REGISTERED COMPANY NUMBER: 04255473 (England and Wales)

REGISTERED CHARITY NUMBER: 1090512

Report of the Trustees and

Financial Statements for the Year Ended 31 March 2025

for

National Waterfront Museum Swansea

Page

Report of the Trustees

1

to

3

Statement of Trustees' Responsibilities

4

Report of the Independent Auditors

5

to

6

Statement of Financial Activities

7

Balance Sheet

8

Notes to the Financial Statements

9

to

15

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement 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) (effective 1 January 2019).

Objectives and activities

Objects

The principal object of the charitable company is the establishment, for the benefit of the public, of a museum in Swansea to house and display (inter alia) the industrial and maritime collections of the National Museum of Wales and the City and County of Swansea (the partners to the project). The museum is developed on long leasehold land, a headlease having been granted to the charitable company by City and County of Swansea (a partner to the project).

Public benefit

The trustees note the Charity Commission's guidance on public benefit and the delivery of such benefit is achieved via the management of the museum by National Museum of Wales as a constituent part of its group of eight locations across Wales. The core objective of the National Museum of Wales is "the advancement of the education of the public" and extensive reporting on how the National Museum delivers against that core objective is obtained in the National Museum's own Financial Report. Supported by the Welsh Assembly Government, admission to all eight sites is free to the public, with the National Museum continually striving to increase its impact and extend social inclusion.

Charitable activities 2024-25

Background

The strong partnership relationship between Amgueddfa Cymru and Swansea Council continued this year with NWMS Board meetings held. Sadly, the long-term Chair of the Board of NWMS Ltd (Mr Roy Phelps) died on 31 December 2023. Interviews for the chair are to be held early in June 2025. During the interim period the NWMS Board has been chaired alternately by Swansea Council Cabinet Members and Amgueddfa Cymru Trustees.

Performance, Partnership and Activities

The partnership between Amgueddfa Cymru and Swansea Council has been strengthened with strategic meetings between senior executives at Amgueddfa Cymru and Swansea Council's Corporate Management Team including between Amgueddfa Cymru's CEO and Director of Experience, Learning and Engagement with the CEO, Director of Place and Head of Cultural Services at Swansea.

Amgueddfa Cymru and Swansea Council collaborated to appoint Dr Nicole Deufel as the Head of the National Waterfront Museum. The new Head started in post in January 2025 and will regularly join the Swansea Cultural Team meetings to provide more joined up programming between the Museum and Swansea.

The Museum building continues to be well used by visitors of all ages and backgrounds. Activities in the building have included temporary exhibitions, events, community initiatives, educational and learning programmes. A dynamic group of volunteers also collaborate with the Museum alongside a network of local and national partners.

Financial review

Financial position

The incoming resources and resources expended are set out in the Statement of Financial Activities. The state of the charitable company's affairs at 31 March 2025 is shown in the balance sheet. The trustees consider the state of the charitable company's affairs to be satisfactory.

Reserves policy

As the ongoing operational costs of the charitable company are met by the National Museum Wales and Swansea County Council, the trustees are of the opinion minimal cash reserves need to be maintained. The unrestricted reserve will be utilised to cover the depreciation charges in relation to land and buildings. The remainder of the restricted reserves will be spent in line with the grant funding document. The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

Governing document

The charitable company is controlled by its governing document, its Memorandum & Articles of Association and constitutes a limited company, limited by guarantee, as defined in the Companies Act 2006.

Recruitment and appointment of new trustees

The first trustees of the charitable company are those persons appointed as "first directors" by the National Museum of Wales and City and County of Swansea (ie the partners to the project) and referred to in the Articles of Association. Three persons are stipulated in the Articles of Association as being appointed by each of the partners to the project. The Articles specify that the persons appointed are to hold office for periods ranging from 5 years to 7 years. The directors of National Waterfront Museum Swansea for the purposes of company law are the trustees of the charitable company.

When a trustee leaves, he or she is replaced by a person appointed by the respective organisation which appointed the first trustee. The Articles of Association specify that the number of members of the Board of Trustees shall be seven (unless otherwise determined by ordinary resolution). Six of the trustees are appointed by the respective partners to the project. The seventh member of the Board of trustees is appointed jointly by the partners to the project as an independent Chair.

The NWMS Board has been chaired alternately by Swansea Council Cabinet Members and Amgueddfa Cymru Trustees in year whilst a new Chair is recruited. Amgueddfa Cymru are due to appoint a new trustee to replace R O Humphreys who resigned in 2023-24.

Reference and administrative details

Registered Company number

04255473 (England and Wales)

Registered Charity number

1090512

Registered office

National Waterfront Museum

Oystermouth Road

Maritime Quarter

Swansea

SA1 3RD

Trustees

H R R John

R Francis-Davies

E J King

H F Lawson

R D Thomas

Auditors

Menzies LLP, Statutory Auditors

5th Floor Hodge House

114-116 St Mary Street

Cardiff

CF10 1DY

Bankers

Lloyds Bank

31 Queen Street

Cardiff

CF10 2AG

Legal and administrative details

The charitable company was formed by the National Museum of Wales and the City and County of Swansea who are the partners to the project to establish the National Waterfront Museum in Swansea. The charitable company is limited by guarantee and does not have a share capital.

The Trustees are also directors of the charitable company for the purposes of company law.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

Auditors

The auditors, Menzies LLP, Statutory Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 19 September 2025 and signed on its behalf by:

H R R John - Trustee

The trustees (who are also the directors of National Waterfront Museum Swansea for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-	select suitable accounting policies and then apply them consistently;

-	observe the methods and principles in the Charity SORP;

-	make judgements and estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

-	there is no relevant audit information of which the charitable company's auditors are unaware; and

-	the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Opinion

We have audited the financial statements of National Waterfront Museum Swansea (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of trustees' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial statements of the company. These are reviewed internally with the audit team including relevant industry experience and expectations as well as externally with the client management. The key laws and regulations we considered in this context were the UK Companies Act 2006, UK GAAP (FRS 102) and relevant tax legislation.

Once identified, we assess the risks of material misstatements in relation to the laws and regulations, irregularities, including fraud and adjust our testing accordingly. Our audit procedures include:

- Discussing with Trustees and Management which areas of the business they believe to be more susceptible to fraud, and whether they have any knowledge or suspicion of fraudulent activities;

- Obtaining an understanding of the key controls put in place by the company to address risks identified, assessing the effectiveness of those and discussing how these are maintained and monitored internally;

- Assessing the risk of management override and review and testing of journal entries made into the accounting system;

- Challenging assumptions and judgements made by the company in relation to the significant accounting estimates employed in the preparation of the financial statements;

- Discussing with Trustees and Management the legal and regulatory obligations of the business and whether they have any knowledge or suspicion of non compliance.

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularities likely involve collusion, forgery, intentional misrepresentation, or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Clive Edwards (Senior Statutory Auditor)

for and on behalf of Menzies LLP, Statutory Auditors

5th Floor Hodge House

114-116 St Mary Street

Cardiff

CF10 1DY

26 September 2025

2025

2024

Unrestricted

Restricted

Total

Total

funds

fund

funds

funds

Notes

£

£

£

£

Income and endowments from

Donations and legacies

3

4,951

-

4,951

4,900

Other income

400

-

400

400

Total

5,351

-

5,351

5,300

Expenditure on

Charitable activities

4

Core activities

350,452

-

350,452

350,343

Net gains/(losses) on investments

(206,879

)

-

(206,879

)

-

NET INCOME/(EXPENDITURE)

(551,980

)

-

(551,980

)

(345,043

)

Other recognised gains/(losses)

Gains/(losses) on revaluation of fixed assets

(427,121

)

-

(427,121

)

-

Net movement in funds

(979,101

)

-

(979,101

)

(345,043

)

Reconciliation of funds

Total funds brought forward

17,168,154

1,851

17,170,005

17,515,048

Total funds carried forward

16,189,053

1,851

16,190,904

17,170,005

2025

2024

Unrestricted

Restricted

Total

Total

funds

fund

funds

funds

Notes

£

£

£

£

Fixed assets

Tangible assets

9

16,232,500

-

16,232,500

17,212,000

Current assets

Debtors

10

-

-

-

221

Cash in hand

1,264

1,851

3,115

5,618

1,264

1,851

3,115

5,839

Creditors

Amounts falling due within one year

11

(2,878

)

-

(2,878

)

(5,601

)

Net current assets

(1,614

)

1,851

237

238

Total assets less current liabilities

16,230,886

1,851

16,232,737

17,212,238

Creditors

Amounts falling due after more than one year

12

(41,833

)

-

(41,833

)

(42,233

)

NET ASSETS

16,189,053

1,851

16,190,904

17,170,005

Funds

13

Unrestricted funds:

General fund

16,165,053

16,717,033

Revaluation reserve

24,000

451,121

16,189,053

17,168,154

Restricted funds

1,851

1,851

Total funds

16,190,904

17,170,005

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 19 September 2025 and were signed on its behalf by:

H R R John - Trustee

E J King - Trustee

1.	Accounting policies

Basis of preparing the financial statements

The financial statements of the charitable 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 accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

National Waterfront Museum Swansea is a private company limited by guarantee incorporated in England and Wales. The registered office is Oystermouth Road, Maritime Quarter, Swansea, SA1 3RD.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Other income consists of rental income received in advance which is recognised over the length of the lease. The charitable company has opted to utilise the option under FRS 102 for Public Benefit Entities to recognise concessionary loans on the amounts received. Therefore no adjustments have been made for fair value purposes.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits 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 related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Expenditure on charitable activities includes all costs relating to the furtherance of the charity's objectives as stated in the trustees report and their associated support costs.

Support costs have been allocated between governance costs and other support. Support costs included central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.

Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at valuation, net of depreciation and any impairment losses. Individual fixed assets costing £1,000 or more are capitalised at cost. Tangible fixed assets consist of a building which is used by the charitable company as a functional property to further the charitable company's aims.

The Museum is developed on long leasehold land. No depreciation was charged on the expenditure incurred on the Museum's development from commencement of the project to 31 March 2006 (ie no depreciation was charged during the development phase of the Museum's construction). On 1 April 2006 depreciation began to be charged. Depreciation is calculated on a straight line basis and the amount of the charge is based on the remaining term of the headlease granted to the charitable company which is 125 years. The useful economic life of the assets were subsequently revised as part of the latest valuation in 2025.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold property 40-50 years straight line

An asset was acquired in a past accounting period by donation in kind from a partner to the project. The asset donated comprised the headlease of the Waterfront Museum site, a heritage asset. The terms of the headlease include conditions for development of the site only for the purposes of the Museum. The asset donated in kind was not included at a value in arriving at expenditure capitalised, as it proved difficult or costly to attribute a value to the asset donated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other recognised gains and losses and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in net income/(expenditure) or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss are recognised in net income/(expenditure) for the year.

Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.	Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Property valuation

As described in the notes to the financial statements, the long leasehold property is stated at fair value based on the valuation performed by an independent professional valuer Cooke & Arkwright Chartered Surveyors with experience in the location and category of property valued.

The valuer used observable market prices adjusted as necessary for any difference in the future, location and condition of the specific asset.

3.	Donations and legacies

2025

2024

£

£

Donations

4,951

4,900

4.	Charitable activities costs

Support

Direct

costs (see

Costs

note 5)

Totals

£

£

£

Core activities

345,530

4,922

350,452

5.	Support costs

Governance

costs

£

Core activities

4,922

Support costs, included in the above, are as follows:

Governance costs

2025

2024

Core

Total

activities

activities

£

£

Auditors' remuneration

1,850

1,800

Legal fees

-

13

Company secretarial fees

3,072

3,000

4,922

4,813

6.	Net income/(expenditure)

Net income/(expenditure) is stated after charging/(crediting):

2025

2024

£

£

Auditors' remuneration

1,850

1,800

Depreciation - owned assets

345,500

345,500

7.	Trustees' remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

8.	Comparatives for the statement of financial activities

Unrestricted

Restricted

Total

funds

fund

funds

£

£

£

Income and endowments from

Donations and legacies

4,900

-

4,900

Other income

400

-

400

Total

5,300

-

5,300

Expenditure on

Charitable activities

Core activities

350,343

-

350,343

NET INCOME/(EXPENDITURE)

(345,043

)

-

(345,043

)

Reconciliation of funds

Total funds brought forward

17,513,197

1,851

17,515,048

Total funds carried forward

17,168,154

1,851

17,170,005

9.	Tangible fixed assets

Long

leasehold

£

Cost or valuation

At 1 April 2024

18,248,500

Revaluations

(2,016,000

)

At 31 March 2025

16,232,500

Depreciation

At 1 April 2024

1,036,500

Charge for year

345,500

Revaluation adjustments

(1,382,000

)

At 31 March 2025

-

Net book value

At 31 March 2025

16,232,500

At 31 March 2024

17,212,000

Cost or valuation at 31 March 2025 is represented by:

Long

leasehold

£

Valuation in 2021

18,248,500

Valuation in 2025

(2,016,000

)

16,232,500

Land and Buildings have been revalued as at 31 March 2025 by Cooke and Arkwright Chartered Surveyors, independent valuers not connected with the charity on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

At 31 March 2025, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £22,223,063 (2024 - £22,784,247).

A sub-underlease which relates to the tangible fixed asset referred to above has been granted to a partner to the project (ie National Museum of Wales). The day to day operation of the Museum is undertaken by the partner to the project referred to and the granting of the sub-lease facilitates this arrangement.

10.	Debtors: amounts falling due within one year

2025

2024

£

£

Other debtors

-

180

VAT

-

41

-

221

11.	Creditors: amounts falling due within one year

2025

2024

£

£

Trade creditors

-

3,126

VAT

315

-

Accruals and deferred income

2,563

2,475

2,878

5,601

12.	Creditors: amounts falling due after more than one year

2025

2024

£

£

Accruals and deferred income

41,833

42,233

Deferred income

£

Deferred income as at 1 April 2024

42,233

Released in the year

(400

)

Income deferred in the year

-

Deferred income as at 31 March 2024

41,833

The principal objective of this charitable company is the establishment of the National Waterfront Museum in Swansea. The construction project reached its completion stage during a prior financial period. The Museum opened to the public in October 2005. The day to day operations of the Museum (after its opening to the public) are being undertaken by the National Museum of Wales (a partner to the project). A sub- underlease has been granted by this charitable company to the National Museum of Wales in order to facilitate this arrangement. The sub-underlease was granted for a consideration of £50,000. The sub-underlease includes provision for only a nominal amount of rental income to this charitable company.

The consideration received for the granting of the sub-underlease is being credited to the Statement of Financial Activities over the term of the sub-underlease. The balance held in the deferred income account represents the amount of the consideration which remains to be credited to the Statement of Financial Activities at the financial year end.

13.	Movement in funds

Net

movement

At

At 1.4.24

in funds

31.3.25

£

£

£

Unrestricted funds

General fund

17,144,154

(979,101

)

16,165,053

Revaluation reserve

24,000

-

24,000

17,168,154

(979,101

)

16,189,053

Restricted funds

Restricted Fund

1,851

-

1,851

TOTAL FUNDS

17,170,005

(979,101

)

16,190,904

Net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

5,351

(350,452

)

(634,000

)

(979,101

)

TOTAL FUNDS

5,351

(350,452

)

(634,000

)

(979,101

)

Comparatives for movement in funds

Net

movement

At

At 1.4.23

in funds

31.3.24

£

£

£

Unrestricted funds

General fund

17,062,076

(345,043

)

16,717,033

Revaluation reserve

451,121

-

451,121

17,513,197

(345,043

)

17,168,154

Restricted funds

Restricted Fund

1,851

-

1,851

TOTAL FUNDS

17,515,048

(345,043

)

17,170,005

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

5,300

(350,343

)

(345,043

)

TOTAL FUNDS

5,300

(350,343

)

(345,043

)

The company's restricted fund is initially credited with the grants receivable for funding the development of the Museum. The amount of the grants which fund capital expenditure are transferred to the general fund when the related expenditure has been incurred.

14.	Related party disclosures

The National Museum of Wales and City and County of Swansea are partner to the project to establish the National Waterfront Museum Swansea. The National Museum of Wales is an organisation which is a Welsh Government Sponsored Body.

The members of the Board of Trustees throughout the financial period end 31 March 2025 are set out in the Report of the Trustees. Each of the partners to the project has nominated 3 members of this company's Board of Trustees.

The National Museum of Wales and the City and County of Swansea contribute 50% each for the cost of governance. This year this amounted to a contribution of £2,475 each (2024: £2,450 each).

For contractual reasons all expenditure authorised by the Board is procured via the National Museum of Wales and then reimbursed by the Company to National Museum of Wales. During the year, £4,952 (2024: £4,843) was reimbursed to National Museum of Wales.

At 31 March 2025 there was £NIL (2024: £3,126) owed to the National Museum of Wales.

Except as disclosed above and in notes to the financial statements there are no transactions, balances and relationships that require disclosure.

15.	Ultimate controlling party

The charitable company has no ultimate controlling party.

16.	Members guarantee

All the members of National Waterfront Museum Swansea have guaranteed to contribute, in the event of a winding up, an amount not exceeding £10 each. The National Waterfront Museum Swansea has 6 members comprising 3 representatives of each of the partners of the project.

In addition, in the event of a winding up or dissolution on the charitable company its articles and memorandum of association state that any property belonging to or vested in the charity shall be transferred to some other charity or charities having similar objectives.