THE GEORGE WYLLIE FOUNDATION 2019 TRUSTEES REPORT AND FhNANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 A scorrisH CHARrrABLE INCORPORATED ORGANISATION S¢ottish Charity No. SC049369
THE GEORGE WYLLIE FOUNDATION 2019 CONTACT DETAILS, TRUSTEES AND PROFESSIONAL ADVISORS TRUSTEES CHARITY NUMBER SC049369 REGISTERED OFFICE The WlieJm Greenock Ocean Terminal Cusltsm House Way Greenock Inverd9 PA15 1EG INDEPENDENT EYAMINER Jrray & Henderson Suite 4 32 Kempock Slreel Gouro¢k PA19 1NA AuorroRS Welsh Walker Limited 179A Dalryrnplo Street Green(¥ PA15 1BX BANKERS The Royal Bank ofscolland 9 Clrfton Hace a$W G3 7JU SOLICITORS J & H Mild)el. WS 51 Alholl Road Pillochry PH16
THE GEORGE WYLLIE FOUNDATION 2D19 CONTENTS Trustees, Report Indépondenl Examinerfs Report Statement of Financial A¢twrties Statement of Financial Activities-compardtive Year Balance Sheet Cash Flow Statement Notes lo the Finarrial Statemen15 10-18
page 1 THE GEORGE WYLLIE FOUNDATION 2019 REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31 DECEMBER 2024 The Iru$tees a pleased lo present their annual Trustees report together with the financial statements of the Charity for the year ending 31 December 2024. The financial slalemenls comply with the Charities and Trustee5 Investment {&ollan¢Jl Act 2005. the Charities Accounts (Scollandl Regulations 2006 las amended}. the Memorandum and Articles of Association. and Accounting and Reporting by Charities-. Slalement of Recommended Practi applicable lo harilies preparing their accounts in accordance with the Financial Report Slandard applicaLqe in the UK and Republic of Ireland IFRS 1021- Our purposes and activitios The Charitable Company's objèctlves are: The Charitable Purposes of the George Wyllie Foundallon IGWFI are the advancement of the arts, helilage and culture and the adVaeMent of education, with particular ference lo the promotion of enjoyment and appreciation of the disayS of the athorks of the Scollish artist George Wyllie M8E (1921 to 2012). Achievements and Perfornianc• The Foundation continued ils work of seeking to promote the lrfe and work of the renowned local artist George wlIe MBE. which il was sel up lo do. 11 conlinues 10 4vork with Invercsyde Council and other local and national agenc*es lo esiablish the gallery al the Greenock Ocean Terminal. In this the Foundation has been greatly assisted with funding support from Dunard Fund and from hvo anonymous donors through the Charities Aid Foundation (CAF). The gallery (the Wyllieum) designed by Richard Murphy Architects and nStructed by Heron Bros under the direction of Inveiclyde Council finally opened in the Greenock Ocean Temiinal in April 2024. The GWF is a lenanl of Inverclyde Council, sharing the building with one other tenant. Peel Ports. who receNe the cruise ship5 coming into Greenock. The GWF'$ sub-lenanl, Scolls Restaurant, operated by Buzzworks Ltd, opened in June 2023, and the cruise ships visit Greeno¢k between Aprl and October. The gallery, which is free lo enter, received 27,000 visilors in ils first year of operation, being open from Wednesdays lo Sundays except when ships are docked on Mondays and Tuesdays. The retail shop is stocked with IrKal crafts, Wyllie merchandise and good qualty souvenirs and does good business when cnjise ships are drKked. Th8 Gallery Director, Will Cooper, left the charity after his one-year contract elapsed in July. The staff now nSISts of one general mana98r plus four hourly-paid assistants and a number of volunteers. Also consultants who work on gallery design and fund4aising and development. Financlal R•vlew The Stslement of Financial Aclivities on page 6 reflects the actNty of the Foundation. As noted above, the Foundalion was able to move forward thanks to generous donations from Ounard Fund and CAF in previous years. Sal85 at thg shop were just under £100,000 and made a profit of just over £6,000 after purchase of stock and staff costs. A small amount of rental income was also o¢eived from local organisation$ holding events al the gallery. D•scrlptlon of Prlnclpal Risks and Un¢•rtainti•s and tho plans to mlllgatè them The principal risk at this lime is the ability of the Foundation lo maintain the gallery in the first two years of operation. Any previous risk lo the completion of the building was overcome when the building was handed over. fully paid for in 2023. By the lime of op8ning in April 2024 GWF was sharing the building with Peel Ports for the cruise liners and Buzzworks for the reslauranl. The reslavranl continues lo do excellent business, and hundreds of passengers came off each ship lo explore the wesl of Scotland. The number of ship5 in 2024 was around 65. less than predicted originally. However, the Wyllieum WkS with the Inverdyde Tourist organisalioft$ lo maximise fooffall. It is clear that il will lake some lime lo fully reap the benefits from the cruise ships, and meaningful contacts have started to be made wrth the industry. Local interest ts strong and visitors come from Glasg¢)w and Edinburgh bul the Wyllieum would benefit from being allowed lo provide more facilili8s. such as a cafè, seating areas in the common spacLs and the ability lo derive income in new ways. Discussions with the landlord. Inverclyde Council, ¢onlinue. The posI-pandem effecls continue lo affect all cultural ganISatiOnS in the UK, but the Foundation has every confidence that with stable management and good contacts. it can bring in bncome lo cover ils artislic aclivilies, bearing in mind that acc8ss to th8 galleri8$ will be free. A period of years. trading will be necessary to qualify for some grants. however. page 2
THE GEORGE WYLLIE FOUNDATION 2019 REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31 DECEMBER 2024 IGonVd} The Charltsble Company'8 obj•¢tiVo$ ar•: (¢ont'dl Prlnclpal Fundlng SourGo8 From June 2024 the Foundation received an income from the nI81 of Scott's restaurant. the shop takings and some sponsorship. Inverclyde Council will not be gNing the GWF ary financial assistance. however. The acquisition of grants Irom trusls and sponsors will be vital. and work on this Continues. Reserves Pollcy and Golng Concern The George Wyllie Foundation 2019 remains al an early stage of ils existence, having nol opened the Wyllieum Gallery until April 2024. therefore al this lime has yet lo establish a formal policy in respect of reserves. Plan$ for future perfods The plans lor 2025 are lo consolidate ils wsilion as a local cultural amenity. On offer ar8 Iwo exhibilioD5, one pemianent and one temporary, based on the works of George Wyllie that the GWF has acquired 8ilher through donation or loan from the Wyllie family or from Dunard Fund. which purchased a large number of items in 2016. While the Wyllieum ha$ a full-lime general manager. the staffing of the gallery is minimal and regular opening days and hours a Wednesdays lo Sundays. The Foundation has made contact with other organisations in the area wlh a view lo partn6ring up for exhibitions, events or educational initiatives which drive the Cofe programme. These take place on an increasingly regular basis in the Education Room (the Upslaits basement). Informal group activities also take place in the main atrium in the winter. Two or three small COnrts. some talks and some school activities have started lo emerge. Tte&s. responsibilities in relalion lo the finanelal statements Law applicable lo charities in Scotland requires the Trustees to pyepare financial statements for each financial period which give a true and fair view of the stale of the affairs of Ihe charity and of the incoming r8sources and application of resources. including the Ir)me and expenditure, of Ihe charity for that period. In pparing these financial statements. Ihe (rustees are required lo.. select suitable accounting wlicies and ihen apply them consislenUy' observe the methods and principles in the Charities SORP., make judgernents and eslimales that are reasonable and pnjdent; slate whether applicable UK accounting standards have been fc4lowed, subject lo any material departures disclosed and explained in the financial slatemenls., prepare the financial slalements on the going concern basis esS il 15 inappropriate to presume that the Charity 11 eontinue in business. The Trustees are responsible for keeping proper accounting records which disdose wilh reasonable accvracy al any lime the financial position of the Charity and which enable them lo ensure that the financial slalements comply with the Charitie5 and Tnjstee Investment {Scolland) Act 2005 and the Chafilies Accounts {Scoilandl Regulations 2006 las amendedl. They are also responsible for safeguarding the assets of the Charity and hence for tang reasonable steps for the prevention detection of fraud.
pa3 ThE GEORGE WYLLIE FOUNDATION 2019 REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31 DECEMBER 20241¢ont'd) Reference and admlnl8lfative details Chaiily nuwnber". Registered olfice.. 8C049369 The Wyllieum, Greenwk Ocean Terminal, Custom Hwae Way, Greeno¢k, Invwdyde PA15 1 EG Our Adviwrs Auditors.. Bankers.. Solicitors.. Accountsnls & IndeperKlent Examinws.. Murray & Henderson. Suile 4. 32 Kempod( Street. Goumck PA19 1NA Welsh Walker Limrted. 179a Dalryrnple Street, Greenock, PA15 18X The Royal Bank of Scotland. 9 Clfton Place. Glasgow G3 7JU J&H Mitchell WS. 51 Alholl Road, P1C¢hry PH16 5BU Key managoment pwsonnol: Trustees and Dlreclors The Irusiees and oYTcers servlng durlng Ime year and slnce the year end were as follows Key management personnol The management personnel for this period consists of one general managw and two sdf-employed contracled profess¥)nals lo la,, act as a Gallery and Exhibrtions designer, an(1 (bl lo act as a fund-raiser. Stw¢tw¢, GOverre and Managoment rThln Docurnent The Charty is governed by its c¢Mslitulion. al Structuro The Geor Wyllie Fwndation 201S is a Scottish Charitsble Incorporated Organisalion {SCIOI in lermsof Ihecharilies and Trustee Investment (SlIand} Act 2005 and was established on 111h June 2019. Intment ofT Truslees will continue to b8 aptoinled on the basis of their experience and abilily to contribute lo tlis exciting new gallery in the wesl of Scotland. Up lo 12 Trustees are envisagEd, representing the Ioc81 area as well as people who will have known George Wyllie and his WDTk. During the lifetime and capacty of Ihe late George Wlie's the Trustees wll consum with her regarding the propos8d a npw Trustee. 11 shall be Ikie oplion ol Louise Vvyllp b nominate an allernalrve membw of the 0 58rve irs her place a5 consenier, ai any time Ihat she may ihink flt, and from Ilme io tlme. Such nomlnatlon may be revocable or Irrevocab. At leasl one ol the Truslees will be a member of ihe lamily of the late George w11. provi(led that there Is such a fatnily member willing and able to take up appoinknent as Trustee. It shall be at the sole discretion of Ihts Trustees as towhich person shall qualrfy as afamily member for this purpose. Currently, there are nofamily members as Trustees.
IIEP(hqTOF TIETRU8TE8 FOR TIEYEAR ENDING 31 DECEMBER 2tr24 Iconvdl A resolutn Fryosing Ihal MrlHel Ha cl Muray & Hender t apwnted ag Ir#JepeTrJenl Ex8mlner crf Chanty ¥11 te puttts Ihe amual general nelhg. far the Trvstees a aware a the time Qfapwl1wj OurTnkn. amual rewYL there is no relevani Ikknaion, teing r1fcfflii negjed ty ts lThlynderrt Eyaniner in nned1 vthth rfepariw ther reFXrt the Charity8 Examiner aThJ the Truthes, maoe er¥Julnes ofielbyw Trust th&1 ojghl to have iTrli¥MJually tD. have ea tkn sleps Ihat helshe obliged to Le as a Trustee in cder io make Ihem8ekn wwar¢ of any fdevw)I aud irfrKmation and to eSteih th the Ir8dent Exarniner is aware of infornution.
pagè 5 THE GEORGE WYLLIE FOUNDATII)N 2019 INDEPENOENT EXAMINeR'8 REPORT TO THE MEMBERS AND TRU3TEES OF The GecftGe WYLLIE FOUNDAT 2019 I rep¢yt lo the trustees my exarnination of the financial stalernenls of The Ftyjfidal 3)19 (Ih¢ charity) for lh• ygar ond•d 31 Docgmbgr 2024. RMpon•lbllltl•g and bas18 al r•port A8 th6 tryslees of the c(Jmpany land so its dkectors ftjr the PUfP)ses of company law) you are resp)nsible lor the eparatn of the fnanclal $talemenls in accordartt the raquirements of the Charilies and Truslbe In¥estment Iswuand) Aci 2005 {'the 2005 kr), the Chantw$ AcLtyJnl$ Iscouandl Regulations 2006 (as amended) and Ihe Compan0$ Act 20C61'lhe 2L106 Acl'}. You are satK8fied tt)at the aUnts of the ccryany are not required by ¢hwity ¢ornpany law tr) be lled and have ¢ho8gn Instsad io have an IndepeThlenl oxamknatlon. Having 8atlgfl¢d my9d that the accounts of the company are not reqUd to be audited der pr 16 of the 2( AGt and are elwible for independent examination. I report in respect ol my exammalioTr ol the tharity's rKcounts ¢arried oul undor section 44(1 Ilcl ol the 200S Art In carrying out my examlnalion I have f¢lltyv¢d the l¢quiremts of R8gulatton 11 of the CJwiti8s Accounts (Scollandl Flegulats'ons 2006 (as amendèdl. Ind•pwKl¢nt nnIfI •talqTh SI6 the charity 1$ wked by¢ompany law to prepare Ks accounts on an xcruals basis and is regt51ernd as a chlty h Scotld y1 examiner must bg a mgmber of a boty listed in Regulation 11(21 ol the Chaities Acmunts (Scolland) Regulations 2006 (as amended). I can confwm Ihal l arn qualiflgd lo urthjwtske Ihe oxaminati?n b•cau88 l am a reysiered membw Df ICAS whlch Is one ol the listed bodle5. I hJv¢ cornpleled my exarnlnjtion. l Gonfrm Ih•l no rnjttern hwe Gom• to my •tt•nllon in conrnctkn with It ex•mlnalion &¥vlng me cause to bekwe: aecounliNJ rnetsr(Is were t kepl In r•91 of Ih8 thaiity as requed ty 8edion 386 of Ih821J)6 Ac. seelon 4411 Ma) of the 2¢)05 Act Rwathon 4 of the 2006 ACCOts RewLqtions: or fin¥Kial statomonts do not aOrd th Ih080 rewds or wth Ihe a)Un'n9 reqYWfjnis of Ragulation 8 of tho Ch¥il$ AcLounts (Scollar) Regulat#)n$ 2(X)6: or Iho firranJ* slal?nwnts do rnoi compty wlth the a¢¢ountlrKJ re(Nilrements of sec1 396 d Ihe 2006 Aci oth¥r than any rfqulremont that the accounts 9lve a'tru¢ and fal¢ e whkh15 fK)t a matter cOnSer8d as PArt of an Independent examlnation; tsr Ihe fi11 slatem•nt• h• nol bmn pr•paf•d In a¢¢tydan¢• wilh tho m•lhods and pilnciplos of Iho Stalèmènl of ReComrneled Practice for coUntIng and raportlrKJ by charlil•g applicable lo charlties epaing thelr accourts in accordanc• with thè Fbnanclai Rèporting sta•d Ap1¢ In the UK and Rewt4icof Irdand (FRS 102). I have fK> C{xM8 arxl have cune acxoss no olher matters in cmnèction with the examination b) altenli should be drawn in this re rt in order lo enablo a woper und8rstarKliThJ of thè accounts lo bè reactr &Jlte 4, 32 Kempock Stre81 Gourock Scotland PA19 1NA 15 Marth 2025
page 6 THE GEORGE WILLIE FOUNDATION 2019 STATEMENT OF FINANCIAL ACTMTIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Notes UnreglrScted Funds 2024 Restrlcted Funds 2024 Total Funds IncomSng resources from: Grants Receivable Trading Income Rental Income Donations and Sunthy Irme 1,800 80,748 38,602 15.895 80.748 38,602 15,895 Total 135.245 137.045 Expendlture on: Charitable AclNilies Trading Actsvrties managewnI and Administration Costs Total 170,095 170.09S 74.$04 186.302 74.504 186,302 74,504 Net (Expenditure) I In¢ome 60,741 { 354,597 ) { 293,856 1 Tran8for8 between funds Net movemont In fund8 60.741 1354,597 1 1293.856 ) ReconGllSatlon of funds Funds brought forward 446.867 Total funds carrl8d forward 88,552
page 7 THE GEORGE WYLUE FOUNDATIOM 2019 STATEMENT OF FINANCIAL ACTivrriES (INCLUDING INCOME & EXPENDITURE ACCOUNT> FOR THE YEAR ENDED 31 DECEMBER 2024 COMPARATIVE YEAR 2023 Notes Unrgstrlctod Funds 2023 R•strictsd Funds 2023 Total Funds In¢omlng re8our¢es from: Grants Recewable TradiNJ Income 700.000 7W.000 8,766 8,766 700,000 708.766 Expendltur• on: Charitable Adivrties Trading Activities Management Administration Cos15 707,667 707.667 126.666 Total 834,333 839,381 Net IExpgndilurg) I Inmmo 3.718 (134,333 1 1130.615 ) Transfefs betwoen funds Net movement In funds 3.718 (134,333 1 1130,615 ) Reconclllatlon of funds Funds broughl forytsrd 577.482 Totsl funds carried forward 443,149 446,867
GEORGE WYLLIE F(XIWDATW)N 2019 FOR nE YEAR ENtED 31 DECEMBER 2024 2Q3 879 1.769 18.629 188,074 151,016 357.719 ,772 Cash at bank in harnl Se6,013 f*lllryi 1• 1?0 N¢t ¢urrtnt amets I IIAbllllleB) Net assets l (thllbllltles) 153011 The Fuwll olthè Ch•lty: Unre5tsicted fund& Re8lrided lunds 12 12 84,459 1718 Th¢ INstses hwe wepwed the in ac¢¢rdonce 44 of the Ch•ie¥ and Tru•te¢ InNt8trw)I The notes on trie tsllfwn e% farm r)f the£e xccnunts
page 9 THE GEORGE WYLUE FOUNDATION 2019 CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operatlng activltles Operating Idellcit) 18urplu$ { 293,856 ) (130,615 1 Add back depreciation L8ss purchase of fixed assets Ilncrease) l Decrease in Stock & Debtors Increase I (Decrease) in Creditors 12,639 1 187.772 1 1118,931 ) 84,682 Net change In cash and cash equlvalents In the reportlng perlod 1327,225 ) (150,292 1 Cash and cash equlvalents at the beglnnlng of the reportlng perlod 478,241 628,533 Cash and cash equivalents at the ond of tho roporting rIOd 151.016 478,241
page 10 THE GEORGEWILLIE FOUNDATION 2019 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 A¢countlng Poll¢i The George WyllE Foundation 2019 is registered in Scotland under the Charities and Tnjslee Investment {S¢ollan¢Jl Acl 2005. The registered office is The Wyllieum, Greenock Ocean Terminal. Custom House Way. Greeno¢k. Inver¢lyde PA15 1 EG. 1.1 A¢¢ountlng Convention The Financial Slalements have been prepared in accordance with Accounting and Reporting by Charrties: Stalemenl of RecommeIe Practe applicable lo ch&ilies preparing their accoun15 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102) {effeclive 1 January 2020) Charities SORP IFRS1021, the Financial Reporting Standard applieable in the UK and Republic of Ireland (FRS102). The Financial Statements are prepafed in sterling. whith is the functional currency ol the chwity. Monetary amounts in these Financial Statements are rounded to the nearest £. Th8 Charity constilules a public based entity as defined by FRS102. The Financial Slalemenls have been Prepa under the historical cost convenlion. The principa accounting policies are set out below. 1.2 Golng Conrn The Truslees a of the view that the Charity is financially secure for the next 12 months due lo the forecasted income and expendilure. 1.3 Income Re¢ognSllon Income is recognise(J one Foundatw)n has entiilement lo the income. il 1$ probable that the income will be received and the amount of income receivable can be measured reliably. Donations, are r8cognised when the Foundation has been nolrfi&d in wrrting of both the am1 and selllemenl dale. In the event that a donation is subject lo condition$ that reqUe a l&vel of performance before the Foundation is entitled lo the funds, the iftcome is deferred and not re¢ognised until either those conditions are fully mel, or the fuifilmenl of those conditions is vth(Aly within the Control of the Foundation and il is probable that those conditions will b8 fulfilled in the re)rtIng perithj. 1.4 Fund Accountlng Unrestricte(l fvnds are available lo spend on activities that furlher any of the purposes of the Charity. Reslricled funds are grants which Ihe funder has spetiified are lo be solely used for particular areas of the Charty's work or for specific projects b8ing undertaken by the Charity. 1.5 Expendlture Rocognition Lrabilities are recognised as expenditure as soon as there is a legal or ¢on$lru¢tive obligation commilling Ihe charity to thal exp&ndilure, it is probably that selllemenl will r8quirod and the amount of thé obligation can be measured reliably. All expenditure is accounte4 for on an ac¢Nals basis. All expenses including Supp costs and governance costs are allocated or apportionod lo the applicable expenditure headings. Coslg of ratsing funds comprise the investment management costs. Grants payabl& are payments made lo third parties in the furtheran¢e of the charitable objects of the Foundation. In the case of an unconditional grant offer this is accrued once the elplent has been notified of the grant award. Th8 nolrficalion gives the recipient a aSonable expectation that they will receive the one-year or mulli-year grant. Grants awards that are Subject to the recipient fulfilling perfomiance conditions are only accrued then the re¢ipienl has been notified of the grant and any remaining unfulfilled condition allaching to that grant is outside of the Control of the Foundation.
page11 THE GEORGE WYLLIE FOUNDATION 2019 NOTES TO THE FINANCIAL STATEMENTS (cont'dl FOR THE YEAR ENDED 31 DECEMBER 2024 AGcountlng Pollcles Icont'd) 1.6 Debtors Trade and other tjebtors are recognised al the selllement amount due after any trade discount or waivers offered. Repayments are valued at the amount repaid not of any trade discounts due. 1.7 Credltors and Provlslons Creditors and provisions are recognised where the Charity has a present obligation resulting fr(Kn a past evenl that will probabty result in the transfer of funds to a third party and the amount due lo sellle the obligation Can be measured or eslimaled reliably. Creditors and provisions are normally recognised al their selllemenl amount after allowing for any trade discounts due. 1.8 Cash and Cash Equlval•nts Cash al bank and in hand are basic financial assets and indude cash in hand. deposits held at call with banks. other short-lem liquid investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowin9s in current liabilities. 1.9 Flnan¢ial Instruments The Foundation only has financial assets and financial liabilib'es of a kind that qualify as basic financial instruments. Basic financial instruments are inilially recognised at transaction value and subsequenlly measured al their seldemenl value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest melhod. 1.10 Tan9lble Flxed As$¢ts Tangible fixed assets are initially measured at cost and subsequently measured al cost or valualron, nel of depreciation and any impairment losses. Depreciation is provided at rates ¢al¢ulaled lo write off the cost or valuation less eslimaled residual value of each asset over ils expe¢led useful lrfe, as follows- Ass6t Catègory Annual rate IT Equipment 3 years straight line The gain or loss èrising on the disposal of an asset is determined as the drfference betsveen the sale proceeds and the carryin9 value of the asset an(J is credited or charged lo profil or loss. 1.11 Impalmient of Flxed As8•ts Al each reporting dale fixed assets are reviewed lo determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impaimienl, Ihe recoverable amount of any affected asset is eslimaled an¢J compared wlh ils carrying amount. If estimated recoverable amount Is lower. the carrying amounl is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profil and loss account. If an impairment loss subsequently reverses, the cary amount of the asset is increased to the revised estimate of ils recoverabl8 amounl, but Th)t in eXsS of Ihe amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment ioss is recognised immediately in the profit and loss account.
page12 THE GEORGE WYLLIE F¢JJNDATION 2019 NOTES TO THE FINANCIAL STATEMENTS Icont'd) FOR THE YEAR ENOED 31 DECEMBER 2024 Accountlng Pollcle8 (cont'dl 1.12 Stock Stocks are slated al the lower of ¢ost and eslimated selling price less costs lo complete and sell. Cost comprises direct malerial$. Slo¢k$ held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where appli¢able for any lo$$ of Servi potential. At ea¢h reporting dale, an a$se$sment is made for impayment. Any excess of the carrying amounl of stock over 11$ estimated selling price less ¢osls to complete and sell is recognised as an impairment loss in profil or lo$$. Reversals of impairment losses are also recognised in the income and expenditure. Judgom•nts and Koy SourGos of Estlmatlon Uncertalnty In the application of Ihe Charity's accounting policies, the Irusle8s are required lo make judgements. eslimales and assumptions aboul the carrying amount of assets and liabilities that are not readily apparent from other sovrces. The eslimates and associated assumptions are based on historical experience and olhef factors that e considered lo be relevanl. Actual results may differ from these eslimales. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting ests'males are recognised in the period in which the estimate is revised where th& revision affects only thal period, or in the period of the revision and future periods where the revision affects both rrent and future periods. CrItI1 Judgoment• The following judgements (apart from those involving estimates) have had the most signifan1 effect on amounts rewgnised in the financial $lalement5. Sto¢k Slo¢k provisions a Provided al rates to wrile off slcKk for theft, swilage, obsoletion or other damages to physical $lo¢k holdings. The provisions are reviewed annually by the Iruslees and revised accordingly. Provisions are made where it 1$ probably curn1 slock holdings, due lo slow movements, are likely to become obsolete or SF)oiled. Depre¢lotlon Depreciation offixed assets has been based on eslimaled useful lives and residual values deemed appropriate ty the trustees. Estimated usefvl Ilves arKI residual value5 are reviewed amually and revised as appropriate. Grants R•c•lvablè 2024 Unrestrkied Fund8 2024 Restilcled Funds 2024 Total Funds Warm Hand of Friendship 1,800 1.800 1,800 Grants Recelvable {Comparatlvel 2023 Unrestrlcted Funds 2023 Rèstrlcted Funds 2023 Total Funds Dunard Fund 700.000 700 000 700 000
page 13 THE GEORGE WYLLIE FOUNDATION 2019 NOTES TO THE FINANCIAL STATEMENTS Ic<Krt'd} FOR THE YEAR ENDED 31 DECEMBER 2024 Expendlture on Charfiable Actlvltles 2024 Unrestrlcted Funds 2024 Restrleted Funds 2024 Total Funds Gallery Costs Warm Hand of Friendsh•p Expenses 170,009 170,009 86 170.095 170.095 Expondlture on Charltable Actlvltles {Comparatlvè) 2023 Unrestrlcled Fund$ 2023 Restrlcted Funds 2023 Total Fund$ Payment lo Inverclyde Council - Building Works Gallery Costs 700,000 7,667 700.000 707 667 707,667 Managemènt and Admlnlstrallon Costs 2024 Unre3trlct Funds 2024 Restrfct Funds 2024 Total Funds Wages & Salaries Consulting & Markeling Rent & Insurance Events Nel Service Charges Nel Ulililies Legal & Professional Fees Repairs & Malnlenance orrice. IT & Other Bank Charges Travel and Subsistence Depreciation 33,338 91.225 32.586 8,918 12,9371 12.919) 10.129 8,720 5.006 256 1.100 880 33.338 91,225 32,586 8,918 {2,9371 {2.9191 10,129 8,720 5,006 256 1,100 186.302 186,302 Management and Admlnl$tratlon Costs {Compwatlv•) 2023 Unrestrlct•d Funds 2023 R•strfcted Funds 2023 Total Funds Wages & Salaries Consulting & Marketing Rent N81 Service Charges N81 Utilities Legal & Professional Fees Office, IT & Other Audit Fees Depreciation 17,203 60,291 1,890 20,057 14,988 3,850 4,257 3,250 880 17,203 60.291 1,890 20,057 14,988 3,850 4.257 3,250 126,666
page 14 THE GEORGE WYLLIE FOUNDATION 2019 NOTES TO THE FINANCIAL STATEMENTS Iconl'dl FOR THE YEAR ENDEO 31 DECEMBER 2024 Operatlng Surplu$ 2024 2023 The surplus is slated after ch¥ging- Auditor's Remunerats'on Independent Examiner s RemuneTation DeprecialThi 3.250 1.627 880 880 Tanglble Flxed Assets IT Equlpmènt Total Cost At 1 January 2024 Additions 2.639 2,639 At 31 December 2024 2.639 2,639 Depreclatlon At 1 January 2023 Charge for the year Al 31 December 2024 1.760 Net Book Value Al 31 December 2024 879 879 At 31 December 2023 Stocks 2024 2023 Stock held for resale Less provision for slow moving slod( 18.629 8,500 18.629 7,000 Debtor8 2024 2023 Recharge Debtor Trade Debtors VAT Debtor 183,074 5.000 78.175 2,597 188.074 80.772 10. Cradltor¥: Amounts Falllng Du• WlthlTr One Year 2023 Trade CrediloTs Accruals and Deferred ItKome VAT Cfedilor 1,136 201,101 3,350 120,5 205,587 120,905
p&Je 15 THE GEORGE WYLLIE FOUNDATION 2019 NOTES TO THE FINANCIAL STATEMENTS Icont'd) FOR THE YEAR ENOED 31 DECEMBER 2024 11. Analysls of Net Assets Between Funds 2024 Unreslricted Funds 2024 Restrict Funds 2024 Total Funds Fixed Assets Current Assets Current Liabilities 879 293,260 205 587 1 879 357,719 205,587 1 64,459 64 459 88.552 1 $3,011 Analy81s of Net A8set8 8otween Funds Icomparatlvel 2023 UnroStri¢ted Fund8 2023 Restrlcted Funds 2023 Total Funds Fixed Assets Current Assets Current Liabilities 1,759 562,295 120,905 > 1,7sg 566,013 120905 ) 3.718 3.718 443 149 446.867 12. Analysls of Re8erv•8 In¢omlng Resour¢ Outgolng ResouruB Transfér8 At31 Docembor 2024 January 2024 Re5trlctod Funds CAF American Donor FurKI Warm Hand of Friendsh 443,149 1356,311) 86,838 Total Restrted FuTrJs 1,800 88,552 Unrestricted Funds General Funds 135245 74.504 Total Unrestrthd Funds 3.718 135.245 74,504 T¢)tal Funds 137045 153011 Analysls of Ro8•rve8 IComparatlv8) At1 January 2023 Incomlng R•8ources OutgoSng R•sources Transfers At31 D•cemb•r 2023 Restrlcted Funds Dunard Fund CAF American Donor Fund 700,000 (7CQ,000} 134,333 577 482 Tolal Restrted Funds 577.482 834.333 Unrestrlthd Funds General Funds 5.048 Total Unrestricted Funds 8,766 3,718 Total Funds 577 482
page 16 THE GEORGE YVfLLIE FOUNDATION 2019 NOTES TO THE FINANCIAL STATEMENTS Icont'd) FOR THE YEAR ENDEO 31 OECEMBER 2024 Purposes of Restrfcted Funds Dunaid Fund The funds received from the Dunar(l Fund are rnade towards the capital costs of Ihe construction of an art gallery and museum for the Foundation's o¢¢upalion wilhin Ihe Ocean Terminal Building al Greenock. CAF Ameflcan Donor Fund The funds were received from an anonymous donor via the CAF American Donor Fund and are lo be used towards the project management, busin8ss planning and fil out costs of the proposed r¥ art venue and olhef as50cialed c05tS to enablg"doors to open". Warni Hand of Frlendshlp The furKls receNed from the Warm Hand of Friendship are put towards creating a warm space to allow people lo meet and enjoy a free lea or coffee and to Provide creative workshop aclivilies. 13. Control The Charity is controlled by the trustees. 14. Taxatlon As a Charity, The George Wyllie Foundation 2019 is exempl from tax on income and gains falling within section 1177 of the Corporation Taxes Acl 2010 or 5256 of the Taxation of Chargeable Gain Act 1992 to the extent that these are applied lo its charilable objects. No tsx charge has arisen in the Charity. 15. Employo0$ The average monthly number of persons employed by the Charity during the year was 1 {2023 - 11. 16. TN$tées Remuneratlon and Expenses During th8 year one Trustee received payment of £6.000 (2023- £3.3301 for ¢onsullan¢y service5. Two Trustees were r8imbursed for expendilure tolalling £14.145 {2023.. £15,723). 17. Flnanclal Commltments At the reporting dal6. the charity had oulslanding commitments for future minimum lease payments under non- cancellable operaling leases, which fall due as follows.. 2024 2023 Wilhin 1 year Between 2 and 5 years In over 5 years 30.000 30.000 120,000 102 500 120,000 132,500 282,500 252,500 The Charity has enleTrd into a 35 year lease with Inverclyde Council for the premises in which gallery is silualed. The initial annual nt for this is a charge of £30,000 per annum. The charity has an optional break from the lease after 10 years.
page 17 THE GEORGE W(LLIE FOUNDATION 2019 NOTES TO THE FINANCIAL STATEMENTS (conl'd) FOR THE YEAR ENDEO 31 DECEMBER 2024 17. Flnanclal Commltments (cont'dl Ai Ihe reporting dale. the charity had contracted with tenants for Ihe following minimum lease payments.. 2024 2023 Within 1 year Betsveen 2 and 5 years Cfver 5 years 60.000 240,CQO 210,000 510,000 35,000 240.000 265,000 540,000 The Charity has ented into a sub-let with a third party for one floor of Ihe building for a period of 35 years with an inits'al rent of £60,000 per annum. The lease agreement requires that if Ihe head lease's break date is utilised then the sub-lease will also be broken.
page 18 THE GEORGE WYLLIE FOUNDATION 2019 DETAILED INCOME ANO EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 INCOME FROM CHARrrABLE ACTIVITIES Grant from Dunard Fund Warm Hand of Friendship Grant Donations and Sundry Income 700,0 15,895 17,695 700.CQO Trading Income Rental Inrne 80,748 38.602 8.766 137,045 708,766 Charltablo a¢tlviti Grants payable- Inverctyde Cwnc Gallery Costs Trading Costs Grant Expenses 700.000 7,667 5.048 170,009 74,504 86 Support Costs Wages & Salaries Consultin9 & Marketing Rent & Insurar Events Net Service Charges Net Utilities Legal & PrOfess•)r1 Fees Repairs & Maintenance Office, IT & Olher Travel & SubsislerKe 8ank Charges Depreciation 33,338 91.225 32,586 8,918 (2,937 1 (2,919 1 8,502 8,720 17.203 60,297 1.8 20.057 14.988 3,8 4.251 1.1 256 Govarnance Costs Indepermlent Examiner Auditor 1.627 3,250 430,901 839,381 {D•ficll) I Surplus for year 293,856 ) 130,615 1 This page does not form part of the financial stalemenls.