COMPANY REGISTRATION NUMBER: 5334551 CHARITY REGISTRAnON NUMBER: 1126403 Waterfront Gallery Company Limited by Guarantee Unaudited Financial Statements 29 February 2024
Waterfront Gallery Company Llmlted by Guarantee Financial Statements Year ended 29 February 2024 Pages Trustees. annual report (incorporating the directorfs report) 1103 Independent examinerfs report to the trustees Slatement of financial activilies (including income and expenditure accounl) Statement of financial posilion Noies to the financial statements 7t012 The following pages do not fonn part of the financial statements Delailed statement of financial actiifjlies 14
Waterfront Gallery Company Limited by Guarantee Trustees, Annual Report (Incorporatlng the Dlrector's Report) Year ended 29 February 2024 The trustees, who are also the diTectors for the purposes of company law. pr&sent their rewrt and the unaudited financial stalen1$ of the charity for the year ended 29 February 2024. Reference and adminlstrallve detalls Registered charity name Waterfront Gallery Charity registration number 1126403 Company registration number 5334551 Fri1paI office and registered office The Old Sail Lft Discov¢ry Quay The Docks Milford Haven Pembrok&thire SA73 IAF The trustees Mr DRS Clarke Mr DA Randell Mr AE SaDgster Mr TC Arthur Mr RWC Thompson MTS TJ Prior (Resigned 2 _march 2023) (Resigned 2 March 2023) Company secrary Independent examiner Mr AE Sangster EVENS & CO LTD Chartered Accountants Hamilton Hou HamiIton Terrace Milford Haven Pembiokeshire SA73 3JP Structure. governance and Governing document The charity is controlled by its menK>randum and articles of ass(Kiation adOpd 15 December 21KH and nStituteS a limited company, lllniled by guaranlee a5 defmed by the Companie¥ Act 21MJS. In aCCord&Ce with the constitution. memtws of the execulive aTe elecred annuaity and all executive committee members are elecwl Trusiees of the charity. Tn]S*es holding office during the year are included in this reporL
Waterfront Gallery Company Llmlted by Guarantee Trustees, Annual Report (Incorporatlng the Dlrector's Report) (condnued) Year ended 29 February 2024 Strnctureg governanee and nW1agement(¢imedj Rlsk Management Th¢ Irusi¢es have a duly to identAfy and review the risks to which the charity is exposed and io ensure appropriate controls are in place to provide reasonable assurance against fraud and eOr. Objectives and activities The charitable obje¢uves of the organisation are to pmnK)te. maintaio improve aNI advance education by the cncouragelnent of the including, without limilation. the arts of drami mime, danc¢. singing and music. The nefItS ihat flow from the alx>ve objectives and activities include providing a]A participanL8 with an enhanced quality of life achieved through the understanding and participation in the arts. Such un&rstanding is prorn0t by bringing people iogether and achieving greater SOCAaJ cohesion and community life. Achievements and perfornwe The start of 2022-2023 saw a continuation of poor trading especially in relation to the more expensive pieccs of work. It showed a reluctanc£ by custolS lo spend although we continued io havc plenty of visitors who enjoyed the exhibits. We launched the Wales Contemwrary in ihc spring and had an amazing resp)nsc with over 2(XX) entries from 42 countries worldwide. The receipt of enty fees for was a greai help to mainlairA the operation of the gallery. our schools exhibitions and to showcas¢ the work of our regular artists. The exhibilion of the wale. Colltemrdry competition took place in the autumn a1 we also tranqp)rted the show to IA)DdoTh where it was exlll'bifrd for a week in the OXO Gallery. A huge blow to the gallery when Peter. our most reliable volunteer. and go(Ml friend to the gally. became ill in the Summer and sadly passed away in November. We were able to recommence our Pembrokeshire sch(M)Is exhibition and this was very well e1ved. Website The cknty h&4. a website, www.Ihewaterfrontg211ery.co.uL It is intended thai the websile gi Jnforn]ation of a¢tivitiv at the gallery and promoks it to a wider ciistomer base. Financial review The reserves held ai the year end are £1,9.51 SUluS (2021 - £1.5.-536 surplus). The gallery utilises its funds lo maximise its application to meet the objectives in promoting the arts. The gallcry does not hold unnecessary funds but is able to net its obligations due to the kAnd contributions by its benefacto. Plans for future peri(Kls In the comTng year we plan lo continue developing the Wales Contemw)rary International Exhibition. Small company provisions This re)rt has been prepared in accordance with the provisions applicable to companies entiiled to the small companies exemption.
Waterfront Gallery Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 29 February 2024 The trustees. annual rewrt w&8 approved on 19 November 2024 and signed on beha]f of the IK)ard of trnstees by: Mr DA Randell Truslee
Waterfront Gallery Company Llmited by Guarantee Independent Examlner's Report to the Trustees of Waterfront Gallery Year ended 29 February 2024 l Teport to the mistees on my examination of the financial statements of Waterfront Gajlery ('the charity,) for the year ended 29 February 2024. Responsibilities alld basis of report As the charity's trustees of the Company (who are also the directors of the company for the pu4K)ses of company law). you are responsible for the Preparation of the accounts in accordance with the requirements of the Companies Act 21X)6. Having satisfied myself thar the accounts of the Conipany are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination. l TeEX)rt in res11 of my examination of your chan'ly's accounts as caTried out under sertion 145 of the ChaTities ALt 2011. Jn canying out my examinatio I have followed the Directions LTiveTh by the Ch1[Y Commission under section 145(.5)(b) of the 2011 Act. My examination was carried out in accotdance with the gcneral Directio$ giv¢n by the Charity Coll]mi55iOD. An examinallon includes a review of the accounting record5 kept by the charity and a comparison of the accounts presenied with those records. It a150 includes consideration of any unusual items OT disclosures in the accounts, and seeking explanaiion2> from you as (tusiees. concerning any such matters. The Pr(edureS undenaken do noi provide all the evidence that would bc required in an audit and consequently no opinion is Ven as to whether the accounts present a 'true aDd fair view, and the report is limited to thlxse matters set out in the next 8(atenl. Independent examiner's statement I have completed Tny examinatRon. I can conf]rn] that no material matters have colne to my attention which gives me cause to believe that: accounting records were not kept An accordance witb section 386 of the Companies Ad 2(KK): or the accounts. do not accord with such records; OT Ihe accounts do not comply wilh rclevan( accounling requIrennts under section 396 of the Companie5 Act 2(M)6 other than any requiitmen( that the accouDLs give a and fair. view which i.s tK)t a matter congidered &8 Part of an lndqndent examination: or the accounts have Dot been prepared in ac¢ord8nce with the Charities SORP IFRSIO?). I have no concerns and have come across no other matters in connection with the examination to which attention should be dtawn in this teport in order lo enable a proFr underslanditig of the accounts to be teached. &COLTD Chartered Accountants Independ¢nt Examiner Hamilton House Hamilton Terrace Miltord Haven Pembrokeshire SA73 3JP
Waterfront Gallery Company Llmlted by Guarantee Statement ot Financial Activities (Includlng income and expenditure account) Year ended 29 February 2024 202.1 Unrestricied funds Total funds Toial fun Note Incon)e and endowments Other trading actlVLlies Totsl income 55.792 55,792 58.665 5.5.792 55,7Y2 58,665 Expenditure Expenditure on raising fid$. Costs of other trading activities Expenditure on charitable aclivilies Total expenditure (68.463) (914) (68A63) (914) (69,377) (79.555) (766) (69.377) (80,321) Net expenditure and net movement in funds (13.585) (13A85) (21,656) Reconclliation of funds Total funds brought fonvard Totsl funds carried forward 15.536 15536 37.192 1.951 1,951 15,536 The statement of financial activities includes all gains and losses recognised in the year. All Incon and expe[liu[e derive from continuing activities. The noles on pages 7 to 12 forni part of these financlal statements.
Waterfront Gallery Company Llmlted by Guarantee Statement of Flnanclal Posltlon 29 February 2024 2024 2023 Note Fixed assets Tangible red assets 13 Current Debtors Cash at bank and in hand 14 438 18506 438 31.752 18944 32.190 Creditors: amounts falling due withkn one yeAr Net eurrent *ts 15 (1fi996) (16.658) Total assets I$ current liabilitses 1,951 1.5,-5.36 Net ats 1,951 1_5,5_16 Funds of the charity Unrestricted funds 1,951 15.536 Total charity funds 16 1,951 15.536 For the year ellding 29 February 2024 the clwity was entitled to exemption from audit under section 477 of the Companies Act 2(K)6 relating to small companies. Directors, responsibilities.. The members have not required the company to obtain an audit of its find[la1 statements for the year in question in accordance with sectlon 476: The directors acknowledge their resp)nsibilities for complying with the reqUirennts of the Act with respect to accounting records aJKI the preparation of financial statents. These fmanciai statements have been prepared in accordance with the provisions applicable to con4)anies subject to the srnall companies, regime. These fmancial statements were approved by the board of trustees and aUthised for issue on 19 November 2024. and are signed on behalf of the Ix)ard by: Mr DA Randell Trustee The notes on pages 7 to 12 forni part of these financlal sthtements.
Waterfront Gallery Company Limlted by Guarantee Notes to the Flnancial Slatements Year ended 29 February 2024 General inforniation The ChilY is a public benefit entity and a private company limited by guaran*e. registered in England and Wales and a re(Tisiered charity in England and Wales. The addtess of the regis(ered office is The Old Sail Loft Discovery Quay. The Docks. MiltOTd Haven. Pembrokcshire. SA73 3AF. Statement of compliance These financial statements have been Fwared in con)pb'ance with FRS 102. The nanCIal Reporting StandaTd applicable in the UK and the Republic of Ireland,. the Stsiement of Recomnrnded Practice applicable lo clLaTities preparing their accounts" in accordance with the nanCIal Reporting Sundard applicable in the UK and Republic of treland IFRS 102) (Chatiiies SORP (FRS 102)) and the Companies Acl 21XhS. Accounting policies Basis of preparation The financial statements have been wepared on the historical cost b&sis, as ndIfied by the revalualion of certain financial asseLS and liabdities and inv¢sttnent properties measured at fair value through income or eXnditUTe. The financial statements are prepared in sterling, which is the functional currew of the entity. Going concern There arc no material uncertainli&8 alKxJi the charl% ability to c4)otinue. Judgements and key Sources of £%timation uncertainty The preparation of the financial statemenLs requires rnanagcment to make judgcnxnts. est7mates and assumptions tbal affect the alnounts rcported. These esiimales and Jlldgets continually reviewed and are based on experience and other factors, including expectations of futu cvcnts that believed to be re&sonable under the circumstances. Fund ac¢ouDting Unrestricted fvnds are available for we at (he discretion of the ITUStees to furtTrtr any of the chariws PUTPK)ses. Designated fund.q are u]e.%led fund.s earllued by the trusiees for particulat project ot commitment. Restricted funds are subjected io renlonS on their eXndItUre decl8ttd by the donor or through tern of an appeal. and fall into on¢ of two sub-classes: restricted Incon funds or endowmTrt funds.
Waterfront Gallery Company Limited by Guarantee Notes to the Financial Ststements (eonllnued) Year ended 29 February 2024 Accounting poliaes (cMth4¢d) Incoming resources All incoming resources are includ¢d in thc statenrnt of financial activities when entirlement has passed to the charity: il is probable that the economic benefits associaied with the trans&tion will flow to the charits, and the arrK)un¢ can bc reliably tasured. The following specific policies arc applied ro paTtscular categories of income: income from donations or grants is recognised when there is evidence of eniitlemeni io the g, receipt is probable and its amount can be me&sured reliably. legacy income i¥ recogni¥ed when receipt Is probable and entitlerne is establish inLome from donated goods is me&sured at the fair value of the goods unless this is impractical to measure reliably, in which case the value i.s derived from the co$1 lo the donor or the eslimaled resale vlle. Donated facilities and services are Tecognised in the xcounts when received if value can be reliably Tne&sure(L No amoulltS' <e included foi the contsibution of general volunleers. income from contracts for the supply of Services is recognised with the delivery of the contracted service. This is cl&s.sified Is unrestricted fun(ts u¢88 there 18 a contractual requirenE foT it to be .spent on a particular puqyose and returned if unsp¢nL in which case it may be regarded as re5tTiCted. Resources expended Expenditure is reCOlised all acctuals basis as a liability is incutred. ExFDdllrC includes any VAT which cannot be fully recovcred and is classified under headings of the statement of financia] activities to which it Telatrs: expenditure on rrising fund.s include.s the costs of all fundralsing activitie% evenLs, non-charilable trading activities. and the sale of donated go(xl5. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charltable aints for the benefit of its beneflciaries, includmg those supN)rt costs and costs relating io the govcrnatlce of the charity aPrtIOned io chatitsble activities. other expenditure includes ail eXndItUre that is neither Telated io raising funds lor the charity nor part of its cxpcnditurc on charitable activities. All costs. are alloca(ed to expellditure categories reflecuDg the of the resource. Direct attributable to a single activity are allocated directly to that activity. Shared costs are appoTtsoned between the activities they contribute to on a reasonable. justifiable arld consistent basis. Tangible assets Tangible &8sets are initially recorded at cost, and subsequently sta*d at Cost less any xcumulated depreciation and inwa1mnt losses. Any tangible assets canied at revalued aniounts are recorded at the fair value at the date of revaluation less any subsequent accumulated deplatIOn and subsequent CUmUlated impairmeni losses.
Waterfront Gallery Company Limlted by Guarantee Notes to the Financlal Slatements (eonUnu•d) Year ended 29 Febwary 2024 Accountlng policies (coA¢iAued) Tangible awts (cotttiM#edJ An increase in the carrying amoun¢ of an asset &s a result of a revaluation, is recognised in other recognised gains and losses, unless il reverses a charge for iMpaInnI that h&$ previously been recognised as expendire within the statcnKnt of financial activities. A decrease in the canying amount of an asset as a result of revaluation, is recognised in other iecognised gains and losses, except to which it offsets any previous revalualion gain, in which case the loss is shown within othei reCOlS¢d gains and losses oll the statemenl of finallcial activiiics. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asseL less its residual value. over the useful econotnic life of that &88ei follow8= Plant and machlnery etc 1$% reducillg balance Impairnient of fixed assets A rcview for indicators of impalrnnI is carricd out at each Teing datr. with the rccoverdblc amunt being estimated where such Andicators exisL Where the carrying value eAcee(Ls the recoverable amounL the asset is itnpdiTcd accordingly. Prior impainncnts are also rcviewed for possibk re[SaI at cach rew)rting datc. FOT the putposes of impainnent lesting, wben il is not possible to estimate the Tecoverable amouni of an individual asset. an estimate is made of the recoverable amount of the Ch-gCneratsng unit to which the asset belongs. The cash-generatAng unil is the smallest identifiable group of &ssets that includes the asset and geneleS c&sh infiows that largely indepe[ent of the c&8h inflow5 from other &ssets or gmups of assets. Financial instrullts A financial asset or a fanCIal liability is recognlsed only when the entity b¢Con a party to the contractual provisions of the instrument. Basic financial instruments are inttially c08n1Scd at the amount receivable or payable including any relaied transaction costs, unless the aangement constilutes a financing transaction. where it is recognised at the prcsent value of the future payments doUnted at a markei rate of interesi for a similar debi instrurnent. Cuent assets and current liabilities are subsequently measured at the cash or other consideration expected lo be paid or recelved and not discounted. Debt instrunients are subsequently usUred at any)rtised cosL Limited by gurntee The company is limited by guar2n*e.
Waterfront Gallery Company Limited by Guarantee Notes to the Financial Slatements (eonllnued) Year ended 29 February 2024 Other trading activities Unrestsicted Total Funds Unrestrictrd Funds 2024 Funds Total Funds 2093 Gallery income 55.792 55.792 58,665 58.665 Costs of other tradlng activiti Unrestrided Total Funds Unrestricted Funds 2024 Funds Total Funds 202. Fundraising trading - Gallery co& 68.463 68,463 79,5.55 Expenditure on clwitable activiliLs by fund type Unrestricted Total FunoL Fll[s Unre51TiCted Funds Total Funds 2023 Supw)rt costs 914 914 766 766 Expenditure on charitable aclivili¢s by activity type Total fun( 2024 Total fund 2023 Support costs Governance costs 914 914 766 Net expenditure Net expenditure is stated after chargingl(crediting): 2024 2023 Depreciation of Tangible fixed assets 10. Independent ezaminatMID fees 2024 Fees payable to the independent examiner for. Independent examination of the financial statenxnts 788 750 11. Stuff costs The lotal staff costs and employee benefits for the p)n10g peri(xi ate analysed &s follows: 2024 2023 Wages and salaries 3230 10-
Waterfront Gallery Company Llmlted by Guarantee Notes to the Financial Statements (eonllnued) Year ended 29 February 2024 11. Staff costs (¢•wiM¥¢dJ The average head count of employees during the year was l (2023: Nil). Tr average number of full-time equivalenl employees during the year is analysed as follows: 2024 No. 2023 Number of staff No employee recelved employee benefits of more than £.} during the year (2023: Nil). 12. Trustee remuneration and exwAses Payments totauing £696 (2011- £845) were made to Mr DA Randall cfrustee) for serYiLes provided to the Charity. Trwtees, Expenses Payments totalling £877 (2023 - £4,484J were niade to Mr DA Randall rUsIee) lo reimburse expenses incurred in carrying out hi5 duties for the Charity. Paynis. lotalling £Nil (2023- £24) weTe nwle to Mr TC Artbur cfrnstee) to re1mbue expenseb incurred in carying out his duties froT the Charity. 13. Tangible fixed Plant and machinery etc Total At l Mar 21J23 and 29 Feb 2024 502 502 Depreciatioll At l Mar 2021 Charge for the year At 29 Feb 2024 498 499 499 Carrying amount At 29 Feb 2024 Al 28 Feb 2023 14 Debtors 2024 2023 Other debtors 438 Other debtors include an amount of £Nil (2023 - £Nil) due afier more than one year. 11
Waterfront Gallery Company Limited by Guarantee Notss to the Financial Statements (eon Year ended 29 February 2024 15. Credltors: amounts falliDg due within one yeor 2024 2023 Trade creditors Accruals and deferred income Other creditors 2,083 14,563 16,936 16,996 16,658 16. Analysis of tharilable funds Unrestricted funds At l Mar 2023 Income Expenditure At 29 Feb 2024 General funds 15.536 55.792 (69.177) 1,951 At l Mar 2022 Income Expenditure At 28 Feb 2023 General funds 37.192 58,6&5 (80,321) 15.536 17. Analysis of net wets betweeD fun(Ls Unr¢strirt¢d Total Funds Funds 2024 Tangiblc fixed assets CuiTenl a%8eLs Credilors less ihan l year Net 8&qets 18.944 (16,990) 1.951 18944 (16996) 1951 Unregtricted Funds Total Funds 2023 Tangiblc fixed &sseLs Current assets Creditor5 less than l yeaT Net assets 32.190 (16,658) (16,658) 1.5..5.46 18. Related parties No transactinns with related parties weff undertaken such as are required to be disclosed undcr the Charities SORP Financial Reporting Standard 102. 12-
Waterfront Gallery Company Llmlted by Guarantee Management Intormallon Year ended 29 February 2024 The followlng page8 do not forni part of Ihe flnanclal statemen1& 13-
Waterfront Gallery Company Limited by Guarantee Detailed Statement of Financlal Activitios Year ended 29 February 2024 2024 2023 Income and endowments Other trading actlvilies Gallery income 55,792 58,665 Total fineome 55,792 .58,665 Expenditure Costs of other trading activities Purchases Wages and Sa1]eS Rent Light and heat Repair& and n1ainnanec Insurance Other motorltravel costs Telephone Other office costs Depreciation Bank charges Sundry cost {52J64) (3230) (8,(KlO) (1295) {959) {928) (57,890) (8:OCrf)) (1,078) (3,093) (703) (4.946) (2.158) (356) (i) (1.150) (180) (79,555) (395) {1) (1,141) {150) {6&463) Expendilure on charitable activities l£gal and professional fees (914) (766) Total expendlture {69J77) (80.321) Net expenditure {13585) (21,656) 14-