REGISTERED CHARITY NUMBER: SC039231 REPORT OF THE COUNCIL AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER202S FOR THE GLASGOW ART CLUB Azers Audit Services Chartered Accountant Titanium I King's Inch Place Renfrew Glasgow PA4 8WF THE GLASGOW ART CLUB CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER202S Page Reference #nd Adrninistr#tive Details Report of the Couneil Independent Examiner's Report Statement of Financial Aetivities Balanee Sheet Notes to the Financial Statements 9 to 18 Detailed Statement of Financial Aetivities THE GLASGOW ART CLUB REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 OCTOBER 2025 COUNCIL MEMBERS Robert Ferguson (President) Joe Hargan (linmediate Past Presidet]t) John Rowland (Artist Vice President) Michael Dohettv (resigned 10 April 2025) Rev. Canon Neal Heavisides (resigiied 23 May 2025) Margaret Johnston (re5i¥ned 22 May 2025) Valerie Pdterson {resi¥ned 29 June 2026) Philip Raskin (resigiied 16 April 2025} Graeine Sinith (re5igiied 28 October 2025} Gordtsn Yuill Gary Craig (appointed 10 April, resigned 31 October 20251 Thomas Jacobi (appoinied 10 April, resigned 31 October 20251 Eslyn Barr (appoinied 10 April 2025) Irene Mccann (appoinied 10 April 2025) Angela Fussell (appoinied 10 April 2025) Jessie Llojd {co-opied 27 June 2025) Luke Tracey (co-opted 27 June 2025) Ray Gribben Ico-opied 28 October 2025) Johann Booyens (co-opted 20 January 2026) TRUSTEES Alan Horn (resigned 30 June 2026) Hon Fiona McNaughi (resigned ?6 June 2026) David Nem'all Iresigiied 28 F¢bruary 2026) Raymond Williamson Iresigiied 30 June 2026) Paul Frame (cfropt¢d 28 May 2025) PRINCIPAL ADDRESS 185 Bath Street Glasgow G2 4HU REGISTERED CHARITY NUMBER SC039231 INDEPENDENT EXAMINER Azets Audit Services Chartered Accountant Ti(aniuni I King's Inch Place Renfrew Glasgow PA4 8WF BANKERS Royal Bank of Scotland SOLICITORS Morton Fraser M8cRoberts LLP Page I THE GLASGOW ART CLUB REPORT OF THE COVNCIL FOR THE YEAR ENDED 31 OCTOBER 2025 Glasgow Art Club Council, whose members are the Club's Irusiees under Charity law, present their repon with the fjnancial statements of the charity for tlie }'ear ended 31 October 2025. The council is respot]5ible for the direction aiid managemeiit of the Club and consists of menibers whose appointment is voted upon by the general menibership at Aiinual Busiiiess Meetings. Office Bearers, and Members of the Council are recruited frojn the membership at]d receive such training as appropriate to allow them to properly caTry Out their responsibilities to the Club and it5 members. The Council have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recominended Practice applicable to chiiritle5 pfepdring their accounts in acLordaiice with the Fiiiancial Reportiiig Standard applicable iii tlie UK and Republic of Irelaiid IFRS 102} (effective l January 2019). OBJECTIVES AND ACTIVITIES Objeetives and aims Ob'ects of the charit The purpose and objects of the charity shall be io adwance. promote and encourage the Arts in all fomjs and in particular Art by Scoitish Artists or bj Anis(s resident in Scoiland or b), Artists with a connectioii with Scotland (in all cases wheiher professional or amateur) of any Art w,hich has a particular connection with Scotland or anj, part thereof including by means of exhibitions of works of Aft. life classes, the acquisition of publications on An, lectures on Art subjects, demonstrations, perfomlances and by such other means as the Council may decide from time to time. In pursuance thereof the charity, for the public benefit. shall seek to.. provide facilities for the exhibition of artistic works and the promlltion L)f the Arts including using the premises ai 185 Bath Street, Glasgow ("the Clubhouse") for that purpose,. proniote, fa¢ilitste, fund, provid¢ access to and encourage the Arts and the appreciation of the Arts in all of its forms., liaise with. form connections Wlth and enter into joint ventures M'ith other artistic associations based either in Scotlaiid or elsewhere which have object5 5in)ilar to the charity. or with such associations a5 the Council may from time to time deterinine M'ould be beiieficial for or promote directly or indirectly the objects of the charity; provide a foruni and an association for artist5 who work and are resident in Scotlaiid or such class of artists or an), singFle artist a5 the Council may from time to time deterinine thTOUbTh which iiiforination and idea5 Tnay be exchanged aiid which on tl)eir behalf would be tnipowered to make repiesentations to and enter into arrangements and agreements with all appropriate authorities, institutions and private bodies interested in or involved in or wl)iLh niay fiiid it desirable and advantageous to be involved in the promotion of the Arts; do all such things as will assist in attaining tl)e previously stated objects of the charity. For the purpose of the above objecis the words "Art" or 'Arts" shall refer to painting. draiving, graphic and illustrative arts of all Linds. sculpture and three dimensional arts of all kinds., the w'riting and perfomjance of poetry. prose and plays- the coinposing and performance of music: choreographv and performance of dance- the staging and perfornjance of exhibitions, displays eic. plays, operas and other perfomjing arts; and all matters incidental thereto or relating there and the Wlird "artisi shall be consirued accordingly. Page 2 THE GLASGOW ART CLUB REPORT OF THE COVNCIL FOR THE YEAR ENDED 31 OCTOBER 2025 A£tivili¢s, Achievements & Plans Tl)e Club's owii exhibitioii progranime continued throughout the year overseen by the Gallery Cominittee and a small baiid of very dedicated volunteers headed by the Artist Vice-President and there has been a regular and interesting series of exhibitlOllS. This year has seen the productive and mutually beneficial relatioiiship continue to develop between the Club and the Paisley Art 1115titute. In Spring 2025, the Institute organised and Iield its annual Open Art Exhibition at the Club. Thi5 was the tliird of it5 exhibitions to be held at tlie GldS¥OW Art Club. Ne¥otlilti011s with Renfrew5hire Council aiid One Ren had reached a point wliere tlie Art Institute had to reniove it5 collection from the Pai51ey store5, and it asked to be bi15ed at the Art Club aiid that part of it5 collection5 be stored in the Club. This was agreed to by the Council. The Paisley Art 1115titute decided to sell Pilrt of its Lollectloll d5 there w'as insufficient 5Pdce to properly display tlie collection and to generdte funds to ensure its future survival. The Inslitu￿ has generously supported the Art Club in the course ol-this financial year M ith loai) funding ts) enable the Club w refurbish the club premises and inwesi in a programme of improven)ents. The Paisley Art Institute has agreed to lend up to £750,000 on a Standard Security over the Club premises at 185 Bath Street, Glasgow. The Standard Security is in preparaiion and seitlen)eni of the loan will only be on closure of the Club or on the sale of the premises. The Club engaged Gordon Yuill. a well-knoM'n name in the hospitality industry in Glasgo￿, to become Director of Operations and be a member of Council, to oversee the renaissance of the fortunes of Ihe Club. He began this new role from August 2024. Gordon Yuill resigned as Director of Operations on 7 May 2026. There has heen a major refiirbishment of the Club pr¢mise% which is still ongoing. The changes include creating a catering offer and expanding the opening hours from 10.00am to 10.00pm Monday to Saturday. This expanded offer has encouraged new members and the return of mgny fonner member5. LA)oking forward The Inajor priority remains continuing to expand at]d grow the membership by offering a strong daily catering offer includinLF some catering in the evening5. a stylisl) and historical Clubhouse but ￿1th a conteTnporary feel and regFiilar events for members. Expaiiding the ￿nctIOn busiiiess also remain5 a priority. The Tegular serie5 of exhibitions including the annual Art Iiistitute exhibition will continue to draw art eiithu5iasts and tourists aiid it Is hoped that as H'ide a range of arts a5 possible can be shown. Accessibility for all remains a priority and ways to improve this at the Club are being iiivestigated. Page 3 THE GLASGOW ART CLUB REPORT OF THE COVNCIL FOR THE YEAR ENDED 31 OCTOBER 2025 FINANCIAL REVIEW Financial Review- Annual ReTr'iew of Activitie5 Tl)e fiiiancial statements on page5 7 to 18 show the overall position of the charity as at 31 October 2025 and its income and expenditure for the year ended that date. Tl)e cliarity recorded a deficit of £167,532 12024 - deficit of £84,455) for the year in the general fvnd. Incon)e and expenditure is included in the finaiicial 5tiltenitnts in acLordaiiLe with the dCCOUTitin¥ policies set out in the iiote5 to the finanLial Statements. The general fund staiid5 at £202,415 (2024 £i69.9471. While the value of the Club's funds decrei15ed in 2024125, its Lash positioii improved as a result of loaii fuiidin¥ provided to the Club by Paisle}. Art 1115titute. The year-end cash bdlance stood at £51,159. dowii from £80,014 one year earlier. Reserves policy li is the policy of the Council to budgei annually with a view io ensuring that as far as possible inconie at least exceeds expendiiure. li is noi the in￿ntiOn of the Council to build up significani assets but ro make use of the fui)ds ingathered from subscription ii)come and general trading io improve the wellbeing of the charity. The charity does hold a signilicai)t picture collection and it is intended ro increase the colleciion by gifts from members and others together with purchases from the funds within the Piciure fund. To function properly ihe charity needs 10 n)aintain a thriving membership and significant etTort8 are presentl}, being made ￿ aitract addiiional members. Funding Sources The principal funding source of the charity in the year is the annual subscriptions frlim the membership of the charitv, along wilh the income generated from the bar. A large proponion of the charity's costs are in connection w'ith the running of the bar which contributes to the charity s income. The overheads of the charity's premises are partially allocated to this bar and food function and partially 10 charitable aciivities in conjunciion with the objects of the charity. Further deiails are available in the financial statcments and the attached notes. FUTURE PLANS The charity'% plans for the future are gs follows.. To continue to eiicourage meTnbers of the public to visit the buildiiig and to develop a programme of activities in accordance with the approved Activity Plan., To provide exhibitions of art15tic H".oA(.' To promote and provide access to the Arts and appreciatioii of the Arts in all its form5 To continue the membership drive to encouragFe new meinbers to join the charity and in tum increase usage of all of the charity's facilitleS. Page 4 THE CLASGOW ART CLUB REPORT OF THE COUNCIL FOR ThE TrT.AR V.liDED Ji ￿￿0￿*11 2•ts STRUCTUR& COVERNANCE AND MANAGEMENT GoverNl￿ doc¥*eDt The G￿BoW Art Club ￿ a re0￿CTed SGoHish (Iwity with OSCR 4lld bavillB ¢hKthk Stan￿ frDm S Felwry 2rxJ8. WLth the chvrtv m]mt¢r W SC039231 The ￿￿ty wffd*D¢e with its The c￿ClI, *ho&¢ ttLemPrtrs art th¢ Cjub's trw¢¢e5 uttts ¢han'ty 18w. i¥ tOmFwd of up &) fN¢ Offi<* B¢•rern 4•J not It￿ thatt six wr wtt thRn tsvelv¢ ordinary mcml>tts ￿￿cther wrth the Itllrne41i*e Past PTesidcDI ex officio 8hEII bllve votsu8 ri8hts. Th¢ Offve Be¥w5 sh*il (*M8iSt of ¥ Pt¢sthnL M vi¢¢-P￿S￿0ts. •rt H1X￿rAry shall Dol be enlida ty knld the 5omE offic¢ for than thr¢e ycw5. The urdw Merthr5 ofcvthcil sh811 *l¥J be ek￿ed 11 th¢ Annual B￿1r￿¢S% Mcttsllg They shall hold offict for three year5 shall ￿ be eknpljle for Te of tht ¢hwity in (i¢n¢r•i M¢thng. Thcu numbtr thAII ￿￿t ¢xc#d 8 The Trustm ue authori5ed by the chty kn atwi 8T￿ts a￿j Into ¢(mveyaDCe& traAsfer4 ￿(￿11¢58￿d other dt¢ of4)r affe¢•n8 w heritab￿ orrnovtabk prorffj of th¢¢h•rity 4$ th¢Couo¢kl tholl iAwfvIIY Tequu¢ the TftLuees fv)th. No sucb contrxts were £ntCTui into ￿ 2024Q5. l*d•ctloD •od tr•lth8 tsfa￿ mitte Membus of COU￿11 will re￿1ve suLb tiaiDW IS is dc¢me4 aPFWriiit t(1 4iiow them pmpcrly their rewii8itnliti<* to th¢ ¢hanty att41 m¢thMs. Rtknied partlt5 Thc P￿1￿¢￿¢ Offi¢¢ of ¢b¢ G1*5w Art Club shatl ex offrcio th¢ DwE¢b)r% of the GAC Pto Cowy IiwDg a Cornp¥ny liThwed by Ew•rnn*¢l. Th¢ GAC Pt(fft Collwy Ltsj h•¥ T¢wved w1•4￿e frDm ¢knitie5 other bLwJies to *llow 11 to out Te510rnrion work To the ￿ul￿10¥ Qt 185 Both Strcrt The Glgsgow Art Club r¢wved ILMn fuDthn8 in 2024125 fvom th¢ Pgisl¢y An In61iwie. Some CtyJll¢il hbtmb#5 of GILsgow ArtCIDbiste 221 #lsts Cmmittee of Pwlry Art Instm#c. Rlsk Tr Tru￿￿ Ind CffjY￿1I h•ve w¢s8¢d the nsks ofthE chanty and necu5llry have pui In pl*e plRtLS to m•A A￿0Ve1 lry ottsof th¢ l*)vd ottnthees on I ￿)Y 2026 •nd $18twJ on ttsbeh￿r by.. RoiKrt F¢rEuwn I Idcllii Px8c S THE GLASGOW ART CLUB INDEPENDENT EXAMINER'S REPORT TO THE couf44CIL FOR THE YEAR ENDED 31 OCTOBER 2025 I report on the accounts for the year ended 31 October 2025 set out on pages seven to eighteen. Respective responsibilitie5 of tru5tee5 and examiner Tl)e charity's t￿SteeS are responsible for the preparation of tlie accounts in accordance with the terms of the Charities and Trustee Investtnet]t {Scotlat]d) Act 2005 at]d the Charities Accounts (Scotlandl Regulations 2006 (as ameiided). The charity's trustees consider that the audit requiremeiit of Regulation 10{ l)la) to (cl of the Account5 Regiilations does not apply. It is n)y re5ponsibilit)' to examit]e the accounts a5 required under Section 4411)(cl of the Act and to state whether PilrtlLular niatter5 have come to Tny attention. Basis of the independent examiner's report My exdminiltioii was Ca￿1Cd out in accordance M'ith Regulation I l of tl)e Charities Accoui)ts (Scotland) Regulatitsns 2006. An exainination includes a review of the aLLOUlltlTl¥ reLords kept by the charity and a compari501i of the accounts pre5eiited Thith those records. It also includes Lon5ideration of aiiy unusual items or di5Llosures in the accounts, and seeking explanations fron) you as trustees conceming anv such n)atters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequenily I do not express an audit opinion on the view given by the accounts. Independent examiner's statement Ii) conneciion with my examinaiion. no mat￿r has come to my attention (l) which gives me reasonable cause io believe that. in any material respect: the requirements to keep accounting records in accordance with Section 44{1 Ma) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations: and to prepare accounts which accord wilh the accounting records and to comply with Regulation 8 Lif the 2006 Accounts Regulations have not been m¢t,' or 12) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Willigm Vernall BA CA The Institute of Chartered Accountants of Scotland Azets Audit Services Chartered Accouiiiant Titanium I KingF's Iiich Place Renfrew Glasgo￿. PA4 8WF Date.. l July 2026 Page 6 THE GLASGOW ART CLUB STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2025 2025 Toial funds 2024 Total funds Unrestricted fund Restricted funds Notes INCOME AND ENDOWMENTS FROM Donation5 and legacies 1,935 1,935 19,441 Other trading activities Investhient inconie 292,454 292,454 239.832 13.549 Total 321,157 321,157 272,822 EXPENDITURE ON Raising funds 415,986 415,986 273,898 Charitable activities Charitable activities 45,426 45,426 55,749 Other 27,277 27,277 27,630 Total 488,689 488,689 357,277 NET INCOMEI(EXPENDITURE) (167,5J2) (167,5i2) {84,455) RECONCILIATION OF FUNDS Total funds broughi foN'ard 369,947 369,947 454,402 TOTAL FUNDS CARRIED FORWARD 202.415 202.415 369.947 The notes form part of these finan¢ial statements Page 7 THE GLASCOW ART CUIB BALANCE SHE Ji ocroBER 2025 2024 FtXED A&%KTS Tan8ibie 12 343,730 314,321 243 533 587369 557.854 CURRENT ASSET& Sts¢ks D¢btors Cwh at 3 J39 16.949 4.746 29249 71.617 114.¢ CREDITORS AtDounts l&lltTr8 due wilhth yUf (436.178} {259J971 NET CUIIRENT ASSETS 145 388 TOTAL ASSITS LESS CURRENT LVABIIJTILS 222.738 412.400 CREDITORS Ajnounts fallm¥dK knmDre one ycar 17 {20.3231 142.519) NET ASSE15 202.415 FUNDS 202415 TOTAL FUNDS 202415 369.947 The fJnBrLciII staierneDiS wer atvrovd by the BO1￿ ol Tnbxc4$ 4*J (L* l July 2026 *tsd Jed on behalf by. Ferguson <￿es1oen Ihe not¥ (￿rn of rheae financial stytcllK*s PIBe 8 THE GLASGOW ART CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 ACCOUNTING POLICIES The fiiiancial statenients of the charity, which is a public benefit entity ut]der FRS 102, have been prepared in accordance with the Charitie5 SORP (FRS 102} Accounting and Reportiiig by Cliarities= Stateinent of Recommeiided Practice applicable to charities preparing tl)eir accoiit]ts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective l January 2019), and Fiiiancial Reporting Stsndard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The financial statements are prepared under tl)e historical cost conveiition, as modified by the revaluation of heritage assets. ACCOUNTING POLICIES Basis of preparing the financial statements Goin2 eoncern Following the difficult trading conditions of the financial ￿ear 2024120?5, the trustees hawe agreed a plan of action to improve the Club's operaiing position. They consider that there are no Ma￿rial uncertainties about the charity's abiliiy w continue as a going concern. There were no significani areas of adjustment and with respect to the next reporting period, no significani areas of uncertainty. Financial reporting standard 102 - reduced disclosure exemptions The charity has taken advantage of the following disclosure exemption in preparing these financial statements. as permitted by FRS 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland,: the requirements of S¢rtion 7 Staiement of Cash Flows. Income All in¢om¢ is re¢ognised in th¢ Statement of Financial Activities once Ihe charity has entitlement to the funds. it is probable that the incoine will be received and the amount can be measured reliably. The following specific policie5 are applied to particular categFories of ii)come'. Voluntary illCOTne is received way of grant5. donations aiid uFifts and is iiicluded in full iii the Statement of Financial Activities when receivable. Grants where entitlenient is not conditional on the delivery of a specific perfollnaiice by the charity are recogni5ed when the charity becomes uiicoiiditionally entitled to the grant. Investnitnt inconit is included wheii receivable and consists solely of bank interest. Expcnditurt Expendituie is retognised on an accruals basis as a liability is incutTed and ii)cludes ai)y VAT which cannot be fully recovered. VA T is reported as part of the expenditure to which it relates. Fundraising aciiviiies Comprise of support costs for the general running of the charity and direct trading costs. Charitable activities comprise all resources expended undenaking work 10 meet the charity's objectives. Other costs include resources expended in the general running of the charity and are primarily associated with consiiiuiional and staiutory requiremenis. Support costs Support costs are allocated between fundraising activities, charitable activities and other cosis as follows.. OtTice costs Premises costs Fiiiance ¢osts Other costs 300/0 fund raising costs & 70/0 Other costs 500/0 fund raising costs, 40010 charitable & IOQ/o Other costs 500/0 fund raising costs & 500/0 charitable 700/0 fund raising costs & 300/0 charitabl¢ Page 9 continued... THE GLASGOW ART CLUB NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 OCTOBER 2025 ACCOUNTING POLICIES- conlinu¢d Tangible fixed a55et5 Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Short leasehold Fixtures and fittiiigs 2Q/o on cost 20Q/o OTi cost It is the polic}. of the charity not to consider itenis Of expenditure less than £250 for capitalisatioii. Heritage assets Asseis are categorised as heritage assets within the charitv's accounts provided the)J meet the requirements as ouilined in ihe Charities SORP (FRS 102). As no reliable cost infomiation is available for heriiage asse acquired in previous accouniing years. the assets are included within the financial s(atemen(s at valuation. Heritage assets are not depreciated. Stoeks Stocks are valued ai the lower of cost and net realisable value, after making due all0￿.ance for obsoleie and slow moving itsms. Taxation The charity is exempt from t&x on its charitable activiiies. Fund Accounting Incoining rc£ources are included within the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasongble accuracy. The following specific policies are applied to particiilar categories of income.. Unrestricted ￿n￿$ are available for th¢ use at the discretion of th¢ Trustees and Coun¢il in furthergnc¢ of the general objectives of tlie charity Restricted funds are fund5 Subject to specific Tequirements as to their use which may be declared by the donor or with their authority or created through legal process, but Still within the wider objects of the charity Pension costs and other post-retirernent benefits Tl)e charity operates a defined contribution pension scheme. Contributions payable to the cl)arity's pension scheme are charged to the Statement of Financial Activities in the period to which the}. relate. OTHER TRADING ACTIVITIES 2025 2024 Gain on sale of asset Fundraising events Subscriptions 52,500 130,153 217,801 ?92,4f 4 239,8i2 Page 10 continued... THE GLASGOW ART CLUB NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 OCTOBER 2025 INVESTMENT INCOME 2025 2024 Rent5 received liivestmeiit income 16,iOO 268 13,317 232 16,768 13,549 RAISING FUNDS Raising donations and legacie5 Billiard Room Fund General Funds 2025 2024 Direct trading costs Support Costs (see note 7} 349,612 349,612 197.789 76.109 415,986 415,986 273,898 CHARITABLE ACTIVITIES COSTS 2024 General Fund Support cos(s (see note 7} 45,426 55,749 Pagell continued... THE GLASGOW ART CLUB NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 OCTOBER 2025 SUPPORT COSTS Raising funds Charitable Other 2025 2024 Offjce Cost5 {30fj/&, Secretarial fee Other professional fees P05tii¥e Telephone & CoinmuniLatioiis Printin¥, stationery and advertising 70Tr/ 5,075 11,841 34 1,625 16,916 49 2,i22 10,730 697 512 865 950 Total 6,299 14,693 20,992 12,553 Premises Costs (50 /0,40 /., 10 /.) R