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 crOp￿r 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
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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 ￿￿*￿j￿E11d
o¥vtonlldent i am kn my readl
abll
io
Howposhlvel feel dyout thè f￿￿rt
Howiv•ll I tan Mana6¢ evqryday Iwe
In w150n
H•w larl'vè go* ￿th my own
re•dlnEgoals
Howwéll I con r￿mu1)I¢lt• wtth
othér p￿PIe
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.
ComMunicat￿nS 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
neW￿etter
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 be￿88n 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 A￿ttOr 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 finar￿jaI
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 S￿elfI@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 u￿ler 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 I￿ated 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
628￿78
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
623￿78
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 applI￿le,
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 sTATEME￿rs
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 sTATEME￿rs
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 operat￿nS
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 Un￿StrICted
Funds
Funds
2024
2023
ReStr￿ted
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
Fo￿ard
Incoming
Resources
Resources
Expended
Tr8nsfers
Carried
FO￿rd
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 operat￿nS
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
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SHANNON TRUST
NOTES TO THE FINANCIAL STATEmE1￿s
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