The Trustees present their report and financial statements for the year ended 30 June 2025.
The Trustees of the charity are its Directors for the purpose of company law and throughout this report are collectively referred to as the Trustees.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition - October 2019) (effective 1 January 2019).
Governing Document
The Glasgow Independent Studio (GIS) is an organisation controlled by its governing documents, a Memorandum and Articles of Association dated 31 May 1996, most recently updated on 18 December 2024, and constitutes a charitable company limited by guarantee, set up by a Trust Deed. It is a registered charity with the HM Revenue and Customs and the Office of Scottish Charity Regulator, Charity No: SC024900, Company No: SC166162.
Trustees
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Method of Appointment or Election of Trustees
The management of the charity is the responsibility of the Trustees who are elected at the Annual General Meeting.
Policies Adopted For The Induction And Training Of Trustees
Before a new board member attends their first board meeting, a serving board member advises them of their role, their responsibilities as board member and, the structure and aims of the charity. They also receive a Trustee starter kit which includes GIS handbook as well as all policies and relevant procedures.
Organisational Structure And Decision Making
Governance and strategic decision-making is the responsibility of the Board of trustees. The Head of Operations, Teri Bartolo, reports regularly to the trustees on operational matters. The Glasgow Project Room Sub-Committee, which oversees the programming for our exhibition space, Glasgow Project Room, located on the 1st Floor of the 103 Trongate building, reports to the trustees via the Head of Operations. All members are expected to volunteer a minimum of four hours per year for the organisation.
Objectives and aims
The objects for which the Charitable Company is established are:
To promote, maintain, improve and advance education, particularly by the encouragement of the Arts, including, but not limited to, painting, drawing, sculpture, moving-image, photographic and interdisciplinary forms.
To present, promote, organise, provide, manage and produce exhibitions and open days, as are conducive to the promotion, maintenance and advancement of education or to the encouragement of the Arts and to formulate, prepare and establish schemes therefore.
To advance Scottish contemporary painting by commissioning and exhibiting challenging work embracing all forms and styles.
To encourage and explore all appropriate methods to develop mutual creative equality and trust between Artists to maximise the creative potential of every company employee and contractor.
The Trustees confirm that Glasgow Independent Studios continues to operate in accordance with its charitable purposes and to provide public benefit as defined by the Charities and Trustee Investment (Scotland) Act 2005. The organisation supports artists and creative practitioners by providing affordable studio space, fostering skills development, and contributing to Glasgow’s wider cultural ecology. Through exhibitions, open studios, and community engagement activities, GIS promotes access to the visual arts, eliminating economic barriers and encouraging public participation in artistic and cultural life. The Trustees have had due regard to the Charity Regulator’s guidance on public benefit when planning and reviewing the charity’s activities.
Activities
Glasgow Project Room committee (GPR) members were responsible for programming at GIS in 2023/2024. They are:
Lydia Davies
Steven Grainger (Resigned August 2025)
Pearl Kinnear
Clare Stephenson
Fraser Whiting (On leave during 24-25 season)
Michael Clarence (Resigned 2024)
Olivia Priya Foster
Since the AGM of 2024, GPR programmed and hosted 13 exhibitions of both emerging and established artists:
July: Speaking into Being – Tinja Ruusuvouri + Niamh Moloney
August: Anatomical [an approximation] – Lilian Ptacek
September: Glasgow Show – Niall McCallum
October: A Hundred Thousand Times – Katrina Cobain
November: Xylo – Patrick Jameson, Ragnar Jonasson, John Nicol
December: Harmonic Murmurs – Michael Kent & Warmest wishes – GIS Members’ Show
January: Talking about Frankie Lymon – Dominic Cooper
February: Gravediggers – Tom Varley
March: Models – Adrien Howard
April: Ripple Marks – Daisy Richardson
May: Town Without Pity – Paige Silverman
June: Tymbal – Gene Sills, Jane Deasy & Lili Ni Dhomhniall
July: Kiah Endelman Music
GPR also hosted a Clothes Swap Community Fundraiser for Palestine organised by Mandy Roberts and Aillie Rutherford
The Trustees confirm that the charity’s activities continue to provide public benefit in accordance with section 8 of the Charities and Trustee Investment (Scotland) Act 2005.
During the 2024–25 financial year, Glasgow Independent Studios strengthened its operational resilience, governance, and community engagement. The organisation enhanced internal communication, improved financial and administrative systems, and expanded collaboration within Trongate 103 Centre for Arts and Creativity. Artistic activity and membership participation remained strong, with record levels of open call submissions, consistent exhibition attendance. These outcomes demonstrate the organisation’s continued commitment to supporting artists and contributing to Glasgow’s cultural landscape.
Our Head of Operations, Teri Bartolo, significantly improved several existing processes and started new projects. Some highlights included:
Improved communications across the membership, thereby improving GIS’s organisational culture and sense of approachability.
Updated financial management systems, including a new system for recording and managing expenses using Equals cards.
Constructed detailed and timely financial reviews and budget plans, implementing new financial controls in response to the changing demands of our building.
Continued fostering relationships with other organisations within the building by regularly and actively participating in T103 Forum meetings.
Represented GIS in discussions with Glasgow City Council regarding tenancy matters.
Continued the project of updating and organising physical and digital filing systems (ongoing) to ensure preservation of institutional memory and appropriate record keeping.
Developed and submitted GIS’s first funding application giving a beginning to a new fundraising strategy.
The GPR sub-committee has continued work on various processes to make the running of the exhibition space easier. These included:
Introduced cloud-based file sharing with our Head of Operations
Introduced longer lead times for submitting a proposal to GPR and a longer window for the GPR committee to review submissions.
Updated the information we provide to exhibiting artists and have added a template letter of support for artists applying for funding.
Piloted a visitor monitoring and evaluation sheet, to be improved over the coming year.
Secured a drinks sponsor for 24-25
Developed a comprehensive and engaging programme until the end of June 2026
There has been a continued closer working relationship between GPR, Head of Operations and Board of Directors which is extremely positive.
Our social media presence and following is continuing to grow and attendance at shows and opening nights in-person has remained consistently high.
In the 24-25 session, open calls for proposals saw the largest response that we have yet seen and across the board were of extremely high quality.
The trustees want to extend thanks to the Head of Operations and GPR for their ongoing support and to the various studio holders who have supported GPR by attending shows, helping organise deliveries and helping out with exhibiting artists.
STUDIO ACCOUNT REPORT
Teri Bartolo continued to serve as the Head of Operations in a freelance capacity. In the 24-25 session Teri also represented GIS as part of the Trongate 103 Forum, supported by the trustees.
Glasgow Independent Studio, alongside other tenant organisations within Trongate 103, has continued to engage in discussions with City Property, Glasgow City Council (GCC), Glasgow Life, and Creative Scotland to ensure fair, transparent, and sustainable lease arrangements.
Discussions remain ongoing with all relevant stakeholders.
ACKNOWLEDGEMENTS
The trustees would like to express our sincere thanks to the Head of Operations - Teri Bartolo - for representing the interests of GIS at all negotiations over the 24/25 session and for her exceptional reporting to the Board of Directors which was both reactive and anticipatory and included detailed notes of all meetings and significant financial reports.
In June 2025, in recognition of her continued work and in view of potential future work relating to fundraising, Teri Bartolo accepted a renewed freelance contract as Head of Operations and Finance.
Due to ongoing increases in running costs, anticipated rises in the future, and to anticipate possible future rent increases, the trustees implemented a 2.3% increase in rents in July 2024. Moving forward the Trustees intend to increase studio rent by 10% from July 2025.
The trustees would like to thank all members, our GPR sub-committee and other volunteer groups, for their continued support and contributions to the organisation’s collective work.
Key Financial Performance Indicators
Per the statement of financial activities on page 7, the charity reported a surplus of £869 (2024: surplus of £4,821). At the balance sheet date, the charity had total reserves of £119,149 (2024 - £118,280).
Reserves Policy
It previously was the policy of the charity to maintain reserves at a level to provide sufficient funds to cover at least one year's running costs of the charity. The Trustees considered that in the event of a significant drop in funding, this will enable them to continue the company’s current activities while consideration is given to ways in which additional funds may be raised. Subsequently, the trustees have adopted a reserves policy aiming to maintain at least two years’ running costs. The trustees are satisfied that they have now met this target. At the year end, free reserves amounted to £119,149 (2024 - £118,280).
Going Concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details are given in the accounting policy 1.2.
Risk Management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Major risks identified include potential rent increases and operational cost pressures. The Trustees have mitigated these by maintaining a two-year reserve, diversifying income, and regularly reviewing contingency plans. In the possible future scenario of an increase in overheads (T103 rent and service charges), GIS will continue to work with the other T103 tenants and key stakeholders, City Council & Creative Scotland to develop a sustainable operating model for Trongate 103. The matter is under continuous monitoring by the Board and updates are given at each Board meeting.
Future Developments
Efforts remain underway to expand the Board of Directors, both internally and externally. The trustees recognise that future rent and service charge adjustments may arise following the conclusion of current discussions with City Property and GCC. The trustees are also exploring options to ensure long-term sustainability, including reviewing the suitability of alternative premises. The Trustees remain committed to supporting artists through affordable workspaces and to sustaining GIS as a key community focal point to Glasgow’s cultural landscape.
The Trustees, who are also the directors of Glasgow Independent Studio for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The Trustees report was approved by the Board of Trustees.
I report on the financial statements of the charity for the year ended 30 June 2025, which are set out on pages 7 to 13.
The charity’s Trustees, who are also the directors of Glasgow Independent Studio for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The Trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations (as amended) does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations (as amended). An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.
In connection with my examination, no matter has come to my attention:
to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations (as amended); and
to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations (as amended);
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
All income and expenditure derive from continuing activities.
Glasgow Independent Studio is a private company limited by guarantee incorporated in Scotland. The registered office is 103 Trongate, Fourth Floor, Glasgow, G1 5HD
The financial statements have been prepared in accordance with the company's governing document, the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition - October 2019) (effective 1 January 2019).
Glasgow Independent Studio meets the definition of a public benefit entity under FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the directors have reviewed the future funding and activities of the charity. The directors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. All costs have been directly attributed to one of the functional categories of resources expended in the Statement of Financial Activities, the charity is not registered for VAT and accordingly expenditure is shown gross.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs are those costs incurred directly in support of expenditure on the objects of the Charity. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Studio rents
Rent and rates
Insurance
Heat and light
Advertising
Telephone
Sundry expenses
Administration fees
Depreciation
Training costs
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The income funds of the charity include unrestricted funds comprising of the following unexpended balances:
There were no disclosable related party transactions during the year (2024 - none).