REGISTERED COMPANY NUMBER: 01785592 (England and Wales) REGISTERED CHAIUTY NUMBER: 514840 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR HOLYHEAD MARITIME MUSEUM LIMITED Williams D¢nton Cyf Chartered Certified Accountants Glaslyn Ffordd y Par¢ Par¢ Menai Bangor Gwynedd LL57 4FE
HOLYHEAD MARITIME MUSEUM LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Report of the Trustees Independent Ex4miner'$ Report Statement of Financial Aetlvltles Balance Sheet 6 to 7 Notes to the Finan¢ial Statements
HOLYHEAD MARITIME MUSEUM LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustccs who ar¢ also dir¢¢tors of the charity for the PUOSeS of the Companies Act 2006, present their report with the fman¢ial statements of the charity for tbe year ended 31 December 2024. Th¢ trust¢¢s hav¢ adopt¢d th¢ provisions of Accoullting and Reporting by Charities.. Stat¢m¢nt of Rccommcndcd Practice applicable to chaTities preparing their accounts in accordancc with the Financial Reporting Standard applicabl¢ in th¢ UK and licpublic ol Ireland (FRS 102) (¢ff¢ctiv¢ l January 2019). OBJECTIVES AND ACTIvrrIES Objeetive$ and To advance the education of the public in local maritime history by the provision of a museum. Public benefit The tntee8 confirnl that th¢y have referred to the guidance contain¢d in the Charity Commission's gen¢ral guida¢ on public benefit when reviewing the ChariWs aims and objcctives and in planning future activiti¢s. ACHIEVEMENT AND PERFORMANCE Charitable activities crations The 2024 season again saw a sigDifi¢ant increase in footfall with over 7,500 visitors to the museum. This r¢sulted in an increase in visitor g¢nerated income through entranc¢ fees and gift shop sales. We a]so experienced an increase in school visits with over 500 pupils from local schools attending to find out about their local history. Our two bilingual volunteers who organis¢ and deliver this aspect of our work were again kept busy. W¢ also offered an Open Day towards the end of the season with free enty. W¢ were pleased to see an increas¢ in the numbers of those who took advantage of this offer. Cruise ships ¢ontinu¢ to visit the port and this year saw an increase in the numb¢r of visitors at the museum. This was helped by the activities of the n¢wly fonned volunteer group supported by the Town Council - 'Welcome to Holyhead Croeso i Gaergybi,. The business group. Mon Cf. organised ¢oa¢h tours around the local area and the museum participated in and benefited from tbis new initiative. Our team of volunteers (40+) Continue to operate the museum with commitment and enthusiasm offering a warni welcome to all who visit. We thank them for all their hard work The investment made by the museum to help the Harbourfront Bistro extend its sealing area has been very Success1. Tbe museum continues to benefit financially from its arrangement with the Bistro. Operating costs, particularly energy are increasing year on year. Opportunity was taken during the year to renegotiate our ¢ncrgy contracts that reduccd our cost. We are anticipating increases to energy, water and sewerage during the fortbcoming year. It was in anticipation of increased operational costs at the commenc¢m¢nt of the season that a decision was made to increase th¢ ¢ntrancc charge. We had pr¢viously bcen able to hold them for thc last five years. Conc¢rn was expressed that this might dctcr visitors but this was unfounded. We Continue to off¢r frce enty to children under 16. Museum Develo ment We continue to seek an expansion of the mus¢um and have approach¢d potential funders for support to improve the hop, toilel and Bistro kTtchen facilities. This is bcing done to improve the sustainability of the mus¢um. External A encics The museum continucs as a stakeholder with the Ynys Cybi Landscape Project and supports tts initiatives when able. Maintenance No significant maintenance work was undertaken although concern h&s been expre&sed to the adequacy of the heating in the Air Raid Sh¢lt¢r. This will be rectified in thc COTning months. Museum National Accrcditation. R¢n¢wal is duc in 2025. Pr¢paTatory work is underway. Marketin and Promotion The museum continucs to maintain a high profil¢ through its website and social media platforn]s. The museum contAnu¢s to r¢c¢iv¢ vcry positive rcvi¢ws on both Google and TripAdvisor. Work has progressed through thc year to develop a n¢w website. This will b¢ launched at commenc¢m¢nt of the new s¢ason. Pag¢ I
HOLYHEAD MARITIME MUSEUM LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW Th¢ accounts for th¢ Mu8¢um aTe divided into restricted and unrestricted funds. The latter are the most important for the pury)os¢s of the members of tbe Museum since they represent the general day-to-day running of the operation. Overall there was a net sury)lus of £23,385 in unrestricted funds during the year. Unrestricted fLmds at the year end were £194.602 and are still within the guideline of a minimum of three months running costs. Restri¢t¢d funds incr¢as¢d during th¢ year by £6.992 to £192.788 and are represented by tangible f¢d assets and cash at bank. Reserves policy and going concern In lin¢ with good pra¢tic¢ it is agre¢d that monies are allocafrd towards a reserye the pury)ose of which is to ensure Holyhead Maritime Museum continues to be concerned with educating the public in local maritime history. - To ¢nsur¢ cashflow - To cover any unforeseen circumstances - To provide the 4)pportynity to attractlidentify fimding should existing fimding b¢ subjected to ¢utba¢ks - To ensure that should all fijnding cease, the organisation would be able to fulfjl all of its financial and legal obligations when winding up. The level of th¢ res¢rve will be Teviewed annually by the Board. The Trustees are of th¢ view that there are no material uncertainties and therefore the Charity is a going conceTn. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its governing documenl, memorandum and articles of association (dat¢d 24 January 1984) and constitute a limited company, lirnited by guarantee, as defined by the Companies Act 2006. In the ¢v¢nt of an insolvent dissolution, the members will each contribute £1. Recruitment and appointment of trustees Any ¢xisting trust¢¢ can nominate anyon¢ with knoWIge of maritim¢ history to become a new Irustee, The board of Irustees will then vote on the nominated individual and if a nJOrity of trust¢¢s , provided a quorum is present, vote in favour of this individual then th¢y will b¢ appointed as a trnstee of the charity. Any trustees appoint¢d Shall hold offi¢¢ until the next annual general meeting and shall b¢ ¢ligible for re-election. Th¢ number of trustees shall not be less than three and not more than fifteen. 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. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 01785592 (England and Wales) Registered Charity number 514840 Page 2
HOLYHEAD MAluTIf* MUSEUM LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Registered office Old Lifeboat Station Newry Beach Holyhead Anglesey LL65 IYD Trustees Mr G Williams Captain T W Roberts Mr D G Davies Mr E E Anthony Mr B R Hillier Mr W G Thomas Captain P N Humphreys Mrs J B Jon¢s (resigned 20.2.25) MTS S Prince Mr O M Williams MTS A Kennedy (appointed 12.8.24) Mr I Williams (appoint¢d 12.8.24) Company Secretary MTS C L Roberts Independent Examiner Williams Denton Cyf Chartered Certified Accountants Glaslyn Ffordd y Parc Parc Menai Bangor Gwynedd LL57 4FE Solicitor5 TR Evans Hughes & Co Victoria Chambers Holyhead Anglesey LL65 IUR Approved by order of the board of truste¢s on ....... . and sigTh on ils behalf by". Mrs S Prin¢¢ - Trustee Page 3
INDEPENDEIYT EXAMINER'S REPORT TO THE TRUSTEES OF HOLYHEAD MARITIME MUSEUM LIMITED Independent examiner's report to the trustees of Holyhead Maritime Museum Limited ('the Company,) I r¢port to the charity tnjstees on my examination of the accounts of the Company for the year ended 31 December 2024. Responsibilities and basis of report As the charity's trust¢¢s of th¢ Company (and also its directors for thc purposes of cornpany law) you arc rcsponsiblc for the preparation of the accounts in accordance with tb¢ rcquir¢ments of the Companies Aci 2006 ('the 2006 Act?. Having satisfied myself that the accounts of the Company are not required to be 2udit¢d under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your ¢barity's accounts as carried out under S¢ction 145 of tb¢ Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Dir¢¢tions given by the Charity Commission under Section 145{5} (b) of th¢ 2011 Act. Independent exp4mlner's statement I have completed my ¢xamination. I confirni that no matters have come to my att¢ntion in connection with the examination giving me cause to believe: accounting r¢¢ords w¢re not k¢pt In r¢sp¢¢t of th¢ Company as r¢quir¢d by S¢ction 386 of the 2006 Act. OT the accounts do not accord with Ihos¢ r¢¢ords' or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act othcr than any requirement that the accounts give a true and fair vicw which is not a matter consid¢r¢d as part of an independent exarnination" or thc accounts havc not b¢on prcparcd in accordance with th¢ m¢thods alld prlnciples of th¢ Statement of Recommended Practice for atcounting and Teporting by charities (applicable to charities pr¢paring th¢ir accounts in ac¢ordan¢¢ with th¢ Financial R¢porting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have ¢om¢ across no other matters in connection witb the examination to which attention should be drawn in this ryort in Order to enable a proper understanding of the accounts to be reached. Colin Bell FCCA Williarns D¢nton Cyf Chartered Certified Accountants Glaslyn Ffordd y Parc Parc Menai Bangor Gwyncdd LL57 4FE Date: ............. 11...[31................. Page 4
HOLYHEAD fviAIUTIME MUSEUM LIMITED STATEMENT OF FINANCIAL ACTIVITIES (tNCORPORATING AN INCOME AND EXPENDITURE ACCOUN FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Total fund$ 2023 Total funds Unr¢stri¢t¢d funds R¢strict¢d funds Noks INCOME AND ENDOWMENTS FROM Donations and legacies 1,778 15,784 17,562 8,957 Cbaritable activities Education of Maritimc History 35J43 35,343 43,772 Other trading activities Investment income Other income 35,109 13 50 35,109 13 50 31,237 Total 15,784 88,077 83.974 EXPENDITURE ON Raising funds 9207 9,207 6,132 Charitable activities Education of Maritime History Jobn Cave Memorial Fund 39.701 6,737 2,055 46A38 46,614 1,415 Total 48,908 57,700 54,161 NET INCOME 23J85 6,992 30,377 29,813 RECONCILIATION OF FUNDS Total funds brought fonvard 171,217 185,796 357.013 327,200 TOTAL FUNDS CARRIED FORWARD 194,602 192,788 387J90 357.013 The notes form part of these financial 5tatcments Page 5
HOLYHEAD MARITIME MUSEUM LIMITED BALANCE SHEET 31 DECEMBER 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted fimds Notes FIXED ASSETS Tangible assets Heritage assets 13 14 30,232 993 174,246 204,478 993 211,156 993 31225 174,246 205,471 212,149 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 15 16 12,234 9J38 144.715 12,234 9,338 163 257 13,485 10,024 124.153 18.542 166,287 18,542 184,829 147,662 CREDrroRS Amounts falling due within one year 17 (2,910) (2,910) (2,798) IYET CURRENT ASSETS 163 377 181919 TOTAL ASSETS LESS CURRENT LIABILITIES 194,602 192,788 387J90 357,013 NET ASSETS 194,602 192,788 387,390 357 013 FUIYDS Unrestricted funds R¢stricted funds 18 194,602 192 788 171,217 185,796 TOTAL FUNDS 387J90 357.013 The Charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for th¢ year ended 31 December 2024. Thc members have not r¢quir¢d the company to obtsin an audit of its financial statements for the year ended 31 Dccember 2024 in accordancc with Section 476 of the Compani¢s Act 2006. The trustees acknowlcdgc thcir rcsponsibilitics for (a) ensuring that thc charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial stat¢m¢nts which giv¢ a tru¢ and fair vi¢w of th¢ stste of affairs of th¢ charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwis¢ comply with th¢ requirements of the Compani¢s Act 2006 relating to financial statements, so far as appli¢able to the charitable company. Ib) The notes fonn part of these financial statements Page 6 continue(L..
HOLYHEAD MAIUTIME MUSEUM LIMrrED BALANCE SHEET- contlnmed 31 DECEMBER 2024 These financial slalements have been prepared in accordance with the provisions applicable to charitabl¢ compani¢s subject to the small companies regime. The fi ial stst¢m¢nts w¢re approved by the Board of Twstees and authoris¢d for issu¢ on . and were signed on its behalf by.. Mrs S Princ¢ - Twst¢¢ Captain T Rob rts - Trustee Th¢ notes forni part of th¢se financial stal¢m¢nts Pag¢ 7
HOLYHEAD MAIUTIME MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charilable company. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accoTdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (eff¢¢tive l January 2015),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ir¢land' and the Companies Act 2006. Th¢ financial statements hav¢ b¢¢n pr¢par¢d under th¢ historical cost convention. Income All income is recognised in the Statement of Financial Activities once th¢ charity has entitlement to tbe funds, it is probable that the incom¢ will be received and the amount can be measured reliably. Donations are Tecognised when the charity has been notified in writing of both the amount and s¢ttlem¢nt date. In th¢ event that a donation is subject to conditions that require a level of perforn]ance before the charity is ¢ntitl¢d to the funds, the income is defeed and Dot recognised until those conditions are met. Expendlture Liabilities are recognised as exp¢nditur¢ as soon as ther¢ is a legal or constructive obligation committing the charity to that expendiNr¢, it is probabl¢ that a transf¢r of ¢¢onomic b¢nefits will be required in settlement and the amount of the obligation Can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost r¢lat¢d to th¢ category. Wh¢r¢ costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is PTovided at the following annual rates in ord¢r to write off each asset over its estimated use1 life. L¢asehold property Plant & equipment Fixtures and fittings Bistro equApment & thrniture 20/0 on cost 250/0 on cost 25D/o on cost 200/0 on wst Tangible fixed assets for us¢ by th¢ charity are stated al cost or in cases where fixed ass¢ts have been donated at valuation at the lime of acquisition, less depreciation. The cost of minor additions or thos¢ costing below £500 are not capitalis¢d. Heritage assets Heritage assets donated to the Museum have not b¢¢n Capitalised and in the opinion of the Truste¢s th¢ considerable cost of valuation of the collection of h¢ritag¢ assets can not be justified on cost benefit grounds. Heritage assets purchased by the Museum with an individual value of £500 or greater have been capitalised at historic cost. Depreciation is not cbarged on heritage ass¢ts. An annual impairnlent review is carried out by management. Stoeks Stocks are valued at tbe lower of cost and net realisable value, after tnaking due allowance for obsol¢t¢ and slow moving items. Taxation The charity is exempt from cory)oralion tax on its charitabl¢ activities. Page 8 continued...
HOLYHEAD MAIUTIME MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS - ¢ontlnued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES - Continued Cash at bank and in hand Cash at bank and in hand tncludes cash and short t¢rni highly liquid investments with a short maturity of twelfth months or less from the date of acquisilion or opening of the deposit or similar account. Fund accounting Unrestricted funds can be used in accordance with the charAtable objectives at the discretion of the trustees. Restrict¢d funds can only bc used for particular Testricted pury)os¢s within thc objccts of the charity. Restrictions arise wh¢n spccificd by the donor or when funds are rais¢d for particular rcstrictcd purposcs. Further explanation of the natur¢ and pUoSe of each fund is included in the notes to the financial statements. Legal status of the charity The charity is a company limit¢d by guardntee and has no share capitsl . In the ¢vcnt of the charity being wound up, the liability in respect of tbe guarantee is limited to £1 per memb¢r of the charity. DONATIONS AND LEGACIES 2024 2023 Donations Donations - John Cav¢ Memorial Fund Legacies 1,777 15,785 3,957 5,000 17,562 OTHER TRADING ACTIVITJES 2024 2023 Book & DVD sales Souvenir sales Confectionery sales Bistro rent and commission Sundry income 1,292 13,029 2,071 18,540 177 1,199 12,444 920 15,514 1,160 35,109 31.237 INVESTMENT INCOME 2024 2023 D¢posit account interest 13 Page 9 continued...
HOLYHEAD MARITIME MUSEUM LIMITED NOTES TO THE FIIYANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 INCOME FROM CHAIUTABLE ACTIVITIES 2024 2023 Activity EducatlOD of Maritime History Education of Maritime History Education of Maritime History Grants Entran¢¢ fc¢s Entran¢c f¢¢s-gift aid rebate 750 33,979 614 15,929 27,050 793 35J43 43,772 Grants received, included in the above, are as follows: 2024 2023 Federation of Museums Isle of Anglesey County Council National Manuscripts Welsh Government Kids in Museums 250 348 1,814 267 13,500 soo 750 15,929 OTHER INCOME 2024 2023 Gain on sale of tangible fixed assets 50 RAISING FUNDS Other trading activities 2024 2023 Purchas¢s 6,132 CHARITABLE ACTIVITIES COSTS Support costs (see not¢ 9} Direct Costs Totals Education of Maritim¢ History John Cav¢ M¢morial Fund 45,076 2,055 lJ62 46,438 48,493 Page 10 continued...
HOLYHEAD MARITIME MUSEUM LIMITED IYOTES TO THE FINANCIAL STATEMENTS - eontinued FOR THE YEAR ENDED 31 DECELIIBER 2024 SUPPORT COSTS Governance costs Education of Maritime History io. NET INCOMEI(EXPENDITURE) Nel incomel(expenditure) is stat¢d aft¢r chargingl(crediting).' 2024 2023 Independent Examiners, ren Depreciation - own¢d assets Surplus on disposal of fixed assets 1,362 18,970 50) 1,296 17,680 ii. TRUSTEES, REMUNERATION AND BENEFrrs Th¢r¢ w¢r¢ no trnstees, Temuneration or other benefits for the y¢ar ended 31 December 2024 nor for the year ended 31 D¢c¢mber 2023. Trustees, expenses Ther¢ w¢re no trustees, expens¢s paid for the year ¢nd¢d 31 December 2024 (£nil in the year ended 31 D¢remb¢r 2023). 12. COMPA114TIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestri¢t¢d funds Restricted nds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 7,669 1,288 8,957 Charitable activities Education of Maritime History 43,772 43,772 Other trading activities Investment income 31.189 48 31,237 Total 83.974 EXPENDITURE ON Raising funds 6.132 6,132 Cbarltable Activities Education of Maritime History John Cave Memorial Fund 39,877 6,737 46,614 1.415 Total NET INCOMEI(EXPENDITURE) 36,629 (6,816) 29,813 Page 11 ¢ontinue&..
HOLYHEAD MARITIME MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS - eontinued FOR THE YEAR ENDED 31 DECEMBER 2024 12. COMPA114TIVES FOR THE STATEMENT OF FIIYAIYCIAL ACTIVITIES - eontlDued Unr¢strict¢d Restricted funds nds Total funds RECONCILIATION OF FUNDS Total funds brought forward 134,588 192,612 327.200 TOTAL FUNDS CARRIED FORWARD 171,217 185,796 357 013 13. TANGIBLE FIXED ASSETS Fixtures Bistro equipment & furniture L¢as¢hold property Plant & ¢quipment fittings Totsls COST At l January 2024 Additions Disposals 344,410 57,898 12,295 62,744 51,269 516J21 12,295 475 At 31 December 2024 528 141 DEPRECIATION At l January 2024 Charge for year Eliminated on disposal 158J91 6,886 52,764 7,084 62,744 31,269 5,000 305,168 18,970 475 At 31 Decenther 2024 165 277 62,744 323,663 NET BOOK VALUE At 31 D¢c¢mb¢r 2024 179,133 10,345 15,000 204 478 At 31 December 2023 186.019 5,134 20,000 211.153 14. HERITAGE ASSETS Total MARKET VALUE At l January 2024 and 31 December 2024 993 NET BOOK VALUE At 31 December 2024 993 At 31 D¢mber 2023 993 Page 12 continued...
HOLYHEAD MARITIME MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS - eontinued FOR THE YEAR ENDED 31 DECEMBER 2024 15. STOCKS 2024 2023 Stocks 13,485 16. DEBTORS: AMOUNTS FALLING DUE WITHtI ONE YEAR 2024 2023 Trade debtors Oth¢r d¢btors Pr¢paym¢nts 5,226 593 4.500 801 4,723 9,338 10,024 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accru¢d ¢xp¢ns¢s D¢f¢rr¢d grants 2,760 150 2,398 400 2,910 2,798 18. MOVEMENT IN FUNDS Net movement in funds At 31.12.24 At 1.1.24 Unrestricted funds General fund 171,217 23J85 194,602 Restricted fund5 Leasehold property & fixed ass¢t nd John Cave Memorial Fund 180,984 (6,737) 13,729 17{247 185,796 192,788 TOTAL FUNDS 357 013 387,390 Pag¢ 13 continued...
HOLYHEAD MARITIME MUSEUM LIMITED NOTES TO THE F1Tr4ANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 18. MOVEMENT IN FUNDS - eontinued Net movement in funds, included in the above are as follows: Incoming r¢souTC¢5 Resources ¢xpcnd¢d Movement in funds Unrestricted funds General fund 72293 (48,908) 23J85 Restrieted funds Leasehold property & fixed asset fund John Cave Memorial Fund (6,737) (6,737) 6,992 TOTAL FUNDS Comparatlves for movement in funds Net movement in funds At 31.12.23 At 1.1.23 Unrestricted funds Gcncral fund 134,588 36,629 171217 Restri¢ted funds Leas¢hold prop¢ty & f¢d asset fund John Cave Memorial Fund 187,720 4,892 (6,736) 80) 180,984 192612 6,816) 185 796 TOTAL FUNDS 327,200 29,813 357013 Comparative net mov¢ment in funds, included in the above are as follows.. Incoming resources Resources expended Moven]ent in funds Unrestricted funds General fund 82,638 (46,009) 36.629 Restricted funds L¢as¢hold prop¢rty & f¢d asset fund John Cave Memorial Fund (6,737) (6,736) 80) 6.816 TOTAL FUNDS 83,974 S4,161) Page 14 continued...
HOLYHEAD MARITIME MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS - tontinued FOR THE YEAR ENDED 31 DECEMBER 2024 19. RELATED PARTY DISCLOSURES Th¢r¢ were no related paty transactions for the year ended 31 December 2024. 20. PURPOSE OF RESTRICTED FUNDS Leasehold ro & flxed assets fund These have been set up to assist in identifying those funds that are not free funds and were pr¢viously accounted for as deferred capital grant income. It compris¢s th¢ purchase of the leasehold property, fixtures and fittings, plant and ¢quiprn¢nt and any subsequent additions. John Cave Memorial Fund This is a bursary nd set up in honour of John Cave MBE, forni¢r president of the Holyh¢ad Maritime Mus¢um. The purpose of this fund is to provide fimds to local school's to assist with education. Page 15