REGISTERED CIIARTTY NUMBEL. SC039231 REPORT OF THE COUNCIL AF4D UNAUDITED FINANCIAL STATEMKNTS FOR THE YEAR ENDED 31 OCTOBER 2024 FOR THE GLASGOW ART CLUB Az¢ts Audit Services Chartered Accounlonl Ti¢anium I King's Inch Pla¢e GI&s8OW PA4 8WF
THE GLASGOW ART CLUB CONTENTS Page ReftreDce Dd AdmlDSstratlve Dets115 Report of the Counell ]ndptDden¢ Exam1[r,8 Report Sttem¢Dt of FlnaDclal Actl%ltk# 1gDC Sheet Notr$ to the Flnthelal Stiemenis 9 kn 18 De¢Alled Stattmeth of Fknn¢l*l A¢dv1th8 19
THE GLASGOW ART CLUB RKFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 OOBER 21J24 REGISTERED CHARITY SC039231 INDEPENDENT EXAMINER Azets Audit Services Roythl Bank of Seotland SOUCnORS Morton Fraser MacRobens LLP PaB¢ I
THE GLASGOW ART CLUB REPORT OF THE COUNCIL FOR ThE YEAR ENDED 31 OCTOBER 2024 Glasgow Art Club Coullcil, whose membm are the Club's trusÉe¢s under charity law. present tbeir report with the rmancial statements of the chaTity for the yearended 31 October 2024. Th¢ Council is responsible forthe direction and management of the Club and ¢onsi$ts of members whose appointrn¢Dt is voted upon by the general membership at Ajmual Business Meetings. Offjce Bearers. and Members of the Council are recruiied frojn the mejnbershw and receive such trdining as appri)priate to allow them properly to caEry Out their r¢sponsibili¢ies to the Club alld its members. The Council have adopted the pmvisi0tt5 of A¢ting and Reportirtg by Charitics.. Staiement of Recotwnendcd Pra¢ti¢e applicable io charities preparing their onts in accordance with the Financial R¢porting Standard applicable in the UK and Repubjic of Ireiand (FRS 102) (¢ff¢clive l January 2019). OBJECTIVES AND AcrtVlTIES Obj¢¢tive¥ aud im ecls of The putyose arld objects of the charity shall be to advance. promote and eJKoura8e the Arts in all forms and in particular Art by Scoltish Artists or by Artists resident in Scotland or by Artists with a connectioTh with Scotland lin all c&8es whether professional or amateur) of any Art which h&5 a particular ¢onneciion with Scotland or any part therwf irtcluding by rn¢ans of exhibiuons of works of Art. life classes, the a¢quisi(ion of publicatiolls ott Art, lecture5 on Art subjects. demoDslrntioDS, perfornianceg and by such othtr m¢ans as the Council may decth from littie to time. In pwsuance therwf th¢ charity. for the public benefi( shall seek to.. provide fac&litie5 for th¢ exhibitioD of artistic worLs and the PTOmOtion of the Arts including using the premises at 185 Bath Str¢¢t, Gl8sgow ('the Clubhouse") for that purpose,. promote, fachlitate. fund, provid¢ a¢$5 to and eDcoufd8e the Arts and th¢ wreciatioll of the Arts in all of its liaise with. forn) connections with and enter into joint venDJres with other artistic 80¢lationS based either iti Scoiland or elsewhere which have objects sin)ilaT io the charity OT with such &8sociatiow as the Council may from time io time determille would be beneficial for or promote direetly or ind¢¢11Y the obj'ects of the charity; provide a fonun and an association for artists who work and aTe resident in Scotlatsd or such ¢]ass of anists or any single anist as the CouD¢il may from tim¢ to time deterniine through which Iorniat19n and ideas may be excl1ge and which on their behalf would be ¢tthpowered to make representaiiolls to and enter into arrdngements and a8reements witb all appropriate authorities, instiDJtiong and private bodi¢s iut¢resied in or involved in or which may it desirdble and advantageous io be involved ill the promotion of the Arts. do all such things as will assist in attainin8 the previously #tated objects of the cl)arAty. For the pu4x)se of the above objects the words "Art" or"Arts" shall refer to paintitig, drowing, graphi¢ and illustrative arts of all kinds, sculpture and three dijllensional arts of all kind5: the wriiillg and perforniattee of poety, prose 8md Pla the coMpoSll and perforn)ance ofmusic: choreo8raphy and perfoTTllance of dance,. the staging 8nd Frforn)ance of exhibitions, display5 etc. plays, operas and other perforniiDg artg; 3Dd au marters incidentsl thereto or r¢la¢ing tbere and the word'artist. shall be ¢onstrued a¢¢ordingly. Page 2
THE GLASGOW ART CLUB REPORT OF THE COUNCIL FOR THE YEAR Eh'DED 31 OCTOBKR 2024 Acd¥ltle4 Achiewemtntg & Pl•n$ The yeaT under review has follen into two paTts. Until the end of July 2024. th¢ paIrn hos been like previous years. Tbe Clubhouse was open I I.00am until 6.00pm and at the starl of the year a catering offer was provided by Bespoke Diniti8. Due io prdclical ditTiculti¢s and the Chefs trav¢lling from Edinburgh each day this offer wa5 terniinated early iti the year. The Club's exknbition programme continued throughout the ye¥r overseen by the Gali¢ry Committee and tt small band of very dedICad volunteers headed by the Artist Vice-President #nd there has been ¥ regular and interesting series of exhibitiims. The bookkeeper produced monthly trial balances whi¢h were Summs¢d and ¢irculated, and Council Meeiings were hcld as neeessory. Cashllow remained a critical IU¢ and several paintings froDI the Club's collection wtte sold to gcn¢rdte fvnds. This year Iw sttn PToducttv¢ and mutually ben¢ficial telationship develop between the Club and the Paidey Art Institute. ID Spring 2024. th¢ In8tiNte organised and held its. annual Open Art Exhibition at the Club. Thi5 was the second of its exhibitions to be held at the Glasgow Art Club. Negotiations with Renfrewshire Council and Olle Ren had reached a point where the Art Instiwte bad io remove its ¢ollection fr(mi the Paisley stores. and it asked lo be based at the Art Club and thai part of its collections be stored in the Club. This was agreed to by the CouD¢iI. The P&i51ey Art ]ns(itute decidcd to sell part of its collection as th¢re was insufficient Space to properly display the collection and to 8enerate fun<Ls to ensuTe its tyre surviv31. The Institute ha5 generously supported the Art Club ID the course of this fthancial year with l¢)Jn funding to enable the Club to refillbish the ¢lub premises and invest in a pro8tanime of improvements. With these changes. the Club engaged a well-known Dame in the hospitality industy tti Glasgow. to become DirectOT of OFtratiOLS and be a tniinber il( Council, to oversee the raIsSan of the fortunes of the Club. He began this new role frotn August 2024. TheTe h&8 been a major refu151)Mellt of the Club premises which is still ongoin8 and in August 2024 there was all exhibition of part of the works from tbe Art knstitu eolle¢tion to E¢ sold in Septetnber ID Edillburgh. This created signifi¢ani Inrest and drew maDy members of the public ¢0 see th¢ exhibition and discov more atw)u( th¢ Art Club. The changes included cr¢ating a new cat¢Ting offer and expallding the opening hours from 10.(M)am to 7.00pm Tuesday and Wednesday and 10.IXlam to 10.OOpn) Thursday to Saturday. Starting in ¢arly 2025, the Club h95 also opened on Mondays. 10.00am to 7.00pm. This expanded offer encourdged new members and the retLm] of many fornher members. Looldn8 forward The major pritsriry r¢mains expanding artd growing (b¢ membership by offering a strong daily ¢aring offer includin8 som¢ catering in the evenings, a stylish atsd historical Clubhouse but with a contemporary feel and regul8r eveJts for members. Expanding the function business also remains a priority. The regular series of exhibitions Incding the annual Art InstiNte exhibition will continue to draw an enthusiasts and tourists aDd it is Iped that as wide a range of arts as possible cart be shown. Accessibility for all remains a priority and ways to improve this at the Club are Ixing investigated. Page 3
THE GLASGOW ART CLUB REPORT OF THE COUNCIL FOR THE YEAR ENDED 31 OCTOBER 2024 FINANCIAL REVIEW FiDaD¢i81 Review- AnnllAI Review of ActltReS The fllw¢ial statements on pa8¢5 7 to 18 sbow the overall posiuon of the charity as at 31 O¢¢ober 2024 attd its income and cxp¢nditure for the year end¢d that date. Th¢ charity Te£orded a deficit of £84.455 (2023 - deficit of £4,548) for the year in the general fund. In¢ome and ¢xpenditure 15 included iti thc fllwicial ststetnents in accordance with the accountill8 poli¢ies set out in the no1¢5 to the finan¢ial slatements. The generdl fvnd stands ai £369,947 12023 £406.2961. Wiile the value of the Club's funds de¢rwed ID 2023124. its c&sh position irnproved as a result of loan funding provided to the Club by Paisley Art Institute. The year-end cash balance 8tood at £80,014. up from £16.045 one year earlier. Reserve5 poIi¢y li is the policy of the Council io bud8ct annually with a view to ensuring thai as far as )ssIble in¢ome at least exceeds expendEturr. It is not the in¢ention of the CouD¢il to build up Signific1 assets but to moke u$e of th¢ funds llwathered from subscription income and general trading to improve the wellbeing of the clwity. Th¢ ¢harity does hold signifT¢ant picture collection and it is illtended to incrrdse the collection by gifts from members and others together with purchases from the fvnds within the picture fvrd. To fijnction pr(y¢rly the char&ty needs to mainlaill a thn'viag membership atsd sRgDificant efforts are presently being to attrart additional membths. FundlD8 Sourtes The principal fimditig Sou¢ of the cknty in the year is the annual sllbs¢riplions from tbe memb¢rship of the charity, along with the income getlerated from the bar. A laTge proportion of the charitys Costs are itl connection with the running of the bar and food fim¢ii¢)n wbich contril)utes to the charitys income. The overtLeads of the chariws premises are partially allocated to tbis fim¢tion and partially to charitable activities in eonjunction with the objects of the charity. Further details are available ID the fll]ancial statements and the attached notes. Page 4
THE GLASGOW ART CLUB REPORT OF THE COUNCIL FOR THE YEAR ENDED 31 OCTOBER 2024 FUTiJRE PLANS The cknrity's plens forthe fvtUT¢ gre as follows: To ¢ontinue to en¢ourage members of the public to visit the building to dev¢lop a programm¢ of activities in accordaTJce with the appTov¢d Activity PlaD,' To provid¢ exhibitions of artistic worL' To promole attd provide access to the Arts and appre¢iaiion of the in all its forn15 To continue the memberthip driv¢ to encourdge new members io join thc charity and ID turn increase usage of all of the chariws facilities. STRUCTURL GOVERNAI¥CE AND MANAGEMENT Governlng doeumeDt The Glasgow Art Club is a registered Scottish Charity with OSCR and regisred as haying ¢harithble staws from 5 Febrnary 2008, with the charity number being SC039231. The thity is adminisred in accordance with ils Consi1¢10n and Rules. Org#nlsational structure The Council, whose members are the Club's trnstees under charity law, is ¢on4)osed of five Office Bearers attd noi less than six nor more than e1ve ordinary members together with the Immediate Pasi President ex officio who shall have equal voting rights. The Office Be3r5 sh811 consist of a President. two Vi¢e-Presidents an Honorary Treasurer and an Honorary sretary. The Office Bear¢rs sball be ¢lected annually ai the Anttual Busine&s Meeting and shall not be entitled hold tbe same office for more than three yrars. The ordlllary Memb¢ts of Council shall also be elected at the Annual Business Mttting. They shall hold office for three years and shall rlot Ix elTgible for r¢-election mitil the Annual Busine5$ Meeiing in the following year. although they shall be eligible for election as Otfice Bearers. No member shall be eligible for election as an Office Bewer unless at th¢ dale of nominatioll that petson Str11 have been a member of the chan'ty (OF previously the club) for three complete funCIal years. No membeE shall be ¢li8ible for election as an ordinary Member of Council unless ai the date of nomination p¢rson shall have been a member of the charity for one complete finallciaj year. To aid ¢ODiinuity of knowledge, the whole property of the Club, heritable and moveable, is vestrd in a body of ember8 whom the Constitution desigrLat¢s 'The Trustees. and wlKTr arc appOind by the general membership. This body, by tradition and practice. has been ¥ source of advice and supw)rt to the Council in its management of th¢ Club. The Trustees are appointed by the membership of the cljarity in General MeeiiDg. Their number shall noi exceed 8. The Trustees are authorised by the charhty to a¢cept 8rants and en into conveyan¢¢s. transfers, s¢¢uritics and other d¢ds of or affectin8 any heritable or movcable property of the ¢harRty as th¢ Council shall lawfully require the Trustees to do. No such ¢onti3cLs were entered into in 2023124. IDdu¢tlon ad trainlD8 Members of CouDciI will receive such trniniDE as is deemed appropriate allow them PToperly to cary oui their responsibilities 10 the charity and its memb¢rs. Related partle5 The Pr¢sideni and OfficeTS of the GIg0W Art Club shall ex officio be the Directors of the GAC Property Company (being a Company limiled by 8uaranie£l. The GAC Property Compally has received assistance from charities and other grani Making ldi¢S io allow it 10 cary out restordtion woll( ro the building at 185 Bath Street, Glasgow. The Glasgow Art Club has receTved loan funding in 2023124 from the Paisley Art Institute. Some CouDcil members of the Glasgow Art Club (see Note 221 ore a150 Committee members of Paisley Art Institute. Rlsk maD8gement The Coun¢il has awssed the risks of the clwity and where necessary have pui in plate plans to rnaTfdge and mitigale those risks to an acc¢ptable level. The procedures are to be reviewed annually to ensure that th¢ procedures conlinue to be appropriate. This was louud to bc the ¢ase in the yeaT under review. Appriived ordtr lif thL Ci)Iiiiiil Pa8e 5
II¥DEPENDEf4T EXAMINER'S REPORT TO THE TRUSTEES OF THE GLASGOW ART CLUB I rewrt on the accounts for the year endd 31 October 2024 set out on pa8es seven to eigbteen. Respective re8ponsibl]Itles of the and the eMmfiner The Council are responsible for the preparation of the aceouttts in accordance with the ternis of th¢ CtrL4Titi¢s and Tnjstee Investment (Scotlandl Act 2005 alld the Charities Accounts (Scotlandl Regulation5 21K)6 gmendedl. The Council consider dt the audit requirement of Regulation 10(l}lal to {¢} of the Accoullts Rewlations do¢s not apply. Ji is my responsibility to examinc the accounts as required under Section 44(1)(¢) of the A¢t and io stste whether particular matters bave com¢ to my attention. Basig of the iDdeptndeDt eX*nller'S report My examination was carried oui in accordance with Regulation I l of the Charities Accounts (Scotland) RcgulatioDS 2(KJ6. An examination inch]dL% a review of the accounting record$ kept by the charity artd a cixnparison of the accounts pruented with those records. It also includes considerdtion of any unusual items or d2sclosures irt the accounts, and seeking explanatio from you as Council members concerning any sucb matters. The procedures undertaken do not provide all the evidence that would be required in an audiL and consequently l th) not expTess an audit opittion on the view given by tbe accounts. Independent examlDer's Statement In ¢OnnlIOn with my ¢xarnination, no matter has wme to my atlention .' (11 which gives m¢ reasonable cause to believe that, in any matuial respect, the requirements to keep accounting re¢ords in acwrdaDce with Section 44(1 l{a) of the 2005 Act and Regulation 4 of the 2(1(NS Accounts Regulation5' and to prepare accounts whieb ¥¢¢ord with the ae¢outttiDg r¢cord$ to ¢omply with R¢gulatioD 8 of the 20( Accounts Regulations ljave ttot been met. or {2} to which, in my opinion, attention sIuld be thawn in order to enable a proper understhnditig of the accowits to reached. Azets Audit S¢rvi¢¢s Chart¢r¢d A¢¢ountant Titanium I King's In¢b Ploce Gl¥sgow PA4 8WF Date= .. PA8e 6
THE GLASGOW ART CLUB STATEMENT OF FINAI¥CIAL AcfIviTIES FOR THE YEAR ENDED 31 OCTOBER 2024 2024 Totsl funds 2023 UlestriCted fund Restricted NeS INCOME AND ENDOWMENTS FROM Donatio and legacies 19.441 19,441 49,806 Other tradiDg a¢tivities Renthl and investm¢nt income 239.832 239.832 192,113 Totaj 272,822 256.027 EXPENDITURE ON Raising fimd5 273.898 273.898 206,831 Chth¢•bie I¢dlle5 Cknithble activities 55.749 55.749 32,754 Tot•l 357277 357 261311 NET INCOMEI(EXPENDITURE) TrzDsftts betV4etD fulldl (84,455> (84,455) (5.284) 21 Net movn¢nt In futtds (36,349) (48,106) (84,455) (5,2841 RECONCILIATIOY4 OF FUNDS Total fijnds brou8ht foTward 4(296 48,106 454,402 459,686 TOTAL FUNDS CARRIED FORWARD 369.947 The notes forn? pan ofthese fjnancid stameDIs Pa8e 7
THE GLASGOW ART CLUB BAIANCE SHEET 31 OCTOBER 2024 2024 2023 Notes FIXED ASSETS Tangible ass¢ts Herits8e 12 13 314,321 243 533 324,288 262 833 557.854 587.121 CURRENT ASSETS Sts)cks Debioys Cash * battk 14 15 4,746 29,249 3,192 13.476 114,009 32.713 CREDITORS Amounts f4lling due within one year 16 (149397) (101224) NET CURREh'T ASSETS 35 388) TOTAL ASSETS LESS CURRENT 522,466 518,610 CREDITORS ADwunts fallin8 due afi¢r than on¢ year 17 Il52.519) (64,208) ET ASSETS FiITrIDS UnTestricted Restricted fijnds 21 369,947 406.296 TOTAL FUNDS 369 947 454 402 The fin&ncial sthtem¢nts w¢r¢ 8PPTovcd by the Council and auth()Ti5¢d for is511e OD .... were signed on its behalf by.. The llotes fcwl part of these fJn8ncial 5iatem¢Lts Page 8
THE GLASGOW ART CLi NOTES TO THE Fll¥ANCJAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 ACCOUNTING POLICIES The finallcial statements of the charity, which is a publAc benefit entity under FRS 102, have been preped in accordance with the Cbarities SORTr (FRS 102) 'Aceounting and Reporting by Cb4Tities: Statement of Recommended Practice applicable io charitieg prepaTill8 their accounts in aecordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 {effective l January 20191. and Financial Rep(>rting Swidard 102 'The Finan¢ial Reporting Stanilard applicable in the UK and Republic of Irelalld., Th¢ financial ststements are pryared under th¢ historical wst convenlioll. as m¢xlifi¢d by the revaluation of heritsge assets. ACCOUNTING POLICIES Basls of preparing the finneil st8temeDts Golng concern Following the difficult trading conditio8 of the fjnancial year 202312024, ¢h¢ Council bave agr¢ed a plon of action to improve the Club's operating sitIon. They consider that there are no material uncertainties about the ¢harity'S ability io continu¢ as a going concern. There were no significan( areas of adjustment and wilb respect to the nexi reporting period. no significant are of uncertainry. Flnallclal reportlng standard 102- reduced disclosre exemptlotts The charity has taken advantage of the following disclosure exemption in Preparing these financial statemen1& as permitted by FRS 102 The Financial Reporting Standard applicabl¢ in the UK and Republic of Ir¢land': the requiremenis of Section 7 Stsi¢ment of C&8h Flows. Ail income is recognirtd in the Ststement of FinaD¢ial ActivitTres once the charity has enlitlemeni io th¢ funds. il is probable that the income wall be rec¢ived and the amouoi can be measured Teliably. The following specific poli¢ieg are applied 10 parti¢ular calegories of in¢otne= Voluntary income is e1Ved by way of grants. donalioDS and gifts and is iDclud¢d in fvll in the Statemeni of Financial Acllvlties when receivable. Grants where ent5tlemeni is not condiiional on tbe delivery of a specific perforn]ance by the clwity are recognised when tbe chan'ty becomes uttconditionally entitled the grant. Invesunent income is included when receivable and coosists solely of bank iDt¢rest. Expendlture Exp¢nditure is recognised oll an accruals basiq as a liability is incurred and includes any VAT whi¢h ¢atmot be Ily recovered. VAT is reported as part of the expenditure to which it relates. Fundrnisitig aciiviti¢s Comprise of support W5ts (or the general runtiing of the charity and dir¢ct tradit)g costs. Cbarilable activiiie5 comprise all resources expended undettskmg WO to rneet the chaTity's objectives. Other costs include resources expended in ibe gen¢ral running of the charity and are primarily associated with constiwiion81 and statytory requirernertts. Support ¢osts Support wsts are alloca*d between ndraISIng aciivitles. chaTi¢ablc aclivitie5 and other costs as follows.. Ol¢C ¢05ts Premise5 Costs Finance costs Other costs - 300A fuTJd raising ¢0515 & 70Ya other wsts 500/• fund raising cos¢s, 40.kn charitable & IO% other cosls 50°/. fund raising cosLs & 50 /0 Charlble 70°A nd raising costs & 3/0 charitable Page 9 cofttinued...
THE GLASGOW ART CLUB NOTES TO THE FINANCIAL STATEMENTS- eoDtinued FOR THE YEAR ENDED 31 OCTOBER 2024 ACCOUNTING POLICIES - coDtiDued Tangible rued assets Depreciation is provided at the fouowing annual rates in order to write off eacb asset over its estimated useful life. Short leasehold Fixtures and fittings 20•/0 on cost It is the policy of the charity llol to consider items olexpenditure less than £250 for capitsJisatioD. Heritage assets A¢18 are categorised huitsg¢ assets within th¢ ¢haTity's accounts provided they meet the rwuirements as outlined in th¢ CharitiC5 SORP (FRS 102). As no T¢liable cost infomiation is available for herilage assets a¢quir¢d yn previous a¢counting y¢ars, th¢ wets yr¢ included within the fuwicial statemenls at valuation. Heritage &&F£ts are not deprexiated. St•eks Stocks are valud at th¢ low¢r of cost and D¢t reali5abl¢ val, aft¢r making du¢ allowan for ob501¢1¢ and slow moving it¢Ins. Tthxatitin The charity is excrnpt frorn tax on its chaTitablc activities. Fund ACCOUntln8 Incoming resources are included within the Statemeni of Financial Activities when the charity is entitled to the income and the amoullt be quantified with reasonable accuracy. The followin8 specific policies are applied 10 particular categories of Éncojlle.. Unrestricted fimds we available for the use at the discretion of the coll11 in r¢herance of the 8enerni objectives of the cbariry Restric*d fid5 are subject to spxific requirements as to their use which may be dlared by tbe donor OT with their authority or crealed through legal process, bui still within the wider objects of the charity PeDsSon costs and other post-retArement beDellts The charity operdles a dered contribution pension herne. Contributions payable to the chaTity's pension scheme are charged io the Stsiement of Financial A¢liviiies in the period io whi¢h they relate. OTHER TK4DING ACTtvrriES 2024 2023 Fundrdising ev¢Dts 239 832 192 113 Page 10
THE GLASGOW ART CLUB NOTLS TO THE FINAI¥CJAL STATEMENTS. eontitiued FOR THE YEAR ENDED 31 OCTOBER 2(J24 RENT & INVESTMENT INCOME 2024 2023 Rents rtteived InVesettt incotne 13,317 232 14,107 RAISD¥G FiJNDS Rlthig donatloA• and leg¢l Bllllrd Room Fund Gener1 Fumds 2024 2023 DiTec¢ trading eosts Suppon costs (see rLo 7} J97.789 197.789 109 160,889 273.898 273.898 206.831 cllARABLE AcfIviTIES COSTS 2024 21123 G¢neral Fund Support ¢osts (see ty) 7) 55,750 32.565 Bllll¥Td Room Fund Depre<i8¢ion 189 Pa8¢11 continued...
THE GLASGOW ART CLUB NOTES TO THE FINANCIAL STATEMENTS- eontinue41 FOR THE YEAR ENDED 31 OCTOBER 21124 SUPPORT COSTS Raising fund5 CbaTitable 2024 2023 Office Cmts (30 /og 017/•. 70•/0) Secretarial ftt Other professional fees PostsEe Telephone & Coll]mUDications Priniing, stationery #NI advertising ,524 9,536 916 833 692 3,219 7,511 10,730 260 285 606 665 865 950 Totsl 8.787 Raies Insurance Heal and light IT costs Repairs Depreciation 5,743 9,854 7,796 1,364 31.701 4,594 7,883 6237 ,091 25,361 1,149 ,971 1,559 273 6,340 997 11.486 19.708 15.592 2.728 63,402 8,726 18,280 9,813 6,995 13,133 Totsl 122,883 Balth Che$ Loan ittierest 1,167 ,167 2 202 01 2,334 4,687 4 403 97 Total 8,983 Otber Costs (7Og/•, Newspapers and magazines En¢ertainmeni Sundry expenses Equtpment hire Laundry and cleaning Bad debt Subscriptions 510 1,092 422 563 4,587 218 468 181 242 1,965 728 1.560 603 805 6,552 633 117 142 850 4,277 1656) 359 154 513 Totsl Total 152 934 Billiard Room fund {7SO/•? Depreciation 756 Proft$slonal fee fuDd {0 /., O /•? loo /.) Professional f*s 3.0(KTr Page 12 con(Inu..
THE GLASGOW ART CLUB NOTES TO THE FINANCIAL STATEMENTS- ¢ontinued FOR THE YEAR ENDED 31 OCTOBER 2024 OTHER 2024 2023 General Fttthd L¢gal and professional fees Independenl Examin&s fee Supprt costs (see note 7) 4.355 2.200 21,075 460 2.2(X) 16,066 Professlonal fees Fund Professional fees {ttded by specific donations) 21.726 TRUSTEES, REMUNERATION AND BENEFITS Ther¢ were no trusiees, remuneraiion or other benefits for the year ended 31 (ktober 2024 nor for the year ended 31 Ociober 2023. However. member of Coun¢il, from l Augugt 2024, fulfilled th¢ role of operdtions manager of the Club beN'ee d O¢tober 2024, and in that capaciry recetved a consultancy fee over these 3 months toialling £9,231 l%0 provides cat¢ring servi5 to the Club. Tru5tees' expenses There were no ITUStees' penSeS paid for th¢ year ended 31 O¢tober2024 nor for the year eDded 31 October 2023. io. STAFF COSTS 2024 2023 Wages ond salaries Other pension costs 113.703 89,151 502 115 Average number of ett4)loytts No eD)ployees re¢¢ived emoluments in excess of £60,000. Remuneraiion and benefits r¢ceived by key maDagement personnel in the year totalled £28,249 {2023.. £27.5601. Pa8e 13 contirtued...
THE GLASGOW ART CLUB NOTES TO THE FITrIANCIAL STATEMENTS- FOR THE YEAR ENDED 31 OCTOBER 21124 ii. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restri¢ted Total fimds INCOME APYD EfDOWMENTS FROM DonatiODS and legacies 46,786 3,020 49.806 Other trading ac¢ivities Invesknent ithc¢)me 192,113 192,113 Total 256.027 F.XPENDITURE ON Raising fiwds 206,264 567 206,831 ChArlt8ble #rtitIeS Charitable a¢tivities 32,565 189 32,754 Oiher Total 257 555 261311 NET INCOMEI(EXPEF4DITiJRE) (4,548) (736) (5.284) RECONCILIATIOli OF FUNDS Total funds brougbt fonvard 410.844 48.842 459,686 TOTAL FLINDS CARRIED FORWARD 406.296 48.106 454,402 12. TANGIBLE FIXED ASSETS Fixlures Shon l¢asehold Computer equipment fittings Totals COST Ai l November 2023 and 31 0¢er 2024 469 868 617 501620 DEPRECIATiof At l Novembei 2023 Cbar8e for year 146,660 9,397• 30,592 450 80 120 177.332 At 31 Oc¢ober 2024 156057 200 187299 NET BOOK VALUE Ai 31 Ociober 2024 313 811 93 417 314,321 At 31 October 2023 323,208 543 537 324 288 * the depreciation eharge includes d¢preciation on assets which in earjier years wcre specifically accound for within the Billiard Room fund. Page 14 ntinued...
THE GLASGOW ART CLUB NOTES TO THE FINANCIAL STATEMETr4TS- eontfinued FOR THE YEAR ENDED 31 OCTOBER 2024 13. HERITAGE ASSETS Totsl At l November 2023 Acquisitions Disposals 262.833 10.700 At 31 Oetober 2024 243.533 NET BOOK VALUE At 31 Ociober 2024 243 533 Ai 31 Octob¢r 2023 262 833 HerAt8ge 46seli Pictures Sculptures Furniture 123.2(K) 36,333 Valuation in 2024 243.533 Heritage assets ar¢ valued by tbe Council periodically on a cumt atIOn estimale basis. The l&si external valuaiion was carried out ill May 2008 by Chrisiies on curreni auction &slimates. Adjustments are mad¢ annually to the valuatson to reflect disposals and acquisitions. Heritage ossets Are in¢luded within the fllwicial statements at the lowest of the range of auctlOD values provided by Chrislies. No reliable cost infomiation ts available. The charity holds 197 painiings ad drawings, 26 sculptures and 54 iiems of antique furniture. Thes¢ assets rge substantially in value, size, age and condition. 14. STOCKS 2024 2023 Stocks 4.746 3.192 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors and members. accounts Prepayrnents and accrned income 8.660 20.589 7,693 29.249 Page 15 ¢ontillued..
THE GLASGOW ART CLUB NOTES TO THE FINANCIAL STATEMENTS- contlDued FOR THE YEAR ENDED 31 OCTOBER 2024 16. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bauk loans and overdrafts (see no¢¢ 17) Trade creditors Social security and otber t&xes VAT Loan5 from Membcrs Accruals and deferred income 24,339 60,720 2,293 371 17,873 23.732 27.858 2.163 10231 17.873 149 397 101.224 17. CREDITORS: AMOUNTS FALLII¥G DUE AFfER MORE THAN ONE YEAR 2024 2023 B#Dk loans (see no* 18) Loan from Paisley Art InStIle 42.519 64,208 152,5 19 64.208 18. LOANS An analysis of the matilty of loans is given below: 2024 2023 Amounts falling due within one year on demand.. BaJ)k loan Bounceback tA)an 13,955 13.655 Amounts faIling between one and two ye•t¥.' Bank loan.. 1.2 ye4T6 Bounceback Loan: 1- 2 years 14.255 13,955 Amounts falling due between two ad five yeors: Bank loan.. 2-5 yeays Bouncebwk Loan.. 2 - 5 years Paisley Art Insi]DJ Loan.. 2-5 years 15,968 14,255 12,283 125 968 26,538 Amounts falling due in more than five years.. Rqmyable by instalments". Bank loan mor¢ than 5 years 13,331 In Sepiember 2007. The Royal Bank of Scoiland provided a loan of £201,140. This loan ts repayable in monthly in5talments over 20 years with inlere51 charged at 2°/0 pew annum above The Royal Bank of Scotland base rdte. In June 2020, th¢ Club rtteived a bounce back loan totallin8 £50.(. The loan is repayable in 60 monthly insialments cornmencing th June 2021, with interest being charged at 2.50/0 per arjniiin. ID Augusi 2024, the Club entered into a loan agreement with Paisley Art InStite, allowing for EK)Trowing of up to a to¢al £750,000, with repayrneni due in August 2027. In the peri to 31 October, £l10.O(K) was bom)wed. No interest charge had been made on this borrowillg. Page 16 oniit)ued...
THE GLASGOW ART CLUB NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 ocfoBER 2024 19. SECURED DEBTS The followiti8 secured debts ore included wAthiD creditors.. 2024 2023 BaDk loa The Royol Bank of Scotl4ttd holds a fllst stattdard se¢urity ov¢r Tbe Gl&sgow Art Club, 185 Bath Street, Glasgow. 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Total fimds 2023 Total fidS Unrestric*d lld Restricted nds Fixcd assets Current a&Yts Current liabilities Long term liabilities 557.854 114.(M)9 {149,397) 152 519) 557,854 114,009 1149.397) 152 587,121 32,713 (101,224) 369 947 369 947 454 402 21. MOVEMEI%T IN FUTr4DS BalaD¢e At 01.11.23 Ineojnlng Resourtes Resource5 Expended BAl8ttee at 31.10.24 TraDSfers Unrestri tcd fun General Funds 406 96 272 822 357 277) 369 947 406.296 272,822 135727n 48.106 369.947 Restricted fi]nds Picture fijnd Billiard Room fund Furninwe fimd 9,938 25,536 (9,938) (25,536) 12 632) 454 357 272 822 aL77) 369 947 Eiplanation of fund$ GeDeral is io r¢eekve th¢ normal income and pay th¢ norn1 nllming expen of the ejwity. Picture fund is io purchase works of art its be displayed in The Glasgow Art Club. Billlard room fund is to Cover the costs of repairing and res(oring the billiard room of The Glasgow Art Club. Furniture fwid 15 to cover the costs of the restordtion/r¢placem¢nt of the furnitur¢ in the club. Prnfes8lon81 fees fund represents donations lo fund profcssional fees incuned. Explanatlon of transfers The r¢rnainillg balance on each restricted fimd has been trferred to Eeneral fimds as th¢ Council have reviewed the fullds and are satisfied thot the charity has fully uÈilis¢d these funds for the purpose set out by the Page 17 continued...
THE GLASGOW ART CLUB NOTES TO THE FINANCIAL STATEMENTS- eonthhll FOR THE YEAR ENDED 31 OCTOBER 2024 22. RELATED PARTY DISCLOSURES The President and OtTicers of the Glasgow Art Club ar¢ the Directors of tbe GAC Property Company. Major restoration work has been undertaken in prior years by The GAC Property Company Limited. In order for the Property Company to access funding tlwouBh the National Herits8e Memorial Fund and Histori¢ Scotland Th¢ Gla58ow Art Club has granted a le&se to the Property Company allowiug the Property Company to lease ba¢k certain areas of the builduw to the Club. The Property Company has subsequently waived rentsl charges and so £nil (2023.. £nil) was charged by The Properry Company in the year. In addltion, The Propeny Company bas granted sthttdard securities in favour of the Natioll&] Heritage Memorial Fund and The Scottish Ministers covering thetr inteTe5t in the lease of the property at 185 Bath Stre¢L Glasgow. p.tll m,?dL I)uring the year. the Paisley Art In.-titt]tL member5 are offjce bearers vf PAI. or £iionnr. to During tbe year Djembers of Council loans of £nil (2023: £llil) to the Charity. Th¢ tharity made repa)ryllents of £nil (2023: £nil}. The lo*Js are interest free aod the balanccs payable at the year ¢nd amounted to £17.873 (2023.. £17,873). Page 18