The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 


## **Annual Report & Financial Statements** 

April 2024 - March 2025 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Contents** 

**3** Our Purpose 

**4** Chair’s Message 

- **5** Welcome from the Chief Executive 

- **6** Public Benefit Statement 

**38-40** Building for the Future 

- **41-49** People 

**50-63** Governance & Financial Review 

   - **64-67** Independent Auditors’ Report to the Members of The Odyssey Trust Company Limited 

- **7** Our Impact 

   - **68-71** Financial Statements 

- **8** What We Do 

   - **72-101** Notes to the Financial Statements 

- **9-26** Learning & Engagement 

**102** Trustees, Management & Advisers 

- **27-35** Facilities for Leisure & Recreation 

**36-37** Sustainability 

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**The Odyssey Trust Company Limited** 

**Company Number: NI033106 Charity Commission NI Number: 100113** 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## Chair’s Message 


**It is a profound privilege to be part of a Charity that holds a unique place in the hearts of our communities.** 

As Chair of The Odyssey Trust, it is with immense pride and deep gratitude that I reflect on a year defined by growth, resilience, and an unwavering dedication to our charitable mission. Over the past twelve months, The Trust has embraced new opportunities, revitalised core programmes, and celebrated landmark achievements, each reaffirming our role as a leading force for social, cultural, and educational enrichment in Northern Ireland. 

This year holds special significance as we celebrate 25 years since the establishment of The Odyssey Trust. This milestone invites us to reflect not only on how far we have come, but also on the enduring impact we continue to make across generations. Over the past quarter-century, The Trust has evolved into a cornerstone of Northern Ireland, uniting entertainment, education, sport, and community outreach under one mission: to create positive, lasting change for public good. 

A significant testament to our continued impact was the return of the Friendship Four, once again bringing the energy and excitement of North American collegiate ice hockey to Belfast. This unique tournament continues to transcend geographical and cultural boundaries, fostering international collaboration, promoting cross-community engagement, and inspiring the next generation through the power of sport. It perfectly embodies our commitment to using sport as a platform for learning and connection. 

Equally transformative was the inaugural PER4MANCE Summit, hosted at W5. This pioneering event brought together thought leaders, elite athletes, and innovators to explore the dynamic relationship between performance, science, and wellbeing. The summit not only underscored W5’s role as a leading centre for discovery but also strengthened dedication to pushing the boundaries of public engagement. 

We have also made meaningful investments in enhancing the visitor experience at The SSE Arena, introducing new food and beverage offerings and expanding our experiential offerings through strategic partnerships. These developments ensure that every visit to the Odyssey site continues to be of the highest quality. 

W5 and W5 LIFE continued to serve as beacons of educational innovation and social impact. W5 has furthered its mission as a hub for STEM learning, with interactive exhibits and events that spark curiosity and inspire future careers. Meanwhile, W5 LIFE has extended its reach across the region, delivering impactful outreach programmes that support young people, schools, and communities in areas of social, economic, and educational need. Together, they exemplify our belief that learning should be accessible, empowering, and transformative. 

As we look to the future, we remain steadfast in our vision: to be a dynamic catalyst for positive change, economic development, and cultural vitality in Northern Ireland. Our efforts are guided by the belief that public benefit must be tangible, inclusive, and enduring. It is a profound privilege to be part of a Charity that holds a unique place in the hearts of our communities and continues to shape the future in bold and meaningful ways. 

This year also marked a moment of transition for The Odyssey Trust, as we bid farewell to our long-standing Chief Executive, Robert Fitzpatrick. For just under 20 years, Robert’s vision, leadership, and unwavering commitment have been central to the development and success of The Trust, from the regeneration of the Odyssey site to the growth of The SSE Arena, the Belfast Giants, W5, and W5 LIFE. His legacy is one of bold ambition and lasting public impact, and on behalf of the Board, I extend our deepest thanks. We are also delighted to welcome Paul McMahon as our new Chief Executive Officer. Paul brings a wealth of experience and a clear passion for our mission, and I have every confidence he will lead The Trust into an exciting new chapter with purpose and distinction. 

I wish also to extend my heartfelt thanks to our dedicated team, Board of Trustees, partners, and supporters. Your support has been instrumental to our success. Together, we are creating a legacy of transformation, rooted in purpose, inspired by community, and driven by the values we proudly uphold. 


**Martin McDowell** Chair, The Odyssey Trust 


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The Odyssey Trust Company Limited 


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Company Number: NI033106 Charity Commission NI Number: 100113<br>**----- End of picture text -----**<br>


## Welcome from the Chief Executive 


**This year has held particular significance, offering us the opportunity to honour our origins while setting a bold and purposeful direction for the future.** 

As I begin my tenure as Chief Executive Officer of The Odyssey Trust, I want to express my sincere appreciation to Robert Fitzpatrick for his outstanding leadership and dedication over the last 18 years. I also wish to thank the Board for their trust and support as I step into this new role. It is a privilege to lead such a remarkable organisation at a pivotal moment in its history, and I look forward to working with our team, partners, and communities to continue building on the strong foundations laid before me. 

Our commitment to learning and public benefit has remained steadfast through the continued growth of W5 and W5 LIFE. These educational pillars are delivering powerful, hands-on experiences that support curiosity, confidence, and opportunity across all ages. Through hands-on science shows, engaging exhibits, and recognised digital skills programmes, we’re helping people build useful skills for everyday life and work. Whether empowering young people at risk of disengagement or helping adults embrace the digital world, our work is making a real and measurable difference. 

As we mark the 25th anniversary of The Odyssey Trust, we do so at a moment of both profound reflection and exciting anticipation. Over the past quarter-century, our organisation has grown from an ambitious vision into a dynamic charitable institution, one that now sits at the heart of civic, cultural, and educational life in Northern Ireland. Our impact is evident not only in the hundreds of thousands of visitors who pass through our doors each year, but also in the countless lives enriched through learning and shared experience. 

The achievements of this landmark year are a testament to the dedication of our exceptional team, the passion of our supporters, and the strength of our partnerships. From community outreach to international collaboration and forward-thinking investment, we continue to build a legacy defined by compassion, innovation, and impact. 

As we look ahead to the next 25 years, The Odyssey Trust remains firmly committed to its founding purpose: to hold, manage, safeguard, and develop the Odyssey project for the benefit of all in Northern Ireland. I am proud to take up this mantle at such an inspiring time. Together with our team and stakeholders, I am excited to lead The Odyssey Trust into its next chapter – one defined by continued meaningful public benefit. 

This year has held particular significance, offering us the opportunity to honour our origins while setting a bold and purposeful direction for the future. At the centre of our anniversary celebrations was the Belfast Giants’ 25th season, an enduring symbol of community spirit, resilience, and togetherness. From the unveiling of a commemorative puck sculpture at The SSE Arena to the induction of our inaugural Hall of Fame class, we have paid tribute to the players, staff, and supporters who have shaped the Giants into more than a team. They are a movement that continues to unite and inspire. 


**Paul McMahon** Chief Executive, The Odyssey Trust 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Public Benefit Statement** 

Public Benefit is a legal requirement for every organisation set up with charitable aims, to be able to demonstrate. The Trustees confirm that they have regard to the Charity Commission for Northern Ireland’s guidance on public benefit on reporting on the Charity’s benefits and achievements. The Trustees are confident that the activities have helped to achieve the Charity’s purposes and provide a benefit to the beneficiaries. 


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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Our Impact** 

## **PUBLIC BENEFITS:** 

1. We contribute to the advancement of scientific knowledge and education of the public and improve conditions of life. 

2. We provide facilities for leisure and recreation to improve wellbeing and conditions of life. 

## **Education** 

## **W5** 

We manage and develop W5, a world-class, award-winning science and discovery centre, advancing scientific knowledge, learning and engagement through interactive exhibits, public shows and events, Northern Ireland curriculum-linked programmes, workshops, and outreach activities, supporting better life chances for the people of Northern Ireland. 


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**The Odyssey Trust Company Limited** 

**Company Number: NI033106 Charity Commission NI Number: 100113** 

## **What We Do** 

In 2024/25, the team at The Odyssey Trust continued to manage, safeguard and invest in the Odyssey for the benefit of the people of Northern Ireland. 

## **Learning and Engagement** 

Our team advances public learning for people across Northern Ireland by operating and maintaining W5 and delivering public education programmes and outreach, and delivering a programme of public events, exhibitions and engagement activities during the year. 

## **Leisure and Recreation** 

Improving conditions for life underpins our facilities for leisure and recreation at the Odyssey. We use The SSE Arena, Belfast, W5 and the Odyssey site to support wellbeing and better life chances for the people of Northern Ireland. 


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**The Odyssey Trust Company Limited** 

**Company Number: NI033106 Charity Commission NI Number: 100113** 

## LEARNING & ENGAGEMENT Demonstrating Impact 

Number of Visitors to W5 

**248,810** 


Number of Learning & Engagement Visitors to W5 **20,724** 


**1,964** Public Engagement Events, Activities & Science Shows Delivered to **93,488** 


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**The Odyssey Trust Company Limited** 

**Company Number: NI033106 Charity Commission NI Number: 100113** 

**484 196** Learning Workshops Physical & & Events in W5 Digital Outreach Delivered to Activities Delivered to **12,110 15,919** 



Number of Participants in W5 LIFE **11,879** 


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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Skills & Lifelong Learning** 

W5 and W5 LIFE expanded their commitment to inclusive education by delivering a diverse range of digital skills programmes aimed at empowering individuals with limited access to traditional learning pathways. Through partnerships with the likes of The King’s Trust, Belfast Metropolitan College, GEMS NI, and a host of community organisations, W5 and W5 LIFE supported participants of all ages, from young people on the margins of mainstream education to adults reskilling for new careers. These initiatives provided practical, accredited learning experiences that not only addressed skills gaps in the digital economy but also built confidence, resilience, and aspiration. Whether through targeted intervention, accredited qualifications, or community-based workshops, W5 and W5 LIFE continue to play a transformative role in enabling lifelong learning and unlocking future opportunities. 

## **The King’s Trust** 

W5 LIFE, in collaboration with The King’s Trust, delivered a week-long Open College Network (OCN) Northern Ireland-accredited digital skills programme as part of The King’s Trust’s ‘Get Started’ initiative. 

The five-day course, which took place at W5 LIFE, saw educators deliver modules from the OCN Level 2 in Digital Skills for Life and Work curriculum to a cohort of 16 participants aged 16 to 24. With each module mapped to the National Occupational Standards for IT and aligning with the needs of employers outlined in the Skills Strategy for Northern Ireland, topics covered throughout the programme incorporated key skills and competencies, including communication, problem-solving, and critical thinking, to help participants build self-confidence, resilience, leadership skills, and adaptability. 

Before the beginning of the programme, participants had the opportunity to attend a taster day at W5 LIFE. This allowed them to learn more about and explore the different available modules, including Using Devices and Handling Information, Being Safe and Responsible Online, Using Technology to Create and Edit Information, Communicating and Collaborating Using Technology, and Using Technology to Carry Out Online Transactions. 


Adam Leahy, Delivery Manager from The King’s Trust in Northern Ireland, commented: _“By working together with organisations like W5 LIFE, as well as educators and the government, we can provide advice, guidance, and access to digital skills and careers for young people who so desperately need it._ 

_“By offering programmes like this one in Belfast, we can unleash the immense talent, determination, and potential that we know young people have to offer. Doing so will ensure that this generation can take control of their futures and unlock the benefits a technology-led economy offers for broader society.”_ 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 


## **OCN Learning Endeavour Awards** 

Martin Flynn, Chief Executive Officer of the OCN, said: _“This year has seen OCN’s best-ever entry response, and judging took a little longer than expected this year due to the sheer volume of nominations. These awards celebrate the dedication, hard work, and outstanding achievements of our learners and the invaluable support provided by our centres. The shortlisted learners and organisations reflect the educational excellence in Northern Ireland and their commitment to lifelong learning.”_ 

Having become an accredited OCN Centre earlier in the year, W5 LIFE was shortlisted in the ‘Advancing Learning Through Innovation’ and ‘Provider of the Year’ categories in the 2024 Learning Endeavour Awards. 

Launched in 2019, the OCN Learning Endeavour Awards bring together learners from a range of education and training providers, including representatives from the community and voluntary sector, further education, private training, and schools, to recognise and celebrate the achievements of individuals and their training providers. 

At the award ceremony, which was held at Titanic Belfast, W5 LIFE received ‘Highly Commended’ in the Advancing Learning Through Innovation category. 


## **Support for Disadvantaged Young People** 

A trial for a new 12—24-month pilot intervention programme for young people was launched at W5 LIFE, working with individuals who, based on their Year 10 performance, were provided with a statement of need for additional support with an alternative curriculum outside of mainstream education. 


Early intervention was needed as these 14-year-olds were identified as being at risk of disengaging from mainstream education and not achieving any level two qualifications (GCSEs). The programme gave students who did not meet the threshold to join an EOTAS (Education Otherwise Than at School) access to alternative forms of education outside the school environment. 

The programme provided additional support, encouragement, and a different route for educational engagement and attainment to try to help the cohort remain within formal education, and ultimately, support them in achieving five OCN Level Two qualifications before they reach the age of 16. This was achieved through core teaching within school, supported with intervention programming one day per week in W5 LIFE, which was built into the school timetable. 


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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Demystifying Technology** 

As part of its lifelong programming, W5 LIFE welcomed adults from the Knocknagoney Community and the CITHRA Group from Carrickfergus who participated in six-week technology upskilling workshops. These pilot programmes aimed to demystify technology and enable participants to increase their digital literacy, from smartphones to tablets and computers. 

The courses were co-designed to incorporate areas the participants wanted to understand, with practical examples of how technology might benefit them, including navigating a computer, setting up email accounts, renewing passports and vehicle documentation, accessing public services, and basic cyber security to avoid online scams. 


## **Skill Up** 

Thanks to funding from the Department for the Economy, W5 LIFE was able to launch a new initiative, partnering with Belfast Metropolitan College to offer a ‘Digital Skills for Life and Work’ programme through its Skill Up initiative. This qualification was designed to support those looking to return to work or pursue a career change and enabled learners to build skills across various vocational areas and enhance core skills, including career preparation, presentation, and teamwork. 

The free programme took place over two weeks and provided accessible digital skills training, leading to an OCN Northern Ireland Level Two Award in Digital Skills for Life and Work. Topics included Word Processing, Spreadsheet Software, Presentation Software, Email Management, Artificial Intelligence (AI), Cyber Skills, and Soft Skills, focusing on building self-confidence in entering or re-entering the world of work, communication and organisation skills, work ethics, and body language. 

In addition, W5 LIFE partnered with Neurodiversity SPARK and Belfast Met to co-deliver a first-of-its-kind Open College Network NI Level 2 Digital Skills for Life and Work, designed specifically to support neurodivergent adults to build skills, confidence, and pathways into work or education. 


Over an extended three-week programme, W5 LIFE brought together a group of learners from across the neurodivergent community, focusing on making learning accessible, empowering, and flexible. A key function of the collaboration with SPARK was to help build an environment where anxiety, fear of judgement, and shame could be replaced with confidence, safety, and curiosity, with day-to-day learner support for specific additional needs. 

A participant who took part in the Skill Up programme said: _“I would say that this has been one of the best experiences of my life. When it comes to furthering my education, I would never have believed I could equip myself with the skills I now have, and I am so thankful to have been given such a wonderful opportunity. You have not just ignited a flame in me – you have lit a fire.”_ 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **MULTIPLY** 

## **Almac Partnership** 

W5 continued to enjoy a very productive and successful collaboration with Almac. In addition to MED-Lab, a dedicated zone in W5 created in partnership with Almac Group that takes visitors on a fun learning journey through the human body using advanced imaging technologies and entertaining hands-on interactive activities, W5 collaborated on a range of special programmes 

and events throughout the year. This included accommodating Almac’s Pathway Programme—a series of unique, exciting and interactive workshops at W5 for post-primary schools delivered by the Almac team. These provided information about STEM careers in the pharmaceutical sector and offered guidance on education paths from GCSE and beyond. 

## **LANTEC** 

The second year of the LANTEC (Leadership Academy Network for Teacher Education and Collaboration) programme was launched in September 2024. Formed in partnership with the Education Authority C2K Innovation Forum, Microsoft, Capita, Olive for Education and Lasell University, the LANTEC programme offered international Teacher Professional Learning (TPL) opportunities for teachers and school leaders from across the island of Ireland. 

LANTEC focuses on building capacity, using the latest research findings, through an accredited TPL programme, with a lens on amplifying teaching and learning through the use of Education Technology.  Comprised of three modules delivered by Lasell University, the programme was structured around the Universal Design for Learning Framework and guided by the International Society for Technology in Education’s standards for concept development. 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Children & Young People** 

Whether visiting as part of a school group, educational organisation, or simply out of a personal passion for discovery, every guest at W5 is welcomed into a rich, handson learning environment. Designed to deliver exceptional educational value, W5 provides curriculum-linked workshops and outreach programmes 

that allow learners to explore STEM subjects in greater depth. These experiences are guided by our expert Learning and Engagement team, ensuring that every visitor, regardless of age or ability, has the opportunity to engage meaningfully with science, technology, engineering, and maths. 

## **FIRST®️Tech Challenge** 

final a best-of-three contest to decide the event’s winning alliance. The event culiminated with an awards ceremony highlighting the teams’ efforts and achievements in various categories, showcasing the students’ STEM skills, teamwork, and perseverance. Friend’s School and Royal Belfast Academical Institution progressed to the National Championships, which were held in London. 

The FIRST®️ Tech Challenge is one of the largest robotics competitions in the world, challenging students to collaborate and use their STEM skills to design, build, and code robots. This year’s theme, ‘Into the Deep’, presented by RTX, took students on an underwater adventure as they explored the mysteries of the ocean and how robots can help advance underwater research. 


The day began with tense competitions, in which four teams worked in groups of two to score the most combined points, with the 

## **IET Faraday®️ Challenge Days** 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **FIRST®️LEGO®️League Challenge: SUBMERGED℠** 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Minecraft Education: SEAcrets of the Deep** 

The excitement was palpable as schools from across Ireland made their way to Dream Space at W5 LIFE for the live finale of the Dream Space Minecraft Education Competition – SEAcrets of the Deep, held in association with Belfast Harbour. 

Students, both primary and secondary, took a deep dive into an immersive underwater world filled with creativity, innovation, and hidden wonders. This year’s challenge encouraged young minds to think outside the box, fostering teamwork and problemsolving skills, while building their own ocean research vessels as well as conducting a research project on an underwater creature. After months of hard work, the top eight teams from across the country made their way to Dream Space at W5 LIFE to battle it out for the chance to be crowned champions. 

While the judges deliberated and made their decision, the teams were able to hear about the great work that Belfast Harbour is doing locally. They also had the chance to meet Justin Edward, Director of Learning Experiences at Minecraft, who discussed all things Minecraft and answered their questions. 

More than just a competition, SEAcrets of the Deep showcased the incredible educational value of Minecraft Education. By integrating marine conservation, environmental science, and oceanography into an engaging digital experience, students were able to explore real-world challenges in a fun and interactive way. The competition proved how game-based learning can be a powerful tool in the classroom, sparking curiosity and deepening understanding across a variety of subjects. 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **STEM Passport for Inclusion** 

The W5 LIFE team, in collaboration with Dream Space in Dublin and the University of Maynooth, once again delivered the STEM Passport for Inclusion programme. The programme, which aimed to address unequal access to STEM courses and careers among people from underserved communities, was delivered to more than 450 local pupils, who enjoyed three full-day sessions at W5 LIFE between September and December 2024. 


## **STEM Camps** 

W5 and W5 LIFE’s STEM Camps continued to go from strength to strength, with the everpopular Bright Sparks for 8—11-year-olds and Techno Sparks for those 9—14-years-old running for six weeks across the summer. In addition, Minecoders and Techno Sparks Camps were also hosted at W5 LIFE throughout Easter, Halloween, and February mid-term, with funding secured through Belfast City Council for a special two-week camp for individuals facing social or financial challenges. 

Free Dream Space Community Camps were also delivered at W5 LIFE over the Easter and summer holidays for groups including Lorag (Lower Ormeau Resident’s Action Group), the Market Area, Autism NI, and Dee Street Community Centre. 


**Dream Space Ambassador Programme** 

The Dream Space team at W5 LIFE delivered the Dream Space Ambassador Programme – the flagship Dream Space Student Leadership and Training Programme. The programme, which is open to schools across the island of Ireland, is designed for students in Primary 6 and 7 and fourth and fifth year who have a passion for learning and a desire to support, train, and mentor others in STEM education. As part of this programme, Dream Space Ambassadors become Dream Space Specialists, offering assistance to 

fellow students and educators in the form of demonstrations, training, leading small groups, and one-on-one sessions. 


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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 


## **Paul Givan Visits W5 LIFE** 

Paul Givan, Minister for Education, joined Microsoft at its innovation and education hub, Microsoft Dream Space at W5 LIFE, as it unveiled several initiatives aimed at advancing skills and enabling the responsible use of artificial intelligence (AI) in education across Northern Ireland. 

As part of Minister Givan’s visit, Microsoft also discussed a pilot initiative the company is undertaking in partnership with the Education Authority of Northern Ireland and Ulster University, which is an evidence-based approach to exploring the potential of AI in education. 

One hundred teachers and school administrators in schools of all types across the region have been provided 

with Microsoft Copilot to help manage the administrative burden on schools. This initiative aims to explore how AI can help educators save time, better prepare lessons, and spend more time with students. 

Paul Givan said: _“AI and other new technologies are helping to transform how we live, learn, and do business, and it’s vital that our young people and educators have the skills to harness its potential responsibly, both in and out of the classroom. That’s why I warmly welcome Microsoft’s continued commitment to Dream Space in Northern Ireland, helping the Education Authority unlock the power of AI across our education system. These efforts will not only empower teachers but also help nurture future talent for Northern Ireland’s growing STEM and technology sectors.”_ 

## **Building Sustainable Communities** 

A new funded programme, which aimed to promote equality and inclusion, was delivered to young people from the Markets area of Belfast. Supported by the Science and Technology Facilities Council and the Association for Science and Discovery Centres, ‘Building Sustainable Communities’ looked to unlock more diverse participation in STEM activities, culminating in a big weekend of activities at W5 where participants had the opportunity to incorporate their new learned skills, while exploring satellites and the use of big data. 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Public Outreach & Engagement** 

Over the past year, W5 and W5 LIFE’s Learning and Engagement team reached over 93,000 people of all ages, inspiring curiosity and learning through a wide range of interactive science activities. Beyond their onsite programmes, the team brought workshops, demonstrations, and hands-on experiences directly to schools and communities across Northern Ireland and beyond. Their 

innovative outreach combined STEM education with real-world themes such as sustainability, space exploration, numeracy, and technology, empowering learners to explore complex topics in engaging and accessible ways. Through immersive experiences in genetics, astronomy, and cybersecurity, the team fostered a vibrant culture of lifelong learning and scientific discovery across diverse audiences. 


## **Our World from Space** 

As part of a two-year national STEM programme exploring the relevance of UK space sciences for the future health and sustainability of Planet Earth, the Learning and Engagement team, funded by the UK Space Agency, delivered the ‘Our World from Space’ programme. The interactive programme, which is designed to inspire, captivate, and empower key Stage 2 pupils, allowed 

students to delve into the fascinating topics of sustainability and space exploration, as well as witness Belfast from space, explore temperatures with infrared cameras, and collaboratively discover the wonders of the world. 


## **CyberFirst EmPower Girls** 

The W5 LIFE team delivered STEMbased workshops as part of Northern Ireland’s first-ever ‘EmPower Girls’ event at Windsor Park. The event gave 250 girls, aged 11—12 from 12 schools across Northern Ireland, the chance to discover the potential career opportunities in tech and cyber security from professionals and experts. 

supporters, attended the event to inspire more girls to explore what a career in technology and cyber security might offer. 

Eamonn Brankin, Regional Lead at CyberFirst, said: _“The excitement and interest in the first EmPower Girls event has been hugely encouraging, not only for CyberFirst but for the whole industry in Northern Ireland. We hope the girls who have attended today have been inspired to look at tech and cyber security careers in a new light and with a greater understanding of the brilliant opportunities open to them locally.”_ 

CyberFirst is a programme of opportunities led by the UK National Cyber Security Centre to inspire young people to explore their passion for technology and introduce them to the fast-paced world of cyber security. More than 30 employers, who are CyberFirst industry 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Multiply Mayhem** 

Multiply Mayhem was a new numeracy initiative, which saw the Learning and Engagement team collaborate with Mid and East Antrim Council to develop a fast-paced, hands-on workshop full of maths and mayhem for schools and community groups. Delivered via outreach for over 250 participants across the council area, the programme involved group work to complete maths puzzles before teams tested themselves with a maths powered sustainability challenge. 



techniques, such as DNA isolation, polymerase chain reaction, and gel electrophoresis. 

## **Belfast Festival of Learning** 

During the Belfast Festival of Learning, W5 ran a special adult-only workshop, ‘DNA in a Day’, which offered learners the opportunity to embark on a fascinating journey into the intricacies of human genetics. Over the course of six immersive hours, the Learning and Engagement team delved into the evolution of the TAS2R38 gene – responsible for coding a taste receptor on the tongue. Through a day of exploration, learners gained practical insights into the world of genetics in a relaxed and interactive environment, as well as experiencing essential laboratory 

Continuing with delivery of lifelong learning programmes as part of the festival, learners of all ages had the chance to step into W5 LIFE’s six-metre inflatable planetarium to explore the mysteries of constellations and asterisms. Engaging and educational, this immersive experience aimed to ignite curiosity about the wonders of the universe, making learning a stellar adventure for all. The Learning and Engagement team also supported the citywide initiative with Science Busking at the Spring Fair in Barnetts Demesne. 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Seasonal Events** 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 


## **Wallace & Gromit All Systems Go** 

The iconic duo of Wallace & Gromit arrived at W5, bringing with them a number of exciting, themed activities. The pair were brought to life in 3D through Aardman’s new interactive augmented reality trail experience, ‘All Systems Go’, which allowed guests to follow markers and solve puzzles, complete tasks, try on Wallace’s Techno Trousers, take selfies as Feathers McGraw, and more. Guests also had the opportunity to make their very own Gromit at clay station drop-in sessions thanks to Aardman’s model-making worksheets, filled with top tips. 

## **Puffin Rock Weekend** 

W5 announced a unique new partnership with the creators of the hit children’s TV show, Puffin Rock, bringing an exciting series of themed events featuring the characters, locations, and habitats from the show, to W5. 

Since its debut, Puffin Rock has achieved widespread recognition for its charming storytelling, stunning animation, and low stimulation approach. Alongside Chris O’Dowd, the show features the voices of children from across the island of Ireland, including many from Derry/Londonderry and Donegal. In 2023, the movie ‘Puffin Rock and the New Friends’, premiered to international acclaim and was the first animated film produced in Northern Ireland. 

Because of this unique blend of fun, education, and low-stimulation content, Puffin Rock has been embraced by educators and parents who are looking for screen time that is both enriching and relaxing. The show has also been recognised for its positive impact 

on early childhood development, reinforcing the value of storytelling as a tool for learning. 

Fionnuala Deane, Managing Director of Dog Ears, commented: _“On behalf of Dog Ears and Cartoon Saloon, the producers of Puffin Rock, I want to say how excited we are about our new partnership with W5, as we are huge fans of their work and their approach to engaging with children. W5 is a unique science and discovery centre for kids across the island of Ireland, and their perfect balance of entertainment and education is something that reflects our own work on the show. For us, it is the perfect partnership to showcase Puffin Rock and create fresh and fun ways for kids to interact with our island.”_ 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Creatures of Phoenix Island** 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **£7 Ticket Offer** 

W5 reintroduced its £7 ticket offer in September 2024 and January 2025 to allow families to access a more affordable day out. The initiative aimed to make a day out at W5 more accessible to a wider audience, offering the chance to enjoy its interactive exhibits and experiences at a reduced cost. More than 32,000 visitors were welcomed through W5’s doors across the two months, helping ensure that fun, creativity, and learning could be enjoyed by all. 


exhibits, themed entertainment, and a lively atmosphere to deliver STEM-based fun with an after-hours twist. 

## **W5 Late** 

W5 Late enjoyed a standout year, with six unique events capturing the imagination of adult audiences and reinforcing the idea that learning doesn’t stop with age. From the magical wonders of It’s a Kind of Magic to the competitive energy of Flight Club, the spooky thrills of Fright Night, the festive cheer of Big Christmas Night, the creativity of Get Animated, and the futuristic excitement of Robots, each event offered a fresh and engaging take on science and discovery. Designed exclusively for over18s, these evenings combined hands-on 

These evenings not only provided guests aged 18 and over with the chance to explore W5 without children but also reinforced W5’s charitable mission to promote lifelong learning. By encouraging adults to engage with science, technology, engineering, and maths in creative and unexpected ways, W5 Late helped to demonstrate that education can be exciting, dynamic, and relevant at every stage of life. 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Corporate Events** 

## **Northern Ireland Council for Voluntary Action (NICVA) Future Thinking Summit** 

## **UDL Conference** 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## FACILITIES FOR LEISURE & RECREATION 

## Demonstrating Impact 

Number of Visitors Number of Shows, to The SSE Arena, Concerts & Events Belfast **131 468,984** 

Number of Family Shows **11** 




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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## FACILITIES FOR LEISURE & RECREATION 

## Demonstrating Impact 

Number of Public Tickets Provided to Schools & Community Groups **11,776** 


Number of Ice Hockey Games **45** 


Number of Ice Hockey Spectators **237,767** 


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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **THE SSE ARENA, BELFAST EVENTS** 

The SSE Arena delivered another standout year of live entertainment, welcoming thousands of visitors for an exciting mix of music, comedy, sport, and family shows. Highlights included sold-out performances from Snow Patrol and Girls Aloud, side-splitting comedy from Michael McIntyre, and the return of Disney On Ice for audiences of all ages. The Belfast Giants continued to draw passionate crowds, while major events like Premier League Darts and Arenacross added to a dynamic and diverse calendar. 

By hosting such a wide range of events, The SSE Arena played a key role in supporting The Odyssey Trust’s charitable aim of providing facilities for leisure and recreation. Through accessible, inclusive events that appealed to all ages and backgrounds, the arena helped create shared experiences and lasting memories for communities across Northern Ireland. 

## **April 2024 – March 2025** 

Belfast Giants Home Games WWE Live 

Biggest Disco 

Jurassic Musical Adventure Clubland 

André Rieu Girls Aloud Bryan Adams Chris Tomlin Michael McIntyre Theo Von Serena Terry Pet Shop Boys Ireland’s Future Paul Smith 

Frank Warren Presents Championship Boxing Conlan Boxing Presents Repeat or Revenge Belfast Tattoo Les Misérables World Tour Paris Celebration Event Paddy McDonnell 

The Wolfe Tones LUSH! Classical Daire 

Friday Fight Night The Corrs Shane Todd The Script UB40 The Friendship Four Disney On Ice Mrs Brown’s Boys Getty Christmas Kneecap The Comedian’s Comedy 

The Mary Wallopers Winter Skate Arenacross 

BetMGM Premier League Darts James Blunt Neil Delamere Cyndi Lauper Snow Patrol Point of Pride Peace Proms Country to Country Paul Heaton 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **25 Seasons of the Belfast Giants** 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Friendship Four** 

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Company Number: NI033106 Charity Commission NI Number: 100113 


**----- Start of picture text -----**<br>
The Odyssey Trust Company Limited<br>College Warriors.<br>beginning of the 2024<br>Murray, said:<br>**----- End of picture text -----**<br>


## **Friendship Four** 

Mere hours before the 2024 Friendship Four got underway, hundreds of local schoolchildren from across Belfast visited W5 to participate in the annual ‘Big STEM Day’, celebrating the intrinsic link between sports and education. Pupils had the opportunity to enjoy fun, handson learning with free access to over 250 interactive exhibits and a range of exciting workshops and science shows, before Lord Mayor of Belfast, Councillor Micky Murray, led a procession from W5 to The SSE Arena and dropped the puck on the opening game between the Boston University Terriers and the Merrimack College Warriors. 

Commenting before the beginning of the 2024 Friendship Four, Lord Mayor of Belfast, Councillor Micky Murray, said: _“It’s great to meet with U.S. athletic officials and commissioners in Belfast as they finalise plans for the upcoming Friendship Four tournament._ 

_It’s always an exciting time for the city, as we welcome friends, colleagues, and visitors from our Sister City, Boston, and beyond around Thanksgiving. The Friendship Four provides the opportunity to promote the city as a welcoming visitor destination, explore further ways to enhance our Sister City connections and promote the city through the international media and social media coverage this tournament generates._ 

_“We’re really looking forward to seeing Harvard University, Boston University, Merrimack College, and the University of Notre Dame compete in this year’s Friendship Four and these next few days are pivotal in ensuring the players, coaches, and athletic staff all have the best possible time during their stay in Belfast. The Friendship Four is a super opportunity for people to enjoy high calibre live college ice hockey, and I look forward to seeing huge crowds at The SSE Arena, giving a warm Belfast welcome to our travelling teams.”_ 

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## **Country to Country** 

## **Les Misérables World Tour** 

The SSE Arena made history as it became the first venue to host the Les Misérables Arena Spectacular world tour. Performed in over 15 countries and regions worldwide, Cameron Mackintosh’s production of Boubil and Schönberg’s iconic tale embarked on its global tour in September 2024 in celebration of the beloved musical’s 40th anniversary year in London. The production, which was specifically redesigned for larger venues, was shown on 10 occasions in nine days at The SSE Arena, with both matinee and evening performances between Thursday 19 and Saturday 28 September. 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Hospitality Upgrades & Innovation** 

**Concourse Food & Beverage** Ahead of the start of the new Belfast Giants’ season, The SSE Arena expanded its concourse food and beverage offerings, with the introduction of a new fresh pizza unit, loaded fries stand, and upgraded sweet treat station. 

Located at Dour Four on the first-floor concourse, ‘Pizzarena’ was introduced as the venue’s newest hot food outlet, offering both vegetarian and nonvegetarian pizza options by the slice. Featuring a streamlined automated ordering system, Pizzarena enables customers to place their pizza orders easily, ensuring a seamless experience. Whether guests were heading to their seats or taking a short break from the entertainment, Pizzarena’s efficient order-to-eat system provided quick access to handmade pizza slices at Belfast Giants’ home games, concerts, shows, and events. 

For those with a sweeter tooth, the arena’s upgraded ‘Sweet Treats’ station, located just metres from Pizzarena, began to serve a range of items, including fresh dippin’ doughnuts and indulgent ice cream, providing the perfect dessert or snack for arena-goers of all ages. 

Chris Comiskey, Deputy Head of Food and Beverage at The Odyssey Trust, said: _“We’re always looking for innovative ways to elevate the customer experience, and the introduction of new food offerings plays a big part in that. The addition of Pizzarena and the revamped Sweet Treats, along with our new and improved hot food menu, align with our commitment to providing visitors with the best experience every time, ensuring that every guest leaves not only entertained but also satisfied.”_ 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 


## **Tanqueray Lounge** 

providing unparalleled experiences in the heart of the action. The lounge’s elegant interior also features modern, luxurious decor, reflecting the refined craftsmanship and heritage of the Tanqueray brand. 

World-renowned gin brand Tanqueray became the official partner of The SSE Arena’s exclusive luxury members’ lounge, elevating the venue’s premium experience to new heights. 

Ross Bissett, Commercial Director On Trade for the Island of Ireland at Diageo, commented: “ _We are delighted to be entering a partnership with The SSE Arena to act as its new spirits pouring partner and to reveal an exceptional new VIP space, the Tanqueray Lounge. This beautifully designed lounge offers guests an elevated, premium entertainment experience, with an extensive drink and cocktail menu on offer. We look forward to working with The SSE Arena into the future while we expand our spirits portfolio offering.”_ 

The newly rebranded Tanqueray Lounge, formerly known as Suite One, offers a sophisticated environment for guests, blending the vibrant character of the iconic gin brand with the arena’s reputation for delivering world-class entertainment. 

As part of this exciting new partnership, the Tanqueray Lounge features a dedicated bar, premium seating options, private catering service, bespoke cocktail offerings featuring Tanqueray’s signature spirits, and restaurant-quality meals, 

## **Seamless Event Management** 

As part of its commitment to innovation and operational excellence, The SSE Arena partnered with award-winning incident management software provider, Halo Systems. Designed to enhance safety and streamline communications, the Halo platform replaced traditional methods, such as WhatsApp groups and radio traffic, with a unified, real-time mobile application connected to a virtual command centre dashboard. 

The system was successfully integrated into day-to-day operations across a wide range of 

functions, including security, venue operations, car park management, lost property, estates and facilities, and cleaning services. This transition to a fully digital incident management solution significantly improved operational efficiency, enabling faster response times, enhanced accuracy, and real-time collaboration. 

By providing management teams with a comprehensive, real-time overview of incidents and tasks, Halo supports a safer and more coordinated environment for both staff and visitors to the arena. 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Sustainability** 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Zero to Landfill** 

With confirmation that The SSE Arena achieved zerowaste-to-landfill status, the opportunity was taken to produce a comprehensive case study, alongside McQuillan Environmental, to showcase the journey of waste once it’s left the venue. 

With upwards of 800,000 annual visitors and a maximum capacity of 11,200, managing the arena’s wide variety of waste streams was no small task, and recognising the environmental impact of its operations, The SSE Arena set out to minimise waste and maximise recycling efforts, committing to a zero-waste-to-landfill strategy. 

To achieve this ambitious goal, The SSE Arena turned to McQuillan Environmental, Northern Ireland’s leading waste management and recycling company. Through its state-ofthe-art Material Recovery Facility, McQuillan Environmental helped transform the arena’s waste management process into a sustainable model, ensuring that all waste is either recycled or converted into renewable energy. 

## **Ice Plant Installation** 

A major upgrade to The SSE Arena’s ice plant was completed ahead of the 2024/25 Belfast Giants season. The new system replaced the ageing plant and has delivered a range of operational and sustainability benefits, including improved reliability, enhanced safety features, and significantly improved energy efficiency. Initial performance data suggested an electrical saving of over 60% compared to the previous season, reflecting a substantial improvement in the environmental performance of the facility. The new plant also supports more consistent ice quality and greater operational control, helping to enhance both the player and spectator experience on game nights. 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Building for the Future** 

The Odyssey Trust remains dedicated to continually enhancing the experience for guests, employees, and stakeholders. This commitment aligns closely with the Charity’s mission to hold, manage, safeguard, and develop the investment in the Odyssey project for the benefit of the people of Northern Ireland. 

## **Odyssey Place** 

Odyssey Place’s transformation continued over the course of the last year, with the additions of Canadian fast-food chain Mary Brown’s, family entertainment centre Funstation, and sweet treat cafe Titanic Desserts all opening for business. Looking ahead, the imminent launch of new first-floor bar and eatery Char+Mash, coupled with the introduction of a new Little Wing Pizzeria slice shop, are set to create an estimated 90 jobs and significantly contribute to the regeneration of the iconic waterside site. 

Commenting on the upcoming opening of Little Wing Sliced, Luke Wolsey, Managing Director of Little Wing, said: _“We are excited to bring the new concept for Little Wing to Odyssey Place this summer. We have been selling pizza by the slice in our original Ann Street location since 2009, and for the last few years at our hatch in the garden at The National, which has been absolutely flying, so we’re excited to roll this concept out on a larger scale._ 

_“The residential catchment of the Titanic Quarter and the high footfall events and experiences in both Odyssey Place and The SSE Arena make this an exciting location to trial our new Little Wing Sliced concept. For families and groups of friends heading to an event in the arena, or on to the cinema, bowling, or W5, this will be a convenient and economical option for a quick meal to fuel their adventures, and the concept has been designed with these customers in mind.”_ 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Capital Investment** 

Over the coming year, work will begin on the refurbishment of the hospitality suites at The SSE Arena. This project will include upgrades to seating, interior finishes, and digital infrastructure, along with the introduction of flexible areas for corporate branding. The improvements are intended to enhance the overall standard of the suites and ensure they remain fit for purpose in a competitive events and hospitality market. 

As part of the continued efforts to improve the game night experience at Belfast Giants home games, four largeformat LED screens will be installed within The SSE Arena. Positioned in key locations around the bowl, the new screens will significantly improve visibility for spectators across all seating areas. The screens will be used to show live action replays, in-game statistics, fan interaction features, and promotional content, helping to create a more engaging and immersive experience. Taking inspiration from American-style game nights, the upgrade will support a more dynamic and polished in-bowl presentation, enhancing the overall atmosphere and entertainment offering. 

Preparatory groundworks will be carried out within The SSE Arena to support the future installation of additional seating for Belfast Giants fixtures. This will include modifications to the existing structure to allow for more flexible seating configurations and quicker installation and removal of temporary seating when required. The works are designed to improve operational efficiency on game nights and increase capacity where demand allows. 

New chillers will be installed within the arena to improve the efficiency and reliability of the venue’s cooling systems. The new equipment will replace ageing infrastructure and help to ensure better temperature control throughout the building, particularly during major events and periods of high occupancy. 

Work will begin to install a new cellular network within The SSE Arena. The upgrade will improve mobile connectivity for visitors and staff, helping to address any coverage issues and ensure a more consistent and reliable signal throughout the venue during events. 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Sustainability** 

As part of its ongoing commitment to sustainability and environmental responsibility, The SSE Arena will launch a new partnership with Wizso, a leading provider of smart water management solutions. This collaboration will support the venue’s efforts to reduce water consumption and promote sustainable practices both on-site and within the wider community. 

Under the scheme, staff members will be offered Wizso tablets to monitor and manage their water usage at home, encouraging greater awareness and conservation beyond the workplace. Additionally, Wizso’s water management solution will be deployed across targeted areas within the arena, enabling precise tracking and efficient control of water resources throughout the venue. 

Through this initiative, The SSE Arena aims to foster a culture of sustainability among employees while driving tangible reductions in water consumption, aligning with The Odyssey Trust’s broader environmental objectives for the year ahead. 

To further highlight the venue’s commitment to sustainable water management The SSE Arena will look to develop a detailed case study, supported by updated signage and engaging digital content, showcasing the environmental benefits of the initiative. 

The current building management system (BMS) at The SSE Arena will be replaced as part of a planned upgrade to improve the monitoring and control of key systems across the venue. The new BMS will provide greater oversight of heating, ventilation, and electrical systems, supporting improved energy efficiency and dayto-day operations. 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## PEOPLE 

## Demonstrating Impact 


**----- Start of picture text -----**<br>
Number of Amount Invested in<br>Employees  Staff Training and<br>Development<br>198<br>£58,102.47<br>**----- End of picture text -----**<br>


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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 


The Trust has 16 mental health first aid responders, who can receive support themselves by two trained Mental Health First Aiders. Other initiatives that have been driven through the Odyssey Staff Forum include a book club, yoga sessions, and bi-monthly coffee mornings, which bring staff from across the site together for a regular coffee and catch up. 

## **Putting People First** 

Within a very challenging employment climate, The Odyssey Trust successfully maintained and recruited staff to deliver a quality offering across all areas. The Trust increased levels of casual staff to ensure the delivery of the best experience every time, enabling staff to operate a busy event calendar, while offering a fully flexible approach to work. 

The Odyssey Trust continued to celebrate long service, and this year, the CEO’s annual presentation in March 2025 celebrated several long service awards spanning 10 to 25 years of service. 

Within the last year, wellbeing has been a major focus across The Odyssey Trust. In support of enhancing employees’ wellbeing, 

## **Training and Development** 

hazardous to health, food safety, safeguarding, data protection, equality and diversity, and a range of management competencies. 

With providing the best experience every time always being a key focus for The Trust, training and development is central to supporting staff in its delivery. The Trust’s training and development programme incorporates a variety of formats, including online courses, tabletop talks, videos, and inperson sessions. This diverse approach ensures that legislative and governance requirements are met, as well as management and leadership development. Training spans health and safety, security, control of substances 

The Odyssey Trust has incorporated a locally sourced training portal within its training portfolio. This portal is linked to Northern Ireland legislation, and as well as a range of online courses, it allows for the upload of training videos, featuring business-specific guides that are created in-house by experts and managers. Staff can access these resources on an ad-hoc basis, ensuring flexible learning to suit all roles and responsibilities. 


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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Charity Partners** 

The Odyssey Trust partnered with Northern Ireland Hospice and Children’s Heartbeat Trust as its official site-wide Charity partners. Activities took place across the Belfast Giants, The SSE Arena, and W5, providing opportunities to raise awareness and engage directly with the communities each Charity supports. 

The partnership with Children’s Heartbeat Trust was launched with a behind-the-scenes visit to The SSE Arena for Heart Heroes and their families. Later in the season, the Belfast Giants wore a limited-edition jersey designed in collaboration with the Charity and featuring artwork created by young supporters. The jersey was worn during the home game on 14 February 2025 and sold through the Giants’ official store, with proceeds donated to Children’s Heartbeat Trust. 

As part of the partnership with Northern Ireland Hospice, Giants players visited the Children’s Hospice in Newtownabbey, spending time with patients and their families in the 

hospice garden. Both charities also received ticket donations and access to events across the Odyssey site throughout the year. 

Lynn Cowan, Fundraising Manager at Children’s Heartbeat Trust, said: _“We are sincerely grateful to The Odyssey Trust for their incredible support. This partnership has significantly raised awareness of Children’s Heartbeat Trust and the vital services we provide to children living with heart disease across Northern Ireland. Our families have had the chance to take part in memorable, fun-filled events, including the unforgettable experience of skating with the Belfast Giants. These special moments have created lasting memories for everyone involved. In addition, thanks to generous Charity collections, raffles, and the hugely popular Valentine’s Threads campaign, we’ve received phenomenal donations. These funds are essential in helping us continue supporting families when they need them most.”_ 

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## **Volunteering** 

within the community. By bringing passion and commitment, The Trust’s volunteers enhance the impact of the organisation’s work and help ensure that it continues to inspire, engage, and entertain audiences throughout the year. Their dedication is a vital part of what makes The Odyssey Trust thrive. 

Volunteers play an invaluable role in the success of The Odyssey Trust, generously giving their time, energy, and skills to support the Charity’s mission. Across The Trust’s events and programmes, their contributions help create memorable experiences for visitors, deliver high-quality events, and strengthen connections 

## **Superhero Cycle** 

through game night collections and a dedicated GoFundMe page was donated to help Ethan complete his bucket list. 

As part of The Odyssey Trust’s ongoing support and fundraising efforts for young Giants fan Ethan McClean, a special superhero cycle took place at the Giants’ home game against the Fife Flyers on Saturday 16 November. 

Not only did the Superhero Cycle raise funds towards Ethan completing his bucket list, but it also saw 20% of all funds donated to Muscular Dystrophy UK (MDUK) in support of the Charity’s vital research into funding a treatment for the degenerative disease. MDUK also had an information desk situated on The Bridge at the game, where fans had the opportunity to find out more about their important work and seek support. 

From 5:30PM to the end of the first period of play, in the foyer and by The Bridge in the bowl, Robert Fitzpatrick, Chief Executive Officer of The Odyssey Trust, and Paul McMahon, Chief Operating Officer of The Odyssey Trust, led the cycle using exercise bikes, alongside members of staff. All money raised 


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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Mission Christmas** 

In addition to the Teddy Toss, the Belfast Giants provided several designated gift donation points throughout home games in December 2024, collecting presents for babies, children, and young people affected by poverty, illness, or neglect within local communities. 

On Sunday 15 December, the everpopular Teddy Toss returned as the Belfast Giants defeated the Sheffield Steelers 3-0. Giants forward Bobo Carpenter’s first-period opener saw 1,091 teddies and soft toys shower the ice at The SSE Arena, all of which were donated to the Cash for Kids Mission Christmas appeal in support of those who needed a helping hand at Christmas or those spending time in hospital over the festive period. 

Initiatives like these reinforce the Belfast Giants as more than just a sports team; they represent a force for good in the local community, using the power of sport to make a meaningful difference in people’s lives. 



## **EIHL Pride Week** 

Northern Ireland’s LGBTQIA+ community. 

For the fifth season in a row, the Belfast Giants supported the Elite League’s Pride Week. In line with the club’s mantra that, ‘in the land of Giants, everyone is equal’, the Giants partnered with local Charity Cara-Friend, wearing dedicated Pridethemed jerseys against the Coventry Blaze in January 2025. Thanks to funds generated through a dedicated Shirt off the Back raffle and other game-night activities, a total of £5,161 was raised in support of the Charity’s invaluable work in empowering 

Jo McParland, Education and Training Manager at Cara Friend, said: _“This means everything to Cara Friend. To be recognised for the work that we do, and to be connected with the Belfast Giants is enormous for us. It shines a light on the work that we do within society, with young people, with schools, with businesses, and for the Belfast Giants to be highlighting inclusivity is just phenomenal.”_ 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Healthy Lifestyle Programme** 


## **Fresh Start** 

organisations. By highlighting the benefits of positive life choices, maintaining better standards of physical and mental wellbeing, and involving themselves within their community, the hope was to inspire the young people involved towards a positive future. 

## **Through Sport** 

During the 2024/25 season, the Belfast Giants continued to help deliver the Fresh Start Through Sport (FSTS) programme to young people from across South and West Belfast, Limavady, Dungiven, and Rathcoole. 

As is customary following a programme’s completion, to review and celebrate the achievements of the participants, Belfast Giants representatives attended the FSTS celebratory event at Kingspan Stadium in October 2024. The key findings from the young people in Ulster University’s review of the programme was they were able to identify volunteering opportunities with greater ease, improved relations with the PSNI, and aspirations to further their education and training following the conclusion of the project. 

The Giants, alongside sporting partners Ulster Rugby, Ulster Gaelic Association, Irish Boxing Association, and Irish Football Association, continued to deliver the intervention as part of the NI Executive’s Programme on Paramilitarism and Organised Crime. With sustained backing from the Department of Justice, Department for Communities, and the Police Service of Northern Ireland, the sporting partners endeavoured to offer solutions and provide opportunities to young people who may be at risk of being targeted by paramilitary 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Breaking the Ice** 

Moving into its third year, the Belfast Giants, in partnership with the PSNI, increased their delivery of the Breaking the Ice programme to eight modules across two cohorts. The two programmes were delivered to North and South Belfast groups respectively, with 37 young people completing the project. The focus of the partnership was to promote engagement between young people and PSNI officers in a neutral setting, in the hope that the interaction eradicated harmful stereotypes and misconceptions between local communities and the PSNI. 

Ice hockey as a sport was the main delivery method, teaching participants the principles of 

working as a team and gaining confidence through learning new skills. Those involved were able to engage with Belfast Giants players and coaches, gaining knowledge from Q&A sessions in which they were able to discuss the Giants’ pathways within the sport. Additionally, workshops which focused on leadership and values, effective communication, and cross-community relations, with empowering facilitators such as Eliza Downey and Paddy Barnes, were delivered to highlight how young people can feel empowered within themselves and their communities. Upon completion of the modules, participants were invited to attend a Belfast Giants game and received an award for their efforts and perseverance with the project. 


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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## **Accessibility** 

Across all areas of The Odyssey Trust, accessibility remains a central focus. As an inclusive complex, we are committed to ensuring that our services, programmes, and experiences are welcoming and accessible to all visitors. From partnerships that create sensory-friendly learning 

## **BBC Bitesize** 

The Belfast Giants featured as part of BBC Bitesize’s ‘Let’s Go Out!’ series to provide an accessible and inclusive journey for students with special educational needs. 

Having collaborated with the likes of NASA, The National Autistic Society, Tesco, and the BBC Natural History Unit, the ‘Let’s Go Out!’ series was created by the Education team at BBC Northern Ireland, with the sensory-rich videos designed to engage viewers through tailored visuals, sounds, and textures. 

Aligned with the Northern Ireland curriculum, each episode of ‘Let’s Go Out!’ highlighted some of the sights, sounds, and textures that viewers will encounter at different locations, brought to life through a blend of stunning slow-motion shots and rich sound design. Providing a walkthrough experience of all elements of a Giants’ game night, the video offered those with special educational needs the chance to become more familiar with what to expect throughout their time at The SSE Arena both on and off the ice. 

resources to initiatives that provide supportive environments for those with special educational needs and disabilities, we aim to break down barriers and open opportunities for everyone to engage, participate, and enjoy what we offer. 

David Monahan, Editor for Education at BBC Northern Ireland, commented: _“We are thrilled to have collaborated with the Belfast Giants for Let’s Go Out! — an initiative that offers unique learning resources for students with special educational needs. The project was developed with teachers and students from across Northern Ireland and provides a series of sensory stories for young people to immerse themselves in. The videos not only prepare students for real-life experiences, but they are also a tool for sparking discussion and learning at home or in the classroom._ 

_“Ice hockey, with its dynamic sights and sounds, provides an exhilarating backdrop for learning, and we hope this video not only excites young viewers but also creates a deeper connection to the world around them. By collaborating with the Belfast Giants and other incredible partners, we aim to make education more accessible, engaging, and enjoyable for all students, regardless of background or need.”_ 

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The Odyssey Trust Company Limited 

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## **SEN Schools Programme** 

Following a consultation process to identify contributions that W5 LIFE could make to support learners of all ages and abilities, a pilot programme was trialled with seven Year 12 students from Rosstulla Special School in Jordanstown. 

The aim was to provide pupils with an opportunity to engage in learning beyond the traditional classroom setting and enhance their digital literacy. They attended W5 LIFE weekly to complete an OCN Northern Ireland Level One Award in Information Technology Applications, and took part in workshops covering Computational Thinking, Micro:Bit Coding, Sphero Coding, Minecraft Education, and Artificial Intelligence. 



## **W5 Quiet Sessions** 

families to explore W5’s interactive exhibits in a way that felt comfortable, safe, and supportive, helping to reduce anxiety and sensory overload while encouraging play, curiosity, and confidence. 

As part of its ongoing commitment to inclusivity, W5 continued to offer regular quiet sessions, designed specifically to support children and young people with special educational needs and disabilities (SEND), as well as those who may benefit from a calmer, less crowded environment. 

These sessions reflected W5’s charitable broader mission to ensure that everyone, regardless of ability or background, could access high-quality, enriching experiences. By creating welcoming spaces for children with SEND, W5 continued to break down barriers to participation and foster a more inclusive environment for all. 

These dedicated sessions, held at selected times throughout the year, featured reduced visitor numbers, adjusted lighting and sound levels, and a more relaxed pace across the exhibition floors. This environment allowed 

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The Odyssey Trust Company Limited 

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Strategic Report and Trustees' Annual Report — Governance and Financial Review 

## The Odyssey Trust Company Limited 

## Governance 

The Board of Trustees, who are also Directors of The Odyssey Trust Company Limited (the Company, the Charity, the Charitable company) for the purposes of the Companies Act 2006, presents its report and the audited financial statements of the company and its subsidiary companies (together the Group) for the year ended 31 March 2025. 

The Trustees have adopted the provisions of the Companies Act 2006, the Charities Act (Northern Ireland) 2008(13) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), effective 1 January 2019 (Charities SORP (FRS 102)), in preparing the Annual Report and financial statements of the Group and the Charitable company. 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## Structure, Governance and Management 

The Charity is a company limited by guarantee with charitable status (registered with the Charity Commission for Northern Ireland on 5 April 2016 (NIC 100113)); as such, it does not have any share capital. The Charity was established under a Memorandum of Association, which sets out the objects and powers of the charitable company and is governed under its Articles of Association. The Trustees are members of the Charity and in the event of the Charity being wound up as members they are required to contribute an amount not exceeding £10. The company, being a Charity registered with the HMRC (XR23673) for the full year, has no liability to corporation tax. 

## Trustees and Directors 

The Trustees of the Charity under the requirements of the Memorandum and Articles of Association are elected to serve on the Board for a period of four years and can be re-elected for a further period of up to six years. A special resolution was passed to extend the term of a Trustee by two years who held office between 1 January 2020 and 31 December 2021. 

The Trustees seek to ensure that a broad representation of skills is properly reflected on the Board to include skills in the areas of finance, legal, science, education, marketing and property. 

The Board currently consists of 9 Trustees/Directors with a maximum of 12 Trustees/Directors (minimum 5) who meet throughout the year and are responsible for the strategic direction and policy of the Charity. 

During the financial year, the Board met six times making use of virtual platforms to facilitate meetings for Trustees who were unable to attend in person. 

Sub committees of the Board consist of Audit, Risk and Investment Committee and Remuneration and Nomination Committee. The purpose of the Audit, Risk and Investment Committee is to monitor the effectiveness of financial reporting, internal control and risk management systems, processes and investments. The Remuneration and Nomination Committee determines and agrees with the Board the framework for the overall remuneration of the Chief Executive Officer and the Executive Team. The salaries of the Executive Team are reviewed annually. 

Remuneration is reviewed annually and benchmarked against pay and benefits within similar sectors. The Charity endeavours to reflect the market rate to ensure the Charity can retain and attract staff at all levels across the business. The benefit package includes a cycle to work scheme, discounts in the shop and café, opportunities to attend W5 and the Belfast Giants with friends and family. The Charity prides itself on the support provided to staff, with a Health Plan in place for all full and part time staff. 

A scheme of delegation is in place and day-to-day responsibility for the provision of the services rests with the Chief Executive Officer assisted by an Executive Team covering finance, corporate operations and experience. The Chief Executive Officer is responsible for ensuring that the Charity delivers the services specified and that key performance indicators are met. 

## Trustees’ Induction and Training 

New Trustees attend a detailed initial induction session which aims to familiarise them with their role and responsibilities and the background and purpose of the Group. 

The induction sessions are led by the Chief Executive Officer and include the following areas: 

- charitable objectives and purpose together with business and strategic plans; 

- an overview of the main legal agreements within which the Group and Charity operate; 

- the current financial position of the Group and Charity; and 

- details of the key issues affecting the Group and Charity including a review of the risk register. 

The Trustees/Directors have complied with the requirements to present a Strategic report and Directors report under the Companies Act 2006 within the body of the Annual report of the Trustees. 

51 



The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## Financial Review 

2025 saw the celebration of the Charity’s 25th birthday and delivered strong net incoming resources of £3,868,354 attributable from the higher activity in The SSE Arena and an exceptional income item from a Charity rating exemption. 

Total income during the year amounted to £25,942,359 overall the income increased by £5,714,284 (28%) attributable in the main to income generated by The SSE Arena with income increasing by £5,368,013 (40%) given the increase in the number of events and attendances. 

The SSE Arena welcomed 706,751 visitors (2024 – 527,632) an increase of 179,119 (34%). The rise in visitor numbers is a result of a higher number of events with 131 event days verses 105 in 2024. This is counterbalanced by a 16% shortfall in W5 visitors which is reflective of  a struggling market experienced by other science centres. W5 welcomed 247,888 visitors (2024 – 294,244) a decrease of 46,356. 

The 2025 performance benefited from an exceptional income amount of £1,250,930 resulting from a Charity rating exemption. 

## **Charitable Activity** 

Charitable income increased by £975,526 (22%) directly attributable to the rental income from the arena with the increase in the number of event days. The restricted charitable income totalling £2,084,165 comprises W5 admissions £1,856,420 and grants for W5 educational programmes and a funded corporate social responsibility staff post £227,745. The unrestricted charitable income £3,338,707 is rental for events held at The SSE Arena and a venue facility fee to maintain the arena building facilities. 

Other restricted incoming resources of £91,407 relate to Friendship Four funding totalling £75,000 with £25,000 from the Department of Communities, £15,000 from Belfast City Council and £35,000 from Tourism NI and £16,407 from the Department of Foreign Affairs reconciliation fund. 

## **Trading Activity** 

Income from trading activity increased by £4,680,417 (30%) as a result of The SSE Arena strong performance, higher attendance of visitors to Belfast Giants games and increased car park income with a higher number of visitors to the site attributable to an increased tenant occupation in Odyssey Place providing eateries servicing the Odyssey patrons and the strong event calendar in The SSE Arena. Trading income relates to car park ticket income, sponsorship, corporate hire, retail, ticket sales from Belfast Giants games, food and beverage and estates income to maintain the Odyssey site. The trading activity contribution supports the Charity in achieving its charitable objectives. 

## charitable spend in 2024-25 **£8,566,419** 

The Group financial statements for the financial year show net incoming resources before depreciation, taxation and gains/losses on investments of £6,275,760 (2024 - £1,847,917) with a total funds held at the end of the financial year of £49,022,354 (2024 - £45,154,000). 

## **Charitable Expenditure** 

Expenditure on charitable activities totalled £8,566,419 (2024 - £7,875,994) showing a commitment by the Board of Trustees to deliver against the Charity’s objectives. 

W5 LIFE ran an SEN schools programme to support learners of all ages and abilities from Rosstulla Special School in Jordanstown. The aim was to provide pupils with an opportunity to engage in learning beyond the traditional classroom setting and enhance their digital literacy. They attended W5 LIFE weekly to complete an OCN Northern Ireland Level One Award in Information Technology Applications, and took part in workshops covering Computational Thinking, Micro:Bit Coding, Sphero Coding, Minecraft Education, and Artificial Intelligence. As part of its ongoing commitment to inclusivity, W5 continued to offer regular quiet sessions, designed specifically to support children and young people with special educational needs and disabilities (SEND), as well as those who may benefit from a calmer, less crowded environment. The Healthy Lifestyle Programme run through the Belfast Giants partnering with Belfast Harbour promoted health and wellbeing among children and young people. A number of conferences were held in W5. NICVA brought together 370 representatives from Northern Ireland’s voluntary, community, and social enterprise sector for a day of inspiration, connection, and collaboration at W5. Universal Design for Learning (UDL) conference was held in W5 developed in conjunction with LANTEC and the Department of Education to explore the practical applications of UDL in the classroom to support learners of all ages and abilities. W5 ran a special adult-only workshop during the Belfast Festival of Learning, offering learners the opportunity to embark on a fascinating journey into the intricacies of human genetics with the ‘DNA in a Day’ workshop. The W5 LIFE team delivered STEM-based workshops as part of Northern Ireland’s first-ever ‘EmPower Girls’ event at Windsor Park. 

52 



The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

The event gave 250 girls, aged 11—12 from 12 schools across Northern Ireland, the chance to discover the potential career opportunities in tech and cyber security from professionals and experts. As part of a two-year national STEM programme exploring the relevance of UK space sciences for the future health and sustainability of Planet Earth, the Learning and Engagement Team, funded by the UK Space Agency, delivered ‘Our World from Space’ programme. The interactive programme, which is designed to inspire, captivate, and empower key Stage 2 pupils, allowed students to delve into the fascinating topics of sustainability and space exploration, as well as witness Belfast from space, explore temperatures with infrared cameras, and collaboratively discover the wonders of the world. W5 reintroduced its £7 ticket offer in September 2024 and January 2025 to allow families to access a more affordable day out. 

capital spend in 2024-2025 

## **£2,153,519** 

The Charity, in line with the objective to maintain and develop the facility to the highest standard, continued to invest in the maintenance and capital expenditure programme. This included capital expenditure of £2,153,519 during the year relating to a giant puck at the front of the Odyssey building celebrating our 25th Birthday, acoustic sound proofing for the ice plant, arena ice floor, food and beverage refurbishments on The SSE Arena concourse and suite level, W5 animatronics for the dragon summer exhibition, new telephone system and website upgrade. 

Capital expenditure in the prior year was £2,252,201. 

**£1,780,765** increase in financial resources in 2024-2025 

## FINANCIAL RESOURCES 

Current asset investments and bank holdings increased by £1,780,765 representing an increase in bank and cash of £2,357,636, increase in treasury deposits of £893,129, and decrease in treasury bills of £1,470,000. The increase in bank and cash is reflective of the exceptional item receipt in relation to a Charity rating exemption, a strong trading performance from increased site activity generated through The SSE Arena and car park counterbalanced by an additional one off capital repayment on the Coronavirus Business Interruption Loan Scheme (CBILS). The investment decrease is the result of excess funds being placed on treasury and institutional cash series with Evelyn Partners. 

Prepayments and accrued income increased by £105,473 which include the outstanding W5 gift aid claim due from HMRC for the current and prior year and usual trading prepayments on insurance, maintenance and digital costs which have increased in line with the uplift in these costs. Stock increased by £31,516 with a £36,629 increase in The SSE Arena perishable food and beverage stock given the higher level of activity with more events counterbalanced by an decrease in W5 stock £5,113 resultant from poorer trading in the coffee shop and retail shop with decreased W5 visitors. 

Trade creditors decreased by £291,877 due to the timing of invoices received and in particular relates to two creditor balances for SSE Airtricity and the Performing Right Society Limited for royalty payments due to artists when performing live. 

Other tax and social security increased by £246,956 with a higher VAT liability creditor in the current year due to higher sales tax reflective of the level of business activity and an increase in the PAYE liability with a higher wage cost. 

Other creditors and accruals decreased by £93,070 attributable in the main to a reduction in other creditors with a further payment on a trading liability counterbalanced by an increase in accruals with the increased trading activity. Deferred income decreased by £832,607 with significantly lower arena ticket monies held in advance and a lower level of sponsorship received in advance. 

Creditors include the Coronavirus Business Interruption Loan totaling £500,000 provided by the government to support businesses during the pandemic. The creditors also include a hire purchase contract for the purchase of car park equipment. 

## INVESTMENTS 

The value of the portfolio as at the 31 March 2025 totals £nil (2024 - £nil). The Audit Risk and Investment Committee after reviewing the Charity’s investment strategy approved the liquidation of the investment portfolio in full in 2024 due to the continued poor performance of the portfolio due to economic conditions. The Charity’s excess funds are held in institutional cash series through the Charity’s fund manager Evelyn Partners. The Audit, Risk and Investment Committee will continue to ensure the best return is secured for the Charity funds and will keep under review the best investment instrument to achieve the Charity’s investment strategy. 

## POLITICAL DONATIONS 

Neither the Charity nor the Group has made any political contributions during the year (2024: none) 

53 



The Odyssey Trust Company Limited 

**Company Number: NI033106 Charity Commission NI Number: 100113** 

## GOING CONCERN 

The going concern basis is considered appropriate due to the strength of the Charity’s balance sheet which would allow the Charity to continue to operate in the event that there was either a significant or prolonged reduction in income or an unexpected increase in costs, or both. The Trustees have reviewed and challenged several potential financial scenarios identifying necessary actions to reduce costs, optimise cash flow and reserve levels based on how the economic downturn and cost of living crisis may impact on the Charity’s operations. The financial forecasts include potential changes within inflation levels, interest rates impacting the interest to be paid on the Coronavirus Business Interruption Loan, interest rates achieved on treasury deposits, further one off additional capital payment applied to the Coronavirus Business Interruption Loan to reduce the interest paid, admissions income, retail, café, gift aid and sponsorship. 

The use of the going concern basis of accounting is appropriate for a 12-month period from the date of approving the financial statements as the Trustees are satisfied that the cash flow forecasts demonstrate that there is access to sufficient liquidity through the use of unrestricted reserves to enable the Group and Charity to continue as a going concern. 

## FUNDING SOURCES 

The original capital expenditure to build the Odyssey complex in 2000 was funded in total by a combination of grant aid from the Millennium Commission (now The National Lottery Community Fund), Department for Communities (formally known as DCAL), Laganside, Sports Council for NI and the private sector. 

The Department for Communities and the Big Lottery have released their interests in the Charity and its wholly owned subsidiary WhoWhatWhereWhenWhy under the original funding agreements. The debentures granted under the funding agreements between the Charity and the Department for Communities and the Big Lottery are also released. 

The Charity has in the past and continues to fund the charitable activities through charges for use of the facilities (rents and admission charges) and covenanted payments received from its wholly owned trading subsidiaries which generate money through on site commercial activities, food and beverage, merchandising, sponsorship and car parking. 

The Group and Charity continue to work tirelessly to secure income to finance the ongoing activities. A Group business and strategic plan is continually implemented and updated, alongside annual budgets of income and expenditure to address the challenges in the current financial climate. 

**54** 



The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## RESERVES POLICY 

The policy of the Board is that reserves are maintained at levels considering the nature of the business, the provision of funds for asset replacement as detailed under the Life Cycle Report and to help safeguard the future viability of the Odyssey complex. These are considered and reflected in the Business and Strategic Plans. 

The Charity’s reserves are required to help ensure the continuity of its operations in the event of an unexpected fall in income or some other unforeseen event, and to ensure it is able to provide for the longterm maintenance requirements of the buildings, and fund further improvements. 

In assessing the level of reserves required for the Charity, the Charity has considered the guidance issued by the Charity Commission for Northern Ireland. A review of the Charity’s income, expenditure, operational commitments, future plans and key risks has been carried out to establish the appropriate level of reserves. 

Total reserves held at 31 March 2025 were £49,022,354 of which £18,137,889 were unrestricted funds. Of this total £10,566,288 represents the general reserves of the Charity and the remaining £7,571,601 has been allocated as designated funds. The balance of total reserves totalling £30,884,465 forms the Charity’s restricted funds. 

## UNRESTRICTED FUNDS 

The unrestricted reserve funds are specified as follows: 

•  the general reserve fund is to support the financial viability of the Group and enable it to continue its work in line with its charitable objectives. It is the aim of the Group to carry a general reserve fund at the level of six months charitable expenditure which would equate to £4,283,210. The level in this fund at 31 March 2025 was £10,566,288 which represents 14.8 months of charitable expenditure. 

## DESIGNATED FUNDS 

•  the designated fund of £7,571,601 has been established to create a reserve necessary to fund the W5 operating deficit, a rolling programme for the upgrade of W5 exhibits, capital expenditure requirements as identified in the lifecycle report for the building and internal building fabric, operational support requirements for The SSE Arena including information technology renewal and the annual repayments on the Coronavirus Business Interruption Loan and hire purchase contracts. Designated funds of £7,571,601 comprise of the following: 

- £3,515,000 The SSE arena removable east tier seating, filling in the running track in The SSE Arena, W5 goods lift, suite enhancement and concourse unit upgrades within The SSE Arena, digital screens in The SSE Arena, information technology infrastructure, west kitchen upgrade, CCTV, light replacements forklift truck and new W5 exhibit attraction for Puffin Rock 

- £437,707 support and development of The SSE Arena expected to be incurred within the next two years 

- £518,894 to meet the annual repayment under the Coronavirus Business Interruption Loan and hire purchase contracts 

- £3,000,000 capital expenditure on the exterior building of the Odyssey complex 

The restricted reserve funds include Construction Fund, Rank Foundation, Friendship Four, Department of Foreign Affairs – Reconciliation Fund, W5 Fund, Screen Contribution, and Estate Management. 

## RESTRICTED FUNDS 

   - Construction Fund was £30,784,465 at 31 March 2025 representing money received from the funders relating to the initial capital cost from construction of the project less depreciation. 

   - Rank Foundation was £nil at 31 March 2025 representing money received from the Rank Foundation to fund a staff post for three years covering the staff costs and training for the position of a corporate social responsibility co-ordinator to facilitate school outreach programmes. 

   - Department of Foreign Affairs reconciliation fund at 31 March 2025 £nil representing a programme delivery to participants from Northern Ireland, Republic of Ireland and Scotland to complete a qualification in personal development and citizenship through the mentorship of the Belfast Giants by building equal relationships through sport. 

   - Friendship Four Fund represents money received from funders less expenditure incurred to enable the hosting of the Friendship Four amateur ice hockey tournament. 

   - W5 fund represents the income and expenditure for W5, the wholly owned subsidiary of the Charity, which also has charitable status. 

- £100,000 W5 LIFE working capital funding expected to be incurred within the next 12 months 

55 



The Odyssey Trust Company Limited 


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Company Number: NI033106 Charity Commission NI Number: 100113<br>**----- End of picture text -----**<br>


•  Screen fund was £100,000 at 31 March 2025 and is a contribution received from the Odyssey Place tenant Matagorda Limited towards a screen within the Odyssey Place. 

•  Estate Management fund is for the purpose of providing services for the entire Odyssey site, which are recharged to the tenants. These services include security, maintenance, cleaning, electricity and insurance. 

The reserves policy is monitored on a regular basis to ensure compliance with this policy and reviewed annually. 

**£7,571,601** 

Designated Funds (Capital and Arena Redevelopment and W5 LIFE working capital) 

**£30,884,465** 

Restricted Funds (can only be spent as donor directs) 

## INVESTMENT POLICY 

The investment policy provides a framework for making investment decisions to aid the Trustees in managing the Group resources effectively and demonstrate good governance. The Group has adopted an investment policy which supports the reserves policy. The purpose of the investment policy is to ensure that when investing charitable funds, the Group achieves an appropriate balance for the Charity between the two objectives of: 

a)  providing an income to effectively support the activities of the Group in line with its charitable objectives in the short term; and 

b)  maintaining and enhancing the value of the invested funds, so as to enable the Group effectively to carry out its purposes in the longer term. 

The investment policy is reviewed annually to ensure that it continues to reflect the needs of the Group. 

The Charity receives income from covenanted payments from its trading subsidiaries, grants and other sources. Financial budgets are set to cover revenue and capital expenditure and any surplus is used to build the free reserves target. 

The Charity excess funds are held within shortterm deposits. The investment strategy moved from holding funds within securities due to poor performance. 

The Charity’s investments include interest bearing term deposits having no risk to the capital deposited. In 2024/25 interest rates achieved ranged from 3.31% to 4.6%. 

**£4,149,115** 

Short-term deposits held in 2025 

56 



The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## RELATED PARTIES 

The Charity has a number of subsidiary undertakings which it considers to be related parties. The subsidiary undertakings and their principal activities are as follows: 

- OML Belfast Limited - Principal activities are to operate The SSE Arena Belfast, which attracts a wide range of artists and events to Northern Ireland, manage the Belfast Giants, manage the Odyssey car park with 1,500 spaces and have responsibility for the estate management services of the Odyssey complex, which comprises the W5 Science and Discovery Centre, The SSE Arena Belfast, Odyssey Place and Odyssey car park. 

- Odyssey Property Company - Principal activities are the ownership and rental of the Odyssey Place and rental of this property. An element of this asset is sub-leased to whowhatwherewhenwhy (W5), which is also a wholly owned subsidiary of the Charity. 

- Whowhatwherewhenwhy (W5) - Aim is to educate the public and to promote awareness, appreciation and understanding of art, history, science, the culture and way of life of people, the migration and settlement of people and, in particular, the heritage of Northern Ireland. 

- Whowhatwherewhenwhyonline Limited - Principal activity is the operation of a retail shop, coffee shop and corporate sponsorship activities at the W5 science and discovery centre in Belfast. 

The subsidiaries have made covenanted payments transferring (subject to maintenance of appropriate reserves) all or substantially all of their taxable profits to the Charity to enable it to deliver its charitable objectives. W5 Online Limited makes a covenanted payment of its taxable profits to W5. Further details of these subsidiaries are disclosed in the financial statements. During 2024-25 The Odyssey Trust Company Trustees from time to time attended events held in W5 and/or the SSE Arena, Belfast. The private benefits to unremunerated Trustees were incidental to and a by-product of the delivery of the benefits provided to the Charity’s beneficiaries. 

## CONFLICTS OF INTEREST 

Newly appointed trustees of the Charity must complete a Charity trustee declaration, which serves as a formal acknowledgment of their understanding and acceptance of the responsibilities and requirements associated with their role. The trustee declaration outlines the eligibility criteria that all trustees must meet. These criteria ensure that individuals are legally permitted to serve as trustees and are committed to fulfilling their duties with integrity and diligence. 

All trustees must act, and be seen to act, in the best interest of the Charity and not for their own private interest or gain. There may be situations where a trustee’s own interests and the interests of the organization arise simultaneously or appear to clash. 

The Charity maintains a register of interests, which is built from the trustees’ director of interest forms completed biannually. 

Any connection between a trustee or executive of the Charity with a promoter, grant funder, sponsor, or supplier must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. In the current year, no such related party transactions were reported. 

Conflicts of interest are included as a standing agenda item for all board meetings. Trustees who declare a conflict of interest at the start of the meeting are obliged to leave the meeting before the relevant agenda item is discussed. 

- Odyssey Construction Company Limited - A dormant subsidiary company, which was established during the construction of the Odyssey complex; and 

- Silverstream Enterprises Limited - Is a dormant subsidiary company. 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## RISK POLICY 

The Board of Trustees has implemented systems of internal control, which are designed to provide reasonable, but not absolute assurance against material misstatement or loss. The systems include: 

- a strategic plan and an annual budget approved by the Board; 

- regular consideration by the Board of financial results, variance from budgets and non-financial performance indicators; 

- delegation of authority and segregation of duties; 

- identification and management of risks. 

The Board of Trustees has introduced a formal risk management process to assess business risks and implement risk management strategies. This involves identifying the types of risks the Group and Charity faces, prioritising them in terms of potential impact and likelihood of occurrence, and identifying means of mitigating the risks. As part of this process, the Trustees have reviewed the adequacy of the Group and Charity’s current internal controls. 

The Group and Charity has an Internal Audit service provided by Ernst & Young LLP, which operates to standards defined by the Institute of Internal Auditors. They submit regular reports, which include their independent opinion on the adequacy and effectiveness of the Charity’s system of internal control together with recommendations for improvement. 

The Trustees’ review of the effectiveness of the system of internal financial control is informed by the work of the internal auditors and the Executive Team within the Group and Charity who have responsibility for the development and maintenance of the internal control framework, and comments made by the external auditors in their management letter and other reports. 

In addition, the Trustees have considered the guidance for Directors of public listed companies contained within the Combined Code. They believe that although this is not mandatory for the Charity and they have not adopted the Code, it should, as a public interest body, consider these guidelines as best practice. Accordingly they have set policies on internal controls which cover the following: 

- consideration of the type of risks the Group and Charity faces; 

- the level of risks which they regard as acceptable; 

- the likelihood of the risks concerned materialising; 

- the Group and Charity’s ability to reduce the incidence 

- and impact on the business of risks that do materialise; 

- the costs of operating particular controls relative to the benefit obtainable; 

- the responsibility of management to implement the Trustees’ policies and identify and evaluate risks for their consideration; 

- communication of employees’ responsibility for internal control as part of their accountability for achieving objectives; 

- embedding the control system in the Group and Charity’s operations so that it becomes part of the culture of the Charity; 

- systems to respond quickly to evolving risks arising from factors within the Group and Charity and to changes in the external environment; 

- procedures for reporting failings immediately to appropriate management and the Trustees together with details of corrective action being undertaken. 

## SAFEGUARDING 

Due to the nature of the Charity’s brands and the numbers of visitors welcomed across the site, safeguarding continues to be a priority. The Trust has two policies that address safeguarding for children, young people, and adults who may be vulnerable or at risk. To deliver on these policies, The Trust engage with the NSPCC, an expert organisation within this area, to support policy delivery and train members of staff. 

Reviewed on a three-year cycle, within the last year, 13 designated offers were retrained, and 39 members of staff completed level two safeguarding training. 

## FINANCIAL RISK MANAGEMENT POLICY 

The Group and Charity’s principal financial instruments comprise cash, bank deposits, trade debtors and creditors, Group indebtedness and certain other debtors and accruals. The main risks and policies associated with these financial assets and liabilities are set out as follows: 

58 



The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## LIQUIDITY RISK 

The Charity availed of the Coronavirus Business Interruption Loan Scheme provided by the government to support businesses during the pandemic. This loan has provided the Charity with additional liquidity. As a result the liquidity risk is low with cash flow managed to ensure sufficient levels of unrestricted reserves are held in cash as operating capital on shortterm deposits. Hence the Trustees do not believe that the Charity has significant exposures arising from liquidity risks. 

## INVESTMENTS IN BANK TERM DEPOSITS 

The Group and Charity’s policy is to hold excess funds in bank deposits held with major banking institutions with a very low risk to capital invested. 

## CREDIT RISK 

The largest element of the Group and Charity’s income is collected in cash or cash equivalents. Where there is credit risk the Group and Charity operate a well-defined credit control system to ensure exposure to bad debts is minimised. 

## BUSINESS PERFORMANCE RISK 

Business performance risk is the risk that the Group and Charity may not perform as expected either due to internal factors or due to competitive pressures in the markets in which it operates. This risk is managed through a number of measures: ensuring the appropriate management team is in place, budget and business planning, monthly reporting and variance analysis, financial controls and market analysis. 

## VALUE 

The Executive Team and Department Heads are responsible for identifying value efficiencies which are built into the budget planning process. Meetings have been held site wide with managers and accountants to provide ongoing support to these initiatives. This includes operational changes, centralising functions and challenging the cost base for services and goods provided internally and externally. 

## BUSINESS CONTINUITY RISK 

The Group and Charity take a proactive and continually developing approach to business continuity and crisis management. The Trust has comprehensive business continuity plans and crisis management procedures in place, which are regularly reviewed, tested, and updated to reflect emerging risks and the changing operational needs. 

The Trust’s crisis response structure is underpinned by a tiered matrix escalation system, enabling appropriate and timely responses to incidents. Strategic oversight is provided by a crisis management team, supported by an operational crisis support team, ensuring effective coordination and decision-making during any disruption or emergency scenario. 

The organisation undertakes regular training activities, including structured tabletop and live scenario-based exercises, as well as external training sessions, to support learning and build confidence in resilience arrangements. These sessions provide valuable opportunities for staff and stakeholders to understand their roles, develop practical skills, and apply procedures in a safe learning environment. A wide range of internal participants and external partners, including emergency services and key stakeholders, take part to strengthen coordination, communication, and overall preparedness. 

The Trust also works closely throughout the year with Trio Solutions, its external security consultancy, to strengthen security and business continuity arrangements. Their independent insights and critical challenge help to continuously develop and improve policies, procedures, and response capabilities. This ongoing partnership and objectivity ensure plans remain relevant, practical, and effective, particularly in high-pressure scenarios, and supports the continuous refinement of The Trust’s approach across all areas of preparedness and resilience. 

The Charity maintains a wide range of emergency preparedness materials to support risk management efforts and to help guide its teams. These resources are designed to provide clear instruction, practical guidance, and support for those operating The Trust’s venues and delivering events. They are regularly reviewed and updated, continually developing them to reflect the evolving needs of The Trust’s teams and the full range of sites and venues under the organisation’s remit. 

Strong collaboration with partners and wider stakeholders, including emergency services, plays a key role in The Trust’s approach. This joint working supports effective communication, coordinated planning, and response before, during, and after any incident, as well as in day-to-day operations. 

## GENERAL DATA PROTECTION REGULATION (GDPR) 

The GDPR lead continues to chair quarterly working Group meetings, at which all departments from across the Group are represented. The group has the opportunity to discuss any relevant changes to legislation, review subject access requests, right to be forgotten requests and any other items related to the collection and processing of personal data within the business. 

59 



The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

The Odyssey Trust continues to liaise with a specialist external GDPR advisor and internal auditors to seek legal guidance and review best practices and potential areas of risk. 

All staff receive annual GDPR training and key principles and best practice are included in staff inductions. Senior staff and those handling large volumes of personal data also receive additional training with certification. 

Policies are reviewed annually, and data protection impact assessments are carried out for new projects that involve personal data collection or processing. 

GDPR remains an agenda item at department, senior and board meetings to ensure that priority continues to be given to the awareness of GDPR legislation and identification and analysis of associated risks. 

## HEALTH AND SAFETY RISK 

At The Odyssey Trust, the health, safety, and wellbeing of staff, visitors, and anyone else effected by the Charity’s activities is crucial to the success of the organisation and remains a top priority. 

The Trust’s Health and Safety Committee continues to foster a collaborative environment, promoting a generative health and safety culture across the organisation. This allows the Charity to evolve and adapt to the dynamic field of health and safety, always staying one step ahead, across such a diverse operation. 

In all facets, the organisation employs the Plan – Do – Check – Act Model to drive continual improvement. As a result, lean health and safety processes that produce effective results have been implemented across the site, while remaining user friendly. None more so than the implementation of Halo. Halo is a digital incident management software for events, which has ultimately benefitted the health and safety function across the site. Although primarily developed 

for events, through the innovative thinking of the Odyssey team and a collaborative approach with Halo Solutions, the software has been adapted to meet the day-to-day health and safety needs across the site. 

A particular focus has been placed on proactive monitoring of health and safety, namely through event safety audits, building safety walks, and contractor inspections. The results of both leading and lagging health and safety indicators are collated monthly and displayed in informative and accessible ways for staff. 

Safety is no accident, and as The Trust looks ahead to the coming year, it remains committed to investing in systems and people to ensure the best experience every time. 

## MANAGEMENT DEVELOPMENT 

The Odyssey Trust continues to support managers, with two managers continuing their third-level education by undertaking a BSc Honours in Leading Customer Operations with Ulster University. Other staff at this level have completed various short courses throughout the year, including Leading Transformation Through Culture and Managing and Leading People, provided via a funded Skill Up programme at Ulster University. 

Human Resources also support managers via one-on-one sessions and an open-door policy, offering guidance on team management and the implementation of sitewide processes. 

## FINANCIAL AND BUSINESS CONTROL 

Robust financial and business controls are necessary to ensure the reliability of financial and other information on which the Group and Charity rely for day-to-day operations, external reporting and for long-term planning. 

Financial and business control is achieved through a combination of qualified and experienced financial personnel, budgeting and monitoring cash flow, forecasting, clearly defined approval limits and internal control audits to independently assess the adequacy of these systems. 

## SOCIAL, ETHICAL AND ENVIRONMENTAL RISK 

The Odyssey Trust is committed to proactively identifying and managing Environmental, Social and Governance (ESG) risk as part of its broader sustainability commitment. 

As part of this commitment, The Trust has identified six of the United Nations’ Sustainable Development Goals that align with its values. To effectively meet its commitment to these goals, The Trust is actively monitoring and measuring key ESG metrics to allow for a refined strategic focus on making positive change. 

Opportunities for improvement identified as part of the measuring of ESG metrics will be cascaded through the Charity and incorporated into day-to-day operations. In doing so, The Trust aims to foster transparency, accountability, and a culture of continuous improvement to meet and exceed its ESG responsibilities, driven by the NOW (Nurture Our World) team. 

The Odyssey Trust played a leading role in the implementation of a Belfast-wide reusable cup trial, one of its most significant ESG achievements to date. Along with other entertainment venues across the city, the Trust invested in the scheme which permits the use of reusable cups as opposed to the existing single use cups, on a trial basis for select events. Reusable cups were first trialed at the Belfast Giants vs Nottingham Panthers game in January 2025. From this period to the 31 March 2025, 99,465 reusable cups have been used, ultimately diverting this amount of single use plastics from the site’s waste stream. 

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The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## Plans for future periods 

As part of the Charity’s digital transformation, and in response to challenges with the current system, the implementation of a new ticketing platform for W5 admission bookings is planned for 2025–26. The new system will improve the visitor experience, enhance operational efficiency and allow the Charity to adapt to meet commercial and strategic opportunities. 

W5 continues to evolve as a dynamic organisation, delivering its charitable mission through creativity, innovation, and meaningful impact. Over the past year, the Charity’s understanding of W5’s identity and audiences has deepened through market research, stakeholder engagement, and visitor feedback. These insights have informed both permanent and special programming. 

The commitment to commercial resilience has driven the development of new offerings, including birthday party packages, expanded events, and themed experiences. W5 continues to embrace theatricality and interactivity to spark curiosity and engagement. Strategic partnerships, such as with Visit Belfast, are enhancing visibility, while improved feedback mechanisms are helping to continuously refine the visitor experience. 

As W5 approaches its 25th anniversary, our strategic focus is on defining the future of the organisation. This includes reimagining what a science centre can be and setting an ambitious course for the next 25 years. A new business plan will be developed in 2025–26 to support this vision. 

Detailed Business and Strategic Plans have been prepared for the Group and Charity to meet these challenges. 

## **The Charity:** 

- continues to operate the science and discovery centre, attracting visitor numbers of in excess of 240,000 (plus 30,000 through outreach programmes), to contribute to the advancement of scientific knowledge and education 

- builds full financial support for W5 into short and medium term financial budgets for both revenue and capital expenditure 

- generates rental income from the hire of the SSE Arena, Belfast to host a broad programme of music, sport and family shows 

- plans capital spend on The SSE Arena to improve the building and facilities in order to maintain the facilities to a high standard and to keep it up to date with the latest developments in the market 

- plans capital expenditure on the whole Odyssey building and surrounding site encompassing the car park and road infrastructure to ensure the facilities are maintained for future generations 

- promotes the STEM and life science agenda through the establishment of LIFE. 

## **The trading subsidiaries:** 

- generate income in (OML Belfast Limited) through car parking revenue, sponsorship, merchandise commission, food and beverage sales at events held in The SSE Arena and ticket income from the Belfast Giants ice hockey games which is reinvested in the charitable activities of the Charity. 

- generate income in (Odyssey Property Company) from rental income of Odyssey Place and advertising revenue 

- produce income in (W5 Online Limited) from retail, café, sponsorship and corporate hire 

- set budgets and new activities to provide funds for the Charity for reinvestment in the charitable activities of the Group 

- generate funds to sustain the Charity’s main charitable objectives 

More information on the Charity’s achievements and objectives are detailed on pages 7 to 49. 

61 



The Odyssey Trust Company Limited 


**----- Start of picture text -----**<br>
Company Number: NI033106 Charity Commission NI Number: 100113<br>**----- End of picture text -----**<br>


## Reference and 

## administrative details 

The Trustees who served during the year and up to the date of approving these financial statements are as listed on page 102. Other administrative details are included on page 102. 

## EXEMPTIONS FROM DISCLOSURE 

## _Medium companies’ exemption_ 

This report has been prepared in accordance with the special provisions relating to medium companies within Part 15 of the Companies Act 2006. 

## FUNDS HELD AS A CUSTODIAN TRUSTEE ON BEHALF OF 

## OTHERS 

There are no funds held as custodian Trustee on behalf of others. 

62 



The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## STATEMENT OF TRUSTEES’ RESPONSIBILITIES IN RESPECT OF THE FINANCIAL STATEMENTS 

The trustees (who are also directors of The Odyssey Trust Company for the purposes of company law) are responsible for preparing the Annual report and the financial statements in accordance with applicable law and regulation. 

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law (United Kingdom Generally Accepted Accounting Practice). 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 the affairs of the charitable company and the group 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: 

- select suitable accounting policies and then apply them consistently. 

•  state whether applicable UK Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements. 

- 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 adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The trustees are responsible for the maintenance and integrity of 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. 

## STATEMENT OF DISCLOSURE OF INFORMATION TO AUDITORS 

So far as each of the directors/trustees in office at the date of approval of these financial statements is aware: 

- there is no relevant audit information of which the Group and charitable company’s auditors are unaware; and 

- they have taken all the steps that they ought to have taken as directors/trustees in order to make themselves aware of any relevant audit information and to establish that the group and charitable company’s auditors are aware of that information. 

## INDEPENDENT AUDITORS 

The auditors, Moore (N.I.) LLP have indicated their willingness to continue in office, and a resolution concerning their reappointment will be proposed at the next Board Meeting. 

By order of the Board. 

M McDowell **Chair and Trustee** 

17 November 2025 

- observe the methods and principles in the Statement of Recommended Practice: Accounting and Reporting by Charities (2015). 

- make judgments and estimates that are reasonable and prudent. 

63 



The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## Report on the audit of the financial statements 

## **OPINION** 

We have audited the group and parent charitable company financial statements of The Odyssey Trust Company Limited (the ‘charitable company’) for the year ended 31 March 2025 which comprise the group statement of financial activities, the group and parent balance sheets, the group cash flow statement for the year then ended; the accounting policies; and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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: 

**Independent auditors’ report to the members of The Odyssey Trust Company Limited** 

- give a true and fair view of the state of the group and parent charitable company’s affairs as at 31 March 2025 and of the group and parent charitable company’s incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

64 



Independent auditors’ report to the members of The Odyssey Trust Company Limited (Continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## BASIS FOR OPINION 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and the parent 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 the group or parent 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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the group and parent charitable company’s ability to continue as a going concern. 

## OTHER INFORMATION 

The other information comprises the information included in the 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. 

## OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 

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

- the information given in the Trustees’ Annual Report, including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Trustees’ Annual Report, including the Strategic Report have been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the trustees’ report. 

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: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the parent company financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

## RESPONSIBILITIES OF TRUSTEES 

As explained more fully in the Annual Report and trustees’ responsibilities statement, as set out on page 64, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

65 



Independent auditors’ report to the members of The Odyssey Trust Company Limited (Continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

In preparing the financial statements, the trustees are responsible for assessing the group and the parent 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 directors either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so. 

## AUDITOR'S 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 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 noncompliance 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. 

## EXPLANATION AS TO WHAT EXTENT THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD 

The objectives of our audit in respect of fraud, are to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the group and parent charitable company. 

Based on our understanding of the group and parent charitable company and the environment in which they operate, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2008 and Companies Act 2006, and we considered the extent to which non-compliance with these might have a material effect on the financial statements. We evaluated management’s incentive and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to the posting of inappropriate journal entries and management bias in key accounting judgements and estimates. 

## Our approach was as follows: 

- We obtained an understanding of the legal and regulatory requirements applicable to the group and parent charitable company and considered that the most significant are the Companies Act 2006, the Charities Act (Northern Ireland) 2008(13) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102); 

- Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims; 

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; 

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; 

- Reviewing terms and conditions of significant contracts; 

- We test the completeness of income to address the risk of fraud in revenue recognition. 

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. 

66 



Independent auditors’ report to the members of The Odyssey Trust Company Limited (Continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: 

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charitable company’s internal control. 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. 

- Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern. 

If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group and parent charitable company to cease to continue as a going concern. 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

## THE 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 group and parent charitable company’s members 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 group and the parent charitable company’s members, as a body, for our audit work, for this report, or for the opinions we have formed 


Dr Rosemary Peters Gallagher OBE FCA (Senior Statutory Auditor) for and on behalf of Moore (N.I.) LLP Chartered Accountants and Statutory Auditors Belfast 

17 November 2025 

4th Floor Donegall House 7 Donegall Square North Belfast BT1 5GB 

67 



Independent auditors’ report to the members of The Odyssey Trust Company Limited (Continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## Group statement of financial activities for the year ended 31 March 2025 


**----- Start of picture text -----**<br>
Unrestricted Restricted Total Unrestricted Funds  Restricted<br>Total 2024<br>Notes Funds 2025 Funds 2025 2025 2024 Funds 2024<br>£<br> £  £  £  £ £<br>Incoming resources<br>Income from donations and legacies<br>Voluntary income 5 - 2,904 2,904 54,494 3,889 58,383<br>Incoming resources from generated funds:<br>**----- End of picture text -----**<br>


|**Incoming resources from generated funds:**||||||||
|---|---|---|---|---|---|---|---|
|Activities for generating funds|6|17,460,806|2,684,803|**20,145,609**|13,023,746|2,441,446|15,465,192|
|Investment income||273,906|5,661|**279,567**|217,492|3,487|220,979|
|||17,734,712|2,693,368|**20,428,080**|13,295,732|2,448,822|15,744,554|
|**Other Incoming Resources**||||||||
|Grants|7|-|91,407|**91,407**|-|36,175|36,175|
|Incoming resources from charitable activities|7|3,338,707|2,084,165|**5,422,872**|2,000,428|2,446,918|4,447,346|
|**Total incoming resources**||21,073,419|4,868,940|**25,942,359**|15,296,160|4,931,915|20,228,075|
|**Resources expended**||||||||
|**Expenditure on generating funds:**||||||||
|Expenditure on trading activities|8|12,277,057|2,423,388|**14,700,445**|10,915,347|2,089,527|13,004,874|
|Investment management costs|8|65,822|-|**65,822**|66,372|-|66,372|
|||12,342,879|2,423,388|**14,766,267**|10,981,719|2,089,527|13,071,246|
|Expenditure on charitable activities<br>and Governance|8|5,036,345|3,530,074|**8,566,419**|4,010,851|3,865,143|7,875,994|
|**Total resources expended**||17,379,224|5,953,462|**23,332,686**|14,992,570|5,954,670|20,947,240|
|**Net (losses)/gains on investments**|17,30|-|-|**-**|(72,959)|-|(72,959)|
|**Net incoming/(outgoing) resources before**<br>**transfers of goodwill**||3,694,195|(1,084,522)|**2,609,673**|230,631|(1,022,755)|(803,809)|
|Taxation Credit/(charge)|12|7,751|-|**7,751**|(4,737)|-|(4,737)|
|Exceptional income item|13|1,250,930|-|**1,250,930**|-|-|-|
|Transfers|30|(50,687)|50,687|**-**|21,092|(21,092)|-|
|**Net movement in funds**||4,902,189|(1,033,835)|**3,868,354**|246,986|(1,043,847)|(796,861)|
|**Reconciliation of funds:**||||||||
|Total funds brought forward|30|13,235,700|31,918,300|**45,154,000**|12,988,712|32,962,149|45,950,861|
|**Total funds carried forward**|30|18,137,889|30,884,465|**49,022,354**|13,235,698|31,918,302|45,154,000|



68 



Independent auditors’ report to the members of The Odyssey Trust Company Limited (Continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## Group balance sheet as at 31 March 2025 


**----- Start of picture text -----**<br>
2025 2024<br>Notes<br> £  £ of these financial statements.<br>**----- End of picture text -----**<br>


The notes on pages 72 to 101 are an integral part of these financial statements. 

|**Fixed assets**<br>Intangible assets|15|-|-|The fnancial statements on<br>were authorised for issue by|
|---|---|---|---|---|
|Tangible assets|16|**42,559,524**|42,821,162|directors and were signed o|
|Investments|17|**-**|-||
|||**42,559,524**|42,821,162||
|**Current assets**|||||
|Stocks|19|**412,607**|381,091||
|Debtors: Amounts falling due after one year|20|**8,796**|49,282||
|Debtors: Amounts falling due within one year|20|**2,178,864**|2,016,045|M McDowell|
|Investments|21|**4,149,115**|4,725,986|Director|
|Cash at bank and in hand|22|**7,480,229**|5,122,593||
|||**14,229,611**|12,294,997||
|**Creditors: amounts falling due within one year**|24|**(7,566,788)**|(8,623,621)||
|**Net current assets**||**6,662,823**|3,671,376|M Pitt|
|**Total assets less current liabilities**||**49,222,347**|46,492,538|Director|
|**Creditors: amounts falling due after more than one year**|25|**(199,993)**|(1,338,538)||
|**Net assets**||**49,022,354**|45,154,000|17 November 2025|
|**Funds**||||Company number: NI033106|
|**Unrestricted funds:**||||Charity number: 100113|
|General reserve|30|**10,566,288**|6,283,992||
|Designated funds|30|**7,571,601**|6,951,708||
|**Restricted funds:**|30|**30,884,465**|31,918,300||
|**Total funds**|30|**49,022,354**|45,154,000||



The financial statements on pages 68 to 101 were authorised for issue by the board of trustees/ directors and were signed on its behalf by: 

69 



Independent auditors’ report to the members of The Odyssey Trust Company Limited (Continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## Charity balance sheet as at 31 March 2025 


**----- Start of picture text -----**<br>
2025 2024<br>Notes<br> £  £<br>**----- End of picture text -----**<br>


|**Fixed assets**||||
|---|---|---|---|
|Tangible assets|16|**27,806,647**|27,200,324|
|Investments|17|**-**|-|
|Investments in subsidiary undertakings|18|**1,958,957**|1,958,957|
|||**29,765,604**|29,159,281|
|**Current assets**||||
|Debtors: amounts falling due after one year|20|**8,796**|49,282|
|Debtors: amounts falling due within one year|20|**6,199,537**|2,419,415|
|Investments|21|**3,132,205**|3,694,773|
|Cash at bank and in hand|22|**2,352,473**|194,879|
|||**11,693,011**|6,358,349|
|**Creditors: amounts falling due within one year**|24|**(6,344,601)**|(4,323,640)|
|**Net current assets**||**5,348,410**|2,034,709|
|**Total assets less current liabilities**||**35,114,014**|31,193,990|
|**Creditors: amounts falling due after more than one year**|25|**(44,956)**|(946,974)|
|**Net assets**||**35,069,058**|30,247,016|
|**Funds**||||
|**Unrestricted funds:**||||
|General reserves|30|**21,630,870**|16,651,219|
|Designated funds|30|**7,133,894**|6,257,668|
|**Restricted funds:**|30|||
|Restricted funds|30|**6,304,294**|7,338,129|
|**Total funds**|30|**35,069,058**|30,247,016|



The amount of the profit in the financial statements of the charitable company was £4,822,042 (2024 profit: £261,096). 

The notes on pages 72 to 101 are an integral part of these financial statements. 

The financial statements on pages 68 to 101 were authorised for issue by the board of trustees/directors and were signed on its behalf by: 

M McDowell Director 

M Pitt Director 

17 November 2025 Company number: NI033106 Charity number: 100113 

70 



Independent auditors’ report to the members of The Odyssey Trust Company Limited (Continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## Group statement of cash flows for the year ended 31 March 2025 


**----- Start of picture text -----**<br>
2025 2024<br>£  £<br>Cash flows from operating activities<br>**----- End of picture text -----**<br>


|Net (outgoing)/incoming resources for the year|**3,868,354**|(796,861)|
|---|---|---|
|Adjustments for:|||
|Loss on sale of fxed assets|**-**|10,225|
|Loss on investments|**-**|72,959|
|Dividend income|**-**|(16,011)|
|Investment income|**(279,567)**|(204,968)|
|Taxation charge/(credit)|**(7,751)**|4,737|
|Depreciation charge|**2,415,157**|2,621,575|
|Movement in debtors|**(225,368)**|(311,680)|
|Movement in creditors|**(962,149)**|2,652,263|
|Movement in stock|**(31,516)**|7,292|
|Bank interest|**156,369**|223,646|
|**Net cash generated from operating activities**|**4,933,529**|4,263,177|
|**Cash fows from investment activities**|||
|Payments to acquire of tangible assets|**(2,153,519)**|(2,252,201)|
|Bank Charges and Income|**123,198**|(18,678)|
|Dividend income|**-**|16,011|
|Net movement in investments|**576,871**|(3,278,095)|
|**Net cash used in investing activities**|**(1,453,450)**|(5,532,963)|
|**Cash fows from fnancing activities**|||
|Bank loans received|**-**|-|
|Loan repayments made|**(1,122,443)**|(1,452,176)|
|**Net cash generated/ (used in) from fnancing activities**|**(1,122,443)**|(1,452,176)|
|**Net (decrease)/increase in cash and cash equivalents**|**2,357,636**|(2,721,962)|
|**Cash and cash equivalents at the beginning of the year**|**5,122,593**|7,844,555|
|Cash and cash equivalents at the end of the year|**7,480,229**|5,122,593|
|**Change in cash and bank balances for the year**|**2,357,636**|(2,721,962)|



71 



The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## Notes to the financial statements for the year ended 31 March 2025 

## 1 GENERAL INFORMATION 

The Odyssey Trust Company Limited (the “Charity”) is a private company limited by guarantee and incorporated in Northern Ireland. The Registered Office is 2 Queen’s Quay, Belfast, BT3 9QQ. The members of the Charity are the directors named on page 104. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the Charity. 

The principal activity of the group is to hold, manage, safeguard and develop the investment in the Odyssey Project for the benefit of all the people of Northern Ireland. 

## 2 STATEMENT OF COMPLIANCE 

The Group and individual financial statements of The Odyssey Trust Company Limited have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, ‘‘Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act (Northern Ireland) 2008(13) and the Companies Act 2006. 

## 3 STATEMENT OF SIGNIFICANT 

## ACCOUNTING POLICIES 

The principal accounting policies applied in the preparation of these consolidated and separate financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. 

## 3.1 BASIS OF PREPARATION OF 

## FINANCIAL STATEMENTS 

These group and Charity financial statements have been prepared on a going concern basis in accordance with the Charities Act (Northern Ireland) 2008(13), the Companies Act 2006, the Financial reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and relevant sections of the Statement of Recommended Practice “Accounting and Reporting by Charities (Revised 2019)”, applicable to charities preparing their financial statements in accordance with the FRS 102. 

The Odyssey Trust Company Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policies. 

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group and Charity accounting policies. 

The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 4. 

The financial statements are presented in Sterling (£) with all values rounded to the nearest £1 except where otherwise indicated. 

The company has taken advantage of the exemption in section 408 of the Companies Act from presenting its individual profit and loss account. 

## 3.2 BASIS OF CONSOLIDATION 

The group consolidated financial statements include the financial statements of the Charitable Company and all of its subsidiary undertakings made up to 31 March 2025. A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity it accounts for that entity as a subsidiary. 

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements. 

72 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively. 

All intra-group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the surplus/deficit arising on transactions with associates to the extent of the group’s interest in the entity. 

## 3.3 GOING CONCERN 

The going concern basis is considered appropriate due to the strength of the Charity’s balance sheet which would allow the Charity to continue to operate in the event that there was either a significant or prolonged reduction in income or an unexpected increase in costs, or both. The Trustees have reviewed and challenged several potential financial scenarios identifying necessary actions to reduce costs, optimise cash flow and reserve levels based on how the economic downturn and cost of living crisis may impact on the Charity’s operations. 

The financial forecasts include: 

- high levels of inflation 

- additional £312,500 capital payment applied to the Coronavirus Business Interruption Loan to reduce the interest paid 

- reduction in admissions income, retail, café and gift aid due to cost of living crisis and 

- decreased sponsorship 

The use of the going concern basis of accounting is appropriate for a 12 month period from the date of approving the financial statements as the Trustees are satisfied with the cash flow forecasts demonstrate that there is access to sufficient liquidity through the use of unrestricted reserves and the Coronavirus Business 

Interruption Loan to enable the Group or Charity to continue as a going concern. 

## 3.4 GOODWILL 

Goodwill arising on consolidation represents the excess of the fair value of the consideration given over the fair values of the identifiable net assets acquired. Negative goodwill arising on acquisitions is capitalised as an intangible asset and is written back to the Statementof Financial Activities in accordance with the depreciation policies of the assets which when fair valued resulted in the negative goodwill. 

## 3.5 TANGIBLE FIXED ASSETS 

Freehold and long leasehold buildings are stated at cost. Other tangible fixed assets are stated at their purchase cost, together with any incidental expenses of acquisition. 

## Assets under construction 

Assets under construction are stated at cost. They will be reclassified and depreciated when the related assets are made available for use. 

Depreciation is calculated so as to write off the cost of tangible fixed assets, less their estimated residual values, on a straight-line basis over the expected useful economic lives of the assets concerned. The principal annual rates used are as follows: 

|Land|–|nil|
|---|---|---|
|Long leasehold buildings|–|2% of cost|
|Plant and machinery|–|5% - 25% of cost|
|Fixtures and fttings|–|5% - 25% of cost|
|Exhibits|–|25% - 33.3% of cost|
|Motor Vehicles|–|25% of cost|
|Car parks|–|12.5% - 25% of cost|



No depreciation is charged until the asset is brought into use. Land is not depreciated. 

73 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. 

## 3.6 FIXED ASSET INVESTMENTS 

Fixed asset investments are stated at historical cost less impairment. 

## 3.7 CURRENT ASSET INVESTMENTS 

Investments in listed company shares, which have been classified as current asset investments, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. 

## 3.8 STOCKS 

Stocks are valued at the lower of cost and estimated net realisable value. Stocks are recognized as an expense in the period in which the related revenue is recognized. 

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognized in the statement of financial activities. Where a reversal of the impairment is recognized the impairment charge is reversed, up to the original impairment loss, and is recognized as a credit in the statement of financial activities. 

## 3.9 CASH AND CASH EQUIVALENTS 

Cash and cash equivalents includes cash in hand and deposits held at call with banks, other short-term highly liquid investments with original maturities of 3 months or less. Current asset investments are deposits held with banks with maturities of 12 months or less and deposits which is not readily convertible into cash. 

## 3.10 GOVERNMENT GRANTS 

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment. 

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. 

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. 

## 3.11 FINANCIAL INSTRUMENTS 

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. 

## (i) Financial assets 

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest. 

Such assets are subsequently carried at amortised cost using the effective interest method. 

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the statement of financial activities. 

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. 

The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the statement of financial activities. 

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 

## (ii) Financial liabilities 

Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. 

Trade payables are obligations to pay for goods or services that have been received in the ordinary course of business from suppliers. Trade payables are classified into amounts falling due within one year if payment is due within one year or less. If not, they are presented as amounts falling due after one year. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 

74 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 3.12 LEASING COMMITMENTS 

Rentals payable under operating leases are charged in the statement of comprehensive income on a straight-line basis over the lease term. 

## 3.13 FUND ACCOUNTING 

The organisation has various types of funds for which it is responsible and which require separate disclosure. A definition of the various types of funds is as follows: 

## Restricted funds 

Restricted funds are to be used for specified purposes as laid down by each donor. Expenditure which meets these criteria is identified to the fund, together with a fair allocation of overheads and support costs. The aim and use of each restricted fund is set out in the notes to the financial statements. 

## Unrestricted funds 

General funds are unrestricted funds received or generated and which are expendable at the discretion of the Directors in furtherance of the objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. 

## 3.14 INCOMING RESOURCES 

Voluntary income relates to donated consumables received by W5 which were valued at market value. The total income equivalent of the gift has been recognised within incoming resources as a gift in kind and the equivalent charge has been included within office expenses. 

Activities for generating funds relates to trading incomes of the subsidiary companies of the group who gift aid all taxable profits to the Charity through a covenanted payment and recognised in the statement of financial activities. 

Investment income relates to bank interest received on cash deposits held by the group. 

Income from charitable activities includes income received from SSE Arena rental. Charitable income from W5 relates substantially to admissions, education and funded programmes. 

Trading income represents the invoiced value of goods supplied during the year excluding value added tax. Revenue is recognised upon provision of the service to the customer. 

## 3.15 RESOURCES EXPENDED 

Resources expended are accounted for on an accruals basis and are included in the Statement of Financial Activities for the period to which they relate. 

Expenditure on generating funds are those costs included in commercial trading activities of the subsidiary that raise funds. 

Charitable activities include expenditure associated with the projects undertaken by the Charity in the furtherance of its charitable objectives, and include both direct costs and support costs relating to these activities. 

Governance costs include those incurred in the governance of the Charity and are primarily associated with constitutional, statutory and strategic matters. 

Support costs include staff costs and certain central overheads. These have been allocated between these categories on a basis that is consistent with the use of the resource, such as time allocation, floor space or percentage usage. 

## 3.16 EMPLOYEE BENEFITS 

The company provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans. 

## i. Short term benefits 

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. 

## ii. Defined contribution pension plans 

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due and are allocated to the unrestricted funds. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. 

## 3.17 RECOGNITION OF LIABILITIES 

Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to pay out resources. 

75 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 4 CRITICAL JUDGEMENTS AND ESTIMATION UNCERTAINTY 

Critical judgements in applying the Group and charitable company’s accounting policies 

There are no critical judgements in applying the Group and charitable company’s policies. 

## Key management estimates and assumptions 

There are no key accounting estimates and assumptions in applying the Group and charitable company’s accounting policies. 

## 5 GROUP VOLUNTARY INCOME 

||**Unrestricted**<br>**Funds 2025**<br>**£**|**Restricted**<br>**Funds 2025**<br>**£**|**Total Funds**<br>**2025**<br>**£**|Unrestricted Funds<br>2024<br>£|Restricted Funds<br>2024<br>£|Total Funds<br>2024<br>£|
|---|---|---|---|---|---|---|
|Donation|-|1,000|**1,000**|-|1,000|1,000|
|Gifts in kind: Donated Services & Asset|-|1,904|**1,904**|54,494|2,889|57,383|
||-|2,904|**2,904**|54,494|3,889|58,383|



## 6 ACTIVITIES FOR GENERATING FUNDS 

||**Unrestricted**<br>**Funds 2025**<br>**£**|**Restricted**<br>**Funds 2025**<br>**£**|**Total Funds**<br>**2025**<br>**£**|Unrestricted Funds<br>2024<br>£|Restricted Funds<br>2024<br>£|Total Funds<br>2024<br>£|
|---|---|---|---|---|---|---|
|Arena|15,237,574|-|**15,237,574**|11,207,840|-|11,207,840|
|W5|-|1,416,799|**1,416,799**|-|1,450,576|1,450,576|
|Estates income|2,223,232|1,268,004|**3,491,236**|1,815,906|990,870|2,806,776|
||17,460,806|2,684,803|**20,145,609**|13,023,746|2,441,446|15,465,192|



The above reflect trading incomes of the subsidiary companies of the group which gift aid up all taxable profits to the Charity 

76 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 7 OTHER INCOMING RESOURCES 


**----- Start of picture text -----**<br>
Unrestricted Restricted Total Funds Unrestricted Restricted Funds  Total Funds<br>Funds 2025 Funds 2025 2025 Funds 2024 2024 2024<br> £ £  £  £  £  £<br>**----- End of picture text -----**<br>


|**Grants**|||||||
|---|---|---|---|---|---|---|
|Friendship Four|-|75,000|**75,000**|-|36,175|36,175|
|Department of Foreign Afairs|-|16,407|**16,407**|-|-|-|
||-|91,407|**91,407**|-|36,175|36,175|
|**Incoming resources from charitable activities**|||||||
|Arena|3,338,707|-|**3,338,707**|2,000,428|-|2,000,428|
|W5|-|2,084,165|**2,084,165**|-|2,446,918|2,446,918|
||3,338,707|2,175,572|**5,514,279**|2,000,428|2,483,093|4,483,251|



Other incoming resources relate to grants received for the Friendship Four to enable the hosting of the Friendship Four ice hockey tournament and funding from the Department of Foreign Affairs Reconciliation Fund to run a programme called “In the land of the giants everyone is equal” using sport to facilitate relationship building with participants from Northern Ireland, Republic of Ireland and Scotland to complete an award in personal development and citizenship. 

Incoming resources from charitable activities represents the charitable income of the group. The Arena charitable income relates to rental income. The W5 charitable income substantially relates to admissions, education and funded projects. 

77 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 8 RESOURCES EXPENDED 


**----- Start of picture text -----**<br>
Trading Investment Charitable  Trading Investment Charitable<br>activities management activities Governance Total 2025 activities management activities Governance Total 2024<br>£ costs £ £ £ £ £ costs £ £ £ £<br>**----- End of picture text -----**<br>


|**Costs directly allocated to activities**|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Cost of sales|2,012,894|-|56,395|-|**2,069,289**|1,861,406|-|119,529|-|1,980,935|
|Employee costs|5,764,568|60,528|1,805,917|121,056|**7,752,069**|5,014,203|60,054|1,734,052|120,108|6,928,417|
|Marketing|99,341|-|142,533|-|**241,874**|50,765|-|231,119|-|281,884|
|Arena event costs|3,807,169|-|1,990,245|-|**5,797,414**|2,999,632|-|1,428,018|-|4,427,650|
|Legal and consultancy|41,291|5,294|19,379|243,416|**309,380**|127,718|6,318|19,061|69,990|223,087|
|Friendship Four|-|-|75,000|-|**75,000**|-|-|36,175|-|36,175|
|Establishment costs|1,809,582|-|1,523,132|-|**3,332,714**|1,847,538|-|1,372,731|-|3,220,269|
|Training|32,590|-|-|-|**32,590**|24,791|-|-|-|24,791|
|Repairs and maintenance|344,210|-|-|-|**344,210**|293,764|-|811|-|294,575|
|Travel and subsistence|73,242|-|-|845|**74,087**|64,678|-|800|-|65,478|
|Miscellaneous|210,189|-|42,586|6,034|**258,809**|219,428|-|2,435|-|221,863|
|Ofce expenses (W5)|3,657|-|119,618|-|**123,275**|5,259|-|119,387|-|124,646|
|Depreciation (W5)|-|-|357,407|-|**357,407**|-|-|728,291|-|728,291|
|Loss on disposal|-|-|-|-||-|-|10,226|-|10,226|
|**Support costs allocated to activities**|||||||||||
|Ofce expenses|15,985|-|57,134|63,786|**136,905**|8,292|-|39,659|14,302|62,253|
|Depreciation|389,850|-|1,667,900|-|**2,057,750**|389,850|-|1,448,940|-|1,838,790|
|Impairment loss|-|-|-|-|**-**|-|-|54,494|-|54,494|
|Bank charges and interest payable|38,560|-|117,809|-|**156,369**|45,421|-|178,225|-|223,646|
|Employee costs|57,316|-|99,856|56,372|**213,544**|52,127|-|95,643|52,000|199,770|
|**Total resources expended**|14,700,445|65,822|8,074,910|491,509|**23,332,686**|13,004,872|66,372|7,616,596|256,400|20,947,240|



78 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 9 NET INCOMING/(OUTGOING) RESOURCES 

Net incoming/(outgoing) resources are stated after charging: 


**----- Start of picture text -----**<br>
2025 2024<br>£ £<br>**----- End of picture text -----**<br>


|Depreciation|**2,415,157**|2,567,082|
|---|---|---|
|Auditors remuneration     - audit|**56,279**|58,063|
|- other services|**2,575**|2,600|
|Staf costs|**7,965,613**|7,128,187|
|Operating leases - ofce equipment|**8,208**|8,208|
|Operating lease rentals - buildings|**19,379**|19,061|
|Operating lease rentals - accommodation|**189,200**|153,737|
|Loss on the sale of tangible fxed assets|**-**|10,226|
|Impairment of inventory|**(160)**|(1,979)|
|Impairment of trade debtors|**15,036**|-|
|Impairment loss on fxed assets|**-**|54,494|
|Stock recognised as an expense|**2,598,961**|2,085,795|



## 10 TRUSTEES’/DIRECTORS’ REMUNERATION 

No remuneration was paid to the Trustees/Directors during the year. 

Travel costs amounting to £2,480 (2024: £1,635) were reimbursed to 8 (2024 - 8) Trustees/Directors and two Directors received retirement gifts to the value of £680. No Charity trustee received any emolument or payment for professional or other services (2024 – £nil) 

## 11 STAFF COSTS 

|**Group**<br>Wages and salaries|**Group**<br>**2025**<br>**£**<br>**2024**<br>**£**<br>**6,745,635**<br>6,123,112|**Group**<br>**2025**<br>**£**<br>**2024**<br>**£**<br>**6,745,635**<br>6,123,112|**Company**<br>**2025**<br>**£**<br>**2024**<br>**£**<br>**34,191**<br>24,960|**Company**<br>**2025**<br>**£**<br>**2024**<br>**£**<br>**34,191**<br>24,960|
|---|---|---|---|---|
|Social security costs|**568,514**|498,521|**2,361**|2,189|
|Otherpension costs|**651,464**|506,554|**1,572**|1,498|
||**7,965,613**|7,128,187|**38,124**|28,647|



During 2025 £8,570 (2024 £10,000) ex gratia payment was made to an employee. 

79 



Notes to the financial statements for the year ended 31 March 2025 (continued) 


**----- Start of picture text -----**<br>
Company Number: NI033106 Charity Commission NI Number: 100113<br>**----- End of picture text -----**<br>


## 11 STAFF COSTS (CONTINUED) 

The average monthly number of full-time equivalent employees (including full, part time and casual staff) during the year was made up as follows: 

||**Group**<br>**Company**<br>**2025**<br>**Number**<br>**2024**<br>**Number**<br>**2025**<br>**Number**<br>**2024**<br>**Number**<br>Monthly Paid<br>**198**<br>188<br>**1**<br>1<br>**Group**<br>**Company**<br>**2025**<br>**Number**<br>**2024**<br>**Number**<br>**2025**<br>**Number**<br>**2024**<br>**Number**<br>Giants<br>**34**<br>35<br>**-**<br>-<br>Arena<br>**89**<br>78<br>**-**<br>-<br>W5<br>**49**<br>52<br>**-**<br>-<br>Estates<br>**10**<br>10<br>**-**<br>-<br>Administration<br>**16**<br>13<br>**1**<br>1<br>**198**<br>188<br>**1**<br>1|
|---|---|



There are no employees whose remuneration amounted to over £60,000 in the year employed within the Charity. 

The number of employees whose remuneration amounted to over £60,000 in the year and employed within the subsidiaries whowhatwherewhenwhy and OML Belfast Limited were as follows: 


**----- Start of picture text -----**<br>
2025 2024<br>Group<br>Number Number<br>**----- End of picture text -----**<br>


|£60,001 - £70,000|**3**|3|
|---|---|---|
|£70,001 - £80,000|**-**|-|
|£80,001 - £90,000|**-**|-|
|£90,001 - £100,000|**2**|2|
|£100,001 - £110,000|**-**|-|
|£110,001 - £120,000|**-**|-|
|£120,001 - £130,000|**-**|-|
|£130,001 - £140,000|**-**|-|
|£140,001 - £150,000|**-**|-|
|£150,001 - £160,000|**1**|1|



Pension contributions of £125,778 (2024- £117,389) were paid to personal pension plans by the Group in respect of employees whose remuneration amounted to over £60,000 in the year. 

80 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## KEY MANAGEMENT 

The group consider key management personnel to include senior employees and directors of its wholly owned subsidiaries whowhatwherewhenwhy and OML Belfast Limited. 

The employee benefits of key management personnel of whowhatwherewhenwhy total £192,261 (2024 - £186,203). 

The employee benefits of key management personnel including directors of OML Belfast Limited total £1,031,397 (2024 - £997,689) 

The employee benefits of key management personnel including directors for the group were £1,223,658 (2024 - £1,183,892) 

The company had one employee and its directors (2024: one). 

## 12 TAX 

|**The tax credit/(charge)  is**<br>**made up as follows:**|**2025**<br>**£**|**2024**<br>**£**|
|---|---|---|
|Total tax credit/(charge)|**7,751**|(4,737)|



Deferred taxation provided in the financial statements and the amounts not provided are as follows: 


**----- Start of picture text -----**<br>
£<br>**----- End of picture text -----**<br>


|At 1 April 2024|**11,401**|
|---|---|
|Credit for the year|**7,751**|
|At 31 March 2025|**19,152**|



## 13 EXCEPTIONAL ITEM 

During the year the Charity successfully secured a Charity rating exemption resulting in an exceptional income totalling £1,250,930. 

## 14 PROFIT FOR THE FINANCIAL YEAR 

The parent undertaking has not presented its own profit and loss account as permitted by section 408 of the Companies Act 2006. The amount of the profit in the financial statements of the parent undertaking was £4,822,042 (2024 profit – £261,096). 

## 15 INTANGIBLE ASSETS 


**----- Start of picture text -----**<br>
Negative<br>Group<br>goodwill £<br>**----- End of picture text -----**<br>


|**Cost**||
|---|---|
|At 1 April 2024 and**31 March 2025**|**(1,340,010)**|
|**Amortisation**||
|At 1 April 2024 and**31 March 2025**|**1,340,010**|
|**Net book value**||
|**At 31 March 2025**|**-**|
|At 31 March 2024|**-**|



Negative goodwill arose on the acquisition of WhoWhatWhereWhenWhy. 

81 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 16 TANGIBLE FIXED ASSETS 


**----- Start of picture text -----**<br>
Long leasehold Plant and Fixtures and  Assets in  Motor Car<br>Group Land buildings machinery fittings Exhibits construction vehicles parks Total<br>£ £ £ £ £ £ £ £ £<br>**----- End of picture text -----**<br>


|**Cost**||||||||||
|---|---|---|---|---|---|---|---|---|---|
|At 1 April 2024|4,373,792|55,968,055|12,423,663|28,409,150|5,125,417|1,082,427|38,683|833,979|108,255,166|
|Additions|-|284,351|679,595|1,140,205|49,368||-|-|2,153,519|
|Disposals|-|-|-|(125,800)|(2,564)|-|-|-|(128,364)|
|Transfers|-|-|1,023,795|52,867|-|(1,076,662)|-|-|-|
|**At 31 March 2025**|**4,373,792**|**56,252,406**|**14,127,053**|**29,476,422**|**5,172,221**|**5,765**|**38,683**|**833,979**|**110,280,321**|
|**Depreciation &**||||||||||
|**Impairment**||||||||||
|At 1 April 2024|-|24,100,476|12,060,010|24,864,536|4,161,539|31,523|23,025|192,895|65,434,004|
|Charge for the year|-|1,142,920|153,027|739,060|370,479|-|9,671|-|2,415,157|
|Impairment loss|-|-|-|(125,800)|(2,564)|-|-|-|(128,364)|
|Disposals|-|31,523|-|-|-|(31,523)|-|-|-|
|**At 31 March 2025**|**-**|**25,274,919**|**12,213,037**|**25,477,796**|**4,529,454**|**-**|**32,696**|**192,895**|**67,720,797**|
|**Net book value**||||||||||
|**At 31 March 2025**|**4,373,792**|**30,977,487**|**1,914,016**|**3,998,626**|**642,767**|**5,765**|**5,987**|**641,084**|**42,559,524**|
|At 31 March 2024|4,373,792|31,867,579|363,653|3,544,614|963,878|1,050,904|15,658|641,084|42,821,162|



82 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 16 TANGIBLE FIXED ASSETS (CONTINUED) 


**----- Start of picture text -----**<br>
Long leasehold Plant and Fixtures<br>Company Land buildings machinery and fittings Car Parks Total<br>£ £ £ £ £ £<br>**----- End of picture text -----**<br>


|**Cost**|||||||
|---|---|---|---|---|---|---|
|At 1 April 2024|2,002,796|32,683,985|8,616,242|30,076,604|833,979|74,213,606|
|Additions|-|284,351|670,502|1,115,643|-|2,070,496|
|Disposals|-|-|-|(109,565)|-|(109,565)|
|**At 31 March 2025**|**2,002,796**|**32,968,336**|**9,286,744**|**31,082,682**|**833,979**|**76,174,537**|
|**Depreciation**|||||||
|At 1 April 2024|-|14,891,540|7,592,446|24,336,101|193,194|47,013,281|
|Charge for the year|-|717,496|139,383|607,295|-|1,464,174|
|Disposals|-|-|-|(109,565)|-|(109,565)|
|**At 31 March 2025**|**-**|**15,609,036**|**7,731,829**|**24,833,831**|**193,194**|**48,367,890**|
|**Net book value**|||||||
|**At 31 March 2025**|**2,002,796**|**17,359,300**|**1,554,915**|**6,248,851**|**640,785**|**27,806,647**|
|At 31 March 2024|2,002,796|17,792,445|1,023,796|5,740,503|640,785|27,200,325|
||||**2025**|2024|**2025**|2024|
||||**Group**|Group|**Company**|Company|
||||**£**|£|**£**|£|
|Long leaseholds|||**26,880,004**|27,913,839|**16,743,823**|17,387,808|
|Hire Purchase Contracts|||**124,853**|151,138|**124,853**|151,138|



In 2002 the Company entered into an agreement in which part of the property was sold and then leased back over 15 years. 

On 16 January 2012, a further sub-under lease was granted to the Company thereby increasing the interest of the Company in the property. 

The review of the tangible fixed assets resulted in no impairment in the year £nil. In 2024 there was an impairment of £54,494 in relation to the arena foyer floor which did not meet the required specification and hence determined to have a nil carrying value. 

83 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 17 INVESTMENTS 

## **MOVEMENT IN MARKET VALUE** 

||**Group**<br>**2025**<br>**£**<br>2024<br>£|**Group**<br>**2025**<br>**£**<br>2024<br>£|**Company**<br>**2025**<br>**£**<br>2024<br>£|**Company**<br>**2025**<br>**£**<br>2024<br>£|
|---|---|---|---|---|
|Market value at 1 April|**-**|1,020,599|**-**|1,020,599|
|Additions at cost|**-**|82,078|**-**|82,078|
|Disposals at market value|**-**|(1,023,484)|**-**|(1,023,484)|
|Other movements in investment cash|**-**|193|**-**|193|
|(Decrease) in cash at bank and in hand|**-**|(6,427)|**-**|(6,427)|
|Net(losses)on investment assets|**-**|(72,959)|**-**|(72,959)|
|Market value at 31 March|**-**|-|**-**|-|



||||**Group**<br>**2025**<br>**£**<br>2024<br>£|**Group**<br>**2025**<br>**£**<br>2024<br>£|**Company**<br>**2025**<br>**£**<br>2024<br>£|**Company**<br>**2025**<br>**£**<br>2024<br>£|
|---|---|---|---|---|---|---|
|Historical Cost at|31|March|**-**|1,032,038|**-**|1,032,038|



84 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 17 INVESTMENTS (CONTINUED) 

Investments and working cash balances are analysed for the group and company as follows: 


**----- Start of picture text -----**<br>
2025 2025 2024<br>Unrestricted Funds Total Funds Total Funds<br>£ £ £<br>**----- End of picture text -----**<br>


|**Analysis by type of investment**||||
|---|---|---|---|
|Bonds|**-**|**-**|**-**|
|Alternatives & multi-Asset|**-**|**-**|**-**|
|Equities UK|**-**|**-**|**-**|
|Equities Overseas|**-**|**-**|**-**|
|Emerging Markets|**-**|**-**|**-**|
|Global|**-**|**-**|**-**|
|Cash at bank and in hand|**-**|**-**|**-**|
||**-**|**-**|**-**|



The securities are managed and held on behalf of the company by Evelyn Partners. The securities are carried at market value as at the balance sheet date. In 2024 the entire portfolio was sold and the proceeds used to invest in institutional cash series. 

85 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 18 INVESTMENTS IN SUBSIDIARY UNDERTAKINGS 


**----- Start of picture text -----**<br>
Subsidiary<br>Company companies<br>£<br>**----- End of picture text -----**<br>


|Cost||
|---|---|
|At 1 April 2024|76,933,370|
|At 31 March 2025|76,933,370|
|Amounts written of:||
|At 1 April 2024|74,974,413|
|Write of in the year|-|
|**At 31 March 2025**|**74,974,413**|
|Net book value||
|**At 31 March 2025**|**1,958,957**|
|At 31 March 2024|1,958,957|




**----- Start of picture text -----**<br>
Country of Proportion of<br>Nature of<br>Name of Company Incorporation or Ordinary shares<br>Business<br>registration held by company<br>**----- End of picture text -----**<br>


|Odyssey Construction Company Limited*|Dormant|Northern Ireland|100%|
|---|---|---|---|
|OML Belfast Limited*|Estate Management/<br>trading activities|Northern Ireland|100%|
|Odyssey Property Company1|Property|Great Britain|100%|
|WhoWhatWhereWhenWhy^*|Science Centre|Northern Ireland|100%|
|WhoWhatWhereWhenWhyonline Ltd*|Retail|Northern Ireland|100%|
|Silverstream Enterprises Limited*|Dormant|Northern Ireland|100%|



The above companies operated principally in Northern Ireland. The companies investment in WhoWhatWhereWhenWhy Online Ltd indirect ownership, all other investments are direct ownership. 

^ A company limited by guarantee with charitable status (registered Charity number XR38795).  The company is registered with the Charity commission for Northern Ireland (Charity number NIC100112). 

* The registered address of these subsidiary undertakings is 2 Queens Quay, Belfast, BT3 9QQ. 

1 The registered address of this subsidiary undertaking is 8 Bridle Close, Kingston Upon Thames, Surrey, England. 

86 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 18 INVESTMENTS IN SUBSIDIARY 

## UNDERTAKINGS (CONTINUED) 

The Charity owns the whole of the ordinary share capital of Odyssey Construction Company Limited, OML Belfast Limited, Odyssey Property Company and WhoWhatWhereWhenWhy. These subsidiaries donate their taxable profits to the Charity each year by gift aid. Their trading results for the year, as extracted from the audited financial statements are summarised below: 


**----- Start of picture text -----**<br>
OML Belfast Odyssey Property W5<br>Limited NI036962  Company 04113355 NI037861<br>2025 2024 2025 2024 2025 2024<br>£ £ £ £ £ £<br>**----- End of picture text -----**<br>


|Turnover|**20,165,292**|15,298,279|**223,689**|238,766|**3,763,655**|3,884,502|
|---|---|---|---|---|---|---|
|Cost of Sales|**(9,054,811)**|(7,723,920)|**-**|-|**(3,717,853)**|(4,084,466)|
|Gross Proft/ (Loss)|**11,110,481**|7,574,359|**223,689**|238,766|**45,802**|(199,964)|
|Operating Costs|**(6,259,937)**|(5,561,495)|**(522,601)**|(527,935)|**(586,718)**|(495,718)|
|Other Operating Income|**-**|-|**-**|-|**-**|-|
|Investment income|**8,330**|7,884|**389,850**|389,850|**5,661**|3,487|
|Net proft/(loss) pre tax|**4,858,874**|2,020,748|**90,938**|100,681|**(535,255)**|(692,195)|
|Taxation|**7,751**|(4,737)|**-**|-|**-**|-|
|Gift aid|**(4,895,092)**|(2,003,608)|**(90,938)**|(100,681)|**-**|-|
|Retained in subsidiary|**(28,467)**|12,403|**-**|-|**(535,255)**|(692,195)|
|Aggregate assets|**12,190,937**|9,415,196|**12,752,256**|13,169,264|**3,717,341**|4,255,792|
|Aggregate liabilities|**(11,928,859)**|(9,124,651)|**(12,726,581)**|(13,143,589)|**(605,702)**|(608,898)|
|Net assets|**262,078**|290,545|**25,675**|25,675|**3,111,639**|3,646,894|



Odyssey Construction Company Limited and Silverstream Enterprises Limited are dormant subsidiaries for year ended 31 March 2025. 

87 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 19 STOCKS 


**----- Start of picture text -----**<br>
Group Company<br>2025 2024 2025 2024<br>£ £ £ £<br>Goods for resale 412,607 381,091                         - -<br>**----- End of picture text -----**<br>


The difference between the value of goods for resale and their replacement cost is not material. Stock is stated after provisions for impairment of £2,407 (2024: £2,567). 

## 20 DEBTORS 


**----- Start of picture text -----**<br>
Group Company<br>2025 2024 2025 2024<br>£ £ £ £<br>**----- End of picture text -----**<br>


|**Amounts falling due within one year:**|||||
|---|---|---|---|---|
|Trade debtors|**976,082**|969,472|**-**|1,584|
|Amounts owed by group undertakings|**-**|-|**5,891,591**|2,203,121|
|Other tax and social security|**-**|-|**96,841**|100,513|
|Deferred tax|**19,152**|11,401|**-**|-|
|Other debtors|**51,057**|48,558|**-**|-|
|Prepayments and accrued income|**1,132,573**|986,614|**211,105**|114,197|
||**2,178,864**|2,016,045|**6,199,537**|2,419,415|
|**Amounts falling due after more than one year:**|||||
|Prepayments|**8,796**|49,282|**8,796**|49,282|
|**Total debtors**|**2,187,690**|2,065,327|**6,208,333**|2,468,697|



Amounts owed by group undertakings are unsecured, interest free and repayable on demand. 

Trade debtors is stated after provisions for impairment of £15,036 (2024 – £nil). 

88 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 21 CURRENT ASSET INVESTMENTS 

||**Group**<br>**2025**<br>**£**<br>2024<br>£|**Group**<br>**2025**<br>**£**<br>2024<br>£|**Company**<br>**2025**<br>**£**<br>2024<br>£|**Company**<br>**2025**<br>**£**<br>2024<br>£|
|---|---|---|---|---|
|Treasury Bills|**-**|1,470,000|**-**|1,470,000|
|Short term deposits|**4,149,115**|3,255,986|**3,132,205**|2,224,773|
||**4,149,115**|4,725,986|**3,132,205**|3,694,773|



Investments in short term deposits have an original maturity date of 12 months or less. £1,000,000 (2024 £1,000,000) of the group short term deposits is restricted. The company short term deposits are unrestricted. Treasury bills held have a maturity date of 12 months or less. 

## 22 CASH AT BANK AND IN HAND 

The balances are analysed as follows: 

||**Group**<br>**2025**<br>**£**<br>2024<br>£|**Group**<br>**2025**<br>**£**<br>2024<br>£|**Company**<br>**2025**<br>**£**<br>2024<br>£|**Company**<br>**2025**<br>**£**<br>2024<br>£|
|---|---|---|---|---|
|Unrestricted funds to meet ongoing needs of the Charity|**4,877,910**|1,331,186|**2,352,473**|194,879|
|Restricted for use - Arena|**1,635,292**|2,405,091|**-**|-|
|Restricted for use - W5|**430,507**|664,936|**-**|-|
|Restricted - Estate Management|**436,520**|621,380|**-**|-|
|Restricted Odyssey Place Screen|**100,000**|100,000|**-**|-|
||**7,480,229**|5,122,593|**2,352,473**|194,879|



89 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 23 DEFERRED INCOME 

Deferred income comprises deferred revenue grants and income for events to be held after the year end. 


**----- Start of picture text -----**<br>
Group Company<br>£ £<br>**----- End of picture text -----**<br>


|At 1 April 2024|**3,502,091**|-|
|---|---|---|
|Amount released to incoming resources|**(3,502,091)**|-|
|Amount deferred in the year|**2,669,484**|-|
|At 31 March 2025|**2,669,484**|-|



## 24 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 

||**Group**<br>**2025**<br>**£**<br>2024<br>£|**Group**<br>**2025**<br>**£**<br>2024<br>£|**Company**<br>**2025**<br>**£**<br>2024<br>£|**Company**<br>**2025**<br>**£**<br>2024<br>£|
|---|---|---|---|---|
|Bank Loans|**520,518**|843,280|**520,518**|843,280|
|Hire Purchase Contract|**48,879**|48,879|**48,879**|48,879|
|Trade creditors|**1,708,387**|2,000,264|**82,088**|179,053|
|Amounts owed to group undertakings|**-**|-|**5,128,252**|2,789,239|
|Other tax and social security|**1,002,609**|755,653|**-**|-|
|Other creditors|**475,581**|468,397|**-**|-|
|Accruals|**1,141,330**|1,005,057|**564,864**|463,189|
|Deferred income|**2,669,484**|3,502,091|**-**|-|
||**7,566,788**|8,623,621|**6,344,601**|4,323,640|



Amounts owed to group undertakings are unsecured, interest free and repayable on demand. 

90 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 25 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 

||**Group**<br>**2025**<br>**£**<br>2024<br>£|**Group**<br>**2025**<br>**£**<br>2024<br>£|**Company**<br>**2025**<br>**£**<br>2024<br>£|**Company**<br>**2025**<br>**£**<br>2024<br>£|
|---|---|---|---|---|
|Bank loans|**8,297**|861,436|**8,297**|861,436|
|Hire Purchase Contract|**36,659**|85,538|**36,659**|85,538|
|Other creditors|**155,037**|391,564|**-**|-|
||**199,993**|1,338,538|**44,956**|946,974|



The group entered into a commercial contract to benefit the future profitability and cash flows of part of the business. Under FRS 102, Section 21 Provisions & Contingencies, the present value of the future payments is accrued at the inception of the contract, while the potential future benefits will accrue over the next 2 years. The liability will be repaid over the next 2 years. 

Analysis of the maturity of bank loans and hire purchase is given below: 

|**Bank Loans**|**Group**<br>**2025**<br>**£**<br>2024<br>£|**Group**<br>**2025**<br>**£**<br>2024<br>£|**Company**<br>**2025**<br>**£**<br>2024<br>£|**Company**<br>**2025**<br>**£**<br>2024<br>£|
|---|---|---|---|---|
|Amounts falling due within one year|**509,439**|759,439|**509,439**|759,439|
|Amounts falling due 1-2 years|**7,079**|759,439|**7,079**|759,439|
|Amounts falling due 2-5 years|**-**|69,579|**-**|69,579|
||**516,518**|1,588,457|**516,518**|1,588,457|



The company made a capital investment financed with a bank loan over five years which is secured on the car park equipment purchased. The company availed of the Coronavirus Business Interruption Loan Scheme CBILS provided by the government to support businesses during the pandemic. The CBILS loan term is for five years. The loan is secured by a debenture over the company’s assets and cross company guarantees from all group companies. The amount of the CBILS is £500,000 (2024 £1,562,500). 

91 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 25 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (CONTINUED) 

|**Hire Purchase Contracts**|**Group**<br>**2025**<br>**£**<br>2024<br>£|**Group**<br>**2025**<br>**£**<br>2024<br>£|**Company**<br>**2025**<br>**£**<br>2024<br>£|**Company**<br>**2025**<br>**£**<br>2024<br>£|
|---|---|---|---|---|
|Amounts falling due within one year|**42,056**|42,056|**42,056**|42,056|
|Amounts falling due 1-2 years|**31,542**|42,056|**31,542**|42,056|
|Amounts falling due 2-5 years|**-**|31,542|**-**|31,542|
||**73,598**|115,654|**73,598**|115,654|



The Group and Charity used a hire purchase contract to acquire car park equipment. 

## 26 PENSIONS 

The group and Charity operates a defined contribution scheme in respect of eligible employees. The assets of the scheme are held separately from those of the group and Charity in independently administered funds. Unpaid contributions outstanding at 31 March 2025 amounted to £83,440 (2024 - £51,612). 

||**Group**<br>**2025**<br>**£**<br>2024<br>£|**Group**<br>**2025**<br>**£**<br>2024<br>£|**Company**<br>**2025**<br>**£**<br>2024<br>£|**Company**<br>**2025**<br>**£**<br>2024<br>£|
|---|---|---|---|---|
|Contributions payable by the Charity for the year|**651,464**|506,554|**1,572**|1,498|



92 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 27 OTHER FINANCIAL COMMITMENTS 

Future minimum rentals payable under non-cancellable operating leases are as follows: 

|**Group**|**2025**<br>**£**|2024<br>£|
|---|---|---|
|**Operating leases which expire:**|||
|Within one year|**104,462**|94,779|
|In two to fve years|**100,884**|155,418|
||**205,346**|250,197|
|**Charity**|**2025**<br>**£**|2024<br>£|
|**Operating leases which expire:**|||
|Within one year|**17,161**|16,836|
|In two to fve years|**17,496**|34,656|
||**34,657**|51,492|



93 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 28 FINANCIAL INSTRUMENTS 


**----- Start of picture text -----**<br>
2025 2024<br>Group<br>£ £<br>**----- End of picture text -----**<br>


|**Financial assets**|||
|---|---|---|
|Cash at bank and in hand|**7,480,229**|5,122,593|
|Investments|**4,149,115**|4,725,986|
|Trade debtors|**976,082**|969,472|
|Other debtors|**51,057**|48,558|
|Accrued income|**374,115**|354,704|
|Financial assets held at amortised cost|**13,030,598**|11,221,313|
|**Financial liabilities**|||
|Bank Loans|**528,815**|1,704,716|
|Trade creditors|**1,708,387**|2,000,264|
|Other creditors|**630,618**|859,961|
|Accruals|**1,141,330**|1,005,057|
|Financial liabilities held at amortised cost|**4,009,150**|5,569,998|



94 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 28 FINANCIAL INSTRUMENTS (CONTINUED) 


**----- Start of picture text -----**<br>
2025 2024<br>Company<br>£ £<br>**----- End of picture text -----**<br>


|**Financial assets**|||
|---|---|---|
|Cash|**2,352,473**|194,879|
|Investments|**3,132,205**|3,694,773|
|Trade Debtors|**-**|1,584|
|Amounts owed by group undertakings|**5,891,592**|2,203,121|
|Accrued income|**43,438**|4,518|
||**11,419,708**|6,098,875|
|**Financial liabilities**|||
|Bank Loans|**528,815**|1,704,716|
|Trade creditors|**82,088**|179,053|
|Amounts owed to group undertakings|**5,128,252**|2,789,239|
|Accruals|**564,864**|463,189|
||**6,304,019**|5,136,197|



95 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 29 ANALYSIS OF NET ASSETS BETWEEN FUNDS 

Balances at 31 March 2025 are funded by: 

|**Group**|Unrestricted Funds<br>£<br>Unrestricted Funds<br>£|Restricted Funds<br>£|**Total Funds**<br>**£**|
|---|---|---|---|
|Tangible fxed assets|11,775,059|30,784,465|**42,559,524**|
|Net current assets|6,562,823|100,000|**6,662,823**|
|Creditors: amounts falling due after more than one year|(199,993)|-|**(199,993)**|
||18,137,889|30,884,465|**49,022,354**|



Balances at 31 March 2024 are funded by: 

|**Group**|Unrestricted Funds<br>£|Restricted Funds<br>£|Total Funds<br>£|
|---|---|---|---|
|Tangible fxed assets|11,002,862|31,818,300|42,821,162|
|Net current assets|3,571,376|100,000|3,671,376|
|Creditors: amounts falling due after more than one year|(1,338,538)|-|(1,338,538)|
||13,235,700|31,918,300|45,154,000|



96 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 29 ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED) 

Balances at 31 March 2025 are funded by:, 

|**Charity**|Unrestricted Funds<br>£|Restricted Funds<br>£|**Total Funds**<br>**£**|
|---|---|---|---|
|Tangible fxed assets|-|27,806,647|**27,806,647**|
|Investment in subsidiary undertaking|1,958,957|-|**1,958,957**|
|Net current assets/(liabilities)|26,850,763|(21,502,353)|**5,348,410**|
|Creditors: amounts falling due after more than one year|(44,956)|-|**(44,956)**|
||28,764,764|6,304,294|**35,069,058**|



Balances at 31 March 2024 are funded by: 

|**Charity**|Unrestricted Funds<br>£|Restricted Funds<br>£|**Total Funds**<br>**£**|
|---|---|---|---|
|Tangible fxed assets|-|27,200,324|27,200,324|
|Investment in subsidiary undertaking|1,958,957|-|1,958,957|
|Net current assets/(liabilities)|21,896,904|(19,862,195)|2,034,709|
|Creditors: amounts falling due after more than one year|(946,974)|-|(946,974)|
||22,908,887|7,338,129|30,247,016|



97 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 30 STATEMENT OF FUNDS 

|**Group**|**General**<br>**reserves**<br>**£**|**Designated**<br>**funds**<br>**£**|**Total**<br>**unrestricted**<br>**funds**<br>**£**<br>**Construction**<br>**fund**<br>**£**<br>**Unrestricted funds**|**Total**<br>**unrestricted**<br>**funds**<br>**£**<br>**Construction**<br>**fund**<br>**£**<br>**Unrestricted funds**|**Friendship**<br>**Four fund**<br>**£**|**W5 Fund**<br>**£**|**Department**<br>**of Foreign**<br>**Affairs -**<br>**Reconciliation**<br>**Fund**|**Rank**<br>**Foundation**<br>**£**<br>**Screen**<br>**Contribu-**<br>**tion**<br>**£**<br>**Restricted funds**|**Rank**<br>**Foundation**<br>**£**<br>**Screen**<br>**Contribu-**<br>**tion**<br>**£**<br>**Restricted funds**|**Estate**<br>**manage-**<br>**ment fund**<br>**£**|**Total restricted**<br>**funds**<br>**£**|**Total**<br>**funds**<br>**£**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|At 1 April 2024|6,283,992|6,951,708|**13,235,700**|31,818,300|-|-|-|-|100,000|-|31,918,300|**45,154,000**|
|Income|21,073,419|-|**21,073,419**|-|75,000|3,479,387|16,407|30,142|-|1,268,004|4,868,940|**25,942,359**|
|Expenditures|(13,898,270)|(3,480,954)|**(17,379,224)**|(1,033,835)|(75,000)|(3,530,074)|(16,407)|(30,142)|-|(1,268,004)|(5,953,462)|**(23,332,686)**|
|Taxation|7,751|-|**7,751**|-|-|-|-|-|-|-|-|**7,751**|
|Exceptional<br>Items|1,250,930|-|**1,250,930**|-|-|-|-|-|-|-|-|**1,250,930**|
|Transfers|(4,151,534)|4,100,847|**(50,687)**|-|-|50,687|-|-|-|-|50,687|**-**|
|**At 31 March**<br>**2025**|10,566,288|7,571,601|**18,137,889**|30,784,465|-|-|-|-|100,000|-|30,884,465|**49,022,354**|



|**Charity**<br>At 1 April 2024|**General**<br>**reserves**<br>**£**<br>16,651,219|**Unrestricted funds**<br>**Designated**<br>**funds**<br>**£**<br>**Unrestricted**<br>**funds**<br>**£**<br>6,257,668<br>**22,908,887**|**Unrestricted funds**<br>**Designated**<br>**funds**<br>**£**<br>**Unrestricted**<br>**funds**<br>**£**<br>6,257,668<br>**22,908,887**|**Construction**<br>**fund**<br>**£**<br>7,338,129|**Rank**<br>**Foundation**<br>**£**<br>-|**Restricted funds**<br>**Department**<br>**of Foreign**<br>**Afairs - Recon-**<br>**ciliation Fund**<br>**Friendship**<br>**Four**<br>**£**<br>-<br>-|**Restricted funds**<br>**Department**<br>**of Foreign**<br>**Afairs - Recon-**<br>**ciliation Fund**<br>**Friendship**<br>**Four**<br>**£**<br>-<br>-|**Restricted**<br>**funds**<br>**£**<br>**7,338,129**|**Total funds**<br>**£**<br>**30,247,016**|
|---|---|---|---|---|---|---|---|---|---|
|Income|10,371,243|-|**10,371,243**|-|30,142|16,407|75,000|**121,549**|**10,492,792**|
|Expenditures|(2,327,580)|(2,187,786)|**(4,515,366)**|(1,033,835)|(30,142)|(16,407)|(75,000)|**(1,155,384)**|**(5,670,750)**|
|Transfers|(3,064,012)|3,064,012|**-**|-|-|-|-|**-**|**-**|
|**At 31 March 2025**|21,630,870|7,133,894|**28,764,764**|6,304,294|-|-|-|**6,304,294**|**35,069,058**|



98 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 30 STATEMENT OF FUNDS (CONTINUED) 

The General reserve represents the funds of the Charity, which are not designated for particular purposes. 

The Designated fund has been set up by the Directors to meet the requirement of the funders, to establish a reserve necessary to meet future funding obligations of the organisation and to sustain the project’s viability in the longer term. 

The Construction fund represents money received from the funders relating to the initial capital cost from construction of the project less depreciation. 

The Friendship Four fund represents money received from funders less expenditure incurred to enable the hosting of the Friendship Four ice hockey tournament. 

The W5 fund represents the income and expenditure for W5, the wholly owned subsidiary of the Charity, which also has charitable status. 

The Department of Foreign Affairs reconciliation fund represents funding received to run a programme called “In the Land of Giants Everyone is Equal” using sport to facilitate relationship building with participants from Northern Ireland, Republic of Ireland, and Scotland to complete an award in personal development and citizenship. 

The Rank Foundation represents money received from the Rank Foundation to fund a staff post for three years covering the staff costs and training for the position of a corporate social responsibility co-ordinator to facilitate school outreach programmes. 

The screen contribution represents money received from the Odyssey Place tenant Matagorda Limited towards a digital screen on the W5 external wall within the Odyssey Place. 

The Estate Management fund is for the purpose of providing services for the entire Odyssey site, which are recharged to the tenants. These services include security, maintenance, cleaning, electricity and insurance. 

## 31 GROUP INCOME AND EXPENDITURE SUMMARY 


**----- Start of picture text -----**<br>
2025 2024<br>£ £<br>Net operating profit/(loss) 3,737,405 (773,446)<br>**----- End of picture text -----**<br>


|Net operating proft/(loss)|**3,737,405**|(773,446)|
|---|---|---|
|**Operating proft/(loss)**|**3,737,405**|(773,446)|
|Interest payable|**(156,369)**|(223,646)|
|Interest receivable|**279,567**|204,968|
|**Proft/(Loss) on ordinary activities before**<br>**taxation**|**3,860,603**|(792,124)|
|Taxation (charge)/credit|**7,751**|(4,737)|
|**Retained proft/(loss) for the year after tax**|**3,868,354**|(796,861)|



The above reflects the Trust’s Income and Expenditure account as required by the Companies Act 2006 as opposed to that required under the relevant sections of the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their financial statements in accordance with the FRS 102 (Charities SORP (FRS 102)). 

99 



Notes to the financial statements for the year ended 31 March 2025 (continued) 

Company Number: NI033106 Charity Commission NI Number: 100113 

## 32 RELATED PARTY TRANSACTIONS 

## Company 

The Company has identified the following transactions with its wholly owned subsidiaires, which must be disclosed under the terms of FRS 102 Section 33, “Related Party Disclosures”. 


**----- Start of picture text -----**<br>
Amount of Amount of Amount owed from/(to)  Amount owed from/(to)<br>Nature of<br>transaction 2025 transaction 2024 related party 2025 related party 2024<br>transaction<br>£ £ £ £<br>**----- End of picture text -----**<br>


|OML Belfast Limited|Income<br>Expenditure|**4,895,092**<br>**(399,511)**|2,331,608<br>(399,511)|**5,790,653**<br>**(4,728,252)**|2,092,440<br>(2,439,239)|
|---|---|---|---|---|---|
|Odyssey Property Company|Income|**90,938**|100,681|**90,938**|100,681|
|Limited|Expenditure|**-**|-|**-**|-|
|Whowhatwhenwherewhy Limited|Income<br>Expenditure|**-**<br>**(288,850)**|-<br>-|**10,000**<br>**-**|10,000<br>(350,000)|
|Whowhatwhenwherewhy Online|Income|**-**|-|**-**|-|
|Limited|Expenditure|**-**|-|**(400,000)**|-|



## 33 FRIENDSHIP FOUR PROGRAMME 

The Friendship Four event received grant funding at 31 March 2025 from the following bodies: Belfast City Council £15,000 Department for Communities £25,000 Tourism NI £35,000 

The Belfast City Council funding is from a cultural multi annual fund and is to cover core costs of the event. The Department for Communities funding is for Friendship Four Legacy Activities. Tourism NI funding is a revenue grant for eligible costs for the Friendship Four. 

100 



Notes to the financial statements for the year ended 31 March 2025 (continued) 


**----- Start of picture text -----**<br>
Company Number: NI033106 Charity Commission NI Number: 100113<br>**----- End of picture text -----**<br>


## 34 LIABILITY OF MEMBERS 

The Odyssey Trust Company Limited is a company limited by guarantee without share capital. The liability of the members is limited to an amount not exceeding £10. 

## 35 CONTINGENT LIABILITY 

The National Lottery Community Fund has a floating charge over the assets of the ReDiscover 2 and ReDiscover 3 projects. This charge will crystallise in the event of default by the Charity’s subsidiary under the terms of the contract. It is not practicable to estimate the financial effect of a potential default. 

## 36 ULTIMATE CONTROLLING PARTY 

The group consider the Board of Trustees to be their ultimate controlling party. 

101 



The Odyssey Trust Company Limited 

Company Number: NI033106 Charity Commission NI Number: 100113 

## The Odyssey Trust Company Limited, Trustees, Management and Advisers 

## **Chairperson** 

M McDowell 

## **Trustees/Directors** 

M McDowell (Chairperson) 

M Cuskeran 

C O’Mullan (resigned 12 March 2025) Prof T Harrison (resigned 12 March 2025) 

L Bourke 

J Mills 

C Magee 

M Pitt 

E M Kerr 

K G McCorry 

R Kennedy (appointed 1 May 2025) M Durkin (resigned 31 July 2024) 

## **Investment Adviser** 

Evelyn Partners 3 Bedford Street Belfast BT2 7EP 

## **Independent Auditors** 

## **External** 

Moore (N.I.) LLP Donegall House 7 Donegall Square North Belfast BT1 5GB 

## **Internal** 

Ernst & Young LLP 22 Bedford Street Belfast 

Northern Ireland BT2 7DT 

## **Solicitors** 

Elliotts Legal 40 Linenhall Street Belfast BT2 8BA 

## **Remuneration and Nomination** 

## **Committee** 

M Cuskeran (Chairperson) C Magee 

## **Audit Risk and Investment Committee** 

M Pitt (Chairperson) E M Kerr J Mills 

## **Company Secretary** 

J A Gillen 

## **Registered Office** 

2 Queen’s Quay Belfast BT3 9QQ 

## **Chief Executive Officer** 

P McMahon (appointed 1 April 2025) R Fitzpatrick (resigned 31 March 2025) 

## **Director – Chief Experience Officer** 

A Doyle 

## **Group Head of Finance** 

J A Gillen 

## **Associate Director, Estates and Facilities** 

C Barrington 

## **Associate Director, Experience, Arena and Estate** 

C Cosgrave 

**Sports Director and Head of Commercial** 

S Thornton 

**Group Head of Education and Public Affairs** 

J Harvey 

## **Head of W5 Experience** 

V Denoon 

## **Head of Food and Beverage** 

D McGinn 

## **Head of Human Resources** 

R Murray 

## **Head of Brand and Marketing** 

A Graham 

## **Bankers** 

Ulster Bank Limited 11-16 Donegall Square East Belfast BT1 5UB 

Bank of Ireland 1 Donegall Square South Belfast BT1 5LR 

102