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 sU￿COMMittee 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 be￿een Maritime Belfast Trusl and TBL sets out agreed targets and objectives every year.
A Liaison Committee meets bimonthly be￿een 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 gr0￿h. 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 regr0￿h 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 ConSe￿ation.
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 $lnce opening has now
surpassed 1.2 mlllion.
Maritime Belfast Trust remains a member of Great Lighthouses of Ireland, to promote the Great Light
as part of an alE-Island experience. Much of the activity continues to be driven to on-line content and the
Great Light continues to benefit from being part of a broader initiative.
Al an operational level, the project continues to experience Issues wth the spinning mechanism. The
issues have been escalated to all contractual parties with a view to resolving. The optic itself remains
safe and well protected from exiemal elements and still provides an impressive focal point for visitors
even when static. Rectfying defects and having appropriate maintenance support remains a key priorty
moving forward.
Artefaets
The Trust continues to accept donations of artefacts from the public and now has a collection of over
100 items.
Donations this year included original sheet music from 1912, written to commemorate the sinking of
RMS Tltanic and donated by Gillian Alcock. commemorative Titanic coins, stamps and postcards
donated by Mr VanGuerp, and a 2nd edition of the Deathless Titanic, donated by the McGinn family.
Discussions have also cOmmen￿d with the Nomadic preSe￿atIOn Soclety on the donation of the last
SS Nomadic lifeboat, vthich has undergone significant restoration and preseNation works.
Due to the death of Que8n Elizabeth 11, the programme for EHOD weekend was reduced, however a
number of artefacts were put on display as part of OUT public access agreement wlth Trtanic Hotel
Belfast. 900 visitors attended Drawing Office One and the hotel's heritage spaces over the weekend.
We were also delighted to have Lord Pirrie's book on loan from Harfand & Wolff during this period. This
1$ 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 I￿land.
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 Be￿ast'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 V￿th 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 be￿een 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 Be￿ast 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
re￿iVed 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 cu￿ent 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 Frarnev￿rk. 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