive in place to underpin the Articles. As the Board of Aquarius has a majority of independent directors, there is a Framework Agreement in place between parent and subsidiary to guide the interpretation of the Aquarius Articles, and it sets out the respective duties, delegations and responsibilities of the Group and Aquarius Boards in the governance of Aquarius. All other group subsidiaries have a small board made up of Waythrough nominees.

Waythrough Report & accounts for the year ended 31 March 2025

As a newly merged charity and as part of our integration programme, we are conducting a comprehensive review of our policies, guidance, learning, and practice to ensure compliance with our legal, regulatory, and duty of care obligations. Our policies are written for the Group and apply to parents and all subsidiaries of the Group.

REGULATION AND COMPLIANCE

The Group complies with the requirements of the Regulator of Social Housing (RSH), the Charity Commission, the Charities Acts, and the Companies Acts by seeking consent, filing returns, and publishing accounts as required. Compliance updates are sent to the Audit and Risk Committee of the Board. Some of our services are registered with and subject to inspection by the Care Quality Commission.

Statement on public benefit

The purpose of the Group is set out in the charitable objects above. Prospective users of services across the Group are referred to the provider organisation in accordance with a prescribed route outlined in an agreement with the commissioner of each service. All non-residential services are provided free of charge at the point of delivery. Rent and any other charges for housing, residential care homes, and crisis accommodation are usually covered by a range of housing and other benefits, as well as contract income. The Group Board has given due regard to the Charity Commission’s guidance on providing public benefit in its decision-making and considers that all Group activities provide public benefit.

Statement of accountability

The Group Board accepts the obligation to account openly and transparently for its actions to the people we support, our regulators, commissioners, and other stakeholders, including the wider public. The Group Board also accepts the obligation to ensure that Group companies deliver the standards of probity required by law and by regulators, and that these standards are appropriate to their position in the community.

Health, fire and building safety, continue to remain a priority. The location and nature of our properties means we have exposure to new and emerging legislation. The level of financial investment and the complex nature of new and emerging regulation requirements bring challenges which we will continue to meet by regular inspections to ensure compliance. We use a range of performance data and insight to enable continuous improvement to reduce the risk of harm to the people we support, colleagues, and members of the public.

It remains a Group commitment is to attain a substantial level of corporate social responsibility aligned with Environmental, Social, and Governance (ESG) directives and financial climate disclosure guidelines. However, this pursuit remains subject to its primary obligation of fulfilling its charitable objectives and utilising its charitable resources for that intended purpose. We are currently exploring a range of options to help us continue to reduce our impact on the environment, and decisions will be made in line with our wider strategic landscape.

Statement of compliance with the RSH’s latest Standards and the Charity Commission’s Code of Governance

The latest Standards set out by the Regulator of Social Housing (RSH), effective at 31 March 2025, require compliance with an “appropriate code of governance, giving reasons for the choice and explaining areas of noncompliance”. Waythrough has chosen the Charity Commission’s Code of Governance, given that a significant proportion of the business is charitable.

The Board considers compliance with the Code alongside the RSH’s regulatory standards at least annually and presents the results to the Audit and Risk Committee. In September 2025, prior to the signing of these accounts, the Committee reviewed the Group’s compliance and concluded that this had been demonstrated, approving the following statement of compliance:

“Waythrough has chosen the Charity Commission’s Code of Governance as a means of self-assessing the adequacy of its governance framework. The Code is an integral part of the Waythrough Board’s approach to governance and sets out the disciplines adopted by the Trustee directors to deliver best practice. Waythrough is compliant with all requirements of the Code but continually seeks to make improvements that have been identified and will be reviewed. In support of this drive for continuous improvement in delivering board

Waythrough Report & accounts for the year ended 31 March 2025

governance, the Board has engaged internal auditors (BDO) to provide additional assurances regarding how our key risk areas are being managed. These are married alongside our internal quality assurances in place. Following the self-assessments process, the Board has confirmed that it meets the reporting requirements of the Charity Commission and the Regulator of Social Housing.’’

Following the merger of Richmond Fellowship with Humankind Charity on 1 June 2025, the new Waythrough Board adopted the Charity Commission Code of Governance and initiated a comprehensive review of board governance to assess how it should be conducted going forward as Waythrough. This review took place between September 2024 and June 2025 in three phases. The Board, in discussing the recommendations from the review, has elected to:

Reduce Board size to 10 trustees but without disrupting the continuity of the direction being provided by the Board.
Introduce standard 3-year terms for trustees, renewable once, although in specific circumstances relating to the running of the organisation, annual extensions of the second term may by exception, be agreed by the Board.
Introduce a contract for services for trustees setting out the expectations of the role holder and obligations attached to the appointment.
Introduce a programme of annual effectiveness reviews undertaken for each trustee, including the Chair and each Board Committee.
That Waythrough would provide a programme of trustee development and a schedule of service visits so that its trustees are close to how frontline staff deliver the services and the legal and regulatory obligations on trustees.
Adopt a succession plan with clear end dates for all current trustees and recruitment timeframes to ensure that board refresh takes place whilst still ensuring continuity of leadership.

As part of its annual self-evaluation process, the Board has concluded that the business case for paying Trustee Group Board members remains valid and beneficial to the charity. However, the Board currently comprises paid and unpaid trustees, which is not a sustainable position in the medium term. For the paid trustees, remuneration is benchmarked regularly with the last recommendation being that rates of remuneration are fit for purpose. However, Waythrough will now enter discussion with the Charity Commission to find a way forward on this issue to ensure that equity is introduced for current board trustees and being a trustee of Waythrough attracts skilled and experienced individuals from a broad range of backgrounds and with a wide range of protected characteristics, including lived experience of using the services we provide.

DISCLOSURE OF INFORMATION TO THE AUDITOR

The Board confirms that, in fulfilling their duties as directors, they have taken all necessary steps to ensure they are aware of any relevant information for the audit and to ensure the auditor is also informed of this information. To the best of the directors' knowledge, there is no relevant audit information that has not been brought to the attention of the auditor.

Approved by the Board and signed on its behalf by

Carolyn Regan, Chair of the Board

10 September 2025

Waythrough Report & accounts for the year ended 31 March 2025

STATEMENT OF THE GROUP BOARD ON VALUE FOR MONEY (VFM)

Waythrough is committed to delivering Value for Money (VFM) as a fundamental part of its business strategy. VFM objectives are embedded throughout all service areas and integrated into every aspect of service delivery. We continuously seek opportunities to improve efficiency, enhance service quality, and achieve better outcomes—actively engaging staff, service users, and partners in the process.

Our approach includes sourcing high-quality materials at the best possible prices and streamlining operations to maximise efficiency. The Board leads VFM and is fully aligned with the Regulator of Social Housing’s latest Code of Practice.

As a registered provider, we proactively report our performance against a defined set of key VFM indicators, as outlined below:

Sector Scorecard	WT 2025	WT 2024	A	B	C	D	E	F	2024 Ranking	Peer Group Median 2024
> Business Health
OperatingMargin(Overall)	(1.2%)	3.0%	3.9%	5.0%	3.1%	(14.8%)	16.1%	(2.5%)	5th	3.1%
Operatingmargin(social housinglettings)	2.5%	(1.1%)	11.7%	12.8%	3.9%	(36.5%)	8.3%	(5.1%)	5th	3.9%
EBITDA MRI(as % interest)	n/a	n/a	509%	119%	296%	(541%)	358%	(2,946%)	n/a	n/a
> New Supply delivered
Social housingunits - %	0%	0%	2%	4%	2%	0%	0%	-	n/a	0%
Non-social housingunits - %	n/a	n/a	-	-	-	-	-	-	n/a	n/a
Gearing	n/a	n/a	(1%)	41%	6%	1%	12%	(18%)	n/a	n/a
> Effective asset mgt
Return on Capital Employed - %	(2.7%)	6.7%	2.1%	1.8%	2.1%	(6.3%)	2.2%	(3.0%)	1st	2.1%
>Outcome delivered
Reinvestment	12.9%	11.1%	9.3%	5.7%	4.9%	6.6%	4.6%	1.9%	1st	5.7%
>Operating Efficiency
Headline social housingunit costs	£ 11,881	£ 12,364	£ 17,336	£ 13,325	£ 29,513	£ 38,484	£ 8,864	£ 29,555	2nd	£ 17,336
Management costper unit	£ 1,902	£ 2,043	£ 1,473	£ 2,559	£ 6,182	£ 13,781	£ 6,737	£ 13,513	2nd	£ 6,182
Service charge costper unit	£ 5,718	£ 6,015	£ 7,715	£ 2,340	£ 11,487	£ 12,411	£ 10,002	£ 19,703	2nd	£ 10,002
Routine Maintenance costper unit	£ 993	£ 925	£ 3,259	£ 1,007	£ 4,283	£ 1,654	£ 6,884	£ 2,818	1st	£ 2,818
Planned Maintenance costper unit	£ 114	£ 46	£ 3,251	£ 936	£ 1,259	-	-	£ 1,370	1st	£ 936
Major repairs costper unit	£ 200	£ 132	£ 569	£ 526	-	£ 103	£ 479	-	4th	£ 132
Lease costs	£ 2,126	£ 2,405	£ 795	£ 622	-	-	-	£ 6,400	6th	£ 622
Capitalised major repairs expenditure forperiod(£'000)	£ 2,626	£ 3,125	£ 858	£ 291	£ 977	£ 5,176	£ 3,378	£ 1,510	5th	£ 1,510
Other(social housingletting)costs	£ 184	(24)	£ 2,354	£ 646	£ 1,787	-	£ 313	£ 1,518	2nd	£ 646
Other social housingactivities: charges for support services]	£ 29,194	£ 30,236	£ 19,590	£ 8,116	£ 12,658	£ 44,151	£ 3,044	£ 22,829	7th	£ 19,590
Total social housingunits owned and/or managed atperiod end	877	918	2316	1279	1309	2008	3526	2357	7th	2008
The remunerationpayable to the highestpaid Director,per unit*	£ 218	£ 191	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
The aggregate amount of remunerationpaid to Directors,per unit*	£ 2,478	£ 2,281	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a

*These are new VFM metrics; no comparable peer data is available. Nb. The Income from social housing lettings in only 6.9% of the total revenue.

Waythrough Report & accounts for the year ended 31 March 2025

Value for Money (VFM) Approach

We benchmark our performance against six similar-sized registered providers of social housing, focusing on care and support services in comparable regions, using data from the 2024 Global Accounts. This objective benchmarking enables us to learn, plan, and adjust as needed. We applied this to our social housing units only, but extended the principle across all of our properties.

Our 2025 results show a decrease in our headline social housing cost per unit, dropping from £12,364 to £11,881. This reflects a reduction in housing management and service charge costs, given the simultaneous decrease in unit numbers (877 in 2025 vs. 918 in 2024). Contributing factors include the voluntary adoption of the Real Living Wage.

Our VFM Aims:

Integrate VFM in every aspect of our work
Simplify processes and remove duplication
Identify inefficiencies and implement improvements
Apply recognised best practices and seek innovation
Ensure staff understand their role in delivering VFM
Promote VFM to service users, partners, and Boards
Build strategic supplier relationships and pursue continuous improvement

How We Deliver VFM:

Co-production: Leveraging local insights to redesign services more effectively.
Governance: Internal and external benchmarking, strong financial scrutiny.
Digital strategy: Streamlined delivery with tech-driven solutions.
Purchasing synergies: savings from renewed contracts around Utilities & Insurance
Broader Procurement savings from negotiated contracts around white goods, stationery, and office supplies
Reduced senior management cost as the merger saw natural de-duplication in some areas
Reducing non-value-added activities, such as making it easier to book. travel

All strategic plans are aligned with our corporate objectives and regulatory requirements, ensuring long-term sustainability and impact.

Procurement

We will continue to focus on strengthening our procurement approach and supporting the achievement of the Group Strategy. We aim to ensure that procurement activities are undertaken efficiently and economically, providing direction to strive for best practice in procurement while constantly improving value for money and the quality of goods and services procured. The following outlines the aims that procurement will continue to play in the delivery of our Group’s objectives:

To evaluate and improve current procurement practices to achieve better value for money and to ensure the Group’s needs are met efficiently and effectively.
To ensure that good practice examples are identified, mainstreamed and applied consistently across the organisation.
To review our products to ensure they are providing a return on investment.
To renegotiate contracts to maximise economies of scale.
To reduce our environmental impact and increase our sustainability, making the best use of our national footprint.
To ensure that current and future procurement activities are planned, monitored and reviewed effectively.
To create a structure where we can share resources, drive innovation and create more efficient ways of working.
To use digital solutions to create the most efficient and effective procurement methods to deliver the best possible service.

Waythrough Report & accounts for the year ended 31 March 2025

To use digital solutions to strengthen the financial controls of the business procurement process – using Workday “purchase to pay”.
To identify opportunities for collaboration with others to widen the scope for maximising purchasing power and identifying innovation.
To identify what part customers will play in the procurement process.

Looking ahead

We are developing a 10-year strategy as part of our longer-term financial planning and budgeting process. The 2024/25 budget was compiled to deliver the second stage of our integration plan, which will formally extend for another year. We recognise that work will continue to align our systems, processes, and people over this and the coming period. However, as we transform, we will develop a new, longer-term strategy that reflects our promise of coming together and enables us to focus on our future aspirations.

Waythrough Report & accounts for the year ended 31 March 2025

STATEMENT OF THE GROUP BOARD ON INTERNAL CONTROLS ASSURANCE

The Group Board is responsible for ensuring control assurance across the entire group and reviewing its effectiveness. The Directors recognise that such systems can provide only reasonable, not absolute, assurance against material misstatement or loss.

Board Members and Meetings

A comprehensive list of Board Members for the year can be found on page 1. Since the merger and the creation of Waythrough, the Group Board held a total of six formal meetings during the year. The trustees met monthly as a Shadow Board prior to the merger, during 23/24 and up to the date of the merger on 1 June 2024. The overall attendance rate at these meetings was 85%. Meetings moved to quarterly starting from 1 January 2025, now that the Board Committees (also meeting quarterly) are fully in place with terms of reference and delegations from the Group Board. The majority of board governance meetings in 24/25 were held as hybrid (in person and video conference), except for two annual Board Away Day Events, which were held in person. Board meetings are often preceded by a discussion on a topical area that impacts the business. These supplement the risk “deep dives” that occur at Away Day Events or as part of the Board Committee’s scrutiny agenda. In 25/26 these will be more fully integrated into a formal trustee development and service visits programme in which all trustees will participate.

During the year, we conducted a major skills review in conjunction with the development of priorities outlined in the Group Strategy. This allowed us to assess the strength of governance, future Board needs, and desirable values, experiences, and knowledge in identifying new trustees as vacancies arise. A formal succession plan for trustees is in place, and the default term of office will be 2x three-year terms.

Board Members’ remuneration, attendance and partner Board/Committee Memberships in 2024/25 were:

Trustee	Remuneration	Group Board Attendance	Partner Board/ Committee Memberships at 31/3/25	PARTNER BOARD/ COMMITTEE KEY
I Ayling	£6,333	6	PCC (Chair), FIC	AB (Aquarius Board) ARC (Audit & Risk Committee) FIC (Finance and Investment Committee) MT (MoreTime Board) PCC (People and culture) QPC (Quality & Performance Committee) SID (Senior Independent Director)
K Bakshi	£6,000	5	QPC (Co-Chair)
A Boyt_(resigned 31/5/25)_	£nil	4	QPC
S Douglas	£nil	5	QPC
C Gitsham_(Board Vice- _Chair and SID)	£nil	6	PCC
M Hopcroft	£5,000	5	FIC
I Macqueen	£nil	2	AB, MT
S Moore	£6,000	6	ARC (Chair)
P Najsarek	£5,000	5	FIC
D Oum	£6,000	6	PCC, QPC, AB (Chair)
C Regan_(Board Chair)_	£12,500	6
B Seth_(resigned 31/3/25)_	£nil	5
S Shepherd	£nil	5	QPC (Co-Chair)
J Walder	£nil	5	FIC (Chair), ARC

Waythrough Report & accounts for the year ended 31 March 2025

Matters reserved for the Group Board

The Group Board has delegated limited powers to its committees: Audit and Risk, Finance and Investment, People and Culture, Quality and Performance and Remuneration Committees. It reserves certain responsibilities and decisions for itself, specifically:

Management structure, organisation and essential governance
Objects, values and corporate strategy
Annual budget setting
Key controls as specified in the standing orders and scheme of delegations

Terms of reference for each Board committee are reviewed annually and approved by the Board. The Board and each Committee reviews its own effectiveness to set itself specific improvement targets which, where required, are underpinned by wider internal and external development opportunities.

During the year, to support the work of both the Waythrough Board, the Group developed a comprehensive Internal Integrated Governance Framework which meets quarterly to support the management of risk across the organisation but also to ensure that key areas of work have an appropriate level of scrutiny and focus by the Group Executive Management (GEM). GEM has also met regularly with our Life Experience Council who input their views into strategic priorities.

We continue to review the effectiveness of all of the groups within the overall framework to ensure they remain fit for purpose and assess whether there is a more effective way of delivering this assurance.

Identification and evaluation of risks and control objectives

Board Directors, working with the GEM and the Directors of the subsidiary Boards, have separately and collectively considered the major risks to which the Group is exposed. As part of this process, the Audit and Risk Committee meets four times annually, giving a significant portion of its agenda to risk scrutiny and challenge. The internal and external audit teams are an important source of assurance in fulfilling this remit.

The GEM is responsible for delivering the priorities and managing the associated risks, but each Group Board Committee scrutinises a portfolio of risks, with trustees offering additional ideas and rigorously challenging the organisation's pressures and management’s response to these.

As a shared responsibility, parent and subsidiary board directors and the GEM routinely satisfy themselves that appropriate systems, plans, and procedures are in place to manage risk effectively and assess progress against significant milestones in delivering key priorities.

Managing the business

Performance indicators are in place to provide information that allows management to monitor the key targeted outcomes that have been agreed upon as the best metrics to assess the sound progress of our strategic priorities. These indicators satisfy management that our services are delivering for our beneficiaries and matters which require intervention can be tackled.

To complement the existing control mechanisms, providing effective training and awareness information is vital to ensure the safe and consistent application of processes. As part of our extensive training and development program, several modules are mandatory for all staff, ensuring they are regularly updated to keep the Group's workforce well-informed, prepared, and capable of delivering quality services.

As another line of assurance, our externally sourced Internal Audit Team deliver a comprehensive annual programme highlighting a range of actions that management will continue to pursue.

Internally, we continued to publicise our Feedback Policy and raise awareness around key policies that support control assurance, such as Whistleblowing, Anti-Money Laundering, Fraud Prevention, Gifts and Hospitality, and Conflicts of Interest. Our Quality Self-Assessment regime is in place across the whole Group and operates at the local, area, and partner-wide levels.

Waythrough Report & accounts for the year ended 31 March 2025

Our Trustees ~~u~~ ndertake service visits as part of their wider responsibility (and development) to better understand the services we deliver, and the challenges faced in delivering them. It is also an opportunity for them to speak directly with the people we support. They are popular with our support, staff, and Board Members alike.

We maintain close collaboration with external partners and stakeholders to gain insights into their perspectives on our strategic direction and ongoing performance. This includes engaging with commissioners to ensure their satisfaction with our services and exploring ways to enhance their effectiveness. Additionally, we collaborate with local safeguarding teams, fire safety authorities, the Care Quality Commission, and other independent expert advisers, valuing their objective viewpoints as a valuable means of driving our continuous improvement agenda. By actively seeking input from these external sources, we strive to foster a transparent and inclusive approach to our operations and service delivery.

At the end of the year, the Group Board has reviewed the controls and assurances in place across the Group and is satisfied that the Group is both compliant with legal and regulatory requirements. This includes all the areas of work for which subsidiary boards are ultimately responsible for delivery and oversight.

Waythrough Report & accounts for the year ended 31 March 2025

STATEMENT OF THE RESPONSIBILITIES OF THE GROUP BOARD IN RESPECT OF THE ACCOUNTS

The Group Board Directors are responsible for preparing the report of the Group Board, incorporating the strategic report and the accounts in accordance with applicable law, regulations and associated guidance and good practice.

Company and housing law require the Group Board to prepare consolidated accounts for each financial year in accordance with UK Generally Accepted Accounting Practice (UK Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and the Republic of Ireland”. Under company and housing law, the Group Board members must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company and of the surplus or deficit of the Group for that period.

In preparing these accounts, the Group Board directors are required to:

Select suitable accounting policies and then apply them consistently
Make judgements and estimates that are reasonable and prudent
State whether applicable UK Accounting Standards have been followed, subject to any material departure disclosed and explained in the financial statements
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and Company will continue in business

The Board Directors are also responsible for keeping adequate accounting records that are sufficient to show and explain all transactions and disclose with reasonable accuracy at any time the financial position of the Group, and that ensure the financial statements comply with the Companies Act 2006, the Housing and Regeneration Act 2008 and have due regard to Charity Commission guidance. They are also responsible for safeguarding the Group's assets and for taking reasonable steps to prevent and detect fraud and other irregularities.

Waythrough Report & accounts for the year ended 31 March 2025

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WAYTHROUGH

Opinion

We have audited the financial statements of Waythrough (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2025 which comprise of the Group and Company Statement of Financial Activities, the Group and Company Statement of Financial Position, the Consolidated and Company Changes in Equity, the Consolidated Cash Flow Statement and the 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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the group’s and of the parent charitable company’s affairs as at 31 March 2025 and of the group’s and parent charitable company’s income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006 for the group and the parent charitable company and the Charities Act 2011 (for the Group); and
have been properly prepared in accordance with the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022.

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 other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent 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 and Financial Statements, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the

Waythrough Report & accounts for the year ended 31 March 2025

other information contained within the Annual report and Financial Statements. 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:

the information given in Strategic Report and the Directors’ Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors’ Report included within the Report of the Group Board has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report included within the Report of the Group Board.

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

adequate and sufficient accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of the Responsibilities of the Group Board set out on page 3 the trustees (who are directors of the parent charitable company for the purposes of company law and the trustees for the purposes of charitable law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and under section 151 of the Charities Act 2011, and report in accordance with those Acts and relevant regulations made or having effect thereunder.

Waythrough Report & accounts for the year ended 31 March 2025

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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

We obtained a general understanding of the group and the parent charitable company’s legal and regulatory framework through enquiry of management in respect of their understanding of the relevant laws and regulations. We obtained an understanding of the entity’s policies and procedures in relation to compliance with relevant laws and regulations. We also drew on our existing understanding of the group and the parent charitable company’s industry and regulation.

We understand that the group and the parent charitable company complies with the framework through:

Updating operating procedures, manuals and internal controls as legal and regulatory requirements change;
A risk assessment framework and register that includes regular review and scrutiny by the Board of Directors;
Regular safeguarding and health and safety reviews;
An annual assessment of compliance with social housing regulations; and
The Board of Director’s close oversight through regular Board meetings and compliance reporting.

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the group and the parent charitable company’s ability to conduct operations and where failure to comply could result in material penalties. We have identified the following laws and regulations as being of significance in the context of the group and the parent charitable company:

FRS 102 and the requirements of the Companies Act 2006, in respect of the preparation and presentation of the financial statements;
Safeguarding, including health and safety and Care Quality Commission regulations; and
Social housing and Charity law and regulation.
We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations above:
Making enquiries of management and the Audit and Risk Committee as to the risks of noncompliance and any instances thereof; and
Reading minutes of meetings of those charged with governance.

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the group and the parent charitable company’s financial statements to material misstatement, including how fraud might occur. The key areas identified as part of the discussion were with regard to the manipulation of the financial statements through manual journal entries and incorrect recognition of revenue.

These areas were communicated to the other members of the engagement team not present at the discussion.

The procedures carried out to gain evidence in the above areas included:

Waythrough Report & accounts for the year ended 31 March 2025

Testing of a sample of manual journal entries, selected through applying specific risk assessments applied based on the group and the parent charitable company’s processes and controls surrounding manual journal entries;
Reviewing and challenging estimates made by management; and
Substantive work on revenue transactions.

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.

Use of our report

This report is made solely to the parent 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 parent 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 parent charitable company, and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Bond

Senior Statutory Auditor, for and on behalf of

S&W Audit

Statutory Auditor Chartered Accountants

45 Gresham Street London EC2V &BG Date: 15 September 2025

Waythrough Report & accounts for the year ended 31 March 2025

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

WAYTHROUGH GROUP		Unrestricted Funds	Restricted Funds	Group Total Funds 2025	Unrestricted Funds, as restated	Restricted Funds, as restated	Group Total Funds, as restated 2024
		£'000	£'000	£'000	£'000	£'000	£'000
INCOME	Notes
Donations and legacies	3	180	15	195	186	0	186
Charitable activities	3	111,258	51,844	163,102	108,205	47,477	155,682
Other trading activities	3	409	-	409	341	-	341
Investment income	3	212	-	212	206	-	206
TOTAL INCOME		112,059	51,859	163,918	108,938	47,477	156,415
EXPENDITURE
Raising funds	4	3	-	3	666	-	666
Charitable activities	4	111,807	50,601	162,408	107,161	44,356	151,517
Expenditure on other trading activities	4	143	-	143	169	-	169
Non-recurringitems	4	2,688	-	2,688	636	-	636
TOTAL EXPENDITURE		114,641	50,601	165,242	108,632	44,356	152,988

Net income/(expenditure)		(2,582)	1,258	(1,324)	306	3,121	3,427
Other gains/(losses)
Net Interest receivable	7	1,038	-	1,038	1,134	-	1,134
Finance Costs	7	(78)	-	(78)	(67)	-	(67)
Surplus/(deficit) on disposals	10	348	-	348	235	-	235
Fair value gain/(losses) on investment properties	13	494	-	494	587	-	587
Fair value gain/(losses) on investments	14	(250)	-	(250)	278	-	278
Actuarial (loss)/gain in respect of pension scheme	28	(59)	-	(59)	3	-	3
Transfers between funds	23	(583)	583	-	(964)	964	-
NET MOVEMENTS IN FUNDS		(1,672)	1,841	169	1,512	4,085	5,597
Reconciliation of funds:
Total funds brought forward		51,684	12,708	64,392	50,172	8,623	58,795
TOTAL FUNDS CARRIED FORWARD		50,012	14,549	64,561	51,684	12,708	64,392

Waythrough Report & accounts for the year ended 31 March 2025

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

WAYTHROUGH COMPANY		Unrestricted Funds	Restricted Funds	Company Total Funds 2025	Unrestricted Funds, as restated	Restricted Funds, as restated	Company Total Funds, as restated 2024
		£'000	£'000	£'000	£'000	£'000	£'000
INCOME	Notes
Donations and legacies	3	180	15	195	1,777	(0)	1,777
Charitable activities	3	102,916	51,844	154,760	100,259	47,071	147,330
Other trading activities	3	369	-	369	341	-	341
Investment income	3	212	-	212	206	-	206
TOTAL INCOME		103,677	51,859	155,536	102,583	47,071	149,654
EXPENDITURE
Raising funds	4	3	-	3	13	-	13
Charitable activities	4	103,771	50,601	154,372	100,216	43,946	144,162
Expenditure on other trading activities	4	120	-	120	146	-	146
Non-recurringitems	4	2,688	-	2,688	636	-	636
TOTAL EXPENDITURE		106,582	50,601	157,183	101,011	43,946	144,957

Net income/(expenditure)		(2,905)	1,258	(1,647)	1,572	3,125	4,697
Other gains/(losses)
Interest receivable	7	808	-	808	878	-	878
Finance Costs	7	(78)	-	(78)	(67)	-	(67)
Surplus/(deficit) on disposals	10	348	-	348	235	-	235
Fair value gain/(losses) on investment properties	13	494	-	494	587	-	587
Fair value gain/(losses) on investments	14	(250)	-	(250)	278	-	278
Actuarial (loss)/gain in respect of pension scheme	28	(59)	-	(59)	3	-	3
Transfers between funds	23	(48)	48	-	(358)	358	-
NET MOVEMENTS IN FUNDS		(1,690)	1,306	(384)	3,128	3,483	6,611
Reconciliation of funds:
Total funds brought forward		49,953	6,451	56,404	46,825	2,968	49,793
TOTAL FUNDS CARRIED FORWARD		48,263	7,757	56,020	49,953	6,451	56,404

Waythrough Report & accounts for the year ended 31 March 2025

STATEMENT OF FINANCIAL POSITION (BALANCE SHEET)

WAYTHROUGH Note Fixed assets Tangible Fixed Assets (Housing Properties) 11 Tangible Fixed Assets (Other Assets) 12 Investment Properties 13 Current assets Stock 15 Debtors due within one year 16 Investments 14 Cash at bank and in hand Creditors: amounts falling due within one year 17 Net current assets Total Assets less Current Liabilities Creditors: amounts falling due after more than one year 18 Provisions for Liabilities 22 Defined benefit pension scheme liability 28 Net Assets Funds Restricted funds 23 Unrestricted funds - Unrestricted general funds 23 - Designated funds 23 - Revaluation reserve 23 - Pension reserve 23	Group Group, as restated Company Company, as restated 2025 2024 2025 2024 £'000 £'000 £'000 £'000 30,825 29,009 28,075 26,529 13,828 12,690 13,117 12,021 2,494 2,000 2,494 2,000
	47,147 43,699 43,686 40,550 342 305 338 302 24,708 23,044 22,407 21,014 5,788 6,038 5,788 6,038 21,794 29,801 17,159 24,845
	52,632 59,188 45,692 52,199 (22,750) (27,790) (20,890) (25,640) 29,882 31,398 24,802 26,559 77,029 75,096 68,488 67,109 (11,383) (9,794) (11,383) (9,794) (1,085) (958) (1,085) (958) 0 47 0 47
	64,561 64,392 56,020 56,404 14,549 12,708 7,757 6,451 47,057 48,432 45,490 46,883 184 184 - - 2,771 3,021 2,773 3,023 - 47 - 47
	64,561 64,392 56,020 56,404

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on 10 September 2025 and signed on their behalf by

……………………………………………… ………………………………………………… Carolyn Regan (Group Chair) Susan Moore (Chair of Audit and Assurance Committee) Director Director

Waythrough

Report & accounts for the year ended 31 March 2025

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

WAYTHROUGH GROUP
Balance at 31 March 2023 Year ended 31 March 2024: Net movement in funds Transfers (Note 23) Adjustment: Merger Accounting; aligning policies (Note 2) Adjustment: Prior Year Deferred Income release (Note 32) Balance at 31 March 2024 as restated Year ended 31 March 2024: Net movement in funds Transfers (Note 23) Balance at 31 March 2025*	Restricted Funds	Unrestricted				Total
		General Funds	Designated Funds	Revaluation Reserve	Pension Reserve
	£'000 8,623 (597) 964 (5) 3,723	£'000 £'000 £'000 £'000 £'000 47,146 229 2,758 39 58,795 - 1,743 - 263 8 1,417 (919) (45) - - 0 (228) - - - (233) 690 - - - 4,413
	12,708	48,432 184 3,021 47 64,392
	12,708 1,258 583	48,432 184 3,021 47 64,392 (792) - (250) (47) 169 (583) - - - -
	14,549	47,057 184 2,771 - 64,561

STATEMENT OF CHANGES IN EQUITY

WAYTHROUGH COMPANY
Balance at 31 March 2023 Year ended 31 March 2024: Net movement in funds Transfers (Note 23) Adjustment: Merger Accounting; aligning policies (Note 2) Adjustment: Prior Year Deferred Income release (Note 32) Balance at 31 March 2024 as restated Year ended 31 March 2024: Net movement in funds Transfers (Note 23) Balance at 31 March 2025*	Restricted Funds	Unrestricted				Total
		General Funds	Designated Funds	Revaluation Reserve	Pension Reserve
	£'000 2,968 (598) 358 - 3,723	£'000 £'000 £'000 £'000 £'000 44,026 - 2,760 39 49,793 2,753 - 263 8 2,426 (358) - - - - (228) - - - (228) 690 - - - 4,413
	6,451	46,883 - 3,023 47 56,404
	6,451 1,258 48	46,883 - 3,023 47 56,404 (1,345) - (250) (47) (384) (48) - - - -
	7,757	45,490 - 2,773 0 56,020

Waythrough Report & accounts for the year ended 31 March 2025

CONSOLIDATED STATEMENT OF CASH FLOWS

ythrough ort & accounts for the year ended 31 March 2025 CONSOLIDATED STATEMENT OF CASH FLOWS	3
WAYTHROUGH GROUP Note Cash flows from operating activities Net cash from operating activities 31 Cash flows from investing activities Investment income Purchase of tangible fixed assets Proceeds on disposal of tangible assets Purchase of listed investments Proceeds from sale of investments Interest received Net cash used in investing activities Cash flows from financing activities Repayments of other borrowings Net cash from/(used in) financing activities Changes in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	2025 2024 (2,958) 4,930
	212 443 (7,400) (6,985) 1,392 611 - - - - 1,038 894
	(4,760) (5,038)
	(291) -
	(291) -
	(8,007) (107) 29,801 29,908
	21,794 29,801

Waythrough Report & accounts for the year ended 31 March 2025

NOTES TO THE ACCOUNTS for the year ended 31 March 2025

1. Legal status

Waythrough (“the company”) is a private company limited by guarantee (number 01820492) and is incorporated in England; the registered office address is Inspiration House, Unit 22, Bowburn North Industrial Estate, Bowburn, Durham DH6 5PF. The company is a registered charity (number 515755) and is also registered as a private provider of social housing with the Regulator of Social Housing (number 4713).

Aquarius Action Projects (“Aquarius”) is a wholly owned subsidiary of Waythrough. It is incorporated as a private company limited by guarantee under the Companies Act 2006 in England, number 2427100. It is also a registered charity, number 1014305. Its registered office is 236 Bristol Road, Birmingham, B5 7SL.

More Time (UK) Limited is a wholly owned subsidiary company of the charity, Waythrough. It is incorporated as a private company limited by shares under the Companies Act 2006 in England, number 7738729, and was established to carry on trading activities (cleaning services giving opportunities to people who find access to employment markets challenging), complementing the work of Waythrough. Further details are stated in Note 14 to the financial statements. The registered office is the same as the parent, Waythrough.

Waythrough Support Services Limited is a wholly owned subsidiary company. It is incorporated as a private company limited by shares under the Companies Act 2006 in England, number 14174303, which trades alongside the Charity to deliver health and social care services. The proceeds are reinvested back into the charity to better meet the needs of the people we serve. The registered office is the same as the parent company, Waythrough.

Richmond Fellowship (The) is a private company limited by guarantee (number 0662712) and is incorporated in England; the registered office address is 80 Holloway Road, London N7 8JG. It is a wholly owned subsidiary of Waythrough (since 1 June 2024). The company is a registered charity (number 200453) and is also registered as a private provider of social housing with the Regulator of Social Housing (number H2025). During the year, it transferred its assets through an Asset Transfer Agreement to Waythrough and ceased trading in 2024/25. It is currently in the process of deregistering as a provider of social housing, but this is not yet complete. This charity is not expected to trade during the 2025/26 financial year.

E D P Drug & Alcohol Services (“EDP”) is a wholly owned subsidiary of Waythrough. It is incorporated as a private company limited by guarantee under the Companies Act 2006 in England, number 02145656. It is also a registered charity, number 297370. Its registered office is the same at the parent charity, Waythrough. This charity is no longer trading and is not expected to trade during the 2025/26 financial year.

The Sector Group Limited (“TSG”) is a wholly owned subsidiary company of the charity, Waythrough. It is incorporated as a private company limited by shares under the Companies Act 2006 in England, number 7738950. This company has never traded, and an application to strike the company off has been made.

2. Business Combinations

Nature of the Combination

On 1 June 2024, Humankind and Richmond Fellowship combined to form a new charitable group, Waythrough . The merger was affected by the transfer of Richmond Fellowship’s assets and liabilities into Humankind, following which Humankind was renamed as Waythrough. Neither party was regarded as the acquirer, nor was any party seen to be dominant in substance. The merger was undertaken for the mutual benefit of service users and stakeholders and has therefore been accounted for as a uniting of interests, in accordance with the merger accounting principles set out in FRS 102 and the Charities SORP.

Accounting Treatment

The merger of Humankind and Richmond Fellowship has been accounted for using the merger accounting method in accordance with Section 19 of FRS 102. Under merger accounting:

The assets and liabilities of Humankind and Richmond Fellowship have been combined at their existing carrying values.
No goodwill has been recognised.

Waythrough Report & accounts for the year ended 31 March 2025

The results and cash flows of both entities are presented as if the merger had occurred at the beginning of the comparative period.
Comparative information has been restated on this basis to ensure consistency and comparability.

Net Assets at the date of Merger.

Group Humankind Group Richmond Fellowship Group as at 01 June 2024 as at 01 June 2024 Net Assets 16,485 41,432 Company Humankind Co. Richmond Fellowship Co. as at 01 June 2024 as at 01 June 2024 Net Assets 16,509 35,185	Waythrough Group
	as at 01 June 2024
	57,917

	Waythrough Co.
	as at 01 June 2024
	51,694

Accounting Policy Alignment

As part of the application of merger accounting, the accounting policies of the combining entities were reviewed and aligned. Adjustments were made to ensure consistency in the recognition and measurement of assets, liabilities, income, and expenses.

The Group reviewed and aligned the accounting policies of Humankind and Richmond Fellowship to ensure consistency across the unified organisation. This assessment included areas including classification of restricted and unrestricted funds, fixed asset and depreciation policies. In particular, the Group aligned depreciation policies for housing properties (depreciated on a component basis over their individual useful economic lives) and for other fixed assets such as IT, fixtures and fittings, and office properties (depreciated on a straight-line basis over periods ranging from 2 to 100 years, depending on asset class). Where differences were identified, adjustments were made to restate balances on a consistent basis. These adjustments are reflected in the opening reserves of Waythrough and ensure comparability and integrity of the consolidated financial statements.

Nature and Extent of Adjustments

Housing components (EUL) : Prior to the merger, Humankind applied simplified depreciation, with limited housing component detail and broadly estimated other fixed asset lives, while Richmond Fellowship applied detailed component-based depreciation. HK’s housing assets were split and aligned to RF’s component methodology, yielding a net Debit adjustment of £22k . Refer Note 11

Other fixed assets (EUL) : Depreciation policies were standardised across both entities, resulting in a net credit adjustment of £111k . Refer Note 12.

Dilapidations provision : HK had a lease-by-lease approach whereas RF had few leased properties so did not have a dilapidation policy. As part of the alignment, RF established a provision of £317k , resulting in a retrospective opening adjustment. Refer note 22.

Restricted reserves : Restricted reserves: An additional £5k adjustment was recorded on the HK side to reconcile minor cumulative rounding differences. This has been reflected through expenditure, as shown in Note 4.

These changes ensure consistent and comparable accounting for all fixed assets and provisions under Waythrough’s aligned policies. See Tabled analysis below;

Waythrough Report & accounts for the year ended 31 March 2025

SOFA - Group Humankind Group (pre-merger) Richmond Fellowship Group (pre-merger) Waythrough Group (post-merger) 01 April 2024 to 01 June 2024 01 April 2024 to 01 June 2024 01 June 2024 to 31 March 2025 Total Income 17,355 9,205 137,358 Total Expenditure 17,160 9,422 138,660 Net income/(expenditure) 195 (217) (1,302) Net Movement in Funds 195 (217) 191 SOFA - Company Humankind Co. (pre-merger) Richmond Fellowship Co. (pre- merger) Waythrough Co. (post-merger) as at 01 June 2024 as at 01 June 2024 01 June 2024 to 31 March 2025 Total Income 17,331 7,697 130,508 Total Expenditure 17,149 8,279 131,755 Net income/(expenditure) 182 (582) (1,247) Net Movement in Funds 182 (582) 16	Total
	01 April 2024 to 31 March 2025
	163,918
	165,242
	(1,324)
	169

	Total
	01 April 2024 to 31 March 2025
	155,536
	157,183
	(1,647)
	(384)

Comparative Information

Comparative figures for the year ended 31 March 2024 have been restated to reflect the combined results of Humankind and Richmond Fellowship as if the merger had taken place on 1 April 2023 . Comparative figures for the year ended 31 March 2024 have been restated to reflect the aligned accounting policies. The impact of these restatements is disclosed in Note 11, 12, 22 & 4.

Net Movement in Funds (prior year).

SOFA - Group
Net Movement in Funds
Group Adjustments*
Deferred Income adjustment
Merger Accounting policies
alignment
Restricted Reserve rounding
adjustment
SOFA - Company
Net Movement in Funds
Company Adjustments*
Deferred Income adjustment
Merger Accounting policies
alignment

Humankind
Group
Richmond
Fellowship
Group
Waythrough
Group
Group
Adjustments
Waythrough
Group, as
restated
as at 31 March
2024
as at 31 March
2024
as at 31 March
2024
as at 31 March
2024
as at 31 March
2024
574
842
1,416
4,181
5,597
4,413
(227)
(5)
4,181
Humankind
Co.
Richmond
Fellowship Co.
Waythrough
Co.
Company
Adjustments
Waythrough
Company, as
restated
as at 31 March
2024
as at 31 March
2024
as at 31 March
2024
as at 31 March
2024
as at 31 March
2024
2,191
235
2,425
4,186
6,611
4,413
(227)
4,186**

Impact on Financial Statements

The merger and subsequent alignment of accounting policies resulted in restated comparative figures, as detailed in Notes 11, 12, 22 & 4. These adjustments had a net debit impact of £233k on Group’s and expenditure for the year ended 31 March 2024 income (impact of £228k on Company’s income), primarily reflecting an increase in provisions of £317k, partially offset by a credit adjustment of £111k to other fixed assets and a £22k debit adjustment to housing asset components. And a £5k adjustment to Group’s Restricted Reserve, posted through and adjustment Expenditure in prior year.

Waythrough Report & accounts for the year ended 31 March 2025

As part of the accounting policy alignment exercise, a detailed review of the classification of assets was undertaken (Housing and Other Fixed Assets). This review resulted in the regrouping of asset costs and associated depreciation charges prior to the application of merger accounting adjustments. The opening alignment adjustments are reflected in Notes 11 & 12.

The financial statements of Waythrough present the results of the combined entities as though they had always operated as a single organisation. Comparative information has therefore been restated on the same basis. The opening reserves of Waythrough represent the aggregate of the reserves of both legacy organisations as at the date of merger.

3. Accounting policies

Basis of preparation

These financial statements have been prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), the Housing SORP 2018 “Statement of Recommended Practice for Registered Housing Providers” and they comply with the Accounting Direction for Private Registered Providers of Social Housing 2022, and under the historical cost convention.

The financial statements have been prepared in accordance with Housing SORP 2018; however, aspects of the Charities SORP (FRS102) have been adopted to aid comparability with other registered charities. These include:

The Consolidated Statement of Financial Activities in place of the Consolidated Statement of Comprehensive Income.
Income and expenditure notes to include reference to unrestricted and restricted expenditure
Statement of funds
Analysis of net assets between funds
Detailed Note highlighting particulars of income and expenditure around social housing activities, other social activities and non-social activities

Waythrough Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial position in these financial statements.

The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £’000.

Accounting Policies for Business Combinations

Business combinations involving entities under common control are accounted for using merger accounting. Under this method:

The results and financial position of the combining entities are presented as if the combination had occurred at the beginning of the earliest comparative period.
Assets and liabilities are recognised at their carrying amounts.
No goodwill is recognised.

Disclosure exemptions

The Company is a qualifying entity as defined by FRS 102 and, as such, has taken advantage of the exemption from presenting a statement of company cash flows on the grounds that the relevant information is included within the consolidated information presented within these financial statements.

The consolidated statement of financial activities (SOFA) and consolidated balance sheet consolidate the financial statements of the company and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line-by-line basis.

Waythrough Report & accounts for the year ended 31 March 2025

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to align their accounting policies with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Going concern

The financial statements have been prepared on the going concern basis which the directors consider to be appropriate for the following reasons.

The Trustees have considered the potential impacts of different adverse conditions, such as rising costs and changes in revenue, to ensure the business can continue operating in the immediate term. In this context, we carried out scenario testing on these conditions, examining income reduction from our Social Enterprises, changes in grant conditions, and potential movements in operating costs affecting staff and other operating expenditures.

Other scenario testing included subjective judgments of the impact of increased rent arrears, delayed rent collection and increased voids. In making these assessments, we considered the mitigations available to manage the potential impact on cash flow, which affects the financial viability of the business. Financial forecasts are regularly presented to the Trustees, which include these scenarios and mitigations. The assessment demonstrated that the financial impact could be managed within the approved budget, providing assurance that we had sufficient liquidity to manage the associated financial risks. In addition, the Trustees are regularly updated with our performance against expectations by:

Detailed quarterly forecasting as part of the monthly reporting cycle.
Eighteen-month forward rolling cashflow forecast.
Enforcing a ‘golden rule’ within our Reserves Policy, where cash reserves must remain within a minimum uncommitted cash reserve of £10 million, being £9 million for the company and £1 million for Aquarius.

The Group has no loan commitments or restrictive financial covenants.

The Group’s business activities, its current financial position and factors likely to affect its future development are set out within the Strategic Report.

On this basis, the Trustees have reasonable expectations that the Group and Company have adequate resources to continue the operational existence for the foreseeable future, being a period of at least twelve months after the date on which the report and financial statements are signed. For this reason, it continues to adopt the going concern basis in the financial statements.

Key sources of estimation uncertainty and judgements

The preparation of financial statements requires management to make judgements, estimates, and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities at the statement of financial position date, and the reported amounts of revenues and expenses during the reporting period. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements, estimates and assumptions have had the most significant effect in amounts recognised in the financial statements:

(a) Critical judgements

In preparing the financial statements, the following judgements, which have, or could have, a material impact on the financial statements, were made:

Application of Merger Accounting

In forming Waythrough on 1 June 2024 through the combination of Humankind and Richmond Fellowship, the trustees considered the appropriate basis of accounting for the transaction. Under FRS 102, business combinations are normally accounted for using the acquisition method. However, FRS 102 and the Charities

Waythrough Report & accounts for the year ended 31 March 2025

SORP permit the use of merger accounting in circumstances where the combination is, in substance, a group reconstruction or a uniting of interests between entities under common control.

The trustees judged that the combination of Humankind and Richmond Fellowship met the conditions for merger accounting. The transaction represented a merger of equals, in which the controlling parties of the combining entities came together in a partnership for the mutual sharing of risks and benefits under the continuing legal entity, which was subsequently renamed Waythrough. Neither party was regarded as the acquirer, nor was any party seen to be dominant in substance. The merger was undertaken for the mutual benefit of service users and stakeholders, and has therefore been accounted for as a uniting of interests, in accordance with the merger accounting principles set out in FRS 102 and the Charities SORP.

As part of applying merger accounting, the accounting policies of Humankind and Richmond Fellowship were reviewed and aligned. Adjustments were made to ensure consistency in the recognition and measurement of assets, liabilities, income, and expenditure. Refer Notes 11, 12, 22 & 4. Key areas of alignment included:

Depreciation policies: Housing properties are depreciated on a component basis, while other fixed assets (IT, office equipment, leasehold improvements) are depreciated on a straight-line basis.
Dilapidation provisions: Recognition of liabilities for leased properties where restoration obligations exist.
Restricted Reserve: Ensuring consistent treatment of restricted and unrestricted funds.

Classification of housing property

It is the Group’s opinion that while rental income is received from the provision of social housing, the primary purpose is to provide social benefits. The provision of social housing is therefore akin to supplying a service and so property held for this purpose has been accounted for as property, plant and equipment. This treatment is consistent with housing associations that have chosen the alternative option of applying the revised UK GAAP (FRS 102), which contains explicit provisions for this scenario and arrives at a similar conclusion; it is also consistent with guidance contained in the Statement of Recommended Practice: Accounting by Registered Social Housing Providers 2018 (the SORP). Refer Note 6.

Identification of housing property components

Housing property depreciation is calculated on a component-by-component basis. The identification of such components is a matter of judgment and may have a material impact on the depreciation charge. The components selected are those which reflect how the major repairs to the property are managed. Refer Note 11.

Properties let to other service providers

Properties let to other service providers are classed as property, plant and equipment rather than as investment properties, as the properties are retained primarily to ensure the continued provision of services to beneficiaries, rather than for capital gain or income generation. Refer Note 13.

Cap on net pension scheme asset

The net defined pension scheme asset is recognised only to the extent of the net present value of the estimated future Group contributions to the scheme, as it is deemed to be unlikely that the scheme trustees would make refunds to the Group. Refer Note 28.

(b) Key accounting estimates and assumptions

The charitable group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Estimation of revenue

Income from the provision of services is recognised as the services are provided. In most cases, the services are provided in accordance with the funding agreement, but in a minority of cases, the funder may contend that the services haven’t been fully provided and retrospectively demand that a proportion of the invoiced

Waythrough Report & accounts for the year ended 31 March 2025

income be refunded. Estimates are therefore necessary as to the extent to which invoiced income may be repayable. Refer Note 6.

Useful lives

Depreciation of assets is calculated based on the cost and the estimated useful lives of the assets. The expected useful lives for housing property components is estimated based on the expected replacement frequency used for asset management purposes. Refer Note 11.

Dilapidations

The dilapidation provision is assessed on a lease-by-lease basis. Dilapidation costs are provided by the Waythrough premises team who have detailed knowledge of the buildings and any works that may need to be carried out on exiting a building. The provision accrues over the term of the lease, taking due account of any upcoming break clauses. Refer Note 22.

Impairments of housing and other properties held social purposes

The cost of purchasing an equivalent property on the open market is estimated based on the sales prices for similar properties in or near the same location.

The rebuilding cost of structures and components is based on the current build costs obtained from market data (being primarily construction indices) applied to the relevant building size and type.

Major Repairs

Major repairs are capitalised to the extent that they relate to the replacement or restoration of a separately identified property component or where the expenditure results in the enhancement of the economic benefits of the assets such as an increase in rental income, a reduction in future maintenance costs or a significant extension to its useful economic life. In any other circumstances repairs are charged to the Statement of Financial Activities as incurred. Refer Note 11.

Residual value of social housing properties

It is considered that the estimate of residual value of social housing properties has a significant impact on the carrying amount of social housing assets. The Group consider the residual value of social housing property structure to be cost. Refer Note 11.

Rent arrears and other debtors

Provision is made for rent arrears where there is objective evidence concerning recoverability. This is an estimate based on past experience, the current level and age profile of the arrears / debtors, and the specific circumstances relating to a particular rent arrear or debt. Refer Note 6.

Investment Properties

Properties rented on the open market are valued based on the Market value approach subject to occupational agreements and normal market period of 6-12 months. Refer Note 13.

Carrying values

The carrying amount of the assets and liabilities affected by the above estimates are set out in the notes below.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents rental income receivable; fees from local authorities and other funders for the provision of services; grant income from the Government and other bodies; income from fundraising activities and amounts receivable for goods sold. All such amounts are stated excluding VAT where this has been applied.

Income is recognised as follows (refer Note 3):

Income from charitable activities includes income recognised as earned where the related services are provided under contract or where entitlement to grant funding is subject to specific performance conditions. Grant income included in funding is subject to specific performance conditions. Grant income included in this category provides funding to support activities and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Grants,

Waythrough Report & accounts for the year ended 31 March 2025

where entitlement is not conditional on the delivery of a specific performance by the group, are recognised when the group becomes unconditionally entitled to the grant.

Voluntary income is received by way of donations and is included in full in the Statement of Financial Activities when received.
Income from other trading activities is revenue from contracts for the provision of professional services and is recognised at the fair value of the consideration received or receivable for the provision of services provided in the normal course of business and is shown net of VAT and other sales related taxes.
The company recognises revenue when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity.
Investment income is recognised on a receivable basis. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Property rental income represents all rental and service charge receivable when it falls due and amortised capital grant.
Rental Income – on a time apportioned basis.
Service Income – as the services are provided.
Donations – when the Group has entitlement, the donation can be measured reliably, and receipt is probable.
Revenue (performance) grants – in the same period as the expenditure to which they relate.
Government capital grants - recognised using the accruals model and initially deferred and then credited to revenue on a straight-line basis over the expected life of the asset which they have funded.
Other capital grants – recognised using the performance model, with recognition being when the Group has entitlement, the grant can be measured reliably, and receipt is probable.

Donated assets and services which would otherwise have been purchased are included at the estimated expenditure purpose, the donations may become repayable in which case the liability is recognised when the related asset is disposed of or when it ceases to be used for the approved purpose.

Expenditure

Expenditure is recognised on an actual basis when a liability is incurred. Expenditure is net of recoverable VAT where conditions for recovery are met. All other expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.

Costs of generating funds comprises the support costs from central functions associated with attracting voluntary income.

Charitable group expenditure comprises those costs incurred by the group in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable group activities. Governance costs are those incurred in connection with administration of the charitable group and compliance with constitutional and statutory requirements.

Support costs are those functions that assist the work of the group but do not directly undertake charitable activities. Support costs include governance, finance, information technology, human resources and quality. These costs have been allocated to expenditure on charitable activities.

Charitable activities and governance costs are costs incurred on the charitable group's operations, including support costs and costs relating to the governance of the group apportioned to charitable activities.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. Refer Note 4.

Waythrough Report & accounts for the year ended 31 March 2025

All expenditure is inclusive of irrecoverable VAT.

Arrears

Debtors include the total rent and service charge arrears which is comprised of both current and former tenant arrears. Former tenant arrears are fully provided for in the financial statements at the point the tenant leaves the property. Current tenant arrears are provided for at specific rates according to the age of the debt. Refer Note 16.

Employee benefits

The Group provides a range of benefits to employees, including paid holiday arrangements and defined benefit and defined contribution pension plans. Refer Note 9.

Short-term benefits

Short-term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution pension plan

The Group operates a defined contribution plan, whereby the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in the period to which they relate. Amounts not paid are shown in accruals in the statement of financial position. Refer Note 28.

The assets of the plan are held separately from the Group in independently administered funds.

State plan

The Group is an admitted body to the NHS Pension Scheme, a multi-employer defined benefit pension scheme. The Group has no ongoing liability to this scheme other than to pay contributions as they fall due, and this plan is accounted for as a defined contribution plan. Refer Note 28.

Defined benefit pension plan

The Group operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive upon retirement, usually dependent on several factors, including age, length of service, and remuneration.

The asset recognised in the statement of financial position in respect of the defined benefit plan is the lower of the fair value of the plan assets at the reporting date, less the present value of the defined benefit obligation at the reporting date, and the net present value of the estimated future Group contributions to the scheme.

The defined benefit obligation is calculated using the projected unit credit method. Annually, the Group engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high-quality corporate bonds denominated in sterling and with terms approximating the estimated period of the future payments (‘discount rate’).

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Group’s policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other gains and losses. These amounts, together with the return on plan assets, less amounts included in net interest, are disclosed as ‘Re-measurement of net defined benefit liability’.

The cost of the defined benefit plan, recognised in operating expenditure in the statement of financial activities as employee costs, comprises the increase in pension benefit liability arising from employee service during the period and the cost of plan introductions, benefit changes, curtailments, and settlements. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in the statement of financial activities as ‘Finance expense’. Any surpluses generated by the scheme is not recognised due to the application of the asset ceiling cap.

Waythrough Report & accounts for the year ended 31 March 2025

The group also has three members of staff who are members of the South Yorkshire Pension Authority, a Local Government Pension Scheme (LGPS). This is a defined benefit scheme. The group has obtained an LGPS valuation as at 31 March 2025 and at the scheme exit date. See note 28 for further details.

The LGPS is a funded scheme multi-employer scheme. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each reporting date. The amounts charged to net income are the current service costs and the costs of scheme introductions, benefit changes, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the net defined benefit liability/asset is also recognised in the Statement of Financial Activities and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between the interest income on the scheme assets and the actual return on the scheme assets is recognised as other gains and losses.

Actuarial gains and losses are recognised immediately as other gains and losses.

The LGPS assets are managed by the scheme trustees at scheme level, and the determination / allocation of assets to each individual employer in the scheme is managed by the scheme actuary. The assets are allocated to each employer for accounting purposes based on the valuation of the assets at the latest triennial valuation as adjusted for subsequent contributions received from the employer, asset returns, and benefit payments made (either on a cash basis or actuarial basis).

The retirement benefit obligation recognised represents the deficit or surplus in the defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans. Refer Note 28.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the statement of financial position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the statement of financial position date. Refer Note 17.

Termination benefits are recognised when employees accept the company’s offer to those benefits. Termination benefits provided as a result of the termination are recognised when the company has communicated its plan of termination to the affected employees.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group 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 the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund. Refer Note 23.

Financial instruments

Financial assets and financial liabilities are recognised in the statement of financial position when the Group becomes a party to the contractual provisions of the instrument. The Group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Waythrough Report & accounts for the year ended 31 March 2025

Trade and other debtors and creditors, including rent arrears and rent paid in advance, are classified as basic financial instruments and measured at initial recognition at transaction price. Such debtors and creditors are subsequently measured at amortised cost using the effective interest rate method, save that amounts expected to be settled within 12 months are not discounted. An impairment provision is established when there is objective evidence that the Group will not be able to collect all amounts due.

Cash and cash equivalents and long-term bank deposits are classified as basic financial instruments and are initially recognised at their transaction price and subsequently at fair value.

Interest bearing bank and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the counterparty, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.

Financial assets are derecognised when either the contractual rights to the cash flows from the asset are settled or expire, or when substantially all the risks and rewards of the ownership of the asset are transferred to another party.

Financial liabilities are derecognised when the liability is extinguished, that is when contractual obligation is discharged, cancelled or expires. Refer Note 26.

Managed properties

Income and expenditure relating to housing properties managed by the Group are recognised in the statement of financial activities where the Group is exposed to a significant proportion of the risks and rewards associated with the properties. Refer Note 25.

Housing and other properties used for social purposes

Housing and other properties used for social purposes are properties which are held to provide residential accommodation, shared ownership, nursing homes or day care centres. These properties are stated at cost less accumulated depreciation and any recognised impairment loss. The cost of the properties is the purchase price together with those costs that are directly attributable to acquisition and construction up to the date of completion.

Properties in the course of construction are not depreciated.

For freehold housing properties, depreciation is charged on major components so as to write down the cost of the components to their estimated residual value on a straight-line basis over their estimated useful lives as follows:

Freehold Land	Indefinite	Structure	100 years
Pitched Roof	60 years	Windows	40 years
Flat Roof	20 years	Boilers	15 years
Bathrooms	20 years	Kitchens	15 years
Wiring	30 years	Fire Systems	10 years

Subsequent expenditure which relates to either the replacement of previously capitalised components or the enhancement of such components which results in incremental future benefits is capitalised and the carrying amount of any replaced component or part component is derecognised. Any other expenditure incurred in respect of repairs is charged to operating expenses in the statement of financial activities. Refer Note 11.

Other tangible fixed assets

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable, and the cost or value of the asset can be measured reliably.

Waythrough Report & accounts for the year ended 31 March 2025

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Refer Note 12.

Depreciation is provided on the following bases:

Freehold premises 2–100 years (1-50%) Leasehold premises 2–100 years (1-50%) Furniture, Fixtures and Fittings 2–5 years (1-20%) Computer, IT & other office equipment 5 years (20%) Computer software 5–10 years (10-20%) Motor Vehicles 3-5 years (20-33%)

Inventories

Inventories are stated at cost less provision for impairment losses. Refer Note 15.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value are assessed to determine whether there is an indicator that the asset (or asset’s cash generating unit) may be impaired. If there is such an indicator the recoverable amount of the asset (or asset’s cash generating unit; CGU) is compared to the carrying amount of the asset (or asset’s cash generating unit).

Assets not used for social purposes

The recoverable amount of the asset (or asset’s cash generating unit) is the higher of the fair value less costs to sell and value in use. Value in use (VIU) is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset’s (or asset’s cash generating unit) continued use. These cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks inherent in the asset.

If the recoverable amount of the asset (or asset’s cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the operating expenses unless the asset has been revalued when the amount is recognised in other gains and losses to the extent of any previously recognised revaluation. Thereafter any excess is recognised in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset’s cash generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation or amortisation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the profit and loss account.

Assets used for social purposes, including housing and other properties

For the purposes of impairment assessments, housing and other properties used for social purposes are assessed on a property-by-property basis.

At each statement of financial position date, the properties are assessed to determine if there are indicators that the property may be impaired in value; if there are such indicators of impairment, then a comparison of the property’s carrying value to its recoverable amount is undertaken. Any excess over the recoverable amount is recognised as an impairment loss and charged as operating expenses in the statement of financial activities; the carrying value is reduced appropriately. The recoverable amount of a property is the higher of its fair value less costs to sell and its value in use. Value in use for properties which are able to be used in their current condition, and which are fulfilling the social purpose for which they were acquired is based on the depreciated replacement cost of the asset. For other schemes, value in use is defined as the net present value of the future cash flows before interest generated from the scheme.

Waythrough Report & accounts for the year ended 31 March 2025

When an impairment loss is subsequently reversed, the carrying amount of the property is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in operating expenses in the statement of financial activities.

Government grants (social housing grants - SHG)

Government grants are recognised when there is reasonable assurance that the Group will receive the grant and be able to comply with the terms of the grant. Grants are classified as either relating to assets or as relating to revenue.

Grants relating to assets are accounted for using the accrual model and are recognised as revenue in the statement of financial activities over the period of the estimated life of the relevant asset to which it relates as follows:

Grants relating to whole properties – over the useful life of the structure
Grants relating to components – over the useful life of the relevant components

Grants relating to assets are derecognised when the asset to which they relate is derecognised.

Grants which relate to revenue are accounted for using the performance model and are recognised in the statement of financial activities as the associated costs to which the grant relates are recognised.

Any grants which are received but are not recognised are disclosed as liabilities.

Grant relating to a property which is sold is derecognised and disclosed as a liability where repayment or recycling is required. Where SHG is recycled, it is credited to a fund which appears as a creditor until used to fund the acquisition of new properties. Where recycled grant is known to be repayable it is shown as a creditor within one year. Refer Note 21.

Current asset investments

Investments are stated at fair value and any changes in the fair value are recognised in the statement of financial activities. Refer Note 14.

Operating leases

Rentals payable under operating leases, where substantially all the risks and rewards of ownership remain with the lessor, are charged to operating expenses in the statement of financial activities on a straight-line basis over the life of the lease.

Incentives received to enter into an operating lease are credited to operating expenses, to reduce the lease expense, on a straight-line basis over the period of the lease. Refer Note 8.

Cash and cash equivalents

Cash and cash equivalents comprise cash in hand and bank deposits and other highly liquid investments which have a maturity of three months or less.

In certain cases, the Group and its employees assist individuals to manage their money in their bank accounts. These bank accounts do not relate to the Group and are therefore not dealt with in these financial statements.

Provisions

A provision is recognised in the statement of financial position when the Group has a present legal or constructive obligation as a result of a past event that can be reliably measured, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects

Waythrough Report & accounts for the year ended 31 March 2025

the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

Value Added Tax

The Group is registered for VAT and the balances shown in these accounts exclude VAT where applicable. Irrecoverable input VAT is expensed as incurred and is analysed in line with the underlying expense to which it relates.

Taxation

All entities within the Group are registered charities and are able to obtain relief from corporation tax, provided that they operate within certain charitable exemptions, including applying all income to charitable purposes. Since these conditions have been fulfilled, these entities do not recognise provisions for taxation.

Provision is made for direct and deferred tax in respect of non-charitable subsidiaries; currently, the activities of non-charitable subsidiaries are immaterial to the Group.

Waythrough 50 Report & accounts for the year ended 31 March 2025

Note 3: Income

WAYTHROUGH GROUP

Note 3: Income WAYTHROUGH GROUP
	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	Funds	Funds	Funds	Funds	Funds	Funds
	2025	2025	2025	2024	2024	2024
	£'000	£'000	£'000	£'000	£'000	£'000
CHARITABLE ACTIVITIES
Substance misuse	44,893	46,958	91,851	43,793*	43,200*	86,993
Criminal justice	4,721	527	5,248	4,589*	384	4,973
Work and skills	887	2,992	3,879	1,261	1,549*	2,810
Community services	1,484	319	1,803	1,870	1,448*	3,318
Independent living services (Note 6a)	2,930	919	3,849	2,630*	540*	3,170
Housing (Note 6a & 6b)	10,688	-	10,688	11,232	-	11,232
Supporting people contract income	13,542	-	13,542	14,340	-	14,340
Premises	-	-	-	195	-	195
Commercial property	30	-	30	30	226*	256
Central support services	145	129	274	197	130	327
Registered nursing home lettings	762	-	762	714	-	714
Crisis Houses	5,455	-	5,455	4,769	-	4,769
Community based projects	24,940	-	24,940	21,536	-	21,536
Other	781	-	781	1,049	-	1,049
TOTAL	111,258	51,844	163,102	108,205	47,477	155,682
DONATION AND LEGACIES
Donations	180	15	195	186	-	186
TOTAL	180	15	195	186	-	186
OTHER TRADING ACTIVITIES
Leased to 3rd Party Providers	169	-	169	148	-	148
Market Rent	127	-	127	147	-	147
ContractCleaning &Maintenance	113	-	113	46	-	46
TOTAL	409	-	409	341	-	341
INVESTMENT INCOME
Income from listed investments	212	-	212	203	-	203
Net return on post-employment benefits	-	-	-	3	-	3
TOTAL	212	-	212	206	-	206

*The prior year adjustment resulted in £3.72m being credited to restricted funds and £0.69m to unrestricted funds.

Waythrough 51 Report & accounts for the year ended 31 March 2025

Note 3: Income

WAYTHROUGH COMPANY
	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	Funds	Funds	Funds	Funds	Funds	Funds
	2025	2025	2025	2024	2024	2024
	£'000	£'000	£'000	£'000	£'000	£'000
CHARITABLE ACTIVITIES
Substance misuse	44,892	46,958	91,850	42,010*	42,794*	84,804
Criminal justice	4,721	527	5,248	4,589*	384	4,973
Work and skills	887	2,992	3,879	1,261	1,549*	2,810
Community services	1,484	319	1,803	1,870	1,448*	3,318
Independent living services (Note 6a)	2,930	919	3,849	2,630*	540*	3,170
Housing (Note 6a & 6b)	10,688	-	10,688	11,232	-	11,232
Supporting people contract income	13,542	-	13,542	14,340	-	14,340
Premises	-	-	-	195	-	195
Commercial property	30	-	30	30	226*	256
Central support services	145	129	274	199	130	329
Registered nursing home lettings	762	-	762	714	-	714
Crisis Houses	5,455	-	5,455	4,769	-	4,769
Community based projects	16,618	-	16,618	15,402	-	15,402
Other	762	-	762	1,018	-	1,018
TOTAL	102,916	51,844	154,760	100,259	47,071	147,330
DONATION AND LEGACIES
Donations	180	15	195	1,777	-	1,777
TOTAL	180	15	195	1,777	-	1,777
OTHER TRADING ACTIVITIES
Leased to 3rd Party Providers	169	-	169	148	-	148
Market Rent	127	-	127	147	-	147
ContractCleaning &Maintenance	73	-	73	46	-	46
TOTAL	369	-	369	341	-	341
INVESTMENT INCOME
Income from listed investments	212	-	212	203	-	203
Net returnonpost-employmentbenefits	-	-	-	3	-	3
TOTAL	212	-	212	206	-	206

*The prior year adjustment resulted in £3.72m being credited to restricted funds and £0.69m to unrestricted funds.

Waythrough Report & accounts for the year ended 31 March 2025

Note 4: Expenditure

Note 4: Expenditure
WAYTHROUGH GROUP
	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	Funds	Funds	Funds	Funds	Funds	Funds
	2025	2025	2025	2024	2024	2024
	£'000	£'000	£'000	£'000	£'000	£'000
CHARITABLE ACTIVITIES
Substance misuse	43,110	45,555	88,665	41,706	40,324*	82,030
Criminal justice	4,453	526	4,979	4,128	382	4,510
Work and skills	840	2,900	3,740	1,357	1,599	2,956
Community services	1,481	336	1,817	1,911	1,195	3,106
Independent living services	2,934	969	3,903	2,009	502	2,511
Housing	10,259	161	10,420	11,153	198	11,351
Supporting people contract income	14,873	-	14,873	15,660	-	15,660
Premises	-	-	-	234	-	234
Commercial property	62	25	87	64	26	90
Central support services	888	129	1,017	1,514	130	1,644
Registered nursing home lettings	647	-	647	681	-	681
Crisis Houses	6,251	-	6,251	5,031	-	5,031
Community based projects	25,018	-	25,018	20,291	-	20,291
Other expenses(incl. Investment management)	991	-	991	1,422	-	1,422
TOTAL	111,807	50,601	162,408	107,161	44,356	151,517
DONATION AND LEGACIES
Donations	3	-	3	666	-	666
TOTAL	3	-	3	666	-	666
EXPENDITURE ON OTHER TRADING ACTIVITIES
Leased to 3rd Party Providers	73	-	73	122	-	122
Market Rent	33	-	33	-	-	-
ContractCleaning &Maintenance	37	-	37	47	-	47
TOTAL	143	-	143	169	-	169
NON-RECURRING ITEMS
Merger costs	2,688	-	2,688	636	-	636
TOTAL	2,688	-	2,688	636	-	636

As part of merger accounting and the alignment of accounting policies, Humankind’s Restricted Reserve balance was reviewed and adjusted to correct a cumulative rounding difference of £5k carried forward over previous years. The adjustment has been reflected through prior year expenditure.

Waythrough 53 Report & accounts for the year ended 31 March 2025

Note 4: Expenditure

WAYTHROUGH COMPANY
	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	Funds	Funds	Funds	Funds	Funds	Funds
	2025	2025	2025	2024	2024	2024
	£'000	£'000	£'000	£'000	£'000	£'000
CHARITABLE ACTIVITIES
Substance misuse	43,111	45,555	88,666	39,992	39,914	79,906
Criminal justice	4,453	526	4,979	4,128	382	4,510
Work and skills	840	2,900	3,740	1,357	1,599	2,956
Community services	1,481	336	1,817	1,911	1,195	3,106
Independent living services	2,934	969	3,903	2,723	502	3,225
Housing	10,259	161	10,420	11,153	198	11,351
Supporting people contract income	14,873	-	14,873	15,660	-	15,660
Premises	-	-	-	234	-	234
Commercial property	62	25	87	64	26	90
Central support services	888	129	1,017	1,369	130	1,499
Registered nursing home lettings	647	-	647	681	-	681
Crisis Houses	6,251	-	6,251	5,031	-	5,031
Community based projects	17,009	-	17,009	14,518	-	14,518
Other expenses(incl. Investment management)	963	-	963	1,395	-	1,395
TOTAL	103,771	50,601	154,372	100,216	43,946	144,162
DONATION AND LEGACIES
Donations	3	-	3	13	-	13
TOTAL	3	-	3	13	-	13
EXPENDITURE ON OTHER TRADING ACTIVITIES
Leased to 3rd Party Providers	73	-	73	122	-	122
Market Rent	33	-	33	-	-	-
ContractCleaning &Maintenance	14	-	14	24	-	24
TOTAL	120	-	120	146	-	146
NON-RECURRING ITEMS
Mergercosts	2,688	-	2,688	636	-	636
TOTAL	2,688	-	2,688	636	-	636

Waythrough Report & accounts for the year ended 31 March 2025

Note 5: Support Cost Classification

Business Development and Comms Finance, legal and IT HR and Training (L&D) Governance Substance Misuse 12 hour supported housing 24 Hour Supported Housing Community Services Crisis House CQC Registered Care Home Criminal Justice Employment Service Independent Living Services Housing Work and Skills ES IAPT Individual Placement Scheme Central Crisis Haven Central support services Garden Centre Floating Support Domestic Violence Perpetrator Programme DA IAPT Cafe Safe Haven Family Services Third Party Lease - Social Housing Counselling Services Domestic Abuse Counselling Services Commercial Property Nursing Homes Intensive Housing Management Social Enterprise OM Premises Humankind Generic Survivor Programme YP Domestic Abuse YP Drug and Alcohol Total 2024	Support Governance Total Total costs costs 2,025 2,025 2,025 2,024 £'000 £'000 £'000 £'000 1,984 - 1,984 3,449 5,505 - 5,505 2,964 3,307 - 3,307 3,991 - 2,645 2,645 2,921
	10,796 2,645 13,441 13,325
	Activities directly undertaken Support and governance costs Total Funds Total 2,025 2,025 2,025 2,024 £'000 £'000 £'000 £'000 81,385 7,283 88,668 82,031 8,847 963 9,810 8,941 8,072 547 8,619 10,612 5,968 557 6,525 7,455 5,742 520 6,262 5,473 5,047 472 5,519 5,771 4,571 409 4,980 4,510 4,027 300 4,327 863 3,582 320 3,902 2,511 3,457 309 3,766 3,237 3,433 307 3,740 2,956 3,173 348 3,521 2,983 2,309 332 2,641 3,985 1,759 - 1,759 1,060 1,107 107 1,214 869 934 151 1,085 1,644 949 53 1,002 137 788 94 882 984 698 90 788 686 661 41 702 403 611 48 659 433 342 9 351 434 323 22 345 511 246 50 296 396 217 38 255 298 147 13 160 111 138 11 149 9 133 22 155 92 101 - 101 158 90 4 94 445 70 21 91 1,263 - - - 234 28 - 28 - - - - 21 9 - 9 0 3 - 3 1
	148,969 13,442 162,408 151,517
	138,192 13,325 151,517

Waythrough Report & accounts for the year ended 31 March 2025

Note 6a: Consolidated Social housing and social housing activities

WAYTHROUGH GROUP
	Turnover	Operating Costs	Operating Surplus/(Deficit)
	2025	2025	2025
Social housing activities	£'000	£'000	£'000
Income and expenditure from lettings	10,688	10,420	268
Other social housing activities
Independent living services	3,849	3,903	(54)
Supportedpeople contract income	13,686	14,873	(1,187)
Total	28,223	29,196	(973)
Non-Social Housing Activities
Registered nursing home lettings	762	647	115
Crisis Houses	5,455	6,251	(796)
Community based projects	127,721	124,219	3,502
Other	1,085	2,095	(1,010)
Total	135,023	133,212	1,811

TOTAL	163,246	162,408	838

Note 6b: Particulars of income and expenditure from social housing - Group

Income from social housing letting activities Rent receivable Service charge income Gross rent receivable Rent losses from voids Net rents receivable Amortised government grants Other income	2025 £'000 4,699 6,882 11,581 1,160 10,421 235 32 10,688 1,668 5,015 870 100 175 162 1,864 566 10,420 268 10.0%	2024 £'000 5,089 7,334
		12,423 1,450
		10,973 250 9

Total income from social housing letting activities		11,232
Expenditure on social housing letting activities Housing management Service charge cost Routine Maintenance Planned Maintenance Major Repairs Expenditure Bad Debts Property Lease Charges Depreciation of Housing Properties and associated fixtures, fittings and equipment		1,875 5,522 849 42 121 (22) 2,208 527
Total expenditure on social housing letting activities		11,122

Operating surplus on social housing letting activities		110

Void%		11.7%

Waythrough Report & accounts for the year ended 31 March 2025

Note 6a: Social housing and social housing activities

WAYTHROUGH COMPANY

WAYTHROUGH COMPANY
	Turnover	Operating Costs	Operating Surplus/(Deficit)
	2025	2025	2025
	£'000	£'000	£'000
Social housing activities
Income and expenditure from lettings	10,688	10,420	268
Other social housing activities
Independent living services	3,849	3,903	(54)
Supported people contract income	13,686	14,873	(1,187)
Total	28,223	29,196	(973)
Non-Social Housing Activities
Registered nursing home lettings	762	647	115
Crisis Houses	5,455	6,251	(796)
Community based projects	119,397	116,211	3,186
Other	1,066	2,067	(1,001)
Total	126,680	125,176	1,504

TOTAL	154,903	154,372	531

Note 6b: Particulars of income and expenditure from social housing - Company

Income from social housing letting activities Rent receivable Service charge income Gross rent receivable Rent losses from voids Net rents receivable Amortised government grants Other income	2025 £'000 4,699 6,882 11,581 1,160 10,421 235 32 10,688 1,668 5,015 870 100 175 162 1,864 566 10,420 268 10.0%	2024 £'000 5,089 7,334
		12,423 1,450
		10,973 250 9

Total income from social housing letting activities		11,232
Expenditure on social housing letting activities Housing management Service charge cost Routine Maintenance Planned Maintenance Major Repairs Expenditure Bad Debts Property Lease Charges Depreciation of Housing Properties and associated fixtures, fittings and equipment		1,875 5,522 849 42 121 (22) 2,208 527
Total expenditure on social housing letting activities		11,122

Operating surplus on social housing letting activities		110

Void%		11.7%

Throughout the year we operated a few residential crisis services which are not considered to be social housing (and the premises were not provided with the support of social housing grant) and as such are excluded from all the data contained within this note.

Waythrough Report & accounts for the year ended 31 March 2025

Note 7: Interest receivable and financial income

	2025	2024	2025	2024
	Group	Group	Company	Company
	£'000	£'000	£'000	£'000
Bank interest receivable	1,038	1,134	808	878
Finance Costs*	(78)	(67)	(78)	(67)
TOTAL	960	1,067	730	811

*Included under Finance Costs is 'Recycled capital grant fund interest' payable

Note 8: Leases

The Group lets certain of their housing properties to social housing tenants and to other social landlords.

Social housing tenancies

The social housing tenancy agreements are governed by housing law and rents levels are governed by the Government through powers derived from the Housing and Regeneration Act 2008. Housing law sets out various safeguards for tenants, the effect of which is to make gaining possession of the properties in the event of a default by tenant an onerous process requiring Court action by the Group. In addition, where a tenant is in default through the failure to pay rent due, the Court, rather than terminating the tenancy, will usually order that the tenant clears the arrears over a number of years by making small weekly payments.

The tenants have no statutory rights or rights under the tenancy agreements to purchase the properties.

Properties let to other social housing landlords

Waythrough has a few properties which are let under non-cancellable operating leases to other social landlords for the provision of social housing and will receive the following future rents from such properties:

	2025	2024	2025	2024
	Group	Group	Company	Company
	£000	£000	£000	£000
Rents due within one year	83	79	83	79
Rents due between one and five years	-	108	-	108
Rents due after fiveyears	-	-	-	-
Total	83	187	83	187

Waythrough Report & accounts for the year ended 31 March 2025

Note 9: Staff costs

Note 9: Staff costs
	Group	Group	Company	Company
	2025	2024	2025	2024
	£'000	£'000	£'000	£'000
Wages and salaries	87,682	78,179	81,590	72,541
Social security costs	8,140	7,093	7,636	6,618
Redundancy payments	251	246	250	246
Contribution to defined contribution pension schemes	2,172	3,291	2,161	3,005
Operating costs of defined benefit pension schemes	75	11	75	11
	98,320	88,820	91,712	82,421
The average number of persons employed during the year was as follows:
Charitable activities	1,807	1,720	1,794	1,706
Support activities	1,281	1,185	1,091	1,036
Generating funds	95	78	-	-
	3,183	2,983	2,885	2,742
The number of employees whose employee benefits exceeded £60,000 were:
In the band £60,001 - £70,000	22	18	22	18
In the band £70,001 - £80,000	9	12	8	11
In the band £80,001 - £90,000	8	8	8	8
In the band £90,001 - £100,000	5	2	5	2
In the band £100,001 - £110,000	1	6	1	6
In the bank £110,001 - £120,000	1	1	1	1
In the band £120,001 - £130,000	1	2	1	2
In the band £130,001 - £140,000	-	-	-	-
In the band £140,001 - £150,000	4	-	4	-
In the band £150,001 - £160,000	1	-	1	-
In the band £170,001 - £180,000	1	1	1	1
In the band £210,000 - £220,000	1	-	1	-
	54	50	53	49

Note 9 (continued): Key management emoluments Emoluments (including pension contributions and benefits in kind)

	Group	Group	Company	Company
	2025	2024	2025	2024
	£'000	£'000	£'000	£'000
Executive staff	1,359	1,891	1,288	1,820
Non-executive directors	53	63	53	63
	1,412	1,954	1,341	1,883
Employers’ national insurance	176	219	168	211
	1,588	2,173	1,509	2,094
Emoluments (excluding pension contribution, including benefits in kind) paid to the highest paid Director
Emoluments (excluding pension contribution, including benefits in kind) paid to the highest paid Director	191	175	191	175
Pension contributions for the highest paid director	15	10	15	10
Directors' emoluments as defined by the Companies Act 2006	1,459	1,789	1,459	1,789

Note 9 (continued): Trustees' remuneration and expenses

In 2025, Waythrough paid £53k to its Trustees (2024: £63k). During the year ended 31 March 2025, expenses totalling £3,343 were reimbursed or paid directly to Trustees (2024: £3,518).

Waythrough Report & accounts for the year ended 31 March 2025

Note 10: Surplus of the Year Depreciation & Impairment of tangible owned fixed assets Auditor's Remuneration: (Excluding VAT) Audit of Group Annual Accounts Audit of Group Subsidiary Accounts Operating Leases Receivables from non-cancellable operating leases Payments under non-cancellable operating leases Rents payable under property licenses Surplus / (deficit) on disposal of fixed assets Net proceeds from the sale of fixed assets Less: net book value of assets sold Less: capital grant recycled Total surplus on disposal	2025 2024 2025 2024 Group Group Company Company £'000 £'000 £'000 £'000 3,414 2,336 3,367 2,297 186 156 127 156 54 41 - - 83 79 83 79 2,303 2,547 2,303 2,547 2,551 2,263 2,424 2,256 1,392 2,198 1,392 2,198 (243) (1,602) (243) (1,602) (801) (361) (801) (361)
	348 235 348 235

Note 10: Surplus of the Year
Depreciation & Impairment of tangible owned
fixed assets
Auditor's Remuneration: (Excluding VAT)
Audit of Group Annual Accounts
Audit of Group Subsidiary Accounts
Operating Leases
Receivables from non-cancellable operating
leases
Payments under non-cancellable operating
leases
Rents payable under property licenses
Surplus / (deficit) on disposal of fixed assets
Net proceeds from the sale of fixed assets
Less: net book value of assets sold
Less: capital grant recycled
Total surplus on disposal

2025
2024
2025
2024
Group
Group
Company
Company
£'000
£'000
£'000
£'000
3,414
2,336
3,367
2,297
186
156
127
156
54
41
-
-
83
79
83
79
2,303
2,547
2,303
2,547
2,551
2,263
2,424
2,256
1,392
2,198
1,392
2,198
(243)
(1,602)
(243)
(1,602)
(801)
(361)
(801)
(361)

348
235
348
235

Waythrough Report & accounts for the year ended 31 March 2025

Note 11 Housing Fixed Assets

WAYTHROUGH GROUP	Social Housing Properties Crisis Houses Garden Centre Total £000 £000 £000 £000
Cost: At 1 April 2024 Adjustment: aligning schedule (Note 2) Adjustment: aligning policies (Note 2) At 1 April 2024 - restated Additions: Existing Properties Additions: Components Released from WIP Disposals duringtheyear
	31,029 2,867 951 34,847 (732) 0 0 (732) (1) 0 0 (1) 30,296 2,867 951 34,114 1,235 498 0 1,733 2,626 891 0 3,517 (1,886) (340) 0 (2,226) (1,349) (6) 0 (1,355)
At 31 March 2025	30,922 3,910 951 35,783
Depreciation: At 1 April 2024 Adjustment: aligning schedule (Note 2) Adjustment: aligning policies (Note 2) At 1 April 2024 - restated Charge for the year Disposals: Components	5,534 211 71 5,816 (535) 0 0 (535) (176) 0 0 (176) 4,823 211 71 5,105 366 45 10 421 (564) (4) 0 (568)
At 31 March 2025	4,625 252 81 4,958
Net Book Value
At 31 March 2025	26,297 3,658 870 30,825

At 31 March 2024	25,495 2,656 880 29,031
At 31 March 2024 – restated*	25,473 2,656 880 29,009

*As part of merger accounting and the alignment of accounting policies, the Group recognised an opening adjustment of £22k, restating the originally signed off 2024 Group accounts from £29,031k to £29,009k.

Housing and other properties used for social purposes at cost comprise:

	2025	2024	2025	2024
	Group	Group-revised	Company	Company-revised
	£'000	£'000	£'000	£'000
Freehold	25,758	24,831	22,999	22,342
Long Leasehold	539	642	539	642
	26,297	25,473	23,538	22,984

Waythrough Report & accounts for the year ended 31 March 2025

Note 11 Housing Fixed Assets

WAYTHROUGH COMPANY	Social Housing Properties Crisis Houses Garden Centre Total £000 £000 £000 £000
Cost: At 1 April 2024 Adjustment: aligning schedule (Note 2) Adjustment: aligning policies (Note 2) At 1 April 2024 - restated Additions: Existing Properties Additions: Components Released from WIP Disposals duringtheyear
	28,158 2,875 951 31,984 (732) 0 0 (732) (1) 0 0 (1) 27,425 2,875 951 31,251 964 498 0 1,462 2,626 891 0 3,517 (1,886) (340) 0 (2,226) (1,349) (6) 0 (1,355)
At 31 March 2025	27,780 3,918 951 32,649
Depreciation: At 1 April 2024 Adjustment: aligning schedule (Note 2) Adjustment: aligning policies (Note 2) At 1 April 2024 - restated Charge for the year Disposals: Components	5,152 210 71 5,433 (535) 0 0 (535) (176) 0 0 (176) 4,441 210 71 4,722 365 45 10 420 (564) (4) 0 (568)
At 31 March 2025	4,242 251 81 4,574
Net Book Value
At 31 March 2025	23,538 3,667 870 28,075

At 31 March 2024	23,006 2,665 880 26,551
At 31 March 2024 – restated*	22,984 2,665 880 26,529

*As part of merger accounting and the alignment of accounting policies, the Company recognised an opening adjustment of £22k, restating the originally signed off 2024 company accounts from £26,551k to £26,529k.

Waythrough Report & accounts for the year ended 31 March 2025

Note 12 Other Fixed Assets

WAYTHROUGH Group	Freehold Office Premises Leasehold Other Properties Motor Vehicles Information Systems Fixtures, Fittings & Equipment Total £000 £000 £000 £000 £000 £000
Cost: At 1 April 2024 Adjustment: aligning schedule (Note 2) Adjustment: aligning policies (Note 2) At 1 April 2024 - revised Additions in year Released from WIP Disposals
	4,962 5,697 317 6,197 4,457 21,630 (120) 852 0 44 (36) 740 - - - 2,482 (2,482) (0) 4,842 6,549 317 8,723 1,939 22,370 375 901 128 2,707 110 4,221 - - - (33) - (33) - (37) - (1,506) (38) (1,581)
At 31 March 2025	5,217 7,413 445 9,891 2,011 24,977
Depreciation: At 1 April 2024 Adjustment: aligning schedule (Note 2) Adjustment: aligning policies (Note 2) At 1 April 2024 - revised Charge for the year** Disposals	1,151 2,174 158 3,380 2,188 9,051 20 515 (0) (0) 8 543 (2) (17) (4) 914 (805) 86 1,169 2,672 154 4,294 1,391 9,680 395 471 52 1,765 340 3,023 - (37) - (1,479) (38) (1,554)
At 31 March 2025	1,564 3,106 206 4,580 1,693 11,149
Net Book Value
At 31 March 2025	3,653 4,307 239 5,311 318 13,828

At 31 March 2024	3,811 3,523 159 2,817 2,269 12,579
At 31 March 2024 - revised	3,673 3,877 163 4,429 548 12,690

*As part of merger accounting and the alignment of accounting policies, the Group recognised an opening adjustment of £111k, restating the originally signed off 2024 Group accounts from £12,579k to £12,690k.

**Information systems with a net book value of £518k at 31 March 2025 have been subject to accelerated depreciation in anticipation of migration to Workday in FY2026.

Waythrough Report & accounts for the year ended 31 March 2025

Note 12 Other Fixed Assets

WAYTHROUGH Co.	Freehold Office Premises Leasehold Other Properties Motor Vehicles Information Systems Fixtures, Fittings & Equipment Total £000 £000 £000 £000 £000 £000
Cost: At 1 April 2024 Adjustment: aligning schedule (Note 2) Adjustment: aligning policies (Note 2) At 1 April 2024 - restated Additions in year Released from WIP Disposals
	4,495 5,204 292 5,717 4,201 19,909 (120) 852 0 44 (36) 740 - - - 2,482 (2,482) (0) 4,375 6,056 292 8,243 1,683 20,649 347 901 128 1,580 1,177 4,133 - - - (33) - (33) - - - (1,391) (21) (1,412)
At 31 March 2025	4,722 6,957 420 8,399 2,839 23,337
Depreciation: At 1 April 2024 Adjustment: aligning schedule (Note 2) Adjustment: aligning policies (Note 2) At 1 April 2024 - restated Charge for the year** Disposals	1,021 1,860 132 3,119 1,866 7,998 20 515 (0) (0) 8 543 (2) (17) (4) 914 (805) 86 1,039 2,358 128 4,033 1,069 8,627 391 468 52 1,727 340 2,978 - - - (1,364) (21) (1,385)
At 31 March 2025	1,430 2,826 180 4,396 1,388 10,220
Net Book Value
At 31 March 2025	3,292 4,131 240 4,003 1,451 13,117

At 31 March 2024	3,474 3,344 160 2,598 2,335 11,911
At 31 March 2024 – restated*	3,336 3,698 164 4,210 614 12,022

*As part of merger accounting and the alignment of accounting policies, the Company recognised an opening adjustment of £111k, restating the originally signed off 2024 company accounts from £11,911k to £12,022k.

**Information systems with a net book value of £518k at 31 March 2025 have been subject to accelerated depreciation in anticipation of migration to Workday in FY2026.

Waythrough Report & accounts for the year ended 31 March 2025

Note 13 Investment properties: non-social housing properties held for letting

Investment properties were valued as at 31 March 2025. The Group’s and company investment properties have been valued by Earl & Co Chartered Surveyors, professional external valuers. The full valuation of properties was undertaken in accordance with the Appraisal and Valuation Manual of the Royal Institute of Chartered Surveyors as follows:

In valuing investment properties, the Market value approach was adopted, subject to occupational agreements and a normal market period of six to 12 months.

Investment properties are initially measured at cost, including any transaction costs. Investment properties are subsequently measured and included in the financial statements at fair value at each year-end. For the purpose of these financial statements, in order to avoid double-counting, the fair value reported is reduced by the carrying amount of any debtor balances resulting from the spreading of lease incentives. Any surplus or deficit on revaluation is recognised initially in the statement of comprehensive income. All revaluation movements are transferred to a non-distributable reserve called the Revaluation reserve unless a deficit below original cost, or its reversal, on an individual property is expected to be permanent, in which case it remains in the profit and loss account as an impairment.

account as an impairment.
	2025	2024	2025	2024
	Group	Group	Company	Company
	£'000	£'000	£'000	£'000
At 1 April	2,000	1,183	2,000	1,183
Additions/Disposals	-	230	-	230
Increase/(Decrease) in value	494	587	494	587
At 31 March	2,494	2,000	2,494	2,000

Waythrough Report & accounts for the year ended 31 March 2025

Note 14 Current Asset Investments

Listed investments Group Cost or valuation At 1 April 2024 Change in market value At 31 March 2025	2025 2024 2025 2024 Group Group Company Company £'000 £'000 £'000 £'000 5,788 6,038 5,788 6,038 5,788 6,038 5,788 6,038 Listed investments £'000 6,038 (250) 5,788	2025 2024 2025 2024 Group Group Company Company £'000 £'000 £'000 £'000 5,788 6,038 5,788 6,038
		5,788 6,038 5,788 6,038

Company Cost or valuation At 1 April 2024 Additions Disposals Transfer of net assets from subsidiary Change in market value At 31 March 2025	Investments in subsidiaries Listed investments Total £'000 £'000 £'000 - 6,038 6,038 - - - - - - - - - - (250) (250)
	- 5,788 5,788

Principal subsidiaries

The following were subsidiary undertakings of Waythrough

Principal subsidiaries The following were subsidiary undertakings of Waythrough
	Company Number	Holding
More Time (UK) Limited	07738729	100%
The Sector Group Limited (dormant)	07738950	100%
Humankind Support Services Limited	14174303	100%
E D P Drug & Alcohol Services (dormant from 1 July 2023)	02145656	100%
Aquarius Action Projects	02427100	100%

Names	Income	Expenditure	Surplus/(Deficit) for the year	Net assets
	£'000	£'000	£'000	£'000
More Time (UK) Limited	967	(925)	42	0
Waythrough Support Services Limited	33,638	(33,638)	0	(20)
The Sector Group Limited (dormant)	0	0	0	0
Aquarius Action Projects	8,574	(8,039)	535	6,417

Waythrough Report & accounts for the year ended 31 March 2025

Note 15 Inventories

Waythrough Report & accounts for the year ended Note 15 Inventories	31 March 2025 66
Materials and consumables Note 16 Debtors Trade debtors Less: Provision for Bad Debts Prepayments and accrued income Amounts owed by group undertakings Other debtors	2025 2024 2025 2024 Group Group Company Company £'000 £'000 £'000 £'000 342 305 338 302
	2025 2024 2025 2024 Group Group Company Company £'000 £'000 £'000 £'000 18,153 18,813 12,446 13,246 (1,277) (1,129) (1,269) (1,126) 7,505 4,937 6,625 4,585 227 0 4,519 3,896 100 423 88 413
TOTAL	24,708 23,044 22,409 21,014

Note 17 Creditors: Amounts falling due within one year

	2025	2024	2025	2024
	Group	Group	Company	Company
	£'000	£'000	£'000	£'000
Trade creditors	3,102	4,991	3,066	4,952
Other taxation and social security	2,770	3,548	1,870	2,702
Other creditors	1,069	1,232	999	1,114
Accruals and deferred income	14,495	16,826*	13,591	15,679*
Amounts owed to subsidiary undertaking	1	0	52	0
Other loans	0	291	0	291
Other Government Grants (Note 20)	7	45*	7	45*
Social Housing Grants (Note 20)	325	161	325	161
Recycled Capital Grants Fund(Note 19)	980	696	980	696
TOTAL	22,749	27,790	20,890	25,640

*The prior year adjustment resulted in releasing £4.13m from Short-term Liabilities into Reserves.

Note 18 Creditors: Amounts falling due after more than one year

	2025	2024	2025	2024
	Group	Group	Company	Company
	£'000	£'000	£'000	£'000
Recycled Capital Grants Fund (Note 20)	816	1,117	816	1,117
Social Housing Grants (Note 21)	10,512	7,844	10,512	7,844
Other Government Grants (Note 21)	55	833*	55	833*
TOTAL	11,383	9,794	11,383	9,794

*The prior year adjustment resulted in releasing £0.40m from Long-term Liabilities into Reserves.

Waythrough Report & accounts for the year ended 31 March 2025

Note 19 Borrowings

Note 19 Borrowings
Other loans* Payable within one year Payable after one year	2025 2024 2025 2024 Group Group Company Company £'000 £'000 £'000 £'000 - 291 - 291
	- 291 - 291 - - - -
TOTAL	- 291 - 291

*Other loans were a social impact bond liability repaid in full with interest on 1 October 2024. The interest rate is 10.5% pa.

Note 20 Recycled capital grant fund – Group and Company

	HE	GLA	Total
	£'000	£'000	£'000
Balance at 31 March 2024	1,059	753	1,812
Recycled on property disposal	801	-	801
Repayments	-	-	-
Draw down	(897)	-	(897)
Interest	43	36	79
Balance at 31 March 2025	1,006	789	1,795
Amounts repayable within one year	191	789	980
Amounts due over 1 year	815	-	815
Total	1,006	789	1,795

Note 21 Government Grants

The government grants received to enable the Group to acquire properties for social purposes. Should the properties to which the grants relate cease to be used for social purposes the grants may be repayable in full. The total grants received by the Group in respect of owned property are as follows:

	2025	2024	2025	2024
	Group	Group	Company	Company
	£'000	£'000	£'000	£'000
Grants credited to Income & Expenditure	3,479	2,437	3,479	2,437
Deferred grants (Notes 17 & 18) – Social Housing Grants	10,838	7,558	10,838	7,558
Deferred grants (Notes 17 & 18) – Other Government Grants	63	1,324	63	1,324
Total	14,380	11,319	14,380	11,319

Waythrough Report & accounts for the year ended 31 March 2025

Note 22: Provision for liabilities

Note 22: Provision for liabilities
	Group	Company
	£'000	£'000
Provisions at 1 April 2023	551	551
Additions	328	328
Released	(238)	(238)
Adjustment: aligning policies*	317	317
Provisions at 31 March 2024	958	958
Provisions at 1 April 2024	958	958
Additions	196	196
Released	(70)	(70)
Provisions at 31 March 2025	1,084	1,084

*As part of Merger Accounting & alignment of Accounting Policies, Richmond Fellowship has enabled an opening Dilapidations Provision of £317k, which did not exist before. Hence the balance as at 01 April 2024 was restated.

The dilapidations provisions are based on the future expected repair costs required to restore the leased buildings to their fair condition at the end of their respective lease terms.

Waythrough 69 Report & accounts for the year ended 31 March 2025

Note 23 Statement of Funds

Note 23 Statement of Funds
WAYTHROUGH GROUP – Current Year
Statement of funds	Balance at 1 April 2024	Income	Expenditure	Transfers in/out	Gains/ (Losses)	Balance at 31 March 2025
	£'000	£'000	£'000	£'000	£'000	£'000
Designated funds
Fixed Asset Reserve	-	-	-	-	-	-
Maintenance Fund	184	-	-	-	-	184
Total Unrestricted General Funds	184	-	-	-	-	184
Unrestricted General Funds
Unrestricted funds	48,432	112,122	(112,914)	(583)	-	47,057
Total Unrestricted General Funds	48,432	112,122	(112,914)	(583)	-	47,057
Restricted funds
Mental illness services to be provided in Cumbria	1,684	-	(31)	-	-	1,653
Big lottery	103	-	-	-	-	103
Independent living	57	919	(969)	8	-	15
*Drugs and alcohol*
- Held by Aquarius Action Projects	6,257	-	-	535	-	6,792
- Other	3,315	46,958	(45,682)	19	-	4,610
Health young people and families	65	-	-	-	-	65
Community services	291	319	(336)	-	-	274
Criminal Justice	9	527	(526)	-	-	10
Work and skills	297	2,992	(2,900)	20	-	409
Humankind housing	13	-	(3)	-	-	10
Central	-	129	(129)	-	-	(0)
Commercial Property	200	(24)	-	-	-	176
Recovery fund	5	-	-	-	-	5
Legacies & Donations	396	15	-	-	-	411
Sundry	16	24	(25)	1	-	16
Total Restricted Funds	12,708	51,859	(50,601)	583	-	14,549
Revaluation Reserve
Investments	3,021	-	(145)	-	(105)	2,771
Total Revaluation Reserve	3,021	-	(145)	-	(105)	2,771
Pension Reserve
Pension reserve	47	-	12	-	(59)	-
Total Revaluation Reserve	47	-	12	-	(59)	-

Waythrough 70 Report & accounts for the year ended 31 March 2025

Note 23 Statement of Funds

Note 23 Statement of Funds
WAYTHROUGH COMPANY – Current Year
	Balance	Income	Expenditure	Transfers	Gains/	Balance
Statement of funds	at 1 April 2024			in/out	(Losses)	at 31 March 2025
	£'000	£'000	£'000	£'000	£'000	£'000
Unrestricted General Funds
Unrestricted funds	46,883	103,740	(105,085)	(48)	-	45,490
Total Unrestricted General Funds	46,883	103,740	(105,085)	(48)	-	45,490
Restricted funds
Mental illness services to be provided in Cumbria	1,684	-	(31)	-	-	1,653
Big lottery	103	-	-	-	-	103
Independent living	57	919	(969)	8	-	15
Drugs and alcohol	3,319	46,958	(45,682)	19	-	4,614
Health young people and families	65	-	-	-	-	65
Community services	292	319	(336)	-	-	275
Criminal Justice	10	527	(526)	-	-	11
Work and skills	297	2,992	(2,900)	20	-	409
Humankind housing	13	-	(3)	-	-	10
Central	-	129	(129)	-	-	(0)
Commercial Property	199	(24)	-	-	-	175
Legacies & Donations	396	15	-	-	-	411
Sundry	16	24	(25)	1	-	16
Total Restricted Funds	6,451	51,859	(50,601)	48	-	7,757
Revaluation Reserve
Investments	3,023	-	(145)	-	(105)	2,773
Total Revaluation Reserve	3,023	-	(145)	-	(105)	2,773
Pension Reserve
Pension reserve	47	-	12	-	(59)	-
Total Revaluation Reserve	47	-	12	-	(59)	-

Waythrough Report & accounts for the year ended 31 March 2025

Note 23 Statement of Funds

Note 23 Statement of Funds
WAYTHROUGH GROUP – Prior Year
Statement of funds	Balance at 1 April 2023	Income	Expenditure	Transfers in/out	Gains/ (Losses)	Balance at 31 March 2024
	£'000	£'000	£'000	£'000	£'000	£'000
Designated funds
Fixed Asset Reserve	45	-	-	(45)	-	-
Maintenance Fund	184	-	-	-	-	184
Total Unrestricted General Funds	229	-	-	(45)	-	184
Unrestricted General Funds
Unrestricted funds	47,146	109,028	(106,838)	(919)	15	48,432
Total Unrestricted General Funds	47,146	109,028	(106,838)	(919)	15	48,432
Restricted funds
Mental illness services to be provided in Cumbria	1,707	-	(23)	-	-	1,684
Big lottery	103	-	(0)	-	-	103
Independent living	9	540	(502)	10	-	57
*Drugs and alcohol*
- Held by Aquarius Action Projects	5,650	-	-	607	-	6,257
- Other	594	42,795	(40,074)	-	-	3,315
Health young people and families	65	-	-	-	-	65
Community services	38	1,448	(1,195)	-	-	291
Criminal Justice	7	384	(382)	-	-	9
Work and skills	-	1,549	(1,599)	347	-	297
Humankind housing	16	-	(3)	-	-	13
Central	-	130	(130)	-	-	-
Commercial Property	-	226	(26)	0	-	200
Recovery fund	5	405	(405)	-	-	5
Legacies & Donations	413	-	(17)	-	-	396
Sundry	16	-	-	-	-	16
Total Restricted Funds	8,623	47,477	(44,356)	964	-	12,708
Revaluation Reserve
Investments	2,758	-	263	-	-	3,021
Total Revaluation Reserve	2,758	-	263	-	-	3,021
Pension Reserve
Pension reserve	39	-	5	-	3	47
Total Revaluation Reserve	39	-	5	-	3	47

As part of merger accounting and the alignment of accounting policies, Humankind’s Restricted Reserve balance was with £5k.

** Prior Year Income has been adjusted with £4.41m due to Deferred Income released into Reserves.

Waythrough 72 Report & accounts for the year ended 31 March 2025

Note 23 Statement of Funds

Note 23 Statement of Funds
WAYTHROUGH COMPANY – Prior Year
	Balance	Income	Expenditure	Transfers	Gains/	Balance
Statement of funds - prior year - Company	at 1 April 2023			in/out	(Losses)	at 31 March 2024
	£'000	£'000	£'000	£'000	£'000	£'000
Unrestricted General Funds
Unrestricted funds	44,026	102,660	(99,460)	(358)	15	46,883
Total Unrestricted General Funds	44,026	102,660	(99,460)	(358)	15	46,883
Restricted funds
Mental illness services to be provided in Cumbria	1,707	-	(23)	-	-	1,684
Big lottery	103	-	(0)	-	-	103
Independent living	9	540	(502)	10	-	57
Drugs and alcohol	594	42,794	(40,069)	-	-	3,319
Health young people and families	65	-	-	-	-	65
Community services	38	1,448	(1,195)	-	-	291
Criminal Justice	7	384	(382)	-	-	9
Work and skills	-	1,549	(1,599)	348	-	298
Humankind housing	16	-	(3)	-	-	13
Central	-	130	(130)	-	-	-
Commercial Property	-	226	(26)	0	-	200
Legacies & Donations	413	-	(17)	-	-	396
Sundry	16	-	-	-	-	16
Total Restricted Funds	2,968	47,071	(43,946)	358	-	6,451
Revaluation Reserve
Investments	2,760	-	263	-	-	3,023
Total Revaluation Reserve	2,760	-	263	-	-	3,023
Pension Reserve
Pension reserve	39	-	5	-	3	47
Total Revaluation Reserve	39	-	5	-	3	47

** Prior Year Income has been adjusted with £4.41m due to Deferred Income released into Reserves.

Waythrough Report & accounts for the year ended 31 March 2025

Note 24 Analysis of Net Assets between Funds

WAYTHROUGH GROUP
	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	Funds	Funds	Funds	Funds	Funds	Funds
	2025	2025	2025	2024	2024	2024
	£'000	£'000	£'000	£'000	£'000	£'000
Tangible fixed assets	35,813	8,839	44,652	35,155	6,543	41,698
Investment Properties	2,494	0	2,494	2,000	0	2,000
Current assets	37,320	15,313	52,633	50,414	8,774	59,188
Creditors due within one year	(13,881)	(8,869)	(22,750)	(28,439)	649	(27,790)
Creditors due in more than one year	(11,063)	(320)	(11,383)	(6,535)	(3,258)	(9,793)
Pension liability	0	0	0	47	0	47
Provisions for liabilities and charges	(671)	(414)	(1,085)	(958)	0	(958)
Total	50,012	14,549	64,561	51,684	12,708	64,392

Note 24 Analysis of Net Assets between Funds

WAYTHROUGH COMPANY
	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	Funds	Funds	Funds	Funds	Funds	Funds
	2025	2025	2024	2024	2024	2024
	£'000	£'000	£'000	£'000	£'000	£'000
Tangible fixed assets	32,352	8,839	41,192	32,007	6,543	38,550
Fixed asset investments	2,494	0	2,494	2,000	0	2,000
Current assets	37,172	8,520	45,692	49,681	2,517	52,198
Creditors due within one year	(12,022)	(8,868)	(20,891)	(26,289)	649	(25,639)
Creditors due in more than one year	(11,062)	(320)	(11,382)	(6,535)	(3,258)	(9,793)
Pension liability	0	0	0	47	0	47
Provisions for liabilities and charges	(671)	(414)	(1,085)	(958)	0	(958)
Total	48,263	7,757	56,020	49,953	6,451	56,404

Waythrough Report & accounts for the year ended 31 March 2025

Note 25: Accommodation in Management - Company & Group

Social Housing Supported Housing Residential Care Homes	2025 2024 Owned Managed Owned Managed No. No. No. No.
	328 455 301 524 67 27 66 27
Total Social Housing	395 482 367 551
Non-Social Housing Nursing & Crisis Homes Market Rent	17 79 21 79 8 - 8 -
Total Units in Management	420 561 396 630

Note 26: Financial Instruments

Note 26: Financial Instruments
	2025	2024	2025	2024
	Group	Group	Company	Company
	fees £'000	£'000	£'000	£'000
As at the year end, the Group's financial instruments were as
follows
Financial assets held at fair value	5,788	6,038	5,788	6,038
Included in the Statement of Income and Expenditure are the
following amounts
Interest income on financial assets held at amortised cost	676	962	676	715
Interest expense on financial liabilities held at cost	(90)	(79)	(90)	(79)
Income from assets held at fair value through profit and loss	1,019	1,325	1,019	1,081
Change in value of assets held at fair value through profit and loss	(250)	865	(250)	865

Note 27: Analysis of changes in Net debt

Cash at bank and in hand Borrowings excluding overdrafts	At 1 April 2024 Cash flows Other non-cash changes At 1 March 2025 £'000 £'000 £'000 £'000 29,801 (8,007) - 21,794 (291) 291 - -
	29,510 (7,716) - 21,794

Waythrough Report & accounts for the year ended 31 March 2025

Note 28: Pension Commitments

NHS Pension Scheme

The Group is an admitted body to the NHS Pension Scheme. The Group’s contribution in 2024 was £6k (2024: £17k) and the total number of employees participating in the scheme at the end of the year was 2 (2024: 7). The Group has no on-going employer’s liability in respect of this scheme other than to fulfil annual contribution obligations for members whilst they are employed by the Group. This scheme is accounted for as a defined contribution scheme as the scheme actuary is unable to provide any details of the notional assets and liabilities attributable to the Group. More details regarding the scheme are available from the NHS Pensions website.

South Yorkshire LGPS

The Group participates in the South Yorkshire Local Government Pension Scheme on a pass-through basis. As the Group bears no responsibility for the underlying actuarial risks of the scheme, pension contributions are accounted for as if the scheme were a defined contribution arrangement.

2Care Pension & Life Assurance Scheme

Waythrough operates a defined benefit scheme, the 2Care Pension & Life Assurance Scheme. The assets of the fund are held in a separate trustee administered fund. Contributions to the scheme are assessed with the advice of a qualified actuary based on valuations using the projected unit method. Future employer contributions to the scheme have been agreed as being 27% (2024 – 26.95%) of pensionable salaries plus life assurance costs. Future employee contributions have been agreed as 8.45% (2024 – 8.45%) of pensionable salaries. The fund is now closed to new entrants and as a closed scheme it is likely that the future contribution rates will increase.

The performance and results of the as at 31 March 2025 were prepared by the Scheme’s appointed actuary. Adjustments to the valuation at that date have been made based on the following assumptions:

	2025	2024
	% per annum	% per annum
Inflation	3.15	3.10
Salary increases	3.15	3.10
Rate of discount	5.90	5.10
Pension in payment increases - pre 97 accrual	0.00	3.60
Pension in payment increases - post 97 accrual	0.00	3.00
Revaluation rate for deferred pensioners – RPI	2.75	3.10
Revaluation rate for deferred pensioners – CPI	3.15	2.70
Expected return on assets	0.00	4.80
Mortality assumptions:	Years	Years
Longevity at age 65 for current pensioners
Men	21.3	20.9
Women	23.8	22.9
Longevity at age 65 for future pensioners
Men	22.6	22.3
Women	25.2	24.4
Reconciliation of scheme assets and liabilities:
	Assets	Liabilities	Total
	£000	£000	£000
At 31 March 2023	6,502	(5,375)	1,127
Benefits paid	(70)	70	-
Employer contributions	13	-	13
Employees Contributions	4	(4)	-
Current service cost	-	(11)	(11)
Interest income / (expense)	-	(257)	(257)
Actuarial losses:

Waythrough

Report & accounts for the year ended 31 March 2025

Return on plan assets excluding interest income Actuarial gains / (losses) At April 2024 Benefits paid Employer contributions Employees’ contributions Current service cost Past service cost Interest income / (expense) Actuarial losses: Actuarial gains/(losses): Change of basis Actuarial gains/(losses): Experience Actuarial gains / (losses) At 31 March 2025 Effect of asset ceiling Net assets at 31 March 2025*	311 - 130 426	311
		556
	6,890 (5,151) (202) 202 9 - 3 - - - 187 347 (258) - 382 - 119 (544) -	1,739
		-
		9
		3
		-
		187
		89

		382
		119
		(544)
	6,503 (4,519)	1,984
		(1,984)
		0

The unrecognised surplus as at 31 March 2025 was £1,984k (2024; £1,692)

Amounts recognised in income and expenditure are as follows:

mounts recognised in other comprehensive income are as follows: Return on plan assets excluding interest Actuarial Gains/(Losses) on defined benefit obligation Effects of changes in the amounts of the surplus that is not recoverable Total Current service costs Financial income Total Plan assets are invested as follows: Equities Diversified Growth Funds Liability Driven Investment Cash Total		2025 2024 £000 £000

		- 11
		- (3)
		(0) 8
		2025 2024 £000 £000


		(544) 130
		501 426
		(16) (576)
		(59) (20)
		2025 2024 £000 £000 - - 2,072 1,967 4,437 4,820 (6) 103 6,503 6,890

Amounts recognised in other comprehensive income are as follows:

Waythrough Report & accounts for the year ended 31 March 2025

Note 29: Operating Lease Commitments

Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years	2025 2024 2025 2024 Group Group Company Company £'000 £'000 £'000 £'000 1,891 2,341 1,773 2,329 3,627 4,487 3,336 4,487 975 822 721 821
	6,493 7,650 5,830 7,637

Note 30: Related Party Transactions

Note 30: Related Party Transactions
	2025	2024
	£'000	£'000
To: More Time (UK) Limited	17	123
From: More Time (UK) Limited	855	680
To: Waythrough Support Services Limited	33,638	12,783
From: Waythrough Support Services Limited	-	-
To : Aquarius Action Projects	340	325
From : Aquarius Action Projects	(55)	(52)
	34,795	13,859

Note 31: Reconciliation of net movement in funds to net cash flow from operating activities

activities
WAYTHROUGH GROUP	Group Group 2025 2024 £'000 £'000 169 5,597 3,444 2,158 494 0 (249) (865) (348) 363 (212) (296) (1,038) (954) 36 (20) (1,663) (2,321) (3,452) 1,113 (126) 170 (12) (15)
Net movement in funds for the year (as per Statement of Financial Activities) *Adjustments for:* Depreciation charges Fair value gains on Investment Properties Change in market value of investments (Loss)/profit on sale of tangible assets Investment income Interest received Movement in stocks Movement in debtors Movement in creditors (Decrease)/increase in provisions Movement on pension scheme liability Net cash provided by operating activities
	(2,958) 4,930

Waythrough Report & accounts for the year ended 31 March 2025

Note 32: Prior Year adjustment

As part of the transition to Waythrough and the review of accounting policies under FRS 102, the trustees reassessed the recognition of income previously included within deferred income. FRS 102 and the Charities SORP require income from grants, contracts, and donations to be recognised in the Statement of Financial Activities when the charity is entitled to the income, the amount can be measured reliably, and it is probable that the economic benefit will flow to the charity. Deferred income should only be recognised where conditions exist that limit the charity’s entitlement, such as performance-related conditions that have not yet been met.

On review, £4.41m of balances previously classified as deferred income did not meet the criteria for deferral under FRS 102, as the charity was entitled to the funding with no outstanding performance conditions. These amounts should have been recognised as income in the relevant prior period.

Accordingly, the brought-forward reserves at 1 April 2024 have been restated to reflect the release of £4.41m from deferred income into restricted and unrestricted reserves. This represents a prior year adjustment in accordance with FRS 102 section 10, Accounting policies, estimates and errors . The comparative figures have been restated in Financial Statements, and the effect is disclosed in notes 3, 17 & 18.

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Waythrough Is a company registered in England and Wales. Registered office: Inspiration House, Unit 22, Bowburn North Industrial Estate, Durham DH6 5PF Registered Company 182 0492 | Registered Charity 515755 | CQC registered provider 1-126775024. Social housing registered provider 4713 | VAT 413 2088 32

CONTENTS

WAYTHROUGH GROUP TRUSTEES AND ADVISERS

Introduction from the Chair of Waythrough

REPORT OF THE BOARD

KEY HIGHLIGHTS

STRATEGIC REPORT

OUR ACTIVITIES AND MODELS TO SUPPORT PEOPLE

Our Group Strategy, Corporate Plan and Business Models

REVIEW OF THE YEAR AND KEY PERFORMANCE INDICATORS

Financial performance in the year

Integration

Developments

Staff & Culture

Housing

Pensions

Cash and Reserve Balances

Reserves policy

PEOPLE WE SUPPORT – OUR IMPACT.

Service User Feedback

Volunteers

Drug and Alcohol Recovery

Independent Living & Housing Services

Housing

Work & Skills

PRINCIPAL BUSINESS RISKS AND UNCERTAINTIES

COMPLIANCE WITH OUR STATUTORY DUTIES UNDER SECTION 172 OF THE COMPANIES ACT .

DIRECTORS REPORT

FINANCIAL RISK MANAGEMENT

POST BALANCE SHEET

OUR PEOPLE: DRIVING QUALITY AND IMPACT

Championing Inclusion and Belonging

Fair and Transparent Pay

Promoting Health and Wellbeing

Diversity, Equality and Social Responsibility

STREAMLINED ENERGY AND CARBON REPORT

Energy consumption

Methodology

Energy efficiency initiatives

FUNDRAISING

LEGAL STRUCTURE AND GOVERNANCE

REGULATION AND COMPLIANCE

Statement on public benefit

Statement of accountability

Statement of compliance with the RSH’s latest Standards and the Charity Commission’s Code of Governance

DISCLOSURE OF INFORMATION TO THE AUDITOR

Approved by the Board and signed on its behalf by

STATEMENT OF THE GROUP BOARD ON VALUE FOR MONEY (VFM)

Value for Money (VFM) Approach

Our VFM Aims:

How We Deliver VFM:

Procurement

Looking ahead

STATEMENT OF THE GROUP BOARD ON INTERNAL CONTROLS ASSURANCE

Board Members and Meetings

Matters reserved for the Group Board

Identification and evaluation of risks and control objectives

Managing the business

STATEMENT OF THE RESPONSIBILITIES OF THE GROUP BOARD IN RESPECT OF THE ACCOUNTS

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WAYTHROUGH

Opinion

Basis for opinion

Conclusions relating to going concern

Other information

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

Responsibilities of trustees

Auditor’s responsibilities for the audit of the financial statements

Use of our report

S&W Audit

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

STATEMENT OF FINANCIAL POSITION (BALANCE SHEET)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

STATEMENT OF CHANGES IN EQUITY

CONSOLIDATED STATEMENT OF CASH FLOWS

NOTES TO THE ACCOUNTS for the year ended 31 March 2025

1. Legal status

2. Business Combinations

Accounting Treatment