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