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
ASsociate￿nd 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 De￿rnbel 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 Othe￿Ise 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 charl￿S
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