Strengthening systems, financial controls and resources at Stella Maris

How audit collaboration with Price Bailey supported a finance function in transition

Audit & Assurance
Insight
Planning

Stella Maris, a global charity supporting seafarers, entered a period of significant transition following the departure of both its long-serving Finance Director and CEO within a short timeframe.

This created a need to stabilise the finance function, retain control over key processes, and support a newly forming team. Price Bailey was appointed as auditor at this pivotal point, bringing both independence and sector experience to a charity undergoing change.

This work was supported by close collaboration between Stella Maris’ leadership team, including Tim Hill and Paul Brooks, and Price Bailey’s charity specialists, including Michael Cooper-Davis and James Hart, in providing continuity and sector insight throughout a period of change

What challenges was the charity facing?

The finance function was heavily reliant on legacy systems and processes that had developed over many years and new finance staff, brought in to rebuild and strengthen the team, faced a steep learning curve as they worked with these existing systems and procedures.

The transition also highlighted the importance of robust processes around legacies and restricted funds – both key areas for the charity’s long-term sustainability.

How did audit support go beyond compliance?

Price Bailey’s role combined a rigorous independent audit with practical, experience-led recommendations to support the charity during a period of change.

Particular focus was given to areas such as legacy income and restricted funds, helping to strengthen processes for recording, tracking and allocating income.

Price Bailey’s specialist knowledge of the charity sector also enabled insights that were both relevant and actionable, helping Stella Maris navigate regulatory requirements and sector-specific risks. This objectivity helped reinforce confidence in the financial statements, providing assurance for trustees and stakeholders and supporting the charity’s reputation for transparency.

Recommendations included:

Updating financial software
Streamlining reporting and sign-off procedures
Implementing clear policies for handling legacies and restricted funds
Improving reporting on grants
Enhancing the management information presented to the board

This approach supported Stella Maris in strengthening oversight and equipping the finance team to manage resources more effectively.

How did the working relationship support a smooth audit?

A consistent and open working relationship was central to the engagement. Regular communication, supported by Price Bailey’s ‘client contact time’ approach, ensured queries were addressed as they arose rather than at year end.

This helped make the audit process more efficient and reduced pressure on the internal team during a period of change. It also reinforced the view of audit as an ongoing process, rather than a single annual event.

How does stronger financial control support Stella Maris’ mission?

Stella Maris exists to provide practical, emotional, and spiritual support to seafarers working in challenging conditions worldwide.

Strengthened financial systems and controls have enabled the charity to manage its resources more effectively, improve accountability, and maintain the confidence of donors and stakeholders – allowing greater focus on delivering frontline support.

Strong financial systems are not an end in themselves; they are what enable us to serve seafarers with greater impact. Through our collaboration with Price Bailey, we have strengthened our internal capability and accountability, ensuring that every resource entrusted to Stella Maris is used effectively to support those working in some of the most challenging conditions at sea.

Tim Hill, CEO, Stella Maris

Audit works best when it is collaborative, proactive and grounded in sector understanding. At Stella Maris, our role was to combine independent assurance with practical support, helping the charity strengthen financial controls while navigating a period of transition, so trustees and stakeholders could have confidence in how resources were being managed.

Michael Cooper-Davis, Audit & Assurance Partner, Price Bailey

We always recommend that you seek advice from a suitably qualified adviser before taking any action. The information in this article only serves as a guide and no responsibility for loss occasioned by any person acting or refraining from action as a result of this material can be accepted by the authors or the firm.