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 fO￿ard
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 su￿claSseS.. 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 ca￿ing
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, V￿th 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 foll0v￿ng 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 Anim￿l¢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
Pu￿ose 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 Be￿ast 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 follo￿Thng 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 r￿ed 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.