FRIENDS OF THE PIPE FACTORY C.I.C.

Company limited by guarantee

Company Registration Number:
SC662451 (Scotland)

Unaudited statutory accounts for the year ended 28 February 2025

Period of accounts

Start date: 29 February 2024

End date: 28 February 2025

FRIENDS OF THE PIPE FACTORY C.I.C.

Contents of the Financial Statements

for the Period Ended 28 February 2025

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

FRIENDS OF THE PIPE FACTORY C.I.C.

Directors' report period ended 28 February 2025

The directors present their report with the financial statements of the company for the period ended 28 February 2025

Directors

The directors shown below have held office during the whole of the period from
29 February 2024 to 28 February 2025

Rachel Dunn
 Felix Wight
 Benjamin Spencer

The director shown below has held office during the period of
29 February 2024 to 14 March 2024

Caroline Thompson

The director shown below has held office during the period of
9 May 2024 to 28 February 2025

Verity Hocking

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
14 January 2026

And signed on behalf of the board by:
Name: Felix Wight
Status: Director

FRIENDS OF THE PIPE FACTORY C.I.C.

Profit And Loss Account

for the Period Ended 28 February 2025

2025 2024


£
£
Turnover: 10,717 25,465
Gross profit(or loss): 10,717 25,465
Administrative expenses: ( 134,406 ) ( 104,596 )
Other operating income: 157,012 118,235
Operating profit(or loss): 33,323 39,104
Interest receivable and similar income: 0 62
Interest payable and similar charges: ( 19,887 ) ( 19,684 )
Profit(or loss) before tax: 13,436 19,482
Profit(or loss) for the financial year: 13,436 19,482

FRIENDS OF THE PIPE FACTORY C.I.C.

Balance sheet

As at 28 February 2025

Notes 2025 2024


£
£
Fixed assets
Tangible assets: 3 869,350 549,671
Total fixed assets: 869,350 549,671
Current assets
Debtors: 4 229,099 191,856
Cash at bank and in hand: 28,521 7,044
Total current assets: 257,620 198,900
Creditors: amounts falling due within one year: 5 ( 168,970 ) ( 91,793 )
Net current assets (liabilities): 88,650 107,107
Total assets less current liabilities: 958,000 656,778
Creditors: amounts falling due after more than one year: 6 ( 949,810 ) ( 662,024 )
Total net assets (liabilities): 8,190 (5,246)
Members' funds
Profit and loss account: 8,190 ( 5,246)
Total members' funds: 8,190 (5,246)

The notes form part of these financial statements

FRIENDS OF THE PIPE FACTORY C.I.C.

Balance sheet statements

For the year ending 28 February 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 14 January 2026
and signed on behalf of the board by:

Name: Felix Wight
Status: Director

The notes form part of these financial statements

FRIENDS OF THE PIPE FACTORY C.I.C.

Notes to the Financial Statements

for the Period Ended 28 February 2025

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for customer rebates and other similar allowances. Turnover from the rendering of services is primarily rental income which is measured by reference to the rental period. Rental income is recognised by accounting for rentals due for each accounting period.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulated depreciation where applicable and any accumulated impairment losses. The property in the accounts was purchased in February 2021 for redevelopment therefore no depreciation has been charged for this accounting period. The property is valued at cost including redevelopment costs plus professional fees. Depreciation Rates Freehold Property 0% Straight Line Office Equipment 25% Straight Line

    Other accounting policies

    Government Grants Grants are recognised in the income and expenditure account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute. Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income and expenditure account. Grants towards general activities of the entity over a specific period are recognised in the income and expenditure account over that period. Grants towards the building refurbishment costs will be recognised over the expected useful life of the building and are treated as deferred income and will be released to the income and expenditure account over the useful life of the building.

FRIENDS OF THE PIPE FACTORY C.I.C.

Notes to the Financial Statements

for the Period Ended 28 February 2025

  • 2. Employees

    2025 2024
    Average number of employees during the period 6 8

FRIENDS OF THE PIPE FACTORY C.I.C.

Notes to the Financial Statements

for the Period Ended 28 February 2025

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 29 February 2024 548,555 1,486 550,041
Additions 320,049 320,049
Disposals
Revaluations
Transfers
At 28 February 2025 868,604 1,486 870,090
Depreciation
At 29 February 2024 0 370 370
Charge for year 370 370
On disposals
Other adjustments
At 28 February 2025 0 740 740
Net book value
At 28 February 2025 868,604 746 869,350
At 28 February 2024 548,555 1,116 549,671

On 8th March 2021 a standard security was granted in favour of Nesta Arts & Culture Impact LLP over the property at 42 Bain Street, Glasgow. On 14th May 2024 a standard security was granted in favour of Glasgow City Council over the property at 42 Bain Street, Glasgow. On 7th December 2024 a standard security was granted in favour of The Trustees of the National Heritage Memorial Fund over the property at 42 Bain Street, Glasgow.

FRIENDS OF THE PIPE FACTORY C.I.C.

Notes to the Financial Statements

for the Period Ended 28 February 2025

4. Debtors

2025 2024
£ £
Trade debtors 0 1,450
Prepayments and accrued income 185,573 175,071
Other debtors 43,526 15,335
Total 229,099 191,856

FRIENDS OF THE PIPE FACTORY C.I.C.

Notes to the Financial Statements

for the Period Ended 28 February 2025

5. Creditors: amounts falling due within one year note

2025 2024
£ £
Trade creditors 106,492 81,001
Taxation and social security 383 246
Accruals and deferred income 3,156 1,925
Other creditors 58,939 8,621
Total 168,970 91,793

FRIENDS OF THE PIPE FACTORY C.I.C.

Notes to the Financial Statements

for the Period Ended 28 February 2025

6. Creditors: amounts falling due after more than one year note

2025 2024
£ £
Other creditors 949,810 662,024
Total 949,810 662,024

Included in other creditors is deferred grant income of £ 610,285 (2024 £ 276,290)

COMMUNITY INTEREST ANNUAL REPORT

FRIENDS OF THE PIPE FACTORY C.I.C.

Company Number: SC662451 (Scotland)

Year Ending: 28 February 2025

Company activities and impact

The Friends of The Pipe Factory CIC (FOTPF) was established in May 2020 to purchase and refurbish the iconic Pipe Factory building in the East End of Glasgow. Our vision is to refurbish the building and develop a creative home and hub for young people from marginalised communities; the local community of Calton and the Barras; and early-career artists, architects and designers. The refurbished building will provide high quality space for small businesses and social enterprises, as well as flexible and accessible public space for a range of activities aligned with our mission. Since the purchasing of The Pipe Factory building in March 2021 The Friends of The Pipe Factory CIC have carried out activities under the following topics: Improving and maintaining the building. Fund-raising. Providing space for arts and community-related events. Carrying out community consultation activities. Appointing a project manager and design team for the refurbishment. Commissioning RIBA Stage 3 and 4 design work for the refurbishment programme. Securing listed building consent. Undertaking procurement for building contractors. The most notable under each of these headings are: Improving and maintaining the building: Installation of temporary heating systems. Repairs to roof. Installation of exhibition screens on the ground floor. Appointment of contractor to undertake refurbishment project. Initiation of building works, including preliminaries, structural repair work and installation of steelwork for external lift shaft. Fund-raising: Submitted an application to the Scottish Government’s Regeneration Capital Grant Fund which has been successful. Submitted a development application to National Heritage Lottery Fund which has been successful. Submitted a delivery application to National Heritage Lottery Fund which has been successful. Submitted an application to Historic Environment Scotland which was successful. Submitted an application to the Community Ownership Fund which was successful. Providing space for arts and community-related events The ground floor of the building (the only accessible floor) has been used regularly for exhibitions and events led by young artists, especially those who are recent graduates, alongside more established arts organisations. A programme of workshops has also been delivered within the community. Engagement activities have expanded as part of the refurbishment programme. Upper floors have been used for shooting music videos, classical music rehearsals, interviews and commercial films. They have also been used to provide studio space for early-career artists. Use of the upper floors has been limited by lack of accessibility but this will change following the refurbishment. Commissioning RIBA Stage 3 & 4 design work for the refurbishment programme The Directors of FOTPF appointed Cragg Management and associates as Project Manager, and O’Donnell Brown as lead architects for the design team. The scope of the design will deliver a fully accessible building and includes: A new external lift and fire-resistant second staircase (existing second staircase is wooden). Upgrades to floors and ceilings, including insulation. Insulating internal walls and roof. Heritage double glazing for existing windows. Low carbon heating system, ventilation, water services, lighting, fire systems. External fabric repairs, new ground floor windows, new doors. Internal fit out including WCs, Tea preps, fire lobbies. This scope has been refined through the course of the stage 3 and stage 4 work, including further community consultation and engagement with the members of FOTPF. Listed building consent has now been received and an application to building control has been submitted. Building warrant from Glasgow City Council was received in 2024 and the refurbishment project is now at RIBA stage 5.

Consultation with stakeholders

We carried out an extensive community consultation exercise during 2020-2021. This was supported by an Architectural Heritage Fund grant to fund a Community Engagement Co-ordinator. It identified three clear areas of demand: accessible space for creative activity; training and education opportunities; facilities for young people. The vast majority of respondents also stated that the heritage of the building is important to them. We have used this feedback to inform the design of the refurbishment, our business plan and the future occupancy of the refurbished building. Further consultation has been undertaken through the work of the design team that have now been appointed, and has been continued through a series of consultations, workshops and activities led by the Heritage Engagement Manager and Heritage Trainee. This work has been supported by funding from National Lottery Heritage Fund.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
14 January 2026

And signed on behalf of the board by:
Name: Felix Wight
Status: Director