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 re￿IVed
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 re￿nised 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
T￿t 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 fconl1n￿￿j
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 r￿ed 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
a￿Ul$￿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.
CUr￿nt 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
In￿me 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 reSt0￿d 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. Inv￿tments
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