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
]nd*ptDden¢ Exam1[￿r,8 Report
St*tem¢Dt of FlnaDclal Actl%ltk#
1gDC* Sheet
Notr$ to the Flnthelal St*iemenis
9 kn 18
De¢Alled Stattmeth of Fkn*n¢l*l A¢dv1th8
19

THE GLASGOW ART CLUB
RKFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 31 O￿OBER 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 ￿￿o￿nts 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 I￿orniat19n and ideas may be
excl￿1ge￿ 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 F*rforn)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¢ paI￿rn 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 dedICa￿d 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 Summ￿s¢d and ¢irculated, and Council Meeiings were
hcld as neeessory. Cashllow remained a critical I￿U¢ 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 r￿aIsSan￿ of the fortunes of the Club. He
began this new role frotn August 2024.
TheTe h&8 been a major refu￿151)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 In￿rest 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 ¢a*ring 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 Inc￿ding the
annual Art InstiNte exhibition will continue to draw an enthusiasts and tourists aDd it is I￿ped 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 Actl￿tReS
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 Signific￿1 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 regis*red as haying ¢harithble staws from 5
Febrnary 2008, with the charity number being SC039231. The thity is adminis*red 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 Be3￿r5 sh811 consist of a President. two Vi¢e-Presidents an Honorary Treasurer and an
Honorary s￿retary. 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 Str￿11 have been a member of the
chan'ty (OF previously the club) for three complete fu￿nCIal 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 appOin￿d 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 a￿d 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 GI￿g0W 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 l￿di¢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 d￿t 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*n￿ller'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 ¢Onn￿lIOn 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 sI￿uld 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
Ul￿estriCted
fund
Restricted
N￿eS
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¢d￿lle5
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 mov*n¢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 sta*meDIs
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 prep￿ed 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 fin*nei*l st8temeDts
Golng concern
Following the difficult trading conditio￿8 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 disclos￿re 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..
O￿l¢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 Charl￿ble
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 coll￿11 in ￿r¢herance of the 8enerni
objectives of the cbariry
Restric*d fi￿d5 are subject to spxific requirements as to their use which may be d￿lared 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 der￿ed 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
InVes￿ettt incotne
13,317
232
14,107
RAISD¥G FiJNDS
R*lthig donatloA• and leg*¢l
Bllll*rd
Room Fund
Gener*1 Fumds
2024
2023
DiTec¢ trading eosts
Suppon costs (see rLo* 7}
J97.789
197.789
109
160,889
273.898
273.898
206.831
cllAR￿ABLE 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 Ch￿e$
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 servi￿5 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 Ef*DOWMENTS 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 #rti￿tIeS
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 accoun￿d 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 a￿tIOn 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 a￿d drawings, 26 sculptures and 54 iiems of antique furniture. Thes¢
assets r￿ge 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 InStI￿le
42.519
64,208
152,5 19
64.208
18.
LOANS
An analysis of the mati￿lty 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 a￿d 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 InSti￿te, 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
fi￿dS
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¢ norn￿1 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 tr￿ferred 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