IRIS Accounts Production v25.4.0.155 Other Company accounts True false Pounds 1.4.24 31.3.25 31.3.25 FY FRS 102 Audited Small companies regime for accounts Full Charities SORP true true true true true false true false false 0 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh SC421305 2024-03-31 SC421305 2025-03-31 SC421305 2024-04-01 2025-03-31 SC421305 2023-03-31 SC421305 2023-04-01 2024-03-31 SC421305 2024-03-31 SC421305 ns0:CharitableCompanyLimitedByGuarantee 2024-04-01 2025-03-31 SC421305 ns15:PoundSterling 2024-04-01 2025-03-31 SC421305 ns11:FRS102 2024-04-01 2025-03-31 SC421305 ns11:Audited 2024-04-01 2025-03-31 SC421305 ns11:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 SC421305 ns11:FullAccounts 2024-04-01 2025-03-31 SC421305 ns0:CharitiesSORP 2024-04-01 2025-03-31 SC421305 ns16:EnglandWales 2024-04-01 2025-03-31 SC421305 ns11:RegisteredOffice 2024-04-01 2025-03-31 SC421305 ns0:Trustee1 2024-04-01 2025-03-31 SC421305 ns0:Trustee2 2024-04-01 2025-03-31 SC421305 ns0:Trustee3 2024-04-01 2025-03-31 SC421305 ns0:Trustee4 2024-04-01 2025-03-31 SC421305 ns0:Trustee5 2024-04-01 2025-03-31 SC421305 ns0:Trustee6 2024-04-01 2025-03-31 SC421305 ns0:Trustee7 2024-04-01 2025-03-31 SC421305 ns11:CompanySecretary1 2024-04-01 2025-03-31 SC421305 ns0:Activity8 2024-04-01 2025-03-31 SC421305 ns0:Activity8 2023-04-01 2024-03-31 SC421305 ns10:WithinOneYear 2025-03-31 SC421305 ns10:WithinOneYear 2024-03-31 SC421305 ns0:TotalUnrestrictedFunds 2025-03-31 SC421305 1 2024-04-01 2025-03-31 SC421305 2 2024-04-01 2025-03-31 SC421305 3 2024-04-01 2025-03-31 SC421305 ns0:TotalUnrestrictedFunds 2024-03-31 SC421305 ns0:TotalUnrestrictedFunds 2024-04-01 2025-03-31 SC421305 ns0:Trustee10 2024-04-01 2025-03-31 SC421305 ns0:Trustee16 2024-04-01 2025-03-31 SC421305 ns0:Trustee1 2024-04-01 2025-03-31

REGISTERED COMPANY NUMBER: SC421305 (Scotland)

REGISTERED CHARITY NUMBER: SC045741

Report of the Trustees and

Audited Financial Statements

for the Year Ended 31 March 2025

for

Transforming Communities: Glasgow

| Transforming Communities: Glasgow |

Contents of the Financial Statements

for the Year Ended 31 March 2025

| Page |

| Report of the Trustees | 1 |

| Report of the Independent Auditors | 7 |

| Statement of Financial Activities | 11 |

| Balance Sheet | 12 |

| Cash Flow Statement | 13 |

| Notes to the Cash Flow Statement | 14 |

| Notes to the Financial Statements | 15 |

| Transforming Communities: Glasgow (Registered number: SC421305) |

Report of the Trustees

for the Year Ended 31 March 2025

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 2025. 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).

INCORPORATION

The charitable company was incorporated on 5 April 2012 and commenced trading on 24 June 2015.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The aims and objectives of the charity are as follows:

- To facilitate a single strategic focus for the regeneration of the Transformational Regeneration Areas (TRA's).

- To create sustainable place transformation within those areas through mixed use development and housing renewal (including the creation of additional social housing stock).

- To lever additional funds and catalyse additional private sector investment.

- To guide investment towards an agreed set of objectives and outcomes.

- To develop community capacity.

- To deliver outcomes that accord with economic, social, environmental and physical regeneration.

- To increase the pace of regeneration activity and project delivery.

- To maximise the potential of public sector land assets.

- To provide a strategic approach to tackling infrastructure issues (i.e., transport and land assembly).

Activities

During 2024/25, the TRA Programme saw strong momentum continue, with a significant number of site starts across multiple areas, laying the groundwork for future completions.

A healthy mix of activity continues in all eight of the TRA's. Consultation on specific project plans within the six activated TRA's is ongoing and feasibility studies are progressing in the final two TRA's.

Progress to date

Since the establishment of TC:G in 2012, the programme has so far exceeded the original TRA Business Plan. Progress to date has seen:

- 2,990 new homes have been completed across the eight TRAs during this period,

- 79% of these are affordable homes, along with 144 refurbished units for Mid-Market Rent (MMR)

- 30ha of vacant and derelict land has been brought back into use;

- over £351m of investment in new homes;

All of these projects have been delivered directly by TC:G's partner organisations (Wheatley Homes (Glasgow), formally Glasgow Housing Association, The Scottish Government and Glasgow City Council (GCC)). The progress for each TRA during 2024/25 is shown below:

East Govan/Ibrox TRA

- A decision was made to market the site during 24/25 and it is expected to go to market in late 2025.

- TRA activation is currently being reviewed by officers and legal.

| Transforming Communities: Glasgow (Registered number: SC421305) |

Report of the Trustees

for the Year Ended 31 March 2025

Gallowgate TRA

- GBPT secured funding to further progress the development phase of the re-development of Whitevale Baths.

- The drainage strategy currently being reviewed for Phase 4.

- Works delivering 70 Mid-Market rent homes at the Bellgrove site has progressed well in 2024/25 with an expected completion in March 2026.

Laurieston TRA

- The delivery of the Laurieston Masterplan continues to progress with Phase 3a scheduled to be completed in autumn 2025. Sales of this phase remain steady.

- Planning permission has been granted for the residential development on the Coliseum site, with construction due to commence in autumn 2025. This development will deliver 64 new affordable homes, further contributing to the area's growing housing offer.

- Progress continues on the development of a masterplan for the North Laurieston area. This masterplan is expected to be concluded by the end of November/early December 2025.

Maryhill TRA

- Planning approval is awaited for the PPP application for the North Maryhill area masterplan. Progress is being made to appoint a Private Sector Development Partner spring 2026.

- The North Maryhill Green Infrastructure Vision successfully secured £1.45 million in funding from the Scottish Government's Vacant and Derelict Land Investment Programme with the works due to start autumn 2025.

- Plans are developing for the provision of a mixed tenure development at Collina Street and Maryhill Cross.

North Toryglen TRA

- Phase 4 of the TRA commenced on site in November 2024, with plans to deliver 48 new affordable homes. This will support the completion of the TRA in 2025/26

- Proposals are being developed to secure funding for a Multi-Use Games Arena (MUGA) to be situated adjacent to Toryglen Community Hall.

Pollokshaws TRA

- In 2024, 35 new Mid-Market Rent homes on the former Shawbridge Street Police Station site were completed and work on the nearby Shawbridge Arcade development started on site. This development of 75 new homes will be complete in winter 2025/26.

- Regeneration efforts have continued to progress across other parts of the area, with further site developments and the enhancement of community facilities actively underway

Red Road TRA

- Funding to undertake ground investigation work and develop a remediation strategy was secured from the Scottish Government's Vacant and Derelict Land Fund. Site Investigations were undertaken in early 2024.

- The detailed site investigations will allow the TC: G partners to understand ground conditions across the site, which will inform the strategy for the future development of the site.

Sighthill TRA

- Sighthill's regeneration continues to progress, with the next phases of development now progressing towards a site start in mid-2025. This will deliver a mix of new social rent and private sale homes.

Public benefit

The Charity meets the definition of public benefit entity under FRS 102.

Grantmaking

The charity has established its grant making policy to achieve its objects for the public benefit. The charity's main activity involves paying capital grants to support projects in the TRAs using the funds received from contributions.

The Trustees identify projects which require additional funding and consider these on an individual basis to ensure that grants awarded meet the charity's objectives effectively.

Volunteers

In accordance with FRS 102 and Charities SORP (FRS 102), the economic contribution of general volunteers is not

recognised in financial statements due to inaccurate measurement bases.

| Transforming Communities: Glasgow (Registered number: SC421305) |

Report of the Trustees

for the Year Ended 31 March 2025

STRATEGIC REPORT

Financial review

Financial position

During the year ended 31st March 2025, the charity received grant contributions totalling £796,049 (2024 - £1,402,693) and £290,191 (2024 - £232,862) in bank interest.

In addition, Wheatley Homes (Glasgow), Glasgow City Council and The Scottish Government each contributed £2,200 (2024 - £2,200) towards the charity's running costs.

In terms of expenditure, £30,000 (2024: £nil) was paid out in grant payments. In addition, overhead costs totalling £6,600 (2024 - £6,600) were incurred during the year for audit fees incurred.

The net effect of this year's activities was a £1,056,240 surplus (2024 - £1,635,555), resulting in a balance of £7,989,736 (2024 - £6,933,496) of unrestricted reserves to fulfil the objectives of the charity in future years.

As at 31 March 2025, TC:G still has to pay out £1,879,057 (2024 - £1,309,057) of grants approved by the TC:G Board, leaving a balance of £6,110,679 (2024 - £5,624,439) uncommitted and available for future projects.

Principal funding sources

The principal funding sources are contributions from Glasgow City Council, Wheatley Homes Glasgow and the Scottish Government.

Reserves policy

The charity has policies in place to ensure that grant funding is not committed or paid unless there are sufficient uncommitted funds available to finance such expenditure. The charity does not generally incur other expenditure on a day-to-day basis due to the nature of its activities. Other expenditure on governance costs are funded from contributions from members.

Principal risks and uncertainties

The charity has low levels of exposure to price, credit, liquidity and cash flow risks arising from its charitable activities. This is due to the nature of the charity and the policies in place to only commit to funding from available reserves. The charity monitors the timing of income contributions and grant expenditure and understands the underlying risks involved with the TRA projects.

Future plans

Following the year end, a healthy mix of activity continues in all eight of the TRA's. Consultation on specific project plans within the six activated TRA's is ongoing and feasibility studies are progressing in the final two TRA's, which should hopefully be activated in the coming year.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

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

One of our trustees, Councillor Kenneth McLean sadly passed away on the 25th September 2024. Councillor McLean had been a Director for TC:G since it was founded and was dedicated to the transformation of the TRA's.

Recruitment and appointment of new trustees

Trustees are appointed by the members, Glasgow City Council, Wheatley Homes Glasgow (previously The Glasgow Housing Association) and The Scottish Ministers, in accordance with the terms of the Articles of Association. Two Trustees may be appointed by each member and there is a maximum number of six Trustees.

Organisational structure

The members of the charity are Glasgow City Council, Wheatley Homes Glasgow (previously called The Glasgow Housing Association) and The Scottish Ministers. The management of the charity is the responsibility of the Trustees who are appointed by the members. The Trustees are supported by officers and employees of the members.

| Transforming Communities: Glasgow (Registered number: SC421305) |

Report of the Trustees

for the Year Ended 31 March 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Decision making

The members are each entitled to one vote on resolutions. All resolutions require to be passed by 75% of votes, effectively requiring agreement of all members. The Trustees represent the members and manage the charity collectively and convene meetings whenever they think fit, normally around four times per year.

Induction and training of new trustees

The Trustees are selected by the members based on their relevant and appropriate skills. The charity's Trustees receive additional training from the charity's legal advisers. Newly appointed Trustees are provided with a copy of the governing document, a copy of the annual report and financial statements, recent minutes of meetings, and handbooks of governance and codes of practice. Meeting of the Trustees are held regularly so that a close understanding of the activities of the charity is fostered.

Related parties

The charity's members are considered to be related parties due to their control over the charity. The members are Glasgow City Council, Wheatley Homes Glasgow (previously called The Glasgow Housing Association Limited) and The Scottish Ministers.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The trustees perform periodic risk assessments, identifying possible risks and reviewing the systems and procedures in place to mitigate them. Having performed this assessment, the trustees are satisfied with the systems and procedures in place.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

SC421305 (Scotland)

Registered Charity number

SC045741

Registered office

City Chambers

George Square

Glasgow

G2 1DU

Trustees

K McLean (resigned 25.9.24)

A Carroll

B Duncan

D Cowan

M Dowden

L McNamara (appointed 13.5.24) (resigned 16.6.25)

R Kelly (appointed 18.11.24)

W Tyler-Grieg (appointed 16.6.25)

Company Secretary

Burness Paull LLP

| Transforming Communities: Glasgow (Registered number: SC421305) |

Report of the Trustees

for the Year Ended 31 March 2025

REFERENCE AND ADMINISTRATIVE DETAILS

Auditors

Gillespie & Anderson

Statutory Auditors

Chartered Accountants

147 Bath Street

Glasgow

G2 4SN

TRUSTEES' RESPONSIBILITY STATEMENT

The trustees (who are also the directors of Transforming Communities: Glasgow 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. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they 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 Charities 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.

TRUSTEES' INDEMNITIES

The charity has granted an indemnity to one or more of its trustees against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the Report of the Trustees.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the Trustees are aware, there is no relevant audit information, as defined by section 418 of the Companies Act 2006, of which the charity's auditors are unaware, and each Trustee has taken all the steps that they ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that they charity's auditors are aware of that information.

AUDITORS

The Auditors, Gillespie & Anderson, Chartered Accountants, Statutory Auditors, have expressed a willingness to continue in office.

| Transforming Communities: Glasgow (Registered number: SC421305) |

Report of the Trustees

for the Year Ended 31 March 2025

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 27 November 2025 and signed on the board's behalf by:

R Kelly - Trustee

Report of the Independent Auditors to the Trustees and Members of

Transforming Communities: Glasgow

Opinion

We have audited the financial statements of Transforming Communities: Glasgow (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 2025 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 the provisions available for small entities, in the circumstances set out in note 16 to the financial statements, 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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.

Report of the Independent Auditors to the Trustees and Members of

Transforming Communities: Glasgow

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.

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, 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

Transforming Communities: Glasgow

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 and assessment were 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.

Enquire of management and review supporting documentation concerning the charity's policies and procedures relating to:

- identify, evaluate and comply with laws and regulations and their awareness of any instances of non-compliance;

- detect and respond to the risks of irregularities, fraud and their knowledge of any actual, suspected or alleged fraud;

- internal controls established to mitigate risks related to, unusual items, fraud or non-compliance with laws and

regulations.

Obtain an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the charity. The key laws and regulations we considered in this context included the Charities and Trustee Investment (Scotland) Act 2005, Charities Accounts (Scotland) Regulations 2006, Companies Act 2006 and the applicable Statement of Recommended Practice (SORP) together with health and safety regulations, employment legislation and data protection legislation.

Discuss among the engagement team how and where irregularities might occur in the financial statements and potential indicators of fraud. Identify potential audit risks in relation to income recognition, authorisation of expenses and possible management override of controls.

Communicate relevant identified laws and regulations and potential irregularity risks to all engagement team members

and remain alert to any indications of unusual items, fraud or non-compliance with laws and regulations throughout the audit.

Review all Minutes of Meetings of those charged with governance, reports and correspondence with and legal advisers.

Perform audit testing which covers the audit assumptions of: existence, completeness, rights and obligations, accuracy and valuation in respect of income recognition and expenditure incurred.

Evaluate the overall presentation, structure and content of the financial statements, including disclosures, by performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to an irregularity or fraud. Agree financial statement disclosures to underlying documents.

Assess whether the financial statements represent the underlying transactions and events in a manner that achieves

compliance with relevant laws and regulations.

To address the risk of fraud through management override of controls and management bias, we: assess the rationale behind significant or unusual transactions identified through audit testing and assess where management judgement used in determining accounting estimates were indicative of potential bias.

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 trustees and other management and the inspection of regulatory and legal correspondence.

Material misstatements that arise due to fraud can be harder to detect that those that arise from error as they may involve deliberate concealment or collusion.

Report of the Independent Auditors to the Trustees and Members of

Transforming Communities: Glasgow

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.

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.

Alastair Stewart BA (Hons) CA (Senior Statutory Auditor)

for and on behalf of Gillespie & Anderson

Statutory Auditors

Chartered Accountants

Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006

147 Bath Street

Glasgow

G2 4SN

27 November 2025

| Transforming Communities: Glasgow |

Statement of Financial Activities

(Incorporating an Income and Expenditure Account)

for the Year Ended 31 March 2025

| 2025 |  | 2024

| Unrestricted |  | Total

| funds |  | funds

| Notes | £ | £ |

INCOME AND ENDOWMENTS FROM

Donations and legacies | 2 | 802,649 |  | 1,409,293 |

Investment income | 3 | 290,191 |  | 232,862 |

Total | 1,092,840 |  | 1,642,155 |

EXPENDITURE ON

Charitable activities | 4

Charitable activities | 36,600 |  | 6,600 |

NET INCOME | 1,056,240 |  | 1,635,555 |

RECONCILIATION OF FUNDS

Total funds brought forward | 6,933,496 |  | 5,297,941 |

TOTAL FUNDS CARRIED FORWARD | 7,989,736 |  | 6,933,496 |

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

| Transforming Communities: Glasgow (Registered number: SC421305) |

Balance Sheet

31 March 2025

| 2025 |  | 2024

| Unrestricted |  | Total

| funds |  | funds

| Notes | £ | £ |

CURRENT ASSETS |

Debtors | 11 | 8,026,336 |  | 6,940,096 |

CREDITORS |

Amounts falling due within one year | 12 | (36,600 | ) | (6,600 | )

NET CURRENT ASSETS | 7,989,736 |  | 6,933,496 |

TOTAL ASSETS LESS CURRENT LIABILITIES | 7,989,736 |  | 6,933,496 |

NET ASSETS/(LIABILITIES) | 7,989,736 |  | 6,933,496 |

FUNDS | 13

Unrestricted funds | 7,989,736 |  | 6,933,496 |

TOTAL FUNDS | 7,989,736 |  | 6,933,496 |

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 27 November 2025 and were signed on its behalf by:

R Kelly - Trustee

| Transforming Communities: Glasgow |

Cash Flow Statement

for the Year Ended 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | - |  | - |  |

Net cash provided by operating activities | - |  | - |  |

Change in cash and cash equivalents in the reporting period | - |  | - |  |

Cash and cash equivalents at the beginning of the reporting period | - |  | - |  |

Cash and cash equivalents at the end of the reporting period | - |  | - |  |

| Transforming Communities: Glasgow |

Notes to the Cash Flow Statement

for the Year Ended 31 March 2025

1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

| 2025 |  | 2024

£ | £ |

| Net income for the reporting period (as per the Statement of Financial Activities) | 1,056,240 |  | 1,635,555 |  |

| Adjustments for:

| Increase in debtors | (1,086,240 | ) | (1,636,155 | ) |

| Increase in creditors | 30,000 |  | 600 |  |

| Net cash provided by operations | - |  | - |  |

2. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.4.24 | Cash flow | At 31.3.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | - |  | - |  | - |  |

| Total | - |  | - |  | - |  |

| Transforming Communities: Glasgow |

Notes to the Financial Statements

for the Year Ended 31 March 2025

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' Section 1A and the Companies Act 2006 as applicable to companies subject to the small companies regime. The financial statements have been prepared under the historical cost convention.

| Statement of compliance

| There were no material departures from the Charities SORP (FRS102).

| Presentation currency

| The financial statements are presented in sterling which is the functional currency of the charity. Monetary

| amounts in these financial statements are rounded to the nearest £.

| Going concern

| The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. There are sufficient cash resources held on the charity's behalf by Glasgow City Council and there are sufficient reserves at the year end for the charity to continue in operational existence for the foreseeable future.

| Critical accounting judgements and key sources of estimation uncertainty

| The Trustees have made judgements, estimates and assumptions that affect the amounts reported within the financial statements during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The Trustees estimates, assumptions and judgements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated notes.

| Income

| All income is recognised when the charity is entitled to the income, it is probable that the income will be received and the amount can be measured reliably.

| Donations and legacies consists of grant income from funding partners. Income from grants, not subject to performance related conditions, is recognised when the charity has entitlement to the funds, it is probable that the income will be received, the amount can be measured reliability and it is not deferred. Income from government grants is recognised when received as the accrual model is not permitted by the Statement of Recommended Practice.

| Investment income consists of bank interest received. Investment income is included when the charity is entitled to the income, receipt is probable and the amount can be measured reliably.

| Expenditure

| Expenditure has been classified under the headings that aggregate all costs 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 the resources.

| Expenditure is recognised on an accrual basis when a legal liability is incurred, payment of the liability is probable and the amount can be measured reliably. The amount includes any VAT which cannot be fully recovered. VAT is reported as part of the expenditure to which it relates.

| Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

| Transforming Communities: Glasgow |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

1. | ACCOUNTING POLICIES - continued

| Charitable activities

| Charitable activities comprise all resources expended undertaking work to meet the charity's charitable objectives. Such costs include the direct costs of charitable activities approved by the charity and all support costs relating to these activities. Governance costs include direct resources expended in the general running of the charity and are primarily associated with constitutional and statutory requirements. These costs are allocated entirely to charitable activities.

| Allocation and apportionment of costs

| Support costs are allocated wholly to charitable activities. Whilst the Trustees recognise that a small part of some items of expenditure included in support costs do relate to indirect governance costs, they are of the opinion that the time and costs involved in performing such an analysis outweigh the potential benefits arising from any such work.

| Taxation

| The charity is exempt from corporation tax on its charitable activities.

| Fund accounting

| Funds are classified as either unrestricted funds or restricted funds, defined as follows:

| Unrestricted funds are expendable at the discretion of the Trustees in furtherance of the objects of the charity. If parts of the unrestricted funds are earmarked at the discretion of the Trustees for a particular purpose, they are designated as a separate fund. This designation has an administrative purpose only and does not legally restrict the Trustees' discretion to apply the funds.

| Restricted funds are funds subject to specific requirements as to their use which may be declared by the donor or with their authority or created through legal process, but still within the wider objects of the charity.

| Financial instruments

| The charity has no complex financial instruments but does hold basic financial instruments of; cash at bank, debtors, and creditors.

| Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities.

| Debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, debtors are stated at cost less losses for bad debts.

| Creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, creditors are stated at cost.

2. | DONATIONS AND LEGACIES

| 2025 |  | 2024

£ | £ |

| Grant contributions from funding partners | 802,649 |  | 1,409,293 |  |

| Transforming Communities: Glasgow |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | DONATIONS AND LEGACIES - continued

| Grants received, included in the above, are as follows:

| 2025 |  | 2024

£ | £ |

| Glasgow City Council | 798,249 |  | 960,593 |  |

| Wheatley Homes Glasgow | 2,200 |  | 446,500 |  |

| Scottish Government | 2,200 |  | 2,200 |  |

802,649 |  | 1,409,293 |  |

3. | INVESTMENT INCOME

| 2025 |  | 2024

£ | £ |

| Deposit account interest | 290,191 |  | 232,862 |  |

4. | CHARITABLE ACTIVITIES COSTS

| Grant |

| funding of |

| activities | Support |

| (see note | costs (see |

| 5) | note 6) | Totals

£ | £ | £ |

| Charitable activities | 30,000 |  | 6,600 |  | 36,600 |  |

5. | GRANTS PAYABLE

| 2025 |  | 2024

£ | £ |

| Charitable activities | 30,000 |  | - |  |

| The total grants paid to institutions during the year was as follows: |

| 2025 |  | 2024

£ | £ |

| Wheatley Homes Glasgow | 30,000 |  | - |  |

| All grants paid were to support regeneration of the TRAs.

| Transforming Communities: Glasgow |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

6. | SUPPORT COSTS

| Governance

| costs

£ |

| Charitable activities | 6,600 |  |

7. | NET INCOME/(EXPENDITURE)

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

| 2025 |  | 2024

£ | £ |

| Auditors' remuneration | 6,600 |  | 6,600 |  |

8. | TRUSTEES' REMUNERATION AND BENEFITS

| There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

| Trustees' expenses

| There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

9. | STAFF COSTS

| There were no employees or staff costs for the year ended 31 March 2025 nor for the year ended 31 March 2024, and thus no employees received emoluments in excess of £60,000.

10. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

| Unrestricted

| funds

£ |

| INCOME AND ENDOWMENTS FROM

| Donations and legacies | 1,409,293 |

| Investment income | 232,862 |

| Total | 1,642,155 |

| EXPENDITURE ON

| Charitable activities

| Charitable activities | 6,600 |

| NET INCOME | 1,635,555 |

| RECONCILIATION OF FUNDS

| Total funds brought forward | 5,297,941 |

| TOTAL FUNDS CARRIED FORWARD | 6,933,496 |

| Transforming Communities: Glasgow |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025 | 2024 |

£ | £ |

| Other debtors | 8,026,336 |  | 6,940,096 |  |

12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025 | 2024 |

£ | £ |

| Accrued expenses | 36,600 |  | 6,600 |  |

13. | MOVEMENT IN FUNDS

| Net |  |

| movement |  | At |

| At 1.4.24 |  | in funds |  | 31.3.25 |

£ | £ | £ |

| Unrestricted funds

| General fund | 6,557,038 |  | 766,049 |  | 7,323,087 |  |

| Emergency Support fund | 376,458 |  | 290,191 |  | 666,649 |  |

6,933,496 |  | 1,056,240 |  | 7,989,736 |  |

| TOTAL FUNDS | 6,933,496 |  | 1,056,240 |  | 7,989,736 |  |

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

| Incoming |  | Resources |  | Movement |

| resources |  | expended |  | in funds |

£ | £ | £ |

| Unrestricted funds

| General fund | 802,649 |  | (36,600 | ) | 766,049 |  |

| Emergency Support fund | 290,191 |  | - |  | 290,191 |  |

1,092,840 |  | (36,600 | ) | 1,056,240 |  |

| TOTAL FUNDS | 1,092,840 |  | (36,600 | ) | 1,056,240 |  |

| Comparatives for movement in funds

| Net |  | Transfers |  |

| movement |  | between |  | At |

| At 1.4.23 |  | in funds |  | funds |  | 31.3.24 |

£ | £ | £ | £ |

| Unrestricted funds

| General fund | 5,297,941 |  | 1,402,693 |  | (143,596 | ) | 6,557,038 |  |

| Emergency Support fund | - |  | 232,862 |  | 143,596 |  | 376,458 |  |

5,297,941 |  | 1,635,555 |  | - |  | 6,933,496 |  |

| TOTAL FUNDS | 5,297,941 |  | 1,635,555 |  | - |  | 6,933,496 |  |

| Transforming Communities: Glasgow |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

13. | MOVEMENT IN FUNDS - continued

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

| Incoming |  | Resources |  | Movement |

| resources |  | expended |  | in funds |

£ | £ | £ |

| Unrestricted funds

| General fund | 1,409,293 |  | (6,600 | ) | 1,402,693 |  |

| Emergency Support fund | 232,862 |  | - |  | 232,862 |  |

1,642,155 |  | (6,600 | ) | 1,635,555 |  |

| TOTAL FUNDS | 1,642,155 |  | (6,600 | ) | 1,635,555 |  |

| A current year 12 months and prior year 12 months combined position is as follows:

| Net |  | Transfers |  |

| movement |  | between |  | At |

| At 1.4.23 |  | in funds |  | funds |  | 31.3.25 |

£ | £ | £ | £ |

| Unrestricted funds

| General fund | 5,297,941 |  | 2,168,742 |  | (143,596 | ) | 7,323,087 |  |

| Emergency Support fund | - |  | 523,053 |  | 143,596 |  | 666,649 |  |

5,297,941 |  | 2,691,795 |  | - |  | 7,989,736 |  |

| TOTAL FUNDS | 5,297,941 |  | 2,691,795 |  | - |  | 7,989,736 |  |

| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

| Incoming |  | Resources |  | Movement |

| resources |  | expended |  | in funds |

£ | £ | £ |

| Unrestricted funds

| General fund | 2,211,942 |  | (43,200 | ) | 2,168,742 |  |

| Emergency Support fund | 523,053 |  | - |  | 523,053 |  |

2,734,995 |  | (43,200 | ) | 2,691,795 |  |

| TOTAL FUNDS | 2,734,995 |  | (43,200 | ) | 2,691,795 |  |

| Unrestricted Funds

| The General fund represents income and expenditure relating to primary activities of the charity.

| The designated Emergency Support fund represents income received through interest that is set aside for emergency support of organisations within the Transformational Regeneration Areas.

| Transfers

| In the year to 31 March 2025, no transfers were made between funds. In the year to 31 March 2024, a transfer of £143,596 was made from the unrestricted general fund to the designated Emergency Support fund to represent the interest received in the previous years.

| Transforming Communities: Glasgow |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

14. | OTHER FINANCIAL COMMITMENTS

| The total amount of grants approved by the TC:G Board and still to be drawn down as at 31 March 2025 is £1,879,057 (2024 - £1,309,057).

15. | RELATED PARTY DISCLOSURES

| The related parties as defined by FRS102 for the year under review were Glasgow City Council, Wheatley Homes Glasgow (previously called Glasgow Housing Association), and the Scottish Government. The three entities are members with decision making powers and the power to appoint/remove trustees to/from the board.

| Grant contributions received from related parties for the year under review were as described in note 2 - Donations and legacies.

| Grant expenditure paid to related parties for the year under review were as as described in note 5 - Grants payable.

| Glasgow City Council held £8,013,136 (2024 - £6,933,496) of monies on behalf of the charity as at 31 March 2025. Interest earned on the balance in the year was £290,191 (2024 - £232,862).

| Other debtors included £4,400 (2024 - £2,200) owed each from Glasgow City Council, Wheatley Homes Glasgow and the Scottish Government as at 31 March 2025 in respect of audit fee contributions.

| The donations made to the Charity by Trustees during the year totalled £nil (2024 - £nil).

16. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

| In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.