REGISTERED COMPANY NUMBER: 3320318 (England and Wales) REGISTERED CHARITY NUMBER: 1069833 (England and Wales) REGISTERED CHARITY NUMBER: SCO43085 (Scotland)
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 FOR STELLA MARIS
STELLA MARIS
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
| Page | |
|---|---|
| Report of the Trustees | 1 to 14 |
| Report of the Independent Auditors | 15 to 17 |
| Statement of Financial Activities | 18 |
| Balance Sheet | 19 |
| Cash Flow Statement | 20 |
| Notes to the Cash Flow Statement | 21 |
| Notes to the Financial Statements | 22 to 34 |
STELLA MARIS, REPORT OF THE TRUSTEES, FOR YEAR ENDED 31 DECEMBER 2020
STELLA MARIS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice, applicable to charities preparing their accounts. This is in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.
OBJECTIVES AND ACTIVITIES Objectives and activities for the public benefit
Stella Maris exists to support seafarers, fishers, and their families in the UK and around the world.
The object of the charity is to promote and advance the general and pastoral welfare of the People of the Sea worldwide, regardless of creed, gender, or ethnic origin.
Stella Maris is the largest ship-visiting network in the world and is the official maritime charity of the Catholic Church. We operate under the oversight of the Vatican Dicastery for the Promotion of Integral Human Development. All our work is consistent with Christian principles and recognised practices of the Catholic Church.
Why does Stella Maris exist?
There are more than 1.5 million seafarers in the world, and they deliver more than 90% of the goods bought and sold in the UK. But their work can be tough, long and lonely.
Seafarers and fishers work away from home for up to 12 months at a time, sometime longer, as we have seen during the Covid pandemic. They face loneliness, isolation, danger and even exploitation. Many come from the world’s poorer nations. Many work for low wages, often providing vital support to extended families at home. In port, due to rapid turn-around times, seafarers and fishers often have limited or no access to facilities ashore.
Who are the ‘People of the Sea’ supported by Stella Maris’?
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Seafarers on board merchant ships and all who, for whatever reason, are undertaking a voyage
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Fishers on board fishing vessels
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Maritime personnel and port workers, including those who work on production platforms offshore or in port
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Those preparing for the work above, those who have retired from this work, and their families
What does Stella Maris do?
We provide a team of full-time and part-time paid ship-visiting chaplains, assisted by a team of volunteers, whose task is to visit ships calling in ports around the UK. Their role is to:
- listen to and counsel seafarers and fishers on-board ships
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STELLA MARIS, REPORT OF THE TRUSTEES, FOR YEAR ENDED 31 DECEMBER 2020
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support the People of the Sea in the practice of their Christian faith by, for example, celebrating Mass and the sacraments of the Catholic Church, and providing prayer, fellowship and faith resources
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provide practical help, such as Wi-Fi access to enable communication with home, and transport to shops, church and seafarers’ centres
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provide support and advocacy in times of crisis, including in cases of hospitalisation, exploitation and unpaid wages
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develop a team of local volunteers to widen the provision of this work
In addition, Stella Maris in the UK supports the work of Stella Maris overseas, assisting our global network to support the People of the Sea in 60 countries. We also advocate on behalf of the People of the Sea with national and international bodies and the shipping industry, particularly regarding human rights and welfare.
All Stella Maris services are provided free, across as broad a geographical area as resources allow, regardless of any factor other than need. Many seafarers and fishers visiting the UK are Catholics, but our service provision is not restricted to those who adhere to the Catholic faith.
Significant activities
During 2020, in light of the Covid-19 pandemic, we focussed activity on adapting our mission and modus operandi to support seafarers and fishers in a time of great need.
Mission in 2020
In a year when the world came to a halt to fight Covid-19, seafarers and fishers had never worked harder – and the ministry of Stella Maris was never more vital.
The cost of the pandemic on seafarers and fishers was severe… lives lost, families thrust into poverty, not to mention the devastating mental and emotional toll. But Stella Maris was the consistent, steadfast friend in port for fishers and seafarers.
Our chaplains and volunteers quickly adapted to the new circumstances. We safely kept serving, with video Gospel readings, one-to-one gangway chats, and the provision of care packages. We supported crews stranded in UK ports, and worked hard to help seafarers get home. We were there by the seafarer’s hospital bed (where Covid-19 protocols allowed), and offered comfort to grieving crews following a suicide.
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STELLA MARIS, REPORT OF THE TRUSTEES, FOR YEAR ENDED 31 DECEMBER 2020
Key highlights in 2020 included:
Crisis response
Stella Maris provided long-term, intensive help to seafarers and fishers who found themselves in crisis as a result of the Covid-19 pandemic. In the Philippines, 120 seafarers spent 150 days of lockdown living in our centre in Manila. Around the world, our chaplains visited seafarers and cruise ship workers hospitalised with Covid-19 (where local protocols allowed this). And in Italy, we supported 24 seafarers abandoned in port for months, until they were repatriated.
Support for the cruise ship industry
The cruise ship industry was hit especially hard by the Covid-19 pandemic, with ships anchored and thousands of jobs lost. Our chaplains worked diligently to support crews on ships with faith resources, live-streamed Masses and pastoral care.
Celebrating Stella Maris’ centenary
In October, we live-streamed a Centenary Mass, celebrated by Archbishop Philip Tartaglia of Glasgow. We also officially became ‘Stella Maris’ – the name by which we are generally known around the world – rather than ‘Apostleship of the Sea’, and our new-look website was launched.
Support for Stella Maris overseas
Support was provided to the global Stella Maris network, most notably in South Africa and Ukraine. In response to identified welfare need, we re-established Stella Maris in Northern Ireland and laid the groundwork to re-launch Stella Maris in Denmark on 1 January 2021. In the Philippines, we supported a research project with colleagues to look at the strategic direction of their mission. We raised additional funds to support colleagues and beneficiaries overseas impacted by Covid-19 and lockdown.
Roll-out of database
Our new, secure online database, Salesforce, was fully implemented in the UK to record ships visits and charitable activity. The database was also adopted by Stella Maris teams in Ukraine and South Africa.
Review of chaplaincy
Following a review of chaplaincy provision in the UK, recommendations were accepted by the trustees in March 2020. These included the creation of a middle management chaplaincy team to
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further improve the support we provide to chaplains and ship visitors. We also plan to develop and deliver a new training and formation programme for current and incoming chaplains and volunteers.
Governance
During the year, we welcomed a new Bishop Promoter for Scotland, Rt Rev Hugh Gilbert, Bishop of Aberdeen. We also appointed two new trustees to the Board; Maita Crowe, CEO and Director of Pathfinder Consultants Ltd, who brings experience of developing partnerships for organisational growth, and James Muir, Chief Commercial Officer at V.Group, the maritime industry’s largest ship manager.
The work of governance is carried out through the main board and three sub-committees: the Finance, Audit and Risk Committee, the Safeguarding and Welfare Committee and the International Committee. All meetings in 2020 were held remotely.
The Safeguarding and Welfare Committee continues to monitor implementation of the safeguarding review undertaken by the board in 2019.
Public benefit
The trustees confirm they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. The trustees refer to public benefit throughout this report.
ACHIVEMENT AND PERFORMANCE
Maritime ministry – monitoring achievement
The trustees have monitored activity of the charity throughout 2020. In general, Stella Maris’ activity moved away from short-term care provided to large numbers of seafarers and fishers, in favour of intense, long-term support for smaller numbers of crews. This reflected the need on the ground, with abandoned, hospitalised or stranded seafarers requiring concentrated support.
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STELLA MARIS, REPORT OF THE TRUSTEES, FOR YEAR ENDED 31 DECEMBER 2020
Stella Maris provided vital support to seafarers in crisis, and our chaplains dealt with a number of issues during 2020. Our strategic partnerships with ship managers, owners, P&I clubs, legal firms and flag states increasingly helped to raise the profile of seafarers’ and fishers’ welfare.
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STELLA MARIS, REPORT OF THE TRUSTEES, FOR YEAR ENDED 31 DECEMBER 2020
FINANCIAL REVIEW
Investment Policy
Scope of investment powers
The trustees are empowered by the Articles of Association to invest any trust monies, as authorised by law, in such manner as they think fit.
Investment objectives
The trustees have adopted a policy for the portfolio of investments that is designed to optimise returns over the longer term and thus provide a regular flow of funds to support Stella Maris’s operating activities both in the UK and overseas.
Who can take investment decisions?
In managing our financial reserves and regularly assessing market risk, the trustees draw up the investment policy and this is reviewed annually.
Attitude to risk
Our investment strategy is to accept a level of medium risk, with a balance sought between realising a target income and achieving capital growth. Investments are divided among equities, bonds, cash and alternatives. The portfolio is externally managed by investment managers who are regulated by the Financial Conduct Authority.
How investments will be managed and reporting requirements for investment managers
Updates on the value of the portfolio are provided to us monthly. Once a year we discuss the performance of the investments with our investment manager, the prevailing and anticipated economic conditions, a forecast of future trends and we look at our future cash requirements to be funded by these investments.
Types of investment, including ethical considerations
In the implementation of this policy, the trustees follow the Charity Commission guidance for the investment of charitable funds. We are mindful of our status as an official agency of the Catholic Bishops' Conference of Scotland and the Catholic Bishops' Conference of England and Wales when investing the charity's assets. Our investment portfolio should be consistent with, and reflect, Catholic teaching. We will not invest in businesses that conduct activities contrary to Catholic Church teaching.
The following examples illustrate our approach:
| Restriction Sanctity of life Labour standards Pornography Fossil fuels |
Notes Companies engaged in the provision and/or practice of abortion, embryo research and euthanasia are excluded. Also excluded are companies engaged in the manufacture of contraceptives. Companies that fail to comply with International Labour Organisation (ILO) labour standards are excluded. Companies with over 10% of turnover resulting from adult entertainment related products and services are excluded. Companies engaged in fossil fuel extraction will be removed from the portfolio. |
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Investment performance
The trustees previously decided to align our investment strategy more closely with our operational strategy. They resolved to fund any future international projects by utilising
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our investment portfolio to provide a higher income. They recognised that a higher income increases the risk in our portfolio.
As explained in Note 13 to the financial statement, during 2020 the charity has withdrawn £600,000 from the investment portfolio in order to offset the shortfall in Sea Sunday donations resulting from Covid 19. This will reduce the future income streams from the investment portfolio until such time as there are surplus funds to enable further investment to be made.
Fundraising
Donations and legacy gifts from individuals and funders, and other income, collectively amounted to almost £1.8 million in 2020. Our expenditure exceeded our income (as was the case for many charities in this pandemic affected year) – but there were many positives from which to draw.
Sea Sunday
Income from this key event was limited. Sea Sunday could not happen as usual in July as most churches were closed or restricted to limited capacity. So it was moved to December 2020, which impacted income flow. Even in
December, Sea Sunday income was limited as fewer people were attending church due to capacity (social distancing) restrictions.
However, the event has helped to accelerate Stella Maris’ movement from cash-based fundraising to digital. We introduced Facebook donate and text giving for the first time, as well as QR codes on Sea Sunday posters to direct donors to our donation webpage.
Legacies
We had a strong income from legacy giving, with one substantial gift and several large gifts.
Appeals
Stella Maris ran five direct mail appeals through 2020, at the start of Lent, Easter, during the Summer, Harvest and Christmas. The autumn ‘Harvest’ appeal sought to convert ad hoc cash donors to regular monthly givers; it was extremely successful, with 10% of respondents signing up to give regularly.
Major donors
Covid-19 restrictions had an impact on our stewardship of major donors, limiting events and face-toface meetings. Going forward, the addition of two new posts to the fundraising team (on the trusts side) will enable major donors to be given a greater focus with more tailored support.
Corporates
The Head of Corporate Engagement, appointed in 2019, worked remotely and digitally to develop strategic relationships within the industry, and successfully raised a number of donations from the corporate sector.
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STELLA MARIS, REPORT OF THE TRUSTEES, FOR YEAR ENDED 31 DECEMBER 2020
Trusts and foundations
We had a very successful year in terms of raising grants from trusts and foundations to support our work in the UK and overseas. Significant grants were raised from Seafarers UK (since re-named The Seafarers Charity) for our work in South Africa, from the TK Foundation for the work of Stella Maris in the Philippines, USA, Spain, Uruguay and Italy and from the ITF Seafarers’ Trust for the work of Stella Maris in the Philippines and Ivory Coast.
Fundraising complaints
A small number of complaints were received and logged during the year. Typically, these were administrative in nature, e.g. a wrong address. During Autumn 2020, a batch of mail destined for Stella Maris was temporarily lost by the postal service, which worried some supporters who had sent cheques and credit card details. However, through our persistence, this batch was eventually relocated by the postal service and delivered to us – so all gifts were eventually processed, and no data was mislaid.
Monitoring
The trustees have delegated day-to-day management of fundraising to a team of experienced fundraisers, employed by Stella Maris. This is documented with job descriptions, clear lines of reporting and accountability. Stella Maris is an Organisational Member of the Chartered Institute of Fundraising and follows its recommended fundraising best practices. Our fundraising activities are also regulated by the Fundraising Regulator. A detailed fundraising report is submitted to each trustees’ meeting.
Thanks
We would like to express our gratitude for continued support from The Seafarers’ Charity (formerly known as Seafarers UK), ITF Seafarers Trust, Merchant Navy Welfare Board and the TK Foundation.
Principal funding sources
Typically, Sea Sunday would provide around a third of Stella Maris’ annual income. In 2020, this was reduced to 6%. Approximately a third of income in 2020 came from donations and a third from legacies. 20% of income was from grants.
Fundraising strategic outlook
Our fundraising priorities for the coming year are to:
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Grow digital fundraising . We will continue to encourage donors to move away from postal donations, to have more people giving digitally. We intend to research and develop forms of contactless giving in churches, and to develop other routes to encourage and grow online giving.
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Grow numbers of regular donors . In order to build sustained, dependable income, we intend to increase efforts to direct supporters to regular giving. An outcome of a successful conversion programme will be that we move from five appeals a year to three – Easter, Harvest and Christmas.
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Expand work with trust and foundations . We have created two new roles to develop further relationships with trusts and foundations to support our work in the UK and overseas. This will also help us to support Stella Maris overseas teams with fundraising capacity and resource.
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- Increase the number of parishes with a Stella Maris contact . This will impact the take-up of Sea Sunday and other Stella Maris events, growing awareness and support.
General Data Protection Regulation (GDPR)
We actively work to confirm consent from our supporters where required, in order to remain compliant with GDPR legislation.
Reserves policy
Stella Maris’ consolidated reserves fund (as at 31/12/20) stands at £5,174,977 (FY2019 £5,262,494) of which £91,871 is represented by the fixed assets and £4,311,355 by investments within general funds. Total restricted reserves at the 2020 year-end were £182,557 (FY 2019 £128,485).
Investments are held to generate additional income to supplement donations and legacy income which can fluctuate year on year. Historically, the policy of holding investments at this level was considered a sensible approach given the uncertainty of generating income from donations and legacies. The trustees have decided to utilise a proportion of these funds over a three-year period, ending December 2021, to develop Stella Maris’s international strategy.
The trustees have determined that reducing ‘Free Reserves’ to a level of £2,300,000, an amount equivalent to 18 months unrestricted expenditure, over a seven-year period (reserves will diminish quite rapidly in 2020-21, with a more measured diminution of reserves over the remaining five years) will provide adequate financial headroom to:
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Support our International Strategy. Up to £500,000 has been set aside for this purpose for the three-year period ending 31 December 2021, at which point the trustees will review implementation of the International Strategy, including the need for further investment.
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Support, at short notice, our work and partners affected in the event of significant overseas maritime emergencies, for example tsunamis in areas of artisanal fishing or a new upsurge in piracy.
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Cope with an unexpected reduction in budgeted income due to the postponement, cancellation or major reduction in scale of our annual Sea Sunday appeal in Catholic churches. Historically, this appeal generates one third to half of our annual income.
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Cope with a major shock to the global/national economic system which causes an unexpected dramatic downturn in budgeted income. During 2020 the charity has withdrawn £600,000 from our reserves to meet the shortfall in budgeted income in 2020 resulting from the postponement, and subsequent much smaller scale, of Sea Sunday due to the Covid-19 pandemic. We anticipate withdrawing further sums from our reserves in 2021 to meet anticipated ongoing income reduction caused by the continuing impact of Covid-19.
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Generate income from our investments while we generate additional income from as many diverse sources as possible.
The balance of the reserves will be retained within general funds as a contingency against stock market falls, operational commitments, associated liabilities and winding-up costs.
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STELLA MARIS, REPORT OF THE TRUSTEES, FOR YEAR ENDED 31 DECEMBER 2020
FUTURE PLANS
The Covid-19 pandemic means the People of the Sea need the support of Stella Maris more than ever.
Our experience in 2020 showed that, while wellbeing apps, programmes and initiatives to support seafarers are good, nothing can replace the personal, human connection provided by our chaplains and ship visitors. Seafarers and fishers impacted by unemployment and the mental and emotional toll of the pandemic will need support in years to come. Industries such as fishing and the cruise ship industry may need particular support to recover and rebuild.
Our priorities for the coming year are:
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1) Ensure chaplains and ship visitors in the UK continue to be properly resourced - spiritually, practically and financially – to serve the People of the Sea with ever greater effectiveness.
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a. Continue the roll-out of Salesforce, our ship visiting database
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b. Provide additional training and formation to all chaplains and volunteers
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c. Continue to implement and embed recommendations from our Safeguarding Review
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2) Support Stella Maris colleagues overseas to strengthen their work and our global network.
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a. Conduct a review of our international strategy
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b. Redouble our efforts to stand with Stella Maris colleagues overseas, growing their capacity and resource
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3) Support the growth in mission by expanding our fundraising team and growing income.
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a. Recruit a UK Grants Manager and an International Grants Manager, to raise additional funds to support Stella Maris’ activity, particularly from trusts and foundations.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
Stella Maris (UK) is an agency of both the Catholic Bishops' Conference of England and Wales (http://www.catholicchurch.org.uk) and the Catholic Bishops' Conference of Scotland (http://www.bpsconfscot.com).
Stella Maris is a Registered Charity in England and Wales No 1069833, a Registered Charity in Scotland No SC043085 and a Company limited by Guarantee No 3320318.
The Articles of Association were agreed in 1997 and amended by Special Resolutions dated 24 July 2002, 6 June 2005, 1 April 2008, 9 June 2011, 15 March 2012 and 4 December 2014.
Recruitment and appointment of trustees
Trustees are appointed by the Bishop Promoters of Scotland and England and Wales by joint decision. Each Bishop Promoter acts for and on behalf of the Bishops’ Conference of which he is a member.
Trustees are appointed on the basis of suitable qualifications and experience, including senior clergy experienced in chaplaincy and those with knowledge of the global maritime industry. They are invited to undertake regular training provided by our solicitors and specialist third party
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STELLA MARIS, REPORT OF THE TRUSTEES, FOR YEAR ENDED 31 DECEMBER 2020
providers. Trustees also receive support from the Charity Commission and charity publications, and updates from the Chief Executive Officer.
Members of the Board of Trustees are also directors and members under the terms of the Companies Act. Members have no beneficial interest in the charity or any other company or charity with whom Stella Maris works in collaboration or cooperation.
The main Board of Trustees meets three times a year and takes reports and recommendations from the Finance, Audit and Risk Committee, the International Committee, and the Safeguarding and Welfare Committee. As well as trustees, the Finance, Audit and Risk Committee and the International Committee include co-opted committee members who are not trustees but who bring relevant subject matter specialisms to those committees.
All trustees give their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related transactions are disclosed in the notes to the accounts. Trustees are required to disclose all relevant interests at each meeting.
Related charities and organisations
During 2020, the trustees, along with trustees of our partners the Mission to Seafarers and Sailors’ Society, laid the groundwork to transfer our legal responsibility for the seafarers’ centres in Immingham, Bristol and Felixstowe to the Queen Victoria Seamen’s Rest (the seamen’s mission of the Methodist Church).
Key management remuneration
Stella Maris benchmarks the pay and remuneration of the key management personnel against the pay and remuneration of their counterparts in similar size charities in the Catholic Church and maritime sector. Salaries are reviewed on an annual basis.
Risk management
The trustees' risk assessment and risk management programme covers all aspects of the operation and conduct of the charity. The process is managed through a risk register. It is a board document, which is reviewed by the full trustee board at least once a year.
The risk evaluation process encompasses the following factors:
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1) Strategic . Risks that impact the sustainable delivery of the objects of the charity. The assessment is mindful of our responsibilities to our main partner organisations: other maritime charities, Stella Maris colleagues overseas, the Dicastery for the Promotion of Integral Human Development and International Christian Maritime Association (ICMA).
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2) Operational . Risks that impact the safe and continued delivery of the support services provided by the charity to seafarers and fishers. These risks include activities undertaken by the trustees, officers of the charity, port and cruise chaplains and their volunteers.
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3) Financial. Risks that impact the financial good health of the charity. These include investment performance, revenue from fundraising activities, cost control, sustainability, accounting controls, liability as a trustee of the joint seafarers’ centres in Immingham, Bristol and Felixstowe, security and anti-fraud controls.
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STELLA MARIS, REPORT OF THE TRUSTEES, FOR YEAR ENDED 31 DECEMBER 2020
Risk assessment
The principal risk during 2020 was Covid-19; we managed the impact of the pandemic on operations and funds. In addition, we continued to monitor the implementation of the safeguarding review to manage risk in this area. We also monitored our GDPR-compliance.
REFERENCE AND ADMINISTRATIVE DETAILS Registered company number
3320318 (England and Wales)
Registered charity number
1069833 (England and Wales) SCO43085 (Scotland)
Registered office
39 Eccleston Square London SW1V 1BX
Trustees
Right Reverend Bishop Hugh Gilbert Right Reverend Bishop Paul Mason Mr Robert Ashdown Mr William Azuh Mrs Helen Brennan Mr James Brennan Appointed 24 March 2021 Fr David Burke Appointed 24 March 2021 Miss Luisa Campbell Mrs Theresa Crossley Mrs Maita Crowe Appointed 7 July 2020 Mr James Gosling Mr John Hood Appointed 24 March 2021 Mr James Muir Appointed 7 July 2020 Mr Esteban Pacha
Chief Executive Officer
Mr Martin Foley
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STELLA MARIS, REPORT OF THE TRUSTEES, FOR YEAR ENDED 31 DECEMBER 2020
Auditors
Morris Crocker Limited Chartered Accountants Statutory Auditors Station House North Street Havant Hampshire PO9 1QU
Solicitors
Stone King 13 Queen Square Bath BA1 2HJ
Bankers
Lloyds Bank Plc P O Box 1000 BX1 1LT
The Co-Operative Bank City Office 80 Cornhill London EC3V 3NJ
AIB Group (UK) Plc Office 9/10 Angel Court London EC2R 7AB
Clydesdale Bank Plc 122 Leadenhall Street London EC3V 4AB
Investment Fund Managers
Waverton Investment Management Ltd 16 Babmaes Street, London, SW1Y 6AH
UBS AG 1 Curzon Street London W1J 5UB
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STELLA MARIS, REPORT OF THE TRUSTEES, FOR YEAR ENDED 31 DECEMBER 2020
STATEMENT OF TRUSTEES RESPONSIBILITIES
The trustees (who are also the directors of Stella Maris (Great Britain) for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Morris Crocker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on 6 July 2021 and signed on its behalf by:
Mr Esteban Pacha - Chairman
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF STELLA MARIS
Opinion
We have audited the financial statements of Stella Maris (the 'charitable company') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 December 2020 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Companies Act 2006; and
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have been prepared in accordance with the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
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 Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF STELLA MARIS
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
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 a Report of the Independent Auditors 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. We have been appointed as auditor under section 44(1) (c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.
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:
From discussion with management and those charged with governance information about the entity is documented to assess the activity within the organisation. We discuss management’s assessment of risk in respect of irregularities, fraud and going concern.
Based on these discussions and our own assessments we determined that the key risk areas were income recognition, going concern and management override concerning the size of the organisation.
We set financial statement materiality level based on the level of income at £43,200. As a not for profit organisation raising income is its primary focus which is why income was used to determine the level of materiality. Our overall assessment of risk was used to determine performance materiality of £38,900.
Substantive audit tests were designed after assessing and testing systems and controls. The systems and controls which have been designed to act as a preventative measure against fraud and error were operating as documented. Substantive testing tested a sample of the population, representative of the population, to identify errors. The testing did not identify any material misstatements in areas tested.
Page 16
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF STELLA MARIS
Audit substantive tests concluded no material errors over the key risk areas of income recognition and management override.
The audit considers the organisation is not exposed to material risk of error as a result of assessing laws and regulations that are appropriate to the organisation.
Management assessed there is no going concern risk. The audit undertook a review of budgets, management accounts and the review of board minutes and came to the same conclusion as management.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Paul Underwood (Senior Statutory Auditor) for and on behalf of Morris Crocker Limited Chartered Accountants, Statutory Auditors Station House North Street Havant Hampshire, PO9 1QU
Date: .............................................
Page 17
STELLA MARIS
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Other income Total EXPENDITURE ON Raising funds 4 Charitable activities Pastoral care to seafarers 5 Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 1,397,470 108,655 143 1,506,268 424,292 1,412,846 1,837,138 189,281 (141,589) 5,134,009 |
Restricted funds £ 256,095 - - 256,095 - 202,023 202,023 - 54,072 128,485 |
2020 Total funds £ 1,653,565 108,655 143 1,762,363 424,292 1,614,869 2,039,161 189,281 (87,517) 5,262,494 |
2019 Total funds £ 1,493,148 135,823 8,177 1,637,148 503,050 1,282,356 1,785,406 666,117 517,859 4,744,635 |
|---|---|---|---|---|
| 4,992,420 | 182,557 | 5,174,977 | 5,262,494 |
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
Page 18
STELLA MARIS (REGISTERED COMPANY NUMBER: 3320318) BALANCE SHEET AT 31 DECEMBER 2020
| Notes FIXED ASSETS Tangible assets 12 Investments 13 CURRENT ASSETS Debtors 14 Cash at bank and in hand CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds 16 Restricted funds TOTAL FUNDS |
2020 £ 91,871 4,311,355 4,403,226 379,292 495,523 874,815 (103,064) |
2019 £ 88,592 4,752,779 4,841,371 167,510 362,097 529,607 (108,484) |
|---|---|---|
| 771,751 5,174,977 |
421,123 5,262,494 |
|
| 5,174,977 4,992,420 182,557 5,174,977 |
5,262,494 5,134,009 128,485 5,262,494 |
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.
The financial statements were approved by the Board of Trustees on 6 July 2021 and were signed on its behalf by:
Mrs Helen Brennan - Trustee
Mr Esteban Pacha - Trustee
Page 19
STELLA MARIS
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020
| Notes Cash flows from operating activities: Cash generated from operations A Net cash provided by (used in) operating activities Cash flows from investing activities: Purchase of tangible fixed assets Purchase of fixed asset investments Sale of tangible fixed assets Sale of fixed asset investments Interest received Dividends received Net cash provided by (used in) investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2020 £ (540,864) (540,864) (65,213) (902,378) - 1,533,083 143 108,655 |
2019 £ (294,103) (294,103) - (1,005,975) 7,850 1,040,842 327 135,823 |
|---|---|---|
| 674,290 133,426 362,097 495,523 |
178,867 (115,236) 477,333 362,097 |
Page 20
STELLA MARIS
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020
A. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income/(expenditure) for the reporting period (as per the statement of financial activities) Adjustments for: Depreciation charges Losses/(gain) on investments (Profit)/loss on disposal of fixed asset Interest received (Increase)/Decrease in debtors Increase/ (Decrease) in creditors Dividends received Net cash provided by (used in) operating activities |
2020 £ (87,517) 44,520 (189,281) 17,414 (143) (211,782) (5,420) (108,655) (540,864) |
2019 £ 517,859 39,847 (666,117) (7,850) (327) (42,138) 446 (135,823) (294,103) |
|---|---|---|
Page 21
STELLA MARIS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the Charities Act 2011, Charities and Trustee Investment (Scotland) Act 2005 and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets, being investments which are included at market value.
Going Concern
The trustees consider that there are no material uncertainties about the charitable company’s ability to continue as a going concern.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
For legacies, entitlement is taken as the earlier of:
-
the date on which the charity is aware that probate has been granted;
-
the estate has been finalised and notification has been made by the executor(s) to the Estate that a distribution will be made; or
-
when a distribution is received from the estate.
Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executors intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligationcommitting the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have beenallocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Allocation and apportionment of costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity’s programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in the notes to the accounts.
Donated Goods and Services
Goods donated for on-going use by the charity in carrying out its activities are recognised as tangible fixed assets with the corresponding gain recognised as income from donations within the SOFA.
Donated services are treated as income and a corresponding expense where the benefit is quantifiable and measurable. The value placed on donated services is the estimated value to the charity of the service received, being the price the charity estimates it would pay in the open market for a service of equivalent utility to the charity. Donated services recognised in the financial statements include those
Page 22
STELLA MARIS
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020
usually provided by an individual or entity as part of their trade or profession for a fee. The value of activities of the charity's volunteers is not considered to be quantifiable and is not recognised in the financial statements as income or expense.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost Fixtures and fittings - 25% on cost Motor vehicles - 25% on cost Computer equipment - 25% on cost
Individual fixed assets costing £500 or more are capitalised at cost.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Page 23
STELLA MARIS
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES - continued
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Financial Instruments
The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable investments in stocks and shares. The measurement basis used for these instruments is detailed below.
Investments
Investments are stated at market value inclusive of accrued income as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and opening market value or purchase date if later. Unrealised gains and losses are calculated as the difference between the market value at the end of the year and opening market value, or purchase date if later. Realised and unrealised gains are not separated in the statement of financial activities.
2. DONATIONS AND LEGACIES
| Donations Donated services Legacies Grants raised for work by Stella Maris in the UK Grants raised for work by Stella Maris overseas Sea Sunday collections Ports levy |
2020 £ 607,577 23,372 544,171 237,653 112,804 104,530 23,458 1,653,565 |
2019 £ 615,770 - 99,997 239,023 - 514,405 23,953 1,493,148 |
||
|---|---|---|---|---|
3. INVESTMENT INCOME
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Dividends | 108,655 | 135,823 |
| 108,655 | 135,823 |
Investment income of £41,773 (2019: £52,603) is derived from assets held in the United Kingdom. Investment income of £66,882 (2019: £83,220) is derived from assets held outside of the United Kingdom.
Page 24
STELLA MARIS
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020
4. RAISING FUNDS
| Raising donations and legacies Staff costs Other direct costs Support costs Investment managers fees |
2020 £ 177,592 106,794 106,569 390,955 33,337 424,292 |
2019 £ 161,107 171,267 135,811 468,145 34,865 503,050 |
|---|---|---|
| 5. CHARITABLE ACTIVITIES COSTS Direct costs £ Grant funding of activities (See note 6) £ Support costs (See note 7) £ Pastoral care to seafarers 742,793 94,703 777,373 1 6. GRANTS PAYABLE 2020 Pastoral care to seafarers £ 94,703 The total grants paid to institutions during the year was as follows: 2020 £ Seaham Seafarers Club 1,000 Bristol Seafarers - Felixstowe and Haven Ports 750 Humber Seafarers Services 2,000 Gente di Mar Society - STELLA MARIS Malta - ITF ST Grant paid to AOS Abidjan, Côte d'Ivoire 12,051 ITF ST Grant paid to AOS Cebu, Philippines 16,177 TKF Grant paid to AOS Cebu, Philippines 16,387 TKF Grant paid to AOS Charleston, USA 2,205 TKF Grant paid to AOS Barcelona, Spain 6,886 TKF Grant paid to AOS Montevideo, Uruguay 6,704 TKF Grant paid to AOS New Orleans, USA 14,156 TKF Grant paid to AOS Genoa, Italy 16,387 94,703 |
Totals £ ,614,869 2019 £ 10,377 2019 £ 1,000 8,500 - - 441 436 - - - - - - - - 10,377 |
|---|---|
During 2019, the Charity secured grants from IMarEST’s Guild of Benevolence and the ITF Seafarers Trust for South Africa, Canada and the Ivory Coast. These grants were paid by the grant provider directly to the recipient and are therefore not disclosed here.
Page 25
STELLA MARIS
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020
7. SUPPORT COSTS
| Governance Management costs £ £ Costs of generating voluntary income 106,569 - Pastoral care to seafarers 638,959 31,845 745,528 31,845 |
Totals £ 106,569 670,804 777,373 |
|---|---|
Basis of allocation
Wages, social security, pensions and recruitment and training - Staff time, Establishment costs – Staff time, Motor and travel, administrative and professional fees - Usage Support costs, included in the above, are as follows:
Management
| Costs of generating voluntary Pastoral care Staff Costs income £ 64,460 to seafarers £ 452,655 Recruitment and training 1,491 29,102 Establishment costs 22,781 68,345 Motor and travel expenses 1,277 4,999 Administrative expenses 6,250 24,999 Professional fees 10,310 58,859 106,569 638,959 |
2020 Total activities £ 517,115 30,593 91,126 6,276 31,249 69,169 745,528 |
2019 Total activities £ 412,330 86,210 62,058 10,274 50,320 21,879 643,071 |
|---|---|---|
Governance costs
| Governance costs | ||
|---|---|---|
| 2020 | 2019 | |
| Pastoral care | Total | |
| to seafarers | activities | |
| £ | £ | |
| Trustees' and board meeting expenses | 1,273 | 5,612 |
| Auditors' remuneration – fee for statutory audit | 8,813 | 8,813 |
| Auditors' remuneration – non audit fees | 4,476 | - |
| Insurance | 6,494 | 6,282 |
| Sundries | 2,160 | 1,061 |
| Legal fees | 8,629 | 7,307 |
| 31,845 | 29,075 |
Page 26
STELLA MARIS
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020
8. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Auditors' remuneration Auditors' remuneration – non audit fees Depreciation - owned assets Foreign exchange losses |
2020 £ 8,813 4,476 44,520 2,649 |
2019 £ 8,813 - 51,412 - |
|---|---|---|
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
During the year one trustee (2019: three) were reimbursed out of pocket expenses for travelling and subsistence totalling £325 (2019: £1,473). Additionally, £3,144 (2019: £3,626) of expenses were paid on behalf of the trustees’ by the charity.
Page 27
STELLA MARIS
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020
10. STAFF COSTS
| 2020 £ Wages and salaries 1,037,252 Social security costs 92,418 Other pension costs 73,881 1,203,551 1 |
2019 £ 892,659 84,997 66,828 ,044,484 |
|---|---|
Key Management Personnel
The key management personnel of the charity comprise the Trustees, National Director and Development Director. The total employee benefits of the key management personnel of the charity were £115,382 (2019: £168,723)
The average monthly number of employees during the year was as follows:
| Chaplaincy Fundraising Support |
2020 20 8 5 33 |
2019 20 7 4 |
|---|---|---|
31 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| £70,000 - £80,000 | 2020 1 |
2019 2 |
|---|---|---|
The charity paid contributions to pension scheme for one (2019: two) of those employees with emoluments in excess of £60,000.
| 2020 Salaries and wages Social security costs Pension costs Total 2019 Salaries and wages Social security costs Pension costs Total |
Chaplaincy £ 716,912 58,031 48,389 823,332 Chaplaincy £ 563,133 49,149 43,930 656,212 |
Fundraising £ 218,531 23,651 18,813 260,995 Fundraising £ 218,484 23,960 15,391 257,835 |
Support £ 101,809 10,736 6,679 119,224 Support £ 111,042 11,888 7,507 130,437 |
Total £ 1,037,252 92,418 73,881 |
|---|---|---|---|---|
1,203,551 |
||||
Total £ 892,659 84,997 66,828 |
||||
1,044,484 |
Page 28
STELLA MARIS
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
11.
| INCOME AND ENDOWMENTS FROM Unrestricted funds £ Donations and legacies 1,287,694 Investment income 135,823 Other income 8,177 Total 1,431,694 EXPENDITURE ON Raising funds 503,050 Charitable activities Pastoral care to seafarers 1,064,675 Total 1,567,725 Net gains/(losses) on investments 666,117 NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward 530,086 4,603,923 TOTAL FUNDS CARRIED FORWARD 5,134,009 |
Restricted funds £ 205,454 - - 205,454 - 217,681 217,681 - (12,227) 140,712 |
Total funds £ 1,493,148 135,823 8,177 1,637,148 503,050 1,282,356 1,785,406 666,117 517,859 4,744,635 5,262,494 |
|---|---|---|
128,485 |
Page 29
STELLA MARIS
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020
12. TANGIBLE FIXED ASSETS
| Plant and Fixtures and machinery £ fittings £ COST At 1 January 2020 38,737 12,903 Additions - - Disposals (27,617) (12,903) At 31 December 2020 11,120 - DEPRECIATION At 1 January 2020 36,202 12,903 Charge for year 2,536 - Eliminated on disposal (27,618) (12,903) At 31 December 2020 11,120 - NET BOOK VALUE At 31 December 2020 - - At 31 December 2019 2,535 - 13. FIXED ASSET INVESTMENTS MARKET VALUE At 1 January 2020 Additions Disposals Revaluations At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 Analysis of investments by type: Equities Fixed interest securities Property funds Other investments Cash held within the investment portfolio |
Motor vehicles £ 434,915 53,221 (295,206) 192,930 351,267 38,661 (277,794) 112,134 80,796 83,648 |
Computer equipment £ Totals £ 66,462 553,017 11,990 65,211 (61,267) (396,993) 17,185 221,235 64,053 464,425 3,323 44,520 (61,266) (379,581) 6,110 129,364 11,075 91,871 2,409 88,592 Listed investments £ 4,752,779 902,378 (1,533,083) 189,281 4,311,355 4,311,355 4,752,779 2020 2019 £ £ 3,188,139 3,558,791 511,569 579,510 218,175 191,724 347,565 341,175 45,907 81,579 4,311,355 4,752,779 |
|---|---|---|
Page 30
STELLA MARIS
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020
Geographical analysis of investments:
| Held inside the United Kingdom Held outside the United Kingdom |
2020 £ 1,027,761 3,283,594 4,311,355 |
2019 £ 1,322,186 3,430,593 4,752,779 |
|---|---|---|
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other debtors Prepayments 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Other creditors Accrued expenses |
2020 £ 335,043 44,249 379,292 2020 £ 16,138 36,037 - 50,889 103,064 |
2019 £ 113,177 54,333 167,510 2019 £ 47,362 31,587 8,500 21,035 108,484 |
|---|---|---|
16. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted funds £ Fixed assets 32,913 Investments 4,311,355 Current assets 751,216 Current liabilities (103,064) 4,992,420 |
2020 2019 Restricted funds £ Total funds £ Total funds £ 58,958 91,871 88,592 - 4,311,355 4,752,779 123,599 874,815 529,607 - (103,064) (108,484) 182,557 5,174,977 5,262,494 |
|---|---|
Page 31
STELLA MARIS
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020
17. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Unrestricted funds Unrestricted Restricted funds Merchant Navy Welfare Board Pontifical Council for the Promotion of Integral Human Development (International Fund) Other restricted grant income TOTAL FUNDS |
Net At 1.1.20 movement in funds £ £ 5,134,009 (141,589) 84,728 (1,770) 43,757 31,342 - 24,500 128,485 54,072 |
At 31.12.20 £ 4,992,420 82,958 75,099 24,500 182,557 5,174,977 |
|
| 5,262,494 | (87,517) |
Net movement in funds, included in the above are as follows:
| Unrestricted funds Unrestricted Restricted funds Merchant Navy Welfare Board Other restricted grant income Pontifical Council for the Promotion of Integral Human Development Coronavirus Job Retention Scheme TOTAL FUNDS |
Incoming resources £ 1,506,268 24,000 156,670 45,538 29,887 256,095 1,762,363 |
Resources expended £ (1,837,138) (25,770) (132,170) (14,196) (29,887) (202,023) |
Gains and losses £ Movement in funds £ 189,281 (141,589) - (1,770) - - 24,500 31,342 - - - 54,072 |
Gains and losses £ Movement in funds £ 189,281 (141,589) - (1,770) - - 24,500 31,342 - - - 54,072 |
|---|---|---|---|---|
| (2,039,161) | 189,281 |
(87,517) |
Merchant Navy Welfare Board - grants received for the purchase of motor vehicles, seafarers' room refurbishment and chaplains' computer equipment and peripherals.
Pontifical Council for the Promotion of Integral Human Development (International Fund) – funds to be used to support STELLA MARIS activities around the world.
Other restricted grant Income - grants received from a number of generous sources have been designated to specific expenditure for which they were provided.
Coronavirus Job Retention Scheme - Grant income received from the government, restricted to be spent on the payment of staff costs retained during the Covid-19 pandemic.
Page 32
STELLA MARIS
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020
MOVEMENT IN FUNDS
| Comparatives for period ending 31 December 2019 Unrestricted funds Unrestricted Restricted funds Merchant Navy Welfare Board Pontifical Council for the Promotion of Integral Human Development (International Fund) Other restricted grant income TOTAL FUNDS |
Net At 1.1.19 movement in funds £ £ 4,603,923 530,086 78,794 5,934 61,918 (18,161) - - 140,712 (12,227) |
Net At 1.1.19 movement in funds £ £ 4,603,923 530,086 78,794 5,934 61,918 (18,161) - - 140,712 (12,227) |
At 31.12.19 £ 5,134,009 84,728 43,757 - |
|---|---|---|---|
| 128,485 | |||
| 4,744,635 | 517,859 |
5,262,494 |
Net movement in funds, included in the above are as follows:
| Unrestricted funds Unrestricted Restricted funds Merchant Navy Welfare Board Other restricted grant income Pontifical Council for the Promotion of Integral Human Development TOTAL FUNDS |
Incoming resources £ 1,431,694 40,000 154,923 10,531 205,454 1,637,148 |
Resources expended £ (1,567,725) (34,066) (154,923) (28,692) (217,681) |
Gains and losses £ Movement in funds £ 666,117 530,086 - 5,934 - - - (18,161) - (12,227) |
Gains and losses £ Movement in funds £ 666,117 530,086 - 5,934 - - - (18,161) - (12,227) |
|---|---|---|---|---|
| (1,785,406) | 666,117 |
517,859 |
18. PENSION COMMITMENTS
The Charity operates a defined contribution scheme which is administered independently of the Charity. The cost to the Charity for the year was £73,881 (2019: £66,828). At the balance sheet date the amount due to the pension scheme administrators was £9,200 (2019: £7,888). The expected cost to the Charity in the coming year is expected to be in line with that of 2020.
Page 33
STELLA MARIS
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020
19. RELATED PARTY DISCLOSURES
During the year, James Gosling, one of the trustees, donated legal services to the Charity. £1,500 has been recognised within income under donated services. There were no related party transactions for the year ended 31 December 2020.
20. ULTIMATE CONTROLLING PARTY
The charitable company is under the control of its members. No one member has sufficient voting rights to control the charitable company.
21. MATERIAL LEGACIES
Legacy income is only included in incoming resources where the legacy has been received or both the receipt and the amount is probable. As at 31 December 2020 the Charity had been notified of the following legacies which have not been recognised as income in these accounts:
An Estate where the Charity is entitled to[1] /40 share of the residual estate. The Charity does not have an estimate for this legacy.
An Estate where the Charity is entitled to[1] /10 share of sales proceeds of property. The Charity does not have an estimate for this legacy.
An Estate where the Charity is entitled to 1/20 share of the residual estate. During the 2020 year two interim distributions have been received and recognised in legacy income however the final distribution is still to be received. The Charity does not have an estimate for this legacy.
An Estate where the Charity is entitled to 1/60 share of the residual estate. The Charity does not have an estimate for this legacy.
An Estate where the Charity is entitled to 1/8 share of the residual estate. The Charity does not have an estimate for this legacy.
22. LEGAL STATUS OF THE CHARITY
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.
Page 34