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← Visual Arts Scotland

2025-03-31-accounts

Docusign Envelope ID: 5E7ED03F-6480-434D-B37D-672AAA0A632B

Scottish Charity No SC006715

VISUAL ARTS SCOTLAND (Scottish Charitable Incorporated Organisation)

TRUSTEES' ANNUAL REPORT AND ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025

Brodies LLP 58 Morrison Street Edinburgh EH3 8BP Ref: KPI.CT.VIS2180.00001

Docusign Envelope ID: 5E7ED03F-6480-434D-B37D-672AAA0A632B

VISUAL ARTS SCOTLAND

FOR THE YEAR ENDED 31 MARCH 2025

Reference and Administration Information

Scottish Charity Number SC006715

Contents

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Page
Legal and Administrative Information 1 - 2
Annual Report of the Council and
Statement of Trustees' responsibilities 3 - 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Accounts 8 - 12
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President

Co-Vice Presidents

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Treasurer

Development & Partnerships Manager

Communications Manager

Secretary

Membership Liaison Co-Ordinator

Council Members

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Docusign Envelope ID: 5E7ED03F-6480-434D-B37D-672AAA0A632B

VISUAL ARTS SCOTLAND

FOR THE YEAR ENDED 31 MARCH 2025

Reference and Administration Information (cont)

Solicitors

Brodies LLP 58 Morrison Street Edinburgh EH3 8BP

Bankers

Royal Bank of Scotland Edinburgh West End Office 142-144 Princes Street Edinburgh EH2 4EQ

Independent Examiner

Brodies LLP 58 Morrison Street Edinburgh EH3 8BP

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Docusign Envelope ID: 5E7ED03F-6480-434D-B37D-672AAA0A632B

ANNUAL REPORT OF THE COUNCIL

FOR THE YEAR ENDED 31 MARCH 2025

The Board of Trustees, whose members are also trustees of the charity, has pleasure in presenting its report and accounts for the year ended 31 March 2025.

Compliance with existing law

The accounts comply with the requirements of the Charities and Trustee Investment (Scotland) Act 2005, Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended), the Charities SORP (FRS 102) and are in accordance with the charity's constitution

Constitution

Visual Arts Scotland ("VAS") was founded in 1924 as the Scottish Society of Women Artists, to provide women artists with a platform for their work. The society then admitted men, changing its name to Scottish Artists and Artist Craftmen (SAAC), before evolving into Visual Arts Scotland in 1999. Visual Arts Scotland is an unincorporated association. The management of the charity is the responsibility of the Board of Trustees, which is elected under the terms of the constitution. New trustees are elected at the AGM.

Charity Status

The Association is recognised by HMRC as having charitiable status. It is also registered with the Office of the Scottish Charity Regulator (OSCR). Its charity number is SC006715.

Purpose

The objectives of VAS are to bring together the best of the full range of visual arts, both fine and applied, and to encourage the appreciation of art and design through major exhibitions, lectures, artists residences and an educational program.

Charitable Activities and Achievements

Following on from Visual Arts Scotland's biggest ever exhibition at the Royal Scottish Academy galleries in Edinburgh, the centenary year program continued with their organisation's first event at Dalkeith Palace in Midlothian. This ambitious exhibition brought together nearly five hundred artworks, from three hundred artists, across two floors of the building. The year's program also included a members exhibition at the Scottish Ornithologists Club in Aberlady, part of a continuing partnership with the organisation. An exhibition of the work of Professional Members was held at Tatha Gallery in NewportOn-Tay. In collaboration with partner organisation, VAS offered a member residency on the Isle of Eigg and returned to the Borders Art Fair in March, exhibiting the work of 45 members.

On Sunday 24 November 2024, Visual Arts Scotland members gathered both in-person at the Scottish Arts Club in Edinburgh, and online to celebrate the 100th anniversary of the founding of the charity as the 'Scottish Society of Women Artists' in 1924.

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Docusign Envelope ID: 5E7ED03F-6480-434D-B37D-672AAA0A632B

ANNUAL REPORT OF THE COUNCIL

FOR THE YEAR ENDED 31 MARCH 2025

Administration and membership

In the 2024/2025 accounts year, a Development & Partnerships Manager, Communications Manager and Membership Liaison have been employed by the organisation on a freelance basis. Membership remains high and continues to grow, representing the full range of disciplines to which the charity is devoted. Our council is a hard working, committed body of artists who give their time to VAS voluntarily.

Financial information

Income and expenditure for the period is summarised in the Statement of Financial Activities on page 7 and the Statement of Balances is laid out on page 8. Income for the year in unrestricted funds increased to £85,013.77 (2024 £57,080.25) and expenditure decreased to £87,842.13 (2024 £104,139.32) leaving a deficit for the year of £2,828.36 (2024 deficit £47,058.97). Income for the year in restricted funds was £nil (2024 £4,000) and expenditure of £nil (2024 £4,577.50) against this fund. Funds under management have decreased to £49,303.81 (2024 £52,132.17).

Trustees' Responsibilities

Charity Law requires the Board of Trustees to prepare financial statements each year which give a true and fair view of the situation of the charity and of the surplus or deficit of the charity for that period. In preparing those financial statements the Board of Trustees is required to;-

The Board of Trustees are responsible for keeping adequate accounting records, which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Risks

The Board of Trustees has reviewed the major risks to which the charity is exposed and has establised systems to mitigate those risks.

The Report was approved and signed on behalf of the council on[29 August 2025 | 1:15 PM BST ]

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Treasurer

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Docusign Envelope ID: 5E7ED03F-6480-434D-B37D-672AAA0A632B

VISUAL ARTS SCOTLAND

INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2025

I report on the financial statements of the charity for the year ended 31 March 2025 which are set out on pages 6 to 12.

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) 2005 Act and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10(1) (d) of the 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 Charities Accounts (Scotland) Regulations 2006. 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, I do not express an audit opinion on the accounts

Independent examiner's statement

In the course of my examination, no matter has come to my attention

  1. which gives me reasonable cause to believe that in any material respect the requirements:

  2. to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and

  3. to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations have not been met, or

  4. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Brodies LLP 58 Morrison Street Edinburgh EH3 8BP

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29 August 2025 | 1:18 PM BST

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Docusign Envelope ID: 5E7ED03F-6480-434D-B37D-672AAA0A632B

VISUAL ARTS SCOTLAND

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expediture Account) FOR THE YEAR ENDED 31 MARCH 2025

Income from:
Note
Donations
4
Charitable activities
5
Investments
6
Total income
Expenditure on:
Charitable activities
7
Administration expenses
7
Total expenditure
Net income and net
movement in funds
Reconciliation of funds:-
Adjustment to previous account
14
Total funds brought forward
Surplus/(deficit) for period		 Unrestricted
Fund
Restricted
Funds

2025
£
2025
£
2025
Total
£
2024
Total
£
47,191.79
-
47,191.79
59,360.10
36,479.30
-
36,479.30
-
1,342.68
-
1,342.68
1,720.25
85,013.77
-
85,013.77
61,080.35
44,345.89
-
44,345.89
65,044.05
43,496.24
-
43,496.24
43,672.77
87,842.13
-
87,842.13
108,716.82
(2,828.36)
-
(2,828.36)
(47,636.47)
-
5,788.64
19,709.67
32,422.50
52,132.17
93,980.00
16,881.31
32,422.50
49,303.81
52,132.17

The Statement of Financial Activities includes all gains and losses in the year and therfore a Statement of Total Recognised Gains and Losses has not been prepared.

All activities of the charity relate to continuing operations.

The notes on pages 8 to 12 form part of these financial statements.

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Docusign Envelope ID: 5E7ED03F-6480-434D-B37D-672AAA0A632B

VISUAL ARTS SCOTLAND

Balance Sheet

AS AT 31 MARCH 2025

Note
Fixed Assets
Investments
8
Total fixed assets
Current assets:
Cash at bank and in hand
Funds held at paypal/stripe
Debtors
Annual subscriptions due
9
Total current assets
Liabilities
Creditors amounts falling due within one year
10
Net current assets/(liabilities)
Total net assets
Represented by:-
Unrestricted funds
Restricted income funds
10
Total charity funds		 2025
2024
Unrestricted
Fund
Unrestricted
Fund
£
£
21,000.00
21,000.00
21,000.00
21,000.00
52,248.54
32,869.46
4,084.70
-
4,628.71
3,333.00
56,333.24
40,831.17
28,029.43
9,699.00
28,303.81
31,132.17
49,303.81
52,132.17
16,881.31
19,709.67
32,422.50
32,422.50
49,303.81
52,132.17

The accounts were approved by the council on[29 August 2025 | 1:15 PM BST ] and signed on its behalf by

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Docusign Envelope ID: 5E7ED03F-6480-434D-B37D-672AAA0A632B

VISUAL ARTS SCOTLAND

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1 General Information

The charity is a registered charity in Scotland and is unincorporated. The address of the principal office is 58 Morrison Street Edinburgh EH3 8BP.

2 Statement of Compliance

These accounts have been prepared in compliance with FRS 102, "The Financial Reporting Standard applicable in the UK and the Republic of Ireland", the Statement of Recommended Practce applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS102) and the Charities and Trustee Investment (Scotland) Act 2005 and the Charity Accounts (Scotland) Regulations 2006 (as amended).

3 Accounting Policies

Basis of Preparation - The financial statements are prepared on the historical cost basis. The financial statements are prepared in sterling, the functional currency of the charity.

Going concern - There are no material uncertainties about the charity's ability to continue.

Disclosure exemptions - The charity satisfies the criteria of being a qualifying entity asdefined by FRS 102. As such advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102. No cash flow statement has been presented by the charity. Disclosures in respect of financial instruments have not been presented.

Judgements and key sources of estimation uncertainty - The preparation of financial statements requires management to make judgements , estimates and assumptions that effect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting - The charity has both restricted and unrestricted funds. Further details of each fund are disclosed in note 12.

Income - Grant income intended to finance revenue expenditure is credited to the Statement of Financial Activities in the year to which it relates. Income generated by the charity including fundraising donations is included when its receipt is probable.

Revenue expenditure - Where possible, expenditure is classified under the principal categories of charitable activites and goverance costs. Charitable activities include all costs incurred by the charity in undertaking activities that further it's charitable aims for the beneficiaries, including support costs and costs relating to the goverance of the charity apportionable to charitable expenditure. Goverance costs consist of independent examinationa fees and other costs concerned with goverance.

Investments - Investments are stated at market value. Gais and losses on disposal are transferred to the income and expenditure account

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Docusign Envelope ID: 5E7ED03F-6480-434D-B37D-672AAA0A632B

VISUAL ARTS SCOTLAND

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

4 Income from Donations
Annual subscriptions
Bursary funding for residencies
Sundry donations
Other income
Annual exhibition - contributions to awards & prizes
Gillespie McAndrew Gordon Smith Award
Scottish Furniture Makers Assoc Award
Young Space award
Powderhall Bronze award
Amanda Airey award
Aiden Bell/R Coley Award for Sculpture
RSA Tim Stead Trust Award
CF award
Total donations		 Unrestricted
Fund
Restricted
Fund
Total
2025
£
2025
£
2024
£
33,928.42
33,059.00
2,000.00
4,500.00
10,220.00
12,001.10
43.37
4,700.00
46,191.79
-
54,260.10
-
4,000.00
250.00
250.00
-
250.00
-
250.00
-
100.00
-
250.00
250.00
-
500.00
-
47,191.79
-
59,360.10

5 Income from Charitable Activities

Income from Charitable Activities
Exhibition income
Investment income
National Savings Bank income bonds
Royal Bank of Scotland		 36,479.30 -
784.54
558.14
1,342.68		 696.68
1,023.57

1,720.25

6 Investment income

9

Docusign Envelope ID: 5E7ED03F-6480-434D-B37D-672AAA0A632B

VISUAL ARTS SCOTLAND

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

7 Charitable Activities
Awards and prizes
Inches Carr administration expenses
Gillespie McAndrew Gordon Smith Award
Scottish Furniture Makers Assoc Award
Young Space award
Powderhall Bronze award
Amanda Airey award
Aiden Bell/R Coley Award for Sculpture
RSA Fidra Fine Art Award
RSA Golden Hare Books Award
RSA Scottish Gallery Award
Operating expenditure
Payments to artists
Residencies
Show costs
Exhibition venue costs
Distribution to artists
Transport, travel, insurance, rent, storage,
and utilities
Support Costs
Cost of administrator
Web design and maintenance
Honorarium
Bank charges
Legal fees
Independent examination fee
Sundry expenses
Interview fees
Training fees
Total expenditure on charitable activities
8 Investments
National Savings Bank Income Bonds
Cost
Closing market value		 Unrestricted
Fund
2025
£
-
-
-
-
-
-
-
-
150.00
500.00
250.00
Restricted
Fund
Total
2025
2024
£
£
1,200.00
577.50
4,000.00
250.00
250.00
250.00
100.00
250.00
-
-
-
900.00 -
6,877.50
4,213.20
2,160.00
8,572.20
3,129.00
19,379.12
5,992.37		 2,982.48
8,145.00
20,869.68
23,068.63
3,100.76
43,445.89 -
58,166.55
31,108.81
674.79
3,500.00
408.89
-
3,600.00
3,963.75
-
240.00		 19,281.54
907.40
17,500.00
66.15
4,212.60
1,555.08
150.00
-
43,496.24 -
43,672.77
87,842.13 -
108,716.82
2025
2024
£
£
21,000.00
21,000.00
21,000.00
21,000.00

10

Docusign Envelope ID: 5E7ED03F-6480-434D-B37D-672AAA0A632B

VISUAL ARTS SCOTLAND

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR THE YEAR ENDED 31 MARCH 2025
10 Creditors
Creditors amounts falling due within one year
Deferred annual subscriptions
Surplus Creative Scotland Funds
Fees
9 Debtors
Annual subscriptions due		 2025
2024
£
£
-
3,333.00
2025
£
2024
£
24,429.43
9,699.00
-
-
3,600.00
-
28,029.43
9,699.00

11 Movement on Funds

Movement on Funds
Restricted income funds:
The Richard Coley Award for Sculpture
Inches Carr Mentoring Fund
Gillespie McAndrew Gordon Smith Award
Adjustment to account per note 14 w/o
Unrestricted income funds:
General fund
Adjustment to account per note 14 w/o		 Balance at
01/04/2024
Income
Expenditure
Balance at
31/03/2025
£
£
£
£
10,000.00
10,000.00
22,422.50
-
22,422.50
4,000.00
-
4,000.00
(4,000.00)
(4,000.00)
32,422.50
-
-
32,422.50
9,921.03
94,802.41
87,842.13
16,881.31
9,788.64
-
9,788.64
-
52,132.17
94,802.41
97,630.77
49,303.81

12 Analysis of Net Assets between Funds

Fixed assets - Investments
Current Assets
Current Liabilities		 Unrestricted
Restricted
Fund
Fund
Total
Total
2025
2025
2025
2024
£
21,000.00
£
£
21,000.00
£
21,000.00
23,910.74
32,422.50
56,333.24
40,831.17
(28,029.43)
(28,029.43)
(9,699.00)
16,881.31
32,422.50
49,303.81
52,132.17

11

Docusign Envelope ID: 5E7ED03F-6480-434D-B37D-672AAA0A632B

VISUAL ARTS SCOTLAND

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13 Guarantees and Commitments

There are no contingent liabilities at the balance sheet date.

14 Adjustments to previous account

Adjustments to previous account
Adjustments to
Bank balance b/f
Paypal balance b/f
Creative Scotland surplus
Gordon Smith Award		 Unrestricted
Fund
Restricted
Fund
Total
Total
2025
2025
2025
2024
£
£
£
£
-
-
(149.36)
-
-
1,638.00
-
-
-
-
4,300.00
-
-
-
-
-
5,788.64

12