## 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|



1 



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: 

- The prevention and relief of poverty and disadvantage in Edinburgh and the Lothians; 

- The advancement of education in such ways as may be thought fit, including the creation of training or retraining, work experience and employment opportunities particularly amongst unemployed and socially disadvantaged people; 

- To help people to develop their physical, mental and spiritual capacity so that they may grow to full maturity as individuals and members of society; 

- The advancement of arts and culture for the benefit of the public at large and/or those who, by reasons of their youth, age, infirmity or disablement, poverty or social and economic circumstances, have need of such facilities; 

- To relieve unemployment in such ways as may be thought fit, including the creation of training, work experience and employment opportunities; 

- The advancement of health in such ways as may be thought fit, including the promotion of healthy eating and healthy lifestyles particularly amongst unemployed and socially disadvantaged people; 

- To promote, establish, operate and/or support other schemes of a charitable nature. 

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. 

2 



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 

3 



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. 

4 



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. 

5 



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. 

6 



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: 

- Greyfriars Kirk and Greyfriars Charteris – our partners in the ‘Greyfriars Family’, aligned with the same values and sharing of resources for productive and cost-effective working across the three organisations. 

- Grassmarket Mission – our co-founders and long-standing funders, trusting in our ability to deliver their social values and impact. 

- St Mary’s Cathedral - Provided us with their church hall and a partnership profit-share café social enterprise which generates income and provides training and work experience for Members and trainees. 

- We are often the next stage service for people who are coming out of crisis therefore our relationships with organisations such as Crisis, Rock Trust and Simon Community are key in supporting some of the most vulnerable in the city. 

- Supporting the third and public sectors through memberships, sharing of resources, onward referrals and involvement with other organisations including SHAPE (Strategic homeless task force for Edinburgh comprising 20+ third sector organisations), Poverty Alliance, Circular Communities, Social Enterprise Scotland, Edinburgh Social Enterprise Network, EVOC, Mental Health Forum, Edinburgh University and CEC. 

- Close connections with public sector care teams and support workers to enable us to fully support their work when capacity and budgets in this sector is so limited. Currently 62% of our members are referred to us by NHS support teams, GP, Police and other third sector agencies. 

- Working alongside local organisations such as the Grassmarket Residents Association, Grassmarket Community Council, Edinburgh Old Town Development Trust, Dancebase, Apex Hotels, Kickass Hostel and Greyfriars Kirk, to reinforce community connections and strengthening our local impact and engagement. 

- Working with organisations to deliver activities outside of the Centre to further develop the confidence, skills and sense of belonging of our members. Partners include Mercat Tours, Dynamic Earth, Museums of Scotland, Virgin Money, Invisible Cities, Standard Life, and Listen-Up Storytelling. 

- Engagement with Scotland’s Changemakers, run by the Hunter Foundation, to facilitate a senior leadership peer support network, enabling shared learning and best practice to drive towards systemic change. 

7 



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. 

8 



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. 

9 



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. 

10 



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: 

- Further embedding organisational KPIs with all staff members allocated their own five measurable priorities which will enable the organisation to achieve the overall KPIs. 

- In a landscape of shifting policies and priorities, to continue to forge strong partnerships and networks in the third sector and local government, and to create a more joined-up, collaborative, and participative approach to City-wide services. 

- Comprehensive marketing, fundraising, income generation, and events plans to support the overall organisational Business Plan. 

- Continue to deliver a needs-led, Member-led innovative programme of activities, opportunities, residential respite breaks and training programmes for the most vulnerable in our city. 

- Develop and expand our apprenticeship programme to encompass partnerships with other learning providers and increase work placement opportunities for all apprentices through our social enterprises, supporting young people into long term employment. 

- Develop opportunities for our young members to access volunteering and work experience both at GCP and with external partners to increase success through their learning and skills development. 

- Comprehensively define our members learning pathways to enable them to achieve their stated goals for future fulfilment. 

- Document frameworks for the monitoring, feedback and evaluation of all activities at GCP, incorporating data collection from welcome meetings, mentoring, monthly community meetings, focus groups, project-led evaluation, member feedback, learning portfolios and case studies. 

- Identify appropriate systems for a range of key organisational functions including CRM, task management, project planning and event booking, and secure funding to achieve successful implementation to facilitate more effective and efficient working in the future. 

- Sufficient funding to cover the core staff costs for our charitable activities for the next 2 years at a minimum, to ensure we can continue to meet the rising numbers of people who are in need of support. 

- Increase commercial activity and success in our social enterprises, Events, Coffee Saints, Woodwork/Furniture and Tartan, seizing appropriate opportunities for expansion, to generate surplus to support the charity. 

- Successfully secure premises licences for Coffee Saints at Little King St to maximise potential income. 

- Expand on the product range for small retail items, plus commissioned furniture for Grassmarket Wood and Furniture to generate increased sales, whilst maintaining a valuable skills development space for trainees. 

- Build our base of significant funders, donors and Trusts with the potential for long term funding to ensure the financial resilience and sustainability of GCP for decades to come. 

11 



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. 

12 



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<br>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||||



13 



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:- 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and accounting estimates that are reasonable and prudent; 

- state whether applicable UK 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 inappropriate to presume that the charity will continue in business. 

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 

14 



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: 

- give a true and fair view of the state of the charity's affairs as at 31 December 2025 and of its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). 

## 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. 

15 



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: 

- the information given in the directors’ report, prepared for the purposes of company law and included in the report of the trustees, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the directors’ report, included with the report of the trustees, has been prepared in accordance with applicable legal requirements. 

## 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: 

- adequate and proper accounting records have not been kept; or 

- The financial statements are not in agreement with the accounting records; or 

- Certain disclosures of trustees’ renumeration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report, included within report of the trustees, and from the requirement to prepare a strategic report. 

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<br>Notes<br>Funds<br>£<br>Income and endowments from<br>Donations and legacies<br>2<br>90,015<br>Charitable activities<br>3<br>946,324<br>Other trading activities<br>3,695<br>Investments – Bank interest<br>18,857<br>Total income<br>1,058,891<br>Expenditure on:<br>Raising funds<br>6<br>34,474<br>Charitable activities<br>6<br>894,196<br>Total expenditure<br>928,670<br>Net income before investment gains<br>130,221<br>Investment gains<br>10<br>-<br>Net income after investment gains<br>130,221<br>Transfer between funds<br>14<br>-<br>Net movement in funds<br>130,221<br>Reconciliation of funds<br>14<br>Total funds brought forward at<br>1 January 2024<br>611,081<br>Total funds carried forward at<br>31 December 2025<br>741,302|Restricted<br>Other Grassmarket<br>Funds<br>Mission<br>£<br>£<br>571,510<br>1,066,377<br>-<br>-<br>-<br>-<br>-<br>-<br>571,510<br>1,066,377<br>-<br>-<br>468,018<br>-<br>468,018<br>-<br>103,492<br>1,066,377<br>-<br>5,666<br>103,492<br>1,072,043<br>-<br>-<br>103,492<br>1,072,043<br>112,232<br>-<br>215,724<br>1,072,043|Total<br>2025<br>£<br>1,727,902<br>946,324<br>3,695<br>18,857<br>2,696,778<br>34,474<br>1,362,214<br>1,396,688<br>1,300,090<br>5,666<br>1,305,756<br>-<br>1,305,756<br>723,313<br>2,029,069|Total<br>2024<br>£<br>464,098<br>878,492<br>3,476<br>11,814<br>1,357,880<br>17,904<br>1,337,393<br>1,355,297<br>2,583<br>-<br>2,583<br>-<br>2,583<br>720,730<br>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<br>Fixed assets<br>Tangible assets<br>9<br>Investments<br>10<br>Current assets<br>Stock<br>Debtors<br>11<br>Cash at bank<br>Liabilities<br>Creditors: Amounts falling<br>due within one year<br>12<br>Net current assets<br>Total net assets less current liabilities<br>Creditors: Amounts falling due<br>13<br>after more than one year<br>Net assets<br>Funds<br>Unrestricted funds  - General<br>14<br>- Designated<br>14<br>Restricted funds  - Grassmarket Mission 14<br>-  Other<br>14<br>Total funds|34,059<br>85,394<br>509,238<br>628,691<br>(126,003)<br>263,445<br>477,857<br>1,072,043<br>215,724|2025<br>£<br>456,710<br>1,069,671<br> <br>1,526,381<br>(<br>502,688<br>2,029,069<br>-<br>(<br>2,029,069<br>741,302<br>1,287,767<br>2,029,069|2024<br>£<br>478,154<br>-<br> <br>478,154<br>28,125<br>38,341<br>436,383<br>502,849<br>155,258)<br>347,591<br>825,745<br>102,432)<br>723,313<br>116,483<br>494,598<br>611,081<br>-<br>112,232<br>112,232<br>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<br>£<br>Cash generated by operating activities<br>1,239,699<br>Cash flows from investing activities<br>Bank interest<br>18,857<br>Purchase of fixed assets<br>(6,800)<br>Acquisition of investments<br>(1,064,005)<br>Cash (used by) / provided by investing activities<br>(1,051,948)<br>Cash flows from financing activities<br>Loan repayments<br>(114,896)<br>Cash used by financing activities<br>(114,896)<br>Increase in cash and cash equivalents in the year<br>72,855<br>Cash and cash equivalents at the beginning of the year<br>436,383<br>Total cash and cash equivalents at the end of the year<br>509,238<br>Reconciliation of net movement in funds to net cash flow from operating activities<br>Net movement in funds (as per Statement of Financial Activities)<br>1,305,756<br>Adjusted for:<br>Depreciation charge<br>28,244<br>Gain on investments<br>(5,666)<br>Interest received<br>(18,857)<br>(Increase)/Decrease in debtors<br>(47,053)<br>(Decrease)/Increase in creditors<br>(16,791)<br>Increase in stock<br>(5,934)<br>Net cash generated by operating activities<br>1,239,699|2024<br>£<br>56,476<br>11,814<br>(1,564)<br>-<br>10,250<br>(11,728)<br>(11,728)<br>54,998<br>381,385<br>436,383<br>2,583<br>43,841<br>-<br>(11,814)<br>14,449<br>16,378<br>(8,961)<br>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|-<br>|
|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: 

- Donations are included in full in the Statement of Financial Activities when there is entitlement; probability of receipt 

- Grants are recognised in the year of award where the conditions for receipt are met. Where there are performance conditions attached to grants and donations, income is recognised when the performance conditions have been met or when the conditions are within the charity’s control and there is sufficient evidence that they have been met or will be met. 

- Donated assets are recognised where the benefit to the Charity is reasonably quantifiable and measurable. The value placed on these services is the estimated price that would be paid in the open market for an equivalent service or facility. 

- No amounts are included in the financial statements for services carried out by Volunteers, including professional services provided directly by Volunteers. 

- Income from the sale of goods and services is recognised when goods and services are delivered. 

- Investment income is included when receivable. 

## 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: 

- Costs of raising funds comprise the direct costs of fundraising activities together with associated support costs. 

23 



GRASSMARKET COMMUNITY PROJECT 

NOTES TO THE FINANCIAL STATEMENTS 

For the year ended 31 December 2025 

## 1. Accounting Policies (cont.) 

- Expenditure on charitable activities includes the costs of providing all aspects of the activities undertaken to further the purposes of the Charity and their associated support costs. 

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. 

- In preparing these financial statements, the directors have made the following judgements: 

- Determine whether leases entered into by the charitable company as a lessor are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. 

- Tangible fixed assets are depreciated over a period to reflect their estimated useful lives. The applicability of the assumed lives is reviewed annually, taking into account factors such as physical condition, maintenance and obsolescence. 

- Fixed assets are also assessed as to whether there are indicators of impairment. This assessment involves consideration of the economic viability of the purpose for which the asset is used. 

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<br>Total<br>2025<br>2025<br>2025<br>£<br>£<br>£<br>Binks Trust<br>25,000<br>-<br>25,000<br>Donations – Individuals<br>29,383<br>29,383<br>Donations – Trusts and organisations<br>4,447<br>-<br>4,447<br>Legacies<br>5,500<br>-<br>5,500<br>Public sector grants<br>-<br>133,769<br>133,769<br>Other Trust income<br>25,685<br>389,503<br>415,188<br>Grassmarket Mission<br>-<br>48,238<br>48,238<br>Grassmarket Mission on wind up<br>-<br>1,066,377<br>1,066,377<br>90,015<br>1,637,887<br>1,727,902|Total<br>2024<br>£<br>20,000<br>21,156<br>9,216<br>-<br>36,195<br>341,217<br>36,314<br>-<br>|
||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<br>2025<br>2025<br>£<br>£<br>Furniture sales<br>51,229<br>-<br>Textile sales<br>60,202<br>-<br>Candle sales<br>18<br>-<br>Catering income<br>824,836<br>-<br>Other sundry income<br>10,039<br>-<br>946,324<br>-|Total<br>2025<br>£<br>51,229<br>60,202<br>18<br>824,836<br>10,039<br>946,324|Total <br>2024<br>£<br>52,577<br>54,346<br>119<br>761,814<br>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 

|<br>Salaries (note 8)<br>Direct costs<br>Support costs<br>Premises costs<br>Administrative costs<br>Depreciation<br>Irrecoverable VAT<br>Legal fees<br>Governance costs<br>Audit fees<br>Total expenditure|Charitable Activities<br>Members<br>Social<br>Fundraising<br>Total<br>Total<br>Activities Enterprise<br>2025<br>2024<br>£<br>£<br>£<br>£<br>226,655<br>591,516<br>31,674<br>849,845<br>825,512<br>28,193<br>218,909<br>2,800<br>249,902<br>240,077<br> <br>254,848<br>810,425<br>34,474<br>1,099,747<br>1,065,589<br>25,893<br>139,614<br>-<br>165,507<br>153,608<br>20,896<br>60,438<br>-<br>81,334<br>72,170<br>5,395<br>22,849<br>-<br>28,244<br>43,841<br>1,037<br>3,561<br>-<br>4,598<br>6,832<br>4,231<br>1,228<br>-<br>5,459<br>2,257<br>2,661<br>9,139<br>-<br>11,800<br>11,000<br> <br>60,112<br>236,829<br>-<br>296,941<br>289,708<br> <br>314,960<br>1,047,254<br>34,474<br>1,396,688<br>1,355,297<br>|
|---|---|



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<br>Furniture sales<br>Textile and other sales<br>Catering sales<br>Event income<br>Interest<br>Result before grants<br>& donations<br>Donations<br>Charitable activities grants|Member<br>Social<br>Total<br>Total<br>Activities Enterprise<br>Fundraising<br>2025<br>2024<br>£<br>£<br>£<br>£<br>(314,960) (1,047,254)<br>(34,474) (1,396,688) (1,355,297)<br>-<br>51,229<br>-<br>51,229<br>52,578<br>1,635<br>70,653<br>-<br>72,288<br>65,850<br>376<br>642,593<br>-<br>642,969<br>616,983<br>-<br>183,534<br>-<br>183,534<br>146,559<br>4,252<br>14,605<br>-<br>18,857<br>11,814<br> <br>(308,697)<br>(84,640)<br>(34,474)<br>(427,811)<br>(461,513)<br>248,303<br>853,214<br>-<br>1,101,517<br>25,531<br>371,757<br>254,628<br>-<br>626,385<br>438,565<br> <br>311,363<br>1,023,202<br>(34,474)<br>1,300,091<br>2,583<br>|
|---|---|



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

|8.<br>Staff costs<br>Salaries and wages<br>Social security costs<br>Pension cost – Defined contribution<br>|2025<br>755,405<br>70,196<br>24,244<br>849,845|2024<br>747,155<br>56,061<br>24,296<br>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<br>Fixtures, fittings<br>and other<br>Workshop<br>Leasehold<br>equipment<br>Equipment Improvements<br>Total<br>£<br>£<br>£<br>£<br>Cost<br>At 1 January 2025<br>188,655<br>73,460<br>525,354<br>787,469<br>Additions<br>6,800<br>-<br>-<br>6,800<br>Disposals<br>(5,447)<br>-<br>-<br>(5,447)<br>At 31 December 2025<br>190,008<br>73,460<br>525,354<br>788,822<br>Depreciation<br>At 1 January 2025<br>184,045<br>73,460<br>51,810<br>309,315<br>Charge for year<br>6,039<br>-<br>22,205<br>28,244<br>Elimination on Disposal<br>(5,447)<br>-<br>-<br>(5,447)<br>At 31 December 2025<br>184,637<br>73,460<br>74,015<br>332,112<br>Net Book Value<br>At 31 December 2025<br>5,371<br>-<br>451,339<br>456,710<br>At 31 December 2024<br>4,610<br>-<br>473,544<br>478,154<br>10.<br>Investments<br>2025<br>2024<br>£<br>£<br>Fair Value at 1 January 2025<br>-<br>-<br>Additions to investments at cost<br>1,064,005<br>-<br>Disposals at proceeds<br>-<br>-<br>Realised gain/(loss) on investments<br>-<br>-<br>Unrealised gain/(loss) on investments<br>5,666<br>-<br>Fair Value at 31 December 2025<br>1,069,671<br>-<br>Historic cost of investments<br>1,064,005<br>-|9.        Tangible fixed assets<br>Fixtures, fittings<br>and other<br>Workshop<br>Leasehold<br>equipment<br>Equipment Improvements<br>Total<br>£<br>£<br>£<br>£<br>Cost<br>At 1 January 2025<br>188,655<br>73,460<br>525,354<br>787,469<br>Additions<br>6,800<br>-<br>-<br>6,800<br>Disposals<br>(5,447)<br>-<br>-<br>(5,447)<br>At 31 December 2025<br>190,008<br>73,460<br>525,354<br>788,822<br>Depreciation<br>At 1 January 2025<br>184,045<br>73,460<br>51,810<br>309,315<br>Charge for year<br>6,039<br>-<br>22,205<br>28,244<br>Elimination on Disposal<br>(5,447)<br>-<br>-<br>(5,447)<br>At 31 December 2025<br>184,637<br>73,460<br>74,015<br>332,112<br>Net Book Value<br>At 31 December 2025<br>5,371<br>-<br>451,339<br>456,710<br>At 31 December 2024<br>4,610<br>-<br>473,544<br>478,154<br>10.<br>Investments<br>2025<br>2024<br>£<br>£<br>Fair Value at 1 January 2025<br>-<br>-<br>Additions to investments at cost<br>1,064,005<br>-<br>Disposals at proceeds<br>-<br>-<br>Realised gain/(loss) on investments<br>-<br>-<br>Unrealised gain/(loss) on investments<br>5,666<br>-<br>Fair Value at 31 December 2025<br>1,069,671<br>-<br>Historic cost of investments<br>1,064,005<br>-|9.        Tangible fixed assets<br>Fixtures, fittings<br>and other<br>Workshop<br>Leasehold<br>equipment<br>Equipment Improvements<br>Total<br>£<br>£<br>£<br>£<br>Cost<br>At 1 January 2025<br>188,655<br>73,460<br>525,354<br>787,469<br>Additions<br>6,800<br>-<br>-<br>6,800<br>Disposals<br>(5,447)<br>-<br>-<br>(5,447)<br>At 31 December 2025<br>190,008<br>73,460<br>525,354<br>788,822<br>Depreciation<br>At 1 January 2025<br>184,045<br>73,460<br>51,810<br>309,315<br>Charge for year<br>6,039<br>-<br>22,205<br>28,244<br>Elimination on Disposal<br>(5,447)<br>-<br>-<br>(5,447)<br>At 31 December 2025<br>184,637<br>73,460<br>74,015<br>332,112<br>Net Book Value<br>At 31 December 2025<br>5,371<br>-<br>451,339<br>456,710<br>At 31 December 2024<br>4,610<br>-<br>473,544<br>478,154<br>10.<br>Investments<br>2025<br>2024<br>£<br>£<br>Fair Value at 1 January 2025<br>-<br>-<br>Additions to investments at cost<br>1,064,005<br>-<br>Disposals at proceeds<br>-<br>-<br>Realised gain/(loss) on investments<br>-<br>-<br>Unrealised gain/(loss) on investments<br>5,666<br>-<br>Fair Value at 31 December 2025<br>1,069,671<br>-<br>Historic cost of investments<br>1,064,005<br>-|
|---|---|---|
|||-|
|||-|



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<br>Prepayments and accrued income|2025<br>£<br>14,949<br>70,445<br>85,394|2024<br>£<br>15,233<br>23,108|
|||38,341|



## 12.  Creditors: amounts falling due within one year 

|Creditors: amounts falling due within one year|||
|---|---|---|
|Trade creditors<br>Other creditors<br>Accruals<br>VAT<br>Loan|2025<br>£<br>40,490<br>16,727<br>35,661<br>33,125<br>-<br>126,003|2024<br>£<br>48,365<br>15,017<br>41,836<br>37,576<br>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:<br>In two to five years<br>In more than five years|2025<br>£<br>-<br>-<br>-|2024<br>£<br>57,992<br>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|<br>gains|Transfers|2025|
|2025|||||||
||£|£|£|<br>£|£|£|
|Unrestricted funds|||||||
|General fund|116,483|1,058,891|(900,129)|<br>-|(11,800)|263,445|
|Designated fund:|||||||
|Capital fund|477,151|-|(27,241)|<br>-|6,800|456,710|
|External Maintenance 17,447||-|(1,300)|<br>-|5,000|21,147|
|and repairs|||||||
||611,081|1,058,891|(928,670)|<br>-|-|741,302|
|Restricted funds|||||||
|Other restricted Funds:|||||||
|Furniture fund|4,860|-|(4,860)|<br>-|-|-|
|Members fund|72,677|239,628|(237,944)|<br>-|-|74,361|
|Core fund|19,695|326,882|(209,380)|<br>-|-|137,197|
|Catering fund|15,000|5,000|(15,834)|<br>-|-|4,166|
||112,232|571,510|(468,018)|<br>-|-|215,724|
|Grassmarket|||||||
|Mission Fund|-|1,066,377|-|<br>5,666|-|1,072,043|
||112,232|1,637,887|(468,018)|<br>5,666|-|1,287,767|
|Total Funds|723,313|2,696,778|(1,396,688)|<br>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. 

- External maintenance & repairs This fund represents funds set aside by the trustees for the future upkeep of buildings 

- Restricted funds: 

- Furniture fund 

   - Funding received to fund the work carried out through the furniture programme. 

- Members fund Funding received to support the work carried out under the membership programme. 

- Core fund Funding has been received from trusts and grant providers to fund core costs. 

- Catering fund Funding has been received to fund costs, including salaries of the café and catering enterprise. 

- Courtyard development fund Funding received for the ongoing capital project to extend the building. The transfer from the fund represents a reallocation of the costs to fixed assets. 

- Retail fund Funding has been received to fund costs, including salaries of the tartan/retail social enterprise. 

- Grassmarket Mission Fund Funding received following wind up of Grassmarket Mission to contribute towards salary costs of senior management. 

33 



## GRASSMARKET COMMUNITY PROJECT 

## NOTES TO THE FINANCIAL STATEMENTS 

## For the year ended 31 December 2025 

## 15. Analysis of net assets between funds 

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