COMPANY REGISTRATION NUMBER: 1954998 CHARITY REGISTRATION NUMBER: 1036633 Milford Haven Heritage & Maritime Museum Company Limited by Guarantee Unaudited Financial Statements 31 March 2023
Milford Haven Heritage & Maritime Museum Company Limited by Guarantee Financial Slalemenls Year ended 31 March 2023 Pages Trustees, annual report (incorporating the director's report} Independent examiner's report to the trustees 1102 Slatemenl of financial activities (including income and expenditure account) Slatemenl of financial position Notes to the financial statements 6t09 The following pages do not form part of the financial statemenls Detailed statement of financial activities 11
Milford Haven Heritage & Maritime Museum Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 March 2023 The trustees, who are also the directors for the purFK)ses ol company law, present their rewrt and the unaudited financial slatemenls of the charity lor the year ended 31 March 2023. Reference and administrative details Regislered charity name Milford Haven Heritage & Maritime Museum Charity registration number 1036633 Company registralion number 1954998 Principal office and regislered office The Docks Milford Haven Pembrokeshire SA73 3AF The trustees MrALBatte Mrs J R Batte Mrs C Best Mrs S C Kenny Mr C A Shary) Mr G A Springer (Resigned 4 December 2022) (Resigned 1 April 20221 Company secretary Mrs S C Kenny Independent examiner EVENS & CO LTD Chartered Acounlanls Structure, governance and managemenl Governing document The charty is controlled by its governing document. a deed ol trust. and construes a limited company, limited by guarantee. as defined by the Companies Act 2006. Commiltee ol Management The names ol the Committee of Managemenl are shown on page one. Under the advice from Pembrokeshire Association lor Voluntary Services, the charity reduced the size ol its management committee from thirteen trustees to seven, with the Milford Haven Town Council appoinling tsvo trustees and the Friends ol the Milford Museum appoirrting live, giving a cornmillee ol seven persons. Objectives and activities To advance the education of the public tsy the wovision of a museum. Public benefit We have referred to the guidance contained in the Charity Commission's generai guidance on puuic benefit when reviewing our aims and objections and in planning our future activities.
Milford Haven Heritage & Maritime Museum Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (condnued) Year ended 31 March 2023 Strategic report The following sections for achievemenls and performance and financial review form the strategic report of the charity- A¢hievements and perfomiance Charitable activities The museum opened Easter 2022 after a lot of winter work. painting many of the areas and brightening up the museum. The visitor number slightly improved on the previous year as people became more comfortable wilh coming back out and into buildings. Work is carrying on with the Heritage Lottery Funding Grant lo find ways off making the museum more sustainable. Several plans are in place for the 2023 season. The summer aclivilies of making cushions and art work proved very successful with the children and brought extra visitors to the museum. Work started on a book written by local school children and kindly funded mainly by a American Actress and Author. During the year one Trustees resigned due lo personal reasons. We would like lo wish Jenifer Batte all the best for the future and thank her for her dedication lo the museum over the years. The museum closed its doors for the end of the season after the October half term. Winter work had been planned. We are hoping lo replace the display cabinets in the social room, This job is a big job and al a large Gosl but il will make il easier for the displays to be changed. We very much look forward to welcoming more visitors next year. Financial review The Teserves held at the end of the year are £88,270 surplus {2022 £109,804 surplus). Reserves are set aside for future projects. The trustees, annual report and the strategic report were approved on 3 October 2023 and signed on behalf of the board of Iruslees by: Mr C A Sharp Chairman
Milford Haven Heritage & Maritime Museum Company Limited by Guaranlee Independenl Examiner's Report to the Trustees of Miltord Haven Heritage & Maritime Museum Year ended 31 March 2023 I report lo the trustees on my examination ol the financial slalemenls ol Millord Haven Heritage & Maritime Museum I'the charity'l lor the year ended 31 March 2023. Responsibilitie3 and basls of report As the trustees ol the company land also ils directors lor the purposes ol company lawl you are responsible for the preparation ol the financial slalemenls in accordance with the requirements ot lh8 Companies Act 2006 I'the 2006 Acl'l. Having satisfied myself that the accounts of the company are not required lo be audited under Part 16 01 the 2006 A¢1 and are eligible lor indèpendent examination, I report in respect ol my examination of the charity's accounts as carried oul under section 145 01 the Charities Act 2011 I'the 2011 Acl'l. In carrwng out my examination I have followed the Directions given by the Charity Commission under section 145{Sllbl ol the 2011 A¢1. Independenl examlner's statemenl I have completed my examination. I conlirm that no mallers havè come to my attention in connection with the examinalion giving me cause lo believe= accounting records were not kept in respect ol the charity as required by section 386 01 the 2006 Act,. or the financial statements do nol accord with those records., or the financial slalemenls do not comply with the accounting requirements ol section 396 01 the 2006 Act other than any requirement that the accounts give a 'lrue and lair, view which is not a matter considered as part ol an independent examination., or the financial slalemonts have not been prepared In accordance with the methods and principles of the Statement ol Recommended Practice lor accounting and reporting by charities applicable to charities preparing Ih8ir accounts in accordance with the Financial R8POrting Standard applicable in the UK and Republic ol Ireland IFRS 1021. I have no concerns and have corne across no other matters in connection wilh the oxamination lo which attentlon should be drawn in this report in order lo enablè a proper understanding ol the accounts lo be r&ached. EVEN TD Chartered Acounlanls Independent Examiner Hamilton House Hamillon Tefrace Milford Haven Pembrokeshir8 SA73 3JP
Milford Haven Heritage & Maritime Museum Company Limited by Guarantee Statement of Financial Activilies (includlng Income and expenditure account) Year ended 31 March 2023 2023 Unreslricled funds 2022 Tolal funds Total tunds Note Income and endowments Donations and legacies Charitable activities Investment income 6,169 30,716 120 6,169 30,716 120 1,499 32,131 Total Incom8 37,005 37,005 33,634 Expendlture Expenditure on ¢harilable a¢livities Total expendllure 158,5391 158,539} 158,5391 158,5391 134.3291 134.3291 Net expendllure and net movemenl In funds 121,534) 121.5341 16951 Reconciliatlon ot lund8 Total funds broughl lorward Total lunds carrled forward 109,804 109.804 110,499 88,270 88.270 109.804 The statement ol tinancial activllies includes all gains and losses recognised in the year. All income and expenditure derive from Conlinuing aclivi118S. The notes on pages 6 to 9 lorm part of these flnancial st8toment¥.
Milford Haven Heritage & Maritime Museum Company Limited by Guarantee Statement of Financial Position 31 March 2023 2023 2022 Note Fixed assets Tangible fixed assets 20,316 23.932 Current assets Stock Debtors Cash al bank and in hand 2.328 8,711 62.078 3,459 3,373 88,126 73,117 94,958 Creditors: amounts falling due withln one year Net Current assets {5.1631 67,954 (9.086) 85,872 Totsl assets1è58 current liabilities 88,270 109,804 Funds of the charity Unrestricted funds 88.270 109,804 Totsl Charity funds 88,270 109,804 For the year ending 31 March 2023 the charity was entitled to exemption from audil under section 477 of the Companies Act 2006 relating lo small companies. Directors. responsibilities.. The members have not required the company lo obtain an audit of rts financial statements for the year in question in accordan with section 476., The directors acknowledge their responsibilities for ¢omplyin9 Wlth the requirements of the Act with respect lo accounting records and the preparation of financial slalemenls. These financial slalements have been prepared in accordan with the provisions applicable lo companies subiect to the small companies, regime. These financial statements were approved by the board of trustees and aulhorised for issue on 3 October 2023, and are sign f the board by Mr C A Sharp Trustee The notes on pages 6 to 9 fonn part of these financial slalements.
Milford Haven Heritage & Maritime Museum Company Limited by Guarantee Notes to Ihe Financial Statements Year ended 31 March 2023 General Informatlon The charity is a public benefit enlily and a private company Iimiied by guarantee, registered In England and Wales and a registered charity in England and Wales. The address of the registered off ice is The Docks, Milford Haven, Pembrokeshire, SA73 3AF. Statement of compllance These financial slalemenls have been preparèd In compliance with FRS 102, 'The Financial R8POrting Standard applicable in the UK and the Republic ol Ireland,, the Slalemenl ol Recommended Practice applicable lo char11ies preparing their accounts in accordancè with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 Icharilies SORP IFRS 10211 and Ihe Companies Acl 2006. Accounting pollcles Basls of preparatlon The financial slalements have been prepared on the historical cost basis. as modified by the revaluation ol certain financial assets and liabilities and investment proponies measured al lair valu8 through in¢om8 or expenditure. The financial statements are prepared in s18rling, which is Ihe tunclional currency ol th6 entity. Golng concern There are no malerial uncertainties about the charity's abilily lo continue. Judgements and key sources of esllmatlon uncertalnty The preparation ol the financial statements requires managemeni lo make iudgemenis. eslimales and assumptions that allect the amounts reported. These eslimales and judgements are Continually reviewed and are based on experience and other laclors, Including expecialions ol lulure evenls that are believed lo be reasonable under the circumstances. Fund accountlng Unreslricled funds are available lor use at the discretion ol the trustees to lurthei any ol the charity's purp)ses. Designated funds are unreslricied tunds earmarked by the Iruslees lor particular lulure projed or commitment. Fleslricted funds are subjected lo restrictions on their expendilufe declared by the donor or through the terms ol an appeal, and fall into one ol two sub-classes.. restricted income funds or endowment funds.
Milford Haven Heritage & Maritime Museum Company Limited by Guarantee Notes to the Financial Statements (eontlnuedj Year ended 31 March 2023 Aecountlng pollcles (¢onllnuedJ Incoming resources All incoming reSoUrS are included in the slalemenl of linancial activilies when enlillemenl has passed lo the charity,. it is probable ihal the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied lo particular categories of income.. income from donations or grants is reccxJnised when there is evidence of entitlement to the gift, receipt is probable and ils amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the lair value ol ihe gOS unless ihis is impractical lo measure reliably, in which case the value is derived from the cost lo the donor or the estimated resale value. Donated facilities and services are recognised in the accounls when received il the value can be reliably measured. No amounts are Included lor the conlribulion ol general volunteers. income from canlracts lor Ihe supply ol services is recnISed with the delivery af the contracted service. This is classified as unreslricled funds unless there is a contractual requir8rnènl lor il to b8 sp8nl on a particular purpose and relurned if unspent, in which case Il may be regardeé as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be lully recovered. arKI is classified under headings ol th8 Stal8mènt ol financial aclivi118S to whh it relates.. expenditure on raising funds includes the costs ol all fundraising activities, evenls, non-charilable trading aclivilies. and the sale ol donated goods. expendrture on charitable activities includes all costs incurred by a charity in undertaking aclNities that further ils charitable aims lor the benefit ol ils beneficiaries, including those support casts and costs relating io the governance ol the charity apportioned lo charitable aclivilies. other expenditure includes all expenditure that is nerther related to raising funds for the charity nor part of ils expenditure on charitable activities. All cosls are allocated lo expenditure categories fellecting the use ol the resource. Direct cosls attributable lo a single activity are allocated directly to that aclivily. Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiable and consislenl basis. Tangible assets Tangible assets are initially recorded al ¢osl, and subsequently slated at cost less any accumulated depreciation and iTnpairmenl losses. Any tangible assets carried al revalued amounts are recorded al Ihe lair value al the dale ol revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Milford Haven Heritage & Maritime Museum Company Limited by Guarantee Notes to the Financlal Statements (contlnu8dJ Year ended 31 March 2023 Accountlng pollcles (conllnuedj Depreciation Depreciation is calculated so as lo write off the cost or valuation ol an asset, less its residual value, over the useful econom life of that asset as tollows.. Short leasehold property Fixtures and fittings over the term ol Ihe lease 1 SO/0 reducing balance Stocks Stocks are measured at the lower of cost and estimated selling prfce less costs lo complete and sell. Cosl includes all costs ol purchase. costs ol conversion and other cosls Incurred in bringing the slock lo ils present location and condition. Independent examlnatlon fees 2023 2022 Fees payable lo the Independent examiner for. Independent examination ol the financial slalements 250 250 Tanglble Ilxed assét$ Short leasehold property Fixtures and fittings Total Cost At 1 Aprll 2022 and 31 March 2023 Depreclatlon At 1 April 2022 Charge lor the year At 31 March 2023 20,565 44,623 65.188 17,056 553 24,200 3,063 41,256 3,616 17,609 27,263 44,872 Carrying amount At 31 March 2023 2,956 17.360 20,316 Al 31 March 2022 3,509 20,423 23.932 Stocks 2023 2022 Stock 2,328 3,459
Milford Haven Heritage & Maritime Museum Company Limited by Guarantee Notes lo the Financlal Statements (conllnued) Year ended 31 March 2023 Deblors 2023 2022 Prepayments and accrued income Olher debtors 8,108 603 2,568 805 8,711 3,373 Other debtors include an amount ol £nil12022 - £nill falling due after more than one year. Credltors: amounts falllng due wlthln one year 2023 2022 Trade creditors Olh8r creditors 4,152 1,011 7.911 1.175 5.163 9,086 Analysls ol charltable lunds Unrestrlcted lunds Al Expenditure 31 March 2023 Al l April 2022 Incom8 General lunds 109,804 37,005 158,5391 88,270 Al Expenditure 31 March 2022 Al 1 April 2021 Income General lunds 110,499 33,634 134,3291 109,804 10. Analyslg of nel assets between funds Unreslricled Total Funds Funds 2023 Tangible fixed assets Currènt assets Creditors less than 1 year Net assets 20.316 73.117 {5.1631 88,270 20,316 73,117 15,1631 88,270 Unreslricied Funds Total Funds 2022 Tangible fixed assets Currenl assets Creditors less than 1 year Nel assets 23.932 94,958 19,0861 109,804 23.932 94,958 19.0861 109,804
Milford Haven Heritage & Marilime Museum Company Limited by Guaranlee Managemenl Information Year ended 31 March 2023 The followlng pages do not form part of the flnancial slatements. 10-
Milford Haven Heritage & Maritime Museum Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 March 2023 2023 2022 Income and endowmenls Donallons and legacies Donations 6,169 1,499 Charitable aclivltleg Shop income Entranc8 lees Grants 2,321 6,280 22,115 1,268 4.641 26,222 30,716 32,131 Investment Income Deposit account interest 120 Total Income 37,005 33,634 Expendltur8 Expenditure on charllable actlvltles Purchases Flenl Light ané heal Repairs and maintenance Insurance Legal and prol@ssional18es Telephone other office Costs Depreciation Advertising SLtndry A¢¢ountan¢y Independent examiner 29,335 6,095 2,142 869 3,756 1,136 412 4,444 3,616 4,859 1,225 400 250 5,101 8,696 3,321 7,659 399 2,158 465 137 4,157 1,310 336 340 250 58,S39 34,329 Total expendlture 58,539 34,329 Net expendlture {21,5341 16951