OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

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 2022

FOR

STELLA MARIS

1

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

STELLA MARIS

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Page Contents 2 Report of the Trustees 3 - 16 Report of the Independent Auditors 17 - 19 Statement of Financial Activities 20 Balance Sheet 21 Cash Flow Statement 22 Notes to the Cash Flow Statement 23 Notes to the Financial Statement 24 - 34

2

STELLA MARIS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities Statement of Recommended Practice (SORP 2019), 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 FOR THE PUBLIC BENEFIT

Objectives

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 Promoting 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, sometimes longer. They may face loneliness, isolation, danger and even exploitation. Many come from the world’s poorer nations and 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?

Seafarers on board merchant ships and all who, for whatever reason, are undertaking a voyage. Fishers on board fishing vessels.

Maritime personnel and port workers, including those who work on production platforms offshore or in port. Those preparing for the work above, those who have retired from this work, and their families.

What does Stella Maris do?

In the UK, Stella Maris provides 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:

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.

3

STELLA MARIS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

Significant Activities and Mission in 2022

Less than two months into 2022, the world was rocked by the outbreak of war in Ukraine. One in seven of the world’s seafarers are Russian or Ukrainian. There are 77,000 Ukrainian seafarers and many of the globe’s 55,000 vessels rely on Ukrainian workers. From day one of the conflict, Stella Maris was on the ground supporting seafarers and their families facing an unprecedented crisis. Throughout 2022 we have poured time, energy and funds into ensuring vital support for seafarers and their families affected by this conflict. But our five strategic priorities meant that we also supported seafarers of all nationalities, right around the world:

4

STELLA MARIS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

Meanwhile, seafarers and their families in crisis elsewhere were supported through our Centenary Emergency Fund across a range of distressing and difficult incidents. The chart below shows a breakdown of our crisis caseload in 2022, where seafarers and fishers were supported in each case:

5

STELLA MARIS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

Spiritually supporting Ukrainian seafarers was a key focus for our chaplains during 2022. Our Odesa port chaplain Fr Alex took to YouTube to deliver weekly Gospel readings and reflections which were distributed by us over social media to Ukrainian seafarers. These videos were watched hundreds of times, and helped sustain the faith of Ukrainian seafarers and their families during the early months of the war.

6

STELLA MARIS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

Governance

There were no trustee appointments during 2022. 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. During 2022, the Safeguarding and Welfare Committee oversaw an external review of staff wellbeing. Its findings and recommendations will inform future initiatives to support the welfare of all those working on behalf of Stella Maris.

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.

ACHIEVEMENT AND PERFORMANCE

Trustees have monitored activity of the charity throughout 2022. The impact of Stella Maris is reflected in the stories of ongoing care for seafarers and fishers in crisis; the messages of thanks and appreciation from crews following our visits, and the knowledge that the support we provide prevents an escalation of problems and mental health issues. 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 during the year. Some of our key statistics for 2022 are set out in the infographic below:

FINANCIAL REVIEW

Investment Policy and Environmental Sustainability

7

STELLA MARIS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

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 are excluded.

8

STELLA MARIS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

Income and Expenditure

Donations, grants and legacy gifts from individuals and funders, and other income, totalled more than £2 million in 2022; only the second time we have crossed this milestone. This was principally due to generous support from individual donors, trusts and foundations, corporates and church parishioners, as well as the generosity of a number of supporters who remembered Stella Maris in their wills. But while the cost of living crisis has not strongly hit our income, it has affected our expenditure and we ended the year with an operating deficit of £302,624 at the net income level. The infographic below shows the percentage breakdown of income and expenditure in 2022:

Sea Sunday

Every year, usually in July, the Catholic Church dedicates a Sunday to the People of the Sea, known as ‘Sea Sunday.’ In England and Wales, churches are asked to provide a second or ‘retiring’ collection to support Stella Maris and its work. In 2022, Sea Sunday took place in July. Income from Sea Sunday collections received in 2022 was £429,152, which was higher than 2021 but lower than pre-pandemic Sea Sunday giving levels. With many churches seeing reduced congregations following the pandemic, our aim is to inspire more churches to participate in Sea Sunday in order to grow income.

Legacies

We received legacy donations which totalled £430,615 in 2022 which was higher than our annual average over previous years. We are very grateful to all those who remember Stella Maris in their wills.

Appeals

We ran three direct mail fundraising appeals in 2022, at the start of Lent, Autumn Harvest and Christmas. In addition, we sent our Annual Review to donors in the summer, as a thank you and update (report) mailing which prompted further donations. Our strategy of increased segmentation in fewer appeals per year is not only saving costs, but also delivering higher income.

9

STELLA MARIS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

Our Harvest appeal invited ad hoc donors to become regular givers. It was very successful, with 58 new direct debit commitments totalling more than £10,000 a year. In addition, 21 supporters increased their gift, at a total value of an additional £1,500 per year. £26,000 was also raised in one-off donations. Meanwhile the Christmas appeal featured, for the first time, a ‘gift catalogue’ which people could buy a range of gifts for seafarers, such as well-being, faith, clothing, connection (SIM cards) and pastoral gifts.

Major Donors

We are most grateful for the generous support we receive from our major donors. Our face-to-face engagement with major donors has been slowly scaling up following the lifting of pandemic restrictions. We held a reception for our London/South East England supporters on board HQS Wellington in September. Our 25th World Congress took place in Glasgow in October and local supporters were invited to attend some of its events.

Corporates

Our work with corporates yielded our highest ever income in this area of around £140,000. We attended several significant events, including the UK Chamber of Shipping annual dinner and various conferences. Our mental health support programme for Ukrainian seafarers has been funded by a corporate partner.

Trusts and Foundations

We had a very successful year in terms of raising grants from trusts and foundations, totalling £453,147, to support our work in the UK and overseas. Significant grants included:

Fundraising Approach

10

STELLA MARIS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

Reserves Policy

Stella Maris’ consolidated reserves fund (as at 31 December 2022) stands at £4,494,132 (FY2021 £5,306,509), of which £186,503 is represented by the fixed assets and £4,041,264 by investments within general funds. Total restricted reserves at the 2022 year-end were £232,947 (FY 2021 £222,334).

We review our reserves policy regularly. Our aim is to maintain our reserves at a sufficient level to ensure our financial resilience and sustainability, including protecting us against risks identified in the Risk Register. Our reserves policy sets out the target reserves level and the key principles by which we will manage any excesses or deficits compared to the target. Our aim is to strike the appropriate balance between ensuring a sustainable

11

STELLA MARIS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

financial position and using our funds to fulfil our charitable mission. Free reserves represent the unrestricted general funds of Stella Maris and exclude the restricted funds held and funds that have been allocated by our Trustees. The free reserves also exclude any funds that could only be realised by disposing of fixed assets held for charitable use.

The trustees have determined that holding free reserves within the range £2,185,000 to £2,415,000 (£2.3M +- 5%), an amount equivalent to 12 months unrestricted expenditure, will enable the charity to smooth volatility and minimise disruption to Stella Maris activities.

The trustees intend to utilise £750k from reserves to projects as follows:

In addition, the trustees have allocated £975k from the reserves to:

Therefore, our separately allocated funds total £1,725,000. Our free reserves for 2022 (Reserves less fixed assets less restricted funds) less the trustee allocated funds total £2,321,000 and fall within the target range.

If free reserves fall below the target range, we will aim to address any deficits within 5 years. If free reserves are above the target range, we will transfer surpluses to designated funds and spend these within 5 years.

FUTURE PLANS

In the coming years, the People of the Sea will need the support of Stella Maris more than ever. Supporting Ukrainian seafarers and their families will continue to be a key focus, especially as economic hardship starts to bite. Our priorities for 2023 are:

12

STELLA MARIS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Stella Maris (UK) is an agency of both the Catholic Bishops' Conference of England and Wales (https://www.cbcew.org.uk) and the Catholic Bishops' Conference of Scotland (https://www.bcos.org.uk).

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, 4 December 2014, 16 July 2019 and 6 July 2021.

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 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.

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 2022, the trustees, along with trustees of our partners the Mission to Seafarers and Sailors’ Society, completed the transfer of 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 key management personnel against the pay and remuneration of their counterparts in similar sized 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:

13

STELLA MARIS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

Risk assessment

The principal risk during 2022 was deterioration in our financial performance due to the ongoing impact of Covid19, the cost-of-living crisis and UK and global financial turbulence. In addition, we continued to monitor the implementation of the 2021 safeguarding review to manage risk in this area. We also monitored our GDPRcompliance, risks occasioned by our use of social media and risks of cyber-attack.

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 – Resigned 24 January 2022 Mr James Brennan - Resigned 25 May 2022 Fr David Burke Miss Luisa Campbell Mrs Theresa Crossley Mrs Maita Crowe Mr James Gosling OBE Mr John Hood Mr James Muir Mr Esteban Pacha

Chief Executive Officer

Mr Martin Foley

14

STELLA MARIS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

Auditors

Price Bailey LLP Chartered Accountants Statutory Auditors 8th Floor, Dashwood House 69 Old Broad Street London EC2M 1QS

Solicitors

Stone King 13 Queen Square Bath BA1 2HJ

Bankers

Lloyds Bank PO Box 1000 BX1 1LT

The Co-operative Bank City Office 80 Cornhill London EC3V 3NJ

Investment Fund Managers

Waverton Investment Management Ltd 16 Babmaes Street London SW1Y 6AH

15

STELLA MARIS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees (who are also directors of Stella Maris for the purposes of company law) are responsible for preparing the Trustees’ Annual Report 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. Under company 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 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 these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and 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:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Small companies note

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Auditors

The auditors, Price-Bailey LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 26th September 2023 and signed on its behalf by:

Mr Esteban Pacha - Chairman

16

STELLA MARIS

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF STELLA MARIS

Opinion

We have audited the financial statements of Stella Maris (the ‘charitable company’) for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including 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).

In our opinion the financial statements:

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 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

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 charitable company’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 other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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 course of 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 this gives rise to 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.

17

STELLA MARIS

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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 directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities and Trustees Investment (Scotland) Act 2005 and Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, 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.

Auditor responsibilities for the audit of the 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.

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.

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

We gained an understanding of the legal and regulatory framework applicable to the Charity and the sector in which it operates and considered the risk of the Charity not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting and tax legislation. In relation to the operations of the Charity this included compliance with the Companies Act 2006, Charities Act 2011, Charities Commission, OSCR and SORP 2019.

18

STELLA MARIS

The risks were discussed with the audit team and we remained alert to any indications of non-compliance through the audit. We carried out specific procedures to address the risks identified. These included the following:

Reviewing minutes of Board meetings, reviewing any correspondence with the Charity Commission, agreeing the financial statement disclosures to underlying supporting documentation, and enquiries of management and officers of the Charity. We have also reviewed the procedures in place for the reporting of any incidents to the Trustee Board including serious incident reporting of these matters as necessary with the Charity Commission.

Management override: To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness. We reviewed systems and procedures to identify potential areas of management override risk.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC's website at:

https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-theauditor%E2%80%99s-responsibilities-for . This description forms part of our auditor’s report.

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, and to the charitable company’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s members and 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 charitable company, the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Cooper-Davis FCCA ACA (Senior Statutory Auditor)

For and on behalf of: Price Bailey LLP Chartered Accountants Statutory Auditors 8th Floor, Dashwood House 69 Old Broad Street London EC2M 1QS

Date:

19

STELLA MARIS

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022


Notes
INCOME AND ENDOWMENTS
Donations and legacies 2
Investment income 3
Other income
Total
EXPENDITURE ON
Raising funds 4
Charitable activities
Pastoral care to seafarers
5
Total
NET INCOME/(EXPENDITURE)
Net gains/(losses) on investments
NET MOVEMENT IN FUNDS

RECONCILIATION OF FUNDS
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD **		 Unrestricted
funds
£
1,595,198
106,373
-
1,701,571
551,899
1,462,909
2,014,808
(313,237)
(509,753)
(822,990)
5,084,175
4,261,185



Restricted
funds
£
708,683
-
-
708,683
-
698,070
698,070
10,613
-
10,613
222,334
232,947		 2022
Total funds
£
2,303,881
106,373
-
2,410,254
551,899
2,160,979
2,712,878
(302,624)
(509,753)
(812,377)
5,306,509
4,494,132		 2021
Total funds
£
2,021,102
109,067

-
2,130,169
529,728
2,047,887
2,577,615
(447,446)
578,978
131,532
5,174,977
5,306,509






CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The company has no recognised gains or losses other than those stated above.

20

STELLA MARIS

(REGISTERED COMPANY NUMBER: 3320318) BALANCE SHEET AT 31 DECEMBER 2022

FIXED ASSETS
Notes
Tangible assets11
Investments 12
CURRENT ASSETS
Debtors 13
Cash at bank and in hand
CREDITORS
Amounts falling due within one year 14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS15
Unrestricted funds
Restricted funds
TOTAL FUNDS		 2022
£
186,503
4,041,264
4,227,767
278,787
118,670
397,457
(131,092)
266,365
4,494,132
4,494,132
4,261,185
232,947
4,494,132		 2021
£
90,915
4,855,313
4,946,228
154,707
303,074
457,781
(97,500)




360,281
5,306,509
5,306,509
5,084,175
222,334
5,306,509



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 notes on pages 24 to 34 form part of these financial statements.

Approved and authorised for issue by the board of trustees on 26[th] September 2023 and signed on its behalf by:

Ms Luisa Campbell – Trustee Mr Esteban Pacha - Trustee

21

STELLA MARIS

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

Cash flows from operating activities:
Notes
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
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






2022
£
(341,209)
(341,209)
(147,491)
(1,209,696)
-
1,513,992
-
156,805
(184,404)
303,074
118,670		 2021
£
(175,082)
(175,082)
(52,387)
(655,544)
-
690,564
-
(17,367)


(192,449)
495,523
303,074

22

STELLA MARIS

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

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
Net cash provided by (used in) operating activities		 2022
£
(812,377)
51,903
509,753
-
-
(124,080)
33,592
(341,209)		 2021
£
131,532
53,343
(578,978)
-
-
224,585
(5,564)
(175,082)

B. ANALYSIS OF CHANGES IN NET DEBT

As at 1 January 2022 Cash flows As at 31 December 2022
£ £ £
Cash 303,074 (184,404) 118,670

23

STELLA MARIS

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022

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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' 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.

The registered office of Stella Maris is 39 Eccleston Square, London, SW1V 1BX. The functional currency is the pound sterling.

Going Concern

The trustees consider that there are no material uncertainties about the charitable company’s ability to continue as a going concern. For at least a period of 12 months following the date of the approval of these financial statements.

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:

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.

Donations and grants are recognised when receivable. In the event that a donation is subject to fulfilling performance conditions before Stella Maris is entitled to the funds, the income is deferred and not recognised until it is probable that those conditions will be fulfilled in the reporting period. Income from Gift Aid tax reclaims is recognised for any donations with relevant Gift Aid certificates recognised in income for the year. Any amounts of Gift Aid not received by the year end are accounted for in income and accrued in debtors.

Interest on deposit funds and dividends on investments are recognised when the amounts can be measured reliably which is normally upon notification of the amount paid or payable by the bank or when the dividend yield has been notified by our investment advisors.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing 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 been allocated 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.

24

STELLA MARIS

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022

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 basis 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 income recognised as coming 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

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.

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 note 17 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.

Debtors and cash at bank

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand included cash held on deposit or in a current account.

25

STELLA MARIS

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

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.

Key accounting estimates and areas of judgement

In preparing the financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements.

In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material misstatement in the next financial year.

2. DONATIONS AND LEGACIES

Unrestricted Restricted Total funds Total funds
funds funds 2022 2021
Income from: £ £ £ £
Donations 668,308 265,136 933,444 737,559
Legacies 430,615 - 430,615 134,050
Grants raised for work by 9,600 211,163 220,763 347,884
Stella Maris in the UK
Grants raised for work by - 232,384 232,384 361,673
Stella Maris overseas
Sea Sunday collections
429,152		 - 429,152 375,444
Ports levy
47,441		 - 47,441 48,155
Contribution to Stella Maris 10,082 - 10,082 16,337
overheads
2,303,881 2,021,102

The income from donations and legacies was £2,303,881 (2021: £2,021,102) of which £1,595,198 was unrestricted (2021: £1,311,545) and £708,683 restricted (2021: £709,557).

3. INVESTMENT INCOME

Unrestricted Restricted Total funds Total funds
funds funds 2022 2021
£ £ £ £
Dividends 106,373 - 106,373 109,067

The total dividend income received in 2021 from investments was unrestricted.

Investment income of £52,910 (2021: £49,589) is derived from assets held in the United Kingdom, and income of £53,463 (2021: £59,478) is derived from assets held outside of the United Kingdom.

26

STELLA MARIS

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022

4. RAISING FUNDS

Unrestricted Restricted Total funds Total funds
funds funds 2022 2021
£ £ £ £
Raising donations and legacies
Staff costs 182,099 - 182,099 187,016
Other direct costs 158,915 - 158,915 143,097
Support costs 175,894 - 175,894 165,202
516,908 495,315
Investment managers fees 34.991 - 34,991 34,413
551,899 529,728

In 2021 expenditure incurred included £330,113 of direct costs and £199,616 of support costs. All expenditure on raising funds in 2021 was unrestricted.

5. CHARITABLE ACTIVITIES COSTS

Unrestricted Restricted Total funds Total funds
funds funds 2022 2021
£ £ £ £
Pastoral care to seafarers 1,462,909 698,070 2,160,979 2,047,887

In 2021 expenditure incurred included £1,359,423 of direct costs and £688,464 of support costs.

Expenditure in 2021 on charitable activities included £1,548,682 of unrestricted expenditure and £499,205 of restricted expenditure.

6. GRANTS PAYABLE


Pastoral care to seafarers
The total grants paid to institutions during the year was as follows:
To Seafarers, Scotland
Queen Victoria Seaman’s Rest
AOS Denmark
AOS Ukraine
AOS Philippines
AOS Barcelona
AOS Chennai
Educational Trust of Archdiocese of Verapoly
SFUK Grant paid to AOS Cochin
SFUK Grant paid to Archdiocese of Verapoly
SFUK Grant paid to AOS Manila
SFUK Grant paid to AOS South Africa
SFUK Grant paid to AOS Chennai
SFUK Grant paid to AOS Kenya		 2022
£
192,347
2022
£
8,593
-
75,000
11,000
-
-
-
-
-
5,000
65,374
-
-
27,380
192,347

The total grants paid to institutions during the year was as follows:

27

STELLA MARIS

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022

7. SUPPORT COSTS

Governance
Management
costs
£
£
Costs of generating voluntary income
175,894
-
Pastoral care to seafarers
717,587
30,044
893,481
30,044		 Totals
2022
£
175,894
747,631
923,525		 Totals
2021
£
165,202
523,262
688,464

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
2022
voluntary
Pastoral care Total
income
£
to seafarers
£
activities
£
Staff Costs 139,853 305,729 445,582
Recruitment and training42 288,251 288,293
Establishment costs20,182 60,545 80,727
Motor and travel expenses2,1248,497 10,621
Administrative expenses5,492 21,760 27,252
Professional fees 8,201 32,805 41,006
175,894 717,587 893,481
Governance costs
2022
Pastoral care
to seafarers
£
Trustees' and board meeting expenses5,052
Auditors' remuneration – fee for statutory audit 13,087
Insurance3,776
Sundries 941
Legal fees 7,188
30,044		 2021
Total
activities
£
451,603
14,039
87,644
8,515
32,041
73,046
666,888
2021
Total
activities
£
223
8,813

6,503
947
5,090
21 576

Governance costs

28

STELLA MARIS

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2022 2021 £ £ Auditors’ remuneration 13,087 8,813 Depreciation – owned assets 51,903 53,343

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Trustees' expenses

During the year six trustees (2021: one) were reimbursed out of pocket expenses for travelling and subsistence totalling £4,366 (2021: £173). Additionally, £1,583 (2021: £997) of expenses were paid on behalf of the trustees’ by the charity.

2022 2021 10. STAFF COSTS £ £ Wages and salaries 1,120,430 1,075,698 Social security costs 112,886 99,783 Other pension costs 109,664 98,834 1,342,980 1,274,315

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 £158,440 (2021:£154,775)

The average monthly number of employees during the year was as follows:

Chaplaincy
Fundraising
Support		 2022
22
9
6
37		 2021
22
9
6
37
The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was:
2022 2021
£70,000 - £80,000 1 1

The charity paid contributions to pension scheme for one (2021: one) of those employees with emoluments in excess of £60,000.

29

STELLA MARIS

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022

11. TANGIBLE FIXED ASSETS
Plant and Fixtures and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 January 2022 11,120 - 242,448 20,056 273,624
Additions - 2,398 112,178 32,913 147,489
Disposals - - - - -
At 31 December 2022 11,120 2,398 354,626 52,969 421,113
DEPRECIATION
At 1 January 2022 11,120 - 160,955 10,632 182,707
Charge for year - 149 44,625 7,129 51,903
Eliminated on disposal - - - - -
At 31 December 2022 11,120 149 205,580 17,761 234,610
NET BOOK VALUE
At 31 December 2022 - 2,249 149,046 35,208 186,503
At 31 December 2021 - - 81,492 9,423 90,915
12. FIXED ASSET INVESTMENTS
MARKET VALUE Listed Investments Cash Total
£ £ £
At 1 January 2022 4,693,325 161,988 4,855,313
Additions 1,209,696 1,209,696
Disposals (1,365,407) (1,365,407)
Revaluations (509,753) (509,753)
Cash movements in
the year (148,585) (148,585)
At 31 December 2022
4,027,861 13,403 4,041,264
NET BOOK VALUE
At 31 December 2022 4,027,861 13,403 4,041,264
At 31 December 2021 4,693,325 161,988 4,855,313
Analysis of investments by type: 2022 2021
£ £
Equities 2,926,738 3,579,622
Fixed interest securities 578,689 493,055
Property funds 173,059 242,703
Other investments 349,375 377,945
Cash held within the investment
portfolio 13,403 161,988
4,041,264 4,855,313

30

STELLA MARIS

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022

Geographical analysis of investments:

Held inside the United Kingdom
Held outside the United Kingdom

Historic cost
13.DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Prepayments
14.CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Other creditors
Accrued expenses
15.ANALYSIS OF NET ASSETS BETWEEN FUNDS
Fund balances at 31 December 2022
Unrestricted
funds
£
Fixed assets
34,538
Investments
4,041,264
Current assets
316,474
Current liabilities
(131,091)
4,261,185
Fund balances at 31 December 2021
Unrestricted
funds
£
Fixed assets
34,464
Investments
4,855,313
Current assets
291,898
Current liabilities
(97,500)
5,084,175

2022
£
1,013,486
3,027,778
4,041,264

3,613,362
2022
£
230,875
47,912
278,787
2022
£
65,250
39,940
-
25,902
131,092
Restricted
funds
£
151,964
-
80,983
-
232,947
Restricted
funds
£
56,451
-
165,883
-
222,334		 2021
£
1,258,051
3,597,262
4,855,313
2021
£
115,015
39,692
154,707
2021
£
32,830
38,719
10,000
15,951
97,500
Total funds
2022
£
186,502
4,041,264
397,457
(131,091)
4,494,132
Total funds
2022
£
90,915
4,855,313
457,781
(97,500)
5,306,509

31

STELLA MARIS

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022

16. MOVEMENT IN FUNDS

Unrestricted funds
Unrestricted
Restricted funds
Merchant Navy Welfare Board
Pontifical Council for the Promotion of Integral Human
Development (International Fund)
Marine Training Fund
Restricted Donations
Restricted grant income(UK)
Restricted grant income (INT)
TOTAL FUNDS		 At 1.1.22
Net
movement in
funds At 31.12.22
£ £ £
5,084,175 (822,990)4,261,185
140,010 11,953151,963
82,324 (72,668)9,656
- 4,607 4,607
- 28,929 28,929
- 20,000 20,000
- 17,792 17,792
222,334 10,613 232,947
5,306,509
(812,377) 4,494,132

Net movement in funds, included in the above are as follows:

Unrestricted funds
Unrestricted
Restricted funds
Merchant Navy Welfare Board
Pontifical Council for the
Promotion of Integral Human
Development
Marine Training Fund
Restricted Donations
Restricted grant income (UK)
Restricted grant income (INT)
TOTAL FUNDS		 Incoming
resources
£
1,701,571
46,954
44,470
142,141
78,526
164,208
232,384
708,683
2,410,254		 Resources
expended
£
(2,014,808)
(35,001)
(117,138)
(137,534)
(49,597)
(144,208)
(214,592)
(698,070)
(2,712,878)		 Gains and
losses
£
(509,753)
-
-
-
-
-
-
(509,753)		 Movement
in funds
£
(822,990)
11,953
(72,668)
4,607
28,929
20,000
17,792
10,613
(812,377)

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) & Marine Training funds to be used to support Stella Maris activities around the world.

Restricted grant Income - grants received from a number of generous sources have been restricted to specific expenditure for which they were provided.

Restricted Donations – donations received from generous supporters, restricted to be spent on seafarers worldwide

32

STELLA MARIS

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022

MOVEMENT IN FUNDS

Comparatives for period ending 31 December 2021 Net

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 **		 movement in
At 1.1.21
funds At 31.12.21
£ £ £
4,992,420 91,755 5,084,175
82,958 57,052 140,010
75,099 7,225 82,324
24,500 (24,500) -
182,55739,777 222,334
5,174,977
131,532 5,306,509
Net movement in funds, included in the above
Unrestricted funds
Unrestricted
Restricted funds
Merchant Navy Welfare Board
Other restricted grant income
Pontifical Council for the Promotion of
Integral Human Development
Restricted Donation (CEF)



TOTAL FUNDS		 are as follows:
Incoming
resources
£
Resources
expended
£
1,591,187(2,078,410)
88,225(31,173)
399,832
7,225
43,700
538,982
(424,332)
-
(43,700)
(499,205)
2,130,169
(2,577,615)		 Gains and
losses
£
Movement in
funds
£
578,978 91,755
-57,052
-
-
-
-
(24,500)
7,225
-
39,777
578,978
131,532

17. 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 £109,664 (2021: £98,834). At the balance sheet date the amount due to the pension scheme administrators was £11,358 (2020: £10,684). The expected cost to the Charity in the coming year is expected to be in line with that of 2022.

33

STELLA MARIS

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022

18. RELATED PARTY DISCLOSURES

The total amount of donations to the Charity received by trustees during the year was £90 (2021: nil).

19. 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.

20. 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 2022 the Charity had been notified of the following legacy which had not been recognised as income in these accounts:

An Estate where the Charity is entitled to[2] /15 share of the residual estate. The Charity does not have an estimate for this legacy.

21. 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.

34