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2023-12-31-accounts

ITF SEAFARERS’ TRUST Trustees’ Report and Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2023 Charity Number: 281936

Contents

Reference and Administrative Details of the Charity, its Trustees and Advisers for the Year Ended 31 December 2023 .....................................................................................................................................................................3 Trustees’ Report for the Year Ended 31 December 2023 ...................................................................................4 Statement of Trustees’ responsibilities ............................................................................................................ 11 Independent Auditor’s Report to Trustees of the ITF Seafarers' Trust ............................................................ 12 Statement of Financial Activities for the year ended 31 December 2023 ....................................................... 16 Balance Sheet at 31 December 2023 ............................................................................................................... 17 Statement of Cash Flows for the year ended 31 December 2023 ................................................................... 18 Notes to the Financial Statements for the year ended 31 December 2023 .................................................... 19

Reference and Administrative Details of the Charity, its Trustees and Advisers for the Year Ended 31 December 2023

Principal Office

ITF House 49-60 Borough Road London SE1 1DR

Trustees

Charity Registered Number: 281936

S Cotton P Crumlin A M Dickinson D Heindel S Nair B Orrell J Smith M Schwiegershausen-Güth (resigned 15 May 2024)

Bankers

HSBC Plc 28 Borough High Street London SE1 1YB

Independent Auditor

Investment Managers

Sparrows Capital Office 7 35-37 Ludgate Hill London, EC4M 7JN

Azets Audit Services Ltd. Regis House 45 King William Street London, EC4R 9AN

The ITF Seafarers’ Trust: Trustees Report and Financial Statements

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Trustees’ Report for the Year Ended 31 December 2023

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 2023. The financial statements have been prepared in accordance with applicable United Kingdom accounting standards including Financial Reporting Standard 102 (FRS 102).

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.

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.

Trust management and staff are employed according to the wage scales of the ITF. Grades are determined by a Salary Grading Committee and annual step increases are automatic within the scale. Annual pay awards and benefits are negotiated between ITF management and the ITF staff committee and are equally applicable to Trust staff.

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 throughout the world catering for the general welfare of seafarers and other maritime workers. Grantees include seafarers’ welfare organisations, 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.

The ITF Seafarers’ Trust: Trustees’ Report for the Year Ended 31 December 2023

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Grant making policy

In April 2023 the Seafarers’ Trust secretariat met at the ITF regional office in Abidjan, Cote d’Ivoire to review achievements against the 2018-2023 5-year plan and develop ideas for the next 5 years’ strategy. It was noted that recent years have seen an unwelcome number of global emergencies impacting seafarers – most obviously Covid-19 but also the war in Ukraine, multiple environmental disasters, economic crises and industrial accidents requiring a rapid response. Sadly 2023 was no exception with the earthquake in Turkey requiring humanitarian support for the families of seafarers and maritime workers living close to the epicentre. Swift payments were made via the maritime unions affiliated to ITF to alleviate the immediate suffering and a further grant was awarded to provide training and counselling in recognition of the mental as well as physical trauma experienced by maritime workers and their families around the port of Mersin.

As the war in Ukraine continued, trustees approved an extension of the Ukrainian cadets project funding further scholarships for study at the Lithuanian Maritime Academy in Klaipeda, this time focussing on first year students. Following a Russian missile attack on the Danube Shipping Company offices which caused structural damage to the seafarers’ centre in Izmail, the Trust provided funds to repair the building which was in use housing internally displaced families as well as for coordination of humanitarian support. Given the ongoing hardships, a large grant was also approved to support dental treatment for Ukrainian seafarers.

Aside from emergencies, 2023 saw a resurgence in demand for support for port-based welfare activities with 21 grants awarded for new vehicles to transport seafarers in ports and over a million GBP spent on refurbishment and improvements to seafarers’ welfare centres around the world.

The Trust reaffirmed its commitment to capacity building for effective implementation of maritime regulation through a number of institutional grants. A new sponsorship agreement was signed with World Maritime University and a new Memorandum of Understanding with Seafarers’ Rights International confirming operational funding for a further 5 years. CHIRP, the confidential maritime incident reporting programme also received Trust funding.

In total 65 grants were awarded amounting to net institutional grants expenditure of £3,569,658. In addition, 42 individual/emergency grants were approved under the Seafarers’ Trust Emergency Fund, amounting to a total of £169,605.

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 2023 was £14,351, as the funds were no longer required. An analysis of the grants made during 2023 is shown in Note 4 to the accounts.

Addressing our overarching objectives

All our grants and activities must directly or indirectly result in improvements to the welfare and wellbeing of seafarers and their families.

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Since the pandemic the Trust has facilitated regular meetings of unions representing seafarers from the major countries of labour supply to share discuss current issues and share best practice. In addition, we continue to encourage engagement between seafarers’ support helplines and counselling services. In 2023 our TMAS (Telemedicine At Sea) project with national telemedicine providers resumed face to face meetings culminating in a presentation to the International Symposium on Maritime Health in Athens in October.

Occupational safety and health is a consistent area for improvement that has enjoyed more visibility since the Covid pandemic. The Trust’s occupational safety and health in ports project began back in 2017 and has developed through a number of iterations using distance learning and app-based platforms to increase awareness and understanding of the specific risks and hazards found in the port environment. The Trust has focussed on creating professional tools for learning whilst working in cooperation with the ITF Dockers’ section and regional offices to maximise the take-up and subsequent impact.

The World Maritime University research project, funded by the Trust, on Seafarers’ Hours of Work/Rest was presented to the Seafarers’ Section conference in Santiago with the final report anticipated at the end of 2024. It is hoped the findings will complement section work in the International Labour Organisation and International Maritime Organisation to improve working conditions on board.

Delivering our priority areas of work

Strategic Area 1. Build union capacity to deliver member services

Grant-making

Following a rigorous risk management process Trustees approved a large grant of £400,000 towards a new union seafarers’ centre in Lagos. Nigeria was identified as a country with significant demand and potential for improved services to seafarers and the Maritime Workers’ Union of Nigeria considered as a trusted partner. The grant was approved subject to matched funding from local stakeholders. In addition, the Trust supported several union projects for seafarers’ families experiencing hardship and for the provision of medical/dental services variously in Sri Lanka, Côte d’Ivoire and Ukraine.

OSH Ports

The new version of OSH Ports for Latin America and the Caribbean was soft launched in July with a zoom event for ITF affiliated dockers’ unions from the region. Work continued on the app moving the programme to a new platform to facilitate the expansion of new language versions. OSH ports now exists in Arabic and English for ports in the Arab world, and in Portuguese, Spanish and English for users in Latin America and the Caribbean. Several feedback sessions were conducted after the launch resulting in a commitment to provide face to face training of trainers in 2024.

The ITF Seafarers’ Trust: Trustees’ Report for the Year Ended 31 December 2023

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Strategic Area 2. Resource welfare organisations to provide port-based services

The trend of increased demand for resources in ports continued into 2023 with 19 grants awarded for portbased welfare services and facilities amounting to a total of £983,254, plus a further 21 grants totalling £857,219 spent on new vehicles.

Strategic Area 3. Support initiatives around medical services for seafarers

The Trust project to facilitate cooperation between TMAS services made significant progress in 2023 with a presentation and panel discussion at the International Symposium on Maritime Health and subsequent publication of a paper entitled ‘Towards harmonisation of data collection: a methodology for TMAS data collaboration’ in the IMHF journal.

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

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

Following the positive outcomes of the impact assessment, it was agreed to renew the 5-year Memorandum of Agreement (MOA) with WMU to support 5 students per year. This year ITFST-sponsored WMU graduates hailed from Georgia, India, Nigeria, Sierra Leone and Ukraine. A similar process of impact assessment was initiated with the graduates of IMLI, whose 2023 intake came from Egypt, Guinea Bissau, Lebanon, South Africa and Tanzania. In line with both institutions' commitments to gender equality, five of the ten students supported were women. The Trust also started work on developing alumni networks of sponsored students to improve the networking potential for the benefit of seafarers.

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

During 2023 the ‘Seafarers’ Trust Emergency Fund’ made 42 grants supporting seafarers or their families from 15 nationalities with emergency grants of between £500 - £5000. Funds are not available for beneficiaries to apply directly; applications are made by trusted contacts working with seafarers and their families. Some 335 beneficiaries were supported. Around 32% of cases related to costs associated with injuries or illness of seafarers or their family members. Several grants went to support fishers involved in modern slavery court cases, whilst hardship due to seafarer abandonment was the third most likely reason for applications.

Strategic area 6. Educating the wider public about seafarers and their work

Following the success of the seafarers’ photography competition, ‘ Still at Sea ’ in 2020, the ITF Seafarers’ Trust photography competition has now become an annual event, retitled ‘ Life at Sea ’ and launched on the Day of the Seafarer (25 June) with winners announced on World Maritime Day in September. Life at Sea 2023 attracted an exceptionally large number of submissions, around 4,000, following Trust participation in the ITF Expo in Manila and enthusiastic promotion by key unions. To date more than 30 exhibitions have been held around the world in Brazil, Germany, India, the Netherlands, Norway the Philippines, Portugal, the UK and the USA and the project was presented at the conference of the Council of American Maritime Museums

The ITF Seafarers’ Trust: Trustees’ Report for the Year Ended 31 December 2023

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(CAMM) in Oregon. The new digital archive of the project is now live at www.lifeatsea.co.uk making it easier to share and track image usage. Where possible the Trust facilitates payment to the seafarers when their pictures are used. Towards the end of the year the winning images were exhibited at the prestigious Greenwich Maritime Museum in London. The main purpose of this project is to raise the profile of contemporary seafaring and provide a platform for seafarers to tell their own stories and raise awareness of their vital role in the global economy.

Looking Ahead

Whilst our core areas of work: seafarers’ welfare and wellbeing on board, in ports and at home remain consistent, we constantly strive to have greater impact through coordination of our networks and development of new targeted projects. In 2023 we reviewed our 5-year plan and revised our strategy for the next 5 years.

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. A total of £1,000,000 in gift aid donations was received from the ITF in 2023 (2022: £1,000,000). For the year ended 31 December 2023 total income amounted to £1,939,500 (2022: £1,540,141) excluding gains or losses on disposal of investments.

During the year 2023 total grant expenditure, net of funds returned and grants expired, was £3,739,263 (2022: £4,983,133). These grants are summarised in note 4 to the accounts. The net write-back of expired grants and grant refunds received during 2023 totalled £16,132 (2022: £155,426). Support costs were £762,470 (2022: £806,569). Net losses before investment losses were £3,018,594 (2022: £4,657,581). Net investment gains of £2,687,265 (2022: £4,307,008 loss) are included in the net movement in funds for the year, resulting in a loss of £331,329 (2022: £8,964,589). The Trust’s total funds decreased from £35,367,748 at 31 December 2022 to £35,036,419 as at 31 December 2023. Total funds include the expendable endowment of £24,448,647 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 2023, the total unrestricted reserves were £10,587,772 (2022: £12,648,351). Free reserves are calculated as unrestricted reserves less fixed assets and designated funds. Free reserves at 31 December 2023 were £10,553,470 (2022: £12,578,094).

The ITF Seafarers’ Trust: Trustees’ Report for the Year Ended 31 December 2023

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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 2023 and the updated document was presented to and approved by the Board of Trustees at their meeting in May 2023. 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 associated with the war in Ukraine both in terms of potential for harm as a result of grants awarded (the risk of human trafficking was highlighted by the Charity Commission) and its potential impact on income and its ability to continue its charitable activities, i.e., grantmaking.

In January 2023 the Trust received an opening letter from the Charity Commission citing a complaint received from a former employee of the Trust. Allegations were made suggesting that grant making activities in Ukraine could be supporting Russian separatists. The claims were based on an anonymous, inaccurate internet article pre-dating the current conflict. A closing letter was subsequently received from the Charity Commission in May noting the absence of evidence and indicating that the claims would not be further pursued.

Members of the Secretariat are actively engaged in the monitoring of grant expenditure through site visits, developing strong relationships with partners and reviewing the required reports and documentary evidence of expenditure stipulated by grant agreements. In 2023 visits were made to Ukraine, Malta, Italy, Lithuania, Sweden, France, Turkey, Greece, the Philippines, Cote d’Ivoire, Colombia, Greece, Norway, Finland and the USA – either to oversee projects or to network and participate in conferences and events.

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 2023 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: Trustees’ Report for the Year Ended 31 December 2023

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the Trustees’ objectives. The current investment advisors for the Trust, Sparrows Capital Investments, were appointed on 01 March 2021 following a tendering process.

The value of the Trust’s total investments increased from £35,333,409 as at 31 December 2022 to £35,753,219 as at 31 December 2023. 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 first half of 2023. The strong performance of the portfolio, despite highly volatile market conditions, reflects the Trust’s diversified approach and strong global bias in the target allocations.

Staffing, communications and infrastructure

The ITF appointed a new Programme Development Manager in April 2023 who has been seconded to the Trust to increase capacity in programme delivery. This post is fully funded by the ITF and does not form part of the Trust’s operational overheads.

The ITF Seafarers’ Trust: Trustees’ Report for the Year Ended 31 December 2023

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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 25 July 2024

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Signature: Print Name: David Heindel
Signature: Print Name: Padraig Crumlin
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The ITF Seafarers’ Trust: Trustees’ Report for the Year Ended 31 December 2023

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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 2023 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 2023

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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 and Financial Statements, 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 themselves. 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 (Accounts and Reports) Regulations 2008 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 determine 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

Independent Auditor’s Report to the Trustees of ITF Seafarers' Trust for the year ended 31 December 2023

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opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material 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:

Non-compliance with laws and regulations

Based on our understanding of the Charity and the sector in which it operates, and from discussions with management and those charged with governance, we have considered the significant laws and regulations impacting the Charity. We have also obtained an understanding of the Charity’s policies and procedures regarding compliance with laws and regulations.

The Charity is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be employment law, data protection and health and safety legislation.

Our procedures in respect of the above included:

Fraud

As part of designing our audit, we assessed the risks of material misstatement in the financial statements, including how fraud may occur. We considered the Charity’s own assessment of the risks that irregularities may occur either as a result of fraud or error and held discussions to consider whether there was any knowledge of actual, suspected or alleged fraud. As part of our discussions, we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Where possible, we obtained and reviewed corroborating documentation.

Independent Auditor’s Report to the Trustees of ITF Seafarers' Trust for the year ended 31 December 2023

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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 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 Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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.

Azets Audit Services Statutory Auditor nd 2 Floor, Regis House 45 King William Street London EC4R 9AN

Independent Auditor’s Report to the Trustees of ITF Seafarers' Trust for the year ended 31 December 2023

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Statement of Financial Activities for the year ended 31 December 2023

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 income / (expenditure) before (losses) /
gains
Net (losses) / gains on investment
assets
9
Net Income / (expenditure)
Transfer between funds
Net movement in funds
Funds brought forward at 1 January
Balance carried forward at 31 December		 Restricted
Funds
£
Expendable
Endowment
£
Designated
Funds
£
General
Funds
£
2023
Total funds
£
2022
Total funds
£
-
-
-
1,000,000
1,000,000
1,000,000
-
-
-
500
500
192,938
-
-
-
930,970
930,970
345,815
-
-
-
8,030
8,030
1,388
-
-
-
1,939,500
1,939,500
1,540,141
-
-
-
57,317
57,317
59,096
-
-
-
1,882,183
1,882,183
1,481,045
-
-
-
3,739,263
3,739,263
4,983,133
-
-
27,363
371,681
399,044
348,924
-
-
-
762,470
762,470
806,569
-
-
27,363
4,873,414
4,900,777
6,138,626
-
-
(27,363)
(2,991,231)
(3,018,594)
(4,657,581)
-
1,729,250
-
958,015
2,687,265
(4,307,008)
-
1,729,250
(27,363)
(2,033,216)
(331,329)
(8,964,589)
-
-
-
-
-
-
-
1,729,250
(27,363)
(2,033,216)
(331,329)
(8,964,589)
-
22,719,397
61,665
12,586,686
35,367,748
44,332,337
-
24,448,647
34,302
10,553,470
35,036,419
35,367,748

The notes on pages 19 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:

Page 16 of 30

Statement of Financial Activities for the year ended 31 December 2023

Balance Sheet at 31 December 2023

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 Assets / (Liabilities)
Grant liabilities falling due after one year
Net Assets
FUNDS
Unrestricted Funds
Expendable Endowment
Total Funds		 31 December 2023
£
31 December 2022
£
-
8,592
-
8,592
35,753,219
35,333,409
35,753,219
35,333,409
15,538
6,090
18,799
245,310
239,254
560
1,173,650
3,239,079
67,239
160,281
1,514,480
3,651,320
59,596
53,685
85,019
36,598
1,508,406
2,465,900
(1,653,021)
(2,556,183)
(138,541)
1,095,137
(578,259)
(1,069,390)
35,036,419
35,367,748
10,587,772
12,648,351
24,448,647
22,719,397
35,036,419
35,367,748

The notes on pages 19 to 30 form part of these financial statements

Approved by the Trustees and authorised for issue on 25 July 2024

Signature: Print Name: David Heindel Signature: Print Name: Padraig Crumlin

The ITF Seafarers’ Trust: Balance Sheet at 31 December 2023

Page 17 of 30

Statement of Cash Flows for the year ended 31 December 2023

Notes
Net (expenditure) / income for the reporting period (as per
the Statement of Financial Activities)
Adjustments for:
Depreciation charge
Dividends and interest from investments
Net loss / (gain) on investment assets
Increase in trade and other debtors
Increase in creditors falling due within one year
Increase / (decrease) in long term grants payable after one
year
Net cash used in operating activities
Cash flows from investing activities
Dividends and interest from investments
Purchase of tangible assets
Purchase of investments
Proceeds from sales of investments
Net cash provided by investing activities
Change in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
14		 31 December 2023
£
31 December 2022
£
(331,329)
(8,964,589)
8,592
8,340
(939,000)
(347,203)
(2,687,265)
4,307,008
(9,448)
(490)
(903,162)
(655,664)
(491,131)
835,961
(5,352,743)
(4,816,637)
939,000
347,203
-
-
(2,149,615)
(123,859)
4,417,070
6,919,706
3,206,455
7,143,050
(2,146,288)
2,326,413
3,645,230
1,318,817
1,498,942
3,645,230

The notes on pages 19 to 30 form part of these financial statements

The ITF Seafarers’ Trust: Statement of Cash Flows for the year ended 31 December 2023

Page 18 of 30

Notes to the Financial Statements for the year ended 31 December 2023

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 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. Despite a tough year for global investments, the value of the Trust’s portfolio currently represents five to six years of the average annual spend over the past two years, prior to investment gains or losses. The strength of the balance sheet supports the Trustees opinion regarding the charity’s status as a going concern.

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 and Commitments

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.

creditor balances represent the best estimate of the expected cash outflows, as at the balance sheet date. The time value of money is considered annually and adjusted in the accounts where material.

The ITF Seafarers’ Trust:

Page 19 of 30

Notes to the Financial Statements for the year ended 31 December 2023

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 20 of 30

Notes to the Financial Statements for the year ended 31 December 2023

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 21 of 30

Notes to the Financial Statements for the year ended 31 December 2023

4 CHARITABLE ACTIVITIES – GRANTS

Recipients of institutional grants :

£
MARITIME WORKERS UNION OF NIGERIA 400,000
SEAFARERS RIGHTS INTERNATIONAL 305,845
WORLD MARITIME UNIVERSITY 271,955
MISSION TO SEAFARERS 178,498
IMO INTERNATIONAL MARITIME LAW INSTITUTE 160,701
LOCAL BLACK SEA TRADE UNION ORGANIZATION OF SEAFARERS 150,000
LIMAN-ÝS SENDIKASÝ 101,033
NORTH AMERICAN MARITIME MINISTRY ASSOCIATION 94,688
DEUTSCHE SEEMANNSMISSION BREMERHAVEN 80,953
HUNTER WORKERS REHABILITATION AND COUNSELLING SERVICE LTD 79,738
DEUTSCHE SEEMANNSMISSION - DOUALA 76,242
WELFARE FUND OF MARINE TRANSPORT 75,000
ANCHOR HOUSE INC 74,999
INTERNATIONAL CHRISTIAN MARITIME ASSOCIATION 74,602
FOYER DU MARIN DEUTSCHE SEEMANNSMISSION 73,695
ASSOCIATION HAVRAISE D'ACCUEIL DES MARINS 71,332
SYNDICAT DES MARINS IVOIRIENS AU COMMERCE 70,000
DEUTSCHE SEEMANNSMISSION HAMBURG HARBURG 65,966
THE CHIRP CHARITABLE TRUST 65,000
BALTIMORE INTERNATIONAL SEAFARERS 59,920
GREGORIO OCA LEADERSHIP AND DEVELOPMENT FOUNDATION INC. 55,220
APOSTOLAT DEL MAR 53,063
LES AMIS DES MARINS 52,676
GONZALES SEAFARERS' CENTER FORMERLY KNOWN AS GONZALES SEAMANS' CENTER 51,211
IMO INTERNATIONAL MARITIME ORGANIZATION 50,000
PUBLIC ORGANIZATION 'IZMAIL INTERNATIONAL 49,573
SAILORS' SOCIETY 49,000
MISSION TO SEAFARERS WA (INC) 48,230
STELLA MARIS GENOVA 47,846
SEAMEN'S CENTER OF WILMINGTON, INC. 46,276
FINNISH SEAMENS MISSION 46,252
SEAMEN'S CLUB DUNKERQUE 42,897
SEAFARERS AND INTERNATIONAL HOUSE 41,715
CANAVERAL PORT MINISTRY, INC 41,133
ASSOCIATION LOONOISE DES AMIS DES MARINS 35,270
SNTT- SINDICATO NACIONAL DE TRABAJADORES 33,381
SEAMEN’S CHURCH INSTITUTE OF PHILADELPHIA AND SOUTH JERSEY 33,184
MISSION TO SEAFARERS - BUNBURY 32,189
CORPUS CHRISTI INTERNATIONAL SEAMEN'S CENTER 32,185
SINDIKAT POMORACA HRVATSKE (SEAFARERS UNION OF CROATIA) 25,708
APOSTLESHIP OF THE SEA STELLA MARIS SEAFARER'S CENTRE INC. 24,952

The ITF Seafarers’ Trust:

Page 22 of 30

Notes to the Financial Statements for the year ended 31 December 2023

4 CHARITABLE ACTIVITIES – GRANTS (continued)

ALASKA CHRISTIAN MINISTRY TO SEAFARERS 24,680
LEBANESE SEAMEN SYNDICATE 21,250
NATIONAL UNION OF SEAFARERS OF SRI LANKA 17,349
ONG LES AMIS DES MARINS 16,761
VER.DI 15,491
FLYING ANGEL PORTLAND INC (MISSION TO SEAFARERS PORTLAND) 13,411
MARINE TRANSPORT WORKERS' TRADE UNION OF UKRAINE 12,590
UNIVERSITY OF DUBRO (MARITIME DEPARTMENT) 11,422
TURKIYE DENIZCILER SENDIKASI (SEAFARERS' UNION OF TURKEY) 10,839
CENTRO CARITAS DELL'ARCIDIOCESI DI UDINE ODV-ETS 7,295
MISSION TO SEAFARERS VICTORIA INC 5,771
DAD-DER 5,000
STELLA MARIS 1,803
Total 2023 3,585,790
Total 2022 4,928,638
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
Other
Subtotal
Grants returned
Grants written back not needed
Net institutional grants awarded
Seafarers Trust Emergency Fund - 42 grants issued
Net grants awarded		 2023
2022
£
£
1,813,215
3,415,180
104,742
49,339
-
20,000
534,364
912,625
857,219
434,486
276,250
97,008
3,585,790
4,928,638
(14,351)
(48,527)
(1,781)
(106,899)
3,569,658
4,773,212
169,605
209,921
3,739,263
4,983,133

The ITF Seafarers’ Trust: Notes to the Financial Statements for the year ended 31 December 2023

Page 23 of 30

5 PROJECTS – 2023

Consultants & researchers (projects)
External training
Travel expenses
Website costs
Production costs
General expenses (inc. legal, publications and overheads)
Total net spend as at 31 December		 Restricted
Funds
£
Expendable
Endowment
£
Designated
Funds
£
General
Funds
£
2023
Total funds
£
-
-
5,930
111,403
117,333
-
-
3,143
73,118
76,261
-
-
18,290
122,009
140,299
-
-
-
-
-
-
-
-
49,841
49,841
-
-
-
15,310
15,310
-
-
27,363
371,681
399,044

PROJECTS – 2022

Consultants & researchers (projects)
External training
Travel expenses
Website costs
Production costs
General expenses (inc. legal, publications and overheads)
Total net spend as at 31 December		 Restricted
Funds
£
Expendable
Endowment
£
Designated
Funds
£
General
Funds
£
2022
Total funds
£
-
-
5,415
2,486
7,901
-
-
4,061
69,768
73,829
116,200
-
146
82,373
198,719
-
-
33,696
-
33,696
-
-
13,203
4,260
17,463
-
-
3,253
14,063
17,316
116,200
-
59,774
172,950
348,924

The figure for consultants and researchers includes development costs for the OSH ports app, which were required as part of the expansion of the project into new territories.

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 losses / (gains)
Bank charges and interest
Subtotal		 2023
£
2022
£
496,791
450,067
19,794
10,878
88,957
42,646
7,020
-
3,600
23,100
15,573
13,979
40,822
19,921
80,000
80,000
8,592
8,340
(22,492)
136,820
5,013
4,614
743,670
790,365

The ITF Seafarers’ Trust:

Page 24 of 30

Notes to the Financial Statements for the year ended 31 December 2023

6 SUPPORT COSTS (continued)


SUPPORT COSTS (continued)
Governance Costs:
Auditors remuneration
Trustee travel expenses
Staff costs
Salaries
Social security
Pension contributions
Other staff costs		 2023
£
2022
£
18,800
15,600
-
604
762,470
806,569
365,041
310,597
45,186
69,205
78,124
68,211
8,440
2,054
496,791
450,067

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 2023. Staff costs equivalent to 5 full-time employees were charged to the Trust during the year (2022: 5). No employee received total employee benefits, excluding pension contributions, in excess of £60,000, but less than 70,000 (2022: 1). Two employees received total employee benefits, excluding pension contributions, in excess of £70,000 but less than £80,000 (2022: Nil) No employee received total employee benefits, excluding pension contributions, in excess of £90,000 but less than £100,000 (2022: 1). One employee received total employee benefits, excluding pension contributions, in excess of £100,000 but less than £110,000 (2022: Nil) and one employee received total employee benefits, excluding pension contributions, in excess of £110,000 but less than £120,000 (2022: 1).

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

There were gains on foreign exchange, which totalled £22,492 (2022: £136,820 Loss) as a result of the pound strengthening in value during the year. This meant that a number of the Trust’s non-GBP commitments cost a little less than anticipated in GBP terms.

The audit fee of £18,800 includes £2,800 which relates to audit services carried out in relation to the 2022 audit by BDO. A £16,000 provision has been included in 2023 for audit services, which will be delivered by the Trust’s new auditors, Azets Audit Services Ltd.

Key Management Personnel

Key management personnel are considered to be the Trustees & the Head of Trust. The Trustees receive no remuneration. The aggregate employee benefits for the Head of Trust were £139,911 (2022: £125,744).

7 TRUSTEES

None of the Trustees received remuneration for their services as Trustees during the year. There were no Trustees reimbursed for travel or hotel expenses during the year £Nil (2022: £604).

The ITF Seafarers’ Trust:

Page 25 of 30

Notes to the Financial Statements for the year ended 31 December 2023

8 TANGIBLE FIXED ASSETS

8
TANGIBLE FIXED ASSETS
Cost
1 January
Additions
Disposals
31 December
Depreciation
1 January
Charge for the year
Disposals
31 December
Net book value
1 January
31 December
9
INVESTMENTS
Market value of investments held at 1 January
Purchases
Sales proceeds
Gain/(loss) on investment assets
Market value of investments held at 31 December		 2023
£
2022
£
41,742
41,742
-
-
-
-
41,742
41,742
33,150
24,810
8,592
8,340
-
-
41,742
33,150
8,592
16,932
-
8,592
2023
£
2022
£
35,333,409
46,436,264
2,149,615
123,859
(4,417,070)
(6,919,706)
2,687,265
(4,307,008)
35,753,219
35,333,409

The analysis for the Investments at market value as at 31 December were:

Global Bonds
UK Listed equities		 2023
£
2022
£
10,546,509
10,046,378
25,206,710
25,287,031
35,753,219
35,333,409

10 AMOUNTS OWED TO ITF

Amounts owed to ITF 2023
£
2022
£
59,596
53,685
59,596
53,685

The ITF Seafarers’ Trust: Notes to the Financial Statements for the year ended 31 December 2023

Page 26 of 30

11 MOVEMENTS IN FUNDS - 2023 11 MOVEMENTS IN FUNDS - 2023
At start of Gains and At end of
year Income Expenditure Transfers losses year
£ £ £ £ £ £
Restricted funds
Emergency transportation - - - - - -
Expendable endowment 22,719,397 - - - 1,729,250 24,448,647
Unrestricted funds
Designated funds 61,665 - (27,363) - - 34,302
General funds 12,586,686 1,939,500 (4,930,731) - 958,015 10,553,470
Total unrestricted funds 12,648,351 1,939,500 (4,958,094) - 958,015 10,587,772
Total Funds as at
31 December 35,367,748 1,939,500 (4,958,094) - 2,687,265 35,036,419
MOVEMENTS IN FUNDS – 2022
At start of Gains and At end of
year Income Expenditure Transfers losses year
£ £ £ £ £ £
Restricted funds
Emergency transportation - 192,938 (116,200) (76,738) - -
Expendable endowment 25,171,605 - - - (2,452,208) 22,719,397
Unrestricted funds
Designated funds 121,439 - (59,774) - - 61,665
General funds 19,039,293 1,347,203 (6,021,748) 76,738 (1,854,800) 12,586,686
Total unrestricted funds 19,160,732 1,347,203 (6,081,522) 76,738 (1,854,800) 12,648,351
Total Funds as at
31 December 44,332,337 1,540,141 (6,197,722) - (4,307,008) 35,367,748

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.

The ITF Seafarers’ Trust:

Page 27 of 30

Notes to the Financial Statements for the year ended 31 December 2023

12 ANALYSIS OF NET ASSETS BETWEEN FUNDS – 2023

Expendable Designated General 2023
Endowment Funds Funds Total Funds
£ £ £ £
Fixed Assets - - - -
Investments 24,448,647 - 11,304,572 35,753,219
Net current assets - 34,302 (172,843) (138,541)
Grant liabilities falling due after one year - - (578,259) (578,259)
Total Net Assets as at 31 December 2023 24,448,647 34,302 10,553,470 35,036,419
ANALYSIS OF NET ASSETS BETWEEN FUNDS – 2022
Expendable Designated General 2022
Endowment Funds Funds Total Funds
£ £ £ £
Fixed Assets - - 8,592 8,592
Investments 22,719,397 - 12,614,013 35,333,410
Net current assets - 61,665 1,033,471 1,095,136
Grant liabilities falling due after one year - - (1,069,390) (1,069,390)
Total Net Assets as at 31 December 2022 22,719,397 61,665 12,586,686 35,367,748

13 ANALYSIS OF CHANGES IN NET DEBT

The charity had no debt during the year.

14 ANALYSIS OF CHANGES IN CASH DURING THE PERIOD

Cash held by brokers
Cash held on deposit
Money market deposits
Cash at bank		 31 December
Movement
31 December
2022
in Period
2023
£
£
£
245,310
(226,511)
18,799
560
238,694
239,254
3,239,079
(2,065,429)
1,173,650
160,281
(93,042)
67,239
3,645,230
(2,146,288)
1,498,942

The ITF Seafarers’ Trust:

Page 28 of 30

Notes to the Financial Statements for the year ended 31 December 2023

15 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 2023, are set out below;

a) International Transport Workers’ Federation
Gift aid donation
Administrative support
2023
2022
b) Seafarers Rights International
Grants - Provision of assistance to seafarers
2023
2022
c) Hunterlink Recovery Services
Grants - Provision of assistance to seafarers
2023
2022
d) Seafarers and International House
Grants - Provision of assistance to seafarers
2023
2022
e) World Maritime University
Grants - Provision of assistance to seafarers
2023
2022
_ included in Grant liabilities on page 17_
f) VER.DI*
Grants - Provision of assistance to seafarers
2023
2022		 2023
2023
At 31 Dec
At 31 Dec
Income
Expenditure
2023
2023
Assets
Liabilities
£
£
£
£
1,000,000
-
-
-
-
80,000
-
59,596
1,000,000
80,000
-
59,596
1,000,000
80,000
-
53,685
-
305,845
-
-
-
305,845
-
-
-
490,848
-
-
-
79,738
-
-
-
79,738
-
-
-
82,358
-
-
-
41,715
-
-
-
41,715
-
-
-
39,831
-
-
-
271,955
-
4,070
-
271,955
-
4,070
-
708,482
-
449,680
-
15,491
-
15,491
-
15,491
-
15,491
-
14,002
-
-

The ITF Seafarers’ Trust:

Page 29 of 30

Notes to the Financial Statements for the year ended 31 December 2023

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)

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) World Maritime University

Jacqueline Smith (EB Member)

f) Ver.Di

Maya Schwiegershausen-Güth (Maritime Coordinator)

The ITF Seafarers’ Trust: Notes to the Financial Statements for the year ended 31 December 2023

Page 30 of 30