PAISLEY ART INSTITUTE
Supporting and Promoting Art and Artists in Paisley and the West of Scotland since 1876
ANNUAL REPORT & ACCOUNTS 2024/2025
| Pages | |
|---|---|
| Administrative information | 2 |
| Trustees Report for Year to 31July 2025 | 3-5 |
| Statement of Financial Activities for Year | 6 |
| Balance Sheet as at 31 July 2025 | 7 |
| Notes to Financial Statements | 8-11 |
| Independent Examiner’s Report | 12 |
Paisley Art Institute is an organisation founded in 1876 A charity registered in Scotland, no.SC000840
Paisley Art Institute, c/o 18 Oakshaw Street East, Paisley PAI 2DD
Paisley Art Institution Trustees’ Annual Report and Financial Statements For the year ended 31 July 2025
Administrative information
The Officers at the Date of This Report are:
Joe Hargan President Robert Kelsey Vice President Eslyn Barr Vice President Annelouise Hargan Secretary Graeme Smith Treasurer Irene McCann Membership Secretary
Address:
Paisley Art Institute c/o 18 Oakshaw Street East Paisley PAI 2DD
Accountants:
McLaren Ross 19 Glasgow Road Paisley PA1 3QX
Solicitors:
Turcan Connell 180 St Vincent Street Glasgow G2 5SG
Charity Number: SC000840
Website: https://paisleyartinstitute.org/
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Paisley Art Institution Trustees’ Annual Report and Financial Statements For the year ended 31 July 2025
Annual Report 2024/25
The Trustees are pleased to present their Annual Report & Accounts to members of Paisley Art Institute for the year ended 31 July 2025.
Trustees during the year: Joe Hargan Robert Kelsey Eslyn Barr Annelouise Hargan Colin MacKean Irene McCann
Management Committee during the year: Michelle Ives Gaye Broadley Linda Clark Nancy McHarg Joe Broadley Denise Findlay Allison Buchanan Russell Hutcheson Mike Wrennal Margaret Johnston Lorna Elliott Hutcheson John Rowland Co-opted Odette Lavansch Co-opted Lynn Howarth Co-opted
Objectives, Structure and Management
Paisley Art Institute (PAI) is a charitable organisation. The purpose of the Institute, as recorded in the Constitution, continues to be the encouragement and promotion of Art by means of exhibitions and occasional lectures, meetings and demonstration classes, and in other ways as the committee determines appropriate.
The Charity's Committee of Management formally meets five times per year and includes the post holders of President, Vice Presidents (2), Secretary, Treasurer, and Membership Secretary. Extra meetings may be arranged throughout the year.
Activities in 2024/25
2024/25 has been a productive year for Paisley Art Institute and its members.
This is in spite of the loss of our historical home Paisley Museum & Art Galleries due to Renfrewshire Council’s decision some years ago to reconstruct the building and cease having art galleries in it. Whenever the building reopens it will be only Paisley Museum .
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Paisley Art Institution Trustees’ Annual Report and Financial Statements For the year ended 31 July 2025
Our use of its former six galleries are part of our contracted agreement with Paisley Town Council, succeeded by Renfrewshire Council. Internationally acclaimed art critic Clare Henry describes our situation in the Artlyst website, and can be read here https://artlyst.com/news/paisley-art-institute-made-homeless-after-147-years-clare-henry/ and here https://artlyst.com/news/scottish-art-institutions-unite-in-bid-for-survival/ .
The 136th PAI Annual Exhibition from 28th April – 31st May 2025 took place displaying to increasing numbers of visitors from home and abroad the full range of paintings and craft designs by our members and by invited artists selected in open competition, again at our new home in the Glasgow Art Club. This was a highly successful exhibition of over six hundred submissions of which five hundred were exhibited.
An increased number of art works were sold at the exhibition with greater financial benefit to the artists. Twenty-eight awards and prizes were given out for excellence and we are grateful to our many sponsors. The PAI has sponsored a new award in perpetuity called the MacKean Award. The MacKean Award celebrates the memory of the support of the MacKean family who have gifted many wonderful works over the years.
Membership continues to grow, standing presently at 360. Membership is open to artists and lay people. Our website https://www.paisleyartinstitute.org/ states how to apply. Our Facebook page also contains news and updates of the art world.
Planning has begun to promote and celebrate the 150[th] Anniversary next year of Paisley Art Institute with a special Open Annual Exhibition in May 2026 and other events in the year.
Thanks go to all members and committee members who greatly assist the Institute in so many ways. We record with sadness the passing of Colin MacKean who was a long-serving trustee and treasurer.
Financial Review
The Annual Accounts pages which start at Page 6 show that our routine Operational Income and Operational Expenditure follow a regular pattern but expenditure has been incurred to meet costs of the displacement from our historic base.
As is well known and as stated in last year’s Annual Report 2023/24 our Collection of Artworks which forms our Heritable Assets has been for many decades on loan to Paisley Town Council and its successor.
Recovery from the Council’s premises has been made of some 245 artworks and a further 100 or more are awaited. Most have not seen the light of day for over 50 years or more and now without the former Art Galleries have no prospect of being displayed there.
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Paisley Art Institution
Trustees’ Annual Report and Financial Statements
For the year ended 31 July 2025
In 2024, as reported, the Trustees were authorised by the membership of the Institute to offer to the market, by way of public auctions, artworks (a) to realise funds to establish a capital fund for the long-term future of the Institute and its support and development of art and (b) to offer an opportunity to buy, see and enjoy the works in different settings. The first of the auctions was in September 2024 organised by Lyon & Turnbull and others have followed. In 2024/25 £2,298,298 has been realised and added to our long-term Continuing Funds.
From the auction realisations, an Investment Fund has been created to ensure income is generated from it, and capital growth established. It is managed for the Institute by Evelyn Partners Investment Management LLP. Further details are shown on Page 10.
As of the 31 July 2025 loans of £245,000 have been made to Glasgow Art Club to assist the refurbishment and operation of their property which is 185 Bath Street, Glasgow in which the Institute is based. Further details are shown on Page 10.
The charity’s total continuing funds are held in support of its ongoing charitable activities. The charity's operational policy is to maintain sufficient reserves to cover a minimum of twelve months' expenditure.
Risk Statement
The trustees actively consider the risks to which the charity is exposed and where possible, and appropriate, take such actions as are necessary to mitigate those risks.
Statement of Trustees' Responsibilities
It is the responsibility of the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the results of the charity for that year. In preparing the financial statements the Trustees are required to:
select suitable accounting policies and then apply them consistently: make judgement and estimates that are reasonable and prudent: prepare the financial statements on the going-concern basis unless it is inappropriate to presume that the charity will continue its business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity which enable them to ascertain the financial position of the charity, and which enable them to ensure that the financial statements comply with the constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on 4th November 2025 and signed on their behalf by:-
Joe Hargan, President ………………………………………………………
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Paisley Art Institution Trustees’ Annual Report and Financial Statements For the year ended 31 July 2025
Statement of Financial Activities for the Year ended 31 July 2025
(All Paisley Art Institute activities are charitable)
| 2025 | 2025 | 2024 | 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Notes | £ | £ | |||||||||
| Funds: | Unrestricted | Restricted | Total | Total | |||||||
| INCOME | |||||||||||
| Charitable income | 64,402 | - | 64,402 | 54,055 | |||||||
| Bank interest | 2,556 | - | 2,556 | 51 | |||||||
| Sub-total | 1 | 66,957 | 66,957 | 54,106 | |||||||
| Investment income | 9,464 | - | 9,464 | - | |||||||
| - | |||||||||||
| TOTAL a | 76,421 | - | 76,421 | 54.106 | |||||||
| EXPENDITURE | |||||||||||
| Direct Charity expenditure | 68,013 | 100 | 68,113 | 66,516 | |||||||
| Governance costs | 1,680 | - | 1,680 | 1,440 | |||||||
| Sub-total | 1 | 69,693 | 100 | 69,793 | 67,956 | ||||||
| Transfer to Investment fund | 9,464 | - | 9,464 | - | |||||||
| TOTAL b | 79,157 | 100 | 79,257 | 67,956 | |||||||
| Net movement in funds in year | **a-b ** | (2,736) | (100) | (2,836) | (13,850) | ||||||
| General Funds brought forward | 23,202 | 4,016 | 27,218 | 41,068 | |||||||
| General Funds carried forward | 20,466 | 3,916 | 24,382 | 27,218 | |||||||
The Notes on pages 8 to 11 form an integral part of these Accounts
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Paisley Art Institution Trustees’ Annual Report and Financial Statements For the year ended 31 July 2025
Balance Sheet as at 31 July 2025
==> picture [463 x 455] intentionally omitted <==
----- Start of picture text -----
GO 2025 2024
GO Notes £ £
eG restated
GO Heritable Assets 3 561,000 3,812.995
Investment Fund
Market valuation of fund managed by Evelyn
ee Partners as at 31 July 2025 4 1,754,405 -
aee ee
DG Loans to Glasgow Art Club 5 245,000 50,000
eG
a Assets sub-total 2,560,405 3,862,995
eG
a Current Assets
eG Bank of Scotland balance, and cash 49,079 28,580
DG Debtor 6 315,964 -
eG
DO less Current Liability
eG Creditor - (50,000)
GG Net current assets sub-total 365,043 (21,420)
eG
GG
TOTAL ASSETS 2,925,448 3,841,575
Representing:
pf Restricted Funds 3,916 4,016
eG Unrestricted Funds 2,921,532 3,837,559
ee TOTAL FUNDS 2,925,448 3,841,575
----- End of picture text -----
Approved by the Trustees on 4[th] November 2025 and signed on their behalf by:-
Annelouise Hargan, Secretary …………………………………………… Graeme Smith, Treasurer …………………………………………………..
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Paisley Art Institution
Trustees’ Annual Report and Financial Statements
For the year ended 31 July 2025
Notes to the Financial Statements
| 1. | 1. | |||
|---|---|---|---|---|
| INCOMES | 2025 £ |
2024 £ |
||
| Exhibition sales | 40,195 | 35,569 | ||
| Catalogue and calendar sales | 2,792 | 1,525 | ||
| Catalogue advertising | 1,720 | 710 | ||
| Exhibition fees | 7,180 | 4,630 | ||
| Prize awards from sponsors | 5,050 | 3,800 | ||
| Courier fees received | 510 | 280 | ||
| Sub-total | 57,447 | 46,514 | ||
| Members subscriptions | 6,275 | 5,705 | ||
| Christmas Fayre | 610 | 1,377 | ||
| Other income | 70 | 459 | ||
| Sub-total | 64,402 | 54,055 | ||
| Bank interest received | 2,556 | 51 | ||
| TOTAL before Investment Income : | 66.958 | 54,106 | ||
| EXPENDITURES | ||||
| Payments to artists | 25,137 | 24,963 | ||
| Exhibition expenses | 8,559 | 4,085 | ||
| Promotion | 3,914 | 2,485 | ||
| Prizes and Awards | 5,550 | 3,600 | ||
| Catalogue costs | 2,972 | 2,333 | ||
| Courier fees paid | 410 | 909 | ||
| Sub-total | 46,542 | 38,375 | ||
| Website etc | 1,096 | 742 | ||
| Insurance | 232 | 355 | ||
| General expenditure | 1,289 | 198 | ||
| Banking charges | 2,004 | 44 | ||
| Transport and storage | - | 2,173 | ||
| EY fees on taxation | 11,250 | - | ||
| Legal fees | 5,700 | 10,920 | ||
| GAC cleaning and clearing | - | 13,709 | ||
| Sub-total | 68,113 | 66,516 | ||
| Governance costs: accountancy fee | 1,680 | 1,440 | ||
| TOTAL before transfers: | 69,793 | 67,956 |
Artist payments are payable on exhibition sales completed and paid. Awards are made annually on the basis of judging panel recommendations for various categories of art. Most awards are funded by sponsors.
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Paisley Art Institution Trustees’ Annual Report and Financial Statements For the year ended 31 July 2025
2. Basis of Preparation
These Accounts have been prepared in accordance with:
(a) The Charities and Trustee Investment (Scotland) Act 2005
(b) The Charities Accounts (Scotland) Regulations 2006 (as amended).
And, except where stated otherwise, are prepared on the basis of historic cost.
The activities of Paisley Art Institute are all exclusively charitable activities.
3. Heritable Assets
The Trustees appointed Christies to carry out a formal valuation of its Collection. Approximately 80% of its Collection items were valued by Christies on a Current Auction Estimates basis. The valuation was carried out on 14 December 2022.
On the grounds of prudence, the valuation included in the Balance Sheet at 31[st] July 2024 represented the median valuation on the above basis for this part of the Collection. Realisations by auction and latest valuations result in a continuing estimate conservatively of £561,000. This valuation will be subject to change when access is available to the full Collection.
Summary of Heritable Assets changes in 2024/25
| Valuation brought forward | £ | 3,812.995 | |
|---|---|---|---|
| Disposed by auction in year | - | 2,298,298 | |
| 1,514,697 | |||
| Adjustments in valuation, reflecting changes in current markets |
-953,697 | ||
| Valuation continuing | 561,000 |
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Paisley Art Institution Trustees’ Annual Report and Financial Statements
For the year ended 31 July 2025
4. Investment Fund
| Investment Fund in year | 2025 £ |
2025 £ |
2024 £ |
||
|---|---|---|---|---|---|
Balance brought forward |
- | ||||
| Added during year | 1,714,000 | ||||
| Investment income added | 9,464 | ||||
| 1,723,464 | |||||
| Increase in valuation | 30,941 | ||||
| Balance at year-end | 1,754,405 | - | |||
| Being the Market Valuation of the Fund as at 31 July 2025 administered by Evelyn Partners Investment Management LLP |
Evelyn Partners’ management fee charged in 2024/25 of £3,061 is settled by deduction from the investment fund.
5. Loans to Glasgow Art Club
From July 2024 Paisley Art Institute has provided loans to Glasgow Art Club to assist that organisation refurbish and operate its premises and galleries at 185 Bath Street, Glasgow, which also provide a base for the Institute. The loans are being secured as a charge over the property which is wholly owned by Glasgow Art Club. Repayment falls due if and when Glasgow Art Club ceases to own and operate the property.
| Loans to Glasgow Art Club in year | 2025 £ |
2024 £ |
||
|---|---|---|---|---|
Balance brought forward |
50,000 | - | ||
| Advanced during year to 31 July | 195,000 | 50,000 | ||
| Balance as at 31 July 2025 | 245,000 | 50,000 |
6. Debtor: representing amount due from auction sale at the end July 2025, and received in early August.
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Paisley Art Institution
Trustees’ Annual Report and Financial Statements
For the year ended 31 July 2025
7. Restricted Funds (being part of the total continuing funds)
Restricted funds are used for the purposes specified by the donor or trust deed .
| The funds are as follows as at 31 July: | 2025 | 2024 |
|---|---|---|
| Sculpture fund | £262 | £262 |
| Robert Edmonds fund | 407 | 407 |
| Mary& William Armour fund | 3,247 | 3,347 |
| Total funds | £3,916 | £4,016 |
In the year 2024/25, £100 from the Mary & William Armour Fund was used for an award.
8. Taxation
(a) The charity is not liable to income tax nor capital gains tax.
(b) The charity is not registered for VAT; all costs are shown inclusive of VAT charged.
9 . Transactions with Trustees
No remuneration was paid to Trustees or any persons connected with them during the year.
- .
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Independent Examiner’s Report to the Trustees of Paisley Art Institute
| report on the Accounts of the charity for the year to 31 July 2025 set out on pages 6 to 11.
Respective responsibilities of Trustees and examiner
The charity’s Trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity Trustees consider that the audit requirement of Regulation 10(1) (d) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
Basis of independent examiner’s statement
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. 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 seeks explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently | do not express an audit opinion on the view given by the accounts.
Independent examiner’s statement
In the course of my examination, no matter has come to my attention
-
which gives me reasonable cause to believe that in any material respect the requirements:
-
e to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations
-
e to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations
-
-
have not been met, or
-
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed on 23 March 2026
dou. We House .
Ann McLaren, McLaren Ross 19 Glasgow Road Paisley PAl 3QX