Company registered number 5906258 SHANNON TRUST (Company registered by guarantee no. 5906258; reoistered charity no. 1117249 (Enoland & Wa18s}, SC043470 IScotland)} ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
SHANNON TRUST {Company limlled by guaranlee no. 590625B, reglstered charlty no. 1117249) REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2024 CONTENTS Page Legal and admlnl8trallve Informaiion Truslees, Annual Report Independent audltor's reporl 13 Statement of Ilnanclal actlvltle8 16 Balance sheet 17 siatement of cash flow8 18 Note8 to the flnanclal statemen18 19
SHANNONTRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS For the year ended 31 December 2024 Company reg. no. 5906258 Charlty reg. no. (England) 1117249 Charlty reg. no. {Scolland) SC043470 Reglstered offlce Internalional House 101 King's Cross Road London, WC1X 9LP Trugle88 The trustees, who are a150 directors under company law, who served during the year and up to the date of this report were as follows: Michael Wemms, Chair Andrew Reid. Treasurer John Bensied Wllliam Payne, Senior Independent Trustee Brenda Bates Crlstalina Fernandes-Bates Ceri Godwln Caroline KirKJ Pankaj Sethi Joanna Marston Thomas Saunders Steven Wellard (reslgned 27 July 2024) (appolnted on 11 December 20241 Key management personnel lan Merrlll, CEO (until 28 February 2025> Christopher Morgan, Director of Business Support & Company Secrelary Bankers CAF Bank Ltd 25 Kings Hill Avenue Kent, ME19 4JQ Aldermore Bank PLC 1 st Floor. Block B Westem House Lynch Wood Peterborough, PE2 6F2 Independent Audltor Richard Billinghurst FCA Senior Statutory Auditor Knox crOpr LLP Chartered Accountants and Slalutory Auditors 65 Leadenhall Street, LorKJon, EC3A 2AD Accountants NIP Accounlants Ltd 3rd Floor. 86-90 Paul Street, Lonclon, EC2A 4NE
SHANNON TRUST BOARD OF TRUSTEES. REPORT For the year erKled 31 December 2024 The Trustees (who are the Directors of the charitable company for the purposes of the Companies Act}, present thelr comblned Dlreclors, report and Trustees, annual report, together with the financial stalements of Shannon Trust for the year ended 31 December 2024. These are prepared in accordance with current statutory requirements, Ihe requiremenls of Ihe charity's governing document, and Ihe provlsions of Ihe Slatement of Recommended Practice (SORP}, applicable to charities preparing their accounts in accordance with th9 Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. The reference and administrative information set out on page 1 forms part ol this report. Oblectlves and actlvltles The Charitys Objects are Ihe promoiion of.. the advancement of education., the rehabilitation of offenders. the relief of financial hardship sickness and dlstress of Inmates or former inmates and their famllles In prisons. young offenders, institutions, secure units in hlgh security psychiatric or other hospital units and oflenders or former offenders subjecl lo non-custodial communlty orders in the United Kingdom; and literacy scheme5 and similar educational Inltialives. Our strategic brand statements are as lollows: Purpose - We support people in the crSmlnal justice syslem to learn to read and Improve olher basic skills, so they can pursue wider opportunities and thrive In the community- Vlslon - A future ere everyone can experlence Ihe posrtlve Impact of learning, Mlsslon To Connect the power of volunteers, mentors and partners to offer a range of effective, accesslble and flexible learning opportunilies in prisons and the communlty. Straleglc alms 2024 was the final year of our three-year straiegy aiming io drive growth in the number of learn8rs engaged by Shannon Trust. The full strategy can be found on our website at www.shannontrust.or ,uk. In summary the strategy has three clear strands: Increasing the nurnber of people completing our reading programme In prlsons Growing availability of our programmes in the community Testing new ideas lo address other basic skills gaps, scallng what works Building on 2022 and 2023, further sSgnSficant progress was made across all slrands, and this forms thè basis of further Commeniary below.
SHANNON TRUST BOARD OF TRUSTEES. REPORT For the year ended 31 December 2024 Public Beneflt The trustees are satisfied that they have complied wilh the duty in Section 17{5) of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commlsslon, When planning the charity's aclivities, Ihe truslees considered the Charity Commission Guidance on public benefit. The trustees also considered how the charlty had succeeded in delivering its aims, including any public banefit, when reviewing Ihe achievements for the year which are set out below. Achlevement8 & performance The investments made in organlsational business support systems and processes, and the growth of the operational workforce, conlinued to bear frult and enabled Shannon Trust to drive up the numbers of learners lolnlng Its readlng and numeracy programmes. Working in around 100 prisons across England, Wales and Northern Ireland, as well as a growing number of community venues, 2024 saw the organisalion post record numbers of learners engaging in its programme8. Operational dellvery In prlsons our activity in prisons continued to include our Ilteracy programme Turning Pages, and our numeracy programme. Count Me In. During 2024 more ihan 7,500 learners joined one or boih of our programmes, we trained 2,080 new rnenlors, and actively engaged with a total caseload of more ihan 11.000 learners, representing a slgnlficanl Increase on the numbers seen in 2023 12023.. 5,631 new learners, 2,034 new mentors and total caseload of 7,325). As in previous years, the Increases in the numbers of mentors recruited and trained, and the number of learners engaging with our programmes have two main drivers.. 1) our organisaiional effectiveness has continued lo grow, building on previous gains across business support, communicalions & marketing and income generation; and 2) we maintained our operational capacity by worf(ing under conlract to the Ministry ol Juslice in around 70 prisons, ernbedding Programme Facilitators in these sltes.
SHANNON TRUST BOARD OFTRUSTEES, REPORT For Ihe year ended 31 December 2024 C.ninhinpd Prn8rrimiTlP 41 riris 25¢ 20CO 1,8S8 1.84) 1.8fO 1.914 15Qi) k661 '.ffj56 1,328 IcFi(F 94$ | 5Q'O Jjii, 690 532 oi Q3 2022 2023 2024 New Ivlentors 700 600 603 612 4nn 515 528 526 497 400 454, ,3¥3 4031 300 341 200 IQS loo Illl oi Q2 Q2 1022 • 2023 w2024
SHANNON TRUST BOARD OFTRUSTEES, REPORT For the year ended 31 December 2024 Once again, building on 1he work siarted in previous years, we refined our monitoring and evaluaiion systems, allowing us to better capture the impact of our Tuming Pages and Count Me In programmes on learners, wellbeing. There were improvemenls for learners across all measures. A more detailed 2024 Impact Report can be found at Mvw. nn rust.or .uk, but a summary of the progress rnade by our reading learners can be s8en below.. Impact - Reading Learners art jE11d o¥vtonlldent i am kn my readl abll io Howposhlvel feel dyout thè frt Howiv•ll I tan Mana6¢ evqryday Iwe In w150n H•w larl'vè go th my own re•dlnEgoals Howwéll I con rmu1)I¢lt• wtth othér pPIe How¥vèl i ¢an de)1 vilth conllrt ind dWfl£uk 6ituitlons How well I tan kÉéplntouchwSth Inv t4mlly •ndlrltnds ea511y I can de8li¥lthlc¢ms11.ke •pps ¢•Tht•in mysdf Operational delivery In th8 communlty Our work outside of prisons, in cornmunty s8ttings. contlnued to develop: We worked with several hundred learners in the community, across multiple partner agencies We took our lirsi steps to test and develop Count Me In outside of our tradllional prison settings Our Turning Pages digital tool was enhanced to include functionality allowing coaches to remolely support learners The suite of digital training resources for coaches was entirely revamped We secured grant funding lo build Count Me In Digitsl, which we plan to launch in 2025
SHANNON TRUST BOARD OF TRUSTEES. REPORT For the year ended 31 December 2024 Employees and volunteers The Shannon Trusl employed workforce grew significanuy during 2024, reaching almost 100 funded by an increase In contracled income and grants from trusts and foundations. We were delighled to secure a grant of almosl £500,000 from the National Lottery Community Fund to support further improvements in the way we recruit, train and support our volunteers. including ihe launch of an integrated volunteer management system. ComMunicatnS and marketing Throughout 2024, we took a test and learn approach and experimented wilh different types of content, developing a better understanding of our audience. Through continual reporting and evaluation, we made the decision to stop uslng Twltterlx and focus more time on producing tailored content on our other platlorms {Linkedln, Facebook and Inslagram). Linkedln has been our rnost successful plafform for a number of years, hitting 2,000 followers In Aprll. In an envlronment where there are many volces competing to be heard, soclal media continues to be an important communicalions tool for Shannon Trust. baffiws lo ing c#nt•nt 6.977 80.179 likes, comments and shares on our social medla posts website views in 2024 585 $oclal media posts landed ¢n 211,426 18eds ral8ln9 awar¢$01 of reading br pba$ur* 46.7% 4th o 58% irKieaoe In Lfjnk•dln rolbwqrs 1.330 average open rate lor our supporter neWetter people followed us on social medla
SHANNON TRUST BOARD OF TRUSTEES. REPORT For the year ended 31 December 2024 Business support Our Business Support directorate consolidaled its previous growth during 2024. The directorate now Includes slaff and volunteers covering Human Resources, Learning & Developmer)I, financial management, resources managemenl, Information Technology. dala. administration and volunleer management. We strengthened our cybersecurlty processes during th8 year. supported by our CyberEssentials accreditation, and significantly upgraded our ulilisation of digital business tools. Annual business planning As in each year of the 2022-2024 organisalional slrategy. Shannon Trust worked to an ambltlous annual business plan, informed by the Four Disciplines of Execution (4DX> model. The 4DX modol defines the organlsatlon's wlldly Important goals, lag measures and lead behaviours, all captured in scoreboards owned by staff teams, all supported by a culture of shared accounlabilily. Progress against the business plan was again good across most areas. Chlel Executlve Offlcer Towards the end of 2024, our Chief Executive Officer (CEO>, lan Merrill, took the declslon 10 Stand down from hls role wllh Shannon Trust in F8bruary 2025, after more than four years in post. Shannon Trust has been Iransformed under lan's leadership, reaching many more learners and mentors than ever before, and helping to change thousands of lives for the better. We are grateful lo lan for his leadership, his commilment, and the outstanding contribulion he has made lo our success over the past four years. A new CEO has been appointed and will take up her role In June 2025. Our new CEO brlngs with her a huge amount of relevant experience and we are excited to welcome her to Shannon Trust. Flnanclal revlew Financial Pasition The Charity reported net income for the year of £54.957 {2023 net income of £219,150), cletails of which are shown in the Statement of Financial Activities on page 16. Total income for the year amounted to £3,580,596, an increase of £1,112,594 on the previous year., and total expenditure amounted to £3,525,639, an Increase of £1,276,787 on the pr8vious year. Income sources A key element of our 2022-24 strategy was to seek conlract funding for our work, both in prisons and the community. We had some encouraging success in 2022 and 2023, and were able to further buihJ on this in 2024, with the resull thal contract income, primarily from HMPPS, accounted for 63.1 Y¢ of our Income in 2024 (2023.. 58.4Yol. This success in gaining additional contract income, together wlth the associaled costs involved in delivering these contracts, is the primary reason for the substanlial increase in both income and expenditure compared to 2023. Grants from Trusls and Foundations remain a vilal source of funding. and in 2024 31.6°/o of our income came from this source (2023: 33.8 /0). Donations from Indlvlduals accounled for a further 3.2Vo of Income. Other income, including earned income, bank Interest and corporate donations amounted to 2.1 % of all income.
SHANNON TRUST BOARD OF TRUSTEES. REPORT For th8 year ended 31 December 2024 The charity is extremely graleful for the continued support of a range of grant giving trusls and foundations, generous individuals and companies, including the National Lottery Communlty Fund, Julia & Hans Rausing Trust, the Considered Ask Foundation. the Garfield Weston Foundation, Ihe Hadley Trusl, the AKO Foundation, the Tuixen Trust, the Goldsmiths Company. the Adrian Swlre Charitable Trusl, the DWF Foundalion, the Banham Charilable Foundation, the Jones 11986) Charitable Trust, and the Millenniurn Stadium Charitable Trusl. Resetves Policy The charlty's vision is to bulld a future where everyone can experience Ihe positive impact ol learning. Our mission is to conneci the power of volunteers, mentors and partners to ofler a rang8 of effective, accessible arKI flexible learning opportunities In prisons and the community. Providing these learning opportunities Is therefore core to our mission, and to the reserves policy w8 have set io ensure we are able to deliver on our vision and mission, Th8 policy aims io ensure our work is proiected from Ihe risk of disruption ai short notice due to a lack of funds, whilst at the same tirne ensurlng we do not retain income for longer than requlred. The trustees have therefore agreed that the charity should hold sufficlent free reserves to ensure the continulty of OLJr core activities, taking into account the following lactors.. Income varlatlon.. our income Is generated from a variety of sources, including grants, Indlvldual giving and the profits frorn the comm@rcial sale of our learning resources. All of these Income sources have an element of uncerlainty as lo both value and tirning. Worklng caplt81.' our contracting activilies often require us to incur costs {prirnarily salary costs) in advance of payment being recelved. Free reserves for the purpose of this policy are defined as unrestricted funds, 18SS the value of any deslgnated resetves. and excluding the value of any fixed assets or other illiquid assets. The trustees have also agreed thal the charlty should hold a level of deslgnaled reserves for the following purposes.. Development fund.. in order to deliver on its mission and vision, the charity may on occaslon need to invest in new initiatives or opportunities in the absence of, or in advance of, fundlng being secured for them. Conllngency reserve,. to ensure ihe conllnulty of the charity's core actlvlties in the event of unplanned adverse events. In establishing the value of this reserve, the trustees will have regard to Ihe principal risks facing the charity, and the mitigations that are In place to manage Ihem.
SHANNON TRUST BOARD OF TRUSTEES, REPORT For Ihe year ended 31 December 2024 The trustees have calculated an appropriate level of reserves for the charity as follows: Reserve Free reserves Income varlation Value Method of calculation £238,000 3 months, budgeted future Income, excludin8 contract income and restricted donations 2 month5, bud eted future contract Income Workln £415,000 £653,000 Designated reserves Development fund £39.000 As assessed by the trustees, havlng regard to the charl ear strateg and annual business lan As assessed by the trustees, havln8 regard to the prlnclpal rlsks faclng the charlty and the mitigations in lace to mana them. Contin8ency reserve £50,000 £89,000 £742,000 Unrestrlcted reserves tar et At 31 December 2024, Shannon Trusl had free reserves of £640,773 and designated reserves of £89,144, broadly in line wlth the charity's targel. A business plan and associaled budget is in place for 2025, which anticipates Ihal an appropriale level of free reserves will be maintained throughout 2025. The trustees will revlew Ihe level of reserves, Includlng designated reserves, every six months to ensure that an appropriate level of reserves are hehj in accordance with this policy. The trustees wlll also have regard lo this policy when approving the annual budget. The re8eNes pollcy wlll be revlewed annually. The trustees have agreed a cautlous and prudent approach to the investment of the charty's reserves and have agreed thal all cash reserves will be placed on short-term deposit wilh UK-regulated banks. In addition to Its unrestricted reserves, Ihe charity also holds restrlcted funds, whlch may only be spent on purposes specified by the donors. Risk Management The major risks to which the charlty is exposed have been Identified and are reviewed by the Trustees on a quarterly basis. Prior to Ihe Board's quarterly reviews. Ihe Finance & Risk Committee 8crutinises Ihe Risk Register and make recommendatlons to the Board on actions to be taken and th8 Status given to each risk. The Trustees are satisfied that appropriate conlrols are in place to mitigate Ihe major risks facing the charlty. Going Concern After making appropriate 8nquiri8S, th8 Trustees have a reasonable expeclalion that the charllable company has adequate resources to continue in operatlonal exlstence for the foreseeable future. For Ihis reason. they conlinue to adopi the going concern basis in preparing the financial statemenls. Further details regarding thè adoption of the going concern basis can be found in the Accounting Policies.
SHANNON TRUST BOARD OFTRUSTEES, REPORT For the year ended 31 December 2024 Structur81 govèrnanc8 and managem8nt The organisation is a charitable company limited by guarantee. incorporated on 161h AwJust 2006 and registered as a charity on 141h December 2006. The company was established under a Memorandum of Association which established Ihe objects and powers of the charity and is governed under its Articlgs of Association, Its Directors are also ils Trustees and members of the association. In the event of the company being wound-up, its members are required to contribute an amount not exceeding £1. All Trustees give iheir time voluniarily and receive no benefits from the charity. Any expenses reclalmed from the charity are set out in note 7 lo the accounts. Recrultment, appolntment and Inductlon ot new Tru8tee8 The Directors of the company {Ihe charity) are also charity Truslees for the purpose of charity law and under the companys Memorandum and Articles are known as Trustees. Under provlslon of Ihe Articles,, 1. the number of Trust&gs shall not be less than four nor more than flfteen. 2. Trustees are appoinled for terms of three years, and in the normal course of events may serve for three consecutive terms before belng requlred to retlre. Under Ihe articles, adopted on 3rd May 2023. any person who is appointed as a Trustee w511 automatically, by vlrtue of that appoinlmenl. become a Member. No person other than a Trustee may be admitted as a Member. Currently the charily has 11 members. New trustees are recruited through the charlty's webslte, soclal medla and other online plattorms and sector networks. Full training and induction is given to all new trustees, which Includes a briefing by the Chalr and Chief Executive, meetlngs with relevanl staff and volunteers and a visit to a prison. Govornance and management The Trustees are responslble for the Sirategic dlrection and pollcy maklng of Ihe charity. In 2024 the Board of Trustees mel on eight occasions and the Finance & Risk Committee mei quarterly be88n board meetlngs. The Remuneration Committee met twice. The day to day running of the charity is delegated to an employed management team which is headed by the Chief Executive Officer, supported by a team of volunteers. Related partle8 and relatlon8hlp8 wlth other organlsaiions Shannon Trust has a Memorandum of Underslanding (Mou> with His Majesty's Prisons and Probation Servlce (HMPPSI enshrinlng the commitment to support the Shannon Trust Reading Plan in all public prisons through access, dedicated Prison Officer lime and Senior Management Team support in each establishment. Thi5 arrangement is also in place across private prisons. This Mou Is reviewed regularly. In certain prisons, Ihis Mou has been supplem8nted by contracts for the delivery of our programmes, awardod directly to us by HMPPS.
SHANNON TRUST BOARD OF TRUSTEES. REPORT For the year ended 31 December 2024 Statement of regponslbllltles of the trustees The trustees {who are also the directors of Shannon Trust for the purposes of company law} are responsible for preparlng the Board of Trustees, Report and the flnanclal statements In accordance with applicable law and United Kingdom Accounling Slandards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland" Company law requlres the truslees lo prepare flnanclal statements for each financial year which give a true and fair view of the state of affairs of Ihe charitable company and of the incoming resources and applicalion of resources. Includlng the Income and expendlture, of the charltable company for that period. In preparing those financial ststements, the irust6es are required to: select sultable accounllng pollcles and then apply them conslstently. observe the methods and principles In the Charlty SORP. make judgements and estlmaies ihai are reasonable and prudent; prepare Ihe financial statements on Ihe going concern basis unless it is inappropriate to presLFme that the charitable company will continue in business. The trustees are responsible for keeplng proper accountiro records whlch disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial slatements comply with the Companies Acl 2006. They are also responslble for safeguar(ling the assets of the charitable company and hence for taklng reasonabl8 Steps for the prevention and detection of fraud and other irregularities, In so far as the trust88s ar6 aware: there is no relevanl audit information of which the charitable company's auditors are unaware; and the Irustees have taken all steps thal Ihey ought to have taken lo make Ihemselves aware of any relevant audit information and to establish that the auditors are aware of Ihat information. The Trustees are responslble for the malnlenance and Integrlty of the corporate and financial infomiation included on Ihe charity's websile. Legislalion in the United Kingdorn governing the preparalion and dissemination of financial statements may differ f rom legislation in other jurisdictlons. Members of the charity guarantee lo contribule an amount not exceeding £110 the assets of the charity in Ihe event of winding up. The total number of such guarantees at 31 December 2024 was 11 12023 - 10). The Trustees are members of the charily but this entilles them only to voting rights. The Truslees have no b8nef icial interest in the charity.
SHANNON TRUST BOARD OF TRUSTEES, REPORT For the year ended 31 Decembor 2024 Indopendent Audltor Rlchard Bilinghurst of Knox Cropper LLP was re-appointed as the charltvs Senior Statutory AttOr during the year. Approval ol the report Th5s report was approved by th8 Board of Trustees on 07 May 2025 and signed on their behalf by.. weA*G-" Mlchaol Wemm8 Chair 12
SHANNON TRUST INDEPENDENT AUDITOR'S REPORT For the year ended 31 December 2024 Oplnlon We have audited the financial statements of Shannon Trust (the 'charitable company) for the year ended 31 December 2024 which comprise the statemenl of financial activities. balance sheet, stalement of cash flows and notes to the financial statemenls. including significant accounting policies. The financial reporting framework that has b8en appli8d in their preparallon is appllcable law and Unlted Kingdom Accounting Standards. including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion- glve a true and falr vlew of the state ol the charitable company's affairs as at 31 December 2024 and of its income and expenditure for the year then ended; have been properly prepared in accordance with Uniled Kingdom Generally Accepted Accountlng Praciice. and have been prepared in accordance wlth the requlrements of the Companies Acl 2006, the Charities and Trusiee Investment (Scoiiand) Act 2005 and regulation 8 of the Charities Accounts (Scoiiand) Regulations 2006. Ba$18 01 oplnlon We conducted our audit in accordance vAth Internallonal Standards on Audltlng (UK) {ISAs (UK)) and appllcable law. Our responsibilities under thos8 Standards are fLJrther described in Ihe Auditor's responsibililles for the audit of the financial statements section of our report. We are indeperKlent of the charitable company in accordance with the ethlcal requlrements that are relevant to our audil of the financial statements in the UK, includlng the FRC'S Elhical Standard, and we have fulfilled our olher ethical responsibilities in accordance with these requir8ments. We believe that the audlt evidence we have obtained Is sufficlent and appropriate to provide a basls for our oynion. Concluslons relallng to golng ¢on¢ern In auditing the flnancial statements, we have concluded that the trustees, use of the ooing concern basis of accounting in the preparatlon of the financial statements is appropriate. Based on the work we have perfomed, we have not Idenllfled any materlal uncertainties relating to evenls or conditions that, individually or collectively, may cast significant doubl on the charitable company's abilily to continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees wilh respect to golng concern are described In the relevant sections of this report. Other Informaiion The olher infomiation comprises the information included in Ihe annual report. other than the finandal statements and our auditorfs rep)rt Ihereon. The trustees are responsible for the other information. Our opinion on the financial statements does nol cover the olher information and we do not express any form of assurance conclusion thereon. 13
SHANNON TRUST INDEPENDENT AUDITOR'S REPORT For the year ended 31 December 2024 Our responsiblllty is to read the other inlormation and, In doing so, consider whelher the other informallon is materlally inconsistent wlth the financial slalements or our knowledge obtained in Ihe course of Ihe audit or otherwise app8ars to be materially mlsslated. If we idenllfy such malerial inconsistencies or apparent material misstalements, we are required to determine wheiher this gives rise to a material mlsstatemenl in the finarjaI Slatements themselves. If, based on the work we have performed, we conclude Ihat there is a material misstatemenl of Ihis olher information, we are required to report that fact. We have nothing to report in this regard. Oplnlon on othar matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken In Ihe course of the audit: the information glven in the trustees, report, which includes the directors, report prepared for Ihe purposes of company law, for the financlal year for which the flnancial statements are prepared, is consislent with the financial statements., and the directors, report included withln the trustees. report has been prepared in accordance wlth applicable legal requirements. Matter8 on whleh we arg requlred lo report by exceptlon In the Ilght of the knowledge and understanding ol the charitable company and ils environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the trustees, report. We have nothlng to report in respect ol the following matters where the Companles Acl 2006 and the Charrtles Accounts {Scolland} Regulations 2006 requires us to report to you if, in our oplnlon., adequate and proper accounling records have not been kept, or returns adequale for our audrt have noi been recelved from branches not vlssied by us., or the financial siatemenis are not in agreement with the accounting records and returns,. or certaln disclosures of trustees, remuneration SelfI@d by law are not made., or we have not received all the intormation and explanatlons we require for our audit., or the trustees were not enlitled to prepare the financial statements In accordance wlth the small companies regime and take advantage ol the small companies, ex8mption from the requlrement to prepare a Strateglc Report or in preparlng ihe Directors, Report. Responslbllllles of Tru8te88 As explained more fully in Ihe Trustees, Responsibilities Statement sel oui on page 11 , the Trustees (who are also Ihe 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 slatemenls that are free from materlal misstatement, whelher due to fraud or error. In preparing the financial stalements, the truslees are responslble for assessing the charitable company's ability to conllnue as a going concern, disclosing, a5 appllcable, matters related to going concern and using the going concem basis of accounting unless the Irusiees etther intend to liquidate the charltable company or to cease operations, or have no realistic alternatlve but to do so. 14
SHANNON TRUST INDEPENDENT AUDITOR'S REPORT For Ihe year ended 31 December 2024 Auditor's responslbllllies for the audlt of the flnancial statèmenls We have been appointed as auditors under section 44(1){c) of the Charities and Trustee Investment (Scotland) Act 2005 and uler the Companies Act 2006 and report In accordance with the Acts and relevant regulations made or having effect thereunder. Our objectlves are to obtain reasonab18 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 inclLKles 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 misstatemenl when it exists. Misstatements can arise from fraud or error and are considered material if, indivldually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slatements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wlth our responsibilities, outlined above, to detect material misslatements in raspect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, Including fraud is detailed below.. The Charltable Company is required to comply with both company law and charlty law as applicable in England, Wales and Scotland and, based on our knowledge of its activities, we identltled that the legal requirement to accurately account for restrlcted funds was of key signlflcance. We gained an understandlng of how the charitable company complled wilh Its legal and regulatory framework, includlng the requirement to properly account for restricted funds, through discussions with managem8nt and a review of the documented policies, procedures and controls. The audit team, which is experienced in the audil of charities, considered Ihe charitable company's suscepiibility to maierial misstatement and how fraud may occur. Our consideralions included the risk of management override. Our approach was to check thal all restrlcted income was properly identlfied and separately accounted for and to ensure that only valid and appropriate expenditure was charged to restricted funds. This included reviewiro journal adjustrnents and unusual transactions. A further descrlptlon of our responslbilities for the audli of the flnancial staiements Is Iated on the Financlal Reporting Council's website at: Mvw.Irc.or itorsres report. onsibilities. This description foms part of our auditor's Use ol the audlt report This report is mada solely to the charilable company's members In accordance wilh Chapier 3 of Part 16 of the Companies Act 2006, and to the charitable company's twstees. as a body, in accordance with Regulation 10 of the Charities Accounts {Scolland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and trustees Ihose matters we are required to state to them in an audltor's rep)rt and for no olher purpose. To the fullest extent permitted by law we do not accept or assume responsibilily lo anyone other than the charltabl@ company, the charitable companys members as a body and the charitable company's trustees as a body for our audit work, for Ihis report or for the OF4nions we have formed. Rlchard Billinghursi FCA (Senlor Statutory Audllor) for and on behalf of Knox Cropper LLP Chartered Accountants and Statutory Auditors 65 Leadenhall Street London, EC3A 2AD 15
SHANNON TRUST STATEMENT OF FINANCIAL ACTIVITIES (Incorporallng Income and Expendltufe Account & ot Total Reallsed Galns and L05ses) For the year ended 31 December 2024 Unrestricted Funds 2024 Restricted Fund8 2024 Total Unrestricted Reslnctéd Funds Funds Funds 2024 2023 2023 rotsl Funds 2023 Note INCOME FROM Donations and lega¢ies Charitable aclivilies R8aclng and numgracy programme Investment Income: bank interest Olher Income 622,637 62878 1,246.215 561,298 376.344 937,642 2,313,479 20,794 108 2,313,479 20.794 1,516,578 13,711 71 1.516,578 13,711 71 TOTAL INCOME 2,957,018 62378 3,580,596 2.091,658 376,344 2,468,002 EXPENDITURE ON: Raising 1ndS Charilable activitie5 Criminal Justice System ICJSI OperatSons Community OFeralions Resources Tumlng pagas sustainability income prol8Ct ITPSI) 139.600 139,600 105,864 105,864 4 2,589,444 41,473 149,081 456,754 83.722 40A04 3,046.198 125,195 189,585 1,334,090 192,234 152,989 238,204 163,814 28,966 1,572.294 356,048 181,955 25,061 25.061 32,691 32,691 2,805,059 580,980 3,386,039 1.712,004 2.142,988 430.98 TOTAL EXPENDITURE 2,944,659 580,980 3,525,639 1,817,868 430,984 2.248,852 NET INCOMEIIEXPENDITURE) FOR THE YEAR 12,359 41598 54,957 273,790 (54.640) 219, 150 RECONCILIATION OF FUNDS TOTAL FUNDS AT 1 JANUARY 2024 717,558 89.811 807,369 443,768 144,451 588.215 TOTALFUNDSAT31DECEMBER2024 E 729,917 £ 131409 £ 862,326 £ 717,558 £ 89,811 £ 807,369 All Income and expendllure has arlsen from conllnulng acllvltles Tho annoxed notes form part of Ihese financial statemonts 16
SHANNON TRUST com limlled b uarante• number 5906258 BALANCE SHEET AS at 31 December 2024 Notes 2023 CURRENT ASSETS Debtors Cash al bank and in hand 12 244.934 751,092 276,656 594,330 996,026 870,986 CREDrroRS= amountg falllng duo wlthln ona year 13 (133,700) {63,617) NET CURRENT ASSETS 862,326 807,369 NET ASSETS £ 862,326 £ 807,869 FUNDS Restricted funds Unrestricted fund5- Deslgnated tunds General fund 14 132,409 89,811 14 14 89,144 640,773 125,000 592,558 r29,917 717,558 £ 862,326 £ 807,369 Th888 financial 8tatem8nts have been prepared in accordance wfth thg F*ovl8lons appllcalje to charltable ¢ompanie8 subject to the small companles reglma. They were aF)proved, and authorlsed for issue. by iha Board of Trust868 on 07 May 2025 and slgned on their behalf by:" L( MICHAEL WEMMS. Chair The annexed notes form part of Ihes8 financlal slal8m8nts 17
SHANNONTRUST STATEMENT OF CASHFLOWS For Ihe year ended 31 December 2024 2024 2023 Cash flows from op8ratlng activities 54.957 219.150 Nel cash provided by / (used inl operating actlvities (Increase>ldecrease in debtors Increase/ldecraase) in creditors 31,722 70,083 (208,678) 35,954 101,805 (172, 724) Change in cash and cash equivalenis in the year 156,762 46,426 Cash and cash equivalents at the beginning of the year 594,330 547,904 Cash and cash equlvalents at the year end 751,092 £ 594,330 18
SHANNON TRUST NOTES TO THE FINANCIAL STATEMEKrs For the year ènded 31 December 2024 1. AccouKfiNG POLICIES Basls of preparatlon of financlal stalements The accounts have been prepared under the historical cost accounting rules, and in accordance with Accountlng and Reporting by Chariiies- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republlc of Ireland {FRS 102) (effective 1 January 20191- (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102>, the Charities and Trustee Investment (Scotland) Act 2005. Regulation 8 of the Charities AGcounts (Scotlandl Regulations 2006 {as amended), and the Companies Act 2006. Assets and liabilities are inttially recognised at hlstorical cost or transaction value unless otherwise stated in the relevant accounting policy or note. Judgements and key sources of estimation uncertalnty are detailed In the accounting pollcies where applIle, Publlc benellt enllly The charitable company meets the deflnition of a public b8n8flt entlty under FRS 102. Golng concern The Trustees consider that there are no malerial uncertalnties about the charitable company's ability to continue as a going concern. Key judgements that the charitable company has made which have a significant effect on th8 accounts include estimaling income and expenditure for the next 12 months, in particular the likelihood of various contracts and grants being awarded, Income Income is recognlsed when the charity has entitlement to the funds: this is when any perfomiance conditions attached to the Income have been met, It Is probable that the Income will be recelved, and that the amount can measured reliably, Income from government and other grants, whether 'capital' granls or 'revenue' grants, is recognised when the charity has entitlement to Ihe funds, any performance conditions attached to the grants have been met, it is probable that the income will be recelved and the amount can be measured reliably and is not deferred. For legacies, entttlement is taken as the earllar of the date on whlch eilher: the charity is aware that probate has been granted, the estale has been finallsed and nolification has been made by the executorlsl to Ihe charity that a distribution will be made, or when a dislribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amounl can be measured reliably and the charity has been notified of the executor's Intention to make a dlstribulion. Where legaclas have been notified to the charity, or the charity Is aware of the granting of prc&ate. and the criteria for Income recognition have not been met, then the legacy Is treated as a contingent asset and disclosed if material. Income is only deferred when: the donor specifies Ihat the grant or donation must only be used in fLrture accounting periods. or for performance related grants. where these are received in advance of the performances or specific event to which they relate. 19
SHANNON TRUST NOTES TO THE FINANCIAL STATEMETrtrs For the year ended 31 December 2024 Donatlons of glfts, servlces and lacllltl8S Donaled professional services and donated facilltles are recOgnis as income when the charity has control over the item or received the service, any condilions associated wilh the donation have been met. the receipt of economic benefiL from the use by the charity of the item is probable and Ihat econornic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to Ihe Irustees, annual report for more information aboLrt their contrlbution. On recelpt, donated gifts, professlonal services and donated facilities are recognised on the basis of Ihe value of the gift lo the charity which is Ihe amount the charity would have been willlng to pay to obtain services or facilities of equivalent economic benefit on Ihe open markel. a correspondlng amount is then recognised in expenditure in the period of receipt. Interest racelvable Interest on funds held on deposit is Included when receivable and the amount can be measured reliably by the charity. this is nomally Upon notification of the interest paid or payable by the bank. Company status Shannon Trusl is a company limiied by guarantee. In Ihe event of the Charily being wound up, the liabillty In respect of the guarantee Is limited to £1 per member of the Charity. Fund accounllng Restrlcted lunds are to be used for specific purposes as lald down by the donor. Expendilure which meets these criieria is charged to the fund. Unrestrlcled funds are donatlons and other incorning resources received or generated for the charltable purposes. Designated funds are unrostrlcted funds 6armarked by the trustees for particular purposes, Expendlture and Irrecovorable VA T Expendilure is recognised once there is a legal or constructive obligation to make a payment to a third paty, It Is probable that sett18ment will be required and the amouni of the obligatlon can be measured reliably. Expenditure is classltled under the following actlvlty headings: Fundraising costs Costs of raising funds relate to the costs incurred by the charitable company In inducing thlrd parties to make voluntary contributions to It, as well as the cost of any activities with a fundraislng purpose. Charilable activities Expanditure on charitable activities includ8S the cosls of delivering seNices and readlng activities uTrJertaken to further the purposes of the charity and their ass(Kialed support costs. Other expenditure Other expenditure represents those Items not falling into any other heading. 20
SHANNON TRUST NOTES TO THE FINANCIAL sTATEMErs For Ihe year ended 31 Dec8mber 2024 Allocation ol support costs Resources expended are allocated to the particular activity where Ihg Cost relates directly to that activity. Staff costs are stated on Ihe basis of staff time. Support costs which cannot be directly attributed to charitable activities are allocated in proportion to staff costs. Where information about the aims, objectives and projects of the chariiy is also provided to potential donors, activty costs are apportloned between fundraising and charitable activilies on the basis of the area of literalure occupled by each activity. Operatlng leases Rental charges are charged on a straight line basis over th& term of the lease. T8nglbl• flxed a&8ets and depreelatlon Tangible flxed assets (excluding investments) are slated at cost less d8pr8ciation. The cost of minor addltlons or those costing less than £2,000 are not capitalised. Other flxed assets wilh an 8xpecled life of more than one year are Included at cost and depreciated over three years. Debtors Trade and other debtors are recognlsed at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and In hand Cash at bank and cash In hand includes cash and short term hlghly liquid investments with a short maturity of three months or less from the date of acqulsltion or opening of the deposlt or similar account. Cash balances exclude any funds held on behalf of servlce users. Credltors andprovl$lon8 Creclitors and provisions are recognised wher8 the charlly has a present obligatlon resulting from a past event that wlll probably resull in the transfer of funds to a third party and the amounl due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. The charity only has flnancial assets and financial Ilabilities of a kind that qualify as basic financial instruments. Baslc flnancial instruments are init58lly recognised at transaction value and subsequently measured at their settlement value with the excaption of bank loans which are subsequently measured at amortised cosl using the effective interest method. Penslons The charfty operates a defined conlribulions pension scheme, which Is a Group Stakeholder Pension Scheme. During the year, the charity contributed up to 50/0 ol gross pay for all slaff. The contributions made during the year are treated as an 8xpense and were £82,664 {2023 - £49,043). 21
SHANNON TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 2. DONATIONS AND LEGACIES Unr88tricled Restrlcied Funds Funds 2024 2024 Total Unrestricted Funds Funds 2024 2023 R8Stricted Funds 2023 Total Funds 2023 Trusts and foundallons Individual donors Major donors Corporate donations 508,050 82,979 30,070 1,538 623,578 1,131,628 82,979 30,070 1,538 457, 795 76.371 26,875 259 376,344 834, 137 76,37Y 26,875 259 £ 622,637 £ 623.578 £ 1,246,215 £ 56Y,298 £ 376,344 £ 937,642 3. INCOME FROM CHARITABLE ACTIVITIES Unrestrfcted Funds 2024 Rastrlcied Funds 2024 Total Funds 2024 Tolal Funds 2023 Contracts and SLAS Sale of reading manuals 2,258,445 55,034 2.258.445 55,034 1,440,282 76,296 £ 2,313,479 £ Nll £ 2,313,479 £ 1,516.578 22
SHANNON TRUST NOTES TO THE FINANCIAL sTATEMErs For the yèar ended 31 December 2024 4. ANALYSIS OF EXPENDrruRE Dlrect Governance cosls Costs Support costs Total 2024 rotal 2023 Staff cosls CJS Operations Community operatlons Resources Turning pages sustainability 2,175,701 46,530 174,749 63,786 189,585 10,521 225 685,227 14,654 3,046.198 125.195 189,585 1,572,294 356,048 Y81,955 25,061 25,061 32,691 2,222,231 101,631 453,181 5,470 11,237 580,514 151,375 £ 2,904,376 £ 621,263 £ 10,746 491 (11,237) 699,881 32,008 3.386,039 139.600 2,142,988 105,864 Fundralslng costs Governance costs Support costs (731,889) Nll £ 3,525,639 £ 2.248,852 Nll £ 2023 CJS Operations Community operatnS Resourcas Turnlng pages sustainability 1,129,078 184,869 125,081 119,089 181,955 7,851 1,286 310,284 50,804 1,572,294 556,048 187,955 32,891 32,691 1,313,947 79,263 458,816 4,268 9,137 551 361,088 21,782 2, 142,988 105,864 Fundraising costs Governance costs Support Gosts (9,688) 306,024 76,846 £ 1,699,234 £ 549,618 £ 382,870 Nil £ 2,248,852 Nll £ Of the total expenditure, £2,944,659 was unrestrlcted {2023 £1,817,868) and £580,980 was restricted (2023 £430,984). 5. NET INCOME I EXPENDITURE FOR THE YEAR Thls Is stated after charging / crediting: 2024 2023 Audit fees 6,420 6,240 23
SHANNON TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 6. STAFF COSTS AND NUMBERS Unrestrlcted Reslrleted Funds Funds 2024 2024 Tolal UnStrICted Funds Funds 2024 2023 ReStrted Funds 2023 Total Funds 2023 Salary costs Wages and salaries Social security costs Penslon costs 2,183,146 234,912 307,860 2,490.806 234,912 82,664 1,201,774 134,647 49,043 246,895 1,448,669 134,647 49.043 2,500,722 307,660 2,808,382 1,385,464 246,895 Other staiflng c08ts Recruitment Staff training and development Death in servlce Consultancy 1,632.359 6,218 10,656 16,874 13,105 13, Y05 21,511 4,854 45,907 6.848 28,359 4,854 45,907 20,819 2,888 27,843 2,240 23,059 2,868 27,843 £ 2,579,212 £ 325,164 £ 2,904,376 £ 1,450,099 £ 249,135 £ 1,699,234 The average number of employees (head count based on number of staff employed) during the year was 8812023 . 48). Tha total employee benefits, Includlng pension contributions, of the key management personnel were £179,750 12023- £169,082). KMPS Include the CEO and the Dlrector of Business Support. During the year, one employee earned between £60,000 - £70,000 and one employee earned behyeen £90,000 - £100,00012023- one employee earned £80,000 - £90,000). 7. TRUSTEES, REMUNERATION AND EXPENSES The charlty trustees were not pald and did not receive any other benefils from association wlth the charity in the year (2023 - £nil}. No charity trustee received payment for professional or olher servlces supplied to the charity {2023 - £nil). Trustees, expenses, reprosenting the payment or reimbursement of travel and subsistence costs. tolalled £993 (2023 - £812), incurred by 3 trustees12023 - 3 trustee) relaling to attendance at meelings of the trustees. 24
SHANNON TRUST NOTES TO THE FINANCIAL STATEMENTS For Ihe year ended 81 December 2024 8. OTHER RELATED PARTY TRANSACTIONS Other than trustees, expenses above, there are no reportable related paty transaclions to disclose for 2024 (2023 - none). TAXATION The charltable company is exempl from corporation tax as all its incoffle is charitable and is applled for charitable purposes. 10. PENSION SCHEME The charity operates a defined contributions penslon scheme, which is a Group Stakeholder P8nsion Scheme, registered wilh HM Revenue & Customs in accordance with the Finance Act 2004. The fund manager invests in unitised funds, accumulating until the members chosen reiirement age. The fund manager's charges are lactored into the unit value al 1°/0 per annum. 11. SUPPORT AND GOVERNANCE COSTS 2024 2023 Support costs Premises costs, Including meeting room hire Website and onllne cosls Insurance Other comms and markellng IT systems, computers and offlce equipmant Telephones Legal and professional fees Volunteer expenses Evenls and conferences Staff travel and subsistence Other office costs 4,321 5,300 3,390 45,141 48,658 6,792 9,685 6,361 2,635 14,735 15,628 3.295 5,815 37 217 25,529 11,990 151,375 173 16,751 1,768 76,846 Governance costs Board meetings Audit Audit preparation Other governance costs 2,881 6,420 1,200 736 1,575 6,240 1,200 673 11,237 9,688 Supp)rt staff costs 580,514 306,024 743,126 £ 392,558 25
SHANNON TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 12. DEBTORS 2024 2023 Due wlthin one year Trade debtors Accrued income Other debtors 191,241 53,693 145,102 Y31,011 543 244,934 £ 276,656 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Deferred grant incorne Other creditors VAT creditors Accruals 30,000 30,000 13,388 2,952 17,277 6,027 97,673 133,700 £ 63,617 Def rr incom Balance at 1 January 2024 Amount released to incoming resources Amount deferred in the year 30,000 {30,000) 30,000 30,000 Balance at 31 December 2024 30,000 £ 30,000 26
SHANNON TRUST NOTES TO THE FINANCIAL STATEMETrrrs For the year ended 31 December 2024 14. STATEMENT OF FUNDS Brought Forward Incomlng Resources Resources Expended Transters Carried Forward DESIGNATED FUNDS Contingency Fund Development Fund 50,000 75,000 50,000 39,144 (35,856) RESTRICTED FUNDS CJS Operations Communiiy Operations Resources 5,056 83,721 1,034 563,578 {456,755) {83,721) {40,504) 111,879 80,000 20,530 89.811 £ 623,578 f135r55 £ SUMMARY OF FUNDS Designated Funds General Funds 125,000 592,558 717,558 89,811 {35,856) 35,856 89,144 640,7n 729.917 132,409 2,957,018 2,957.018 623,578 (2,944,659) (2.944,659) (580,980) Restricted FurKIs 807,36 Restrlc lunds Criminal Justice System operations - Income restricted for elements of the delivery ol Shannon Trust's reading and numeracy programmes across prisons in England, Wales and Northern Ireland. Restrictions relate to publiclprivate prisons, specified delivery locations, and types of prisons such as work within the Young Persons Estale and Young Offender Institutes. Community operations - Shannon Trust has partnered with a number of s8Nlces in the communlty to help them leam tt)rough our Turning Pages manuals, the help of volunteer reading coaches and self-5tudy resources. The programme is tailored to the learner, and is run in the way which work8 best for them. Our community work also means people who have laken part in our programmes in prison can contlnue upon release. Resources - income restricted for the development. produclion and distribution of our learnlng resources, including books, manuals, digital resources and other learning malerials. 27
SHANNON TRUST NOTES TO THE FINANCIAL STATEMENTS For Ihe year ended 31 December 2024 STA TEMENT OF FUNDS- 2023 Brought Foard Incoming Resources Resources Expended Tr8nsfers Carried FOrd DESIGNA TED FUNDS Conting8nGy Fund Development Fund 50,000 75,000 50,000 75,000 125,000 Nil rnfil £ Nil £ 125,000 Bmught Forward Incoming Resources Resources Expended Transfers Carried Fornard RESTRICTED FUNDS CJS operatnS Community Operations Resources 27,927 116,524 215,333 131,011 30,000 (238,204) (163,814) (28,966) 5,056 83,721 1,034 9,81 SUMMAR Y OF FUNDS Designated Funds General Funds Restricted Funds 125,000 318,788 144,451 725,000 592.558 89,811 2,091,658 376,344 (7,817,868) (430,984) 2 468,002 248,8 807,369 28
SHANNON TRUST NOTES TO THE FINANCIAL STATEmE1s For the year ended 31 December 2024 15. ANALYSIS OF NEf ASSETS BETWEEN FUNDS 21Y24 Unrestrlcted Funds Deslgnated General Funds Funds Reslrlcted Funds Total Funds Net current assets 89,144 640,773 132,409 862,326 89,144 £ 640,773 £ 132,409 £ 862.326 2023 Unrestricted Funds Deslgnaied General Funds Funds Resiricted Funds Toial Funds Net current assets 125,000 592,558 89,811 807,369 125,000 £ 592,558 £ 89,811 £ 807,369 16. ANALYSIS OF THE NET MOVEMENT IN FUNDS Unre$irfcted Funds 2024 R8Slrlct8d Funds 2024 Total Fund8 2024 Total Funds 2023 Net movement in funds 12,359 42,598 54,957 219,150 17. OPERATING LEASE COMMITMENTS The charily had no lease commitments at the year end (2023 - Ihe same). 18. OTHER COMPANY INFORMATION Shannon Trust is a charitable company limlted by guarantee. registered in England with registration number 5906258. Its registered off ice address Is International House, 101 Kings Cross Road, London, WC1X 9LP. The accounts are presented in GBP rounded to £1. 29