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2020-12-31-accounts

ITF SEAFARERS’ TRUST Trustees’ Report and Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2020 Charity Number: 281936

Contents

Reference and Administrative Details of the Charity, its Trustees and Advisers for the Year Ended 31 December 2020 .....................................................................................................................................................................3 Trustees’ Report for the Year Ended 31 December 2020 ...................................................................................4 Statement of Trustees’ responsibilities ............................................................................................................ 12 Independent Auditor’s Report to Trustees of the ITF Seafarers' Trust ............................................................ 13 Statement of Financial Activities for the year ended 31 December 2020 ....................................................... 17 Balance Sheet at 31 December 2020 ............................................................................................................... 18 Statement of Cash Flows for the year ended 31 December 2020 ................................................................... 19 Notes to the Financial Statements for the year ended 31 December 2020 .................................................... 20

The ITF Seafarers’ Trust: Trustees Report and Financial Statements

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Reference and Administrative Details of the Charity, its Trustees and Advisers for the Year Ended 31 December 2020

Principal Office

ITF House 49-60 Borough Road London SE1 1DR

Trustees

Charity Registered Number: 281936

S Cotton P Crumlin D Heindel B Orrell A Serang J Smith

Bankers

HSBC Plc 28 Borough High Street London SE1 1YB

Investment Managers

Independent Auditor

The Progeny Group Ltd Egyptian House, 170 - 173 Piccadilly London W1J 9EJ

BDO LLP 55 Baker Street London W1U 7EU

The ITF Seafarers’ Trust: Trustees Report and Financial Statements

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Trustees’ Report for the Year Ended 31 December 2020

The Trustees present their annual report together with the audited financial statements of the ITF Seafarers’ Trust (the Trust) for the year ended 31 December 2020. The financial statements have been prepared in accordance with applicable United Kingdom accounting standards including Financial Reporting Standard 102 (FRS 102).

Twenty-twenty was an extraordinary year. The Trust Secretariat began to work from home from 18 March 2020 and all meetings of the Board were conducted by videoconference. On 25 March 2020 an emergency board meeting was convened to reassess priorities and establish a new procedure for responding to the Covid19 pandemic. Trustees agreed to allocate £1,000,000 to the ITFST Covid-19 Emergency Fund. These funds were exhausted within two months and on 20 May 2020 the Board agreed to add a further £500,000 to the fund. Under the circumstances, it was also agreed to defer or delay large grant applications for infrastructure projects that would be difficult to pursue at that time due to the uncertain situation.

In March, Trust investments had plummeted by some £8 million over two months, but the position stabilised over the course of the year in line with the value of investments globally.

Structure, governance and management

The ITF Seafarers’ Trust is a charity constituted under England and Wales Law and governed by its Deed of Trust dated 15 January 1981 and amended by amending deeds dated 4 June 2010 and 26 November 2018.

There are up to nine Trustees including four ex officio Trustees, one Trustee nominated by the Seafarers’ Section of the International Transport Workers’ Federation (ITF), one Trustee nominated by the Dockers’ Section of the ITF plus up to a further three Trustees who are appointed by the existing Trustees. The four ex officio Trustees are the President and General Secretary of the International Transport Workers’ Federation (ITF) and the Chairs of the ITF Seafarers’ Section and ITF Dockers’ Section. New Trustees are briefed on UK Charity law and regulation on appointment.

In addition, there are three sub committees covering Small Grants, Investments and Audit & Risk Management which report to the full Board of Trustees on a regular basis. In 2020 the Small Grants Committee was expanded to comprise two trustees and the Head of the ITFST to review the Covid-19 emergency applications operating under an expedited procedure approved by the Board.

The Head of the Trust and administrative staff are employed by the ITF which in addition charges a proportionate share of the cost of employing staff who work directly on the Trust's activities.

Objectives and activities for the public benefit

The Trust’s principal objects are promoting the health and wellbeing of maritime workers and their dependents. The Trustees have considered the Charity Commission’s general guidance on public benefit when reviewing the Trust’s objectives and activities. The beneficiaries of the Trust are not subject to any geographical restrictions and eligibility for assistance is not restricted by any membership, religious or political considerations. The charitable objects for the public benefit are fulfilled by providing grants to organisations

The ITF Seafarers’ Trust:

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Trustees’ Report for the Year Ended 31 December 2020

throughout the world catering for the general welfare of seafarers and other maritime workers. Grantees include seafarers’ welfare organisations, and port welfare committees, maritime unions, international organisations and charities. In addition to grant making, the Trust runs a number of projects in line with our charitable objectives. The Trustees have adopted a more proactive approach to funding which has been informed by research into beneficiary needs.

Grant making policy

Given the unusual circumstances that unfolded in 2020, the ITFST re-evaluated its grant-making priorities to respond to the challenges created by the Covid-19 pandemic.

ITFST Covid-19 Emergency Grants

From March throughout the year a focus was placed on promoting and administering the Covid-19 emergency fund which had two main purposes:

Grants of £5,000-£50,000 were awarded following approval of the expanded Small Grants Committee and email endorsement by the Board.

Over the course of the year some 84 Covid-19 emergency applications were considered resulting in 61 approved requests from a range of welfare organisations, unions and service providers in 34 countries.

In total 99 grants were awarded to organisations amounting to an overall grants expenditure of £8,345,709, which includes the delayed large grant of £4.2 million for a new seafarers’ facility in Manila, facilitated through a joint venture between AMOSUP and All Japan Seamen’s union. In addition, 23 individual grants were approved and paid, amounting to a total of £109,482, under the new Seafarers’ Trust Emergency Fund.

Thanks to the quick decision making to focus on the Covid-19 emergency and facilitate direct support, the Trust was able to assist many more seafarers and their families than in previous years. Reports indicate that this initiative was greatly appreciated by beneficiaries.

In order to qualify for grants an applicant needed to have a proven record of dealing with seafarers’ welfare. Given the travel restrictions established by governments to limit the spread of the virus, the Trust was unable to monitor the expenditure of grants through site visits. Instead, grantees were requested to provide photographs and/or videos alongside their reports to evidence that funds had been spent in accordance with the intended purpose. Where a grant has been approved, but not yet paid, it is recognised, in full, as a liability in the year awarded, as the Trust has a constructive obligation to make the payments.

The Trust Secretariat have the authority to request the return of funds from organisations where the grants have not been spent or where the grantee has been unable to fulfil the associated terms and conditions of the grant agreement. The total amount returned in 2020 was £74,944, as the funds were no longer required.

The ITF Seafarers’ Trust: Trustees’ Report for the Year Ended 31 December 2020

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An analysis of the grants made during 2020 is shown in Note 4 to the accounts.

In spite of the adaptations made to address the Covid-19 emergency, the Trust outline strategy for the period 2018-2023 that was approved in November 2018 has remained valid.

ITF Seafarers’ Trust 5 year plan

A Improve welfare & wellbeing of seafarers (maritime workers) and their families

B Encourage cooperation and coordination amongst organisations working for the welfare of seafarers

C Complement ITF Maritime sectional and regional priorities

1. Build union capacity to deliver member services including:

3. Support initiatives around medical services for seafarers including:

2. Resource welfare organisations to provide port based services:

4. Support changes in regulation and practice and improve capacity to effectively implement maritime regulation:

5. Provide support to crews or individuals in emergency situations • Establish emergency support fund

Addressing our overarching objectives

The ITF Seafarers’ Trust:

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Trustees’ Report for the Year Ended 31 December 2020

Over the last 12 months the Trust significantly increased grant making activities to support efforts to mitigate the impact of the Covid-19 pandemic on seafarers. This included helping unions to provide support packs for seafarers’ families as well as enhancing sanitary facilities in ports and mi-fi equipment to help maintain connectivity.

The Trust worked closely with ICMA/NAMMA, ITF regional offices and other funding organisations (TK and Seafarers’ UK) to maintain the services of welfare providers internationally in a coordinated and equitable manner.

As the ITF focused on lobbying to address the crew change crisis, the Trust launched the Still at Sea photography competition to engage with seafarers and tell their story through photographs as a complementary project. The Trust-funded WMU research, ‘ A culture of adjustment ’ was released in November, it has been the subject of two well-attended webinars and will be presented at the Special Tripartite Committee of the International Labour Organisation.

Delivering our priority areas of work

Strategic Area 1. Build union capacity to deliver member services

Grant-making

Although the initial demand for Covid-19 emergency funding came from welfare service providers fearing loss of fundraising income, we also promoted the fund to unions encouraging them to develop covid-related welfare projects for members and non-members. The Trust worked proactively with unions to develop proposals to meet the needs of seafarers and their families during these particularly challenging times.

OSH Ports – Arab World project

After some Covid-19 – related delays, the Level 1 Occupational Safety and Health in Ports app-based training is expected to launch under the brand name ‘ OSH Ports ’ in 2021. The five modules plus additional Covid-19 material based on the Dockers’ Section protocols have been thoroughly reviewed and signed off with a view to launching with the Arabic version in Spring 2021. As the situation with the pandemic changes, there will be a need to review the project plan which envisaged a level two face to face training in a number of locations in the Arab World.

Strategic Area 2: Resource welfare organisations to provide port based services:

Whilst Covid-19 effectively put an end to shore leave and the ability of seafarers’ to access port based welfare facilities, the Trust supported the needs of the welfare community maintaining their operations during this difficult time, helping them to adapt their services to stay relevant for seafarers dealing with the current restrictions. ICMA/NAMMA monitored the situation of their membership many of whom adapted their work to gangway visits and shopping services for seafarers.

The ITF Seafarers’ Trust:

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Trustees’ Report for the Year Ended 31 December 2020

The Trust also supported the ‘Seafarers’ delivering Christmas’ initiative with a significant grant to seafarers’ centres to purchase small gifts to deliver to vessels calling in their port during the holiday season.

Strategic Area 3. Support initiatives around medical services for seafarers:

TMAS (Telemedical Maritime Assistance Services)

The Trust continues to work with the group of national TMAS providers with a view to collating and publishing consolidated data on seafarers’ health complaints and actions taken to address them. There is considerable enthusiasm for the project but differences in national procedures and legislation make it difficult to make fast progress. The CIRM (Centro Internazionale Radio Medico) project to develop an artificial intelligence system to support accurate diagnostics in a multi-national, non-medical environment on board ship is also close to completion and under the Covid emergency fund we have funded an additional doctor in Rome to respond to increased contacts and supported several research and education initiatives.

AMOSUP (Associated Marine Officers’ and Seamen’s Union of the Philippines) testing centre

In response to the pressing need to facilitate the movement of Filipino seafarers joining ships and returning home, AMOSUP took the initiative to establish a Covid-19 testing centre for seafarers in its Manila medical facility part funded by the Trust. The centre went live for PCR testing in September with a capacity to process 300 tests per day.

Strategic Area 4. Support changes in regulation and practice and improve capacity to effectively implement maritime regulation: A culture of adjustment

The report of the WMU research on the failings of the implementation of the international regulation for reporting hours of work/rest was launched at a webinar on 09 November. The final document and executive summary are available for download from the WMU and ITFST websites. The research unpacked the widespread falsification of records and identified a culture where ‘adjustment’ for compliance is routine and largely expected. The Trust will be working together with WMU to ensure that the recommendations are followed up in the relevant fora. This research complements the work of the ITF Maritime Safety Committee and will undoubtedly be citied in the Human Element Industry Working Group at the IMO – where it may lead in to the broader discussion on implementation of IMO instruments.

WMU (World Maritime University) & IMLI (International Maritime Law Institute) scholarships

WMU and IMLI were forced to dramatically adapt their teaching models and administration in 2020 but managed admirably under the circumstances. ITFST WMU scholarship students hailed from Tunisia, Indonesia, Liberia, Cameroon and India whilst IMLI graduates came from Myanmar, China, Kenya, Tunisia, Yemen and Togo.

Strategic Area 5: Provide support for crews or individuals in emergency situations

In early 2020 the Trust launched a pilot project to make funds available for emergency grants to individual seafarers and their families. An initial sum of £50,000 was allocated for a pilot project which was reviewed by

The ITF Seafarers’ Trust:

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Trustees’ Report for the Year Ended 31 December 2020

the Board of Trustees in July 2020. It was subsequently agreed to integrate the ‘Seafarers’ Trust Emergency Fund’ into the work programme with a quarterly allocation of up to £50,000. Funds are not available for beneficiaries to apply directly, applications are made by trusted contacts working with seafarers and their families.

Looking Ahead

New priority area 6: Educating the wider public about seafarers and their work

Still at Sea

The crew change crisis highlighted the importance of promoting awareness of the existence of seafarers and their vital role in the global economy. In August the Trust launched the ‘ Still at Sea ’ photography competition with a great response both in terms of numbers and quality. Almost 3,000 images were submitted by seafarers providing a unique archive of images of life at sea during the pandemic. A diverse panel of judges comprising two professional photographers (one British, one Swedish), Cleopatra Doumbia Henry, President of WMU and Jenn-Hui Tan, Global Head of Stewardship and Sustainable Investment at Fidelity International selected the award winning entries. The competition attracted considerable attention on social media and numerous press requests were received.

Many changes are needed to secure and enhance the protection of seafarers’ human rights. Without visibility and an effective lobby, seafarers are out of sight and out of mind when it comes to facilitating a safe and decent working environment. It is therefore our intention to increase this area of work using the ‘ Still at Sea’ project as a launch pad for telling stories about seafarers’ lives and experience with a view to connecting with a wider audience. It is intended that this area of work should also be badged with the ITFST 40 Years anniversary combining promotion of the Trust and our beneficiaries.

2021: Celebrating 40 years of the ITF Seafarers’ Trust

Whilst 40 years is a milestone the Trust plans to look ahead and use the occasion to focus on seafarers and their current predicament rather than look backwards. The theme of telling seafarers’ stories and looking for new ways to reach a wider audience from a variety of angles will be pursued.

Financial Review

The Trust generally derives its income from two main sources. Firstly, it receives income by way of donation from the International Transport Workers’ Federation (ITF) and, secondly, it generates its own income from a portfolio of listed investments. In 2019, the Executive board of the ITF decided not to make a donation to the Trust in 2020 (2019: £1,600,000). For the year ended 31 December 2020 total income amounted to £490,986 (2019: £2,201,670) excluding gains or losses on disposal of investments.

During the year 2020 total grant expenditure, net of funds returned and grants expired, was £8,380,247 (2019: £3,864,941). These grants are summarised in note 4. The net write back of expired grants and grant refunds received during 2020 totalled £74,944 (2019: £218,055). Support costs were £487,390 (2019: £647,843). Net losses before investment gains were £8,657,902 (2019: £ 2,616,112). Net investment gains

The ITF Seafarers’ Trust: Trustees’ Report for the Year Ended 31 December 2020

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of £2,585,656 (2019: £5,254,443) are included in the net movement in funds for the year, resulting in a loss of £6,072,246 (2019: £2,638,331 gain). The Trust’s total funds decreased from £48,077,667 at 31 December 2019 to £42,005,421 as at 31 December 2020. The decrease in the overall reserves can be attributed to increased expenditure in relation to grant funding and no donation being received during the year from the ITF. Total funds include the expendable endowment of £21,429,944 which can be made available to expend at the Trustees’ discretion.

Reserves Policy

The Trust’s policy with respect to its reserves is to maintain them at such a level that enables the organisation to fulfil its objects and ensure sustainability. In general, the Trust aims to expend its income to meet its medium to long term plans. This means that in some years expenditure will exceed income where suitable grant applications are received. This policy is continually reviewed by the Trustees, and when appropriate, can be changed and adapted to meet the objectives of the Trust. As at 31 December 2020, the total unrestricted reserves were £20,575,477 (2019: £27,614,389). Free reserves are calculated as unrestricted reserves less fixed assets and designated funds. Free reserves at 31 December 2020 were £20,359,395 (2019: £27,370,143).

Internal Control and Risk Management

The Trustees are responsible for the identification and mitigation of strategic and operational risk in the Trust. The Secretariat reviewed the Trust’s Risk Register during 2020 and the updated document was presented to and approved by the Board of Trustees at their meeting in April 2020. The Trust’s exposure to risk is under constant review and the register is updated on an annual basis.

In particular, the Trustees have reviewed the risks in response to the Covid-19 pandemic and its impact on the operations and finances of the Trust. This includes the potential impact on income and its ability to continue its charitable activities, i.e. grant-making. As noted within the Reserves Policy, it is expected that expenditure will exceed income in some years in line with the medium to long term plans of the Trust. The careful stewardship of finances and the regular review of the reserves policy by the Trustees, as well as a significant asset base in the form of investments, means there are sufficient reserves to meet expenditure requirements during the period.

Fundraising Activities:

The Trust does not currently undertake any fundraising activities. No fundraising activities were undertaken in 2020 by either Trust staff or Trustees, and no third party commercial participators or professional fundraisers were employed.

Investment Powers, Policy and Performance

The Trust Deed provides the Trustees with the scope to invest capital which is surplus to immediate requirements without investment restriction. The capital is not permanently endowed and therefore the Trustees’ investment allocation policy reflects a balanced long-term growth oriented investment strategy, linked to Trust objectives and the budget. There is an Investment Sub Committee (ISC), which has responsibility for monitoring fund performance and ensuring that the investment allocation strategy reflects

The ITF Seafarers’ Trust:

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Trustees’ Report for the Year Ended 31 December 2020

the Trustees’ objectives. In 2020 the ISC decided to review the performance of the investment advisors and invite other companies to submit tenders for the service. The successful candidate, Sparrows Capital Investments will take over the role from Progeny in March 2021.

The value of the Trust’s total investments increased from £43,880,666 as at 31 December 2019 to £44,829,807 as at 31 December 2020. All holdings are held within the index/passively managed Transact portfolio, in line with the recommendation of the Investment Sub-committee.

The Trustees reviewed and retained the existing Investment Policy which maintains a 70/30 Growth/Defensive strategy but tilted the global equity exposure towards Small, Value and Emerging markets and with a preference of moving towards ESG funds. A rebalancing exercise was completed in the third quarter of 2020. The strong performance of the portfolio, despite highly volatile markets following the UK’s vote to leave the European Union, reflects the Trust’s diversified approach and strong global bias in the target allocations.

Staffing, communications and infrastructure

Over the course of 2020, the Trust significantly increased in communications output to make sure potential trustees were aware of the availability of Covid-19 emergency funds. We also increased engagement with seafarers and the maritime welfare community to share stories and raise awareness of the particular challenges faced by seafarers during the pandemic. We redesigned and simplified the Trust website, the new version of which went live in early 2021.

The ITF Seafarers’ Trust: Trustees’ Report for the Year Ended 31 December 2020

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Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law] the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose, with reasonable accuracy at any time, the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the Trustees on 20 October 2021

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Signature: Print Name: Brian Orrell
Signature: Print Name: David Heindel
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The ITF Seafarers’ Trust: Trustees’ Report for the Year Ended 31 December 2020

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Independent Auditor’s Report to Trustees of the ITF Seafarers' Trust

Opinion on the financial statements

In our opinion, the financial statements:

We have audited the financial statements of The ITF Seafarers’ Trust (“the Charity”) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Charity in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions related to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Independent Auditor’s Report to the Trustees of ITF Seafarers' Trust for the year ended 31 December 2020

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Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion;

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in

Independent Auditor’s Report to the Trustees of ITF Seafarers' Trust for the year ended 31 December 2020

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accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We completed the following procedures:

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed

Independent Auditor’s Report to the Trustees of ITF Seafarers' Trust for the year ended 31 December 2020

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and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s trustees, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

BDO LLP, statutory auditor London, UK Date: 20 October 2021

BDO LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

Independent Auditor’s Report to the Trustees of ITF Seafarers' Trust for the year ended 31 December 2020

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Statement of Financial Activities for the year ended 31 December 2020

Notes
Income and endowments from:
Donations:
Gift aid donations
Other donations
Investment Income:
Dividends and interest
Bank deposits and other interest
Total
Expenditure
Raising funds
Investment manager's fee
Net income available for charitable
application
Charitable Activities:
Grants - Provision of assistance to
seafarers
4
Projects
5
Support costs
6
Total charitable expenditure
Net (expenditure) before gains
Net gains on investment assets
9
Net movement in funds for the year
Transfer between funds
Funds brought forward at 1 January
Balance carried forward at 31
December		 Expendable
Endowment
£
Designated
Funds
£
Unrestricted
Funds
£
2020
Total funds
£
2019
Total funds
£
-
-
-
-
1,600,000
-
-
-
-
1,000
-
-
489,313
489,313
597,817
-
-
1,673
1,673
2,853
-
-
490,986
490,986
2,201,670
-
-
56,728
56,728
67,915
-
-
434,258
434,258
2,133,755
-
-
8,380,247
8,380,247
3,864,941
-
19,427
205,096
224,523
237,083
-
11,726
475,664
487,390
647,843
-
31,153
9,061,007
9,092,160
4,749,867
-
(31,153)
(8,626,749)
(8,657,902)
(2,616,112)
966,666
-
1,618,990
2,585,656
5,254,443
966,666
(31,153)
(7,007,759)
(6,072,246)
2,638,331
-
-
-
-
-
20,463,278
233,211
27,381,178
48,077,667
45,439,336
21,429,944
202,058
20,373,419
42,005,421
48,077,667

The notes on pages 20 to 30 form part of these financial statements

Continuing operations

All of the trust's activities were derived from continuing operations for the above two financial years.

The ITF Seafarers’ Trust:

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Statement of Financial Activities for the year ended 31 December 2020

Balance Sheet at 31 December 2020

alance Sheet at 31 December 2020
Notes
Fixed Assets
Tangible Fixed Assets
8
Investments
9
Current assets
Prepayments and Accrued Income
Cash held by brokers
Cash held on deposit
Money market deposits
Cash at bank
Creditors - amounts falling due within one year
Amounts owed to ITF
10
Accrued expenses and sundry creditors
Grant liabilities
Net Current (Liabilities) / Assets
Grant liabilities falling due after one year
Net Assets
FUNDS
Unrestricted Funds
Expendable Endowment
Total Funds		 31 December
2020
£
31 December
2019
£
14,024
11,035
14,024
11,035
44,829,807
43,880,666
44,829,807
43,880,666
14,481
4,689
321,368
4,296,101
51,101
7,268
846,270
744,214
86,662
436,709
1,319,882
5,488,981
49,148
64,897
124,787
473,220
2,192,069
764,898
(2,366,004)
(1,303,015)
(1,046,122)
4,185,966
(1,792,288)
-
42,005,421
48,077,667
20,575,477
27,614,389
21,429,944
20,463,278
42,005,421
48,077,667

The notes on pages 20 to 30 form part of these financial statements

Approved by the Trustees and authorised for issue on 20 October 2021

Signature: Print Name: Brian Orrell Signature: Print Name: David Heindel

The ITF Seafarers’ Trust:

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Balance Sheet at 31 December 2020

Statement of Cash Flows for the year ended 31 December 2020

Notes 31 December 31 December
2020 2019
£ £
Net (expenditure) / income for the reporting period (as
per the Statement of Financial Activities) (6,072,246) 2,638,331
Adjustments for:
Depreciation charge 5,435 5,435
Dividends and interest from investments (490,986) (600,670)
Net (Gain) on investment assets (2,585,656) (5,254,443)
Increase in trade and other debtors (9,793) (1,759)
Increase in creditors falling due within one year 1,062,990 88,439
Increase / (Decrease) in long term grants payable after one year 1,792,288 (58,628)
Net cash used in operating activities (6,297,968) (3,183,295)
Cash flows from investing activities
Dividends and interest from investments 490,986 600,670
Purchase of tangible assets (8,424) (16,470)
Purchase of investments (6,603,698) (16,484,813)
Proceeds from sales of investments 8,240,213 22,205,638
Net cash provided by investing activities 2,119,077 6,305,025
Change in cash and cash equivalents (4,178,891) 3,121,730
Cash and cash equivalents at the beginning of the year 5,484,292 2,362,562
Cash and cash equivalents at the end of the year 12 1,305,401 5,484,292

The notes on pages 20 to 30 form part of these financial statements

The ITF Seafarers’ Trust: Statement of Cash Flows for the year ended 31 December 2020

Page 19 of 30

Notes to the Financial Statements for the year ended 31 December 2020

1 ACCOUNTING POLICIES

a) Accounting Convention

The financial statements have been prepared under the historical cost convention as modified by the valuation of investments, and in accordance with the Charities Act 2011, 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) and applicable accounting standard FRS 102.

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

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005, which has since been withdrawn.

The Trustees have reviewed the charity’s investments and operations in response to the impact of the COVID19 pandemic. The budget for charitable activities in 2020-21 is, at this time, unaffected. The charity hold reserves to supplement income requirements to meet charitable objectives as required, with free reserves at the balance sheet date of £20,359,395. The Trustees consider that there are no material uncertainties over the charity’s ability to continue as a going concern for the foreseeable future, being a period of at least 12 months from the date of signing the financial statements.

b) Income

Gift Aid donation income and dividend distribution is accounted for when the charity is entitled to the income, it is probable that the income will be received and the amount can be measured reliably.

c) Cost of Raising Funds

Costs of raising funds includes investment manager fees which are recognised on a payable basis.

d) Grant Expenditure

Grants are accounted for when a liability is created, including grant applications approved by the Trustees and notified to the relevant beneficiaries but not paid at the year end, and are apportioned between amounts due within one year and after more than one year based on the expected payment profile. Cancelled grants are credited to the Statement of Financial Activities when the cancellation has been notified and approved.

The ITF Seafarers’ Trust: Notes to the Financial Statements for the year ended 31 December 2020

Page 20 of 30

e) Support Costs

Support Costs comprise salary, travel, governance costs and other general expenses including irrecoverable VAT. Costs are included on an accruals basis. Staff costs represent a share of the salary costs of staff of the ITF which are allocated in proportion to time spent on Trust administration in seeking, monitoring and approving grant payments.

The administration cost from the ITF comprises a charge for office, support and other costs to reflect the activity carried out by the ITF on behalf of the Trust.

Governance costs are included on an accruals basis and represent costs associated with constitutional and statutory requirements.

f) Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using their closing quoted market price. Realised and unrealised gains and losses are shown in the statement of financial activities together as net gains on revaluation and disposals of investment assets. Investments held in the cash liquidity funds are classified within current assets.

The charity does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in the investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors of sub-sectors.

g) Debtors

Debtors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses.

h) Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and balances with banks, and investments in money market instruments which are readily convertible, being those with original maturities of three months or less.

i) Creditors

Creditors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.

j) Foreign Currency

Foreign currency transactions are translated at the rates ruling when they occur. Foreign currency assets and liabilities are translated into sterling at the rates of exchange ruling at the balance sheet date. Any differences are taken to the Statement of Financial Activities.

The ITF Seafarers’ Trust:

Page 21 of 30

Notes to the Financial Statements for the year ended 31 December 2020

k) Funds

The expendable endowment fund represents a donation of £12,700,000 received in 2003 from the International Transport Workers’ Federation (and subsequent investment gains and losses) and is expendable at the Trustees' discretion. Unrestricted funds are those which the Trustees are free to use for any purpose in furtherance of the charitable objects. Designated funds are unrestricted funds of the charity which the Trustees have decided at their discretion to set aside for a specific purpose.

l) Fixed Assets and Depreciation

All assets are included in the Financial Statements at cost. Additions totalling over £10,000 are capitalised. Computer systems are fully depreciated on a straight-line basis over three years.

m) Critical estimates and significant judgements

The preparation of the financial statements requires the Trustees to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the financial statements. If in the future such estimates and assumptions, which are based on the Trustees' best judgement at the date of the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the year in which the circumstances change. The Trustees consider that there are no key sources of estimation uncertainty.

n) Financial Instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value.

2 TAXATION

As a registered charity, the Trust is exempt from tax on assessable income applied within the objects of the Trust.

3 INCOME

Donations include income received under gift aid from the Seafarers’ International Assistance, Welfare and Protection Fund of The International Transport Workers Federation.

The ITF Seafarers’ Trust:

Page 22 of 30

Notes to the Financial Statements for the year ended 31 December 2020

4 CHARITABLE ACTIVITIES – GRANTS

Recipients of institutional grants :

TOTAL
£
ALL JAPAN SEAMEN'S UNION 3,712,000
AMOSUP 1,010,509
SEAFARERS RIGHTS INTERNATIONAL 494,292
WORLD MARITIME UNIVERSITY 246,100
IMO INTERNATIONAL MARITIME LAW INSTITUTE 154,891
HUNTER WORKERS REHABILITATION & COUNSELLING 148,785
INTERNATIONAL CHRISTIAN MARITIME ASSOCIATION 131,847
MERCHANT NAVY WELFARE BOARD (WNWB) 122,000
DEUTSCHE SEEMANNSMISSION HAMBURG-ALTONA E.V. 89,000
NATIONAL UNION OF SEAFARERS SRI LANKA 80,394
THE MISSION TO SEAFARERS - LONDON 80,211
CARE ASHORE 77,048
TAS BULL SEAFARERS FOUNDATION 77,032
UNION OF BEIRUT PORT EMPLOYEES & LEBANESE SEAMEN’S SYNDICATE 75,000
AMIGOS IRMÃOS DOS HOMENS DO MAR 72,513
MISSION TO SEAFARERS 63,852
UNION DE TRABAJADORES DEL TRANSPORTE 63,452
THE MISSIONARIES OF SAINT CHARLES SCALABRINIANS - STELLA MARIS SANTOS 55,939
FONDAZIONE C.I.R.M. 52,620
NATIONAL UNION OF SEAFARERS OF INDIA 50,943
THE CHIRP CHARITABLE TRUST 50,000
FEDERATION OF KOREAN SEAFARERS' UNIONS 50,000
THE MARINE SOCIETY AND SEA CADETS 50,000
SINGAPORE ORGANISATION OF SEAMEN 49,147
TURKIYE DENIZCILER SENDIKASI (SEAFARERS' UNION OF TURKEY) 48,819
THE MISSION TO SEAFARERS AUSTRALIA 45,597
WELFARE FUND OF MARINE TRANSPORT 45,000
THE MISSION TO SEAFARERS 43,000
BANGLADESH MERCHANT MARINE OFFICERS' ASSOCIATION 41,037
SINDICATO NACIONAL DE TRABAJADORES DE RAMA Y SERVICIOS DEL TRANSPORTE DE COLOMBIA 40,250
(SNTT)
NORTH AMERICAN MARITIME MINISTRY ASSOCIATION 40,176
MARITIME WORKERS UNION OF NIGERIA 40,000
GLOBAL MARITIME MINISTRIES INC 35,309
UNITED SEAMEN'S SERVICE 33,972
UNION DE TRABAJADORES DE MAR DE ECUADOR 33,092
SINDICATO NAC PROF EST OFIC CORRELATIVOS 32,343
ROYAL BOMBAY SEAMEN'S SOCIETY 32,332
BREMER SEEMANNSMISSION E.V. 31,902
SYNDICAT DES MARINS IVOIRIENS AU COMMERCE 30,501
ISWAN 30,000
VEREINTE DIENSTLEISTUNGSGEWERKSCHAFT (UNITED SERVICES TRADE UNION) 29,928
STELLA MARIS (APOSTLESHIP OF THE SEA) 28,228
FNTT/UGTA 26,434
NATIONAL UNION OF SEAFARERS OF PENINSULA 25,778
SPACE COAST SEAFARERS MINISTRY 25,136

The ITF Seafarers’ Trust:

Page 23 of 30

Notes to the Financial Statements for the year ended 31 December 2020

4 CHARITABLE ACTIVITIES – GRANTS (continued)

Recipients of institutional grants :

TOTAL
£
ERZBISTUM HAMBURG 23,050
FOYER DU MARIN DEUTSCHE SEEMANNSMISSION E.V. DOUALA 21,599
UNION DE INGENIEROS MARINOS 21,545
DEUTSCHE SEEMANNSMISSION SASSNITZ E.V. 21,107
NEW ENGLAND SEAFARERS MISSION INC 20,839
SEAFARERS HOUSE INC OPERATING ACCOUNT 20,723
AOS /CATHOLIC MARITME CLUB OF MOBILE 20,706
SINDIKAT POMORACA HRVATSKE 20,000
SEAFARERS UNION OF RUSSIA 18,839
APOSTLESHIP OF THE SEA - MANILA 18,785
SEATTLE SEAFARERS CENTER 18,504
IRAQI NCC 18,180
SEAFARERS AND INTERNATIONAL HOUSE 16,759
STICHTING ZEEMANSWELVAREN AMSTERDAM 16,692
HOUSTON INTERNATIONAL SEAFARERS CENTER 16,284
GENERAL UNION OF PORT WORKERS JORDAN 15,799
CORPUS CHRISTI INTERNATIONAL SEAMENS CENTER 15,658
FEDERAZIONE NAZIONALE STELLA MARIS 15,631
LYTTELTON SEAFARERS CENTRE CHARITABLE TRUST 15,023
UKRAINIAN MARINE TRADE UNION 15,000
STELLA MARIS FRIENDS ONLUS 14,999
NIGERIA MERCHANT NAVY OFFICERS AND WATER 14,673
FINNISH SEAMENS MISSION 13,793
DEUTSCHE SEEMANNSMISSION SEAFARERS' LOUNGE HAMBURG 13,361
LES AMIS DES MARINS 12,917
BALTIMORE INTERNATIONAL SEAFARERS 12,466
LATVIJAS UDENSTRANSPORTA DARBINIEKU FEDERATIVA ARODBIEDRIBA 11,901
POSITIBONG MARINO PHILIPPINES INC. 10,720
IRANIAN MERCHANT MARINERS SYNDICATE 10,000
TAMPA PORT MINISTRIES 9,901
KESATUAN PELAUT INDONESIA 9,117
MISSION TO SEAFARERS CANADA 9,052
FORWARD SEAMEN'S UNION OF INDIA 8,099
ANCHOR HOUSE INC 7,149
APOSTLESHIP OF THE SEA STELLA MARIS SEAFARERS' CENTRE INC 6,213
FORT VANCOUVER SEAFARERS 4,168
ONG AIRHOMAR 3,992
ASSOCIAZIONE PRIVATE DI FEDELI STELLA MARIS 3,541
QUEEN VICTORIA SEAMEN'S REST 2,515
Total 8,345,709

The ITF Seafarers’ Trust:

Page 24 of 30

Notes to the Financial Statements for the year ended 31 December 2020

Buildings, internet, computers & telecommunications
Health for seafarers
Operational support to seafarers’ welfare organisations
Raising awareness of seafarers’ rights
Research into provision of welfare to seafarers
Training for those working with seafarers and their families
Vehicles
Covid-19 Welfare Fund
Other
Subtotal
Grants returned
Grants written back not needed
Net institutional grants awarded
Seafarers Trust Emergency Fund
Net grants awarded
5 PROJECTS
Consultants & researchers (projects)
External training
Research (feasibility)
Courier
Pod operational running costs
6 SUPPORT COSTS
Staff costs
Professional advisors fees
Travel expenses
Website costs
Researchers & consultancy
Systems and IT costs
General expenses (inc. legal, publications and overheads)
Administration costs charged by ITF General Fund
Depreciation charges
Foreign exchange (gains) / losses
Bank charges and interest
Subtotal
Governance Costs:
Auditors remuneration
Trustee travel expenses		 2020
£
2019
£
-
10,723
-
2,743
6,013,882
2,407,687
37,114
107,353
-
346,874
453,039
430,929
251,687
729,717
1,514,987
-
75,000
46,970
8,345,709
4,082,996
(74,944)
(203,339)
-
(14,716)
8,270,765
3,864,941
109,482
-
8,380,247
3,864,941
2020
£
2019
£
162,283
94,337
9,685
6,341
442
334
18,852
81,743
33,261
54,328
224,523
237,083
2020
£
2019
£
323,814
403,578
1,410
4,681
50,033
97,465
9,960
4,392
28,500
7,800
14,110
10,983
39,199
28,399
79,992
80,000
5,435
5,435
(85,559)
(12,624)
7,369
4,450
474,263
634,559
13,000
12,480
127
804
487,390
647,843

The ITF Seafarers’ Trust:

Page 25 of 30

Notes to the Financial Statements for the year ended 31 December 2020

6 SUPPORT COSTS (continued)

Staff costs

Salaries
Social security
Pension contributions
Other staff costs		 2020
£
2019
£
228,302
309,866
26,679
30,254
49,371
57,630
19,462
5,828
323,814
403,578

The International Transport Workers’ Federation (ITF) allocated a proportionate share of the cost of employing staff who worked directly on the Trust's activities in 2020. Staff costs equivalent to 4 full-time employees were charged to the Trust during the year (2019:4). No employee received total employee benefits, excluding pension contributions, in excess of £60,000, but less than 70,000 (2019: 1). One employee received total employee benefits, excluding pension contributions, in excess of £70,000, but less than £80,000 (2019: 1) and another employee received total employee benefits, excluding pension contributions, in excess of £80,000 but less than £90,000 (2019: 1).

The administration costs include administrative and accounting support provided by the ITF.

Owing to the global pandemic, there has been a marked decrease in travel related expenses. Website costs and consultancy cost have both increased significantly when compared with 2019. The website increase is mainly attributable to development costs associated with the ‘Still at sea’ project and the consultancy increases were as a result increasing organisational visibility through an enhanced communications strategy.

Significant gains were achieved on foreign exchange, £85,559 (2019: 12,264) as a result of a strong pound, which meant that a number of the Trust’s non GBP commitments cost less than anticipated in GBP terms.

Key Management Personnel

Key management personnel are considered to be the Trustees and the Head of Trust. The Trustees receive no remuneration. The total employee benefits for the Head of Trust are £102,304 (2019: £96,423).

7 TRUSTEES

None of the Trustees received remuneration for their services as Trustees during the year, but some received travel expenses during the year totalling £127 (2019: £804).

The ITF Seafarers’ Trust:

Page 26 of 30

Notes to the Financial Statements for the year ended 31 December 2020

8 TANGIBLE FIXED ASSETS

2020 2019
£ £
Cost
1 January 2020 16,470 19,170
Additions 8,424 16,470
Disposals - - 19,170
31 December 2020 24,894 16,470
Depreciation
1 January 2020 5,435 19,170
Charge for the year 5,435 5,435
Disposals - - 19,170
31 December 2020 10,870 5,435
Net book value
1 January 2020 11,035 -
31 December 2020 14,024 11,035
9 INVESTMENTS
2020 2019
£ £
Market value of investments held at 1 January 2020 43,880,666 44,347,048
Purchases 6,603,698 16,484,813
Sales proceeds (8,240,213) (22,205,638)
Gain on investment assets 2,585,656 5,254,443
Market value of investments held at 31 December 2020 44,829,807 43,880,666
The analysis for the Investments at market value as at 31 December 2020 were:
2020 2019
£ £
Global Bonds 13,060,466 6,432,376
UK Listed equities 4,560,185 -
Foreign Listed equities 27,209,156 37,448,290
44,829,807 43,880,666
10 AMOUNTS OWED TO ITF
2020 2019
£ £
Amounts owed to ITF 49,148 64,897
49,148 64,897

The ITF Seafarers’ Trust:

Page 27 of 30

Notes to the Financial Statements for the year ended 31 December 2020

11 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed Assets
Investments
Net current assets
Grant liabilities falling due after one year
Total Net Assets as at 31 December 2020
Fixed Assets
Investments
Net current assets
Grant liabilities falling due after one year
Total Net Assets as at 31 December 2019		 Expendable
Endowment
£
Designated
Funds
£
Unrestricted
Funds
£
2020
Total Funds
£
-
-
14,024
14,024
21,429,944
-
23,399,863
44,829,807
-
202,058
(1,248,180)
(1,046,122)
-
-
(1,792,288)
(1,792,288)
21,429,944
202,058
20,373,419
42,005,421
Expendable
Endowment
£
Designated
Funds
£
Unrestricted
Funds
£
2019
Total Funds
£
-
-
11,035
11,035
20,463,278
-
23,417,388
43,880,666
-
233,211
3,952,755
4,185,966
-
-
-
-
20,463,278
233,211
27,381,178
48,077,667

The expendable endowment fund represents a donation of £12,700,000 received in 2003 from the International Transport Workers Federation (and subsequent investment gains and losses) and is expendable at the Trustees’ discretion.

During 2019 the Trustees agreed to create a designated fund of £250,000 to look specifically at research into areas of work that the Trust could either develop and operate internally, or identify appropriate partners to deliver initiatives that would be beneficial to seafarers. The fund will be reviewed annually and topped up at the Trustee’s discretion, to ensure that the Trust maintains a proactive outlook on areas of work which will be of benefit to seafarers.

12 ANALYSIS OF CHANGES IN CASH DURING THE PERIOD

Cash at bank
Cash held by brokers
Cash held on deposit
Short term deposits		 31 December
2019
£
Movement
in Period
£
31 December
2020
£
436,709
(350,047)
86,662
4,296,101
(3,974,733)
321,368
7,268
43,833
51,101
744,214
102,056
846,270
5,484,292
(4,178,891)
1,305,401

The ITF Seafarers’ Trust:

Page 28 of 30

Notes to the Financial Statements for the year ended 31 December 2020

13 RELATED PARTY TRANSACTIONS

None of the Trustees have undertaken any transactions with the Trust during the year. Several Trustees hold positions with organisations which have been beneficiaries of grants in the current or earlier years, or hold positions within organisations which have had financial transactions with the Trust. In the interests of transparency, the amounts which were paid or were payable as at 31 December 2020, are set out below;

a) International Transport Workers’ Federation
Gift aid donation
Administrative support
2020
2019
b) Seafarers Rights International
Grants - Provision of assistance to seafarers
2020
2019
c) Hunterlink Recovery Services
Grants - Provision of assistance to seafarers
2020
2019
d) Seafarers and International House
Grants - Provision of assistance to seafarers
2020
2019
e) United Seamen’s Service
Grants - Provision of assistance to seafarers
2020
2019
f) National Union of Seafarers of India
Grants - Provision of assistance to seafarers
2020
2019
g) TAS Bull Seafarers Foundation
Grants - Provision of assistance to seafarers
2020
2019		 2020
Income
£
2020
Expenditure
£
At 31 Dec 2020
Assets
£
At 31 Dec 2020
Liabilities
£
-
-
-
-
-
79,992
-
-
-
79,992
-
49,148
1,600,000
80,000
-
64,897
-
494,292
-
-
-
494,292
-
-
-
498,039
-
-
-
148,785
-
-
-
148,785
-
-
-
-
-
-
-
16,759
-
-
-
16,759
-
-
-
-
-
200,000
-
33,972
-
-
-
33,972
-
-
-
197,633
-
-
-
50,943
-
-
-
50,943
-
-
-
-
-
-
-
77,032
-
37,500
-
77,032
-
37,500
-
-
-
-

The ITF Seafarers’ Trust: Notes to the Financial Statements for the year ended 31 December 2020

Page 29 of 30

a) International Transport Workers’ Federation

Padraig Crumlin (President) Stephen Cotton (General Secretary) Dave Heindel (Chair of the ITF Seafarers’ Section) Jacqueline Smith (Maritime Co-ordinator) Abdulgani Y. Serang (EB Member)

b) Seafarers Rights International

Brian Orrell (Member of Advisory Board) Dave Heindel (Member of Advisory Board) Stephen Cotton (Member of Advisory Board)

c) Hunterlink Recovery Services

Padraig Crumlin (Chair)

d) Seafarers and International House

Dave Heindel (Member of Advisory Board)

e) United Seamen’s Service

Stephen Cotton (Honorary Vice President) Dave Heindel (Director)

f) National Union of Seafarers of India

Abdulgani Y. Serang (General Secretary)

g) TAS Bull Seafarers Foundation

Padraig Crumlin (Director)

The ITF Seafarers’ Trust:

Page 30 of 30

Notes to the Financial Statements for the year ended 31 December 2020