GREYFRIARS OUTREACH (a Scottish Charitable Incorporated Organisationl REPORT AND FINANCIALSTATEMENTS Year ended 31 December 2024 Scottlsh Charlty Number SC016736
GREYFRIARS OUTREACH FINANCIAL STATEMENT5 YEAR ENDED 31 DECEMBER 2024 CONTENTS PAGE Trustees Report Independent Examinerfs Report Statement of Financial Activities Balance Sheet Statement of Cash Flows Notes forming part of the financial statements 10-15
GREYFRIARS OUTREACH TRUSTEE5' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Tru5tee5 are pleased to present their annual Trustees, report together with the financial ststements of the charity for the year ending 31 December 2024. The financial staternents have been prepared in accordante with the accounting policies set out in note I to the financial statements and complywith the charity's constitution, the Charitie5 and Trustees Investment Iscotlandl Act 2005, the Charities Accounts (Scotlandl Regulations 2006 la5 arnendedl and the Accounting and Reportlng by Charities.. Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffective l January 20191. OBJECTIVES AND ACTIVITIES Mission The charitable purposes of Greyfriars Outreach are the advancement of arts, heritaBe, cultUTe. Greyfriars Outieach fulfils this Mission by= making the facilities of Greyfriars Kirk available for clients, visitors and tourlsts, for artisti¢ and educational groups and forweddin8s and funerals for non-members of the congre8ation,' by presenting its own 8rt1Stic and educational events such as the weekly Greyfriars@12 concert programme.. hiring out Greyfriars Kirk for private informal and formal social Occason5 Such as wedding receptions, recording sessions, Conferenc and meetings. The charity 15 Strurtured to generate a surplus each year, which is donated to Greyfriars Kirk to SUPPQrt its work of Christian outreach and as a contTibution toward5 facilitie5 and administratlve costs which the Kirk Provides free of charge. ACHIEVEMENTS AND PERFORMANCE The charity has again had a busy year in 2024 and delivered stron8 growth in income compared to 2023. Notable within thi5 was the record number of visitors to the Kirk as we broke through the 100.000 barrier. Durin6 the year we arranged 11412023..1041 major events Isome of which spanned multiple days). which continues to show steady growth frorn the total of 74 events in 2019, the last pre-pandernic year. In particular we were pleased to h05t 62 Concertslrehearsal days an increase of 24% on the 2023 numbers. On our own a¢¢ount the Greyfriar5 @ 12 series on Thursday lunthtime5 continues to go from strength to strength. The Kirk was opened to the public as much as possible during 2024 with a total of 190 tspen days12023-1741, reflectin8 increased opening during winter months a5 well as the usual summer opening. We attracted a record 100.000 visitors 12023.. 91,0001. Encouraged by appropriate si8nage, their donations made an increased contribution to our finances alon85ide an increased trading surplus frorn our small Shop in the Kirk which continues to be run by a dedicated group of volunteers.
GREYFRIARS OUTREACH TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW The Trustees are pleased to report that the organisation was able to make a donation to Greyfrlars Kirk of £175,86712023'. £145,461) to 5UPPOrt the Kirvs work and as a contribution to salary and other costs. Reflecting this, the result of the charity for the year to 31 December 2024 was an unTestTiCted surplus of £nil12023= £nill. The charity 8enerated a surplus for the year of £2.47812023'. £7,691). The total income amounted to £223,987 12024.. £190,6611 with total expenditure of £221,50912023.' £182,970), including the donation to Greyfrlars Kirk of £175,86712023'. £145,461). Total reserve5 at the year-end amounted to £12,521 12023.. £10,043) of which £2,002 12023.. £2,002) were unrestricted and £10,51912023.' £8.0411 was restricted. Re5erve5 Policy The Trustees have adopted the policy of gifting surplu5 funds to Greyfriar5 Kirk while retaining a minimum balance as working capital. The Council continues to follow the pollcy of retaining reserves of £2,000 to fund working capital and this was met at the year end. STRUCTURE. GOVERNANCE AND MANAGEMENT Governin8 document Greyfriars Outreach was converted to a Scottish Charitable Incorporated OT8anisatlon on 9 August 2023 and is governed by its constitution. Recrultment and appointment of Trustees New Trustees are appointed by the existing Board from time to time. When considering the appointment of new Trustees the existing Trustees give conslderation to the gaps in thelr skills and experiences In order to ensure they have a wide range of skills and qualities with a variety of professional and personal experience. New Trustees are sought thrtsugh personal and professitsnal contacts of the existing Trustees to co-opt people who are interested in the work of Outreach. Indurtlon ond trqining oAnew commlttee members Each new committee member receives an1nduction Pack whlch includes=_ the history of the organi5ation,' its aims and services,. its structures,. management committee and charity trustee rules and responsibilities,. information on funding,. its Model Rules Organisational Structure The Trustees meet re8ularly and are responsible for the strategic direction and policy of the charity. Related partles The charity 15 linked with a number of other charities that operate in the Grassmarket Area of Edinburgh, wlth the main connection being with the Edinburgh Gieyfriars Kirk. Full disclosure of these relationships and the financial value of tran5artitsns Involved are provided under Note 7 to the financial aatements.
GREYFRIARS OUTREACH TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINisfRAmoN INFORMATION Trustees The following served during the year to signin8'. Pylnclpal Offlce Greyfriars Kirk Greyfiiars Place Edinburgh EHI 2QQ Charity No.. SC016736 Cornpany No.. C5006429 Independent Examlner Whileldw WeiS5 Chartered Accountants 9 Ainslie Place Edinburgh EH3 6AT Bankers Bank of Scotland 75 George Street Edinburgh EH23EW
GREYFRIARS OUTREACH TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Trusteès, Responsiblllties in Relation to the Finanrial Statements The Trustees are responsible for preparing the Trustees, Annual Report and financial statements in accordance wlth 8ppll¢able law and Unlted Kin8dom Ac¢¢untlng Standards Iunlted Kingdom Generally Accepted Accounting Pra¢ticel- The law applicable to chaflties in Scotland requires the Tiustees to prepare financial Statements for ea¢h financial year whlch glve a trLte and falr vlew Of the state of affalrs of the charity and of the Incornlng resourcès and application of re50urce5 of the chaiity for that year. In preparing those financial ststement5, the Trustees are required to.. seleci sultable actount5n8 policies and then apply them conslstently,. observe the methods and principles in the Charities SORP- make ludgemonts and estlmates that are reasonable and prudent,- State whether applicable accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the going concern basis unless it is inappr¢priate to presume that the charity wlll contlnue In business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial p051tion of the charity and to enable them to ensure that the financlal statements comply wlth the Charities and Trustee Invèstment (Scotlandl Act 2005, the Charities Accounts (Scotlandl Regulations 2006 las amended) and the provlsions of the charitfs constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the p¥evention and detection of fratsd and other irregularities. The Trustees are responsible forthe maintenance and integrity of the charity and financial information included on the chariws website. Legislation in the Urnited Kingdom governing the preparation and dissemination of financial staternernts may differ from leglslatlDn In other jurlsdictions. Approved by the Tru5tee5 and Signed on their behalf,
GREYFRIARS OUTREACH INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 I report on the flnancial statements of the charity for the Year to 31 December 2024 which are set out on pages 7ttsl5. Respettlve responstbllltles of the trustees and examlnèr The chariws Trustees are responsible for the prepar8tlon of the flnanclal statements in accordance with the terms of the Charities aThd Trustee Investment (Scotlandl A¢t 2¢J05 and the Charitles Accounts Iscotlandl Resulations 2006 las amended). The charitvs Trustees covsider that the audit requlrernenl of Regulatlon 10111 lal to Icl of the Accounts Regulatlons does not apply. It is my responsibility to examine the financi315taternents as required under section 44111 Icl of the Acr and to state whether particular matters have come to rT)y attention. 8asl$ of independent examiner's Statement My examination Is carried out in accordance with Regulation 11 of the Charlties A¢count5 (Scotlandl Regulation5 2006 las amendedl- An examination includes a review of the accounting records kept by the charlty and a compari50n of the financial statements presented with those records. It a150 indudes conslderation of any unusval items or disc105ures in the financlal statements and seeking explanations from the trusiees concernlng any 5tJch matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express ar audit opinion on the wew given by the flnancial staternenl5. 5ndependent examinerfs statement In the Course of my examinatlon. no matter has corne to rny attention.. i) which glves me reasonable cause to believe that in any material iespect the requiremenis: to keep accountin8 records in accordance wlth Section 44111131 of the 2005 Act and Regulation 4 of the 2006 Accounts Regulatlons las amended)., and tD prepare a¢tounts which accord with the accounting records and comply with Regulatlon 8 of ihe 2th)6 Accounts Regulations las amended) have not been met,. or 21 to which, In my tspirnion, attentlon should be drawn in order to enable a proper understsrdlng of the finan¢ial statement5 to be reached. Whitelaw Wells Chartered Accountants 9 AinsliÈ Place Edinburgh, EH3 6AT -Mar¢h 2025
GREYFRIARS OUTREACH STATEMENT OF FINANCIAL ACTVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Total Funds 2023 Total Funds Unrestrirted Funds Restricted Funds Note Income Donation5 Charitable activitie5 43,143 170,844 10,000 53,143 170.844 49.373 141,288 Totsl Income and endowments 213,987 10.000 223,987 190,661 Expenditure Charitable activitie5 213,987 7,522 221.S09 182,970 Total expenditure 213.987 7.522 221,509 182,970 Net Income 2N78 2,478 7.691 Totsl funds brou8ht forward 2,002 8,041 10,043 2.352 Total funds carrled fonvard 2.002 10,519 12,521 10,043 The charity has no other recognised gain5 or losses other than the results for the year, as set out abovè. All actiwties of the charity are cla55ified as ctsntinuing. The notes on pages ID to 15 form an integral part of these financial statements.
GREYFRIARS OUTREACH BALANCE SHEET ASAT31 DECEMBER 2024 2024 Total Fund5 2023 Total Funds Unrestrleted Funds RÉstrlrted Funds Note Flxed asset5 Tan8ible fixed assets Total fixed assets Currènt a55et5 Stock Debtors Cash at bank and in hand 6,853 2,673 10,181 6.853 2,673 20,700 6,826 4,604 42,041 10.519 Total Current assets 19,707 10.519 30226 53,471 Uabllltles Cieditors falling dL¢e within one year io 17.705 17,705 43,428 Net current assets 2,002 10.519 12.521 10,Iy13 Total assets less current Ilabilitiès 2.002 10,519 12,521 10,043 Net assets 2.002 10.519 12.521 10,043 Funds of the chartty Unrestricted funds Restricted income funds 12 12 2,002 2.002 10,519 2,002 8,041 io,sig Total ¢harlty funds 2.OOZ 10.519 12,521 10.043 The notes on pages 10 to 15 form an Integral part of these financial ststements. The financial statements were approved by ihe Trusteès on IE March 2025 and si8ned on their behalf by..
GREYFRIARS OUTREACH STATEMENT OF CASH FLOWS AS AT 31 DECEMBER 2024 2024 Totsl 2023 Total Note Net cash Iu5ed byllgenerated from operatlng actlvitie5 li 121,3411 897 Net cash provided by Investlng actlvltles Net cash provlded byflnancing activltles Change In cash and cash equlvalents in the year 121,3411 897 Cash and cash equivalents brought forward 42,041 41,144 Cash and cash equlvalents carrled forward 20.700 42,041 The notes on pages 10 to 15 form an integral part of these financial statements.
GREYFRIARS OUTREACH NOTES FORMING PART OF THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024 l. Accountlng Pollcles The principal èceountine policies. which have been applied consistently in the current and preceding year in dealing with items which are considered material to the financial statements, are set out below. Basls of accounting The financial statements have been prepared under the historical cost convention with items rÈcognised at cost or iransaction value unless otherwise stated in the relevant notels) to these financial statements. The financial statements have been prepared In accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accord3nce with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffective l January 20191 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFR51021, the Charities and Trustee Investment (Scotlandl Act 2005 and the Charities Accounts Iscotlandl Regulations 2006 las 3mÈndedl. Greyfriars Outreach meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recorded at historical cost or transaction value unless otherwlse stated in the relevant accounting policv notelsl. The Trustee5 consider that there are no material uncertainties about the ability of the charity to continue as a going concern for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. Fund aCUntIng Funds are ¢lasslfied as elther restricted funds or unrestricted funds, defined as follows.. Unrestricted Fund Unrestricted funds are 8rant5 and gther incoming resources receivable orgenerated forthe objects of the charitv without further specified purpose and are available as general funds. The Council may designate from time to time some of these reserves for specific prpOSeS and activities. All unrestricted reserves are currently undesignated and held in general funds. Restricted fun Any restricted fund5 are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund. Income Incorne 15 recognised when the charity has entitlement to the funds, any perforrnance conditions attached to the iternl51 of income have been met, it is probable that the income will be received and the amount can be measured reliably. Donations receivable are credited in the statement of financial activities when there is sufficient certainty of their receipt and the value of incoming resources can be measured with sufficient reliability. Charitable activities including use of premises. event income and shop sales, are Tecognised during the perlod to which they relate. All income is stated net of value added tax. io
GREYFRIARS OUTREACH NOTES FORMING PART OF THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024 l. Accountlng Pollcles Icontlnuedl Expendlture Expenditure is recognised once there is a legal or constructive obligation to make a payment to a thlrd party, It is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the folltswin8 artivlty headings= Expenditure on charitable activities includes the costs incurred by the charity in delivery of its activities and services to its beneficiaries and their associated support costs. Other expenditure represents those items not falling into any other heading. Irrecoveiable VAT is charged a5 a cost against the activity for which the expenditure was incurred. Flxed Assets Depreciation is provided on a straight-line basis to write off the cost or initial value, less residual value, of tangible fixed assets over their e5tirnated useful lives: Equipment- 5 years. Taxatlon Greyfriars Outrea¢h is recognised as a charity forthe purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities. Flnanclal Instruments The Charity only has financial a55etS and liabilitie5 of a kind that qualify as basi¢ instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Judgemènts and kèy 50urce5 of estimation uncertainty In the application of the charity's accounting policies, the Trustee5 are required to make judgement5, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoin6 basi5. Revisions to accountin8 estirnates 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 period5 where the revislon affects b()th Currènt and futurè period5. 2. Donat5ons 2024 Total Funds 2023 Total Fund5 Unrestricted Funds Restricted Funds Visitor donations WPG Charitable Trust 43.143 43.143 10,000 39,373 io,ooa 10,000 43,143 10,000 53,143 49,373 Income from donations was £53.14312023.' £49.3731 of which £43.143 was unrestricted12023'. £39.3731 and £10,000 was restricted12023'. £10.0001. li
GREYFRIARS OUTREACH NOTES FORMING PART OF THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024 3. Charltable act5vltles 2024 Total Funds 2023 Total Funds Unrestrirted Fund5 Restrirted Funds Use of church premises and facilities Event income Shop income 7,940 113,690 49,214 7.940 113,690 49,214 10,700 86,338 44,250 170,844 170.844 141.288 Intome frorn charitable activities for 2024 and 2023 was all unrestricted income. 4. Analysls of expendlture 2024 Total Funds 2023 Total Ftsftds Unrestricted Funds Re5trirted Funds Charltable expenditure Don3tions to Greyfriar5 Kirk Event costs Shop purchases Bank charges Accountancy fees Independent examination fees Visitor opening expenses Bad dèbts written Off Mis¢ellaneous 175,867 7.202 25,185 1,456 664 1,600 824 90 1.099 175,867 14,724 25,185 1,456 664 1,600 824 90 1,099 145,461 8,129 23,487 1,221 691 1,200 2,039 7,522 742 213,987 7,522 221,509 182.970 Support Costs have not been separately identified as the trustees consider that there is only one charitable activity. Expenditure was £221.50912023.. £182,970) of which £213,987 was unrestricted12023.' £180,661) and £7,522 was restrictèd12023.. £2,309). 12
GREYFRIARS OUTREACH NOTES FORMING PART OF THE FINANCIAL sfATEMENTS AS AT 31 DECEMBER 2024 5. Net result This is stated after charging.. 2024 Total 2023 Total Independent examination fees 1.6C() I,2) 6. Analysls of staff costs The average nurnber of employees of the company during the year was nil12023.. nill. The charity receives Considerable volunteer help which is essential In running activities and which it acknowledges wlth gratitude. The notional cost of this volunteer time is not included In these accounts. Employees of Greyfriars Kirk provide assistance in the running of the charity. 7. Trustèès, Rtmtsn•ratlon and Related PartyTransattlons The Council, as trustees re1Ved no remuneration in the year12023'. nlll. During the year one Council mèmber was reimbursed expen5es12023.. 11. Total reirnbursed expense5 duringthe yearwere £2412023.. £3941 in relation to general expenses purchased on behalf of the chariiy. There were no outstanding amounts at the year end 12023.. £nill. a former trustee, anderVed as trustees of Greyfrlars Klrk durlng the year. A 8eneral donation of £175,86712023.. £145,461) was made to Greyfriars Kirk. At the year-end £8,98812023.' £33.0801 remained due to Greyfrl3rs Klrk. 8. Fixed assets Equlpment 2024 Total Cost at l January and 31 December 2C124 5.070 Depreciation at l JanLFary and 31 December 2024 5,070 Net book value at 31 December 2024 Net book value at 31 Oecember 2024 13
GREYFRIARS OUTREACH NOTES FORMING PART OF THE FINANaAL STATEMENTS AS AT 31 DECEMBER 2024 9. Debtors 2024 Total Funds 2023 Total Funds Unrestricted Funds Restrlcted Funds Trade debtor5 Prepayments and accrued income 2,578 95 2,578 95 3,285 1,319 2.673 2,673 4,604 10, Creditors falllng due wlthln one year 2024 Total Funds 2023 Total Funds Unre5trirted Funds Restrlcted Funds Amounts due to Greyfriars Kirk Other creditor5 A¢crua15 Prepaid income (deposits from usèrs of the Premises) 8,988 63 1,600 8,988 63 1.600 33.080 455 1,199 7,054 7,054 8,694 17,705 17,705 43,428 11. Reconclllatlon of net movèment In funds to net cashflow from operatlng actlvltles 2024 Total 2023 Total Net movement in funds Add back depreciation char8e Ilncreasel in stock Decrease in debtors (Decrease) in creditors 2,478 7.691 1271 1,931 125,7231 13,5051 4,420 17,7091 Net cash (used by118enerated from operating actlvltles 121,3411 897 14
GREYFRIARS OUTREACH NOTES FORMING PART OF THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024 12. Movément In funds Asat l Jan 2024 Asat Transfers 31 Dec 2024 Income Expenditure Unrestrictéd funds General fund 2,002 213.987 1213,9871 2,002 Restrlcted funds Music 8,041 10.000 17,5221 10,519 10.043 223,987 1221.5091 12,521 Asat l Jan 2023 Asat Transfers 31 Dec 2023 In¢ome Expenditure Unrestrlcted funds General fund 2,002 180,661 1180,6611 2,002 Restrlcted fund5 Music 350 10,000 12,3091 8,041 2,352 190.661 1182.9701 10,043 Fund purposes: UnrestrfctedAunds.' General fund These are general and unrestrlcted resources of the Charlty. Restrfctedfvnd5.' Music Funds received to help ffnance music events at Greyfriars Kirk, includin8 the Greyfriars @ 12 concerts. 13. Analysls of net assets between funds Unrestrlcted Funds Restrirted Funds Total Funds Current assets 19.707 117.7051 10,519 30,226 117.7051 Net 35sets at 31 December 2024 2.002 10,519 12,521 Current assets 45,430 143,4281 8,041 53,471 143,4281 Net assèts at 31 December 2023 2.002 8,041 10,043 15