The Pembroke Dock Heritage Trust Limited - Charities report

REGISTERED COMPANY NUMBER: 05920931 (England and Wales)

REGISTERED CHARITY NUMBER: 1120476

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

FOR

THE PEMBROKE DOCK HERITAGE TRUST LIMITED

Page

Report of the Trustees

1

to

5

Independent Examiner's Report

6

Statement of Financial Activities

7

Balance Sheet

8

to

9

Notes to the Financial Statements

10

to

16

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 August 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

Objectives and aims

The Trust exists to preserve, promote and celebrate the rich heritage of Pembroke Dock, with particular emphasis on the former flying boat station and Royal Dockyard, its people and its global aviation and maritime significance. Through the Heritage Centre, exhibitions, events and outreach activities, we aim to provide an engaging and accessible experience for visitors while supporting education and community involvement.

Review of the year

The year from 1st September 2024 to 31st August 2025 has been one of steady progress, consolidation and renewed confidence for the Trust. Despite a challenging operating environment, the organisation has strengthened its financial position, improved its visitor offer and continued to build strong foundations for future growth.

The Heritage Centre delivered a varied and engaging programme of exhibitions, including the successful Toy Soldiers exhibition and new displays highlighting local and national heritage. Significant progress was also made on the return and installation of the RAF Pembroke Dock Memorial Window, which represents a major addition to the Centre’s collection and an important commemorative project.

Operationally, the Trust has continued to manage its resources carefully, achieving a stronger-than-expected financial outcome for the year, with a surplus generated through a combination of effective cost control, successful fundraising and strong community support. Improvements have also been made to infrastructure, maintenance and IT systems, alongside ongoing work to enhance the Centre’s marketing, digital presence and visitor experience.

The year also saw increased strategic planning, including the adoption of an updated Business Plan and the formation of dedicated working groups for marketing, events and fundraising, positioning the Trust well for the future.

Public benefit

Pembroke Dock Heritage Trust continues to deliver clear public benefit through the preservation, interpretation and promotion of local heritage. Building on the work of its predecessor, the Sunderland Trust, the organisation has established a distinctive and valued heritage attraction within a relatively short period.

Located within the historic Dockyard Chapel, the Heritage Centre provides an accessible and engaging environment for visitors of all ages, offering exhibitions, events and educational opportunities that bring the area’s rich history to life. The Trust works closely with volunteers, community groups and educational institutions to ensure that its activities are inclusive, relevant and aligned with local and national learning priorities.

The Centre has become a well-regarded visitor destination and plays an important role in supporting community engagement, tourism and the wider regeneration of Pembroke Dock. Trustees remain committed to further enhancing the visitor experience and ensuring that the Trust continues to deliver meaningful and lasting public benefit.

Grant and fundraising

The Trust has continued to secure a range of grants and fundraising income to support both core activities and specific projects.

Key funding achievements during the year included:

National Lottery Heritage Fund support for the RAF Memorial Window project (£11,988, received £5,999 in 2025 accounts and £5,989 in 2026 accounts)

Contributions from the RAF Historical Society (£5,000) and public donations via JustGiving (over £2,500)

Warm Rooms funding to support community use of the Centre

Enhancing Pembrokeshire Community Engagement funding

In addition, a number of individual contributions have further strengthened the Trust’s financial position.

Fundraising activities, including events and community initiatives, have been highly effective, with the 1940s Dance, bric-a-brac sales and other initiatives contributing significantly to voluntary income.

The Trust has also continued to explore future funding opportunities, including grant applications for exhibitions, infrastructure improvements and volunteer development.

Volunteers

The Trust remains a volunteer-led organisation, and the contribution of volunteers continues to be central to its success. Volunteers support all aspects of the Centre’s operations, including front-of-house duties, coffee bar, events, collections management, maintenance and outreach.

During the year, efforts have been made to strengthen volunteer coordination, including the introduction of a Volunteer Coordinator role and structured rotas. Training opportunities have also been provided, including food safety training and emergency first aid.

Volunteer commitment has been particularly evident in the delivery of events, exhibitions and major projects such as the Memorial Window installation and preparations for the Royal Visit.

The Trustees extend their sincere thanks to all volunteers for their dedication, enthusiasm and ongoing support.

ACHIEVEMENTS AND PERFORMANCE

Events and community engagement

The Trust has delivered a vibrant and well-supported programme of events, reinforcing its role at the heart of the local community. Highlights included participation in the Welsh Museums Festival, Family Activity Week, and the successful delivery of themed exhibitions and school visits.

Community engagement remained strong throughout the year, with events such as the VE Day commemoration and book launch attracting over 100 attendees, alongside regular outreach activity with local schools and community groups. The introduction of family-focused activities and a dog-friendly policy has broadened the Centre’s appeal and contributed to increased visitor engagement.

In a ceremony in April, Japanese diplomat Mr Masaki Ikegami, Envoy Extraordinary and Minister Plenipotentiary of Japan to the United Kingdom, planted the sapling of a Gingko before a gathering of invited guests, trustees and centre volunteers. He was joined by Captain Shuzo Homma, Naval Attache at the Japanese Embassy. The original Gingko tree, in the garden of the nearby Master Shipwright’s House, was gifted to the town to mark the launch in 1877 of one of the first modern warships for the Imperial Japanese Navy.

Major fundraising and community events, including the 1940s VE/VJ commemorative dance and Armed Forces Day, were particularly successful, both in terms of attendance and raising the profile of the Trust. Collaboration with local partners, including the Port Authority, Town Council and regional museums, has further strengthened the Trust’s community links.

FINANCIAL REVIEW

Financial overview

The Trust’s financial position at the close of 2024/25 is stable, positive and sustainable, providing a strong foundation as we move into the 2025/26 financial year.

For 2024/25, a small operating deficit had been anticipated; however, the Trust achieved a surplus of £6,809. This improved outcome reflects stronger-than-expected fundraising, increased Gift Aid recovery and careful cost management throughout the year. While some income streams, including admissions and venue hire, were below forecast, overall performance exceeded expectations and demonstrates the organisation’s resilience.

As at 31st August 2025, the Trust held net assets of £98,273. This level of reserves provides both financial security and flexibility, ensuring the Trust is well placed to manage future commitments and respond to emerging opportunities. The balance sheet remains robust, underpinned by prudent financial management and controlled liabilities.

The budget for 2025/26 has been set on a cautious and sustainable basis. Income is forecast at £62,400 against projected expenditure of £60,750, resulting in a modest anticipated surplus of £1,650. Fundraising targets have been set at realistic levels, and event expenditure has been carefully managed. Rent has been identified as a key cost pressure, with provision made for a potential increase subject to confirmation from Pembrokeshire County Council.

Overall, the Trust enters the new financial year in a stronger position than originally forecast, supported by healthy reserves and disciplined financial planning. Nonetheless, rising operating costs—particularly in relation to rent—remain a concern, and progressing the Community Asset Transfer or renegotiation of lease terms will be an important priority in maintaining long-term financial sustainability.

Reserves policy

The Trustees recognise the importance of maintaining adequate financial reserves to ensure the stability and continuity of the Trust’s activities. Reserves are held to meet short-term operational needs, manage unforeseen expenditure, and support the ongoing maintenance of the Heritage Centre.

The level of reserves is reviewed regularly by the Trustees to ensure it remains appropriate in light of current and anticipated financial commitments. The Trust seeks to balance prudent financial management with the continued investment required to sustain and develop its activities. Steps will continue to be taken to manage costs effectively, strengthen income streams, and reduce financial pressures where possible.

FUTURE PLANS

A planned private Royal Visit on 11 September 2025 by HRH The Princess Royal, to view the RAF Memorial Window, which will be re-installed in the Chapel in early September 2025. With a formal re-dedication, of the window, by the RAF’s Chaplin in Chief, on 26 October 2025.

The coming year promises to be an exciting and pivotal period for the Trust. The official opening of the HMS Erebus: From Dockyard to Discovery exhibition in June 2026 will mark a major milestone, and we anticipate increased visitor numbers together with wider regional and national recognition of the Heritage Centre.

Following the winter closure, the Centre will reopen to the public on 30 March 2026, with a refreshed offer that includes enhanced displays, improvements to the gift shop, and continued development of visitor facilities. Alongside this, we will deliver a strong programme of events, including Falcon 2026 and Armed Forces Day, both expected to attract significant public engagement.

We will continue to expand our educational outreach, working closely with local schools and community groups. In particular, the Erebus exhibition will provide new opportunities for learning, with resources aligned to the Curriculum for Wales and designed to reflect local heritage and contemporary voices.

Essential infrastructure improvements will remain a priority and we will continue to pursue capital funding opportunities for wider site improvements.

As a volunteer-led organisation, the continued commitment of our volunteers remains central to our success. We aim to recruit additional volunteers, particularly to support front-of-house operations, education delivery and the coffee shop, while also strengthening volunteer support and coordination.

Like many small charities, we continue to face financial pressures arising from rising operating costs and limited funding for core activities. The ongoing maintenance of the Grade II listed historic building also presents challenges. However, with strong community support, a clear programme of activity, and careful financial management, the Trust is well placed to build on the progress of the past year and continue to grow in the year ahead.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Acknowledgements

The Trustees would like to express their sincere thanks to all volunteers, supporters, and funders who have contributed to the success of the Trust over the past year. In particular, we acknowledge the support of Pembrokeshire County Council, Pembroke Dock Town Council, and our many individual donors.

The Trustees remain committed to building on this progress and ensuring that Pembroke Dock’s unique heritage continues to be preserved and shared for future generations.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

05920931 (England and Wales)

Registered Charity number

1120476

Registered office

Royal Dockyard Chapel

Meyrick Owen Way

Pembroke Dock

Pembrokeshire

SA72 6WS

Trustees

J A Evans

M W Cavaney

G K Clarkson

R Saldanha

Dr A R Watkin

Mrs J Phillips

T J Clark (resigned 4.11.25)

Mrs P E George

T Payne

Mrs M Wiggins

A J Ludlow

P Mitchell

Mrs A K Scourfield (appointed 22.10.24)

Company Secretary

T Payne

Independent Examiner

Bevan Buckland Ltd

Chartered Accountants

Castle Chambers

6 Westgate Hill

Pembroke

Pembrokeshire

SA71 4LB

Approved by order of the board of trustees on 18 May 2026 and signed on its behalf by:

R Saldanha - Trustee

Independent examiner's report to the trustees of The Pembroke Dock Heritage Trust Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors 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 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited 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 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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 understanding of the accounts to be reached.

Caroline Wheeler

Bevan Buckland Ltd

Chartered Accountants

Castle Chambers

6 Westgate Hill

Pembroke

Pembrokeshire

SA71 4LB

Date: .............................................

2025

2024

Unrestricted

Restricted

Total

fund

funds

Notes

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

34,463

14,913

49,376

52,851

Other trading activities

3

46,042

-

46,042

28,612

Investment income

4

797

-

797

607

Total

81,302

14,913

96,215

82,070

EXPENDITURE ON

Charitable activities

Delivery of the charities objects

74,493

14,913

89,406

78,791

NET INCOME

6,809

-

6,809

3,279

RECONCILIATION OF FUNDS

Total funds brought forward

91,464

-

91,464

88,185

TOTAL FUNDS CARRIED FORWARD

98,273

-

98,273

91,464

2025

2024

Notes

£

FIXED ASSETS

Tangible assets

9

15,393

18,103

CURRENT ASSETS

Stocks

10

3,984

4,294

Debtors

11

1,730

3,072

Cash at bank and in hand

97,138

80,834

102,852

88,200

CREDITORS

Amounts falling due within one year

12

(13,742

)

(7,510

)

NET CURRENT ASSETS

89,110

80,690

TOTAL ASSETS LESS CURRENT
LIABILITIES

104,503

98,793

CREDITORS

Amounts falling due after more than one year

13

(6,230

)

(7,329

)

NET ASSETS

98,273

91,464

FUNDS

15

Unrestricted funds

98,273

91,464

TOTAL FUNDS

98,273

91,464

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the 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 otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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 18 May 2026 and were signed on its behalf by:

G K Clarkson - Trustee

M W Cavaney - Trustee

R Saldanha - 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.

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.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and equipment

-

15% reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to income and expenditure account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Grant income

Revenue grant income is recognised at the date of receipt.

Heritage assets

The trust holds a number of artifacts that are considered heritage assets. These items are not recognised in the balance sheet as cost information is not readily available and the trustees believe that the benefits of obtaining valuations for these artifacts would not justify the cost. Nearly all the items are thought to have a financial value of less than £50 and as far the trustees are aware no individual item is worth more than £500.

The intention of the trustees is to hold these items of memorabilia in good condition for display in the future however, subject to the approval of the trustees items may be disposed of. This would only happen in exceptional circumstances for example when an item can not be properly displayed or the disposal proceeds could be used to purchase a better example.

In addition to the varied items of memorabilia the trust also has responsibility for the war time flying boat Sunderland Flying Boat T9044. This is currently submerged on the bed of the river Cleddau and as such can not be valued.

2.	DONATIONS AND LEGACIES

2025

2024

£

Donations

3,647

2,328

Gift aid

3,755

3,640

Grants

18,913

22,158

Subscriptions

785

745

Admissions

22,276

23,980

49,376

52,851

Grants received, included in the above, are as follows:

2025

2024

£

Pembrokeshire County Council

7,302

6,938

Pembroke Dock Town Council

3,000

PAVS

2,112

-

Heritage Lottery Fund

5,999

-

Federation of Museums and Art Galleries of Wales

500

Welsh Government

-

6,000

Tesco - Groundwork UK

-

375

GEM Cymru

-

1,500

Kids in Museum

-

500

South Hook LNG

-

1,145

National Grid Community Matters Fund

-

2,200

18,913

22,158

3.	OTHER TRADING ACTIVITIES

2025

2024

£

Fundraising events

24,449

6,163

Shop income

8,353

8,902

Cafe income

12,070

10,452

Venue hire

720

2,690

Visitor services

450

405

46,042

28,612

4.	INVESTMENT INCOME

2025

2024

£

Deposit account interest

797

607

5.	NET INCOME/(EXPENDITURE)

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

2025

2024

£

Depreciation - owned assets

2,710

3,187

6.	TRUSTEES' REMUNERATION AND BENEFITS

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

Trustees' expenses

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

7.	STAFF COSTS

The average monthly number of employees during the year was as follows:

2025

2024

Administration and management

1

No employees received emoluments in excess of £60,000.

8.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

funds

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

40,567

12,284

52,851

Other trading activities

28,612

-

28,612

Investment income

607

-

607

Total

69,786

12,284

82,070

EXPENDITURE ON

Charitable activities

Delivery of the charities objects

66,507

12,284

78,791

NET INCOME

3,279

-

3,279

RECONCILIATION OF FUNDS

Total funds brought forward

88,185

-

88,185

TOTAL FUNDS CARRIED FORWARD

91,464

-

91,464

9.	TANGIBLE FIXED ASSETS

Plant and

equipment

£

COST

At 1 September 2024 and
31 August 2025

91,965

DEPRECIATION

At 1 September 2024

73,862

Charge for year

2,710

At 31 August 2025

76,572

NET BOOK VALUE

At 31 August 2025

15,393

At 31 August 2024

18,103

As stated in the accounting policies no amount is included in fixed assets for the value of heritage assets, both artifacts and Sunderland Flying Boat T9044.

10.

STOCKS

2025

2024

£

Stocks

3,984

4,294

11.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

-

1,700

Prepayments

1,730

1,372

1,730

3,072

12.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade creditors

11,655

4,654

Creditcard

264

102

Accrued expenses

724

1,461

Deferred grants

1,099

1,293

13,742

7,510

13.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

Deferred grants

6,230

7,329

14.	ANALYSIS OF NET ASSETS BETWEEN FUNDS

2025

2024

Unrestricted

Restricted

Total

fund

funds

£

Fixed assets

15,393

-

15,393

18,103

Current assets

102,852

-

102,852

88,200

Current liabilities

(13,742

)

-

(13,742

)

(7,510

)

Long term liabilities

(6,230

)

-

(6,230

)

(7,329

)

98,273

-

98,273

91,464

15.	MOVEMENT IN FUNDS

Net

movement

At

At 1.9.24

in funds

31.8.25

£

Unrestricted funds

General fund

91,464

6,809

98,273

TOTAL FUNDS

91,464

6,809

98,273

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

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

81,302

(74,493

)

6,809

Restricted funds

Restricted Fund

14,913

(14,913

)

-

TOTAL FUNDS

96,215

(89,406

)

6,809

Comparatives for movement in funds

Net

movement

At

At 1.9.23

in funds

31.8.24

£

Unrestricted funds

General fund

88,185

3,279

91,464

TOTAL FUNDS

88,185

3,279

91,464

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

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

69,786

(66,507

)

3,279

Restricted funds

Restricted Fund

12,284

(12,284

)

-

TOTAL FUNDS

82,070

(78,791

)

3,279

A current year 12 months and prior year 12 months combined position is as follows:

Net

movement

At

At 1.9.23

in funds

31.8.25

£

Unrestricted funds

General fund

88,185

10,088

98,273

TOTAL FUNDS

88,185

10,088

98,273

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

151,088

(141,000

)

10,088

Restricted funds

Restricted Fund

27,197

(27,197

)

-

TOTAL FUNDS

178,285

(168,197

)

10,088

16.	RELATED PARTY DISCLOSURES

The Trust purchased books to the value of £Nil (2024 £286) from John Evans, a Trustee. All transactions were at market value and no amounts were outstanding at the year end.

17.	VOLUNTEER HOURS

No adjustment has been included in the accounts to reflect the value of volunteer time.