Charity registration number SC024900 (Scotland)
Company registration number SC166162 (Scotland)
GLASGOW INDEPENDENT STUDIO
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
GLASGOW INDEPENDENT STUDIO
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Trustees report
1 - 5
Independent examiner's report
6
Statement of financial activities
7
Balance sheet
8
Notes to the financial statements
9 - 13
GLASGOW INDEPENDENT STUDIO
(A COMPANY LIMITED BY GUARANTEE)
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
G J Orr
N S Hood (Treasurer)
A P Młyńczak
(Appointed 27 August 2024)
S Shaw
(Appointed 27 August 2024)
Dr J Topping
(Appointed 1 July 2024)
F H Whiting
(Appointed 1 July 2024)
Charity number (Scotland)
SC024900
Company number
SC166162
Registered office and principal address
4th Floor
Trongate 103
Glasgow
United Kingdom
G1 5HD
Independent examiner
Neil Robb FCCA
French Duncan LLP trading as AAB
133 Finnieston Street
Glasgow
G3 8HB
GLASGOW INDEPENDENT STUDIO
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The Trustees present their report and financial statements for the year ended 30 June 2024.

The Trustees of the charity are its Directors for the purpose of company law and throughout this report are collectively referred to as the Trustees.

 

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition - October 2019) (effective 1 January 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT

 

Governing Document

The Glasgow Independent Studio (GIS) is an organisation controlled by its governing documents, a Memorandum and Articles of Association dated 31 May 1996, most recently updated on 18 December 2024, and constitutes a charitable company limited by guarantee, set up by a Trust Deed. It is a registered charity with the HM Revenue and Customs and the Office of Scottish Charity Regulator, Charity No: SC024900, Company No: SC166162.

Trustees

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

K L Palmer
(Resigned 1 December 2024)
P J Sharp (Treasurer)
(Resigned 14 February 2024)
G J Orr
Y Cho
(Resigned 15 January 2024)
N S Hood (Treasurer)
E I Waine
(Resigned 10 December 2024)
A P Młyńczak
(Appointed 27 August 2024)
S Shaw
(Appointed 27 August 2024)
Dr J Topping
(Appointed 1 July 2024)
F H Whiting
(Appointed 1 July 2024)
S Taylor
(Resigned 8 November 2023)

 

Method of Appointment or Election of Trustees

The management of the charity is the responsibility of the Trustees who are elected at the Annual General Meeting.

 

Policies Adopted For The Induction And Training Of Trustees

Before a new board member attends their first board meeting, a serving board member advises them of their role, their responsibilities as board member and, the structure and aims of the charity.

Organisational Structure And Decision Making

Governance and strategic decision making is the responsibility of the Board of Trustees. The Head of Operations (HoO), Teri Bartolo, reports regularly to the Trustees on the operational matters. Glasgow Project Room Sub-Committee (GPR), which is in charge of the programming for GIS’s exhibition space Glasgow Project Room located on the 1st Floor of the 103 Trongate building, reports to the Trustees via HoO. All members are expected to volunteer a minimum of four hours per year for the organisation.

GLASGOW INDEPENDENT STUDIO
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
OBJECTIVES AND ACTIVITIES

 

Objectives and aims

The objects for which the Charitable Company is established are to promote, maintain, improve and advance education particularly by the encouragement of the Arts including painting, drawing and sculpture.

 

 

And, more.

 

Activities

 

Glasgow Project Room committee (GPR) members were responsible for programming at GIS in 2023/2024. They are:

 

Since the AGM of 2023 GPR programmed and hosted 13 open-call, public exhibitions in the Glasgow Project Room space: Savoury Eggs, The Drawing Box, Dust Roulette, Vessels, Trying Notations, Glasgow Independent Studio Members Show 2023, Love Stories, The Forest of Red Kindness, Femme Disturbance, Insecure, To Be Contained To Be A Container, and Canvassing.

The GPR sub-committee have been working on various processes to make the running of the exhibition space easier. These include:

 

GIS hosted a City of Glasgow College Fine Art degree student who assisted with curatorial activities of the GPR and with some of the HoO’s operational tasks.

 

ACHIEVEMENTS AND PERFORMANCE

Head of Operations, Teri Bartolo, significantly improved several existing processes and started new projects. Some highlights include:

GLASGOW INDEPENDENT STUDIO
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

 

 

Fraser Whiting (GPR), Gordon Orr (BoD) and Teri Bartolo (HoO) have worked closely on developing the website, which now archives all GPR exhibitions right back to 1997. This also highlights that there has been a closer working relationship between GPR, HoO and BoD which is extremely positive.

 

Our members’ show was a success and an enjoyable evening all round and raised £185 for Medical Aid for Palestine.

 

Our social media presence and following is continuing to grow and attendance at shows and opening nights in-person has remained consistently high.

 

This year’s open-calls for proposals saw the largest response that we have seen and across the board was of extremely high quality.

 

The Trustees want to extend thanks to HoO and GPR for their ongoing support and to the various studio holders who have supported GPR by attending shows, helping organise deliveries and helping out with exhibiting artists.

 

 

STUDIO ACCOUNT REPORT

 

Teri Bartolo continues to serve as the freelance Head of Operations. Long-term Director and Trustee Penny Sharp and former Director and Trustee Innes Smith remained the main liaisons for the feasibility study and representatives for the Glasgow Independent Studio’s Tenants Forum until February 2024, when Penny stepped down from both roles. Currently, GIS’s forum representatives are HoO Teri Bartolo, alongside the shared responsibility of the Trustees.

 

All Trustees appointed prior to 2024 have indicated their intention to step down from their positions in the coming year. Efforts are underway to expand the board, both internally and externally.

 

Following the first session of T103 Short-Life Working Group (1/3) on 22nd of June 2023, the second day for the working groups for the feasibility study conducted by Community Enterprise in Scotland (CEiS) was held on August 17th 2023 (2/3).

 

GLASGOW INDEPENDENT STUDIO
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

Despite the absence of an outcome from the feasibility study or an agreed resolution, the rent invoice received from the landlord, City Property, in May 2024 showed a further increase, marking the third consecutive annual rent increase.

 

GIS, in solidarity with all other tenant organisations, decided collectively to withhold paying any extra fees, rent increases, or service charge increases to the landlord, City Property, until the conclusion of the feasibility study, with the hope of finding options to drastically curb the projected increase or reduce it to an affordable level.

 

Due to ongoing increases in running costs as well as anticipated rises in the future, the Trustees implemented a small 2% increase in rents on 1st July 2023. This was the first rent increase since 2018.

 

The organisation has amassed two years' worth of running costs as a part of their contingency plan designed to mitigate against potential existential risks, including moving to new premises. Although higher operational expenses are forecast for the coming year, the organisation continues to postpone any significant expenditures related to building repairs until there is a confirmed stable position within the premises, especially given the pending outcome of the feasibility study.

 

The Trustees would like to thank all members who contributed to the running of the studio and the continued contributions of our GPR sub-committee and other groups.

 

FINANCIAL REVIEW

 

Key Financial Performance Indicators

Per the statement of financial activities on page 7, the charity reported a surplus of £4,821 (2023: deficit of £2,058). At the balance sheet date, the charity had total reserves of £118,280 (2023 - £113,459).

 

Reserves Policy

It previously was the policy of the charity to maintain reserves at a level to provide sufficient funds to cover at least one year's running costs of the charity. The Trustees considered that in the event of a significant drop in funding, this will enable them to continue the company’s current activities while consideration is given to ways in which additional funds may be raised, however, given the continued pressure from City Property to try and significantly raise rent and service charges, the Trustees have raised the reserves to cover at least two years’ running costs of the charity. The Trustees are satisfied that they can continue to work towards meeting this new target. At the year end, free reserves amounted to £118,280 (2023 - £113,459).

 

Going Concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details are given in the accounting policy 1.2.

 

Risk Management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

 

Future Developments

The Trustees are aware that the landlord may implement significant rises in service charges and rent once the discussions are over and, in that respect, have an ongoing investigation into whether moving to different premises in the future would be a more sustainable option. The Trustees intend to continue the current operations as long as there are artists requiring workspaces and the rented premises remain at an affordable and sustainable level.

GLASGOW INDEPENDENT STUDIO
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
STATEMENT OF TRUSTEE RESPONSIBILITIES

The Trustees, who are also the directors of Glasgow Independent Studio for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the Trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

 

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees report was approved by the Board of Trustees.

N S Hood (Treasurer)
Trustee
Dated: 30 January 2025
GLASGOW INDEPENDENT STUDIO
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF GLASGOW INDEPENDENT STUDIO
- 6 -

I report on the financial statements of the charity for the year ended 30 June 2024, which are set out on pages 7 to 13.

Respective responsibilities of Trustees and examiner

 

The charity’s Trustees, who are also the directors of Glasgow Independent Studio for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The Trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations (as amended) does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

 

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations (as amended). An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning 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 financial statements.

Independent examiner's statement

 

In connection with my examination, no matter has come to my attention:

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)

to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations (as amended); and

(ii)

to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations (as amended);

have not been met or
(b)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Neil Robb FCCA
French Duncan LLP trading as AAB
133 Finnieston Street
Glasgow
G3 8HB
Dated: 30 January 2025
GLASGOW INDEPENDENT STUDIO
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donations and legacies
2
-
1,044
Charitable activities
3
54,274
50,835
Total income
54,274
51,879
Expenditure on:
Charitable activities
4
49,453
53,937
Total expenditure
49,453
53,937
Net income/(expenditure) and movement in funds
4,821
(2,058)
Reconciliation of funds:
Fund balances at 1 July 2023
113,459
115,517
Fund balances at 30 June 2024
118,280
113,459

All income and expenditure derive from continuing activities.

GLASGOW INDEPENDENT STUDIO
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
4,351
2,460
Current assets
Debtors
10
3,194
3,058
Cash at bank and in hand
115,173
112,089
118,367
115,147
Creditors: amounts falling due within one year
11
(4,438)
(4,148)
Net current assets
113,929
110,999
Total assets less current liabilities
118,280
113,459
The funds of the charity
Unrestricted funds
12
118,280
113,459
118,280
113,459

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 30 January 2025
N S Hood (Treasurer)
Trustee
Company registration number SC166162 (Scotland)
GLASGOW INDEPENDENT STUDIO
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
1
Accounting policies
Charity information

Glasgow Independent Studio is a private company limited by guarantee incorporated in Scotland. The registered office is 103 Trongate, Fourth Floor, Glasgow, G1 5HD

1.1
Accounting convention

The financial statements have been prepared in accordance with the company's governing document, the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition - October 2019) (effective 1 January 2019).

 

Glasgow Independent Studio meets the definition of a public benefit entity under FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

 

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have reviewed the future funding and activities of the charity. The directors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

1.4
Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

1.5
Resources expended

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. All costs have been directly attributed to one of the functional categories of resources expended in the Statement of Financial Activities, the charity is not registered for VAT and accordingly expenditure is shown gross.

 

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

 

Support costs are those costs incurred directly in support of expenditure on the objects of the Charity. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.

GLASGOW INDEPENDENT STUDIO
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 10 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
- 15% Reducing balance
Fixtures and fittings
- 15% Reducing balance
Computers
- 35% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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 measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
-
1,044
3
Charitable activities
2024
2023
£
£

Studio rents

54,274
50,835
Analysis by fund
Unrestricted funds
54,274
50,835
GLASGOW INDEPENDENT STUDIO
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
4
Charitable activities
2024
2023
£
£

Rent and rates

19,728
19,728

Insurance

810
386

Heat and light

3,839
3,495
Repairs and maintenance
766
2,025

Advertising

3,288
204
Post, stationery and IT costs
253
99

Telephone

817
675

Sundry expenses

1,684
1,195

Administration fees

14,566
14,875

Depreciation

1,494
449

Graduate residency programme

-
1,080

Training costs

198
7,848
47,443
52,059
Share of governance costs (see note 5)
2,010
1,878
49,453
53,937
5
Support costs allocated to activities
2024
2023
£
£
Governance costs
2,010
1,878
Analysed between:
Charitable activities
2,010
1,878
6
Trustees

P Sharp, a former trustee, was the bookkeeper for Glasgow Independent Studio. Administration fees of £NIL (2023: £7,117) and training fees of £NIL (2023: £7,140) were paid.

 

None of the Trustees (or any persons connected with them) received any benefits or expenses from the charity during the year.

7
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
GLASGOW INDEPENDENT STUDIO
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
7
Employees
(Continued)
- 12 -
There were no employees whose annual remuneration was more than £60,000.
8
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

9
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 July 2023
5,713
22,855
7,735
36,303
Additions
-
-
3,384
3,384
At 30 June 2024
5,713
22,855
11,119
39,687
Depreciation and impairment
At 1 July 2023
5,295
20,858
7,689
33,842
Depreciation charged in the year
61
301
1,132
1,494
At 30 June 2024
5,356
21,159
8,821
35,336
Carrying amount
At 30 June 2024
357
1,696
2,298
4,351
At 30 June 2023
418
1,997
45
2,460
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,183
1,106
Prepayments and accrued income
2,011
1,952
3,194
3,058
11
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
270
260
Accruals and deferred income
4,168
3,888
4,438
4,148
GLASGOW INDEPENDENT STUDIO
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
12
Unrestricted funds

The income funds of the charity include unrestricted funds comprising of the following unexpended balances:

At 1 July 2023
Incoming resources
Resources expended
At 30 June 2024
£
£
£
£
General funds
113,459
54,274
(49,453)
118,280
Previous year:
At 1 July 2022
Incoming resources
Resources expended
At 30 June 2023
£
£
£
£
General funds
115,517
51,879
(53,937)
113,459
13
Analysis of net assets between funds
Unrestricted
funds
2024
£
At 30 June 2024:
Tangible assets
4,351
Current assets/(liabilities)
113,929
118,280
Unrestricted
funds
2023
£
At 30 June 2023:
Tangible assets
2,460
Current assets/(liabilities)
110,999
113,459
14
Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

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