Company Roglstrallon No. 08652606 Charlty No. 1157491 The Sustalnable Shlpplng Inltlatlve Ltd Roport and Flnanclal 81at•monts For th? Year Ended 31 Decambar 2024
For the Year Ended 31 December 2024 Trustees, annual re 1Th18pdt axamlr*s report 15 16 Balance Sheet 17 18tot3
The Su8talnabl8 8hlpplng Inhlallve Ltd Roforenco al admlnlBtrallv• InfomiDYon COMPATrTf NUMBER. COUNTRY OF INCORPORATION: 08652808 ErKdland CHARITY NUMBER: COUNTRY OF REGISTRATION: 1157491 Engl8nd and Wale REGISTERED OFFICE: 118 Parf( Street Camberley Sufrey GU15 3PQ OPERATIONAL ADDRESS: Tho Old Forge House Crlcket Green Hartley Wlnlney RG27 8PZ TRUSTEES: Tw8tso8. who are al80 dlrectorn undér company law, who 8afv8d durfng the year arKI up to thg dato of thlg report were 88 fdltr•A.' J. 8ong S. Bennett O. Brtne G. Campbou C. F88 A. Fls¢hb8cher H8ggqu18t IL P81rn8r D. Pael (ResIgn 16th October 2024) CTrChalr (Reslgnod 13th March 2024) Ctrchalr KPI MANAGEMENT PERSONNEL: Siaphan8 S. Jon08 EXeilVe Dlr•ctor IAppolntod 30th June 2024) Exe(aJ Dlroclor IR881gnod 301h Jun8 2024) 8ANKER8: Clty ol London Brnnch 60 Queen Vlctorfa Streot LONDON EC4N 4Tr INDEPENDENT EYAMINER: Plng Chartérèd A(xxAmtsnts 11a Pa Street C8mberfey Surrey GU15 3PQ Page 3
Thg Shlpplnq Inlll•llvo Lld The trustees present thelr report and the 11ftand statements for the ar ended 31 December 2024. Reference and adrnlnlstratfve Inforniarlon. sei out on page 3, forms part of th15 repon. The flnanclal statements comply wlth current Statutory Trqulrements. the memorandum and artlcles of assoclatlon and the Statement of Recommended Practice - Accourtlng and Reportlng by Charttles.. SORP app1{ble to charlrles'preparSng thelr attounts In accordance wlth FRS 102. Ssl members are shlpowners and charterers: marlne equlpmen¢ shlpyards. p(•rts and ser¥lce proYlder5; bank5, shlp finance and Insurnnce provldtrs; classllkatlon socletles", and sustslnablllty focu$5ed non-governmental organlsatlon5. Objectlves and actlvltles Ssl belleves that change Is accelerntlng and uryent artlon 15 needed. that Sustalnabllltylssues ar• Interconnected and r•qul re a systems approach and ihat In¥estln9 now will dellveT for companles. sockty and the planet In ihe long-term. The objectlves are.. l. To advance eduwlon of the publlc In economlc and soclal swdles as they rellte to Indlvlduals. communlttes, soclety at lar and the planet as a whole, wlth speclal reforen¢es io thelr Inter-relatlonshlp wlth ecology. the n#tural world. health, technology, agrlculture. 5UStatnable dtvelowMnL phIlOphY and psycholokry. Z. To promote sustslnable d•¥elopment for th4 benefli of ihe publlc bv: a. Th¢ preseThatlon. conservatlon and protertlon of the envlronment and the prudent use of natvrnl resources. b. The rellef of pOlty and Impro¥orn¢nt of condlilons of Ilfe In SlI11V and e¢onomlcally dlsadvantaged cofflmunltks. The promotlon of sustalnable means of achltvlng econombc gr0h and regeneratlon. 3. For SSI io be a ¢at•W for a sustalnabl• and succqsslul shlpplng Indu$try In thls cruclal perfod of acrlon. SSI wlll tautyse thls change rhrough: Engaglng th¢•ndre shlpplng siaknhold•r landsc•pei lftcluslb of publlc Mctor, Mpportlftg the drlv¢ to ac( movlR9 from thé W to the Thovr Enhanced PArtMrshlps. More stskeholders and partnershlps engaged, from moft geographles and a¢r¢ss the shlpplng ecosystern. Sharlng of leamlngs. experlence and leadershlp ambltlon levels Insplrlno earller adoptlon and Intended Impacr. Creatlng • tlpplng polnt thai sustalnable practlfe betomes ihe norm.. envlronmentallyl soclally and socloeconomlcallv Trad(InO1 ch•ll¢nglng. Influendng. rtImUllng and INplrtng the Industrvs ac¢lons proyrtH ¢tyAvds tho nwded Outcom and Impacts State of Sustslnabl• lft9 (SOSSJ Trncklng progre55, leadlng nafrntlve and stlmulatlng more actlon across Industsy on key Issues. 551 w511 shlne a Ilqht on success, hold the sertoi to account and hlghll9hr where thls needs acceleratlon. Updatlng th Roadmap wlth dlffuslon S-cunms and emerglng 15SU¢5. 11. Cornmunlc4Yng and ludlnp the thange narrdUb. More Infiuentlal Ind Increaslng the need to a¢t. rfn by the flndlngs and stsius on progre55. Engaglng more to act on more, taklng loafnln95 from wlthln and outskle the sector wlth us to attelernte progress and Impact ¢. k¢il4rnUng actlon on Jpedfic emerylng Issues WO across the sector. Sub-sets of or¢Janlsatlonsi parniers and members eollaboAtlng and wa1n9 together an speclflc m*rglng Issues Icomlng from lh• malnralned Roadmap) wlth a system and hollstlc focus on outcome3 and lrnpact. Maln InievntIQns'. convenlng. allgnlng aalon and Make recommendatlons from ¢Oll•rt1 •xporlence. These focus on the early stsges and are deslgnod for others to enable the mass adoptlon stage d. Target•d ImP[S Engaged real economy actors from across ihe entlre 5hlpplng Industry v•ltse chalrt. Includln9 publlc sector, NGOS and leadlng cornpanles 11. Inspiring and Influenc+ng Jolned-up lftdusry aalon 111. Increaslng transparency and ae¢ountablllty through communlcatlon l¥. AcCeratIng actlon on speclflc. overdue and emeTglng su5fdlnablllty Issues MonltOTlng. trncklng and reportlng on progres5 Vl. Supportlng earfler adoptlon of transfornmtlonal pathways to sustalnable shlppln9
We alm work tuArds a shlpplrtq Indusiry whlth.. pl(£11¥¢1V tontrtbutes to ihe rn5wJn$g0vrnoIaWQ¢8lwad protecflon ofihé marlne envlronrnent ovld¢5 s•f•. heahhy. aftdseame peopk want to work In shtpplng whore thoyun enjvi r¢wardln9 ¢areers and xhkve tholr full pthntlal . Is recognlsed as a m15ted and ttw¢wMlblepllibwh the Awmunltsln TAhl¢h we owate Impro¥es porfornmnce and enables Susthlnable bu51ne55 declslon-maklng through hloh I1$ of Oevelops flnanclal solutlon5 that rnxdswraln•&tsperfwwrnand •nab uplako gf Innovatton. technology. de>lgn. and operatlonal efficlenc1¢5 Pfomotes tlM Yesponslble and qffld•ntuw olrnMurc¢s. loads d•carbDnlsatlon artd ellmlnaies gveenhouso gas omlsslons thfough Improbd efflclencyand th• uie of sust4lnabl•. zertr(athin fuels aftd technologlos. W• belte% thar. Change Is accelerntlng and urgeni aalon Is needed. Su5tJln4blllty Issues are Interconnodd requlr • s¥ems approach. In¥esdng now wlll dellver for romplnles. $Iety and tho planet In the Iong-tsmi. The trusw and m•mboTS rqvtqw ilm alms, obJecd¥es and xtmdes rftho charfty •1. Thls Mport looks ai the dwlty has Khw and the outwrnes of its thIn th•148t rwelve monih5. The Irust•QS Tepovr ihe success of ea¢h key actlvlty and ihe beneflts the chaty has brought to thos• groups of people ih4111 Is sei up to h4lp. Th• mitew also helps th• Iru3t¢es nsyr the charir¢s alms. obJectk¥es and aaMt1¢5 tsmalned focused on Its Karqd purposes. The tNstoes ha¥0 relerr•d w the guldin¢¢ contalned lft the Charfty Comrnlsthn's géneral guldan¢t ¢)n publ1£ beneflt when r¢¥iewlng the cha1$ alms and objecthS and In plannlng its fvtyre actmiles. In rtIcUlar, th• truKoes COD51d¢r planne41 tlvltl•s TAII untrlbut• to the •lms and objeths haw& beqn sqL Achlevements and p•rforniance A¢hlthm•nTS and rfOrn1£• In the doltrrtryol publ1¢ bon• The charltrl$ maln actlvltles and who It lrfes to help are desulbid below. All Its ¢harftable Ktlvttles fKu% on shlpplng and lis Impact and are undertaken w furtherThe Sustalnable Shlpplng Inlt14fl¥e Umli•d's charltable purpose5 for the publlc benont. Chr the veportlng perlod th¢ athltle5 of the SSI have been.. l. lJ•wbonlth- Prom14 1¢$ Yutarch and guldance on Suslalnablllty crEte for condeIl0n of the susulnablllty of fure fuels belng <ontamplated for shlpplng's decarbonls•tlon, look at from a Well to Waka rsp•crlv• and ihus addroHtng full Ilfe¢ycle Impacts. Engaglnp the Industry regulator M th• need f4rll to wake Ille£yde CondeNon$ on mty be shlpplng Mctorfs future fv41s of cholce w ensur théy arn •n¥Sronm•ni•lly, Mclally. and M¢loKonofflkatty iumlnable 2. Sodal- Prwnotlno ih• awar•nass bulldlng. l•arnlng aftd adoptlon ola Code of Cdutt Self-Asl$Meffl Questlonn•lrn M addrnss and ald the adoptlon of Impld 14bour and human rhts requlrements for Se4farern. charterersl<aryo okners. shlp ownerslopeRtorslman4gers and reuulterslagendes Invol¥d In thelr placement on contrartai se& Énsurfng Seaf4rors' rtghts prornod and upheld. Improvlng vmrl¢lng ¢oftdliions and eftsuring equal treatment for work¢r$ 41 sea and ashore. IMr 800 companlej wtth fflore thin 14000 Nwe15 ha¥¢ fflpl•t•d $elf-assessmonu a9alnst th• &de of Condua ihar SSI laun¢h¢d In Sept 2021 3. ¢JmilaJ#y& a Shlp'i Uf•cl•- FunlKr explorfng the wentlal for dr¢ularlty In shlpplng. and Impact on the use of steel ihroughout a shlp's Ilfecyrle. Inuea51ng the understandln9, conslderatK)n of and deslgn tor ¢lrcutarlty prlnclples lor adoptton In a Ahlp's IlfÈcycl¢. Increaslng the examlnatlon of shlppln9's Ilnk5 to othtr hard to abatq sertOW5 such as steel produalon. and end Ilfe praal% on for[R9 and 5¢. In<reasert focus on the potenNal for Net-Loop opporninStles rtgards t•there shlps are bullL Optrnted and recyded, leadlng to the explorailon of ihe potentlal for Green Steel use 5hlp bulldlng. rotroth and repalr. Oc•kns 4nd Blodl¥ersSty- Increaslng the aMrene55 and attlon on the Ilnkages shlpplng and the ¢llmat- blad1veIty n¢xus- tackllng pollutlon. dlmate thange and martne blodl¥erslty 1055. Ensurlng bEodfverslty 5s coupled vAih decarbonlsatlon efforts to ensurn IO•beneflts and ae¢eleMtod artlon. S. Stam (rfsuthlnabk Shlpplng (Sosg pr•qramrn•-TrndLlng •fid tha1109 shlpptno's lUxnablIstyjrné¥. identlfylno ¢m¢ryln9 Issues ihrough stFategl¢ foresliht methods ud translrlonlng the Rtsadmap lrtto a syst•m of contlrtuous updates
Tho &tst¥ln•blo ShlpplNJ Inldifvo Ltd Tte¢s.n R In 2024 these actmtles have been addTe55ed through rkIng groups. partfjershlp collabofttion ¥th external or9an15aEkirn and rhought leadershlp, and have Inclwled wider areas of Sustsinabllity. The maln area5 of rk in 2024 have been on Crew Welfare, c1rtulaI5hIP lifewle. Oceans and BiodfftrsSty and the Stale of Su51alnable Shippin9. ensuring ihai V and the Sndustry addressed the Soclal and Governance elements a5 well a5 the EnvinmtnI11 In iht EG polr £Yplorlng thesust•inablltyLTrfthe marfnE fiKIs Ocean transponaiion Is currentty the rn051 errOnMnt3lIY s(4Jnd mode of transport in rerms of C02 emission5 per tonne or Caryo transported. flespite ihis. shipping is still resp)nslble for 2.6% of toul glob anthft¥po9enk C02 emi55tDT15. which Is broad equivalent to the emlss¢ons of Gtmianv. The adoptlon irk Aprll 2018 of thÈ IKILinilidl %TralEgy Oli ThLLduClpOffl of reeiihoil5eS (GH[J ¢misgiOYS from 5 I%YM¥.irno.0rglenlMedlaCtmtrÈlPressBriefingSlPages106GHCGlni14alstraiegy.aspx) sets out a wslon to rEduce GHG emi55ion5 Irom iniernational 5hlpping and phase them out entire in line wilh ihe go$ of ihe Paris Agreemeni. For this lobe P055lble. zero-em1551on ¥e95els QEVS) musi enter global fleets a5 a5 po551tt. tske a posltlon thai thi5 is required to be no kiter ihan 2030. earlier rewSew by SSI Members showed Ehai ihe sustainabfjl Issye5. conceming altemaiive fuels belng explored foT shipiing's dtcarboisaiion. remain unrleai. The sustalnabfjllty criieria. on a full life()rle basis. of these luels remain undefirtd. PDafj9 a challenge to sustalnablllty stsndards and certlftcatlon- and Lbltlmately. Ehe selertlon of oThe or more nnIng options for zero emlssion shlpplng. Additlonally, standards and certifiration schemes do not currenily exlst foriheso luels. Imended 1rnpt The shlpplng sectorfs fiTrEure fuels of (holce are enronments11y. siKlalty, and socloeconomiullv siistainabte. Oblrfth: ktors auoss the marttlme fvel value Ihain Lttr understand fuol sustslnability impart areas and promote siistainable methods of productft. dlsiribyiion. bunkering. etc. Publl(atlons.' il'lilteap_er (February 2021)(w%4W.sustainableshipping.orglTesourceslsustainabllirrIter1a-whtt-paper1).' orr 15eptember 2021XMYw.sustainableshipping.orylre50urce51dtfinlng- sustalnablllty-criteria-for-marintrfuelsi). Ne steps.. Further te5tln9 and building on the criteria membEf5 and pwners.. Implemeftting the crfria In forw¥d- looking projects Indudlng gfeen cvrridots. rn fue15 unde1_[¢Jn.W (ap[1$19 on the bullding momentum on the search for technIcal. commerciallyviable and SUSEalnablt ZEVS ihrough IniTlati¥es such as ihe Getting io Zero Coalltlon (there SSI Is a knedge partner). Followlng Ssl's work. In partneishlp viith Cooenhagey Busine55 School Maiiiime ICBSI under ihe Grctr. shippinjea. the SSI released Its reporT In Seprember 2021 on definrng sustainabfjllty (riieria for marine fuels. where wll find a table of Issues. Prlnclples and Crite& 5SI'5 focus on this WO Is vory much In the phase of Pfomotion and outreach, io fjnlhntr and inspire the adoptlon ofthe5e 5UStainabllity princlples In the production. supply and use of desired sustaiftabto marlne fvels. Ihat are Ithv OT zeTO emlss supportin9 shipping's de¢arb¢4nisatiort in Ilne wilh limiiing global wamiln9 to bekw 1.5 de9ree5 Ce15ius and the Parfs Agreernffii The belrm chalts illustrate ihe steps In the work belng rarried out by the 551 on the su5talnability iriitria at)d the Well towake Ifull IlfecWe) conslderaiions needlng io be mad Structure and definitions guided by recognised industry standards Oefinitions
The Sustslnabl# Shipplng Inltl•llYè Ltd Trus¢e•s' Amnual R• rtforthè ar ended 3108wthr 2024 IMO MEPC83 Is meetlng In Aprll 2025 to dls<USS the posslble iablln9 of a global GHG fuel standard, Ir'5 Iruclal that sustalnabillty remain5 ceniral io declsion-makln9. The Su5talnable Shlppin9 Inltlatlve's comprehensive set of I S SUS¢ainablllty ¢Tlterla was Invited Into ihe con51deraiions of a COeSpOndenCe Group and has helped shape thlnking around the Incorporatlon of sustalnability into Llfe Cycle Assessment ILCA) guidance. partlculaAy the Welkto-Wak¢ framework now galnlng iractlon In regulatory dlscusslons. Embeddlng sy¢h princlples ai the core of fuel standards ensure5 Ihat decarbonlsaiion efforts are boih envlronmentally sound and socially responslble. Crew Welfare- dellvertng on seafarets. rlghts Addrnsslnqsealvers'l•bourandhuman rt9hts Deliverlng on seafarer5' rIght5 sees charterers play an act rol• In ralslng rhe bar In the shlpplng Indusiry through the development of an indusiry code of conduct for actors Jolned tO9ether acr055 The shlppln9 value chaln. Based on Internailonal labour and human rlghts standards and principles. thls work brings ro9ether charterers. shlpowners and operattsrs to drlve poslllve change through colled1 actlon. Increaslng transparency around labour and human rlghts rlsks. Intended Impa(¢: Seafarers. rights are promoted and upheld. ImpTvAAg workln9 ¢ondlllons and en5urln9 equal treatmertt for workers at sea and ashore. ObJectl%*: Actors across ihe mariiirne value Chaln better understand and comply with s¢afarers' rlghts. includlng and golng beyond the Marlilme Labour Conventlon IILO MLQ. Outputs to dato: co0.LOnduct lvhvw.sustainableshlpplng.orylrestsur¢eslstafarers-rlghts-code-of-condu¢tll. SL If. olS5CSSITILnt queLoDnaire IO¢tober 2021 IlwwM.susialnable5hlpplng.orglresour(eslseafarers-rlghtS-5elf- as5essmentll,' 5Lrogre&& TewrLINovember 2o2411vh.suStaInab1eShIppI9.0rglneW$lde1Iver1n9-On-$eafaref5- rlghts-2024-pro9ress-reportll. Self-as5essment questionnalre updated Imay-june 20241 Next steps- Engagement wlth seafartr organlsailons io Increase awartness of Code of Conduct., work to lrnprovt verificatlon and iransparency,. review of Code of Conduct and questlonnalre A Code of Condurt and self-assessment questlonnalre were launchtd in October 2021. The Code of Conduct was developed In collaboration ¥Ylth the Rafto Foundatlon for Human Rlghts. The Code of Conduct ¢onsi5ts of 52 clauses, and goes beyond the ILO Marltlme Lab(MJr Conventlon IMLO In onler to focus on the full spectrum of 5eafareis' rlghts and welfare, from falr terms of employment and minlmum crewln9 leve15 to the management of grlevance mechanlsms. The 5elf-assessment quesiionnalre was developed Sn collaboration with Riyh6hlp to enable Immedlate acilon acr055 the iftdu5try. The questionnaire provide5 practical guidance on adopiing the Code of Conduct and 15 a useful tool for shlpowners and operaiorslmanagers to understand thelr responslbllltles whlle as5es51ng curreni operatlons and ways of working. sub5equenEIy Showing areas for tmprovement. RIghhIp de¥eloped a Crew Welfare Tool, wthlch 15 made available on their wtbsile. which enables any DOC holder io submlt an online self-a5sessmeni. The Self-Assessment was updated In 2024, In collaboration wlth Rlghtship and the updaied verslon resldts on th¢ Rightshlp Crew Welfare Tool plarfomi. Page 7
Th& Sustslnablè Shlpplng Inlljatlvè Ltd T¥uots' Annual Re rt for the ar ended 31 Decèmbor 2024 Goals of th15 work include5'. To lrnprove respect of the 5eafarers' ri9hts and welfare and provlde a safe, he31thy and secure work envlronment for seafareis, leadln9 to more sustalnable supply chalns To Identify mechanlsms for seafaiers to undersiand thelr human rlghts and welfare needs, report abuse of thern and access remedy To lrnprove riansparency on acrlon5 taken to Identlfy. mltlgate and preveni human rlghts rlsks wlihln the shlpping value chaln To Improve the ablllty of charterers to conduct human rlghrs and welfare due dlllgence and make Informed declslons TD cataly5e collectlve artlon and leadershlp by charterers to advocate for more robust respeci of seafarers. rl9hts and welfare witthln the Industry We are also èxplorlng way5 In whlch seafaiers, rlghts can be addressed by demandlng transparency on labouf and human rl9hts risks, for example through contractual terms and chartering provision5 le.g standard chartei party agreements led by 81MCOI. Each year the 551 and Its partrters IIHRB and Rafio Foundailonl hold a"SEAFAIRER" Roundtable event, whlch Included volces from all aspecis of thls endeavour, Includln9 sealarer5 and ihelr flr5t-hand experlences tOg¢th¢r wlth ownersloperatorslmanagers. cargo ¢)wnors/charterers. brands afid ftnanclal stakeholdtrs. from an audlence c105e to 100 partlcipani5. Addlilonally each year the SSI and IHRB release a progress report, colncldlng wlth the Roundiable. The most recent report released In November 2024 can be found hL?ri, Ihiips'.Ilvw.SsIa1nab1esh1ppIng.ofg1neW$léeI1verng-oh-stafaler5- Ilqhrs-2024-progre5s-reportll Ssl's focus on thls work Is very much the phase of Promotlon and Ourroach. to Influence and Insplre the adoptlon of these tools. An updaie of the Code of Conducr Is a150 part of the next phase of work. Clrcularfty- a Shlp's Uferycle ExplorlngshlpplnAs translNon to • clrcul¥rlndusty Exploring shipping % IfLin%iiion Ii) Li circuliir Iiiiluslry Iww.susiaSnableshlpplng.orglre50urcesl5hippin95-Iranslllon-to-a- clrtular-Indu51ryllpre5enT5 the ftndlThgs of an Inqulry commlssloned by the SSI and authored by clrcularlty and sustalnablllty COll5ultancy 2BHonesr. The report bullds on pre¥lou5 research around Ihe role of clrcularily In 5hlppln9, Includlng $51.$ 2013 C105o¢ l.QDP M¢ilorial4 MJiil(JCTnonl svork 1wbvw.susialnableshlpplng.orglgur-worklprevious- worklclosed-lgop-materlals-managernent-workll. the C.IiiulÉil Sliii)i)Iiig IriiiiilllVP15klbskredlt.dklwp- contentluploadsl20241031the-clriular-shlppln9-lnlrlarlve.pdn, and other examples both wlthln marlilme and In comparable Industrlts such as automotlve and avlailon. Thos repDrt, based on academlc knowledge, Inilustry Inslghts. and a range of stakeholder intenAews, works io explore how clrcular economy pilnclples tan be applled io shlpplng. By ralslng awareness and understandlng among shlpplng stakeholders through evldence-based research. li seis tsut the opporttsnltles and barrlefs across the vessel Ilfecycle for the transltlon to a clicular shlpplng Industry. EXr0 sN)pr¥JÈ rron*hJn to o orlor m(#Jstry Pag8 8
The Sustainable Shipplng Inltlatfv• Ltd Trustees, Annual R• rt for th• ar ended 31 Decern 2024 Th6 Trustees. r•port eontlnuad... Intended Impact Shlps are buili. operated and recycled with sustainabllity in mlnd. Objecthie: Actors across rhe shippirbg value chain understand the sustainability impact of shipbuildbng materials and promote a more clrcular ship lifecycle through reihinking marerial flow5. Outputs to date: Exploring shipping's Iransition 10 a circular Induslry report Uune 2027 Mw¥w.sustainableshipping.orglresourceslshrppings-transiiion-io-a-circular-indtsstryl): Grè Uune 202311www.susta1nableshipping.orglre50urceslgn-Stee1-ad-shipPingl}. Next steps- Engagement with steel producers, sh4pbutlding facilities and recycling yards on how to close the Ner Loop. ad further develop the business case for green steel n steel and shi An Insight Brief is the next step in the series of publications on this subject and alms to increase the under5tandlng of key challenges and Identifying aciionable paihways to sncrease 9reen sieel adoption in the shlp-lifecycle. The brief will build on Ssl's ongoing work and align wsth ihe go$ of the Ship Lifecycle W01n9 Group to suppon decislon-maklng among siakeholders in green steel adoption and clrculartty In the shlp Ilfe rycle. The Insight Brief I11 be released in Q2 2025 Oceans and 8lodfverslty- Marlne Blodlyerslty and Ocean Health The Marine Blodiverslty and Ocean Health Programme plays a Crucial role Irh ensurlng that shipping's transition to net-zero ernis51ons by 2050 is environmentally responsible. By focusing on marlne conseNarion. protection. and restoration, the programme promotes policies, regulations. and innovative technologies ihat safeguard ocean ecosystem5, marine biodFversity, and coastal communitie5. Through an integrated approach, ir ensures that environmenial and Social safeguards are embedded w¢thin the shlpplng it)du5try'5 decarbonisation efforts. The Sustainable Shipping Initiative (SSII is leading Phase 2 of this programme. driving actionable soluiions for a 5U5tainable and resilient maritime future. Intended Impact: Blodiversity is coupled with decarbonisation efforts to ensure co-benefits and accelerated actio Objectlve: To ensure shipping impact5 on marine biodiversity are minimised and collective measure5 to regeneraie ocean heakh are prioritised Outputs to date: Navigating Ihe Future Bridging_shippinB10daVersI[L&_DecarbOrnizatIon lwww.sustainableshipping.orglwp-contentluploads120251021Navigating-the-Fuiure-Report.pdf) report launched at COP28120231. M&Tine 8iodiver511 and Ocean He3lih Roadmap IvAW.SUStainableshipping.orglroadmaplupdatedoceansvisionareall launched at COP29 Next steps: Engagement wlth community of inierest to develop Industry guidance on good prattice. and learn from regional iniiiative5 Phase l of thls programme, Navi9aiin9 the Future= Brldging Shippin9, 8iodiversity. and Decarbonisation, was initiated and delivered by the Climate Champions Team, UN Foundation. Sustalnable Shipping Initiative ISSEI. and Equal Routes. This phase focused on identifw.ng key ocean health and biodiversity issues linked to shipping activities. marking the first time that the ¢llrnate and nature nexu5 for rhe marttime settor was explored together. The project highlighted existing regulations. best practices. and ongolng efforts to addre55 these challenges. with a particu lar emphasis on the measures being implemented to support decarbonisation. The NavigLlting rhe Future report Iwww.sustainableshipplng.orglwp-contenilupload512025102INavigatlfig-Ihe-Futtsre-Report.pdn, launched at COP28, underscored the uryency of tackling the triple planetary crisi5 pollution. climaie change. and biodiversity loss wlthln rhe shipping indusiry. The report aimed not only to elevate biodrversity and pollution discussions to the same level as climate concerns but also to demonsiiare how achieving biodiversity goals can attively support positlve climaie outcomes. and vlce versa. Building on this foundation. Ihe Marine Biodiversii and Oiean Healrh Roadmap (W.sUstaInabIeshtpplTr9.or9IrOadMap1upd&tedOceansVIs10naIea1). launched at COP29. further 5tren9thened the connection between biodiversity and decarbonisaiion. li outlined preliminary milestones for the shipping industry to achieve by 2030, 2040, and 2050 to Safeguard ocean health and marine biodiversity.
Th• Su8talnabloShlpplng Inltlayw Ltd Coa15 of th1$ Drk are: To ensure shlpplng lThpacts on marfrte blodfverslty are rnlnlmlsed and collettl¥e measures to regenerate •xean heahh are prlorlllsed. engagement wlth communlty of Interesi to develop good practlce. and l&irn from wlonal Inltlatt To create a sttared understandlng of ihe problem and opportunlty alongslde expert fevlew. To moblllse Teal world actlon to advance the Implementatknn of the mllestones and Indlcators through Industy leadershlpi Jluniary measures and best prartlies. To rnoblllse natlonal 9(Tments and rton-party stakelwlders to Integrate conseTr4ns protectlng and restorSng marEne ecosy5terns Into the deslgn of the IMO GHG regulatlonslshort-temi measures and mld-temi measures). To e5tablt5th a rnonltorfng and accountsNllty fraMey1rk to track the progress agalnst ihe mllestones and Indlcators developed. and transparently disclose finding& AcrMtl¢s for 202S Indude Moblllse real world actlon Issue a best praciices guidance document- Ilnked to the Vlslon areas of Oceans. Communl¢le5 and Energy In the Susialnable Shippln9 InIatIVe Roadmap Secure Industry commltments to Inte9rat¢ the mllestones and Indliators for marlne blodl¥er51ty Into thelr buslness Launch of both at BEFF and UNOC- June 2025 Ad¥ocacy and shaplng pollcy outcomes A set of PollLy proposals for InRgradAg cllmate and nature for the marlttme seCr proposed for natlonal pollcy action and at the Ikqo Establlsh a monltorlng and accountthiity frafflev•vrk to track the prngress a9athst the mllestones and Indkators In the Oceans Roadmap and transpareTrtly disclose findln95 Establlsh a monltorlng and tracklng framework Issue kngress Reporr Launch of both at COP30- Nov 2025 State of Sustalnthe Shlpplng (W- The Roadmap The Sustalnable shIpng Initiati¥e's vlslon for maTltlme susta5nablllty 15 gllldad by the Roadmap to a sustalnable shlppln9 Industry. The Roadmap ts a practlcal tool to understand and respond to sustalnabllity challenges. settlng out the areas. obJertlve5 and mllestones to achleve thls collecth vlslon. However new and emerglng Issues. changlng reguOn5. market unortalnry and uftlntended consequences can pre5eni barriers to systernlc change and tTrn5forniation. Antidpatory capacltle5 and hor120 srann5ng ol emer9lng Issues provlde earty Insl9ht Into straieglc dlrealon. A system of rolling updates and contln¥ous Improvement to the obJecii¥es and mllestones ensure a contlnued rnle ftir the Roadmap as a guldlng star for ihe Industry, and a way to monltor trdck progress. The Ro4dmap to a susralnable shlpplng hthstylays out the pathway5 and defines unglble mllestones to be collealvefy achleved over the comlng decades. TheTr Is a clear need to reshape the way shlpplng operths In the face of currènt and future challenges.. frnm a chan9lng cllmate and the need for rapld decarbonlsaolon by 2050: to IncreJstd scrutlny and pressure from Invesiors. lenders arNI ¢)ther financlal stakeholders to Improve sustalnablllty performance and reportlng: to the labour and human rfghts rfsks faced by seafare worldwlde. and hlghllghted by the ongoln9 crew change cflsls. The Roadmap conslsts of our six VISI areas- Oceans. Communltles. People, TransparonLy• Flnance, and Energy - each TftAih Its ovm set af obJecths. deslred outcome5 and Interrelated mllestones to be athle%d alon9 the lftdustry's susttlnabllltyjournty. Pw10
The Sustalnable Shlpplnu Inluallve Ltd Trusteeg. Annual Re orttorthe ar ended 31 DÈtÈmber 2024 Th• Trusts••' r•port eontinued... IREMCY 02. COMMUNITIES OS. FIMANCE vja 01. Ob EliENkVT Intended Impact: Systemlc change In maritime Is accelerated a5 Sustainabllity praalces. innovation, and emerging i55ues are identified eaily and harmonised with the Roadmap. Oblertlve: To track and challenge shipping's sustainabillty journey. identify emerging issues early through strategic forè51oht methods and continue improvements to the Roadmap as a living document guiding change and transformattort. Raise SSI brand visibility and public profile, attracting new members, panners and funders. Whynow Shipping has moved from 'why' to 'how', but primarrly on decarbon15ation. Huge need to keep connerting that important aspect up on the wider ESC picture and avoid 'carbon tunnel vislon,. This work link5 direaly to the Ssl's bellefs- Change is accelerating and urgent action is needed. 5u5tainability issues are interconnecied and require a systems approach. Investlng now wlll deliver for companies. soclety and the planet Sn the long-term. ACtItTe5 for 2025 Include SOSS Dashboard SOSS Dashboard (under construction) will integrnte Into the current 551 webslte o WEF Transformation maps are integrated into the SOSS dashboard so content related to Roadmap theme5 can be explored and engaged A content partnership is in place with the WEF Strategic Inrelligence Tool which will "scrape" content from SSI webslte for their shipping content and vlce versa. 551 reports and content wlll be uploaded into the content base of the tool via RSS feed and shared onwards with the WEF user base. Aggregates research on alrnost 300 toplcs, to an audience of more ihan 1.000.000 publlc users SOSS Tracking and MtsThitoring Our Knowledge Parrner. Fursternberg Marftlme Advisory IFMAI. ha5 Introduced 551 to the Futures Platform o A protype radar has been developed by FMA u5tng the 5SI Roadmap as a base o In Q3 and Q4 2025 we will explore how radar can be iniegrated into the SSI website io function as a trackin9 and monitoring framework P89911
rtlortha
Flnanclal revlew
The tharlty Is fvnded malnly thn)ugh amual membershlp fees. augmenmd some oc¢aslonal project spednc fundlng.
The funds romatnlng aftof admlnlstratlon costs are expended on the aftd projects that the members ttsh io bo WTled out.
Suiplus funds. If ary. urrled to the foll¢A¥tn9 ff.
Re5eNes pollcy and golng concwn
The charlty has a polky of rnalntalnlng at least three rn(wrths admlnlstrathln and Cont obllgatlon costs Iarte$. offlce
expenses, sor¥ke costs) durtng and at the end of the ar. For 2024. the surplus lafter reseNes) was £99.366 ai rhe begInIng of
th¢ ytir. and the carry fOr¥A (after ar the t1 of the ar fA4S £98.912. Tho (harfty Is dependent for Irs rnnnlng costs
malnly upon contrlbutlons from member5, and a budget VAS Set for 202S and apwo¥d by fflembe at the Tntstee Boa
Meetln9 In October 2024. Involces for membershlp fL fN 2025 Issued In accord wlih the apwo¥ed bud9et and ir¢
sent out In DKmr. •nd all Inwlrys were pald TAlthln end of Mh 2025.
The lghttftg 01 fundlftg of SSI thaw In eafv Z025 ftrsty se¥eval dIs(0RU¢d thelr membershlp of the
Ssl for largety Iniemal rnasons, and secondly a slgnllkant gRnt VA5 artId to the SSI ty V¢lux Fonden (D•nmark) for Its work
on Marlne Ocean He•lth and Wodl¥Thlty ihrtyJ9h¢xrt 2025. The loard are encouraged ihe Incruslng itrtctk¥eness of the SSI
and Its io phllanthroplc organlsatlons and. w suppxt Increaslng depth and Impart of Ssl's was Initlated by the
6rd of Trusitts to ruearth and Implem¢nt InC$sn9 the fundlno from phUanthropSc organlmfjons golr4 fon¥ard. The btsud
also Intend ts¥ rtto¥Yr a r•asoThable membernhlp ¢ohor¢ Ihwh • rn¥lsod rno¥¢ nwnknhlp offrln& Includln9 a
1>4ernll thls IJ •xpKtwl to ch•ng• the Ighth9 of mEmbw thI1k mlx for the SSI plng foThAvds.
Plans for the future
Th• thaTIty Is contlnulng Ws Wanned In Ilnt an updated Operadn9 model from 2025 ¢yMrds. 4Mthln the Industry th•
use of th ttrrn 'sustslnable' has be(on mort allgfted wlth the ongolr41 abwt fuels and em155lons, but the shlpplng
Indusiry ¢onilnues to face many sustslnablllty
The organlsatloTh Is a charitsble company lirnlted iw guaranw IncwpwI w 15 AU$t 2013 and reglsternd as a charlty on 16 June 2014. The cornpary was esrabllshed ullder a meUM of assoclaikn fAch establlshed the objects and ptr4ers of the charfiable comp4ny and 1$ 9ty4ernod under fvs anldes of a550clakn. All trnstees gl¥ thelr tEme wjuntarlly aftd vecel4 no Ine$ from the dwtty. Ary expenses thImed from the charlty are set out In note 4 to the acctyJnts Appolntment of trustees The cornpany was established under a meMoruM of assoclatkn eskbjlshed the objects and Pr5 of the charfoable mpany and Is governed under Its artldes of assodatlon. The S51 ha5 set crtterfa requlre that the tyu5ree5 are elected by the members. that at loast one trustee ts from an NGO member or Is an Independent and that all trustees must least sb( mtsnths exprfltnto of the SSI before belng nomlnated as a The members also recognlse that the boa need5 the necessary ran9e of sk1115 to enable St to undertake Ils duifes and either to Énsure suitable tranlrw of trustees swltable perso CO-0Oed or pwofesslonal services engaged The post of treasurer Is an honorary and as rrf> servlng trustee TIAS abk to take on the role It Is CUTrentr ¥a(anL Thls Is a cort(ern due to the wofess1o financlal ffian of the SSI ac(0¥n but Is kept under revlew by trustees. At the tenth annual general rneellftg In Octobtr 2024 4)ne thlnl of the rered from offlce In Mtadon In accordance wlth the arleS of alatIOn. Trnstees reslgll In rotatlon may offer themselws for re-elecdw A refflun¢Atlon sub-committee of tho board was established in 2021 and coodnued Ihrwgh 2024. The charl5 trUStee5 hrn 961 consldeTrtion to the nw rtsks to ¥Jthkh the charlty Is eXSed and satlsfled trMSelveS that systems or procedures afft esubllshed and In place Sn ¢>rder to nunage those rlskk lar rtsks are revlewl at each eo meetlng and the rlsk reglster as a whole Is rled at least annually. Guy Campbell contlnues a5 Owlr ft>M(Mlng appolntment In Dttembv 2020. Related partles and relatlonshlps wlth other organlsatlons The SSI was fonnerfy a plojea of Forum for the Future and Tas swn-off Into a swarate entty whh grnae structuTr on I S August 2013. AlastaiT Fischbaclw was a foundlng mefflber and member trustee of the charlty, SIgned hls posttlons In 2014 prlor to taklng on the role of Chlef Execu In 2016 he lomtted hls rerni as cl Execull¥e afid on 14th Oaober 2016 was re- appolnied an IndedenT trustet and Co-chalr of the chariry. AftdTe Stephen5 Is the CEO and Compary Secrtiary the SSI Guy Campbell. an IndwwthnL Is Chalr of the S Statement of responslbllltles of the trustees The trustees fy¥ho are also dlrectin of The Sustalnable Shlpplng Inltlatl¥* Llmlted for the purposes of company law) are responsible for preparing the trustees. amual report and the flnaTrclal swements In accordance wlth appllcable law alld Untted Klngdom AcCting Standards ajnlted KId0M GenlY Acceoed AccountSng Pracilcek Py13
Tw$t•' Annual Re Statement of re5ponslbllltles of the trustees (Contlnued) Company law reouSres the trustees ro wep3re finandal statements for each flnanclal year which 9l¥t a true and fr vlew of the Stale of affalrs of the charluble company and ol ihe lrtcomin9 re50urcEs and application of fe50ur¢ès. includln9 the income and expendlture, of ihe charitable company for that perlod. In preparing these finan¢lal statements. the trustees are requlred to.. Selett suttsble accountlng pollcles and ihen apply them con51sten ObseNe the methods and prlnclple5 In ihe Chariries SORP Make Jud9ement5 and estlmates that are rtasonable and prudent Stale whether appllcable UK Accountlng Siandards and starements of recornmended pracilce have been followed. subjea to any material departuyes disclosed and explalned in the fittanclal statement5 Prepare the financlal staioment5 on iht golng concem bas15 unless Is Inapprogrlate io presume that Ehe charfty wlll conilnue In opefatlon The trustees arn respon51ble fof keeplng adequate accouniing rtcords ihat dlsclose 7Mth reasonable accuracy ai any tlme the flnan¢ial posltlon of the Charitable company and tnable rhem to ensure thai the financial statement5 Comply with the Companies Act 2006. They are also responslble for safe9uardlng the a55ets of the charttable company and hence for taklng reasonable steps for the preventlon and deirftbon of fraud and other Srregulariilek Members of ihe charlty guarantee ro contrlbute an amount not e)rieedlng £1 to the assets of ihe chaflty In the tvenr of wlndln 9 up. The total numb¢r of such 9uaranits ai 31 December 2024 was 13 (2023: 131. The trustees are not members of the charlty. Independent examlner Plng Accountlng Umlied tradlng as Plng Chartered Cenined Accounrants was appolnted as the charltable companvs Independent examlner durfn9 the year and has expressed Its wlllln9ness to act In that capac1. The trusiees'7nnual report has tTr apwo¥od by th trustees on 13-May-2025 and sl9ned on thelr behalf by Guy Campb•ll Ch[ Pao• 14
The Sustalnable Shipplng Inltlatlve Ltd Company Reglstration No. 08652606 Charity No. 1157491 Inde endent examinerfs re I report lo the trustees on my examination of the accounts of The Sustainab18 Shipping Initiative Limited for the year ended 31 December 2024 Responsibilities and basls of report As the trustees of the charily (and also its dir8clors for the purposes of company law) you are responsible for the preparalion of the accounts In accordance with the requirements of the Companies Act 20061'the 2006 Act). Having satisfied myself Ihat the accounts of tha charity are nol required to be audited under Part 16 of the 2006 Act and are eligible for ind6p6ndent examination, I report in respect of my examination of your charitys accounts as carried out undèr section 145 of the Charities Act 2011 {Ihe 2011 Acll. In carrying out my examination I have followed the Directions given by the Charity Commisslon und8r sectlon 14515llbl of the 2011 Acl. Independent Examlne¢s statèment As the charilvs gross income exce8d8d £250,000 your examiner must be a member of a body Ilsted in sectlon 145 of the 2011 Art. I confirm that l am quallfied to undertake the examlnatlon because l am a member of ACCA. I have comp18ted my examinatlon. I can confim that no material matters hav8 Come to my attention in conn8clion with th8 èxamination givlng me cause to believe that: accounting records were nol kept in accordance with section 386 of the 2006 Act,. or - the aecounls do not accord wilh those reCrds. or the accounts do not comply with the accounting requlrem8nts under se¢llon 396 of the 2006 Act other than any requlrement that the accounts giv8 a Irue and faiv view which Is not a matter Considered as part of an Independent examination: or - the accounts have not been prepared in accordance wllh the Charit185 SORP IFRS1021 I have no concems and hav8 com8 across no other matters In connection wlth the examination lo whlch attentlon should be drawn in thls report In order lo enable a proper understanding of the accounts to be reached. /36(9 Nicola Cole FCCA Ping Chartered Accountsnls 11a Park Street Cambedey Surr8y GU15 3PQ 13 May 2025 Page 15
ChllrftyNty 11FI461 fi¢nd• fum1$ Memberth 4.107 284.107 6Ym 67.m 67.m 31 21 61 317 815 09 554 J17 815 41 31228 (311811 (131A 31•3 (11XI.148) 31228 Pi1811 (131A30) 31A93 (11JO.146) 181 31 31 11 P8Ge 16
The Suslalnable Shlpplng Inltlatfve Ltd Company Reglstratlon No. 08652600 Charlty No. 1157491 8olance sheet as at 31 DerAmber 2024 Nots 2024 2023 Fixod assets Tangible assets 123 23 293 293 Current assets Debtors Cash at bank and in hand 121.636 153,896 275,$31 205,576 182,153 387.729 Creditors: amounts falllng dug wlthln one y8ar 134.115 245.529 Nèt currènt assetsl(Ilabllttles} 141.416 142.199 Totsl net as¥ets or liabllltles 141.539 142.492 Fund¥ of the ChaTIty Rastrlrt¢d Incornè funds Unrostrlcted funds Revaluatlon Teso Falr value reserve (788} 142,327 31,393 111,099 Total funds 141.539 142,492 The company was entilled to exemption from audit undgr s477 of the Companies Act 2006 relating lo small companies. The memb8rs have not required Ihe company lo obtaln an audlt In accorrl8nce with se¢tion 476 of the Companles Act 2006. Th8 directots acknowledge their responsibilits8s for complyTng with the requirements of the Companies Aci Yitth respect to records and the preparauon of a(xounts. These accounts have been prepared in accordance with the provislons appllcable to smdl companies subject to th8 sma rEgime 8nd in aCcoanCe wtth FRS102 SORP. Appffjved by ts thJstees on 13 May 2025 and signed on th8ir behalf by 1> G Campbel Chair Page 17
The 8u8talnablo Shlpplng Inluallvo Ltd Company Roglstratlon No. 08652606 Charfty No. 1157491 NotsB to tho accounts forthe ended 31 Docwnber 2024 Not• 1- Prln¢lpal 8e¢ountlng pollclos Ba818 of a¢¢otsntlng These accounts have been prepared uNler the hlstorlcal cosl convenllon wlth Items recogn18ed at Cost or transactlon value unle85 otherwls8 Stated in the relevant notels) to thase acojunts. The accounts have been prepared in acrxJrdanc8 with: th8 Ststement of Racommended Pradlce: Accountiry and Reporttng by Chariti88 preparfng thelr accounts In accordance vlth the Flnanclal Reportlng Standanl appllthle in the UK and Republlc L Ireland (FRS 102) Issued on 16 Juty 2014 . the Financlal Repordng 8tsndard appll¢able In the Unlted Klngdom and Republlc of Ireland (FRS 102) 4 and the ChaTltles Act 2011. Publlc benefft enllty The Charfty conskns a publlc benefft enuty as defined by FRS 102. Golng ¢on¢wn The trustees conslder thal there are rK) material uncort8lntie8 al)oul the charftys abllty Io L>Jnlinue as a golng conc8m. The trust888 do not conslder thal there are any 80urces of eslimallon uncertalnty at the reporting date Ihat have a slgnfficant risk of causing a mat8rf818dlustment to the nyIng amounts of assets 8nd Ilabllttles wlthin lh8 next reportlng For reasons detailed In the Irustee¥ annual rew( the Intstees do not cuislder th8 developments of the Covld.19 pandemlc to rnaterfally Impact on a8sessmont of the dwrity as a going concem. Income Rerngnilion of income Included in the Statement of Finan(aal Activilies (SOFA) then the ¢harty becomes entilled to the rBsouros, it is more likely than not that ts trustees 411 recelve the resources and the monetsry value can be maasured 4th suffidont retiablllty. Income recelved In advance of the prothslon of a spedfied servlix ts doferrgd until lh8 crherla for inconw recognltlon are MOL Thls Is Induded In the accounts when fecelpt Is probable and the amount recdvable can be rreasure rellably. Fund ac¢ountlng Restrlrted funds are to be used for speclfic purposes 88 lald down ty the donor. Experrtllture whkh rneets Ihes8 crfterfa Is charged to th8 fund. Unr8strlcted fjjnds are donatlons and othar inwne resources recefvad orgenerated for the drIlabl0 purpose& Expendlture Exp8nditur8 is recoqnised where it is more likely than not that there ts a legal or constructlve obligatK>n (x)mmitting the diarity to pay out resources and the amount of the obllgation can be measured reasonable certalnty. Governanco and support costs Support costs have been allocated belTr gov8mance costs and olher supporL Govem8nee )sts o)mprlse all costs Involving public aecountabllty of the chwlty and its cOmtan1 wSth regulallon and g[ practhx. Page 18
The Su8tainabla Shlpplng InNlatlve Ltd Compary Reglstrallon 08652606 Charlty No. 11S7491 Notss to tho accounts for tho r •ndod 31 D0mber 2024 Noto 1- Prfnclpal accoundng poll¢los ¢ontlnued Fornlgn currencl08 Monetsry assets 8nd li8bllilies donomlnated In the curren(xes other than the fundlonal Thency of the ¢h8rfty 8r8 translated 81 the rates of exchange prevalllng at the end of the reporttng perfod. Transactions In ¢unBncies other than the fvnctional ¢urrgncy of th8 ¢harlty ar8 recorded at th8 rnte of exchange on the date that the tr8n88cllon occurred. All oxchang8 dlffarencag aTg taken Into 8coJunt In anlvlng at net Inojmelexpgndlturn. These are cathllsed11 they can bo u88d for more than ono year, and cost at18&8t £2(K) They 8re valued at CO8L Depreclalion18 provlded at th8 follovAng annu81 ratss In order to off oath asset over Its 88llmatsd useful Ilfe: Comwrtw equlpmont 33% Stralght Llne Cornputer 80ftware Stralght Llne Fumlbjre & Flxtur88 20% Stralght Llne t)obtor• Debtors (Indudlng trade debtorB and loan8 recefvable) are measured on Inltlal recognltlon at Settlement amount after any trade dl8counts or amount advanced by the charlty. Subsequently, th8y ar8 measured at the cash or other nslder8tlon expethd to b8 recelved. Cash at bank and In hand Thls Indudes ¢88h and short temi htghty Itquld Inve8tments vAth 4 Short maturlty of months or1888 from the date ol acqu18ttlon or openlng of the depo8lt or 81mllar accounL Cv•dltorn The charlty has edItOrn thlch are mga$umd at 88tU8ment amwnts1088 any trade dlacounts Provlslons for Ilablllde8 A Ilablllty Is measured on re(nIllOn at It8 hlstorf(l Ix)st and Ih8n 8ubsequenty measured at Ihe best estlmato of the amount requlred to saltte the obllgallon at the reporttng dat• 8a•lc fin•nclal Inglnim•nt• The charlty accounts for ba61c finandal Irthments on Inhlal recognltlon as per paragraph 10.7 FRS102 SORP. Subsequent measurement 1188 per paragraphs 11.17 to 11.19. FR8102 SORP. n8lon8 The tharfty operates a personal penslon plan, Is a defined Mntrlbutbn 8chem. Contrtbuttons are Larged to Statgrnent of financlal aclfvltles In the perfods to thlch they relat8. Tho (knrlty hag no liabltty underthe scherno other Ihan forthe payment of those (x)ntrEbutlons. Page 19
Tho PAmlalnableShlpplng Inlthth Ltd Chaymy 1157491 2023 fund fvnds Totsl lufid8 fursd8 staff Cc•ts lThile4) 74.011 724T 23,771 74.011 141.747 141.747 2037 25.471 Conwllaftcy 78.042 84 182,8S1 1837 2.837 27.187 35.782 156208 24.195 4000 161.1106 24,195 1007 25.631 1351 17.347 2.351 17.347 Fordgn axdwngo {golrwMo• 23701 2870 218281 317.816 41&647 6007 422.4S3 Grnnt unrf•rfAkan fvndlng al Gr•nt und•rlaon luRdln9 8upp•rt Tot41 th 8upprt Toll1ft81 210,ee8 218.261 42.181 57.373 4t4, 1.595 1115.6¢7 6.807 41181 7.373 218.660 1.s95 317.815 414,OS2 1,S95 422,453 Ir•)thl•htèyArnln•¢• rfjmun•rAkn (•x¢ VAT)
Notes to the accounts for the r endod 31 Decomber 2024 Note 4 . Staff costs 2024 2023 Salatss arKI w8g8S Sodal socurty costs Penston costs (defined contribution schwne) 66.097 5,061 126,426 9.718 5,604 141 747 No emplospe rece6ved total emplojw benefits (Indudlng employer national Insuran and exdudlng employer pension costs) over £60,000. (2023: One employee earned wlthin the following band." £90.000- £99,999). The total employee beneffts (induding p8nslon contributions and emplOS nallonal Insuran) of the key management personnel were £59,011 (2023: £101,097) There were redundancles made in 2024 (2023: nil Th6 charity trustees were nelthar pald nor received any other beneffts fr employment wlhin the charity in the year (2023: £nd). No charity truste8 received payment for professlonal or other services sUpped to the charity {2023. £nll} Trustees, expanses represents the payTnent or relmbursement of travd and sub818tence costs iotallthg £2,796 (2023." £2,351) incurred by two members In 2024 {2023: one member), lch relatas to the 8ttandan at meetings of the trustees. Not• S - Staff numbarn The average number of employees (head count based on number of staff employed) durlng the year was 1 (2023: 2) Page 21
Th• FAthlnabla IppIng Inlllathm Ltd Chwlty 1157491 (2023.. £759) Ilot• 7. Tanglblo Flx•d A8•81• Cwular C•mputsr Furnllur• Equlpm•rt 8ollwarn & Flxlurn• TotAI• At 18t Jartt*ry 2024 d51Eans At 318t Dee•mbor2024 Deprnclallon." At 18t January 2024 Charyfr for At 318t D8wnb8r 2024 1788 3.583 iTll 11 431 118 41 170 Net book valu••: At 3181 De(xmlxr 2024 2023 114.467 198.406 7.170 21.636
The Sustalnablo Shlpplng Inltlatro Ltd Company Reglstratlon No. 08652606 Charlty No. 1157491 Notes lo the accounts for the r •nd8d 31 December 2024 Not• 9 - Credltors: amounts falllng due wlthln one ye 2024 2023 Tradè Credltors AalS and deferred income Taxation and social security Other creditors 3,374 129,912 780 1,423 235,380 120 245.529 134,115 Note 10 . Defeffod Income Deferred income comprises membershlps that have been Involced ahead of the Caldar year to whlch th8y re18te. 2024 2023 Balance at the start of the reportlng perlod Amounts added In current perlod Arnounts released to Income from previous period 8alance at the end of tho reportlng peri(Jd 233,785 128,317 233,785 128.317 264,903 233,785 264,903 233.785 Nots 11 . Contlngent assets or Ilabllltles No conllngent assets or liablulies were notsd for the ended 31 December 2024. (2023 £nil) Note 12 - Taxallon The charlty ts exempt COTporallon tax as all ts income is charitable and is applied for dwritable purposes. Nots 13 . Relaled party transactlons There were no related party transactlons noted in the year to 2024 Not• 14 - Legal status of the charlty The charfty is a &Thpany Irmited by guarantee arKI has no share capital. The liabflty of each momber in the event of wlrKllng up Is Ilmlted to £1. Page 23