REGISTERED COMPANY NUMBER: SC000912 (Scotland)

REGISTERED CHARITY NUMBER: SC014650

Report of the Trustees and

Financial Statements For The Year Ended 31 December 2025

for

Royal Glasgow Institute Of the

Fine Arts.

Page

Report of the Trustees

1

to

4

Independent Examiner's Report

5

Statement of Financial Activities

6

Balance Sheet

7

to

8

Notes to the Financial Statements

9

to

17

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 December 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 objects of the Institute shall be to promote, encourage and develop the Arts. The charity arranges exhibitions and lectures, as decided by Council, in order to achieve its objectives. The objectives of the Institute remain unchanged. The Council consider the objectives to have been achieved in the year.

Significant activities

The council of the Institute continued to build on the progress made in 2024 with regular shows and events being held at the Kelly Gallery. Member engagement remains at the forefront of the Institute's activities as we continue to grow membership numbers.

Grantmaking

Under the terms of the Constitution, the Council have powers to grant relief to other associations or individuals with objects altogether or in part similar to those of the Institute.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

The total income of the Institute from all sources was £27,556 (2024 - £10,722) and the total expenditure for the year was £51,111 (2024 - £26,228), as shown in the Statement of Financial Activities incorporating Income and Expenditure Account on page 6.

The loss for the year prior to gains/ losses on the investment portfolio amounted to £23,555 (2024 - loss £15,506). The overall loss for the year was decreased by the increase of the investment portfolio over the year totalling a gain of £15,817. (2024 - gain £3,392). The total funds of the Institute as at 31 December 2025 amounted to £338,511 (2024 - 346,249).

Investment performance

As is shown in Note 12, the total cost of the general fund quoted investments as at 31 December 2025 amounted to £155,476. (2024 - £163,962). The market value of the investments at 31 December 2025 totalled £172,276 (2024 - £165,793).

FINANCIAL REVIEW

Investment policy and objectives

The Council have the power to invest in such securities as authorised by the Charities' and Trustees Investment (Scotland) Act 2005 and as set out in the Constitution. The Council regularly take advice from the Institute’s advisers and are aware of the fluctuating performance of the investments.

Reserves policy

The Council has examined the charity's requirements for reserves in light of the main risks to the organisation. The unrestricted funds are mainly invested to generate investment income to finance the on-going activities of the charity. Whilst the charity could readily realise cash if required from the investment portfolio, a cash reserve is held to cover between 3 and 6 months of normal expenditure.

FUTURE PLANS

Council continues to work on plans to further the objects of the Institute.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

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

The Royal Glasgow Institute of the Fine Arts, formerly The Glasgow Institute of the Fine Arts first met on 29 May 1861. The Institute received the Royal Charter in June 1896 and thereafter it was known as The Royal Glasgow Institute of the Fine Arts and is regulated by a Constitution approved by the Members on 21 August 1879 and as amended thereafter.

Recruitment and appointment of new trustees

The Office Bearers, the Ordinary Members of Council and the Hanging Committee shall be elected at the Annual General Meeting. The President, Honorary Treasurer and Convenor shall hold office for one year and shall be eligible for re-election. There are no restrictions on the number of consecutive years these offices' can be held. The Members of Council, both Artist and Lay, hold office for three years and shall be eligible for re-election. After holding the office for six years the member must retire for one year, before being eligible for re-election. Only Members of the Institute, who are considered to have adequate experience and training to fulfil roles, are eligible to serve on Council.

Organisational structure

The business of the Institute shall be managed by a Council consisting of a President, an Honorary Treasurer, an Honorary Secretary, an Honorary Convenor and thirteen Members.

Induction and training of new trustees

Most trustees are already familiar with the practical work of the charity and informal induction takes place to familiarise themselves with the charity and the context within which it operates. The inductions are led by members of Council and cover the following areas:

- The obligations of Council members.

- The main documents which set out the operational framework for the charity including the Constitution.

- Resourcing and the current financial position as set out in the latest published accounts.

- Future plans and objectives.

Risk management

The Council have assessed the risks to which the Institute is exposed. The main risk to the Institute is the value and income generated by the equity investments on the London Stock Exchange, which is monitored by the Charity's advisors, Rathbones, and the Council. Since the year end the Council have handed over investment management powers to Rathbones. The Council is satisfied with the risk management procedures.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

SC000912 (Scotland)

Registered Charity number

SC014650

Registered office

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

Trustees

President

Gordon C Murray

Honorary President

Vacant

Honorary Vice-President

Vacant

Honorary Treasurer

Vacant

Honorary Secretary

Vacant

Honorary Convenor

Hazel Nagl RSW RGI PAI

Members of Council

The President

The Honorary Treasurer

The Honorary Secretary

The Honorary Convenor

Murray Young (resigned October 2025)

Simon C Laurie

Joseph Hargan

Neil Macdonald

Alice A Macdonald

Paul Murray

Gordon C Murray

Claire Harkness (appointed February 2025)

Anne Ferguson (appointed July 2026)

Rosemary Beaton (appointed October 2025)

Representatives from Glasgow City Council

Christy Mearns (resigned December 2024)

Company Secretaries

Robb Ferguson Chartered Accountants

70 West Regent Street

Glasgow G2 2QZ

Independent Examiner

McLay, McAlister & McGibbon LLP

Registered Auditors and Chartered Accountants

145 St Vincent Street

Glasgow

G2 5JF

Bankers

Bank of Scotland plc

54-62 Sauchiehall Street

Glasgow

G2 3AH

Investment Advisers

Rathbone Investment Management

50 George Square

Glasgow

G2 1EH

TRUSTEES' RESPONSIBILITY STATEMENT

The trustees (who are also the directors of Royal Glasgow Institute of the Fine Arts. for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charity SORP;

- make judgements and estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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

In so far as the trustees are aware:

- there is no relevant information of which the charitable company's independent examiner are unaware; and

- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the independent examiner are aware of that information.

Approved by order of the board of trustees on 5 August 2026 and signed on its behalf by:

G C Murray - Trustee

I report on the accounts for the year ended 31 December 2025 set out on pages six to seventeen.

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.

Fiona Russell

The Institute of Chartered Accountants of Scotland

McLay, McAlister & McGibbon LLP

Registered Auditors and Chartered Accountants

145 St Vincent Street

Glasgow

G2 5JF

6 August 2026

2025

2024

Unrestricted

Restricted

Endowment

Total

Total

funds

funds

funds

funds

funds

Notes

£

£

£

£

£

INCOME AND

ENDOWMENTS FROM

Donations and legacies

2

8,015

-

-

8,015

3,600

Charitable activities

4

Income from Exhibition

920

-

-

920

-

Income from Kelly Gallery

15,539

-

-

15,539

2,971

Investment income

3

3,082

-

-

3,082

4,151

Total

27,556

-

-

27,556

10,722

EXPENDITURE ON

Raising funds

5

42,893

-

-

42,893

18,828

Other

8,218

-

-

8,218

7,400

Total

51,111

-

-

51,111

26,228

Net gains on investments

15,817

-

-

15,817

3,392

NET INCOME/(EXPENDITURE)

(7,738

)

-

-

(7,738

)

(12,114

)

RECONCILIATION OF

FUNDS

Total funds brought forward

346,249

-

-

346,249

358,363

TOTAL FUNDS CARRIED FORWARD

338,511

-

-

338,511

346,249

2025

2024

Unrestricted

Restricted

Endowment

Total

Total

funds

funds

funds

funds

funds

Notes

£

£

£

£

£

FIXED ASSETS

Tangible assets

11

171,128

-

-

171,128

174,828

Investments

12

172,276

-

-

172,276

165,793

343,404

-

-

343,404

340,621

CURRENT ASSETS

Debtors

13

1,347

-

-

1,347

1,191

Cash at bank

16,675

-

-

16,675

38,357

18,022

-

-

18,022

39,548

CREDITORS

Amounts falling due within one year

14

(22,915

)

-

-

(22,915

)

(33,920

)

NET CURRENT ASSETS

(4,893

)

-

-

(4,893

)

5,628

TOTAL ASSETS LESS CURRENT LIABILITIES

338,511

-

-

338,511

346,249

NET ASSETS

338,511

-

-

338,511

346,249

FUNDS

15

Unrestricted funds

338,511

346,249

TOTAL FUNDS

338,511

346,249

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 5 August 2026 and were signed on its behalf by:

G C Murray - Trustee

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), 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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. 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 £.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Income

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

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all 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 resources.

Tangible fixed assets

The Kelly Gallery was revalued during the year to 31 December 2021 (note 11) and its estimated useful life was reassessed as being 50 years. Depreciation will be provided at a rate of 2% per annum on a straight line basis in subsequent years.

Depreciation is provided on computer equipment and fixtures and fittings on a 3 year straight line basis.

No depreciation is provided for the Chain of Office as the Council consider the carrying value to be an accurate assessment of its current value.

Taxation

The company is a charity within the meaning of paragraph 1(2) of Schedule 6 of the Finance Act 2010. Accordingly the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Section 479 of the Corporation Tax Act 2010 or Section 256 of Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes.

Fund accounting

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

Purpose of Funds

The purpose of the funds of the Society shall after payment of all expenses in management and defending the rights of the Society, be held exclusively for the purpose of encouraging and the appreciation of Art and to arrange Exhibitions or lectures as shall be decided by the Council.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Investments

Investments are shown at market value. Realised gains and losses are taken to the Statement of Financial Activities. The investments of the Society are recognised on the UK Stock Exchanges.

Employees and Council Remuneration

No Council Member receives any remuneration or expenses, except as disclosed in note 8.

Direct Costs

Direct costs comprise the costs incurred in respect of the annual exhibition and in respect of the other sales made at the Kelly Gallery.

Support costs

Support costs comprise the costs incurred in the day-to-day running of the late Institute, including the costs of operating the Kelly Gallery which is the principal administration centre for the Institute.

2.	DONATIONS AND LEGACIES

2025

2024

£

£

Annual subscriptions

7,740

3,600

Donations

275

-

8,015

3,600

3.	INVESTMENT INCOME

2025

2024

£

£

Interest receivable

976

102

Investment income

2,106

4,049

3,082

4,151

4.	INCOME FROM CHARITABLE ACTIVITIES

2025

2024

Income

Income

from

from

Kelly

Total

Total

Exhibition

Gallery

activities

activities

£

£

£

£

Kelly Gallery income

920

15,539

16,459

2,971

5.	RAISING FUNDS

Other trading activities

2025

2024

£

£

Staff costs

19,258

1,309

Premises expenses

6,268

6,801

Printing, post & stationery

198

675

Advertising

3,433

587

Sundry

1,455

1,930

Payments to Artists

7,727

1,326

Depreciation

3,700

3,700

42,039

16,328

Investment management costs

2025

2024

£

£

Support costs

854

2,500

Aggregate amounts

42,893

18,828

6.	SUPPORT COSTS

Governance

costs

£

Investment management costs

854

Other resources expended

8,218

9,072

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

Governance costs

2025

2024

Investment

Other

management

resources

Total

Total

costs

expended

activities

activities

£

£

£

£

Secretary & accountancy fee

-

6,688

6,688

6,000

Investment management costs

854

-

854

2,500

Independent examiner' fee

-

1,530

1,530

1,400

854

8,218

9,072

9,900

7.	NET INCOME/(EXPENDITURE)

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

2025

2024

£

£

Depreciation - owned assets

3,700

3,700

Realised (gain)/loss on investment

(1,170

)

611

8.	TRUSTEES' REMUNERATION AND BENEFITS

No trustees received remuneration in the year ending 31 December 2025 - (2024: Nil).

.

Trustees' expenses

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

9.	STAFF COSTS

The average monthly number of employees during the year was as follows:

2025

2024

Gallery assistant

1

1

2025

2024

£

£

Wages and salaries

19,258

1,309

Pension costs

-

-

19,258

1,309

During the period, no employee received emoluments above £60,000.

10.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Endowment

Total

funds

funds

funds

funds

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

3,600

-

-

3,600

Charitable activities

Income from Kelly Gallery

2,971

-

-

2,971

Investment income

3,263

-

888

4,151

Total

9,834

-

888

10,722

EXPENDITURE ON

Raising funds

18,828

-

-

18,828

Other

7,400

-

-

7,400

Total

26,228

-

-

26,228

Net gains/(losses) on investments

3,579

-

(187

)

3,392

NET INCOME/(EXPENDITURE)

(12,815

)

-

701

(12,114

)

Transfers between funds

25,829

-

(25,829

)

-

Net movement in funds

13,014

-

(25,128

)

(12,114

)

RECONCILIATION OF FUNDS

Total funds brought forward

333,235

-

25,128

358,363

TOTAL FUNDS CARRIED FORWARD

346,249

-

-

346,249

11.	TANGIBLE FIXED ASSETS

Fixtures

Kelly

and

Chain of

Gallery

fittings

Office

Totals

£

£

£

£

COST

At 1 January 2025 and 31 December 2025

185,000

4,461

4,628

194,089

DEPRECIATION

At 1 January 2025

14,800

4,461

-

19,261

Charge for year

3,700

-

-

3,700

At 31 December 2025

18,500

4,461

-

22,961

NET BOOK VALUE

At 31 December 2025

166,500

-

4,628

171,128

At 31 December 2024

170,200

-

4,628

174,828

The Institute's premises at the Kelly Gallery, 110 Douglas Street, Glasgow, G2 4ET were valued, on an existing use basis, at a valuation of £185,000 in September 2021. The valuation was carried out by David Allison & Company, Chartered Surveyors and the revaluation has been incorporated into the financial statements. The valuation is considered appropriate at 31 December 2025.

On the historical cost basis, the Kelly Gallery would have been included as follows:

2025

2024

£

£

Cost

112,150

112,150

Cumulative depreciation based on cost

62,968

59,268

The Society's Chain of Office which was donated in 1962 has an insurance value of £5,000.

12.	FIXED ASSET INVESTMENTS

Listed

investments

£

MARKET VALUE

At 1 January 2025

165,793

Disposals

(9,334

)

Revaluations

15,817

At 31 December 2025

172,276

NET BOOK VALUE

At 31 December 2025

172,276

At 31 December 2024

165,793

The market value of fixed asset investments includes £Nil (2024: £Nil) of foreign investments assets.