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 constitu*s 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 reC￿lted 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 cU￿encY 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 ex￿ctatIOnS 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 reco￿lSed 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