THERA EAST MIDLANDS

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Sayer Vincent LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“In September 2024, Thera Trust Group successfully agreed a revised payment schedule for payment of its three Charity bonds. It also prepared a financial three-year transformation plan to support the revised payment plan. The transformation plan shows that Thera Trust Group has sufficient liquidity to make all payments as they become due and undertake all transformation plans. The plan ensures that Thera Trust Group has sufficient cash headroom to manage short term cashflow challenges such as in Q1 when national minimum wage (NMW) increases are paid to staff from 1 April but where there are shortfalls in fee uplifts from Local Authorities to cover the full cost of increases in the costs of delivery, as well as any potential delays in receiving the increased fees. The financial plan aims to build reserves over time. The Directors have therefore received the necessary assurances to conclude that it is appropriate to prepare the accounts on a going concern basis. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Thera East Midlands' ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.”

Significant events

• “2024-25 has seen the implementation of a Thera Group wide Transformation Plan, which has been necessary owing to the difficult financial climate within Social Care.”
• “In addition to the Transformation Plan we successfully retendered for the Stoke Contract. This contract is not without difficulty and will be a focus of the Board in 2025-26. We have as successfully gained new contracts in Derbyshire, moving into the Peak District, a new area for TEM.”
• “in March 2025, we started consultation with all employees in local management positions on a proposed new leadership structure.”
• “Implementation of a new operational structure from July 2025.”
• “Securing additional liquidity via a new £4.5m Invoice Financing Facility from July 2025.”
• “Further Group simplification.”
• “On July 7th 2025, Thera East Midlands joined Thera Trust and other Group companies providing care and support in securing a £4.5m Group Invoice financing facility.”
• “In August 2025 Thera Trust as the parent company of the Group has decided to simplify the Group Structure. At the date of signing the financial statements, the details of how this simplification will take place, its timing and the implications for Thera East Midlands are still to be determined.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

6

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.