EDINBURGH: GREYFRIARS KIRK {CHURCH OF SCOTLAND) CONGREGATIONAL ACCOUNTS 2024 Congregation No: 010047 Scottish Charity No: SC003761
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLANDI Financial Statements Year ended 31 December 2024 CONTENTS PAGE Trustees Report Independent Auditorfs Report 8-10 Statement of Financial Activitles li Balancè Sheet 12 Statement of Cash Flows 13 Notes forming part of the financial statements 14-27
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Trustees, Report Year ended 31 December 2024 The trustees present their annual report and financial statements of the charity for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the General Assembly Regulation5 for Congregational Finance, the Charities and Trustee Investment (Scotlandl Act 2005, the Charitie5 Accounts (Scotlandl Regulations 2006 las amended) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to tharities preparing their accounts in accordance with the Financial Reporting Standard applicoble in the UK and Republic of Ireland FR5102 leffective I January 20191. Objertlves and Activities The Church of Scotland is Trinitarian in doctrine, Reformed in tradition and Presbyterian in polity. It exists to glorify God and to work for the advancement of Chrisvs Kingdom throughout the world. As a national Church, it acknowledges distinctive call and duty to bring the ordinances of religion to the people in every parish of Scotland through a territorial ministry. It co-operates with other Churches in various ecumenical bodies in Scotland and beyond. Greyfriars Kirk has a distirbctive ministry both in English and in Gaelic with an active, gathered conEregation that seeks to respond to its setting in the heart of the Old Town of Edinburgh by working with some of the poorest and most marginalised members of the community, those with experience of homelessness and isolation. We have a long- standing three-way partnership with our neighbouring congregations of St Columba's by the Castle Iscottish Episcopal Church) and Augustine United (United Reform Church). Beyond the Kirk itself this work is taken forward through three Substantial and successful social enterprise charities.. Greyfriars Outreach operating from the Kirk, the Grassmarket Community Project IGCPI from the GfeyFriars Grassmarket Centre next to the kirkyard in Candlemaker Row, and the Greyfriars Charteris Centre IGCCI in the former Kirk o, Field church in the Pleasance. These entities further enrich and support the life of the congregation through engagement in pioneering work amongst those on the edge of society and offering a ministry to visitors, tourists and the arts. This missionary outreach defines our ministry and gives meaning and justification for u5 as a gathered congregation in the city centre. Achievernents and Performance Greyfriars Kirk Seeks to seNe and connect with Several communities. These include our worshipping congregation- our team of volunteers,. concert audiences: and visitors who come to experience what Greyfriars Kirk has to offer. Greyfriars Kirk plays its part with our partner5 to serve our neighbours over four key areas: Community.. Liturgy, worship and day-to-day congregational and communal life Compassion.. Addressing social need Commerce: Generating finance via enterprise Culture: Art. music 2nd performance re-imagining the Christian narrative for the present moment These are the themes of HeartEdge, a movement initiated by St Martin in the Fields in London, and Greyfriars Kirk has been nominated as its hub in Scotland. HeartEdge is an international, ecumenical movement galvanising churches to be at the heart of their communities, while being with people on the edge. The interdependence of commerce, culture, compassion and community life is key to the HeartEdge vision. It rests on the conviction that each is an essential element of church life and ministry.
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Trustees, Report Year ended 31 December ZOZ4 Achlevements and Perfomiance Icont.) The backbone5 of congregational lrfe during the year continued to be the weekly Sunday morning services in English and Gaelic and Midweek Prayers every Thursday at lunchtime. Our free concert series Greyfriars @12, timed before Midweek Prayer5, is attracting loyal and increasing audiences. Refugio is a monthw evening Eathering set in the context of silence, symbol and reflective prayer. Since the pandemic we have been INe streaming the Sunday morning English seNice. This facility continues to be well used and allows participation either simultaneou51y or after the event. Following Rev Dr Richard Frazerfs demission from his charge at the end of 2023, Greyfriar5 Kirk entered a period of transitlon and change. During 2025 we expect to be uniting with our neighbour5 St Cuthbert's. and over the past year we have been getting to know each other better through a number of joint activities, planning the shape and mission of the united congregation of Greyfriars St Cijthberfs. During 2024, our worship was ably led by supported by our Reader by our Parish ASsociatend by a numberofguest preachers. We were delighted to see Sue successfully complete her probation and her Ordination Service at the Kirk September as our Associate Minister was one of the highlights of the year. ngagement with us came to an end in May as she moved into training for the ordained ministry, but we are pleased that she continues with us after her ordination in July as an eldÈr and member of our Kirk Session. In February of 2025 Sue was called to a permanent charge as Minister of Helensburgh Parish Church, going with our heèrtfeFt thanks and best wishes for thls next phase in her min15try. We have bèen glad to welcome as our locum minister lately of Cadzow Parish Church in Hamilton and also Director of the Cr3ighead Institute. A big debt of gratitude is owed to Steve Lister who retired in September as our Operations Manager after 12 years of excellent service.led us successfully through a period of change and growth, developing the re2r.h 2nd tcope of our outreach to the many people who cr055 our threshold each year. We were pleased to welcome as his succes50r. bringS frésh ideas and valuable experience from his previous roles in community outreach and facilities management, particularly from his time running the Pickaquoy Centre in Orkney. Flnancial Review The results for the year and the charlt¢s financial position at the end of the year are shown in the attached financial statement. The operating deficit for the year per the statement of financial activities before unrealised gains on investments was £225,21512023.' surplus of £153,765). The calculation of the result include5 an impairment write down to the value of the Charteris Centre of £219,949 12023: £289,011). The result for the year also includes income received for the Charteris capital project of £222,24412023= £320,522), and reimbursement of spend on otherfabric and capital projects of £nil12023= £42,307) from the Church of Scotland central fabric fund. Offerings, Including Gift Aid recovery on general donations, were down on last year at £113,06612023'. £119,087). Greyfriars Outreach, which makes the Kirk available for concert5 and an increasing variety of other event5, had another excellent year and as a result tontributed £175,867 12023: £145,461) to the Kirk towards its operating costs, including utilities, and our office and facilities management Staff. Total funds at the year-end amounted to £1,377,222 12023- £1,576,412) of which £55,652 12023: £143,031> was restricted and £1,321,57012023'. EI,433,3811 was unrestricted. Investment policy The Kirk holds a portFolio of collective investments which are predominantly equity based and is mana8ed on a fully discretionary basis by 8rewin Dolphin. The intention is to hold the portfolio long term if possible and the investment objective is Growth Return, where the level of potential return should increase as a result of taking greater risk. The performance of the portfolio was below benchmark over the year, but the investments are belng held for the longer term, and the longer-term returns remain satisfactory.
EDINBURGH: GREYFRIAR5 KIRK {CHURCH OF SCOTLAND) Trustees, Report Year ended 31 December 2024 ReseNes Policv The unrestricted and undesignated reseNes fund (the General fund, Note 141 represents mainly past donations and legacies. The balance remains available to meet future contingencies. At the 2024 year end the balance on this fund was £403,09312023'. £348,240). The intention, which is currently being met, is that these reserves should not fa15 below a level of at least six months general expenditure which based on current expenditure is £179,944. Risk management The Trustees have assessed the major risks to which the Church is exposed. They include.. ConEreBational givings are tending to decline year on year, especially in real terms with the ongoing inflation challenges. This trend accentuates the importance of proper resourcing and management attention for Greyfriars Outreach, both in financial terms and in promotion of the Church's ministry in settings other than Sunday seNices. At a time of significant cost increases it is important to maintain tight budgetary control, which is overseen by the Financial Management Group. Departure of key people whether from paid or voluntary positions. Mitigated through active succession planning and recruitment to newly created roles in order to spread responsibilities and reduce reliance on particular individuals. Building and property risks. Mitigated by insurance, by regular safety inspections and by prompt maintenance as required. Whilst the Kirk has generally been able to fund its day-to-day activities from its regular income, larger projects have had to been fir¢anced from one-off donations and reseTves. These reserves have historically been topped up as the result of 8enerous legacies. Use of these reserves for projects presents risks given that legacies are uncertain and we cannot have any expectations of such generous gifts in the future. We do encourage members of the congregation to consider Greyfriars Kirk when they are writing wi115, but it falls on the Finance Management Group to ensure careful planning relating to the use of reserves. The prospective union between Greyfriars and St Cuthbert's is expected to take effect during 2025. The intention is that regular worship will continue in both buildings, but this will depend on creating and implementing a three-year plan to demonstrate sustainability on each site. Structure, Governance and Management The congregation is a registered charity, number SC003761. It is administered in accordance with the terms of the Deed of Constitution (Unitary Forml and is subject to the Acts and Regulations of the General Assembly of the Church of Scotland. Pay levels for senior staff are determined on behalf of the Kirk Session by those Trustees who are members of the Financial Management Group. The principles are that Pay should be fair both on an internal and on an external ba515. The internal basis of fairness includes comparison with roles of Similar responsibility in the other charities associated with Greyfriars Kirk, and the financial position of the Kirk. The external ba51S IS the comparison with similar roles in other charities using survey data and the general rate of salary increases in the wider economy.
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Trustees, Report Year ended 31 December 2024 Plans ft>r future perlods The Presbytery Mission Plan provides for GreyFriars Kirk to unite with The Parish Church of St Cuthbert and Served by one full time minister of word and sacrament plus local staff a5 necessary. During the last two years the two congregations have been getting to know each other, a joint working group has continued to meet regularly. We share the HeartEd8e ethos and as gathered congregations in big historic buildings in the city centre, we see complementary opportunities and Similar challenges of demographics and finance. 2025 will see the further development of a joint mission plan for the United con8regatlon, to be prepared as the basis for the appointment of the first minister of the united charEe later in the year. The task of our ministry remains to meet people where they are and to develop and adapt our ways of workin8 accordingly, whether through conventlonal patterns of worship and congregational life or through broader outreach. We recognise that the work of the Holy Spirit is never monopolised by the church,. the Spirit is at loose in the world already. Our task in mission is to look outward and find where the Spirit is at work and join in, celebrating the reality that, for all the challenges we face, God is still active. We see all our activities as furthering that mlsslon and we continually articulate the faith that holds them all together. All our activities depend critically on the contribution of a large number of volunteers, who gNe their time and diverse talents freely for the benefit of this Church community, and to whom we are enomously grateful. Related PartlÈs The charlty is one of a larger group of organisations which undertake activities within the central area of Edinburgh cons1Sting of: Greyfriar5 Outreach.. This is a Scottish Charitable Incorporated Organisation ISClO}. It makes available the premises and facilities of Greyfriar5 Kirk for non-con8re8ational services, artistic and educational purposés and private hires. It also manages visitor operation5 and the Kirk shop. One of its four trustees, Andrew Campbell, is also a Trustee of the Kirk. Grossmurket Community Projert." Thi5 is a charitable company incorporated in 2009. Its directors include Jo Elliot, who is also a Trustee of the Kirk. Thi5 charity remains key to our approach in offering Christian service to the community. walking with people who suffer frgm social exclu5i0n, mental health issues and giving them opportunities for re- engagement through volunteering in social enterprises, through training and social activities. Greyfriar5 Charteris Centre.. This is a SCIO which runs the Greyfriars Charteris Centre. Its trustees include lo Elliot. The Centre had a busy year, accommodating its many partners and usef groups. They continue to find it on inspirational cerntre for wellbeing and enterprise, a5 they use the halls, the meeting room5, the sanctuary and the enterprise hot- desking hub- for one-off events, for regular weekly community gatherings such as choir practices, and as offices. Quite extensive work on roof and stonework to keep the building wind and watertight was undertaken in 2024 and is expected to complete in the first half of 2025. All the capital works have been commissioned by the Kirk but fully funded by third parties. The Kirk of the Greyfriats Foundation.. and, until March 2024, Trustees of the Kirk are also Trustees of The Kirk of the Greyfriars Foundation, constituted a5 an independent charity. This body was set up to raise money and fund improvements to the Kirk and related projects. The Michael Chibbett Charitable Trust.. fund music in the Kirk and improvements to the organ. was one of four Trustees of this charity. It was set up to
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Trustees, Report Year ended 31 December 2024 Related Parknes Icont.) William Brother5tL)n's Gra55market Charitable Trust.. used to meet individual cases of need which come to the attention of the Minister. re Trustees of this Small charity, Although there is a level of co-trustee5hip between the Kirk and these other charitable organisations, the Trustees regularly review these interests and, on review, there is only one that could be viewed as under common control and benefit. As noted in Note I to the accotjnts, a consolidation has not been undertaken on the grounds of materiality. Further details of the transaction5 Wlth related parties are in note 15 to the accounts. Recruitment and Appointment ol Trustees The members of the Kirk Session are the charity trustees. The Kirk Session member5 comprise the active Elders of the congregation. Elders turn are chc)sen by existing Trustees from those member5 of the church congregation who are considered to have the appropriate gifts and skills. Trustees Indurtion and Tralnlng All Trustees are members of the church. Upon appointment as a Trustee the Members of the Kirk Session are briefed on- Their obligations as a Trustee The constitution and also their responsibilitie5 as a charitable body The current finantial position as set out in the latest published accounts Future plans and objectives This is reinforced at the regular Session meetings and the annual Congregational Meeting. Organisational Structure In the Unitary Constitution, the Kirk Se55ion is the decision-making body and meets a minimum of four times per year. However. it is important that key financial decisions are taken by an appropriately qualified and informed group of people. This is the role taken by the Financial Management Group, chaired by Andrew Campbell and including the Treasurer, Operations Manager. five further Trustees, and one fvrther member of the congregation and one representative of St Cuthbert's. This committee meets nine times a year and has the delegated responsibility for financial management of the affairs of the Kirk, with key decisions referred to the Kirk Session for formal authorisation. In addition, the Common Life Group meets three times a year to receive reports and coordinate the actrvities of all the various groups forming the church commtsnlty. Reference and Admlnlstratlve Informatlon Congreg3tlon No: Scottish Charity No.. 010047 SC003761 Ministerial team Minister and Moderator of the Sessiori.. Vacant Interim Moderator.. Associate Minister.. Parish Associate:
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Trustees, Report Year ended 31 Dernbel 2024 Reference and Administrative Information lcont.) Trustee5 The Trustees are the members of the Kirk Session, which comprises the Ministerllnterim Moderator and those elders whts are active. Those serving during the year were.. * Memljer of the Financial Management Group reslgned from the FMG on 23 August 2024 Prlnclpal Offlce-bearers Session Clerk.. Convener of Financial Management Group.. Treasurer- Operations Manager: Prlnclpal Offlce Greyrriars Kirk GreyFriars Place Edinburgh EHI 2QQ Independent Audltor Whitelaw Wells Chartered Accountants 9 Ainslie Place Edinburgh EH3 6AT Investment Manager5 RBC Brewin Dolphin Sixth Floor, Atria One 144 Morrison Street. Edinbur8h, EH3 8EX
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Trustee5' Report Year ended 31 December 2024 Statement as to DiKlosure to Auditors So far as the Trustees are aware, there is no relevant audit information of which the charity's auditors are unaware, and each Trustee has taken all the steps they ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Trustees, Responsibilities In Relation to the Financial Statements The charity trustees are responsible for preparing a trustee5' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Scotland requires the charity trustees to prepare financial statements for each year which show a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources. of the charity for that period. In preparing the financial statements, the trustees are required to= select suitable accounting policies and then apply them consistentlv,. observe the method and principles in the appllcable Charities SORP,. make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards and statements of recommended practice have been followed. subject to any departures disclosed and explained in the financial statement5; prepare the financial statement5 on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence. The trustees are responsible for keeping proper accounting records which discbse with reasonable accurary at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotlandl Act 2005 and the Charities Accounts Iscotlandl Regulation5 2006 las amended). They are also responsible for safeguarding the assets of the charity and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularitie5. The trustees are responsible for the maintenance and integrity of the charity and financial information on the congregation's website. Legislation in the United Kingdom governing the preparation and dissemination of financial Statements may differ from legislation in other jurisdictions. roved by the Trustees and signed on their behalf. Date: l 8 March 2025
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLANDI Independent Auditorfs Report to theTrustees of Edinburgh: Greyfriars Kirk {Church of Scotland) Year ended 31 December 2024 Opinion We have audited the financial statements of Edinburgh.. Greyfriars Kirk (Church of Scotlandl I'the chariv) for the year ended 31 December 2024, which comprise the Statement of Financial Activities (incorporating the Income and Expenditure Account), the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including Summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, Including FRS102. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of 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 Charities and Trustee Investment Iscotlandl Act 2005 and regulation 8 of the Charitie5 Accounts (Scotlandl Regulations 2006 las amended). Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS UK) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities forthe audit of the financial statements section of our report. We are independent of the charity 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 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. Concluslons relating to Golnz Contern In auditing the financial statements, we have concluded that the Trustee'5 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 tast significant doubt on the charity's ability to continije as a going concern for a period of at least twelve months from when the financial statements are authori5ed 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 other information comprises the information in the annual report, other thon the financial statements and our auditorfs report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form Df 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 finèntial statements or our knowledge obtained in the audit or OtheIse appears to be materially misstated. If we identify such material inconsistencies or apparent material mi55tatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 thot fact. We have nothing to report in this regard.
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLANDI Independent Auditorfs Report to the Trustees of Edinburgh: Greyfriars Klrk (Church of Scotlandl Year ended 31 December 2024 Matters onwhlch we ère requiredto report by exception We have nothing to report in respect of the following matters in relation to which the Charities Act 2011, the Charities and Trustees Investment Iscotlandl Act 2005 and the Charities Accounts Iscotlandl Regulations 2006 las amended) require5 US to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the Trustees, annual report; proper accounting records have not been kept,. or the financial statements are not in agreement with the accounting records,. or we have not received all the information and explanations we require for our audit Responsibilities of the Trustees As explained more fully in the Trustees, responsibilities statement Set out on page 7, the Trustees are responsible for the preparation of the financial statements which 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 charity's ability to continue as a goinE concern, disclosing, as applicable, matters related to Eoing concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibllStle5 for the audlt of the financial statements We have been appointed as auditor under settion 44llllcl of the Charities and Trustee Investment (Scotlandl Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 iSSL5e an auditorfs report 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 IUKI 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 aEgregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Irregularitie5 that result from fraud are inherently more difficult to detect than irregularities that result from error. From enquiries of those charged with governance, it was determined that the risk of material misstatement from fraud was low with little scope for fraud to occur. Our audit testing is designed to detect material misstatements from fraud where there is not high level collusion. Our audit testing was designed to detect material misstatements from other irregularities that result from error where there is not high level concealment of the error. In this regard the following audit work was undertaken.. applicable laws and re8ulations including those set out by the Church of Scotland were reviewed and discussed with management- senior management meeting minutes were reviewed,. internal controls were reviewed- and journals were reviewed. From this audit testing it was determined that the risk of material misstatement in this regard was low.
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Independent Auditorfs Report to the Trustees of Edinburgh: Greyfrfars Kirk (Church of Scotland) Year ended 31 December 2024 Audltorfs respon5ibllltles for the audlt of the ftnanclal statements {cont.) We performed income and expenditure testing which was designed to identify any irre8ularities as a result of mistakes or human error. From this audit testing it was determined that the rlsk of material mi$5tatement in this regard was low. A further description of our responsibilities for the audit of the financlal statements is located on the Financial Reporting Council's website at: wMM.frc.o auditorsres This description forms part of our auditorfs report. Use of our report This report is made solely to the charity'5 Trustees, as a body, in accordance with section 44llllcl of the Charities and Trustee Investment (Scotlandl Act 2005, regulation 10 of the Charities Accounts (Scotlandl Regulations 2QX)6 las amended). Our audit work has been undertaken so that we might state to the charity's members those matter5 we are required to state to them in an auditor's 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 charity and the charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed Whitelaw Wells Statutory Auditor 9 Ainslie Place Edinburgh EH3 6AT 21&t March 2025 Whitelaw Wells is eligible to act as an auditor in tenns of Section 1212 of the Companie5 Att 2006. io
EOINBURGH: GREYFRIARS KIRK {CHURCH OF SCOTLANDI Statement of Financial Activitie5 Year ended 31 December 2024 2024 Total Fund5 2023 Total Funds Unrestrlcted Funds Restrlcted Fund5 Note Income and endowments Donations and legacies Charitable activitie5 Other trading activitie5 Investment5 Other income 119,426 175,867 45.666 15,788 417 233,140 13,762 352,566 189.629 45.666 16.727 417 701,366 145.461 35.884 12.028 54,868 939 Total Income and endowmènts 357,164 247.841 605.OOS 949.607 Expendlture Raising funds Charitable actlvities Charitable activitses- Impairmènt 12,883 530,795 12,883 597,388 219,949 6,777 500,054 289,011 66,593 219,949 Total eJ¢pendlture 543.678 286.S42 830,220 795,842 Net lexpenditurellincome before gains and losse5 on investment5 1186.S141 138,7011 1225,2151 153,765 Net gains on investments li 25,873 152 26,025 19,127 Net lexpenditurelfincome 1160,6411 38,5491 1199,19Ql 172,892 Transfers between funds 14 48,830 148,8301 Net movement In funds 1111.8111 187.3791 1199,1901 172,892 Total fund5 brou8ht fonvard 14 1.433.381 143,031 1,576,412 1,403,520 Total funds tarried forward 14 1,321,570 55,652 1,377,222 1,576,412 The church has no recognised gains or1055e5 Other than the results for the year, as set out above. All activities of the church are classified as continuing. The notes on pa8es 14 to 27 form an Integral part of thesè financial statements. li
EDIN8URGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Balance Sheet As at 31 December 2024 2024 Totsl Funds 2023 Tota Funds Unrestricted Funds Re5tTided Fund$ Note Fixed assets ranglble fixed asset5 Investments io li 873.267 372.980 873,267 389,791 973,639 364,262 16,811 Total fixed assets 1.246,247 16.811 1,263,058 IB37,901 rrent assets Debtors Cash at bank and in hand 12 39,881 85,619 39.881 124.460 119,626 207,929 38,841 Ttstal current assets 125,51Ml 38,841 164J41 327.SSS Creditors falling due within one year 13 50.177 50,177 89,044 Net current assets 75,323 38A41 114.164 238,511 Total assets less current Ilabtiitles 1.321.570 55,652 1.377.222 1.576A12 Net assets IB21,570 55,652 1,377.222 1.576/412 Funds of the ¢harlty Unrestricted funds Restrieted income funds 14 14 1,321,570 1,321,570 55,652 1,433,381 143,081 5S,652 Total charrtyfurtds 1,321.570 55,652 1,377,222 1.576,412 The notes on page$ 14 to 27 forrn an integral part of these financial statements. The finanaal Statements were approved by the Kirk Session on It March 2025 and signed on their behalf bv.. 12
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Statement of Cashflows Year ended 31 December 2024 2024 Totsl 2023 Total Note Net cash Benerated from operatlng a¢tivtties 18 120,157 500,209 Cash flow5 from Investing actlvltlès Interest and dividends Purchase (>f fixed assets Purchase of investments Proceeds from Sale of investments 16,727 1220,8491 198,8581 99,354 12,028 1345,1811 1161,0421 105,730 Net cash used in investing activltles 120,6261 1388,4651 Net cash provided by financin8 activitles Change In cash and cash equfvalents in the year 183,4691 111,744 Cash and c35h equivalents brought forward 207,929 96,185 Cash and cash equlvalents ¢arried foTh•ard 124,460 207,929 The notes on pages 14 to 27 form an integral part of these financial statements. 13
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLANDI Notes forming part of the financial statements Year ended 31 December 2024 l. Accounting pollcles The principal accounting policies, which have been applied consistently in the current and preceding year in dealing with items which are considered material to the financial statements, are set out below. Basis of preparatlon The financial statements have been prepared in accordance with 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 IFR51021 (effective l January 20191 (Charities SORP IFRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102 the Charities and Trustee Investment (Scotlandl Act 2005 and the Charities Accounts (Scotlandl Re8ulation5 2CMJ6 las amended). These financial statements contain information about Edinburgh.. Greyfriars Kirk as an individual charity and do not contain con501idated financial information as the parent of a group. Consolidated group accounts have not been prepared on the basis that the results for the subsidiary undertaking, William Brotherston's Grassmarket Charitable Trust, is immaterial. The Kirk constitutes a public benefit entity a5 defined by FRS 102. The Trustees consider that there are no material uncertainties about the ability of the charitable company to continue as a going concern for the foreseeable future. Accordingly, the accounts have been prepared on a going concern basis. At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity ha5 adequate resources to continue in operational existence for the foreseeable future. Fund accounting Funds are classified as either restricted funds or unrestricted funds, defined as follows: Restricted funds are funds subject to specific requirements as to their use which may be declared by the donor or with their authority or created through legal processes, but still within the wider objects of the charity. Unrestricted funds are expendable at the discretion of the trustees in furtherance of the objects of the charity. If parts of the unrestricted funds are earmarked at the discretion of the trustees for a particular purpose, they are designated as a separate fund. This designation has an administrative purpose only and does not legally restrict the trustees, discretion to apply the fund. Income recognFtlon Donations and le acies Donations, legacies and similar incoming resources are included in the period in which they are receivable, which is when the charity becomes entitled to the resource. Income from charitable and tradin activities Income from activities is included in the SOFA in the period in which it is receivable. Investment income and rental income Income from investments and from rental income is included in the SOFA in the period in which it is receivable. Grant income Income from grant5 where entitlement is not conditional on the delivery of a specific performance by the Kirk, are reco8nised when the Kirk becomes unconditionally entitled. Income related to performance and specific deliverables, are accounted for as the Kirk earns the right to consideration by its performance. 14
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Notes forming part of the financial statements Year ended 31 December 2024 l. Accounting policles Icont.) Expendlture recognltlon All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. The church is registered for VAT and, where applicable, expenditure is shown net of VAT although there is a high proportion of non-business transactions where VAT is not recoverable and therefore this expenditure is shown inclusive of irrecoverable input VAT. Fixed Assets The charity has the right to occupy and use for its charitable objects certain tangible fixed assets, including the Church, halls and manse, vested in the Church of Scotland General Trustees. No consideration is payable for the use of these assets. Expenditure incurred on the repair and maintenance of these assets is charged as resources expended in the Statement of Financial Activities in the period in which the liability arises. All tangible fixed assets costing in excess of £600 having a value to the charity greater than one year, other than those acquired for specific purposes, are capitalised. Depreciation is provided on a straight-line basi5 to write off the cost or initial value, less residual value, of tangible fixed assets over their estimated useful lives: Fixtures, fittings and office equipment Capital improvements Musical instruments 3 years 20 years on impaired cost no change as residual value is expected to be no less than Cost Investments Fixed asset investments are a form of basic financial instrument and are initially recognised at their transattion value and subsequently measured at their fair value at the balance sheet date using the closing quoted market price. The SOFA include5 the net gains and losses arising on revaluation and disposals throughout the year. The Charity does not acquire put options, derivatives or other complex instruments. The main form of financial risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk and change5 in sentiment concerning equities and within particular sectors or sub sertor5. Heritage Assets The Kirk owns a number of church artefacts. The trustees do not consider that reliable cost or valuation information can be obtained for the vast majority of these items held. This is because of the diverse nature of the a55ets held and the latk of comparable market values. The thurch does not therefore recognise these assets on its Balance Sheet. Expenditure which, in the Trustees, view, 15 required to preserve or clearly prevent further deterioration of individual items is recognised in the SOFA when it is incurred. Pensions The Charity operates a contribution scheme for members of stafls private pensions. From l January 2019, the charity's contribution was 4% or 5 % of salary paid direct to the pension provider nominated by the member of staff. Taxation Edinburgh.. Greyfriars Kirk (Church of Scotlandl is recognised as a charity for the purposes of applicable taxation legislation and 15 therefore not subject to taxation on its charitable activities. Financial instruments The Charity only has financial assets and liabilities of a kind that qualify a5 basic instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 15
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLANDI Notes forming part of the financial statements Year ended 31 December 2024 l. Accountlng policies (cont.) Judgements and key sources of estimation uncertainty In the application of the charitys accounting policies, the trustees 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 15 revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donatlons and legacies 2024 Total Funds 2023 Totsl Funds Unrestrlcted Re5trirted Funds Funds Offering5 Tax recovered Ltnder Gift Aid Legacies Binks Trust St-Martin-in-the-Fields The Penpont Charitable Trust Irene Ann Macdonald Charitable Trust The Plum Trust Benefact Trust Local Energy Scotland Grant Edinburgh's Employer Recruitment Initiative Other donations 90,330 22,673 1,500 90.330 22,736 1,500 182,244 95,621 23,466 101,839 343,618 6,666 5,000 62,871 5,000 3,600 39,910 3,1)00 10,775 63 182,244 5,000 40,000 S,ClJO 3,923 5,833 9,756 119,426 233,140 352.566 701,366 Income from donations and legacies wa5 £352,566 12023.. £701,366) of which £119,426 was unrestricted 12023.. £306,735) and £233,140 was restricted12023: £394,631). 3. Charltable artivitie5 2024 Total Funds 2023 Total Funds Unrestrlrted Funds Restrirted Funds Contributions from.. Greyfriars Outreach The Kirk of The Greyfriar5 Foundation 175,867 175,867 13,762 145,461 13,762 175,867 13,762 189.629 145,461 Income from charitable activities was £189,62912023: £145.4611 of which £175,867 was unrestricted12023-. £145,461) and £13.762 was restricted12023.' £nill. 16
EDINBURGH.. GREYFRIARS KIRK {CHURCH OF SCOTLAND) Notes forming part of the financial staternents Year Ènded 31 December 2024 4. Other trading actlvities 2024 Total Funds 2023 Total Funds Unrestrltted Restrirted Funds Funds Rent received 45,666 45,666 35,884 45,666 45,666 35,884 Income from other trading activities for 2024 and 2023 was all unrestricted. 5. Investments 2024 Total Funds 2023 Total Funds Unrestrirted Restrirted Funds Funds Dividends received Deposit interest 9.556 6,232 912 27 10,468 6,259 8,018 4,010 15,788 939 16,727 12,028 Investment income was £16,72712023'. £12,028) of which £15,788 was unrestricted12023= £11,245) and £939 was restricted12023-. £7831. 6. Other income 2024 Total Funds 2023 Total Funds Unrestricted Funds Restrlcted Funds Funds received from Church of Scotland.. Grant towurd Pioneer Ministry Reimbursement of refurbishment costsfrom the Consolidoted Fabric Fund held centrolly Listed Places of Worship Grant 42,037 10,561 417 417 417 417 54,868 Other income was £41712023.. £54,868) of which £417 was unrestricted12023'. £52,868) and £nil was restricted12023.. £2,000). 17
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Notes forrnlng part of the financlal statements Year ended 31 December 2024 7. Analysis of expendlture 2024 Total Funds 2023 Total Funds Unrestrirted Restricted Funds Funds Ralsing funds Investment manager fees Insurance on rented properties 3,099 9,784 3,099 9,784 3,322 3,455 12,883 12,883 6,777 Charitable activities Giving to Grow Presbytery dues Ministers, expenses Other seNice costs other salary costs Donation made to Grassmarket Community Project Fabric repairs and maintenance Manse refurbishment Depreciation Impairment other buildin8 COStS Churth office expenses Organ and music Rent, rates and insurance Audit fee Other accountancy fees Other expenses 64,360 1.673 2,694 1,532 190,506 64,360 1,673 3,256 1,532 219,168 75,400 1,574 2,071 1,320 201,894 1,000 15,476 562 28,662 43,539 48,824 100,372 15,010 58,549 48,824 100,372 220,849 30,035 11,242 7,772 25,843 6,600 364 16,898 97,077 289.011 30,647 9,779 4,226 24,029 6,000 2,418 27,143 220,849 30,035 11,242 7,772 25,843 6.600 364 3,211 13,687 530,795 286,542 817,337 789,065 Totsl 543,678 286,542 830,220 795,842 Support costs have not been separately identified as the trustees consider that there is only one charitable activity and relate wholly to that activity. Expenditure was £830,22012023'. £795,842) of which £543,67812023.. £442,831) was unrestricted and £286,54212023: £353,011) was restrirted. The current year balance of salary costs is net of recharged costs of £7,200 charged to Greyfrlars Charteris Centre12023- £4,752) and £nil recharged to the City of Edinburgh Council12023: £2,6891. The costs of charitable activities include governance cost5 as follows- 2024 Total Funds 2023 Total Funds Unrestrlcted Restricted Funds Fund5 Atjdit fee Other accountancy fees 6,600 364 6,600 364 6,1X)O 2,418 6,964 6,964 8,418 18
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLANDI Notes forming part of the financial statements Year ended 31 December 2024 8. Analysls of staff costs 2024 Total 2023 Total Salaries and wages Social security costs Pension t05ts 207,485 11,155 7,728 193,047 9,424 6,865 226,368 209.366 The average number of employee5 on a headcount basis during the year was 1412023-. 121. The average number of employees on a full-time equivalent basis during the year was as follows.. 2024 2023 Operations Administration Ministerial staff Premises maintenance These costs include staff recharged to Greyfriars Charteris Centre and reimbursed by City of Edinburgh Council. No employee had employee benefits in excess of £60,00012023: nill. Included in salaries and wages is the redundancy payment of £3,365 to a former employee. The policy for redundancy follows the statutory redundancy provision5. All Church of Scotland congregations tontribute to the National Stipend Fund which bears the costs of all Ministers, stipends and employers, contributions for National Insurance, pension and housing loan fund. Ministers, stipends are paid in accordance with the national stipend scale which is related to years of service. For the year under review the minimum stipend was £31,642 and the maximum stipend in the 5, and subsequent years was £38,884. Pensions The charity operates a defined contribution scheme for the private pensions of some members of staff. The charlS contributions were 4% and 5Yo12023.' 4%) of salary, paid direct to the pension provider nominated by the member of staff. The pension cost payable by the charity to the schemes has been charged to the income and expenditure actount and amounted to £7,72812023.. £6,865). Contributions outstanding at the year-end amounted to £2,49912023: £2,121). 19
EDINBURGH: GREYFRIARS KIRK ICHURCH OF SCOTLAND) Notes forming part of the flnanclal statements Year ended 31 December 2024 10. Tangible fixed assets Capitsl Office Musical improvements equipment instruments Totsl Cost / valuation As at l January 2024 Additions 5,652,838 220,849 142,627 24,900 5,820,365 220,849 As at 31 December 2024 5,873,687 142,6Z7 24,900 6,041,214 Depreciatlon Asat ljanuary 2024 Charge for the year Impairment I revaluation As at 31 December 20Z4 4,755,301 75,918 220,849 91,425 24,454 4,846,726 100,372 220,849 5,052.068 115,879 5,167,947 Net book value As at 31 December 2024 821,619 26,748 24,900 873,267 As at 31 December 2023 897,537 51,202 24,900 973,639 Heritage ossets lincluded at nil value) consist of a number of church related assets that include communion chalices and other vessels which cannot be reliably valued. The insurance replacement Cost of these assets is in the region of £150,000. Capital improvements comprise.. Wisltor Centre Charteris Centre Other Property Kirkhouse Total Cost I valuation As at l January 2024 Additions 2,436,887 236,776 2,929,692 220,849 49.483 5.652,838 220,849 A5 at 31 December 2024 2,436,887 236,776 3,150.541 49,483 5,873,687 Depreciation As at l January 2024 Charge for the year Impairment I revaluation As at 31 December 2024 2,054,982 41,606 135,779 11,839 2,549,691 20,000 220,849 14,849 4,755,301 2,473 75,918 220,849 2,096,588 147,618 2,790,540 17,322 5,052,068 Net book value As at 31 December 2024 340,299 89,158 360.001 32,161 821,619 As at 31 December 2023 381,905 ICX),997 380,001 34,634 897,537 20
EDINBURGH: GREYFRIARS KIRK {CHURCH OF SCOTLAND) Notes forming part of the financial statements Year ended 31 December 2024 11. Investments 2024 Total 2023 Totsl Market value as at l January 2024 Additions Disposals Unrealised gains 364,262 289,823 98,858 161,042 199,3541 1105,7301 26,025 19,127 Market value as at 31 December 2024 389,791 364,262 The following investments are held: 2024 Total 2023 Totsl UK Securities UK Property investments Other overseas investments 149,363 5,426 235,002 134,042 5,378 224,842 Market value as at 31 December 2024 389,791 364,262 Investments of £305,51912023'. £347,603) were allocated to the General Fund, £67,46112023.. £nill to the designated Trust Fund and £16,81112023: £16,659) were allocated to restricted funds. 12. Debtors 2024 Total Funds 2023 Totsl Funds Unrestrlcted Restricted Funds Funds Gift Aid Tax Refund Due Greyfriars Outreach Greyfriars Charteris Centre Grassmarket Community Project Sundry debtors VAT recoverable Prepayments and accrued income 1,970 8,988 720 543 4.574 18.218 4,868 1,970 8,988 720 543 4,574 18,218 4,868 1,934 33,080 S,149 2,058 7,448 9,277 60,680 39,881 39,881 119,626 21
EDINBURGH: GREYFRIARS KIRK {CHURCH OF SCOTLAND) Notes forming part of the flnancial statements Year ended 31 December 2024 13. Creditors falllng due within one year 2024 Totsl Funds 2023 Total Funds Unrestrlcted Restricted Funds Funds Greyfriars Charteris Centre Accruals VAT Other taxes and social security Sundry creditors 515 72,949 3,037 3,587 8,956 30,645 30,645 3,717 15,815 3,717 15,815 50,177 50,177 89,044 14. Movement In funds Asat l Jan 2024 Gains on Income Expendlture Investments Asat Transfers 31 Dec 2024 Unrestrirted funds General fund Designatedfvnd5.' Trust fund Fabric fund Music fund Charteris Capital fund Kirkhouse 348,240 355,436 1371,7741 21,194 49,997 403,093 62,871 134,467 24,900 380,001 100,997 381,905 1,728 15611 197,8981 4,679 11,1671 67,550 36,569 24,900 360,001 89,158 340,299 120,0001 111,8391 141.6061 IB33,381 357,164 1543,678) 25,873 48.830 1,321,570 Restrirted funds Music Organ Piano Charteris Ladies Gaelic School and Highland Bursary Fund Pioneer Ministry Counselling The Kirk of The Greyfriars Foundation Other small funds 4.241 2,614 soo 57,452 2,000 5,000 12,4101 17,4211 3,831 193 500 9,554 222,244 1220,1451 149,9971 16,698 43,227 8,670 912 19251 126,5071 17,0951 152 16,837 16,720 1,575 13,762 3,923 113,7621 18.2771 9,629 1,167 6,442 143,031 247,841 1286,542) 152 148,830) 55,652 1,576,412 605.005 1830,220) 26,025 1,377,222 22
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Notes forming part of the financial statements Year ended 31 December 2024 14. Movement In funds Icont.) Asat l Jan 2023 Gains on Income Expenditure investments Transfer5 31 Dec 2023 Unrestrlrted funds General fund Designatedfvnds." Trust fund Fabric fund Music fund Charteris Capital fund Kirkhouse 315,636 436,454 1357,3221 18.519 165,0471 348,240 62,871 52,868 62,871 134,467 24,91JJ 380,1 100,997 381,905 11,824 23,911 400,Th)1 112,836 423,511 112,0641 81,839 989 120,0001 111,8391 141,6061 1.287,719 552,193 {442,831) 18,519 17,781 1,433,381 Restricted funds Music Organ Piano Charteris Ladies Gaelic School and Highland Bursary Fund Pioneer Ministry Solar pane15 Counselling Other small funds 5,091 1,615 18501 14,0011 4,241 2,614 500 S7,452 5,000 500 320,552 1292,5021 29,402 16,410 40,234 30.746 15,380 6.325 760 25,332 39,910 11.0801 142,3391 608 16.698 43,227 20,000 170,6561 16,7101 15,529} 8,670 9,629 5,360 3.473 115,801 397,414 {353,0111 {17,781) 143,031 1,403,520 949,607 {795,842) 19,127 1,576,412 Fund purposes: Unrestrirted funds.. General fund These are geTreral and unrestricted resources of the Kirk. Monies were received from the Irene Ann MacDonald Charitable Trust the investment income from which is designated for supporting the cost of flowers for Greyfriars Kirk. However, the Session has the discretion to apply any surplus elsewhere to the benefit of our church life. Trust Fabric fund Funds designated for the costs of maintaining the Kirk, the Kirkhouse and other congregational buildings. £81,839 of legacy income was transferred to this fund in 2023. Music fund The reserve represents the net book value of the Yamaha piano. The reserve has been established to finance activity in the Greyfriars Charteris Centre including funds to represent the net book value of capital improvement5. The fund represents the net book value of the porch and visitor centre. The reseNe represents the net book value of the Grassmarket Centre. Charteris Capital fund Kirkhouse 23
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Notes forming part of the financial statements Year ended 31 December 2024 14. Movement In funds Icont.) Re5trlrtedAunds.' Music Legacies left for the specified purpose of funding musical activities which funds, including choral awards for the Greyfriars church choir. The reserve contains monies received to fund repairs to the piano. Fund specifically for the maintenance and improvement of the main church organ and piano. Donations were received during the year specifically to fund the capital expenditure at the Greyfriars Charteris Centre. Following completion of the Centre in prior years, the capital asset was transferred to a designated fund. Further spend has been fully written Piano fund Organ Charteris Ladies Gaelic School and Highland Bursary Fund Pioneer Ministry Endowment fund whose income is used to finance student bursaries. Funds received to assist in the funding of ministerial positior15 to serve Greyfriars Kirk and Greyfriars Charteris Centre. £20,000 of Lsnrestricted legacy income was transferred to this fund in 2023. Funds received to assist in the funding of 501ar photo-voltaic panels at the Greyfriars Charteris Centre. The capital asset was transferred to the Charteris designated fund in 2023 and considered within the review for impairment. Funds donated by Benefact Trust to provide counselling support for members of the Grassmarket Community Project, delivered by Coco Counselling. Funds received from the Foundation to meet the cost of specific fabric repairs Solar Panels Counselling The Kirk of The Greyfriars Foundation Other small funds.. Gaelic Lecture Funds used to fund the annual Gaelic lecture. Funds used to finance the catering activities of the Kirk. Funds received to finance the floral displays at the Kirk. Funds used to finance the provision of choral music at the Kirk. Funds to be used for the purposes of funding lectures every 3 years which must deal with questions of Biblical criticism, theology or ecclesiastical history or policy with reference to the circumstances of the time. Funds received towards the refurbishment of the ladies, toilets. Funds taken at the Christmas Eve service for the Shine-a-Light Children Foundation Catering fund Flower fund Choir fund Lee Lectureship Ladies Toilet Shine-a-Light Endowmentfund.. Consolidated stipend fund Represents funds held by the General Trustees, the dividend income of which is used to reduce the Ministry and Mission contribution of the congregation. 24
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Notes forming part of the financial statements Year ended 31 Decernber 2024 15. Twstee remuneration and related party transactions During the year Council Tax of £4,61812023.. £4,4971 was paid in respect of the Manse, to be occupied by the Minister. The total remuneration paid to trustees and key manaEement during the year was £57,79112023= £50,543). No trustee was reimbursed expenses during the year12023: one trustee, £9221. During the year a total of £46,01412023-. £44,646) was donated to the congregation by trustee5. AngusTod is a director of Church of Scotland Insurance Setvices, which provide5 insurance broking services to Greyfriars Kirk. Andrew Campbell is a trustee of the Anne Macdonald Charitable Trust. Grants and donations of £182,24412023.' £343,618) were received from 8inks Trust, of which Jo Elliot is a Trustee. Trustees. interests in Related Parties are disclosed in the Trustees, Report on pages 4 and 5. A donation of £1,20012023.' £1,000) was made to Grassmarket Community Project during the current year. Rent of £11,02412023= £10,000) was received from Grassmarket Community Project in respect of the Kirkhouse. During the year goods and services amounting to £3,02912023.- £1,060) weie purchased from Grassmarket Community Projert and £9,784 was recharged to them for ir*surance12023.. £5,0921. At the year-end £54312023.. £2,104) was due from Grassmarket Community Project. Greyfriars Kirk has provided a guarantee in favour of the lender in respect of their loan to the Grassmarket Community Project. The principal amount outstanding at the year-end was £114,89612023-. £126,624), and the guarantee also covers interest and other costs. A general donation of £175.86712023'. £145,461) was recognised from Greyfriars Outreach. At the year-end £8,988 12023.. £33.0801 remained outstanding from Greyfriars Outreach. During the year rent of £24,85812023'. £22,429) and salary recharges of £7,20012023: £4,752) were received from Greyfriars Charteris Centre. At the year-end £72012023.- £4,634) was due from Greyfriars Charteris Centre. A donation towards the charitable activities of the Kirk of E13,76212023.. £nill was received from The Kirk of The Greyfriars Foundation. At the year-end £nil12023.. £nill was due to or from the The Kirk of The Greyfriars Foundation. 16. Volunteers In common with all congregations of the Church of Scotland the Kirk benefit5 greatfyfrom the contribution of volunteers who give their time and talents willingly for the benefit of the Church. The areas of congregational life which rely on them are many and varied and much of the activity could not be sustained continue without their extr?ordinary commitment. 17. Funds held by the Church ofkotland The Church of Scotland hold funds on behalf of Greyfriars Kirk in the church's Consolidated Fabric Funds. These funds are amounts held by the Church of Scotland on behalf of each congregation and are not reflected in these financial statements. At the year-end the amount held for Greyfriars, in terms of the cost of the underlying investment5, was £nil12023- £241. 25
EDINBURGH: GREYFRIARS KIRK ICHURCH OF SCOTLAND) Notes forming part of the financlal statements Year ended 31 December 2024 18. Reconciliatlon of net movement in funds to net Cash flow from operating actlvlties 2024 Total 2023 Total Net movement in funds Add back depreciation charge Add back irnpairment charge Dedutt investment income Deduct gains on investments Decrease in debtors (Decrease) In creditors 1199,1901 100,372 220,849 116,7271 126.0251 79.745 138,8671 172,892 97.077 289,011 112,0281 119.1271 19091 126,7071 Net cash gentrated from operatlng aCtivltie5 120.157 500,209 19. Operating lease5 At the end of the financial year the church had commitments under non-cancellable operating leases for equipment as follows.. 2023 2024 Within one year Betwèen two and five years Over five years 4,200 14,185 4,200 16,628 1.757 18,385 22,585 20. Capital commitments The redevelopment of the Charteris Centre. undertaken by the Kirk, was completed at the end of 2021. Further roof works and masonry repairs continued during 2024 and are expected to be completed during the first half of 2025. The total expetted cost of this work was initially expected to be £322,CM)O and at the end of the year this had reduced to £285,000 and there were costs of £54,414 contracted for but not yet incurred. All these works are expected to be funded by a third party. 21. Contingent liabllitie5 As set out in Note 15, Greyfriars Kirk has provided a guarantee in favour of the lender in respect of their loan to the Grassmarket Community Projett. At 31 December 2024 the balance on this loan was £114,89612023'. E126,6241. 26
EDINBURGH: GREYFRIARS KIRK {CHURCH OF SCOTLANDI Notes forming part of the financial statements Year ended 31 December 2024 22. Analysls of net assets between funds Unrestrirted Restricted Funds Funds Total Funds Tangible fixed assets Investments Current assets Current liabilities 873,267 372,980 125,500 150,1771 873,267 389,791 164,341 150,1771 16,811 38,841 Net assets at 31 December 2024 1,321,570 55,652 1,377,222 Unre5trlcted Funds Restrirted Funds Total Funds Tangible fixed assets Investments Current assets Current liabilities 973,639 347,603 192,251 180,1121 973,639 364,262 327,555 189,0441 16.659 135,304 18,9321 Net assets at 31 December 2023 1,433,381 143,041 1,576,412 23. Funds held as agent During the year the Kirk received funds of £5,08612023= £nill from William Brotherston's Grassmarket Ch8ritable Trust to be held on behalf of the Trustees. Disbursements of £7212023.. £nil} were made on behalf of the Trustees and at the year end funds of £5.01412023.. £nill were held. During the year the Kirk received funds of £1,59212023.. £nill from Michael Chibbett's Charitable Trust to be held on behalf of the Trustees. Disbursements of £16112023- Enill were made on behalf of the Trustees and at the year end funds of £1,43112023.. £nill were held. 27