EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) CONGREGATIONAL ACCOUNTS 2025 Congregation No: 010047 Scottish Charity No: SC003761
EDINBURGH". GREYFRIARS KIRK {CHURCH OF 5COTLANDI Financial Statements Year ended 31 Oecember 2025 CONTEAITS PAGE Trustees Report Independent Auditor's Report 8-10 Statement of Flnancial Activities li Balance 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 2025 The trustees present their annual report and financial statements of the charity for the year ended 31 December 2025. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the General Assembly Regulations for Congregational Finance, the Charities and Trustee Investment (Scotlandl Act 2005, the Charitie5 Accounts Iscotlandl Regulations 2006 las amended) and Accounting and Reporting by Charities.. Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appllcable in the UK and Republic of Ireland FRS102 leffective l January 20191. Objectives and Artivities The Church of Scotland is Trinitarian in doctrine, Reformed in tradition and Presbyterian in polity. It exists to glorify God ar)d to work for the advancement of Christ's Kingdom throughout the world. A5 a national Church, it acknowledges a distinctive call and duty to brinB the ordinance5 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 distinctive ministry both in English and in Gaelic with an active, gathered congregation 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 Churchl and Augustine United Iunited Refomi Church}. Beyond the Kirk itself this work is taken forward through the substantial and successful social enterprise charities.. Greyfriars Outreach operatinB from the Kirk, the Grassmarket Community Project IGCPI from the Greyfriars 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 us as a gathered congregation in the city centre. A¢hievements and Performance Greyfriars Kirk seeks to serve 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 partners to serve our neighbours over four key areas: Community.. Liturgyi worship and day-to-day congregational and communal life Compassion.. Addressing social need Commerce: Generating finance via enterprise Culture.. Art, music and performance re-imagirbing the Christian narrative for the present moment These are the themes of HeartEdge, a movement initiated by St Martin in the Flelds 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 commUnite5, 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 SCOTLANDI Trustees, Report Year ended 31 Decernber 2025 Achievements and Performance (cont.} The backbones of congregational life 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 Prayers, is attracting loyal and increasing audiences. Refugio 15 a monthly evening gathering set in the context of silence, symbol and reflective prayer. Since the pandemic we have been live streaming the Sunday morning English servi. This facility continue5 to be well used and allows participation either simultaneously or after the event. Following Rev Dr Richard Frazerfs demi55ion from his charge at the end of 2023, Greyfriars Kirk entered a period of transition and change. During 2026 we expect to be uniting with our neighbours St Cuthbert's, and over the past two years we have been getting to know each other better throu8h a number of joint activities, planning and agreeing the shape and mission of the united congregation of Greyfriars St Cuthbert's. At the start of 2025, our worship was ably led by our Associate Minister, Sue Macgregor. supported by our Reader Herbert KerriEan and by a number of guest preachers. In February of 2025 Sue was called to a permanent charge as Mlnister of Helensburgh Parish Church. going with our heartfelt thanks and best wishes for this next phase in her ministry. We were glad to welcome as our locum minister Rev Dr John Carswell, lately of Cadzow Parish Church in Hamilton and also Director of the Craighead Institute. Since Rev Dr John Car5well's time with us came to an end in the Summer, we have been delighted to have Rev Calum MacDougall as our locum Minister. The Kirk received a £1,850 donation from The North Merchiston Fund during the year which has supported the Kirk's ministry to its members and non-members alike in the local community- In his first full year as Operations Manager, Mark Harrison has successfully ensured the smooth running of the organisation alon8 Wlth pushing forward with many new initiatives which are the steppinE Stones to an exciting future. Flnanclal Revlew The results for the year and the charitrfs financial position at the end of the year are shown in the attsched financial statements. The operating deficit for the year per the statement of financial activities before realised and unrealised gains on investments was É133.61112024= deficit of £225,2151- The calculation of the result includes an impairment write down to the value of the Charteris Centre of £21,64012024.' £220,8491. The result for the year also includes income received for the Charteri5 Capltal project of £14,00012024: £222,2441, and reimbursement of spend on other fabric and capital projects of £nil12024.. £nill from the Church of Scotland central fabric fund. Offerings, including Gift Aid recovery on general donations, were down on last year at £111.96812024.' £113,066). Greyfriars Outreach. which makes the Kirk available for concerts and an increasing variety of other events, had another excellent year and as a result contributed £167,398 12024.. £175,867) to the Kirk towards its operating costs, including utilities, and our office and facilities management staff. Total funds at the year-end amounted to £1,275,132 12024.. £1,377,222) of which £36,530 12024- £55,652) was restricted and £1,238,60212024.' £1,321.5701 was unrestricted. Investment policy The Kirk holds a portfolio of collective investments which are predominantly equity based and is managed on a fully discretionary basis by RBC Brewin Dolphin. The intention is to hold the portfolio long term if possible and the investment objective is Growth Return, where the level of potentlal retLtrn should increase as a result of taking greater risk. The portfolio saw double digit Browth in 2025 and has grown by 39% over the last 5 years. The investments are being held for the longer term, and the longer-term returns are deemed to be satisfactory.
EDIN3URGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND} Trustees, Report 'lear ended 31 December 2025 Resebves Pollry The unrestricted and undesignated reserves fund (the General fund, Note 141 represents mainly past donations and legacies. The balance remains available to meet future contingencies. At the 2025 year end the balance on this fund was £406,46612024.. £403,093). The intention, which is currently being met, IS that these reserves should not fall below level of at least Six months general expenditure which based on current expenditure is £191,498. Risk management The Trustees have assessed the major risks to which the Church is exposed. They include= Congregational 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 servites. At a time of significant cost increase5 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 project5 have had to been financed from one-off donations and reserves. These reserves have historically been topped up as the result of generous 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 wills, but it falls on the Finance Management Group to ensure careful planning relating to the use of reserves. The prospectlve union between Greyfriars and St Cuthberfs 15 expected to toke effect during 2026. 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 Iunitary Forml and is subject to the Acts and Re8ulations 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 basls. 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 basis 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 2025 Plans for future periods 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 plu5 local stoff as necessary. During the last two years the two congregations have been getting to know each other, a joint working group has continued to meet re8ularly. We share the HeartEdge ethos and as gathered congregations in big historic buildings in the city centre, we see complementary opportunities and similar challenges of demographics and finance. 2026 will see the further development of a joint mission plan for the united congregation, to be prepared as the basis for the appointment of the first minister of the united charge later in the year. The task of our ministry remains to meet people where they are and to develop and adapt our ways of working accordingly, whether through conventional 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 thèt mission 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 give their time and diverse talents freely for the benefit of thi5 Church community, and to whom we are enormously grateful. Related Parties The charity is one of a larger group of organisations which undertake activities within the central area of Edinburgh consisting of: GreYfri0 Outreach.. This is a Scottish Charitable Incorporated Organisation ISCIOI. It makes available the premises and facilities of Greyfriars Kirk for non-congregational services, artistic and educational purposes and private hires. It also manages visitor operations and the Kirk shop. One of its three trustees, Andrew Campbell, is also a Trustee of the Kirk. Grossmarket Community Projert.. This is a charitable company incorporated in 2CM)9. Its directors include Jo Elliot, who Is also a Trustee of the Kirk. This charity remains key to our approach in offering Christian service to the community, walking with people who suffer from social exclusion, mental health issues and giving them opportunities for re- engagement through volunteering in social enterprises, through training and social activities. Greyfriars Churtens Centre.. This is a SCIO which runs the Greyfriars Charteris Centre. Its trustees include Jo Elliot and Gillian Couper. The Centre had a busy year, accommodating its many partners and user groups. They continue to find it an inspirational centre for wellbeing and enterprise, as they use the halls, the meeting rooms, the sanctuary and the enterprise hot-desking hub - for one-off events, for regular weekly community gatherings such as choir practices, and a5 offices. Quite extensive work on roof and stonework to keep the building wind and watertight was completed in 2024. All the capital works have been commissioned by the Kirk but fully funded by third parties. The Kirk of the GreyAriur5 Foundotion.. Angu5 Tod, Catherine Alexander and Gillian Couper, Trustees of the Kirk are also Trustees of the Greyfriars Foundation, constituted as an independent charity. This body was set up to raise money and fund improvements to the Kirk and related projects. The Michaelchlbbettcharitable Trust.. Rev Sue Macgregor was one of four Trustees of this charity until her resignation on 7 June 2025. It was set up to fund music in the Kirk and improvements to the organ.
EDIN3URGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Trustees, Report Year ended 31 December 2025 Related Partles {cont.} Wllliom Bmtherston'5 Grossmorket Charitable Trust.. Jo Elliot, Andrew Campbell, Anne Bradbury and Rev Sue Macgregor Ito 3 March 20251 were Trustees of thls small charity, used to meet individual cases of need which come to the attention of the Minister. Although there is a level of co-trusteeship between the Kirk and these other charitable organisations, the Trustees regularly review these interests and, on review, there is onty one that could be viewed as under common control and benefit. As noted in Note I to the accounts, 3 consolidation has not been undertaken on the grounds of materiality. Further details of the transactions with related parties are in note 15 to the accounts. Recruitment and Appointment of Trustees The members of the Kirk Session are the charity trustees. The Klrk Session members comprise the active Elders of the congregation. Elders in turn are chosen by existing Trustees from those members of the church congregation who are considered to have the appropriate gifts and skills. Trustees Induction and Training All Trustees are member5 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 responsibilities as a charitable bodv The current financial 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 Session 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 this year by Andrew Campbell and including the Minister, the Interim Moderator, Treasurer, Operations Manager, four further Trustees, and one further member of the congregation and two representatives of St Cuthbert's. This committee meets nine times a year and has the delegated responsibility for financial management of the affair5 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 activities of all the various groups forming the church community. Reference and Administrative Infomiation Congregation No: Scottlsh Charlty No: 01(M)47 SC003761 Ministerial team Minister and Moderator of the Session.. Vacant Interim Moderator.. Rev Dr Karen Katrina Campbell (appointed l December 20231 Associate Minister: Rev Sue Mac8regor (resigned 28 February 20251 Locum Mini5ter5'. Rev Dr John Carswell (appointed l February 2025 resigned l June 20251 Rev Calum MacDougall (appointed 16 September 20251
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND Trustees, Report Year ended 31 December 2025 Reference and Admlnlstratlve Information {cont.) Trustees The Trustees are the members of the Kirk Session, which comprises the Ministerllnterim Moderator and those elders who a active. Those Seing during the year were.. Catherine Alexander Roberta Blair Robert Bradley Iresigned 13 May 20251 Anne Bradbury Andrew Campbell. Karen Campbell Hilary Clydesdale Margaret Cormack Gillian Couper Laura Dunlop Jo Elliot Alison Elliot Colin Graham Rebecca Grant Alison Gregson Albert Hutchings Isobel Hutchings Heather Jack Herbert Kerrigan Stephen Lunn Mary Macpherson Carol McKellar Roderick John Macleod Winifred Morrison Kathleen Munro Leslie Munro Alison Noble Peter Rae Stephanie Rae Nigel Robb (appointed 10 August 20251 Rosemaryscott Jamie Sutherland Iresigned 26 May 20251 Angus Tod Margaret Wallace ** Member of the Financial Management Group Laura Dunlop resigned from the FMG on 10 December 2025 Prlncipal Offlce-bearers Session Clerk= Jo Elliot Convener of Financial Management Group: Andrew Campbell* Treasurer.. Malcolm Beveridge Operations Manager= Mark Harri50n' Prlnclpal Offlce Greyfriars Kirk Greyfriars Place Edinburgh EHI 2QQ Independent Audltor Whitelaw We115 Chartered Accountants 9 Ainslie Place Edinburgh EH3 6AT Investment Managers RBC Brewin Dolphin Sixth Floor, Atria One 144 Morrison Street, Edinburgh. EH3 8EX
EDIN8URGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Trustees. Report ear ended 31 December 2025 statement as to Disclosure to Audltors So far as the Trustees are aware, there is no relevant audit infom)ation of which the charitrfs 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. Trustee5' Responslbllltles In Relatlon to the Flnanclal Statements The charity trustees are responsible for preparing a trustees, 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 reqUIS 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 accountinE policies and then apply them cor)sistently,' observe the method and principles in the applicable 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 statements- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence. The trustees are responsible for keepinE proper accounting records which disclose with reasonable accuracy 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 Iscotlandl Act 2005 and the Charities Accounts Iscotlandl Regulations 2006 las amendedl- They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial infomiation on the tongregation'5 website. Legislation in the United Kingdom governing the preparation and dissemination of financial Statements may differ from legislation in other jurisdictions. Approved by the Trustees and signed on their behalf. /IS2ty- Jo Elliot, Session Clerk Date: .14 March2026
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Independent Auditor's Report to the Trustees of Edinburgh: Greyfriars Kirk {Church of Scotland} Year ended 31 December 2025 Opinion We have audited the financial statements of Edinburgh: Greyfriars Kirt¢ Ichurch of Scotlandl I'the charit) for the year ended 31 December 2025, which comprise the Statement of Financial Activities (incorporating the Income an¢J Expenditure Account), the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, irtrcluding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, Including FRS102. The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited 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 2025 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 gulatIOn 8 of the Charities Accounts1Scotlandl Regulations 2006 las amended). Basls for opinion We tonducted our audit in accordance with International Standards on Auditing IUKI IISAS UKI and applicable law. Our responsibilities underthose standards are further described in the Auditors. responsibilities for the 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, includin8 the FRC'S Ethical Standard, and we have fulfilled our ethical responsibillties in accordance wlth these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis for our opinion. Concluslons relating to Golng Concern In auditing the financial statements, we have concluded that the Trustee's use of the going concern basis of accounting In the preparation of the financial statements is appropriate. Based on the work we have perfom7ed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the inforniation in the annual report, other than the financial statements and our auditor's 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 of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material mi5Statement 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 that fact. We have nothlng to report In thls regard.
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Independent Audltorfs Report to the Trustees of Edlnburgh: Greyfriars Klrk (Church of Stotland) Year ended 31 December 2025 Matters on which we are required to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities Act 2011, the Charities and Trustees Investment (Scotlandl Act 2(K)5 and the Charities Accounts (Scotlandl Regulations 2006 las amended) requires u5 to report to you if, in our opinion.. the information given in the financiol 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 Responslbllltles 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 responslble for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Audltorfs responslbllltles for the audit of the financial staternents We have been appointed a5 auditor under section 44llllcl of the Charities and Trustee Investment Iscotlandl 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 issue an auditorfs report that includes our opinion. Reasonable a55urance 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. Misstatement5 can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basi5 of these financial statement5. Irregularities, including fraud, are instance5 of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irre8ularities, includin8 fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Irregularities 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 hlgh level concealment of the error. In this regard the following audit work was undertaken.. applicable laws and regulations including those Set out by the Church of kotland were considered, 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 matefial misstatement in this regard was low.
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Independent Auditor's Report to the Trustees of Edinburgh: Greyfriars Kirk (Church of Scotland) Year ended 31 December 2025 Auditorfs responsibilities for the audlt of the flnanclal statements {cont.) We performed income and expenditure testing which was designed to identify any irregularities as a result of mistakes or human error. From this audit testing it Was determined that the risk of material misstatement in this regard was low. Afurther description of our responsibilities forthe audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or auditorsres onsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charity's Trustees, as a bodyi in accordance with Section 44llllcl of the Charities and Trustee Investment (Scotlandl Act 2005, regulation 10 of the Charities Accounts 1Scotlandl Regulations 26 las amended). Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or a55ume 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 March 2026 Whitelaw Wells is eligible to act a5 an auditor in terms of section 1212 of the Companles Art 2(K)6. io
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Statement of Financlal Activities Year ended 31 December 2025 2025 Total Funds 2024 Total Funds Unrestrlcted Funds Restrlrted Funds Note Intomè and Èndowments Donations and le8acie5 Charitable activities Other tradin8 activities Investment5 Other income 152,766 167,398 44,105 ,610 1.8CKI 22,236 3,901 175,002 171,299 44,105 9,542 1.800 352,566 189,629 45,666 16,727 417 932 Total Income and endowments 374.679 27.069 401.748 605.005 Expendlture Raising funds Charitable activities Charitable activities- impairment 10,439 475.453 10,439 503.280 21.640 12,883 596.488 220.849 27.827 21.640 Total expendSture 485,892 49,467 535,359 830.220 Net empenditure before Bains and 10s5es on Investments {111,2131 122.3981 1133.6111 1225.2151 Net gains on investments li 31.019 502 31,521 26.025 Net expenditure 180.1941 121,8961 1102,0901 1199.1901 Transfers between funds 14 12,7741 2,774 Net movement Sn funds 1823681 119.1221 1102.0901 1199,1901 Total fund5 brought forward 14 1,321,570 55,652 1,377,222 1,576,412 Total ftsndg carrled fon¥ard 14 ¥238,602 36,530 1,275,132 1,377,222 The church has no recognised gains or10sses tsther than the results for the year, as set out above. All activtties of the church are classified as ¢ontinuin8. The notes on pages 14 to 27 form an integral part of these financial statements. li
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Balance Sheet As at 31 December 2025 2025 Total Funds 2024 Total Funds Unrestricted Funds Restrlcted Funds Note Fi¥ed a55ets Tangible fixed assets Investments io li 785,038 320,268 963 17,313 786,001 337,581 873,267 389,791 Total fixed assets 1,105,306 18,276 1,123,582 1,263,058 Current a$5ets Debtors Cash at bank and in hand 12 72.269 102,392 72,269 120,646 39,881 124,460 18,254 Total current a55ets 174.661 18.254 192,915 164,341 LSabllltles Creditors falling due within one year 13 41,365 41,365 50,177 Net current assets 133,296 18,254 151,550 114,164 Total assets les5 current IlabllltSes 1,238,602 36,530 1,275.132 1,377,222 Net at$ 1.238.602 36,530 1.275,132 1,377,222 Funds of the charlty Unrestri¢ted funds Restricted income funds 14 14 1,238.602 1,238,602 36,530 1,321,570 55,652 36,530 Total charity funds 1,238.602 36,530 1,275,132 1,377,222 The notes on pages 14 to 27 form an integral part of these financial staternent5. The financial statements were approved by the Kirk Session on 24 March 2026 and signed on their behalf by.. Trustee Tr Rev Dr Karen Katrlna C Interim Moderator mpbel Jo Elllot Sesslon Clerk 12
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Statement of Cashflows Year ended 31 December 2025 2025 Total 2024 Total Note Net cash (used 5nl l Benerated from operatlnB artlvltles 18 164,1121 120,157 Cash flows from Investln8 artlvlties Interest and dividends Purchase of fixed assets Purchase of investments Proceeds from sale of investments 9,542 132,9751 1119,1541 202,885 16,727 1220,8491 198,8581 99,354 Net cash generated from I lusÈd Inl Investln8 artlvttles 60.298 1203,6261 Net cash provlded by ftnanclng artlvltles Change In cash and cash equlvalent5 In the year 13,8141 183,4691 Cash and cash equivalents brought forward 124,460 207,929 Cash and $h equivalents carried forward 120,646 124,460 The notes on page5 14 to 27 form an integral part of these financial statements. 13
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND} Notes forming part of the financial statements Year ended 31 December 2025 l. Accounting policies The principal accounting FlitieS, 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 preparation 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 IFRS1021 leffective 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 Iscotlandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2C¥J6 las amended). These financial statements contain Information about Edinburgh.. Greyfriars Kirk as an individual charity and do not contain consolidated 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 8rotherston's Grassmarket Charitable Trust, is immaterial. The Kirk constitutes a public benefit entity as 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 has adequate resources to continue in operational existence for the foreseeable future. Fund accounting Fund5 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 proce55es, 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. dlscretion to apply the fund. Income recognition 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 grants where entitlement is not conditional on the delivery of a specific performance by the Kirk, are recognised when the Kirk becomes ijnconditionally entitled. Income related to performance and specific deliverable5, are accounted for as the Kirk earns the right to consideration by its performance. 14
EDINBURGH: GREYFRIARS KIRK (CHURCH OF scofLAND) Notes forming part of the financlal statements Year ended 31 December 2025 l. Accounting policie5 Icont.) ExPendIre recognltlon All expenditure is included on an accruals basis and is recognised when there is a legal or construrtive 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 object5 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 resource5 expended in the ststement of Financial Activities in the period in whi¢h the liability arises. All tangible fixed assets costing in excess of £6(KJ having a value to the charity greater than one year, other than those acouired for specific purposes. are capitalised. Depreciation is provided on a straight-line basis to write off the cost or initial value, less residual value, of iangible fixed a55ets over their estimated useful lives.. Fixtures, fittings and office equipment Capital improvements Musical instruments 3 years 20 years on impaired cost no chanBe as residual value 15 expected to be no less than cost Investment5 Fixed asset investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the closing quoted market price. The SOFA includes the net gains and losse5 arisin8 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 market5 and investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors or sub sectors. 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 assets held and the lack of comparable market values. The church does not therefore recoEnise these assets on its Balance Sheet. Expenditure which, in the Trustees. view, is required to preserve or clearly prevent further deterioration of individual Items 15 recogni5ed in the SOFA when it 15 incurred. Pensions The Charity operates a contribution scheme for members of staff s private pensions. From l January 2025, the charlty's contribution was S % 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 is therefore not subject to taxation on its charitable activities. Flnancial instruments The Charity only has financial assets and liabilities of a kind that qualify as basic instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 15
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Notes forming part of the financial statements Year ended 31 December 2025 l. Accounting policies {cont.I Judgements and key sources of estlmatlon uncertalnty In the application of the charity's accounting policies, the truslees are required to make judgements, estimates and assumptions about the carrying amount of a55et5 and liabilities that are not readily apparent from other sources. The estimates and asSOClated 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 aft ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is 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.. Donations and le8acies Z025 Total Funds 2024 Totsl Funds Unrestrirted Restricted Funds Funds Offerings Tax recovered under Gift Ald Legacies Binks Trust The Plum Trust Benefact Trust Edinburgh's Employer Recruitment Initiative Other donations 89,039 22,929 31,692 89,039 22,929 31,692 14,OCX) 90,330 22,736 1,500 182,244 5,000 40,000 1,000 9,756 14,OQK) 5,000 9,106 3,236 12,342 152,766 22,236 175,002 352.566 Income from donation5 and legacies was £175,002 12024.. £352,566) of which £152,766 was unrestricted 12024.. £119,426) and £22,236 was restricted12024: £233,140). 3. Charitable activlties 2025 Total Funds 2024 Total Funds Unre5trirted Restrirted Funds Funds Contributions from.. Greyfriars Outreach The Kirk of The Greyfriars Foundation 167,398 167,398 3,901 175,867 13,762 3,901 167,398 3,901 171,299 189.629 Income from charitable actNities wa5 £171,29912024= £189,629) of which £167,398 was unrestricted12024'. £175,867) and £3,901 was restricted12024.' £13,762). 16
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Notes forming part of the flnancial statement5 Year ended 31 December 2025 4. Other tradin8 activities 2025 Total Funds 2024 Total Funds Unrestrirted Funds Restrlcted Funds Rent received 44,105 44,105 45,666 44.105 44,105 45,666 Income from other trading activities for 2025 and 2024 was all unrestricted. 5. Investments 2025 Total Funds 2024 Total Funds Unrestricted Funds Re51rirted Funds Dividends received Deposit interest 6,825 1,785 912 20 7.737 1,805 10,468 6,259 8,610 932 9,542 16,727 Investment income was £9,54212024- £16,727) of which £8.610 was unrestricted12024.. £15,788) and £932 was restricted12024= £9391. 6. Other income 2025 Total Funds 2024 Total Funds UDre5trirted Restrlcted Funds Funds Funds received from Church of Scotland: Grant toword Pulpit Supply Listed Plates of Worship Grant 1,800 1,800 417 417 Other income was £1,80012024'. £4171 of which £1,800 was unrestricted12024.. £4171 and £nil was restricted12024: £nill. 17
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Notes forming part of the flnanclal statements Year ended 31 December 2025 7. Analysis of expendlture 2025 Totsl Funds 2024 Total Funds Unrestricted Funds Restrirted Funds Ralsing funds Investment manager fees Insurance on rented properties 3,241 7,198 3,241 7,198 3,099 9,784 10,439 10.439 12.883 Charilable activities Giving to Grow Presbytery dues Ministers, expenses Other seryice costs Other salary costs Donation made to Grassmarket Community Project Fabric repairs and maintenance Manse refurbishment Depreciation Impairment Other building costs Church office expenses Organ and music Rent, rates and insurance Audit fee Other accountancy fees Other expenses 76,242 1,940 3,086 1,317 196,414 76,242 1,940 3,086 1,317 206,286 1,500 17,412 64,360 1,673 3,256 1,532 220,849 9,872 14,511 2,901 58.549 48,824 100,372 220,849 30,035 11,242 7,772 25,843 6,600 364 16,898 98,573 28 21,640 98,601 21,640 31,333 10,682 7,619 27,378 7.140 470 12,274 31,333 10,682 7.619 27,378 7,140 470 6,367 5,907 475,453 49.467 524,920 817.337 Total 485.892 49.467 535.359 830,220 Support costs have not been separately identified as the trustees considerthat there is only one charitable activity and relate wholly to that activitv. Expendlture was £535,35912024'. E830,2201 of which £485,89212024: £543,678) was unrestricted and £49,46712024'. £286,542) was restricted. The current year balance of salary costs is net of recharged costs of £7,560 charged to Greyfriar5 Charteris Centre12024'. £7,200). The costs of charitable activities include 8overnance costs as follows-. 2025 Totsl Funds 2024 Total Funds Unrestrlcted Restrlcted Funds Funds Audit fee Other accountancy fees 7,140 470 7,140 470 6,600 364 7,610 7.610 6,964 18
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Notes formlng part of the financial statements Year ended 31 December 2025 8. Analysls of staff costs 2025 Total 2024 Total Salaries an¢J wages Social security costs Pension costs 196,688 9,639 7,519 207,485 11,155 7,728 213,846 226,368 The average number of employees on a headcount basis during the year was 1312024: 141. The average number of employees on a full-time equivalent basis during the year was as follows: 2025 2024 Operations Administration Ministerial staff Premises maintenance These costs include staff recharged to Greyfriars Charteris Centre. No employee had employee benefits in excess of £60,(JX)12024= nill. All Church of Scotland congregations contribute to the National Stipend Fund which bears the costs of all Ministers, stipends and employer5, contributions for National Insurance, pension and housing loan fund. Ministers, stipend5 are paid in accordance with the national stipend scale whith is related to years of service. For the year under review the minimum stipend was £32,433 and the maximum stipend in the 5 and subsequent years was £39,856. Penslons The charity operates a defined contribution scheme for the private pensions of some members of staff. The charity's contribijtions were 5%12024.- 4% and 5%) 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 account and amounted to £7,51912024= £7,728). Contributions outstanding at the year*nd amounted to £1,26812024.. £2,499). 19
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Notes formlng part of the flnanclal statements Year ended 31 December 2025 10. Tanglble fixed assets Capital Office Musical improvements equipment instruments Total Cost / valuation As at l January 2025 Additions Disposals 5,873,687 21,640 142,627 11,335 14,4831 24,900 6,041,214 32,975 14,4831 As at 31 December 2025 5,895,327 149,479 24,900 6,069,706 Depreciation As at l January 2025 Charge for the year Impairment I revaluation Disposals 5,052,068 75,918 21,640 115,879 22,683 5,167,947 98,601 21,640 14,4831 14,4831 As at 31 December 2025 5.149,626 134,079 5,283,705 Net book value As at 31 December 2025 745,701 15,400 24,900 786,(X)I As at 31 December 2024 821,619 26.748 24,900 873,267 Heritage assets (included 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,OCX). Capital improvements tomprise= Vlsltor Centre Charterls Centre Other Property Klrkhouse Total Cost / valuatlon As at l January 2025 Aijditions 2,436,887 236,776 3,150,541 21.640 49,483 5,873,687 21,640 A5 at 31 December 2025 2,436,887 236.776 3,172,181 49,483 5,895,327 Depreciation As ot l January 2025 Charge for the year Impairment / revaluation 2,096,588 41,606 147,618 11,839 2,790,540 20,OCK) 21,640 17,322 2,473 5,052,068 75,918 21,640 As at 31 December 2025 2,138,194 159,457 2,832,180 19,795 5.149.626 Net book value As at 31 December 2025 298,693 77,319 340,001 29,688 745,701 As at 31 December 2024 340,299 89,158 360,001 32,161 821,619 20
EDIN3URGH: GREYFRIARS KIRK ICHURCH OF SCOTLAND) Note5 forming part of the financlal statements Year ended 31 December 2025 11. Investments 2025 Total 2024 Totsl Market value as at l January 2025 Additions Disposals Realisedlunrealised gains 389,791 119,154 1202,8851 31,521 364,262 98,858 199,3541 26.025 Market value as at 31 December 2025 337.581 389,791 The following investments are held.. 2025 Total 2024 Totsl UK Securities UK Property investments Other overseas investments 132,165 5,498 199,918 149,363 5,426 235,002 Market value as at 31 December 2025 337.581 389,791 The Historical c05t of investments 274,945 342,508 Investments of £247,87112024'. £305,519) were allocated to the General Fund, £72,39712024.- £67,461) to the designated Trust Fund and £17,31312024= £16,811) were allocated to restricted funds. 12. Debtors 2025 Total Funds 2024 Total Funds Unrestricted Funds Restricted Funds Gift Aid Tax Refund Due Greyfriars Outreach Greyfriars Charteris Centre Grassmarket Community Project Sundry debtor5 VAT recoverable Prepayments and accrued income 2,295 47,184 756 623 15,011 1,236 5,164 2,295 47,184 756 623 15,011 1,236 5,164 1,970 8,988 720 543 4,574 18,218 4,868 72,269 72,269 39,881 21
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Notes forming part of the financial statements Year ended 31 December 2025 13. Creditors falling due within one year 2025 Total Funds 2024 Total Funds Unrestrirted Restricted Funds Funds Accruals Other taxes and social security Sundry creditors 29,386 4,173 7,806 29,386 4,173 7.806 30,645 3,717 15,815 41,365 41,365 50,177 14. Movement in funds Asat l Jan 2025 Galns on Income Expenditure investments Asat Transfers 31 Oec 2025 Unrestrirted funds General fund Designtstedfvnd5.' Trust fund Fabric fund Music fund Charteris Capital fund Kirkhouse 403,093 373,445 1393,4441 25,498 12,1261 406,466 67,550 36,569 24,900 360,001 89,158 340,299 1.234 15861 118.4171 5.521 16481 73,071 18,152 24,900 340,001 77,319 298,693 120,0001 111,8391 141,6061 1,321,570 374.679 1485,892) 31,019 {2,774) 1,238,602 Restrirted funds Music Organ Piano Charterls Ladie5 Gaelic School and Highland Bursary Fund Pioneer Ministry Counselling The Kirk of The Greyfriars Foundation Other small funds 3.831 193 51K) 9,554 14351 17,319 3,396 5,(M)O 2,126 500 1,812 14,000 121,7421 16,837 16,720 1,575 912 1261 19,4371 11,5751 502 18,225 7,283 3.901 3.256 13,9011 15,0321 6,442 648 5,314 55,652 27,069 (49,467) 502 2,774 36,530 1,377,222 401,748 1535,3591 31,521 1,275.132 22
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Notes forn?ing part of the financial statements Year ended 31 December 2025 14. Movement In funds (Cont.) Gains on In¢ome Expenditure investments Asat Transfers 31 Dec 2024 l Jan 2024 Unrestrirted funds General fund De5ignatedfvnds.' Trust fund Fabric fund Music fund Charteri5 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 24,9 360,001 89,158 340,299 120,0001 111,8391 141,6061 1,433,381 357.164 1543,6781 25,873 48,830 1,321,570 Restricted funds Music Organ Piano Charteris Ladies Gaelic School and Highland Bursary Fund Pioneer Ministry Coun5elling The Kirk of The Greyfriars Foundation Other small funds 4,241 2,614 SC 57,452 2.CKJO 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 1925) 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 {286,542) 152 (48,830) 55,652 1,576,412 605,1)05 (830,220) 26,025 1,377,222 Fund purposes: Unrestricted funds: General fund These are general 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. Music fund The reserve preSentS 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 improvements. The fund represents the net book value of the porch and visitor centre. The reserve represents the net book value of the Grassmorket Centre. Charteris Capital fund Kirkhouse 23
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Notes formln8 part of the financial statements Year ended 31 December 2025 14. Movement in funds {cont.I Restrictedfvnd5.' Music Legacies left for the specified purpose of fvnding musical activities which fund5. 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 Charteri5 Centre. Following completion of the Centre in prior years, the capital asset was transferred to a designated fund. Further spend has been fully written off. Piano fund Organ Charteri5 Ladies Gaelic School and Highland Bursary Fund Endowment furid whose income is used to finance student bursaries. Pioneer Ministry Funds received to assist in the funding of ministerial positions to serye Greyfriars Kirk and Greyfriars Charteris Centre. Funds donated by Benefact Trust to provide counselling sUPPOrt for members of the Grassmarket Community Project, delivered by Coco Counselling. Fund5 received from the Foundation to meet the cost of specific fabrlc repalrs Coun5elling The Kirk of The Greyfriars Foundation Other small funds.. Gaelic Lecture Funds used to fund the annual Gaelic lecture. Catering fund Flower fund 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 referen to the circumstances of the time. Choir fund Lee Lectureship Ladies Toilet Fund5 received towards the refurbishment of the ladies, toilets. Shine-a-Light Funds taken at the Christmas Eve service for the Shine-a-Light Children Foundation. 24
EDINBURGH: GREYFRIARS KIRK {CHURCH OF SCOTLAND} Notes forming part of the financial statements Year ended 31 December 2025 15. Trustee remuneratlon and lated party transaction5 During the year Council Tax of £4.93312024.' £4,618) was paid in respect of the Manse. The total remuneration paid to trustees and key management during the year was £53,68612024.' £57,791). Trustees were reimbursed expenses during the year of £13712024.. nill. During the year a total of £52,06412024.. £46,014) wa5 donated to the congregation by trustee5. Angu5 Tod was a director (until 14 May 20251 of Church of Scotland Insurance Service5 Limited , which provides insurance broking services to Greyfriars Kirk. Grants and donation5 of £14,00012024: £182,244) were received from Binks 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 £I.512024.. £1,200) was made to Grassmarket Community Project during the current year. Rent of £12,04912024= £11,024) wa5 received from Grassmarket Community Project in respect of the Kirkhouse. During the year goods and services amounting to £1,24512024.. £3,0291 were purchased from Grassmarket Community Project and £7,198 was recharged to them for insurance12024'. £9.7841. At the year-end £86612024.. £5431 was due from Grassmarket Community Project. Greyfriars Kirk had provided a guarantee in favour of the lender in respect of their loan to the Gra55market Community Project which also covered interest and other costs. The loan was repaid during the year. The balance at the year end was £nil12024.. £114,896). A general donation of £167,39812024: £175,867> was recognised from Greyfriars Outreach. At the year-end E47,184 (2024.. £8,988) mained outstanding from Greyfriars Outreach. During the year rent of £24,85812024= £24,858) and salary recharges of £7,56012024- £7,200) were recelved from Greyfriars Charteris Centre. At the year-end E75612024.. £7201 was due from Greyfriars Charteris. A donation towards the charitable activities of the Kirk of £3,90112024.. £13,7621 was received from the The Kirk of The Greyfriars Foundation. At the year-end £nil12024.' Enill 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 benefits greatly from 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 extraordinary commitment. 17. Funds held by the Church of S¢otland 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 due by Greyfriars was £40812024.. £nill. The Church of Scotland also holds an Endowment fund called the Consolidated stipend fund for the Greyfralrs Kirk, the dividend income of which is used to reduce the Ministry and Mission contribution of the congregation. 25
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Notes forming part of the financial statements Year ended 31 December 2025 18. Reconciliation of net movement in funds to net cash Ilow from operatlng actlvltles 2025 Total 2024 Total Net movement in fund5 Add back depreciation charge Add back impairment charge Deduct investment income Deduct galns on Investments Iincreasel / decrease in debtors IDecreasel In credltors 1102.0901 98,601 21,640 19,5421 131,5211 132,3881 18.8121 1199.1901 100,372 220,849 116,7271 126,0251 79,745 138.8671 Net cash (used inll gènerated from operating activitie5 164.1121 120.157 19. Operating leases At the end of the financial year the church had commitments under non-cancellable operating leases for equipment as follows.. 2025 2024 Within one year Between two and flve years Over five years 4.200 9.985 4.200 14,185 14.185 18,385 20. Capital commltments 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 2025 and are expected to be completed during the first half of 2026. The total expected cost of thi5 work wa5 initially expected to be £322.000 and at the end of the year this had reduced to £285,0(K) and there were costs of £41,222 contracted for but not yet incurred. All these works are expected to be funded by a third party. 21. Contingent liabilities 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 Project. At 31 December 2025 the balance on this loan wa5 £nil12024'. £114,896). Since the year end the securlty held by the lender of the Grassmarket Community Project has been released and is no longer in place. 26
EDINBURGH: GREYFRIARS KIRK (CHURCH OF SCOTLAND) Notes formlng part of the financlal statements Year ended 31 Dernber 2025 22. Analysi5 of net assets between funds Unrestritted Restricted Funds Funds Total Funds Tangible fixed assets Investments Current assets CLbrrent liabilitie5 785,038 320,268 174,661 141,3651 963 17,313 18,254 786,001 337,581 192,915 141,3651 Net assets at 31 December 2025 1,238,602 36,530 1,275,132 Unrestrirted Restrlrted Funds Funds Total Fund5 Tangible fixed assets Investment5 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 23. Fund5 held as agenl During the year the Kirk ieceived funds of £5,7(K)12024.. £5,086) from William Brotherston's Grassmarket Charitable Trust to be held on behalf of the Trustees. Disbursements of £7,65512024- £721 were made on behalf of the Trustees and at the year end funds of £3,05912024'. £5,014) were held. During the year the Kirk received funds of £nil12024: £1,592) from Michael Chibbett's Charitable Trust to be held on behalf of the Trustees. Disbursements of £59212024.. £1611 were made on behalf of the Tru5tee5 and at the year end fvnds of £83912024: EI,4311 were held. 27