Bring vegetable stock to a boil. In a small bowl pour stock over mushrooms. Let soak for 20 minutes.
Remove mushrooms from bowl, setting the stock aside for later. Mince or thinly slice the mushrooms.
In a medium saucepan melt the butter. Add the minced shallot and saute for 5 minutes over medium heat until softened.
Add the flour to the butter/shallot mixture stirring constantly. Cook for a 2 minutes.
Gradually add 1 1/2 cups of the reserved vegetable stock(leaving mushroom sediment out), stirring well to incorporate after each addition. Cook over medium heat until thickened.
Add the reserved mushrooms, soy sauce, cream, sherry & thyme to the gravy. Cook for a few more minutes until heated through and thickened to desired consistency. Season to taste with salt & pepper.