CHARITY NO: SC049556 GLASGOW SHORT FILM FESTIVAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
GLASGOW SHORT FILM FESTIVAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 PAGE Reference and Administrative information Report of the Trustees Independent Examiner's Report Statement of Financial Aclivities 10 Balance Sheel 11 Statement of Cash Flows 12 Notes to Ihe Financial Statements 13-20
GLASGOW SHORT FILM FESTIVAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 REFERENCE AND ADMINISTRATIVE INFORMATION Trustees Lee Brazier Fiona Carr Tony Currie (appointed 27 January 2025) Euan Duncan (Chair) Matthew Lloyd Violelte Martin David Parkhill (Treasurer) Company Secretary David Gattens Principal Office 60 Tradeston Street, Glasgow, G5 8BH Registered Office 12 Rose Street, Glasgow, G3 6RB Charity Number SC049556 Bankers Royal Bank of Scotland plc
GLASGOW SHORT FILM FESTIVAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 The Trustees present their annual report and financial statements of the charity for the year ended 31 August 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's conslilution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotlandl Regulations 2006 {as amended) and Accounting and Reporting by Charities.. Statement of ReGommended Practioe applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014. The legal and administrative information on page 1 forms part of this report. OBJECTIVES AND ACTIVITIES Glasgow Short Film Festival hosts an inclusive community of filmmakers and film lovers, showcasing ground-breaking works of visual storytelling. GSFF was initially developed as a project of Glasgow Film over a period of twelve years. In 2019, the decision was taken to establish GSFF as an independent Scottish Charitable Incorporated Organisation. The SCIO was established.. To advance the 8ducalion of the public, both formal and informal, linked to, or through the medium of short film and related media, primarily within Glasgow but also throughout Scotland and beyond., To advan short film as a form of art and cultural expression, primarily within Glasgow but also throughout Scotland and beyond., To advance Scotland's film heritage, through researching and exhibiting short films held in archives. and through researching, cataloguing and exhibiting short films held by private individuals or organisations GSFF aims lo achieve these objectives primarily through {a} the delivery of an annual film festival at several venues in Glasgow and Ibl the design andlor delivery of a range of initiatives, activities, programmes and events all year round, both in Scotland and internationally. PURPOSE To nurture and inspire diverse forms of cinematic expression, in Scotland and arour)d the world. VALUES Collaboration we seek to learn from and be challenged by partner individuals and organisations. and to work with them in fairness and mutual respect. We encourage and enable collaboration between talents. both within Scotland and internationally. Enquiry we question everything, in order to programme with rigour and curiosity, and to ensure constant organisational change and development. We champion filmmakers who challenge formal conventions and ask difficult questions.
GLASGOW SHORT FILM FESTIVAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Inclusion we foreground accessibility, diversily and equality within our org8nisation, partnerships and programme. Everyone is welcome, and we strive to ensure that everyone is represented. Solidarity - our activities and governance reflect our commrtmenl to social justice, and our responsibility to our audience, staff, volunteers and to the artists who entrust their work to us. Monitoring Achievements and Evaluation Glasgow Short Film Festival is committed to ensuring Ihat all activities and programming are of the highest quality. We aim lo undertake a continuous process of planning, monitoring and evaluation with quality assurance embedded within the whole process from aims and objectives through to business planning and programme delivery. We monitor the quality and our progress in the following ways.. Recording all attendances al, engagements with and participations in our activities, both off and online.. Measuring performance against targets for attendance and income., Website and Social Media engagement is recorded., Audience and visitor feedback is encouraged and is recorded, collated and acted on., Festival Director's Reports are produced and circulated to trustees in advance of trustee meetings., Formal evaluation meetings lake place following all edition5 of the festival, as well as any other projects and large events. When evaluating how effectively we are achieving our aims and objectives, we consider". Attendance figures lincreaseldecreasel.. Audience feedback including Ihe impact of work., Income generation lincreaseldecreasel., Peer reviews (positivelnegalivel.. Submissions- both numbers and income lincreaseldecrease}', Profile for organisation.. positivelincreased or negative., Organisations that want to work with GSFF., staff and volunteer morale is positive, staff understand business plan and their contribution to achieving the goals. Summary of Activities Between September 2024 and August 2025, GSFF delivered the following activities.. Sept-Jan: festival strategy consultation for 11 Short Circuit Sharp Shorts films Oct-Feb: Shorts in Support, screening seven shorts in front of features 166 times to 7,095 people in nine locations across Scotland Oct: curated a programme of rare 16mm Cinema of Transgression prints from USA for Uppsala Short Film Festival, Sweden Nov: curated a programme of recent French and German shorts for the Goethe Institut and Alliance FranGaise in Glasgow Feb: represented UK short film al Clermont Ferrand International Short Filrn Market, in partnership with BFI, British Council and several other UK festivals Feb-March- extensive screening and workshop programme at HMP & YOI Polmont, in collaboration with Glass Performance March: international filmmaker residency, in partnerShP with Cove Park and Minikino Film Week, Bali, supported by British Council
GLASGOW SHORT FILM FESTIVAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 March: the eighteenth edition of GSFF, including new partnerships with Gro8venor Picture House, Scottish Opera. Culture Ireland, Scottish Graduate School for Arts and Humanities, SPT, The Social Hub and Fyne Ales June.. programme of shorts for Advanced Research Centre, University of Glasgow, as part of Glasgow Science Festival July: Queens Park Arena - for the third year we programmed recent Scottish shorts to screen with repertory features at Inhouse's free summer programme July-Aug: curated two programmes for Tartan Heart Festival, Belladrum Key Festival Achievements We screened 164 short films from 47 countries, including 11 world premieres, 24 UK premieres and 44 Scottish premieres There were 3,731 attendances by 1,119 unique visitors. This represents 912 fewer attendances than in 2024, as a result of reduced venue capacity. CCA was forced to temporarily close between January and April, resulting in a significant reduction in our programme, particularly industry events and parties. However, the number of public tickets sold saw a modest increase of 114, with multiple sell-out shows 78,/0 attended from Glasgow, 150/0 from elsewhere in Scotland, 4 % from the rest of the UK, and 30kn were international attendees. Our opening event featured the World Premiere of Alex Hetheringlon's portrait of local club promoter and DJ Simon Eilbeck, The Disco. The event saw our highest opening night sales in a decade, since 2015's Vertical Cinema. We welcomed 221 delegates from 28 countries. including Brazil, Canada, China, Egypt, Indonesia, Palestine, Taiwan and the USA, as well as several European countries. Collaborating with Glass Performance for the second year, we delivered a series of screenings, animation workshops and curation workshops at HMP & YOI Polmont lo approximately 160 participants across four populations within the prison. The eighleenlh edition of the festival faced some significant challenges, such as the sudden loss of CCA as a venue, and the withdrawal of a key sponsor, not lo mention il being the first edition without former Programme Director Sanne Jehoul. However, we delivered an exciting and ambitious event, well received by audiences and filmmakers alike. The opening event, entire Scollish competition and partnerships with Scottish Opera and Too Happy Studios all sold out. We Irialed a different venue in the west end, Grosvenor Picture House, to great success- t0 sell outs and 650A capacity across all six screenings. The new programme team structure, consisting of Festival Director Matt Lloyd, Programme Manager Oisln Kealy and Curatorial Lead Ren Scaleni each taking responsibility for specific areas of the programme, worked smoothly to ensure varied audiences were catered for. We had hoped to repeat the well received schools programme of 2024, bul as funding was not forthcoming, we instead poured more energy and resources into our HMP Polmont activity. Once again, the animation completed in the Polmont workshops screened at our opening event before going on to win a prestigious Koestler Award for arts in criminal justice. Newly introduced curation workshops Gulminated in a programme of Scottish shorts curated by the participants and screened for other populations, prison staff and and an invited public audience. We also took six filmmakers into the prison, including two of our international guests. The project was an extremely positive experience for all participants, and felt like a fully integrated element of the festival programme. However, the major news of this year was the notification in late January from Creative Scotland that we had secured Multi-year Funding, 2025-28. This not only addresses the financial challenges of recent years (not least the cashflow problems post-festival) but puts us
GLASGOW SHORT FILM FESTIVAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 in the unprecedented position of knowing we will deliver three more editions. Consequently we can take on key permanent staff such as a Communications Manager, ensuring consistency of voice year round, and more effective communication of all our achievements. It also allows us to plan longer term, devising more ambitious projects. Whilst building reserves remains an urgent priority, and there are several gaps in the funding patchwork still be be filled, we ended the financial year in possibly the besl shape we have ever known. FINANCIAL REVIEW Total income for the financial year 2024125 was £224,694 (2024.. £183.819) - this represents a 220/0 increase over the total from the prior year. The largest element of this increase was a 39 % rise from £86,500 to £120,QOO in annual funding from Screen Scotland under their new Multi-year Funding regime. Total funding from Screen Scotland amounted to £130,000 this year, being made up of a final instalmenl of £80,000 frorn the Film Festival and Screening Fund (which finished in August 20251 and a five month apportionment of Ihe first two quarterly instalments amounting to £50,000 under Multi-year Funding which commenced in April 2025. Within our other principal sources of income, the picture was a mixed one - funding from trust and grants grew by 15 % year-on-year, box officelticket income increased by 80/0 and income from external curation and consultancy grew by 190/0, while submissions income fell by 250/0 and commercial sponsorship was down by 110/0. The overall net effect of these various income movements was neutral. As a direct result of Screen Scotland's additional funding this year, our incorne mix has shifted across all sources. Public investment and trustslgrants now comprises 77°h of our income 12024.. 67 % l - but this was in line with our expectations. The level of income from submissions as a proportion of total income has fallen to 130/0 12024.. 210/0) this was partly due lo the reduction in submissions in the year. Whilst the number of submissions dropped by around 500, this was not in itself a concern, as the quality of submissions did not suffer. However, Ihe disproportionate drop in income can be explained in part by an unfavourable exchange rate (fees are collected in US$) and by an increase in waivers and discounts as we worked to attract films from under-represented regions. Once again we offered a Pay Whal You Can scale across all public screenings at £3-£5-£7- £10. Average ticket spend was £4.92, with 57 % of tickets being sold at the lowest level. Income from box office and delegate pass sales was £9,033, a drop of6QA on 2024. However, despite the reduced capacity, the number of tickets sold was up, not only proportionally146 % of capacity compared lo 410/0 in 20241 bul in real terms - we sold 114 more public tickels this year. Our expenditure of £204,13712024'. £189,432) for the year represented an 80/0 increase in spend on last year. This reflects the additional venue costs associated with the temporary closure of CCA, as well as increased salaries and fees for programming staff in line with Living Wage, and the programme and filmmaker exchange with Minikino Film Week, Bali, fully funded by the British Council. We are therefore able to report a surplus for the year of £20,55712024.' £5,613 deficit), thanks to increased funding through the new Creative Scotland Mulli-year Funding strand from April 2025. Our balance sheet at year-end now reflects a positive unrestricted reserves position of £4.870 for the first time in several years. It should be noted however that the increase in funding reflects new expenditure commitments for the period 2025-28, including the recruitment of a permanent Communications Manager. Whilst we have addressed our deficit there is still considerable work lo be done in establishing free reserves al the level required of our reserves policy.
GLASGOW SHORT FILM FESTIVAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Roserves Policy Glasgow Short Film Festival has long stated its aim to establish reserves that will secure the day to day operational requirements of the charity for a minimum period of three months, so that in Ihe event of unforeseen financial challenges, staff may continue lo deliver activities whilst applying for additional financial support. GSFF is a small organisalion with limited resources to deliver an ambitious annual programme of activity. Our on-gaing operation is dependent on core funding from Creative Scotland. Previously this came from the Screen Scotland Film Festival & Screening Programme Fund. We were delighted to receive notification in January 2025 that GSFF'S application for Multi-year Funding was successful, and consequently, going into the 2025 edition of the festival we found ourselves in the unprecedented position of having already confirmed core-funding for the 2026-2028 editions. Furthermore, this new core funding is 500/0 higher per year Ihan our previous annual levels. Our application allowed for increased spending on staffing, and some ambitious targets for project funding and other revenue streams. This newfound security and funding boost has also allowed us to address our negative reserves and start lo build towards our intended level of reserves. Intended level of reserves In order to cover the core costs of salaries, rent and olher regular outgoings for three months, GSFF envisages free reseNes of around £20,000. The Board is devising strategies towards achieving this target within the next five years. STRUCTURE. GOVERNANCE AND MANAGEMENT Glasgow Short Film Festival {GSFFI was established in August 2019 as a Scottish Charitable Incorporated Organisalion, having previously been run as a project of Glasgow Film Theatre. GFT is governed by ils constitution dated 21 August 2019. The organisation is governed by a Board of Trustees, and run on a day-lo-day basis by 8 Festival Director, who is also a Trustee, a Programme Manager, a Communications Manager and a Curatorial Lead. The Festival Director is responsible for all operational matters and decisions. All m8jor policy decisions are ratified by the Trustees. The Trustees have overall responsibility for the organisation's resources and ensuring ils financial wellbeing. As set out in the constitution, the charity Trustees are also the members of the SCIO for the purposes of the Charities and Trustee Investment (Scotlandl Act 2005. Under the provisions of the constitution. no-one can be a member unless they are also a charity trustee of the SCIO. Appoinlment and retiral of Gharity Trustees is covered by paragraphs 19-28 of the constitution. The Truslees administer the charity. They are supported by a voluntary Company Secretary. The Trustees critically examine the organisalion's strategy, budget and business plan each year and meet four to six limes a year lo review performance, key business issues and initiatives. The Festival Director is responsible for developing and implementing business strategy and processes, and for the day-to-day management of the organisation.
GLASGOW SHORT FILM FESTIVAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 The remuneration of the charity's staff is reviewed by the Trustees annually. We aspire lo pay the market rale as benchmarked with charities of a similar size and activity to ensure that the remuneration sel is fair and not out of line with that generally paid for similar roles. Glasgow Short Film Festival pays a minimum of the Real Living Wage to all employees. A register of Trustees, inlerests is maintained and as at the dale of signing there were no trustees who had a conflicting interest. Connected Charities The organisalion works in collaboration with other charitable organisations such as other film venues and educational inslilutions - on specific projects and initiatives. It also receives funding from various charitable trusts and foundations. Trustees, responsibilitles in relation to the financial statements The charity trustees are responsible for preparing a trustees, annual report and financial statements in accordan wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in Scotland requires the charity trustees to prepare financial statements for each year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to. select suitable accounting policies and then apply them consistently., observe the methods and principles in the applicable Charities SORP., make judgements and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject to any material departures disGlosed and explained in the financial statements., prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position Df the charity and to enable them to ensure that the financial slalemenls comply with the Charities and Trustee Investment (Scolland) Act 2005, the Charity Accounts (Scotland) Regulations 2006 {as amended), and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and olher irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. statement of Disclosure to Independent Examiner In so far as the Trustees are aware.. There is no relevant information of which the charity's Independent Examiner is unaware., and The Trustees have taken all steps that they ought to have taken lo make themselves aware of any relevant audit information and to establish that the Independent Examiner
GLASGOW SHORT FILM FESTIVAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 is aware of that information. Approved by Ihe Trustees on 15 May 2026, and signed on their behatf by-. Matthew Lloyd Trustee
GLASGOW SHORT FILM FESTIVAL INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF GLASGOW SHORT FILM FESTIVAL FOR THE YEAR ENDED 31 AUGUST 2025 I report on the accounts of the charily for the year ended 31 August 2025, which are set out on page$ 10 to 20. Ra8pective responslbilitles of trustees and examlner The charity's trustees are responsible for the preparation of the accounts in accordance with the temis of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to stale whether particular matters have come to my attention. Ba518 of indepondent examlner's statement My 8xamination 18 carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulalions 2006. An examinalion includes a review of the accounting records kept by the charity and a comparison of the accounts presented with Ihose records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanatlons from the trustees conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. Independent examineffs statsment In the course of my examination, no matter has come to my attention which give8 me reasonable cause to believe that In any material respect8 the requirements: • to keep accounting records in accordanc8 with Section 44 (1) (a) of the 2005 Act and Regulation 4 of the 2006 A¢counls Regulations, and to prepare accounts which a¢cord with the accounting records and comply with Regulatlon 8 of the 2006 Accounts Regulations have not been mèt. or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Mr Gerald O'connor {ICAS Membership no. M19134) 22 May 2026
Q*es
) ory)C) 00 cg Ln Q>7J 0¢ 00 tr)(0 UJ ¢D z>
GLASGOW SHORT FILM FESTIVAL BALANCE SHEET AS AT 31 AUGUST 2025 2025 2024 Note Current a55ets.' Debtors Cash at bank and in hand 13 18 11,319 29,898 17,821 677 Total current assets 41,217 18,498 Current liabilities: Creditors falling due within one year 14 31,787 29, 625 Net assetsl{liabilitiesl 9,430 11,127 The funds of the charity.. Restricted income funds Unrestricted funds 4,560 4,870 (11, 127) Total charity funds 15 11,127 For the year ended 31 August 2025, the company was entitled to exemption under section 477 of the Companies Act 2006. No member ofthe company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Acl 2006. The trustees acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing financial slalemenls which give a true and fair view of the state of affairs of the company as al the end of the financial period and of its profit or loss for the financial period in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating lo accounts, so far as applicable to the company. Approved by the trustees on 15 May 2026 and signed on their behalf by.. Matthew Lloyd David Parkhill li
GLASGOW SHORT FILM FESTIVAL STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 31 AUGUST 2025 Total Funds 2025 Total Funds 2024 Note Cash flows from operating activities: Net cash provided byllused in) operating activities 17 29,225 (4, 629) Cash flows from investing activities Bank and transaction charges paid Net cash provided byllused in) investing activities {4) (11) Cash flows from financing activities Change in cash and Cash equivalents In the year 29,221 (4, 640) Cash and cash equivalent brought forward 677 5,377 Cash and cash equivalents carried forward 18 29,898 677 12
GLASGOW SHORT FILM FESTIVAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 1. Accounting Policies (al Basis of preparation and assessment of going concern The accounts (financial statemenlsl have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise slated in the relevant notelsl to these accounts. The financial statements have been prepared in accordan with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 issued on 16 July 2014, the Charities and Trustee Investment IScotland} Act 2005 and the Charities Accounts (Scotlandl Regulations 2006 (as amended). The charity constitutes a publi¢ benefit entity as defined by FRS 102. The trustees consider that there are no material nrtaInlieS aboul the charity's ability to continue as a going concern, as seGure funding and baland budgets have been agreed through the next twelve months. Ibl Funds structure Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created funds for specific purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed, or through the terms of an appeal. Further details of the funds are disclosed in note 16 {c} Income recognition Income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the arnount of income receivable can be measured reliably. Donations are recognised when the charity has been notified in writing of both the amount and settlement dale. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and il is probable that those conditions will be fLJlfilled in Ihe reporting period. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity.. this is normally upon nDlification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and nolificalion has been reiVed of the dividend due. This 15 normally upon notification by our investment advisor of the dividend yield of the investment portfolio. Income from government and other grants. whether'capital, or'revenue, grants, is recognised when the charity has entitlement to the funds. any performance conditions attached to the grants have been mel, it is probable that the income will be received and the amount can be measured reliably and is not deferred. 13
GLASGOW SHORT FILM FESTIVAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 1. Accounting Policiès (continued) (d} Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more infomialion on this attribution refer to note (fj below. Costs of raising funds comprise an allocation of salary costs in proportion to the time spent by staff on fundraising activity. Expenditure on charitable activities includes other salary costs, programme and other activities undertaken to fLJrther the purposes of the charity and their associated support costs. Irrecoverable VAT is charged as a Gost against the activity for which the expenditure is incurred. (e} Donated servlces and facilities Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP {FRS 1021, the general volunteer time of the Friends is not recognised and refer to the trustees, annual report for more information about their contribution. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is Ihe amount the Gharily would have been willing lo pay lo obtain services or facilities of equivalent economic benefit on the open market., a corresponding amount is then recognised in expenditure in the period of reipt. (Q Allocation of support and governance costs Support costs have been allocated between governance costs and other support costs. Governance costs comprise all Costs involving the public accounlabilily of the charity and ils compliance with regulation and good practice. These costs include costs related to slatulory audit and legal fees logether with an apportionment of overhead and support costs. Governance costs and support costs relating to charitable activilies have been apportioned based on the number of individual grant awards made in recognition that the administrative costs of awarding, monitoring and assessing research grants, salary support grants and poslgraduale scholarships are broadly equivalent. The allocation of support and governance costs is analysed in note 9. 14
GLASGOW SHORT FILM FESTIVAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 (gl Debtors Trade and other debtors are recognised al the settlement amount due after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. {h} Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short rnaturity of three months or less from the dale of acquisition or opening of the deposit or similar account. (i) Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligalion can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. (J) Realised gains and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the differen between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference belween the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Aclivilies. {k} Contingent liabilities A contingent liability is identified and disclosed for those grants resulting from.. a possible obligation which will only be confirmed by the occurrence of one or more uncertain future events not wholly within the trustees, control., or a present obligation following a grant offer where settlement is either not considered probable., or the amount has not been communicaled in the grant offer and that amount cannot be estimated reliably. (l) Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently rneasured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2. Legal status of the Charity The Charity is a registered Scottish Charitable Incorporated Organisalion. The charity has no share capital. The liability of each member in the event of winding up is £nil. 15
GLASGOW SHORT FILM FESTIVAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 3. Related party transactions and trustees, expenses and remuneration Other than the Festival Director. the trustees all give freely their time and expertise withoul any form of remuneration or other benefit in cash or kind. The Festival Director's remuneration is disclosed in the Key Management Personnel declaration in note 10. The Festival Director was not reimbursed for business expenses during the year (2024.. £1,972). No expenses were paid to any other trustees in the year. During the year, no trustee had any personal interest in any contract or transaction entered into by the charity. 4. Income from donations and legacies 2025 2024 Donations General grants.. Screen Scotland - Film Festival & Screening Fund Screen Scotland - Multi-year Funding 14 49 80,000 50,000 86,500 130,014 86,549 5. Income from charitable activities 2025 2024 Programme l GSFF 91, 770 6. Income from other trading activities 2025 2024 Commercial sponsorship 4,910 5,500 7. Raising funds- expenditure on raising donations and legacies Direct Costs Support Costs Total 2025 Direct Costs Support Costs Total 2024 Development and fundraising 9,124 9,124 8,592 8, 592 9,124 9,124 8, 592 16
GLASGOW SHORT FILM FESTIVAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 8. Analysi5 of expenditure on charitable activities 2025 2024 Programme costs Promotional costs Research costs General expenses Governance costs Inole 91 Support costs (note 91 101,609 10,391 39 851 2,281 79,842 90,621 11,266 93 1,528 2, 148 75,184 195,013 180 840 9. Allocation of governance and support costs The breakdown ofsupport costs and how these were allocated between governance and other support costs is shown in the table below.. other Basis of support apportionment costs Co51 type Total Allocated 2025 Raising Governance Funds related Salary costs Overheads Royalties/LlnCeS Travel & Subsistence Bankllransaction charges 73,231 13,893 961 3,158 7,323 1,389 96 316 1,831 347 24 79 64.077 Time spent 12,157 Time spent 841 Time spent 2,763 Time spent 4 Time spent Total 91,247 9,124 2,281 79,842 Other Basis of support apportionment costs Cost type Total Allocated 2024 Raising Governance Funds related Sa18ry Costs Overhe8ds Roy8lties/Licences Travel & Subsist&nce Bank/lransaclion Gharges 69, 127 13.013 1,593 2,180 6,913 1,301 159 218 1,728 325 40 55 60,486 Time spenl 11.387 Time spent 1,394 Time spent 1,907 Time spenl 10 Time spenl Totsl 85, 924 8.592 2, 148 75,184 Governance costs: 2025 2024 Support costs {see above) 2,281 2,281 17
GLASGOW SHORT FILM FESTIVAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 10. Analysis of stsff costs and remuneration of key management personnel 2025 2024 Salaries and wages Pensions costs 72,087 1,144 68,164 963 Total staff costs 73,231 69, 127 Key Management Personnel renurneration 25,833 23,567 Other than the pension plan contributions shown above, the charity gave no other employee benefits during the year. There were no employees whose employee benefits were over £60,000. During the year, the charily incurred no redundancy and termination payments. The average weekly number of persons, by headcount, employed by the charity during the year was 412024.. 4}. 11. Net incomellexpenditurel for the year This is stated after charging.. 2025 2024 Bank interesl and transaction charges payable li 12. Government Grants 2025 2024 Screen Scotland (Creative Scotland) 130,000 86, 500 In 2024125, Screen Scotland provided funding for general running costs of Glasgow Short Film Festival and ils all-year programme. 13. Debtors 2025 2024 Trade debtors Other debtors 8,937 2,382 12,089 5, 732 11,319 17,821 18
GLASGOW SHORT FILM FESTIVAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 14. Creditors: amounts falling due within one year 2025 2024 Trade creditors other creditors and accruals Taxation and social security costs 4,017 26,055 1,715 14,056 15,467 102 31,787 29, 625 15. Analysis of charitable funds 2024 Balance blfwd 2025 Balance ¢lfwd Analysis of Fund movements Income Expenditure Unrestrlcted funds General funds Total unrestrlcted funds 11,127 11,127 176,577 176,577 160,580 160,580 4,870 4,870 Restrlcted fund GSFF Total restrlcted funds 48,117 48,117 43,557 4,560 4,560 TOTAL FUNDS 11,127 224,694 204,137 9,430 a) The unrestricted funds are available to be spent for any of the purposes of the charily. b) Restricted funds comprise funding from specific funders including Creative Scotland and Film Hub Scotland. to support both the delivery of GSFF25 and specific events and activities as part of our year-round programme. 2023 Balance b/fwd 2024 Analysis of Fund movements Balance c/fwd Income Expenditure Unrestricted funds General funds 5,514 Total unrestricted funds 5 514 132,506 132 506 138,119 138,119 11,127 11,127 Restricted fund GSFF Total restricted funds 51,313 57,313 51,313 TOTAL FUNDS 5,514 183,819 189,432 19
GLASGOW SHORT FILM FESTIVAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 16. Net assets ovor funds Unrestrictod Funds Restricted Funds Total 2025 Debtors Cash Current liabilities 11,319 25,338 131,7871 11,319 29,898 131,7871 4,560 4,870 4,560 Unrestricted Funds Restricted Funds Total 2024 Debtors Cash Current liabilities 17,821 67T (29, 625) 77.821 677 (29, 625) 11,127 11.127 17. Reconciliation of net incomellexpenditure) to net cash flow from operating activities 2025 2024 Nel incomel(expenditure) for the year (as per the Stalement of Financia5 Activities) 20,557 (5,613) Adjustments for.. Bank interest and transaction charges paid Decreaselllncrease) in debtors Increase in creditors 6,502 2,162 (7, 527) 8,500 Net cash provided byllusod inl operating activities 29,225 4, 629 18. Analysis of cash and cash equivalents 2025 2024 Cash in bank Cash in online sales platforffls 29,871 27 654 23 Total cash and cash equivalents 29,898 677 20