COMPANY REGISTRATION NUMBER: 5334551 CHARITY REGISTRATION NUMBER: 1126403 Waterfront Gallery Company Limited by Guarantee Unaudited Financial Statements 28 February 2025
Waterfront Gallery Company Limited by Guarantee Flnancial Statements Year ended 28 February 2025 Pages Trustees, annual report (incorporating the directorfs report) 1to3 Independent examinerfs report to the trustees statement of financial activities (including income and expenditure account) statement of financial position Notes to the financial statements 7t012
Waterfront Gallery Company Llmlted by Guarantee Trustees. Annual Report (Incorporatlng the Director's Report) Year ended 28 February 2025 The trnstees, 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 28 February 2025. Reference and administratlve details Registered charity name Waterfront Gallery Charity registration number 1126403 Company registrntion number 5334551 Principal office and registered office The Old Sail Loft Discovery Quay The Docks Milford Haven Pembrokeshire SA73 3AF The trustees DRS Clarke DA Randell AE Sangster TC Arthur A Kerr- Hughes R Sargeant J Taylor (Resigned 5 September 2025) (Appointed 5 September 2025) (Appointed 22 November 2024) (Appointed 4 April 2025) Company secretary Mr AE Sangster Independent examiner EVENS & CO LTD Chartered Accountants Hamilton House Hamilton Te Milford Haven Pembrokeshire SA73 3JP Structure? governance and management Governing document The charity is controlled by its rnemorandum and articles of association adopted 15 December 2004 and constitus a limited company, limited by guararltee as def]ned by the Companies Act 2006. Trustees In accordance with the constitution, members of the executive are elected annually and all executive committee members are elected Trustees of the Charity. Trustees holding office during the year are included in this report.
Waterfront Gallery Company Limited by Guarantse Trustees. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 28 February 2025 Structure? governance and management (colllinued) Risk Management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Objectives and activities The charitable objectives of the organisation are to promote, maintain, improve and advance education by the encouragement of the arts including, without limitation, the arts of (Irama, mime, dance, singing and music. The benefits that flow from the above objectives and activities include providing all participants with an enhanced quality of life achieved through the understanding and participation in the arts. Such understanding is promoted by bringing people together and achieving greater social cohesion and community life. Achievements and performance Building on the success of previous Wales Contemporary competitions we ran this again with support from our valued sponsors including the Port of Milford and attracted around 18,000 entries from across the world from which 147 were shortlisted for the exhibition which was held in the Garrison Chapel in London and subsequently the Waterfront Gall¢ry itself. This was a very successful event and helped the continued promotion of the Waterfront Gallery as one of the leading galleries in Wales and a significant participant in the cultural activity in Pembrokeshire. Our work with schools continued with the encouragement of young and budding artists through the opportunities to showcase their work and talent in a number of exhibitions. The trustees report that after 22 years David Randell our Trustee and gallery director and his wife Julie decided to retire. We give them boih our heartfelt thanks for the inspired and dedicated commitment and leadership that they have provided to the running and promotion of the Waterfront during their long time with us. As some recognition of his positive influence in sustaining and building the gallery we are delighted that David has acceptsd our invitation to become our Hon President. As part of the planned changes in the Tunning of the gallery occasioned by David and Julie's decision we have increased the number of resident artists who all volunteer in the gallery and some have also taken on significant administrative duties with others being reClted to the board of trustees. Our intention for the corning year is to strengthen our relationship with our sponsors, recrnit more such interest and supporL give our artists ever more opportunities to exhibit their work and increase the way in which the Waterfront Gallery contributes to and in some areas takes the lead in the local and tourist economy. Website The charity has a website, www.thewaterfrontgallery.co.uk. It is intended that the website gives inforniation of activities at the gallery and promotes it to a wider customer base. Flnancial review The reserves held at the year end are £9,216 surplus (2024 - £1,951 SUTplus). The gallery utilises its funds to maxirnise its application to meet the objectives in promoting the arts. The gallery does not hold unnecessary funds but is able to meet its obligations due to the kind contributions by its benefactors.
Waterfront Gallery Company Limitsd by Guarantse Trustees. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 28 February 2025 Small Company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 28 November 2025 and signed on behalf of the board of trustees by: AE Sangster Trustee
Waterfront Gallery Company Limited by Guarantee Independent Examinerfs Report to the Trustses ofwaterfront Gallery Year ended 28 February 2025 I report to the trnstees on my examination of the financial statements of Waterfront Gallery ('the charity? for the year ended 28 February 2025. Responsibilities and basis of report As the charity's trustees of the Company (who are also the directors of the wmpany for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011. In canying out my examination, I have followed the Directions given by the Charity Commission under section 145(5Xb) of the 2011 Act. My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a'true and fair view, and the report is limited to those matters set out in the next statement. Independent examiner's stgtement I have completed my examination. I can confm that no material matters have come to my attention which gives rne cause to believe that: accounting records were not kept in accordance with section 386 of the Companies Act 2006. or the accounts do not acwrd with such records. or the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a'true and faiv view which is not a matter considered as part of an independent examination; or the accounts have not been prepared in accordance with the Charities SORP (FRS102). 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 understsnding of the accounts to be reached. EVENS & CO LTD Chartered Accountants Independent Examiner Hamilton House Hamilton Terrace Milford Haven Pembrokeshire SA73 3JP
Waterfront Gallery Company Limited by Guarantse statement of Financial Activities (Including income and expendlture account) Year ended 28 February 2025 2025 Unrestricted funds 2024 Total funds Total funds Nots Income and endowments Other trading activities Totsl income 55,791 55,791 55,792 55,792 55,791 55,791 Expenditure Expenditure on raising nds. Costs of other trdding activities Expenditure on charitable activities Total expenditure (47,620) (906) (48,526) (47,620) (906) (48526) (68,463) (914) (69,377) Net Ineomel(expenditure) and net movement in funds 7,265 7,265 (13,585) Reconciliation of funds Total funds brought fonvard Total funds carried fonvard 1,951 9,216 1,951 15,536 9216 1,951 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 7 to 12 forni part of these financial statements.
Waterfront Gallery Company Limited by Guarantee statement of Financial Positlon 28 February 2025 2025 2024 Note Fixed assets Tangible fixed assets 13 Current assets Debtors Cash at bank and in hand 14 1,560 37,841 438 18,506 39,401 18,944 Creditors: amounts falling due withln one year Net current assets 15 (30,187) (16,996) 1,948 9,214 9216 TotAI assets less Current liabilities 1,951 Funds of th¢ charity Unrestricted fimds 9,216 9,216 1,951 1,951 Total eharlty funds 16 For the year ending 28 FebNary 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 fmancial ststem¢nts. 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 November 2025, and are signed on behalf of the board by: AE Sangster Trustee The notss on pages 7 to 12 form part of these financial statements.
Waterfront Gallery Company Limlted by Guarantee Notes to the Financial Statements Year ended 28 February 2025 General inforniation Th¢ 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 Old Sail Loft Discovery Quay, The Docks, Milford Haven. Pembrokeshire, SA73 3AF. ststement of ¢ompliaDce These fjnancial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Stsndard appIicable in the UK and the Republic of Ireland,, the Ststement 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) (CILarities SORP (FRS 102)) and the Companies Act 2006. Accounting polleies Bas of preparation The fmancial statements have been prepared on the historical cost basis, as modified by the revaluation of certain fmancial assets and liabilities and investment properties Jneasured at fair value through income or expenditure. The financial statements are prepared in sterlin& which is the functional cUencY of the entity. Going eoneern 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 judgernents are continually reviewed and are based on experienc¢ and other factors, including exctatIOnS of future events that are believed to be rffdsonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to fijrther any of the charity's purposes. Designated funds are unrestricted funds earn]arked 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 tenns of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Waterfront Gallery Company Limited by Guarantee Notes to the Financlal Statements (continued) Year ended 28 February 2025 Aeeounting policies (¢ond#ue 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 wh¢n there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is Tecognised 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 valu¢ can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised wtth 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 unspen¢ 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 fmancial activities to which it relates: expenditure on raÉsing funds includes the costs of all ndraising 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 fLUther 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 actlvlty. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially r¢corded at cost, and subsequ¢ntly stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairnient losses. An increase in the canying amount of an asset as a result of a revaluatio is recognÈsed in other recolSed gains and losses. unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown wrthin other recognised gains and losses on the statement of financial activities.
Waterfront Gallery Company Limlted by Guarantee Notes to the Financial Ststements (conllnued) Year ended 28 February 2025 Accounting policies (eOntilluedJ Depreeiation Depreciation is calculated so &8 to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Plant and machinery etc 250/0 reducing balance Impairment of Ilxed assets A review for indicators of irnpairnient is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amounL the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the putposes of impairnient testing, when it is not possible to estimate the recoverable amount of an individual asse¢ an estimate is made of the recoyerable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallesl identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic fllthnctal instnllnents are initially recognised at the atnount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the fjjture payments discounted at a market Tate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Limited by guarantee The company is limited by guarantee. Other trading aetfivities Unrestricted Total Funds Funds 2025 Unrestricted Funds Total Funds 2024 Gallery income 55,791 55,791 55,792 55,792 Costs of other trading activities Unrestricted Funds Total Funds 2025 Unrestricted Funds Total Funds 2024 Fundraising trading - Gallery costs 47,620 47,620 68,463 68,463
Waterfront Gallery Company Limitsd by Guarantee Notes to the Financial Statsments (continued) Year ended 28 February 2025 Expenditure on eharfitable activities by fund type Unrestricted Total Funds Funds 2025 Unrestricted Funds Total Funds 2024 Support costs 906 906 914 914 Expenditure on charitsble aetlvlties by actfvlty type Total funds 2025 Total fund 2024 Support costs Governance costs 906 906 914 Net incomel(expendlture) Net incomel(expenditUTe) is stated after chargIn(crediting). 2025 2024 Depreciation of tangible fixed assets 10. Independent examinydtion fres 2025 2024 Fees payable to the independent examiner for: Independent examination of the fmaneial statements 827 788 11. Staff costs The total stsff costs and employee benefits for the reporting period are analysed as follows: 2025 2024 Wages and salari¢s 3,230 The average head count of employees during the year was Nil (2024: 1). The average number of full-time equivalent employees during the year is analysd as follows: 2025 2024 Number of stsff No employee received employee benefits of more than £60.000 during the year (2024: Nil). 12. Trustee remuneration and expenses Payments totalling £Nil (2024 - £696) were made to Mr DA Randall (Trustee) for servic¢s provided to the Charity. Trust¢e5' Expenses Payments totalling £227 (2024 - £877) were made to Mr DA Randall (Trnstee) to reimburse expenses incurred in carrying out his duties for the Charity. 10
Waterfront Gallery Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 28 February 2025 13. Tangible fixed assets Plant and machinery etc Total Cost At l Mar 2024 and 28 Feb 2025 502 502 Depreciation At l Mar 2024 Charge for the year At 28 Feb 2025 499 499 500 500 Carrying amount At 28 Feb 202S At 29 Feb 2024 14. Debtors 2025 2024 Other debtors 1,560 438 Other debtors include an amount of £Nil (2024 - £Nil) due after more than one year. 15. Creditors: amounts falling due within one year 2025 2024 Trade creditors Other creditors 5,797 24,390 60 16,936 30,187 16,996 16. Analysis of charitable funds Unrestricted funds At l Mar 2024 Income Expenditure At 28 Feb 2025 General fimds 1,951 55,791 (48,526) 9,216 At l Mar 2023 Income Expenditure At 29 Feb 2024 General funds 15,536 55,792 (69,377) I,951 11
Waterfront Gallery Company Limited by Guarantee Notes to the Financial Statements (conthiuedj Year ended 28 February 2025 17. Analysis of net assets between fvnds Unrestricted Totsl Funds Funds 2025 Tangible fixed assets Current assets Creditors less than l year Net assets 39,401 (30,187) 9,216 39,401 (30,187) 9216 Unrestricted Funds Total Fun(Is 2024 Tangible fixed assets Current assets Creditors less than l year Net assets 18,944 (16,996) 1,951 18,944 (16,996) 1,951 18. Related parties No transactions with related parties were undertaken such as are required to be disclosed under the Charities SOR Financial Reporting Standard 102. 12