Maritime Belfast Trust Company Llmlted by Guarantee Trustees. Annual Report (Incorporatlng the Director's Raport) Year ended 31 March 2023 The Trustees, who are also the Directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2023. Referonce and admlnlstratlve details Reglstered charlty name Maritime Bdfasl Trust Charlty registratlon number 104962 Company registratlon number N1064888 Principal office and reglstered Tltanic House office 6 Queens Road Queens Island Belfast BT3 9DT The Trustses M McGivern D Rooney M Maclntyre G Hughes K Kingston W Black J Davis T Losty (Chairperson) Company secretsry K Sweeney Auditor Finegan Gibson Ltd Chartered a¢countsnts & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN Bankars Danske Bank PO Box 183 Donegall Square West Belfast BT16JS
Maritime Belfast Trust Company Llmlted by Guarantee Trusttss. Annual Report (Incorporatlng the Dlrectorfs Report) (continued) Year ended 31 March 2023 Chalrperson's Annual Revlew l am pleased to present the annual accounts for Maritime Belfast Trust, for the period 1st April 2022 to 31 st March 2023. Once again. it has been a busy year, full of activity, as we continue on our journey to deliver a world-class, heritage waterfront for Belfast This period was one of Gelebration as we supported some of our key partners to mark historic anniversaries including Belfast Harbourfs 175th and St Joseph's 150th as part of our bespoke 'Maritime Milestones, campaign. This campaign featured one off events such as the Cristal Palace showcase, new events including a Titanic Céili and a pilot music programme, Sundays on the Maritime Mile. supporting over 51 outdoor music events and 125 local musicians every Sunday from April to September. Collectively, these events alone. attracted over 25,000 local and international visitors. Marking Titsnic Belfast's 10th anniversary, we continued to work closely with our operator, Titanic Belfast Limited, to deliver and launch the most significant gallery refreshment project to date. The Ship of Dreams was four years in planning. costing £4.5million. funded via the Gallery Refreshment Fund, a restricted reseNe established as part of the Titanic Belfast Operator Agreement. The fund. held by Maritime Belfast, supports Titanic Betsst to maintsin its competitive position amongst existing and emerging intemational visitor attr8Ctions. The new galleries were launched on 3rd March 2023 and the public response has been overwhelming. The Trustees are delighted with the outcome and would like to thank and congratulate our operator, Titanic Belfast Limiled, for their vision and detemination in delivering such an exceptional experience during what continues to be a challenging period, as they recover from the impacts of the pandemic. strategically, we have further developed our relationships V•ith local stskeholders and in particular I would like to acknowledge the work of the Waterfront Task Group which represents Belfast City Council, Belfast Harbour, Titanic Quarter, Department for Communities, Department for Infrastructure, Department for Agricutture. Environment and Rural Affairs, Department for Economy and Tourism Northern Ireland. Collectively these organisations are stepping up to deliver an agreed vision for Belfast's iconic waterfront and Maritime Belfast Trust is committed to helping and supporting the Waterfvont Task Group as one of our main priorities. Successful waterfronts must connect with local communities and neighbourhoods and we have made significant inroads in engaging local people with our projects and plans. Our work with Belfast City Council on the EU Hub-ln project has paved the way for community co-de5ign, our annual Communty Day in Titanic Belfast welcomed over 42 harder to reach groups and our Maritime Story Plan, launched as part of our Maritime Milestones campaign. is rooted in local stories and accounts told by local people. I these projects are reconnecting people to this place, its rich maritime heritage and future opportunities. I would like to thank all our community partners for their support and belief in the work that we are doing.
Maritime Belfast Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continuedj Year ended 31 March 2023 Chalrperson's Annual Reviow (contlnued) Looking forward, whilst we are still in a period of recovery post Covld-19, we are confidenl that the new galleries will accelerate Titsnic Belfast's visitor numbers to return to pre pandemic levels over the next 12 months. Already, visitor numbers this year have generated an overage payment for the charity and as we gain confidence around future projections, we r2n begin to plan beyond the Scope of our reserves. This includes commencing significant conseNation work on board SS Nomadic and it is reassuring that we are once more in a position whereby our commercially run asset, Titanic Belfast. is helping to sustain the preservation of our maritime heritage. We also l¢x)k forward to growing our relationships with Belfast City Council and Belfast Harbour- building on our existing service agreements as a key delivery partner to deliver their waterfront objectives. aligned to the ambitions of the Waterfront Task Group. In conclusion, I would like to thank all of our Maritime Belfast charnpions. my fellow Trustees. for thelr tlme, commitment and endless source of expertise,. our CEO and small yet very dynamic executive team: and of course our volunteers who a always on hand and willing to help us.
Maritime Belfast Trust Company Llmltsd by Guarantee Trustees. Annual Report {Incorporating the Directorfs Report) (contlnu8d) Year ended 31 March 2023 Structure. governance and management Governing Document Maritime Belfast Trust is a company limited by guarantee governed by its Memorandum and Articles of Association dated 15th October 2020. It is also a registered charity with the Charity Commission for Northern Ireland. The Trust was formerly known as The Titanic Foundation Limited and changed its name in November 2020. Appointment of Trustees Maritime Belfast Trust must have a minimum of five Trustees and up to a maximurn of 11 Trustees. New Trustee positions are aligned to any skill gaps identified by the Board and appointments are made by the Board. The term is for an initial four years and this may be extended for a further four years on approval of the Board and a further four years if an existing Board member becomes Chair. The maximum term is nine years for a Trustee and 13 years for the Chair. Board meetings are scheduled every six to ten weeks and the quorum is bNO Trustees. The Board of Trustees acts in an advisory capacity and day lo day operational matters are the responsibility of the Chief Executive. All Trustees of Maritime Belfast Trust are members and Directors of the Company. Trustee Inductlon and training The Chair of the Board has responsibilities for providing effective leadership and ensuring all Members of the Board are fully briefed on their duties. rights and responsibilities when taking up membership of the Board. A formal appraisal process for Trustees is in place. Arrangements forsetting pay and remunerdtion of key management personnel All Trustees give of their time freely and none received remuneration in the year. Details of Trustees, expenses and related paty transactions are disclosed in note 12 to the accounts. The pay of all staff, inGluding senior management personnel. is reviewed annually by a dedicated Remuneration & Appointments sUCOMMittee of the Board. Pay scales are benchmarked against similar roles in other charities, not-for-profit organisations. and public sector bodies, including those that Maritime Belfast work directly with. In awarding any annual pay increases, the Remuneration & Appointrnents committee considers inflation (using the UK Retail Price Indicator as a guide), performance, changes to responsibilities and afft)rdability.
Maritime Belfast Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Dlrectorfs Report) (conllnued) Year ended 31 March 2023 Structure, governance and management (continuedj Oryanlsation structure and how the charity makes declsions Maritime Belfast Trust currently has a Board comprising eight Trustees and an Executive Team of six stsff, including the Chief Executive, Destination Manager. Product Development Manager. Finance Officer. Marketing and Digital Content Officer and Business Support Executive. The Board meets six to eight times per annum, including an annual planning session to agree objective5 and budget for the year. The Trust developed a five-year business plan in 2021 and this currently provides the framework for seth'ng the annual operational plan. The Trustees have appointed a Chair of the Board. who is responsible for ensuring the Board is effective in ts roles and responsibilities. The Board's role is to provide strategic guidance and the day-ttrday operational activities are delivered by the Executive Team. overseen by the Chief Executive. The Board has established several sub committees including Audit & Risk and Remuneration & Appointments. All meetings are recorded and updateslrecommendations are reported to the Board. As a charty can be subject to tsxation on trading income, Maritime Belfast has established a trading company, Titanic Trading Company, which is responsible for generating income from trading activities, the profits from which are gift aided to Maritlme Belfast Trust. As owners of the signatur8 Titanic Belfast visitor attraction, govemance and monitoring of Titanic Belfast's independent commercial operator is 8 priority for Maritime Belfast Trust. A robust 25-year contract is in place (commenced 2011) with Titanic Belfast Limited cf8L) and an annual operator agreement beeen Maritime Belfast Trusl and TBL sets out agreed targets and objectives every year. A Liaison Committee meets bimonthly beeen both parts'es to review contract management and performance. Since Inception. Maritime Belfast Trust has received £81.5 million in grants and donations for the development of Titanic Belfast, the restoration of the Harland & Wolff HQ and Drawing oifices, the Great Light (Mew Optic) display and more recently the Soundyard play installation. Additionalty. grant conditions relating to the restoration of SS Nomadic were transferred to Maritime Belfast Trust when acquiring the ship in 2015. Whilst all these projects are complete and grants have been drawn down, Maritime Beffast must comply with the terms set out in the Letters of Offer for specified period5 (in most cases 25 years). Grant conditions are reviewed and monitored on an annual basis to ensure that Maritime Belfast remains compliarrt, including any new letter af offers. Maritime Belfast Trust has a robust governance and policy framework which is reviewed on a regular basis. Trustees of the Board are provided with induction training on their roles and responsibilities as well as the regulations within which the company operates. Skill audits are undertaken to identify any skill gaps on the Board which informs Board recruitment andlor training requirements. Maritime Belfast Trust is also committed to developing its staff, ensuring all have the nece55ary skills to implement the organisalion's vision. This year the Trustees. the Chief Executive and Product Development Manager undertook a best practice trip to Copenhagen to better understand waterfront developments, infomiing the future strategic direction of Maritime Belfast Trust. Maritime Belfast has estsblished service level agreements with a number of key stakeholders including Belfast Harbour Commission and Belfast City Council. Thls generates additional income for the charity in areas where Maritime Belfast is delivering on the aims and objectives of our stakeholders.
Maritime Belfast Trust Company Llmitad by Guarantee Trustees. Annual Report (Incorporatlng the Director's Report) (conllnuea)I Year ended 31 March 2023 Structure, governance and managem•nt (¢ontlnued) Relationships wlth rnlatedparties There are no relationships with related parties lo report during Ihis period. Rlsk management The Board's Audit and Risk Committee (ARC) is responsible for reviewing the financial procedures and govemance manual, revlewing the annual accounts, compiling the risk register, and overseeing Intemal and extemal audits. Committee reports are tabled at each Board meeting, including the updated risk register. Objeetlves and activltles Maritime Bellsst Trust's Charitable Purposes are: the advancement of education of the public regarding Belfast's maritime and industrial heritage particularly with respect to RMS Titanic, in particular but not exclusively by the establishment of a visitors, centre within the Titanic Quarter, Belfast., the advancement of arts, culture, heritage and science for the public regarding Belfast's maritime and industrial heritage and the Belfast waterfront; the advancement of citizenship or community development for the public benefrt by improving, maintaining or demonstrating the need for accessible public spaces, faciliiies, amenities and communty engagement to promote a socially inclusive Belfast waterfront. The Trustees have agreed a five-year Business Plan for 2021-2026 around key themes - Influence. Connect. Energise, Enrich and Thrive. Delivery of the plan is structured around the following objectives.. To Influen the development of a common vision for Belfast's iconic heritage waterfront as a vibrant, accessible destination for everyone To develop, support and deliver an authentic cultural and events programme to energise and inspire people to visit Belfasfs iconic waterfront and its heritage assets To lead, initiate and support collaboration and partnership to sustain local maritime heritage, attractions and businesses To deliver a fully connected experience along the waterfront by linking our key heritage assets, cultural and tourism attractions through high quality public realm enhancements, digital interventions, walkways, cycle lanes and public transport To connect neighbourhood communities physically and emotionally to Maritime Belfast To enrich Belfast's waterfront by preserving and promoting Belfast's marftime heritage through restoration, interpretation and learning To manage and protect our assets to underpin Maritime Belfast and deliver a world class, sustsinable experience now and in the future To be a highly efficient and successful charity that deltvers significant public benefit for the people of Belfast now and for the future.
Maritime Belfast Trust Company Llmlted by Guarantee Trustees. Annual Report (Incorporatlng the Director's Report) (contin Year ended 31 March 2023 Objectlves and activltles (Continued) Annual activity contributes to meeting all the objectives above and can be categorised into three core areas: Managing and monitoring the operator of Titanic Belfast to deliver a world class experience Preserving the maritime and industrial heritage assets on Belfast's waterfror)t Developing an authentic heritage destination in collaboration with our partners. Public Ben•flt The public benefits that flow from our purpose and actlvities include the preservation and access lo Belfast's waterfront, which enhances knowledge and appreciation of Belfast's maritime heritage and increases local pride. The charity's beneficiaries are people that live in and visit BeEfast and Northern Ireland, both present and future generations, induding local communities that live on and nearby the Maritime Mile. Educating and engaging with local communities and visitors underpins all our activty. Strategic Report The following sections on achievements, perfomiance and financial review form the strategic report of the charity. Maritime Belfast Trust has emerged from the Covid-19 recovery period, and the last 12 months have witnessed a retum to more normal operations induding community engagement. events and animation activities. A significant investrnenl into the Titanic Belfast galleries, has further accelerated recovery and visitor numbers are retuming to pre pandemic levels. The Trustees have considered the current five-year Business Plan and are satisfied that it provides a road map for sustainable development and gr0h. This is referenced throughout the report and concludes with a more detailed ¢ommentary about the future.
Maritime Belfast Trust Company Limited by Guarantoo Trustees. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 March 2023 Aehlevements and perfomiance Alanaging and monitorlng the operntor of Tftanic Bemast to dellver a world class experience Maritime Belfast was estsblished in 2008 to develop and own Tltanic Belfast, the Clty's largest tourist attraction, on behalf of its funders and donors. Prior lo opening the attraction in 2012, the chaiity outsourced the management and operations of rrtanic Belfast to an extemal commercial operator for a 25-year period. The operator pays an annual base payment to the charity and an overage payment linked to visitor numbers,. this provides the main source of income for the charity. Since opening, Titanic Belfast has welcomed over seven million visitors from over 145 ¢ountries. To mark the ten-year annlversary on the 31st March 2022, Maritime Belfast commissioned Deloitte to Independently review the economic impact. Commissioned after three, five and seven years of opening. the new updated figures show that an impressive £430 million of additional spend has been generated In the local eeonomy over the last decade. The main focus over the last 12 months has been 8 major gallery refreshment project funded from the Gallery Refreshment Fund. The purpose of this fund, established as part of the Operator Agreement, is to provide a renewal reserve to ensure that rrtanic Belfast continues to offer a world class visitor experience. It was always envisaged that a significant draw-down from the Fund would be required once the attraction reached its 10th anniversary. this was further underpinned by the impact of Covid-19 and the need for new reasons to encourage new and repeat visitors. The process of Gallery Refreshment requlres the operator to put forward proposals to be approved by the Board, which in thls instance were developed by an internationally experienced visitor attraction design team, against the following objectives: To reinforce Titanic Belf8St's reputation as one of the Leading Visitor Attractions In Ireland and Internationally and to provide stimulus for regr0h of long-haul markets to Ireland. To provi(Je a visitor experience telling the story of RMS Titanic that is unique, rich and authentic. To provide stimulus for the growth of the Nl, ROI and GB market giving tourism agencies a key hook in their marketing plans that puts Titanic Belfast front and centre. To sustsin visitor numbers in the high season and grow the shoulder seasons. To encourage Domestic Tourism and to support the regrowih of International Tourism and rebuild the high season to pre Covid-19 levels. To attract new visitors across all market segments and drive repeat visits. To create 8 new 'WOW Factor, that sets Titanic apart from other leading Visitor Attractions. To provide an experience which will allow Titanic Belfast to effectively engage with all generations. The final proposals recommended the Complete replacement of Galleries 8,9 and 10 centred around unique and innovative Immersive experience, 'Ship of Dreams,. The overall budget approved for the refresh was £4.5m, with £4.361,684 spent in 2022123. The ambitious design required bespoke elements to be created that are exclusive to Titanic Belfast including a six metre suspended model of the RMS Tit8nic as well as an original music score. Maritlme Belfast Trust worked with the operator to support the design process, specifically helping to secure a privately owned RMS Titanic Artefad Collection. including the famous Wallace Hartley violin. The high value collection has been loaned to Titanic Belfast for a minimum of five years in lieu of an annual charltable donatlon to the lenderfs chosen charty, which Maritime BeKast has agreed to reimburse from the Gallery Refreshment Fund.
Maritime Belfast Trust Company Llmited by Guarantee Trusteos. Annual Roport (Incorporating the Directors Report) (¢onllnu Year ended 31 March 2023 Titanic Belfast closed during January and February to allow construction of the new Galleries to commence on site. Works were completed by the end of February and the Titanic Experience re- opened to the public on the 4th March. with significant press and media coverage and overwhelming positive visitor feedback. Desplte being closed for two months, overall visitor numbers In 2022123 surpassed targets reaching 579,578 which included a surge of interest in the new Galleries with 43,831 visitors In March. This resuEted In the first overage payment to Maritime Belfast Trust since the pandemic outbreak in 2020, generating an additional income of £202.212. Conferencing and Banqueting were also back up and runnlng in this period and the smaller catering outlets reopened induding the Pantry Cafe in April 2022 and Hickson's Polnt, July 2022. Key events returned such as the Titanic Christmas Experience. As business has returned to normal operations, early indications for 2023124 are very positive and it 1$ hoped that Titanic Belfast will retum to pre pandemlc visitor numbers by March 2024, which would contribute signlficantly to Maritime Belfast's unrestricted income moving forward. The operator is confident about the future, although has concerns that plans for an Electronic Travel Authorisation for visitors crossing the border could have a detrimentsl impact on overseas travellers arriving in Dublin as well as coach operators. This is currently due to be implemented in 2024. Other concerns relate to recruitment shortages and skills - a trend across the tourism and hospitality sector. The operator is using the positive image of Titanic Belfast to front new campaigns to encourage careers in tourism and hospiiality. INe welcome the facl that the Operator has developed a Sustainability Charter, becoming the first organisation on the island of Ireland to receive dual Silver Awards for the Green Tourism and Green Meetings Accreditation, building on the BREEAM Excellent Award secured as part of Titanic Belfast's development. Furthemiore, we acknowledge that the operator has increased Its reserves in response to key leamings from Covid-19, supporting the future finan¢lal sustainability of Titanic Belfast should similar event occur in the future. The Trustees would like to recognise the significant achievements of Titanic Belfast Limited over the last 12 months and congratulate them on the successful completion of vthat was an extremely complex Gallery Refreshment project, managed professionally by their senior management team, delivered on time and on budget whilst meeting all of the objectives as agreed at the outset.
Maritime Belfast Trust Company Llmited by Guarantee Trustees. Annual Report {Incorporating the Directorfs Report) (continued) Year ended 31 March 2023 Achievements and perfomianco (¢ontlnued) Prnservlng the marltlme •nd Industnal horltage assets SS Nom•dlc Maritime Belfast Trust took on the ovmership of SS Nomadic in 2015, the last surviving White Star Line ship and tender to RMS Tltanic. The ship V+PS built in 1911 by Harland & Wolff alongside Titanic and Olympic liners. Since 2015, SS Nomadic has been operated by the Titanic BeFfast Nomadic Company (a subsidiary of Titanic Belfast Llmited) and integrated into the overall Titanlc Belfast visitor experience as part of the main admission fee. 2022123 was the first year since Covid-19 that the ship was opened for 12 months, remaining open during January and February to offer a visitor experience whilst Titanic Belfast dosed for refreshment. Visitor numbers for the year reached 229,213. Vthilst the Operator Agreement for Titanic Belfast includes all maintenance requirements associated ith the Titanic Belfast building, the agreement for SS Nomadic is more complex as a 110-year-old ship presents significant liabilities. The Operator is responsible for day-ttrday upkeep and ConSeation. however major works to the superstructure or keel blocks is the responsibility of Maritime Bellast Trust. In addition to this, Maritime Belfast Trust is also responsible for the ship's insurance. The insurance market has been in a state of flux since Covid-19 and securing insuran¢e cover for a hlstoric ship has been extremely difficult. Nomadic's Insuran premium rose from £11,155 in 2019120 to £23,197 in 2020121 and is currently £27.111 in 2022123. Maritime Belfast Trust has undertaken benchmarking exercises with similar charitieslowners of historic ships and this trend is reflected acr05S the sector. Insurance costs are currently 45 % of the contractual income received from the SS Nomadic Operator Agreemerrt. SS Nomadic's restoration was completed in phases and the superstructure and hull ware painted in 2011. Painting the ship is a costly exercise and therefore the strategy was to incorporate spot painting into the maintenance agreement with the operator. Due to the extreme marine environment, the paint vKirk had faded significantly, and quotes were therefore sought to undertake a full repaint during the summer 2022. Harland & Wolff were awarded the contract vffjrth £76,421. The operator agreed to contribute £22,000 and Belfast Harbour agreed to vrfaive £35.000 of seNice charge accruals for Hamilion Dock (where Nomsdic is located), with Maritime Belfast Covering the shortfall. Now the ship is painted. the focus is once more on maintenanee of the paintwork and spot painting by the operator, which should keep the ship's exterior protected for at least another 10 years. Looking forward, a key area of conc8m is the ship's decking, which has been deteriorating quickly, glving rise to health and Safety issues on board - resulting in the upper deck being closed to the public. An expert in marine conservation was appointed to suNey the decklng in March 2023, and the report conduded that the decking would need to be replaced. This may be implemented on a phased approach including a short-tem solution of covering the decks with temporary boards to allow visitors safe access. There are several reasons for the decking's failure. including the original Specification, installation and maintenance advice. These will be explored Sn full, however the reality is that the decklng will need to be replaced which will be a significant capital cost. Maritime Belfast and the operator are vKrking together to determine how best to tackk this problem. 10
Maritime Belfast Trust Company Limitsd by Guaranteo Trustees. Annual Report (Incorporating the Director's Report) (¢ontlnuedJ Year ended 31 March 2023 Achlevements and p•rfomiance fconthiued) Mew OptklThe Great Light Mew Optic was officially launched as the Great Light on the 8th March 2018 and has played a key role in lighting up the waterfront for walking, cycling and general outdoor exploration, especially during pandemic period. Average daily visitors increased from 550 per day in 2019 to 750 a day in 2021122, peaking 8t 1200 a day at weekends. Totsl footfall lo and from the Great Light $lnce opening has now surpassed 1.2 mlllion. Maritime Belfast Trust remains a member of Great Lighthouses of Ireland, to promote the Great Light as part of an alE-Island experience. Much of the activity continues to be driven to on-line content and the Great Light continues to benefit from being part of a broader initiative. Al an operational level, the project continues to experience Issues wth the spinning mechanism. The issues have been escalated to all contractual parties with a view to resolving. The optic itself remains safe and well protected from exiemal elements and still provides an impressive focal point for visitors even when static. Rectfying defects and having appropriate maintenance support remains a key priorty moving forward. Artefaets The Trust continues to accept donations of artefacts from the public and now has a collection of over 100 items. Donations this year included original sheet music from 1912, written to commemorate the sinking of RMS Tltanic and donated by Gillian Alcock. commemorative Titanic coins, stamps and postcards donated by Mr VanGuerp, and a 2nd edition of the Deathless Titanic, donated by the McGinn family. Discussions have also cOmmend with the Nomadic preSeatIOn Soclety on the donation of the last SS Nomadic lifeboat, vthich has undergone significant restoration and preseNation works. Due to the death of Que8n Elizabeth 11, the programme for EHOD weekend was reduced, however a number of artefacts were put on display as part of OUT public access agreement wlth Trtanic Hotel Belfast. 900 visitors attended Drawing Office One and the hotel's heritage spaces over the weekend. We were also delighted to have Lord Pirrie's book on loan from Harfand & Wolff during this period. This 1$ the second time the book has been on display in the last decade. the first was during the Belfast Tltanic Maritime Festival in 2019. Stakeholder Engagement Maritime Belfast plays a key role in the Nl heritage sector. The charity actively participates on the Northem Ireland Heritage Stakeholder Group, contributing to and supporting the Nl Heritage Delivers campaign. During this period the CEO took on the role as chair of the Stakeholder Group's Heritage led Place*shaping committee and also became a mentor for C03 to support other organisations with simllar projects. The charity continues to participate in heritage and cultural tourism forums and consultallon exercises to help formulate policy, strategies and action plans for the cultural heritage sector in Belfast and Northem Iland. 11
Maritime Belfast Trust Company Limlted by Guarantee Trustees. Annual Report {Incorporatlng the Directorfs Report) (¢ontinuedJ Year ended 31 March 2023 Achievements and perfomiance (contrnued) Hub-in The £8 million EU funded project, was launched in September 2020. focusing on BeWast and seven other European cities - Lisbon, Angouleme, Brasov, Genoa. Nicosia. Slovenska and Utrecht. All cities have been brought together under the Hub-ln programme to regenerate historic urban areas through crealivity and innovation. The spotlight for Belfast is the Maritime Mile, with Maritime Belfast Trust as the local partner. Belfast City Council and Maritime Belfast formalised their partnership through a Memorandum of Understanding, and a part-time Project Manager (funded via the programme) was appointed in January 2021. In total, Belfast will receive É830,000 including staffladmin support, with Maritime Belfast receiving circa É24,000. The project is a mixture of research, best practice and live pilots. In Belfast, Hub-in has been supporting partners to explore how the area can maxlmise the potential of the new Innovation District [ch covers much of the Maritime Mile. Three priority actions have been identified including a Challenge Call to support Innovation on th8 Maritime Mile- a sustainabillty audit of the destination to support sustainabilty accreditation,. and support towards a wider strategic framework for the development of the i*Vaterfront Promenade. A key requirement across all the projects is co-design wrth local communities and over 600 citizens have been engaged to date through workshops and surveys. Maritime Belfast was delighted to host the partner Hub-ln cities on site visit to BeEfast in September 2022 to share best practice and explore how to overcome common Challenges. Maritlme Beffast Story Plan In June 2022, we launched the Maritime Belfast Story Plan vthich maps and charts the history of the River Lagan against three themes - the river ffaming, Reclaiming & Regenerating), trade and industy (Trading, Making, Innovating) and the people (Neighbourhoods & Livelihoods) as part of a year-long ampaign to celebrate Maritime Milestones. The Story Plan was showcased at the 175th anniversary celebrations of Belfast Harbour, including a bespoke boat tour on the River Lagan and a Special narrative commissioned by local writ8r, Glenn Patterson. With support from Belfast City Council and the Odyssey Trust, we turned the Story Plan into an outdoor Maritime Story Exhibition on Queen's Quay, animating a vacant gateway site. vthich was once of huge historical significance. The Maritime Story Plan has now been turned into a training resource which is currently being rolled out to our destination partners. 12
Maritime Belfast Trust Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Dlrector's Report) (¢onflnua Year énded 31 March 2023 Achlovements and performance {¢ontlnuedJ Developlng an authentic heritsge destination in collaboration with ourpartners As a response to Belfast City Council's Bolder Vision Plan for Belfast, Maritime Belfast Trust has led on the establishment of the Waterfront Task Group. comprising key landowners. government departments and statutory agencies to prioritise projects and initiatives which would help the city realise its ambitions under the theme 'Embracing the Riverf. Chaired by Belfast City Council and managed by Maritime Belfast, the Task Group has jointly commissioned and funded a framework for the development of the cty's waterfront promenade to enhance connectivity between the river, the city centre and its neighbourhood communities. After a robust tender exercise, expert waterfront designers, Schulze and Grassov were appointed to review the development of the waterfront identifying what priority interventions would be required to ensure that the city maximises the opportunity and realises a truly iconic waterfront for its citizens. This work is ongoing and due to be completed by August 2023. Initial phases included an in-depth review of all strategies and developments, site visits whereby the appointed team have walked, cycled. sailed and run the waterfront (including corridors connecting the neighbourhood communities), conducted stakeholderlpublic engagement via workshops, one to one sessions and public surveys. Feedback has been extremety positive demonstrating the desire for joined up working and engagement. The Trust continues to develop relalionships with Belfast Harbour Commission, strengthened by their role on the Waterfront Task Group. Both organisations visited Copenhagen to look at best practice during the year and Maritime Belfast hosted a shared learning event on board SS Nomadic between Maritime Belfast Trustees, Belfast Harbour Commissioners, Titanic Quarter Llmited and their Executive teams to discuss best practice and how it applies to Belfast. Vve are currently in the final year of a three- year service agreement with Belfast Harbour, delivering on their iconic waterfront objective and based on perfomianc& to date, anticipate that it wlll be extended for a further three years, until the end of our current Business Plan. Similarly, w8 have also worked Close with Titanic Quarter Limited, pulling resources on smaller scale initiatives to enhance the local area. This year, TQL completed a landscaped moundlamphitheatre at RiverBox providing additional seating, helping to create a mini destination within the wder TQ area. Currently, our Destination Forum has 40 businesses, attractions, heritage sites and communities presented. A marketing subgroup of the Forum meets regularly to review and support campaign work, generating a modest income. Promoting the Maritime Mile The Trust's annual promotional campaign 'Maritime Milestones, was launched on the 8th April 2022. encouraging everyone to enjoy Beast'S iconic waterfront experience through a range of anniversaties. This included Titanic Belfast's 1 Oth birthday, St Joseph's Church's 150th and Belfast Harbour's 175th anniversary. A Maritime Milestone guide was produced with a print run of 10,000 in addition to a D-2-D maildrop to 6,000 homes across Belfast. the digital version being downloaded 900 times. Taking a mo sustsinable approach Maritime Belfast has reduced print by 250A helping reduce its carbon footprinL The year-long campaign had a reach of 491,915 across our online plaffomis, and this was 70% up on our baseline target. The consumer and corpor8te social media platforms continue to grow with 20,818 fans on the Maritime Mile Facebook (8¥0 increase), 3.291 Instagram followers (26•h increase). Maritime Belfast Twitter followers 4729 {6D/o increase). and the Linkedln account has 803 followers {34Vk increase). Over the last year. the consumer newsletter audience has increased substsntially (+79%) with 606 sign ups. The communty newsletter is sent to 63 contacts (+19OA) and our corporate newslett8r is sent to 158 contacts. 13
Maritime Belfast Trust Company Llmlted by Guarantee Trustees. Annual Report (Incorporatlng the Director s Report) (continued) Year ended 31 March 2023 Achievements and perfomiance (¢onllnu•dJ The Christmas Campaign included a festive lightlng trail with Soundyard, SS Nomadic, Titanlc Belfast and the Great Light lighting up red for the month of December. 'Your Guide to a Festlve Walk Along the Maritime Mile, map was refreshed and included the route along wth partner events and activities. maritime-mile.com featured a Christmas landing page with all partner events, activities. and the map. Engagement included 300 page views and 360 map dovmloads. Developing the Marltlme Mile Pmduct Davelopment In Juty 2022. Maritime Belfast Trust seGured £450,000 from Tourism Nl towards a new Maritime Mile Connectivity ProjeGt, to be spent by the end of March 2023. Wthilst the tirnescale for expendrture was extremely tight, the level of funding available merited futher investigationldevelopment. The Trust appointed a design team, established a working group and d8veloped 8 detailed proposal focussed on a series of 11m tall gateway beacons. innovative VRY of finding solutions, cyding stands and improvements in public realm to 3UPPOrt cydists. An additional £50,000 was secured from Department for Communities. Key elements that could be delivered by the end of March 2023 were implemented, including the installation of new destination signage and the purchase of cycling stands. However. the main area of spend, the Gateway Beacons, could not be progressed until planning was secured and a contractor appointed, Desplte assuranc8s that the funding Nvould be rolled over into 2023124 period, due to budget constraints across govemment departments, the offer has been reduced significantly and the project cannot be fully delivered as scoped. The project has supported some improvements to date and will continue to deliver additlonal works in 2023124. albeit on a smaller scale than anticipated. The project has resulted in increased spend against Consultancy and Professional Fees, however this has helped our understanding of the connectivity challenges across the site and we now have a series of pipeline projects prepared to avail of future funding opportunities in the future. The Great Light, Soundyard, RiverBox, Glass of Thrones and the new Maritime Story Exhibition all added to the overall experience on the Marrtlme Mile, with ongoing programming and animation. Indeed, Soundyard hosted its first wedding ceremony. Collectively they can generate significant workload when it comes to operational issues. A fLrture priorty Is to streamline facilities management across these assets and resource the team (most likely via third party contract) to ensure Maritime Belfast has adequate skills and capacty at its disposal to manage and maintain these assets. In addition to capital funding, Maritime Beffast secured kickstart funding from Tourism Nl to look at sustainability. This is emerging as an important cross cutting theme underpinning much of the charitys work which already has many synergies with wider sustainability and dimate policies in respect of People. Planet and Prosperity. Two reports were undertaken- one on financial sustainability to identify how to access funding to deliver future product and experience developments and the other report was on environmental sustainability - how best lo support the sustainability aspirations of the destinatlon through a recognised accreditstion process. Recommendations from the reports will feed into 2023124 strategic planning. 14
Maritime Belfast Trust Company Llmlted by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (contlnued) Year ended 31 March 2023 Achlevements and performance (¢onUnued) Events and animation As part of the Business Plan 2021-2026, Maritime Belfast prioritised the delivery of'an authentic, cultural and events programme to energise and inspire people to visÉt Belfast's iconic waterfront and its heritage assets and the Maritime Milestones campaign created an ideal plaffomi to support this. Recognising shared aims and objectives, Belfast City Council, for the first time, entered into a seNice agreement with the Trust to support programming. specrfically pilot initiatives that could be developed and built on in the future. This generated additional income of £88.194 vthich was spent on destination events and development. Key highlights included Cristal Palace- a spectacle of gigantic proportions staged on the slipvRys and including a giant chandelier. acrobats and music. Delivered by international artists Trans Express al the opening launch of Belfast International Arts Festival's 60th anniversary, the Cristal Palace show attracted over 5,000 visitors, and the social media and PR coverage was substantial. The location and theme of the show had particular resonance with the area, as in the 1800's this was the location of Belfast's original Crystal Palace - the focal point of a People's Park, where fetes were held to entertain Belfast residents. A more home-grown event was St Joseph's Church 1 Soth annlversary celebrations which stretch8d over a ft)ur-day period in June 2022, featuring heritage, music and animation. A series of ticketed ev8nts were promoted and sold via maritlme-mile.com Vth Brian Kennedy selling out and other events at full capacity. The celebration helped to showcase the site as a key maritime heritage venue. Keen to programme consistent animation along the waterfront and linking to Belfast's UNESCO City of Music status. Sundays on the Maritime Mile was developed. Featuring free music sessions running from April to end of September, Sundays on the Maritime Mile encouraged local people to visit the area and enjoy music at key outdoor locations. There were 51 events in total with 125 artists employed and 10.000 enjoying performances every Sunday beeen 12 and 4pm. Approximately 200 people attended each of the sessions and Soundyard has been identified as an ideal location for the music. with its amphitheatre style structure. Building on the music theme, Maritime Belfast also worked in partnership with Belfast TradFest to host a fitanic Cèill on the Slipways. The everrt attracted 4,500 spectators and participants and included an outdoor Céill, traditional music stage, Bodhran cirde, dance demonstrations, children's maritime art workshop, face painting and a live five-hour traditional music session on the decks of SS Nomadic. This evenl served as a launch pad and trial for an annual Céill which will build towards a Guinness World Record attempt for the world's largest Céill as part of Fleadh Cheoil na hÉireann, which Belfast City Council are hoping to attract in the future. Throughout the year, Maritime Belfast continued to deliver photography walking tours in partnership with Belfasl Exposed, location stops include the Great Light. Slipways, Hamilton Dock and Soundyard. The development and dellvery of these eventsffestivals has not only strengthened partnerships with stakeholders across the waterfront, communty and the cultural sector, but indicates what can be delivered as part of the future Maritime Festivals & Maritime Mile programming. 15
Maritime Belfast Trust Company Llmlted by Guarantee Trustees. Annual Report (Incorporatlng the Dlrectorfs Report) f¢on¢inued) Year ended 31 March 2023 Achlevements and perfomiance {¢onllnu•dJ Community To date Maritime Beast have engaged with over 510.000 people from 400 community groups and schools and supported and worked with 145 partner organisations and businesses. We have delivered over 134 events aimed at local families and communities. To further support engagement, a Waterfront Neighbourhood Network group has been established and a community engagernent report has been developed highlighting recommendations for future activty. Local Community Day took place on Sunday 13th March 2023. Maritime Belfast worked in collaboration wlth Titanic Belfast and organised for 500 complimentsry tickets to the Titanic Belfast to be circulated to 42 local community groups from across North, South, East and West Belfast. The groups induded RNIB, Parkinson's UK, Tiny Life, Positive Lrfe. Simon Community, Rainbow Project, Inspire Wellbeing and Community Health Partnership. Soundyard featured as part of the BBC Harbour Series and was broadcast on BBC One. during January 2023. and our local waterfront neighbourhood communities were involved in the production. Two more People on the Mile videos were filmed as part of the ongoing Maritime Milestones campaign. One featuring Mfilliam, Concierge at Titsnic Hotel Belfast and Andrew Burton, Harland and Wolff Ship Manager for Painting in Belfast, to date they have received 937 views. Volunteers All of MBT'S aGtivities are supported by our volunteers. There are currently nine Heritage Helpers who have contributed 535 hours of time to the charity's objectives. Heritage Helpers play an important role in supporting MBT as a small team. Wrth the Covid restrictions lifting, the volunteers have helped with our local community day iniliative, community workshops and our heritage & photography tours. Oryanisational Revlew The organisational structure was reviewed in 2019 and two additional posts were created - A Marketing and Digital Content Officer and a Product Development Manager. These posts are now well established. The overall Complement of staff is now six. Vlhilst the team remains small. the growing remit and responsibilities do require additional resourcin9. The new business plan identifies opportunities to appoint expert advisors to support Maritime Belfast Trust in key areas including conservation, project management, asset management, quantity surveying. planning and business modelling, reflected in the increased consuttancy and professional costs. There have been no further changes to the structure. 16
Maritime Belfast Trust Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Dlrectorfs Report) (¢ontlnu•d) Yearended 31 March 2023 Financlal revlew Income received in 2022123 totalled £1,521.872 of which £746,329 was unrestricted and £775,543 restricted. Unrestricted funds include base payments (rent) from Titanic Belfast and SS Nomadic (£237.536 and £60,763 respedively) and the overage payment of £202,212. An additional £22.000 was reiVed from the operator to support the repalnting of SS Nomadic. £98,735 was received from Belfast Cty Council to 8UPP¢rt animation pilots along the Maritime Mile, including the Cristal Palace event and Sundays on the Mile. £10,541 came from HUB-In to cover Maritime Belfast's time and m8n8gement costs. £60,000 was received from Belfast Harbour to support iconic watefftont initiatives. £37,095 was received from Waterfront Task Group members to support the appointmenl of Schulze and Grassov to develop the Waterfront Promenade Framework. £756,216 of restricted income is the 2022123 Gallery Refreshment payment. £32,909 of interest was eamed from investrnent of both unrestricted and restricted funds. Overall income has increased by £126.058 mainly due to the overage payment. At year*nd, the Endowment Fund was £78,681.947 representing the value of Titanic Belfast, SS Nomadic. Mew Optic enclosure, Steam Cranes. Glass of thrones and other donated heritage items. Resources expended during the year were £6,508,038 of whith £4,381,664 was Gallery Refreshment and £1.422,342 depreciation on assets. Expendtture of unrestricted funds was £740,822 which is significantly higherthan the previous year and the increase is mainly due to the painting of SS Nomadic. events aligned to the SLA with Belfast City Council, Maritime Mile development and preparatory design work on the Connectivity Project. At the year-end. Maritime Belfast Trust held unrestricted reserves of £2.195,769. The unrestricted resep4es will continue to support the Charity to deliver its Business Plan to 2026. Restricted reserves total £1,469,549. This is mainly the Gallery Refreshment Fund which will be allowed to grow and mature to support the next gallery refreshment project. Reserves policy andgolng concern Following best practice guidelines, Marrtime Belfast Trust's Board have agreed to set in place a Reserves Policy as an important Part of financial management and forward financial planning. Maritime Belfast Trust seeks to actively manage the finances of the organisatlon to ensure that activrties are sustainable for the benefit of all funders, donors and stakeholders of the organisation and its assets. The annual overage payments from the operator have allowed Maritime Belfast Trust to build a substantlal general reserve which will now play a key role in supporting the charity whilst Titanic Belfast recovers. At year-end, unrestricted re8en4tes were £2,195,769. The Trustees have agreed that these reserves will support the Charity to continue delivering on its purpose and objectives, cover ongoing known liabilities and risk management, specifi¢ally In respect of the Operator Agreement. The reserves have been divlded into general reserves and designated reserve5. The Board aims to maintain General reserrfes at £1 ,000,000 due to the cuent climate and the Increased risks. At the end of March 2023. General Reserves are currently £1.002.794. Expenditure of General Reserves is subject to Bosrd approval. Designated resetves total £1.192,975. These funds will support Maritim8 Belfast Trust to progress the aims and objectives set out in the Business Plan 2021-2028. A more detailed explanation is provided in Note 21. 17
Maritime Belfast Trust Company Llmlted by Guarantse Trustees. Annual Report (Incorporatlng tho Dlrectorfs Report) fcontinutts) Year ended 31 March 2023 Plans for future perlods Maritime Belfast Trust is confident about the future. We are in the middle of delivering a five-year Business Plan which has provided a roadmap for recovery post pandemic and 2022123 has been a significanl tuming point in this journey, The external environment remains uncertaln due to the political and financial environment,. however we will use our reserves. maxlmise funding apportunities, build relationships and prioritise our actions to fuffil our charitable obj8ctives, focusing on our core themes Influence, Energise, Enrfch, Connect and Thrive. Our relationship with the operator remains strong and look forward to seeing how the markets respond to the refreshed galleries, Early signs show that there is significant interest and we hope that Titanic Belfast will return to pre pandemic levels in 2023124 period, boosting our income further. We will contlnue to build partnerships wrth Belfast Harbour, Belfast City Council, Titanic Quarter Limited and relevant government departments through specific inbtlatives and particularfy th8 Walerfront Task Group and the new Waterfront Promenade Frarnevrk. We will use our research on the Maritime Story Plan to influence and shape the development and preservation of the waterfront area. Innovation has always played a key role in our past and with the introduction of the Innovation District, we look forward to building relatlonships with new partners, specifically creative and digital industries. We will use projects such as Hub-ln to support thls work. Communty remains at the core of everything thatwe do. Success is a vibrant. well-connected waterfront used and celebrated by local communities. We will continue to build on and strengthen relationships with neighbourhood communities and local residents. Our plans continue to be ambitious, and Trt will be Important to review progr8Ss on an ongoing basis. Trustees. responsibilitles statsment The Trustees, who are also Directors ft)r the purposes of company law, are responsible for preparing the Trustees, report and the financlal statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity Trustees to prepare financial statements for each year which glve true and fair view of the state of affairs of the charitsble company and the incoming resources and applicalion of resources, including the Income and expenditure. for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then appty them consistently., observe the methods and principles in the applicable Charftles SORP., make Judgments and accounting estimates that are reasonable and prudent., prepare the financlal ststements on the 90ing concem basis unless it is inappropriate to presume that the charity will continue in business. 18
Maritime Belfast Trust Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Dlrectorfs Report) (¢onllnu•d) Year ended 31 March 2023 The Trustees are responsible for keeplng adequate accounting records Ihat are sufficient to show and explain the charitls transactions and disclose with reasonable accuracy at any time the financial position of the charty 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 charity and hence for taklng reasonable steps for the prevention and detection of fraud and other Irregularities. Audltor Each of the persons who is a Trustee at the date of approval of this report confirnis that: so far as they are aware. there is no relevant audit infonnation of which the charitys auditor is unaware; and Ihey have taken 811 steps that they ought to have taken as a Trustee to make themselves aware of any relevant audit Information and to establish that the charity's auditor is aware of thal Informatlon. Small company provlslons This report has been prepared in accordance with the provisions applicable to cornpanles entitled to the small companies exemption. The Trustees, annual report was approved on 10 November 2023 and signed on behalf of the Board of Trustees by.. f¥-T M McGivern Trustee (Chairperson) K Kingston Trustee