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
stalen￿￿1$ 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
Fri￿1paI office and registered
office
The Old Sail L￿ft 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 secr￿ary
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 adOp￿d 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(¢￿i￿medj
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 e￿Or.
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 perfornw￿e
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 custo￿lS 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.￿ Colltem￿rdry competition took place in the autumn a￿1 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 SU￿luS (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
n￿et 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 res1￿1 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 Ch￿1[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(aten￿l.
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 requIren￿nts 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
lndq￿ndent 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 fi￿d$.
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 r￿ed 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 a￿ts
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 reqUiren￿nts of the Act with respect to
accounting records aJKI the preparation of financial state￿nts.
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 aUth￿ised 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 Ch￿ilY 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 n￿dIfied by the revalualion of certain
financial asseLS and liabdities and inv¢sttnent properties measured at fair value through income or eX￿nditUTe.
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 Jlldge￿￿ts 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.%￿l￿ed fund.s earllu￿ed by the trusiees for particulat project ot commitment.
Restricted funds are subjected io re￿n￿lonS on their eX￿ndItUre 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 v￿lle. 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 require￿￿nE 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 reCO￿lised all acctuals basis as a liability is incutred. ExFDdll￿rC 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 aP￿rtIOned io chatitsble activities.
other expenditure includes ail eX￿ndItUre 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
inwa1m￿nt losses. Any tangible assets canied at revalued aniounts are recorded at the fair value at the date of
revaluation less any subsequent accumulated dep￿latIOn 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 iMpaIn￿nI that h&$ previously been recognised as expendi￿re 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 reCO￿lS¢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 impalrn￿nI is carricd out at each Te￿￿ing 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 C￿h-gCneratsng unit to which the asset belongs. The
cash-generatAng unil is the smallest identifiable group of &ssets that includes the asset and gene￿leS c&sh infiows
that largely indepe[￿ent of the c&8h inflow5 from other &ssets or gmups of assets.
Financial instru￿llts
A financial asset or a f￿anCIal 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 a￿angement constilutes a financing transaction. where it is recognised at the prcsent
value of the future payments d￿oUnted at a markei rate of interesi for a similar debi instrurnent.
Cu￿ent 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 u￿sUred 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.
Pay￿nis. lotalling £Nil (2023- £24) weTe nwle to Mr TC Artbur cfrnstee) to re1mbu￿e 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 n1ain￿nanec
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-