Maritime Belfast Trust Company Limited by Guarantee Statement of Financlal Activities (including income and expenditure account) Year ended 31 March 2024 2024 Restricted Endowment funds funds Total funds Total funds 2023 Unrestricted funds Nole Income and endowments Donations and legacies Charitable activities Investment income 130 1.496,048 21.202 120,000 120,130 2.393,557 32,005 50 1.488.913 32,909 897,509 10,803 Total income 1.517.380 908,312 120.000 2.545,692 1,521.872 Expenditure Expenditure on charitable activities 814,577 814,577 153,751 1,344,051 1,344,051 2,312.379 2,312,379 6,508,038 6,508.038 Total expendlture 153,751 Net Incomel(expenditure) 702,803 754.561 (1,224,051) 233,313 {4,986,166) Transfers between funds 35.800 (35.800) Net movement in funds 738.603 718,761 (1.224,051) 233,313 (4.986.166) Reconciliation of funds Total funds brought forward Total funds carrled foMard 2.195,769 1,469,549 78,681,947 82,347,265 87,333,431 2,188,310 77,457,896 82,580.578 82,347,265 2,934,372 The statemenl of financial aclivities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 29 to 45 fom part of these financlal statements. 26
Maritime Belfast Trust Company Limited by Guarantee statement of Financlal Position 31 March 2024 2024 2023 Note Flxed assèts Tangible fixed assets Heritage assets Investments 13 69.747,210 71,105,478 14 7.977,970 7,857,970 15 77,725,181 78.963,449 Currant assets Debtors Cssh at bank and in hand 17 2,397,701 2,951,613 5,349,314 1,311.251 3.167,727 4.478,978 Credltors: amounts falllng due wlthln ono year Net current assets 18 493.917 1,095,162 4,855,397 3,383,816 82,580,578 82,347,265 82,580,578 82,347,265 Total assets less current liabllltl•s Net assets Funds of the charity Endovmient funds Restricted funds Unreslricted funds 77,457,896 78,681,947 2,188,310 1,469,549 2,934,372 2,195,769 21 82.580,578 82,347,265 Total charity funds These financial ststements have been prepared in accordance with the provisions applicable to companies subject to the small companies. regime. These financial statements were approved by the board of trustees and authorised for issue on 8 November 2024, and are signed on behalf of the board by: M McGivem Trustee (Chairperson) K Kingston Trustee The notes on pages 29 to 46 fomi part of these financial statements. 27
Maritime Belfast Trust Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operating actlvltles Net incomel(expenditure) 233,313 (4.986.166) Adjusfments for Depreciation of tangible fixed assets Other interest receivable and similar income Accrued {income)lexpenses 1,422,825 (32,005) {621,840) 1,422,342 (32,909) 676,974 Changes in." Trade and other debtors Trade and other creditors (1,086,450) (398,169) 20,595 125,840 Cash generated from operations (63,562) (3,192,088) Interest received 32.005 (31,557) (3,159,179) 32.909 Net cash used in operating activities Cash flows from Investing activities Purchase of tangible assets Purchase of heritage assets Net cash used in investing activities (64.557) {120,000) {184.557) {2,200) (2,200) Net decrease In cash and cash oquivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year (216,114) {3,161,379) 3,167,727 6,329,106 3,167,727 2,951,613 The notes on pages 29 to 45 fomi part of these financlal ststements. 28
Maritime Belfast Trust Company Llmlted by Guarantee Notes to the Flnancial Statements Year ended 31 March 2024 General informatlon The charity is a public benefit entty and a private company limited by guarantee, registered in Northern Ireland and a registered charty in Northem Ireland. The address of the registered office is Titsnic House, 6 Queens R08d. Queens Island Belfast. BT3 9DT. statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. A¢countlng pollcies Basls of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The charty reported a net surplus in unrestricted funds of £702,803 for the year and have unrestricted reserves at the year end of £2,934,372. Restricted reserves at year end are £2,188,310. The trustees are of the view that these reserves are sufficient for the charity for at least the next 12 months and that on this basis the charity is a going concern. Judgements and key sources of estlmatlon uncertainty The preparation of the financial statements requires management to make judgements. estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experien and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charty's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal. and fall into one of two sub-classes.. restricted income funds or endowment funds. 29
Maritime Belfast Trust Company Llmited by Guarantee Notss to the Flnancial Statements (continued) Year ended 31 March 2024 Accounting pollcles (continued) Incomlng resources All incoming reSoUrS are included in the statement of financial activities when entitlement has passed to the charity" it is probable that the economic benefits associated with the transaction will tlow to the charity and the amount can be reliably measured. The following specrfic policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliabty measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of seNices is recognised with the delivery of the contracled service. This is classified as unrestricted funds unless there is a contrddual requirement for it to be spent on a particular purpose and retumed if unspent, in which case ti may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure indudes any VAT which cannot be fully recovered, and is classtfied under headings of the statement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable aclivities. other expenditure includes all expenditure that is neither related to raising funds for the Charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiable and consistent basis. Tanglble assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible 8ssels carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 30
Maritime Belfast Trust Company Llmlted by Guarantee Notes to the Financial Ststements (continued) Year ended 31 March 2024 Accountlng pollcles f¢ontinued) Tangible assets (eondnued) An increase in the carying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A d8crease in the carying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: 60 years on the building, no depreciation is charged on land Over life of lease 200A straight line 200A straight line Long leasehold property Short leasehold property Fixtures and fittings Equipment Herftage assets Heritage assets are measured initially at cost or fair value. Heritage assets are considered to have indefinite useful economic lives and are therefore not depreciated, bLrt are reviewed for impaimient annually. Where information on the cost or value of an asset is not available and cannot be obtained at a cost which is commensurate with the benefits to users of the financial statements. the asset shall not be recognised in the statement of financial position. Investments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Investments In assoclates Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction prits. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. 31
Maritime Belfast Trust Company Limlted by Guarantee Notes to the Flnancial Statements (continued) Year ended 31 March 2024 Accountlng pollcles (continued) Investments in assoclates {¢ontinuedJ Dividends and other distributions reiVed from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the assrxiate arising before or after the date of acquisition. Investments In joint ventures Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or afterthe date of acquisition. Impairnient of flxed assets A review for indicators of impairment is carried out at each reporting date, wrth the recoverable amount being estimated where such indicators exist. Vthere the carying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estim8te is mad@ of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodviill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Financlal instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount retsivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. 32
Maritime Belfast Trust Company Llmited by Guarantee Notes to the Flnancial Statements (contlnued) Year ended 31 March 2024 Accounting pollcles (eontlnued) Flnanclal instruments {coniinued) Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwse be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial actNities, with the exception of hedging instruments in a designated hedging relalionship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriale heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments Tegardless of significance, and other financial assets that are individually significant, these are assessed individually for impairmenl. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately. to the extenl that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not PvIOUSlY been recognised. Deflned contrlbutlon plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. Vthen contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limited by guarantee Maritime Belfast Trust is a company limited by gu8rantee and accordingly 5 not have a share capital. Every member of the company undertakes to contribute such amounts as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member. 33
Maritime Belfast Trust Company Limited by Guarantee Notes to the Financlal Ststements (continued) Year ended 31 March 2024 Donations and legacles Unrestricled Endowment Totsl Funds Funds Funds 2024 Donatlons Corporate Donations Donated heritage assets - SS Nomadic lifeboat 130 130 120,000 120,130 120,000 120,000 130 Unrestricted Endowment Total Funds Funds Funds 2023 Donatlons Corporate Donations Donated heritage assets - SS Nomadic lifeboat 50 50 50 50 Charltable activftles Unrestricted Funds Restricted Total Funds Funds 2024 Operator income TBL Income from rrcL Overage income Refreshment Fund Operator income NomadiG Destination development income Belfast City Council other Income Waterfront Promenade Great Light insurance claim Belfast Harbour Commission Titanic Belfast insurance claim Connectivity project - Dfc Connectivity project - Tourism Nl Grey to Gr8en project- Belfast City Council 195,898 59,177 987.281 195.898 59,177 987,281 781,928 71,662 11,748 78,087 781.928 71,662 11,748 78,087 25.030 25,030 60,000 7,165 60,000 7,165 49,951 24,948 40,682 2,393,557 49,951 24,948 40,682 1,496,048 897,509 34
Maritime Belfast Trust Company Llmited by Guarantee Notes to the Flnancial Ststements (¢onllnuod) Year ended 31 March 2024 Charltable actlvltles (contlnued) Unrestricted Funds Restricted Total Funds Funds 2023 Operator income TBL Income from rrcL Overage income Refreshment Fund Operator income Nomadic Destination development income Belfast City Council Other Income Waterfront Promenade Great Light insurance claim Belfast Harbour Commission Titanic Belfast insurance claim Connectivity project - Dfc Connectivity project- Tourism Nl Grey to Green project - Belfast City Council 182,428 55,108 202.212 182,428 55,108 202,212 756,216 82,763 8,321 98,735 3,435 37,095 2,600 60,000 756,216 82.763 8,321 98,735 3,435 37,095 2,600 60,000 732,697 756,216 1,488,913 Investment income Unrestricted Funds Restricted Totsl Funds Funds 2024 Bank interest receivable 21,202 10,803 32,005 Unrestricted Funds Restricted Total Funds Funds 2023 Bank interest receivable 13,582 19,327 32,909 35
Maritime Belfast Trust Company Limited by Guarantee Notes to the Flnancial Ststements (¢ontlnuèd) Year ended 31 March 2024 Expendtture on charttable actlvltles by fund type Unrestricted Funds RestrÈcted Endowment Total Funds Funds Funds 2024 Titanic Belfast Heritage preservation Destination development Support costs 111,866 155,418 482,003 65,290 814,577 56.132 1,285,600 38,656 19,795 1,453.598 194,074 599,417 65,290 2,312,379 97.619 153,751 1,344.051 Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2023 Titanic Belfast Heritage preservation Destination development Support costs 113,805 181,745 386,338 58,934 740,822 4,361.664 1,285,600 38,656 19,795 5.761,069 220,401 467,634 58,934 61,501 4,423,165 1,344,051 6,508,038 Analysis of support costs Analysis of support costs Total 2024 Total 2023 Stsff costs General office Governance costs 17,455 35,300 12.535 17,455 35,300 12.535 15,625 31,550 11.759 65,290 65,290 58,934 10. Net incomellexpendlture) Net incomel(expenditure) is stated after chargingl(crediting)'. 2024 2023 Depreciation of tsngible fixed assets Fees payable for the audit of the financial statements 1 ,422,825 4,300 1,422,342 4,095 36
Maritime Belfast Trust Company Llmited by Guarantee Notes to the Financial Ststements (continueo) Year ended 31 March 2024 11. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows". 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans Other employee benefits 262,698 23.721 16,735 4,145 307,299 226,247 20.611 17.058 610 264,526 The average head count of employees during the year was 6 (2023: 6). The number of employees whose remuneration for the year fell within the following bands, were: 2024 2023 No. No. £80,000 to £89,999 £90,000 to £99,999 Key Management Person nel Chief Executive Officer Destination Manager Product Development Manager Kerrie Sweeney Maeve Moreland Judith Webb 12. Truslee remuneratlon and expenses In the year ten trustees were reimbursed for expenses andlor had had expenses met by the charity totslling £13,038 for travel and accommodation (2023.. £12,533). The key management personnel of the charity comprise the Trustees. Chief Executive, Destination Manager and Product Development Manager. The total employee benefits of the key management personnel of the charity total £213,595 (2023: £177,773) 37
Maritime Belfast Trust Company Llmlted by Guarantee Notes to the Flnancial Statements (conllnued) Year ended 31 March 2024 13. Tanglble fixed assets Long Short leasehold leasehold Fixtures and property property fittings Equipment Total Cost At 1 April 2023 AddÉtions Disposals At 31 March 2024 84,276,015 475,000 980.870 60,770 (2,020) 475,000 1,039,820 9,955 85,741,840 3,787 64,557 {2,020) 13,742 85,804,377 84,276,015 Depreciatlon At 1 April 2023 Charge for the year Disposals At 31 March 2024 14,119,737 1,285,600 208,999 19,000 300,064 117,069 (2,020) 415,113 7.562 14,636,362 1,156 1,422,825 (2,020) 8,718 16,057,167 15,405,337 227,999 Carrying amount At 31 March 2024 68,870,678 70,156,278 247,001 624,507 680,806 5,024 69,747,210 2,393 71,105,478 At 31 March 2023 266,001 14. Herltsge assets Eight heritage assets are included in the charity's financial statements. These include an original Dr Simpson letter acquired in 2012 and displayed in Titanic Belfast and the SS Nomadic acquired in April 2015. The letter is valued at purchase Cost of £28,670. The SS Nomadic is valued at £7,812,500 based on the costs to restore and refurbish the ship in 201212013. In addition to the above Heritage assets owned by the charity, during the year ended 31st March 2018, Maritime Belfasl Trust (formerly Titanic Foundation Limited) received a loan of the Mew Island Lighlhouse Optic from The Commissioners of Irish Lights. The Optic has been loaned to the charity for 8 period of 99 years and ownership of the asset remains with The Commissioners of Irish Lights therefore is not accounted for in these financial statements. During the year 2019120 the charity was donated £16,800 in assets which included furniture and Thomas Andrews. signed steamship journal. The donation of the last SS Nomadic lifeboat, independently valued at £120.00, was also completed in 23124 following discussions begun in the previous year and was put on display to the public during the 2023 Belfast Maritime Festival with approximately 5,500 visitors. The lifeboat had been restored by the Nomadic Preservation Society and is one of only a few remaining lThite Star Line lifeboats left in the world. The Trust are activety looking at solutions for displaying the lifeboat in the vicinity of the SS Nomadic. 38
Maritime Belfast Trust Company Limited by Guarantee Notes to the Financial Statements (¢oftllnued) Year ended 31 March 2024 14. Heritage assets (conflnuedj Herltage asset 1 Cost or valuation At 1 April 2023 Additions 7,857,970 120,000 7,977,970 At 31 March 2024 Accumulated depreclatlon At 1 Aprfl 2023 and 31 March 2024 Carrying amount At 31 March 2024 7.977,970 At 31 March 2023 7,857,970 Heritage Assets are recognised at cost. Summary of transactions 2024 2023 2022 2021 2020 Included in the statement of financial posltlon Donations 120,000 Total additions 120,000 16,800 16,800 15. Investments Shares In group ndertakings Cost or valuatlon At 1 April 2023 and 31 March 2024 Impalrnient At 1 April 2023 and 31 March 2024 Carrying amount At 31 March 2024 At 31 March 2023 All investments shown above are held at valuation. 39
Maritime Belfast Trust Company Limlted by Guarantee Notes to the Financial Statements {continueo) Year ended 31 March 2024 16. Investment entitles Subsidlarles and other Investments Percentage of shares held Class of share Subsldiary undertaklngs Titanic Trading Company Limtted, Titanic House, 6 Queens Road, Queen's Island, Belfast, BT3 9DT The charity holds 1 share of £1 in its wholly owned trading subsidiary company Titanic Trading Company Limited which is incorporated in the United Kingdom. This is the only share allotted, called up and fully paid. Ordinary 100 17. Debtors 2024 2023 Trade debtors Amounts owed by group undertakings Prepayments and accrued income Other debtors 2,033,974 16,693 264,971 82,063 2,397,701 752,068 3,042 228,286 327,855 1,311,251 18. Creditors: amounts falllng due within one year 2024 2023 Trade creditors Accruals and deferred income Social securty and other taxes other creditors 106,250 194,794 180,453 12,420 249,520 816,634 6,865 22,143 493,917 1,095,162 19. Deferred Income 2024 2023 At 1 April 2023 Amount released to income Amount deferred in year At 31 March 2024 106,797 (106,797) 87,743 75,989 175,989) 106,797 87,743 1 C6,797
Maritime Belfast Trust Company Limited by Guarantee Notes to the Financlal Statements (continued) Year ended 31 March 2024 20. Penslons and other post retFrement benèfits Deflned contributlon plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £16,735 (2023- £17,058). 21. Anatysls of charitable funds Unrestricted funds At31 Transfers March 2024 1 April 2023 Income Expenditure General funds Mmile Anim8tion, Events & Promotion MMil8 Development, Restoration & Preservation SS Nomadic Mew Optic 1.002,794 1,331,236 (433,022) (42,176) 1,858,832 261,000 11,363 (129,174) 131,811 275,000 458,564 418,411 55.000 103,118 71,663 (189,875) (58,046) (4,460} (814,577} (21,807) (32.028) 350,000 400,000 50,540 2,934,372 2,195.769 1,517,380 35,800 At 1 April 2022 At31 Transfers March 2023 Income Expenditure General funds Mmile Animation, Events & Promotion Mmile Development, Restoration & Preservation SS Nomadic Mew Optic 1,000,000 516,815 (423,008) (91,013) 1,002,794 327,523 8,321 (92,406) 17,562 261,000 462,076 321,522 79,141 135,830 82,763 2,600 746,329 (144,7331 (77,022) (3,653) (740,822) 5,391 91,148 (23,088) 458,564 418,411 55,000 2,190,262 2,195,769 41
Maritime Belfast Trust Company Limited by Guarantee Notes to the Financial Ststements (conflnuwlj Year ended 31 March 2024 21. Analysls of charitable funds (contiftueo) General reseryes The Board has agreed to increase the level of General Reserves to £2million and. at the end of March 2024, has set aside £1,858,832 towards this objective. The rdlionale for this is set out in the charity's reserve policy however. in summary, Ihe increased level of general reserves reflects the risk exposure as the charity takes on more responsibilitie5 including additional expenditure on projects and overheads. This expenditure is aligned to increased income from Titanic Belfast via overage payments. These payments are linked to market performance and will fluctuate due to external fadors exposing Maritime Belfast Trust to potential shortfalls in projected income against committed spend. As a charity, Maritime Belfast must manage this risk which includes increasing general reserves. Puq)ose of designated funds Maritime Belfast Trust developed a fwe-year business plan in 2021. The plan provides a framework for designated funds, setting out clear objective5 and project income and expenditure across the five-year period. The Board reviews the Business Plan annually and is satisfied that the objectives and targets are still appropriate and have agreed to designate unrestricted reserves against key priorities as follows. 1.1 Marltime Mile - Anlmation, Events and Pmmotlon £275,000 Maritime Belfasl's current Business Plan has two operational years remaining, which will include Belfast Maritime Festival. The charity has committed to working with Belfast Cty Council to grow this event as well as building on the all year animation programme which includes Sudays on the Mile. The Business Plan identified £215.000 across 24125 and 25126 however a number of additional opportunities have been developed and nurtured over the last 3 years and this includes Titanic Ceili and Sailortown Festivals. 1.2 Maritime Mile Development, Restoration and PreseThation £350,000 The Business Plan identifies £100,000 across the next two years on Product Development and a further £50,000 in research. In addition to this, the Board has committed £200,000 towards meanwhile developments under the M3 Bridge as part of the Gateway priority identified in the Waterfront Framework. 1.3 Great Light and SS Nomadic £400.000 The decking of SS Nomadic requires replacement. We understand that the costs will be significant and will only be defined once tender exercise (underway} is completed. Based on research. discussions with other historic ships. as well as discussions with Titanic Belfast on their contribution to support this, the Trustees believe that £400,000 should be designated against this specific project. The Great Light has a number of issues that need to be resolved including the tumtable to allow it to spin. new blinds, updated Business Management System and new lighting controls. The Trustees have designated £50,540 to ensure this work is completed and to allow the Great Light to function properly as a beacon of heritage on the Maritime Mile. 42
Maritime Belfast Trust Company Limlted by Guarantee Notes to the Financial Ststements (ntinued) Year ended 31 March 2024 21. Analysls of charitable funds (contlnued) Restricted funds At 1 April 2023 At31 Transfers March 2024 Income Expenditure Gallery Refreshment Fund Soundyard ConnectivitylGrey to Green Projects Cycle Stands- Connectivity 1,251,008 218,541 792,731 {56,132} {61,501) 1,987,607 157,040 80,073 (36,118) (35,800) 8,155 35,508 35,508 1,469,549 908,312 (153,751) {35,800) 2,188,310 At 1 April 2022 At31 Transfers March 2023 Income Expenditure Gallery Refreshment Fund Soundyard ConnectivtylGrey to Green Projects Cycle Stands- Connectivity 4,837,129 280,042 775,543 {4,361,664) (61,501) 1,251.008 218,541 5,117,171 775,543 (4,423,165) 1,469,549 PuoSe$ of restricted funds Gallery Refreshment fund: £4,361,664 was spent on the Gallery Refreshment Fund last year. This year expenditure was £56,132 mainly against retentions. Income was £792,731 and the fund is now £1,987,607 which will be allowed to build up until such time as the operator submits further proposals for future refreshment. Soundyard: This represents the cost to date. less depreciation of Soundyard art installation and is held as tangible fixed assets. Connectivity Projects This represents funding received from Tourism Nl, Belfast City Council and Department for Communities in 2023124 towards a number of small public realm projects aimed at promoting better connectivty across the Maritime Mile. Expenditure is across 23124 and 24125. Trdnsfe A transfer from restricted to unrestricted has taken place during the ye8r which relates to restricted expenditure relating to Connertivity Project, previously classified as unrestricted expenditure in the previous reporting period. 43
Maritime Belfast Trust Company Limited by Guarantee Notes to the Financlal Ststements (continued) Year ended 31 March 2024 21. Analysis of charitable funds (continuedj Endowment funds At 1 April 2023 At31 Transfers March 2024 Income Expenditure Tit8nic signature building fund SS Nomadic Mew Island Donated Heritage Assets Steam Cranes Glass of Thrones 70,016,278 7,812,500 514,726 (1.285,600) 68,730,678 7,812,500 495,070 (19,656) 16,800 266,001 55,642 78,681,947 120,000 136,800 247,001 35,847 77,457.896 (19,000) (19,795) 120,000 {1,344.051) At 1 April 2022 At31 Transfers March 2023 Income Expenditure Titanic signature building fund SS Nomadic Mew Island Donated Heritage Assets Steam Cranes Glass of Thrones 71,301,878 7,812,500 534,382 (1,285,600) 70,016,278 7,812,500 514.726 {19,656) 16.800 285,001 75,437 16.800 286,001 55,642 78,681,947 (19,000} (19,795) {1,344,051} 80,025,998
Maritime Belfast Trust Company Limlted by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 22. Analysls of net assets between funds Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2024 Tangible fixed assets Heritage assets Current assets Creditors less than 1 year 46.068 28.670 3,319.690 {460.056) 2.934,372 192,547 69.508,596 69,747,211 7.949,300 7.977.970 2.029,624 5,349.314 (33.861) (493.917) 2.188,310 77,457,896 82,580.578 Net assets Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2023 Tangible fixed assets Heritage assets Current assets Creditors less than 1 ye8r Net assets 34,292 218,540 70,852.647 71,105,479 28,670 7,829,300 7,857,970 2,390.985 2.087,993 4,478,978 (258,178) {836.984) (1,095.162) 2,195.769 1.469,549 78,681,947 82,347,265 23. Ethlcal standards In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. 24. Taxation The Company is a registered charity, and as such is entitled to tax exemptions on income and profits in further8 of the charity's primary objectives. 25. Analysls of changes In net debt At At 1 Apr 2023 Cash flows 31 Mar 2024 C8sh at bank and in hand 3.167.727 {216,114) 2.951.613 26. Contingencles A contingent liability exists to repay grants received should certain conditions not be fvlfilled by the ch8rity. In the opinion of the Trustees. the lerms of the Letters of Offer have been. or will be, complied with and no liability is expected. 27. Related parties There were no related party transadions in the reporting period, apart from those disclosed In Note 12. 45