Maritime Belfast Trust Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2025 2025 Restricted Endowment funds funds Total funds Total funds 2024 Unrestricled funds Income and endowments Donations and legacies Charitable activities Investment income 120.000 1.522.432 82,720 1,725,152 120,000 2,370.598 116,480 2,607.078 120,130 2,393,557 32,005 2,545.692 848,166 33,760 Total Income 881.926 Expendlture Expenditure on charltable activities 904,842 904,842 223,784 223,784 1,344,051 1,344,051 2,472,677 2,472,677 2,312,379 2,312,379 Total expendlture Net galns on investmenls 10 3,458 3,458 Net income 823,768 658.142 (1,344,051) 137.859 233.313 Transfers between funds 117.917 {117,917) Not movement In funds 941.685 540,225 (1.344,051) 137,859 233.313 Reconciliation of funds Total funds brought forward Total funds ¢arried forward 2.934,372 3,876.057 2,188,310 77,457,896 82,580.578 82,347,265 2,728,535 76,113,845 82.718,437 82,580,578 The statement of financial activities includes all gains and losses recognlsed in the year. All income and expenditure derive from continuing activities. The notes on pages 29 to 47 fomi part of these financial stslements. 26
Maritime Belfast Trust Company Limited by Guarantee Statement of Financial Position 31 March 2025 2025 2024 Note Flxed assets Tangible fixed assets Heritage assets Investments 14 68.324,578 69.747,210 15 7.977,970 7,977.970 76,302.549 TI,725.181 Current assets Debtors Investments Cash at bank and in hand 18 2,292,336 19 503.458 4.005,592 6,801,386 2,397,701 2,951.613 5,349,314 Credftors: amounts falllng due wlthln one year Not current assets 20 385,498 6.415,888 82,718,437 82,580,578 82,718,437 82,580,578 493,917 4.855.397 Total assets less current Ilabilitie8 Net assets Funds of the charlty Endowment funds Restricted funds Unrestricted funds 76,113.845 77.457,896 2,728,535 2,188,310 3,876.057 2,934,372 23 82,718.437 82,580,578 Total charity funds These financial statements have been prepared In accordance with the provisions applieAble to companies subject to the stnall companies, regime. These financial ststements were approved by the board of trustees and authorised for issue on 7 November 2025, and are signed on behalf of Ihe board by: S Henry Trustee (Chairperson) K Kingston Trustee The notes on pagos 29 to 47 form part of these flnanclal Statements. 27
Maritime Belfast Trust Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2025 2025 2024 Cash flows from operatlng activttles Net income 137,859 233,313 Adjustments for.. Depreciation of tangible fixed assets Net gains on investments Other interest receivable and similar income Accrued income 1.429,372 (3,458) (116,480) (32,005) (5,776) {621.840) 1,422.825 Changes in." Trade and other debtors Trade and other creditors 105,365 (1,086,450) (102.643) 20.595 1,444,239 Cash generated from operations (63,562) Interest reIVed 116,480 1,560,719 32,005 (31,557) Net cash froml{used In) operating actfvitres Cash flows from Investing activities Purchase of tangible assets Purchase of heritage assets Purchases of other investments (6,740) (64,557) (120,000) (500,000) (506,740) (184.557) Net cash used in investing activities Net Increa$el(decrease) In cash and cash equlvalents Cash and cash equlvalents at beglnnlng of year Cash and cash equivalents at end of year 1,053,979 2,961,613 4,005.592 (216,114) 3.167,727 2,951,613 The notes on pages 29 to 47 fomi part of financlal ststemonts. 28
Maritime Belfast Trust Company Limited by Guarantse Notes to the Flnancial Statements Year ended 31 March 2025 General Informatlon The charity is a public beneft entity and a private company limited by guarantee, registered in Northern Ireland and a registered charty in Northern Ireland. The address of the registered office is Titanic House, 6 Queen's Road, Queens Island Belfast, BT3 9DT. Slatement of compliance These financial statements have been prepared in compliance with FRS 102, The Financial Reporting Standard applicabte in the UK and the Republic of Ireland,, the Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic cf Ireland {FRS 102} (Charities SORP (FRS 102)) and the Companie5 Act 2006. Accountlng poll¢l•s Basis of preparatlon The financial statements have been prepared on the historical cost basts, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through Income or expenditure. The financial statements are prepared In sterling. whlch Is the functional currency of the entty. Golng concern The charty reported a net surplus in unrestricted funds of £823,768 for the year and have unrestricted reserves at the year end of £3,758,140. Restricted reserves at year end are £2.846,452. The trustees are of the view that these reserves are sufficient for the charity for at least the next 12 months and that on this basis the charity is a going concern. Judgements and k8y sources of estlmatlon uncertalnty The preparation of the financial statements requires management to make judgements, estimates and assumption5 that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectatlons of future events that are believed to be reasonable under the circumstances. Fund accountlng Unrestricted fund5 are available for use at the dÉscretion of the trustees to further any of the harity's purposes. Designated fund5 are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted fijnds are subjected to restrtctions on their expenditure declared by the donor or through the terms of an appeal. and fall into one of two sub-classes.. restricted income fvnds or endowment funds. 29
Maritime Belfast Trust Company Limited by Guarantee Notes to the Financial Statements Icontlnued) Year ended 31 March 2025 Accountlng pollcies {¢ontinued) Incoming resources All incoming resource5 are included in the statement of financial activities when entillement has passed to the charity., it is probable that the economic benefits associated with the transaction will flow to Ihe charity and the amount can be reliably measured. The following specific policies are applied to paTli¢ular categories of income: income from donations or grants is recognised when there is evidence of entiuement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recogntsed when receipt Fs probable and entittement is estab15shed. income from donated goods is measured at the fair value of the goods unkss thi5 is impractical to measure reliab, in which case the value is dertved from the cost lo the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when recelved if the value can be reliably measured. No amounts are included for the ¢ontribullon of general volunteers. income from contraGts for the 8uppty of services is renised with the delNery of the contracled service. Thls is classified as unrestricted funds unless there Is a contractual requirement for it to be spent on a particular purpose and retumed if unspenL in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basts as a liabilty is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under headings of the statement of financial activities to which it relates: expendilure on ralsing funds includes the costs of all fundraising activities. events, non4haritsble trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking acb'vities that further its charitable aims for the benefrt of its beneficiaries, including those support cost5 and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to Taising funds for the charity nor part of its expenditure on charitsble activities. Al costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributabSe to a single activity are allocated directly to that acts"vity. Shared costs are apportioned between the aclivities they contribute to on a reasonable. justifiable and con51Stent basis. Tangible assels Tangible assets are inilially recorded at cos( and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carrled at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impainnent losses. 30
Maritime Belfast Trust Company Limited by Guarantee Notes to the Financial Statements {¢onUnu8dJ Year ended 31 March 2025 Accounting policies fcontinuedj Tangible assets (contlftued) An increase in the carrying amount of an asset a5 a result of a revaluation. is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expendriure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses. except to which it offsets any Previous revaluation gain, in which case the loss is shown wtthin other recognised gains and losses on the statement of financial activities. Depreciatlon Depreciation is calculated so as to write off the cost or valuation of an asset, less ts residual value, over th8 useful economic life of that asset as follows". Long leasehold property Short leasehold propety Fixtures and fittings Equipment 60 years on the building, no depreciatlon Is charged on land Over Ilfe of lease 20% straight1Sne 20% straight line Herltage assets Herltage assets are measured initialty at Cost or fair value. Heritage assets are consrdeTed to have indefinite useful economic lives and are therefore not depreciated, but are reviewed for impairment annually. Where infomiation on the cost or value of an asset is not available and cannot be obtained at a cost which is commensurate with the beneffts to users of the financial statements. the asset shall Tt be recognised in the statement of financial position. Investments Unlisted equity investments are initially recorded at cost. and Subsequently measured at fair value. If fair value cannot be reliably measured. assets are measured at cost less impairment. Listed investments are measured at fair value with changes in falr value being recognised in income or expenditure. Investment¥ In assoclates Investments in assoclates accounted for in accordance with the cost model are recorded at cost les$ any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaclion price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. 31
Maritime Belfast Trust Company Limitsd by Guaranto8 Notes to the Financlal Statements fconl1nj Year ended 31 March 2025 Accounling pollcles (contlttu Investments In associates {¢onllnued) Dividends and other distributions received from the investment are recognised as income without regard to whether the distrlbutions are from accumulated profrts of the associate arising before or after the date of acquislllon. Investments In joint ventures Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initlally recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dlvklends and other distributlons received from the investment are recognised as income without regard to whether the distributions are from accumulated profrts of the joint venture arising before or after the date of acquisition. Impalrment of red assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. ffiere the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impaiments are also reviewed for possible reversal at each reporting date. For the purposes of Impairment testlng, when It is not posslble to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest Identifiable group of assets that includes the asset and generates cash inflows that largely independenl of the cash inllows from other assets or groups of assets. For impaimient testing of goodwill, the goodwill acquired in a business Combination is. from the aUl$tIOn date, allocated to each of the cash-generating units that are expected to benefrt from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are asslgned to those units. Financial Instruments A financial asset or a financial liability is recognised only when the charity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receTrvable or payable including any related transaGtion costs. CUrnt assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. 32
Maritime Belfast Trust Company Limited by Guarantee Notes to the Financial Ststsments (conllnuedj Year ended 31 March 2025 Accounting policles (conllnuedj Flnanclal instruments fcontlnu¢dJ Debt instruments are subsequentiy measured at amortised cost here investments in shares are publidy traded or their fair value can olherwlse be measured reliabty. the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequentty measured at cost less impaiment. Other financial instruments, includlng derivatives, are initialty recognised at falr value. unless payrnent for an asset is deferred beyond nomial business terms or financed at a rate of interest that 15 not a market rate. in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a Similar debt instrumenL other financial instruments are subsequently measured at fair value. with any changes recognised in the statement of financial activities, with the exception of hedging Instruments in a designated hedglng relationship. Flnancial assets that are measured at cost or amortised cost are reviewed for objectr+ie evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impaiTrnent loss is recognised under the appropriate heading in Ihe statement of financial activities in whiGh the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impaiment Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of Impairment are recognised Immediatsty. to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Defined contrfbutlon plans Contributions to defined contribution plans are recognised as an expense in the period In which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead lo a duCtIon in fvture payments or a cash refund. Vthen contribution5 are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service. the liability is measured on a discounted present value basis. The unwinding of the discount recognised as an expense in the period in which it arises. Limited by guarantee Marbtime Belfast Trust is a company limited by guarantee and accordingly does not have a share capFtal. Every member of the company undertakes to contribute such amounts as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be 8 member. 33
Maritime Belfast Trust Company Limited by Guarantee Notes to the Financial Ststements (Condnued) Year ended 31 March 2025 Donations and legacl¢$ Unrestricted Endowment Total Funds Funds Funds 2025 Donatlons Corporate Donattons Donated heritage assets - SS Nomadic lifeboat 120,000 120,000 120.000 120,000 Unreslricted Endowment Total Funds Funds Funds 2024 Donations Corporate Donattons Donated heritage assets - SS Nomadic Ilfeboat 130 130 120,OCM) 120,130 120,000 120,000 130 Charltable actlvltles Unrestricted Funds Restricted Total Funds Funds 2025 Operator income TBL Inme from TTCL Overage income Refreshment Fund Operator income Nomadic Destination development incorne Belfast City Council Income from Traders Waterfront Promenade Belfast Harbour Comtnission Titsnlc Belfast insurance claim Department for Communities Tourism Nl Grey to Green project - Belfast Cty Council 205,681 62,133 1,083,210 205,681 62.133 1.083,210 803.822 69.363 18,632 9,920 1.059 9.091 60.000 3.343 4.183 40,161 803,822 69,363 18.632 9,920 1,059 9,091 60.000 3,343 4,183 40,161 1,522,432 848.166 2,370,598 34
Maritime Belfast Trust Company Limited by Guarantse Notes to the Financlal Statements f¢ondnuedJ Year ended 31 March 2025 Charitsble actlvltles (conllnuedj Unrestricted Funds Restricted Total Funds Funds 2024 Operator incom8 TBL Income from TTCL Overage income Refreshment Fund Operator Income Nomadi¢ Destination development income Belfast City Council Income from Traders Waterfront Promenade Belfast Harbour Cornmlssion Titanic Betfast insurdnce claim Department for Communities Tourism Nl Grey to Green project- Belfast City Council 195,898 59,177 987,281 195.898 59.177 987,281 781,928 71,662 11.748 78,087 781.928 71,662 11,748 78,087 25,030 60,000 7,165 25,030 60,000 7,165 49,951 24.948 40.682 2,393,557 49.951 24.948 40,682 1,496.048 897,509 Investment Income Unrestricted Funds Restricted Total Funds Funds 2025 Bank Interest receivable 82,720 33,760 116.480 Unrestricted Funds Restricted Total Funds Funds 2024 Bank interest receivable 21,202 10,803 32,005 35
Marltime Belfast Trust Company Limited by Guarantee Notes to the Financial Ststements leonthuedj Year ended 31 March 2025 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2025 Tltanic Belfast Heritage preservation Destination development Support costs 135.498 311.822 381.576 75.946 904.842 102.874 1.285,600 38,656 19,795 1,523,972 350,478 522,281 75.946 2.472,677 120,910 223.784 1,344.051 Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2024 Titanic Belfast Heritage PTeservatbn Destinatron development Support costs 111,866 155,418 482,003 65,290 814,577 56.132 1,285.600 38.658 19.795 1.453,598 194,074 599.417 65,290 2.312.379 97.819 153,751 1,344,051 Analysls of support costs Analysis of supwrt costs Total 2025 Total 2024 Staff costs General office Governance costs 18,429 45,969 11,548 75,946 18,429 45,969 11,54B 17.455 35.300 12.535 75,946 65,290 10. Net galns on investments Unrestrtcted Total Funds Unrestricted Totsl Funds Funds 2026 Funds 2024 Gains1(losses) on other investment assets 3,458 3,458 11. Net income Net income is stated after charglngl(crediting)= 2025 2024 Depreciation of tangible fixed assets Fees payable for the audit of the finanGial statements 1.429,372 4,456 1,422,825 4,300 36
Maritime Belfast Trust Company Limited by Guarantee Notes to the Financial Ststements fcontlnued) Year ended 31 March 2025 12. Staff costs The total staff costs and employee benefits for the reportlng period are an8tysed as follows: 2025 2024 Wages and salaries Social security costs Employer contributions to pension plans Other employee benefits 274.146 25,166 18,763 3,001 321,076 262.698 23.721 16.735 4,145 307.299 The average head count of empbyees during the year was 7 (2024.. 6). The number of employees whose remuneration for the year fell wlthin the following bands. were." 2025 2024 No. No. £90,000 to £99,999 £100.000 to £109,999 Key Management Pernonnel Chief Executive Officer Destination Experience Manager Product Qevelopm8nt Manager Kerrie Sweeney Maeve Moreland Judith Webb 13. Trustee remuneration and expenses In the y8ar ten trustees were relmbursed for expenses andlor had had expenses met by the charity totalling £14,927 for travel and accommodation (2024: £13,038). The key management personnel of the charty comprise the Trustees, Chief Executive, Destination Manager and Product Development Manager. The total employee benefits of the key management personnel of the charity total £226.700 <2024: £213,595). Trustse Gerry Hughes recieved payment of £1,770 for servlces provided in relation to the Waterfront Framework. No trustee was paid or received any other benefits from employment Wbth the charity during the year. 37
Maritime Belfast Trust Company Limited by Guarantee Notes to the Financlal Statements (conthued) Year ended 31 March 2025 1& Tangible fixed assets Long Short leasehold leasehold Fixtures and property property fittings Equipment Total At 1 April 2024 Additions 84,276.015 475.000 1,039,620 6,740 13,742 85,804,377 6,740 13.742 85,811,117 At 31 March 2025 84.276,015 475,01)0 1,046,360 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 15.405.337 1,285.600 16,690,937 227,999 19,001 247.000 415,113 123,328 538,441 8,718 16.057,167 1,443 1,429,372 10.161 17,486.539 Carrylng amount At 31 March 2025 67.585.078 228.000 507,919 3,581 68.324.578 5,024 69,747,210 At 31 March 2024 68,870,678 247,001 624,507 15. Herltsge assets Eight heritage assets are included in the charity's financial st8tements. These include an original Dr Simpson letter acquired in 2012 and displayed in Titanic Belfast and the SS Nomadic acquired in April 2015. The letter is valued at purchase cost of £28.670. The SS Nomadic is valued at £7,812,500 based on the costs to restore and refurbish the shlp in 201212013. In addltion to the above Heritsge assets owned by the charity. during the year ended 315t March 2018, Maritime Belfast Trust (formerly Titanlc F¢)undation Limited) received a loan of the Mew Island Lighthouse Optic from The Commissioners of Irish Lights. The Optic has been loaned to the charity for a period of 99 years and ownership of the asset remains with The Commissioners of Irish Lights therefore is not accounted for in these financial statements. During the year 2019120 the charity was donated £16,800 tn assets which included furniture and Thomas Andrews, signed steamship journal. The donation of the last SS Nomadic lifeboat, independenuy valued at £120,000. was also completed in 23124 following discussions begun in Ihe previous year and was put on display to the public during the 2023 Belfast Maritime Festival with approximately 5,500 visÉtors. The lifeLK)at had been reSt0d by the Nomadic Presetvation Society and is one of onty a few remaining White 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. 38
Maritime Belfast Trust Company Limited by Guarantee Notes to the Financial Statements (¢onllnued) Year ended 31 March 2025 15. Herltage assets {coniinued) Herltage asset 1 Cost or valuation At 1 April 2024 and 31 March 2026 Accumulated depreciation At l Aprll 2024 and 31 March 2025 Carrying amount At 31 March 2020 7,977.970 7,977,970 7,977,970 At 31 Mar¢h 2024 Heritage Assets are recognised at cost. 16. Invtments Shares in group undertaklng Cogt or valuatlon At 1 Aprll 2024 and 31 March 2025 Impalnnent At l Aprll 2024 and 31 March 2025 Carrylng amount At 31 March 2025 At 31 March 2024 All investments shown above are held at valuation. 17. Investment entltles Subsldiartes and other Investments Percentage of shares h81d Class of share Subsidiary undertaklngs Titanic Trading Company Limlted, Titanic House, 6 Queens Road. Queen's151and, Belfast, BT3 9DT Ordinary 100 The charity holds 1 share of £1 in its wholty owned trading subsidiary company Titanic Trading Company Limited which is incorporated in the United Kingdorn. This Is the only share allotted, called up and fully paid. 39
Maritime Belfast Trust Company Limitsd by Guarantee Notes to the Financial Ststements (contlnued) Year ended 31 March 2025 18. Debtors 2025 2024 Trade debtors Amounts owed by group undertakings Prepayments and accrued income Other debtors 2,049,746 22,106 204,816 15,668 2,292.336 2,033.974 16,693 264,971 82,083 2.397,701 19. Investments 2025 2024 Other investments 503,458 20. Creditors: amounts falllng due within one yaar 2025 2024 Trade credrtor5 Accruals and deferred income Social security and other taxe$ Other creditors 10,603 189,017 177,513 8.365 385,498 106,250 194,794 180,453 12,420 493,917 21. Deferred Income 2025 2024 At 1 April 2024 Amount released to income Amount deferred in year At 31 March 2026 87,743 106.797 (87.743) (106,797} 90,338 87.743 87.743 90,338 22. P•nsions and other post retirement benefits Deflned Contrlbutlon plans The amount recognised in income or expendlture as an expense in lation to defined contribution plans was £18,763 (2024.. £16.735). 40
Maritime Belfast Trust Company Limited by Guarantee Notes to the Financial Statements fconth>uedJ Year ended 31 March 2025 23. Analysis of charitable funds Unre8trf¢t¢d funds At Gains and 31 Mar 202 losses At 1 Apr 2024 Income Expenditure Transfers General funds Mmile Animation, Events & Promotion Mmile Developmen( Restoration & Preservation SS Nomadic Mew Optic Asset Mainten8nce and Refresh 1,858,832 1,617,086 (437,945) {1,068,271) 3,458 1,973,160 275,000 19,691 (126,588) 221.897 390.000 350,000 400.000 50,540 19,012 {137,191) 69,363 (172,5711 (30.547) 243.179 603,208 {13) 475,000 900,000 19,980 117,917 117.917 2,934,372 1,725.152 (904,842) 117,917 3.458 3,876,057 Al Gains and 31 Mar 202 losses At 1 Apr 2023 Income Expenditure Transfers General funds Mmile Animation. Events & Promotion Mmile Development. Restoration & Preservation SS Nomadic Mew Optic Asset Maintenance and Refresh 1,002,794 1.331,236 <433.022) (42,176) 1,858.832 261,000 11.363 (129,174) 131,811 275,000 458,564 418,411 55,000 103,118 71,663 (189.875) (21,807) (58.Q46) (32,028) (4.460) 350,000 400,1)00 50,540 2,195.769 1,517.380 (814,577) 35,800 2,934,372 41
Maritime Belfast Trust Company Limited by Guarantee Notes to the Financial Ststsments (¢onllnuodJ Year ended 31 March 2025 23. Anatysis of charitable fund8 (contlnuedj General reserves The Board has agreed to increase the level of General Reserves to £2million and, at the end of March 2025, has set aside £1,973,160 towards this objective, The rationale for this is set out in the charity's reserve polty however, in summary, the Increased level of general reserves reflects the risk exposure as the charity takes on more responsibilities including additi¢nal expendrture on projects, overheads and asset management. This expenditure is aligned to Increased income from Titanic Belfast via overage payments. These payments are linked to market performance and will fluctuate due to external factors exposing Maritime Belfast Twst to potential shortfalls in projected income against committed spend. As a charity, Maritime Belfast must manage thls risk which includes increasing general reseTves. PuTro$• of deslgnated fund8 Maritime Belfast Trust is in the process of developing a new 3-5 year business plan, buildlng on our current initiatives and projects and meeting ongoing commitments and contracts that we have entered into. We have designated funds against the following areas to ensure continuty as we move forward into delivering our new business plan. 1.1 Marftlme Mile Animatlon, Events and Pmmotion £390,000 Maritime Belfast has committed to working with Belfasl City Council to grow Maritime Festival into a signature event for the city. Ourjoint aspiration is to grow the festival budget to £1 million and attract bebNeen 500,000 visitots.These are ambitious targets and to support this growth the festival has been moved to a bi-annual model. Vve 8stimate that our contrlbution in 2025 and 2027 will be £200.000. In addition to Maritime Festival, Maritime Belfast will continue to work with key partners across the city to maximise opportunities from large scale events. Thls includes the Fleadh being staged in the cty and we have already entered into agreements with TradFest to stage a Guinness Book of Records Titanic Ceili on the Titanic Slipways In 2026 and 2027 {£40,000). These major events are set against the backdrop of animating the Maritime Mile throughout the year - curating free experiences to meet our charitable objective to create a shared space for everyone. This requires signlficant investment of circ8 £50,000 per annum. 1.2 Marltlme laile Developmen¢ Restoration and Pres•rvatlon £475,000 The Board had designated £200,000 towards Under the Bridge proposals. Due to restrictions at this location, we have reassigned £150,000 of Ihis to heritsge restoration projects. The main project is to restore the three heritage Steam Cranes which were transferred to Maritime Belfast in 2012 for a 25 year period. Indicative costs are over £1.5million to restore and we will look at securing extemal funding support. However, to progress the projec( techntcal condition reports. option appraisals and the removal of asbestos are required. We have allowed for 150h of overdll project costs (£225,000). In addition to the Steam Cranes, the Board has ambitions to restore the Caisson Gate that sits in the Hamilton Dock beside SS Nomadic. This was registered as Ship Hull Number 50, built by H&W in 1867. It is of significant heritage value and we estimate at least £SOO,000 to repair and restore to a moderate conditlon. Again, we have designated 15% (£75,000) towards condttion reports and surveys. The final project is the Nomadic Lrfe Boa( donated to the Maritime Belfast in 2023 on the basis that we would work towards se¢urlng a location for it to be publicty displayed. We have designated £150,000 towards finding an appropriate solution. We continue to build our asset portfolio with Soundyard, Queen's Quay Kiosk, Riverbox and Glass of Thrones. These require ongoing maintenance and we have designated £25.000 per 8nnum to maintain and care for our assets, ensuring that they are safe and enjoyable experiences for the public. 42
Maritime Belfast Trust Company Limited by Guarantee Notes to the Financial Statements (¢onllnuedJ Year ended 31 March 2025 23. Analysis of charltable fund8 {¢onllnu¢dJ 1.3 SS Nomadlc £900,000 Maritime Belfast has commenced a si9ntficant decking replacement project on board SS Nomadlc at a cost of cir¢a £900.000 over the next 3 years. 1.4 The Great Llght £19,980 The Great Light has a number of issues that need to be resolved including the tumtable to allow it to spin. new blinds, updated Business Management System and new lightlng controls. The Trustees designated £50,540 to ensure this work is completed and to allow the Great Light to function Properly as a beacon of heritage on the Maritime Mile. £30,547 has been spent to date and the remaining £19,993 continues to be designated against resolving final issues in 2025126 period. 1.4 Maintenance and Refresh £117,917 In additÉon to our obligations to restore and preserve our assets, there is also a requirement to support the refresh. Examples would include River Box, whereby digital Content has become dated, the Discovery Point in Titanic Belfast and the outdoor exhibition story cubes we have across the waterfronL All of these require updating every 2-3 years. 43
Maritime Belfast Trust Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 31 March 2025 23. Analysis of charitable funds (¢onllnued) Restrlcted funds At Gains and 31 Mar 202 losses At 1 Apr 2024 Income Expenditure Transfer5 Gallery Refreshment Fund Soundyard ConnectivitylGrey to Green Projects Cycle Stan(Is- Connedivity DFC Queens Quay Project 1,987.607 157.040 837.582 (102,874) (117.917) (61,501) 2,604,398 95,539 8.155 39.921 (48,076) 35,508 240 {7,150) 28,598 4,183 881.926 {4,183) (223.784) (117,917) 2,188,310 2,728,535 At Gains and 31 Mar202 Ioss8S At 1 Apr 2023 Income Expenditure Transfers Gallery Refreshment Fund Soundyard ConnectivtylGrey to Green Projects Cycle Stands- Connectivity DFC Queens Quay Project 1.251.008 218.541 792.731 (56.132) {61.501) 1.987.607 157.040 80,073 (36.118) (35.800) 8,155 35.508 35,508 1,469.549 908,312 (163,751) {35,800) 2,188,310
Maritime Belfast Trust Company Limited by Guarantee Notss to the Financial Ststements f¢onllnued) Year ended 31 March 2025 23. Analysls of ¢harltable funds (conflnued) Purposes of restrictod funds Gallery Refreshment fund: £56,132 was spent on the Gallery Refreshment Fund last year. This year expenditure was £102,874 mainly agalnst retentions. Income was £837.582 and the fund Is now £2.722,315 which will be allowed to build up until such time as the operator submits further proposals for future refreshment. Soundyard: This represents the cost to date, less depreciation of Soundyard art installation and Is held as tangible fixed assets. Connectlvlty Projects This represents funding received from Tourism Nl, Belfast City Council and Department for Communitles in 2023124 towards a number of small public realm projects aimed at promoting better connectivity across the Maritime Mile. Expendlture is across 23124 and 24125. Endowment funds At Gains and 31 Mar 202 losses At 1 Apr 2024 Income Expenditure Transfers Titsnic signature building fund SS Nomadlc Mew Island Donated Heritsge Assets Steam Cranes Glass of Thrones 68,730,678 7,812,500 495,070 (1.285,600) 67.445.078 7.812.500 475,414 (19,656) 136.800 247,001 35.847 136,800 228,001 16,052 76.113.845 (19,000) (19,795) (1.344.051) 77,457,896 At Gains and 31 Mar 202 losses At 1 Apr 2023 Income Expenditure Transfers Titanic signature building fund SS Nomadic Mew Island Donated Heritage Assets steam Cranes Glass of Thrones 70,016,278 7,812,500 514,726 (1.285,600) 68.730.678 7,812,500 495,070 (19,656) 16,800 266,001 55,642 78,681,947 120,000 136,800 247,1)01 35,847 77,457,896 <19.000) (19,795) 120,000 (1,344,051)
Maritime Belfast Trust Company Limited by Guarantee Notes to the Financial Ststements (ct)nlthuedJ Year ended 31 March 2025 24. Analysis of net assets between funds Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2025 Tangible fixed assets Heritage assets Investrnents Current assets Creditors less than 1 year Net assets 35.896 28.670 503.459 3.688.435 (380.403) 3,876,057 124.137 68,164.545 68,324.578 7,949,300 7.977.970 503.459 2,609.493 6,297,928 (5,095) {385,498) 2,728,535 76,113,845 82,718,437 Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2024 Tangible fixed assets Heritage assets Investments Current assets Creditors less than 1 year Net assets 46,068 28,670 192,547 69,508,596 69,747,211 7,949,300 7,977,970 3.319.690 (460.056) 2.934.372 2.029.624 5,349,314 (33,861) (493,917) 2,188,310 77.457,896 82.580,578 25. Ethical standards In common with many other businesses of our size and nature we use our auditors to prepare and Submit returns to the tax authorities and assist with the preparation of the financial statements. 26. Taxation The Company is a registered charity, and as such is entitled to tax exemptions on income and profits in furtherance of the charity's primary objectives. 27. Analysls of changes in net d•bt At At 1 Apr 2024 Cash flows 31 Mar 2025 Cash at bank and in hand Current asset investments 2.951.613 1.053.979 503.458 4,005.592 503,458 4,509,050 2,951.613 1.557,437 28. Contingencies A contingent liability exists to repay grant5 received should certain conditions not be fulfilled by the charity. In the opinion of the Trustee5, the terms of the Letters of Offer have been, or will be, complied with and no liability is expected.
Maritime Belfast Trust Company Limited by Guarantee Notes to the Financlal Statements (¢onllnu8d) Year ended 31 March 2025 29. Related partles There were no related paty transacttons in the reportlng period, apart from those disclosed in Note 13. 47