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2024-12-31-accounts

ITF SEAFARERS’ TRUST Trustees’ Report and Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2024 Charity Number: 281936

Contents

Reference and Administrative Details of the Charity, its Trustees and Advisers for the Year Ended 31 December 2024 .................................................................................................................................................................... 3 Trustees’ Report for the Year Ended 31 December 2024 .................................................................................. 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 2024 ....................................................... 17 Balance Sheet at 31 December 2024 ............................................................................................................... 18 Statement of Cash Flows for the year ended 31 December 2024 ................................................................... 19 Notes to the Financial Statements for the year ended 31 December 2024 .................................................... 20

Reference and Administrative Details of the Charity, its Trustees and Advisers for the Year Ended 31 December 2024

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 2024

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 2024. 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 and seconded to the Trust. In addition to the Trust staff’s salaries and benefits, a contribution to the cost of ITF support staff (Finance, Legal, HR and Systems), who provide support on the Trust's activities, is charged to the Trust.

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 2024

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Grant making policy

Trustees signed off on a 5-year strategic plan at the November 2023 Board meeting with four overarching aims:

1. To improve welfare and wellbeing of seafarers (maritime workers) and their families All our grants and activities directly or indirectly result in improvements to the welfare and wellbeing of seafarers and their families.

2. To encourage cooperation and coordination amongst organisations working for the welfare of seafarers

Since the pandemic the Trust has facilitated regular meetings of unions representing seafarers from the major countries of labour supply to discuss current issues and share best practice. We continued to encourage engagement between seafarers’ support helplines and counselling services. In addition, we facilitate meetings of national telemedicine services to promote standardisation of data collection to improve understanding of seafarers’ health issues.

3. To complement ITF sectional and regional priorities Our main area of shared interest with the ITF is in the field of Occupational Safety and Health. Specifically, the OSH ports project and the research on Hours of Work/Hours of Rest reporting have complemented the ITF’s sectional and regional priorities whilst delivering on our own aims of improving living and working conditions of maritime workers.

4. To raise the profile of seafarers within and beyond the maritime sector The annual Life at Sea seafarers’ photography competition and associated Life at Sea digital archive form the basis of our activities to raise the profile of seafarers within and beyond the maritime sector.

Operational Objectives for 2024:

At the end of 2023 we took the operational objectives from the 5-year plan and expanded them into more specific, ambitious and measurable aims.

  1. To build union capacity to deliver member services within the scope of seafarers’ welfare and wellbeing

  2. Identify unions with potential to develop their power and influence and make at least 10 grants to union welfare projects

  3. Establish an annual structure inviting expressions of interest in English Language Project and provide language training and support for 20 maritime activists/year

  4. In cooperation with ITF Seafarers’ Section and Maritime Operations, develop and start work on a coherent strategy for addressing support for seafarers’ mental health and wellbeing, including coordination of a helpline network and kickstarting counselling services in countries of labour supply.

The ITF Seafarers’ Trust: Trustees’ Report for the Year Ended 31 December 2024

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2. To resource welfare organisations to provide port-based services

3. To support initiatives around occupational safety and health and medical services for seafarers, including mental health and wellbeing

4. To support changes in regulation and practice and improve capacity to effectively implement maritime regulation

5. To provide support to seafarers and their families in emergency situations

6. To tell and share seafarers’ stories within and beyond the maritime sector

The ITF Seafarers’ Trust: Trustees’ Report for the Year Ended 31 December 2024

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Delivering on our operational objectives

Here we consider the extent to which we achieved our objectives in 2024.

1. To build union capacity to deliver member services within the scope of seafarers’ welfare and wellbeing

Seven grants were awarded to union projects, although slightly lower than the target number, the value of the grants amounted to £ 1,174,582, a substantial increase compared to 2023. These included a large grant to establish a seafarers’ welfare centre in Sri Lanka and grants to the Ukrainian affiliate for seafarers’ dental treatment and a regional programme for Ukrainian seafarers and their families displaced to Bulgaria, Romania and Moldova. One grant was given to a union for a mental health and stress management mobile course for Indonesian seafarers after they undergo employment medicals. Cooperation with the ITF Seafarers’ Section on mental health matters and coordination of the network of helplines is ongoing.

Since launching the English language project in 2019 with the aim of broadening and diversifying participation in international meetings and trainings for maritime activists there has been a steady growth in the uptake. The offer was publicised through the Teams’ overseas trips and through presentations to ITF Maritime and Youth meetings.

In relation to LGBTQ+ issues, we approved a further grant to the I Exist Too project towards a second international conference taking place in Malta in 2025.

2. To resource welfare organisations to provide port-based services

In 2024 we awarded 27 grants for port-based welfare and vehicle replacements. Most of those grants were awarded to replace a vehicle used to visit ships and transport seafarers (16) or refurbish existing seafarers’ centre buildings (4), but we also provided 3 grants to care homes for retired seafarers in the UK and Germany and one dormitory in Manila. In addition, we launched two surveys to deepen our understanding of the shoreleave situation – one aimed at seafarers, the other aimed at our contacts in seafarers’ centres. The

The ITF Seafarers’ Trust: Trustees’ Report for the Year Ended 31 December 2024

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results will be used to reiterate seafarers’ right to shoreleave and identify priority areas for the Trust’s grantmaking for port-based welfare.

In terms of work in particular regions, we continue to work with the Maritime Workers’ Union of Nigeria to actualise the grant made in 2023 for the creation of a seafarers’ centre in Lagos, visiting potential sites in February 2024. This project is subject to securing matched funding from the Nigerian authorities. In December trustees approved the proposal for a seafarers’ centre in Colombo to service the needs of Sri Lankan seafarers joining and leaving vessels.

3. To support initiatives around occupational safety and health and medical services for seafarers, including mental health and wellbeing

In the first two quarters of 2024 the Trust carried out the roll-out of the OSH ports app in Latin America and the Caribbean with four Train-the-Trainer workshops held in conjunction with the ITF Dockers Section. Follow up receptions were held during the ITF Marrakech Congress with extremely positive feedback where the Trust was also able to re-engage with the Arab World Unions to plan a relaunch in their countries.

Following a meeting with participating telemedical services in March in Esbjerg the Trust published the Telemedical Maritime Assistance Services Collaborative Report 2023 (https://www.seafarerstrust.org/publications/tmas-2023-collaborative-report) charting the way for a more standardised approach in data collective around matters relating to seafarers’ health on board. The report was reviewed in International Maritime Health Foundation journal in its December edition.

4. To support changes in regulation and practice and improve capacity to effectively implement maritime regulation

In July and November respectively, we launched the WMU and IMLI Alumni networks with great enthusiasm from all participants and clear potential to expand the ITF’s network of contacts in relevant and sometimes challenging countries. Graduates all expressed sincere gratitude for the opportunity to study and willingness to promote the welfare of seafarers as far as their positions allow.

This year saw the publication of Quantifying an Inconvenient Truth – Revisiting a Culture of Adjustment on Hours of Work/Rest Hours (https://www.seafarerstrust.org/publications/quantifying-inconvenient-truth) and conclusion of the 3 year research project. The outcomes have been used extensively by the ITF Seafarers’ Section for justifying a number of proposed amendments to the International Labour Organisation (ILO) Maritime Labour Convention, 2006 (MLC) and will be presented to inform relevant discussions in the International Maritime Organisation (IMO).

In addition, trustees approved funding for a 3-year project with the International Training Centre of the ILO (ITC-ILO) and the ILO to enhance effective implementation of the MLC. This ambitious programme will focus on engagement with the organisations of 3 regional MOUs of the 9 MoUs of Port State Control to increase understanding and build capacity to enforce the requirements of the MLC sometimes known as the Seafarers’ Bill of Rights.

5. To provide support to seafarers and their families in emergency situations

The ITF Seafarers’ Trust: Trustees’ Report for the Year Ended 31 December 2024

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In 2024 the Trust provided emergency grants for 54 cases, equating to 441 beneficiaries and a total value of £232,817. Applications were received on behalf of seafarers and their families mainly from ITF Inspectors (28) and union officials (15). Information on the facility to provide small grants to seafarers in difficulty was shared throughout the year in ITF inspectorate inductions and maritime meetings.

6. To tell and share seafarers’ stories within and beyond the maritime sector

2024 marked the 5[th] anniversary of the ITFST annual seafarers’ photography competition with the launch of the www.lifeatsea.co.uk digital archive. The collection now holds 9,996 photos from 135 countries and 4,137 seafarer photographers. For the second time we presented the project to the International Congress of Maritime Museums at its biannual meeting, this time in the Low Countries, where the project was extremely well received. Over the course of the year some 44 exhibitions from ‘Life at Sea’ were held in museums and galleries, maritime events and symposia and, notably through an extensive travelling exhibition throughout Germany, Switzerland, Cameroon, Brazil and Egypt in cooperation with the German Seamens’ Mission and throughout the Philippines thanks to the ITF’s inspector in Manila. Through these partnerships we have shared the vision and perspective of seafarers to hundreds of thousands of people outside the maritime sector.

Articles based on the project appeared in the prestigious first edition of new publication ‘Mainsheet’ launched in 2024 by Mystic Seaport Museum https://issuu.com/mysticseaport/docs/mainsheet_issue_1_converted-1

And in The Guardian, 26 September 2024 ‘The Life at Sea 2024 photography awards: a rare glimpse into the highs and lows of seafaring’ The Life at Sea 2024 photography awards: a rare glimpse into the highs and lows of seafaring | Environment | The Guardian

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 2024 (2023: £1,000,000). For the year ended 31 December 2024 total income amounted to £1,546,824(2023: £1,939,500) excluding gains or losses on disposal of investments.

During the year 2024 total grant expenditure, net of funds returned and grants expired, was £4,925,709 (2023: £3,739,263). These grants are summarised in note 4 to the accounts. The net write-back of expired grants and grant refunds received during 2024 totalled £31,567 (2023: £16,132). Support costs were £774,420 (2023: £762,470). Net losses before investment losses were £4,399,080 (2023: £3,018,594). Net investment gains of £2,227,901 (2023: £2,687,265) are included in the net movement in funds for the year, resulting in a loss of £2,171,179 (2023: £331,329). The Trust’s total funds decreased from £35,036,419 at 31 December 2023 to £32,865,240 as at 31 December 2024. Total funds include the expendable endowment of £26,004,815 (2023:24,448,647) which can be made available to expend at the Trustees’ discretion.

The ITF Seafarers’ Trust: Trustees’ Report for the Year Ended 31 December 2024

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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 2024, the total unrestricted reserves were £6,860,425 (2023: £10,587,772). Free reserves are calculated as unrestricted reserves less fixed assets and designated funds. Free reserves at 31 December 2024 were £6,850,426 (2023: £10,553,470).

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 2024 and the updated document was presented to and approved by the Board of Trustees at their meeting in May 2024. The Trust’s exposure to risk is under constant review and the register is updated on an annual basis.

Towards the end of 2023, the Trust received an allegation of misappropriation of grant funds. A thorough investigation was undertaken including a review of all related documentation reports, receipts and bank statements. The accuser and the accused were interviewed on zoom and in person respectively and a further nine connected people were interviewed. No evidence was found to corroborate the claims, however given the sums involved a ‘serious incident report’ was made to the Charity Commission on 17 May 2024. No further action was required.

The risk register and mitigation strategies were reviewed in light of this investigation, but further changes were not proposed.

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.

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 2024 by either Trust staff or Trustees, and no third-party commercial participators or professional fundraisers were employed.

The ITF Seafarers’ Trust: Trustees’ Report for the Year Ended 31 December 2024

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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 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 decreased from £35,753,219 as at 31 December 2023 to £33,938,628 as at 31 December 2024, which in part, was due to £4,750,000 of cash being taken out of the investments to cover grant commitments. 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. 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.

The ITF Seafarers’ Trust: Trustees’ Report for the Year Ended 31 December 2024

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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 2 June 2025

Signature: Print Name: David Heindel

Signature: Print Name: Brian Orrell

The ITF Seafarers’ Trust: Trustees’ Report for the Year Ended 31 December 2024

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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 2024 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.

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

Independent Auditor’s Report to the Trustees of ITF Seafarers' Trust for the year ended 31 December 2024

Page 13 of 32

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 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.

Independent Auditor’s Report to the Trustees of ITF Seafarers' Trust for the year ended 31 December 2024

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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.

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.

Independent Auditor’s Report to the Trustees of ITF Seafarers' Trust for the year ended 31 December 2024

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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 2[nd] Floor, Regis House 45 King William Street London EC4R 9AN

9 June 2025

Independent Auditor’s Report to the Trustees of ITF Seafarers' Trust for the year ended 31 December 2024

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Statement of Financial Activities for the year ended 31 December 2024

Notes Expendable
Endowment
£
Designated
Funds
£
General
Funds
£
2024
Total funds
£
2023
Total funds
£
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 Income / (expenditure)
Transfer between funds
Net movement in funds
Funds brought forward at 1 January
Balance carried forward at 31
December		 -
-
1,000,000
1,000,000
1,000,000
-
-
-
-
500
-
-
541,589
541,589
930,970
-
-
5,235
5,235
8,030
-
-
1,546,824
1,546,824
1,939,500
-
-
56,528
56,528
57,317
-
-
1,490,296
1,490,296
1,882,183
-
-
4,925,709
4,925,709
3,739,263
-
24,303
164,944
189,247
399,044
-
-
774,420
774,420
762,470
-
24,303
5,865,073
5,889,376
4,900,777
-
(24,303)
(4,374,777)
(4,399,080)
(3,018,594)
1,556,168
-
671,733
2,227,901
2,687,265
1,556,168
(24,303)
(3,703,044)
(2,171,179)
(331,329)
-
-
-
-
-
1,556,168
(24,303)
(3,703,044)
(2,171,179)
(331,329)
24,448,647
34,302
10,553,470
35,036,419
35,367,748
26,004,815
9,999
6,850,426
32,865,240
35,036,419

The notes on pages 20 to 32 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: Statement of Financial Activities for the year ended 31 December 2024

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Balance Sheet at 31 December 2024

Notes 31 December2024
£
31 December 2023
£
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
Grant liabilities falling due after one year
Net Assets
FUNDS
Unrestricted Funds
Expendable Endowment
Total Funds		 -
-
-
-
33,938,628
35,753,219
33,938,628
35,753,219
5,368
15,538
38,019
18,799
1,088
239,254
-
1,173,650
944,950
67,239
989,425
1,514,480
172,240
59,596
49,529
85,019
1,141,927
1,508,406
(1,363,696)
(1,653,021)
(374,271)
(138,541)
(699,117)
(578,259)
32,865,240
35,036,419
6,860,425
10,587,772
26,004,815
24,448,647
32,865,240
35,036,419

The notes on pages 20 to 32 form part of these financial statements

Approved by the Trustees and authorised for issue on 2 June 2025 Signature: Print Name: Brian Orrell Signature: Print Name: David Heindel

The ITF Seafarers’ Trust: Balance Sheet at 31 December 2024

Page 18 of 32

Statement of Cash Flows for the year ended 31 December 2024

Notes 31 December
2024
£
31 December
2023
£
Net expenditure) for the reporting period
(as per the Statement of Financial Activities)
Adjustments for:
Depreciation charge
Dividends and interest from investments
Net 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		 (2,171,179)
(331,329)
-
8,592
(546,824)
(939,000)
(2,227,901)
(2,687,265)
10,171
(9,448)
(289,325)
(903,162)
120,858
(491,131)
(5,104,200)
(5,352,743)
546,824
939,000
-
-
(1,928,967)
(2,149,615)
5,971,458
4,417,070
4,589,315
3,206,455
(514,885)
(2,146,288)
1,498,942
3,645,230
984,057
1,498,942

The notes on pages 20 to 32 form part of these financial statements

The ITF Seafarers’ Trust: Statement of Cash Flows for the year ended 31 December 2024

Page 19 of 32

Notes to the Financial Statements for the year ended 31 December 2024

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 20 of 32

Notes to the Financial Statements for the year ended 31 December 2024

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 32

Notes to the Financial Statements for the year ended 31 December 2024

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 32

Notes to the Financial Statements for the year ended 31 December 2024

4 CHARITABLE ACTIVITIES – GRANTS

4
CHARITABLE ACTIVITIES – GRANTS
TOTAL
£
NATIONAL UNION OF SEAFARERS OF SRI LANKA 906,808
INTERNATIONAL TRAINING CENTRE OF THE ILO 573,690
SEAFARERS RIGHTS INTERNATIONAL 424,190
FONDAZIONE CENTRO INTERNAZIONALE RADIO MEDICO (CIRM) 258,746
WORLD MARITIME UNIVERSITY 248,662
MISSION TO SEAFARERS 241,050
IMO INTERNATIONAL MARITIME LAW INSTITUTE 178,041
INTERNATIONAL CHRISTIAN MARITIME ASSOCIATION 105,909
INTERNATIONAL LUTHERAN SEAFARERS MISSION 100,218
LOCAL BLACK SEA TRADE UNION ORGANIZATION 88,189
HUNTER WORKERS REHABILITATION & COUNSELLING SERVICE LTD 82,072
THE MISSION TO SEAFARERS - SINGAPORE 77,252
DEUTSCHE SEEMANNSMISSION HAMBURG HARBURG 76,640
THE ROYAL ALFRED SEAFARERS SOCIETY 75,000
THE CHIRP CHARITABLE TRUST 65,000
KESATUAN PELAUT INDONESIA 64,143
INTERNATIONAL MARITIME HEALTH ASSOCIATION 64,000
UNION DE TRABAJADORES DEL TRANSPORTE MARÍTIMO AEREO TERRESTRE Y AFINES 59,451
INTERNATIONAL MINISTRIES MOBILE BAPTIST 59,247
MISSION TO SEAFARERS WA (INC) 54,547
NORTH AMERICAN MARITIME MINISTRY ASSOCIATION 52,740
BANGLADESH MERCHANT MARINE OFFICERS' ASSOCATION 50,000
THE MARINE SOCIETY AND SEA CADETS 50,000
SAILORS SOCIETY 49,800
FINNISH SEAMENS SERVICE 49,696
LES AMIS DES MARINS 49,209
UNITED MINISTRY TO THE PORT OF GALVESTON 46,215
SEAFARERS' HOUSE 43,253
FINNISH SEAMEN´S MISSION 42,529
FOYER DU MARIN DEUTSCHE SEEMANNSMISSION 41,464
SEAFARERS AND INTERNATIONAL HOUSE 40,662
INTERNATIONAL MARITIME HEALTH FOUNDATION 39,608
LUND UNIVERSITY 37,573
DEUTSCHE SEEMANNSMISSION BREMERHAVEN 33,412
INTERNATIONAL SEAFARERS' CENTER OF LONG BEACH 29,309
DEUTSCHE SEEMANNSMISSION - WILHELMSHAVEN 28,746
APOSTOLATUS MARIS SEAFARERS CENTRE INC. 27,710
INTERNATIONAL MARITIME LAW INSTITUTE 25,547
MARIN' ACCUEIL - LORIENT 25,064
ESCALE ESTUAIRE DE LA GIRONDE 24,765

The ITF Seafarers’ Trust: Notes to the Financial Statements for the year ended 31 December 2024

Page 23 of 32

4 CHARITABLE ACTIVITIES – GRANTS (continued)

TOTAL
£
MARIN' ESCALE - LA ROCHELLE 24,748
HARRY BRIDGES CENTER FOR LABOR STUDIES 20,022
I EXIST TOO 20,000
SEEMANNSMISSION HAMBURG E.V. 16,367
MISSION TO SEAFARERS AUSTRALIA 16,076
SEATTLE SEAFARERS CENTER 11,727
STELLA MARIS GENOVA 9,481
THE FAIR EMPLOYMENT FOUNDATION LIMITED 5,200
DANISH SEAMEN'S MISSION IN KALUNDBORG/KL 4,690
AMIGOS IRMAOS DOS HOMENS DO MAR 4,579
ASSOCIATED MARINE OFFICERS & SEAMENS UNION OF THE PHILIPPINES (AMOSUP) 1,412
Total 2024 4,724,459
Total 2023 3,585,790
2024
£
2023
£
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 - 54 grants issued
Net grants awarded		 2,357,948
1,813,215
94,857
104,742
121,595
-
1,043,728
534,364
812,360
857,219
293,971
276,250
4,724,459
3,585,790
(11,567)
(14,351)
(20,000)
(1,781)
4,692,892
3,569,658
232,817
169,605
4,925,709
3,739,263

The ITF Seafarers’ Trust: Notes to the Financial Statements for the year ended 31 December 2024

Page 24 of 32

5 PROJECTS – 2024

Expendable
Endowment
£
Designated
Funds
£
General
Funds
£
2024
Total Funds
£
Consultants & researchers (projects)
External training
Travel expenses
Production costs
General expenses (inc. legal, publications and overheads)
Total net spend as at 31 December 2024		 -
6,240
14,210
20,450
-
10,109
45,650
55,759
-
6,454
88,233
94,687
-
1,500
-
1,500
-
-
16,851
16,851
-
24,303
164,944
189,247

PROJECTS – 2023

Expendable
Endowment
£
Designated
Funds
£
General
Funds
£
2023
Total Funds
£
Consultants & researchers (projects)
External training
Travel expenses
Production costs
General expenses (inc. legal, publications and overheads)
Total net spend as at 31 December 2023		 -
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

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.

The ITF Seafarers’ Trust:

Page 25 of 32

Notes to the Financial Statements for the year ended 31 December 2024

6 SUPPORT COSTS

2024
£
2023
£
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
Governance Costs:
Auditors remuneration
Trustee travel expenses		 540,883
496,791
8,730
19,794
72,020
88,957
-
7,020
-
3,600
14,582
15,573
44,267
40,822
80,000
80,000
-
8,592
(8,733)
(22,492)
4,307
5,013
756,056
743,670
18,000
18,800
364
-
774,420
762,470
Staff costs 2024
£
2023
£
Salaries
Social security
Pension contributions
Other staff costs		 394,006
365,041
52,939
45,186
86,578
78,124
7,360
8,440
540,883
496,791

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 2024. Staff costs equivalent to 5 full-time employees were charged to the Trust during the year (2023: 5). One employee received total employee benefits, excluding pension contributions, in excess of £60,000, but less than 70,000 (2023: Nil). One employee received total employee benefits, excluding pension contributions, in excess of £70,000 but less than £80,000 (2023: 2) One employee received total employee benefits, excluding pension contributions, in excess of £80,000 but less than £900,000 (2023: Nil). One employee received total employee benefits, excluding pension contributions, in excess of £100,000 but less than £110,000 (2023: 1) and one employee received total employee benefits, excluding pension contributions, in excess of £110,000 but less than £120,000 (2023: 1)..

The ITF Seafarers’ Trust:

Page 26 of 32

Notes to the Financial Statements for the year ended 31 December 2024

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

There were gains on foreign exchange, which totalled £8,733 (2023: £22,492) 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.

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 £150,805 (2023: £139,911).

7 TRUSTEES

None of the Trustees received remuneration for their services as Trustees during the year. One Trustee was reimbursed for travel or hotel expenses during the year £364 (2023: £Nil).

8 TANGIBLE FIXED ASSETS

2024
£
2023
£
Cost
1 January 2024
Additions
Disposals
31 December 2024
Depreciation
1 January 2024
Charge for the year
Disposals
31 December 2024
Net book value
1 January
31 December		 41,742
41,742
-
-
-
-
41,742
41,742
41,742
33,150
-
8,592
-
-
41,742
41,742
-
8,592
-
-

The ITF Seafarers’ Trust:

Page 27 of 32

Notes to the Financial Statements for the year ended 31 December 2024

9 INVESTMENTS

2024
£
2023
£
Market value of investments held at 1 January 2024
Purchases
Sales proceeds
Gain / (loss) on investment assets
Market value of investments held at 31 December 2024		 35,753,219
35,333,409
1,928,967
2,149,615
(5,971,458)
(4,417,070)
2,227,901
2,687,265
33,938,629
35,753,219

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

2024
£
2023
£
Global Bonds
UK Listed equities		 10,312,190
10,546,509
23,626,439
25,206,710
33,938,629
35,753,219

10 AMOUNTS OWED TO ITF

2024
£
2023
£
Amounts owed to ITF 172,240
59,596
172,240
59,596

The ITF Seafarers’ Trust: Notes to the Financial Statements for the year ended 31 December 2024

Page 28 of 32

11 MOVEMENTS IN FUNDS – 2024

At start of
year
£
Income
£
Expenditure
£
Transfers
£
Gains and
losses
£
At end of
year
£
Expendable endowment
Unrestricted funds
Designated funds
General funds
Total unrestricted funds
Total Funds as at 31
December 2024		 24,448,647
-
-
-
1,556,168
26,004,815
34,302
-
(24,303)
-
-
9,999
10,553,470
1,546,824
(5,921,601)
-
671,733
6,850,426
10,587,772
1,546,824
(5,945,904)
-
671,733
6,860,425
35,036,419
1,546,824
(5,945,904)
-
2,227,901
32,865,240

MOVEMENTS IN FUNDS – 2023

At start of
year
£
Income
£
Expenditure
£
Transfers
£
Gains and
losses
£
At end of
year
£
Expendable endowment
Unrestricted funds
Designated funds
General funds
Total unrestricted funds
Total Funds as at 31
December 2023		 22,719,397
-
-
-
1,729,250
24,448,647
61,665
-
(27,363)
-
-
34,302
12,586,686
1,939,500
(4,930,731)
-
958,015
10,553,470
12,648,351
1,939,500
(4,958,094)
-
958,015
10,587,772
35,367,748
1,939,500
(4,958,094)
-
2,687,265
35,036,419

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: Notes to the Financial Statements for the year ended 31 December 2024

Page 29 of 32

12 ANALYSIS OF NET ASSETS BETWEEN FUNDS – 2024

Expendable
Endowment
£
Designated
Funds
£
General
Funds
£
2024
Total Funds
£
Fixed Assets
Investments
Net current assets
Grant liabilities falling due after one year
Total Net Assets as at 31 December 2024		 -
-
-
-
26,004,815
-
7,933,813
33,938,628
-
9,999
(384,270)
(374,271)
-
-
(699,117)
(699,117)
26,004,815
9,999
6,850,426
32,865,240

ANALYSIS OF NET ASSETS BETWEEN FUNDS – 2023

Expendable
Endowment
£
Designated
Funds
£
General
Funds
£
2023
Total Funds
£
Fixed Assets
Investments
Net current assets
Grant liabilities falling due after one year
Total Net Assets as at 31 December 2023		 -
-
-
-
24,448,647
-
11,304,572
35,753,219
-
34,302
(172,843)
(138,541)
-
-
(578,259)
(578,259)
24,448,647
34,302
10,553,470
35,036,419

13 ANALYSIS OF CHANGES IN NET DEBT

The charity had no debt during the year.

14 ANALYSIS OF CHANGES IN CASH DURING THE PERIOD

31 December 2023
£
Movement in Period
£
31 December 2024
£
Cash held by brokers
Cash held on deposit
Money market deposits
Cash at bank		 18,799
19,220
38,019
239,254
(238,166)
1,088
1,173,650
(1,173,650)
-
67,239
877,711
944,950
1,498,942
(514,885)
984,057

The ITF Seafarers’ Trust: Notes to the Financial Statements for the year ended 31 December 2024

Page 30 of 32

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 2024, are set out below:

2024
Income
2024
Expenditure
At 31 Dec
2024
Assets
At 31 Dec
2024
Liabilities
a) International Transport Workers’
Federation
Gift aid donation
Administrative support
2024
2023
b) Seafarers Rights International
Grants - Provision of assistance to seafarers
2024
2023
c) Hunterlink Recovery Services
Grants - Provision of assistance to seafarers
2024
2023
d) Seafarers and International House
Grants - Provision of assistance to seafarers
2024
2023
e) World Maritime University
Grants - Provision of assistance to seafarers
2024
2023
_ included in Grant liabilities on page 15_
f) VER.DI*
Grants - Provision of assistance to seafarers
2024
2023		 £
£
£
£
1,000,000
-
-
-
-
80,000
-
172,240
1,000,000
80,000
-
172,240
1,000,000
80,000
-
59,596
-
424,190
-
-
-
424,190
-
-
-
305,845
-
-
-
82,072
-
-
-
82,072
-
-
-
79,738
-
-
-
40,662
-
-
-
40,662
-
-
-
41,715
-
-
-
248,662
-
180,168
-
248,662
-
180,168
-
271,955
-
4,070
-
-
-
-
-
-
-
-
-
15,491
-
15,491

The ITF Seafarers’ Trust:

Page 31 of 32

Notes to the Financial Statements for the year ended 31 December 2024

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 2024

Page 32 of 32