Glasgow Building Preservation Trust - Charities report

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 2026. 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 Trust's objects are:

1. To promote for the public benefit the preservation (whether wholly or in part) of buildings and other structures of historic and/or architectural significance within the City of Glasgow and its widest environs.

2. To advance education (particularly amongst the young) in relation to the built heritage and in relation to the traditional skills associated with earlier forms of construction.

3. To preserve, restore and improve the environment, with particular reference to environmental and townscape regeneration projects which enhance the urban environment in the interests of the general public.

4. To promote, operate and/or support other charitable projects and initiatives (whether related to the fields referred to in the preceding paragraphs or otherwise) for the benefit of the community within the City of Glasgow and its environs, as the directors may consider appropriate from time to time.

Principal activities

The principal activities employed to achieve the Trust's objectives are as follows:

1. Restoration, renovation and repair of buildings and other structures of historic and/or architectural significance through direct purchase of the building and then onward resale to an appropriate end-user.

2. Provision of paid and unpaid advice, information and support to other organisations and the public, for example on funding applications before they are submitted, or reading and commenting on option appraisals before they are finalised.

3. Preparation of feasibility studies - the Trust may be directly asked to co-ordinate and prepare a feasibility study on the options for a building.

4. Contract-based project delivery where the building is owned throughout by another party. The Trust will report directly to the trustees or directors of the other party.

5. Organisation of Glasgow Doors Open Days Festival, thus raising the profile and appreciation of the built environment, and promoting the wider educational objectives of the Trust, particularly amongst young people.

ACHIEVEMENTS AND PERFORMANCE

Activities

The Trust' mission was advanced significantly during the year. Heritage conservation projects are long term in nature but considerable progress was made on a number of property projects delivered or managed by the Trust during the year.

Whitevale Baths in the Gallowgate exemplifies the need for the Trust's expertise and continuity over the long-term course of built heritage projects. Our feasibility study on the building completed in 2022 demonstrating how we could repurpose the most significant surviving listed building in the area as a focal point for the community. The Trust built support for the project with stakeholders and funders, resulting in GBPT successfully raising over £500,000 in 2025 from the National Lottery Heritage Fund, Scottish Government, Architectural Heritage Fund, Pilgrim Trust and the Glasgow Dean of Guild Court Trust. These funds will allow us to progress design development and fundraising for a full capital delivery project.

The Whitevale project will transform the derelict remains of a Category B-Listed local landmark into a long-term base for PEEK (Possibilities for Each and Every Kid), an award winning charity which seeks to support children, young people and families in Glasgow to raise their hopes and aspirations, achieve goals and work towards increasing their expectations for life, as well as a valuable resource for the existing and new communities of the Gallowgate.

This work is part of a wider regeneration project under the Transforming Communities programme, led by Glasgow City Council and the Scottish Government, and the completed building will be the final piece in the regeneration jigsaw for this changing area of the city.

The Trust's project management support to Govanhill Baths Building Preservation Trust, a special-purpose community-led trust overseeing the refurbishment / redevelopment of Govanhill Baths, came to an end in January 2026, after earlier completing a £10m first phase of works to secure this Category B-Listed building's future and prepare it for internal fitting out works. Govanhill Baths Building Preservation Trust is currently working on proposals to raise funds to create a second phase of capital works to re-start regular community use of the building in the future.

A feasibility study for Glasgow City Council aiming to find a long term use for Queens Park Glasshouse in the city's Southside was finalised in September 2025, following the development of structural and architectural proposals and community consultation to test ideas. A proposed anchor tenant was identified, but later pulled out. Since then, the Trust has been working to support the Council to identify suitable alternative uses.

A feasibility study addendum for Langside Hall, a very prominent former community hall on the edge of Queens Park which has been closed since 2017, had been completed in 2024. In support of the application to Glasgow City Council's People Make Glasgow's Communities programme for asset transfer by a local community trust, Langside Hall Trust, this work was updated in May 2025. A new partnership of GBPT, Langside Hall Trust and Inhouse Events CIC has been formed and £500,000 of funding secured to get community use back into the building. A design team was re-procured and design development will progress in the coming year.

The Trust's project to acquire, restore and sell former janitor's houses located beside three of the city's active historic school buildings moved on substantially during the year. After completing a feasibility study in the previous year, £350,000 of funding was secured from Glasgow City Council, plus £20,000 from the Sylvia Waddilove Foundation to deliver this project with a total investment of £1.3m.

These three 2-bedroom houses, all in areas of the city often left behind by heritage efforts, will be returned to the housing stock to provide environmentally sustainable, energy efficient homes for homeless people, addressing the city's housing emergency, bringing empty historic buildings back into use and removing two buildings from the Buildings at Risk Register. In principle agreements to buy the properties and to sell on to three separate housing associations were progressed. A design team has now been tendered and design development work commenced in summer 2025.

Other project development work continued at multiple historic properties including continuing support to Pollokshaws Burgh Halls and fundraising support for Carntyne Church as it moves towards a second phase of development

These projects under-score the work needed by the Trust to keep projects alive between high points of activity such as feasibility studies and active fundraising. This work, which is largely unfunded, demonstrates the long term commitment needed to deliver heritage conservation projects which has been lengthened even further in the current economic climate.

The Trust developed its activities within the Heritage Development Trust programme run by the Architectural Heritage Fund and supported by the National Lottery Heritage Fund. Part of a cohort of 19 heritage trusts, GBPT is learning through peer-to-peer engagement, site visits and shared learning with a wide range of trusts across the UK. The programme funds the Trust to expand the staff team, seek opportunities for buildings to acquire for future rental and to drive forward place-based regeneration in a selected part of the city of Glasgow.

The City Centre Conservation Area was selected as our 'heritage place' in view of its strategic importance for Glasgow, the drive to repopulate the city centre with a new residential community and the high level of both listed buildings and of buildings at risk.

A further staff post of Office Administrator was added in spring 2025, and proposals for the repurposing of two historic buildings in the city centre are now at advanced stages and will be brought forward in the coming financial year.

Glasgow Doors Open Days Festival continued for its 36th year in September 2025. 178 event participants right across the city welcomed visitors to 129 buildings, 7 green spaces, 30 walks and trails, 54 exhibitions and 25 workshops.

Glasgow Doors Open Days Festival is thought to be the largest heritage event in Scotland and remains very strongly supported by communities and members of the public across the city. In total 385 staff within community and other organisations and 920 volunteers were utilised, making this a truly mass-participation event.

The 2025 theme 'Glasgow: The Visionary City' helped us shape an eclectic and varied programme for all ages which invited Glaswegians and visitors to learn about, view, touch, feel, explore and take pride in our city's architectural excellence and cultural and social heritage. The theme was linked to the Glasgow 850 highlighting the anniversary of Glasgow's Burgh status, but also sought to strike a highly positive note at a challenging time for Glasgow's built environment.

39,174 visits were recorded involving an estimated 13,600 unique visitors. There was a focus this year on active travel, walking, cycling or wheeling, thanks to funding from Glasgow City Council's Low Emission Zone fund, and 48% of visitors used some form of active travel during the festival's run.

GBPT is very grateful for the support of the Scottish Civic Trust (national Doors Open Days coordinator), Glasgow City Council, Glasgow Life and Glasgow City Heritage Trust which enabled it to continue as a free event for all participants. The festival's many other backers, volunteers and commercial sponsors were brought together at a Civic Reception in the City Chambers at the invitation of the Lord Provost in November 2025.

In addition to the Doors Open festival we also deliver heritage engagement projects right across the city often, but not always, tied to a capital project or a place programme.

Over the past two years, the Trust has completed two commissions for Glasgow Life as part of the National Lottery Heritage Fund-supported Animating Sauchiehall Street programme.

The first in 2025 was 'Not to be Sniffed At: An Aromatic History of Sauchiehall Street', a multisensory exhibition commissioned to encourage audiences to revisit one of Glasgow's most iconic streets. Working with perfumer Clara Weale, we created stories and bespoke scents exploring the area's pre-industrial landscape, the historic role of horses, perfume, and air pollution. The exhibition was accompanied by talks, workshops and "Sniffari" walks that brought together environmental history, linguistics, memory studies, perfumery and fashion history. Its success led to a second commission in 2026, described below.

This work continued into 2026/27 with a Sensory Weekend of Play in June 2026. A programme of games and creative activities for children and families exploring the cultural and natural heritage of Sauchiehall Street and Garnethill Park was delivered in partnership with the Hunterian Museum, PEEK Projects, Garnethill Multicultural Centre, the National Library of Scotland's Moving Image Archive, local artists and craftspeople. The event engaged more than 300 children and families in exploring their local heritage, reclaiming public space through play, and contributing ideas for the future of the street. Kids were encouraged to test their balance, carve stones, listen to the secret sounds of trees, score a film, 'play the Pyramid', try some Tutti Frutti ice cream, 'tune in' to Tenement Radio and make their own Mackintosh-inspired tiles.

In 2025, Glasgow Building Preservation Trust's Heritage Engagement Manager joined a panel at the Royal Society of Edinburgh marking the publication of Professor Christopher Whatley's Harvie's Dyke: The People, Their Liberty and the Clyde. This led to a Glasgow Doors Open Days Festival talk in September 2025 and a new community heritage project with Professor Whatley and Archaeology Scotland.

In the 1820s, whisky magnate Thomas 'Lang Tam' Harvie blocked a well-used riverside path on his Westhorn estate in the east end of the city by building two enormous fortified walls into the Clyde. Local communities united to resist, demolishing the walls and ultimately winning a landmark House of Lords case that established Britain's first organised rights-of-way campaign and confirmed that long-standing public use could create legal access rights. Today, substantial remains of the northern wall still survive but are currently unrecorded and lack any commemoration or interpretation. After development work in 2005/26 further work will be delivered in the coming year.

The Trust considers itself to be an important driver for the regeneration of Glasgow and, during the year, we continued to support Glasgow City Council, one of our key long term stakeholders through membership of the Glasgow Urban Development Panel, the Glasgow Development Forum and, since the disastrous fire adjacent to Central Station in March 2026, the Union Street Fire Recovery Group. In January 2026, the Chief Executive took on the role of Co-Chair of the Glasgow Built Heritage Commission, aiming to guide this relatively new body towards a leadership role in built heritage policy and practice across the city. GBPT also continues to explore with Glasgow City Council forming a new strategic partnership to enable the Trust to deliver more for Glasgow.

The board of directors continued to review its skills and expertise requirements. As directors come to the end of their fixed terms, we will be embarking on significant board recruitment in 2026/27, at the same time as proposing to our Members a change in the constitution of the Trust aimed at facilitating a substantial uplift in our engagement with Glasgow's diverse communities.

The board of directors is very grateful for its financial support during the year from Glasgow City Council, Glasgow Life, Glasgow City Heritage Trust and our other regular funders, particularly National Heritage Lottery Fund, Historic Environment Scotland, Architectural Heritage Fund and the William Grant Foundation.

Without these and many other trusts and foundations, the Trust could not continue to deliver building projects and heritage engagement work across the city. The board understands how competitive the funding landscape is and welcomes the continues support of the Trust's longstanding supporters.

Plans for Future Periods

The year ahead is once again an exciting one with a full programme of heritage projects under development.

2026/27 will be the last full year of our Architectural Heritage Fund Heritage Development Trust work, but it is set to be a very important one. We anticipate securing ownership interests in two properties in the City Centre Conservation Area in collaboration with a number of public and third sector partners.

Fundraising and architectural development work for Whitevale Baths recommenced following the granting of Permission to Start from National Heritage Lottery Fund in spring 2026. A full application will be submitted in 2027 and site works commenced in 2027/28. Key tasks over the coming period include community engagement, procurement of expert consultants, survey, and design work.

Continuing a very long standing involvement in the development of Govan, we will continue to work with Glasgow City Council to support their heritage engagement work for Central Govan Action Plan's £5 million Heritage and Place bid for National Heritage Lottery Funding. In addition, we have been recommissioned to continue to develop proposals for local community organisations to create a sustainable use for Govan Lyceum.

The Trust's Janitor's Houses project will commence in earnest in 2026/27, formalising purchase and sale arrangements with the City Council and three housing associations, securing housing funding and working up designs for all three houses, seeking planning and building warrants. We intend to be on site with two of the three houses in 2027 with the third following closely behind.

Works to get activity back into Langside Halls will be designed in 2026 and delivered in 2027 in partnership with Langside Hall Trust and Inhouse Events CIC. We anticipate being recommissioned by Glasgow City Council to explore alternative uses for Queens Park Glasshouse to secure its long term future, and will provide continuing fundraising support for Carntyne Parish Church Phase 2 as it progresses to site.

Trust staff will strive to enhance the organisation's partnership with Glasgow City Council and other heritage partners aiming to create a more strategic approach to heritage and regeneration in the city, and will continue to support place-based regeneration efforts with a wide range of partners, including in the Gallowgate and Pollokshaws Transformational Regeneration Areas, Sauchiehall Street Cultural District, New Laurieston, Govan among others.

GBPT will continue to deliver the annual Glasgow Doors Open Days Festival in September each year, engaging with tens of thousands of local people and visitors, aiming to take the festival into under-served parts of the city. A wide range of other heritage engagement activities will also be sought.

The Harvie's Dyke project will be developed further through archaeological surveys, excavations, conservation training and community events, including talks, walks, exhibitions, a podcast and participatory theatre and the project will aim to raise awareness, engage young people, and support future heritage investment. Other heritage engagement activities are under development and will be brought forward in 2026/27 and beyond.

Core grant funding from Glasgow City Council will continue to be essential in the years to come and the Trust wishes to thank the Council and our many funding partners for their continued support for all of our activities.

FINANCIAL REVIEW

Business Planning

The Trust has typically worked within a three-year Strategic Plan framework which sets out its objectives, strategy and budgets. This plan is used as the benchmark for the Trust's future activities and is reviewed and updated annually. A revised 5-year Business Plan is in preparation to ensure these proposals remain up to date.

Principle Funding Sources and Financial Performance During the Year

During the financial year, the Trust incurred a deficit of £32,799 (2025: £6,381 surplus) in relation to Unrestricted Funds. This is after transfers between funds which represents the transfer to Unrestricted Funds of sums received via restricted grants for project/consultancy/feasibility projects attributable to covering Trust staff time.

The Trust incurred a surplus on Restricted Funds of £269,356 (2025: £61,364 deficit). This represents grant income awarded for ongoing and future projects. The balance on restricted funds at the year-end of £566,823 (2025: £297,467) relates to grants held for specific projects to be spent in future periods. The projects to which these Restricted Funds relate are detailed at Note 17 below.

The Trust has longstanding funding relationships with its principal backers National Lottery Heritage Fund, Historic Environmental Scotland and Glasgow City Council. The Trust is particularly reliant on the ongoing core revenue support of Glasgow City Council to meet future obligations. During the year, the Trust continued a 3-year funding partnership with Architectural Heritage Fund, and also benefitted from grant support from Glasgow City Heritage Trust for a number of projects.

Investment Policy

Under the Articles of Association, the Trust has the power to invest in any investments and securities as may be considered from time to time to be advantageous. The Trust holds grants received for larger capital projects in separate, named interest-bearing bank accounts. Cash balances held on its own behalf are held in interest-bearing deposit accounts with varying fixed terms or notice periods following consideration of short- and medium-term cash requirements. Bank deposits are reviewed regularly by the Chief Executive and managed to optimise duration of holdings, interest returns and banking protections. As per the Trust's Investment Policy, funds required for longer term projects may be placed in ethical investments as deemed appropriate by the Board.

Reserves Policy

The Trust's strategy is to build reserves through planned operating surpluses. However, it must be recognised that, in the environment in which the Trust operates, it is difficult to maintain regular levels of fee income and, as a result of fluctuations in activity levels, deficits have been incurred in some recent years. A strategy for increasing earned fee income to address this issue has been implemented and is contributing to the Trust achieving a more sustainable operating position.

The Board of Directors has examined the Trust's requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed should be no less than 6 months core running costs. This is essential for the working capital and cash-flow purposes as much of our funding is drawn down in arrears. Budgeted expenditure for 2026/27 is £441,552, of which £282,549 represents core running costs. Therefore, the targeted minimum level of unrestricted reserves is £141,275. Unrestricted reserves at the end of the year were £103,991. While this is below the targeted level, the Board of Directors note that the Trust's pipeline of projects to be delivered in the coming 2-3 years will result in growth in unrestricted funds and general unrestricted reserves are expected to increase to target. In addition, while this has been set aside for designated purposes, the Designated Fund is also unrestricted and provides further financial protection for the organisation to withstand the ups and downs of operating income.

Designated Funds for Re-Investment in Heritage

The sale of St Andrews in the Square and Wellpark Enterprise Centre in previous years enabled the directors to designate funds for reinvestment in the built heritage of the city. In furtherance of the Trust's charitable activities, over the coming 2-5 years the Trust will commit dome of these funds towards the development, acquisition and works costs of one or more projects which will rescue historic buildings and contribute to the operational requirements of the Trust.

Risk Management

The Directors have a risk management strategy which comprises:

1. Regular review of the risks which the Trust may face. The board reviews these risks quarterly;

2. The establishment of systems and procedures where appropriate to mitigate those risks identified; and

3. The implementation of procedures designed to minimise any potential impact on the Trust should any of those risks materialise.

Significant external risks to funding have led to the development of a Strategic Plan which will allow for the diversification of funding and activities. A revised 5-year Business Plan is in preparation to ensure these proposals remain up to date. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff and volunteers. These procedures are reviewed to ensure that they continue to meet the needs of the Trust.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Glasgow Building Preservation Trust is a company limited by guarantee, governed by its Articles of Association as altered by special resolution on 24 January 2023. The Trust is registered as a charity with the Office of the Scottish Charities Regulator. There are 2 categories of membership: Corporate Membership and Individual Membership. Membership is open to any organisation or individual, respectively, expressing support for the aims and activities of the company. Each member undertakes to contribute an amount not exceeding £1 in the event of the charity being wound up. In addition, the Members each year will set annual subscriptions for each category of Membership.

Appointment of Directors

There are 3 categories of director: Nominated, Elected and Co-opted. The minimum number of directors is 5 and the maximum number is 12, of whom a maximum of 2 shall be nominated, a maximum of 7 shall be elected and a maximum of 3 shall be Co-opted.

Glasgow City Council, as Corporate Member, may appoint two Nominated Directors. Nominated Directors serve from appointment until the conclusion of each annual general meeting and are then eligible for re-appointment.

At an annual general meeting, the Trust may elect as an Elected Director any individual member who has given notice of willingness to accept appointment. In addition, the directors may appoint any individual member to be an Elected Director at any time either to fill a vacancy or as an additional director. At each annual general meeting, any Elected Director who was appointed in the period from the date of the last annual general meeting shall retire from office and any elected Director who has served for a period of three years shall retire from office.

The directors may at any time appoint any non-member, other than an employee of the company, to be a Co-opted Director, where the directors consider that he/she has special skills or experience which would be of assistance to the Board.

The directors who served during the year are shown on page 8.

Director Induction and Training

New directors are briefed on their legal obligations under Charity and Company Law and are given a copy of the Articles of Association, the most recent budget and recent financial statements and management accounts of the company. Training with a third sector training organisation on their legal responsibilities as charity trustees is also made available to new directors.

Organisation

Directors shall be appointed to the offices of Chair and any other offices which the Directors may consider appropriate, these appointments being made at meetings of the directors. Each office shall be held until the commencement of the first meeting of the directors which is held after the annual general meeting, but a director whose period of office expires at this meeting of the directors may be re-appointed. A director who has held office for a period of 6 years shall not be eligible for re-appointment to that office until a further period of one year has elapsed during which he/she has not held that office. The Board meets a minimum of 4 times a year.

Remuneration for senior management is set by the Board. The remuneration is based on market conditions and is reviewed regularly.

Related parties

There are no related party transactions which require disclosure.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

SC079721 (Scotland)

Registered Charity number

015443

Registered office

Room 16

Wellpark Enterprise Centre

120 Sydney Street

Glasgow

G31 1JF

Trustees

A Agapiou

J Bartschova

H Booij (appointed 1.12.25)

C H Cunningham

E M W Davidson

S A Donohoe

C M Martin

L I Massie (resigned 11.12.25)

C Turner (resigned 10.7.26)

M Watson (resigned 25.2.26)

J W H Whyteside

J D Molyneux Director (appointed 2.1.26)

Senior Management

David Cook

Company Secretary

Auditors

Gerber Landa & Gee

Statutory Auditor

Chartered Accountants

Pavilion 1

Finnieston Business Park

Minerva Way

GLASGOW

G3 8AU

Solicitors

Burness Paull

120 Bothwell Street

Glasgow

G2 7JL

Dentons UK and Middle East LLP

1 George Square

Glasgow

G2 1AL

Bank

Bank of Scotland

167-201 Argyle Street

Glasgow

G2 8BU

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Glasgow Building Preservation Trust 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 audit information of which the charitable company's auditors are unaware; and

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

AUDITORS

The auditors, Gerber Landa & Gee, will be proposed for re-appointment at the forthcoming Annual General Meeting.

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

Approved by order of the board of trustees on 25 August 2026 and signed on its behalf by:

A Agapiou - Trustee

Opinion

We have audited the financial statements of Glasgow Building Preservation Trust (the 'charitable company') for the year ended 31 March 2026 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the charitable company's affairs as at 31 March 2026 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

-	adequate and proper accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of trustees' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector.

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company.

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgement and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of those charged with corporate governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and the trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Darren Smith (Senior Statutory Auditor)

for and on behalf of Gerber Landa & Gee

Statutory Auditor

Chartered Accountants

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

Pavilion 1

Finnieston Business Park

Minerva Way

GLASGOW

G3 8AU

25 August 2026

31.3.26

31.3.25

Unrestricted

Designated

Restricted

Total

funds

Funds

fund

funds

Notes

INCOME AND

ENDOWMENTS FROM

Donations and legacies

74,991

65,272

Charitable activities

Charitable

93,418

536,373

629,791

320,977

Investment income

32,855

26,327

Total

201,264

536,373

737,637

412,576

EXPENDITURE ON

Raising funds

1,900

1,901

1,857

Charitable activities

Charitable

322,742

176,437

499,179

465,702

Total

324,642

176,438

501,080

467,559

NET

INCOME/(EXPENDITURE)

(123,378

)

359,935

236,557

(54,983

)

Transfers between funds

90,579

(90,579

)

Net movement in funds

(32,799

)

269,356

236,557

(54,983

)

RECONCILIATION OF

FUNDS

Total funds brought forward

136,790

715,000

297,467

1,149,257

1,204,240

TOTAL FUNDS CARRIED

FORWARD

103,991

715,000

566,823

1,385,814

1,149,257

31.3.26

31.3.25

Unrestricted

Designated

Restricted

Total

funds

Funds

fund

funds

Notes

FIXED ASSETS

Tangible assets

759

CURRENT ASSETS

Debtors

21,959

647,019

668,978

416,410

Cash at bank and in hand

122,230

715,000

(65,297)

771,933

832,953

144,189

715,000

581,722

1,440,911

1,249,363

CREDITORS

Amounts falling due within one

year

(40,295

)

(14,899

)

(55,194

)

(100,865

)

NET CURRENT ASSETS

103,894

715,000

566,823

1,385,717

1,148,498

TOTAL ASSETS LESS

CURRENT LIABILITIES

103,991

715,000

566,823

1,385,814

1,149,257

NET ASSETS

103,991

715,000

566,823

1,385,814

1,149,257

FUNDS

Unrestricted funds:

General fund

103,991

136,790

Designated Funds

715,000

818,991

851,790

Restricted funds

566,823

297,467

TOTAL FUNDS

1,385,814

1,149,257

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 25 August 2026 and were signed on its behalf by:

A Agapiou - Trustee

E M W Davidson - Trustee

Cash flows from operating activities

Cash generated from operations

(93,875

)

(115,487

)

Net cash used in operating activities

(93,875

)

(115,487

)

Cash flows from investing activities

Interest received

32,855

26,327

Net cash provided by investing activities

32,855

26,327

Change in cash and cash equivalents in

the reporting period

(61,020

)

(89,160

)

Cash and cash equivalents at the

beginning of the reporting period

832,953

922,113

Cash and cash equivalents at the end of

the reporting period

771,933

832,953

1.	RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

31.3.26

31.3.25

Net income/(expenditure) for the reporting period (as per the

Statement of Financial Activities)

236,557

(54,983

)

Adjustments for:

Depreciation charges

662

663

Interest received

(32,855

)

(26,327

)

Increase in debtors

(248,655

)

(36,560

)

(Decrease)/increase in creditors

(49,584

)

1,720

Net cash used in operations

(93,875

)

(115,487

)

2.	ANALYSIS OF CASH AND CASH EQUIVALENTS

31.3.26

31.3.25

Cash in hand

219

Cash at bank

Total cash and cash equivalents

771,714

771,933

832,734

832,953

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.25

Cash flow

At 31.3.26

Net cash

Cash at bank and in hand

832,953

(61,020)

771,933

832,953

(61,020

)

771,933

Total

832,953

(61,020

)

771,933

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, as modified by the revaluation of certain assets.

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 £.

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.

Where grants have been award for subsequent years and meet the conditions detailed for recognition, the income is recognised as accrued income on the Balance Sheet. Amounts falling due after more than one year are detailed separately in the notes to accounts.

Investment income is included when receivable.

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.

Charitable activities

Expenditure on charitable activities includes all costs incurred by the charity in undertaking activities and services that further its charitable aims, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

Support costs are incurred supporting the charity's activities and include expenditure associated with administrative and finance functions, business support, IT and governance.

Governance costs

Governance costs (which are included as a component of support costs in accordance with SORP) comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include those related to constitutional and statutory requirements, external scrutiny, strategic management, and other legal and professional fees.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

25% on cost

Computer equipment

33% on cost

Taxation

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

Fund accounting

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

Designated funds are unrestricted funds earmarked by the Board of Directors for particular purposes.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charity makes defined contributions to individual stakeholder pension schemes. Contributions payable for the year are charged to the Statement of Financial Activities.

Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

2.	DONATIONS AND LEGACIES

31.3.26

31.3.25

Donations

1,988

7,233

Grants

50,000

Income from events

23,003

8,039

74,991

65,272

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

31.3.26

31.3.25

Other grants

50,000

3.	INVESTMENT INCOME

31.3.26

31.3.25

Deposit account interest

32,855

26,327

4.	INCOME FROM CHARITABLE ACTIVITIES

31.3.26

31.3.25

Activity

Grants

Charitable

534,508

227,343

Consultancy Fees

Charitable

53,470

93,634

Project contract income

Charitable

41,813

629,791

320,977

5.	RAISING FUNDS

Raising donations and legacies

31.3.26

31.3.25

Staff costs

1,301

1,346

Telephone

)

1,299

1,347

Investment management costs

31.3.26

31.3.25

Staff costs

602

510

Aggregate amounts

1,901

1,857

6.	CHARITABLE ACTIVITIES COSTS

Support

Direct

costs (see

Costs

note 7)

Totals

Charitable

431,549

67,630

499,179

7.	SUPPORT COSTS

Governance

Management

Finance

costs

Totals

Charitable

42,557

358

24,715

67,630

8.	NET INCOME/(EXPENDITURE)

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

31.3.26

31.3.25

Auditors' remuneration

10,243

8,267

Audit-related assurance services

1,538

Depreciation - owned assets

662

663

Other operating leases

14,948

13,810

9.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2026 nor for the year ended 31 March 2025.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2026 nor for the year ended 31 March 2025.

10.	STAFF COSTS

31.3.26

31.3.25

Wages and salaries

226,453

205,521

Social security costs

18,869

15,371

Other pension costs

13,342

10,943

258,664

231,835

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

31.3.26

31.3.25

Chief Executive

Project Development Officer

Doors Open Days Co-Ordinator

Marketing & Audience Development Officer

Project Development Manager

Heritage Engagement Manager

Net Zero Development Officer

No employees received emoluments in excess of £60,000.

The total employee benefits of key management personnel of the Trust was £66,824 (2025: £63,700)

11.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Designated

Restricted

Total

funds

Funds

fund

funds

INCOME AND ENDOWMENTS FROM

Donations and legacies

65,272

Charitable activities

Charitable

147,289

173,688

320,977

Investment income

26,327

Total

238,888

173,688

412,576

EXPENDITURE ON

Raising funds

1,856

1,857

Charitable activities

Charitable

299,552

166,150

465,702

Total

301,408

166,151

467,559

NET INCOME/(EXPENDITURE)

(62,520

)

7,537

(54,983

)

Transfers between funds

68,901

(68,901

)

Net movement in funds

6,381

(61,364

)

(54,983

)

RECONCILIATION OF FUNDS

Total funds brought forward

130,409

715,000

358,831

1,204,240

TOTAL FUNDS CARRIED FORWARD

136,790

715,000

297,467

1,149,257

12.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

COST

At 1 April 2025 and 31 March 2026

3,543

14,554

18,097

DEPRECIATION

At 1 April 2025

3,350

13,988

17,338

Charge for year

566

662

At 31 March 2026

3,446

14,554

18,000

NET BOOK VALUE

At 31 March 2026

At 31 March 2025

193

566

759

13.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

Trade debtors

39,999

51,635

Other debtors

1,458

VAT

5,368

1,455

Prepayments and accrued income

399,359

256,948

446,184

311,496

14.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

Trade creditors

16,968

27,827

Social security and other taxes

6,106

4,587

VAT

5,808

12,279

Other creditors

1,027

860

Accruals and deferred income

25,285

55,312

55,194

100,865

15.	CASH AT BANK AND IN HAND

Restricted cash at bank was in a negative position at the year end due to the timing of grant draw downs. A number of grants for restricted projects are paid in arrears, therefore expenses must be paid before grant income is received in some cases. In these cases, unrestricted cash at bank is used to fund these expenses until the grant income is physically received from the funder.

16.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.26

31.3.25

Within one year

16,553

17.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At 1.4.25

in funds

funds

31.3.26

Unrestricted funds

General fund

136,790

(123,378

)

90,579

103,991

Designated Funds

715,000

851,790

(123,378

)

90,579

818,991

Restricted funds

297,467

359,935

(90,579

)

566,823

TOTAL FUNDS

1,149,257

236,557

1,385,814

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

Incoming

Resources

Movement

resources

expended

in funds

Unrestricted funds

General fund

201,264

(324,642

)

(123,378

)

Restricted funds

536,373

(176,438

)

359,935

TOTAL FUNDS

737,637

(501,080

)

236,557

Comparatives for movement in funds

Net

Transfers

movement

between

At 1.4.24

in funds

funds

31.3.25

Unrestricted funds

845,409

(62,520

)

68,901

851,790

Restricted fund

Restricted funds

358,831

7,537

(68,901

)

297,467

TOTAL FUNDS

1,204,240

(54,983

)

1,149,257

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

Incoming

Resources

Movement

resources

expended

in funds

Unrestricted funds

238,888

(301,408

)

(62,520

)

Restricted fund

Restricted funds

173,688

(166,151

)

7,537

TOTAL FUNDS

412,576

(467,559

)

(54,983

)

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

Net

Transfers

movement

between

At 1.4.24

in funds

funds

31.3.26

Unrestricted funds

845,409

(185,898

)

159,480

818,991

Restricted fund

Restricted funds

358,831

367,472

(159,480

)

566,823

TOTAL FUNDS

1,204,240

181,574

1,385,814

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

Incoming

Resources

Movement

resources

expended

in funds

Unrestricted funds

440,152

(626,050

)

(185,898

)

Restricted fund

Restricted funds

710,061

(342,589

)

367,472

TOTAL FUNDS

1,150,213

(968,639

)

181,574

Included in Restricted Reserves at 31 March 2026 are the following:

As at

1.4.25

Income

Expenditure

Transfers

As at

31.3.26

Whitevale Baths

9,567

395,940

(4,864

)

(17,452

)

383,191

Britannia Music Hall

(247

)

247

Egyptian Halls

5,820

(5,820

)

Kilbarchan Steeple

396

(396

)

Janitors Houses

20,000

(10

)

19,990

Pollokshaws Burgh Halls

10,000

Queens Park Glasshouse

8,271

7,646

(12,622

)

(3,295

)

AHF HDT Project

166,880

(73,110

)

93,770

WikiWalks

2,687

(2,687

)

Sauchiehall St Phase 2

4,150

2,000

(2,178

)

(3,972

)

Govan Lyceum

31,259

(16,925

)

(14,346

)

Govan Built Heritage

(1,375

)

5,988

(1,000

)

(3,613

)

Hampden Bowling Club

(36

)

15,000

)

15,000

Step Up To Net Zero

(237

)

237

Lion Chambers

48,108

(39,270

)

(8,838

)

Doors Open Days Festival 2026

27,015

(27,015

)

Scotland Street School

6,345

(4,290

)

(5,500

)

(3,445

)

Charlotte Street

37,271

(24,747

)

(12,524

)

Doors Open Days Festival 2027

15,000

Buildings at Risk Funds

33,317

TOTALS

297,467

536,373

(176,438

)

(90,579

)

566,823

Funds were awarded for Whitevale Baths from the Architectural Heritage Fund, Vacant and Derelict Land Fund, Transforming Communities Glasgow and the Pilgrim Trust towards a £517,000 development phase to prepare designs and funding for a £10m redevelopment. The Development Phase will commence in summer 2026.

Janitor's houses: £20,000 was secured from the Sylvia Waddilove Foundation UK towards the costs of developing 3 historic houses. Further funding is expected and the project will developed further in the coming financial year.

Pollokshaws Burgh Hall: Glasgow City Heritage Fund awarded £10,000 and this is being held pending the completion of the funding gap to deliver a feasibility study addendum in the coming year.

The balance of £210,000 of funding awarded by the Architectural Heritage Fund via its Heritage Development Trust programme in 2024/25 will be committed towards staff and other costs in the coming year.

A two-year award from the Glasgow Events Board was secured for Glasgow Doors Open Days Festival and £15,000 is therefore held for the 2027 event.

18.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2026.

19.	PROVISIONS AVAILABLE FOR SMALLER ENTITIES

In common with many other charities of our size and nature, we use our auditors to provide assistance with the charity's finance function and preparation of year end accounts.

20.	SECURITIES AND CHARGES

Historic Environment Scotland and The Trustees of the National Heritage Memorial Fund hold a standard security over the tenants interest in the lease of Glasgow Green Boathouse. The charge is limited to the grant funding provided by the above to Glasgow Building Preservation Trust.