Maritime Belfast Trust Company Limlted by Guarantee Statement of Flnancial Activities (Includlng Income and expendlture account) Year ended 31 March 2023 2023 Restricted Endowment funds funds Totsl funds Total funds 2022 Unrestricted funds Income and endowments Donations and legacies Charitable activities Investment income 50 732,697 13,582 746,329 50 1,488,913 32,909 1,521,872 200 1.391.161 4.453 756,216 19,327 775,543 Total In¢ome 1.395,814 Expendlture Expenditure on charitable activities 740,822 4,423,165 1,344,051 1.344,051 6,508,038 6,508,038 2,017,892 Total Oxpendlture 740.822 4,423,185 2,017,892 Net expenditure and net movement in funds 5,507 (3,647.622) (1,344,051) (4.986,166) (822.078) Reconciliatlon of funds Total funds brought fOard Total funds carriod forward 2,190,262 2,195,769 5,117,171 80,025,998 87,333,431 87,955.509 1.469,549 78,681,947 82,347,265 87.333,431 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continulng activities. The notss on paw 28 to 44 fomi part of these fin¥n¢ial statements. 25
Maritime Belfast Trust Company Llmlted by Guarantee statement of Flnancial Posltlon 31 March 2023 2023 2022 Nots Flxed assets Tangible fixed assets Heritage assets Investments 13 71,105,478 72,525.620 14 7,857,970 7,857.970 15 78,963,449 80,383,591 Current assets Debtors Cash at bank and in hand 17 1,311.251 3,167.727 4,478,978 913,082 6.329,106 7,242,188 Credltors: amounts falllng due wlthln one year Net current assots 18 1.095,182 292.348 3.383,816 6,949.840 82,347,265 87,333,431 82,347,265 87,333,431 Total assets less current Ilabllltles Net assets Funds of the charity Endovmient funds Restricted funds Unrestricted funds 78,881,947 80,025,998 1,469,549 5.117,171 2,195.769 2,190,262 21 82,347,265 87.333,431 Totsl charity funds These financial staternents have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the Board of Trustees and authorised for issue on 10 November 2023, and are signed on behalf of the Board by: M McGivem, Trustee (Chairperson) K Kingston Trustee The notes on pages 28 to 44 foTm part of these financlal statements. 26
Maritime Belfast Trust Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2023 2023 2022 Cash flows fn>m operdting activltles Net expenditure (4,986.166) (622,078) Adjustments for DepTeciation of tangible fixed assets other interest receivable and similar income Accrued expensesl(income) 1,422,342 {32,909) 676,974 1.386,330 (4,453) {9,913) Changes in.. Trade and other debtors Trade and other creditors (398,169) 125,840 <3,192,088) 1,390.470 544.580 96,004 Cash generated from operations Interest received 32,909 (3,159,179) 1,394.923 4.453 Net cash (used in}Ifrom operating activities Cash flows from investing activities Purchase of tangible assets Net cash used in investing activities (2,200} (331.866) (2,200) (331,866) Net (decreasellincroase In cash and cash equlval8nts Cash and cash equlvalents at beglnnlng of year Cash and cash equivalents at •nd of year (3,161.379) 1,063,057 6,329,106 5,268,049 3,167,727 6,329,106 The not•$ on pages 28 to 44 forni part of th0$0 financlal statements.
Maritime Belfast Trust Company Limlted by Guarantee Notes to the Flnancial Statements Year ended 31 March 2023 General infomiatlon The charity is a public benefit entity and a private company limited by guarantee, reglstsred in Northem Ireland and a reglstered charty in Northern Ireland. The address of the registered office is Titanic House, 6 Queens Road. Queens IslarKI Belfast. 8T3 9DT. statement of compliance These financial statements have been prepared in Compliance with FRS 102. 'The Financial Reporting Standard applicable In the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accountlng pollcles Basls of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared In sterling, which is the functional currency of the entity. Golng concern The charity reported a net surplus in unrestricted funds of£5,507 for the year and have unrestricted reserves at the year end of £2,195,769. In accordance with normal planned expenditure. £4.361,664 was invested into the refresh of Galleries 8, 9 and 10 via the Gallery Refreshment Fund in Restricted Reserves. This has supported Titsnic Belfast to secure significant exposure in key markets, attracting new and repeat customers. Restricted reserves at year end are £1,469,549. The Twstees are of the view that these reserves are sufficient for the charity for at least the next 12 months and that on this basls the charity is a going concem. Judgements and key sources of estlmatlon uncertalnty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, includlng expectations of future events that ar8 belleved to be reasonable under the circumstances. Fund accountlng Unrestricted funds are available for use at the discretion of the Trustees to further any of the charity's purposes. Designated funds are unrestricted funds eam)arked by the Trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two suclaSseS.. restricted Income funds or endowment funds.
Maritime Belfast Trust Company Llmlted by Guarantee Notes to the Flnancial Statements (continued) Year ended 31 March 2023 Accountlng policles (continued) Incomlng resources All incoming resources are included in the statement of financial activities when entrtlement has passed to the charity- it is probable thal the economic benefits associated with the transaction will ow to the charity and the amount can be reliably measured. The following specifjc policies are applied to particular categories of income- income from donations or grants is recognised when there is evidence of entitlement to the gift. receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entrtlement is estsblished. income from donated goods is measured at the fair value of the goods unless this is impractical to Measu reliably. in which case the value is derlved from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are Included for the contribution of general volunteers. income from contracts for the supply of services is recognlsed with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which cas8 it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates- expenditure on raising funds includes the costs of all fundraising activities. events. non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities indudes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the govemance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned betsveen the activities they contribute to on a reasonable, justs'fiable and consistent basis. Operatlng leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. 29
Maritime Belfast Trust Company Limited by Guarantee Notes to the Financlal Statements (conlinued) Year ended 31 March 2023 Ac¢ountlng policles (¢onllnu•d) Tangible assets Tangible assets are initially recorded at cost, and subsequentty ststed at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumul8ted impairment losses. An Increase in the carrying amount of an asset as a resuft of a revaluatlon, is recognised In other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the caing amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Deprnclatlon Depreclation is calculated so as to lte off the Cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follovts: Long leasehold property Short leasehold property Fixtures and fittings Equipment 60 years on the building. no depreciation is charged on land Over lrfe of lease 20% straight line 20% straight line Heritage assets Heritage assets are measured inttially at cost or fair value. Heritage assets are considered to have indefinite useful economic lives and are therefore not depreciated, but are reviewed for impairment annually. there information on the cost or value of an asset is not available and cannot be obtained at a cost vAiich is commensurate with the benefrts to users of the financial statement$, the asset shall not be recognised in the statement of financial position. Investments Unlisted equity investments are inillally recorded at cost. and subsequently measured at fair value. If fair value cannot be reliably measured. assets are measured at cost less impairment. Listed investments are measured al fair value with Changes in fair value being recognised in Income or expenditure. Investments in assoclates Investments in associates accounted for in accordance with the cost model are recorded at Gost less any accumulated impairment108ses. 30
Maritime Belfast Trust Company Llmlted by Guarantee Notes to the Flnancial Statoments (continueo) Year ended 31 March 2023 Accounting pollcles (¢ontlnued) Investments In assoclates (continuedj Investments in associates aGcounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date. the investments are measured at fair value, with changes in fair value taken through income or expenditure. ere it is impracticable to measure fair value reliably without undue cost or effort. the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income wthout regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition. Investments In Jolnt ventures Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with Changes in fair value taken through income or expenditur8. Vthere it is impracticable to measure fair value reliably without undue cost or effort, the cost model wtll be adopted. Divldends and other dlstributions received from the investment are recognised as income without regard to whether the dlstribution8 are from accumulated profits of the joint venture arising before or after the date of acquisition. Impalmient of fixed assets A review for indicators of impairment is Carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also revievRd for possible reversal at each reporting date. For the purposes of impairment testing. vihen it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to vthich the asset belongs. The cash-generating unit is the smallest identifiable group of assets that include5 the asset and generates cash irfflows that largely independent of the cash infiows from other assets or groups of assets. For impairmenl testing of goodwill, the goodwill acquired in a business combination is. from the acquisition date, allocated to each of the Cash-generating units that are expected to benefrt from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Financlal Instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrumenL 31
Maritime Belfast Trust Company Limlted by Guarantee Notes to the Flnancial Ststements (¢on6lnu•o) Year ended 31 March 2023 Accounting pollcies (Mntlnuedj Financlal Instruments (conflnued) Basic financial instruments are initially recognised at the amount receivable or payable induding any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured al amortised cost. Where investments in shares are publicly traded or their fair value can otherwrse be measured reliably, the investment is subsequently measured at fair value wth changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financlal instruments, including derNatives, are initially recognised at fair value. unless payment for an assat is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the fLrture payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequentty measured at fair value, Vth any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are m8asured at cost or amortised cost are reviewed for objeclive evidence of impairm8nt at the end of each reporting date. If Ihere is objective evidence of impainnent, an impairment loss is recognised under the appropriate headlng in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance. and other financlal assets that are individually significant, these are assessed individually for impainnent. other financial assets are either assessed individually or grouped on the basis of similar credit rlsk characteristics. Any reversals of impairment are recognised immediately, tD the extent that the reversal does not result in a carying amount of the financial asset that exceeds what the carying amount would have been had the impairment not previously been recognlsed. Defined contribution plans Contributions to defined contributlon plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contrlbutions are not expected to be settled wholly withln 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. 32
Maritime Belfast Trust Company Llmited by Guarantse Notes to the Financlal Ststements (continued) Year ended 31 March 2023 Limited by guarantee Maritime Belfast Trust is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amounts as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member. Donatlons and legacles Unrestricted Totsl Funds Unrestricted Totsl Funds Funds 2023 Funds 2022 Donatlons Corporate Don8tions 50 50 200 200 Charitable actlvltlos Unrestricted Funds Restricted Totsl Funds Funds 2023 Operator income TBL Income from ThCL Overage income Refreshment Fund Operator income Nomadic Destination development income Belfast City Council Other Income Interest from TBL Tourism Nl Soundyard sponsorship Waterfront Promenade Great Light insurance claim Belfast Harbour Commission 182,428 55,108 202,212 182.428 55.108 202.212 756,216 82,763 8.321 98.735 3.435 756.216 82,763 8,321 98,735 3,435 37,095 2,800 60,000 37,095 2,600 60,000 732,897 756,216 1,488,913 33
Maritime Belfast Trust Company Limitod by Guarantee Notes to the Financial Statements (witlnuod) Year ended 31 March 2023 Charltsble actlvltles {CDnllnuedJ Unrestricted Funds Restricted Total Funds Funds 2022 Operator income TBL Income from rrcL Overage income Refreshment Fund Operator income Nomadic Destination development income Belfast City Council Other Income Interest from TBL Tourism Nl Soundyard sponsorship Waterfront Promenade Great Light Insurance claim Belfast Harbour Commission 171,778 51,891 171.778 51.891 684,978 684,978 57,216 14,070 68,836 1,000 31,392 200,000 50,000 57,216 14,070 88,836 1,000 31.392 200,000 50,000 80,000 456,183 60,000 934,978 1,391,161 Investment income Unrestricted Funds Restricted Total Funds Funds 2023 Bank interest receivable 13,582 19,327 32,909 Unrestricted Funds Restricted Total Funds Funds 2022 Bank interest receivable 1,366 3.087 4,453 34
Maritime Belfast Trust Company Limited by Guarantee Notes to the Financlal Statements (conthued) Year ended 31 March 2023 Expendlture on charitable actlvltle8 by fund type Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2023 Trtanic Belfast Heritage preseplation Destination development Support costs 113.805 181,745 386.338 58.934 4,361,664 1.285,600 38,656 19,795 5.761.069 220.401 467.634 58,934 61,501 740,822 4,423.165 1,344,051 6,508,038 Unrestricted Funds R8Stricted Endowment Total Funds Funds Funds 2022 Titanic BeEfast Heritage preseniation Destination development Support costs 120.723 116,693 233,398 51,088 521,902 124,474 19,000 47,260 1,285,600 19,656 1,530,797 155,349 280,658 51.088 190,734 1,305,256 2,017.892 Analysis of support costs Analysis of support costs Totsl 2023 Total 2022 Stsff costs General office Govemance costs 15,625 31,550 11,759 58,934 15,625 31,550 11,759 58,934 15,252 24,423 11,413 51,088 10. Net exp•ndlture Net expenditure is stated after chargingl(crediting)'. 2023 2022 Depreciation of tangible fixed assets Fees payable for the audit of the financial statements 1,422,342 4,095 1,386,330 3,900 35
Maritime Belfast Trust Company Limlted by Guarante8 Notes to the Flnancial Ststements fcontinuffdj Year ended 31 March 2023 11. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2023 2022 Wages and salaries Social security costs Employer Gontributions to pension plans Other employee benefits 226,247 20,611 17,058 610 241.057 21.845 14.626 478 264,526 278,006 The average head count of employees during the year was 6 (2022: 6). The average number of full-time equivalent employees during the year is analysed a5 follows.. 2023 2022 No. No. Number of staff The number of employees whose remuneration for the year fell within the foll0vng bands, were: 2023 2022 No. £80,000 to £89,999 Key Management Personnel Chief Executive Officer Destination Manager Product Development Manager Kerrie Sweeney Maeve Moreland Judith Webb 12. TTUSteè remunoratlon and expenses In the year eight Trustees were reimbursed for expenses andlor had had expenses met by the charity totalling £12,533 for travel and accommodation (2022.. £3,655). The key management personnel of the charity comprise the Trustees, Chief Executive. Destination Manager and Product Development Manager. The total employee benefits of the key management personnel of the charity total £177,773 (2022: £198,695) 36
Maritime Belfast Trust Company Llmlted by Guarantee Notss to the Financlal Statements (conlinued) Year ended 31 March 2023 13. Tangible fixed assets Long Short leasehold leasehold Fixiures and property property frttings Equipment Total Cost At 1 April 2022 Additions Disposals At 31 March 2023 84.276.015 475,000 980,870 9,950 85,741,835 2.200 2,200 (2,195) {2.195) 9,955 85,741,840 84,276.015 475,000 980,870 Depreclation At 1 April 2022 Charge for the year Disposals At 31 March 2023 12.834,137 1,285,600 189,999 19.000 183,640 116,424 8,439 13,216,215 1,318 1,422,342 (2,195) {2,195) 7,562 14,636,362 14,119,737 208,999 300,064 Carrylng amount Al 31 March 2023 70.156,278 71.441,878 266.001 285.001 680,808 797,230 2,393 71,105,478 1,511 72,525,620 At 31 March 2022 Herltage assets Eight heritage assets are included in the charity's financial statements. These include an original Dr Simpson letter acquired in 2012 and displayed in Titanic Belfast and the SS Nomadic acquired in April 2015. The letter is valued at purchase cost of £28,670. The SS Nomadic is valued al £7.812,500 based on the costs to restore and refurbish the ship in 201212013. In addition to the above Heritsge assets owned by the charity, during the year ended 31 st March 2018, Maritime Belfast Trust (fomerly Titanic Foundation Limited) received a loan of the Mew Island Lighthouse Optic from The Commissioners of Irish Lights. The Opti¢ has been IDaned to the charity for a period of 99 years and ownership of the asset remains with The Commissioners of Irish Lights therefore is not accounted for in these financial statements. During the year 2019120 the charity y$ donated £16,800 in assets which included furniture and Thomas Andrev, signed steam$hlp journal. 37
Maritime Belfast Trust Company Limited by Guarantee Notes to the Financlal Ststements (¢ontinuedJ Year ended 31 March 2023 14. Herltage assets (¢ontlnu8d) Herltage asset Cost or valuallon At 1 April 2022 and 31 March 2023 Accumulated depreclatlon At 1 Aprll 2022 and 31 Mar¢h 2023 Carrylng amount At 31 March 2023 7,857,970 7,857.970 7,857,970 At 31 March 2022 Heritage Assets are recognised at cost. 15. Investments Shares In group undertaklng Cost or valuatlon At 1 Aprll 2022 and 31 March 2023 Impalm)ent At 1 Aprll 2022 and 31 March 2023 Carrying amount At 31 March 2023 At 31 March 2022 All investments shovm above are held at valuation. 16. Investment entlties Subsldlarles and other Investments Percentage of Class of share shares held Subsidiary undertaklngs Titanic Trading Company Limited. Titanic House, 6 Queens Road, Queen's Island, Belfast, BT3 9DT The charity holds 1 share of £1 in Sts wholly owned trading subsidiary company Titanic Trading Company Limited which is incorporated in Ihe United Kingdom. This IS the only share allotted, called up and fully paid. Ordinary 100 38
Maritime Belfast Trust Company Llmlted by Guarantee Notes to the Flnanclal Ststements (conJnu8dJ Year ended 31 March 2023 17. Debtor5 2023 2022 Trade debtors Amounts owed by group undertakings Prepayments and accrued income other debtors 752,068 3,042 228,288 327,855 1,311,251 689,428 8,809 183,365 31,480 913,082 18. Credltors: amounts falllng due within one year 2023 2022 Trade creditors Accruals and deferred income Social security and other taxes Other creditors 249,520 818,834 6,865 22.143 1,095.162 127,452 139,660 3.583 21.653 292.348 19. Deferred income 2023 2022 At 1 April 2022 Amount released to income Amount deferred in year At 31 March 2023 76.989 {75,989) 106.797 62,923 (62,923} 75,989 75,989 106,797 20. Penslons and other post retlrement benellts Deflned contributlon plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £17,058 (2022: £14,628). 39
Maritime Belfast Trust Company Limited by Guarantee Notss to the Flnancial Statements (conlinued) Year ended 31 March 2023 21. Analysis of charltsble funds Unrestrlcted funds At 1 April 2022 At 31 March 2023 Income Expenditure Transfers General funds Mmile Animation, Events & Promotion Mmile Development, Restoration & Preservation SS Nomadlc Mew Optic 1,000,000 516.815 (423,008) (91,013) 1,002,794 327,523 8,321 (92.406) 17.562 261,000 462.076 321,522 79,141 2,190.262 135,830 82,763 2,600 746,329 (144,733) (77,022) (3,653) (740,822) 5,391 91.148 (23,088) 458.564 418,411 55,000 2.195,769 At 1 April 2021 At 31 March 2022 Income Expenditure Transfers General funds Mmile Animl¢n, Events & Promotion Mmile Development. Restoration & Presepiation SS Nomadic Mew Optic i.ooo,000 317.627 {353.437) 35,810 1,000,000 410,000 57,906 {104.573) {35,810) 327,523 521,182 300,000 80,740 2,311,922 25.000 57.216 (26.599) (35.694) (1,599) (521,902) {57,50n 462,076 321,522 79.141 457,749 (57.507} 2,190,262
Maritime Belfast Trust Company Llmlted by Guarantee Notes to the Flnancial Ststsmènts {¢onfthued) Year ended 31 March 2023 21. Analysis of charftable funds (continued) For 2023.. General Reserves includes £62,961 of tangible assets For 2022.. General Reserves includes £77,550 of tangible assets Puose of designated funds Maritime Belfast Trust developed a five-year business plan in 2021. The plan provides a framework for designated funds, setting out clear objectives and project income and expenditure across the five-year period. The Board reviews the Business Plan annually and is satisfied that the objectives and targets are still appropriate and have agreed to designate unrestricted reserves against key priorities as follows. 1.1 Marftlme Mile - Anlmatlon, Events and Promotlon £261.000 This designated fund supports the Business Plan objective: To develop, support and deliver an authentlc and cultural events programme to energl$e and Insplre people to vlslt Belfast's iconic watsrfront and its heritsgo assets. To deliver this activity, 8 dedicated destination leam has been established including a Destination Manager and Marketing and Digital Content Officer. The team run annual promotional campaigns, whlch included the Maritime Milestones camp8ign in 22123, and deliver a full programme of events and animation. The Business Plan has ambitious targets to animate the destination all year round through music. maritime activities and art installations. This activty is criti¢al to generating relationships across the Maritime Mile and also ensuring neighbourhood communities have reasons to visit the destination. It is a150 a critical component of Maritime Belfast's service agreement with Belfast Harbour and is set to become mor8 important when they open their City Quays Garden in 2024 as they see Maritime Beast as a key partner in animating this site. Looking forward, the Board ringfenced £214,000 for animation, events and promotion in the 23124 Operating Plan and a further £269,000 across the last year5 Of the Business Plan to March 2026. We have projected that £222,000 income will be received to support this activty, including contributions from Belfast Harbour, creating a shortfall of £281,000. 1.2 Maritime Mile Developmenc Restoration and Preservatlon £458.564 This designated fund supports the following Business Plan objeGtives: To dellver a fully connected experience along the waterfront by Ilnklng our key heritage assets, cultural and tourfsm attractions through hlgh quality public realm enhancements. digital Interventions, walkways, cycle lanes and publlc transport. To enrich Belfast's waterfront by preservlng and promoting Belfast's marbtime heritage through restoration, interpretation and learnlng. The Business Plan sets OLrt three year spend projections against Product Development. Restoration, Artefact Management and Maintenance of £233,000. This does not include potential capital projects that may require Maritime Belfast's investment either to lead by example or lever further fund$. 41
Maritime Belfast Trust Company Limited by Guarantee Notss to the Financlal Statements (continuèd) Year ended 31 March 2023 21. Anatysls of charltable funds {wiUnu In 23124 we estimate a further £25,564 spend. which indudes match funding commitments against the Maritime Mile ConneGtivity Project to be delivered by the end of March 2024. A significant amount of research has also been undertaken on the Belfast Waterfront Promenade Framework vthich highlights several projects that would kickstart new uses and Greate further access opportunities for local communities. The Board has therefore committed £200,000 in the 23124 budget to support this work. 1.3 Great Light and SS Nomadic £473.411 This designated fund supports the following Business Plan objective: To manage and protect our assets to underpin Marltlme Belfast and dellver a world class. sustainable experfence now and In the future. The Board has committed £75,121 against SS Nomadic costs for 23124, and £143.290 allocated in the Business Plan projects for the folloThng two years. These costs reflect the 8nnual insurance, serwice and specific owner maintenance costs. A study undertaken in March 2023 highlights signfficant deterioration of SS Nomadic's decking with indicative replacement cost estimates of £500,000-£600,000 which may be phased over a four-year period. The Board has Initially designated £200,000, anticipating that match funding can be levered from other sources. The Great Light requires some works to ensure it is frt for purpose including replacement blinds and review of the tumtable. General maintenance and management across the charty's assets has been moved to Maritime Mile Product Development, Restoration and Preservation. The cost to undertake specific repairs to the Great Light is in the region of £55,000. Restrlcted funds At 1 April 2022 At 31 March 2023 Income Expenditure Transfers Gallery Refreshment Fund Steam cranes Glass of Thrones Soundyard 4,837,129 775,543 (4,361,664) 1,251,008 280,042 (61,501) 775,543 (4,423,165) 218,541 5.117,171 1,469.549 At 1 April 2D21 At 31 March 2022 Income Expenditure Transfers Gallery Refreshment Fund steam cranes Glass of Thrones Soundyard 4,273,538 304.001 95,232 688,065 (124,474) (19.000) {285,001) (19,795) (75.437} (27,465) 57,507 {190,734) {302,931) 5,117.171 4.837.129 250,000 938.065 280.042 4,672,771 42
Maritime Belfast Trust Company Limited by Guarantee Notes to the Financlal Statements (¢ontinu•d) Year anded 31 March 2023 21. Analysls of charitable funds (conttnued) Pury)oses of restrlcted funds Gallery Refreshment fund: This represents contractual payments from the operator to the Gallery Refreshment Fund. a restricted fund to refresh the visitor experience. The process requires the operator to come for¥vard with refresh proposals for Board approval and release of funds. £4.361,664 was spent during this period on a significant refresh of Galleries 8,9 and 10. This has supported Titanic Belfast to Secu significant exposure in key markets. attracting new and repeat customers. Soundyard: This represents the cost to date, less depreciation of Soundyard art installation and Is held as tangible red assets. Endovnnent funds At 1 April 2022 At 31 March 2023 Income Expenditure Transfers Titanic signature building fund Nomadic heritage asset Mew Island Donated Heritage Assets steam Cranes Glass of Thrones 71,301,878 7.812.500 534,382 (1,285.600) 70,016.278 7,812.500 514.726 (19,656) 16,800 285.001 75.437 16,800 266,001 55,642 (19.000) (19,795) (1,344.051) 80,025,998 78.681,947 Al 1 April 2021 At 31 March 2022 Income Expenditure Transfers Titanic signature building fund Nomadic heritage asset Mew Island Donated Heritage Assets Steam Cranes Glass of Thrones 72,587,478 7,812.500 554,038 (1,285,800) 71.301.878 7.812,500 534,382 (19.656) 16.800 16.800 285,001 285,001 75,437 75,437 360,438 80.025,998 80,970,816 (1,305,256)
Maritime Belfast Trust Company Llmlted by Guarantse Notes to the Flnancial Statements (eonthiued) Year ended 31 March 2023 22. Analysls of nel assets between fund5 Unrestricted Funds Restricted EndoNvment Total Funds Funds Funds 2023 Tangible fixed assets Heritage ass8ts Current assets Creditors less than 1 year Net assets 34.292 218.540 70,852,647 71.105,479 28,670 7,829,300 7,857,970 2.390,985 2.087,993 4,478,978 (258,178} (836,984) (1,095,162) 2.195,769 1.469,549 78,681.947 82,347,265 Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2022 Tangible fixed assets Heritage assets Current assets Creditors less than 1 year Net assets 48,880 280,042 72.196,698 72,525,620 28,670 7,829,300 7,857.970 2,301,926 4,940,281 7,242.187 (189,214) (103,132) (292,346> 2,190,262 5,117,171 80.025,998 87,333,431 23. Analysis of change8 In net debt At At 1 Apr 2022 Cash flows 31 Mar 2023 Cash at bank and in hand 6.329,108 (3,161,379) 3,167,727 Contingencles A contingent liability exists to repay grants recelved should certain conditions not be fulfilled by the charity. In the opinion of the Trustees, the terms of the Letters of Offer have been, or will be, complied with and no liability is expected. 25. Related partles There were no related party transactions in the reporting period, apart from those disclosed in Note 12.