Oversight, Accountability and Expertise For This Project

Our voluntary directors have a collective wealth of experience in the public, private and charitable sectors. This includes a significant track record in partnership working, capital infrastructure project delivery, press and communications, public and community engagement, but also as mariners.

Further recruitment of trustees will take place as expertise requirements dictate, up to a maximum of ten. The presence of appropriate accounting, auditing and legal services is in place to provide assurance to our partners and sponsors in terms of rigorous governance, and maximum efficiency of all donations.

Financial projections

A detailed breakdown of financial projections for both the construction and operational phase of the project are available if required in support of funding due diligence. Operating costs comprising Crew/Staffing, Admin/Overhead and Maintenance costs are projected to run at ~£250,000 per year over the first 10 years of service.

Operational income from multi-day voyages, day sailing, private hire, in harbour tours, accommodation and film/media revenue is projected to provide sufficient revenue to offset operating costs over the first 5 years of service, with the potential of modest profit to be made for the years thereafter.

This provides the confidence that the project is cashflow positive for each of the first 10 years of operation and is projected to accumulate some cash surplus in case of unforeseen maintenance costs or down turn in revenue stream for any particular year, demonstrating the robustness of the project as a sustainable entity.

As the SCIO is a Charitable Organisation all profits will be channelled back into the Muirneag na Mara for ongoing upkeep of the SV Muirneag or into other charitable enterprises.Costs and revenue streams have been benchmarked against other similar vessels/enterprises.

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