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2025-12-31-accounts

GRASSMARKET COMMUNITY PROJECT

(A company limited by guarantee)

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Company Registration Number SC368576 Scottish Charity Number SC041674

GRASSMARKET COMMUNITY PROJECT

FOR THE YEAR ENDED 31 DECEMBER 2025

CONTENTS PAGE
Trustees’ Report 2
Independent Auditor’s Report 15
Statement of Financial Activities 19
Balance Sheet 20
Statement of Cash Flows 21
Notes to the Financial Statements 23

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GRASSMARKET COMMUNITY PROJECT

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The Trustees are pleased to present their annual directors’ report together with the financial statements of the charity for the year ending 31 December 2025 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Companies Act 2006, the Memorandum and Articles of Association and 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 (FRS 102).

OBJECTIVES AND ACTIVITIES

The company’s objects and principal activities remain:

Running alongside our Social Enterprises, Grassmarket Community Project offers a range of social integration and educational activities for members as well as practical advice and support aimed at supporting people in crisis or who are destitute, reducing social isolation, enhancing life skills, developing confidence and helping people reach their potential.

Grassmarket Community Project (GCP) is a community of individuals who deliver emotional support, services, classes, activities, practical support, and enterprising opportunities by taking a strengthsbased approach (an Asset Based Community Development approach). We access the skills, expertise and lived experience of our members (beneficiaries). We recognise and form partnerships with agencies, businesses and professionals who share our values, who bring to our community technical knowledge, training, resources, and insight from evidence-based approaches. Our staff and volunteer team comprises a compassionate multi-disciplinary team of craftspeople, technicians, social workers, community adult educators, social entrepreneurs, and community workers. By creating a trauma-informed environment with a commitment to equality, anti-oppressive practice, and social inclusion, and by providing a range of practical, creative, physical, enterprising and therapeutic activities in a nourishing group setting, we help people to live rich, fulfilling and healthy lives and achieve their goals.

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GRASSMARKET COMMUNITY PROJECT

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

REVIEW, ACHIEVEMENTS AND PERFORMANCE IN 2025

The focus for 2025 has been on strengthening the sustainability, resilience and effectiveness of Grassmarket Community Project during a period of ongoing financial uncertainty across the third sector, the rising need within our communities, and continued pressure on public and charitable funding. Building on the strategic review and development work undertaken in 2024, the organisation has concentrated on embedding clearer organisational priorities, strengthening governance and operational frameworks, and maximising the social and financial contribution of our social enterprises to support our charitable purpose.

The Trustees and Chief Executive worked closely with the Trustees of the Grassmarket Mission in 2025 on a Transfer Agreement, as the charity wound up and generously donated their investment portfolio and funds to Grassmarket Community Project. This decision reflected the shared history and close alignment of the two organisations and has helped to ensure a positive legacy for the Grassmarket Mission for generations to come. Prior to this, the annual yield from the Grassmarket Mission investment portfolio was awarded solely to Grassmarket Community Project in recognition that the Project was delivering their purpose and values within the community. The transferred funds have been restricted for a period of four years and are being invested with a view to creating an annual yield that will contribute towards the salary costs of senior staff at Grassmarket Community Project.

During the year, significant progress was made in developing and embedding organisational Key Performance Indicators (KPIs) or “Signs of Success”, designed to track financial resilience, social impact, operational excellence, and staff wellbeing and development. These KPIs are now increasingly used to inform operational planning, staff objectives and performance monitoring, and provide trustees with greater assurance around progress against strategic aims. Alongside this, further work has been undertaken to develop standard operating procedures, policies and reporting frameworks to ensure consistency, transparency and accountability across the organisation.

The demand for our services continued to increase throughout 2025, reflecting the sustained impacts of the cost-of-living crisis, housing insecurity, poor mental health and reduced statutory provision. We saw increasing complexity of need among members, alongside a growing number of people seeking support through our Open Door and community services. Despite these pressures, Grassmarket Community Project has continued to deliver a high-quality, person-centred and trauma-informed programme, while maintaining safe and supportive environments for members, volunteers, staff and partners.

We have continued to develop a robust framework for evaluating members’ outcomes and the positive impact they gain through attendance at the 25+ free weekly activities at GCP. Our comprehensive range of member services is designed to empower, uplift, and reintegrate our members into society. These services are divided into various pillars: Health and Wellbeing, Creativity, Core Skills, and Experiences and Opportunities, along with Practical and Emotional Support, Volunteering, Learning, and Referrals. We have developed the strapline of ‘Together we thrive; Creating opportunities for change’ as we are a community that works together to support positive change in each other’s lives. The significant impact we achieve can be seen in our annual impact report GCP-Impact-Report-2025.pdf

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GRASSMARKET COMMUNITY PROJECT

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

REVIEW, ACHIEVEMENTS AND PERFORMANCE IN 2025 (Continued)

Despite an exceptional performance by our social enterprises, and with this income accounting for two thirds of our operational income, additional funding will always be needed to ensure we can continue delivery of our vital services. To quantify our financial impact, we conducted a cost benefit analysis across four different case studies of members, presenting the most common challenges and situations. We calculated the cost of them attending NHS, public sector and care support services, against the support we provide at GCP. As an example, in one case study focused on a person experiencing severe trauma and mental health challenges, including a period in residential care, we could evidence a saving of £17,359 to the public sector through GCP interventions. This is the saving for just one person and is vital in showcasing the return on investment for any funder considering supporting GCP and the hundreds of people we support.

Member Services and Social Impact

Member Services remain at the heart of Grassmarket Community Project’s charitable activity. During 2025 we supported a growing and diverse community, with registered membership reaching approximately 500 during the year, alongside a clearly defined cohort of actively engaged members following a comprehensive census and data review process. Monthly engagement remained strong, with hundreds of members participating regularly in activities, learning programmes and community services.

Our core offering comprised of more than 25 weekly activities across health and wellbeing, creativity, core skills, learning and experiences, alongside practical and emotional support. We continued to deliver Open Door Meals on a weekly basis, serving almost 2,000 meals during the year, alongside Community Cinema evenings and informal opportunities to reduce isolation and promote connection. These services remain critical for people experiencing homelessness, poverty and social exclusion.

Monitoring and evaluation systems were further strengthened throughout the year and a comprehensive member Census alongside regular feedback after every activity, informed our 2025 Impact Report. Reported outcomes demonstrate consistent improvements in social connection, confidence, resilience, wellbeing, skills development and participation in community life. Many members progressed into volunteering, work experience and pre-apprenticeships, reflecting our strengths-based approach and commitment to enabling people to flourish through their own endeavours.

Our internal data evidences the complexity of need: 69% of our members experience social isolation, 69% report mental health challenges, 42% are unemployed or in insecure work, 32% face homelessness or housing insecurity, 41% live with neurodiversity or learning disabilities, and 78% rely on benefits. These challenges are interconnected and rooted in poverty, often reinforcing cycles of exclusion and disadvantage.

We know we can help people make lasting improvements to their quality of life, lead meaningful and fulfilling lives, and feel valued. Through impact evaluations after activities, focus groups and our annual census, we know the difference being at GCP has made; 91% are now interested in new experiences, 69% feel less isolated, 71% have a safe place to go, 62% feel optimistic about the future, 76% are able to make decisions on their own, and 68% have learnt new skills. In some cases, we are not only supporting lives but actually saving them as members navigate such challenging issues with our help.

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GRASSMARKET COMMUNITY PROJECT

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

REVIEW, ACHIEVEMENTS AND PERFORMANCE IN 2025 (Continued)

Key highlights included the delivery of a vibrant Summer Programme, the Summer Showcase event, publication of the Grassmarket Voice poetry anthology, and the completion and launch of the St Ayles Skiff, Dochas. This major heritage project involved members, volunteers, corporate partners and staff, and exemplified the power of creative, collaborative activity to build skills, confidence and community pride. Following the launch, plans were developed to ensure a legacy for the project through ongoing community use.

The Young Members programme continued to develop, offering structured support, learning and leadership opportunities for young people aged 16–30. Engagement increased across the year, with young people accessing creative, educational and work-based opportunities, including member-led events and facilitated workshops. Learning pathways, pre-apprenticeships, work experience placements and volunteering opportunities were further embedded, providing supported routes into employment, education and positive activity.

Safeguarding, health and safety and risk management remained robust throughout the year. There were no reportable safeguarding incidents reflecting strong procedures, staff training and management.

Social Enterprises

Our social enterprises continue to play a vital role in both income generation and social impact. Across 2025, the Cafés, Events, Catering, Tartan and Woodwork enterprises collectively accounted for a significant proportion of total income for the organisation, making a substantial contribution towards covering core charitable costs, and generating significant profit so vital in increasing our unrestricted reserves.

Coffee Saints Cafés at both Little King Street and the Grassmarket delivered strong trading performances overall, despite sector-wide challenges including staff shortages, rising supplier costs and fluctuating footfall. The teams demonstrated flexibility and resilience, maintaining quality, customer loyalty and a welcoming environment. Significant progress was made in staff development, supported work placements and pre-apprenticeships, enabling members and trainees to gain experience in real working environments. Welcoming the Edinburgh Festival Fringe Society to our Centre in the Grassmarket for the second year during August and turning it into their Artists’ Wellbeing Hub and Communications Centre, was exceptional in building business at Coffee Saints and through events bookings too. Sadly, the Society will be moving into their new home in 2026, and we will be actively looking to establish a new partnership with other Festival promoters, although we still retain a strong working relationship with the Society.

The Events and Catering enterprise delivered a wide range of events throughout the year, including community, corporate, public sector and festival bookings. The securing of a premises licence for the Grassmarket Centre was a major milestone, enabling greater flexibility, reduced administrative burden and increased income potential. While the loss of some regular hirers and changing arrangements at Rainy Hall presented challenges, the organisation adapted by testing new operating models and focusing on opportunities aligned with capacity and risk management.

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GRASSMARKET COMMUNITY PROJECT

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

REVIEW, ACHIEVEMENTS AND PERFORMANCE IN 2025 (Continued)

The Tartan and Woodwork enterprises continued to deliver strong social value alongside commercial output. Both our Tartan and the Woodwork shops have a dual function; to provide opportunities for our members and volunteers to develop skills and vital opportunities for social interaction, whilst also producing high quality items for sale to the public. There has been tremendous growth again this year in the income generated through the Tartan shop as the product range has grown and was supported by retail, commissions, markets, and attendance at the Royal Highland Show and Edinburgh Tartan Parade. The latter were particularly important as they were new initiatives reaping fantastic profile-raising for our tartan and woodwork, new commissions and clients, whilst also allowing us to build increased awareness around our charitable aims. We continue to supply products to Edinburgh Castle and Visit Scotland, as well as new commissions with REHIS and local businesses.

Our Woodwork enterprise delivered a range of commissions for public, charitable and private clients, while providing structured learning, volunteering and pre-apprenticeship opportunities. As with many craft-based enterprises, order flow and capacity fluctuated, and ongoing work is underway to strengthen forward planning and market positioning. The beautiful furniture produced for bespoke orders is crafted by our skilled Woodwork Manager, volunteers and members. They completed the stunning Spirit Case and Time Capsule for the Edinburgh Future Institute, utilising timber from the original building, and made many other commissions for tables, benches, desks, and so much more, to individual designs created for each client.

Across all the enterprises, trustees recognise both the successes achieved and the operational risks inherent in trading activity. Continued focus on cost control, staff wellbeing, diversification and realistic growth remains central to maintaining resilience and financial stability, particularly considering the global challenges we face in 2026.

People, Partnerships and Profile

Grassmarket Community Project continues to benefit from the dedication and expertise of its staff, volunteers and trustees. Staff numbers remained broadly stable across the year, with some changes in senior and operational roles managed through structured recruitment, transition and additional training. Investment in staff development, leadership support and wellbeing has been prioritised, recognising the pressures faced by teams working in complex and demanding settings. We pride ourselves on being accredited Real Living Wage employers and conduct an annual salary benchmarking exercise to ensure we are paying fair wages for staff at all levels. In addition, in 2025 we introduced an extra paid day of annual leave for all staff for their birthday, as well as access to an Employee Assistance Programme, and Death in Service insurance. We are committed to the Fair Work Principles.

Our staff team is led by a Senior Management Team comprising the CEO, Social Enterprise Director, Head of Member Services, and Finance Director. We recruited a new Finance Director in August 2025 who has many years’ experience in the commercial sector, managing complex financial accounts. They bring a new perspective that will support and inform growth within our social enterprises, as well as stringent processes across our financial reporting. During the year we also recruited a Learning & Development Officer and Project Support Worker, who are further developing our defined learning portfolio and learner pathways for all our members at different stages of their journey, with a particular focus on our young members. At December 2025 we employed 32 staff, the majority being in our social enterprises.

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GRASSMARKET COMMUNITY PROJECT

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

REVIEW, ACHIEVEMENTS AND PERFORMANCE IN 2025 (Continued)

Volunteers remain fundamental to our work. We are in the enviable position of having more than 130 volunteers engaged during the year, contributing thousands of hours across Members’ Services and social enterprise activity. Corporate volunteering continued to grow, strengthening relationships, enhancing capacity and supporting both delivery and fundraising. There has been valuable growth in our engagement with corporate businesses, predominantly from the financial sector, and we now have support from 28 companies. Corporate teams get involved in so many aspects of the Project, from painting rooms, to cutting tartan, through to pro bono support and donations. All our volunteers are hugely valuable in ensuring we can continue to support the hundreds of vulnerable people in our community.

Partnership working remains a core strength of the organisation. In 2025 we worked alongside a wide range of third sector, public sector, educational and private partners, thus enabling referrals, shared delivery, learning opportunities and support in-kind. Our profile within the city and the wider sector continued to grow through active participation in networks, conferences and collaborative initiatives, reinforcing Grassmarket Community Project’s role as a trusted and effective community anchor organisation.

Key partnerships include:

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GRASSMARKET COMMUNITY PROJECT

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

REVIEW, ACHIEVEMENTS AND PERFORMANCE IN 2025 (Continued)

Challenges and Outlook

2025 has not been without significant challenges, with financial uncertainty across the sector, increased demand for services, staff recruitment pressures, supplier cost inflation and reduced public funding have all impacted the operating environment. Trustees remain mindful that, while the organisation achieved a far stronger financial position than forecast at the start of the year, these risks remain live and require continued monitoring.

Overall, 2025 represents a year of consolidation, learning and progress. Trustees are confident that Grassmarket Community Project has continued to strengthen its foundations, improved its capacity to evidence impact and enhanced the contribution of its social enterprises. The organisation enters the next period with clearer strategic focus, stronger partnerships and an unwavering commitment to supporting even more of the most vulnerable people in our city to thrive.

FINANCIAL REVIEW

The charity generated an overall net surplus for the year of £1,305,756 (2024: surplus of £2,583), consisting of a surplus of £130,221 (2024: surplus of £10,251) on unrestricted funds and surplus of £1,175,535 (2024: deficit of £7,668) on restricted funds.

Total income amounted to £2,696,778 (2024: £1,357,880), of which £1,637,887 (2024: £361,215) related to restricted projects, including funding of £1,066,377 from the Grassmarket Mission, and £1,058,891 (2024: £996,665) related to unrestricted funds.

At the balance sheet date the unrestricted reserves were £741,302 (2024: £611,081), including designated funds of £477,857 (2024: £494,598) with £1,287,767 (2024: £112,232) in restricted funds of this £1,072,043 relates to the Grassmarket Mission Fund not available for any other use than to support core management salaries in accordance with the gift.

The operations were partially funded by grants received and recognised as income in 2024. To this extent a total of £133,747 was included in last year’s accounts that has been spent in the current year and grant income of £184,714 has been recognised this year that will be spent in 2026. If these sums were excluded, operations would show a surplus of £64,884 in 2025 and a deficit of £15,502 in 2024.

As highlighted in note 7, 2025 shows an improved position for social enterprise activities. Income, excluding grants and donations has increased from £889,488 in 2024 to £962,614 in 2025. Once all costs have been taken into account, 2025 shows a deficit of £84,640 compared to a deficit of £150,533 before including any relevant grants and donations.

DONATIONS AND GRANT FUNDING

In Notes 2 and 3 on page 26 of the ‘Notes to the Financial Statements’ we formally identify the income received from Donations and Grant Funding.

The Board would like to express its sincere thanks to the Grassmarket Mission Trustees for donating their remaining funds upon winding up. These funds will be held as restricted for a period of four years and are invested with a view to creating an annual yield that will contribute towards the salary cost of senior staff.

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GRASSMARKET COMMUNITY PROJECT

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

DONATIONS AND GRANT FUNDING (continued)

The Board would like to record sincere thanks to those awarding generous multi-year funding, including The National Lottery Community Fund, Robertson Trust, Binks Trust, and Mary Kinross Charitable Trust, allowing us to continue to build the foundations for growth so needed when demand for our services is so high.

The Board also wishes to record its very grateful thanks to the many organisations, trusts and individuals who have so generously provided us with the funding that has enabled us to fulfil the many important tasks and objectives, as outlined in this report.

RESERVES POLICY

The total reserves held at the end of the year were £2,029,069 (2024: £723,313) including restricted funds, not available for general purposes, of £1,287,767 (2024: £112,232) and unrestricted reserves of £741,302 (2024: £611,081). Within the restricted funds is the Grassmarket Mission funds of £1,072,043 and included with unrestricted funds is £456,710 (2024: £477,151) of funds tied up in fixed assets and other designated funds of £21,147 (2024: £17,447) leaving unrestricted free reserves of £263,445 (2024: £116,483). The Trustees consider that maintaining unrestricted free reserves of at least three months’ regular budgeted expenditure, currently around £398,000 is desirable for the ongoing work of the Charity and to cover the payment of Staff salaries and creditors as they fall due. The Trustees plan to build up unrestricted free reserves over the coming years to match the reserves policy. Meanwhile, liquidity levels remain strong.

RISK MANAGEMENT

The organisation has a Risk Register identifying the areas where the charity may be most exposed to risk, particularly those related to its operations and finances. The Risk Register is presented at Board meetings for review, and regular Health & Safety briefings and operational updates are discussed in these meetings throughout the year. The Board is satisfied that systems are in place to mitigate exposure to major risks.

In common with most organisations and businesses in the UK and around the world, the charity has continued to be impacted by the ongoing cost of living crisis and rising inflation. This has caused greater demand for our services and increased pressure on our finances in a challenging funding landscape. However, the strong performance of our social enterprise cafes has significantly mitigated some of this and we will be building the trading activity of all our social enterprises in the coming years to reduce our reliance on funding.

Although the charity managed to sustain its activities by securing up-lifts, grants and additional financial support, there remain significant risks in terms of the timing, speed and strength of the hospitality social enterprises, in particular events and outside catering, as well as the need to upscale our Tartan and Woodwork enterprise. The Finance sub-group meet every month to support the Senior Management team as the charity navigates the uncertain levels of Government financial support and the increasingly competitive grant funding culture. It is also anticipated that due to the marked increase in mental health issues, the negative economic impacts and the pressure on education services will all mean the demand for GCP’s services will be substantially higher in 2026 as the UK Government, Scottish Government and the local authority seek to achieve cuts in budget allocation.

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GRASSMARKET COMMUNITY PROJECT

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

RISK MANAGEMENT (Continued)

Full monthly management accounts are targeted for 10 working days following the end of each month. These are routinely presented at the monthly Finance Sub-Group meetings, and to the Board and Senior Management team for scrutiny, to monitor financial progress and to identify both positive and negative trends at the earliest stage possible. The cashflow forecast, presenting a best and worst case, and various other dashboard graphics, enables the Board and Executive team to assess with a high degree of confidence where the charity is headed. This focuses energy and resources effectively to avoid any unexpected losses of key services, and support and helps sustain the organisation at a level that will attract funding and allow the existing services to flourish alongside innovation to new ventures. In addition to major global economic crises, the rate of inflation, cost of living pressures and the consequent risk of cuts to services, the principal risks and uncertainties remain as follows:

Risk Description: Governance & Leadership

The Chief Executive Officer has been in post since May 2023, having been a Trustee on the Board for 5 years previously. During the year two Trustees resigned (due to stretched capacity to support GCP), and we recruited two new Trustees, with only one space remaining on our Board of Trustees. In February 2025 our long-standing Chair resigned, although retaining the role of Founder, and has been succeeded by another of our current Trustees, Rob Trimble. We benefit from a strong Senior Management team and a highly skilled and experienced Board.

Risk Description: Operational

Limitations of the premises and ability of staff to cope with demand – the Chief Executive and Senior Management team regularly review operations to ensure that staffing levels are sufficient, and plans are in place to support demand for services. In addition, the charity works in partnership with other organisations to build capacity to meet the needs of the members, and signpost to agencies in areas where GCP has less resource or expertise.

Risk Description: Financial

Loss of social enterprise income or grant funding would result in services being reduced or lost, a lower level of support for our members and staff redundancies. The Trustees and the Chief Executive work closely with the Senior Management team, especially the Head of Finance to monitor continually both funding and the impact of programmes, as well as the financial performance of the income-generating social enterprises.

Risk Description: Environmental

Non-compliance with Health & Safety or license requirements – this could result in significant reputational damage to the charity. A detailed Health and Safety policy is in place managed by the Members’ Service Manager (designated person) along with a register of all licenses and permits. Those schedules are monitored by the Senior Management team and any breaches or lapses are documented and reported to the Board.

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GRASSMARKET COMMUNITY PROJECT

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

PLANS FOR FUTURE PERIODS

In 2026-27 we hope to achieve the following:

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GRASSMARKET COMMUNITY PROJECT

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

GOVERNANCE, STRUCTURE AND MANAGEMENT

Governing document

The organisation is a charitable company limited by guarantee, incorporated on 16 November 2009 and obtaining charitable status on 30 July 2010. The company was established under a Memorandum of Association which established the objects and powers of the company and is governed under its Articles of Association. The Articles were reviewed in 2025 to ensure they remain fit for purpose. In the event of the company being wound up Members are required to contribute an amount not exceeding £1.

Establishment

Grassmarket Community Project has been developed in partnership by Edinburgh: Greyfriars Kirk (Church of Scotland) and the Grassmarket Mission. The Grassmarket Mission was founded in 1890 and has historically provided a variety of services to homeless people in the Grassmarket area of Edinburgh where they traditionally gathered. The two partners have been working alongside each other since 1982. In 2010 Grassmarket Community Project was formed when the two partners decided to establish a stand-alone charity to take forward the work they had established.

GOVERNANCE, STRUCTURE AND MANAGEMENT (Continued)

Related parties

As described above, the charity has been developed in partnership by Edinburgh: Greyfriars Kirk (Church of Scotland) and the Grassmarket Mission and were regarded as related parties. With the winding up of the Grassmarket Mission in 2025, the remaining related party is the Greyfriars Kirk (Church of Scotland).

Organisational structure

The board meets five times a year and is responsible for the strategic direction and policy of the charity. Sub-groups and meetings involving Trustees, key personnel, volunteers, and members meet regularly outside the full board meetings.

A scheme of delegation is in place with the day-to-day responsibility for service delivery and staff management resting with the Chief Executive.

Pay policy

The pay of all staff is reviewed annually and normally adjusted in accordance with average earnings. The organisation is a Real Living Wage employer.

Policies and procedures for the induction and training of employees

All new members of staff are required to complete an induction covering an introduction to the Grassmarket Community Project; Terms and Conditions of Employment; Worker/Employee Relations; Conduct and Practicalities; Health and Safety and ‘The Job’ itself. In 2025 all our policies and contracts were reviewed by the CEO and SMT. In addition, all members of Staff have continual access to all HR policies and best practice documents via our SharePoint that is regularly updated, and key policies are summarised in Staff contracts. These were distributed to the Staff and Volunteers as required via training and one-to-one meetings to ensure we support our Staff, Volunteers and Members.

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GRASSMARKET COMMUNITY PROJECT

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

REFERENCE AND ADMINISTRATIVE INFORMATION

Company Registration Number SC368576 SC368576
Charity Number SC041674
Trustees Rev Dr R E Frazer (Chairman) (resigned 12 February 2025)
R J Trimble (Chairman from 12 February 2025)
R J Chappell (Vice Chair) (resigned 10 September 2025)
N K Findlay (Treasurer)
J C Elliot
G Honeyman
J Macdougall (resigned 12 December 2025)
W G Magee
N Novak
E Crichton (appointed 11 February 2026)
V Graham (appointed 11 February 2026)
Key Management
Personnel H van der Ploeg
Chief Executive
C Jones Social Enterprises Director
J Davidson Finance Director (resigned 22 August 2025)
M Cornwall Head of Finance (appointed 18 August 2025)
P O’Bray Head of Member Services
Founder Rev Dr R E Frazer (From 12 February 2025)
Registered Office 84 – 86 Candlemaker Row
Edinburgh
EH1 2QA
Independent Auditor Louise Presslie CA
Whitelaw Wells
9 Ainslie Place
Edinburgh
EH3 6AT
Bankers The Co-operative Bank PLC
P O Box 200
Skelmersdale
WN8 6GH
The Church of Scotland Investors Trust
121 George Street
Edinburgh
EH2 4YN
Investment Managers CCLA Investment Management Limited
1 Angel Lane
London
EC4R 3AB

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GRASSMARKET COMMUNITY PROJECT

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The charity trustees (who are also directors for the purposes of company law) are responsible for preparing a directors’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing the financial statements, the trustees are required to:-

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the Financial Statements comply with the Companies Act 2006 and Charities and Trustee Investment (Scotland) Act 2005. 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 corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the trustees are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the charity’s auditors are unaware, and each trustee has taken all the steps he ought to have taken as a trustee in order to make himself aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.

Approved by the Directors on 24 June 2026 and signed on their behalf by:

Robert J Trimble Chair of the Board of Trustees

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GRASSMARKET COMMUNITY PROJECT

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES AND MEMBERS

FOR THE YEAR ENDED 31 DECEMBER 2025

Opinion

We have audited the financial statements of Grassmarket Community Project for the year ended 31 December 2025, which comprise the Statement of Financial Activities (incorporating the Income and Expenditure Account), the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including 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’ (United Kingdom Accounting Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs UK) and applicable law. Our responsibilities under those 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, including the FRC's Ethical Standard, and we have fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' (who are also the directors of the company for company law purposes) use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company'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.

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GRASSMARKET COMMUNITY PROJECT

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES AND MEMBERS

FOR THE YEAR ENDED 31 DECEMBER 2025

Other information

The other information comprises the information in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility to is to read 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 misstatement in the financial statements themselves. 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 nothing to report in this regard.

Opinions on matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not idented material misstatements in the directors’ report, included in the report of the trustees.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

16

GRASSMARKET COMMUNITY PROJECT

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES AND MEMBERS

FOR THE YEAR ENDED 31 DECEMBER 2025

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 14, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a 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.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 high level concealment of the error. In this regard the following audit work was undertaken: applicable laws and regulations 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 material misstatement in this regard was low.

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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

17

GRASSMARKET COMMUNITY PROJECT

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES AND MEMBERS

FOR THE YEAR ENDED 31 DECEMBER 2025

Use of our report

This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and the trustees, as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as 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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

Louise Presslie CA

Senior Statutory Auditor

for and on behalf of Whitelaw Wells, Statutory Auditor

Whitelaw Wells is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 9 Ainslie Place

Edinburgh EH3 6AT

24 June 2026

18

GRASSMARKET COMMUNITY PROJECT

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)

For the year ended 31 December 2025

Unrestricted
Notes
Funds
£
Income and endowments from
Donations and legacies
2
90,015
Charitable activities
3
946,324
Other trading activities
3,695
Investments – Bank interest
18,857
Total income
1,058,891
Expenditure on:
Raising funds
6
34,474
Charitable activities
6
894,196
Total expenditure
928,670
Net income before investment gains
130,221
Investment gains
10
-
Net income after investment gains
130,221
Transfer between funds
14
-
Net movement in funds
130,221
Reconciliation of funds
14
Total funds brought forward at
1 January 2024
611,081
Total funds carried forward at
31 December 2025
741,302		 Restricted
Other Grassmarket
Funds
Mission
£
£
571,510
1,066,377
-
-
-
-
-
-
571,510
1,066,377
-
-
468,018
-
468,018
-
103,492
1,066,377
-
5,666
103,492
1,072,043
-
-
103,492
1,072,043
112,232
-
215,724
1,072,043		 Total
2025
£
1,727,902
946,324
3,695
18,857
2,696,778
34,474
1,362,214
1,396,688
1,300,090
5,666
1,305,756
-
1,305,756
723,313
2,029,069		 Total
2024
£
464,098
878,492
3,476
11,814
1,357,880
17,904
1,337,393
1,355,297
2,583
-
2,583
-
2,583
720,730
723,313

The charity has no recognised gains and losses other than the results for the period as set out above.

All the results of the charity are classified as continuing.

The notes on pages 23 to 35 are an integral part of the financial statements.

19

GRASSMARKET COMMUNITY PROJECT

BALANCE SHEET

As at 31 December 2025

Notes
Fixed assets
Tangible assets
9
Investments
10
Current assets
Stock
Debtors
11
Cash at bank
Liabilities
Creditors: Amounts falling
due within one year
12
Net current assets
Total net assets less current liabilities
Creditors: Amounts falling due
13
after more than one year
Net assets
Funds
Unrestricted funds - General
14
- Designated
14
Restricted funds - Grassmarket Mission 14
- Other
14
Total funds		 34,059
85,394
509,238
628,691
(126,003)
263,445
477,857
1,072,043
215,724		 2025
£
456,710
1,069,671

1,526,381
(
502,688
2,029,069
-
(
2,029,069
741,302
1,287,767
2,029,069		 2024
£
478,154
-

478,154
28,125
38,341
436,383
502,849
155,258)
347,591
825,745
102,432)
723,313
116,483
494,598
611,081
-
112,232
112,232
723,313

These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The financial statements were approved by the trustees on 24 June 2026 and are signed on their behalf by:-

Nicky Findlay

Trustee Company Registration Number: SC368576

The notes on pages 23 to 35 form part of these financial statements.

20

GRASSMARKET COMMUNITY PROJECT

STATEMENT OF CASH FLOWS

For the year ended 31 December 2025

2025
£
Cash generated by operating activities
1,239,699
Cash flows from investing activities
Bank interest
18,857
Purchase of fixed assets
(6,800)
Acquisition of investments
(1,064,005)
Cash (used by) / provided by investing activities
(1,051,948)
Cash flows from financing activities
Loan repayments
(114,896)
Cash used by financing activities
(114,896)
Increase in cash and cash equivalents in the year
72,855
Cash and cash equivalents at the beginning of the year
436,383
Total cash and cash equivalents at the end of the year
509,238
Reconciliation of net movement in funds to net cash flow from operating activities
Net movement in funds (as per Statement of Financial Activities)
1,305,756
Adjusted for:
Depreciation charge
28,244
Gain on investments
(5,666)
Interest received
(18,857)
(Increase)/Decrease in debtors
(47,053)
(Decrease)/Increase in creditors
(16,791)
Increase in stock
(5,934)
Net cash generated by operating activities
1,239,699		 2024
£
56,476
11,814
(1,564)
-
10,250
(11,728)
(11,728)
54,998
381,385
436,383
2,583
43,841
-
(11,814)
14,449
16,378
(8,961)
56,476

21

GRASSMARKET COMMUNITY PROJECT

STATEMENT OF CASH FLOWS (Continued)

For the year ended 31 December 2025

Analysis of change in net debt
At 1 At 31
January December
2025 Cashflows 2025
£ £ £
Cash 436,383 72,855 509,238
Loans falling due within one year (12,464) 12,464 -
Loans falling due in more than one year (102,432) 102,432 -
Total 321,487 187,751 509,238

22

GRASSMARKET COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2025

1. Accounting Policies

Basis of accounting

The financial statements have been prepared in accordance with historical cost convention and applicable United Kingdom accounting standards, including 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 (FRS102) (effective 1 January 2019) - (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102); the Companies Act 2006 and the Charities and Trustee Investment (Scotland) Act 2005.

Grassmarket Community Project constitutes a public benefit entity as defined by FRS102 and a company limited by guarantee, incorporated in Scotland with the registered office as noted on page 1. The financial statements are presented in pounds Stirling as that is the functional currency of the charitable company rounded to the nearest pound.

Going Concern

The trustees consider there are no material uncertainties about the ability of the charitable company to continue as a going concern for a period of at least 12 months from the date of signing of these financial statements. Accordingly the financial statements have been prepared on a going concern basis.

Income recognition

Income is included in the Statement of Financial Activities when the charity is entitled to the income, there is probability of receipt and the amount can be measured reliably. The following specific policies are applied to particular categories of income:

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Expenditure is classified under the following activity headings:

23

GRASSMARKET COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2025

1. Accounting Policies (cont.)

Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. The Charity is registered for VAT and, accordingly, expenditure is shown gross of irrecoverable VAT, which is charged as a cost against the activity for which the expenditure was incurred.

Allocation of Support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include governance costs which support the Trust’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 6.

Fixed Assets and Depreciation

Assets are initially recorded at cost.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:-

Property Improvements Over remaining life of the lease Workshop and kitchen equipment 20% straight line Fixtures, fittings and office equipment 33.3% - 50% straight line

The charity has the policy not to capitalise items under £2,000 unless they are part of a larger project.

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.

The Charity does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or subsectors.

The Charity anticipates a long-term future and accepts the reality that financial markets are such that capital values of investments will fluctuate during a long time-scale.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities

24

GRASSMARKET COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2025

1. Accounting Policies (cont.)

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost for donated items is determined using open market of comparable items at date of donation.

Fund Accounting

The nature and purpose of each fund is explained in note 14.

Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds.

Designated funds. These are the funds set aside by the Trustees out of unrestricted general funds for future purposes or projects.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of management and support costs.

Pensions

The Charity contributes to a Staff personal pension scheme for members of Staff, which are defined contribution schemes. The assets of the scheme are held separately from those of the charity in an independently administered fund. Pension costs charged in the Statement of Financial Activity represent the contributions payable by the charity in the period.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value since these are repayable on demand.

Judgements and estimates

In the application of the company’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

25

GRASSMARKET COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2025

2. Income from donations

Income from donations
Unrestricted Restricted
Total
2025
2025
2025
£
£
£
Binks Trust
25,000
-
25,000
Donations – Individuals
29,383
29,383
Donations – Trusts and organisations
4,447
-
4,447
Legacies
5,500
-
5,500
Public sector grants
-
133,769
133,769
Other Trust income
25,685
389,503
415,188
Grassmarket Mission
-
48,238
48,238
Grassmarket Mission on wind up
-
1,066,377
1,066,377
90,015
1,637,887
1,727,902		 Total
2024
£
20,000
21,156
9,216
-
36,195
341,217
36,314
-
464,098

Income from donations was £1,727,902 (2024: £464,098) of which £90,015 (2024: £102,883) was unrestricted and £1,637,887 (2024: £361,215) was restricted. Public sector grants were received as follows; National Lottery Fairer Life Chances Fund £43,200 (2024: £Nil), National Lottery Heritage Fund 2025 £Nil (2024: £10,000), Edinburgh Council Connected Communities £88,569 (2024: £Nil), Edinburgh Council Community Grants Fund £2,000 (2024: £Nil) and Scottish Government via delivery partners £Nil (£26,195).

3. Income from charitable activities

Income from charitable activities
Unrestricted Restricted
2025
2025
£
£
Furniture sales
51,229
-
Textile sales
60,202
-
Candle sales
18
-
Catering income
824,836
-
Other sundry income
10,039
-
946,324
-		 Total
2025
£
51,229
60,202
18
824,836
10,039
946,324		 Total
2024
£
52,577
54,346
119
761,814
9,636
878,492

Income from charitable activities was £946,324 (2024: £878,492) of which £946,324 (2024: £878,492) was unrestricted and £Nil (2024: £Nil) was restricted.

4. Net incoming resources

Net incoming resources
2025 2024
£ £
This is stated after charging:
Depreciation 28,244 43,841
Auditors’ remuneration – current audit fee 9,850 9,200
Auditors’ remuneration – non-audit services 1,950 1,800
Operating lease charges 31,069 30,413

26

GRASSMARKET COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2025

5. Trustees’ remuneration and governance costs

The trustees received no remuneration or reimbursement of expenses in the current or prior period.

6. Analysis of expenditure


Salaries (note 8)
Direct costs
Support costs
Premises costs
Administrative costs
Depreciation
Irrecoverable VAT
Legal fees
Governance costs
Audit fees
Total expenditure		 Charitable Activities
Members
Social
Fundraising
Total
Total
Activities Enterprise
2025
2024
£
£
£
£
226,655
591,516
31,674
849,845
825,512
28,193
218,909
2,800
249,902
240,077

254,848
810,425
34,474
1,099,747
1,065,589
25,893
139,614
-
165,507
153,608
20,896
60,438
-
81,334
72,170
5,395
22,849
-
28,244
43,841
1,037
3,561
-
4,598
6,832
4,231
1,228
-
5,459
2,257
2,661
9,139
-
11,800
11,000

60,112
236,829
-
296,941
289,708

314,960
1,047,254
34,474
1,396,688
1,355,297

Expenditure from charitable activities was £1,396,688 (2024: £1,355,297) of which £928,670 (2024: £986,414) was unrestricted and £468,018 (2024: £368,883) was restricted.

Overhead and support costs are allocated to activities based on the percentage of directly allocated costs.

27

GRASSMARKET COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2025

7. Summary analysis of expenditure and related income for activities

The table shows the cost of the main activities and the sources of income that support those activities:

Costs
Furniture sales
Textile and other sales
Catering sales
Event income
Interest
Result before grants
& donations
Donations
Charitable activities grants		 Member
Social
Total
Total
Activities Enterprise
Fundraising
2025
2024
£
£
£
£
(314,960) (1,047,254)
(34,474) (1,396,688) (1,355,297)
-
51,229
-
51,229
52,578
1,635
70,653
-
72,288
65,850
376
642,593
-
642,969
616,983
-
183,534
-
183,534
146,559
4,252
14,605
-
18,857
11,814

(308,697)
(84,640)
(34,474)
(427,811)
(461,513)
248,303
853,214
-
1,101,517
25,531
371,757
254,628
-
626,385
438,565

311,363
1,023,202
(34,474)
1,300,091
2,583

Fundraising generates donations and grants reported under both Social Enterprise and Members activities.

8.
Staff costs
Salaries and wages
Social security costs
Pension cost – Defined contribution
 2025
755,405
70,196
24,244
849,845		 2024
747,155
56,061
24,296
825,512

The average number of Staff (excluding sessional Staff) during the period was 36 (2024: 40).

The charity considers its key management personnel comprise of the Chief Executive, Social Enterprises Director, the Members Service Director, Finance Director. The total employment benefits including employer pension contributions of the key management personnel was £199,216 (2024: £174,755). No employee has emoluments of more than £60,000 during either the current or previous year.

The trustees received no remuneration, other benefits or reimbursement of expenses in the current or prior period. Trustee indemnity insurance was in place for the benefit of Trustees throughout the period.

Pensions

The company contributed to an individual personal pension scheme during the year. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £24,244 (2024: £24,094). At the year-end, contributions totalling £3,294 (2024: £3,550) were outstanding.

28

GRASSMARKET COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2025

9. Tangible fixed assets
Fixtures, fittings
and other
Workshop
Leasehold
equipment
Equipment Improvements
Total
£
£
£
£
Cost
At 1 January 2025
188,655
73,460
525,354
787,469
Additions
6,800
-
-
6,800
Disposals
(5,447)
-
-
(5,447)
At 31 December 2025
190,008
73,460
525,354
788,822
Depreciation
At 1 January 2025
184,045
73,460
51,810
309,315
Charge for year
6,039
-
22,205
28,244
Elimination on Disposal
(5,447)
-
-
(5,447)
At 31 December 2025
184,637
73,460
74,015
332,112
Net Book Value
At 31 December 2025
5,371
-
451,339
456,710
At 31 December 2024
4,610
-
473,544
478,154
10.
Investments
2025
2024
£
£
Fair Value at 1 January 2025
-
-
Additions to investments at cost
1,064,005
-
Disposals at proceeds
-
-
Realised gain/(loss) on investments
-
-
Unrealised gain/(loss) on investments
5,666
-
Fair Value at 31 December 2025
1,069,671
-
Historic cost of investments
1,064,005
-		 9. Tangible fixed assets
Fixtures, fittings
and other
Workshop
Leasehold
equipment
Equipment Improvements
Total
£
£
£
£
Cost
At 1 January 2025
188,655
73,460
525,354
787,469
Additions
6,800
-
-
6,800
Disposals
(5,447)
-
-
(5,447)
At 31 December 2025
190,008
73,460
525,354
788,822
Depreciation
At 1 January 2025
184,045
73,460
51,810
309,315
Charge for year
6,039
-
22,205
28,244
Elimination on Disposal
(5,447)
-
-
(5,447)
At 31 December 2025
184,637
73,460
74,015
332,112
Net Book Value
At 31 December 2025
5,371
-
451,339
456,710
At 31 December 2024
4,610
-
473,544
478,154
10.
Investments
2025
2024
£
£
Fair Value at 1 January 2025
-
-
Additions to investments at cost
1,064,005
-
Disposals at proceeds
-
-
Realised gain/(loss) on investments
-
-
Unrealised gain/(loss) on investments
5,666
-
Fair Value at 31 December 2025
1,069,671
-
Historic cost of investments
1,064,005
-		 9. Tangible fixed assets
Fixtures, fittings
and other
Workshop
Leasehold
equipment
Equipment Improvements
Total
£
£
£
£
Cost
At 1 January 2025
188,655
73,460
525,354
787,469
Additions
6,800
-
-
6,800
Disposals
(5,447)
-
-
(5,447)
At 31 December 2025
190,008
73,460
525,354
788,822
Depreciation
At 1 January 2025
184,045
73,460
51,810
309,315
Charge for year
6,039
-
22,205
28,244
Elimination on Disposal
(5,447)
-
-
(5,447)
At 31 December 2025
184,637
73,460
74,015
332,112
Net Book Value
At 31 December 2025
5,371
-
451,339
456,710
At 31 December 2024
4,610
-
473,544
478,154
10.
Investments
2025
2024
£
£
Fair Value at 1 January 2025
-
-
Additions to investments at cost
1,064,005
-
Disposals at proceeds
-
-
Realised gain/(loss) on investments
-
-
Unrealised gain/(loss) on investments
5,666
-
Fair Value at 31 December 2025
1,069,671
-
Historic cost of investments
1,064,005
-
-
-

All investments are carried at their fair value. Investments are all traded in quoted public markets. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

The significance of the financial instruments to the ongoing financial sustainability of the charity is considered in the financial review and investment policy in the Trustees Annual Report.

29

GRASSMARKET COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2025

10. Investments (continued)

The main form of financial risk faced by the Trust is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of the investors to investment risk, and changes in sentiment concerning equities and within particular sectors and sub sectors, particularly as the Trust is reliant on the dividend yield in part to finance its work.

The Trust has managed the investment risks by retaining an expert advisor and operating an investment policy that provides a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchange. The Trust does not make use of derivatives and other similar complex financial instruments.

11. Debtors: amounts falling due within one year

Debtors: amounts falling due within one year
Trade Debtors
Prepayments and accrued income		 2025
£
14,949
70,445
85,394		 2024
£
15,233
23,108
38,341

12. Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Trade creditors
Other creditors
Accruals
VAT
Loan		 2025
£
40,490
16,727
35,661
33,125
-
126,003		 2024
£
48,365
15,017
41,836
37,576
12,464
155,258

13. Creditors: amounts falling due after more than one year

Creditors: amounts falling due after more than one year
Loan repayable:
In two to five years
In more than five years		 2025
£
-
-
-		 2024
£
57,992
44,440
102,432

The Foundation Scotland Loan was repaid in full on 24 November 2025.

30

GRASSMARKET COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2025

14. Funds

Balance at Balance at
1 January Investment 31 December
2025 Income Expenditure
gains		 Transfers 2025
2025
£ £ £
£		 £ £
Unrestricted funds
General fund 116,483 1,058,891 (900,129)
-		 (11,800) 263,445
Designated fund:
Capital fund 477,151 - (27,241)
-		 6,800 456,710
External Maintenance 17,447 - (1,300)
-		 5,000 21,147
and repairs
611,081 1,058,891 (928,670)
-		 - 741,302
Restricted funds
Other restricted Funds:
Furniture fund 4,860 - (4,860)
-		 - -
Members fund 72,677 239,628 (237,944)
-		 - 74,361
Core fund 19,695 326,882 (209,380)
-		 - 137,197
Catering fund 15,000 5,000 (15,834)
-		 - 4,166
112,232 571,510 (468,018)
-		 - 215,724
Grassmarket
Mission Fund - 1,066,377 -
5,666		 - 1,072,043
112,232 1,637,887 (468,018)
5,666		 - 1,287,767
Total Funds 723,313 2,696,778 (1,396,688)
5,666		 - 2,029,069

31

GRASSMARKET COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2025

14. Funds (cont.)

Balance at Balance at Balance at
1 January 31 December
2024 Income Expenditure Transfers 2024
2024
£ £ £ £ £
Unrestricted funds
General fund 70,806 996,665 (944,425) (6,563) 116,483
Designated fund:
Capital fund 516,802 - (41,214) 1,563 477,151
External Maintenance 13,222 - (775) 5,000 17,447
and repairs
600,830 996,665 (986,414) - 611,081
Restricted funds
Furniture fund 1,002 33,068 (29,210) - 4,860
Members fund 112,611 200,030 (239,964) - 72,677
Core fund 5,687 108,117 (94,109) - 19,695
Catering fund - 20,000 (5,000) - 15,000
Courtyard Development
Fund 600 - (600) - -
119,900 361,215 (368,883) - 112,232
Total Funds 720,730 1,357,880 (1,355,297) - 723,313

32

GRASSMARKET COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2025

14. Funds (cont.)

Designated funds:

Capital fund This fund represents the net book value of the charity’s tangible fixed assets.

33

GRASSMARKET COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2025

15. Analysis of net assets between funds

Fixed
Assets
£
Restricted funds:
Grassmarket Mission Fund
1,069,671
Other Restricted funds
-
Unrestricted funds:
General
-
Designated
456,710
Net assets at 31 December 2025
1,526,381
Comparative figures:
General
Fixed
Assets
£
Restricted funds
1,003
Unrestricted funds:
General
-
Designated
477,151
Net assets at 31 December 2024
478,154		 Net
Total
Assets
Funds
£
£
2,372
1,072,043
215,724
215,724
263,445
263,445
21,147
477,857
502,688
2,029,069
Net
Total
Assets
Funds
£
£
111,229
112,232
116,483
116,483
17,447
494,598
245,159
723,313

16. Operating lease commitments

As at 31 December 2025 the charity had total commitments under non-cancellable operating leases, payable as follows:

leases, payable as follows:
2025 2024
Land & 2025 Land & 2024
buildings Other buildings Other
£ £ £ £
Within one year 19,249 5,519 16,699 6,908
Within two to five years 70,396 10,463 48,196 14,243
More than five years 186,759 - 198,808 -
_
Total 276,404 15,982 263,703 21,151
_

34

GRASSMARKET COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2025

17. Related Party Transactions

Trustees Rev Dr R E Frazer and J C Elliot are or were also Trustees of Edinburgh: Greyfriars Kirk (Church of Scotland). Grassmarket Community Project paid rent of £14,4459 (2024: £13,339) to Edinburgh: Greyfriars Kirk (Church of Scotland) and £323 (2024: £45) for fundraiser venue costs. Grassmarket Community Project recharged café sales of £196 (2024: £132). £55 (2024: £2,172) was received from Edinburgh: Greyfriars Kirk (Church of Scotland) for furniture commissions. Grassmarket Community Project received £862 from Edinburgh: Greyfriars Kirk (Church of Scotland) for provision of payroll services (2024: £1,074). In 2025, £8,637 of insurance premiums were recharged to the Grassmarket Community Project by Greyfriars Kirk (Church of Scotland) (2024: £4,145). At the period end £243 (2024: £2,531) was due to Edinburgh: Greyfriars Kirk (Church of Scotland) and £1,039 (2024: £ Nil) was due from Edinburgh: Greyfriars Kirk (Church of Scotland).

Trustees Rev Dr R E Frazer, J C Elliot and G Honeyman are or were Trustees of Greyfriars Charteris Centre SCIO. Grassmarket Community Project received £806 (2024: £999) for provision of payroll services and bookkeeping services from Greyfriars Charteris Centre SCIO. Grassmarket Community Project paid £Nil (2024: £ 122) to Greyfriars Charteris Centre SCIO for office rental and £150 for Staff training (2024: £254). In 2025, £Nil (2024: £1,277) was received from Greyfriars Charteris Centre SCIO for furniture commissions. At the year end, £255 (2024: £Nil) was due to Greyfriars Charteris Centre SCIO and £Nil (2024: £ Nil) was due from Greyfriars Charteris Centre SCIO.

Trustee R J Chappell is a Trustee of Social Enterprise Scotland and in the year £200 (2024: £200) was paid to Social Enterprise Scotland for membership fees. At the year end, there were no outstanding balances due to or from Social Enterprise Scotland.

Trustee J C Elliot is a Trustee of The Binks Trust and in the year £25,000 (2024: £20,000l) was received from the Trust as a donation. At the year end, there were no outstanding balances due from The Binks Trust.

Trustee W G Magee is a Trustee of The Fyrish Foundation and in the year £33,000 (2024: £Nil) was received from the Foundation as a grant. At the year end, there were no outstanding balances due from The Fyrish Foundation.

Total sales to Trustees in the year total £1,685 (2024: £Nil) under the same conditions as other customers.

18. Company Limited by Guarantee

The Members have indicated that they will contribute £1 each in the event of the winding up of the company.

19. Ultimate controlling party

The charitable company is constituted by its Articles of Association and is controlled by its Board of Trustees.

35