IRIS Accounts Production v25.1.0.734 Other Company accounts True false Pounds 1.4.23 31.3.24 31.3.24 FY FRS 102 Audited Small companies regime for accounts Full Charities SORP true true true true true false true false true 0 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC1107432023-03-31SC1107432024-03-31SC1107432023-04-012024-03-31SC1107432022-03-31SC1107432022-04-012023-03-31SC1107432023-03-31SC110743ns0:CharitableCompanyLimitedByGuarantee2023-04-012024-03-31SC110743ns15:PoundSterling2023-04-012024-03-31SC110743ns11:FRS1022023-04-012024-03-31SC110743ns11:Audited2023-04-012024-03-31SC110743ns11:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SC110743ns11:FullAccounts2023-04-012024-03-31SC110743ns11:CharitiesSORP2023-04-012024-03-31SC110743ns16:EnglandWales2023-04-012024-03-31SC110743ns11:RegisteredOffice2023-04-012024-03-31SC110743ns0:Trustee32023-04-012024-03-31SC110743ns0:Trustee42023-04-012024-03-31SC110743ns0:Trustee52023-04-012024-03-31SC110743ns0:Trustee62023-04-012024-03-31SC110743ns0:Trustee72023-04-012024-03-31SC110743ns0:Trustee82023-04-012024-03-31SC110743ns0:Trustee12023-04-012024-03-31SC110743ns0:Trustee22023-04-012024-03-31SC110743ns0:Trustee92023-04-012024-03-31SC110743ns0:Trustee102023-04-012024-03-31SC110743ns0:Trustee112023-04-012024-03-31SC110743ns0:Trustee122023-04-012024-03-31SC110743ns0:TotalUnrestrictedFunds2023-04-012024-03-31SC110743ns0:TotalRestrictedIncomeFunds2023-04-012024-03-31SC110743ns0:TotalUnrestrictedFunds2023-03-31SC110743ns0:TotalRestrictedIncomeFunds2023-03-31SC110743ns0:TotalUnrestrictedFunds2024-03-31SC110743ns0:TotalRestrictedIncomeFunds2024-03-31SC110743ns0:TotalUnrestrictedFundsns10:WithinOneYear2024-03-31SC110743ns0:TotalRestrictedIncomeFundsns10:WithinOneYear2024-03-31SC110743ns10:WithinOneYear2024-03-31SC110743ns10:WithinOneYear2023-03-31SC110743ns0:TotalUnrestrictedFundsns10:AfterOneYear2024-03-31SC110743ns10:AfterOneYearns0:TotalRestrictedIncomeFunds2024-03-31SC110743ns10:AfterOneYear2024-03-31SC110743ns10:AfterOneYear2023-03-31SC11074312023-04-012024-03-31SC110743ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-04-012024-03-31SC110743ns10:PlantMachinery2023-04-012024-03-31SC110743ns10:FurnitureFittingsToolsEquipment2023-04-012024-03-31SC110743ns10:ComputerEquipment2023-04-012024-03-31SC11074322023-04-012024-03-31SC11074332023-04-012024-03-31SC110743ns10:OwnedAssets2023-04-012024-03-31SC110743ns10:OwnedAssets2022-04-012023-03-31SC110743ns0:TotalUnrestrictedFunds2022-04-012023-03-31SC110743ns0:TotalRestrictedIncomeFunds2022-04-012023-03-31SC110743ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-31SC110743ns10:PlantMachinery2023-03-31SC110743ns10:FurnitureFittings2023-03-31SC110743ns10:ComputerEquipment2023-03-31SC110743ns10:FurnitureFittings2023-04-012024-03-31SC110743ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-03-31SC110743ns10:PlantMachinery2024-03-31SC110743ns10:FurnitureFittings2024-03-31SC110743ns10:ComputerEquipment2024-03-31SC110743ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-31SC110743ns10:PlantMachinery2023-03-31SC110743ns10:FurnitureFittings2023-03-31SC110743ns10:ComputerEquipment2023-03-31SC110743ns10:WithinOneYear2022-03-31SC110743ns10:WithinOneYear2023-04-012024-03-31SC110743ns10:BetweenOneTwoYears2024-03-31SC110743ns10:BetweenOneTwoYears2023-03-31SC110743ns10:BetweenOneFiveYears2024-03-31SC110743ns10:BetweenOneFiveYears2023-03-31SC110743ns10:MoreThanFiveYears2024-03-31SC110743ns10:MoreThanFiveYears2023-03-31SC110743ns10:AllPeriods2024-03-31SC110743ns10:AllPeriods2023-03-31
REGISTERED COMPANY NUMBER: SC110743 (Scotland)
REGISTERED CHARITY NUMBER: SC014570














Report of the Trustees and

Financial Statements For The Year Ended 31 March 2024

for

Glasgow Sculpture Studios Ltd

Glasgow Sculpture Studios Ltd






Contents of the Financial Statements
For The Year Ended 31 March 2024




Page

Report of the Trustees 1 to 6

Report of the Independent Auditors 7 to 10

Statement of Financial Activities 11

Statement of Financial Position 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 16 to 25

Glasgow Sculpture Studios Ltd (Registered number: SC110743)

Report of the Trustees
For The Year Ended 31 March 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
GSS is the largest visual art production centre in Scotland, supporting sculptural (3D) practice in its widest sense. Established in 1988, we continue to supports artistic excellence across a wide-ranging variety of creative practice, evolving our understanding of visual art production, the changing needs of artists, and barriers to accessing creativity. We provide affordable facilities and workspaces, technical expertise and career development opportunities.

GSS recognises that, by supporting the careers of artists, we are supporting a wider context of creative expression, social engagement, health and well-being, economic and environmental development, and international profile.

We are committed to inclusivity and having a positive role within the community. We provide access to creative processes, skills development and support community empowerment through a dedicated Learning and Engagement programme, generating projects which benefit the lives of people in North Glasgow.

In line with the original objectives of the organisation, in this year we have:

- Supported greater understanding of sculpture and creative practice, empowering artists to develop and sustain their careers and generate ambitious artworks.
- Continued to develop a centre of excellence in Glasgow, providing a high standard of affordable sculptural production workshops, subsidised studio spaces, and technical expertise.
- Furthered a commitment to inclusivity and equality of opportunity through our organisation, by stimulating public interest in, and experience of, sculpture and creative practice, and its positive educational, well-being and social impacts.
- Actively supported partnership working locally, nationally and internationally, and encouraging a sense of community between our artist members, that elevates artistic practice, knowledge sharing and critical discourse, and encourages access and opportunity.


Glasgow Sculpture Studios Ltd (Registered number: SC110743)

Report of the Trustees
For The Year Ended 31 March 2024

ACHIEVEMENT AND PERFORMANCE
In 2023/24, GSS continued to provide facilities to artists based in Scotland. Throughout the year, 220 artists were supported through our workspaces, facilities and programmes, and we directly commissioned 16 artists and facilitated 7 residency projects.

Income and expenditure:
The operational infrastructure essential to our core mission continued to be supported by Creative Scotland's Regular Funding (three-year commitment 2018 - 2021, extended to sixth year 2023-2024) and by Glasgow City Council's Glasgow Communities Fund (three-year commitment, 2023 - 2026). Alongside fundraising, additional core income was generated by providing subsidised studio rentals workshop fees, and providing building management and fabrication services. Income from providing fabrication services has not yet returned to pre-pandemic levels reflecting the slow recovery of the creative sector and the impact of staff turnover.

Dedicated project funds were also secured to support education & public engagement and artist residency programmes. Funders included the Paul Hamlyn Foundation, Glasgow Lord Provost Fund, and the Artists' Collecting Society (ACS).

Governance:
The GSS Board continued to closely monitor the financial position of the organisation and took all the necessary steps to ensure GSS' future sustainability. Board meetings were quarterly throughout the year, with additional Board Finance Sub-Committee meetings to monitor our financial position in detail.

Partnership working & advocacy:
Collaboration and partnership working continue to be central to GSS' continued success. As part of Scotland's Workshops, the national network of 10 creative production facilities, GSS continued to participate in discussions focussing on collaboration, sharing and collective impact. The Director continued to participate in discussions with Creative Scotland, Scottish Contemporary Arts Network and Scottish Government to advocate for the organisation and highlight the needs of our artist members and the challenges of maintaining quality production facilities. GSS also continued to respond to the changing needs of our local community through our Learning and Engagement programme, working with long-standing community partners to co-produce creative projects that support skills development, health and wellbeing and community connectivity in our local North Glasgow area.

We generated a number of exciting partnership projects: Strathclyde University Design and Engineering reviewing the energy consumption of GSS fabrication facilities, co-commissioning an accessible limited-edition artwork in partnership with Sculpture Placement Group, working with Glasgow International Art festival (GI) to showcase a GSS artist and community collaboration.

Exchanges and residencies:
In this year artist Rosie Dowd-Smyth completed their GSS Graduate Fellowship, and we welcomed our next GSS Fellow, Wenyi Pan, in November 2023. This award supports a graduate from Glasgow School of Art's MFA programme with year-long access to a studio space, access to our production facilities and technical advice, and support for their professional development. GSS Graduate Fellowship is awarded to an artist from Glasgow School of Art's Master of Fine Art programme who demonstrates a commitment to sustaining a studio-based practice.

Our long-standing exchange programme with Triangle France-Asterides in Marseille continued with artist Fanny Souade Sow completing their residency and Prune Phi selected to start their residency at GSS in April 2024. GSS supports artists whose work represents a diversity of approaches to sculptural practice and these programmes give emerging artists a rare opportunity to learn new processes, test ideas and experiment whilst also becoming part of GSS' community of artists.

FINANCIAL REVIEW
Financial position
The results for the year and financial position of the company are as shown in the annexed financial statements. On an ongoing basis the Board reviews and compare monthly financials to budgets submitted to secure ongoing grant funding. The Board has a dedicated financial sub-committee who work closely with the Director and her team to provide detailed oversight on cash flow management and critical review of budgeting and accounting measures.


Glasgow Sculpture Studios Ltd (Registered number: SC110743)

Report of the Trustees
For The Year Ended 31 March 2024


FINANCIAL REVIEW
Principal funding sources
The company relies on the continued support of Creative Scotland and Glasgow City Council. It continued to raise further project funding from other sources (including Trusts & Foundations) to realise proactive artistic programme activities. We also generate income through the rental of our studio spaces and hires of our facilities.

Reserves policy
The Board of Directors Reserves Policy intends to build up the unrestricted reserves not committed or invested in tangible fixed assets (i.e., the free reserves) held by the company to equate to no less than three months operating expenditure. At this level, the Board of Directors feel that the company would be able to continue its' current activities; or wrap-up the company in the event of a significant drop; or complete loss of principal funding.

Unrestricted funds

The company continues to seek additional funding from a variety of sources to secure adequate cashflow for the organisation. The generation of future surplus unrestricted reserves is reliant on the success of commercial activity going forward and the ability to generate new income streams (e.g. fabrication services and building management services).

Restricted funds

During the current year, the charitable company received funding from various Trusts and Foundations to fund various Education and Residency Projects. At the year end, a balance of £52,715 of restricted funds remained unspent on these projects. The total restricted balance of £52,715, will be fully expended in the financial year to March 2025.

FUTURE PLANS
GSS will continue to actively develop our programmes and facilities in response to the needs of our artist members and to provide opportunities for a wide range of people to benefit from and engaging in creative practice.

The Board recognises that 2024/25 will be a challenging year for GSS as it faces rising costs and commercial fabrication income that has not yet recovered to pre-pandemic levels. The Board will continue to prioritise income generation through additional fundraising as well as developing income generating services. In parallel to this, GSS will seek support, advocacy and advice from our network of cultural partners, immediate and extended stakeholders and industry experts to ensure the continued positive development of the organisation.

GSS has been consistently funded by Creative Scotland (previously Scottish arts Council) for 30 years. A significant application for a further 3 years support from Creative Scotland's Multi Year Fund was submitted in 2024/25 which considers the level of funding required to ensure GSS continues to develop our facilities and programmes within a challenging economic context. Confirmation of continued funding until March 2028 was received at the end of January 2025.

The Board of Directors will take all necessary steps with the aim of ensuring that GSS continues to comply with Government health and safety guidelines, and navigate any future, national financial uncertainties due to cost of living increases etc.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, its memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The company is governed by its memorandum and articles of association and directors are appointed in accordance with the relevant provisions of those articles.


Glasgow Sculpture Studios Ltd (Registered number: SC110743)

Report of the Trustees
For The Year Ended 31 March 2024


STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
The responsibility for strategy and development of new trustees lies within the board development Sub-committee. (The Director and two trustees). Names and biographies for new directors are put forward for discussion and voted upon during regular board meetings; initial appointments are subsequently made. Just prior to the AGM the appointments are vacated, then co-opted by a show of hands at the company's Annual General Meeting, which requires an attendance by a quorum of members to proceed. Directors are selected for their interest in our mission as well as the depth of expertise and complimentary skills and experience they are able to bring to the Board of GSS.

Organisational structure
The governance of the company is overseen by a Board of voluntary directors, who as directors in company law - must also be members of the Association of the Company from whose number they are elected at Annual General Meetings. According to our Memorandum of understanding we have to see a proportional balance of gender and expertise through artist trustees as well as 'other' experts.

The directors of the company have certain legal, financial and fiduciary duties under company law and must also comply with charity law.

Although day to day management and oversight duties are delegated to staff, the ultimate responsibility for every aspect of the Company's operation lies with the Board of Directors.

Directors may serve for a maximum of 6 continuous years and are not eligible for re-election for one year thereafter.

At the AGM, one half of the Directors on the Board; those who have served for the longest period of time, must retire by rotation but are eligible for re-election.

Induction and training of new trustees
All directors are made aware on appointment of their responsibilities under Company Law and as trustees under Charity Law and Regulations.

Policy and Planning
The Board defines Company policies, sets policy priorities and determines strategies for the implementation of the policies. The Board monitors all aspects of service delivery and policy implementation on a regular basis. The Board annually reviews all areas of policy and policy implementation documents and makes appropriate revisions.

Management
The Board, through the Chair, is responsible for the line management and appraisal of the Chief Executive, known as the "Director" although he/she is not a director in terms of the company law. The Director is responsible to the Board for reporting on the day-to-day running of the organisation and with the support and input of the Board, is also responsible for strategic development to ensure the future sustainability of the organisation.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
SC110743 (Scotland)

Registered Charity number
SC014570

Registered office
The Whisky Bond
2 Dawson Road
Glasgow
G4 9SS


Glasgow Sculpture Studios Ltd (Registered number: SC110743)

Report of the Trustees
For The Year Ended 31 March 2024

Trustees
I Kernan
J Crowe (resigned 13.6.23)
B L Shapeero (resigned 13.6.23)
T Collins (resigned 13.6.23)
A J Wodehouse
J Brownrigg
F J McGowan
C J E Bird
R J W Paterson (appointed 8.6.23)
S J A Rose (appointed 11.7.23)
S Healy (appointed 8.6.23)
P L Thomson (appointed 20.5.24)

Director
Mhairi Sawyer

Board Chair
Fiona McGowan

Company Secretary
Timothy Collins (resigned 13.6.23)
Christopher Bird (appointed 13.6.23)

Auditors
Robb Ferguson
Chartered Accountants & Statutory Auditors
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was promoting interest in the practice and knowledge of sculpture at its centre in Glasgow and elsewhere in Scotland.

STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Glasgow Sculpture Studios Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-select suitable accounting policies and then apply them consistently;
-observe the methods and principles in the Charity SORP;
-make judgements and estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


Glasgow Sculpture Studios Ltd (Registered number: SC110743)

Report of the Trustees
For The Year Ended 31 March 2024


STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
In so far as the trustees are aware:

-there is no relevant audit information of which the charitable company's auditors are unaware; and
-the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS
The auditors, Robb Ferguson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 11 April 2025 and signed on its behalf by:





F J McGowan - Trustee

Report of the Independent Auditors to the Trustees and Members of
Glasgow Sculpture Studios Ltd

Opinion
We have audited the financial statements of Glasgow Sculpture Studios Ltd (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material Uncertainty Related to Going Concern
In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosures made in Note 1 to the financial statements concerning the company's ability to continue as a going concern. We consider it appropriate to bring this matter to the reader's attention. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.

Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:
- adequate and proper accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Report of the Independent Auditors to the Trustees and Members of
Glasgow Sculpture Studios Ltd


Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Trustees and Members of
Glasgow Sculpture Studios Ltd


Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our wider knowledge and experience;
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company, including the The Charities Accounts (Scotland) Regulations 2006 and Financial Reporting Standard 102 Statement of Recommended Practice.
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

Audit response to risks of irregularities identified
To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining the accounting estimates set out were indicative of potential bias; and
- Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- Agreeing financial statement disclosures to underlying supporting documentation;
- Reading the minutes of meetings of those charged with governance;
- Enquiring of management as to actual and potential litigation and claims; and
- Reviewing correspondence with HMRC, OSCR and the charitable company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Report of the Independent Auditors to the Trustees and Members of
Glasgow Sculpture Studios Ltd


Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and the trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Janice Alexander (Senior Statutory Auditor)
for and on behalf of Robb Ferguson
Chartered Accountants & Statutory Auditors
Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

17 April 2025

Glasgow Sculpture Studios Ltd

Statement of Financial Activities
For The Year Ended 31 March 2024

2024 2023
Unrestricted Restricted Total Total
fund funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Charitable activities 3
Projects 38,847 49,099 87,946 117,351
Grants, rental and other income 400,521 - 400,521 491,449

Investment income 2 859 - 859 857
Total 440,227 49,099 489,326 609,657

EXPENDITURE ON
Charitable activities 4
Salaries and running costs 534,708 - 534,708 434,904
Projects 24,590 82,600 107,190 92,869
Total 559,298 82,600 641,898 527,773

NET INCOME/(EXPENDITURE) (119,071 ) (33,501 ) (152,572 ) 81,884


RECONCILIATION OF FUNDS
Total funds brought forward 230,908 86,216 317,124 235,240

TOTAL FUNDS CARRIED FORWARD 111,837 52,715 164,552 317,124

Glasgow Sculpture Studios Ltd (Registered number: SC110743)

Statement of Financial Position
31 March 2024

2024 2023
Unrestricted Restricted Total Total
fund funds funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 30,289 - 30,289 34,907

CURRENT ASSETS
Debtors 13 51,467 - 51,467 65,024
Cash at bank and in hand 156,935 52,715 209,650 291,347
208,402 52,715 261,117 356,371

CREDITORS
Amounts falling due within one year 14 (122,166 ) - (122,166 ) (62,974 )

NET CURRENT ASSETS 86,236 52,715 138,951 293,397

TOTAL ASSETS LESS CURRENT
LIABILITIES

116,525

52,715

169,240

328,304

CREDITORS
Amounts falling due after more than one year 15 (4,688 ) - (4,688 ) (11,180 )

NET ASSETS 111,837 52,715 164,552 317,124
FUNDS 18
Unrestricted funds 111,837 230,908
Restricted funds 52,715 86,216
TOTAL FUNDS 164,552 317,124

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


The financial statements were approved by the Board of Trustees and authorised for issue on 11 April 2025 and were signed on its behalf by:





F J McGowan - Trustee





C J E Bird - Trustee

Glasgow Sculpture Studios Ltd

Statement of Cash Flows
For The Year Ended 31 March 2024

2024 2023
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 (73,554 ) 40,406
Net cash (used in)/provided by operating activities (73,554 ) 40,406

Cash flows from investing activities
Purchase of tangible fixed assets (2,874 ) (17,756 )
Interest received 859 857
Net cash used in investing activities (2,015 ) (16,899 )

Cash flows from financing activities
Loan repayments in year (6,250 ) (6,250 )
Net cash used in financing activities (6,250 ) (6,250 )

Change in cash and cash equivalents in
the reporting period

(81,819

)

17,257
Cash and cash equivalents at the
beginning of the reporting period

291,347

274,090
Cash and cash equivalents at the end of
the reporting period

209,650

291,347

Glasgow Sculpture Studios Ltd

Notes to the Statement of Cash Flows
For The Year Ended 31 March 2024

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM
OPERATING ACTIVITIES
2024 2023
£    £   
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)

(152,572

)

81,884
Adjustments for:
Depreciation charges 7,491 10,588
Interest received (859 ) (857 )
Decrease/(increase) in debtors 2,685 (15,071 )
Increase/(decrease) in creditors 69,701 (36,138 )
Net cash (used in)/provided by operations (73,554 ) 40,406


2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 291,347 (81,697 ) 209,650
291,347 (81,697 ) 209,650

Debt
Debts falling due within 1 year (6,250 ) - (6,250 )
Debts falling due after 1 year (10,938 ) 6,250 (4,688 )
(17,188 ) 6,250 (10,938 )
Total 274,159 (75,447 ) 198,712

Glasgow Sculpture Studios Ltd

Error Messages from the Statement of Cash Flows
For The Year Ended 31 March 2024

** CURRENT YEAR - MOVEMENT IN CASH AND CASH EQUIVALENTS
AS CALCULATED IN STATEMENT OF CASH FLOWS
DOES NOT AGREE TO MOVEMENT PER STATEMENT OF FINANCIAL POSITION

COMPARE MOVEMENT ON STATEMENT OF CASH FLOWS (81,819 )


TO MOVEMENT PER STATEMENT OF FINANCIAL
POSITION
CASH AND CASH EQUIVALENTS (81,697 )



Glasgow Sculpture Studios Ltd

Notes to the Financial Statements
For The Year Ended 31 March 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Glasgow Sculpture Studios Limited is a charitable company limited by guarantee incorporated in Scotland, United Kingdom. The address of the registered office is given in the company information - details of which can be found in the report of the trustees. The nature of the company's operations and principal activities are set out in the report of the trustees.

The financial statements are presented in pounds sterling which is the functional currency of the company.

The significant accounting policies applied in the preparation of the financial statements are set out below. The policies have been consistently applied to all years presented unless otherwise stated.

In accordance with their responsibilities as directors, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.

The company relies on funding from Glasgow City Council and Creative Scotland to support their core infrastructure of costs.Glasgow City Council funding is currently in place until March 2026. Creative Scotland Multi Year Funding was awarded in January 2025 and is in place until March 2028.

The company actively sources further funding as required from various bodies, and generates other incomes from the premises and from profitable project work.

There are ongoing discussions and reporting of projects progress with funders to ensure that projects which rely on specific restricted funding are carefully planned and monitored to enable them to be delivered within the organisation's resources and capacity.

Cashflow forecasts, which include estimates of future funding not yet secured, indicate that the company will have adequate resources to meet its liabilities as they fall due for the 12 months from the date of signing of the financial statements. The directors recognise that additional unrestricted grant funding and adequate levels of other income from the premises and profitable project work will be required to meet cashflow requirements going forward, hand in hand with bank and social investment finance facilities required to bridge expected gaps in cashflow arising from the timing of receipt of funding. They are looking into all ways in which additional income/cashflow can be raised to meet any potential shortfalls arising.

Cashflows are monitored in detail on a daily basis and need to be carefully managed. Additional sources of cash flow continue to be sought.

The directors recognise that the future continuity of the organisation depends on a number of variables as detailed above, and that in order to continue operating, projected levels of funding and other incomes need to be achieved, in hand with adequate cashflow funding being made available.

The organisation has a strong track record of being able to secure adequate grant funding, and in being able to generate and maximise unrestricted incomes from other sources, and there have been ongoing positive detailed discussions with funders to date.

On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis.


Glasgow Sculpture Studios Ltd

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

1. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities reported at the balance sheet date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Improvements to property - over the period of lease
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance and 10% on cost
Loose tools - 25% on reducing balance

Taxation
The charity is exempt from corporation tax on its charitable activities. HMRC granted relief from taxation on 5 May 1988 No Ed 866/87.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Deferred income
In accordance with the SORP, the directors have reviewed the terms of the grant funded projects and where a grant funded project is considered to be performance related, the income is recognised only as the detailed performance objectives are met, and any funds received in advance of such objectives being met are deferred to future periods.

Glasgow Sculpture Studios Ltd

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

2. INVESTMENT INCOME
2024 2023
£    £   
Deposit account interest 859 857

3. INCOME FROM CHARITABLE ACTIVITIES
2024 2023
Activity £    £   
Project income and grants Projects 87,946 117,351
Rents received Grants, rental and other income 149,553 142,085
Membership fees Grants, rental and other income 3,366 3,913
Property services and
maintenance recharges


Grants, rental and other income

32,350

32,326
Grant income - core Grants, rental and other income 214,181 212,395
Grant income - other Grants, rental and other income - 99,883
Grant amortisation Grants, rental and other income 121 121
Sundry income Grants, rental and other income 950 726
488,467 608,800

4. CHARITABLE ACTIVITIES COSTS
Direct Support
Costs (see costs (see
note 5) note 6) Totals
£    £    £   
Salaries and running costs 529,708 5,000 534,708
Projects 107,190 - 107,190
636,898 5,000 641,898

5. DIRECT COSTS OF CHARITABLE ACTIVITIES
2024 2023
£    £   
Staff costs 266,141 232,076
Rent and service charges 191,949 149,624
Rates and water 3,389 3,065
Telephone 1,413 1,525
Postage and stationery 457 1,008
Marketing and advertising 2,484 2,424
Sundries 9,834 10,829
Bank charges 697 639
Equipment upkeep and renewal 10,745 8,771
Legal and professional fees 340 -
Industrial gases 1,388 1,778
Depreciation 7,491 10,588
Insurance 20,571 17,477
Light and heat 38,384 17,702
Repairs to property 8,774 11,374
Project costs 60,036 40,933
Irrecoverable VAT 4,630 5,639
IT costs 8,030 7,131
Carried forward 636,753 522,583

Glasgow Sculpture Studios Ltd

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

5. DIRECT COSTS OF CHARITABLE ACTIVITIES - continued
2024 2023
£    £   
Brought forward 636,753 522,583
Subscriptions 145 280
636,898 522,863

6. SUPPORT COSTS
Governance
costs
£   
Salaries and running costs 5,000

Support costs, included in the above, are as follows:

Governance costs
2024 2023
Salaries
and
running Total
costs activities
£    £   
Accountancy and audit fees 5,000 4,910

7. OTHER
2024 2023
£    £   
Support costs 5,000 4,910

Other resources expended represents costs in relation to the premises move which took place in the year. Due to the one off nature of this expenditure, it has been shown as exceptional.

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£    £   
Accountancy and audit fees 5,000 4,910
Depreciation - owned assets 7,492 10,588
Other operating leases 191,949 149,624


Glasgow Sculpture Studios Ltd

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.


10. STAFF COSTS

2024 2023
£ £
Staff costs 226,113 188,772
Project staff costs 40,028 43,304
266,141 232,076

The average number of employees in the year to 31 March 2024 was 9 (2023 9).

The staff costs above include £11,570 (2023: £10,342) of employer contributions to a defined contribution pension scheme.

The total employment benefits including employer pension contributions of the key management personnel were £41,097 (2023: £39,025).

No employees received emoluments in excess of £60,000.

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund funds funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Charitable activities
Projects 61,312 56,039 117,351
Grants, rental and other income 491,449 - 491,449

Investment income 857 - 857
Total 553,618 56,039 609,657

EXPENDITURE ON
Charitable activities
Salaries and running costs 434,904 - 434,904
Projects 26,782 66,087 92,869
Total 461,686 66,087 527,773

NET INCOME/(EXPENDITURE) 91,932 (10,048 ) 81,884


RECONCILIATION OF FUNDS
Total funds brought forward 138,976 96,264 235,240


Glasgow Sculpture Studios Ltd

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
fund funds funds
£    £    £   
TOTAL FUNDS CARRIED FORWARD 230,908 86,216 317,124

12. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Loose
property machinery fittings tools Totals
£    £    £    £    £   
COST
At 1 April 2023 45,828 137,381 109,824 812 293,845
Additions - - 2,874 - 2,874
At 31 March 2024 45,828 137,381 112,698 812 296,719
DEPRECIATION
At 1 April 2023 31,886 120,775 106,277 - 258,938
Charge for year 2,203 3,676 1,410 203 7,492
At 31 March 2024 34,089 124,451 107,687 203 266,430
NET BOOK VALUE
At 31 March 2024 11,739 12,930 5,011 609 30,289
At 31 March 2023 13,942 16,606 3,547 812 34,907

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Outstanding commission/rent 4,798 11,886
VAT 1,503 485
Prepayments and accrued income 45,166 52,653
51,467 65,024


Glasgow Sculpture Studios Ltd

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans (see note 16) 6,250 6,250
Trade creditors 73,374 10,711
Social security and other taxes - 8,801
Other creditors 5,000 5,000
Accruals and deferred income 37,542 32,212
122,166 62,974

Deferred income

20242023
£   £   
Balance as at 1 April334455

Amounts released during the year(121)(121)
Balance as at 31 March213334

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other loans (see note 16) 4,688 10,938
Accruals and deferred income - 242
4,688 11,180

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year on demand:
Other loans 6,250 6,250
Amounts falling between one and two years:
Other loans > 1 year 4,688 10,938


Glasgow Sculpture Studios Ltd

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 2023
£    £   
Within one year 75,000 75,000
Between one and five years 300,000 300,000
In more than five years 68,750 143,750
443,750 518,750

18. MOVEMENT IN FUNDS
Net
movement At
At 1.4.23 in funds 31.3.24
£    £    £   
Unrestricted funds
General fund 230,908 (119,071 ) 111,837

Restricted funds
Education and residency projects



86,216


(33,501


)


52,715

TOTAL FUNDS 317,124 (152,572 ) 164,552

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 440,227 (559,298 ) (119,071 )

Restricted funds
Education and residency projects



49,099


(82,600


)


(33,501


)

TOTAL FUNDS 489,326 (641,898 ) (152,572 )


Glasgow Sculpture Studios Ltd

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

18. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement At
At 1.4.22 in funds 31.3.23
£    £    £   
Unrestricted funds
General fund 138,976 91,932 230,908

Restricted funds
Education and residency projects



96,264


(10,048


)


86,216

TOTAL FUNDS 235,240 81,884 317,124

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 553,618 (461,686 ) 91,932

Restricted funds
Education and residency projects



56,039


(66,087


)


(10,048


)

TOTAL FUNDS 609,657 (527,773 ) 81,884

Education and residency project income received which is required to be used for a specific project has been allocated as restricted funds in the year, as have the related project costs.

All other reserves are unrestricted income reserves. Although unrestricted, as detailed in the Trustees Report, the charity has substantial ongoing premises commitments. In addition, circa £30,000 of unrestricted funds are represented by fixed assets required to generate charitable income and thus are not freely available reserves, and remaining unrestricted reserves are fully earmarked for ongoing charitable activities.


Glasgow Sculpture Studios Ltd

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

19. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.

20. LIMITED LIABILITY

The company is a company limited by guarantee. In the event of a winding up each member is liable to make a contribution as may be required not exceeding one Pound Sterling.