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. re￿nI 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 (COMMen￿d 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 I￿81 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) {coF￿nUedj
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
Re￿nt 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 eMbra￿S 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; be￿een 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 Ne￿Ork, ￿lch was estsblished
at the start of the Framework pr￿sS 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 cU￿entlY 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 OffI￿S 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 HU￿1n project we established a Waterfront Neighbourhoods
Networ1( to seek local perspectives and developed a community directory to stimulate engagement.
The HU￿1n 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 Rese￿eS 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