COMPANY REGISTRATION NUMBER: 1954998 CHARITY REGISTRATION NUMBER: 1036633 Milford Haven Heritage and Maritime Museum Company Limited by Guarantee Unaudited Financial Statements 31 March 2025
Milford Haven Heritage and Maritime Museum Company Limited by Guarantee Financial Statements Year ended 31 March 2025 Trustees' annual report (incorporating the director's report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements The following pages do not form part of the financial statements Detailed statement of financial activities Pages 1 to 2 3 4 5 6 to 9 11
Milford Haven Heritage and Maritime Museum Company Limited by Guarantee Trustees' Annual Report (Incorporating the Director's Report) Year ended 31 March 2025 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2025. Reference and administrative details Registered charity name Charity registration number Company registration number Principal office and registered office Milford Haven Heritage and Maritime Museum 1036633 1954998 The Docks Milford Haven Pembrokeshire SA73 3AF The trustees Company secretary Independent examiner Mrs SC Kenny Mr C A Sharp Mr GA Springer Mrs SC Kenny Evens & Co Ltd Chartered Accountants Structure, governance and management Governing document The charity is controlled by its governing document, a deed of trust, and construes a limited company, limited by guarantee, as defined by the Companies Act 2006. Committee of Management The names of the Committee of Management are shown on page one. Objectives and activities To advance the education of the public by the provision of a museum. Public benefit We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objections and in planning our future activities. Strategic report The following sections for achievements and performance and financial review form the strategic report of the charity. - 1-
Milford Haven Heritage and Maritime Museum Company Limited by Guarantee Trustees' Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2025 Achievements and performance Charitable activities After a busy winter period of maintenance, cleaning and changing displays, we were ready to open at the start of Easter 2024. Trustees remained a low number at three. A campaign to recruit trustees is underway but to date, not very successful. The volunteer number has stayed the same but again more are needed. We started the new season with the opening of our new exhibition covering the green energy being developed in the waterway. This was a major change involving changing a large area of the displays on the first floor. Due to improved weather, the numbers of visitors increased and takings were up year on year. A summer activity took place welcoming children to make bunting and create colourful drawings relating to Milford Haven. We had a rope demonstration and craft making days. The museum closed its doors for the end of the season after the October half term. Winter work had been planned and some of the volunteers help during the closed period to clean and closed down for the winter period. We look forward to opening again at Easter 2025. Financial review The reserves held at the end of the year are £88,928 surplus (2024 - £80,244 surplus). Reserves are set aside for future projects. The trustees' annual report and the strategic report were approved on 28 August 2025 and signed on behalf of the board of trustees by: Mr C A Sharp Trustee Alleg Susan Cherry - 2-
Milford Haven Heritage and Maritime Museum Company Limited by Guarantee Independent Examiner's Report to the Trustees of Milford Haven Heritage and Maritime Museum Year ended 31 March 2025 I report to the trustees on my examination of the financial statements of Milford Haven Heritage and Maritime Museum ('the charity) for the year ended 31 March 2025. Responsibilities and basis of report As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or 2. the financial statements do not accord with those records; or 3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination; or 4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Evens & Co Ltd Chartered Accountants Independent Examiner Hamilton House Hamilton Terrace Milford Haven Pembrokeshire SA73 3JP - 3-
Milford Haven Heritage and Maritime Museum Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2025 2025 Unrestricted funds Total funds Note Income and endowments Donations and legacies Charitable activities Investment income Total income Expenditure Expenditure on charitable activities Total expenditure Net income/(expenditure) and net movement in funds 5,317 57,350 435 63,102 (54,418) (54,418) 8,684 Reconciliation of funds Total funds brought forward Total funds carried forward 80,244 88,928 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 5,317 57,350 435 63,102 (54,418) (54,418) 8,684 80,244 88,928 The notes on pages 6 to 9 form part of these financial statements. - 4- 2024 Total funds 1,259 46,208 446 47,913 (55,939) (55,939) (8,026) 88,270 80,244
Milford Haven Heritage and Maritime Museum Company Limited by Guarantee Statement of Financial Position 31 March 2025 2025 2024 Fixed assets Tangible fixed assets Current assets Stock Debtors Cash at bank and in hand Note 5 36,913 17,159 6, Creditors: amounts falling due within one year Net current assets Total assets less current liabilities 8 945 6,800 46,089 53,834 (1,819) 52,015 88,928 2,612 5,660 57,128 65,400 (2,315) 63,085 80,244 Funds of the charity Unrestricted funds Total charity funds 9 88,928 88,928 80,244 80,244 For the year ending 31 March 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors' responsibilities: The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. These financial statements were approved by the board of trustees and authorised for issue on 28 August 2025, and are signed on behalf of the board by: Mr C A Sharp Trustee Susan Cherry The notes on pages 6 to 9 form part of these financial statements. - 5-
Milford Haven Heritage and Maritime Museum Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2025 2. 3. General information The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is The Docks, Milford Haven, Pembrokeshire, SA73 3AF. Statement of compliance These financial statements have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, 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, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. - 6-
Milford Haven Heritage and Maritime Museum Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 3.. Accounting policies (continued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that 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 to particular categories of income: • income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its 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 fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. • income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability 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 • expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulater depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fai value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Short leasehold property Fixtures and fittings : over the term of the lease 15% reducing balance - 7-
Milford Haven Heritage and Maritime Museum Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 3. Accounting policies (continued) Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. 4. Independent examination fees Fees payable to the independent examiner for: Independent examination of the financial statements Tangible fixed assets Cost At 1 April 2024 Additions At 31 March 2025 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 Carrying amount At 31 March 2025 At 31 March 2024 Stocks Short leasehold propery 20,565 - 20,565 18,162 553 18,715 1,850 2,403 6. Stock 7. Debtors Prepayments and accrued income Other debtors 2025 250 Fixtures and fittings 44,623 26,494 1,11 29,867 6,187 36,054 35,063 14,756 2025 945 2025 4.720 2,080 6,800 2024 250 Total 65,188 26,494 911682 48,029 6,740 54,76 36,913 17,159 2024 2,612 2024 4,051 1,609 5,660 Other debtors include an amount of Enil (2024 - £nil) falling due after more than one year. - 8-
Milford Haven Heritage and Maritime Museum Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 8. Creditors: amounts falling due within one year Trade creditors Social security and other taxes Other creditors 9. Analysis of charitable funds Unrestricted funds General funds At 1 April 2024 80,244 At 1 April 2023 88,270 Income 63,102 Income 47,913 General funds 10. Analysis of net assets between funds Tangible fixed assets Current assets Creditors less than 1 year Net assets Tangible fixed assets Current assets Creditors less than 1 year Net assets - 9- 2025 88 1,731 1,819 2024 312 474 1,529 2,315 Expenditure 31 March 2025 (54,418) 88,928 Expenditure 31 March 2024 (55,939) 80,244 Unrestricted Funds 36,913 53,834 (1,819 88,928 Unrestricted Funds 17.450 (2,315) 80,244 Total Funds 2025 36,913 53,834 (1,819) 88,928 Total Funds 2024 17,159 65,400 (2,315) 80,244
Milford Haven Heritage and Maritime Museum Company Limited by Guarantee Management Information Year ended 31 March 2025 The following pages do not form part of the financial statements. - 10 -
Milford Haven Heritage and Maritime Museum Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 March 2025 2025 Income and endowments Donations and legacies Donations Charitable activities Shop income Entrance fees Grants 5,317 2,940 8,410 46,000 57,350 435 63,102 Investment income Deposit account interest Total income Expenditure Expenditure on charitable activities Purchases Rent Light and heat Repairs and maintenance Insurance Legal and professional fees Telephone Other office costs Depreciation Advertising Sundry Accountancy Independent examiner Total expenditure Net income/(expenditure) 9,489 12,420 4,343 6,474 3,799 2,888 496 2,343 6,740 3,786 790 600 250 54,418 54,418 8,684 - 11- 2024 1,259 4,888 6,956 34,364 46,208 446 47,913 15,905 9,862 1,327 13,356 1,692 512 2,635 3,157 1,300 55,939