**Charity registration number SC025493 (Scotland)**
## **GENERATOR (SCIO)**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2025**
## **GENERATOR (SCIO)**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
**Charity number (Scotland)** SC025493 **Registered office** 25/26 Mid Wynd Industrial Estate Dundee DD1 4JG **Independent examiner** Findlays Audit Limited 11 Dudhope Terrace Dundee DD3 6TS **Bankers** The Royal Bank of Scotland 3 High Street Dundee DD1 9LY
## **GENERATOR (SCIO)**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 4|
|Independent examiner's report|5|
|Statement of financial activities|6|
|Balance sheet|7|
|Notes to the financial statements|8 - 12|
## **GENERATOR (SCIO)**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
The trustees present their annual report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "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**
The Board of Trustees, established 2023, is responsible for the charity's governance and financial guidance, ensuring we meet our stated charitable aims, which are: the advancement of contemporary visual art and culture; to advance sustainable support to the development of art/s (in its widest possible meaning) for any person/s generally and in particular the inhabitants of Dundee, and; to encourage peer-led education and support as well as providing support to the Operational Committee.
Generator, also known as Generator Projects, operating since 1996, serves as a vital platform for early- to midcareer artists, focusing on contemporary arts in Dundee. Our commitment to paid opportunities for emerging practitioners and free access to exhibitions aligns with our belief that arts are a fundamental right.
The trustees have paid due regard to guidance issued by OSCR in deciding what activities the charity should undertake.
- 1 -
GENERATOR (SCIO)
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Achievements and perfOnanCe
Significant aGtivities and achievements against objectives
The Board of Generator Projects commends the Committee for their exceptional programming since 2024, which
has successfully delivered diverse and inclusive activities across four key areas- Exhibitions, Passion Projects,
Events, and Takeovers. All programming remains free and accessible to all.
Each year, the Commtttee curates four exhibitions, including the flagship Members, Show and They Had 4 Yea
H4Y). These exhibitions provide critical opportunities for emerging and r&emerging artists to showcase their
work, fostering creativity and diversity. The Members, Show maintains a radically democratic approach, featuring
unselected works by members, while TH4Y supports recent graduates wth financial and professional development,
promoting their practices and expanding audiences.
Exhibitions. passion projects and offsite initiatives, continued to expand Generator's reach throu
of exhibitions, residencies and events. The Grave In Full Vigour, a solo exhibition by
encom
assed a new
ublication and collective reading event. residence residence, an experimen
resi
ency wi
curated b
further supported collaborative,
ong-
emi projec
also continu
oevo
ve, wi
h a research-led worksho
the launch of the
ublication featuring writings by
and
Additional pro
rammin
rmance and a ta
writer, editor and artis
extended Generator's commitment to fostering
had
namic ran
rocess-
prac
accom
Ice.
an
Inc
ate-summer session of
poetry, music an
from WhitePube
engagement.
ogue, experimen
ion an
c¢)mmuni
In addition to the core programming, Generator hosted a series of events in collaboration with Film lab Palestine
and Palestine Cinema Days in Dundee, as well as a netsvorkin
event with the Scottish Working Class Nehvork. A
talk with Arts Workers for Palestine featuring
Palestinian artist based in Scotland, further
strengthened the organisation's commitment to p
voices and intemational solidarity.
omiing urgen
The micro-residenc
and ristrresidenc
rammes also continued this year, supporting artists:
These opportunities offered focused time an
resources
new ideas within the supportive context of Generatols
or experimen
community.
on,s
eve
opmen
an
es
Ing o
Takeovers remain a vital aspect of Generator's role as a community resource, enabling members and local groups
to independently showcase projects. This has strengthened Generator's connections with Dundee's arts
communities and enriched its programmin
diversity. Notable takeovers include 'Boomoran
e. exhibition featuring
Alan Richardson, Lada Wilson and
DJCAD'S MFA ehibition, PLUME by
and Awright
Projects are having their first takeover
re Definitely Not Awrighf.
The Committee's ongoing commitment to Equality, Drversity, and Inclusion IEDI), fair working conditions, and
access ensures Generator continues to be a vibrant, postiive force locally and across Scotland.
Financial review
For the reporting period, Generator Projects maintained financial sustainabilty through diverse funding sources. A
detailed financial performance summary, including key indicators, is available in the accompanying financial
statements.
## **GENERATOR (SCIO)**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## _Reserves policy_
Generator currently holds no reserves, however we wish to build reserves moving forward as this is a key step in building organisational and financial resilience, and will help to futureproof the organisation when it encounters unexpected financial challenges.
At the end of a financial year, should Generator hold surplus money, which is not tied to specific purposes, we aim for this to be set aside to form part of Generator’s reserves. Generator’s aim is to maintain unrestricted funds (the free reserves of the charity) equal to three months unrestricted expenditure.
Generator also reserves the right to establish designated reserves which are held against specific future purposes, for example the purchase of our own building or capital works related to our current building. The decision to establish designated funds will be made jointly by the Board of Trustees and Operational Committee.
During the year the charity made a deficit of £5,589 (2024 - deficit of £37,271). At the year end 31 March 2025, the charity held unrestricted reserves of £12,834 (2024 - £18,423) and restricted reserves of £nil (2024 - £nil).
## **Plans for future periods**
Looking ahead, Generator Projects remains committed to expanding access, outreach efforts, and creating an inclusive environment. We appreciate the support of Creative Scotland, Dundee City Council, and the contributions of members, supporters, artists, volunteers, and creatives.
## **Structure, governance and management**
As of 6th February 2015, Generator completed it's transition to a Scottish Charitable Incorporated Organisation (SC025493) and the purposes and administration arrangements are set out in our constitution.
The trustees who served during the year and up to the date of signature of the financial statements were:
## _Recruitment and appointment of trustees_
Membership is open to those supporting Generator Projects' objectives, with the right to refuse membership by a majority vote. In 2023, a Board of Trustees was established, serving a maximum of six years. They are committed to financial transparency and maintaining accurate accounting records.
## **Impact and Beneficiaries**
Our initiatives positively impact artists, local communities, and the wider public, fostering creativity and breaking down access barriers. The continued removal of membership fees and commitment to fair work practices contribute to inclusivity.
## **Improving Resilience and Risk Management**
To address challenges, Generator Projects enhanced its governance model with an inaugural Board of Trustees and a move towards a fair work model. We have a risk register that is reviewed on a quarterly basis and collaboratively adjusted between the Operational Committee and Board of Trustees. These steps aim to increase resilience and ensure the organisation's long-term stability.
- 3 -
## **GENERATOR (SCIO)**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
The trustees' report was approved by the Board of Trustees.
23 December 2025
- 4 -
## **GENERATOR (SCIO)**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GENERATOR (SCIO)**
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 financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity's 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 financial statements 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 financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, 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 view given by the financial statements.
## **Independent examiner's statement**
In the course of my examination, no matter has come to my attention:
- (a) which gives me reasonable cause to believe that in any material respect the requirements:
- (i) to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
- (ii) to prepare financial statements which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations;
- have not been met or
- (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Findlays Audit Limited 11 Dudhope Terrace Dundee DD3 6TS
Dated: 23 December 2025
- 5 -
## **GENERATOR (SCIO)**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**Unrestricted**
**funds**
**Restricted**
**funds**
**Notes**
**2025**
**£**
**2025**
**£**
**Income from:**
Donations and legacies
**2**
14,021
59,400
Charitable activities
**3**
629
-
Other trading activities
**4**
60
-
**Total income**
14,710
59,400
**Expenditure on:**
Charitable activities
**5**
20,299
59,400
**Total expenditure**
20,299
59,400
**Net expenditure and movement in funds**
(5,589)
-
**Reconciliation of funds:**
Fund balances at 1 April 2024
18,423
-
**Fund balances at 31 March 2025**
12,834
-|**Total**
**Unrestricted**
**funds**
**2025**
**£**
**2024**
**£**
73,421
22,950
629
-
60
204
74,110
23,154
79,699
60,425
79,699
60,425
(5,589)
(37,271)
18,423
55,694
12,834
18,423|
|---|---|
- 6 -
## **GENERATOR (SCIO)**
## **BALANCE SHEET**
## _**AS AT 31 MARCH 2025**_
|**Notes**
**Current assets**
Cash at bank and in hand
**Net current assets**
**The funds of the charity**
Unrestricted funds
**11**|**2025**
**£**
12,834|**£**
12,834
12,834
12,834|**2024**
**£**
18,423|**£**
18,423|
|---|---|---|---|---|
|||||18,423|
|||||18,423|
The financial statements were approved by the trustees on 23 December 2025
- 7 -
## **GENERATOR (SCIO)**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
## **Charity information**
Generator Projects is a Scottish Charitable Incorporated Organisation registered in Scotland. The principal address is 25/26 Mid Wynd Industrial Estate, Dundee, DD1 4JG.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the receipts and payment basis. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 8 -
## **GENERATOR (SCIO)**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **2 Income from donations and legacies**
|**Unrestricted**
**funds**
**Restricted**
**funds**
**2025**
**2025**
**£**
**£**
Donations and gifts
521
-
Grants
13,500
59,400
14,021
59,400
**Grants**
BAN Symposium
-
900
LACD - Visual Arts
Project
-
6,000
Creative Scotland
-
52,500
LACD Funding - 23/24
6,000
-
EOPM Backpayment
7,500
-
Other
-
-
13,500
59,400|**Total**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
521
1,515
-
72,900
21,435
-
73,421
22,950
-
900
-
-
6,000
-
-
52,500
-
-
6,000
-
-
7,500
-
-
-
21,435
-
72,900
21,435
-|**Total**
**2024**
**£**
1,515
21,435|
|---|---|---|
|||22,950|
|||-
-
-
-
-
21,435|
|||21,435|
- 9 -
## **GENERATOR (SCIO)**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **3 Income from charitable activities**
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2025**|**2024**|
|||**£**|**£**|
||**Charitable activites**|||
||Studio Fees|629|-|
|**4**|**Income from other trading activities**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2025**|**2024**|
|||**£**|**£**|
||Shop income|60|204|
|**5**|**Expenditure on charitable activities**|||
|||**Unrestricted**|**Unrestricted**|
|||**2025**|**2024**|
|||**£**|**£**|
||**Direct costs**|||
||Grant clawback|1,046|-|
||Legal & professional fees|851|2,113|
||Project costs|12,933|9,927|
||Hospitality & subsistence|2,668|2,912|
||Travel & accommodation|5,739|5,828|
||Artist & performer fees|18,514|13,509|
||Marketing costs|1,229|603|
||Equipment|7,371|-|
||Premises costs|20,269|19,125|
||General admin costs|7,879|6,408|
|||78,499|60,425|
||**Share of support and governance costs (see note 6)**|||
||Governance|1,200|-|
|||79,699|60,425|
||**Analysis by fund**|||
||Unrestricted funds|20,299|60,425|
||Restricted funds|59,400|-|
|||79,699|60,425|
- 10 -
## **GENERATOR (SCIO)**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **6 Support costs allocated to activities**
||**Unrestricted**|**Total**|
|---|---|---|
||**2025**|**2024**|
||**£**|**£**|
|Governance|1,200|-|
## **7 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **8 Fixed Assets**
The charity held fixed assets with a net book value at year end of £476 (2024 - £1,062). These assets included equipment, fixtures & fittings. The depreciation charge for the year was £586 (2024 - £586).
## **9 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **10 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
||**At 1 April**|**Incoming**|**Resources**|**At 31 March**|
|---|---|---|---|---|
||**2024**|**resources**|**expended**|**2025**|
||**£**|**£**|**£**|**£**|
|Leisure & Culture Dundee|-|6,000|(6,000)|-|
|BAN Symposium|-|900|(900)|-|
|Creative Scotland|-|52,500|(52,500)|-|
||-|59,400|(59,400)|-|
## **Purpose of restricted funds:**
Leisure & Culture Dundee - funding towards rent & maintenance costs
BAN Symposium - funding toward speakers fees
Creative Scotland - funding from the National Lottery Open Fund for Organisations towards costs of running programmes and engaging with new audiences
- 11 -
## **GENERATOR (SCIO)**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **11 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used.
||**At 1 April**|**Incoming**|**Resources**|**At 31 March**|
|---|---|---|---|---|
||**2024**|**resources**|**expended**|**2025**|
||**£**|**£**|**£**|**£**|
|General funds|18,423|14,710|(20,299)|12,834|
|**Previous year:**|**At 1 April**|**Incoming**|**Resources**|**At 31 March**|
||**2023**|**resources**|**expended**|**2024**|
||**£**|**£**|**£**|**£**|
|General funds|55,694|23,154|(60,425)|18,423|
## **12 Related party transactions**
There were no disclosable related party transactions during the year (2024 - none).
- 12 -
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