COMPANY REGISTRATION NUMBER: N1064888 CHARITY REGISTRATION NUMBER: 104962 Maritime Belfast Trust Company Limited by Guarantee Financial Statements 31 March 2024 Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN
Maritime Belfast Trust Company Limited by Guarantee Financial Ststements Year ended 31 March 2024 Page Trustees, annual report (incorporating the directorfs report) Independent audito¢s report to the members Statement of financial activities (including income and expenditure account) Statement of financial position 20 26 27 Statement of cash flows 28 Notes to the financial statements 29 The following pages do not form part of the financial statements Detailed statement of financial activities 47 Notes to the detailed statement of financial activities 48
Maritime Belfast Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directofs Report) Year ended 31 March 2024 The trustees, who are also the directors for the purposes of comp8ny law, present their report and the financial statements of the charty for the year ended 31 March 2024. Chair's report l am delighted to present the annual accounts for Maritime Belfast Trust for the period 1 st April 2023 to 31st March 2024. This has been a time of tremendous achievements for the charity as we continue to deliver on our five-year business plan. The year began on the back of the 2022123 investment of £4.5million into Trtanic Belfast's Gallery Refreshment with high expectations that this would invigorate interest across key markets and drive an increase in visitor numbers. Titanic Belfast did not disappoint, attracting 803,000 paying visitors through the galleries and winning the highly acclaimed Themed Entertainment 2024 Award for Outstanding Achievement Visitor Attradion Re-Envisioned in Hollywood, L.A. Congratulations to our operating team at Titanic Belfast Limtted for such an outstanding performan. In December 2023, we launched the Belfast Waterfront Promenade Framework, the outPLrt of 12 months of extensive engagement with our key partners on the Waterfront Task Group (landowners, local and central govemment departments) and wider stakeholder groups across the Cty, including Belfast citizens. The Framework sets out an agreed vision for 1 Okm of the city's urban waterfront, with a toolkit of interventions which will drive connectivity, active travel, preseNe herttsge and promote biodiversity - shaping the waterfront to be the best that it can be for local people and visitors now and in the future. One of the key suctssses has been the prioritisation of 5 catslytic projecls by the Waterfront Task Group including a new cycling bridge, gateway enhancements, iconic civic space and a linear park. The Framework received excellent coverage across BBC, UTV and RTE. Wth the Nl Executive now back up and running, the Task Group is well positioned to advance the vision and priority projects, and Maritime Belfast will carry on supp)rting this k and help push these projects forward. Thank you to all our partners, especially Belfast Cty Council, Belfast Harbour, Titanic Quarter and Odyssey Trust for adopting the vision and committing to delivery. Our 'Explore More, Campaign kicked off in April 2023 and ran throughout the year, animating the Maritime Mile and encouraging people to visit hidden gems along the waterfront. Shortlisted for an Ulster Business Eye Award, the campaign brought back our popular Sundsys on the Mile music sessions, supported local home grown events including the Titanic Ceili and Sailortown Festival and celebrated international events such as One Young World. A focal point for the year, was the return of Maritime Festival - the first full programme since the pandemi¢. Over 80,000 visitors attended the o day event, which featured our new semi-permanent community photographic installation, 'Back to the River- Maritime Mile Through My Lens,.
Maritime Belfast Trust Company Limltsd by Guarantee Trustees. Annual Report (Incorporating the Dlrectorfs Report) {continuedJ Year ended 31 March 2024 The EU HutFln project, now in its third year of delivery, picked up momentum this year with the launch of a £120,000 Challenge Fund to stimulate partnership working between creative industries, local communities and heritage sites. 6 projects were successful, delivering innovative Al and AR experien$ across the Maritime Mile incorporating heritage assets such as St Jospeh's Church, HMS Caroline, Dockers Club, Templemore Baths and Titanic Hotel. The process required @ach successful creative company to cfrdesign their prototypes with local communities who had prfrregistered their interest in our first ever Maritime Mile Community Co-Design Directory. This process reinforces the unique position of Maritime Belfast as a broker between heritage, innovation and community and is an area that we can build on for the future. Community engagement continues to be at the heart of the charty's work, and this year we once again delivered Local Community Day, providing free access to Titanic Belfast to some of the city's most vulnerable groups. During the summer, we initiated the 'More than 8 Bike Scheme, in partnership with local businesses, Sustrans, Migrant Help and Belfast City of S8nctury. purchasing and restoring second hand bikes for refugees living in the Cty. Alongside the provision of cycling proficiency training on the Maritime Mile, Ihis initiative provides newcomers to Belfast with a safe and cost effective means of getting around the cty. On a corporate level, Maritime BeKast secured Gold Accreditation as a Green Tourism Business this year, demonstrating our commitment to sustainable practices in all that we do. We go from strength to strength as an organisation, and to support us in our ever growing roles and responsibilities, we recruited two new addiiional Trustees, Victoria Kinston and Karen Cooksley bolstering the Board's heritage and legal expertise. They, along with our existing Trustees and Executive Team make a formidable team and I would like to thank each of them for their commitment, passion and determination in delivering on our charitable objectives. Financially the charity has recorded a surplus for the first time, mainly due to the volume of visitors to Titanic Belfast which generated a significant overage income this year of £987,281. Future projections indicate that this level of 8dditional income could be generated annually, which wll allow the ch8rity to not only sustsin current projects but also take on new responsibilities. The Board is mindful that this income is subject to Titanic Belfast's exception81 perfomance which can fluctuate in response to market demand, extemal factors (e.g. Covid 19), and operational issues (e.g. renI storm damage to Titanic Belfast roof which required short term closure). To allow the charity to maximise this opportunty bui manage the associated risks. the Board has committed to growing the charity's general reserves to £2million in order to confidently plan for the future whilst safeguarding our assets and people. It has been a pleasure to serve on the Board for 13 years, the last fwe as Chair. As I pass the baton on in November 2024, 1 am proud to have played a role in Maritime Betfast's successes, particularly over the last 12 months. Maritime Belfast is a team effort from all our Trustees, our small yet dynamic executive team, our commerci81 operator, Tit8nic Belfast Limited and our many stakeholders and I wish you all many more triumphs in the years to come in making Belfast's iconic heritage waterfront a vibrant place that Belfast can be proud of.
Maritime Belfast Trust Company Limited by Guarantee Trustees. Annual Report {Incorporatlng the Director's Report) (conunued) Year ended 31 March 2024 Reference and administratlve detslls Registered charity name Maritime Belfast Trust Charlty reglstration number 104962 Company reglstratlon number N1064888 Prlnclpal office and reglstered Titsnic House office 6 Queens Road Queens Island Belfast BT3 9DT The trust•es K Cooksley M McGivern V Kingston D Rooney M Maclntyre G Hughes K Kingston W Black J Davis T Losty (Appointed 10 November 2023) (Chairperson) (Appointed 10 November 2023) Auditor Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street SoLrth Belfast BT2 8DN Bankers Danske Bank PO Box 183 Donegall Square Vlest Belfast BT16JS 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 Northem Ireland. The Trust was formerly known a5 The Titanic Foundation Limited and changed rts name in November 2020.
Maritime Belfast Trust Company Llmitsd by Guarantee Trustees. Annual Report (Incorporating the Dlrector's Report) (Continued) Year ended 31 March 2024 Structure, governance and management {¢ontinuedJ Appointment of trustees Maritime Belfast Trust must have a minimum of five Trustees and up to a maximum 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 Twstee and 13 years for the Chair. Board meetings are scheduled every six to ten weeks and the quorum is Trustees. The Board of Trustees acts in an advisory capacity and day to 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 B08rd 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 for setting pay and remuneration of key management personnel All Trustees give of their time freely and none received remuneration in the year. Details of Trustees, expenses and related party transactrons are disclosed in note 12 to the accounts. The pay of all staff. including senior management personnel, is reviewed annually by a dedicated remuneration sub-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 annu81 pay increases, the remuneration committee considers inflation (using the UK Retail Price Indicator as a guide), performance. changes to responsibilities and affordability.
Maritime Belfast Trust Company Limlted by Guarantee Trustees. Annual Report (Incorporating the Dlrectorfs Report) (continued) Year ended 31 March 2024 Structure, governance and management {¢onllnued) Organisatlon structure and how charfty makes decisions Maritime Belfast Trust currently has a Board comprising ten Trustees and an Executive Team of six staff, including the Chief Executive, Destination Manager, Product Development Manager, Finanr Officer, Marketing and Digitsl Content Officer and Business Support Executive. The Board meets six to eight times per annum, includin an annual planning session to agree objectives and budget for the year. The Trust developed Ive-year business plan in 2021 and this currently provides the framework for setting the annual operational plan. The Trustees have appointed a Chair of the Board, who is responsible for ensuring the Board is effective in its roles and responsibilities. The Bo8rd's role is to provide strategic guidance and the day-tliday 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 charit can be subject to taxation on trading income, Maritime Belfast has established a trading company, itanic Trading Company, which is responsible for generating Income from trading activities. the profits from which ar8 gift aided to Maritime Belfast Trust. As owners of the signature Titanic Belfast visttor attraction, govemance and monitoring of Titanic Belfast's independent commercial operator is a priority for Maritime Belfast Trust. A robust 25-year contract is in place (COMMend 2011) with Titanic Belfast Limited ITBL> and an annual operator agreement between Maritime Belfast Trust and TBL sets out agreed targets and objectives every year. A Liaison Committee meets bimonlhly between both parties to review contract management and perforrnan. Since inception. Maritime Belfast Trusl has received £81.6 million in grants and donations for the development of Titanic Belfast, the restoration of the Harland & Wolff HQ and Drawing Offices. the Great Light (Mew Optic) display and other public realm initiatives. Additionally, grant conditions relaling to the restoration of SS Nomadic were transferred to Maritime Belfast Trust when acquiring the ship in 2015. Whilst 811 these projects are complete and rants have been drawn down, Maritime Belfast must comply with the terms set out in the Letters of &er for specified periods (in most cases 25 ears). Grant conditions are reviewed and monitored on an annual basis to ensure that Maritime Bel ast remains compliant, including any new letter of offers. Maritime Belfast Trust has a robust governan and policy framewo 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 new laps on the Board which informs Board recruitment andlor training requirements. This year two rustees were appointed, filling gaps In hentage and legal expertise. Maritime Belfast Trust is committed to developing the Board and staff, ensurin all have the necessary skills to implement the organisation's vision. This year the Trustees, the Chie Executive and Product Development Manager undertook a best practice trip to Rotterdam to better understsnd waterfront developments, informing the fulure strat ic direction of Maritime Belfast Trust and the work the charity is delivering in respect of the Be fast Waterfront Promenade. The Marketing and Digital Content Officer participated in the One Young World Conference, which was a once in a lifetime opportunity to interact with future young leaders from across the wortd. Maritime Belfast has established service level agreements with a number of key stskeholders including Belfast Harbour Commission and Belfast Cty Council. This 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 Limited by Guarantee Trustees, Annual Report (Incorporating the Dlrector's Report) (continued) Year ended 31 March 2024 Structure, governance and management (¢ondnuedJ Relationships wlth related partles There are no relationships with related parties to report during this period. Rlsk m8nagement The Board's Audit and Risk Committee (ARC) is responsible for reviewing the financial procedures and governance manual, reviewing the annual accounts, Compiling the risk register, and overseeing internal and external audits. Committee reports are tabled at each Board meeting, including the updated risk register.
Maritime Belfast Trust Company Llmited by Guarant80 Trustees, Annual Report (Incorporatlng the Directorfs Report) (contlnu8d) Year ended 31 March 2024 Objectives and actlvitles Maritime Belfast Trust's Charitsble 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 communty development for the public benefit by improving. maintsining or demonstrating the need for accessible public spaces, facilitie5. amenities and community 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 influence the development of a common vision for Belfast's iconic herttage watefftont 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 Belfast's 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 Iransport To connect neighbourhood communities physically and emotionally to Maritime Belfast To enrich Beffast's waterfront by preserving and promoting Belfast's maritime heritage through restoration, interpretation and learning To manage and protect our assets to underpin Maritime Belfast and deliver a world clsss, sustainable experience now and in the future To be a highly efficient and successful charty that delivers significant public benefit for the people of Belfast now and for the future. Annual activity contributes to meeting all the objectives above and Gan be categorised into three core Managing and monitoring the operator of Tiianic Belfast to deliver a world class experien Preserving the maritime and industrial heritage assets on Belfast's waterfront Developing an authentic heritsge destination in collaboration with our partners. Public Benefit The public benefits that tlow from our purpose and activities include the preservation and a¢sS to Belf8St's waterfront, which enhances knowledge and appreciation of Belfasf s maritime heritage and increases local pride. The charity's beneficiaries are people that live in and visit Belfast and Northem Ireland, both present and future generations, including I81 communities that live on 8nd nearby the Maritime Mile. Educating and engaging with local communities and visitors underpins all our activity.
Maritime Belfast Trust Company Llmited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) {continued) Year ended 31 March 2024 Achlevements and performance Managing and monitorfng the operator of TAtanic Bettast to deliver a world class experience Maritime Belfast was established in 2008 to develop and own Titanic Belfast, the Cty's largest tourist attraction. on behalf of its funders and donors. Prior to opening the attraction in 2012. the charity OLrtsourced the management and operations of Titanic Belfast to an independent 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. At the 31st March 2024 Titanic Betfast has welcomed 7.5 million visitors from 145 countries. To mark the ten-year anniversary last year, Maritime Belfast commissioned Deloitte to independently review the economic impad. Undertaken after three, five and seven years of opening, the 2022 figures showed that an impressive £430 million of additional spend had been generated in the local economy during Titanic Belfast's first decade. Whilst the independent study is due to be carried out again in the coming year, we estimate the current economic impact to be in the region of £550m. Given four years ago, the tourism industry, induding Titanic Belfast, was catsstrophicalty hit by the pandemic, it is hard to believe how resilient Titanic Belfast has been and how quickly the attraction has bounced back. During 2023124, Titanic Belfast welcomed 803,000 paying visits through the galleries, with ROI, UK 8nd US markets all perfomiing strong. The domestic market also performed well in this period. The strong performance is largely due to the £4.5m investment into the galleries via the Gallery Refreshment Fund reported in last year's accounts. Completed in March 2023, the new exhibits alongside the display of a privately owned RMS Titanic Artefact Collection were well received across all key markets, encouraging new and repeat visits throughout the entire year. In addition, the Gallery Refresh attracted international accolades with Titanic Belfast winning a prestigious Themed Entertainment Award 2024, joining other renowned visitor attractions induding Universal Studios and Disney. The high visitor numbers have resulted in the largest overage payment to Maritime Belfast of £987,281 (compared to £202,212 in 22123). This alongside the annual base payment of £255,075 has generated £1,242,356 of unrestricted income for the charity in this period. Titanic Belfast has not been without ts challenges over the last year. Strong winds generated by Storm Isha in January 2024 and Stomi Kathleen in April 2024 damaged the roof of the building signifiGanlly, requiring short term closure whilst remedial repairs could be carried out. The roof is now temporarily fixed, and we have assurances from the op8rator and our insurers that the permanent solution will be delivered in June 2025. The roof is an example that the building is subject to wear, tear and damage. As the charity's most significant asset and income generator. it is important that we regularly tske stock of the building's condition. Atkins Realis have been appointed as independent building specialists to cary out an audit of the building in order to agree the maintenance and replacement requirements with the operator for the next 3-5 years and beyond. Ne would like to acknowledge the outstanding performance of the operator during this period, delivering exceptionally high visitor numbers and for their swift and professional approach in dealing with the storm damage, minimising risk to the public and maintaining hrgh levers of visitor experience at all times.
Maritime Belfast Trust Company Llmited by Guarantee Trustees. Annual Report (Incorporatlng the Directorfs Report) (continued) Year ended 31 March 2024 Achievements and performance (¢onllnuerfJ Preserving the maritime and industrial heritage assets SS Nomadic Maritime Belfast Trust took on the ownership of SS Nomadic in 2015, the last surviving White Star Line ship and tender to RMS Titanic. The ship was built in 1911 by Harland & Wolff alongside Titanic and Olympic liners. Since 2015, SS Nomadic has been operated by the Tiiani¢ Belfast Nomadic Company (a subsidiary of Titanic Belfast Limited) and integrated into the overall Titanic Belfast visitor experience as part of the main admission fee (with the exception of tour groups). During 2023124 304,364 Titanic Belfast ticket holders visit8d the ship, representing 570/0 of eligible customers. Vthilst the Operator Agreement for Titanic BeEfast includes all maintenance requiremerrts associated with 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-tOThday upkeep and conservation, however major works to the superstructure or keel blocks is the responsibilty of Maritime Belfast Trust. In 2022123, Maritime Belfast Trust undertook an extensive repaint of the ship's exterior with the expectation that with annual touch ups last for a period of 10 years. This year the focus has moved on to the decking, which has deteriorated beyond repair and now requires a full replacement. This can be delivered over a phased period of 4 -5 years to allow the ship to remain open and manage costs. To ensure public safety specific sections have the decking have been covered to allow a safe roLrte for visitors onto the upper deck and this has created a window to procure an experienced contractor to to undertake the phased works. Consarc Architects have been appointed to oversee this appointment and monitor works to ensure best practice in conservation is adhered to. Both Maritime BeEfa5t and Titanic Belfast Limited have committe(i to funding the decking repairs. In addition to these specific maintenance projects, Maritime Belfast Trust is also responsible for the ship's insuran. Securing insurance cover for a historic ship has been challenging over the last few years. Nomadic's insurance premium rose from £11,155 in 2019120 to £23,197 in 2020121 and is currently £30,570 in 2023124. Maritime Belfast Trust has undertaken benchmarking exercises with similar charitieslowners of historic ships and this trend is reflected across the sector. Insurance costs are currently 430A of the contractual income received from the SS Nomadic Operator Agreement. Moving forward, the Trust is exploring insuring the ship as an artefact, as opposed to marine insurance, which is unlikely to reduce the premium however should provide better cover aligned to what SS Nomadic requires.
Maritime Belfast Trust Company Limitsd by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) {coFnUedj Yearended 31 March 2024 Achlevements and performance (continued) Mew Optlcmie 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, espeaally during the pandemic period. Average daily visitors increased from 550 per day in 2019 to 750 a day in 2021122, peaking at 1200 a day at weekends. Average footfall is now just over 1000 people a day, increasing at the weekends to belween 2000 - 3000 a day. Maritime Belfast Trust remains a member of Great Lighthouses of Ireland, to promote the Great Light as part of an all-lsland experience. Much of the activty continues to be driven to on-line content and the Great Light continues to b8neftt from being part of a broader initiative. At an operational level. the project continues to experien issue5 With the tumtable mechanism. The issues have been escalated to all contractual parties with a view to resolving and this is now well underway. The optic itself remains safe and well protected from external elements and still provides an impressive focal point for visitors even when static. Redifying defects and having appropriats maintenance support remains a key priority. Artefacts Rent donations include items from the Sirocco works including p18ying cards and promotional items donated by the Dunlop family, an inclinometer dating from 1914, and Liverpool and London Steamship Protection Association Ltd registers for 1912-13 and 1915-16. The 1912 register includes reference to RMS Titanic and were donated by the Hynes family. A floor tile from the SS Rohilla was also donated by the Bailey family, retrieved from the wreck of the Harland & Wolff built Rohilla which ssnk off the coast of Vvhitby in 1914. One of the passengers rescued had also suNived the Titanic disaster, stewardess Mary Roberts. The donation of the last SS Nomadic lifeboat was also completed 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 visilors. The lifeboat had been restored by the Nomadic PreseNation Society and is one of only a few remaining Whrte Star Line lifeboats left in the world. The Trust are actively looking at solutions for displaying the lifeboat in the vicinity of the SS Nomadic. European Heritage Open Days occurred during the same weekend as the Maritime Festival in September 2023. As a result, the Drawing Office and heritage spaces were busy with visitors and exhibitions including the Belfast Titanic Society, some of the artefacts from the Trusfs collection, and the 'Strakes and Skins. Harry Madill exhibition. Over 5,000 visitors explored the spaces during the festival. Stakeholder Engagement Maritime Belfast plays a key role in the Nl heritage sector. The charty actively participates on the Northern Ireland Heritage Stakeholder Group, contributing to and supporting the Nl Heritage Delivers campaign. The charity continues to participate in heritage and cultural tourism forums and consultation exercises to help formulate policy, strategies and action plans for the cultural heritage sector in Belfast and Northern Ireland. The Trustees decided that political engagement was a focus for thi5 year and appointed MCE as PR consullants. Maritime Belfast has subsequently embarked on a series of briefings with senior politicians, which has proved beneficial with the Nl Executive back in power. Hub-ln 10
Maritime Belfast Trust Company Llmited by Guarantee Trustees, Annual Report {Incorporatlng the Dlrector's Report) (continued) Year ended 31 March 2024 Achievements and performance (¢onllnued) The É8 million EU funded project, was launched in September 2020, focusing on Belfast and seven other European cities - Lisbon, Angouleme, Brasov. Geno8, Nicosia, Slovenska and Utrecht. All cities have been brought together under the Hub-ln programme to regenerate historic urban areas through creativity and innovation. The spotlight for Belfast is the Maritime Mile, with Maritime Belfasl Trust as the local partner. Belfast City Council and Maritime Belfast formalised their partnership through a a Memorandum of Understanding, and a part-time Project Manager (funded via the programme) was appointed in January 2021. In total, Belfast will receive É630,000 including staffladmin support, with Maritime Belfast receiving circa Q4,000. 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 maximise the potential of the new Innovation District which covers much of the Maritime Mile. Three priorty actions have been identified including a Challenge Call to support Innovation on the Maritime Mile,. a sustsinability audit of the destination to support sustainability accreditation; and support towards a wider strategic framework for the development of the Waterfront Promenade. A key requirement across all the projects is co-design with local communities and over 700 citizens have been engaged to date through workshops and surveys. During the last year all the projects have been progressed including the successful delivery of a £120,000 Challenge Call. This resulted in 6 creative pilots receiving £20,000 each. These pilots featured new ways of engaging heritage stories including Al powered historical characters, Al enabled public art (e.g. Salmon of Knowledge), Hololens experience. 3DIVR rooms and a virtU81 treasure hunt based on real objects provided by the communities and 3D scanned for visitors to interact with. The projects have all come together under a banner of 'Heritage Lab, and is an initiative that we would be keen to build on in the future. Maritime Belfast's Product Development Manager also had an opportunity to visii one of the partner cities, Utrecht and share learnings. Maritime Belfast Story Plan In June 2022, we launched the Maritime Belfast Story Plan which maps and charts the history of the River Lagan against three themes - the river (Taming, Reclaiming & Regenerating), trade and industry (Trading, Making, Innovating) and the people (Neighbourhoods & Livelihoods). Wth support from Belfast Cty Council and the Odyssey Trust, we tumed the Story Plan into an outdoor Maritime Story Exhibition on Queen's Quay, animating a vacant gateway site, which was once of huge historical significance. This site is now the focus of our Connectivty Project, which includes planters and work has commenced on a new coffee kiosk. The Story Plan Exhibition has therefore been relocated to Victoria Wharf and complements the Great Light as part of the Titanic Walkway experience. The Maritime Story Plan has also been turned into a training resource which is currently being rolled out to our destination partners, including staff at Titanic Hotel Belfast and Titanic Distillers 11
Maritime Belfast Trust Company Limited by Guarantee Trustees. Annual Report (Incorporatlng the Directorfs Report) (tontinued) Year ended 31 March 2024 Achievements and performance (continuedj Developing an authentlc heritage destinatlon in collabordtion with ourpartnws 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, govemment 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 city's waterfront promenade - to enhance connectivty between the river, the city centre and its neighbourhood communities. After extensive and robust research. including a half day workshop with over 60 stakeholders. the appointed waterfront experts, Schulze + Grassov completed the review and the Waterfront Promenade Framework was signed off by the Task Group and launched in December 2023. The focus of the Framework is transforming the 1 Okm of Belfast's waterfront into accessible, connected public realm which eMbraS heritage. nature and community, on land and on water - a tlagship 'blueway' for the city. As well as agreeing development principles, a number of catalytic projects have been prioritised by the Task Group which are now being driven forward by the partnership. These indude a bridge from Titanic Quarter to Sailortown, redefining the 'Gateway; beeen the city centre and waterfrorrt, reimagining Hickson's Point - a prime development site at the entrance to the city's only marina, creating a Harbour Park to incorporate and link up our major scheduled monument sites, and classifying the waterfront as a local planning policy area. The Framework was well received across media platforms with coverage on BBC, UTV and RTE and a pop-up exhibition in 2 Royal Avenue and online consultation survey on Belfast Cty Council's Your Say platform with 236 responses. The majority of responses were positive however some issues raised by inner city communities who would like representation on the Task Group. After discussion with the Task Group, it was agreed that hvo representatives would be invited from the Waterfront Neighbourhood NeOrk, lch was estsblished at the start of the Framework prsS to encourage engagement and co-design initiatives. The Trust continues to develop relationships with Betfast Harbour Commission, strengthened by their role on the Waterfront Task Group. During this period, we worked with their teams to input and influence the development of City Quay Gardens - a new green space for the waterfront due to open in 2024125. This is a £3million investment by Belfast Harbour which we are keen to help promote and animate once opened. Another three-year agreement has been entered into, which recognises the role Marrtime Belfast plays in delivering on the harbourfs iconic waterfront ambits'ons and our role in animating the Maritime Mile including emerging areas such as City Quay Gardens. Similarly, we continue to work closely with Titsnic Quarter Limited. This year much of our work has been liaising with new developers on the site, e.g. Loft Lines and Aloft Hotel. These developments are changing the landscape and it is itnportant to influence how they reference and embrace the maritime heritage. We have also started scoping wider developments in and around Titanic Belfast to ensure that the building retains its iconic p051tion and connectivity with SS Nomadic, Titanic Slipways and the vater as the Titanic Quarter Master Plan evolves. Currerrtly, our Destination Forum has 40 businesses, attractions, heritage sites and communities represented. A marketing subgroup of the Forum meets regularly to review and support campaign work, generating a modest income. Pmmotlng the Maritime Mlle The Trust's annual promotional campaign 'Explore More, ran from April 2023 through to March 2024, encouraging people to explore the Mariiime Mile by foot and by bike. and participate in the many events and animations happening throughout the year. In line with our sustainable approach a digital guide was developed and 5000 flyers were delivered D-2-D across Belfast, featuring a QR code to 12
Maritime Belfast Trust Company Llmlted by Guarantee Trustees. Annual Report (Incorporating the Dlrector's Report) (contlnued) Year ended 31 March 2024 Achievements and performance (continued) access the guide. We renewed our membership with Visit Belfast, partnering with several local businesses as part of a refreshed Maritime Mile stand within the Belfast Welcome Centre. The Explore More campaign was extremely successful with a total audience reach of 2 million and shoruisted for an Ulster Business Eye Award. The consumer and corporate social media platforms continue to grow with an increase of 3000 followers on social media and 29°h increase in our newsletter subscriptions. To end the campaign, we teamed up with Traveller Northern Ireland to run a week of Instagram competitions encouraging audiences to Explore MORE of Belfast's waterfront. 6 destination partners got involved, including AC Hotel Belfast, W5. Titanic Belfast, Titanic Hotel Belfast, HMS Caroline and Titanic Distillers. The campaign was extremely successful with a total reach of 158,468, 217,855 plays and 9.198 interactions, resulting in our following increasing by 1,520 {400/0) in two weeks. Product Development Our focus this year was delivering the Maritime Mile Connectivty Project. Whilst the original project was scaled back significantly due to the reduction of funding from Tourism Nl, we successfully delivered a series of smaller scale public realm interventions which have had a big impact on the user experien of Ihe Maritime Mile. The initiatives, which included a large scale 'gateway' planter at Queen's Quay, a way finding compass rose at the Big Fish and 25 new bike stands, along with welcome 'you are here, maps across the Maritime Mile, a closely aligned to the principles set out in the Waterfront Promenade Framework and help to physically demonstrate what we are trying to achieve. The projects collectively cost in the region of £129,000 and were supported by Maritime Belfast alongside Department for Communities, Belf8st City Council and Tourism Northem Ireland. Whilst relatively small in scale, they show how effective the partners on the Waterfront Task Group are when working together. Furthermore. Belfast City Council has agreed to locate a substantial coffee I retail kiosk onto Queen'5 Quay, further animating what we consider to be the 'Gateway'. The kiosk, which is worth £300k, will be transferred into Maritime Belfast Trust's ownership and we will lease it to an independent coffee operator. This will be a meanwhile project with a lifespan of five years as longer-term plans to develop this site are taken foNard by Department for Communities. Also, as part of the Gateway, we have been developing concepts for the derelict area under the M3 bridge. This has idents'fied a number of innovative solutions and we are continuing lo work with key parlners and landowner5, including Odyssey Trust who cUentlY utilise the space for ovefflow parking, to understand how best to take forward. In addition to the scaled back Connectivity Project. we continue to look after all of our products across the Maritime Mile including Soundyard and RiverBox. IMilst instances of vandalism are low, we have experienced damage to RiverBox on a regular basis and took the decision to replace the glass windovts with new artwork, commissioned by Vincent McAllister. This has proved very effective and no further reports of damage since. 13
Maritime Belfast Trust Company Llmited by Guarantee Trustees, Annual Report {Incorporatlng the Di rectorfs Report) (continued) Year ended 31 March 2024 Achlevements and performance (¢onllnu•d) Events and animation Belfast Maritime Festival returned in September 2023 and the charity once again worked closely with Belfast Cty Council to animate the site, securing a service level agreement worth £67,650. A key element of this was delivering 8 semi-permanent outdoor photography exhibition 'Back to the River: The Maritime Mile Through My Lens,. Made up of eight, 2.5 metre-high cubes, the exhibition spells out MARITIME, using photographs which were taken by local communities in and around the waterfront, in partnership with Belfast Exposed. The project provided an opportunity for communities to explore what they liked and what they did not like about the waterfront area and this w8s fed into the discussions on the Waterfront Promenade Framework. In addition to the exhibition, Maritime Belfast helped secure music acts and delivered a programme of heritage activities in the Drawing Offices, as the festival coincided with European Heritage Open Days. Overall, the Belfast Maritime Belfast was a great suctsss, attracting 80,000 visitors over days, generating a direct economic impact of £1.3million. ThroughoLrt the year we continued to deliver a programme of events and animation across the Maritime Mile, directly and in partnership with others. Highlights include Sundays on the Maritime Mile which included 24 sessions of music from local artists each attracting between 100-200 spectators; Eastside Arts Festival campaign to the Drawing OffIS with Big Kids event and a masterciass with Colin H Davidson both events sold out,. We supported Sailortown Regeneration to run their Sailortown Festival including Sail Back to Sailortown a bespoke evening of authentic music and poetry. and for the second year, we supported Belfast Tradfest with the Titanic Céill, which attracted 6000 visitors to the Titanic Slipways. utilising our assets across the site and again working with partners, we continued to light up the Maritime Mile for key dates and anniversaries. Worth specific mention is the One Young World Conference at the SS Arena in October 2023 and included an evening prc¢ession of international delegates with their respective flags, showcasing the Maritime Mile and Titanic Belfast which hosted their reception. The Destination team have initiated the installation of electronic footfall counters across the Maritime Mile. to track Ihe number of visits across the public realm, how this changes as events take place and what parts of the site are most popular. These statistics will be critical to evaluating future events and animation. 14
Maritime Belfast Trust Company Limlted by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Achievements and performance (tontsnued) Community Local communities are one of Maritime Belfast's key beneficiaries and this includes neighbourhood communities {new and existing) that live on and near the waterfront, communities of interest that have a link to the area e.g. heritage groups, fomier dockers and shipyard workers, and current user5 of the site induding people that work and study in the area. This year some of our initiatives to engage with these groups included: Local Community Day, which has now been running for over 8 years. Over 550 local people attended including refugees from Belfast City of Sanctuary 8nd groups from Sure Start, Long Life learners, Pitt Park Residents Association, Sailortown. S.H.l.P, Mind Vl4fjse, Greater Village Regeneration Trust and Duncairn Gardens Family Group. The Back to the River.. Maritime Mile Through my Lens photography exhibition was created through 5 photography workshops with representatives from Sailortown, LAORAG, East Belfast. RSPB and businesses along the Maritime Mile. We also took at stand at LORAG'S River Festival, Feile na HAbhann, to encourage participation. Working with Belfast City of Sanctuary, Migrant Help, Sustrans, Turnaround Project and local businesses we delivered our'more than a Bike, scheme which provided individuals seeking sanctuary in Belfast with refurbished bikes, safety equipment and cycling skills training. We have also sought to engage local communities in some of our larger initiatives. As part of the Waterfront Promenade Framework and HU1n project we established a Waterfront Neighbourhoods Networ1( to seek local perspectives and developed a community directory to stimulate engagement. The HU1n project was particularly successful, engaging Sailortown, East Belfasl and Beffast Met students, teaching new digital skills to local communities whilst uncovering heritage stories featuring some of the famous characters linked to the Maritime Mile, including Lord Pirrie and William Ritchie, to the lives of ordinary people that worked and lived here. There is potential for the Waterfront Neighbourhood Network to influence, infom and support more of this work if it can secure the buy in and ownership from the local neighbourhood communities. At present this has been thwarted by lack of representation on the Waterfront Task Group, however the nthork has now been invited to make nominations onto the Task Group which should strengthen relationships moving forwards. Volunteers AII MBT'S activities are supported by our volunteers. There are currently nine Heritage Helpers who have contributed 535 hours of time to the charity's objectives. Herilage Helpers play an important role in supporting MBT as a small team. Oryantsational Review There have been no changes to the organisational structure in 23124 however a structural review has commenced to assess how besl to equip the charity given our expanded role in rest of the Walerfront Promenade Framework and its existing responsibilities to maintain and preserve our assets. Recommendations from this review will be implemented in 24125. The Charity is also beginning the planning process for a new 5-year Business Plan to be agreed during 25126 period. 15
Maritime Belfast Trust Company Limitsd by Guarantee Trustees, Annual Report (Incorporatlng the Dlrectorfs Report> (continued) Year ended 31 March 2024 Flnanclal revlew Income received in 2023124 totalled £2,545,892 of which £1,517,380 was unrestricted and £908,312 restricted. Unrestricted funds include base payments {rent} from Titanic Belfast and SS Nomadic (£255,075 and £67,082 respectively) arKI the overage payment of £987,281. An additional £4,580 was received from the dosure of the Nomadic Preservation Society Accounts, £67,650 from Belfast City Council for delivering components of Maritime Festival and £10,437 from the Hub-ln projed for time and management costs. £60,000 was received from Belfast Harbour to support iconic waterfront initiatives. £25,030 was received from Waterfront Task Group members to support the completion of Schulze and Grassov to develop the Waterfront Promenade Framework. £781,928 of restricted income is the 2023124 Gallery Refreshment payment, £49,951 Department for Community Connectivity Project contribution; £24,948 Tourism Nl's contribution towards the Connectivity Project; and £40,682 from BCC towards the Grey to Green Project (Queen's Quay Planter) £32,005 of interest was earned from investment of both unrestricted and restricted funds. Overall income has increased by £1,024,000 mainly due to the overage payment. At year-end, Ihe Endowment Fund was £77,457,896 representing the value of Titanic Belfas( SS Nomadic, Mew Optic enclosure, Steam Cranes. Glass of thrones and other donated heritsge items including the SS Nomadic lifeboat. Resources expended during the year were £2,312,379 of which £1,422,825 depreciation on assets. Expenditure of unrestricted funds was £814,577 which included Destination Development {£129,000), W8terfront Promenade Framework (£66,000), Insurance (£59,000), stakeholder and Project Communications (£36,000), Technical Support & Design re SS Nomadic decking(£21,000) and Management & Maintenance of assets (£16,000}. At the year-end, Maritime Belfast Trust held unrestricted reserves of £2,934,372. The unrestricted reserves will Continue to support the Charity to deliver its Business Plan to 2026. Restrided reserves tot81 £2,188,310 This is mainly the Gallery Refreshment Fund which will be allowed to grow and mature to support the next gallery refreshment project. 16
Maritime Belfast Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 March 2024 Flnancial review fconllnu Reserves policy and golng concern Following best practi guidelines, Marrf(ime 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 organisation to ensure that activities are sustainable for the benefit of all funders, donors 8nd stakeholders of the organisation and its assets. The annual overage payments from the operator have allowed Maritime Belfast Trust to build a substantial general reserve which will now play a key role in supporting the charity whilst Titanic Belfasl recovers. At year-end, unrestricted reserves were £2,934,372. The Trustees have agreed that these reseNes will support the Charity to continue delivering on its purpose and objectives, cover ongoing known liabilities and risk management, specifically in respect of the Operator Agreement. The reserves have been divided into general reserves and designated reserves. The Board aims lo maintsin General reserves at £2,000,000 due to the current climate and the increased risks. At the end of March 2024, General ReseeS are currently £1,858,832. Expenditure of General Reserves is subject to Board approval. Designated reserves total £1,075,540. These funds will support Maritime Belfast Trust lo progress the aims and objectives set out in the Business Plan 2021-2026. A more detailed explanation is provided in Note 21. 17
Maritime Belfast Trust Company Limlted by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Plans for future perlods Maritime Belfast Trust is confident about the future. We continue to deliver our five-year Business Plan which has provided a roadmap for recovery post pandemic. The £4.5million investment into Titanic Belfast's galleries last year has generated significant demand for the experience in 23124. resulting in a substsntial increase in income for the charity. Projections for the future indicate visitor numbers should stay at similar levels generating this level of income annually. With the Nl Executive back in situ, the Waterfront Task Group is in a good position to demonstrate how our vision for an iconic waterfront supports the Programme for Government. Through working together we can make real progress in delivering an accessible blueway for the city, connecting communities to social and economic opportunities whilst preserving our rich maritime heritage and natural environment for all to enjoy. We will continue to invest the charity's energies and resources into unlocking larger scale opportunities and synergies aligned to the Waterfront Promenade Framework. Our relationship with Titanic Belfast and SS Nomadic operator remains strong and we are committed to working with them to resolve issues in respect of the Titanic Belfast's roof and the decking onboard SS Nomadic. These are our most signfficant assets and we are committed to ensuring their long-term maintenance and future suslainability. We will continue to build partnerships with Belfast Harbour, Belfast City Council and Titanic Quarter Limited on initiatives that animate the Maritime Mile, including Belfast Maritime Festival and the new City Quay Gardens. We will continue to use our research on the Maritime Story Plan to influence and shape our work, wider developments and preservation of the waterfront area. Innovation has always played a key rol8 in our past and with the success of Hub-ln Project we look forward to building relationships with new partners, specifically creative and digital industries on the next phase of our Maritime Mile Heritage Lab. Community remains at the core of everything that we do. Success is a vibrant, wellwconnected waterfront used and celebrated by local communities. We will continue to build on and strengthen relationships with neighbourhood communities and local residents. We will build on our Gold Green Tourism accreditation, secured earlier this year integrating sustainability into all our initiatives. In partnership we will strive to secure sustainable destination accreditation for the Maritime Mile. Our plans continue to be ambitious, and it will be important to review progress on an ongoing basis. continuing to deliver on our priority themes- enrich, energise, influence, connect and thrive. Trustees. responslbilities statement The trustees, who are also directors for the purposes of company law, are resp.onsible for preparing the trustees, report ané the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}. Company law requires the charity trustees to prepare financial 5talements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resour$ and application of resources, including the income and expenditure, for that period. 18
Maritime Belfast Trust Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) {contlnuod) Year ended 31 March 2024 In preparing Ihese financial ststements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the applicable Charities SORP; make judgments and accounting estimates that are reasonable and pwdent., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charty's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements compty 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 Ihe date of approval of this report confirms that.. so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware., and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charty's auditor is aware of that information. Small company provlslons This report has been prepared in accordance with the provisions applicable to companies entitled lo the small companies exemption. The trustees, annual report wa5 approved on 8 November 2024 and signed on behalf of the board of trustees by: M McGivem Truslee (Chairperson) K Kingston Trustee LR ¥-< 19