The directors present the strategic report for the year ended 30 September 2025.
The group has delivered a strong financial performance, from a combination of existing contract growth and new customer contracts secured, with turnover for the year ended 30 September 2025 growing by 30% to £23,350,084 (year ended 30 September 2024: £17,973,783) and an operating profit of £1,054,523 generated (year ended 30 September 2024: £832,882 loss). On an adjusted basis (before amortisation and depreciation) the group’s adjusted operating profit increased to £1,925,150 (year ended 30 September 2024: £297,610)
The group’s health and wellbeing business, Thrive Tribe, holds long-term service contracts with Local Authorities and the NHS, providing the following in-person and digital (remote) services across the United Kingdom:
Health and wellbeing:
Smoking cessation;
Weight management;
Physical activity; and
Diabetes prevention
The group's men's health and weight loss business, Man v Fat, has maintained its UK football and Rugby subscription levels and has successfully launched in the US.
The group's balance sheet leaves it well placed to continue to grow the company's health and wellbeing offerings.
The Board of Thrive Tribe Holdings has identified risks and uncertainties to which the group is exposed. The most significant of these and the approach to mitigating these risks are:
Changes in tax laws, regulations and government spending and policy
The board keeps itself up to date with national news, press releases and communications with the NHS and other appropriate bodies, taking steps to address any relevant changes. The trend for Government investment in preventative healthcare continues to look very positive with significant opportunities to tender for new business.
Failure to meet statutory clinical standards and/or risk of breaching legal requirements around clinical safety and information governance
The group has a dedicated Clinical Director and a very strong focus on clinical governance. All staff, including those in patient-facing roles, are appropriately qualified and trained to perform their duties.
Loss of management or key staff
Incentive schemes are in place to help retain key personnel. The group's retention rates are consistently high and well above industry norms, with an attractive benefits package offered to all staff.
Economic risks
The board has monitored the impact of higher inflation rates and higher interest rates (in comparison to historical averages). For the year end 30 September 2025 neither have been deemed to have had a material impact on the group's operations, trading results or cash flow.
The board meets on a regular basis to identify any new exposures as they arise and where appropriate discuss the management and mitigation of such risks that have been identified.
Development and performance
The company has continued to focus on expanding its coverage with Local Authorities of its preventative healthcare interventions and services and developing its digital, hybrid and face to face offerings, along with leveraging its position as a preferred supplier on the National Diabetes Prevention Programme.
Whilst there are many financial and operating measures regularly monitored by the group, the primary financial metrics are:
Turnover
For the year ended 30 September 2025 turnover was £23,350,084 compared with £17,973,783 for the year ended 30 September 2024.
Gross profit
For the year ended 30 September 2025 gross profit was £17,243,293 compared with £13,455,011 for the year ended 30 September 2024.
Adjusted operating profit (Operating profit before amortisation and depreciation)
For the year ended 30 September 2025 adjusted operating profit was £1,925,150 compared with £297,610 for the year ended 30 September 2024.
At the year end, the group was exposed to the interest rate and liquidity risk posed by the existing borrowings and financial instruments in place.
The group has exposure to credit risk from debtors not paying, however, debtors are central or local Government, and as such this is considered a low risk.
The group has maintained sufficient cash reserves to manage its working capital requirements and any calls placed upon it should the need for further investment be required in any area of the business.
The group’s current £3m bank facility with Santander UK Plc, runs through to February 2028, and comprises £2.5m of term loans and a £0.5m Revolving Credit Facility.
The group has continued to invest in and develop its digital solutions alongside providing face-to-face interventions.
Future developments
The Board will continue with their strategy to grow the group's health and wellbeing offerings with Local Authorities and the NHS, and to seek further expansion in the UK and US of its Man v Fat subscription business.
The board views the future and growth prospects of the company with confidence.
On behalf of the board
The directors present their annual report and financial statements for the year ended 30 September 2025.
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £186,000. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future.
The directors have prepared detailed consolidated cash flow forecasts which extend at least twelve months from the date of signing these financial statements. The directors have applied a severe but plausible stress test to these forecasts which demonstrate they maintain sufficient funds to discharge their liabilities under this severe scenario whilst adhering to their reset covenants. For these reasons, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
We have audited the financial statements of Thrive Tribe Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' 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's and parent 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 directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report 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 have been prepared in accordance with applicable legal requirements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
- We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation and occupational health and employment legislation.
- We enquired of the directors for evidence of non compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.
- We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any instances of fraud that had taken place during the accounting period.
- The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks.
- We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
- We enquired of the directors about actual and potential litigation and claims.
- We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
- In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non compliance with laws and regulations and cannot be expected to detect all fraud and non compliance with laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 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 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 company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £325,489 (2024 - £167,985 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
Thrive Tribe Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .
The group consists of Thrive Tribe Holdings Limited and all of its subsidiaries ("the group").
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The parent company has taken advantage of the exemption from preparing a statement of cash flows, on the basis that it is a qualifying entity and the group statement of cash flows, included in these financial statements, includes the company's cash flows.
The consolidated group financial statements consist of the financial statements of the parent company Thrive Tribe Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 September 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line 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.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future.
The directors have prepared detailed consolidated cash flow forecasts which extend at least twelve months from the date of signing these financial statements. The directors have applied a severe but plausible stress test to these forecasts which demonstrate they maintain sufficient funds to discharge their liabilities under this severe scenario whilst adhering to their reset covenants. For these reasons, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue from the provision of health and wellbeing services provided to customers is net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts.
Revenue is recognised when performance obligations are satisfied and the control of services is transferred to the customer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation, usually on a straight-line basis over the contract period, and is typically billed for on a monthly or quarterly basis.
Subscription income for the group's Man v Fat business is recognised at the fair value of the membership subscription consideration received monthly from users of the services provided in the normal course of business and is shown net of VAT and any other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of future receipts. The difference between the fair value of the consideration and the normal amount received is recognised as interest income.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
A defined contribution plan is a pension plan under which the group pays fixed contributions into a pension fund. Once the contributions have been paid the group has no further payment obligations. Contributions are recognised in relation to the group’s defined contribution plan as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability on the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Certain former and current employees are members of the Thrive Tribe Limited section of the Mercer Defined Benefit Master Trust Scheme. The scheme undergoes a triennial valuation, if a deficit is identified at the point of valuation then a liability is recognised for the amount of the deficit until additional contributions are made by the company, with any actuarial gains or losses recognized immediately in Other Comprehensive Income. If the valuation identifies a surplus then an asset is only recognised if the balance is deemed recoverable.
In addition, certain staff employed by the company are eligible for membership of the NHS pension scheme. This is a multi-employer defined benefit (career average) pension scheme for which insufficient information is available to enable the company to identify its share of scheme assets and liabilities. Contributions to the scheme are are treated as if they were made to a defined contribution plan.
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes pricing model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Management have assessed that costs incurred in accordance with development of the company's digital solutions should be capitalised as intangible assets and subsequently amortised over their estimated useful lives, when the product being developed is completed and begins generating economic benefits for the company. Management consider a range of criteria in the judgement of what costs should be capitalised, such as the technical feasibility of completing the intangible asset, the intention to complete the asset, the ability to use or sell the asset, how the asset will generate economic benefits and being able to reliably measure the expenditure attributable to the asset.
Intangible fixed assets are amortised over their useful economic life, taking expected usage and technical obsolescence into consideration, where appropriate. The remaining economic life of the assets and need for impairment are assessed annually, at each reporting date.
The group is required to test goodwill allocated to its cash generating unit annually for impairment or more frequently where indicators exist. This requires the preparation of value in use calculations to determine recoverable value. These methods require the estimation of future cash flows and discount rates in order to calculate the present value of the cash flows.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
Details of the company's subsidiaries at 30 September 2025 are as follows:
Amounts owed by group undertakings are unsecured and repayable on demand. No interest is charged on the outstanding balance.
The group has a £3m facility with Santander UK Plc, expiring February 2028, comprising of £2.5m of term loans and a £0.5m Revolving Credit Facility.
The facility is secured by way of fixed and floating charges over all assets, property or undertakings of the following Group companies: Thrive Tribe Group Ltd, Man V Fat Ltd, Thrive Tribe Limited and Thrive Tribe Holdings Limited.
The following are the major deferred tax liabilities and assets recognised by the group and company:
The deferred tax liability set out above is expected to reverse in accordance with the amortisation and depreciation policies of the intangible and tangible fixed assets to which it relates.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Contributions totalling £130,464 (2023: £49,314) were payable to the fund at the year end and are included in other creditors.
NHS Pension Scheme
Certain staff employed by the company are eligible for membership of the NHS pension scheme. This is a multi-employer defined benefit (career average) pension scheme for which insufficient information is available to enable the company to identify its share of scheme assets and liabilities. Contributions to the scheme are are treated as if they were made to a defined contribution plan.
Thrive Tribe Limited section of the Mercer Defined Benefit Master Trust Scheme
The group company Thrive Tribe Limited previously operated a defined benefit scheme for qualifying employees. Under the scheme the employees were entitled to retirement benefits as a percent of final salary on attainment of retirement age. No other post retirement benefits were provided.
There are eight former and one current employee that are members of the Thrive Tribe Limited section of the Mercer Defined Benefit Master Trust Scheme. They are each either categorised as deferred members (seven in total) or retired (two in total).
The scheme was established in relation to a previous contract with NHS Suffolk that ran from 2011 to 2016. The terms of the NHS Suffolk contract meant that Thrive Tribe Limited had to set up a scheme that materially matched the terms and conditions of the NHS pension scheme. The contract was subsequently decommissioned and went back ‘in-house’ with the NHS.
The latest triennial valuation was completed by Kevin Davey, Fellow of the Institute of Actuaries, as at 5 April 2025 with the scheme in surplus (on a technical provisions basis), with a funding level of 177%. The Company pays £1,460 per month to cover the expenses and costs of the scheme.
Assumed life expectations on retirement at age 65:
The trustees use the constant addition discount rate methodology.
The discount rate is derived by forward yield rates established at the valuation date; calculating the scheme's technical provisions in the actuarial valuation and specifying the funding level, calculated in accordance with the low dependency funding basis that the trustees intend the scheme to have achieved at the relevant date.
There are no amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans, due to the schemes surplus position and the inability for Thrive Tribe Limited to recover any possible surplus.
At the reporting date, the Group had a number of share option agreements in place with employees. Options are exercisable on or after the third anniversary of its date of grant at prices as agreed in the executed agreements.
The vesting period of these options are 36 months. If the options remain unexercised after a period of ten years from the date of the agreement, the options expire. Options are forfeited if a qualifying exit event as specified in the agreements occurs. The options are to be settled in equity.
A Black Scholes pricing model has been adopted to derive the fair value of the equity instruments granted which considers a number of inputs. These included degrees of volatility, expiry timelines being option life, risk-free interest rates, option strike prices and spot price valuations of the Company at the time of issue.
The options outstanding at 30 September 2025 had an exercise price of £7.07, and a remaining contractual life of 7 years (2024: 8 years).
Each Ordinary share carries one vote, has the right to participate in any income distributions including dividends, has the right to participate in any capital distributions (including on a winding up) and does not confer any rights of redemption.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The group has no events after the reporting date of note to disclose.