2025-03-31-annual-report

The Odyssey Trust Company Limited

Company Number: NI033106 Charity Commission NI Number: 100113

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.

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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.

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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)

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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.

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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

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The Odyssey Trust Company Limited

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• 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

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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:

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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.

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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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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.

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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.

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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.

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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

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