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 reSoUr￿S 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
be￿een 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 re￿iVed 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 P￿vIOUSlY 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
Pu￿oSe$ 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