The trustees present their annual report and financial statements for the year ended 31 March 2026.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".
a. Policies and objectives
The principal objects of Share Learning Limited is:
- Helping to make a positive impact through learning and development, and professional support to advance the education of the public concerning all aspects of housing and housing management.
b. Activities undertaken to achieve objectives
Share is a leading provider of cutting-edge learning and development solutions for the housing and property sector. In order to achieve the objectives, Share delivers housing education and training courses, eLearning, events, conferences and other educational forums, to the staff and governing body members in the housing sector, as well as the wider public.
c. Charitable activities
Share continues to offer excellent benefits to its members and customers. Share continues to invest in new systems to aid with the delivery of services desired by our members. During the year, Share developed our On Demand learning platform, launched new qualifications and expanded our eLearning system, amongst other projects.
New staff, new ideas, updated training, additional events, improved and more targeted marketing, along with more contact with members and other customers are all key to ensuring that Share remains relevant and meets the needs of members.
The success of Share is due to the hard work of staff, Trustees and support from the housing sector.
a. Membership
In 2024-25, Share launched a new membership program featuring two categories: Corporate and Individual Memberships. The revised membership structure enhances flexibility, enabling both individuals and organisations to more easily access Share's membership benefits and resources. This year we have welcomed 47 (2025: 41) Corporate Member Organisations and 482 (2025: 405) Individual Members and saw an overall growth in membership numbers of 16%.
b. Professional development
This year, Share supported over 2,000 members and learners. To achieve this, we delivered 378 courses and qualifications (2025: 257), hosted 9 conferences (2025: 7), facilitated 15 network sessions (2025: 16), and delivered 17 webinars (2025: 17). We also event-managed 3 conferences on behalf of external organisations.
In terms of member engagement, we have seen promising results:
Event Attendance: During the reporting period 85%, (2025: 85%) of our member organisations engaged with our programme of events, with staff from these organisations attending at least one event.
Event management: During the year, Share managed 3 (2025: 2) events for other organisations. We offer professional support to plan, coordinate, and deliver engaging and successful events tailored to an organisations specific need, ensuring smooth execution from concept to completion.
eLearning Interaction: Our eLearning platform offers over 400 courses (2025: 350), over 200 (2025: 150) of which are specifically designed for housing professionals. The Share eLearning platform has been designed to assist learners in advancing their careers while maintaining an electronic record of their educational and Continuing Professional Development (CPD) achievements. From its launch, 19,175 activities were completed and just 23,391 activities launched, enhancing the breadth of educational opportunities available to Share members.
As a membership benefit, the eLearning platform offers numerous advantages, including the convenience of accessing courses anytime and anywhere, the ability to learn at one's own pace and the opportunity to stay current with industry standards and best practices. This comprehensive resource has empowered our members to continuously develop their skills and knowledge, ultimately contributing to their professional growth and success.
Share has recently launched the CIH Level 5 Diploma as an On Demand, learner-led course. This flexible, self-paced learning model enables learners to take control of when, how, and where they engage with course materials through the Share eLearning platform, with 24/7 access to all course content. Learners are provided with an assessment timetable to support progression and help maintain momentum throughout the programme. The CIH Level 4 Certificate in Housing (On Demand) is scheduled to launch July 2026.
Accredited qualifications: During the year, 219 learners (2025: 132) undertook accredited professional qualifications through Share. These qualifications were awarded by recognised bodies including the Chartered Institute of Housing (CIH), the Scottish Qualifications Authority (SQA), City & Guilds, and the Institute of Leadership and Management (ILM). This reflects Share’s ongoing commitment to supporting the professional development of individuals across the sector.
The development of accredited courses continues to expand. Share is currently progressing the development of On Demand Leadership and Management qualifications. As these On Demand courses are suitable for learners across the UK, this provides opportunities to extend delivery into additional regions, supported by the continued development of CPD courses designed to complement the accredited qualifications portfolio.
Governing Body Appraisals: This year, we successfully delivered appraisals for the governing bodies of 21 (2025: 20) organisations. This process is a key component of the Scottish Housing Regulator’s Regulatory Framework, which requires each governing body to undertake an annual appraisal. The outcomes of these appraisals provide essential evidence for the Annual Assurance Statement, which each governing body is required to sign off.
Social media: Over the course of the year, we continued to see strong growth in our LinkedIn presence, with followers increasing by 42% from 865 at 31 March 2025 to 1,227 at 31 March 2026. This growth reflects the continued success of our digital communications strategy, strengthening our online profile and demonstrating growing engagement and interest from members, partners and the wider community.
a.Financial position
The results for the year are set out in the attached financial statements.
Share's income comes mainly from affiliation fees paid by member organisations and income from training activities. Incoming resources for the year totalled £788,021 (2025: £791,450).
The charity generated net expenditure for the year of £165,955 (2025: £137,990) before the actuarial remeasurement of its pension scheme under SORP FRS 102.
At 31 March 2026 the charity had funds in surplus of £215,098 (2025: £379,053) after accounting for its defined benefit pension scheme under SORP FRS 102. The net liability as at 31 March 2026 is £166,000 (2025: £159,000) under the defined benefit basis. See reserves policy below.
b.Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
c.Reserves policy
Share provides learning and development training to members and non-members, with revenue deriving from affiliation fees, course revenue and events. The general unrestricted funds are £381,098 (2025: £538,053). As set out in the Reserves Policy, the Trustees deem the minimum level of general unrestricted reserves required to safeguard Share to be in the region of £350,000.
The Trustees consider the current reserves to be at a sufficient level to protect the organisation in the event of significant falls in the level of earned income as well as to support investment in a new IT and membership restructuring as detailed in the future plans below. The Reserves Policy is reviewed annually with any known or planned changes being taken into consideration.
d.Principal risks and uncertainties
Share generates its income through membership, its accredited qualifications, training, events and organisational development. A significant risk for Share is failing to provide the necessary training for the sector, which could hinder its ability to generate sufficient income to safeguard the organisation.
In addition, the Trustees recognise the risks associated with the pension scheme deficit and the potential for future liabilities. The risk register is reviewed regularly, and Trustees are aware of all risks associated with Share's activities.
Implement New Strategic Plan:
Following extensive work by staff, Share will launch a new three-year strategic plan in June 2026, setting out the organisation’s priorities, growth ambitions, and strategic direction for the coming years.
As part of those growth ambitions Share intends to achieve the following goals:
Increase Membership Numbers: Targeting a 19% increase across Corporate and Individual memberships over the next year.
Improve Member Benefits: Continuously enhancing the value proposition for members by offering exclusive resources, training, and networking opportunities.
Enhance Member Engagement: Implementing new initiatives to boost event attendance and member interaction.
Expand Outreach: Developing partnerships with key stakeholders in the housing and property management sectors through the launch of our Partner Membership.
These goals are designed to foster a meaningful and engaged membership community, ensuring the long-term success and sustainability of Share. Alongside this, Share will develop a clear commercial model, strengthen its marketing and sector engagement, and use insights gathered from its vast networks to position itself as the sector’s preferred partner for independent, expert and value-driven professional services.
We have some specific projects in the pipeline that will be instrumental in us achieving our strategic goals:
New Products and On Demand Developments
We have ambitious plans to expand our On Demand courses and qualifications on our eLearning platform, ensuring our members continue to access relevant, high-quality training that supports both their current roles and future career aspirations.
To support the launch of our CIH Level 5 Diploma in Housing, we plan to develop our CIH Level 4 Certificate in Housing Practice. This will enable us to offer the qualification through our existing tutor-led delivery methods, while also introducing an On Demand study option. In addition, we plan to launch a version of the qualification aligned with English legislation, allowing us to expand our services into a new market for Share.
Professional Services
Share is developing its professional services offering by building structured, high-quality support designed to meet the evolving needs of housing associations and organisations offering property management. Our professional services offer a suite of services such as factoring or service reviews, board and committee appraisals, governance and compliance reviews, wellbeing and culture audits, policy and procedure reviews, strategic planning facilitation, and leadership development consultancy.
To ensure consistency and credibility we will develop standardised toolkits, templates and delivery frameworks aligned to sector good practice and regulatory expectations, while investing in staff development and specialist associate support where needed.
Partner Membership
Partner Membership at Share aims to provide businesses with direct access to decision-makers in the housing and property sector. As a Partner, members can collaborate with Share and access a range of promotional opportunities, including sponsorship, exhibiting, and advertising.
Events
In recognition of Share’s 40th anniversary, we proudly hosted the inaugural Share Awards. Created to honour Scotland’s housing sector, the awards celebrate the dedicated professionals and volunteers who contribute their expertise, time and passion to strengthening our communities. Building on this success, in 2026 the event is returning for its second year with an expanded programme, attracting around 300 delegates and further establishing itself as a key date in the sector’s calendar.
a.Constitution
Share is a company, limited by guarantee, as defined by the Companies Act 2006. Share is governed by its Memorandum and Articles of Association which established the objects and powers of the charitable company.
b.Methods of appointment or election of Trustees
Trustees are elected by the membership at the Annual General Meeting or can be appointed by the other Trustees at any time. A person is eligible to become a trustee whether or not they are a member of Share, so long as they have an interest in training, learning and development.
In accordance with the Articles of Association, the Trustees shall be appointed for a minimum term of 3 years. A third of those serving must retire by rotation and, being eligible, can offer themselves for re-appointment at the AGM. The Trustees to retire by rotation shall be those who have been longest in office and have served the 3-year minimum term.
The maximum number of trustees as set out in the Articles of Association is 14 (subject to any amendment permitted by ordinary resolution). If at any time the number of Trustees in office falls below 3, the number fixed as the quorum, the remaining Trustees may act only for the purpose of filling vacancies or of calling a general meeting.
c.Organisational structure and decision-making policies
The Trustees meet regularly to administer the strategic direction of Share. The operational and daily matters are administered by a Chief Executive Officer supported by a senior leadership team and Share staff.
d.Policies adopted for the induction and training of Trustees
Trustees are often already familiar with the work of Share through their existing responsibilities if they are either staff or committee members of member organisations. New Trustees are fully inducted and relevant training is actively encouraged, both during the induction period and on an ongoing basis.
e.Pay policy for key management personnel
The key management personnel of the charity consists of the Trustees and the CEO which is further detailed in note 8 of the notes to the financial statements. The remuneration policy for all employees aims to match the skills, experience and qualifications of each position.
f.Financial risk management
The trustees manage risk by annually reviewing Share's risk register, reserves policy, progress and future plans. When considering budgets and performance, consideration is given to the short-term cash flow requirements along with mid-term investment strategies.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Administrative Details
Charity number SC021721
Company number SC145529
Registered office 2B Willow House
Kestrel View
Strathclyde Business Park
Bellshill
ML4 3PB
Trustees Mr A Scott
Ms A Stuart
Ms S Bell (resigned 30 October 2025)
Mr J Giddings-Reid
Mr H Hayward
Ms K Kelly
Ms L Adger
Mr A Bryant
Mr B Moran (appointed 9 October 2025)
Dr A Watson (appointed 30 October 2025)
Secretary Mr D McIntosh
Auditor Thomson Cooper
3 Castle Court
Carnegie Campus
Dunfermline
KY11 8PB
The trustees, who are also the directors of Share Learning Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The auditor, Thomson Cooper, has indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.
The trustees' report was approved by the Board of Trustees.
Opinion
We have audited the financial statements of Share Learning Limited (the ‘charity’) for the year ended 31 March 2026 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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.
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 charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and 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.
We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:
the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
proper accounting records have not been kept; or
the financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our audit.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: existence and timing of recognition of income and posting of unusual journals along with complex transactions. We discussed these risks with management, designed audit procedures to test the timing and existence of revenue, tested a sample of journals to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks.
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the officers and other management (as required by the auditing standards).
We reviewed the laws and regulations in areas that directly affect the financial statements including financial and taxation legislation and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.
With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the charity.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
Owing 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. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
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 charity’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity’s trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Thomson Cooper is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
Share Learning Limited is a private company limited by guarantee incorporated in Scotland. The registered office is 2B Willow House, Kestrel View, Strathclyde Business Park, Bellshill, ML4 3PB.
The financial statements have been prepared in accordance with the charity's SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on a going concern basis. The charity reported a net deficit of £163,955 for the year, which has reduced total unrestricted reserves to £215,098 at the balance sheet date. The trustees have reviewed the charity's financial forecasts and cash flow projections for a period of at least 12 months from the date of approval of these financial statements. This review highlighted that while the reduction in reserves presents an operational challenge, strategies have been implemented to address this.
Based on these projections and the available cash reserves, the trustees have a reasonable expectation that the charity has adequate resources to continue operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Unrestricted funds are funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
The pension reserve represents the defined benefit pension scheme liability.
Investment income, gains and losses are allocated to the appropriate fund.
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Income from the provision of educational services is recognised upon delivery of the training course or conference or where entitlement occurs.
Investment income includes interest on monies held on deposit and is included when receivable and the amount can be measured reliably, normally on notification of interest paid or payable by the bank.
Costs relating to charitable activities are charged to the Statement of Financial Activities on an accrual basis, inclusive of irrecoverable Value Added Tax. Expenditure is recognised when there is a legal or constructive obligation to pay for expenditure.
Certain staff costs are apportioned between direct costs and support costs based on time expanded in these areas.
Charitable activities costs include costs incurred directly in meeting the objects of the charity and also include support costs incurred in support of the direct expenditure.
Governance costs, a category within support costs, are costs attributable to compliance with the charity's constitutional and statutory requirements.
Development costs are capitalised within intangible assets where they can be identified with a specific product or project anticipated to produce future benefits, and are amortised on the straight line basis over the anticipates life of the benefits arising from the completed product or project.
Deferred research and development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related research and development is written off to the Statement of Financial Activities.
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
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 statement of financial activities.
At each reporting end date, the charity 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).
Cash and cash equivalents include cash on hand and cash at bank with a short term of maturity, being twelve months or less, from the opening of the deposit or similar account.
The charity 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 charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic financial liabilities, including creditors and bank loans 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 operations 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.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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 charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
The company participates in the Scottish Housing Associations' Pension Scheme (SHAPS). Participation until 30 June 2013 was to a defined benefit multi-employer scheme, the asset and liabilities of which are held independently from the company.
The scheme is accounted for on a defined benefit basis. Pension costs and the pension provision for the defined benefit scheme are calculated on the basis of actuarial advice and are charged to the income and expenditure account on a basis to spread the costs over the employees' working lives. A pension liability provision has been created within unrestricted funds in compliance with the SORP FRS 102, as detailed in Note 16.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in income/(expenditure) for the year.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other recognised gains and losses in the period in which they occur and are not reclassified to income/(expenditure) in subsequent periods.
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
Estimates and judgements are continually evaluated and are based on historical experience and other other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates ad assumptions relate to the defined benefit pension scheme assumptions.
The Company 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 above.
All support and governance costs are apportioned on a direct basis.
During the year, no trustees received any remuneration or other benefits (2025 - £nil).
The average monthly number of employees during the year was:
The number of employees whose total employee benefits (excluding employer pension costs) fell within the banding £60,000 to £70,000 was one (2025: one)
The charity considers the Trustees including the the Chief Executive Officer to be its key management personnel. The total employee benefits of the key management personnel in the year totalled £89,070 (2025 - £84,114).
At the year end £4,452 (2025: £4,244) of the other pension costs are outstanding and included in creditors.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
Deferred income is included in the financial statements as follows:
Share operates both a defined contribution scheme and a defined benefit pension scheme which require contributions to be made to separately administered funds for the benefit of employees.
The company participates in the SHAPS, a multi-employer scheme which provides benefits to over 150 non-associated employers. The scheme is a defined benefit scheme in the UK.
The scheme is subject to the funding legislation outline in the Pensions Act 2004 which came in to force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council set out the framework for funding defined benefit occupational pension schemes in the UK.
The scheme is classified as a 'last man standing arrangement'. Therefore, the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share
of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.
A valuation of the scheme for funding purposes was carried out as at 30 September 2024. This valuation revealed a deficit of £79.5m and means that employer deficit repayment contributions will be re-introduced from 1 April 2026. Employers, in total, will pay £15.6m per year from 1 April 2026, for a four year term to 31 March 2030. This will increase each 1 April by 3%.
The Scheme Trustee is awaiting the outcome of the Court case in respect of the Scheme benefit review and this may result in additional liabilities. This was excluded from the actuarial valuation of the Scheme as at 30 September 2024, due to their contingent nature. If any additional liabilities materialise, the Scheme Actuary will estimate their approximate value and the period of time that deficit contributions would be required to fund them.
This position will be reviewed as part of the 2027 valuation. TPT will shortly issue the full valuation outcome, together with details of individual employer deficit contributions and Scheme expenses payable from 1 April 2026. For employers with active members, this will also confirm the new future service contribution rates.
The assumed life expectations on retirement at age 65 are:
The Company's share of the assets in the scheme was:
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
There were no disclosable related party transactions during the year (2025 - none).
The charity had no material debt during the year.