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 th￿e 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 commUnit￿e5, 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 Se￿ing 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 reqUI￿S 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 2￿6 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$5ets
Debtors
Cash at bank and in hand
12
72.269
102,392
72,269
120,646
39,881
124,460
18,254
Total current a55ets
174.661
18.254
192,915
164,341
LSabllltles
Creditors falling due within one year
13
41,365
41,365
50,177
Net current assets
133,296
18,254
151,550
114,164
Total assets les5 current IlabllltSes
1,238,602
36,530
1,275.132
1,377,222
Net a￿t$
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 F￿litieS, 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.)
ExPendI￿re 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.5￿12024.. £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 De￿rnber 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