2020-12-31-accounts - Shannon Trust

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			Page
Legal and administrative		information
Trustees' Annual Report
Chair's statement			14
Independent auditor's	report
Statement of financial	activities		18
Balance sheet			19
Statement of cash flows			20
Notes to the financial	statements		21

REFERENCE AND ADMINISTRATIVE DETAILS OF THE	REFERENCE AND ADMINISTRATIVE DETAILS OF THE	REFERENCE AND ADMINISTRATIVE DETAILS OF THE	REFERENCE AND ADMINISTRATIVE DETAILS OF THE	REFERENCE AND ADMINISTRATIVE DETAILS OF THE	REFERENCE AND ADMINISTRATIVE DETAILS OF THE	CHARITY,	CHARITY,
ITSTRUSTEES AND ADVISERS
For the year		ended 31 December 2020
Company	reg. no.		5906258
Charity reg.		no. (England)	1117249
Charity reg.		no. (Scotland)	SC043470
Registered		office	International House
			Holborn Viaduct
			London, EC1A 2BN
Trustees			The trustees, who are also			directors	under	company				law, who served
			during the year and	up to the date of			this report		were		as follows:
			S M O' Hara, Chair				Resigned		31 March 2021
			A Reid, Treasurer
			R Newman				Resigned		31 March 2021
			BPorter
			J Bensted
			W Payne
			J Killen
			M May
			BBates
			H Bowden				Resigned		20 February 2020
			E Milburn				Resigned		20January 2020
			C Argar				Resigned		01 June 2020
			M Wemms, Chair				Appointed		01		April 2021
Key management			lan Merrill, CEO, Company			Secretary
personnel
Bankers			CAF Bank Ltd				Virgin	Money pic
			25 Kings Hill Avenue				30-31	Haymarket
			Kent, ME194JQ				London,		SW1Y			4EX
			Aldermore Bank PLC				Nationwide			Building Society
			1st Floor, Block BWestern			House	Kings	Park		Road
			Lynch Wood				Moulton		Park
			Peterborough, PE2	6F2			Northampton,				NN3 6NWY
Independent		Auditor	Richard Billinghurst	FCA
			Senior Statutory Auditor
			Knox Cropper LLP
			Chartered Accountants		and	Statutory	Auditors
			65 Leadenhall Street
			London, EC3A 2AD
Accountants			NfP Accountants Ltd
			No. 38,52 Peckham	Grove
			London, SE156FR

			Unrestricted	Unrestricted		Restricted		Total	Unrestricted	Unrestricted	Restricted	Restricted		Total
				Funds		Funds		Funds		Funds		Funds		Funds
		Note		2020		2020		2020		2019		2019		2019
				F.		L		F.
INCOME FROM
Donations and legacies		2		467,098		300,780		767,878		342,535		245,000		587,535
Charitable activities
Reading programme		4		26,693				26,693		24,457				24,457
Investment income:	bank interest	3		1,696				1,696		1,126				1,126
Other income				17,185				17,185
TOTAL INCOME				512,672		300,780		813,452		368,118		245,000		613,118
EXPENDITURE ON:
Raising funds		6		49,741		831		50,572		48,991				48,991
Charitable activities
Reading programme		6		296,951		291,665		588,616		452,995		209,553		662,548
Turning pages
sustainability income project				18,421				18,421		18,801				18,801
(TPSI)
				315,372		291,665		607,037		471,796		209,553		681,349
TOTAL EXPENDITURE				365,113		292,496		657,609		520,787		209,553		730,340
NET INCOME/(EXPENDITURE)		FOR
THE YEAR				147,559		8,284		155,843		(152,669)		35,447		(117,222)
RECONCILIATION	OF FUNDS
TOTAL FUNDS AT	1 JANUARY	2020		371,171		35,447		406,618		523,840				523,840
TOTAL FUNDS AT	31 DECEMBER 2020		R	518,730	R	43,731	E	562,461	Z	371,171	2	35,447	2	406,618

				2020		2019
Cash flows from operating	activities				155,843		(117,222)
Net cash provided by/ (used in) operating			activities
(Increase)/decrease in	stocks
(Increase)/decrease in	debtors			(1,629)		(25,937)
Increase/(decrease) in	creditors			129,748		32,053
					128,119		6,116
Change in cash and cash	equivalents	in the year			283,962		(111,106)
Cash and cash equivalents	at the beginning		of the	year	437,334		548,440
Cash and cash equivalents	at the year	end			721,296		437,334

2.	DONATIONS AND LEGACIES	DONATIONS AND LEGACIES
				Unrestricted	Restricted			Total	Total
				Funds		Funds		Funds	Funds
				2020		2020		2020	2019
								E
	AB Charitable Trust			20,000				20,000	20,000
	Adrian Swire Charitable Trust			30,000				30,000	20,000
	AoK Trust								10,000
	Baronets Trust					20,000		20,000
	Beatrice Lang Foundation			20,000				20,000	20,000
	Bell Foundation					20,000		20,000	60,000
	Bernard Sunley Charitable	Foundation							20,000
	Big Lottery
	- Reaching Communities					125,000		125,000	125,000
	- Covid-19 emergency response					95,780		95,780
	Brian Woolf Charitable Trust								15,000
	Bromley Trust			10,000				10,000	15,000
	Charles Hayward Foundation			25,000				25,000
	City & Metropolitan Welfare	Charity				2,000		2,000
	Drapers' Charitable Fund			20,000				20,000	40,000
	Garfield Weston Foundation			25,000				25,000	25,000
	Goldsmith Company								20,000
	Haberdashers' Company								15,000
	Henry Smith Charity					15,000		15,000	30,000
	J &C Findlay Charitable Foundation			5,000				5,000	5,000
	Julia & Hans Rausing Trust			62,500				62,500
	Peter Stebbings Memorial Trust					3,000		3,000
	Philip & Marjorie Robinson	Trust							5,000
	Porticus Foundation					20,000		20,000
	Susanna Peake Charitable	Trust		4,000				4,000
	St James' Place Charitable	Foundation		500				500
	The Baronets Trust								10,000
	The Dulverton Trust								30,000
	The Joseph Ettedgu Charitable		Trust						5,000
	Unwin Charitable Trust			10,000				10,000
	Tuixen Trust			30,000				30,000	30,000
	Unwin Charitable Trust			10,000				10,000
	William Cadbury Charitable	Trust							20,000
	Legacies			98,184				98,184	3,143
	Other donors, indluding major donors			96,914				96,914	44,392
				467,098	R	300,780	R	767,878	587,535
3.	INCOME FROM INVESTMENTS
				Unrestricted	Restricted			Total	Total
				Funds		Funds		Funds	Funds
				2020		2020		2020	2019
	Interest receivable from:
	Bank interest: CAF			87				87	278
	Bank interest: Aldermore			640				640	848
	Bank interest: Nationwide			969				969
				1,696	L'	Nil	L'	1,696	1,126

				Unrestricted	Restricted	Restricted		Total		Total
				Funds		Funds		Funds		Funds
				2020		2020		2020		2019
								E
Sale	of	reading	manuals	26,693				26,693		24,457
				26,693	f	Nil	f	26,693	f	24,457

			Direct	Governance	Governance		Support		Total	Total
		Staff costs	costs		costs L		costs L		2020 F	2019f
Reading	programme	303,002	69,787		15,314		200,513		588,616	662,548
Turning	pages special
income	project (TPSI)	6,541	7,220		331		4,329		18,421	18,801
		309,543	77,007		15,645		204,842		607,037	681,349
Fundraising costs		28,937	1,023		1,463		19,149		50,572	48,991
Governance costs Support costs		7,067 179,148 524,695 f	10,041 44,843 132,914	E	(17,108) Nil	~223,991 f Nil		f	657,609 f	730,340
2019
Reading	programme	303,285	168,450		16,135		174,678		662,548
Turning	pages special
income	project (TPSI)	6,541	8,145		348		3,767		18,801
		309,826	176,595		16,483		178,445		681,349
Fundraising costs		28,937	1,849		1,539		16,666		48,991
Governance costs Support costs		7,067 142,569 f 488,399 f	10,955 52,542 241,941	f	(18,022) Nil	~195.111 f Nil		f	730,340

7.	NET INCOME	/ EXPENDITURE FOR THE	/ EXPENDITURE FOR THE	/ EXPENDITURE FOR THE	/ EXPENDITURE FOR THE	YEAR
	This is stated	after charging Icrediting:
										2020	2019
										E
	Independent auditor's		/ examiner's remuneration:
	Independent	examiner's		fees						3,720	3,660
8.	STAFF COSTS AND		NUMBERS
				Unrestricted	Restricted			Total	Unrestricted	Restricted	Total
				Funds		Funds		Funds	Funds	Funds	Funds
				2020		2020		2020 L	2019	2019f	2019
	Salary costs
	Wages and salaries			253,590		103,975		357,565	255,897	145,680	401,577
	Social security	costs		21,932		11,414		33,346	24,656	14,673	39,329
	Pension costs			7,606		3,121		10,727	7,677	4,370	12,047
	Redundancy costs			20,000				20,000
				303,128		118,510		421,638	288,230	164,723	452,953
	Other staffing	costs
	Recruitment			19,370		12,950		32,320	1,288		1,288
	Staff training and development			821		719		1,540	16,988	1,063	18,051
	Temporary staff					20,237		20,237	85		85
	Consultancy			500		48,460		48,960	13,176	2,846	16,022
				323,819	R	200,876	E	524,695	8 319,767 8	168,632 8	488,399

					Unrestricted	Unrestricted	Restricted	Restricted		Total	Unrestricted	Unrestricted		Restricted		Total
						Funds		Funds		Funds		Funds		Funds		Funds
						2020		2020		2020		2019		2019		2019
								R		R
	Operations	team		travel		1,188		5,356		6,544		30,131		4,310		34,441
	and subsistence
	Volunteer	recruitment			and	978		2,340		3,318		9,574		2,946		12,520
	support
	Volunteer	expenses and				625		3,977		4,602		18,796		4,322		23,118
	establishment		costs
	Conference		attendance			50				50		666		659		1,325
	Volunteer	conference				224		361		585		16,684		4,957		21,641
	Other operational			costs		6				6
						3,071	R	12,034	R	15,105	8	75,851	8	17,194	8	93,045
14.	DEVELOPMENT			AND	TRAINING COSTS
					Unrestricted		Restricted			Total	Unrestricted			Restricted		Total
						Funds		Funds		Funds		Funds		Funds		Funds
						2020		2020		2020		2019		2019		2019
								R		R
	Training							1,074		1,074		4,692		1,668		6,360
	Resources	for training			and	360		65		425		536		106		642
	support
	Resources	for readers			and	4,490		19,760		24,250		16,718		942		17,660
	manuals
	Promotional		materials		and			6,765		6,765		6,950		5,253		12,203
	resources
	Distribution		and	postage		1,194		4,187		5,381		10,177		1,701		11,878
					F	6,044	P	31,851	F	37,895	8	39,073	8	9,670	8	48,743

			Unrestricted	Restricted	Restricted		Total	Unrestricted	Unrestricted		Restricted	Total
			Funds		Funds		Funds		Funds		Funds	Funds
			2020		2020		2020		2019		2019f	2019
Website and online costs					596		596		284			284
PRA and	other	adverts			15,634		15,634		14,876			14,876
Monitoring	and	evaluation	312				312		7,103		3,170	10,273
Other marketing		costs	210		35		245		1,229			1,229
			522	F	16,265	R	16,787	8	23,492	8	3,170 8	26,662

				Unrestricted	Restricted	Restricted		Total	Unrestricted	Unrestricted	Restricted		Total
				Funds		Funds		Funds		Funds	Funds		Funds
				2020		2020		2020		2019	2019		2019
Turning	pages sustainable			income project
				45				45		105			105
Readers	and Manual		Print
Product	marking	and								59			59
comms
Shopify	monthly	charge		271				271		274			274
Order fulfilment				6,904				6,904		7,695			7,695
Travel costs										12			12
				7,220	2	Nil	E	7,220	8	8,145	Nil	8	8,145
PREMISES COSTS
				Unrestricted	Restricted			Total	Unrestricted		Restricted		Total
				Funds		Funds		Funds		Funds	Funds		Funds
				2020		2020		2020		2019	2019		2019
						P		L'
Insurance						1,610		1,610		1,559			1,559
Legal and professional				13		144		157		360	1,000		1,360
Services
Rates				1,459				1,459		280	789		1,069
Rent				7,561		7,560		15,121		18,067	2,219		20,286
Removal	costs			1,198		190		1,388		383	216		599
Other premises		costs		88				88		327			327
				10,319	R	9,504	E	19,823	8	20,976 8	4,224	8	25,200

		Unrestricted	Restricted	Restricted		Total	Unrestricted	Unrestricted	Restricted		Total
		Funds		Funds		Funds		Funds	Funds		Funds
		2020		2020		2020		2019	2019f		2019
Repairs and Maintenance		98		361		459		10			10
Subscriptions		568		195		763		785	254		1,039
Computer IStationery		536		555		1,091		1,873	301		2,174
General office costs		399		884		1,283		1,144	238		1,382
Office Equipment				13,247		13,247		11,213	3,175		14,388
Telephone		4,586		2,905		7,491		5,396	82		5,478
Sundry expenses		208		478		686		1,836	1,035		2,871
		6,395	R	18,625	R	25,020	8	22,257 8	5,085	8	27,342
GOVERNANCE COSTS
		Unrestricted	Restricted			Total	Unrestricted		Restricted		Total
		Funds		Funds		Funds		Funds	Funds		Funds
		2020		2020		2020		2019	2019		2019
Independent examiner's		3,197		523		3,720		3,660			3,660
fee
Audit preparation		1,200				1,200		1,200			1,200
Bank charges		130				130		112			112
Board meetings				474		474		2,049	804		2,853
Trustees' expenses		251		766		1,017		2,356	774		3,130
Strategic review		500				500
Other governance	costs	2,000		1,000		3,000
		7,278	F	2,763	F	10,041	8	9,377 8	1,578	8	10,955

DEBTORS
									2020		2019
Due within one	year
Trade debtors									1,403		915
Accrued income									23,480		20,000
VAT repayment	due								388		229
P repayments									4,763		4,763
Other debtors											3,549
									30,034	8	29,456
CREDITORS: AMOUNTS		FALLING DUE		WITHIN ONE YEAR
									2020		2019
Deferred grant income									142,500		50,000
Social security and other taxes									10,793
Accruals									35,577		10,173
									188,870	8	60,173
Deferred income
Balance at 1 January 2020									50,000
Amount released	to incoming		resources						(50,000)
Amount deferred	in the year								142,500		50,000
Balance at 31 December 2020									142,500	8	50,000
STATEMENT OF FUNDS
								Transfers and
				Brought		Incoming	Resources		investment		Carried
				Forward		Resources	Expended	gains/(losses)			Forward
							R
DESIGNATED FUNDS
Contingency Fund									50,000		50,000
Development Fund									75,000		75,000
				Nil	R	Nil	Nil	R	125,000	L	125,000
RESTRICTED FUNDS
National reading	network			35,447		300,780	(292,496)				43,731
				35,447	E	300,780	R (292,496)		Nil	2	43,731
SUMMARY OF FUNDS
Designated Funds General Funds				371,171		512,672	~365,113	125,000 ~125,000			125,000 303,730
				371,171		512,672	(365,113)				518,730
Restricted Funds				35,447		300,780	(292,496)				43,731
				406,618	R	813,452	2 (657,609)	2	Nil	L	562,461

	STATEMENT OFFUNDS —2019
								Transfers and
			Brought		Incoming	Resources			investment		Carried
			Forwardf		Resourcesf	Expended f		gains/(losses) f			Forwardf
	RESTRICTED FUNDS
	National reading network				245,000	(209,553)					35,447
		2	Nil	2	245,000	~2206,553		2	Nil	2	35,447
	SUMMARY OFFUNDS
	General Funds		523,840		368,118	(520,787)					371,171
	Restricted Funds				245,000	(209,553)					35,447
		6	523,840	2	613,118	~2730,340		2	Nil	f	406,618
24.	ANALYSIS OF NET ASSETS BETWEEN FUNDS
					Unrestricted		Funds
					Designated		General		Restricted		Total
					Funds		Funds		Funds		Funds
					R		R				R
	Tangible fixed assets						1				1
	Net current assets				125,000		393,729		43,731		562,460
				E	125,000	f	393,730	f	43,731	2	562,461
25.	ANALYSIS OF THE NET MOVEMENT	IN FUNDS
				Unrestricted		Restricted			Total		Total
					Funds		Funds		Funds		Funds
					2020		2020		2020		2019
	Net movement in funds				147,559		8,284		155,843		(117,222)
				8	147,559	8	8,284	8	155,843	~2117,222