Company registration number: 08652606 Charity registration number: 1157491 ## **THE SUSTAINABLE SHIPPING INITIATIVE LIMITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **The Sustainable Shipping Initiative Limited Contents** ||**Page**| |---|---| |Reference and Administrative Details|1| |Trustees' Report|2—5| |Independent Examiner's Report|6| |Statement of Financial Activities (including Income and Expenditure Account)|7| |Comparative Statement of Financial Activities (including Income and Expenditure Account)|8| |Balance Sheet|9| |Notes to the Financial Statements|10—15| **The Sustainable Shipping Initiative Limited Reference and Administrative Details For The Year Ended 31 December 2025** |**Trustees**|Mr J Bang| |---|---| ||Mr S Bennett| ||Mr G Campbell - Co-Chair| ||Mr A Fischbacher - Co-Chair| ||Mr R Haggquist| ||Ms K Palmer| ||Mr D Peel| |**Charity Number**|1157491| |**Company Number**|08652606| |**Operational Address**|The Old Forge House| ||Cricket Green| ||Hartley Wintney| ||RG27 8PZ| |**Registered Office**|11a Park Street| ||Camberley| ||Surrey| ||GU15 3PQ| |**Independent Examiner**|Ping Chartered Accountants| ||11a Park Street| ||Camberley| ||GU15 3PQ| |**Bankers**|HSBC| ||City of London Branch| ||60 Queen Victoria Street| ||London| ||EC4N 4TR| |**Senior Management**|Chief Executive Officer: Andrew Stephens – Jan to Aug 25| ||Chief Executive Officer: Ellie Besley-Gould – Sept to Dec 25| |**Website**|www.sustainableshipping.org| |**Email**|info@sustainableshipping.org| 1 ## **The Sustainable Shipping Initiative Limited Company No. 08652606 Trustees' Report For The Year Ended 31 December 2025** The trustees present their report and the financial statements for the year ended 31 December 2025. ## **Objectives and Activities** ## **Aims and Objectives** The Sustainable Shipping Initiative exists to accelerate the transition to a sustainable and successful global shipping industry. Shipping underpins global trade and economic connectivity and is entering a period of structural transition shaped by climate pressures, rising expectations on ocean health, increasing focus on workforce conditions, and the need for more transparent and responsible investment. SSI brings together leaders from across the maritime value chain to translate ambition into practical, scalable action. Its work focuses on aligning commercial practice, financial flows and operational standards so that sustainability becomes embedded in how the sector operates. The charity operates as a cross-sector platform spanning shipowners, charterers, ports, finance, insurers, service providers and civil society. Its work is guided by the Roadmap to a Sustainable Shipping Industry, which sets out six interconnected areas of change: oceans, communities, people, transparency, finance and energy. During 2025, SSI delivered its objectives through the development of tools and guidance, working groups, cross-sector collaboration, global engagement and partnership-building. Activities were focused on translating high-level commitments into usable frameworks, decision tools and implementation pathways that can be adopted across the industry. In carrying out these activities, the trustees had regard to the Charity Commission’s public benefit requirement. The charity’s work delivers public benefit by improving environmental and social outcomes in a globally significant sector and supporting more responsible and sustainable decision-making across maritime systems. ## **Public Benefit** The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit. ## **Structure, Governance and Management** The charity is governed by its Articles of Association. Trustees are responsible for the organisation’s strategic direction, governance and financial oversight. The Board met regularly throughout the year, providing active oversight during a period of delivery and development. During 2025, trustees focused on strengthening governance capacity, including trustee recruitment, succession planning and skills development to ensure the Board reflects the expertise required across maritime, sustainability, finance and organisational growth. The year also included a period of leadership transition. This provided an opportunity to sharpen priorities, strengthen engagement with members and partners, and reinforce the organisation’s focus on delivery and impact. By the final quarter of the year, this was reflected in stronger external engagement, clearer programme direction and improved organisational momentum. Day-to-day management was delegated to the Chief Executive and staff team, supported by specialist partners where required. The trustees continued to monitor organisational structure and capacity, with adjustments initiated to ensure alignment with programme delivery and future growth. Key areas of Board focus during the year included oversight of programme delivery, financial sustainability, leadership transition and the prioritisation of organisational resources. Trustees also provided input into the organisation’s evolving strategic direction, including decisions on programme focus and delivery approach. SSI's work is driven by its members, spanning the full maritime value chain from shipowners and charterers to financiers, classification societies and NGOs. In 2025/26, these were Klaveness Combination Carriers, Rio Tinto, Priya Blue, RightShip, Jotun, South32, The Mission to Seafarers, WWF, Forum for the Future, and the Institute for Human Rights and Business. Members don't just receive outputs; they initiate workstreams, stress-test approaches against real market conditions, and carry findings back into their own organisations and networks. This active participation is what makes SSI's tools and guidance credible and usable: they are developed with the people who have to implement them. ## **Achievements and Performance** 2025 was a year of delivery, visibility and renewed momentum for SSI. Against a backdrop of increasing complexity in maritime sustainability, the organisation strengthened its role as a platform for practical action, supporting the industry to move from ambition to implementation. 2 ## **The Sustainable Shipping Initiative Limited Company No. 08652606 Trustees' Report (continued) For The Year Ended 31 December 2025** ## Oceans and Biodiversity A major focus of 2025 was advancing the integration of ocean health into shipping decision-making. The launch of the Marine Biodiversity and Ocean Health Guidebook and Toolkit marked a significant milestone, providing practical guidance to support companies in embedding ocean considerations into both operational and strategic processes. - Objective: Integrate marine biodiversity and ocean health into shipping decision-making - Key outputs: Marine Biodiversity and Ocean Health Guidebook and Toolkit - Progress: Expansion of the Marine Biodiversity and Ocean Health Breakthrough as a platform for industry alignment, alongside growing engagement at global forums and policy discussions - Next steps: Development of implementation pathways, industry pilots and monitoring frameworks This work was supported by strong global engagement, including participation in major forums and collaboration with scientific and policy partners, helping to position shipping within the broader ocean–climate agenda. ## Ship Lifecycle and Circularity SSI continued to advance its work on ship lifecycle and circularity, with a particular focus on the role of materials in the transition. The Green Steel Insight Brief reframed the importance of lifecycle thinking in shipping, highlighting the role of steel in emissions, resource use and end-of-life practices. - Objective: Embed circularity principles and lifecycle thinking across ship design, operation and recycling - Key outputs: Green Steel Insight Brief - Progress: Strong engagement across industry and finance, with growing recognition of the importance of materials in transition pathways - Next steps: Further collaboration with shipbuilding, recycling and cross-sector partners, including on-the-ground assessment activity This work also strengthened connections between shipping and other hard-to-abate sectors, reinforcing the need for cross-industry coordination. ## Human Side and Workforce Conditions SSI continued to build momentum in advancing crew welfare and workforce conditions, with increasing focus on measurable outcomes and integration into commercial and operational decision-making. - Objective: Improve understanding, transparency and performance on seafarer welfare and human rights - Progress: Expanded adoption of workforce tools and strengthened partnerships across the value chain - Next steps: Relaunch of the human-side working group, development of sector-wide data frameworks and further integration into finance and insurance mechanisms ## State of Sustainable Shipping During 2025, SSI undertook a pilot phase of the State of Sustainable Shipping (SoSS) to explore how progress across sustainability themes could be more systematically tracked, updated and communicated. - Objective: Test approaches to tracking, monitoring and communicating system-level progress across the SSI Roadmap - Key outputs: Completion of a pilot framework, including methodologies for structured updates and foresight analysis - Progress: Validation of core concepts, tools and partner engagement through the pilot phase - Next steps: Following this phase, and industry feedback, the team took the decision to pause further development of SoSS in its current form, to prioritise resources on areas of more immediate delivery and impact while developing alternative assessment frameworks to be developed in 2026/27. Learning from the pilot has informed SSI’s broader approach to transparency, system mapping and the integration of data and evidence into programme delivery and will be revisited. 3 ## **The Sustainable Shipping Initiative Limited Company No. 08652606 Trustees' Report (continued) For The Year Ended 31 December 2025** ## Global Influence and Collaboration SSI maintained a strong presence at key international forums and policy processes during 2025, including London Climate Action Week, UNOC3, London International Shipping Week, New York Climate Week and preparations for COP30. This ensured that member perspectives and programme outputs were visible within key industry and policy discussions, and that SSI’s work contributed to shaping emerging agendas across climate, ocean and maritime sustainability. Collaboration remained central to delivery. Through working groups, partnerships and convening activity, SSI continued to provide a platform for alignment in a sector characterised by fragmentation and complexity. The charity’s ability to connect actors, reduce duplication and create shared reference points remains a core strength and a key contributor to its impact. In 2025, member engagement deepened, relationships were strengthened, and interest from prospective members increased. Partnerships were actively developed and reactivated, and the organisation’s external profile grew through increased communications and press engagement. These developments position SSI strongly as it moves into its next phase. ## **Financial Review** The financial position at the end of 2025 reflects a charity that has invested in delivery, strengthened its positioning and is entering a period of growth with increased confidence. Total income for the year was £369,905, significantly exceeding the budget of £266,924. This outperformance was driven by strong fundraising and donations activity, demonstrating growing external confidence in the organisation’s work and direction. Total expenditure for the year was £391,553, resulting in a net deficit of £21,648. The trustees consider this to be a planned and manageable deficit associated with investment in programme delivery, global engagement and organisational strengthening during the year. The underlying financial trajectory is positive. The charity delivered income above expectations, maintained expenditure discipline, and closed the year with a strong reserves position of £119,891. This provides a stable foundation for ongoing operations and future growth. By the November Board meeting, approximately £1.5m funding applications were in progress, alongside active engagement with major philanthropic organisations. Membership renewals for 2026 had also been initiated early, providing improved visibility and stability in income planning. The trustees view this as a significant step forward in financial positioning, demonstrating a stronger pipeline, clearer case for support and improved confidence among funders and stakeholders. ## **Reserves Policy and going concern** The Charity has a policy of maintaining at least three months administration and contractual obligation costs (office expenses, service costs) during and at the end of the year. The charity’s reserves position is also robust. Required reserves at year end were £31,726, and reserves held were £119,891. The trustees confirm that the required reserves level was met, with a healthy buffer above the target level. The trustees’ policy is to maintain reserves at a level sufficient to ensure stability while allowing for investment in delivery and growth. The year-end position indicates that this balance has been achieved. Overall, the trustees consider the financial performance for 2025 to be strong, with a solid foundation established for continued growth and impact. ## **Plans for future periods** The year ahead represents a shift from momentum into scaled delivery. SSI’s 2026–2027 strategy is built on the recognition that while ambition in the maritime sector is high, progress is often constrained by lack of clarity, alignment and commercially viable pathways. SSI’s role is to address these barriers by connecting evidence, incentives and practice so that sustainable action becomes credible and repeatable across the value chain. The strategy introduces a delivery model focused on identifying coordination and decision bottlenecks, convening key actors, developing practical tools, testing approaches through pilots, and translating results into scalable guidance for the industry. For 2026 and 2027, SSI will deliver through three Strategic Delivery Platforms. 4 The Comm•rtlal Pathways to Tr•rt•ltlon platfm wlll focus on the arml fln4ntsal barritys to translOon. It wlll Work to altqn Incentlves. improve deristh.makin9 c(xfflderKe and create dearw pathways for InVeStn￿ and bmFdemertatlon. eThoblSng tro￿Th act4ons to move fr￿ an•tysls Irrto &Yea#Jon. The Human Rtsk *nd P¢•Illen￿ platform will fcKu5 on emlJedtJlng pa¥JlerfelaiEd r15k operthnal and commerdal decSsk)n- maklng. Th15 IncI￿leS 4Jeveloplng stroryr dats frame•orks. ueatkng ¥Wble pUT￿nance 5i4naL%. levernglng and Insurance methanlsms to ensure that workferte eondwlons are rec(*Jnlsed as matts*l txjslrtts consk4ernUorts. The 0￿•rt Imp•rt and Implemontstlon platfomi wlll bulk1 on SS15 l&tyJershlp In mjrlne tylodl¥erslty and ocean heath. It wlll focus on bJmlNJ 8mblUon Into aPpl￿d practi￿, strer4knhYJ shwtd refu￿Ce polnts, devekiplng scakble n￿0￿5 thot Together, the¥e pl•rfonns wll •Cifv•te ihe bro>Jer SSI Ro•Jmap and locus eiftyt tmlve CO￿lInated aclh)n can ddlver the 9re4tQSt ImpJ¢t. The trustees bellev• that the orgJnLvtSon ts enterlng 2026 wlth strorvj nvnentswn. a dar 5trateglc dltethon and a wengtheThe£l fouTr1aUon for dellv•ry. The Iwus for the year aheod Is iD Ct•)veJt thb me4NirnbbE. xolable wnpatt pAyoss the marltlme system. The trusiees (who are also the dlrectors of The Sustoinable ShlppiThJ t￿￿ètfve L6mRed for the p￿r￿)se$ ol ￿MPanY l)wl are re5ponslble for preparlng the TTUStees' Report aTrJ the finalthl statements In ac£4xthrKe with appli¢able law aNI Unlted Klrv4dom Comp)ny law requlres the trLStees to prepare financ5al Statements l(* eath flnafthl year. Under company law the trustees must not pprove the finonclal statement unless they are SatI￿ed that tlw glve a true and falr ¥￿W of the state of affalrs of the charltable cornpany and of the Inc$ unless * Is InapwwlJts to Pres￿ that the company wlll contlnue In tr￿￿￿¢￿. The trustees are responslbk for *eeplr¥J •Jequate accounbrfj recornls whkh wlth reasonable Kojrdty at anytlme the flnanclèl poslthjn of tht chèrKab* wmpary and to enable them io Ih•t the compty the Companles kt 2006. They are also re5POn51ble lor safeguardln9 the assets d the and hen￿ for taklThJ reasonable steps for the We¥￿0￿ and detectlon of fraud and other Irregularlt*s. The trustee5 are respon4ble for the malntthance and Iniegrlty of the corFor•t• fin4rKJal Infom￿tion knduded on the dwdtable company's website. Lffjislauon In the Unlted Kjngdom 9￿￿ng the pr￿ara￿On and dI$s￿)InatIon L* ftnandal statem￿5 mav dlffer from leglslJtk)n ln other Judsdldlons. Sm•ll Comp•ny Rul¢• ThLs repjrt hès been kyepared In xcorfano the speci4 rdaiSNJ to compjnles *JbJert tt• the yn?11 c(ffipJnle5 reglrne In Part 15 of Ihe Companles 2LNJ6. The trustee¥ report was appro¥ts1 by the lJustee5 and st9r*l on Its bew ty: Mr G Cafflpbell halr 16th June 2026 ## **The Sustainable Shipping Initiative Limited Independent Examiner's Report to the Trustees of The Sustainable Shipping Initiative Limited For The Year Ended 31 December 2025** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2025. ## **Responsibilities and Basis of Report** As the charity trustees of the Company (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 Company 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** Since the Company’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 The Association of Chartered Certified Accountants, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 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 FCCA Ping Chartered Accountants ACCA 11a Park Street Camberley GU15 3PQ 16[th] June 2026 6 ## **The Sustainable Shipping Initiative Limited Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 December 2025** |**Notes**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**3**
**EXPENDITURE ON:**
Charitable activities:
**5**
Memberships
SoSS
Velux
Moores
NET EXPENDITURE
NET MOVEMENT IN FUNDS
**RECONCILIATION OF FUNDS:**
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
**15**|**Unrestricted**
**funds**
**£**
128,317|
**Restricted**
**funds**
**£**

241,588|**2025**
**Total funds**
**£**

369,905|**2024**
**Total funds**
**£**

316,862| |---|---|---|---|---| ||(175,944 )
-
-
-|
-

(16,860 )

(198,749 )

-|
(175,944 )

(16,860 )

(198,749 )

-|
(218,261 )

-

-

(99,554 )| ||(175,944 )|
(215,609 )|
(391,553 )|
(317,815 )| ||(47,628 )|
25,979|
(21,649 )|
(953 )| ||(47,627 )
142,327|
25,979

(788 )|
(21,649 )

141,539|
(953 )

142,492| ||94,700|
25,191|
119,891|
141,539| The notes on pages 10 to 15 form part of these financial statements. 7 ## **The Sustainable Shipping Initiative Limited Comparative Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 December 2025** |**Notes**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**3**
**EXPENDITURE ON:**
Charitable activities:
**5**
Memberships
Moores
NET EXPENDITURE
NET MOVEMENT IN FUNDS
**RECONCILIATION OF FUNDS:**
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
**15**|**Unrestricted**
**funds**
**£**
249,489|**Restricted**
**funds**
**£**

67,373|**2024**
**Total funds**
**£**

316,862| |---|---|---|---| ||(218,261 )
-|
-

(99,554 )|
(218,261 )

(99,554 )| ||(218,261 )|
(99,554 )|
(317,815 )| ||31,228|
(32,181 )|
(953 )| ||31,228
111,099|
(32,181 )

31,393|
(953 )

142,492| ||142,327|
(788 )|
141,539| The notes on pages 10 to 15 form part of these financial statements. 8 At 31 Decemljer 2025 2025 2024 funds fvnds T•Jtsl fund• Totsl pixeD ASSErs Tangible Assets io 123 73A92 209,891 73A92 209,891 121.636 153.896 Cash at bank •nd In hand 283.383 283.383 275,532 (163h92 ) (163092 ) (134,116 ) 119,891 141,416 119,891 119.891 141.539 119,8•1 119,891 141.539 25.191 94.700 (78B } 142,327 Unrestdcted Fur TOTAL FIINDS 15 119.891 141,539 For the year •ndlng 31 December 2025 ￿ chaTlt•ble c(mp•ny enyded to exryvort from audlt uThJtr stttlon 477 of the Companles Ai* 2(*)6 relatlng to small cornpanles. The members have not requlred the cwfvpany ro cotsln •n Judlt In acrordance wsth secikn 476 of the Compan*s Act 2006. The tntytees xknowledge thdr responslbmths lor ￿Mp￿1￿j wlth the r￿UIrer￿ts ¢f the ¥esfft1 to Jcuunting records and the preparation of accounts. reglme. On beh411 of the boar Mr G Campbell I￿ Jun• 2026 The notes on pajes 10 to 15 l¢mi part ofthese ftnarKlal st&em*ts. ## **The Sustainable Shipping Initiative Limited Notes to the Financial Statements For The Year Ended 31 December 2025** ## **1. General Information** The Sustainable Shipping Initiative Limited is a company limited by guarantee, incorporated in England & Wales, registered number 08652606 and registered charity number 1157491 . The registered office is 11a Park Street, Camberley, Surrey, GU15 3PQ. ## **2. Accounting Policies** ## **2.1. Basis of Preparation of Financial Statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The charitable company is a Public Benefit Entity as defined by FRS 102. ## **2.2. 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 ## **2.3. 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. ## **2.4. 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. ## **2.5. Tangible Fixed Assets and Depreciation** Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Fixtures & Fittings 20% Straight Line Computer Software 20% Straight Line Computer Equipment 33% Straight Line ## **2.6. 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 ## **2.7. Cash and Cash Equivalents** Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts. ## **2.8. Creditors** The charity has creditors which are measured at settlement amounts less any trade discounts ## **2.9. 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 ## **2.10. Foreign Currencies** Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating surplus. 10 ## **The Sustainable Shipping Initiative Limited Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** ## **2.11. 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. ## **2.12. 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. ## **3. Income from Donations and Legacies** |**3.** **Income from Donations and Legacies**|||||| |---|---|---|---|---|---| |Donations and gifts
Member subscriptions and sponsorships
Donations and gifts
Member subscriptions and sponsorships
**4.** **Net Income/(Expenditure)**
The net expenditure is stated after charging/(crediting):
Depreciation of tangible fixed assets - owned|**2025**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**£**
**£**
**£**
-
241,588
241,588
128,317
-
128,317
128,317
241,588
369,905
**2024**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**£**
**£**
**£**
-
67,373
67,373
249,489
-
249,489
249,489
67,373
316,862
**2025**
**2024**
**£**
**£**
123
170||**Restricted**
**funds**
**£**

241,588

-||**2025**
**Total**
**funds**
**£**

241,588

128,317| ||||
241,588||
369,905| |||
|**Restricted**
**funds**
**£**
67,373
-|
|| ||249,489||67,373||| ## **5. Analysis of Expenditure** |Memberships
Moores
SoSS
Velux|**2025**
**Support costs**
(see note6)
**£**
175,944
-
16,860
198,749
391,553|**2024**
**Support costs**
(see note6)
**£**
218,261
99,554
-
-| |---|---|---| |||317,815| 11 ## **The Sustainable Shipping Initiative Limited Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** ## **6. Support Costs** |Employee costs
Premises expenses
General administration
Depreciation
Interest payable
Governance costs
Employee costs
Premises expenses
General administration
Depreciation
Interest payable
Governance costs
**7.** **Independent Examiner's Remuneration**
Independent examination of the financial statements
**8.** **Staff Costs**
Staff costs were as follows:
Wages and salaries
Social security costs
Other pension costs|**Memberships**
**£**
21,335
683
146,211
123
4,482
3,110|**SoSS**
**£**

2,238

-

14,622

-

-

-

16,860
**Memberships**
**£**
97,783
135
113,412
170
2,370
4,391||**Velux**
**£**
45,179
-
151,123
-
-
2,447|




|||**2025**
**Total**
**£**
68,752
683
311,956
123
4,482
5,557
391,553
**2024**
**Total**
**£**
101,663
135
209,086
170
2,370
4,391
317,815
**2024**
**£**
1,595
**2024**
**£**
66,097
5,061
2,854| |---|---|---|---|---|---|---|---|---| ||175,944|||198,749||||| ||||




|**Moores**
**£**
3,880
-
95,674
-
-
-||




||| |||218,261||99,554||||| |||||||||| |||||||||| |||||||||74,012| No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000. **9. Average Number of Employees** Average number of employees during the year was: 1 (2024: 1) 12 ## **The Sustainable Shipping Initiative Limited Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** ## **10. Tangible Assets** |**Cost**
As at 1 January 2025
Disposal
As at 31 December 2025
**Depreciation**
As at 1 January 2025
Provided during the period
Disposal
As at 31 December 2025
**Net Book Value**
As at 31 December 2025
As at 1 January 2025
**1.** **Debtors**
**Due within one year**
Prepayments and Accrued Income
Trade debtors
**2.** **Creditors: Amounts Falling Due Within One Year**
Trade creditors
Other creditors
Taxation and social security
Accruals and deferred income|**Fixtures &**
**Fittings**

**£**

203
(203)

-


122
81
(203)

-


-

81
|**Computer**
**Equipment**
**Computer**
**Software**
**Total**
**£**
**£**
**£**


2,788
592
3,583

(2,788)
-
(2,991)



-
592
592



2,788
550
3,460

-
42
123

(2,788)
-
(2,991)



-
592
592




-
-
-



-
42
123


**2025**
**2024**
**£**
**£**
5,272
7,169
68,220
114,467
73,492
121,636
**2025**
**2024**
**£**
**£**
5,873
3,375
-
49
1,735
780
155,883
129,912
163,491
134,116|**Computer**
**Equipment**
**Computer**
**Software**
**Total**
**£**
**£**
**£**


2,788
592
3,583

(2,788)
-
(2,991)



-
592
592



2,788
550
3,460

-
42
123

(2,788)
-
(2,991)



-
592
592




-
-
-



-
42
123


**2025**
**2024**
**£**
**£**
5,272
7,169
68,220
114,467
73,492
121,636
**2025**
**2024**
**£**
**£**
5,873
3,375
-
49
1,735
780
155,883
129,912
163,491
134,116|**Total**
**£**
3,583| |---|---|---|---|---| |||||(2,991)| |||
||592| |||



||3,460
123
(2,991)| |||
||592| |||

||-| |||
||123| |||||| |||||| |||||| ## **11. Debtors** ## **12. Creditors: Amounts Falling Due Within One Year** 13 ## **The Sustainable Shipping Initiative Limited Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** ## **13. Deferred Income** Deferred income movements in the year were as follows: |**3.** **Deferred Income**
eferred income movements in the year were as follows:||| |---|---|---| |Balance at the start of the period
Income deferred in the current period
Amounts released in income from previous periods
Balance at the end of the period|**2025**
**£**
128,317
127,374
(128,317 )
127,374|**2024**
**£**
233,785
128,317
(233,785 )| |||128,317| ## **14. Pension Commitments** The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. During the year the charge to the statement of financial activities in respect of defined contribution schemes was £957 (2024: £2,854). At the balance sheet date contributions of £NIL were due to the fund and are included in creditors. ## **15. Movement in Funds** |**Unrestricted funds**
General:
General unrestricted fund
**Restricted funds**
Velux
SoSS

**Total restricted funds**
**Total funds**|**As at 1**
**January 2025**
**£**


142,327

-
(788)


(788 )


141,539|**Income**
**£**

128,317

224,428

17,160

241,588

369,905|**Expenditure**

**£**
(175,945 )
(198,748)
(16,860)|**Transfer**
**between**
**funds**
**£**



(488)



488
|**As at 31**
**December**
**2025**
**£**



94,211

25,680

-
| |---|---|---|---|---|---| ||||(215,608 )|
-|
25,680| |||||
|
| ||||(391,553 )|
-|
119,891| 14 ## **The Sustainable Shipping Initiative Limited Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** |
**Unrestricted funds**
General:
General unrestricted fund
**Restricted funds**
SoSS
Moores

**Total restricted funds**
**Total funds**|**As at 1**
**January 2024**
**£**


111,099

31,393
-


31,393


142,492|**Income**
**£**


249,489


10,000

57,373

67,373


316,862|**Expenditure**
**£**


(218,261 )


(42,181)

(57,373)

(99,554 )


(317,815 )|**As at 31**
**December**
**2024**
**£**


142,327


(788)

-
| |---|---|---|---|---| |||||(788 )| |||||
| |||||141,539| ## **16. Transactions with Trustees** During the year the expenses reimbursed to the trustees or paid directly to third parties were as follows: |Travel
Subsistence
Accommodation|**2025**
**£**
3,639
233
12
3,884|**2024**
**£**
1,502
442
852| |---|---|---| |||2,796| ## **17. Related Party Disclosures** There were no related party transactions noted in the year 2025. ## **18. Company limited by guarantee** The company is limited by guarantee and has no share capital. Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1. 15