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REGISTERED COMPANY NUMBER: SC159830 (Scotland)

REGISTERED CHARITY NUMBER: SC023931

| REPORT OF THE TRUSTEES AND |

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MARCH 2025 |

| FOR |

| FRIENDS OF SHARMANKA |

| FRIENDS OF SHARMANKA |

CONTENTS OF THE FINANCIAL STATEMENTS

for the year ended 31 MARCH 2025

| Page |

| Report of the Trustees | 1 |  | to |  | 10

| Independent Examiner's Report | 11 |

| Statement of Financial Activities | 12 |

| Balance Sheet | 13 |  | to |  | 14

| Notes to the Financial Statements | 15 |  | to |  | 20

| FRIENDS OF SHARMANKA (REGISTERED NUMBER: SC159830) |

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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The main purpose of the charity as set out in its constitution is to promote, maintain, improve and advance education, particularly by the encouragement of the Arts, including the art of Kinematic Sculpture.

Significant activities

In order to meet its objectives, the charity undertakes the following activities:

(a) Operating the Sharmanka Kinetic Theatre and Gallery in Glasgow

(b) Touring performances and exhibitions worldwide

(c) Other related projects

Public benefit

Sharmanka contributes a unique addition to Glasgow/Scotland's cultural programme, which

benefits local residents, visitors from Scotland and the UK, as well as international audiences.

Sharmanka continues to deliver and improve its engagement with a broader range of

audiences, with significant efforts over the span of 2024/25 increase local and national interest

and reached a broader age group demographics.

The company’s continues its work in preservation of the legacy of Eduard Bersudsky’s kinetic

sculptures, maintenance of all the artworks and their presentation to a wide spectrum of local,

national and international audiences.

Audio-visual presentation of Sharmanka's artworks and shows continues to develop and expand as the company embraces new technology and creative learning.. Educational resources are being expanded on annual basis. This includes information about Sharmanka’s history and multicultural background, computerised and mechanical technology and multimedia design expertise.

| FRIENDS OF SHARMANKA (REGISTERED NUMBER: SC159830) |

REPORT OF THE TRUSTEES

for the year ended 31 MARCH 2025

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

1. SERVICE DELIVERY

The core activity of Friends of Sharmanka is operating the Sharmanka Kinetic Theatre within Trongate 103, a centre for the arts and creativity. The 2023/24 year was dedicated to further testing the operational and marketing systems introduced in 2021/22 through Creative Scotland's project funding, which enabled substantial improvements across promotional, technical and creative functions, as well as online marketing and audience engagement.

Results from 2024/25 clearly show that these new systems have significantly enhanced Sharmanka's functionality and efficiency, supporting continued and notable audience growth.

2024/25 key figures in comparison to 2023/24

| 2024/25 Totals |  | Increase from 2023/24 |  | 2023/24 Totals |  |

Total number of visitors |  | 10,246 |  | 16% |  | 8,840 |  |

Number of tickets sold (paid entry) |  | 9,287 |  | 6% |  | 8,747 |  |

Income from ticket sales |  | £124,070 |  | 30% |  | £95,418 |  |

Merchandise sales |  | £12,648 |  | 33% |  | £9,500 |  |

Fees & wages |  | £70,282 |  | 29% |  | £54,474 |  |

2. PUBLIC OPERATION

2024/25 marked a period of sustained audience growth and continued recovery across local, national and international tourism. Visitor trends reported by VisitScotland indicated further increases in travel to Scotland, which were reflected in Glasgow throughout the year and particularly during peak summer months. The balance between local and international audiences remained broadly consistent with recent years.

Sharmanka operated a full weekly timetable of public performances, maintaining a minimum of ten shows per week and adding additional public and group bookings in response to demand. A total of 591 shows were delivered in 2024/25, representing continued growth in annual output.

Breakdown of shows delivered:

o Journey: 348 shows (59%)

o Wheels of Life: 223 shows (38%)

o Journey - Group Bookings: 20 shows (3%)

o Wheels of Life - Group Bookings: 0 shows (0%)

An additional 40 events were presented across the year:

o Live events: 14 (35%)

o Multicultural events: 3 (8%)

o Glasgow Doors Open Days Festival visits: 23 (57%)

Total attendance for 2024/25 reached 10,246 visitors, marking further audience expansion.

Breakdown of audience/visitors:

o Journey: 4,947 (48%)

o Wheels of Life: 3,579 (35%)

o Journey - Group Booking: 354 (3%)

o Wheels of Life - Group Booking: 0 (0%)

o Live Events: 460 (4%)

o Multicultural Events: 134 (1%)

o Glasgow Doors Open Days Festival Visits: 772 (8%)

| FRIENDS OF SHARMANKA (REGISTERED NUMBER: SC159830) |

REPORT OF THE TRUSTEES

for the year ended 31 MARCH 2025

Paid ticket admissions totalled 9,287, consisting of:

o Adult: 5,600 (60%)

o Concession: 2,824 (30%)

o Child: 509 (5%)

o Group Booking Tickets: 354 (4%)

A further 981 visitors attended via free-entry passes, including:

o MC Events/Screenings: 140 (14%)

o Carer's passes: 47 (5%)

o Glasgow Doors Open Days Festival: 772 (79%)

o Wheelchair space reservations: 22 (2%)

These results reflect strong and sustained audience demand and continued year-on-year growth in both show delivery and public engagement.

3. AUDIENCE ORIGIN and AGE GROUPS

The following statistics are based on 3,902 questionnaires submitted for scheduled shows and

30 questionnaires submitted for group shows during online booking in 2024/25.

Audience origin - scheduled shows:

31% of audience are from Glasgow (compared to 26% in 2023/24)

17% of audience are from Scotland (outside Glasgow) (compared to 16% in 2023/24)

18% of audience are from Rest of UK (outside Scotland) (compared to 21% in 2023/24)

14% of audience are from Europe (the same as 14% in 2023/24)

20% of audience are from Rest of the World (compared to 22% in 2023/24)

Audience origin - group shows:

43% from Glasgow (compared to 62% in 2023/24)

10% from Scotland (outside Glasgow) (compared to 15% in 2023/24)

10% from Rest of UK (outside Scotland) (no 2023/24 comparison available)

17% from Europe (compared to 8% in 2023/24)

20% from Rest of the World (compared to 15% in 2023/24)

The continued increase in international visitors reflects strong tourism recovery. Despite proportional shifts, the actual number of visitors from Glasgow, Scotland and the UK continues to rise.

Audience age brackets - scheduled shows:

1% of audience are aged 12 - 18 (same as 1% in 2023/24)

10% are aged 19 - 25 (compared to 11% in 2023/24)

38% are aged 26 - 40 (compared to 41% in 2023/24)

31% are aged 40 - 60 (compared to 29% in 2023/24)

19% are aged Over 60 (compared to 17% in 2023/24)

Audience age brackets - group shows:

7% are aged 12 - 18 (compared to 8% in 2023/24)

41% are aged 19 - 25 (compared to 8% in 2023/24)

22% are aged 26 - 40 (compared to 42% in 2023/24)

4% are aged 40 - 60 (compared to 17% in 2023/24)

26% are aged Over 60 (compared to 25% in 2023/24)

| FRIENDS OF SHARMANKA (REGISTERED NUMBER: SC159830) |

REPORT OF THE TRUSTEES

for the year ended 31 MARCH 2025

4. ONLINE AUDIENCE REACH

Sharmanka continued to strengthen its digital presence throughout 2024/25, maintaining consistent daily activity across social media and monthly releases of new video content. Regular newsletters contributed to steady audience growth, supported by ongoing box office sign-ups and integrated links across online platforms.

Targeted advertising remained an important part of Sharmanka's digital strategy. Campaigns focused on key artistic, cultural and geographic demographics within a 75 km radius of Glasgow, ensuring that promotional content reached audiences most likely to engage with Sharmanka's work.

Sharmanka also continued to use unified social media handles, interlinked platforms and multilingual content to ensure accessibility and coherent branding across its website, Facebook, Instagram, Vimeo, YouTube and TripAdvisor. Translated programme materials and updated digital text resources further enhanced international engagement.

2024/25 RESULTS with comparisons from previous year.

Website

o 105,483 page views (+26%), 85,844 unique visits (+30%), 79,670 first-time visits (+33%) and

6,174 returning visits (+23%).

Google Listing

o Rating 4.7 (no change); 21,090 search views; 15,333 total actions (+2%) including 10,070

website actions (-6%), 4,159 direction requests (+2%) and 121 calls (-36%).

Facebook and Instagram

o Followers: 3,631 on FB (+17%) 3,985 on IG (+241%).

o Reach: 287,075 on FB (+13%) and 103,500 on IG (+12%).

o Visits: FB 10,900 (no change), IG 6,100 (+74%).

o New follows: FB 296 / IG 330.

Paid Advertising on Social Media (FB & IG)

o 128 ads posted (-43%), 241 shares (-24%), 278,385 paid reach (+13%), 10,200 link clicks (-

18%), 710,337impressions (-13%); spend £2,581.17 (unchanged).

Vimeo

o 22,600 total views (-7%) and 6,863 unique views (-3%).

o Device views: 14,800 mobile (-39%), 6,977 desktop (+11%), 748 tablet (-18%).

o Watch time 328 hours (-29%).

Mailchimp

o 12 publications (no change), 1,553 audience (+70%), 15,270 emails sent; open rate 25%, click

rate 0.5%, unsubscribe rate 0.85%.

5. 2025 RANKING

Sharmanka continues to retain its high ranking over various platforms:

Visit Scotland 4 star tourist attraction.

Tripadvisor: #10 of 520 things to do in Glasgow. (https://bit.ly/SharmankaTripAdvisor)

Lonely Planet: Top Choice Attraction in Glasgow (https://bit.ly/SharmankaLonelyPlanet)

Atlas Obsucra: #2 of 92 things to do in Glasgow (https://www.atlasobscura.com/places/sharmanka-kinetic-theatre)

Timeout: One of the 31 greatest things to do in Glasgow. (https://bit.ly/SharmankaTimeOut)

Facebook: 4.9 stars (https://www.facebook.com/Sharmanka.theatre)

Google: 4.7 stars

| FRIENDS OF SHARMANKA (REGISTERED NUMBER: SC159830) |

REPORT OF THE TRUSTEES

for the year ended 31 MARCH 2025

6. EDUCATION & COMMUNITY OUTREACH

EDUCATION & COMMUNITY OUTREACH - 2024/25

Sharmanka's group booking framework, introduced in 2021/22, continues to provide tailored access for educational institutions, community groups, arts organisations and groups supporting individuals with varied abilities. During the 2024/25 season, Sharmanka experienced a notable increase in outreach activity, with visits from a broad range of local, national and international organisations. Many of these groups took part in post-show discussions with Sharmanka's team, deepening engagement with the artworks, their histories and the kinetic mechanisms behind them.

Sharmanka strengthened its relationships with schools, universities, theatre and arts organisations, community support groups and international cultural programmes. Marketing and communications now operate primarily through online channels, allowing for more effective and immediate outreach. These digital platforms are used extensively for group communication, ensuring that educational and community partners have direct, up-to-date access to booking links and key information. Expansion of the contact database remains ongoing as Sharmanka continues to build new partnerships and widen its educational offer.

2024/25 Education, Community and Outreach Group Visit

o 5 Apr 2024 - Retiree group - Senior community learning and social engagement group.

o 5 Apr 2024 - U3A for retired people - Lifelong learning group for older adults offering community-based educational activities. https://u3a.org.uk

o 25 Apr 2024 - Good Morning Service (Retiree group) - Organisation supporting isolated older people through befriending and social outings. https://www.goodmorningservice.co.uk

o 27 May 2024 - School (France) - French secondary school visiting Scotland with a group of 13-year-old pupils.

o 9 Jun 2024 - Baylor University (USA) - Theatre Department study abroad group from a US university. https://www.baylor.edu/theatre

o 16 Jul 2024 - Stellar Quines Theatre Company - Feminist theatre company focused on amplifying women's voices in performance. https://www.stellarquines.co.uk

o 7 Aug 2024 - Trafalgar Tours (USA) - International cultural travel group visiting Scottish heritage sites. https://www.trafalgar.com

o 15 Aug 2024 - U3A (local branch) - Local lifelong learning organisation for retired and semi-retired adults. https://u3a.org.uk

o 17 Aug 2024 - Kelvin Probus Club - Educational and social club for retired professionals in NW Glasgow. https://kelvinprobus.org

o 6 Sep 2024 - School (Germany) - German secondary school participating in cultural and language immersion.

o 22 Sep 2024 - University of Glasgow (Scottish Literature) - Postgraduate literature students exploring cultural themes linked to Sharmanka. https://www.gla.ac.uk

o 30 Sep 2024 - Community drop-in group - Local community group participating in cultural activities.

o 4 Oct 2024 - School / Educational group - General school visit supporting creative and interdisciplinary learning.

o 22 Oct 2024 - King's Park Secondary School (ASN Unit) - Specialist unit supporting pupils with additional needs through creative learning. http://www.kingspark-sec.glasgow.sch.uk

o 25 Oct 2024 - U3A: The Three Brethren (Galashiels) - Learning group for retired people in the Scottish Borders. https://thethreebrethren.u3asite.uk

o 27 Oct 2024 - Youth Theatre Group (USA) - Visiting youth performing arts group exploring Scottish cultural venues.

o 4 Nov 2024 - Royal Conservatoire of Scotland - Production Arts and Design students engaging with kinetic sculpture techniques. https://www.rcs.ac.uk

o 7 Nov 2024 - CreativeMornings Glasgow - Local chapter of the global creative community offering cultural talks and events. https://creativemornings.com/cities/gla

o 29 Jan 2025 - Allander Resource Centre - Adult learning disability support service offering creative and social outings.

o 30 Jan 2025 - Annette Street Primary School (Govanhill) - Primary school using Sharmanka to support creative learning. https://blogs.glowscotland.org.uk/gc/annettestreet/

o 27 Mar 2025 - University of Glasgow (Postgraduate cohort) - Students studying East European culture and contemporary art. https://www.gla.ac.uk

o 29 Mar 2025 - Independent School (Moray) - School from Moray expanding pupils' access to arts experiences.

| FRIENDS OF SHARMANKA (REGISTERED NUMBER: SC159830) |

REPORT OF THE TRUSTEES

for the year ended 31 MARCH 2025

7. PUBLIC BENEFIT

Sharmanka continues to provide a distinctive cultural experience for local, national and international audiences. In 2024/25, all areas of public engagement saw steady improvement.

Key areas of public benefit include:

o Growing audience reach across local, UK and international visitors, with broader age and demographic diversity.

o Ongoing preservation and presentation of Eduard Bersudsky's kinetic sculptures, ensuring high-quality artistic and technical standards.

o Enhanced audio-visual experience through the adoption of new technologies that deepen the immersive quality of the shows.

o Expanded educational resources, including:

- Information on Sharmanka's history and multicultural influences

- Insights into mechanical, computerised and multimedia design processes

- Materials supporting creative learning for schools, universities and community partners

These developments strengthen Sharmanka's role as an accessible, inclusive and educational cultural venue.

8. CREATIVE SECTOR BENEFIT

Sharmanka continues to support Scotland's creative ecology by offering a technically capable and artist-friendly environment for collaboration.

2024/25 creative sector benefits include:

o Improved venue infrastructure, with upgraded lighting, sound and control systems enabling more flexible artistic production.

o Support for visiting artists and musicians, allowing for a wider range of interdisciplinary performance and creative experimentation.

o Operational gains from the Creative Flexibility project, which continue to streamline programming, administration and event delivery.

o Progress toward developing Sharmanka as a cultural hub, with ambitions for a dynamic multi-art-form programme spanning:

-Music

- Dance

- Poetry

- Film screenings

- Talks and creative learning events

These developments increase Sharmanka's contribution to Scotland's creative industries.

9. TECHNOLOGICAL ADVANCES AND UPKEEP

Sharmanka's investment in digital technology and maintenance ensures long-term sustainability of the artworks and consistency in public presentation.

Q-Lab Developments

o Q-Lab remains central to Sharmanka's show operation, offering a reliable and innovative 21st-century platform for synchronising lighting, sound and kinetic mechanisms.

o During the winter maintenance period, Sharmanka completed the full digitisation and reprogramming of Gothic Kinetic Touring Set, including:

-Transfer of all controls into Q-Lab

- Complete update of show sequencing

- Installation of new RGB LED lighting

o The revised work was successfully relaunched within the Journey programme in early 2024.

Maintenance Work

| FRIENDS OF SHARMANKA (REGISTERED NUMBER: SC159830) |

REPORT OF THE TRUSTEES

for the year ended 31 MARCH 2025

Regular maintenance continues across all sculptures and theatre systems to ensure:

o Smooth daily operation of performances

o Mechanical and electronic reliability

o Audience safety and comfort

o Long-term preservation of complex kinetic artworks

These measures support Sharmanka's core mission of sustaining and presenting a unique artistic legacy.

10. PARTNERSHIPS / COLLABORATIONS / PROJECTS / EVENTS

2024/25 saw the full continuation of the monthly Live Events programme, assembled by John Cavanagh (www.johncavanagh.co.uk).

The programme supports local musicians, performers and artists and included:

o 9 Apr 2024 - Dyschronia - Experimental music project creating immersive soundscapes built from atmospheric textures, improvisation and ambient noise structures. https:// dyschroniaca.com/en/

o 31 May 2024 - BARE - Contemporary music act performing original material with a focus on minimal arrangements and intimate, expressive live delivery.

o 28 Jun 2024 - Simone Antigone - Vocalist and multi-instrumentalist presenting contemporary compositions that blend atmospheric sound, lyrical expression and subtle experimental elements.

o 23 Aug 2024 - MWAK - Glasgow-based experimental performer known for ambient sound construction, abstract tonal work and exploratory live improvisation.

o 27 Sep 2024 - The DDN - Alternative music project performing structured experimental works combining rhythm, spoken elements and electronic textures. https:// theddn.bandcamp.com/

o 18 Oct 2024 - Acolyte - Electronic and ambient artist producing layered sound environments, incorporating looping, synthesis and evolving tonal patterns. https:// www.facebook.com/acolyte.music.poetry

o 22 Nov 2024 - Rebecca Carson & Anne Chaurand - Collaborative duo presenting an evolving musical set combining contemporary composition, improvisation and vocal or instrumental interplay. http://www.annechaurandguitarist.co.uk/

o 26 Jan 2025 - Dominic Waxing Lyrical - Poet and musician blending spoken-word performance with experimental musical accompaniment, known for his idiosyncratic narrative style. https://www.dominicwaxinglyrical.com/

o 23 Feb 2025 - Diljeet Kaur Bhachu - Vocalist, composer and multi-instrumentalist whose work spans Scottish folk influences, contemporary experimentation and cross-cultural musical forms. https://diljeetbhachu.com/

o 25 Mar 2025 - Tom Dalzell - Ambient electronic musician creating evolving, textural sound pieces that blend subtle rhythms, tonal drones and atmospheric electronic layering. https:// soundcloud.com/tom-dalzell

August and November 2024 - Verse Universe - Multicultural and multilingual poetry, song and music. John Cavanagh and Marzanna Antoniak once again presented Verse Universe at Sharmanka - a continuing celebration of creative writing, spoken word and musical performance expressed in a variety of languages and artistic traditions. Verse Universe remains an occasional series developed and curated by Marzanna and John, bringing together diverse performers in the unique environment of the kinetic theatre.

The 2024 editions featured contributions from artists including Sawsan AlAreeqe, performing poetry in Arabic, alongside a changing line-up of writers, vocalists and musicians invited to share their work. As in previous years, both John and Marzanna also performed, contributing to an engaging and richly textured programme. The events offered a vibrant mix of returning guests and first-time performers, reinforcing Sharmanka's role as an inclusive platform for multilingual, cross-cultural artistic expression.

FINANCIAL REVIEW

Financial position

During the year, the charity generated a surplus of £14,453 (2024 - £5438). All reserves are Unrestricted, with £76,999 being available to carry forward to 2025/26. The level of reserves being carried forward is in line with the aims of the Trustees set out in the Reserves Policy below.

| FRIENDS OF SHARMANKA (REGISTERED NUMBER: SC159830) |

REPORT OF THE TRUSTEES

for the year ended 31 MARCH 2025

FINANCIAL REVIEW

Principal funding sources

2024/25 was Sharmanka's third consecutive year operating without any external core funding since the organisation was established in Glasgow in 1995. The company continues to function on a fully self-sustained basis, relying entirely on earned income while navigating ongoing financial pressures.

Glasgow City Council - discontinued support

There have been no changes to the funding situation with Glasgow City Council during 2024/25. The discontinuation of Integrated Grant Funding in 2021, followed by the unsuccessful application to the Glasgow Community Fund, continues to place Friends of Sharmanka at an annual financial disadvantage of approximately £11.5K compared to the previous decade of operation.

This experience continues to mirror that of many independent cultural organisations in Glasgow.

Sharmanka remains an active participant in the independent cultural forum established to advocate for improved cultural policy and meaningful support for the independent arts sector.

Creative Scotland - Open Fund (Creative Flexibility project)

Although no new funding was secured in 2024/25, Sharmanka continues to benefit each year from the outcomes of the Creative Flexibility and Sustainability project, supported through Creative Scotland's Open Fund in 2021/22. The digital systems, online capacity and upgraded technical equipment developed through this project have delivered lasting improvements in:

o administrative efficiency

o marketing reach and digital engagement

o technical reliability and show production

These enhancements continue to support Sharmanka's operational resilience during a period of sustained financial constraint.

Energy costs

Energy costs remained a significant element of expenditure in 2024/25, though the organisation experienced a modest reduction compared to the previous year. The switch from Scottish Power to Octopus Energy in March 2023 has played a role in stabilising charges and avoiding further steep increases.

o 2022/23 annual bill: £2,052

o 2023/24 annual bill: £5,066

o 2024/25 annual bill: £4,369

Electricity usage remained broadly consistent across these years, indicating that cost changes reflect market pricing rather than increased consumption.

UK context 2024/25:

While wholesale energy prices began to ease slightly during 2024 and into early 2025, business tariffs across the UK remained elevated compared to pre-2021 levels. Fixed-rate contracts became more available again, but many organisations continued to face higher base rates than before the market volatility of recent years. In this context, Sharmanka's switch to Octopus Energy helped to limit further increases and provided a modest but important reduction in overall annual expenditure.

Reserves policy

The trustees have examined the charity's requirements for reserves in light of the main risks to the organisation. In doing so they considered the reason why the company needs restricted and unrestricted funds, the level of these reserves required and the steps to be taken in order to establish and maintain reserves at the required level.

At present, the balance held as unrestricted funds as at 31 March 2025 was £76,999 (2024 - £62,546). As it has been doing for a number of years now, Sharmanka is maintaining provision for the possibility of being required to leave the Trongate 103 premises. For 2025/26, a restricted reserve of £40K has been ring-fenced to support organisational survival in the event of relocation. This reserve is intended to cover logistical costs, temporary storage, and the research and development work necessary to identify and evaluate future operating options for Sharmanka.

| FRIENDS OF SHARMANKA (REGISTERED NUMBER: SC159830) |

REPORT OF THE TRUSTEES

for the year ended 31 MARCH 2025

FUTURE PLANS

12. PROSPECTS FOR THE YEAR AHEAD (2025/26)

The discontinuation of the IGF fund from Glasgow City Council continues to result in an annual shortfall of £11.5K. This remains a sector-wide issue, affecting numerous cultural organisations across the city, including our neighbours within Trongate 103.

The potential for a substantial increase in service charges and rent at Trongate 103 continues to pose a significant risk to the organisation's long-term viability. If implemented, these increases could force all Tenant Organisations, including Sharmanka, to vacate the building within the next 18 months. Glasgow City Council, working with Creative Scotland, has commissioned an independent Operating Model Review to identify a sustainable route forward for the building and its tenants.

In addition, Glasgow City Council has recently re-engaged with the Trongate 103 tenants to help mediate and resolve the situation, and to explore a viable long-term solution for all key stakeholders. This renewed engagement seeks to secure the best possible conditions for Trongate 103 to continue delivering its significant collective contribution to Glasgow's cultural programme and to the city's standing on the international stage.

GCC representatives previously indicated that any increases would be paused during the review period; however, Sharmanka continues to receive invoices from City Property applying the higher, annually escalating rent and insurance charges.

Sharmanka, in line with all Tenant Organisations in the building, has withheld payment of the increased charges pending release of the un-redacted report commissioned by the City and the agreement of new leases with City Property. Friends of Sharmanka considers it prudent to allocate funds to cover these charges should payment ultimately be required. The amount listed as "owed" on City Property invoices at the end of March 2025 has been included within the company's debtor liabilities for the 2024/25 accounts.

Financial projections for 2025/26 remain uncertain due to the unprecedented operating environment. The unresolved risk of increased rent and service charges continues to place pressure on Sharmanka's financial stability.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

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

Recruitment and appointment of new trustees

Members wishing to become trustees must be recommended by the board or proposed by a fellow member of the charity, in advance of the general meeting. The member then stands for election at a general meeting.

Organisational structure

The board of trustees meet quarterly (or more often if required) and has responsibility for all strategic decisions of the charity.

Induction and training of new trustees

All new Board members are inducted by the trustees of the charity. The chairperson of the board of trustees meets with new trustees to outline the code of governance.

Following the gradual retirement of Tatyana Jakovskaya and Eduard Bersudsky from their active roles in running the company, will both be proposed to change their positions to the honorary roles of the Founding Directors. They will remain on the Board of Trustees.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

SC159830 (Scotland)

Registered Charity number

SC023931

Registered office

Trongate 103

Glasgow

G1 5HD

| FRIENDS OF SHARMANKA (REGISTERED NUMBER: SC159830) |

REPORT OF THE TRUSTEES

for the year ended 31 MARCH 2025

Trustees

E Bersudsky

Mrs T Jakovskaya

Mrs M Stead Lenert

J E Cavanagh

M Botting

Mrs N R Fletcher

P J Searle

Dr A A Retik

Dr T J Fletcher

Company Secretary

Mrs T Jakovskaya

Independent Examiner

Martin Greig BA CA

Thomas Barrie & Co LLP

Atlantic House

1a Cadogan Street

Glasgow

G2 6QE

Approved by order of the board of trustees on 9 January 2026 and signed on its behalf by:

Mrs T Jakovskaya - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

FRIENDS OF SHARMANKA

I report on the accounts for the year ended 31 March 2025 set out on pages twelve to twenty.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of the independent examiner's report

My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner's statement

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

(1) | which gives me reasonable cause to believe that, in any material respect, the requirements

- | to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

- | to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations

have not been met; or

(2) | to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Martin Greig BA CA

The Institute of Chartered Accountants of Scotland

Thomas Barrie & Co LLP

Atlantic House

1a Cadogan Street

Glasgow

G2 6QE

Date: .............................................

| FRIENDS OF SHARMANKA |

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 MARCH 2025

| 2025 |  | 2024

| Unrestricted |  | Restricted |  | Total |  | Total

| funds |  | funds |  | funds |  | funds

| Notes | £ | £ | £ | £ |

INCOME AND ENDOWMENTS FROM

Charitable activities

Theatre & exhibitions | 149,869 |  | - |  | 149,869 |  | 97,917 |

Other trading activities | 2 | 13,481 |  | - |  | 13,481 |  | 9,068 |

Total | 163,350 |  | - |  | 163,350 |  | 106,985 |

EXPENDITURE ON

Raising funds | 3 | 509 |  | - |  | 509 |  | - |

Charitable activities

Theatre & exhibitions | 148,388 |  | - |  | 148,388 |  | 101,547 |

Total | 148,897 |  | - |  | 148,897 |  | 101,547 |

NET INCOME | 14,453 |  | - |  | 14,453 |  | 5,438 |

RECONCILIATION OF FUNDS

Total funds brought forward | 62,546 |  | - |  | 62,546 |  | 57,108 |

TOTAL FUNDS CARRIED FORWARD | 76,999 |  | - |  | 76,999 |  | 62,546 |

| FRIENDS OF SHARMANKA (REGISTERED NUMBER: SC159830) |

BALANCE SHEET

31 MARCH 2025

| 2025 |  | 2024

| Unrestricted |  | Restricted |  | Total |  | Total

| funds |  | funds |  | funds |  | funds

| Notes | £ | £ | £ | £ |

FIXED ASSETS |

Tangible assets | 7 | 21,306 |  | - |  | 21,306 |  | 20,530 |

CURRENT ASSETS |

Debtors | 8 | 9,106 |  | - |  | 9,106 |  | 3,158 |

Cash at bank and in hand | 80,577 |  | - |  | 80,577 |  | 61,494 |

89,683 |  | - |  | 89,683 |  | 64,652 |

CREDITORS |

Amounts falling due within one year | 9 | (33,990 | ) | - |  | (33,990 | ) | (22,636 | )

NET CURRENT ASSETS | 55,693 |  | - |  | 55,693 |  | 42,016 |

TOTAL ASSETS LESS CURRENT LIABILITIES | 76,999 |  | - |  | 76,999 |  | 62,546 |

NET ASSETS | 76,999 |  | - |  | 76,999 |  | 62,546 |

FUNDS | 10

Unrestricted funds | 76,999 |  | 62,546 |

TOTAL FUNDS | 76,999 |  | 62,546 |

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

| FRIENDS OF SHARMANKA (REGISTERED NUMBER: SC159830) |

BALANCE SHEET - continued

31 MARCH 2025

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 9 January 2026 and were signed on its behalf by:

T Jakovskaya - Trustee

| FRIENDS OF SHARMANKA |

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' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The presentational and functional currency of the financial statements is Pounds Sterling (£).

| Going concern

| After reviewing the charity's forecasts and projections, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

| Financial reporting standard 102 - reduced disclosure exemptions

| The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

| • | the requirements of Section 7 Statement of Cash Flows.

| Critical accounting judgements and key sources of estimation uncertainty

| In preparing these financial statements, the Trustees are required to make judgements, estimates and assumptions that affect the application of the Charity's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

| The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements:

| Fixed Assets

| The estimates and assumptions made to determine asset lives require judgements to be made as regards useful lives and residual values. The useful lives and residual values of the charity's financial assets are determined by the Trustees at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on experience with similar assets. The depreciation rates applied are outlined later in these notes.

| Income

| Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.

| Donations

| Donations are recognised on receipt. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until those conditions are fully met.

| Grants

| Grants are recognised when the charity has been notified in writing of both the amount and settlement date. Grants are deferred if terms or conditions must be met before the charity has entitlement to the resources.

| Ticket Sales & Merchandise

| Revenue is recognised when the significant risks and rewards of ownership have been transferred to the customer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably.

| FRIENDS OF SHARMANKA |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 MARCH 2025

1. | ACCOUNTING POLICIES - continued

| Income

| Maintenance Services

| Income from services is recognised on completion of the work.

| Exhibition Fees & Commissions

| Income is recognised in line with the terms of the contracts agreed with each museum and gallery.

| 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.

| 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 | - | in accordance with the property

| Plant and machinery | - | 20% on cost

| Fixtures and fittings | - | 15% on cost

| Computer equipment | - | 33% on cost

| The carrying values of tangible fixed assets are reviewed annually for impairment if events or changes in circumstances indicate the carrying values may not be recoverable.

| Taxation

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

| 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.

| Financial instruments

| The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

| Debtors

| Short term debtors are measured at transaction price, less any impairment.

| Cash and cash equivalents

| Cash and cash equivalents comprises cash balances.

| Creditors

| Short term trade creditors are measured at the transaction price.

| Provisions

| Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

| FRIENDS OF SHARMANKA |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 MARCH 2025

2. | OTHER TRADING ACTIVITIES

| 2025 |  | 2024

£ | £ |

| Merchandise sales | 13,481 |  | 9,068 |  |

3. | RAISING FUNDS

| Raising donations and legacies

| 2025 |  | 2024

£ | £ |

| Support costs | 509 |  | - |  |

4. | NET INCOME/(EXPENDITURE)

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

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 9,353 |  | 9,984 |  |

5. | 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.

6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

| Unrestricted |  | Restricted |  | Total

| funds |  | funds |  | funds

£ | £ | £ |

| INCOME AND ENDOWMENTS FROM

| Charitable activities

| Theatre & exhibitions | 97,917 |  | - |  | 97,917 |

| Other trading activities | 9,068 |  | - |  | 9,068 |

| Total | 106,985 |  | - |  | 106,985 |

| EXPENDITURE ON

| Charitable activities

| Theatre & exhibitions | 101,547 |  | - |  | 101,547 |

| NET INCOME | 5,438 |  | - |  | 5,438 |

| FRIENDS OF SHARMANKA |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 MARCH 2025

6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

| Unrestricted |  | Restricted |  | Total

| funds |  | funds |  | funds

£ | £ | £ |

| RECONCILIATION OF FUNDS

| Total funds brought forward | 57,108 |  | - |  | 57,108 |

| TOTAL FUNDS CARRIED FORWARD | 62,546 |  | - |  | 62,546 |

7. | TANGIBLE FIXED ASSETS

| Improvements |  | Fixtures |

| to |  | Plant and |  | and |  | Computer |

| property |  | machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 April 2024 | 38,841 |  | 22,527 |  | 20,229 |  | 31,613 |  | 113,210 |  |

| Additions | - |  | - |  | - |  | 10,129 |  | 10,129 |  |

| At 31 March 2025 | 38,841 |  | 22,527 |  | 20,229 |  | 41,742 |  | 123,339 |  |

| DEPRECIATION

| At 1 April 2024 | 26,589 |  | 22,499 |  | 16,982 |  | 26,610 |  | 92,680 |  |

| Charge for year | 3,732 |  | 28 |  | 1,437 |  | 4,156 |  | 9,353 |  |

| At 31 March 2025 | 30,321 |  | 22,527 |  | 18,419 |  | 30,766 |  | 102,033 |  |

| NET BOOK VALUE

| At 31 March 2025 | 8,520 |  | - |  | 1,810 |  | 10,976 |  | 21,306 |  |

| At 31 March 2024 | 12,252 |  | 28 |  | 3,247 |  | 5,003 |  | 20,530 |  |

8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025 | 2024 |

£ | £ |

| Trade debtors | 7,306 |  | 652 |  |

| Prepayments | 1,800 |  | 2,506 |  |

9,106 |  | 3,158 |  |

| FRIENDS OF SHARMANKA |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 MARCH 2025

9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025 | 2024 |

£ | £ |

| Trade creditors | - |  | 550 |  |

| Other creditors | 5,656 |  | 5,656 |  |

| Accrued expenses | 28,334 |  | 16,430 |  |

33,990 |  | 22,636 |  |

10. | MOVEMENT IN FUNDS

| Net |  | Transfers |  |

| movement |  | between |  | At |

| At 1.4.24 |  | in funds |  | funds |  | 31.3.25 |

£ | £ | £ | £ |

| Unrestricted funds

| General Fund | 62,546 |  | 14,453 |  | (40,000 | ) | 36,999 |  |

| Contingency Fund | - |  | - |  | 40,000 |  | 40,000 |  |

62,546 |  | 14,453 |  | - |  | 76,999 |  |

| TOTAL FUNDS | 62,546 |  | 14,453 |  | - |  | 76,999 |  |

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

| Incoming |  | Resources |  | Movement |

| resources |  | expended |  | in funds |

£ | £ | £ |

| Unrestricted funds

| General Fund | 163,350 |  | (148,897 | ) | 14,453 |  |

| TOTAL FUNDS | 163,350 |  | (148,897 | ) | 14,453 |  |

| Comparatives for movement in funds

| Net |  | Transfers |  |

| movement |  | between |  | At |

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

£ | £ | £ | £ |

| Unrestricted funds

| General Fund | 57,108 |  | 5,438 |  | (35,000 | ) | 27,546 |  |

| Contingency Fund | - |  | - |  | 35,000 |  | 35,000 |  |

57,108 |  | 5,438 |  | - |  | 62,546 |  |

| TOTAL FUNDS | 57,108 |  | 5,438 |  | - |  | 62,546 |  |

| FRIENDS OF SHARMANKA |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 MARCH 2025

10. | 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 | 106,985 |  | (101,547 | ) | 5,438 |  |

| TOTAL FUNDS | 106,985 |  | (101,547 | ) | 5,438 |  |

| PURPOSE OF FUNDS

| Unrestricted

| Contingency Fund - this ring-fenced reserve is a separate fund designed for the worst-case scenario of Sharmanka having to decant from Trongate 103 premises and designed to increase chances of the charity's survival upon a potential exit from the current venue. This reserve would fund the logistics & temporary storage and support the necessary work into research of the alternatives for Sharmanka's future operation.

| Restricted

| Creative Scotland - funding in respect of a Creative Flexibility and Sustainability project, aimed at improving Sharmanka's digital functionality, online presence, upgrade operating equipment and widen the variety of its

| public programme. This project was completed in the year.

11. | RELATED PARTY DISCLOSURES

| During the year, management, design and technical fees were paid to Sergey Jakovsky, whose specialist expertise is essential for the maintenance and operation of Sharmanka's complex artworks and systems. His services are provided at substantially reduced rates, and Sharmanka would be unable to secure equivalent support externally within available resources.

| Trustee John Cavanagh received token fees (£75 per event) for programming and MC duties for Sharmanka's Live Events. His professional experience and sector connections are central to the delivery of this programme, and no comparable external provider could undertake this role at similar cost.