**REGISTERED CHARITY NUMBER: SC030526** ## **Report of the Trustees and** ## **Financial Statements for the Year Ended 31 March 2025** ## **for** ## **Market Gallery** Brett Nicholls Associates Herbert House 24 Herbert Street Glasgow G20 6NB **Market Gallery** ## **Contents of the Financial Statements for the Year Ended 31 March 2025** ||**Page**| |---|---| |**Reference and Administrative Details**|1| |**Report of the Trustees**|2 to 6| |**Independent Examiner's Report**|7| |**Statement of Financial Activities**|8| |**Balance Sheet**|9| |**Notes to the Financial Statements**|10 to 16| **Market Gallery** ## **Reference and Administrative Details for the Year Ended 31 March 2025** ## **TRUSTEES** ## **PRINCIPAL ADDRESS** **REGISTERED CHARITY NUMBER** SC030526 ## **INDEPENDENT EXAMINER** Brett Nicholls Associates Herbert House 24 Herbert Street Glasgow G20 6NB ## **BANKERS** Bank of Scotland Glasgow (The Forge) 1195 Duke Street Glasgow G31 5NJ Page 1 Market Gallery Report of the Trustees for the Year Ended 31 March 2025 The trustees pr8sent their re￿rt with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Ac(x)unting ar)d Rewting by Charities: Stalemenl of Recommended Practice applicable lo charities preparing thwr accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019)- OBJECTIVES AND ACTMTIES Objectlves and alms The objectives of the chaiity are: - to advan￿ the educatTron of the public through the prm)tion of the arts, aThJ in partI￿￿r the leaming. understanding and appreciation of new and innovative b￿rf( prC￿UCed from a wide raTh3e of en￿r9en[ new and estsblished artists. tKJth local and intemalional: - to promote. estsblish. operate andlor SUp[K￿ other schemes wc¥ects of a charitatAe nature for the benefft of the general publi Our Vlslon: A worfd where emerging artists are Supkkned in achieving their full potential. Market Gallery's vision o)ntributes to an ￿oing diaky3ue surrourMJirwJ artist-led activty, activety encC￿ragin9 cwperative discussion and resource sharing befv￿n emerging artists and the cultural scene in Scodand and further afield. We recTr3nise that 'emerging is a V￿rd often ass￿ated with age. however. we bdieve that an artistic practice can "emerge. or 'reemerge" at any stage in life. Our Mlsslon: To support emerging artists in building up their careers and professional development through paid opportunities and exposure in Scotland and intemalionally whilst engaging the community wtlh a h￿h level of arNvork. Market Gallery is a platfomi for experimental art making of emerging artists that disrupts. renews. questions. emanapates and celebrates tD3ethemess. Our prc*3ramme faalitates restorab"ve. emanapatory and r￿n-dldaCtiC forms of pedagogy. We aim to offer an open and accessible platform for the discussion and experien￿ of o￿tern￿)rary visual art in Glasgow and intematM)nally. through a deeply researched. slow-burn programming approach. Our Values: Market Gallery exists to foster the community around u)nlemp)rary art in Glasgow and beyond, through accessible presentation of (knllenging ideas reS[￿dIng to the mosl urgent interconnecled issues of our times such as the climate crisis. We do this by addressing gaps in the opportunities available for emerging and unrepresented artists in Scodand. Our organisation does this within a person-centred system of peer-trfrpeer support and mentorship that promotes all dimensions of Fair Work and leads towards an anwression joumey in the sector. ACHIEVEMENT AND PERFORMANCE Charltable Actlvltles We worked with 22 artists across 11 projects, furthering our amtmlicm) by eststAishing new intemalional connections and strengthening ties with Ihe IcKal communty ty pronNXing rx)sitive change and highlighting marginalised vol￿$ and narratives. Our Resource Library has continued to grow as a key tYogrammirKJ in conjunction with the committee's research interests and in ￿llaboratIOn the artists we work with. In line with the library's focus on global solidarity movements such as the labour movement, we hosted Tod8v We Live 8 Nl?v Dgv sr.reenina and movina im?ae exhibition fe.aliirino contemDorary Scottish filmmakers whose ¥￿[k depicts and es Ives o Ing peop To further understand and inform the framework of the library and activity rxDJrammed. as well as to expbore generative ways in which it could evdve and exDand. we also ran a Focus Group facilitated by with local representatives from other key library projects Glasg¢JW Women's Librafy, Woodl?nds Commiinitv Anli-Racisl Library and alure Library) as well as three artists . The latter were eac commissioned to dellver an event to test out ways o y activating t rary ase on eir own research interests. In Celests'al BcKlies, Ocean Songs.. Gestational Sound Space &ac* Browne explored the notion of"geststional waters. through a meditative eX￿rien￿ of restful listening and shared rituals. In How Do You Remembefi On memory and felt knowled e., Emmy Yoneda curated a screening centred around intergenerational exchange featuring work by artist and researcher develoDed from her field research-based wrxk with the ￿nU community. In Tiny Revolutions: working agains invited creative practitioners to take part in a workshop exploring play. looseness and d(xJbt as pathways to new temlory. Page 2 Market Gallery Report of the Trustees for the Year Ended 31 March 2025 ACHIEVEMENT AND PERFORMANCE Charltable actlvltles We continued to lesl the new exhibiti(￿ fomiats Ihrough a second iteraticm) of the Wind(Ml Series with artisl which induded a publication and a live perf0mlan￿. Offering a perspective on the everyday Itves and struggles o people in Shetland during the lairdom. Theft during the Lairdic era 1707-1886 was an ardperFtextual project that ex￿vat￿ striries from Shetland's archival rerAirds to uncA)ver stories atrx)ut pety thefL Furthering our ambition in our approach to prtyramming and with the aim to create a knThJ-standing intemational community of artists and Artist-Run Spaces who work experimentslly on olob81 topics of solidarity and collectively. we established an exchange with the Tanzanian-based audTrvisual ccAleclive for the tenth edition of Glasgow Inlemational. The roject consisted of a commission of new sound worf( by a and with the partiupation of and a conlributron by Glasgow based a Si . as a px)ifi eparture asked.. How sile-speci Ic an co eclive listening practices act as methrmls of resistance and build s￿idarity among marginalised petspectives? How does the digital space help navigate. and maintain connection through geographical distances? Through our Studio Residències we continued to Sup￿ eff￿rging artists with Ilexible and accessibl8 residency formats fi induding a targeted opportunity for those wtlh caring resL)onsibililies to develop ideas, experiment and share work-in-progress in our space. The residency was awarded to who with Iheir project Farewell to you dear Eden. an ongoing project exploring two separate bui related psyc ogi crises that shackle the black consuousness to reactionary ideals and political slagnation. sacrificing true liberation. And wtth B{￿lY D&. an ongoing project that tra￿S the undoing of the artistis subjectivity alongsKle the charwJirwJ s er's d￿n￿Sing bc*Jy. Alongside the residency events we also hosted another two Sharing Events across disparate mediums. In Embracang Emergence and Connection: Music as Medicine, led a meditative group sound healing session for racialised and marginalised participants lo explore stynatic movernenl, sounds, writing and drawing. In Stone Portals. presented a game play sesson followed by a research sharing around questions of ancesty, ritual and belonging, provide often absent archetypal narratives to those searchirvJ for a sense of diasrxyic understanding. oping Market Gallery continued to rent the front-facing unit at Many StudKts on 13 Ross Street. In acknowledgement of the lack of free spaces and the raise of rent rates for creative uses in Glasgow. we have offered up our space and the committee's time to facililate this in-kind to organisations such as Art Workers for Palestine in scAidarity ￿ their crncial work supporting the Palestinian people's call for Boycott, Dtveslment and Sanctions campaign against apartheid Israel. Research, organlsatlonal & profes51onal development In September 2024. Market Gallery's Committee and PrD3ramme Administrator travelled by land to the region of Bar￿Iona to visit Manifesta 15 Barcelona Metropolitana. The festival is a Eurorkan NO[nad￿ Biennial Festival of Contemporary Art. which operates every years fri)m a different Iv)st city and whose fccus is on $￿al change through art and architecture. During Manifesta's 15th edition. the group under+Yent a week4ong period of research exploring exhibitions. studio visits and events. This yearfs festival operated under three main themes.. Balanang c￿flICts. Cure and Care,. and Imagining Futures, which were each curated respectively towards different areas of the region. Beyond the festival attendance the wsit to Barcelona also served as an opportunity to connect with a Jokkoo. a Barcelona-based musiGqI arts.stic collective whose work was featured at the biennale. as well as artist from choro - a space for pedagogical experimentatTron - for a tour of th￿r shared creative spao at Foc. The trip was an affiming leaming experie￿ for the ways in ￿ll* Market Gallery and ils organisational members can connect wilh people and spaces intemationalty and an opportunty to put in practice our ¢x)mmitsnent to slow travelling for cultural mobilty. The research trip also served as a case St￿ vthich committee (x)horts in the fuiure can leam and build upon with nM)re ambitKJn and resources. 8 part of our proactive approach to improving EDI across the organisation. especially in the recruitment process. we urKlerttsJk Unconscious Bias and Posittve Action training with Diverw and Inclusion Consultant Quinn Garrison. We also partiapaled in a session of Consensus-Based Decisionthmaking Training bwth Board Member an Accessibility Mentorship session wih to enhan￿ our responsiveness to intemal access n the maintenancelmonitoring of inclusive wor Ing practi￿$. as well as and assist in Board members undertcx)k Payroll training at Pitrnan Training Centre in Glasg(M to suprM)rt the ontrK>arding of the Programme Administrator in the PAYE scheme. The Programme Administrator and t#)ard membets also undertcok Bc4)kkeeping training to enhance the lxganisation's finance skills. Page 3 **Market Gallery** ## **Report of the Trustees for the Year Ended 31 March 2025** ## **FINANCIAL REVIEW** ## **Reserves policy** The reserves are maintained and distributed in line with the charity's objectives and also the Memorandum and Articles of Association. The policy aim is to retain sufficient reserves to meet the cost of any regular commitments, approximately three months of ordinary overheads as well as a contingency to enable it to continue to develop further projects. This equates to £17,028 for the year ended 31 March 2025. At present, the reserves policy stipulates that the reserves should be unrestricted funds. However, because almost all of Market’s income is from grant funding, the majority of which is from Creative Scotland, almost all of Market’s funds are restricted to specific projects. The trustees and staff negotiated with Creative Scotland and confirmed that it was an acceptable use of funds to allocate a proportion of our yearly budget to reserves. A total amount of £18,164 was transferred into the charity's unrestricted reserves. At balance date the charity held unrestricted, free reserves of £19,757, the trustees are therefore satisfied that the policy is being met. ## **Results** The charity generated a surplus of £24,813 for the year ended 31 March 2025 (2024: -£1,150). On 31 March 2025, reserves stood at £64,192 (2024: £39,379), with £19,757 of these being unrestricted, free reserves (2024: £845). Page 4 **Market Gallery** ## **Report of the Trustees for the Year Ended 31 March 2025** ## **FUTURE PLANS Upcoming Programme:** Having begun the MYF programme in earnest, Market Gallery looks forward to the coming 3 years of programming. We currently are hosting a 10-day long Reader Residency with Rush Johnstone, who we will be supporting to develop a sharing event in August 2025. We also look forward to supporting Ruby Allen / Bury Nella in developing a work for our Live Art Commission event later in August, a new experimental format for sharing nascent projects. Following this we hope to programme a set of events in early September to celebrate Market Gallery’s 25th birthday, whilst this is still in the planning stages our intention is to place emphasis on the next 25 years of Market; setting intentions for future committees and imagining new possibilities for the art world we would like to work in. Later in September we will also be hosting a Resource Library workshop. Having recently received approval for our Glasgow International 2026 project and award, we’re very excited to begin this year-long project with artist and The Camelia Committee, we will soon be meeting as a cohort for the first time and will be working towards an initial public output in October. ## **Ongoing and future aims:** As a committee we have placed emphasis on the importance of connecting Market Gallery with the wider network of ARIs in Scotland, particularly those outside of the Central Belt. We plan to travel in our own time to visit some of these spaces later in 2025 and are also keen to invite their committee members to our 25th birthday celebrations in September and co-facilitate some form of ARI Symposium. Through strengthening these relationships, we hope to foster mutually beneficial and robust networks that both broaden our knowledge of artists and arts work taking place across Scotland and help us better resource and support each other in this work. Within the context of the ongoing genocide in Palestine and the intensification of imperial aggression from the Israeli state and its allies, as well as Market Gallery’s commitment to BDS and endorsement of PACBI, we continue to work / support work within the Scottish arts scene and beyond to resist imperialism. Through our ongoing relationship with Art Workers for Palestine and our participation in the CCA Liberated Zone programme in June we hope to continue to facilitate anti-imperial discussions and action. In this vein, we also continue to envision more ethical methods of data management and the creation of a private online server for the gallery, which the gallery aims to move toward in future. Internally we have spent quite some time giving careful attention to what it means to work collaboratively and horizontally as an ARI. We are actively developing working practices that are rooted in accessibility, openness, consensus, and shared passion. Particularly following our aforementioned sessions with Board Member we feel galvanised towards spending more time together to build a shared vision for the following year/s of our committee ship, finding ways to work collaboratively that hold each of our voices, needs and interests in a generous equilibrium. Working with and alongside the Programme Administrator Ane we are confident in our upcoming programming and our collective ability to deliver an ever broadening range of events, interventions and exhibitions platforming a diverse pool of artists and practices that we are excited by. **The future aims** of Market Gallery will continue to focus on maximising impact, sustainability, accessibility, creative excellence, organisational development and ethical working across our organisational mission to support emerging artists in building up their careers, professional development through paid opportunities and exposure in Scotland and internationally whilst engaging the community with a high level of artwork. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** The organisation is registered as a Scottish Charitable Incorporated Organisation (SCIO) as of 6 August 2015. Prior to that it was a Scottish Charity registered as a Company limited by guarantee with Companies House under reference number SC210837, and with the name 'Market G31 Ltd'. This company was dissolved upon conversion to a SCIO on the above date. The Board of Trustees is legally and financially responsible for the proper running of the organisation. The day-to-day management of the organisation is split between the Committee, who make the programming decisions, and the Programme Facilitator, who undertakes administrative work to support the Committee. Being a member of the Board of Trustees is a voluntary position. The Committee members are volunteers that receive a stipend equivalent to 1 day a week of work (this payment developed from the ARI research project “learning and archiving” fee). The Programme Administrator was a freelance worker, paid according to contract at market rates, until July 2024, when Market Gallery changed it to a PAYE position, to better reflect the permanent nature of the role. Page 5 **Market Gallery** ## **Report of the Trustees for the Year Ended 31 March 2025** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Recruitment and appointment of new Trustees** The minimum number of trustees required is four. For a meeting to be quorate, a minimum of three Trustees must be in attendance. Appointment and removal of trustees is in accordance with the charity's governing documents which require that appointment is approved by unanimous agreement of the existing trustees and removal of any trustee by the unanimous agreement of the others. At each Annual General Meeting all trustees retire from office and any may be re-elected to the position by nomination and seconding from Members present. The Trustees meet quarterly with the committee in the form of a management group and hold an annual AGM. ## **Daily Operations** The artistic programme and daily operation of the gallery is undertaken by the committee. Market Gallery runs a rolling committee with each member staying on the committee for a two-year period. It is the committee’s ethos to create a programming structure throughout the year and the committee meets weekly to organise this. Over this period, Market gallery developed a small and well-organised board of four trustees who work collaboratively with no set roles of chair or treasurer. The trustees are effective and responsive, however all trustees are working with a level of precarity and find it challenging to commit the level of voluntary work that the gallery would ideally benefit from. The committee remained a non-hierarchical programming committee of five practising artists. The committee prioritised care and wellbeing in their interactions and structure, leading to a supportive and thoughtful working group. The committee and board currently have very good relations, with the committee feeling well supported by a small but dedicated board and the board feeling committed to the development and curatorial freedom of the artist programmers. continues to develop the Programme Administrator role (previously called Programme Facilitator) which, as of July 2024, has transitioned from freelance into a fixed PAYE position. The role continues to be open to adaptation in order to stay responsive to the needs of the Charity. ## **Recruitment and appointment of new Committee members** In advance of a committee member’s term coming to an end, the board and committee ensure that a call-out for a new committee member is advertised. Applicants are shortlisted and interviewed. The interview panel includes a minimum of two current committee members. ## **Key management remuneration** From this year, the Programme Administrator role (previously called Programme Facilitator) transitioned into a PAYE position. The total employer cost relating to this role for the year was £18,724 (2024: £15,300). The Charity was operated and managed on a day-to-day basis by the committee of artist programmers and the Programme Administrator. Approved by order of the board of trustees on ............................................. and signed on its behalf by: Page 6 Independent Examlnarfs Roport to tho Trustoos of Market Gallery I rerxirt on the acc£Junts for the year erKled 31 March 2025 set out rm pages eight to sixteen. Rèspectlve rnsponslbllltles of trusttss and èxamlner The charitys trustees are responsible for the preparation of ts accounts in accordance wtth the temis of the Charities and Trustee Investment (Scotlandl Act 21XJ5 and the Charities Accounts (S(x)tland) Regulations 2006 las amended). The charity's trustees consider thal the audit requirement of Regulati￿ 1011)la} to (c) of the ACc￿Unts Regulations does not apply. It is my responsibilty to examine the accounts as required under Seclion 44{1 Xc) of the Aci and to state whelher particular matters have come to my attention. 8asls of the Indyndent èxamln•rfs report My examination was carried OLrt in accordance with Regulation 11 of the Charities Accounts (Scotland} Regulations 2006. An examination includes a review of the ac(x)unting records kept by the charity and a comparison of the accounts presented with those records. It also indudes cx)n&deration of any unusual tlems or disclosures in the accx)unts, and seeking explanations from you as trustees con￿mIng any suth matters. The pr￿edureS undertaken do not provide all the eviden￿ that would be required in an a￿lit, a￿] ￿nSequentlY I do rKJt express an audii opinirm view given by the accounts. Independent èxamlnerfs statemènt In connectK)n with my examination. no matter has come to my attention . (1) which gNes me reasonable cause to believe that. in any material respect, the requirements to keep aC(￿Unting rerx)rds in act￿dan￿ ￿th secti￿ 44(1)(a) of the 2005 Act and RegulatM)n 4 of the 2(M)6 Acu)unts Regulations: and to prepare accounts vthich accord with the attoJntiTr3 records and to compty viith Regulation 8 of the 21X)6 Accounts Regulations have not been met; or (2) to which, in my opinion. attenticm) should be drawn in ￿der to enable a proper understanding of the aco)unts to be reach￿. rett Herbert House 24 Herbert Street Glasgow G20 6NB sociates Date: ............................................. Page 7 ## **Market Gallery** ## **Statement of Financial Activities for the Year Ended 31 March 2025** |**Unrestricted**
**funds**
**Notes**
**£**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
3
2,000
Other income
4
748
**Total**
2,748
**EXPENDITURE ON**
**Charitable activities**
5
Promotion of Visual Arts
2,291
**NET INCOME/(EXPENDITURE)**
457
**Transfers between funds**
15
18,164
**Net movement in funds**
18,621
**RECONCILIATION OF FUNDS**
Total funds brought forward
1,136
**TOTAL FUNDS CARRIED FORWARD**
19,757|**Restricted**
**funds**
**£**
133,277
-
133,277
108,921
24,356
(18,164)
6,192
38,243
44,435|**2025**
**Total**
**funds**
**£**
135,277
748
136,025
111,212
24,813
-
24,813
39,379
64,192|**2024**
**Total**
**funds**
**£**
65,800
-
65,800
66,950
(1,150)
-
(1,150)
40,529
39,379| |---|---|---|---| ## **CONTINUING OPERATIONS** This statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities in both years. Comparative figures for the previous year by fund type are shown in Note 10. The notes on pages 10 to 16 form part of these financial statements Page 8 ## **Market Gallery** ## **Balance Sheet 31 March 2025** |**Notes**
**FIXED ASSETS**
Tangible assets
11
**CURRENT ASSETS**
Debtors
12
Cash at bank
**CREDITORS**
Amounts falling due within one year
13
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
15
Unrestricted funds:
General fund
Designated - Fixed Assets
Restricted funds
**TOTAL FUNDS**|**2025**
**£**
-
929
64,267
65,196
(1,004)
64,192
64,192
64,192
19,757
-
19,757
44,435
64,192
20/10/2025|**2024**
**£**
291
884
38,984
39,868
(780)
39,088
39,379
39,379
845
291
1,136
38,243
39,379| |---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: The notes on pages 10 to 16 form part of these financial statements Page 9 **Market Gallery** **Notes to the Financial Statements for the Year Ended 31 March 2025** ## **1. GENERAL INFORMATION** Market Gallery ("the charity") is Scottish charitable incorporated organisation governed by its Memorandum and Articles of Association dated 8 September 2000. It was registered as a charity in Scotland (registered number SC030526) on 8 September 2000. Its registered address is 13 Ross Street, Glasgow, G1 5AR. ## **2. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements are prepared on an accruals basis, and on a going concern basis, in accordance with: - the Charities and Trustee Investment (Scotland) Act 2005; - Regulation 8 (Statement of account - Fully accrued accounts) of The Charities Accounts (Scotland) Regulations 2006; - the Financial Reporting Standard applicable in the UK and Republic of Ireland, published in March 2018 ("FRS 102"), to the extent that it applies to small entities and public benefit entities; - '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, published in October 2019 (FRS 102)' ("the Charities SORP"); - UK Generally Accepted Accounting Practice; and - the historical cost convention. The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value, unless otherwise stated in the relevant accounting policy. The financial statements are presented in UK sterling, which is the charity's functional currency, and rounded to the nearest pound. There have been no changes to the basis of preparation this financial year or to the previous financial year's financial statements. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings - 20% on cost Computer equipment - 25% on cost ## **Taxation** Market Gallery is a charity within the meaning of Section 467 of the Corporation Tax Act 2010. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 of Part 11 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied for charitable purposes only. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Page 10 continued... **Market Gallery** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025** ## **2. ACCOUNTING POLICIES - continued** ## **Fund accounting** Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Pension costs and other post-retirement benefits** The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. ## **3. DONATIONS AND LEGACIES** |**2025**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**£**
**£**
**£**
Grants
2,000
133,277
135,277
Grants received, included in the above, are as follows:
**2025**
**£**
Creative Scotland - Arts Programme
133,277
Glasgow City Council
2,000
Glasgow Life - GI
-
135,277
**4.**
**OTHER INCOME**
**2025**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**£**
**£**
**£**
Employment Allowance
748
-
748
**5.**
**CHARITABLE ACTIVITIES COSTS**
**Direct**
**Support**
**Costs (see**
**costs (see**
**note 6)**
**note 7)**
**£**
**£**
Promotion of Visual Arts
110,342
870|**2024**
**Total**
**funds**
**£**
65,800
**2024**
**£**
62,800
-
3,000
65,800
**2024**
**Total**
**funds**
**£**
-
**Totals**
**£**
111,212| |---|---| Page 11 continued... **Market Gallery** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025** ## **6. DIRECT COSTS OF CHARITABLE ACTIVITIES** |Staff costs
Artist & Speaker Fees
Equipment & Installation Costs
Facilitation & Production Fees
Insurance
Repairs & Maintenance
Sundries
Telephone & Internet
Web Support
Advertising & Promotion
Committee Research/Development
Committee Expenses
Bank Charges
Bookkeeping
Organisational Development
Subscriptions
Organisational Expenses
Documentation
Rent and rates
Programme facilitator
Event hospitality
Invigilation costs
Accommodation & Travel
Depreciation
**7.**
**SUPPORT COSTS**
Independent examination|**2025**
**£**
13,215
48,414
2,675
3,621
1,348
629
1,133
-
199
910
7,256
6,545
64
-
2,076
358
159
1,570
11,758
5,509
589
1,542
481
291
110,342
**2025**
**£**
870|**2024**
**£**
-
6,775
-
1,698
1,164
48
951
26
645
24
1,975
22,583
941
600
800
292
176
374
11,016
15,300
400
-
-
382| |---|---|---| |||66,170| |||**2024**
**£**
780| ## **8. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Page 12 continued... **Market Gallery** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025** ## **8. TRUSTEES' REMUNERATION AND BENEFITS - continued** ## **Trustees' expenses** During the year, a total of £502 was reimbursed to board members for expenses incurred in carrying out their duties (2024: £nil). ## **9. STAFF COSTS** |Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Staff
No employees received emoluments in excess of £60,000.
**10.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
**Unrestricted**
**funds**
**£**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
3,000
**EXPENDITURE ON**
**Charitable activities**
Promotion of Visual Arts
3,382
**NET INCOME/(EXPENDITURE)**
(382)
**RECONCILIATION OF FUNDS**
Total funds brought forward
1,518
**TOTAL FUNDS CARRIED FORWARD**
1,136|**2025**
**£**
12,240
748
227
13,215
**2025**
1
**Restricted**
**funds**
**£**
62,800
63,568
(768)
39,011
38,243|**2024**
**£**
-
-
-
-
**2024**
-
**Total**
**funds**
**£**
65,800
66,950
(1,150)
40,529
39,379| |---|---|---| |||| Page 13 continued... **Market Gallery** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025** |**11.**
**TANGIBLE FIXED ASSETS**
**Fixtures**
**and**
**fittings**
**£**
**COST**
At 1 April 2024 and 31 March 2025
303
**DEPRECIATION**
At 1 April 2024
303
Charge for year
-
At 31 March 2025
303
**NET BOOK VALUE**
At 31 March 2025
-
At 31 March 2024
-
**12.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Prepayments
**13.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
PAYE/NI
Accrued expenses
**14.**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**
**Unrestricted**
**Restricted**
**funds**
**funds**
**£**
**£**
Fixed assets
-
-
Current assets
20,761
44,435
Current liabilities
(1,004)
-
19,757
44,435
**Comparatives for analysis of net assets between funds**
**Unrestricted**
**Restricted**
**funds**
**funds**
**£**
**£**
Fixed assets
291
-
Current assets
845
39,023
Current liabilities
-
(780)
1,136
38,243|**Computer**
**equipment**
**£**
3,930
3,639
291
3,930
-
291
**2025**
**£**
929
**2025**
**£**
134
870
1,004
**2025**
**Total**
**funds**
**£**
-
65,196
(1,004)
64,192
**2024**
**Total**
**funds**
**£**
291
39,868
(780)
39,379||**Totals**
**£**
4,233
3,942
291
4,233
-
291
**2024**
**£**
884
**2024**
**£**
-
780
780
**2024**
**Total**
**funds**
**£**
291
39,868
(780)
39,379
**2023**
**Total**
**funds**
**£**
673
40,636
(780)
40,529| |---|---|---|---| ||||| Page 14 continued... **Market Gallery** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025** ## **15. MOVEMENT IN FUNDS** |**MOVEMENT IN FUNDS**||||| |---|---|---|---|---| |||**Net**|**Transfers**|| |||**movement**|**between**|**At**| ||**At 1/4/24**|**in funds**|**funds**|**31/3/25**| ||**£**|**£**|**£**|**£**| |**Unrestricted funds**||||| |General fund|845|748|18,164|19,757| |Designated - Fixed Assets|291|(291)|-|-| ||1,136|457|18,164|19,757| |**Restricted funds**||||| |Creative Scotland|38,243|24,356|(18,164)|44,435| |**TOTAL FUNDS**|39,379|24,813|-|64,192| |Net movement in funds, included in the above are as follows:||||| |||**Incoming**|**Resources**|**Movement**| |||**resources**|**expended**|**in funds**| |||**£**|**£**|**£**| |**Unrestricted funds**||||| |General fund||2,748|(2,000)|748| |Designated - Fixed Assets||-|(291)|(291)| |||2,748|(2,291)|457| |**Restricted funds**||||| |Creative Scotland||133,277|(108,921)|24,356| |**TOTAL FUNDS**||136,025|(111,212)|24,813| ## **Comparatives for movement in funds** |||**Net**|| |---|---|---|---| |||**movement**|**At**| ||**At 1/4/23**|**in funds**|**31/3/24**| ||**£**|**£**|**£**| |**Unrestricted funds**|||| |General fund|845|-|845| |Designated - Fixed Assets|673|(382)|291| ||1,518|(382)|1,136| |**Restricted funds**|||| |Creative Scotland|39,011|(768)|38,243| |**TOTAL FUNDS**|40,529|(1,150)|39,379| Page 15 continued... **Market Gallery** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025** ## **15. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: ||**Incoming**|**Resources**|**Movement**| |---|---|---|---| ||**resources**|**expended**|**in funds**| ||**£**|**£**|**£**| |**Unrestricted funds**|||| |General fund|3,000|(3,000)|-| |Designated - Fixed Assets|-|(382)|(382)| ||3,000|(3,382)|(382)| |**Restricted funds**|||| |Creative Scotland|62,800|(63,568)|(768)| |**TOTAL FUNDS**|65,800|(66,950)|(1,150)| ## **16. RELATED PARTY DISCLOSURES** Apart from those disclosed under note 8, there were no related party transactions for the year ended 31 March 2025. ## **17. PURPOSE OF UNRESTRICTED FUNDS** General - the unrestricted, 'free reserves' of the charity Designated - Fixed Assets - represents the net book value of the charity's tangible fixed assets. Additions are transferred to this fund at cost, and annual depreciation is charged to it ## **18. PURPOSE OF RESTRICTED FUNDS** Creative Scotland - includes funding for the arts programme and some overhead running costs Page 16