CONTENTS

01 Chairman’s Statement 2

02 Chief Executive’s Statement 3

03 The Odyssey Way 4

04 W5 Achievements & Performances 6

05 Odyssey Arena Achievements & Performances 10

06 Corporate Social Responsibility 14

07 Trading Activities 15

08 Corporate Governance 16

09 Overview of Financial Statements 16

10 Boards of Trustees / Directors & Executive Team 18

1 Chairman’s 01 Statement

I am pleased to for its financial support in establishing W5 as one of established by the Board to meet the challenges and present the Annual ’s leading science education facilities. opportunities over the remainder of the decade. The Report of The organisation’s Business Plan is focused on turning the Odyssey Trust The Odyssey Arena recorded another good performance strategic direction into a three year action plan for Company Limited in the year helped by a significant investment in the new delivery. (“Odyssey Trust”) theatre format. This opened to much success with a nine together with show run of Riverdance. This theatre format has proven As a Charity the Odyssey Trust is committed to its an Overview of to be popular with artists, promoters and fans. The founding principles. The Boards of the Odyssey Trust the Consolidated Odyssey Trust plans continual investment in the Arena Group, are dedicated individuals who give their input Financial Statements over the next few years. on a volunteer basis to deliver on this commitment. for the year ended Management and staff, under the leadership of the 31 March 2014. The Giants Team, owned by Odyssey CEO Robert Fitzpatrick, have shown great pride in the Millennium, won the in record organisation by working together to serve its needs. I W5, aided by an investment programme, had a very time and reached the Finals of the other two main league thank them all for their achievements and commitment successful year. In tandem with European Funding competitions. A significant increase in season ticket during the year. supported by the Northern Ireland Tourist Board, the holders contributed to total attendances during the year Odyssey Trust developed a new exhibit in W5 called of over 100’000. On a sad note Todd Kelman, the General I have had the privilege to be Chairman of the Board for ‘Climbit’. The exhibit has proved to be a wonderful Manager and former player, left the organisation. Todd was the last four years. As I step down from this position on addition to the Science Centre. In addition, the instrumental in the success of the team over many years. 31 March 2015 I wish to thank my fellow Trustees for their redevelopment of the “Under 8 Area” into “A Town Called He was very popular with everyone in the organisation contribution, support and counsel. Discovery” also contributed to a very successful year. and the supporters. I wish him well in his new position in . I wish Eric Porter success as he takes on the role of I am also pleased to report that the Stemnet contract Chairman. He is ideally qualified to chair the organisation has been extended for another year until March 2016. The Odyssey Trust continues to play its part in assisting through the next phase of its development. I congratulate the team for their commitment and in a resolution to the continuing Administration of the dedication in delivering Stemnet at W5. STEM continues to Odyssey Pavilion. It is hoped that this can be resolved I am delighted to have been of service to the organisation be at the core of the W5 experience and is central to the during 2015. The Pavilion, which is in need of significant and am confident of its continued success. on-going development of the facility. investment, will hopefully become, once again, a vibrant destination for families. BRIAN BURKE With effect from 1 April 2015, the annual subvention from Chairman, the Department of Culture, Arts and Leisure (“DCAL”) During the year the Board undertook a strategic review The Odyssey Trust Company Limited will cease and W5 will be funded solely by the Odyssey of activities resulting in a 2020 Vision Strategic Review Trust. I would like to take this opportunity to thank DCAL Report. The report outlined the four strategic priorities

2 Chief Executive’s 02 Statement

Another year of Hockey Operations and have big plans for the commitment that Brian has made to the Odyssey Trust. at Odyssey has development of the sport. I know that I will miss his comradeship, direction and brought a number advice and I wish him well in the future. of significant On a sadder note we said goodbye to Mr Todd Kelman developments as who moved to Cardiff to take ownership control of the I think that 2015 will be a transformational year for The Odyssey Trust . Todd was central both as a player and Odyssey and I believe that the customer will benefit continues with its as a manager to the success of the Belfast Giants and I greatly from some of the initiatives that are planned. mission to deliver on wish him well in the future. Our customers are at the core of our existence and we its founding principal look forward to welcoming you in 2015 to enjoy which is core to all W5 continues to grow from strength to strength and Your Odyssey. that we do. I am delighted that the Stemnet contract has been extended for another year. We have invested heavily in Thank you for your support. In the past number of years we have worked hard to the product and the unveiling of the permanent integrate the product offering at Odyssey and whilst Climbit Exhibit and the redevelopment of the Start ROBERT FITZPATRICK the continuing stalemate in the redevelopment of the facility had W5 achieving record numbers of customers Chief Executive, Pavilion continues to frustrate, we have had some very old and new. The Odyssey Trust Company Limited notable achievements. I am also delighted that W5 remains at the forefront of Our Arena business anchored by our Belfast Giants Ice provision of science education and have a very exciting Hockey Team had another good year. Although touring programme of events for next year. activity had pulled back slightly, we have invested heavily in the Arena offering a new theatre set up that has gone Of course none of this would be possible without the down very well with artists/promoters and customers passion and experience that a great management team alike. I am also excited by the Arena Development Plan brings. Odyssey is indeed served by a group of people that will ensure that the Arena continues to be one of that strive every day to deliver the best service and the best facilities in the world. embrace our core charitable objectives. It is a team that I am very privileged to lead and I want to congratulate The Belfast Giants had an outstanding year. They won all of them on their achievements in 2014. the Elite League in record time and reached the final of the Challenge Cup and end of season play offs. We I also want to pay tribute to my retiring Chairman, Mr welcomed back Mr as our new Head Brian Burke. Few people will know the effort, time and

3 The Odyssey 03 Way

The development of our product offer, visitor WHAT WE STAND FOR: to significant investments across these to further experience and employee experience requires a clearly develop the experiences we provide to our visitors defined vision that can underpin the delivery of the We are proud to be Northern Ireland’s leading provider and employees as well as ensuring we maximise the ‘best day out in Northern Ireland’ aspiration set by of entertainment experiences. charitable and commercial potential they together the Board and provide a standard against which all represent. decisions, investments and actions can be judged across Across our portfolio of brands, we seek to develop all of our brands. The Odyssey Way is not just about visitor experiences, from first point of contact to long ARENA RE-LAUNCH (2015) what we do but is also about how and why we do it. after the visit ends, that consistently excite, exceed It is about the development of a consistent ethos and expectations and keep our visitors coming back time Maintaining and building on the Arena’s position in the culture across every aspect of our business. and time again. Top 25 Arenas of the World will require a significant refresh of our facilities, the ongoing attraction of WHY WE EXIST: HOW WE WORK: outstanding content, the delivery of excellent customer experiences (from engagement to post-event) and the We are a Northern Ireland charity, committed in our We believe that what matters most to our visitors harnessing of new technologies to enhance customer responsibilities to: is the experience. This is focused on how we make engagement, loyalty, insight and education. As anchor every visitor feel before, during and after the time they tenant, the Belfast Giants will continue to pursue on • hold, manage, safeguard and develop the investment in choose to spend with us. and off ice success. the Odyssey Project for the benefit of all the people of Northern Ireland. We are dedicated to the quality of our offer, investing W5 RE-FRESH (2015-17) in its ongoing development and refreshment and in the • advance public education and manage a science centre safety of all our visitors and staff. Building on the recent success of Climbit and the re- which will contribute to the scientific knowledge of the launch of the Discovery zone, W5 will further enhance people of Northern Ireland; and We are committed to our role in society and to its reputation as the leading science centre on the providing the people of Northern Ireland, and visitors island of Ireland through the development of a new • provide facilities for recreation and other leisure time alike, with experiences they value as time and money sensory experience zone for early years, special needs occupation in the interests of social welfare with the well spent. and older people, of iconic installations and of the object of improving conditions of life. re-fresh and re-launch of the current Go, See and Do As the leading provider of entertainment experiences in zones. Northern Ireland, we are very proud of the reputation and quality of all the brands in the Odyssey Trust family. Over the next three years, we are committed

4

W5 04 Achievements & Performance

Record Visitor Numbers and costume, model and set creators and met actors from this programme of sport with Science, Technology, the movies. Engineering and Maths (STEM) study and careers Iconic Installations! which have been identified as an economic driver for From April to September, ‘StoryLand’, a temporary Northern Ireland going forward. In addition, a key Thirteen years since opening, W5 is still at the cutting exhibition and programme of literacy and creativity element of the initiative was social inclusion – ensuring edge of visitor attractions and the best place in based events, featuring Mark Maher’s model sets, was that young people from rural and urban deprived areas Northern Ireland for a family day out. 2014 marked a staged opposite W5 Lite at The Outlet, Banbridge. This were engaged with programmes and activities. new phase in its ongoing development with significant initiative was supported by Arts and Business and The capital development projects completed and a Outlet. On Saturday 5th July W5 unveiled “Climbit”, a brand strategic development plan through to 2017 agreed, new signature exhibit soaring three stories high, demonstrating their ongoing commitment to ensuring W5 was asked by DCAL to take the lead in developing where visitors can explore a custom designed climbing that visitors will always find something new to see and an initiative to increase awareness and engagement structure that is part visually elegant three dimensional do every time they visit. with the redevelopment plans for the three stadiums sculpture - part climbing frame. Children can stretch in Northern Ireland. Phase 1 of this project saw W5 their muscles, test their limits, take safe risks, and In parallel, a significant programme of exhibitions and developing a panel exhibition which focused on the develop confidence in their physical abilities. With public events were delivered by the team bringing people involved. This aimed to increase awareness Climbit a whole new experience was introduced to topical science, technology and creativity to a wide and of the breath of careers and expertise which are the heart of the building with a truly iconic exhibit that diverse audience. involved from a local context and promotes careers, seems to float in space and fascinates young and old STEM subjects and both academic and vocational visitors alike. In March 2014 The Wellcome Image Awards - an routes into employment through STEM role models. exhibition of award winning photography, recognising 2014 saw the extension of this programme to look at Designed by Luckey Climbers, an American company the creators of the most informative, striking and sport in Northern Ireland in a more general context. renowned for one-of-a-kind climbing sculptures, the technically excellent scientific images, was put on display Partnerships were established with Sports Institute project was part-funded by Odyssey Trust Company in W5’s Level 5 Gallery. The exhibition was staged in NI, IRFU, the IFA and the GAA amongst others. This and the European Regional Development Fund under partnership with and supported by The Wellcome Trust. enabled the development of a new 200 square metre the European Sustainable Competitiveness Programme temporary exhibition ‘Get Active’, focusing on STEM in for Northern Ireland, administered by the Northern W5’s annual ‘Invasion Belfast’ Star Wars weekend, in Sport, which was open to schools, the general public Ireland Tourist Board. partnership with the Emerald Garrison, was moved to and groups from 12th April – 31st August 2014. This March this year to be part of DCAL’s Creativity Month exhibition also had a supporting free education and events. Thousands of visitors joined in the celebration public events programme which reached an audience showcasing the skills of the Emerald Garrison’s of over 7,500. Emphasis was placed on linking

6

W5 04 Achievements & Performance (Continued)

Over the summer period, in parallel with W5’s ongoing over Halloween, with a Monster Lab, Spooky Dip and Wider remit… packed events programme, ‘Bright Sparks’ summer Zombie Dodgeball enhancing their visits. camp was developed and trialled. A week-long STEMNET at W5 has also grown from strength to adventure for inquisitive young minds aged 8-12 years Christmas saw W5 building on the success of previous strength with over 1,000 volunteer STEM Ambassadors old, children participated in exciting science activities years. Santa Claus came to visit much to the delight from business, industry and academia recruited and such as crime labs, rocket races and building challenges, of all visitors; the models of Mark Maher returned in actively engaged with young people and schools across had a go presenting spectacular science experiments ‘Once Upon A Fairytale’ and due to visitor demand, Northern Ireland. From ‘Science at Stormont’ to and created films of their experience to share with the ‘Winterland Express’ miniature train returned the launch of the TechKnow Clubs, the STEMNET family and friends. with new sets and the magical addition of the Snow team have facilitated nearly 750 free enrichment and Queen. ‘Light Fantastic’, an exciting new science engagement opportunities for over 18,000 young A targeted and very successful marketing campaign, demonstration show was created and performed in people. along with visitor recommendations ensured that the period between Christmas and New Year. The Climbit and W5 as a whole became the ‘must see’ whole building was themed to create a fantastic festive In addition, W5 continues to work in partnership with destination resulting in record numbers of visitors over programme of activities, resulting in the best Christmas The Outlet, Banbridge supporting ‘W5 Lite’ as a taster the summer. period since opening. venue and visitor draw. In 2014, with a supplementary events programme provided by W5’s team, over 53,000 After a period of refurbishment, START, W5’s W5’s Education programme continues to have visitors were recorded. exhibition area for eights and under, re-opened on significant reach into the community. 33,000 young 4th October as the new town of ‘Discovery’. Old people visited W5 through their school, with a further favourites returned, refreshed and renewed, along with 30,000 accessing W5’s Outreach programme. In Looking forward… new exhibits, new theming and fun photo opportunities. addition to core programmes, W5 obtained additional Discovery now contains 16 themed areas which house funding through sponsorship, grant aid to run events W5 is always striving to improve the visitor experience, over 50 interactive exhibits. W5 also launched a new and activities, normally free of charge for the end user, and 2015 will see an ongoing programme of partnership with Donnelly Group, who support the and in many cases including transport costs for schools. refreshment and development. new ‘Garage’ area and provided a funky Fiat 500 for These initiatives were used strategically to ensure young visitors to enjoy. The Town of Discovery is that W5 is accessible to as many visitors as possible, sponsored by The Outlet. targeted to schools and groups in areas of multiple deprivation or rural locations where costs or location To support the relaunch of Discovery, the ‘Little are barriers to participation. Sparks’ programme was developed for W5’s youngest scientists and younger visitors remained the focus

8

ODYSSEY ARENA 05 Achievements & Performance

The Arena welcomed in 2014 at a brisk pace. 20 years includes a gigantic banner permanently sited on the 2014 again saw some of the newest and brightest acts after Riverdance was first performed as the interval act Bridge in the auditorium, and dedicated “Wall of Fame” take to the stage with us here at the Odyssey Arena. in the Eurovision Song Contest in Dublin and having around the concourse level celebrating the fifteen Rudimental, Paolo Nutini, two nights of Ed Sheeran and been seen live by over 23 million people worldwide, the seasons of Ice Hockey the Arena has hosted. Although the fantastic Ellie Goulding who brought our largest Show returned to the Odyssey Arena as part of their Steve has been focused first and foremost on on- audience of the year. The new blood was as ever 20th Anniversary Tour. The return of this iconic show ice activities, his knowledge, enthusiasm and general underpinned by somewhat more experienced icons was even more special as it heralded the unveiling of business acumen are a great addition to the working and we saw our first visit of Gary Barlow in his solo a brand new draping system. This system allows the dynamic and we are sure exciting developments lie form plus the return of Kylie, Dolly and Andre Rieu Arena to present smaller capacity events in a more ahead as we look at further joint initiatives. to name but a few. Also among their number was the intimate format thereby enhancing the customer phenomenal Michael Buble who helped us see out 2014 experience and also offering promoters more flexibility. In general business terms we have been fortunate that with 3 unforgettable shows! Other acts such as Robbie As well as Riverdance we hosted the World Premier whilst the economy continues to stutter, people are still Williams and Katy Perry only stopped with us and did of Titanic Dance in this format along with the theatre enthused to come out in their thousands on a regular not venture down to Dublin. show The Official History of Liverpool FC. Theatre isn’t basis to enjoy live entertainment and in turn promoters the only target market for the drape system however have the confidence to bring world class entertainers The level of ticket sales in the months leading up to with Brit Floyd, Cliff Richard and Jake Bugg also using it to the Arena. This confidence does not just pertain Christmas were our busiest ever, so what therefore to great effect. to rock and pop, as events such as Arenacross and does 2015 promise? In February we have the fantastic the Belfast International Tattoo cemented their places privilege of welcoming a World Champion in the form As winter gave way to Spring we were delighted to see as annual events and for the first time in 4 years of Carl Frampton as he makes the first defence of the The Belfast Giants crowned Elite League Champions for we welcomed back a high class exhibition with the world title he won so emphatically in September last the 3rd time. The Belfast Giants are part of the Odyssey exceptionally well presented and also attended Smart year. Household names such as Neil Diamond, Sting & Family controlled and managed by The Odyssey Trust Business Show in May and the very colourful Belfast Paul Simon, Noel Gallagher, Take That and Lionel Richie and are the Arena’s Anchor Tenant. Since the Odyssey Film and Comic Convention in October. will grace the Arena stage in 2015 with plenty more Trust took ownership of the Giants, stronger and acts to come. Mrs Brown returns in December and closer ties have been forged between the Giants and From the world of TV, we certainly missed Mrs Brown comedy features very strongly with the ever popular the Arena teams with the sharing of ideas, initiatives this year as she took Australia and the film world by Michael McIntyre and a stunning 4 nights of Kevin and indeed office space. This helped smooth the road storm, but fans of the smaller screen were not left Bridges. Top Gear Live will make their eagerly awaited when Todd Kelman announced his departure in August disappointed by the live production of Ant & Dec’s debut in June and to start where we began, the small 2014 and we welcomed Steve Thornton back to the Saturday Night Takeaway. Their 4 shows with us in format draping system has allowed us to bring back Big ‘O’. Steve arrived just in time to help with the August sold more tickets here than anywhere else on Mamma Mia in 2015, the only Arena date in the UK and Arena’s development of further initiatives to enhance their UK & Ireland tour – including their hometown of Ireland. the supporters’ “Fan Experience” at the games. This Newcastle.

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ODYSSEY ARENA 2014 Event List

JANUARY APRIL OCTOBER

01 – 05 Skate Odyssey 04 Boxing 03 & 04 Belfast Giants v Cardiff Devils 02 Belfast Giants v Panthers 10 – 13 Disney on Ice: World of Fantasy 08 & 09 Ed Sheeran 04 Belfast Giants v Steelers 11 Belfast Giants v Stars 11 Belfast Giants v Cardiff Devils MAY 16 Jake Bugg 17 & 18 Arenacross 25 & 26 Belfast Film & Comic Con 22 – 26 Riverdance 07 & 08 Katy Perry 31 Belfast Giants v Breahead Clan 28 Challenge Cup 10 Titanic Dance 19 Miley Cyrus NOVEMBER FEBRUARY 21 WWE 29 & 30 Smart Business Show 02 Paolo Nutini 01 & 02 Belfast Giants v 31 McBusted 07 WWE 06 Hardwell 08 Belfast Giants vs Cardiff Devils 07 Belfast Giants v JUNE 09 Kylie 08 Belfast Giants v Flyers 14 & 15 Lee Evans 11 Rudimental 01 McBusted 16 Belfast Giants v 15 & 16 X Factor 05 Cliff Richard 20 – 23 Disney on Ice: 100 Years of Magic 18 Rob Stewarts Testimonial 09 Little Mix 29 Britt Floyd 20 Darts 10 Dolly Parton 21 & 22 Belfast Giants v Blaze 13 & 14 Robbie Williams DECEMBER 25 Jason Derulo MARCH 05 Andre Rieu AUGUST 06 & 07 John Bishop 01 Mixed Martial Arts 08 Jingle Ball 02 Ellie Goulding 21 – 23 Ant & Dec’s Takeaway 09 Kasabian 07 Belfast Giants v Cardiff Devils 11 – 13 Michael Buble 08 Russell Howard SEPTEMBER 15 Madness 12 Belfast Giants v Panthers 19 & 20 Belfast Giants v Blaze / 16 Belfast Giants v Clan 04 – 06 The Belfast Tattoo Skate Odyssey 21 & 22 Belfast Giants v Panthers 12 Belfast Giants v Capitals 27 Belfast Giants v Breahead Clan / 25 The Wanted 13 Belfast Giants v Breahead Clan Skate Odyssey 27 & 28 Miranda 18 – 20 Liverpool Story 30 Belfast Giants v / 29 Gary Barlow 27 Belfast Giants v Skate Odyssey 30 Belfast Giants v Hull Stingrays [Play off] 28 Belfast Giants v Flyers

12 Todd Kelman hands over the reins of the Giants to Steve Thornton Corporate Social Responsibility in Action 06 Supporting our community

The Odyssey Trust Company continues to actively “The Odyssey Trust and their CSR Team Leader (Robert embrace and robustly implement its CSR policy within McCord) has supported young people not only with their the local community and has delivered various projects personal development skills but also their career aspirations. during the last 12 months, some of the highlights have One young man Robert mentored went on to secure included: employment in his placement and was able to build in confidence and self-esteem with Roberts help”. • INTRODUCTION TO THE WORLD OF WORK Jenna Madden – Business in the Community (BITC)

• WORK PLACEMENTS “Odyssey Trust provides staff with the talent, flair and patience of being able to reach young people at whatever • BUSINESS MENTORING level their ability and presenting it in a way they easily understand. The Odyssey Trust is a valuable asset to • AIMING HIGHER PROGRAMME / BUP4WORK – Barnardo’s NI. It has been a pleasure to work with such Making a difference to young people in need. a dedicated organisation and it is my hope that this relationship can continue to develop so that young people “We have been working alongside the Odyssey Trust for the pupils love getting out and about with their peers and at we work with can benefit from the Odyssey Trust in the past 3 years and the working relationship keeps growing times it’s not always an easy task, but The Odyssey Trust has future”? Lesley Dobson – Dr B’s Kitchen Barnardo’s NI from strength to strength. The help and encouragement provided us with numerous opportunities for us to take our the Odyssey Trust provides us with has helped our school pupils to a VIP Night to Watch the Belfast Giants, Concerts tremendously in ways that words cannot describe. Over the and opportunities for us to engage with other employers on past three years they have played an integral role with the the Odyssey Site. schools Young Enterprise Team. The Young Enterprise Team is a group of pupils that set up and run their own business. The kindness, time, encouragement and willingness to The Odyssey Trust has put so much time and effort in with get involved with our pupils and staff has proved to be so the team and has made it a worthwhile experience for beneficial to the whole school community, and we hope the all involved. They have help with interviews, to give each link will continue. member a role in the team, they have went through the world of work highlighting important points for example We would like to say a BIG THANKYOU to all of the team. giving interview tips. Not only have they provided valuable Mrs Karen Hancock - Principal experience and advice from an employer’s perspective but Fleming Fulton School they have also funded motivational trips out for example at Soda Joes and Pizza Hut, which the pupils just love. Our

14 Trading 07 Activities

The trading activities of the Odyssey Trust are carried Car Park out by wholly owned trading subsidiaries that gift aid all of their profits to the Odyssey Trust. This gift aid is 20% an essential element for the Trust to fund its charitable activities. Rents

A wide range of business interests are managed 7% including the commercial activities in the Arena, W5, the Car Park and all ancillary commercial matters. W5 Commercial Activities In the year ended 31 March 2014 the subsidiaries have gift aided £1,368k (£1,673k 2013) to the Odyssey Trust. 3%

Income is generated largely from attendances and Arena Commercial visitors to the . Profits are lower Activities this year due to a reduced level of activity. This will fluctuate due to for example Arena attendances which 70% depend on the availability of concert tours in any year.

15 Corporate 08 Governance ORGANISATIONAL STRUCTURE The Arena is operated through an agreement with The Odyssey Trust maintains a high level of governance The Odyssey Trust is a company limited by guarantee international arena operator SMG. practice which it keeps under regular review. with charitable status and was established under a Memorandum of Association which sets out the objects The Pavilion is operated under a lease with a private Sub-Committees of the Board are Audit, Remuneration and powers of the charitable company and is governed sector tenant which sub-leases individual units. At the & Nominations and Charity. A formal risk management under its Articles of Association. date of this publication the Pavilion tenant is currently process operates to assess all business risks and in administration appointed by the bank. implement risk management strategies. Internal Audit is The Odyssey Trust has four subsidiaries; the trading carried out to assess the adequacy and effectiveness of subsidiaries gift-aid all, or substantially all of their GOVERNANCE the Company’s system of internal control. taxable profits to the Odyssey Trust. The Board is responsible for strategic direction and policy. The Directors seek to ensure that a broad W5 (also a charity) is a wholly owned subsidiary and representation of skills is properly reflected on the operates the Science Centre. Board. The Chief Executive is responsible for ensuring that the Odyssey Trust delivers the strategy and that key performance indicators are met.

Overview of Financial Statements 09 Year ended 31st March 2014 The financial reporting framework that has been GROUP STATEMENT OF FINANCIAL ACTIVITIES in the Pavilion) net of depreciation. Debtors, Bank applied in the preparation of the financial statements The Group Statement of Financial Activities for The balances and Creditors reflect the working capital is the applicable law and Accounting Odyssey Trust Group covers W5, the Arena, Car Park, requirements of The Odyssey Trust. The Bank balances Standards, including that for charities. The results Estate Management and Pavilion head rent. The trading include trading accounts and deposits most of which for 2013/14 show the continuing positive position. profit before depreciation and goodwill amounts to are offset by short-term creditors. The Funds are made The Accounts have been audited in accordance with £1.5m (£1.5m 2013). up of those which are general purpose and those that International Standards on Auditing (UK and Ireland). are designated and restricted for specific purposes set The Group Statement of Financial activities and Balance GROUP BALANCE SHEET out in the agreements under which The Odyssey Trust Sheet extracted from the audited financial statements The Group Net Assets amount to £55.3m (£54.9m) operates. (signed on 8 October 2014), are included in this report. The Fixed Assets amount to £45.9m being largely the A full copy of the statutory accounts can be obtained original building costs for the whole of the Odyssey from the Company Secretary. Complex (excluding the fit out costs of the units

16 The Odyssey Trust Company Limited The Odyssey Trust Company Limited Group statement of financial activities Group balance sheet For the year ended 31 March 2014 For the year ended 31 March 2014

Restricted Unrestricted Total Total Total Total Funds Funds 2014 2013 2014 2013 £ £ £ £ £ £

Incoming resources Fixed assests Incoming resources from generated funds: Intangible Assets - (612,908) Voluntary Income 590,599 - 590,599 891,336 Tangible Assets 45,870,448 46,265,365 Activities for generating funds 2,135,731 6,552,825 8,688,556 8,134,183 45,870,448 45,652,457 Investment income 194 175,828 176,022 254,837 Current assets 2,726,524 6,728,653 9,455,177 9,280,356 Debtors: Incoming resources from charitable activities Amounts falling due after one year 32,001 34,463 Other incoming resources 1,538,407 2,138,737 3,677,144 3,801,822 Amounts falling due within one year 1,307,728 1,079,996 Total incoming resources 4,264,931 8,867,390 13,132,321 13,082,178 Stock 140,334 136,723 Bank and cash 14,348,172 13,965,936 Resources expended 15,828,235 15,217,118 Costs of generating funds: Fundraising trading: cost of goods sold Creditors: amounts falling due within one year (6,423,819) (6,010,961) and other costs 2,535,400 5,331,934 7,867,334 7,656,619 Net current Assets 9,404,416 9,206,157 Investment Management costs - 5,721 5,721 9,017 2,535,400 5,337,655 7,873,055 7,665,636 Net Assets 55,274,864 54,858,614

Charitable activities 2,430,247 2,785,309 5,215,556 5,335,551 Funds Governance costs 71,819 168,549 240,368 305,151 Unrestricted funds: Total resources expended 5,037,466 8,291,513 13,328,979 13,306,338 General reserve 3,788,722 3,147,293 Net (Outgoing)/ incoming resources Designated fund 6,251,580 5,200,265 before transfers and goodwill: (772,535) 575,877 (196,658) (224,160) Negative Goodwill amortisation - 612,908 612,908 727,102 Restricted funds: Net incoming resources Construction fund 42,151,154 43,184,989 before transfers and after goodwill: (772,535) 1,188,785 416,250 502,942 DCAL W5 fund 8,142 8,137 Estate Management fund - - Transfers Arena fund 3,075,266 3,317,930 Gross transfers between funds (503,963) 503,963 - - W5 fund - - Net movement in funds (1,276,498) 1,692,748 416,250 502,942 Reconciliation of funds Total funds: 55,274,864 54,858,614 Total funds brought forward 46,511,056 8,347,558 54,858,614 54,355,672

Total funds carried forward 45,234,558 10,040,306 55,274,864 54,858,614

All amounts above relate to continuing operations of the group. There is no difference between the net incoming resources for the year stated above, and their historical cost equivalents. 17 The Odyssey Trust Company W5 Limited Executive Team Limited Directors/Trustees Directors/Trustees Odyssey Group Chief Executive Chairman Robert Fitzpatrick Chairman Richard Murphy Brian Burke Odyssey Group Financial Director Tim Harrison Tony Payne Vice Chair Orla Corr Eric Porter W5 Judith Harvey Chair of Charities Committee Catherine O’Mullan Greg McConnell Arena Wendy Gillies Adrian Doyle Chair of Remuneration and Nominations Committee Belfast Giants Eric Porter Odyssey Millennium Limited Steve Thornton Directors Chair of Audit Committee Facilities Christina Byrnes Chairman Brian Hughes Gerry Moore Chair of W5 Corporate Services Richard Murphy Brian Burke Julie-Anne Gillen

Wendy Gillies Orla Corr

Leo McKenna Leo McKenna

Paul McMahon Nick Harkness

Richard Ennis Robert Fitzpatrick

Judith Eve Tony Payne

Brian Hughes