Notice that the lady (right) is dressed in the uniform of the First World War 'clippies', the female conductresses recruited to take the place of men who had been called to the colours. This suggests therefore a date of around 1915/16. The bus itself, judging by its condition is considerably older (oil lamps and solid tyres!) and looks almost exactly like the vehicles that were commandeered from various local undertakings and taken to France for use as military transport.
The advert on the front of the top deck reads: FURNITURE & DECORATION, 161 2 3 Commercial Street Newport. The lettering on the side looks like: GWR
P E Gane Furnishers was established in Newport in 1891 so its advert on the bus might suggest one of its earliest publicity campaigns. The board could even have been transferred from a horse-drawn bus when that type of transport became obsolete shortly after the trams became elecrified in 1903.
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Many thanks to Haydn Davis for his help with the photo description.