hirfty reghlr•Oon nmb•r SC0133591S¢otland) GREYFRIARS FREE CHURCH ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 GREYFRIARS FREE CHURCH LEGAL AND ADMINISTRATIVE INFORMATION Rev lain MacRitchie Mr G MacAskill- Sèssion C*k Mr D MacKgnzie. Clerk to D8ary)ns' C￿rt MrA macr￿ald- Treasurer Mr D LfvSngstone- Eld2r Mr l AMxDonald- Eldor Mr D MacQu88n- Eldèr Mr K Ma¢VIGar- Eldor MrA McRa51d- Ekler Mr M M Morrhson- Elder Mrm K Smith- Elder Mr J A Cam&ron- D6•rAin Mr L Dunn- tkarAn Mr G PAadhnald- D•a￿r￿A$s1Sthnt Treasurer Mr M MacKenzie- DeaL¥Jn IAT D Madfjnnon- Deaojn rAMa&gaild Jnr- Deacon Chartty numbgr {kotland> SC0133S9 Prlnclpal address Greyfriors Fre8 Churth clo MrAngus MacDonold 92 Laggan Road Invemess IV2 4EP huYGh addrn Balloan Road Invemess IV2 4PR Donomlnallonal addrnss Free Ctwrth of scO￿and Thè MourKI Edlnburgh EH12LS GREYFRIARS FREE CHURCH LEGAL AND ADMINISTRATIVE INFORMATION Ind•p•ndeirtexamln Rhona Wlson BA. FCCA MacK8nae Keff Limited Chartered Acujunlants Redwoc•J 19 CLlduthel Ro8d nvemess B•nkèrn Royal Bank of SL))Iland pk Invèmess Head oir 29 Harbwr Road Invem088 IV1 1NU GREYFRIARS FREE CHURCH coKrENTS OF THE FINANCIAL STATEMENTS Pag• report Indewd•ntexamlnorf8 r•wt Sl8temw)t offinwclal Balance sheet )tes to firAnL¥al statem￿3 8-19 GREYFRIARS FREE CHURCH TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2026 The tsustees pre*nt th￿r annual report and fin￿lar stalements for the year end&J 31 Decethr 2025. The financlal #tatèments have boan propared in aco)rdance writh the acc4)unling poldes set out In note 1 to th8 financlal stateThnts and o)mply wilh th& chaiity's goveming d¢￿menL the Charili08 and Trustsè Investmont IScotrarKII Acl 2CQ5, the Charfties A￿jUnts Is￿{10nd) Reguktioro 2C4J6 lay amended) arNI 'A￿0￿￿tIng and Rep¢yt"ng by Charities.. Statam8nl of Recomm8nded Praclice 8ptyl￿11e to charities PrePari￿J I￿1r accounts in accordarKe with the Financid Reporting Slandard applicable in the UK ¥nd RewbliG of Irelond IFRS 1021. leffeclve 1 January 2019). ObJxtlv•¥ and •cliviti•s Greylna￿stratrWrick Free Churc*b of Scouand is a o)ngfegaJon of the Free Church of s￿nd %KJrklThJ towards the cxmnrmn aims set out b•low. ￿ L8 a Prtsbyterfan churth adhering in its worship and (loctrine to the posilion of Churth of Sf))tsnd at the Rthmation. The Free ChL¢ft*t of S￿lIand ha8 an explanatory dc￿￿￿nt which •xplain8 the origins of the Churth and which ￿VaS the historical background to the Churth ¢c¥ning Inlo b8irvJ in 1843 and li8ts do(yJments in vknich Is embodied the ts)nstituthM of Ihe Church. The document Is avall•ble on requ￿ from Ihe Free Church ofscoland, 15 North Bank SL. The MOLDJ. Ed0nt￿rgh, EH12LS. The Freo Church of ScolarKI c4￿￿enIy hos over 100 ￿ngregaTOn$ in ScoUaThJ. as w8N as on8 in London and four in Noth A￿rica. and sSstor Churche8 fouTrded by rThssion in India. P8nJ and South Africa. The Church algo hos a s&nNnary In Edinbwgh for tt)e training of minister¥ and olher Christkgn workws sustains an exlengive nlssionary programm8 rolativa to the svza of the thurth. The prindpal 8di¥Ky oflhe Churth ￿ndUC1 of PL1￿1 Y￿r$hIp and associat•d mattern in tht ctjntext of local t?)ngregati￿$. Dating from 1843 but with Its roots In th8 Reformatlon, the Free ChuYt* of ScoUaTrJ owes rts distlnctNe trtte to Its Imstoiical struggle lo remain kn, state interferencè in Fts Intern￿ affairs. ￿ ha$ dose and aolive rejalions with many othw Refomwd churche8 olJeBu8 Christ throughout the wryld WKI 8tsnds fim7ty Ni thè tradibon which actepts the Bibfe Sn 118 entirety as ihe bllird of Gt)d and. therth, derf¥es Its lom￿ of teaching. W￿thip. mlnigtry and govemmènt from it. The main empha$is of our worshlp is the weadmng of the g05Fd- the 9￿d n8ws of a fre8 and sovereign salvalon through Jesus Christ atone. Thg D)ngregolion 1$ auihoriBed by the Churth to have a minister from central of the C1w￿h. The buiFdirvJ is th8 Ixopety ofthe o)ngreg•tion and i# hekj und8rthe c￿￿￿.¥ Th￿de1 twsl deed. Th& govemffffit of the Free Chwch of Sry)Uand 18 Pre8bylerfan arxl the congregation 18 wlhin tho Presbytery of GREYFRIARS FREE CHURCH TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Charltsblo a￿￿tIo8 During 2025, the clyjrth mÈt regulwty for wcnhip and txrried out vartOUB ac*viiies In pursul d the above Ststed atms. Signific8nt ￿"9h11￿ts. everts 8Th1 developrwits of rhjte In th9 yw. in rdation to (xngregational aciivibes indudad the followirs.. During the momlng 8eMc*. thère 18 a Sunday SdKJoI for prfmary s(*Kol childr•n. This is taught at Ihree tmerent 18v81s leath dass wllh their own room toather). Infant 1 1>5 yeor¥). Infant 2 {pfimary 24), and JunKf (wimary &71. The ¢hildr9n leam Bible 8*yi8$ through a varfety of ways, they do worts￿. and 18am m•nKry versus from the &'ble. Crect* meets in the dedicatsd crethe ro(*h for d)ildren up to 3 y￿5 okl every Sunday. CorKJrggattonal Felkrttship m8815 5 til￿ a year in the L*urth after the Sunday evening $8rv5e• from 19.30 to 20.45. After Sharing supper togelher, we have a of gngiThJ. and then liston to an iftvited speaker. Evfjry Sunday rth3ht from 19.30 to 21.00, the Y{￿n9 pe￿8 meel in an infom￿1 8¢llng within the thurth. Shwe in fellowship and food. folltrwed by a shorttimo of te8thng, tsSti￿ or di$￿90n. R8gul*rweekty meetiTrJs of lfjdz & Co. a MotheraTrJ Toddl8r9lOUP. Mi881c￿ in Newj. a V¥1Wn￿'B MISS￿ Suppjrt gro￿, meat in tho ¢hurrth or on Zoom. l(M1zC￿ fc¢ ylmary sth(vJ thildren m••t we•￿Y fr￿￿ O¢thrloApTiI. Amonthly lyeakfa6t is hèld to provKlo a socid g•therivJfor memkn ofth• cor¥Jregation. We have #n annual summer ￿￿Ortga￿onal cwling to the be8c*, aThJ a party forth& chlldrgn at Chri8tmas. Grac• and tho Gap FuTra was sot up to people in tho local cunmunity who ar8 In nè8d. ThroLoh ￿￿thIng wth c41 servk8s. g8ps in Se￿￿ prowslon hove baen Idwtified. wthiGTrI Ihe aims to fill. S¢¥￿ examples are emergency Supply of baby toiMrie$. or eleclric4ty uediL Tho fvnd is acces8ed by r•loffal from a service that can verify the situation, E•th indNiduaVfdrnily can acuss the four tinw pÈr year. The pricwity areas are our Immediale c>)mmunitM of Hllton. Cath Heather, and East N8ss area& GREYFRIARS FREE CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Financial rnview Re8uIts for thè year The Stalement of Financial refie&8 net outgolng resources of £15,766 12024 - Incon￿n9 resource8 £48.011). Rgservo• pollcy 11 1$ the poliw of the to maintain unrestricted fvnds. i.e. fund8 not Ixjmmitted or invested in fred a558ts al lèvel which 8qU8tes to approxin78tefy three Tr￿th8 Un￿triCte)ngr8gatTon see thè18vel of reservè8 irirnse in fubjre. Tota T￿r￿0$, incknlirg thè Mt Lwk valu• of fixed 8888ts, d8svJnated dwrth worker fund balances on restncted fvnds amC￿nI•d to £1,365,652 {2024- £1.381.618) Donation maklng pollcy The Churth makes donalions from its grft Tricom8 to indiwduals and organlsations that are ggnèrally kno￿ to the trust8•8 and the churth. The bBnefic4aries are I￿￿V&￿ in a¢bvili89 or ministiies c4JmpattbJe ¥bith the thurth's Princlpal fundlng sovr¢es The thurth re(*ibw its funL*ng from churth by way ofweekty offerings and GfftAid donations. Risk monag•m•nt The trustees assess rlgks to Grnyhiavs Fw Church is exroyed cn an orwiNJ basis and take appropriats steps lo rn*nimi#e SLth risks. Thesè risks are Shared r89ularfy Church's Oe8cons' Court. Gr8yfriarslStratheThi¢k Fre8 Church of S¢*tland 1$ established by (￿8￿j*10￿ is a Scottish Charity (No. SC013359J. The tnjstees who duthg the year arKI up to the date olsignattffe ofthè finanraal 8tatements were." Re¥ lain Madiltchie Mr G MxAskiN. Session C18 Mr N IhacDonald Mr D MacKena8- Clert to Deac*ft￿ Court MrA MacDot*ld- Trea$ursr Mr D Llvin9Stona- Elder Mr l A MacDonakl - Elder Mr D MacQueen- Elder Mr K MacVKar- Elder MrA McRaild- Ekler PAr M M Morrison- Elder Mr M K Smith- Eldar Mr J AC*m8ron. Deacon Mr L Dunn- ooawn Mr G MacDonahJ. DeacoNAssistart Tr￿sur Mr M Ma¢Kenzie. Dea03n Mr D MaGlQnnon- 088con MrA MaeRaild Jnr- DaKon (De￿*58d 18 Morth 2025) GREYFRIARS FREE CHURCH TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Appolnlmwrt oftru•ts•s The SessiM exerei8es Its di$￿￿10n in detemilniw the nM)st oppropriate method of 8lecling new thjst {Elder8 and D&acons}. Any akdion prciess wil also inwAvo the ￿municant membwship ol the Djngregation. There Is no fix&4 tem for tr￿tee$h1p. Prior to th*r appointment. new trustees wouhl ha¥e soNed the d)urch for some time In various rol&8 and woukl te tsmi11arw￿h the churth's values, its aims and otyQGtiV￿ a8 well as its da tcrday operations. As part of their induclion programm, new trustee8 r•)uirwJ to undwsland thw statutory respon$ib?111195 as well os th•lr reSpon￿bIlity 86 dder r* dea(x*n. The nominatsd worATty trustees a8 apwovfra ty the Gtyjrts by of the Mwnbor8 of the L*8Tity #re MrA MacDon•kl. Mr D Ma¢Queen. Mr L Dunn and IArAMacRaild Jnr. The dwrth is Pre9byierf8n in wment and ils day to dgy Nnning is undertaken by the Elders (the Session) and the t)e8ts)ns (fv Oeacon5' C￿rtI. The 0¢aw￿, Courvs sp8thc func*orb relate$ to ts material and finan¢ial bu8ines8 of the ¢c￿0reg8tIOn. Vathèreas Ek18￿ are charged wth the genèr81 and spiiitual oversight of th8 Congregations. Under ¢*arrty law the D&aGon< Court are de¥med to be the TnJ6tses of Ihe Congregotion. (Thi$ is distinct from Ihè of¢ongr8gational tru8tees responsible only for trk)Iding prowty in IJUW. Congrngation•l tnMtO88-for holding proporty All office ￿re18. The tsust8e8' reportWa8 aFvovgd by th• Board ofTru8te Mr G Ma¢D(￿ald- c*a0)￿A$sL9tanI Trea8urer Tnffjts• GREYFRIARS FREE CHURCH INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GREYFRIARS FREE CHURCH I ropcrt on the ffflanoal 8tatements dthe charity for Ihe yearend&J 31 December2025, which are $8t out on p•ge$ 6t019. RMpBcllvo r8•poMlbilltles of trust•8• and •xamlner The tharW8 trLths are respon8it4e fc* the weparglion ofthe financaal statements in a1>wrdan￿ with the tenn$ of the Chariti•s and Trust6e Inve8lm&nt (SD)tland) Act 2005 and tho Chariti88 ALrounts (S￿￿and> Regulalions 20C6. The tharity trustse$ consider Ihat the ajdtt reffjmrement d Reguwon 10(11{aF(¢) of the Ch*ibes Acwunts (Scouand) Regulations 20C6 does rnt appty. It 18 my responsiknlrty ft) examine th8 ffn8n*l statements as requirgd urthr 44(1)(c} of the Chaiitips and Trustee Investr￿1 IScolland)Aci 2005 and to 8tate whether parli￿larMatr￿8 have o)m• to my atteMon. My exarrination is carrfed out in ¥￿Idance Rogul*iw 11 of the Chwitss (S￿ll￿dI Regulalon8 2006. An examination indutyes a rev￿ of the rncords kgpt by the charity and a comparison of thg finarrAal statement8 presented re￿rds. 11 a180 indud¢s Co￿lderatIon of any unusual items or di8d05ure$ In the finan¢¥al statements, and seektr￿ explanalions from the trustees c1)n￿mIr￿ any 8uch matteTs. The rKc¢edure$ uTrJertaken do not provvJE all the evid￿¢t that vKJukl be requirod in ￿ au¢At and cThsequerWy l not axprès$ an 8udft opKiion on themew givw by thg finand818talements. 1rn1gp•ndBnt •xamin•rf* ststwM•nt In COLWSO ofmy Oxorrina￿On. no matter has come to my attenlion 1. wlmch gtves me teasonable ￿uSe to t•lwe that in any materi8J respect the requI￿rI￿.. . to keep ￿L>￿NIng ro￿￿5 in acwdance vmth Section 44(1lla) of thg Chaiil+e8 and Trustee In¥estmgnt (Scotland) Act 2005 and Regulat￿Tr 4 of the Ch8ribesAcL¥yJnts (SL¥)tJandl ReguL4lions 2006, and . lo prepare finanoal statements which a¢x>)rd with the a￿)Unting Tgccfts ar￿ c¢Thply with Re9Lrlation 8 of the Ch8ritieB A&￿1)ts {ScthThJl Regulations 20 hav& not beon rt or 2. to in my opinion, attenlion sI￿ukI be drawn in order to en*bl8 a proper Ur#Je￿￿11n9 of th8 finanoal ststoments to be Rhona Yfilson BA, FCCA MacKenzie Korr LFmited Chartered Accountants 19 Culduthel Road Invemè88 Date.. ..7A.P9p.r14 .￿￿4 GREYFRIARS FREE CHURCH STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOIJIE AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Tol*l fvnd• 2026 funds 2025 funds 2024 2024 2025 In¢¢)m• and gndrnmnts frnm: Donations and legarA&S othertradirvJ aclivibes Investsner Olher ineunfj 174.320 985 26.817 1.091 7.892 182.212 158,229 1,017 28,670 9.397 167.628 1.017 28.691 539 18 26.835 1.091 21 188.455 9.418 197,873 Totsl incom• 203,213 7,910 211.123 Expendityfv on: Raigng funds Charitabte xiiwties 129 195,074 134 215.376 134 11.582 226.938 129 184,959 10,115 Total oxpendltuv• 215.510 11,562 227,072 185,088 10,115 195,203 Not 98insl{10gse81 on irtveslffthts 45.341 45,341 12 183 183 Not Inwng1(•ypondlturn 112,114) 13.652) {15,766) 48,708 (697) 48,011 Transfers bth8en (2.5001 2,500 (2,320) Z320 N•t mov•mgnt In 114,6141 (1,152) {15.766) 46.388 1.623 48,011 Rgcon¢lllation of fund¥: Fund b31anoes at 1 January 2025 6.337 1.333.607 1.373,658 7.9e4) 1,381.618 1,327.270 Fund bal•nce• at 31 Docembtrr 2025 7.960 1.381.816 1.359,044 6,808 1,365.852 1,373.658 The statement of finandal &ti¥rties indude5 811 galns r•cw*ised In the year. AJI income 8n(l expw￿ltU derive from fpxtini4n9 activ￿￿$. Th8 notss on p4e3 8 to 19 fom of these fmandal slatèmants. GREYFRIARS FREE CHURCH BALANCE SHEET AS AT 31 DECEMBER 2025 2024 Fixod a•••ts TaThji￿e assets Investmert woperty Investments 14 15 16 643,212 370.000 228.235 658.484 370.000 218.505 Curr•nt ufjets Debtors Cash al ￿nk and in hwd 1,239,447 1.246,989 17 10,802 118,118 8,961 128,637 CrndIt￿. rnunts falllnll du• thln ono year 128.920 137,598 Q.515) 12.969) N•t ¢urr•ntag8ats 126.405 134,629 Total a￿Ots kns• euff•nt Ikblthtt•• 1.385.852 1.381.618 Tho fvndj of th• ¢hailty Restn'ctgd In￿r￿ fijnds Unr•strictsd fiJnd8 19 1.359,044 1.373,658 1,385,852 1.381.618 The finanaal Statemerts were 4PFffo¥*I by the tr4tstaeJ {￿.. . . .. .... MrA macDor￿Id- TTr88urnr GREYFRIARS FREE CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 A¢countlng poll¢le8 Charfty Infom)ation Greyfriars Free Churth is a unincowated th81ity registared at the OfflGe ofthe Scottish Charity Regulator. 1.1 BASIS of prep8r4tlon The fin¥n¢aal statements ha¥• teen prepared ift a￿￿an¢% Vlith the tharitys c¥)nststulion, the Char￿ets TTustse Invogtment IScoU8ndl Act 2005, the Chorill8s Aecounts (Srx)Uand) Regulations 20C6 las 8rnnded). FRS 102 FinanL?al RepoTllng Standard applic*ble in the UK and Republic of Ird8n¢f ('FRS 102.) arnl the ChafTiigs SORP "Acccwnting and Rewting by Charili8s.' Statement of ReGomm8nded Prac*ce applicab to charities preparing their aco)unts in awrdance the Finanial Reporting Standard applicab￿ in the UK and Republic of Irdard (FRS 102)" (effeciive 1 January 2019). Tho dwrity 18 a PUb￿.C Benefrt Entity a$ défined by FRS 102. The tharity has taken th8nta9e of tr£ provlwon8 in ￿ SORP for ¢haith89 rK)t to prnpwe 8 Stst8Trnrt of Ca8h Flows. The financial st*ments are prepred in Slerling. 18 thg fundional currenw of the charlty. MeThtary aff￿l￿ts in these fin8ncial statements ore rounded to the nearest £. The finanrAal $tsteTr*nts have been prepared under fv histml c4nventicn. nyxlffjèd to inclLKlè the revaluation offreehold wop8rties and to indude investment propertie¥ ar￿ certain ffinancial instwments at fair value. The win¢ipal 8¢counling poli¢i88 adoptsd afe Set out below. 1.2 Golng concern At Ihe tim8 of appro¥ing the ffitwncial statern￿, tho trl￿ have a reason0bl• expertat￿ Ihat the tharity has adequato resourw ￿ continue in operational existerLe for the fore￿able IlJtur8. Thu8 tha trust )ntinue to adopt the going o)ncwn basis of accounting In preparing the financial 8tatwm8nts. IJ Charltabl• funds Unrestricted fvnds are avaliable tr use gt thg dwdion of th& tNstse8 Mi fftjtherar￿ of their charttable obiectlves. Restricted funds are subiert to spouftc conditl¢)n8 by d(WKn or grnnth as to how th6y rroy bè u88d. The PUTPQ868 and ofthè r8st1hc￿ bJnds are Bet out in notes ts the finanry81 st*ements. Endovm•nt fvnd$ are suw to y¢iffi¢ Condllio￿ by dcrfK￿ that the +¥it•l mu8t te mairtsined by th• charity. 1A Inw)i• Income Is recoaniwl when the charlty k8 legalty entltled to it after any per1)ff￿nc2 0)r￿l￿On5 ho￿ m61, th• amourts can be measured rfrli8bly. and it 18 probablo th* ino)m will be re￿ived. Cash d¢jnat￿ ore re￿9￿18ed on recApL Olher donaJon8 arn recognl8od tho tharity has be8n notrfled th8 donation, unless perfomHnce w￿rtionS require deferral of the amolwrt. Incom th recth8r*ble in relation to dortatic￿8 r￿1Ved undor GiftAld bs recfjwised whgn rewvat4e. Legade6 are rewiised on receipt or otrwwrise if the ¢hatity has been n￿[r￿d of an imponoSng distribuiion, the amount is knci•Yn, and re¢eipt Is expeded. If fv amrymt is not knthyn. the legaGy 1$ treated as conlingent a588L GREYFRIARS FREE CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER2025 A¢¢ourtlng pollcio• (Continu•d 1.5 ExpMdikn• Expenditure is r8c(>gnised thwe 1$ a logal (r ￿$1￿￿￿ve otllg8t(on to transfer econ￿ bgnofft to a third party. it is probable th* a transfer of eix)kTrrric benefts wil be rawired in 8elUement. arKI the an￿Unt of the obligation can bè mèasurèd reliabty. Exwndllur• 19 da881fied by &tk¥lty. The ￿$ts ol each athty are m*le up of the total of direca t>)sts and Shar￿ co818. indudlry $upwt C08ts involved in und&rtaklng eath acbvity. Direct &)sts attrlbLtsble to o single activity are dlo¢ated dthlly to that acllvity. Shared o)sts wlM¢h (x)ntribut6 to more than on? athvty and 8UPF4)rt o)st8 ￿11* are not a￿lI)ut*bre to a single adiwty are appjrtioned bettveen Ihr>se adivrttes on 8 basis 1.6 T•ngl>l• fixed a•••l• TaThJible fixed assots aro initialty m8asurfjd at L¥JSt aTrJ mwured at cost or valuation. n•t of depreci¥tion and any ¥np8rment1088es. DerNeciatm 15 re￿nised so as to write off the ujst or valuatim of fess thelr ro6i¢*Jal vafues over their useful lives on the followirw bases.. Freehold land and Lwlldlngs Fixtur88 and equipment 2% on co81 20% on cost The gain or 8ri8ing on the di¥Ax81 ofan 088et is detemyn&Y as the thffeffjnce bdween the $818 prowd$ Ihe carrying value of thè a88et, arml 16 reccgnised in the statemert of finanLial aclivthes. 1.7 Invo•kn•nt propthty Invesknent propwty, whith i* propety held to eam rentals andlor for caw'tal apwecth'cn, Is initially rEryJgnised at (X>5t. which ind￿5 the purthase Dist and any dinaty thbutable expendrture. Subsequent is measur&1 at fair valug al the reportlng end d*e. Th8 8urplu8 or defiL?l on fe¥alLtatbn 1$ recognised in profft or Flxod a880t In¥Kb Fixad asset investrnnts are iniU8lly m￿Sured al trans8clbn wlce exduding transaction D)St$. and are subsequonty MeasU￿d al fair value 81 •a¢h r•porling date. Charw in fair Val￿ are rewnlsgd in nel kncomel{exper#Jiiure) forthe year. Tran8ac*on costs are expen8ed a& iMfftd. 1.9 Impalrmgntof fix•d awots Al end date, the charity rev*4VS the carrying amounts of it¥ tangibkn as8ets to dfjlemiing whether there 1$ any inditstion that thcjse assets havè suffered an impaimTrnt bss. If any su¢h irtdl¢8tion exists, the rec4>verabJe amount ol the a86et is estimated in order to delenni￿ the extent of the Impalrment loss lrfany). 1.10 Cash and cash equlvalents Cash and cash equivalents indude ts$h in h#ThJ. dèptisit# hekl at (al ￿1th ba￿. other 8r1)rt-t￿n Ilquld Investments with original matuthes of three month$ or Ivtss. and bank 0¥￿ts. 8ank overdrafts ar• shown ithin borrowry¥ in ￿￿rent Ilabblllies. GREYFRIARS FREE CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting polkl•s (Continued) 1.11 FIn9n¢￿1 Ingtrww Thg charity has ekcted to appty pMv1￿Qn6 of Sadion 11 'BaS￿ Finanaal Irthments, and Sect¥)n 12 'Other Finanaal In8tnJments Issuos, of FRS 102 to all of itsfinanoal instwmerts. Financial in8truments are recoJnised in thg thaiiV8 bal8n¢x when the thwity bec*)rns to tre contractual provisk￿$ of the instwmont Flnancial assets and liabllitie5 are offÈ8t, wlth the net amothts ly￿nted In Ihg fir￿n(la1 stst•ments. wthen there is a legally enfrJrceable right to set off the rwnis8d amwr)ts •nd twe i8 an intenlion to on 8 net basis or to Tealistrlhe a￿* and settle the liabilTrty 51Th￿IL•￿e￿￿. Basic finanoal a68ets, whlch indude debt0￿ and c8sh and bank balancas. are iThtialty IT￿Sured at tran¥action price indL*llng transaction costs and are 8Utwuently ￿rrIed at amorb8od (￿st ¥Jsing the effecti interest mètw unless thè arrangement (yjnstitutss a finandng transactK)n, where thè transaction is measured at the pr08ent valu• of Ihe fjture receipts discounted at a market rate of interest. Finana•l assets da$strfigd os reeeivable wolhln one year are nL* am0￿8ed. Baslc financial li*tsV Bask financyal liaknlib"e8. induding creditorn arKI bank loans are inrtially reo)gnised 8t transactlon price unless arrangement constitutes a finanung transacknn. wheye ts debt instrument is mgasured * the prwnt value of the frjiure paymènts disc#)unted al a Ma￿￿t rate crf inknrest Financial IKabiliti¢s classified as pgyablo wbthin one year are not W￿rtised. Debt fjn8trun￿nts are subsequèntly carried al amorti8ed o)$( uswyj the effecawe Interest rnte method. Trade cxedltorn are obligations to pay for goods or services thal havo been ac4uKed In ts ordlnary CAiuf8e ol 0￿rati£￿4 from 8uppli•ts. Amounls payal￿e are ¢1058ffi•d as ￿tren1 li8blliti88 rf pay￿￿ntI$ due vhthln ong year or less. If not, they are presented as nortrvJrrgnt liabilltie5. Trade (Xeditofs ¥r0 recogni$8d i￿81￿ at trsn8athon pric* a￿1 $ub5equently mea8ured * amortiged cost using the effedive intW8St meth&J. Derncognltlon of flnan¢lalll•bllltl6s Financial IW)llities arn dereo)gnised w￿n the ch8rity's 1x1￿raC￿￿II obllgatw$ expire or aro disd)arged or ¢ancell8d. 1.12 Employee bK The cost of any unused ￿Ik18Y entEVemenl 18 rec£*Jni&éd kn the Fqrtod In the enyloy¥ 88r¥ices are rgceived. T•rniination beneffils aro reLwni8od immediately as an *xpgns8 vhwt the thority is d8morwtrabty commltted lo teminate thg employment of an eM￿0yee or to terninat￿ benefits. InciTh frixn donatl¢)n& and 1gwlg9 Tolal funds 2025 fwidts 2025 2025 2024 2024 Don•t10￿ and grfts 174.320 7,892 182.212 158229 9.397 167.628 10- GREYFRIARS FREE CHURCH NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED31 DECEM8ER 2025 In¢om• fffjm •)th•r trading Act5vltl•• Unr••tricl•d Unrnstrl¢t•d nds fundi 2D25 2024 Magazine salo9 Hall lattiThJs 735 250 817 400 Oth8r tra(¥w 4¢*vibgs 985 1.017 Ineom• from Inv8Jlments Unr•strf¢t•d Re¥trlctsd nd6 fund# 2026 2025 Total Unv68trlcted R￿trIct•d funds funds 2024 2024 Totsl 2026 2024 Rental incomg Income from unlistad in￿SIm8ntS Intsre81 recelva148 19.200 19.200 19,200 19,200 70 7.547 70 70 9.400 70 9.421 18 21 26,817 18 28.835 28,670 21 28.e91 Oth•r incorn fund# 202S funds 2024 1,091 539 Exp•ndltw• on rni•iffj fvnd8 fundg 2025 nd$ 2024 Fundrnlslng and publicity Seeking d￿ationS, grdnts and legacieg 134 129 11 GREYFRIARS FREE CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEIIIBER 2025 Gonpr•l actiyitlgs 2025 G•ner•l •¢tlvttle• 2024 DIMet De￿la￿on a￿j Ministerial expenses Cleaning Presbytery and assembly expensgs Suppty aNI ¢ommunlon exp￿8•$ Conoregational 8xper￿e3 Extra ￿￿)Mina￿9nal Obj&X8 23.023 6.800 1.777 1,898 2.052 3.780 38.897 2,￿9 94,861 21,472 2,620 2.624 3,034 4,920 10.422 24.244 2.945 81.370 R•mll to ¢wtral funds 176,057 153.851 Share of ￿pport ar￿ governan¢• not• 8) Support 49.369 1.512 39.911 1.512 226,938 195,074 AnaFysls by fund Unrestricted funds ReBlrithd fwds 215.376 11. 184,959 10.115 226.938 195,074 Support ¢¢J818 allocated to a¢tlvlUg8 2tr25 2024 Rats$ and (yjuncal tsx Insuran ght and he¥t Tglephone Repairs and rgpl*ments Printing and stalionery Magazines and books Profes8ional and legal Webwte and MediB Gtsvernanc* costs 4,S34 12.593 4,423 10.333 25,361 17.550 1.764 921 35 774 1,512 1.512 50,881 41,423 Anaty8od boiwB•n: Gèneral ao*kniies 50.881 41,423 12- GREYFRIARS FREE CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Support Cogts allO￿tsd toathltl8• Icontlnuod 2026 2024 Gov6m*n¢o G¢)sts COmPTl•e: lThJ8pandenl oxomlne¢$ fe•1 1.512 1.512 1,512 1,512 N•1 mov•mont In fvnd• 2025 2024 The n•t movement in fwN15 is stated aftercharg1ns1(c￿diting}.' Ffjes payable forthe independertoxaminakn ofth• ¢hariVs financA81 Statements DepreGiatiM of own•d tangible llxed assets f.512 23.023 1,512 21,472 10 Tru$te•s None ofthe trustees {or any pemns ￿nn$￿ed with them) rec8lv8d any remunerat￿ d￿fig the Y￿r. and no expenses were received by the twstees in connection thwr role 4$ trI￿tee. Durinu the year. Rev lain Ma¢Ritthre orAJpied trte churth manse. No conslderalon vra8 pay8ble for the use of thig asset. aNt the rJ)uncil tsx ¢harge was Incwred by the Churth. Duiiry the yw, eyns89 of £6.81X) {2024 - £2.820) inttmd on behalf of Rev laln M•cRItch￿ in hi$ fApa(¥ty of Minister Of￿ Church. 11 Enwloy The averagg mothy Nmbtrrofemployees duriThJ yeorwas.. 2024 Numb Number Totsl Ttr*e were no employ88s wthos• anwal remunoraticfft was more ItrHn £OO.C#)O. Rgmunoratlon ol key manag•m•nt pornonn Nt* reffMJn8ration i# paid by Gr￿lrI¥S Free Churth to key manag8Thnt P8r8onr*l. 13- GREYFRIARS FREE CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 12 8nd105968 on Unv•slrfct•d Unrnstriclod fund• 2024 2025 GaintJOosw) a￿ll9 on.. Revaluation of invfrstrnonts Revduation of investmnt PTowti8s 183 341 45,000 183 45,341 13 T#xatlon The charty is &x8rrpt from taxalion on its adNilles lJecaus8 all h Inc￿Me is applied dwltable pun)08e8. 14 Tanglble fix•d au•ts Fmhdd land Flxlwes •nd d b￿rdIn￿ •qulpmort T*)ial At 1 January 2025 Additio 899.397 66,4C 7,761 96S,803 7.751 At 31 Dewter 2025 899.397 74.157 973.5S4 D•pT8cla15on and impalrn￿nt At 1 January 2025 t>we¢aalion Charged in the year 254,851 17.988 52.468 5.035 307.319 23.023 At 31 Decwnb8r 2025 272.839 57.503 330.342 Carylng amount Al 31 December 2025 626.558 18.854 643,212 At 31 Decanber 2024 13.938 658,484 16 InY•stront proporty 2023 Falr v•1 At 1 January 2025 and 31 DerM)t•r2025 370,000 Properbes 81 $7 Castle Heather Road and 31 Culduthel Mains. Invem888 4r8 in¢luded in investment propwdes. Both prcwttes were valued by thg trusteas at 31 Décwnber 2024 b88•d rm on ow) market V81ua and they arè happy that thi8 ¢￿InueS to rnflor* thg value at tho year eTrJ. The Churth rKwves r*1 Iric4)m• from the property. 14- GREYFRIARS FREE CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 15 Inv•sbM•nt propthty (Cont￿> 2025 2024 Freehold 370.000 370,000 16 Flx•d auel Invo•lmènl* Unlistad Invmtmonts Cash In porlfollo Total Cost or valuatlon At 1 January 2025 Valuation thange5 2.871 183 215,634 7.547 218.9)5 7.730 At 31 December2025 3.054 223.181 226.235 Carylng amount At 310ecwnt4r 2025 3.054 223.181 226.235 At 31 Dec8mb•r2024 2.871 215.834 218.505 17 D•bto 2026 2024 Amounts falling Thlthln ong yvr. Other detrrtors 8.010 2.095 10.802 8.9S1 18 Crndttorn: •mounts falling due wlthln on• yo#r 2024 rua18 and dèferred irthmè 2.515 2,969 15- GREYFRIARS FREE CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 19 RoStrIc￿ fun The restsio*ed fundg of the cth•riiy the ur*xpended b*rKes of don*ons and hdd on Ift￿1 subject to $peryfi¢ (a￿d￿lon$ by donorn as to h(AY they may lje used AtlJ*rn￿ry th￿nIng Rosowca• Tr•n At31 2025 Church fijnd lfjdzone MI$81￿ in Netrj lfj¢Jz and Co Special cdlectims G￿ and Gap 2,183 1,102 2.183 333 470 858 4.428 {2,125) 14,250) 75 900 1.724 1900) (4,287) 4.328 2,000 3,785 7.960 7,910 {11.562) 6,808 Pr•vlouB y•ar. At 1 January Incomlng R8sourc•s Tr•nBf•rn At31 2024 Churth wrker fund Khkne MiSs￿n in N88d Kjdz and Co Speaal Collect￿n$ Grace and Gap 1,959 1190 147 75 209 1.278 4.553 (5> 12,8661 14.4081 2.163 1,102 292 75 15561 (2.480) 2,020 4,328 6,337 9,418 (10.115) 7.960 R•stricted Funds Kidzong Repr￿nts th• fvnds held by th8 for its own uye. Kldz •nd Co Repre$￿ts tha fijnds held ty the group fc* Ft8 ¢)Vm U8e. mr￿10ft in Neod Represènts the fjJnd8 held use In mis8ion wort. Church worker Repre8ents the fund$ ra5sgd and ￿o￿ts ¢)n Ihe ery)loyThentof* Churc* wortw. SpeGlal collgctlon8 Represents donations received fcrf • 8peofic need or pY8g¢nkn identrf*d by tha cx)ThJregation. Th• Grac8 orhd thg Gap fund RepTrsents donallon$ reGeWI to provide hou88Md donation& 8uch a8 food, dothlr¥J, kn1gtri8s, etc. to Indi￿dlI*1s and tsmlll•s In need In lh8 local cormiunty. 16- GREYFRIARS FREE CHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 19 R••trldod fund# {ConIlnu￿I Trnnthrn Oufing Ihg year. the churth transferred £2.(X)D P024- £2.020) from the general furKI to Grdce and Gap and £500 (2024- £3C(s> to Kidzone lo help fLrtwthe w￿k in the￿ are88. Unrnstrlctad fund• Ttte unrn81rfrted fimd8 oflm the ur￿￿￿ed babrKU ofd0n8li￿$ and 9rants*l)ith are Jt subjert to spec4fic condilions by donors gTarttorB as to how they May Lw Ltsed. The8e Indudg (*¥gnaled fund8 whith have b88n Set asidg oul of unrestricted fvnds by ttte tnjstees for ¥)ecffic purposes. At 1 January I￿0￿1￿ R•sources TranBfm Gains and At31 202S ￿￿u￿8• ￿￿nded lo¥se8 December 2025 Fixed aBstt fjjnd Propety fvnd Church WL¥ker fvnd G￿yfll'arS breakfrd8t fund Genoral *Jnds 858.483 57.413 7.751 19.645 (23,023) (28.6131 843.211 48.445 153.952 153.952 278 503.532 278 513.158 175.817 {163.874) {2,$001 183 1.373.858 203.213 (215,510) (2,XlO) 183 1.359.044 Prwiou• y•*r.' At 1 Jafi￿ry Incoming RMour¢M Tr•n•fws &lns and At31 lo￿$ Doeombor 2024 Fixed 888et fund Property lund Church worker fund Grfryfriar8 breakfastlund General furKSs 605,005 68,895 121.472) 198.732) 74.950 11,950) 858,483 57,413 89200 216,924 7,028 0,0001 153,952 $39 91.688 (311) 164.573) 50 {5.370) 278 S03,532 45.341 1.327.270 188.455 {185,088) 113201 45.341 1.373.858 17- GREYFRIARS FREE CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 20 Unrwtrlct•d fund# (Contlrn*dl Unrn8trlctsd Fund• Flx¢d As¥•t Fund Represents the value of unreth#od fLmdg lied up in fixed as80ts, whith W¢￿Id not be rnad1￿ C￿¥8rtib]e into Property Fund Repre8ents the valuè of unreslricted fijrwjs herd ft*th8 wrpo8e8 of prop&ty 8xpen8e8. Church Work•r Fund Represents amounts Set askle lollowtng the 881e of Tomatln chwth and Erro9ie c1￿CtI tr thg fundiThJ of a churth Krjrter. Gr•yfrknv* brnakfagt R8pr880nts fuThJ Pteld forthe Iyorat*)n ofth8 Ccryrnpti￿'S morrfhly broakfa Genw¥l fund• Rewe8enls all income and exr*Nliture relatiry to f¢th$ ac11￿￿$ of the tharity, otrw thon those forwhith ￿ndlI¥j is designat&J or restrided. Total funds 2025 nd 2026 2020 At 31 De¢eml)èr 2025: Tangible assets Investrnent ￿Y￿r￿•S Invesknonts Cuffent 886etsllllakn'l6ti0s) 643.212 370.000 226,235 119.597 643,212 370,000 226.235 126.405 1,359,044 1.365.852 Unr••trlctsd R•stricted fund 2024 Tolal 2024 20 At 31 Docambor 2024: Tangible assets Invegtrrtent properlies Inveslmonts 658.484 370.000 218.505 126.889 658.484 370.000 218.505 134.629 7.980 1.373,858 7.960 1,381,618 22 Rgl•l•d party tran•adions 18. GREYFRIARS FREE CHURCH NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 22 R•lat•d paty lThnu￿1l)n1 Iconllnuodl During the year. the Churth pwth•8ed gocd8 and soNces lo value of £84 (2024 - £4701 from sec￿rity Alam￿ Limited, a t¥)mpany wthose director¥ indude kno of the trustees. Th8 Churth 8180 wrcha8ed gocés and 8efyic*$ to Ihg value of £NIL12024 - £34.902) from A Ma&P8ld & Son JoFner Contrao*ois, bu%ne¥¥ whose ovmers Indude Iwo of the truste88. During the ygar. d￿at￿n3 of£43,020 (2tr24- £40.215) wero rec•ivod frthn the trustee& 19-