Company reglstratbn number., SC218678 arlty reuistrauon ntstnber., SC02660 SOUTHWEST ARTS AND Musrc PROJECT TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 KELVIN PartllL?i'sIIip CIiAttTf.MLD AccouliiANTS The Kelvln Partnersh
Southwest Arts And Music Projèct Contents Page Trustees. Report Independent Audltorf$ Rep¢rt 5tatemenr of FlnaTrdil Acuvits Ilndudlng Income and ExpendlturÈ MCCrntI Jo eDmparallve ststnent vf Ananclèl Atyvltles Ilncluding Income and ExpEnditure AGtounti li 8alaTh Sheet Statement of C65h FIvw5 13 N¢te5 to thE Statemenl of Cash Flow5 14 Notes lo thÈ Nnanc5bl StatefflEnts 15-24 The followln9 pages do Mt form part af thE Statutory accounts.. DeMiip.d Ststement of A¢tlvWes Ilncludlng Income ènd Expenditure Accounti 25-26
SoLEthwest Arts And Music Project Company No. SC218678 Trustees, Report For The Year Ended 31 March 2026 The tnJstÈes present thelr report and the fmancial statemcnts fly the y8ar ended 31 Marth 2026. Objectlves and Actlvllles Alms and Oble£tlvÈ$ SWAMP exlsts to provkye 5UPPOrt to, and the create OPPDthnltles for some of the most SDclally exduded resldents wilhl our commvnlty. Over the last year sye have SO9ht to athl¢ve thls by dellverfng bcUvllle5 to help tatklè food PD¥ertyi reduce soclal lsolatlon withln our elderly resklent¥ populauon. dellver wnp1gyab111ty services and to ofler affordable medn space for kical w9an15ations offerlng a WiEk ravJe of support a¢tlvltles. AchlovementF ehd POrtomi¥DcA Maln Achlgvements The Pantry has conUDued Its role of elplng to tackle food povErty, with Dver 3000 reglstered members. The IntrvductlDn ol contactless payment servlces and an Investment lft Ibe physlcal appearance uf the pantry have Improved the cu5tarner experfenty and ensure that our Pantry remalns a popular and vlbrant place to shop. The well-e5tablished strong Ilnks with major n8tl¢nal retallers has ensured that our Pantry has attess to a substantld range of addillonal merchandise to enhance the 5hopplng pxperlence for Duf users. Th15 hès been sUPPOrted by the direct employrnent of additlDnal $uppDrt 5taFf to eTrsure thls flow of 8ddlllonal Items Is malntained. The nexl stage in the dRveloprrtent Df the pantrry Is the replacement of the aging van to malntaln and maxlrn15e uplift of stotk from Ihelr retsllers. The Income generatcd from the Pantry Fs a welcome oddltbn to the overall income of the Cent. In the last ypaf¥Je have SUCSSfUllY dellvered three specific employability seivices tts those whu were stwggling In the current employment markpt. our Partners at Enable IScotlDndl we proyided 6 tralnlng sesslons coverlng access to retail and to tare and SUPPDrt In addition to a rDlllng course on accc5S to conslru¢tlon site 5ervlces. Ia addltlDD, two speui courses were run for those interested In accÈ%slng the cre3Mve Industrle5. ThESe coutses wÈre pDpular as woll as sUCc5r1. other stand of our employebilltv 5UPPQrt was the ono-to-ont supporl to cllents regarding cv prcparauon, sob hunbng and coTrThdence bulPdlDg funded In partner5hlp wlth GECCO. Earh of these projects taryeted people who other wlse would not bÈ able LO access the JDbs market. The Dlgltal Induslon SeIce, by the Vlrgln FouThdatlon, Is nDW In Its SEcond yèar and Is 9radually bUIlg It5 succe55ts by altracTr9 people who requlre baslc help aj ass(stance to effectively BsS dlglt81 servlces Frt a safe and SUPPOrtlve way. Tho Investment In the bulldlng was mpete¢s kn Ihe prevlous nnandal year, and the facus In the past year has be Dn ensurlng the properly is rnalntained tD the pr0pErsndard. A He31th and Safety Audlt aad a fvii nre safely audlt have bee conducted and pOrted ro ihe Board, and we Bre worn9 through the Igsues hhlhteO. There remaln5 the need dewdvp a full flxrure aTrd fittlngs development plan as part or the forward flnènclal plannlng proce55. The development OF the tecotdlng studlo, dance studlo and the woodwork shDp are still Dnyoiftg and wlll feature In this yearf5 plannlng and dVIpMent process. Ttte vso of the buiidlny for a range of local support groups has CDntlnved wlth regular meetlngs Dr an AA, a men's M31 health group and a loc&1 bEtpè¥etnent group. These gmups are vltal for thwr u5ets and wlll always be a phme fouJs at SWAMP. The drlvÈ to attract new users to Ihe centre Is now Showing 519ns of wccess wlth several llEW oryanl$atlon5 seeklng afjd rentlng space to ddfver thelr own swthces to the communlly The to help devale soclal Isolatlon among our dderly re51dwt5 h45 gone from strength to 5trEngth with the ¢onllnua¥aTr of the ever-popUar Fun nrne events. These 5elf-funding I¢VE¥e3 we an Important part of the kneal eldedy populatlDn dlary. The board appolnted an IT support agent tQ Cn5vfE that Its IT systems were bDth modern and 5ecvre, Thts has led to errectlve data protecbDD and c¢ntrol systems belng put In place. The development OF oursoclal media prtsence Is also gathering patr, ?5 Is the developtRent of a Trew webslEe. Both are stlll work5 In woyress, but the tsnpact OF both has been Fell shce the stsrt of 2026. The BDard has begun ihe process of IoDklng at how It operties to ensure Its aperntlon Is Nl for purpose, The rnove to impft)ve the structure of it5 govemantr arrangements hès beon gatherlng momentum wlth 5tanOard agcnda forinats, Irnpruved record keeplng ond Improved déclsIl-MokIg wo¢ess and lrnpr9v¢d overslght ¢1 all aspects of the oryan15allon now a cOrnmL featuro of its governance agenda. A rent 5kllls ènalysls bas hl9hllghted the need for the 8oard lo bo15ter Its HR, buslnes5 plannlng. Budgetary Control and rlsk management SlIS. A SPE¢lfir rwultment drlve %Ylll be forthcoThinp to Improve performaace In these vltal areas. ..CONfiNUED Page I
Southwest Arts And Musle Project Trustees. Report (contlnued) For The Year Ended 31 March 2026 aln Achleveménts. contlnued A fortnal bD8rd conllnuOUS ¢evelopmenl plan bas )een agreed and Is wrrenlly belng lrnpletneTrred The Boara ha5 a150 Improved the overall gradlng Strvcture of the after seekln9 èdvlce from Its consultant, ihe orgEnlsation n(w bE(ients from a professlofjal gradlng slrutiure golng forward now has access to the support It requires to eDstsre Its own employrnent actlvltles arE fit for purpose. One or the key tasks frons the last year wag th¢ ¢JevelopmoTrt ora furnllftg acllon Wan. Thls15 In placa and as reported eadler the t8r9eUng of spedfic funders thvs far Is paylng dlv4dends 5th fundlng b8ln9 from both Glasgow Clty Cijunal and more recently the Blg Lottrery. ChAlr of the Board 5tatPTnent On behalf of the SWAMP Its trustees, It glves me great pleasure to present our annual report ror the year 2025/Z6. Thks report wlll oulllne our progre55 over the pastyéar whlch hos been a kn many respects diffitrjlt year for the whole Thtrd sector In rR8ny rÈsperts for SWAN? Itself. My term of office started In January 2026. lollowlng the resNJnalF)n of the foTmer chalr and I would Ilke pay trfLwte ro hlm For hts many years as chalr and to my fellovrf Bo8rd menibers who have been a huge support during Ihese past few months. In that tlme, I have had the pleasure of meetlng and worklng wlth thÈ Stair teèm and the 9ro¥rfln9 nurnber of vol&nteer5, sylthout wlw)Jn we wouw Dut be able to do all that we do. In our last report we hlghllqhted thal we declded to revlew the %Yhole operatSoA to enre li was stiii lit for purpose and ready to meet the dllenge5 ahead. Wp brought on board additlonal management support re5ouKe5 to help Ihe tranlIn81 processes, re¥le4Yed the Internal Starring grading Structure and tondlt5ons olservlce. Impmved our rr Infrastwclvre, carried out modifiCatlQn5 to the pantry 6nd Introdtsced coDtacUess paymeni tystems in both Ihe Pantry and the café. W2 Introduced a new board meet5no structure wlth Standard agenda and Improvod rocord keepino 8nd began a governanco .vIeW lo en$urE we tneet all re9ulatDry and best practlce process and that vur pollcy framework 15 UP to date. A btyard trainln9 plan was Intrnduced. and an 4way day was held to underflne the neyé gGYernance arrangetnent& Much Is S11 to be dDne, the MoMenM Is deady there. We rewEwed the cperailonal structure, agreed 8 wèy aheod. subject r¢ fundln9 belng In p5ace. We hava been suttrssful In obtalnlng (xudal fundlrtg streams from the Glas9ow City Coundl and made applicauon tts the filg Lolfery and have made furtherèpplEcBllons to other potential funders to make the organlsatlon 5UStalnable to the years ahead. At the tlme of draftlng thls reptsrt, It can be reported that Dur appllcation to the Blg Lottery was 5uccessfiA. Here, zgaln. mLrch ha5 bee achleved but rnuch fftore sllll needs lo be done and again the momentum L£ wlth golng forward. We revlewed our sodal medla framework and now have a slgnlncant presence In all major platfttms a5 well as a ne eb5ile. We held èn engapement véllh the communlly to find out thelr vlew on SWAMP ond what they war)ted from us 9olng fon¥ard. Thls big conYer5ation wa5 5ucce55fv1, allhouoh ttte r&sponse rate could have been better. In srarllng a conversation which needs to be rnalntalned going forward. On behalf of the Board, I can be confident In Sa09 that last yedr has been one of change, of loTrklng at how thlngs ha been done the past, reviewing the operational and cultural aspe¢trs of organi$3Uon. and learnlng frrjm pastr mistake Iso been about looking to the fuiutt and maklng SU wr organ151tion Is truly Trt for purpose In th£ years ahead. nallyi I wov14 Ilke to expr¢ss my SInre thanks to all the staff, voluntetts and to my fellow Board rnernbers for their support and guldance over this perfod and l 8rTr confident thal we wlll move fotward wlth a TheWed confidence to Fve the service$ our £omniunlty needs the years ahead. Page Z
Southwost Arts And Muslc Projaet Trustees, Report (continued) For The Year Ended 31 March 2026 Fln•n¢l31 Rvlew Fln)nclal Posbtlon The Charily generated a net dEticlt of É297,930 for the year ended 31 Marth 202612025.. £28.850 surplusl. At the balance Sheet date, totè5 fund$ stood at É1,861,3Z9 12025.. £2,159,259) wlih £l.599,93B of these funds being iestrtcted 12025.. El 1.789,9461. Of these restrtcted funds, El,599,93B relates to the renovated bulldlD9. Unrestrlcted funds at the year end weTe £261.391 12025 £369,313). R$$rves The Board has Canded the reseryaq requlred and have considered thelr current and futuie liabllilles. The tru5tee5 alm lo maintslfi a free reseNes In unrestrlcted funds at a levol that Equat£% to apwoxlmotely, three rnonths ofunre5tri(ted charttable eendIture. struclure, Governance and Management Govemlny Poctsment The ¢haHty Is cDnlrcAled by Its 9Dveffllng ixumenL a dced of Iru and constiwtes a Ilmsred Company. Ilmlted by guarantee as defird by the Companles Act of 2006. Southwc5t Art$ and Nu51¢ Project 15 IncorpDrated tharity Ilffllted by guarantee ènd the pu¥poses and admlnlsirntknn requlrernents are set out In the consl11ullon dated 041031J997. Inductlon and Tralnlng olTrustees New trustee wilfi relevant s115 and experlence are appolnted by exlsung Iru5tees of the charity- An knducucn process ts currently belng reyléwed for new trustees, Oryanlsatlonal Slruclure The Dan1on 1$ 9oveffled by a locally elected Board of trustees. They are sponsible for 5v9 the ¢Jrganlsation Is eeCtiVe in meetlng overall alms ond obje¢bve5 a3 set out the gDvernln9 document, Indydlng the development and Implernentauon of pollcyi thancial management and setting the strateglc dartn of the organlsation. The day-to-day QPETaUon5 of the OanalD are overseen by a lead Dfficer with extemal support when requlred, We employ full Part lime and 5esslonal staff. and provlde acement opportunIt5 for voiunt8ers. We encourage local people to becorne members aod seek ro artively enmurage them to paCIpate In the ded51on-maklng processes of ihe orgall15atlon. Related Partles We are assoclated ¥thth a rnnge of partnershlps that Indutle Glasgow Empowerlng Ctynrnunltle5 CooperBUve IGECCOI. DTAS Scotland, Glas9ow Clty n[al Area Partnershlp. We are also rnembers of y(th Sculland, The Llvlng Wège Fovndatloo and the Pvverty Wuance. We work cb5el¥ v41th all I{al elerte¢a memb¥s. Rlsk MonageméTht The Board are curtenuy reeIng It5 ?ppthte 8nd approach to dsk management. Refomttce and Admlnlstratlv¢ DBtall¥ Truste•$ V E Sandlèn (Testgned 06/U3120261 B Gerrand G Mltchcll G Maoney leesl9ned 02112120251 P C Bro9an Page 3
Southwest Arts And Music Project Trustees, Report (continued) For The Year Ended 31 March 2026 O Ramsay IresSgned 09103120261 J L Honan P P M¢gDw4n Ireskjned 22112120151 D P Rhode5 R D Mcdonald (appolnted 02112120251 N W Bennctt lappDSntcd 02112120251 Charlty Numbe 5C026608 eompphy Number SC218678 Fte9lstered Offi¢0 15-27 Brockbum Road Brockburn Road ptsllok Glasgo G53 SBG Audltors The Kelvin Partnersttlp Lfd The Cooper 8ulldlng 505 Great Westsrn Road Glasgow G12 8HW Page 4
Southwest Arts And Music ProJect Tru5t6es' Report (contlnued) For The Year Ended 31 Mareh 2026 statement of Trustees, Responyibllltles The trustee5 (who are 6150 the direttttr5 tsf SDUthwe5t Ar15 And MUSK PrDIECt for thE purw)5e5 of Company lawl are res)nSIble for preparin9 the Trustees, Report ond the Trnanclal 51alemenls In accordance wlth applicable law and United Klngdom AcrATrUnting 8tandards {United KIDgdorn Genernlly Accepted Atcountillg PrèctKel, Cotnpan¥ law qUireS the trust¥es io PPare financial statements fDr each finaTrcLIl year. Under company law the tru5tEe5 must not appruve the flnandal statement unle5$ lfvey are 5atLsfied that they givc I true Jnd fair vlew of the state of affaSrs of the <haritoble cytnpan¥ ar of thÈ Incornln9 resou$ and applicatlon of resourc, Includlng the Income End Expendlturt, or the charftable company for that pertod. In preparing ihe financlal staterneats the trnstees are reoulred to.. select sultable accountlng ptsllcles and then appty them conastenuy,. observe the methods and prlnclples In the Chartty SORP., make ludgmenrs and accountlng esiim8tes that a reas¢nable and pwdent,. state whether appllcable 3ccounlln9 siandards have been follosyed,. subject to any deparbjres d15cbsed and explolned In the fin6nclal statements,. and prepare the Iinancla5 stalements on the goln9 concem bas15 unless It Is Inupwopriate to presume that the company wlll conuthue i* busine55. The irusteÈs are responslble for keeplrF adequate accountlng records whlch dlsclose Wilh reasonable accuraiy at aoytiffle the fiThanc+al posltlon of the Iharftable coinp6ny and 10 eD4ble thetn to en5ufE that the ac¢¢unrs ¢ornply %vltli the Charlbes and Trustees InvE31riiEnt 15cvtliindl Atr 2005, the Charitlts Accounts Iscallandl Regu110n$ 2006 ond the Companie5 Act 2006. They are also ro5wJnslble for safeguarding the os5ets of the company èfid hence fvr taklng reasonable steps for the prcventlon and detecllon of fraud and other Irregularit5. The ¢rustses are respDnslble for tho malntEnance and Integrity of the c4yorBie and finanaal infvrtnation Included on the charitsble companys w¥)site. Le91$b3 Ir the Unlted Kln9dDm oovernln9 the preparatlon and dlssemlnatk)n of finandal staternents may differ frrjrn legISon In other jurfsd1ttlo5. ststement of Dlsclo¥vre of ltyfotlll8tlon tTr Audltor$ Each orthe persons who are trustees at the tlme when thls trustees, report Is approved h&5 tonfi¥rnEII ihEt'. so far as the trustee Is aware, there Is no relevant audit InforTrbitlom of wblch the thorltjble mmpany's Judltors are awère,. and they ha taken all the steps Ihal they ought to h4ve taken 0$ trustee5 In Drder to make themselves aware of any relevant audlt infom)allttn ènd lo esthblish that the charitae cornpany's auditors are aware of that thf¢rmatbn. The trustees, report was awroved by the board of trustee5 and 51glled on Its behalf by= B Getrand Trustee 2110712026 Page 5
Xndependent Auditor's Report to the Members of Southwest Arts Attd Muslc ProJert Oplnlon We have atsdiied the flnanclal siatement5 01 Sryjthwest Art5 And Music Project Ithe'charity'l for thÈ year ded 31 March 2026 whlch comprL5e the Statement of Fln4Troal Acuvllles Ilncludlng Incomo and Expenditu¢ Account), Balance Sheet, Cèsh Flow Stalemont thÈ related notes, Sncludlng a sufflffiary of 51gnifi¢ant a¢¢ounYng pollcles. The flnanoal reporting framework that has been applied In Ihelr ptsparatK)n Is appll¢ablB law and United KlngdDm Accovntlng Stan(lard5 lUlte Kln9doffl Genorally Acttpted Accovntlng PracNcel, Including FRS 102'Th¢ nnandal Reportlng Stondatd appllcable in thE UK end Republlc of Ireland In our oplnlon the fin&ndal statements: Ive o Irue and falr the state of the charttable comp&w¥ affalrs a5 at 31 March 2026 and of Its Incomlry resource5 and appllcèknon Df reSDUJtes, for the year then endod,. have been properly prepared In accordance wllh Unlted Kingdom Generally pted AccDunbng Pradlce,. and have tyeen prepared In accordance wlth the requ1ments o., the CompanlB5 A¢t 2006 the Charllle5 and Trustees Investment Iscotlaftdl Act 2005 and regulatlon 8 of the Ch¥lbes Accounts IScotland5 RegulaU$ 200& lor OplnSoM We ctsnductéd our audlt In accordance with Interlonal Standar¢s on Audibng IUKI IISAS {UKII and appllcalle law. Our re5ponslbllltles undEr thD5P Standards are lurther deSCred In the Auditor's reSPDnslbl1les fvr the audlt of the finbndal statements secbon of our repDrl. WE are IndependpJt Dff the charttsble company In accordance v41th the ethlcal requlremen that are relevant our audlt of the finandal statefflEnb In the UK, Intludliiy Ihe FRC's Elhlcal Standard, and we have fulftlled our other ethlcal re5pons1bil1És In a¢cord£nce wlth these requlrements. We bdieve that the audlt eVIden we have 4bialned Is sufnclent and oppropriate to prwlde a basls For our oplnfon. ConcluslonLr Rfjlgtlng to Golng Conurn In audltln9 the Nnancial statements, we have concluded that the trustees. use or the 9olng concern ba515 of a¢wuntlng In the preparation Df ihe financlal 5tatement5 Is approprtaie. Based on the work we havc pcrformed, we have nol klentlfied 4ny Mateal un¢ert3lolles rdatlng to ever)1$ Qr c¢fidltlons that, Indlwdualty or colkcllvely. may cz5t 51gnlficant ooubt on the charttable company's abllKy to ¢ontlnue as a golng corKem fw a perfod ¢lat least 12 Months from when the fInancl stai&ThnL5 are authorlsed for Issue. Our respon51bllltlcs ènd the re5ponslbllltles of the bustees wlth sPect to golng con are descrfbett In the relevant secllons Df thls report. othwr Intoymatlon The other inforniallith conwrlse5 the Informauon Included In the annual reporL Other than the flnanclal rtatemeFtts and tyjr auditor's pOrt thereon. The trvsrees are responslble for the other Inf¢MlI0n contalned wlthin the report. Our opITrn on the financial statementrs does not cover the other Informatlon and. except to the extent ottrEer¥Yise ex$41cllly sta In our repor< we do nut express any form of assurance co.Idu51on th8reon. In connectlon wlth uvr audll gfihe finandal statement5, Dur responslbllltyls to read the other Informatlon and, In dolng so. ionslder wliether the other Informauon is maiedally Incw51stent wllh the financlal statements or our knowledge obtèlned In the audlt or otherwl$e Jppears to be aledally mlsstaled. If %Ye Idenllfy Such mat¥rial IDcDnslslencle5 or apparent materlal mlsstaternent3. we are requlred to determlne whether th15 glves rlse to a nater] rnISstalent in the financial #atem¢nts them5elve$. Ir, based on the work we have perfomied, we conclude that thetE 15 8 mOt?rfJl 5Statement of this other InfomptSon. we aro rcqulr¢d to report that fact. We ha¥e nolhlny tD rewt lji thls regard. Oplnlons on Oth*r Matters PreLEGrlbed bytha companles Act 1006 In ouroplDlon, based Dn the work undertaken ITr the course of Ihe audlt.. the infrJrfflatlDn glven In the Trustees, Re whlth In¢lude$ the Directort5 Ileport prepared lor the purp05e5 of cNnp3ny law, for th¢ nnandèl year for w Ich the nnanclal statements are prepared Is con51Stenl wlth the Nnanclal statemont$', and the DirectaS Report hrjuded wlthln the Trustees, Report have be prepared In ac£ordancE with appllcable legal requlremenb. Page 6
Independent Audrtor's Report (continued) to the Members of Southwest Arts And Music Project Mattèrs tsn Whl¢h W4 Are Requlred to Rpoit by Exceptlon ITh tho Ilght OF kno¥Aedge and undet5t6ndlng of the charltable [D[paY and It5 envlmnment obtalned In the Urse of Ihe audlt, we hève not Idenuned moterlèl mls$taiement5 In the Dlrectorfs Report Included theTru5tetS' RePIrt. We have nDthlng tD report respect of the followlng tnatters In relatlon to whlch the Companles Act 2006 and the ChartUe5 Accvunt5 IScoUandl Regulètl)ns 2006 requlre us to report to you If, In our ¢plnlon- • adequate accountlng records have not been kept or retums adequatE For our audlt have not been cved from branches not vted by us.. or the flnarKlal statements are not In ègreernent wlth the accounllJ)g records or retum5,' or certaln dlsdosures of ITUStee5' rernuneratlon spedfied by 16w are not made,. Dr • WE have not receS¥ed all the InFormatlon 3nd explanallons we requlre for Our audl¢. Rpsponslblllt5ps of Trustpe5 As explalned more fvlly In the Trustees, Responslbllltles StaremenÈ SQt Out on page 1-5. the trvsiees (who are also dlrettors Df tho £h4rfiable CDmpany for the purpo$es of company lavé) are respDnslble for the prepar&llon of the Iinanckil statements and for belng Sasfd thai they glve è truq and falrvlew, and for such Internal corilrol as the tnjstees determlnels necessary to enable thp preparauon of flnanclal $tfitement5 that are free from materlal mlsstatement, whether due to fraud or error. In preparlng thé financial staternents, the trustees a respofislble for asse551ng the tharltable company's abillty to continue as a galng concern, dlscloslng. as tsppllcable, rn?ttrers lated to goIMg ¢one¢tn and using the going conr basls of a¢¢ounllng e$S the trustees elther Iniend tD Ilquldats the chahty Dr to ase operatlon$, or have no alIstIC altemattve but do so. Audltor'5 Respottslbllltle5 forthe Audlt of tho Flnanclal Statemet WÈ have ben app)inted as audltor under section 44llllcl of the Charttie5 and Trustees Instment Iscotlandl Art 2005 and under the Cornpanles Act 2006 and repcrt In 6crordance wlth th2 Acts and relevant re9ulaty¢ns mède or having effect thertunder. Our oblectlves are to obtaln rSonable assuranco about whether the flnandal statements as a whole atc froe frorn matthat mlsstaremeni, whether due to fraud or error, and io Issue an aud1tor's Teport that Indudes our iplnitsn. Reasonable assurance Is a hl9h lerfel of a55urance, b1 is not a yuarantee that an audlt Condcted in accordance Wlih fsA¥ IUKI wlll al¥vay5 detect a rnateriol misstalement when it ex15ts. Mi55tatements can aiise from fraud or effor and are con51dered rnaterlal 11. indlvldually or in the Dgoregate. they could reasonably be e%pe(tEd to Influence the ecDnomlc declslons OP u%ers takÈn On the ba%ls of these rtnandal statements. The extent to whlch our rclre$ ao iapable of detectlng Irre9ularftles, Indudlng freud Is deiaikd below.. IrrEgularities, induding frauij, are Instances OF non-compliance wlth law5 and regulauons. We deslgn PreureS In 15ne wlth our respons111t1es, outline above. to delect rnalerfal ml$statemeTrt5 In respe¢l of IreguladUe5, IncludlThg fraud. The extent whith these can det*ct Irregular4tles, Includlng fraud Is detailEd below. To ass¢5s Ihe sUs511fy of Ihe company's nnallclal statements to materlal mSsslatwnent, Indudlng how frau¢J may QLUT. We enquircd of the trustee5 of the chariLy's pdicies and procedure5 tD delert fraud as well a5 whether they have knowledge of any actual, 5u$pected or alleged frnud R¢Jding Boèrd minutes Uslng analyural procedures to Identlfy any unusual or unexperted trdnsactlons We communicated Identlfleé fraud rlsk$ throuyhtyjt IhE audit team and remained alert lo IndIcaon$ of ft7ud wihln the charity. As requlred by audIr) standards we perform procedure5 to address the YI5k oFmanagement yverride of controls and partlcular that the charliy's tnanagernent May be In a pTrsltM)n tv make Inappropriatre accountlng enlrtes and the Ask of blas In accountlng estimates anil Judgenients such as prepayrnen15, accrua15, depreciation and allocariDn of Income ofid expense5 of funits. Ots thls audlt we do Tr4t bdleve there Is a fraud risk related to revenue r¢wnltioll because the reventsE Is all 9r4nt Incorne of higf, value affloullls ffrom taslly Idonvfla£ funders, and doe5 rTrot contaln estlmdllon un¢ertalnry. We dld not tIfy any addldonèl fraud rf5ks. In determlnlng the 8udlt procedures we took Into account the resvlts of wrevaluatlon ond testing OF the operaung effect5veftess of the companWs rtavd risk fflanagernent contrDIs. we also perfomied proceduros Indudlng.. rdenbfying loumal erTrlrfe$ to test for all full scope components based on rsk crfterfa compar5ng the Ideniified entrfe5 10 supporting docvmentaiion. These Included. a$ levant, those pDsted to UN5ual aceounts .CONTINUED Pag8 7
IndÈpendent Auditor's Report (eontlnued) to the Members of Southwest Arts And Muslc Project Audltor's Responslbllltles for the Audlt of the Flnotsclal Statements- contlnued é Asses51Trg slgnlfKant ¥counllng Éstimates for tAa5 • Revi¢wltt9 large and unusual transactlons outslde the orthnary courle of IhE charfly'5 bu51nesS. Idenufylng undisdg5ed reknted partles We dlStus$8d wlth rnan3gempnr matkers related to aciual or suspected fraud and consldered Impliiatlons ftyr our audl. We ¢n$ud thal the audit team colleCVe#Y had the ne$sary cornpeten and 5kllls to t¢CO9nlse thon.corrp11an wlth laws nd regulatlon5. We IdEntifled areas of laws and 9U[tIOnS thal could reasonably be expected to have a rnatertal effert on the financlal staternents and through dtscu551on with the tru5tee5 las requlred by audlung st4ndardsl. As the charfty Is weoulated our ossessment of rlsks Inwolved galning an tsnderstandln9 orthe contr& en¥lronment Indudlng the chartty's procedvres for cornplylng wllh regulatory requlrements. We MmunIco1ed Idontiflod law5 und regulatiDll5 throuphout oor team and remalned alert to any IndlcatloD5 of non- cornpllance thmughout the audlt. The potEntlal effect these law5 and regulation5 On the financial statement varies eon5iderobly. Flystw, the enllY Is subject to very strict law5 and regUlaD5 that dirtlly affect the financlal statements Including finanaal IQPDrtlng legislbtlon, IncldIng the Companles Act 2006., the Charltles Trustcc InYe5tment Isiotlandl Act 2005, the Charille5 Account51Scotlandl Reguloknons 2006las amended) and AccoUnng and Reporn9 by Chantle5.' Statement of RecornTDended Pra¢ll¢e appllcablÈ lo charlties. FRS102. the UK CoOrle tax law5 and UK VAT laws. We o55essed the extent of the compllance wlth these laws and regulatbns by ¢arrylng oul a revlew Drthe flnandal statement dlsdosure5 and a revlew of ¢orrE$pondence wlth the lax authorfttes. Secondly, the entlly15 subject lo many other laws a11 reyulallohs IDdudlw thÈ ANL regulatlons, GDPR, health and 5afEty ond the Sc¢ttl$h Chartty Code of Govemance, Whe the corwuences o.'non cornpllance C(Id hove a materlal effect on amounls or dlsclosures In the nnancial slateTnent5. AltIng startd3ras Ilmlt rhe wuired Ill ProdureS tu Identrlfy n0n-compl1an these I&¥Y5 and gUlaall5 to en9uIry of the rrustee5 Tnana9emEllt and Inswtlon of regitlawry atxl legal Correspond, If any. Therefore Ir a breac* of optrauonal regulatloos Is nol dlsclosed to V5 or evldent IroFn the r&.avant cLirreSpDnd, an aLdlt Wlll Njt detect that breach. Context of the ablllty uf the ¥tsdlt to dete¢t fraud ur br¢aches of laws aThd Tegulatlorv6 OwlDg io Ihe Inherent Ilmllations of an avdlt. there Is an unavoldable r15k that we may not have detected Some natedal ffl15StatemEnt In the flnancFal statements, even though we had properly planned and performed vur au#lt In accordance wlth atcountlng standards. For example the further removed npn-cownpllance wlh laws and regulatlons from the evonts and transactlons reflected In the Inondal staiemeDts, the less Ilkely the InherEnUy Ilmlted protedures repulred by audltlng Stonddrd would idenufy It. Tn adIOn. with any 4udlt, there reTnalned 4 hl9her sk of non-delethon of fvaud. as Ihese may inwJlve cdlu$on, forgeryi Intentlonèl omissions. nik4represeniatlons, or the overrKlc of intewnal conitv15. Our audit procedures are desl9ned to detert material misstatemer.t.Wc ar¢ not responslNe tr lor preventlng non-comlance OF fraud and cannot expecied to de non-compllance wlth ?11 labys and regulatlDns. A ftjrther descriptlon Df our respDnslbilitie5 for the audlt of the financlal staternonts Is located on the Flnanclal Reportyng Coundl's web511e www.frc.¢ry.uWaudltor5respon51billtle5. Th15 (Soscrfputsn forms par¢ of our Hudltoff5 report. Use Of Our Report Thls report Is rnade solely to the charltable company's members, as a body. In xcordarKe wlth ChaptEr 3 of Part 16 of ihe Cumpanies Aci 2006. aThA to the charllatAe company's trustees. a5 a bDdyi In èttordance svlth Rogulatlon io ol the Accounts Iscouandl Reg'Jlations 2006. Ouraudlt work has been undertaken $0 that we mlght State to the charftable cornpany'5 tnembers and trusiees those matters that ¥Ye are requlred to state ro them lrt an audito¢s report and for no other purpose. To the fullest extentr permltted by law, we do notr accept or assumo ro5p¢nsiblllty to anyone other than the thartt3e company¢ the chadtable company's members as a body the charltable company's trust as a body. for our 6udlt work, for thls report, or ftst the oplnlons we have fomied. Page 8
Independent Auditor's Report (continued) to the Members of Southwest Arts And Muslc PFoJ8ct Rayfflond HeNy B5c fcA (Senlor Staiui¢ry Audllorl for and on behalf of rhe Kelvln Partnershlp Ltd, siaLulDry AudSior 2V0712026 The Kehfh Partner5hlp Ltd fie Cooper euildirg 505 Great WestEm Rgad Glasgow G12 8HN Page 9
Southwest Arts And Musle Project Statement of Financial Activities (includlng Xncome and Expenditure Account) For The Year Ended 31 March 2026 2026 2025 UhrestrTcted Restrlctod tvnds funds Total fund5 Total fund5 Notes INCOME ANO ENDOWMENTS FROM: Oonatlon$ and legaclcs ChOrftae a¢tlvltles'. 5,266 5,Z66 IB.756 Chadtable a¢VIe5 Othertr6d¢ng acuvlues 43,745 120,399 295,511 339,256 120,399 525,B95 100,428 169.4JO 295,511 464,921 645,079 EXPENDITURE ON.. Charftable 3c¥vitles'. Chariiable adlvltles GDveman¢e costs 1269.B931 {485.51fi1 1755,4111 {609.0291 17,4401 17.4401 17,2091 {277,33ZI 1485,5L91 1762,8511 1616,2291 NET IEXPÈNDITLIREIIINCOME 1107,9221 IL90,0081 1297,9301 28,850 IIET MQVEMENT IN FUPIOS R£fONCXLIATIQN OF FUNDS., Total funds bmught rorwartt 1107,9221 1190,0081 1297,9301 28.850 369,313 1,789,946 1,IS9,259 2.130,409 TOTAL FUNDS CARRIED FORWARD 17 261,391 1.599,938 1,861,329 2,159,259 The notes paoes 14 to 24 forin part of thE5e ftnancial starentS. Page 10
Southwest Arts And Muslc Project Comparative Statement of Finènclal Actlvltles (including Income and Expenditure Account) ForThe Year Ended 31 Marth 2026 2025 Uhrestrlcted Re$trf¢ted funds funds Yotal Notes XIICOP4E AND ENDOWMENTS FROM: Don8tlDns and legacles Charltabte atIeS., Charttable acElvltks Other Iradlng aCtlvifi&s 18,756 18.756 140,355 100,428 385.540 52S,695 100,4Z8 259,539 385.$40 645,079 EXPENDITURE ON: Charftable actfvllles.. Charttrable aCtIlIeS GDvernance costs {IBL,8IDI 1427,219) 1609.0291 17,100) 17.2001 1199,0101 {427,2191 1616,2291 XN¢OME 70,529 111.6791 28,850 NET MOVEMENT IP4 FUNDS AECONCILIATION OF FVNPS: Total thnds brought forward 70,529 141,6791 28,850 298,784 1,831.625 2,130.4Q9 YOTAL FUt4DS CARRIED FORWARD iy 369,313 1,789.g46 2,159,259 The notes on pa9e$ 14 to 2¢ forni part of these finandal Statements. Poge 11
Southwest Arts And Music Project Balance Sheet As At 31 March 2026 2026 2025 Vnrestrtcled Ro5trlcted funds Total funds Totsl fund$ Notes FIXED ASSETS Tangible Assets 12 43,397 1,599.938 1,643.135 1.78S,923 43.397 1.599,938 1.643,335 1.786,923 CURRENT ASSETS Debtors Cash at bank and In hand 13 39,876 196.499 39,876 196,499 70.066 320,248 236,375 236.375 J90,314 Cr¢dltor$.' Amuunls FJJlllno Due Wlthltt One Year 14 118,3611 118,3eii {17,9781 NET CURREIIT ASSETS ILIABILITIFS) 217,994 217.994 372.336 TOYAL AS5Yfs LESS CURREt4T LZABJLITIES 261,391 1,599,938 1,861,329 2,159,Z59 NET AssErs 261,391 1,599,938 1,961,329 2,159.259 FUNDS OF THE CHAR7TY Reslrttted Fund5 1,599,938 1,769,946 261,391 369,313 Unrestrfcted Funds TOTAL FUNPS 17 1,861,329 2,159,9 On behaV Df the board ts Gerrand Ilustee 2110712026 The notes on pa9es 14 to 24 form part trf these ftnandal 5taternents. Page 12
Southwest Arts And Musle Project Statement of Cash Flows For The Year Ended 31 March 2026 2026 2025 Nutsry Cash tlows Irom operatlng èCtlvStles Net cash lused llll/generaled Irom ¢pet4tSvns IIL9.5431 113,2J3 Net cash lused Inllgenerated frorn operdtlng bre5 1119.5431 IlJ,233 cash flows fvom lllvegtlng actlvltles rchase of taltsIe assets 14,2061 189.3711 IDerTraselfincrease In c?5h and cèsh equlvolents Cèsh ¢h eqValentS at beglnnln9 of year 1123,7491 320.Z48 23,862 296,386 Cash and cash equlvalents at end of yeor 196,499 320,248 page 13
Southwest Arts And f4uslc Project Not¢s to the Statement of Cash Flows For The Year Ended 31 March 2026 Reconclllatlon of lexpendlture)/lncom• to cash lus*d Inllgohernted from operatloths 2026 Z015 tlet {expendltureyin¢sma ljustfflents far.. Depreclatlon of tan9lble asseis Movements in worklng capltal.. Decreaselllncreasel In trade and otherdebtors Increaselldecreasel In tr•de and olh2r credltors 1297,9301 28,850 147,794 151,213 30,190 403 151,8731 114,957) et cash Iu5ed InygenErated from operatlons 1119,5431 113,233 2. Cash cash 04ulvalents Cash and cash equlval2nt5. a5 5tated In the Staternent OF Cash Flows, relates to tho folkiwlng Items In the Balantr Sheet: 2026 202S C4sh at bafik and In hand 196.499 320,248 3. Analys15 01 ¢hangES In n4t funds As at l Aprll Cash Elows 2025 Asat31 Mah 2026 Cash at bank ond In hand 320.248 1123.749) 196,499 Paye 14
Southwest Arts And Music Projeet Notes to the Flnancial Statements For Thg Year Ended 31 March 2026 1. G8#•ral Inhrrnatlon Southvéest Arts Ahd Muslc Project 15 o company Ilmited by gu8rantee InCOrprated In ScDtland. reglsterEd number SC218678 and tP9l$tered charlly number SC026608. The reg15tered offlce Ls -27 Brockburn Road Brockbum Road, PollDk, Glasgivi. G53 58G. 2. Accountlng Polldes 2.1. Basls of Preparhtloth ol Flnanclal Statem¢Ths The flnaJcial stBlemcnts have been preparEd In accordan vlth the Charitle5 SORP fFRS 1021 'Accounllw 4nd Roportlng by charl¢$.. Statement of Recommended PTactlce applicable lo charitles wepailng thelr aeiDvnts In aeCorda Yélth the Financlal Reporlifi9 Standard applicable in the VK and Rewblic of Ireland IFRS 1021 leffectlve I lanuary 20191" Flnaneial Reporung Standard 102 'The Flnandal RopDrUng Standard appilcable ith the UK and Repvbllc of Jreland" and the CoTnpanles Act 200$. Tre charftable ¢Dtnpany Is a Public Benef Entlty a5 delined by FRS 102. The accounts are prepared tn sterting. whlch Is the funtth)nal cur¥ency of Ihe charlly. Nonetary amounts In thase fln8rKl81 statemefits are roun(fod lo the ne6re5t pound. The accounts have been prepared nder the hlstorlc Cost ¢onvenUon. The prtndpal accountsTrJ ple5 are set out below. Th&e have been wn4stently applled lo pth(yls presented. 2.2. Golng Cuftcern Di5closuYe The trustrees are obllged to C0Tr51der the appropAateness of the golng conrn 4ssvmpUon when prepang the fillanual statements, Gven the dedlTh5n9 ECDniimlc outlook Increasing Inflatlonary pre$5tsres ha5 created a degree or vncertèlnly wlth pgtefibal svbsequenl lrnpact on fundingi the ItU5tees have assessed it's potenual impact OTr ihe flnances amd future OF the charliy. Furtherd1511¢surE regarding Ihe trustees. SumPtIonS and dec15ions taken thus far tD mltlgate It'5 Impact a detailed the Report ar the Trustoes. Consequentlyi the trustees belleve that there a materlal uncerialntles affectlng the charfly's ab+llty to CL)nllnue as a goln9 concern ond. accordinglyi the financlal ststements are prepared on a golng ¢oncErn b&sls. 2.3, Slgnlncant Judgernents and estlm)tlons In the appllcation Dr chanty's accaunlSllg polides, the trustee5 are requlred to make ludgernents, ¥tImat an¢J aSSutnpOS about the carrylng amount ofassets Iiabilitles that are not reily opparent from other source5. The estitnates alld aSSato assumption5 are based OTr the hLptorlc experfence ènd pthpr factors Ihot are cofisideraj to be relevant. ktual results may dirrer Iram th Wlm3ies. The esumates and underfying a55vmptyons are rewewed on an on¥olng ba51s, Revislons to accounting lI[ateS are reco9nlsed the perlDd In %thlch the eSMte Is revlsed where the revlsh)n affetts only that per4vd, or In the perlod of the revlslon ènd future perlods where the revlslon arrects boui Iht cvrrent and future pertods. In prwadng these flnan¢ial Statements, the trustee5 have made the lollowlng judgernorits: Tangible flxed assels deprerlated over a perfod to re1ct IheF estlmaied useful IIvE5. The appllcablllty ol thE ty55umEd lives 15 reeWed onnuallyi toklng Into a¢cDunt fact<M5 such as physlcal condan, malntÈnance and ob501e5cence. 7.4. AVtIng UnreslrktEd funds can be used In accan wlth the ¢haritable objeLtlve5 at the dlSCretlon or the trustees. Deslgnated funds wmprlse unrestrfcted funds that have been ser aslde by the tru5tee5 for a spedFk purpose. Restricted fijnds Jre to be used for 5pechSc purposes as laH down by the donor. Further explanatlDn of the nature and purpase rfèath fund Is IndudEd the notes to the nandal statements. Pè9e 15
Southwest Arts And Musi¢ Project Notes to the Financial Statement5 (contlnued) For The Year Ended 31 March 2026 2,5. IrbrnIng Resources All income Is recognlsed In the statement of Flnènclal ActltIeS once the charfty ha$ entibtmert tv the fund5, It k% probable that the Income wlll be recelved and the amourt can be measwed rellably. DonatluTrs Donations are reo)gDl$ed when thE charfty ha5 boen ngtlfied In wrfllng of borh the amouni and settlement date. In the event a donatlon Is subject to the condlilons that qUIre a levd of PErfvman¢e before Ihe chartty Is entitled iu the funds. the Income15 deferred and not recognlsed untll elther those condll1ons 3re llY mel of the fulfl1Smt of thosE CDDdlllolls 15 wholly the Control of ihe charfry and It Is prDbable that those condlllons wl11 bp fulfllled In the repDrUno perlod. other tradlng aetlvltles Incame from the supply of Serv[c are recognlsed In Ilne Ylth the dfvery of the tontracted servlce. Grarbts IncoFf4e frorn government Bnd Dther grants, whether'capital, or'revenue. are recognl$ed when the chartty has unconditional enutlemenl to the funds, It Is probable that the Incume wlll be recelved ar.d the amount can be measurod rellabw. Unconditional enlluement has been achleved once any rondiion altathed to the have been met, or fvlflllment of thes¢ condiknOTrS Is wholly withln the control of the charlty. Incorm ¥ecelved In advance of the provislon of ? spetified Servlce deferred until the crfteria for Incoffle recogllluon are met. 2.6. Resources Expehdert Llabllities are recogn15ed as experKliture as saon as there 15 H legal orconstrpJct1ve obligatlvn commlttlng thÈ tharfty to that exwdlture, It Is pmbable that a tranSr vf economlc benenls wlll be requlred In settlement and the amountof the obllgallon can bo rneasured rellably. Expendlture Is Onte¢j for an aicrual b15 has been dassified under headlngs that aggregate 411 cost rekied to the category. WhcrÉ costs cannot be dtrecdy attrftsUt to Patticular headln9s they have been allocated tu actitIES on a b35is Con$tent wh iae use of resources. Charltiblo Oetlvltles Expendltu¢ on thadtable activltles intluile c05b incurred for he delivery of ihe charlly's objedvies and actlvltles. Charftable aclivlly expendllure Is tEcogTri5ed In the StatEFnent of Mnanclal Activltle5 on an acrrual ba5k5 and the amwnt Can be measureo reli4bly. The charfly has elected t¢ apply thE provlskns of Sectlon 11 'Baslc Fhandal In5tNmes. and SECllon 11 'Other Financlal lll5trument Issues. of FRS 102 to all It5 nnancl31 Instruments. nanclal Instruments are recogThlsed In the chartty'5 flnanclal 5taternent5 when the charlty becomes party to the contrariuTal provl&ons of the Instrument, roncial assets and liabllliles are only oftset, wlth the net afflount5 presented In Ihe flnanclal statwnents. when there Is a legally inForceable rfght io sel the recognlsed amount ahd the 1$ èn InteTrUDn tv xttle on a net basis or io reallse the asset and Sett th¢ Ikblllty sirnultaneously. Cost5 OF Charl1ab activlties are lTr¢urrEd or. the chadty's operatsons, Includlng 5UPPOrt Costs and costs related to the uovemance of the Charity apportlDned lo charitable actfvltries. Govorn3ncè costs Governan costs conslst ofexpense5 O5soclatd wlth the governance of the charlly and relaie to the g8Treral runnl costs of the charlty. as opptssed to actlvitie5 undert6ken to furthEI charitable obSective5. Governallce <ost5 are reCOgnL In the Ststement of Flnanclal ArtSYltles In the perbd In wNch they are Incurred an accwal bass. Goverllance cosis, whl£h are Induded as a component of svpport Costs (ln accordance wlth the SORP} CDmpr15e all iosts Invvlving tfve public ai¢ountablllly of the charlty and Its cornpllanr2 vlltli regulatlon and good practlce. These costs Include those rplatd to consuturbnal and statutory requlrements and extremal suutlny. Poge 16
Southwest Arts And Muslc Project Notes to the Financial Statements (continued) For The Year Ended 31 March 2026 2.7. Tanglble Flxed Assets arbd Depreclatlon Tangible flxEd assets, und¢r the cost model, ère stated at historical cast less accumulated depreckilDn and any accurnuL3ted Impalrment10sses. Hi5torlc cast Include5 expendllure that Is difEclly attrlbulable to brtn9lnp the asset to the location and ¢Dndltkon necessary for It tD be capabk of operating In manner Intsnded by wnagement. charity adds to the carrylng amount of ffxed assets cost oF¥elaclng part of such an Item when that COSt15 Incurred, If the replacefflent t5 EXPECtEd to provlde IncrÈrnental future bÉnéflts to thé eharlty. The catryl•g amotsnt or the replaced part Is derecognised. Repalrs and malntenance a tharg&Y to the sraternent of FIDandal Actyvllte5 and talned èarnlng5 durfng e perlod In véhlth they are Incurrod. Depr¢£lallon Is charged so to allocate tbe costs of assets Itss thelr resldual valuc over the estlmared useful Ilves, uslng the foll¢wlng melhod$-. ImproveTrients to Property FLYture5 & Nttlng5 Comptster Equlpment over the term of the lease 25% on reduclng balance 25% reduelng balance The assets Tesldual value. u5eful1SVe5 and depreclauori methoos are revlewed, and adjusted prD5PEcUvely 5r appropriate, or If the¢ Is an IrKll¢atloi ola 519nlflrant Change sln¢e the Idst reporting date. Galns Bnd d15posals are delermlnlTr9 by cornparlng the proceeds wlth the carryln9 arriount and are recopn15ed In Ihe 5tatÈmÉni of Flnènclal Attlthlk5 and retaltsed eornings. OperatlTh9 leases Aentals pald under operatlllg leases are Charged tis the Statement of Fknan¢lal A¢tIeS as they are Incufred. 2.B. Cash and Cash E4ulvalents Cash and cash equivalents are ba51c ftnandal assets and Include cash In hond and doposits held at call wlth banks. other 5hort-ierm hlghly Ilquld Investments that rnaiure In no more than three months from the date oFacqutslUon Bnd are ieadlly convertle io a known dtnouni ofcash wlih Is19n111¢at rlsk of Chanw In value, arKI bènk overdrafts, The chartty has derted to apply the provlslors ofsecuon 11 'Baslc Flnanclal InstrLment5' and S¢ttion L2'01her nanclal Instrumpnt5 tssue5' of FR5 LD2 to ali Its nnandal Instruments. nandal lostruments are reconSed In the thatity's finondal statements when the tharfly becornes party to the coTrtrattual provlslons of the Instrumenr. Finaficlal èsset5 liJbllitle5 are only otf5et, With th¢ nEt amounts presentred In the nnandal statements. Ythejl there 15 a legally enforcEible right to Set off the recognId atnovThts and there Is an Intentloft to set¢ on a net ba#s Dr to reallse the asset and sete the liablllty slmultaneoly. Baslc Flnanclal Asset5 Bas1[ financlal assets, whkh Include debtors and cash and bank balance$, ort Iniii3lly measured at transacllon prlce Includlng transacUDn C05t5 and ère subsequeTrtly carded at amrt15ed cost the effttdve Inte$t method unl$ the arrangement constitutes a flnan¢hg iransH¢tion15 measud al the present value of the future recelpts dlscowted t a market ratc ofknterest. Mnancl41 assets classllled as rteelvable tNithln one ¥eèr tt ntrt am¢rtlsed. ¢CVS DÈbto* The cha¥lty enga9es wlth a thlrd-party payroll prOder to admlnL51ir payrDN SeCeS vn IL'S behalf. Funds ore transferred to the yrOll provider in advon¢e to enable the provld¥ to meet payroll obllgath)ns. Amount5 pald are 141lk3lly recoqnised as a debtor until the relotod payroll costs havc been reali5ed. At the year End, any unuh1i5ed Funds a retrgnlsed as a currtot debtor In the Statement of nancI& Actl¥SeS. Ptep•ymoDts Prepayrnents represent payfnent ade In advano for goods and $Ervices to be ftcelved In fvture pedods. PrEp4yment5 are Inlllally ronISed as current assets when payment Is rnade afid are SubseqUenl expensed over the perlod to whlch the relBted goods and servlces relate, AccrL¢ed In¢OIIIÈ Accrued Income represents IncrAne eamed by the tharfty, but not at the report1Trg dale. ..CONTINVED PaGe 17
Southwest Arts And Muslc Project Notes to the Flnanclal Statements {continued) For The Year Ended 31 March 2026 2.9. Flnanctal JnstruMÈrtts- eontl#u0d Accrued Income is reco9nlsed where entltyement to the Income hBs been o5tablthcd, rccclpt Is probable, and the amount can be measured rellably. AFwunts ats recognlsed In the StaremÈni Dr Flnandal ActlvltlE5 the period that the Income relates to. Jmpalrment of Flnanclal Assets Fln4nclal a55els, olhEr Ihan th held at ralr value Ihrough proNt 4n4 loss, ale a55e55ed for Indicators of im1rMen at each repDrbrt9 date. Depecognltion of FlnaThclal A55ets Flaan¢lal ass8lg a derecognlsed only when the contraclural rlghts to the cash flows from the assets explre or are settte(S, or when the charlly ttansfers the financlal agset and substant1lY all Ihe rlsks and reward5 of ownership r another eTrlity, or Ir some sl9nlflcaDt rlsks and rewards of ownershlp are retalned but the control of the asset ha5 transferred ta amther paity that 15 able to sell the asset in it's enllrety to an unrelated thlrd party. Classlllcatlon of FlnJn¢lal Ll4blllUoÈ Flnancla1 Ilablllles and equliy In5lruments are Classled acc1n the the 5ubstante of itte conlrJctural arranoemcrts entered Into. An equlty1Tr5tiument Is any ttsntrart that tvldence5 a re51dual intere51 the assetrs ofthe charty after Baslc Financlal Ll3bllltles Baslc finèneial liabilitle5, In¢ldIng CltOrS and loans are Inltlally reCOgnEd at transacuon prfce and are sut)5ewentFy carrfed al amortised c05t. uslng the effedive Interest rate method. Accrued Èxpenses Attrued expenses are rcccgnisod as liBblllUes In the fvnanclal statements. Where the thadty ha5 recelyod 9oods and Services before the year end, but has not yet been InvDIcLYJ or paid by the reporn9 date. Aetruals are measured at the bLst e5Umato for the afflouni$ ¥?ble ODd are recoynlsed In the stateMt ¢fFlnanclHI 4ctwille5 in the period to whTch the related eNpen¢lbJr¢ relatos. Hollday Pay Accyual A Iiabllitiy rEmgnised to the extent of any unused hollday pay entltthentwh Is a¢tsue4 at the 5ta¢emert or Finandal AthviUe5 date and carrled to future perlods. Thts Is rrtasud at the undlscountod salary cost of the future holiday entitlement so accrued at the Statement OF Flnandal Actlvlty Feportltso dare, 2.10. Provlslons and Contln9enclé$ Provislons Prov151on5 are retognisÈd whert the char(taEAe company has a presernl legal oreonstructive oknlgatlon as a resLlt or past eYent5- It Is probatile Ihat an outftow of re50wcEs wlll b¢ requlred to settlE tre ob11g4iTQll', and the amount oFthe obllgatron can be e5tstnated rell)bly. Where there are a number of slmllar bbligabon5, the 51kdihood that èn outhow wlll requlrtd In seltyement Is deterrnlned by considering the clas$ of Obfl9atns as ) whole. A provi51on is recognised e¥en If the Ilkeflhood oran outlow wlth respect to any one Item included in the same cla55 oFobllgatyop.s may be sfflall. Provlslons are ffleasured at Ihe present valLpe fjf the expeThlilures expected to be ¥equlred to settle the ob51gaUon uslng prE-tax rate that retlyrts current markel assessments or the tlty valoe ot money and tho Ask5 5poclfic to the obligatlon. The iaLTE05e In the proslon dve t¢ Passage ofime ts recogtrfsed as a flne cost. 3. Income from 94¢1& 2026 2025 Umrestrlcted Unrestrlcted fun¢ts Donattons and 9lfts orher 4,830 436 10,756 8,000 5,266 18,756 Income from CharitsE>le Activltles Page 18
Southwest Arts And Music Project Notes to Winancial Statements {contlnued) For The Year Ended 31 March 2026 2026 ilt)¥estrlcted Re5trlcted runds runds Total Charltable aceS 43,745 29S,511 339,25S 2025 Utyrastrlcted RestYtct4d itsnd5 funds Total funds Charttable acuvltles 140,355 38S,540 525,895 Grants, indud£d above. are a5 foSbws- 2026 2025 DTAS Enable Scotland 40,000 110,523 B,375 39.816 40,300 119,961 10,723 35.000 11,585 GCV5 Wages GEeco GECCO- Wwjes Glasgow Clty Councll - Area Partnershlp Fund Glas9ow CILY Councll Hollday Summer Pro9ramme a5gow Clty Councll Hollday October Programme Glasgow Clty Councll Hollday Easter Pro9ramrne Glas9ow Clty Councll- salary Gla5gaw ComFnunlty Fvnd Glasgow Llfe NulNply Fuad On Route Sanctuary Houslftg- 12 Days of Chrfstma$ The Eneroy 5èvlng5 Fund Cares The Robertson Trust VirglD Noney FoundalloTr 4.000 19,490 2,988 5.Z29 3,365 105.4?0 11,000 3.420 6,840 105.470 44.698 15,257 1.000 36,360 24.0 30,280 339,156 525.895 5. Income from Other Tradlnq A¢tlvkles ZQ26 2025 Unrestrlcted UTrTe5trlcted funds Pantr¥ Income studlo & roorn hSre Love Ne Thlce S5,968 20,363 40.635 21,701 1,449 8,38Q 4,530 23,733 Fun Mrne Frtday Cafe Incor Rentsl Income Other InClle Jl,6ZI Iz.847 18,935 665 120.399 100,428 Page 19
Southwest Arts And Mu51¢ Project Notes to the Flnanclal Statements (contlnued) For The Year Ended 31 March 2026 Net IncornellExpBndlture) The net lexpendItullhnme 1$ stated alter charg5ng11credlng1. 2026 2025 Depreclauon of tangible t)xed a55ets- owne 147,794 151,213 7. Analy31$ of ExpedltiJro 20Zfj Actlvltlvs undrtak4n dlrectly Support costs 15ee note 8} TDtal CharitaE acti1{¢¥ Governance costs 348,853 406,558 7,440 755,411 7.440 348,85J 413.998 762,851 2025 Act{tIeS d•rt•k dlrectlv support (see note 81 Total Charltable actlvitFe5 279.132 3Z9,897 7,200 609,029 ?,zoo Gavernance c05ts 279.J32 337.097 616,229 e. Swpport Costs 2026 Ch#rltblo activItI*s eosts 7otal Premises expens2S General admlnisiradon Dewedation Govemance costs 66,833 191,931 147,794 66.033 191,931 147,794 7,44D 7,440 406,558 7.440 413.998 Page 20
Southwest Arts And Muslc Project Notes to the FinancSal Statements (continued) ForThe Year Ended 31 March 2026 aozs CharltabEe Governance attlvltles Total Premlse5 expen5ÈS fjeneral adffllnlstrauon Depreclatlo Governance £05 51,761 126,923 151,213 51,761 126.923 151.213 7.200 7,200 329,897 7,200 337,097 udltor's R4munoratlon Remwerdtbn rettlved by the charltable company's audIt5 and thelr assoclares rtudng the year was as fdiows.. 3DZ6 2025 Audlt $ervlce Audlt of the tompany'5 flnandal statements 6.000 6,000 othBr S¢rvliF$ Taxatlon CDmpllance service Other non4udlt SeIce$ 240 2,1ts) 240 9GO 2,340 L,zoo io. staff Costs staff costs were a5 folltsws.. 2026 2025 Wage5 afjd 5alarles Olher penslon tosls 342,068 6,785 273,850 5,282 348,853 279,132 No employees recelved ernployee benefks leycludlD9 employer pcnsion costs) for the repon9 perlod of more than ESO,UOO. Key Management Personnel received rernulleration toialllng £69,246 12025.. E71,0(M)I. 11. Average NumbBr of employ¢e* Avernye number of employee5 durtng the year was., 14 12025.. 121 Page 21
Southwest Arts And Muslc Project Notes to the FlnancSal Statements {continued) For The Year Ended 31 March 2026 IZ. TaTh9lbl£ Assets AmprovemBnt to Property Flxturn$ Flttlngs CDmPUtef Egulpmefit Total ¢95t As Dt l Apiil 2025 Additn$ 1,994,597 ?1,332 1,116 28,758 3,090 2,094,687 4,206 As at 31 Marth 2026 1.994,597 72.448 31,848 Z,098,893 Depreclatlo A5 at l April 2025 Prvvlded ¢Juring the Wod 261,331 133.328 33,903 9,636 12,530 4,830 307,764 147,794 As al 31 March 1026 394,659 43,539 17,360 455,$58 Il¢t Book V&lue at 31 March 2026 L,599,936 20,909 14,488 1,643.335 As at i Aprfl ZQZ5 1,733,26S 37,429 16,2Z8 1,786,923 2U26 2025 Due wlthln ono y¥ar other debtor5 39.876 70,066 14. CredStorE: Amounts Falllny Wlthln On¥ Yoar 2Q26 2025 Accru$ and deferred (Trme 18,381 17.978 15, Otlier CoTnmltm8nts The trotal of future mlnlmvm lease payrnents vnder nDll-cancellablE operaung kases are 3$ Tollowln9.' 2026 ZOZ5 Nrt later thèn one yéar Later thBn one year and not later thaTr five yea[5 Later than flve years 20,OQO 80.000 136.667 20,000 80,000 156,667 236,667 2S6,667 16. Penslon Cornrnltmonts The charltable company operates 3 defined c0nrrfblD pen51on scherne. The 8s94ts of the scheme are hekl separately fmm those of the charkBble ci)rnpany In an Independentty admlnlstered fund. Durlng the year the tharge tD the 5tateTnent of flnan¢ièl actlvltles In respett ofdeflned ¢ontdbJtion $theffte5 was £6,785 12025.. £5,282). Page 22
Southwest Arts And Music Project Notes to the Financial Statements (contlnued) For The Year Ended 31 Mar¢h 2026 17. f4ovÈment In Funds As ai i Aprfl 2025 Asat31 March 2026 Income Expendlture 7roh$ferx Unre5trlcted funtl General- Gelleral unrestncled fund 259,313 L69,410 1277,3331 iio,ooo 261.391 DEslgnated.' Oeyelopment of C8f8 Crynputer Systoms Envlronmentsl ProJe¢t 50.000 30,000 30,000 150,QOO} 130,0001 130,0001 iio,000 Iiio,oooi Total unrgstrlcted funds 369,313 169,410 1277,3321 261,391 Reslrlcted funds Buildlng Fund The Robertson Trust IArgln Money FDundatlo Glas9ow Comfflunlly Fund DTAS 1,757,370 2,296 30,280 1157,4321 12,2961 130,2801 1105,4701 140,0001 {110,2251 139,8lSI 1.599,93B 105,470 40,000 110,225 39.816 Enable S¢land GECCO Toal restr1erf funds 1,789,946 295,511 148S,5191 1,599.938 TOt*l 2,159,259 464,921 1762,8511 1,861,329 S èt l Aprll 2024 A$at31 ExperHllture March 2025 Income Vnr8$trlct•d funds General.. GoneTal unre$trtcied fund Deslgnakd: DEvelvpmettt ofcofe Ci>mwter Sysrem5 Envtronrnental Prolact 188.784 259,539 1189,0101 259,313 50,000 30,OOD 30.000 50,000 30,000 30,000 iio.000 Iio,ooo Yotal unrestrlcted funds 298,784 259,539 1189,0101 369,)t3 R25trf¢tEIt 8u11dlng Fund The Robertson Trust 1,813,530 6,022 36.360 24,000 192,5201 127,7261 1.757,370 2.29S .CONTINUED Page 23
Southwest Arts And Musle Project Notes to the Financial Statement$ (continued) For The Year Ended 31 March 2026 Glasgow Clty CouThcll- Wlnnle Dr1nkVieT ryln Money Foundauon Sanluary Housln9 Glasgow Communlty Fund rAS 1.073 IL.0731 30,280 30,280 11,000 Iii.0001 {105,470) 140.300) 11,0001 (76,1521 115,2571 (56,7211 105,470 40,300 I,aoo 76,152 15,257 56,721 Sanctuary Hobslfig enèblE Scolland On Rgute GECCO Total r¢strleted fLtnds J,831,62S 385,540 1427.2191 1.789.946 Totsl funds 130,4Dg 645,079 1616,2291 2,159.259 18. TrJnsactlons wlth Trvstees Durin9 the year, the charfty pald tnjstte remuneratton of E4,UOO 12U25: É4,OODI. No trijstee expens have been In¢urrEd. 19. Rlat•d Patrty Dlsclosures During the year, the thadty pr¢wKled goods and SeCeS worth É3,0(h) to South West Comrnunlty Trnnsport a £harfty that share5 a cummcn tr5J5tee with SDUthwest Arts and Mu51c Projett. Dvrtng the year, the charlty recelved goDds and servlces Worth 1689 from South West Commlnlty Transport, a charlty that shares B cornrivJn trustee wlih Southwest Arts an(1 Music PjeCL 20. company Ilmlted by yuarantee The company Is limlted ty 9uarantee an¢J has no share capltsl, Every rnember of the company undertakes to contrfbule to the asset5 of the corryany, In the event ora wlnding upt %uch #h as rnay bÈ reqvired 01 exceedlng £1. 2L. FR¢.5 Etbital Standard- Pwvlslon Avallabl¢ lor Small Entltles In comnson wlth other buslaesses of our slle and nature we use QUE audltors to prepare a*)d submir returry% ro the tax atsthoritks and i5$t the prepdr6tyDD of the finandal statements. P&9e 24
Southwest Arts And Muslc Project Detailed Statement of Flnancial Activitles (Includin9 Income and Expenditure Account) ForThe Ytar Ended 31 March 2026 2026 2025 otal fvjnds Total funds INCOME AND EtIDOWMENTS FRON,. DoDatlots$ and l•gacld Ponatl¢ns ar¢d gllts Glft vouchers 4,830 436 10,756 ,000 5,266 16,756 Charitable ActlvFiles: Charltable actlvltles Grants 339,256 525,895 339,256 525.895 Other tradln41 a¢tlvltl*$ Panty Income studlD & morn hlre Love Me Thl Fun Tlme Frfday Cafe Income Rentsi Income Other Income 55,9SS 20,363 40,635 21,701 1,449 8,380 4,530 23,73J 11,621 12,847 18,935 6S5 120.399 100,428 464,921 645,079 EXPENDITURE ON,. Charltable Actlvltles: Charltèble acllvltles Wèges and salarfes EmpEoyers penslons- define¢J COntbutn schemes Rent and Inwrance Rates Ught and heat Comptster and IT con5u1nae5 Repalr5. malntenance and deanlhj Printingi PO$tage and slatvJnery Telecolnmunicatsons and dat3 Costs Professional fEe5 Cafe expcnycs Grant undErspeAd reclalrned Fun Tlme Frfday expense5 Pantry costs Event5 & hall hlre expenses Prtslect costs SubscrfponS payroll ftes 8ank charges Sundry expenses 1342,0681 16,7851 131,4951 111,061) 124,Z771 {71DI 119,3471 14841 110,3341 148,1571 19,8331 15,9851 110.7871 116,0661 12,6411 {2L,4901 13,1311 12,5101 1273.8501 15,2821 124,3061 14,0261 123,4291 11,8761 114,530) 11,357) 17,9851 15,3e81 12,7281 11,0851 112,3211 116,4831 12701 116,5741 110.8391 IZ.4571 14751 15141 ..CONTIP4UED IL,1901 Poge 25
Southwest Arts And Music Project Detailèd Statement of Flnancral Actlvities (including Xncome and Expendlture Account) (continLted} For The Year Ended 31 March 2026 Tutor & 5e55v2nal fee5 16,OILI 12,6401 14,379) 117,1701 19,0461 1133,3281 {9,636) 14,830) 14,1281 Travel & excursion Workshop c05L5 Tralninq covrses Tralnlng allowances DepreatIOn Of Improvements to property Depredation of fixrures and fitting5 Depreclatlon of tDmputEr equiptnent 16551 114,3861 112,3551 1133.3281 112.4761 15,4091 17S5,411) 1609,0191 Governance costs Audll fees 17,4401 17,2001 17,4401 17,2001 1762,8511 1616,2291 NET {EXPEf4DITURE)/INCOME 1297,930) 28.850 P4ge 26