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2022-12-31-accounts

Company Registration No. 08652606 Charity No. 1157491

The Sustainable Shipping Initiative Ltd

Report and Financial Statements For the Year Ended 31 December 2022

The Sustainable Shipping Initiative Ltd

Contents of the Financial Statements For the Year Ended 31 December 2022

Reference and administrative information 3
Trustees' annual report 4
Independent examiner's report 13
Statement of financial activities (incorporating an income and expenditure account) 14
Balance Sheet 15
Notes to the Financial Statements 16 to 21

The Sustainable Shipping Initiative Ltd Reference and administrative information

COMPANY NUMBER: 08652606 COUNTRY OF INCORPORATION: England CHARITY NUMBER: 1157491 COUNTRY OF REGISTRATION: England and Wales REGISTERED OFFICE: 11a Park Street Camberley Surrey GU15 3PQ OPERATIONAL ADDRESS: The Old Forge House Cricket Green Hartley Wintney RG27 8PZ TRUSTEES:

Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows: J. Bang S. Bennett O. Brine G. Campbell Co-Chair A. Fischbacher Co-Chair M. Moura K. Palmer D. Peel J. Sterling (Resigned 10th January 2023)

KEY MANAGEMENT PERSONNEL: A. Stephens Executive Director

BANKERS: HSBC City of London Branch 60 Queen Victoria Street LONDON EC4N 4TR INDEPENDENT EXAMINER: Ping Chartered Accountants 11a Park Street Camberley Surrey GU15 3PQ

Page 3

The Sustainable Shipping Initiative Ltd Trustees' Annual Report for the year ended 31 December 2022

The trustees present their report and the financial statements for the year ended 31 December 2022.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

SSI members are shipowners and charterers; marine equipment, shipyards, ports and service providers; banks, ship finance and insurance providers; classification societies; and sustainability focussed non-governmental organisations.

Objectives and activities

SSI believes that change is accelerating and urgent action is needed, that Sustainability issues are interconnected and require a systems approach and that investing now will deliver for companies, society and the planet in the long-term.

Purposes and aims

The objectives are:

  1. To advance education of the public in economic and social studies as they relate to individuals, communities, society at large and the planet as a whole, with special references to their inter-relationship with ecology, the natural world, health, technology, agriculture, sustainable development, philosophy and psychology.

  2. To promote sustainable development for the benefit of the public by:

  3. a. The preservation, conservation and protection of the environment and the prudent use of natural resources;

  4. b. The relief of poverty and improvement of conditions of life in socially and economically disadvantaged communities; c. The promotion of sustainable means of achieving economic growth and regeneration.

  5. For SSI to be a catalyst for a sustainable and successful shipping industry in this crucial period of action. SSI will catalyse this change through:

  6. a. Engaged members, inclusive of like-minded NGOs, supporting the leading companies to act.

  7. b. Tracking and challenging the industry’s progress in ways that stimulate action.

  8. c. Accelerating action on specific emerging issues

The trustees and members review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work within the last twelve months. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Achievements and performance

Achievements and performance in the delivery of public benefit

The charity's main activities and who it tries to help are described below. All its charitable activities focus on shipping and its impact and are undertaken to further The Sustainable Shipping Initiative Limited’s charitable purposes for the public benefit.

Over the reporting period the activities of the SSI have been:

  1. Promoting its research and guidance on Sustainability Criteria for consideration of the sustainability of future fuels being contemplated for shipping’s decarbonisation, looked at from a Well to Wake perspective and thus addressing full lifecycle impacts. This work is being considered by the UN International Maritime Organisation (IMO), in its development of Life Cycle Guidance for low/zero carbon fuels in pursuit of shipping’s decarbonisation.

  2. Promoting the awareness building, learning and adoption of a Code of Conduct and Self-Assessment Questionnaire to address and aid the adoption of improved labour and human rights requirements for Seafarers, by charterers/cargo owners, ship owners/operators/managers and recruiters/agencies involved in their placement on contract at sea.

  3. Further exploring the potential for circularity in shipping, and the impact on the use of steel throughout a ship’s lifecycle. Researching the potential re-use, repurposing of steel, recovered at the end of the life of a vessel, within the shipping sector and if not possible how can the virtual loop being considered/accounted for as part of shipping’s carbon accounting. Furthermore, collaborate with other stakeholders on the discussion on the potential for sustainable steel to be used in the shipbuilding design and construction, with circularity principles built-in and thus designing for end-of-life and extending the use of material for longer periods than today, reducing emissions in the newbuild and dismantling stages of a ship’s lifecycle.

  4. Explore new potential areas of work, on the emerging issues in the vision area Oceans.

In 2022 these activities have been addressed through working groups, partnership and collaboration with external organisations and thought leadership, and have included wider areas of sustainability. The main areas of work in 2022 have been on Crew Welfare, Decarbonisation, Ship lifecycle and Just Transitions, ensuring that we and the industry addressed the S and G as well as the E in ES&G pillars.

Page 4

The Sustainable Shipping Initiative Ltd Trustees' Annual Report for the year ended 31 December 2022

The Trustees' report continued…

Decarbonisation - Low Carbon Shipping

Exploring the sustainability of the marine fuels

Ocean transportation is currently the most environmentally sound mode of transport in terms of CO2 emissions per tonne of cargo transported. Despite this, shipping is still responsible for 2.6% of total global anthropogenic CO2 emissions, which is broadly equivalent to the emissions of Germany.

The adoption in April 2018 of the IMO initial strategy on the reduction of greenhouse gas (GHG) emissions from ships sets out a vision to reduce GHG emissions from international shipping and phase them out entirely in line with the goals of the Paris Agreement. For this to be possible, zero-emission vessels (ZEVs) must enter global fleets as soon as possible, many take a position that this is required to be no later than 2030.

An earlier review by SSI Members showed that the sustainability issues, concerning alternative fuels being explored for shipping’s decarbonisation, remain unclear. The sustainability criteria, on a full lifecycle basis, of these fuels remain undefined, posing a challenge to sustainability standards and certification – and ultimately, the selection of one or more winning options for zero emission shipping. Additionally, standards and certification schemes do not currently exist for these new fuels.

SSI identified a set of sustainability issues and principles for the alternative fuels under consideration , capitalising on the building momentum on the search for technically, commercially viable and sustainable ZEVs through initiatives such as the Getting to Zero Coalition (where SSI is a knowledge partner). Key objective:

Intended impact:

Current focus:

Following SSI’s work, in partnership with Copenhagen Business School – Maritime (CBS) under the Green Shipping Project, the SSI released its report in September 2021 on defining sustainability criteria for marine fuels, where you will find a table of Issues, Principles and Criteria. The SSI is now focussed on:

i) sustainability standards and certification programmes, for the future zero and low carbon fuels, against which the industry can produce, sell. purchase and meet the need for assurance concerning sustainability;

ii) incorporation of these principles and criteria in Lifecycle Guidance being considered for development by the UN’s International Maritime Organisation (IMO);

iii) inclusion in Green Corridors development and testing by upstream stakeholders and actors in line with the intentions of the Clydebank Declaration announced at COP26, the UN Climate Change Conference in Glasgow (November 2021), in which 22 governments from six continents commit to work together to establish green shipping corridors between ports in their countries.

SSI’s focus on this work is very much in the phase of promotion and outreach, to influence and inspire the adoption of these sustainability principles in the production, supply and use of desired sustainable marine fuels, that are low or zero emission supporting shipping’s decarbonisation in line with limiting global warming to below 1.5 degrees Celsius and the Paris Agreement.

Page 5

The Sustainable Shipping Initiative Ltd Trustees' Annual Report for the year ended 31 December 2022

The Trustees' report continued…

SSI’s work has been submitted to the industry’s regulator, the International Maritime Organisation (IMO) for its Marine Environment Protection Committee (MEPC) meetings in 2022 (MEPC 80), for consideration in its work on Lifecycle Guidance, addressing not only those emissions onboard the ship, but upstream production and supply chain activities too. SSI's work is currently being taking into the development of Lifecycle Guidance for alternative fuels, through a Correspondence Group, through SSI's member and NGO, WWF.

The below charts illustrate the steps in the work being carried out by the SSI on the sustainability criteria and the Well to Wake (full lifecycle) considerations needing to be made.

Concerning Low Carbon Shipping, the shipping sector cannot solve or manage these risks and uncertainties alone. The maritime industry has the opportunity to play a constructive role in establishing a sustainable bio-economy, facilitate the role of zero or low carbon fuels in the decarbonisation of shipping. All stakeholders and actors have a role to play in providing clear market signals and in ensuring that sustainability is central to the production, transportation, sourcing and use of the zero and low carbon fuels being considered.

Throughout 2022 the SSI has continued to further build and maintain its presence online and in the media with increasing and regular contributions across LinkedIn plus articles and interviews in the press, supported with participation in panel discussions and webinars about SSI’s work and sustainability in shipping. The SSI has also continued to participate in a number of public speaking and discussion events to bring the above work and developments to the attention of the industry and wider public. Papers and case studies have been published on the SSI website, plus articles and interviews in the shipping and the general press.

Page 6

The Sustainable Shipping Initiative Ltd Trustees' Annual Report for the year ended 31 December 2022

The Trustees' report continued…

Crew Welfare – delivering on seafarers’ rights Addressing seafarers’ labour and human rights

Delivering on seafarers’ rights sees charterers play an active role in raising the bar in the shipping industry through the development of an industry code of conduct for actors joined together across the shipping value chain. Based on international labour and human rights standards and principles, this work brings together charterers, shipowners and operators to drive positive change through collective action, increasing transparency around labour and human rights risks.

Key objectives:

Intended impact:

Current project:

A Code of Conduct and self-assessment questionnaire were launched in October 2021. The Code of Conduct was developed in collaboration with the Rafto Foundation for Human Rights. The Code of Conduct consists of 52 clauses, and goes beyond the ILO Maritime Labour Convention (MLC) in order to focus on the full spectrum of seafarers’ rights and welfare, from fair terms of employment and minimum crewing levels to the management of grievance mechanisms.

The self-assessment questionnaire was developed in collaboration with RightShip to enable immediate action across the industry. The questionnaire provides practical guidance on adopting the Code of Conduct and is a useful tool for shipowners and operators/managers to understand their responsibilities while assessing current operations and ways of working, subsequently showing areas for improvement. RightShip developed a Crew Welfare Tool, which is made available on their website, which enables any DOC holder to submit an online self-assessment.

Goals of this work include:

We are also exploring ways in which seafarers’ rights can be addressed by demanding transparency on labour and human rights risks, for example – through contractual terms and chartering provisions.

SSI released its first progress report in October 2022, coinciding with a “SEAFAIRER” Roundtable event, which included voices from all aspects of this endeavour, including seafarers and their first-hand experiences together with owners/operators/managers, cargo owners/charterers, brands and financial stakeholders, from an audience close to 100 participants.

SSI’s focus on this work is very much in the phase of Promotion and Outreach, to influence and inspire the adoption of these tools.

Page 7

The Sustainable Shipping Initiative Ltd Trustees' Annual Report for the year ended 31 December 2022

The Trustees' report continued…

Ship Lifecycle

Exploring shipping's transition to a circular industry

Exploring shipping’s transition to a circular industry presents the findings of an inquiry commissioned by the SSI and authored by circularity and sustainability consultancy 2BHonest. The report builds on previous research around the role of circularity in shipping, including SSI’s 2013 Closed Loop Materials Management work, the Circular Shipping Initiative, and other examples both within maritime and in comparable industries such as automotive and aviation.

Prepared based on academic knowledge, industry insights, and a range of stakeholder interviews, this report works to explore how circular economy principles can be applied to shipping, raising awareness and understanding among shipping stakeholders through evidence-based research, and setting out the opportunities and barriers across the vessel lifecycle for the transition to a circular shipping industry.

Key objective:

Intended impact:

Current Project:

Going forwards the SSI will further explore the potential for circularity in shipping and its contribution to shipping’s decarbonisation, around the potential role of green/zero emission steel, exploring key questions, such as:

Page 8

The Sustainable Shipping Initiative Ltd Trustees' Annual Report for the year ended 31 December 2022

The Trustees' report continued…

Sustainable Ship Recycling

At the end of 2022, and in line with its updated strategy, the SSI ceased to host the independent initiative Ship Recycling Transparency Initiative, which is playing a pivotal role in bridging the gap; providing knowledge and information to speed up the adoption of sustainable ship recycling in line with the Hong Kong Convention, as well as encouraging transparency and bringing key stakeholders together to engage, find common ground and deliver progressive and sustainable solutions.

This initiative is now hosted by the Smart Freight Centre, headquartered in The Netherlands. A smooth and successful transition took place in December 2022, with Smart Freight Centre leading the hosting of this important initiative with effect from 01-Jan2023

SSI took the initiative from a starting point of 10 signatories in December 2018, the support has grown to an impressive 31 signatories today, of which 14 signatories are disclosing shipowners

The Roadmap

The Roadmap to a sustainable shipping industry lays out the pathways and defines tangible milestones to be collectively achieved over the coming decades.

There is a clear need to reshape the way shipping operates in the face of current and future challenges: from a changing climate and the need for rapid decarbonisation by 2050; to increased scrutiny and pressure from investors, lenders and other financial stakeholders to improve sustainability performance and reporting; to the labour and human rights risks faced by seafarers worldwide, and highlighted by the ongoing crew change crisis.

The Roadmap consists of our six Vision areas – Oceans, Communities, People, Transparency, Finance, and Energy – each with its own set of objectives, desired outcomes and interrelated milestones to be achieved along the industry’s sustainability journey.

Page 9

The Sustainable Shipping Initiative Ltd Trustees' Annual Report for the year ended 31 December 2022

The Trustees' report continued…

State of Sustainable Shipping (SoSS)

In line with the updated strategic goals of the SSI, maintenance of and leveraging from the power of the Roadmap is considered essential for supporting the industry navigate its way to a sustainable sector. In order to support this, lead narrative, inspire and influence the work of the SSI and others going forward, the development of a methodology and operating model is under way and has been named State of Sustainable Shipping (SoSS)

Aims

Why now

This work links directly to the SSI’s beliefs:

Financial review

The charity is funded mainly through annual membership fees, augmented by some occasional project specific funding.

The funds remaining after administration costs are expended on the work and projects that the members wish to be carried out. Surplus funds, if any, are carried forward to the following year.

Reserves policy and going concern

The charity has a policy of maintaining at least three months administration and contractual obligation costs (salaries, office expenses, service costs) during and at the end of the year. For 2022, the surplus (after reserves) was £141,855 at the beginning of the year, and the carry forward at the end of the year was £134,040. The charity is dependent for its running costs mainly upon contributions from members, and a budget was set for 2023 and approved by members at the Trustee Board Meeting in October 2022. Invoices for membership fees for 2023 were issued in accordance with the approved budget and were sent out in December, and all invoices were paid within end of March 2023.

Plans for the future

The charity is continuing its work on its plans and updated strategy for 2023 and beyond. The shipping industry continues to face many sustainability challenges and opportunities for decarbonising, using materials efficiently and becoming a circular industry, providing positive careers and benefits for communities and driving ocean governance that protects this precious resource

In 2022, the Sustainable Shipping Initiative updated its strategy for the period ahead, 2023-2025, refreshing its mission: SSI will be a catalyst for a sustainable and successful shipping industry in this crucial period of action, combining: active participation from companies with high ambition; and, covering sustainability systemically. Coupled with this purpose, the SSI believes that:

Page 10

The Sustainable Shipping Initiative Ltd Trustees' Annual Report for the year ended 31 December 2021

The Trustees' report continued…

From its mission and beliefs, the SSI has set goals for the strategy period through to 2025, which are:

in the industry:

for SSI:

Structure, governance and management

The organisation is a charitable company limited by guarantee, incorporated on 15 August 2013 and registered as a charity on 16 June 2014.

The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 4 to the accounts

Appointment of trustees

The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.

The SSI has set criteria that require that the trustees are elected by the members, that at least one trustee is from an NGO member or is an independent and that all trustees must have at least six months experience of the SSI before being nominated as a trustee. The members also recognise that the board needs to have the necessary range of skills to enable it to undertake its duties and either to ensure suitable training of trustees, suitable persons co-opted or professional services engaged. The post of treasurer is an honorary one as no serving trustee was able to take on the role and is currently vacant. This is not currently a concern due to the professional financial management of the SSI accounts, but is kept under review by trustees.

At the ninth annual general meeting in October 2022 one third of the trustees retired from office in rotation in accordance with the articles of association. Trustees who resign in rotation may offer themselves for re-election. A remuneration sub-committee of the board was established in 2021 and continued through 2022.

The charity’s trustees have given consideration to the major risks to which the charity is exposed and satisfied themselves that systems or procedures are established and in place in order to manage those risks. Major risks are reviewed at each Board meeting.

Guy Campbell continues as Chair following appointment in December 2020.

Related parties and relationships with other organisations

The SSI was formerly a project of Forum for the Future and was spun-off into a separate entity with its own governance structure on 15 August 2013.

Alastair Fischbacher was a founding member and trustee of the charity, who resigned his positions in 2014 prior to taking on the role of Chief Executive. In 2016 he completed his term as Chief Executive and on 14th October 2016 was re-appointed as a trustee and Co-Chair of the charity.

Andrew Stephens is the Executive Director and Company Secretary for the SSI

Guy Campbell, an independent, Chair of the SSI.

Page 11

The Sustainable Shipping Initiative Ltd Trustees' Annual Report for the year ended 31 December 2021

The Trustees' report continued…

Statement of responsibilities of the trustees

The trustees (who are also directors of The Sustainable Shipping Initiative Limited for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 December 2022 was 13 (2021: 13). The trustees are not members of the charity.

Independent examiner

Ping Accounting Limited trading as Ping Chartered Certified Accountants was appointed as the charitable company's independent examiner during the year and has expressed its willingness to act in that capacity.

The trustees’ annual report has been approved by the trustees on 02 May 2023 and signed on their behalf by

Guy Campbell Chair

Page 12

The Sustainable Shipping Initiative Ltd Company Registration No. 08652606 Charity No. 1157491 Independent examiner's report

I report to the trustees on my examination of the accounts of The Sustainable Shipping Initiative Limited for the year ended 31 December 2022

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act).

Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's statement

As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACCA.

I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Nicola Cole-Osborne FCCA Ping Chartered Accountants 11a Park Street Camberley Surrey GU15 3PQ

02 May 2023

Page 13

The Sustainable Shipping Initiative Ltd Company Registration No. 08652606 Charity No. 1157491 Statement of Financial Activities (including summary income and expenditure account) for the year ended 31 December 2022

Income
Income and endowments from:
Charitable activities
Memberships
Memberships - SRTI
Donations
Other
Total
Expenditure (Note 2)
Expenditure on:
Charitable activities
Total
Net income/(expenditure) before tax for the reporting period
Tax payable
Net income/(expenditure) after tax before investment gains/(losses)
Net gains/(losses) on investments
Net income/(expenditure)
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
Restricted
income
funds
Total funds
£
£
£
231,177
231,177
68,129
68,129
10,000
10,000
-
-
-
2022		 Unrestricted
funds
Restricted
income
funds
Total
funds
£
£
£
-
220,098
220,098
162,725
162,725
26,089
26,089
-
2021
241,177
68,129
309,306		 246,187
162,725
408,912
161,473
122,673
284,146		 223,293
119,392
342,685
161,473
122,673
284,146		 223,293
119,392
342,685
79,704
(54,544)
25,160
-
-
-
79,704
(54,544)
25,160
-
-
-		 22,894
43,333
66,227
-
22,894
43,333
66,227
-
79,704
(54,544)
25,160		 22,894
43,333
66,227
162,598
54,880
217,479		 139,704
11,547
151,251
242,303
336
242,639		 162,598
54,880
217,478

All of the above are derived from continuing activities. There were no other recognised gains or losses other than those stated above.

Page 14

The Sustainable Shipping Initiative Ltd Company Registration No. 08652606 Charity No. 1157491 Balance sheet as at 31 December 2022

Note
Fixed assets
Tangible assets
7
Current assets
Debtors
8
Cash at bank and in hand
Creditors: amounts falling due within one year
9
Net current assets/(liabilities)
Total net assets or liabilities
Funds of the Charity
Restricted income funds
Unrestricted funds
Revaluation reserve
Fair value reserve
Total funds		 2022
2021
£
£
830
1,580
830
1,580
143,173
144,442
381,340
320,845
524,513
465,287
282,705
249,388
241,808
215,899
242,638
217,479
336
54,881
242,302
162,598
242,638 217,479

The company was entitled to exemption from audit under s477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small regime and in accordance with FRS102 SORP.

Approved by the trustees on 02 May 2023 and signed on their behalf by

G Campbell Chair

Page 15

The Sustainable Shipping Initiative Ltd Company Registration No. 08652606 Charity No. 1157491 Notes to the accounts for the year ended 31 December 2022

Note 1 - Principal accounting policies

Basis of accounting

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with:

Public benefit entity

The charity constitutes a public benefit entity as defined by FRS 102.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

For reasons detailed in the trustees' annual report, the trustees do not consider the developments of the Covid-19 pandemic to materially impact on their assessment of the charity as a going concern.

Income

Recognition of income is included in the Statement of Financial Activities (SoFA) when the charity becomes entitled to the resources, it is more likely than not that the trustees will receive the resources and the monetary value can be measured with sufficient reliability.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Interest receivable

This is included in the accounts when receipt is probable and the amount receivable can be measure reliably.

Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other income resources received or generated for the charitable purposes.

Expenditure

Expenditure is recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

Governance and support costs

Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Page 16

The Sustainable Shipping Initiative Ltd Company Registration No. 08652606 Charity No. 1157491 Notes to the accounts for the year ended 31 December 2022

Note 1 - Principal accounting policies continued

Foreign currencies

Monetary assets and liabilities denominated in the currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are taken into account in arriving at net income/expenditure.

Fixed Assets

These are capitalised if they can be used for more than one year, and cost at least £200 They are valued at cost.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Computer equipment 33% Straight Line Computer software 20% Straight Line Furniture & Fixtures 20% Straight Line

Debtors

Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

Cash at bank and in hand

This includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors

The charity has creditors which are measured at settlement amounts less any trade discounts

Provisions for liabilities

A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date

Basic financial instruments

The charity accounts for basic financial instruments on initial recognition as per paragraph 10.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS102 SORP.

Pensions

The charity operates a personal pension plan, which is a defined contribution scheme. Contributions are charged to the statement of financial activities in the periods to which they relate. The charity has no liability under the scheme other than for the payment of those contributions.

Page 17

The Sustainable Shipping Initiative Ltd Company Registration No. 08652606 Charity No. 1157491 Notes to the accounts for the year ended 31 December 2022

Note 2 - Analysis of expenditure

Expenditure on charitable activities:
Staff Costs (note 4)
Communications
Travel and Subsistence
Meeting costs
Consultancy
Legal and Professional
Office costs
Trustee Expenses
Foreign exchange (gains)/losses
Total expenditure on charitable activities		 Unrestricted
funds
Restricted
income
funds
Total funds
Unrestricted
funds
Restricted
income
funds
Total
funds
67,728 59,681 127,409 100,814 35,238 136,052
1,232 - 1,232 15,958 4,387 20,345
12,234 1,629 13,862 1,563 670 2,233
- 252 252
- - -
59,413 51,209 110,622 82,972 71,502 154,473
1,255 953 2,208 20,687 450 21,137
19,588 8,949 28,537 13,201 7,146 20,347
1,015 - 1,015
(991) -
(991)
(11,902)
- (11,902)
2022
2021
161,473 122,673 284,146 223,293 119,392 342,685

Other information:

Analysis of expenditure on charitable activities

Activity or programme
Memberships
SRTI
Total		 Activities
undertaken
directly
Grant
funding of
activities
Support
Costs
Total this
year
Activities
undertaken
directly
Grant
funding of
activities
Support
Costs
Total last
year
£
£
£
£
£
£
£
£
159,878 - 1,595 161,473 223,468 -
1,440
224,908
89,098 33,575 - 122,673 73,976 43,801 - 117,777
2022
2021
248,976 33,575 1,595 284,146 297,444 43,801 1,440 342,685

Note 3 - Fees for the examination of the accounts

2022 2021
£ £
Independent examiner's remuneration (exc VAT) 1,595 1,440

Page 18

Notes to the accounts for the year ended 31 December 2022

Note 4 - Staff costs

Salaries and wages
Social security costs
Pension costs (defined contribution scheme)		 2022
£
113,225
9,100
5,084
127,409		 2021
£
121,781
9,013
5,258
136,052

One employee received total employee benefits (including employer national insurance and excluding employer pension costs) within the following band: £70,000 - £79,999. 2021: One employee earned within the following band: £70,000 - £79,999.

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £76,092 (2021: £77,961)

There were no redundancies made in 2022 (2021: nil). Statutory redundancy cost was £nil (2021 £nil)

The charity trustees were neither paid nor received any other benefits from employment within the charity in the year (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil)

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £1,015 (2021: £nil) incurred by one member in 2021, which relates to the attendance at meetings of the trustees.

Note 5 - Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 2 (2021: 2)

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The Sustainable Shipping Initiative Ltd Company Registration No. 08652606 Charity No. 1157491 Notes to the accounts for the year ended 31 December 2022

Note 6 - Pension scheme

The charity operates a workplace pension scheme set up by the government, Nest. As at 31 December 2022 £164 was due from Nest as an overpayment was made in August 2022. This was received in March 2023. (2021: £nil). There were 2 members of staff enrolled on the pension scheme at the end of December 2022.

Amount of contributions recognised in the SOFA as an expense in 2022 totalled £5,084 (2021: £5,258)

Note 7 - Tangible Fixed Assets

Cost:
At 1st January 2022
Additions
At 31st December 2022
Depreciation:
At 1st January 2022
Charge for year
At 31st December 2022
Net book values:
At 31st December 2021
At 31st December 2022
Note 8 - Debtors
Trade Debtors
Prepayments and accrued income		 Computer
Equipment
£
2,788
2,788
1,605
794
2,399
1,183
389
2022
£
135,173
8,000
143,173		 Computer
Software
£
592
592
195
118
313
397
279
2021
£
137,617
6,825
144,442		 Furniture
& Fixtures
£
203
203
41
41
0
162		 Totals
£
3,380
203
3,583
1,800
953
2,753
1,580
830

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The Sustainable Shipping Initiative Ltd Company Registration No. 08652606 Charity No. 1157491 Notes to the accounts for the year ended 31 December 2022

Note 9 - Creditors: amounts falling due within one year

Trade Creditors
Accruals and deferred income
Taxation and social security
Other creditors		 2022
£
408
266,498
15,749
50
282,705		 2021
£
1,483
229,280
18,626
-
249,388

Note 10 - Deferred income

Deferred income comprises memberships that have been invoiced ahead of the calendar year to which they relate.

Balance at the start of the reporting period
Amounts added in current period
Amounts released to income from previous period
Balance at the end of the reporting period		 2022
£
227,839
264,903
(227,839)
264,903		 2021
£
213,147
227,839
(213,147)
227,839

Note 11 - Contingent assets or liabilities

No contingent assets or liabilities were noted for the year ended 31 December 2022. (2021 £nil)

Note 12 - Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

Note 13 - Related party transactions

There were no related party transactions noted in the year to 2022.

Note 14 - Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

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