2024-12-31-accounts

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SHELTERBOX ANNUAL REPORT 2024

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“WE WENT OUT AT NIGHT FROM OUR HOME TO THE BORDER. I AM VERY AFRAID FOR MY HUSBAND AND MY ELDEST SON, BECAUSE I TOLD THEM THAT IF THEY GO OUT DURING THE DAY, THEY WILL BE DEAD. WE HID IN THE TREES DURING THE ESCAPE. FROM OUR HOME TO THE BORDER, WE SUFFERED A LOT TO GET THERE, BECAUSE I HAVE DAUGHTERS WHO ARE ALWAYS EXPOSED TO THE THREAT OF SEXUAL ASSAULT.”

– Hawa

STRATEGIC REPORT

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Hawa and her family are among hundreds of thousands of people driven into Chad by conflict and violence across the Darfur region in Sudan.

SHELTERBOX ANNUAL REPORT 2024

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CONTENTS

2024 overview	5
CEO statement	6
STRATEGIC REPORT		FINANCIAL STATEMENTS
Who we are and what we do	8	Consolidated Statement of	46
		Financial Activities
Our values	10
		Balance sheet	47
Our strategy 2022-27	11	Cash flow statement	48
Inspired by supporters, together with partners	12	Notes to the financial statements	49
Delivering on our strategic objectives:	14
Doing more
Delivering on our strategic objectives:	16
Doing it well
Delivering on our strategic objectives:	18
Doing it together
Providing shelter where it’s needed	20
most: Gaza
ShelterBox and sustainability in 2024	22
Celebrating our amazing supporters	24
How Rotary helps us go further	26
How we fundraise	28
Our amazing international affiliates	30
Financial Summary	32
Supporting our people	34
Our priorities for 2025	36
Structure, governance and management	37
Structure	40
Statement of Trustees’ Responsibilities	41
Reference and administrative details	42
Independent auditor's report to the	43
members of ShelterBox Trust

Front cover: Zara is one of millions of people who have fled violence in Sudan in search of safety, with her children.

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5
2024 OVERVIEW
At the end of 2024, we hit the milestone of supporting 3 million people since
we first started to provide emergency shelter to people after disaster in 2000.
UKRAINE
US
SYRIA
LEBANON
GAZA
PAKISTAN BANGLADESH
GRENADA
YEMEN
CHAD PHILIPPINES
BURKINA ETHIOPIA
FASO
SOMALIA
CAMEROON
MALAWI
MOZAMBIQUE
270,000
PEOPLE WERE SUPPORTED WITH
EMERGENCY SHELTER AND
OTHER ESSENTIAL AID IN 2024.
WE’VE
SUPPORTED
PEOPLE AFTER
FLOODING CONFLICT DROUGHT TROPICAL
STORMS
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SHELTERBOX ANNUAL REPORT 2024

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CEO STATEMENT

Dear friends

Two words come to mind when I look back on 2024 – uplifting and challenging. It was a year when ShelterBox had much to celebrate, but also when we were under no illusion about the challenges we now face to achieve our mission. Our impact as an organisation keeps on growing, but so does the need for our support across the globe.

To begin with the positive, in 2024 we reached a true landmark. Since being founded in 2000, ShelterBox has now reached over three million people with emergency shelter aid. I think it’s fair to say this would have been unimaginable when the idea for ShelterBox was first mentioned at the Rotary Club of Helston-Lizard in Cornwall. A brilliant idea has since grown into a worldwide community, with every member driven by the shared belief that no one should be without shelter after disaster.

Since 2000, the number of people displaced from their homes worldwide has risen from approximately 30 million to around 120 million. While that increase only fuels our determination to do more, we should all feel rightly proud that three million people have the foundation for a better future because we took action together.

Our progress is testimony to the commitment of every single person who has been part of ShelterBox over the past 24 years. I honestly can’t thank you enough for helping us have the kind of profound impact you can read about throughout this report.

On the other hand, it was also a challenging year for several reasons. ShelterBox has always worked at the sharp end of disasters, reaching people who have lost their homes – the very foundation for life – in the immediate aftermath of a crisis, and often in remote or already vulnerable communities.

We are now seeing how this challenge is becoming even more relentless, as communities experience an increasing cycle of extreme weather, made worse by the climate crisis and often in interplay with nearby conflict. The need for our work has never been greater.

At the same time, though, support for some of our disaster response work was below what we urgently needed last year. Donations towards our work in Gaza, for example, were lower than we had hoped. There are, of course, many possible causes for this, from rising living costs to ‘compassion fatigue’ and divisive political narratives.

At ShelterBox, our response to all of these challenges is the same. We are absolutely determined to earn and justify every donation. We never take any donation for granted.

But we also know the power of emergency aid. We know it with unwavering certainty. Working where we do, we see that the impact of shelter is undeniable – and can reach so far even when a relatively small amount of support is provided. We see the devastation that can follow when people lose their homes, and we see how the future can be totally transformed by something as apparently simple as a tent that helps families feel safe.

So, I hope as you read this year’s report, you’ll get a sense of how much difference was made once again because of your generosity. Together, around the world, we showed how shelter is a catalyst to regaining control of your life. Even in these challenging times, nothing is more uplifting than that.

Thank you for standing with us,

SANJ SRIKANTHAN Chief Executive, ShelterBox

STRATEGIC REPORT

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“I FELT BROKEN AND WORRIED ABOUT PROVIDING FOR MY FAMILY, BUT SUPPORT HAS GIVEN ME HOPE.” – Kadir

ETHIOPIA, CONFLICT

KADIR

Kadir (top right) and his family have been displaced multiple times due to conflict and climate induced disasters. He has also experienced chronic illness, resulting in the limited use of one of his legs. His family received an enhanced aid package from ShelterBox, tailored for people with disabilities.

SHELTERBOX ANNUAL REPORT 2024

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WHO WE ARE AND WHAT WE DO

OUR VISION

No one without shelter after disaster.

OUR MISSION

We provide shelter, essential items and technical assistance to help some of the world’s most vulnerable people recover and rebuild their homes after disaster. We listen and adapt our support to the needs of each community, working together with those affected by disaster, alongside our supporters and partners.

WHAT WE BELIEVE

Shelter is the foundation for life – for survival, stability and dignity. It offers a place to feel safe, stay together, stay healthy, earn a living and help children get an education.

Right now, over 120 million people worldwide have been forced from their homes by disasters, conflict and climate crisis – and that number is growing every day. So, we have to work in new ways. Shelter is a human right and enables people to take steps towards recovery.

We started 24 years ago with our iconic green ShelterBoxes. Today, we do much more.

We listen. We hear what people need, creating tailored support to meet complex situations.

We support. We give emergency shelter and aid essentials, including shelter repair kits, water filters and solar lights. And we help people rebuild, repair or return home.

We share. We use our expertise to support people worldwide and champion local partnerships and environmental sustainability.

STRATEGIC REPORT

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SOMALIA, DROUGHT

f 4. 14, HODAN

“NOW WE HAVE RECEIVED THE HOUSE WHICH MADE ;1A\ OUR LIVES EASIER DURING BAD WEATHER. WE REALLY APPRECIATE IT. THE FAMILY IS HAPPY WITH THE HOUSE AND THE LAND WE GOT.”

– Hodan

Hodan and her family were displaced by severe flooding. They were forced to flee across Somalia, enduring harsh conditions. Arriving in Dollow with just the clothes they were wearing, Hodan and her family constructed makeshift shelters. With no hope for returning home, ShelterBox and Juba Foundation supported Hodan and her family with a durable home, built with mudbricks and cement, and land tenure, meaning they have rights to live on the land for many years to come without fear of eviction.

SHELTERBOX ANNUAL REPORT 2024

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OUR VALUES

INTEGRITY

We commit to the highest ethical standards and strive to be honest, straightforward and fair. We hold ourselves accountable for doing the very best we can for those affected by disaster and for each other.

PARTICIPATION

We put people and their needs at the heart of what we do. We work together with people affected by disaster, our volunteers, partners and supporters. We support each other. We are inclusive.

LEARNING

FLEXIBILITY

We adapt and overcome challenges to achieve shared goals. We approach our work with an open mind and the willingness to find the right solution.

We champion continuous growth and development. We are driven to keep improving and exploring what we could do differently. We ask ourselves how we can be better for the people we serve, our volunteers and supporters, and for each other.

MALAWI, FLOODING

ShelterBox and CARE Malawi distributed aid to villagers in the Nkhotakota District, including Katimbira, Mtupi, and Mdame.

STRATEGIC REPORT

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OUR STRATEGY 2022-27

2024 was the third year of our current strategy period, and the three strategic objectives below were at the heart of everything we did. On the following pages, you can see how these goals guided our efforts throughout the year.

		DO MORE	DO IT WELL	DO IT TOGETHER
Strategic Objectives		Scale up to meet humanitarian need	Innovate to improve quality of shelter assistance	Address power imbalances in the global shelter system

Strategic Objectives

DO MORE Scale up to meet humanitarian need DO IT WELL Innovate to improve quality of shelter assistance DO IT TOGETHER Address power imbalances in the global shelter system

Sub-Objectives

Grow programmatic capacity through partnership Achieve sustainable, flexible funding growth Expand emergency response capacity through emergency preparedness Grow our expertise in emergency shelter delivery through innovation and knowledge creation Minimise our environmental impact Measure what we do and learn for the future Support local and national shelter responders to strengthen their capacity through skills and knowledge sharing Build a diverse, global ShelterBox, representative of the populations we work with Listen to and amplify the voices of affected communities

SHELTERBOX ANNUAL REPORT 2024

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Donations helped conduct field visits in Somalia with our partners at Juba Foundation.

INSPIRED BY SUPPORTERS, TOGETHER WITH PARTNERS

HOW WE RESPONDED AFTER DISASTERS IN 2024

In the wake of conflicts, extreme weather and ongoing crises, we joined with partners to help people survive after disaster – thanks to our incredible partners and supporters.

It was a year where many disasters failed to attract the media attention they deserved, but the need for shelter was as acute as ever. Throughout 2024, we reached over 270,000 people in 17 countries and territories with emergency shelter and other essential aid.

WE WERE THERE AS CONFLICT FORCED MILLIONS FROM THEIR HOMES

In Syria, we have supported more than 450,000 people affected by the Syrian crisis since 2012. This includes Syrian refugees in Jordan, Lebanon, and Iraq. In 2024, we provided mattresses, blankets and children’s winter clothes to help families survive the punishing winter cold.

In Chad, we helped people fleeing violence in neighbouring Sudan, providing emergency shelters and transitional shelters for families facing long-term displacement.

In Cameroon, we were there for over 49,000 people, providing everything from roofing materials to wheelbarrows and kitchen sets.

In Gaza, we overcame huge barriers to deliver tents, tarpaulins, mattresses, water carriers and kitchen sets.

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Camp assessments in the northeast of Syria
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450,000 PEOPLE AFFECTED BY THE SYRIAN CRISIS SINCE 2012 HAVE BEEN SUPPORTED BY US

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during October and November. Our permanent team thousands of people in Grenada, for example,
in Cebu was ready, distributing tarpaulins, tools, nails, we could rapidly link with partners and local
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SHELTERBOX ANNUAL REPORT 2024

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DELIVERING ON OUR STRATEGIC OBJECTIVES:

DOING MORE

BANGLADESH

After Cyclone Remal in May and flooding in August, we responded twice in Bangladesh in 2024 – and saw the benefit of preparing in advance for potential disasters in the country.

We have responded five times in Bangladesh, learning from each experience and building close links with communities. Our understanding means we can keep responding with the right aid and the right partners. In May 2024, with preparedness plans in place, we were able to respond quickly and effectively when Cyclone Remal tore through southwest Bangladesh.

Flooding assessments in Bangladesh

Close to four million people were affected, with 173,000 homes damaged and 40,000 destroyed. In the aftermath, one thing was clear – people wanted to stay in their local area, not move to larger cities. So we worked with our partner Uttaran to make that happen, providing shelter kits containing corrugated iron sheeting, bamboo, wood and fixings. All the essentials people wanted to begin rebuilding.

Thousands of people had also lost their livelihoods, so we offered cash assistance to help people pay for tradespeople and building materials. Uttaran engineers delivered technical training to local tradespeople too, as our aid helped communities to rebuild and supported the economy to recover.

Just three months later, disaster struck Bangladesh again – this time with heavy rainfall overwhelming water systems and causing severe flooding in several parts of the country. Again, our local partnerships and experience helped us act.

With over 330,000 homes damaged or washed away, we focused on providing shelter materials more likely to withstand future floods.

THANKS TO SHELTERBOX SUPPORTERS, AFTER CYCLONE REMAL:

WE SUPPORTED MORE THAN 5,800 PEOPLE

WE CONSTRUCTED 1,400 SHELTERS

100% OF PEOPLE SAID SLEEPING CONDITIONS WERE THE SAME OR BETTER THAN BEFORE THE CYCLONE

STRATEGIC REPORT

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“IF I COULD EARN MONEY, THEN MY HUSBAND’S BURDEN WILL REDUCE AND TOGETHER WE CAN MANAGE OUR FAMILY.”

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– Saleha , ae b , t a I r on | j SALEHA , / " ¢ » “' = of a4

The August 2024 flood in Bangladesh devastated family homes across the northeastern region. Among the affected households was Saleha’s. Saleha’s family has faced severe losses, including the destruction of their home, kitchen, sanitation facility and livestock. ShelterBox sat down with Saleha to find out more about her situation, and need for aid.

Saleha’s husband, Yousuf, works as an assistant in a local tea shop, earning a daily wage of 220 Bangladesh Taka. They have three children, two boys, aged 4 and 1, and a girl, aged 8, who studies at a nearby school. The family also cares for Yousuf’s elderly father, who is 65 years old and unable to work, relying on meals provided by Saleha or other relatives.

SHELTERBOX ANNUAL REPORT 2024

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DELIVERING ON OUR STRATEGIC OBJECTIVES:

DOING IT WELL

PAKISTAN

Monsoon rains and flooding in 2022 led to the worst disaster to hit Pakistan in a decade. In 2024, we continued to support families who had lost their homes, turning our attention from our initial emergency response to a new way to construct durable, long-term shelters that can survive future floods.

In the emergency phase of our response to the 2022 disaster, we had teamed up with our local partner Islamic Relief Pakistan (IRP). Together, we supported thousands of people with essential shelter items that have the biggest impact immediately after a disaster – including tents,

tarpaulins and cash assistance. But, by 2024, our focus was on long-term recovery, again with IRP.

As a result, over 4,000 people received materials to construct a more durable shelter – known locally as a pakka house – along with a separate toilet. Pakka houses are one-room buildings made of concrete and brick and built on concrete bases. The bases provide extra protection against flooding and the design of pakka houses makes them durable.

This was the first time we had supported people create this type of shelter, as we continued to evolve our work by listening to communities about the support they value most. We also provided cash assistance, helping families hire skilled local tradespeople and labourers to create homes that last and recover for the long term.

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Severe monsoon flooding in Pakistan left
thousands of people like Ali with nowhere to live.
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People whose homes were damaged or destroyed have been
supported with more durable shelters built on concrete bases.
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THANKS TO SHELTERBOX SUPPORTERS LIKE YOU:

of people we supported were satisfied with how 100[%] the response was run

100[%]

of people with a new home felt protected from rain and sun

100[%]

of people felt safe in their newly constructed homes

93[%]

of people said the shelter design and size was appropriate for their family

ALI

When Ali’s family home was destroyed by the 2022 floods, we worked with our local partner to provide the items needed to build a resilient pakka house. In 2024, we returned to ask Ali what difference this had made.

“We also received a cash grant from Islamic Relief and ShelterBox. We paid the mason and labourer for the work they did, and the rest of the work I did by myself, along with my wife.”

Whereas Ali was previously saving all his income to try and rebuild his home, he can now support his family more easily. He is also hoping to set up a business that will enable him to put money away. With shelter in place, his hopes for the future seem more achievable.

PAKISTAN, FLOODS

“AFTER A SURVEY FROM ISLAMIC RELIEF, THEY PROVIDED US WITH ALL THE MATERIALS FOR A HOME AND LATRINE, INCLUDING BRICKS, CEMENT, STEEL GIRDERS, DOORS AND WINDOWS. WE HIRED A MASON TO BUILD THE HOUSE, AND WE ALSO WORKED WITH A LABOURER.” – Ali

“Having some savings will help us at times of emergencies,” Ali says, “so we do not have to ask anyone else for help.”

SHELTERBOX ANNUAL REPORT 2024

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DELIVERING ON OUR STRATEGIC OBJECTIVES:

DOING IT TOGETHER

CAMEROON

As well as continuing to provide essential shelter items in Cameroon throughout 2024, we launched a new initiative in the country. Together with our local partner, Public Concern, we ran a co-creation storytelling project so people’s real experiences of life after disasters could be seen and heard.

Over two million people in Cameroon have now been displaced from their homes due to conflict and extreme weather. Large numbers of refugees have fled armed groups in neighbouring Nigeria. And in 2024 nearly half a million people in the north of Cameroon were affected by the worst flooding in decades.

ShelterBox has worked in Cameroon since 2015 and in that time, we have supported over 250,000 people with items including tents, emergency shelter kits and household items, like kitchen sets and water carriers.

In response to the unprecedented flooding that affected millions of people across West and Central Africa, we worked with our partner Public Concern to improve living conditions for people in the Far North of Cameroon. We also provided flood defence kits to help protect these communities from future flooding events.

Our reach figures in Cameroon are so high because our community tool kits reach an average of 12 families per kit and often more. The flood defence kits, made up of sacking (to make sandbags), needle and thread and extra tools, also serve multiple families at a time.

in a new direction, with a six-month storytelling project run with volunteers in Minawao Refugee Camp. We ran a series of workshops for eight volunteers who live in the camp. The sessions focused on skills including camera work and writing techniques, using a co-creation approach so the volunteers could play a guiding role and experience the full power of sharing stories.

By asking participants what they wanted to show and how they wanted to show it, we captured the reality of life after losing your home to disaster. The volunteers identified three themes they wanted to communicate about – resilience, extreme weather, and providing protection and hope through shelter. We shared the resulting stories with our supporters via email and online and ran a series of digital adverts that were our most successful for several years. The approach brought people closer to our work and showed why working together is fundamental to delivering effective shelter.

“THIS PROJECT GAVE ME THE OPPORTUNITY TO HAVE THE TECHNIQUE AND METHOD OF TELLING A STORY, BECAUSE I LOVE WRITING AND I CONSIDER MYSELF A WRITER. I DID IT WITHOUT ANY REAL TECHNIQUE BUT I LEARNED TO IMPROVE AND TAKE PHOTOS THAT TELL A STORY.”

– Ishaku, co-creation ethical storytelling volunteer

Since our earliest days, ShelterBox’s approach has been based on listening. We speak with partners and communities to understand what will make the biggest impact and how we can be part of it. In 2024, we took our work in Cameroon

. ' , . ‘ J ’ _ ~ ~ Sy 2e oS.> ghway.\ >‘ 7 ESSy : : 5 CAMEROON, oe ‘ US ees DROUGHT ss AY i. » > 4 40 \ “ - . Pd 4 : a, Cab, EN ra NN o " m5 By a ie PHILEMON ssoe,—— ee : (i i Hi Ul NN = i , 9 ne ‘S, Wiha l e ] Nw “TO SHELTERBOX ~ <= = , “ ’ SUPPORTERS, I SAY THANK YOU. KEEP UP THE GREAT WORK FOR US AND LIFE WILL REPAY YOU A HUNDREDFOLD.”

– Philemon

_=-y “My name is Philemon, I'm 64-years-old, I live with my wife and our three children and I'm the traditional authority (Blama) for sector 4 of Minawao camp. I've lived in this camp for 9 years and as far back as I can remember, the priority needs have always been related to shelter. Shelter is the most reassuring element in a person's life, it's what guarantees their safety and unfortunately also what we lack most here, as most shelters do not have good roofs anymore. Public Concern and ShelterBox are helping us enormously. Public Concern have been working here for many years but last year we fx, Sates were particularly moved by their assistance. In partnership with ShelterBox, they are currently the D.. only people providing shelter in the camp. ShelterBox and Public Concern are doing a good job, and = ta) Lay I'm very happy for my community, even if I would have liked there to be more. If Public Concern and ShelterBox hadn't been there, I don't know what would have happened to us.”

SHELTERBOX ANNUAL REPORT 2024

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PROVIDING SHELTER WHERE IT’S NEEDED MOST:

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With hundreds of thousands of people without
adequate shelter, the need for good quality, durable,
moveable tents is very high across the Gaza territory.
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GAZA

We continued to respond to the conflict in Gaza throughout 2024, in one of ShelterBox’s most challenging responses to date.

Providing lifesaving aid and shelter items in one of the most dangerous places on earth was exceptionally difficult. Challenges included unpredictable airstrikes and border closures, safety threats to aid workers, damage to infrastructure and supply routes, and timeconsuming checks by Israeli military on aid moving into and around Gaza.

This complex and dangerous picture meant we often struggled to deliver lifesaving aid – but we persisted as our work in the region was more essential than ever.

Together with our partners Medical Aid for Palestinians (MAP) and Palestinian Agricultural

Relief Committee (PARC), we supplied tents, water carriers, blankets and other items to thousands of people in Gaza. In September, when 900,000 people were forced to flee their homes as the crisis worsened in neighbouring Lebanon, we also linked with our Lebanese partner Basmeh & Zeitooneh to support thousands of people with blankets, hygiene kits and household cleaning kits.

And then, in October, Israeli airstrikes in Gaza targeted a safe zone where people were sheltering in our tents. The safe zone was meant to provide refuge for families whose lives had been uprooted by the crisis. We had spent months calling for an immediate humanitarian ceasefire and protection for all civilians on every side of the conflict, and the bombings underlined why lasting peace is critical. Thanks to our determined supporters, we continue to support people in Gaza.

IN 2024, WE HAVE SUPPORTED OVER 2,600 FAMILIES IN GAZA WITH EITHER SHELTER OR EMEGENCY HOUSEHOLD ITEMS INCLUDING:

TENTS

MATTRESSES

KITCHEN SETS

BLANKETS

WATER CARRIERS

STRATEGIC REPORT

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Amany lives in a makeshift tent in a displacement site in the middle of the Gaza Strip. Her husband was a paramedic, but was killed saving others, and she now lives alone with her children after a dramatic journey of displacement. The one comfort Amany and other displaced residents share is that they are not alone. ShelterBox, with support from Rotary, and in partnership with MAP and its downstream partner Social Development Forum (SDF), have supported Amany and her community with life saving emergency tents and essential household items.

SHELTERBOX ANNUAL REPORT 2024

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SHELTERBOX AND SUSTAINABILITY IN 2024

Our environmental focus in 2024 was on setting out our sustainability priorities for 2024-26 and assessing our progress so far.

Compared with 2023, our carbon emissions grew by 20% in 2024. This was largely because of the emissions connected to specific aid items, such as shelter tool kits in the Philippines and clothing in Syria. We provided more of these than in previous years, and the large carbon footprint of steel tool kits and cotton clothing led to the increase in emissions.

This increase shows the challenge of providing shelter in more sustainable ways, and throughout 2024 we also looked at various ways to reduce the environmental impact of our aid. We partnered with Alpinter and Close Loop Fashion to measure the environmental impact of items like family tents, so we could understand related emissions and how items could be redesigned to reduce their impact on the planet. We also sourced eco-friendly alternatives for our blankets, sleeping mats, water carriers, buckets and tarpaulins. We’ll be working these into our aid offering from 2025 onwards.

We also took part in a range of sustainability working groups and seminars set up to reduce emissions across the humanitarian sector and make procurement more sustainable. These included the Climate Action Accelerator group, which conducted a comprehensive assessment of aid items, helping us to measure our emissions more accurately and highlight where change is needed most urgently.

ALMOST ALL (93%) OF THE WASTE FROM OUR HQ IS NOW DIVERTED FROM LANDFILL.

Boosting sustainability in 2024

We switched to 100% renewable energy at our Cornwall HQ in 2024, lowering electricity costs by around 16%. In addition, almost all (93%) of the waste from our HQ is now diverted from landfill.

We ran a full stock audit at our Dubai warehouse, checking for plastic packaging. We developed a Supplier Code of Conduct to make sure suppliers meet our ethical and environmental standards. And we’re proud that all of our core aid items will meet the new UN and Red Cross minimal packaging standards.

Freight has been a major contributor to our emissions and remained a focus in 2024. We pre-positioned aid in West and Central Africa for the first time, which will help to reduce future air freight in Africa. We changed our budgeting processes to introduce multiyear planning, making it easier to ship aid in advance by sea, rather than air. By committing to longer-term programmes, we were also able to begin planning our supply chains further in advance, again making freight planning and local procurement more sustainable.

It will always be a balancing act to deliver sustainability and effective shelter aid, but we laid strong foundations for the years to come in 2024 and are committed to reducing our environmental footprint at every possible opportunity.

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SOMALIA, DROUGHT

MORE THAN TWO MILLION PEOPLE HAVE FLED INTO NEIGHBOURING COUNTRIES.

Communities supported by ShelterBox and Juba Foundation in Somalia have shown innovation and creativity by transforming old and discarded tarpaulin packaging and plastic bags into mats, vases, baskets, and handbags. Women like Fadumo and Halima make and sell the items to generate income to support their families.

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CELEBRATING OUR AMAZING SUPPORTERS

Against a challenging economic backdrop, our community of supporters showed their incredible commitment to ShelterBox’s work. So many people went above and beyond to provide lifesaving shelter for families left with little after disaster.

Our mighty fundraisers

There are hundreds of examples we could share here of our community’s incredible fundraising achievements – from church lunches and Tent for Lent sponsored litter picks to Rotary members taking on multi-marathon running challenges. But with space limited, we’re sharing how two of our supporters took on challenges ahead of their 80[th] birthdays.

Dorothy Lamb, from Aberdeen, climbed one of the Bennachie hill range peaks to raise funds. “I always used to say to my grandsons that I’d take them up there one day. It became a family joke,” she says.

Delia Kennedy, from Devon, completed a 100mile sponsored walk. “ShelterBox is a charity close to my heart and having found myself in my 80th year I wanted to celebrate my many blessings by showing my support,” she said. “It’s a marvellous organisation which does valuable and important work in so many of the trouble spots of our world.”

We hear so many stories like this each year, and we hope everyone who fundraises for ShelterBox knows what a life-changing difference they make after disasters.

Celebrating our regular givers

The number of people who had previously donated to ShelterBox and became regular donors grew in 2024. This regular income helps us plan for the future, making your donations do more and helping us reach more people in need of lifesaving shelter. We are so grateful to everyone who chooses to support us in this vital way, ensuring we can get shelter to where it’s needed the most.

A record year for gifts in wills

Legacy gifts also play a crucial role in helping us plan for tomorrow and take the most effective action today. In 2024, we raised £3.6 million from legacy gifts, £1.56 million more than anticipated.

Susan, from Devon, has been a dedicated ShelterBox supporter since 2008. In 2024, her commitment to helping others continued even after her passing, as she left a generous gift in her will. Susan was driven by a deep sense of community, and it was important to her that the charities she supported reflected her values of compassion and humanity. We would like to thank Susan and every other person who has committed to support ShelterBox in this powerful and personal way.

Another big year for our Book Club

We always say the ShelterBox Book Club is no ordinary book club, and its growth in 2024 suggests our supporters feel the same way. Over 2,500 people now give a monthly gift to ShelterBox and receive a specially chosen book from us every six weeks. This amazing community of readers raised £180,971 for our work in 2024.

As well as welcoming many new members to the club, we attended the Hay Literary Festival to encourage even more people to sign up, and we met many supporters and authors.

We were delighted to offer members an exclusive print run of Before the Queen Falls Asleep by Palestinian author Huzuma Habayeb before it was released. Huzuma also took part in an exclusive Q&A just for our members.

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THE POWER OF PHILANTHROPY AND PARTNERSHIPS
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Once again, our loyal community of corporate sponsors, foundations and philanthropists generously supported ShelterBox in 2024 – investing £2.2 million in our lifesaving work. The many highlights we want to celebrate include:

The growth of our alliance with the insurance industry. This included partnerships with Arch Insurance, Liberty Speciality Markets and Tokio Marine Kiln. The most vulnerable communities are often beyond the reach of traditional insurance. Together, we provide essential humanitarian aid when disaster strikes, acting as vital support for those that cannot access insurance.

New companies joining our community, including the L’Oréal Climate Emergency Fund, whose support is helping us reach more people who are most vulnerable to the climate crisis.

Committed support for complex and long-term crises, including donations of over £300,000 to our work in Somalia and over £350,000 in conflict zones such as Gaza and Lebanon.

We are hugely grateful to all of our funders for sharing our vision of a world where no one is without shelter after disaster.

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HOW ROTARY HELPS US GO FURTHER

Rotary members have stood side-by-side with ShelterBox since our very beginning. Again in 2024 they made a critical contribution to our work, not only through generous fundraising but by enabling and enhancing our emergency responses around the world.

Thanks to Rotary International’s long-term commitment to ShelterBox, in 2024 we were able to work faster and more effectively with communities after disasters. In the early stages of a crisis, local Rotary club members provided first-hand local knowledge, key contacts, logistical help and links into communities. This relationship makes so much of our work possible. We can’t overstate what it means to have Rotary on our team as we respond to disasters together worldwide.

In the Middle East, our partnership with Rotary was vital as we transported aid items into Jordan and on into Gaza, also working with the Jordanian Hashemite Charity Organisation (JCHO). JCHO managed the transfer of aid through Jordan, and our Rotary contacts helped us build links with JCHO and secure warehouse space to store our aid.

Following training by ShelterBox staff, volunteers from Rotaract helped to coordinate our distribution of essential items and delivered aid to people unable to travel to collect aid.

We would like to say a heartfelt thank you to everyone connected with Rotary International for sharing our belief that shelter is the foundation for life.

“The longstanding partnership between ShelterBox and Rotary International is truly a testament to what can be achieved when organisations align their missions for the greater good. This collaboration has not only enhanced our ability to respond swiftly to disasters but has also created a powerful network of support that spans the globe.” – PDG Bashar Sh. Haddad, part of the Rotary coordinating team in Jordan

During distributions in the Afar region of Ethiopia, ShelterBox and International Organization for Migration (IOM) were joined by local Rotaract volunteers.

After Hurricane Beryl hit the Caribbean in July, we partnered with Rotary to reach remote communities on the islands of Grenada. Rotarians hired a light aircraft to fly over affected areas and assess the level of damage, playing a central role as we planned our response. They also helped us quickly build contacts with local communities and disaster management organisations. As a result, we supported more than 600 families with tents, mosquito nets, kitchen sets and solar lights.

In Ethiopia it was members of Rotaract – Rotary International’s youth programme – who strengthened our response as we supported 38,500 people displaced by severe drought and conflict.

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GRENADA, HURRICANE

“I GOT THE TENT, WHICH I LOVE, SO BAD. I LOVE IT, I LOVE IT, LOVE IT, LOVE IT. I GOT THIS TENT, PLUS EVERYTHING INSIDE A BAG. THE MOSQUITO NET, THE LIGHT – ESPECIALLY THE LIGHT.”

– Lucy

LUCY

Lucy lives on Carriacou with her family. Lucy lost the entire roof of her house and most of the partitioned walls. She was provided with a tent and emergency aid items so they could stay and rebuild their home.

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HOW WE FUNDRAISE

Our supporter promise is built on one guiding truth – giving to ShelterBox should always be a positive experience. We worked every day in 2024 to make sure that was the case.

At ShelterBox, we’re committed to fundraising in a way that is legal, transparent, honest and respectful.

That’s why we created our supporter promise. It sets out what everyone can expect from us:

We will value every gift and interaction

We understand that every donation is someone’s decision, and we will never pressure anyone to donate

We will acknowledge and thank people for donations

We will always use respectful and dignified language and images

We will be open and transparent

We will learn from our mistakes

We will help supporters find the right balance, so no one feels overwhelmed by our updates

We will respect supporters’ privacy

We will not engage with partnerships that undermine our position ~~TTATTN TS~~ We will be compliant with all related laws, practices and standards

In 2024, this promise guided our work as we raised funds from individuals, groups and partner organisations. We fundraised on TV, radio, digital channels, in print media, through mail and using outdoor advertising.

We also received gifts in wills, which you can read more about on page 24. And we let supporters know how they are providing shelter after disaster through updates by mail, email and over the phone.

Complaints and compliance

We received five complaints related to fundraising in 2024, having received 105,576 donations. We always seek to learn from any negative feedback, responding in ways that uphold our values and working closely with our fundraising and fulfilment partners to ensure we are all working to the highest standards.

Our Procurement Policy also ensures we review our partners regularly and receive value for money. We monitor our fundraising partners’ performance, including through call listening and spot checks. Our Adults at Risk Policy guides how we identify and protect supporters who may be in vulnerable circumstances, need additional support or may not have capacity to make the decision to donate.

We raise funds through several different channels: individual giving, foundations, trusts, corporates, legacies and overseas affiliates as well as supporting community events run by volunteers and fundraising through the Rotary network. We do not participate in face to face fundraising and undertake limited telemarketing through commercial providers.

We are registered with the Fundraising Regulator and work to the Code of Fundraising Practice. We have no known instances of failure to comply with this regulator.

We utilise volunteers all of whom undertake an induction and are monitored through a Volunteer Manager which is a dedicated paid employee position.

We utilise commercial 3rd parties for fundraising to a limited extent, notably telemarketing and some overflow telephone support for our donors. We have engaged these services through extensive procurement processes and implement contracts developed or reviewed by our in house qualified legal team and task fundraising managers with monitoring performance against contractual obligations.

Our Adults at Risk Policy outlines how we identify and protect supporters who may be in vulnerable circumstances, may need additional support to make an informed decision, or may not have the capacity to make the decision to donate.

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RYAN’S COOKIE BOX

Ryan, 30, has been fundraising for different charities since he was 20. With the unwavering support of his mum, sister, and loyal customers, he’s been baking cakes and creating homemade jams to sell in the honesty box outside his house.

Over the last decade, he’s raised an astonishing £80,000 for charity. For the first three months of 2025, he’s been donating proceeds to ShelterBox.

“RYAN LIKES TO SEE PEOPLE ENJOYING HIS BAKING. MOST IMPORTANTLY, HE SEES HIS JOB AS BEING TO HELP PEOPLE, AND HE DOESN’T MAKE A FUSS ABOUT IT.” - Hazel, Ryan’s mum

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OUR AMAZING INTERNATIONAL AFFILIATES

Across the globe in 2024, our international affiliates fundraised in a huge range of incredible ways, united by their passion and a vital shared vision – no one without shelter after disaster.

The variety and innovation of our affiliates was on full show in 2024, as we worked together to bring shelter – the foundation for life – to people across the world.

In the USA, highlights included the Annual Benefit Dinner at Birnam Wood Golf Club in Santa Barbara, where guests heard first-hand accounts of disaster responses from the ShelterBox team. This single event raised over $650,000.

In Canada, the Giving Tuesday appeal was the most successful yet, raising $125,000 CAD – double the amount raised in 2023, and $40,000 above the team’s initial goal. It was a similar story in Australia, where Giving Day was also the most successful ever for ShelterBox in the country, raising $300,000 AUD.

In Sweden, the team created a new ShelterBox

Exhibition virtual reality product, showcasing our work in a groundbreaking new way at Rotary meetings and conferences. In Finland, the team launched a new online platform to sell and promote charity gifts. Whenever there is an original way to raise funds and awareness, our affiliates are always ready to make it work.

Our tents were also proudly on display at the Rotary European Summit in Bonn, where ShelterBox Germany staff built connections with Rotarians from across the country. Colleagues and volunteers from around the world also came together to share insights, hear strategic updates and celebrate successes at our annual International Fundraising Conference – a highlight of any year.

Finally, one unhappy development in 2024 was the closure of ShelterBox Norway, after the team struggled to recruit new volunteers to lead the organisation forward. We are deeply saddened by this news and would like to thank everyone who has been part of ShelterBox Norway over the years for your dedication and passion.

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CONNECTING SUPPORTERS WITH OUR WORK

Throughout 2024, we gathered stories, photographs and videos from our emergency responses worldwide. Wherever possible, this was done in collaboration with communities, as we always seek to share stories with people, never simply about people.

You can read on page 18 about our storytelling co-creation project in Cameroon. In Malawi, we also worked with our partner CARE Malawi to shape stories guided by the communities we supported with after the year’s devastating floods.

We made videos to bring supporters closer to how we work. These included our ‘Going Beyond the Box’ film – which shows how our aid has evolved over the years – and explainer films showing why we pre-position essential items around the world, how the Red Sea crisis is affecting global logistics, and how we work with partners worldwide.

Our strong content helped us reach 18.5 million people online in 2024. Our combined online engagement was two million – a 46% increase. And while the social media landscape is changing, more and more people came to us from social media such as YouTube and Instagram. In the news media, our stories were seen by millions, with a total of 1,860 pieces of UK media coverage, including 91 interviews with ShelterBox spokespeople.

We were proud to launch our new website in 2024 too, and improvements for people using the site were seen quickly. Direct traffic increased 107% during the last quarter of 2024, compared with the same period in the previous year. The site is another vital tool as we seek to keep growing and empowering our community.

Commemorating the Boxing Day Tsunami On the 20th anniversary of the Indian Ocean Tsunami, we shared stories from staff and volunteers who were part of the response –

which was the largest in our history at the time. News outlets from BBC Breakfast to the Mail Online shared the stories across over 400 pieces of coverage.

Rethinking Disasters

We reached more than 90,000 people as we sought to change how disasters are seen in 2024. Our Rethink Disasters campaign hoped to show how climate change is impacting the people we support. We want people to recognise that storms, earthquakes and floods do not have to lead to disasters – but too often they do because of a lack of resources for preparation and effective rebuilding after previous extreme weather. Through films and online activity, we showed the wide-ranging causes of disasters – and encouraged viewers to join us in calling for a coordinated, informed response.

Partnering with famous friends

We are privileged to have a community of celebrities who help us by openly supporting our work. In particular, we owe Dame Judi Dench and Sir Stephen Fry a huge thank you for their kind support in 2024.

Dame Judi brought her signature wit to a 30-second film encouraging people to give meaningful Christmas gifts. In the film, Dame Judi sneaks downstairs on Christmas morning to open presents, only to be baffled by a series of unsuitable gifts, including skimpy red underwear. The message? Instead of buying gifts that may not hit the mark, why not give to ShelterBox and be certain your kindness will change lives?

Sir Stephen Fry also recorded a charming message encouraging people to join our Book Club. Seeing as memberships grew throughout 2024, he was not alone in considering the club worth shouting about.

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FINANCIAL SUMMARY

In 2024, £20.1m was donated by our generous supporters all over the world.

While £20.1m is a reduction on the previous year, our income in 2023 was an all-time record for ShelterBox, largely due to support following the Türkiye/Syria earthquake. This meant that some reduction in income was to be expected.

We also set a deliberate deficit budget for 2024 to spend down on reserves. This means our expenditure exceeded our income for the year at £22.6m, resulting in the planned deficit of £2.2m. Of that spend, £18.7m or 83% was spent on charitable activities, the same as in 2023.

We spent the remaining 17% to support our fundraising. To avoid short-term annual swings in this measure, we report our charitable expenditure ratio as an average of the previous three years. At the end of 2024, this would equate to 83% of our income spent on charitable activities.

Thank you to our supporters

Your generous support helped us reach 277,820 people across 17 countries and territories in 2024. We are proud of our continued ability to deliver in the hardest-to-reach places. Once example of this is our response in Gaza – One of the most dangerous places in the world. We were able to deliver aid in extremely challenging circumstances, thanks to our incredible partners.

Raising income

Our income was slightly behind budget as our fundraising reduced against the record years of 2022 and 2023. However, we benefit from having a diverse income portfolio. We raise income from multiple sources in the UK, from 13 international affiliates, and from significant contributions from individual Rotary members across the world. We are extremely grateful to all supporters from many different walks of life. This diversity can help us absorb changes in the fundraising landscape.

Our income was also buoyed during 2024 by fundraising campaigns in response to Hurricane Beryl in the Caribbean.

17[%]

Expenditure on raising funds: £3.9m

Total income: £20,100,000

Total expenditure: £22,500,000

83[%] Expenditure on charitable activities: £18.7m

Reserves

The trustees of ShelterBox have a Reserves Policy which requires total reserves to be a minimum of £12m. This £12m consists of a target of £5.5 million free reserves to accommodate the charity’s risks and to act as a safety buffer against economic downturn, a £4.5m million designated fund to ensure we have working capital to continually replenish stock and £2.0 million that represents short term cash requirements and fixed assets.

Our deliberate net deficit in 2024 of £2.2m helped reduce our reserves in the year from £23.3 to £21.2. However, we still have some work to do to get those reserves back to our target level of £12m. As such, we have set deficit budgets for both 2025 and 2026. Our reserves grew as a result of record fundraising years in 2022 and 2023 and we continue to spend down those funds.

At the end of 2024, total reserves were £21.2m of which £2.8m was restricted and £18.4m unrestricted. £5.1m of this unrestricted balance was designated to cover stock requirements

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and fixed assets, £1.1m is committed to future contracted purchases, leaving free reserves of £12.2m. Reserves are used to provide protection to the charity against economic downturn, to provide cash liquidity to cover short term fluctuations in cash holdings and to provide working capital to purchase stock. Stock is described in more detail below.

The Board of Trustees at ShelterBox made a deliberate choice to reduce our reserves target from £13.8m to £12m during 2024 to free up funds to spend on charitable activities.

Stock

A significant part of our reserves is made up of stock holdings - emergency shelter items stored in ‘hubs’ or warehouses in locations around the world. These are maintained so that we can respond at scale more efficiently anywhere in the world. Without these stock hubs, any emergency response would take longer to implement, as we would be forced to procure aid items and organise freight around the world. Using a network of warehouses allows us to respond more efficiently.

Responsiveness comes at a cost, and we ring fence or ‘designate’ part of our reserves – currently targeted at £4.5m – to ensure we can fund the purchase of stock in advance. At the end of 2024, stock levels stood at £4.9m – slightly ahead of our stated target of £4.5m. This was largely due to holding stock in the Philippines but responding fewer times than expected in the country during the year. We have also been holding some stock due to difficulties delivering aid into Gaza.

Grants

We paid £7.03m in grants to partners overseas during 2024, up from £5.8m in 2023. This represents our ongoing commitment to ensuring partners receive funds directly to support programming and responses in their communities. Working in partnership with organisations that share our mission is a key part of our strategy, allowing us to do more, do it well and do it together.

Our partners help provide support to communities in some of the most remote and dangerous conflict zones around the world. As part of its overall Reserves Policy, the charity aims to hold at least £5.5m in long term

investments. During 2024, this investment averaged £5.8m. These investments are managed by a professional third party investment manager. The performance target is CPI + 4% which would have equated to 7.5% during 2024. The investments actually returned 8.2% during 2024.

The current outlook

At the time of writing, the global financial environment for humanitarian organisations has never been more challenging. We are seeing unprecedented cuts to government funding across the globe.

ShelterBox does not receive government funding, so we have no direct exposure to this downturn. However, the market will become more competitive as humanitarian organisations all try and access a smaller pot of funding. The continued generosity of our supporters will be vital to offset some of these global government policy changes.

Our reserves stand us in good stead financially in this context, as a result of record fundraising years in 2022 and 2023. In fact, we will be setting another deliberate deficit budget in 2025 to ensure we maximise our charitable spend and reduce our reserves.

As income levels fall globally, ShelterBox will not be immune from making cost savings and we are determined to remain efficient. We have already put cost savings in place to ensure we remain financially strong and sustainable into 2025 and beyond.

Going Concern

In spite of challenges in the global fundraising environment, ShelterBox is in good financial health and currently holds reserves in excess of our minimum reserves policy requirement and therefore the charity is confident that these accounts should and have been prepared on a going concern basis.

Conclusion

ShelterBox is a financially sustainable organisation with 24 years of successful operations. Our strength is, however, dependent on the generosity of our supporters. Your continued support will become ever more vital as we enter a financial future made uncertain by changes to global funding deals.

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SUPPORTING OUR PEOPLE

Here for our staff

Highlights of our work for staff in 2024 included launching our Personal Growth Plan process and supporting managers to improve discussions around objectives, development and feedback. With this increased focus on staff support, we were happy to see improved scores in the annual staff survey.

We also launched a new HR system, streamlining processes at every stage of recruitment and employment. We continued to support staff wellbeing, training more Mental Health First Aiders and running a range of initiatives, awareness weeks, social events and collaboration sessions.

Here for our volunteers

Volunteers play a critical role in helping us reach more people more effectively, and we’re determined to help everyone who volunteers for us to have the best experience possible.

In 2024, to help this happen, we:

• Developed a range of volunteer inclusion initiatives and began supporting affiliates to do the same.

• Piloted our first work experience placements for school students.

• Held our second-annual volunteer conference at our Cornwall HQ, combined with our international fundraising conference.

• Launched our in-person refresher training for ShelterBox Response Team (SRT) volunteers and set up an SRT working group.

Our first work experience placements for students from schools across Cornwall offered the opportunity to understand what it’s like to work in the humanitarian sector and the different types of roles and work involved. We are looking forward to running this again in 2025.

We were delighted that initiatives like these contributed to 94% of volunteers saying they would recommend ShelterBox as a charity to support.

We also must send our heartfelt thanks to ShelterBox’s board members, who are volunteers and share their vast experience and knowledge to help us keep moving forward.

Here for equality, diversity and inclusion (EDI) We want ShelterBox to be a place where everyone feels supported to thrive. To this end, in 2024 we:

• Implemented organisation-wide training about bullying and harassment.

• Worked with our brand and content team to improve how we share the voices and stories of the people we support.

• Held an EDI workshop at our volunteer and international fundraising conference.

• Set up an anonymous feedback process to help us respond to any concerns related to EDI.

• Put EDI learning from our annual surveys into practice and refreshed our EDI action plan to make sure it links closely with our strategy.

Here for safeguarding

Throughout 2024, we continued to prioritise safeguarding everywhere we work, including through our standardised feedback and complaint response procedures, which were developed with our partners. We also worked with partners to improve their complaints procedures. Looking to the future, our focus now is on improving partner response times and monitoring mechanisms, and putting safeguarding at the heart of every project design.

Here for learning

In 2024, our learning and development team delivered more than 50 courses to colleagues, volunteers, donors and partners. Alongside our usual pre-deployment, induction and compliance training, we also redesigned and began delivering new shelter technical training. Designed with Arup, it teaches participants about structural terminology, materials, bracing techniques, connections and foundations, and provides the opportunity to build an emergency shelter.

We also supported staff with training on conversations around personal growth and giving effective feedback. And we ran a range of additional training on areas including crisis communications and media interviews.

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SOMALIA, DROUGHT

As we worked to keep increasing our impact worldwide, we ran more training to help our partners build their own skills and capacity. In 2024, we worked with partners in Cameroon, Somalia and Ethiopia, running training on safeguarding, vicarious trauma, safety and security, and supply chains. We’re proud to work alongside partners to identify areas where we can learn from each other, and to then work towards those goals through the delivery of learning.

In Somalia, ShelterBox is working with Juba Foundation to support thousands of people affected by drought, floods, or conflict.

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OUR PRIORITIES FOR 2025

Our five-year strategy sets out the organisation we want to be in 10+ years and the roadmap needed for the period until 2027. It helps us deliver on our mission in the most effective way. We have a range of exciting work planned for 2025 to help deliver on our strategy. During 2025, we will:

DO MORE

We will…

• Continue completing in-depth country reviews with local partners, to make sure we are delivering on our international programmes strategy and increasing our impact.

• Continue to raise income in more ways, to help deliver on our international fundraising strategy and encourage international companies to invest in ShelterBox.

• Continue using the expertise of our Philanthropy Advisory Board to increase awareness of ShelterBox and drive support.

DO IT TOGETHER

We will…

• Continue to focus on improving sustainability, including by distributing ecofriendly alternatives for five core household items.

• Increase the breadth of the aid we offer by providing more households with cash and vouchers to spend on the items and services they need most.

• Complete our business systems transformation programme, to bring together our core systems and work more efficiently.

DO IT WELL

We will…

• Listen to the communities we work with and amplify people’s voices, through strategic partnerships focused on storytelling.

• Continue with country-specific assessments, including our work on preparedness and prepositioning essential shelter items where they are most likely to be needed.

• Put Equality, Diversity and Inclusion (EDI) at the heart of ShelterBox, by delivering on our EDI action plan and following our three guiding principles – educate, embed and engage.

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STRUCTURE, GOVERNANCE AND MANAGEMENT

Principal risks and uncertainties

ShelterBox is exposed to a range of risks and operates in high-risk environments. The board of trustees is responsible for risk management within ShelterBox. While it is not possible to eliminate risk, the board has adopted a risk management framework and a risk appetite statement.

The risk management process is used to identify, assess, monitor, mitigate and report on risk and makes use of risk registers. Risks are identified within individual teams, and the executive team identifies those risks that are included on the Corporate Risk Register. The Corporate Risk Register is reviewed on a quarterly basis by the board and the People and Risk Committee. The ShelterBox board monitors internal controls and procedures, along with the effectiveness of these controls, and has recently employed an internal auditor. The board also monitors the independence of our external auditors with reference to common practice and sector guidance.

Major risks

The main risks identified, and the measures taken to mitigate them, are:

Global economic risk: The global economic landscape is subject to increased volatility and uncertainty. Geopolitical tensions have increased due to new tariffs and trade wars, as well as state-based armed conflicts. All of these have had a significant impact on international trade and investment. In addition, more frequent and extreme weather events are impacting supply chains and economic stability. These factors impact both the cost of providing aid, our ability to fundraise and the ability of individual and corporate donors to support our work.

Mitigation: Key focus areas include monitoring revenue and costs and organising monthly meetings of global fundraising leadership teams. We have also placed additional focus on retaining existing supporters and further developing income streams less likely to be impacted. A diversified supply chain, with multiple international suppliers based across the globe, also helps to mitigate sudden shocks in a particular market or supply route.

Geopolitical risk: Ongoing conflicts continue to disrupt energy supplies, elevate inflation rates and impact international trade routes. This results in increased costs, restricted access to areas and risks to supply chains – including disruption to global or regional logistics, which can impair ShelterBox’s capacity to deliver aid in a timely manner.

Mitigation: We continue to monitor the security situation in relevant countries, including through the use of multiple sources of security information. We have also enhanced safety and security planning, and liaise closely with partners, freight forwarders and suppliers to allow for longer lead times and diversification of suppliers – including regional and national suppliers – to reduce shipping requirements.

Business Systems Transformation risk: ShelterBox is working to enhance our core systems through a Business Systems Transformation project (BST). Failure to achieve the expected enhancements may impact our future ability to work efficiently.

Mitigation: Thorough, dedicated project managers and adequate resourcing are helping this process to run smoothly while continuing with business as usual. Two of the core systems have now successfully been transitioned, with the remainder due to complete in 2025.

Financial risk: Severe cuts to USAID and reduction in funding from other governments is having a major financial impact on the aid sector. While ShelterBox did not receive direct funding from USAID, FCDO or similar agencies, this sudden and unexpected change in funding for other charities will result in greater competition for other major donors. This, together with continued pressure on the global economic forecast, has the potential to cause a reduction in income and/ or an increase in costs, impacting our ability to achieve our objectives.

Mitigation: We continue to work on diversifying our income sources, developing our fundraising capacity and improving budgeting, forecasting and monthly reporting on income and expenditure.

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...STRUCTURE, GOVERNANCE AND MANAGEMENT CONTINUED

We monitor our actual and forecasted financial performance continuously and maintain adequate financial reserves. We are reviewing ShelterBox priorities to improve financial resilience.

Safety and security risk: Due to geopolitical tensions, there is an elevated risk of a serious operational incident impacting the safety or security of our staff, partners or the people we work for.

Mitigation: We have developed a comprehensive safety and security handbook, which covers travel management and support, operations and programme security, security awareness and capacity building, and crisis management. International security and medical assistance services are available to our teams globally on a 24/7 basis. We have reviewed and updated our response team training, safety and security planning, deployment evaluations, enhanced risk assessments and critical incident management planning and training. In addition, we have a crisis management plan and carry out training and scenarios to continually develop our ability to deal with an incident.

Safeguarding risk: A safeguarding incident involving the people we serve, volunteers or staff.

Mitigation: We conduct background checks on all relevant staff. An organisational Safeguarding Policy is in place, regularly reviewed and updated, alongside mandatory training for volunteers and staff and additional training for safeguarding leads. A safeguarding specialist is employed to oversee safeguarding issues within ShelterBox, keep our policy, procedures and training under review, and assist with due diligence on partners. We also work with partners and local communities to provide an effective mechanism for staff, volunteers, partners and members of the local community to raise any safeguarding concerns and include details of our complaints and feedback mechanism and whistleblower channels.

Operational risk: We fail to protect ShelterBox against fraud or corruption.

Mitigation: Our finance manual, operational policies, Anti-Money Laundering and

Counterterrorist Financing Policy, and AntiBribery and Corruption Policy include procedures to reduce the risk of financial crime. In addition to the policies, mandatory training is conducted by staff on anti-bribery and anti-money laundering to ensure knowledge is held across the organisation. Sanctions checks and due diligence are conducted on all partners and suppliers with a particular focus on finance and procurement policies. Our Whistleblower Policy is regularly reviewed and updated.

Cyber risk: A serious data breach or cybersecurity incident occurs.

Mitigation: We have established a cybersecurity working group to raise awareness of this risk and monitor and reduce our exposure to cyber threats. We have also improved our policies and procedures on this issue, increased our security controls, and use phishing tests and provide mandatory staff training on data protection and cybersecurity. We regularly review and enhance the tools and processes put in place to identify and attempt to block active threats, to keep pace with new and emerging threats. And we have adopted processes to isolate and contain any successful attacks and reduce their impact.

Reputational risk: Reputational damage, leading to a loss of stakeholder support and income.

Mitigation: Our response to this risk includes the adoption of, and adherence to, clear values, as well as operating to internationally recognised humanitarian standards and complying with a code of conduct and ethical fundraising guidelines. Policies across the organisation are also reviewed for effectiveness and updated as required, including those dealing with safeguarding, whistleblowing, complaints and data protection, and we provide training for volunteers and staff. In addition, we carry out due diligence on suppliers and partners and implement monitoring and evaluation of our programmes.

People risk: Management of change, resourcing, staff turnover and staff wellbeing.

Mitigation: We use employee engagement surveys to identify any areas for improvement.

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CHAD, CONFLICT

Due to the conflict in Sudan, eastern Chad is hosting —- hundreds of thousands of people fleeing Sudan who have crossed the border to seek refuge.

We have a pay progression framework and introduced a revised personal development process in 2024, and offer additional training and development for staff, as well as management training. We also have a continued focus on staff wellbeing, as well as specialist support for equality, diversity, and inclusion developments. Regulatory risk: Increased complexity of legal and regulatory requirements.

Mitigation: We keep our policies and procedures under review for effectiveness and updated as required. We also run enhanced compliance training across several areas, including safeguarding, Gift Aid, the fundraising code and data protection. We have introduced increased oversight of fundraising compliance risks, as well as continuously developing our safeguarding, EDI and data protection processes.

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STRUCTURE

ShelterBox is a registered charity and a company limited by guarantee.

It is governed in accordance with its Articles of Association, which also set out its objects and powers. Each trustee member of the charitable company undertakes to contribute £1 in the event of the company being wound up. There were 11 members as of 31 December 2024, each of whom was also a trustee; they have no beneficial interest in the company. The company number is 4612652 and the charity number is 1096479.

ShelterBox is governed by a board of volunteer trustees. The board is responsible for providing overall policy direction and for overseeing the management of the charity’s affairs in accordance with its mission. The board is also responsible for compliance with UK charity and company statutory requirements.

Trustees are appointed, elected or re-elected for a fixed term in accordance with the Articles of Association. New trustees participate in an induction programme, covering all aspects of the role and the organisation, while trustee training and development is provided at quarterly board meetings. Trustees also attend occasional external conferences. The board continually monitors its composition and effectiveness of decision-making. The trustees then delegate the day-to-day running of the organisation to the chief executive and executive team.

Designated trustees and managers serve on committees, which meet quarterly and have terms of reference approved by the board. There are currently three committees, the Finance and Fundraising Committee, the Programme Delivery and Quality Committee, and the People and Risk Committee. The decisions made by the trustees are predominantly at a strategic level, whilst the committees provide further scrutiny within their respective areas.

A wholly owned subsidiary, ShelterBox Trading Limited, undertakes certain trading activities relating to ShelterBox. ShelterBox Operations Philippines, Inc. (SBOP) is a non-stock, nonprofit company registered in the Philippines and undertakes charitable activity in the Philippines. SBOP is deemed a subsidiary by virtue of ShelterBox Trust and senior employees of

ShelterBox Trust comprising the majority of the members of the company.

Public benefit

As a charity, we have a duty to operate for the public benefit. We do this by undertaking activities designed to meet our charitable objectives of providing, on a worldwide basis, humanitarian relief, aid and assistance for the benefit of people in charitable need affected by, or vulnerable to, disaster or other events, particularly by providing shelter. Please see the “Who we are, what we do” section on Pg 8 above and the review of our strategy in the “Delivering on our strategic objectives” section at pg 18 above for details of how we deliver a public benefit. The trustees have referred to the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

Volunteers and staff

Hundreds of volunteers have continued to help this year, including fundraising, administration and speaking at events. Due to the scale and variety of work carried out by volunteers, it is not practical to attach a value to this contribution.

Key management salaries are benchmarked against similar roles in the sector and set within permitted bands in accordance with the ShelterBox pay structure.

Structure disclosure to auditor

The trustees in office at the date of approval of this Trustees’ Annual Report confirm that, so far as they are each aware, there is no relevant audit information of which the charity’s auditor is unaware and each trustee has taken all the steps they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity’s auditor is aware of that information. The financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and comply with the charity’s governing document, the Charities Act 2011 and 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 published in October 2019.

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STATEMENT OF TRUSTEES’ RESPONSIBILITIES

in respect of the Trustees’ Annual Report and the financial statements

The Trustees (who are also directors of ShelterBox Trust for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the group for that period.

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 Statement of Recommended Practice (SORP);

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity's constitution.

They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and provisions of the charity's constitution. They are also responsible for signing off approval of both the annual and strategic report

LEO SKYNER Hon. Treasurer Date: 16 September 2025.

make judgments 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;

and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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REFERENCE AND ADMINISTRATIVE DETAILS

Trustees

James Sinclair Taylor (Chair), (left June 2025)

Claire Goudsmit (Vice Chair) Leo Skyner (Hon. Treasurer) Yinka Babalola Steven Horan George Pennock Matthew Carter (appointed December 2024)

Ginny Fox (appointed December 2024)

Srikaran Srivivekanandarajah (appointed December 2024) Penny Richards (appointed June 2024, left February 2025)

Auditor

Crowe U.K. LLP 4[th] Floor St James House St James Square Cheltenham GL50 3PR

Registered office and Principal office Falcon House Charles Street Truro TR1 2PH

Rowan Johnson (left March 2024)

William Decker (left April 2024) Michelle Jeuken (left February 2025)

Company number 4612652

Executive team

Chief Executive Officer, Sanj Srikanthan

Chief Operating Officer, Natasha Eden (started April 2024, resigned May 2025)

Director of International Programmes, Euan Crawshaw

Director of Finance, Michael Collins

Director of Fundraising and Communications, Lisa McCormack (started February 2024, left July 2025) Director of People, Ruth Evans (left March 2025)

Charity number 1096479

Legal advisers Foot Anstey LLP Senate Court Southernhay Gardens Exeter EX1 1NT

Interim Director of Fundraising and Communications (job share), Alice Byron (May 2023 to March 2024), Michelle Saxby-Jane (August 2023 to March 2024)

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SHELTERBOX TRUST

Opinion

We have audited the financial statements of Shelterbox Trust (‘the charitable company’) and its subsidiaries (‘the group’) for the year ended 31 December 2024 which comprise the Consolidated Statement of Financial Activities, Consolidated and Charity Balance Sheets, Consolidated 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: give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31 December 2024 and of the group’s income and expenditure, for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

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 charitable group 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 charitable company's or the group’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 trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 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 our auditthe information given in the trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SHELTERBOX TRUST

prepared is consistent with the financial statements; and

the strategic report and the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and 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 trustees’ report.

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 proper accounting records have not been kept; or

the 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 trustees’ responsibilities statement set out on page 41, the trustees (who are also the directors of the charitable company for the purposes of company 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 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 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

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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable

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company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and The Charities Act 2011 together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were Charity Commission regulations, General Data Protection regulation (GDPR), Anti-fraud, bribery and corruption legislation, Health and safety legislation and Employment legislation. We also considered compliance with local legislation for the group’s overseas operations.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of legacy income, grant income and affiliate income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, designing audit procedures over legacy income, grant income and affiliate income, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

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. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, 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 noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

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

TARA WESTCOTT Senior Statutory Auditor

For and on behalf of Crowe U.K. LLP Statutory Auditor St James House, St James Square, Cheltenham, GL50 3PR

Date: 18/09/2025

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46

FINANCIAL STATEMENTS

Consolidated Statement of Financial Activities for the year ended 31 December 2024

==> picture [525 x 448] intentionally omitted <==

----- Start of picture text -----
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds funds funds
Note 2024 2024 2024 2023 2023 2023
£000 £000 £000 £000 £000 £000
INCOME FROM
Donations and legacies 2 9,868 8,996 18,864 12,713 12,352 25,065
Charitable activities - 483 483 - 494 494
Other trading activities 158 - 158 164 - 164
Investments 3 598 - 598 423 - 423
Other income 25 - 25 6 - 6
TOTAL INCOME 10,649 9,479 20,128 13,306 12,846 26,152
EXPENDITURE ON
Raising funds 3,904 - 3,903 3,765 90 3,855
Charitable activities 8,337 10,330 18,667 2,979 16,230 19,209
TOTAL EXPENDITURE 4 12,240 10,330 22,570 6,744 16,320 23,064
Unrealised (gains)/losses 10 (232) - (232) (115) - (115)
on investments
Net movement in funds (1,359) (851) (2,210) 6,677 (3,474) 3,203
RECONCILIATION OF FUNDS
Total funds brought forward 19,775 3,622 23,397 13,098 7,096 20,194
Net movement in funds 15 (1,359) (851) (2,210) 6,677 (3,474) 3,203
TOTAL FUNDS CARRIED FORWARD 18,416 2,771 21,187 19,775 3,622 23,397
----- End of picture text -----

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure are derived from continuing operations..

The notes on pages 49 to 67 form part of these financial statements.

Company number 4612652 Charity number 1096479

FINANCIAL STATEMENTS

47

Balance Sheets as of 31 December 2024

					Group		Group			Charity			Charity
					2024		2023			2024			2023
		Note			£000		£000			£000			£000
FIXED ASSETS
Intangible Assets		9			467		-			467			-
Tangible assets		9			97		103			76			93
Investments		10			5,956		5,724			5,957			5,725
TOTAL FIXED ASSETS 6,520 5,827 6,500 5,818 ~~Lo~~
CURRENT ASSETS
Stocks		11			4,929		4,379			4,426			3,745
Debtors		12			5,399		2,429			5,419			2,402
Short term deposits		13			4,104		10,236			4,104			10,236
Cash at bank and in hand		13			1,089		2,608			902			2,443
TOTAL CURRENT ASSETS 15,521 19,652 14,851 18,826 ~~Lo~~
Creditors: amounts falling due within one year 14 (853) (2,082) (835) (2,072) NET CURRENT ASSETS 14,668 17,570 14,016 16,754 Ld
NET ASSETS 21,188 23,397 20,516 22,572 EE
CHARITY FUNDS
Restricted funds		15			2,772		3,622			2,772			3,622
Unrestricted funds - designated		15			5,064		5,589			5,064			5,589
Unrestricted funds - general		15			13,352		14,186			12,680			13,361
TOTAL FUNDS 21,188 23,397 20,516 22,572 ~~I~~

Net movement in funds for the parent charity was a loss of £2,056,000 (2023 gain of £3,087,000) The financial statements were approved and authorised for issue by the Trustees on 16 September 2025 and signed on their behalf by:

Claire Goudsmit – Chair

Leo Skyner – Hon. Treasurer

The notes on pages 49 to 67 form part of these financial statements. Company number: 4612652

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FINANCIAL STATEMENTS

Consolidated Cash Flow Statement for the year ended 31 December 2024

==> picture [520 x 241] intentionally omitted <==

----- Start of picture text -----
2024 2023
Note £000 £000
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities 17 (7,734) 4,106
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interests and rents from investments 598 423
Purchase of tangible fixed assets (515) (61)
NET CASH PROVIDED BY INVESTING ACTIVITIES 83 362
Change in cash and cash equivalents in the year (7,651) 4,468
Cash and cash equivalents at the beginning of the year 12,844 14,100
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 13 5,193 18,568
----- End of picture text -----

FINANCIAL STATEMENTS

49

ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice, Accounting and Reporting by charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) effective 1 January 2019, the Companies Act 2006 and accounting standards. The financial statements are prepared in pound sterling which is the functional currency of the charity and group and rounded to the nearest £000.

ShelterBox Trust 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 note.

ShelterBox Trust is an incorporated company limited by guarantee in the United Kingdom (Company number 4612652) and is a registered charity in England and Wales (Charity number 1096479). ShelterBox Trust’s registered office is Falcon House, Charles Street, Truro, TR1 2PH.

These financial statements include the results of the charity together with the results of all of the charity’s subsidiaries including those overseas.

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

The charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of financial activities in these financial statements. See note 21 for details of the parent charity results for the year.

1.2 Going concern

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

The two prior years of 2022 and 2023 represented all time records for the charity in terms of income raised. Whilst 2024 showed an understandable drop in income against these record highs, the year still showed strong income raising performance. This continued strong income

performance leaves our year end reserves materially in excess of our minimum desired level of reserves and therefore represents a very strong going concern. In fact, we intend to set a deliberate deficit budget in 2025 in order to spend down these reserves as we do not want to be carrying excess reserves.

Consequently, the Trustees are confident that the Group and the charity will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements.

1.3 Fund accounting

Unrestricted funds are the funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Designated funds are unrestricted funds which have been set aside by the Trustees for particular purposes.

Restricted funds are funds which are to be used for specific purposes laid down by the donor. The costs of raising and administering such funds are charged to the funds.

1.4 Income

Income is included in the Statement of Financial Activities when the Charity is legally entitled to the income, receipt is virtually certain and the amount can be measured with reasonable certainty. Income is only deferred where the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period. The specific policies adopted in relation to the main categories of income are as follows:

• Donations and grants, including from ShelterBox affiliate organisations, are recognised in the period in which they are receivable. Income from grants are recognised only when the charity had entitlement to the funds and it is probable that any conditions can be met. Entitlement to legacies is treated as arising once notification of probate is received from executors and the value can be measured reliably which measurement is based on the receipt of a copy of will and a statement of assets and liabilities from the executor.

• Gifts in kind, such as donated transport, are recognised where the benefit is quantifiable and the cost is borne by a third party. An equivalent amount is recognised as expenditure within the

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statement of financial activities.

• ShelterBox benefits from the support of many volunteers in an operational capacity as well as many other vital roles. In accordance with the Charities SORP (FRS 102), the economic contribution of volunteers is not recognised in these financial statements.

1.5 Expenditure

Expenditure is recognised in the period in which it is incurred. Grants payable are recognised when a binding commitment has been made with a partner organisation. Expenditure includes any attributable VAT which cannot be recovered.

Expenditure on raising funds comprises the cost of seeking voluntary contributions, and it includes the costs of providing donors with information about the charity’s work.

Expenditure on charitable activities comprises the resources applied by the charity in undertaking work to meet its charitable objectives, as opposed to the cost of raising the funds to finance these activities.

Expenditure incurred directly on particular activities is allocated to that activity. Support costs, including general management, budgeting and accounting, IT, human resources, premises and other administration costs, are apportioned to activities based on a judgement of the percentage the specific activity represents in relation to the total non-support expenditure. Redundancy/termination payments are accounted for on an accruals basis.

1.6 Tangible fixed assets and depreciation

Fixed assets are stated at cost less accumulated depreciation. All expenditure of a capital nature exceeding £500 is capitalised. Depreciation is provided at rates calculated to write down the cost of each asset on a straight-line basis to its estimated residual value over its expected useful life. The depreciation rates used are as follows:

Fixtures, fittings, and equipment 20% Intangible 20%

Work in Progress assets are transferred to fixed assets when the asset is completed and depreciation started at that date.

1.7 Stock of disaster relief materials

Stocks are valued at the lower of cost and recoverable value. Cost is determined on a first in first out basis and includes all normal costs incurred in bringing the stock to its present location and condition. Recoverable value is the higher of value in use and net realisable value. Value in use is determined as the replacement

cost of items of equivalent service potential. Provision is made where necessary for obsolete, slow moving and defective stock.Stocks are removed from the balance sheet and charged to the Statement of Financial Activities when distributed to beneficiaries.

1.8 Foreign currencies

Transactions denominated in foreign currencies are translated at the rate of exchange ruling at the date of the transaction or at a contract rate. Foreign currency balances are translated at the rate of exchange ruling at the balance sheet date and the resultant exchange rate differences are included in the statement of financial activities.

1.9 Operating leases

Operating lease rentals are charged to the statement of financial activities on a straight line basis over the lease term.

1.1 Pensions

The Group operates a defined contribution pension scheme. Contributions are charged in the statement of financial activities as they become payable in accordance with the rules of the scheme.

1.11 Taxation

ShelterBox Trust is a registered charity, which applies its income for charitable purposes. As such, no provision is considered necessary for taxation.

1.12 Basic financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments, these being cash at bank, debtors and creditors. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.13 Accounting judgement and estimate

In the preparation of the financial statements, certain accounting estimates and judgements are used to apply the accounting policies. These include:

Included within Stock is a provision for obsolete stock. Stock which has been on the books for longer than 12 months is reviewed and assessed to ensure it could still have a net realisable value. If it is deemed not to have a net realisable value, it is provided for. Prepayments and Accrued Income includes accrued income in relation to residual legacies. Limited judgement is applied here because the accrual is guided by our Legacy Income Recognition Policy which dictates that we accrue legacy income once a legacy enters probate and once we can accurately predict value through a copy of will and a statement of assets and liabilities.

FINANCIAL STATEMENTS

51

2. INCOME FROM DONATIONS AND LEGACIES

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----- Start of picture text -----
Unrestricted Restricted Total
funds funds funds
2024 2024 2024
£000 £000 £000
Donations from individuals 3,273 420 3,693
-
Legacies 3,651 3,651
Donations from Rotary and community groups 930 15 945
Grants from institutions, corporations and trusts 781 859 1,640
Gift aid 569 17 586
Gifts in kind 74 287 361
Donations and grants from ShelterBox affiliate organisations 590 7,398 7,988
TOTAL 9,868 8,996 18,864
Future legacy income of £640,020 (2023:£1,016,881) is expected
from legacies that have been notified to the Charity.
----- End of picture text -----

Donations from individuals Legacies Donations from Rotary and community groups Grants from institutions, corporations and trusts Gift aid Gifts in kind Donations and grants from ShelterBox affliate organisations	Unrestricted funds 2023 £000 4,813 1,699 2,394 547 951 - 2,309	Restricted funds 2023 £000 113 - 1 1,211 14 1,173 9,840	Total funds 2023 £000 4,926 1,699 2,395 1,758 965 1,173 12,149
TOTAL	12,713	12,352	25,065

3. INVESTMENTS

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----- Start of picture text -----
Group 2024 Group 2023
£000 £000
Interest received and income from investments 598 423
TOTAL 598 423
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SHELTERBOX ANNUAL REPORT 2024

52

4. EXPENDITURE

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----- Start of picture text -----
Staff costs Grants Other Allocation Total
attributable of support
costs costs
2024 2024 2024 2024 2024
£000 £000 £000 £000 £000
Expenditure on charitable activities 3,450 7,033 5,927 2,257 18,666
-
Expenditure on raising funds 1,576 1,165 1,163 3,904
- -
Support costs 2,173 1,198 (3,371)
Governance - - 49 (49) -
TOTAL 7,199 7,033 8,339 - 22,570
----- End of picture text -----

Support costs which cannot be directly allocated to activities are apportioned on the basis of estimated usage by those activities

Expenditure on charitable activities Expenditure on raising funds Support costs Governance	Staff costs 2023 £000 2,646 1,535 1,676 -	Grants 2023 £000 5,820 - - -	Other attributable costs 2023 £000 8,946 1,329 966 32	Allocation of support costs 2023 £000 1,797 876 (2,642) (32)	Total 2023 £000 19,209 3,740 - -
TOTAL	5,857	5,820	11,272	-	22,949

FINANCIAL STATEMENTS

53

ALLOCATION OF SUPPORT AND GOVERNANCE COSTS

Support costs are allocated to activities based on their estimated usage by those activities.

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----- Start of picture text -----
Expenditure Expenditure Total
on charitable on raising funds
activities funds
2024 2024 2024
£000 £000 £000
Finance, legal and central services 951 490 1,441
IT 703 362 1,065
HR and Learning and Development 345 177 522
Facilities 226 117 343
Governance 32 17 49
TOTAL 2,257 1,163 3,420
----- End of picture text -----

Finance, legal and central services IT HR and Learning and Development Facilities Governance	Expenditure on charitable activities 2023 £000 654 571 342 210 20	Expenditure on raising funds 2023 £000 304 285 171 104 12	Total funds 2023 £000 958 856 514 314 32
TOTAL	1,797	876	2,674

SHELTERBOX ANNUAL REPORT 2024

54

5. GRANTS PAYABLE

Grants are payable to partners in furtherance of the objectives of ShelterBox Trust.

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----- Start of picture text -----
2024 2023
INSTITUTION PROJECT £000 £000
SBOP - Grant 308 -
ABZ Lebanon 306 -
ACTED Ukraine Crisis - 47
ACTED Libya 8 261
Agricultural Development Association Gaza 112 -
AHTD Chad 926 -
Bahar Relief Organisation Syria Crisis 92 371
Benevolence Coalition Humanitarian Yemen 309 864
Care Malawi Malawi - 258
ESNFI Ethoiopia 5 -
HELP Burkina Faso 1,297 763
MAP Gaza 587 -
INTERSOS Chad 33 111
IOM Ethoiopia 128 413
Islamic Relief Worldwide Pakistan Floods 105 747
Juba Foundation Somalia 813 563
NNLPD Ukraine Crisis 40 383
Other ShelterBox affiliate organisations Affiliate network - 13
Public Concern Cameroon 923 929
ReliefAid Ukraine Crisis 13 -
Uttaran Bangladesh 1,028 97
TOTAL 7,033 5,820
----- End of picture text -----

6. NET RESOURCES EXPENDED

This is stated after charging:

Depreciation of tangible fxed assets Auditors' remuneration – audit Operating lease rentals Exchange rate (gain)/loss	Group 2024	Group 2023 £000 113 29 162 59
	£000
	40
	29
	208
	(13)

FINANCIAL STATEMENTS

55

7. TRANSACTIONS WITH TRUSTEES

Members of the board of trustees (who are also directors of the charitable company) received no remuneration (2023: £Nil) for their services as trustees.

Eight trustees received reimbursement of expenses for travel and subsistence in the year for £30,409 (2023: £9,070).

Trustees' indemnity insurance was purchased at a cost of £4,695 (2023: £2,582).

8. STAFF COSTS

Staff costs were as follows:

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----- Start of picture text -----
Group 2024 Charity 2024 Group 2023 Charity 2023
£000 £000 £000 £000
Wages and salaries 6,165 6,046 5,055 4,976
Social security costs 661 657 535 530
Pension costs 288 269 220 220
Life assurance 16 16 11 11
Agency and seconded staff 36 36 30 30
Termination costs 33 33 6 6
TOTAL 7,199 7,057 5,857 5,773
Group 2024 Charity 20243 Group 2023 Charity 2023
No. No. No. No.
The average number of persons employed by the group during the year were as follows:
TOTAL 161 156 140 135
----- End of picture text -----

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

In the band £60,001 - £70,000 In the band £70,001 - £80,000 in the band £80,001 - £110,000 In the band £110,001 - £120,000 In the band £120,001 - £130,000	Group 2024	Group 2023 No. 1 2 - - 1
	No.
	9
	1
	3
	-
	1

SHELTERBOX ANNUAL REPORT 2024

56

...STAFF COSTS CONTINUED

Payment of £52,178 (2023: £16,424) were made to the charity's defined contribution pension scheme for 14 higher paid employees (2023: Four) whose annual emoluments exceeded £60,000.

Key management personnel are deemed to be the charity's executive team, consisting of 8 (2023: 8) individuals. The charity's executive team received total emoluments in the year of £575,199 (2023: £491,269).

No Termination costs were paid in the year. There were accrued amounts of £32,700 at the end of the year for redundancies agreed at year end and to be paid in 2025.

9. FIXED ASSETS

Intangible Fixed Assets (Charity and Group)

	Intangible Assets £000 - 116 -	Work in progress £000 - 363 -	Total £000 - 479 - 479 - 12 - 12 - 467
COST
At 1 January 2024 Additions Disposals
At 31 December 2024	116	363
	- 12 -	- - -
DEPRECIATION
At 1 January 2024 Charge for the year On disposals
At 31 December 2024	12	-
	-	-
NET BOOK VALUE
At 1 January 2024
At 31 December 2024	104	363

FINANCIAL STATEMENTS

57

TANGIBLE FIXED ASSETS

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----- Start of picture text -----
Fixtures Fixtures and Fixtures and Fixtures and
and fit- fittings fittings fittings
tings
Group Charity Charity
Group 2023 2024 2023
2024
£000 £000 £000 £000
COST
At 1 January 579 705 555 681
Additions 36 61 22 60
Disposals (74) (186) (63) (186)
At 31 December 541 580 514 555
DEPRECIATION
At 1 January 477 550 462 537
Charge for the year 40 113 39 11
On disposals (73) (186) (63) (186)
At 31 December 444 477 438 462
NET BOOK VALUE
At 1 January 102 154 93 144
At 31 December 97 102 76 93
----- End of picture text -----

Capital commitments. As at 31[st] December, 2024 the Trust had contracted capital commitments for future capital expenditure of £213K. This amount relates to our continued investment into the upgrade of internal IT systems.

10. FIXED ASSET INVESTMENTS

10. FIXED ASSET INVESTMENTS	10. FIXED ASSET INVESTMENTS	10. FIXED ASSET INVESTMENTS	10. FIXED ASSET INVESTMENTS
Charity	Investments in subsidiary companies £000 1
COST AND NET BOOK VALUE
At 1 January 2024 and 31 December 2024

The investment relates to ShelterBox Trading Limited which is a wholly owned subsidiary (1,000 ordinary shares of £1 each) that undertakes various trading and fundraising activities.

SHELTERBOX ANNUAL REPORT 2024

58

...FIXED ASSET INVESTMENTS CONTINUED

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----- Start of picture text -----
2024 Restated
2023
£000 £000
LISTED INVESTMENTS
-
At 1 January 2024 5,732
Additions 5,500
- -
Disposals
Investment Income received 244 139
Investment Income withdrawn (252) (30)
Unrealised Gains/(Losses) 232 115
At 31 December 2024 5,956 5,724
----- End of picture text -----

Initial investments made during the 2024 Financial Year in line with the Charity's investment Policy.

The policy aims to maximise investment returns balanced against investment risk, whilst also ensuring funds are available as required to meet operational requirements.

We place our surplus cash with Cazenove and they then place that with a number of banks which have more or less instant liquidity (24 hours turnaround). There is no intention to hold them for more than 12 months and they do not vacillate in value and therefore should be included within short term deposits.

11. STOCKS

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----- Start of picture text -----
Group 2024 Group 2023 Charity 2024 Group 2023
£000 £000 £000 £000
Pre-positioned outside the UK 4,328 2,483 3,825 1,849
Aid in transit 601 1,896 601 1,896
TOTAL 4,929 4,379 4,426 3,745
----- End of picture text -----

Stock of disaster relief materials is net of provisions of £245,796 (2023: £308,503).

FINANCIAL STATEMENTS

59

12. DEBTORS

DUE WITHIN ONE YEAR Amounts due from intergroup companies Other debtors Prepayments and accrued income VAT and Gift Aid Legacy debtor		Group 2023 £000 - 40 355 93 1,941		Charity 2023 £000 20 1 347 93 1,941 2,402
	Group 2024		Charity 2024
	£000		£000
	-		44
	5		-
	1,560		1,543
	76		74
	3,758		3,758
TOTAL	5,399	2,429	5,419	2,402

13. DEPOSITS AND BANK/CASH BALANCES

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----- Start of picture text -----
Group Group Charity Charity
2024 2023 2024 2023
£000 £000 £000 £000
Short term deposits 4,104 10,236 4,104 10,236
BANK CURRENT ACCOUNTS AND CASH
Sterling bank accounts 417 550 373 533
Foreign currency bank accounts 620 1,994 477 1,846
Cash 52 64 52 64
TOTAL 1,089 2,608 902 2,443
TOTAL CASH AND CASH EQUIVALENT 5,193 12,844 5,006 12,679
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SHELTERBOX ANNUAL REPORT 2024

60

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

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----- Start of picture text -----
Group 2024 Group 2023 Charity 2024 Charity 2023
£000 £000 £000 £000
Trade creditors 143 643 158 620
Other taxation and social security 213 189 213 186
Accruals and deferred income 497 1,250 464 1,234
Amount owing to inter-group companies - - - 32
TOTAL 853 2,082 835 2,072
Group 2024 Group 2023 Charity 2024 Charity 2023
£000 £000 £000 £000
DEFERRED INCOME:
Balance brought forward 8 11 - -
- -
Amount released in the year (8) (11)
Amount deferred in the year 5 8 - -
BALANCE CARRIED FORWARD 5 8 - -
----- End of picture text -----

Deferred income arises where Book Club membership gift vouchers have been purchased and are yet to be fully utilised.

15. STATEMENT OF FUNDS - CURRENT YEAR

Balance at 1 January 2024 Income Expenditure Transfers in/ (out) Balance at 31 December 2024 £000 £000 £000 £000 £000 DESIGNATED FUNDS Fixed assets 200 - (53) 417 564	Balance at 1 January 2024 Income Expenditure Transfers in/ (out) Balance at 31 December 2024 £000 £000 £000 £000 £000 DESIGNATED FUNDS Fixed assets 200 - (53) 417 564	Balance at 1 January 2024 Income Expenditure Transfers in/ (out) Balance at 31 December 2024 £000 £000 £000 £000 £000 DESIGNATED FUNDS Fixed assets 200 - (53) 417 564	Balance at 1 January 2024 Income Expenditure Transfers in/ (out) Balance at 31 December 2024 £000 £000 £000 £000 £000 DESIGNATED FUNDS Fixed assets 200 - (53) 417 564	Balance at 1 January 2024 Income Expenditure Transfers in/ (out) Balance at 31 December 2024 £000 £000 £000 £000 £000 DESIGNATED FUNDS Fixed assets 200 - (53) 417 564	Balance at 1 January 2024 Income Expenditure Transfers in/ (out) Balance at 31 December 2024 £000 £000 £000 £000 £000 DESIGNATED FUNDS Fixed assets 200 - (53) 417 564
DESIGNATED FUNDS
Fixed assets
Stock	5,389	-	-	889	4,500
	14,186	10,639	(11,956)	483	13,352
GENERAL FUNDS
General funds
TOTAL UNRESTRICTED FUNDS 19,775 10,639 (12,009) 11 18,416

ShelterBox has calculated a stock holding that the charity requires to operate effectively, the Stock Designated Fund represents the value of this target level of stock, the target level of stock was reduced at the end of 2024 and current stock levels are in excess of this amount but are expected to reduce to the new target level of stock during 2025.

FINANCIAL STATEMENTS

61

STATEMENT OF FUNDS – CURRENT YEAR

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----- Start of picture text -----
Balance at Income Expenditure Transfers Balance at
1 January 31 December
2024 2024
£000 £000 £000 £000 £000
RESTRICTED FUNDS
Ukraine Response Fund 1,820 1 (1,816) - 5
Emergency Supply Designated 911 1 - - 912
Latin America and Carribean Response Fund 41 255 (296) - -
Syria Response Fund 11 528 (532) - 7
JTI Foundation Response Fund 42 110 (112) - 40
Affiliates Response Fund 455 (1,074) (1,074) - 455
ShelterBox Germany Fund - 241 (241) - -
Gifts in Kind 87 770 (372) - 485
Lake Chad Basin Response Fund 31 - (31) - -
Philipines Response Fund 146 580 (350) - 376
Gaza Response Fund 16 380 (304) - 92
ECHO Mozambique fund 50 94 (109) - 35
Other response funds 12 - (1) (11) -
Crystal Springs Foundation - 165 (165) - -
Burkina Faso Response Fund - 533 (533) - -
Chad Response Fund - 641 (641) - -
Cameroon Response Fund - 598 (598) - -
Yemen Response Fund - 559 (559) - -
Bangladesh Response Funds - 180 (180) - -
Somalia Response Fund - 221 (77) - 144
Lebanon Response Fund - 79 (79) - -
Fund for Response costs - 2,350 (2,167) - 183
Australia Developing Country Fund - 80 (80) - -
Sustainability Fund - 50 (13) - 37
TOTAL RESTRICTED FUNDS 3,622 9,490 (10,330) (11) 2,771
TOTAL FUNDS 23,397 20,128 (22,338) - 21,187
----- End of picture text -----

Restricted Funds are established within the accounting records of the Charity to monitor income, expenditure and any ongoing net balances, relating to where donors have placed certain restrictions on their donations. Wherever we have a Restricted Fund which refers to a country by name, those funds are restricted to ShelterBox response activities in those named countries.

Other Restricted Funds have the following purposes:

The Latin America and Caribbean Preparedness fund is restricted to use by the charity in prepositioning aid items for use in Latin America or the Caribbean.

SHELTERBOX ANNUAL REPORT 2024

62

...STATEMENT OF FUNDS - CURRENT YEAR

The Syria fund are funds restricted to responding to the Syria crisis.

The JTI Foundation fund is for a variety of specified purposes including the provision of aid and operational capacity building.

The Affiliates fund comprises income received from ShelterBox international affiliated organisations the use of which is restricted to disaster response.

The Gifts in Kind fund comprise goods and services provided to the charity for use in carrying out its charitable activities.

Crystal Springs fund is a USA Foundation restricted to disaster response.

The Lake Chad Basin fund relates to responding to the Lake Chad Basin Crisis.

The ShelterBox Operations Philippines fund is restricted to use in the Philippines.

The SB Germany fund comprises income received from ShelterBox Germany and is restricted to disaster response.

The Australian Developing Country fund comprises income received from ShelterBox Australia and is restricted to use for disasters in a number of specified developing countries.

The Burkina Faso fund is restricted to use in the charity’s response to conflict in Burkina Faso.

The Ethiopia fund is restricted to respond in Ethiopia conflict.

The Yemen Conflict fund is restricted to the charity's response to the Yemen conflict.

The ShelterBox Disaster fund is a multi purpose fund, the use of which is restricted to stock holding, research and development, training and infrastructure development.

Fund for Response Costs is a collection of high net worth individuals and foundations that have been grouped for reporting purposes as they all follow the same restriction which is to support disaster response.

The Other Disaster Appeals Response Funds are funds restricted for the purpose of responding to specific disasters.

The Sustainability Fund comprises of income received to cover expenditure related to ShelterBox’s sustainability work.

STATEMENT OF FUNDS - PRIOR YEAR

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----- Start of picture text -----
Balance at Income Expenditure Transfers Balance at
1 January 31 December
2023 2023
£000 £000 £000 £000 £000
FIXED ASSETS - - - 200 200
Stock 4,022 - - 1,367 5,389
GENERAL FUNDS
General funds 9,076 13,306 (6,629) (1,567) 14,186
TOTAL RESTRICTED FUNDS 13,098 13,306 (6,629) - 19,775
----- End of picture text -----

FINANCIAL STATEMENTS

63

Transfers between funds include designation of unrestricted funds towards the holding of stock and agreement with a donor to remove the restriction from a donation.

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----- Start of picture text -----
Balance at Income Expenditure Transfers Balance at
1 January 31 December
2023 2023
£000 £000 £000 £000 £000
RESTRICTED FUNDS
Emergency Supply - Designated 911 - - - 911
Syria Response Fund 5 1,992 (1,986) - 11
Other Response Funds (<£10k) 15 - (3) - 12
Ethiopia Response Fund 30 373 (403) - -
Haddon Response Fund 108 - (108) - -
JTI Foundation Respond Fund 40 616 (614) - 42
Australia Developing Country Fund 152 354 (506) - -
Affiliates Response Fund 2,056 4,430 (6,031) - 455
Crystal Spring Foundation Ring Fenced Fund 317 - (317) - -
Gifts in Kind 209 1,100 (1,222) - 87
ShelterBox Germany Fund 379 1,194 (1,573) - -
Lake Chad Basin Response Fund 5 296 (271) - 30
Philippines Response Fund 86 60 - - 146
Yemen Response Fund - 442 (442) - -
Burkina Faso Response Fund 4 369 (373) - -
Ukraine Response Fund 2,697 790 (1,666) - 1,821
Pakistan Response Fund 41 115 (156) - -
Latin America and Caribbean Response Fund 41 - - - 41
Gaza Response Fund - 16 - - 16
Morocco Response Fund - 348 (348) - -
Libya Response Fund - 259 (259) - -
Mozambique ECHO Response Fund - 68 (18) - 50
Cameroon Response Fund - 24 (24) - -
TOTAL RESTRICTED FUNDS 7,096 12,846 (16,320) - 3,622
TOTAL FUNDS 20,194 26,152 (22,949) - 23,397
----- End of picture text -----

SHELTERBOX ANNUAL REPORT 2024

64

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

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----- Start of picture text -----
Unrestricted Restricted Total
funds funds funds
2024 2024 2024
£000 £000 £000
CURRENT YEAR
Fixed assets 564 - 564
Investments 5,956 - 5,956
Net current assets 11,896 2,772 14,668
TOTAL 18,416 2,772 21,188
Unrestricted Restricted Total
funds funds funds
2023 2023 2023
£000 £000 £000
PRIOR YEAR
Tangible fixed assets 103 - 103
Investments 5,724 - 5,724
Net current assets 13,948 3,622 17,570
TOTAL 19,775 3,622 23,397
----- End of picture text -----

17. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

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----- Start of picture text -----
Group Group
2024 2023
£000 £000
Net (expense)/income for the year (as per Statement of Financial Activities) (2,210) 3,203
ADJUSTMENTS FOR:
Depreciation charges 52 113
Dividends, interests and rents from investments (598) (423)
- -
Loss/Profit on the sale of fixed assets
-
Unrealised (gains)/losses on investments (232)
Decrease/(Increase) in stocks (550) 554
Increase in debtors (2,967) (819)
Increase/(Decrease) in creditors (1,229) 1,478
NET CASH USED IN OPERATING ACTIVITIES (7,734) 4,106
----- End of picture text -----

FINANCIAL STATEMENTS

65

18. ANALYSIS OF NET DEBT

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----- Start of picture text -----
At 1 January Cash flows At 31 December
2024 2024
£000 £000 2023
£000
Cash at bank and in hand 10,236 (6,132) 4,104
Cash at bank and in hand 2,608 (1,519) 1,089
TOTAL 12,844 (7,651) 5,193
----- End of picture text -----

19. PENSION COMMITMENTS

The Group operates a defined contribution pension scheme. Contributions payable for the year were £288,314 (2023: £220,287). Outstanding contributions at the end of the year were £43,981 (2023: £36,083).

20. OPERATING LEASE COMMITMENTS

At 31 December 2024 the Group had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

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----- Start of picture text -----
Group 2024 Group 2023
£000 £000
Not later than 1 year 150 150
Later than 1 year and not later than 5 years 28 178
TOTAL 178 328
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21. OTHER FINANCIAL COMMITMENTS

The amount of materials purchase orders contracted for at 31 December 2024 but not recognised in these financial statements was;

		2024		2023
		£000		£000
Materials purchases contracted for		1,054		2,264

SHELTERBOX ANNUAL REPORT 2024

66

22. SUBSIDIARIES AND RELATED PARTY TRANSACTIONS

Related Party Transactions

The Charity has two subsidiaries. ShelterBox Trading Ltd, a UK company (registration number: 07096770) and ShelterBox Operations Philippines Inc a non-stock non-profit company registered in the Philippines (SEC registration CN201720528).

During the year the charity recharged costs to ShelterBox Trading Ltd of £19,446 (2023: £17,630). The charity allows ShelterBox Trading Ltd to use the ShelterBox name under licence. Royalties of £1,520 (2023: £1,670) were incurred during the year. At the year end the charity owed ShelterBox Trading Ltd £7,268 (2023: £32,417), in addition the charity has a loan to ShelterBox Trading Ltd of £20,000 (2023: £20,000). Loan interest was charged during the year totalling £1,600 (2023: £1,650), and gift aid donations of £2,284 (2023: £68,391) were received in the year

At the end of the year, the Charity owed ShelterBox Operations Philippines Inc. £nil (2023: £nil)." With "At the end of the year, the Charity was owed £32k by ShelterBox Operations Philippines Inc. (2023: £nil).

There have been no transactions with other related parties in the year.

Subsidiaries

ShelterBox Trust’s subsidiaries ShelterBox Trading Ltd and ShelterBox Operations Philippines Inc are incorporated into the consolidated accounts in accordance with FRS 102.

a. ShelterBox Trading Ltd

ShelterBox Trust owns 100% of the issued share capital of ShelterBox Trading Ltd, a UK company (registration number: 07096770). Its registered office is Falcon House, Charles Street, Truro, TR1 2PH.

The income and expenditure for ShelterBox Trading Ltd were:

The income and expenditure for ShelterBox Trading Ltd were:
Total income Total expenses Net proft Donation to ShelterBox Trust Retained proft	2024	2023 £000 164 (161) 3 (68) (30)
	£000
	158
	(140)
	18
	(2)
	16
ShelterBox Trading Ltd Balance Sheet as at 31 December 2024:
Current assets Current liabilities Net assets	2024	2023 £000 50 (47) 3
	£000
	52
	(33)
	19

FINANCIAL STATEMENTS

67

b. ShelterBox Operations Philippines Inc

ShelterBox Trust controls ShelterBox Operations Philippines Inc by virtue of the majority of the members are employees of ShelterBox Trust. ShelterBox Operations Philippines Inc is Inc a non-stock non-profit company registered in the Philippines (SEC registration CN201720528 ), registered address Office 5, Unit 1401 Park Centrale Building, IT Park, Apas, Cebu City.

The income and expenditure for ShelterBox Operations Philippines Inc was:

Total Income Total Expenses Net Surplus/(Defcit)	2024	2023 £000 394 (210) 184
	£000
	309
	(459)
	(150)

ShelterBox Operations Philippines Inc Balance Sheet as at 31 December 2024

Fixed Assets Current Assets Current Liabilities Net Assets	2024	2023 £000 10 829 (13) 826
	£000
	21
	691
	(59)
	653

23. PARENT CHARITY

In line with the SORP the parent charity has not published its own SOFA and the related notes. Details of the charity’s own income and results are as follows:

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----- Start of picture text -----
2024 2023
£000 £000
Total income 19,992 26,077
Expenditure on raising funds (3,783) (3,598)
Expenditure on charitable activities (18,265) (19,393)
NET (EXPENDITURE)/INCOME FOR THE YEAR (2,056) 3,086
----- End of picture text -----

SHELTERBOX ANNUAL REPORT 2024

68

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ShelterBox

Falcon House, Charles Street, Truro, TR1 2PH, UK

T [phone] E [e-mail] W shelterbox.org

Patron

Her Majesty The Queen The Former Duchess of Cornwall

ShelterBox and Rotary International are Project Partners in disaster relief. ShelterBox is a registered charity independent of Rotary International and The Rotary Foundation.