2021-12-31-accounts

Charity number: 1170583 THE FYRISH FOUNDATION CIO ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 CONTENTS Page Reference and administration information Trustees, report 2-11 Independent auditor's report 12-15 Statement of financial activities 16 Statement of financial position 17 Statement of cash flows 18 Notes to the financial statements 19-26

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 REFERENCE AND ADMINISTRATIVE INFORMATION Charity registration number.. 1170583 Correspondence address: Dickson Minto Broadgate Tower 20 Primrose Street London EC2A 2EW Trustees.. Murdoch Murchison - Chairperson Duncan Maclean Gareth Magee Dr Patricia Mcculloch Foundation Secretary.. Calum Mitchell Banker.. Handelsbanken 18 Charlotte Square Edinburgh EH2 4DF Independent Auditor- BDO LLP Citypoint 65 Haymarket Terrace Edinburgh EH12 5HD

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 TRUSTEES, REPORT Introduttion The Trustees present their report and financial statements for the year ended 31 December 2021. The accounts have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the charity's constitution, the Charities Act 2011 and the Statement of Recommended Practice ISORPI applitable to charities preparing their accounts in accordance with the Financial Reporting standard applicable in the UK and the Republic of Ireland The Trustees confirm that they have taken due regard of the Charity Commission's general guidance on public benefit. Administrative Details The Fyrish Foundation (henceforth "the Foundation") is a Charitable Incorporated Organisation (CIO) which was registered with the Charity Commission for England and Wales on 6 December 2016. The Foundation's registered charity number is 1170583. Structurei governance and management The governing document of the Foundation is its constitution dated 15 November 2016. The Board of Trustees comprises three trustees (four from 16 November 20211 and has been served during the reporting period by the Foundation secretary. The Trustees meet regularly to discuss the operations of the Foundation and to ensure that the management of the Foundation is appropriate. No decisions can be taken unless a quorum of Trustees is present. In the case that there is an equal vote, the chair of the meeting has the casting vote. Management accounts are produced quarterly and are reviewed by the Trustees along with regular investment updates. The Trustees are responsible for everything the Foundation does. However, to ensure that the Foundation is managed effectively, the Trustees have delegated some day-to-day decisions to the Secretary. The Trustees are not remunerated for their services. Recruitment and appointment of new Trustees The requirement for additional Trustees is kept under regular review at Trustee meetings. 121

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 TRUSTEES, REPORT (continued) During the reporting period the Trustees decided the time was right to identify suitable candidates with a view to gradually expanding the Trustee team. This process culminated in the appointment of Dr Patricia Mcculloch on 16 November 2021. Risk management The Trustees have a risk management strategy in place, which is designed to identify and record any significant risks, allocate responsibility for mitigating these and monitor the processes put in place to mitigate these risks. The principal risks and uncertainties facing the Foundation are related to investment market risk. The Trustees keep these risks under regular review and take appropriate action to mitigate these risks. Investment market risk is mitigated by the Foundation investing in a number of different equity funds. Going concern The Foundation has a healthy net asset position and at the balance sheet date held an investment portfolio and cash balances valued at £36.744,87812020 £30,542,5241 and £12,146,75012020 - £13,101,619) respectively. The most significant expenditure of the Foundation is grants payable which for the year totalled £1,363,75512020 - £666,402). The Foundation's reserves ensured that grant- making commitments were fully covered at all times. The Trustees have prepared budgets and cash flow projections for the period to 31 December 2023. These budgets and projections show that the Foundation will continue to have adequate resources to meet its obligations for the foreseeable future. The Trustees consider that even with a severe recession the Foundation will still have significant net assets to be able to meet all commitments as they fall due for at least 12 months from the date of approval of these statements. Objectives and artivities The Foundation's objective is 'to advance such charitable purposes (according to the law of England and Wales) as the Trustees see fit from time to time, where such purposes are pursued in accordance with Christian teaching." The Foundation's main priorities, for the public benefit, are,. The prevention or relief of poverty The advancement of health or saving lives Community development, particularly in marginalised sections of society, and Faith based projects 131

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 TRUSTEES, REPORT (continued) The Trustees receive applications requesting support from various organisations and these applications are considered periodically at Trustee meetings. Decisions are made in line with the Foundation's constitution. The Trustees have put a process in place to regularly monitor supported projects. This monitoring ensures that outcomes are in line with approved applications. In addition, it forms part of the process of assessing continuing support for multi-year grants. The Trustees regularly review the Foundation's objectives and activities and are satisfied the objectives are being achieved. The Foundation is fulfilling, and will continue to fulfil, its charitable purposes by awarding grants on a regular and continuing basis. Grant making politv The Foundation receives applications to support both revenue and capital costs. Grants are made either by means of a single payment, or in instalments, or as multi-year grants and may be conditional on progress against project milestones. The size of grants awarded is at the discretion of the Trustees. The Trustees consider it prudent, for the time being, to operate a 'venture philanthropy, type model 2nd an open-application system. This allows the Foundation space both to consider applications and to research specific areas of need that are in-line with its charitable objects to assess where the Foundation can have maximum impact. Achievements and performance Since inception, the Foundation has awarded grants as follows.. Year 2017 Number of grants Value of grants 2018 £75,000 £339,418 £666,402 £1,363,755 2019 2020 2021 20 28 Total £2,444,575 2021 was another difficult year for many people. COVID-19 continued to be a significant challenge for charitable organisations, impacting them either operationally or financially. In response to this, the Foundation was able to move quickly to award grants totalling £145,223 across seven organi53tions to support core costs associated with the delivery of their charitable services and objectives. 141

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 TRUSTEES, REPORT (continued) The Foundation awarded a further twenty-one grants totalling £1,218,532 covering a mixture of core costs and capital expenditure. This is a total of twenty-eight grants totalling £1,363,755, which the Trustees are pleased to report is approximately double the total awarded in the previous reporting period. Grants have been made across a number of area5 including,. youth work, prevention or relief of poverty, community development and COVID-19 emergency support. Organisations and projects supported include,. Ferrywell Youth Project 1www.ferr well.or In the year ended 31 December 2021 the Foundation issued the third instalment of a three-year grant to support a staff post in North Edinburgh. Ferrywell Youth Project delivers a wide-ranging program of youth work in the areas of Pilton, Muirhouse and Drylaw in Edinburgh. Holy Trinity Wester Hailes Iwww.holytrinitywesterhaile5.org.ukllwww.capuk.orgl In the year ended 31 December 2021 the Foundation issued further instalments of a three-year grant to asS1St Holy Trinity Wester Hailes, a Church of Scotland congregation in Edinburgh, to appoint a part time CAP (Christians Against Poverty) Debt Centre manager. CAP is a national charity helping people out of the personal crisis associated with unmanageable debt. Hope to Oban Iwww.hope2oban.org.ukl In the year ended 31 December 2021 the Foundation issued the second instalment of a three-year grant to support a staff post for Hope to Oban's youth work programme in Oban. Hope to Oban aims to serve young people by helping to meet their physical, emotional, social and spiritual needs through innovative and dynamic Christian youth work. HomeforGood Iwww.homeforgood.org.ukl In the year ended 31 December 2021 the Foundation issued the second instalment of a three-year grant to support Home for Good's promotion of fostering, adoption and associated advocacy work in Scotland delivered by their national lead. Nlddrle Community Church Iwww.niddrie.orgl In the year ended 31 December 2021 the Foundation issued two single year grants to cover core costs associated with legal advice for the setting up of Niddrie Community Church's 20schemesRetrain employability project. Alpha International Iwww.alpha.orgl In the year ended 31 December 2021 the Foundation issued the second inst31ment of a two-year grant to double the staffing provision allocated to running the Alpha course in prisons in Scotland. Alpha is an 11-week course that creates a space, online or in person, where people are excited to bring their friends for a conversation about faith, life and God. The Foundation also issued a single year grant toward the costs of developing Alpha International's new digital platform. This will allow the Alpha course to be run virtually as well as in person. 151

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 TRUSTEES, REPORT (continued) Just Caring Midlands Iwww.ju5tcaring.org.ukl In the year ended 31 December 2021 the Foundation issued a single year grant to help lust Caring Midlands with site servicing costs for their Green Meadow Garden. Just Caring Midlands is a Christian charity supporting young adults in the Birmingham area who have fallen through the gaps in the care system. Bethany Christian Trust Iwww.bethanychristiantrust.coml In the year ended 31 December 2021 the Foundation issued three stage payments to further support the ongoing work of the Rapid Re-accommodation Welcome Centre, a service that replaces the former Winter Care Shelter. The Rapid Re-accommodation Welcome Centre provides a warm bed, hot meal and access to support for the homeless community with an emphasis on providing a route out of rough sleeping. The Foundation also issued a single year core costs grant to enable Bethany Christian Trust to provide respite breaks for the residents of its Kharis Court supported accommodation centre. MACS Iwww.macs.org.ukl In the year ended 31 December 2021 the Foundation issued a single year small grant towards core costs for MACS, a charity supporting children born with small eyes, no eyes or with part of their eye structure missing. Grassmarket Communlty Projert Iwww.gras5market.orgl In the year ended 31 December 2021 the Foundation issued the second instalment of a two-year grant to support the staffing costs for a member services manager. The Grassmarket Community Project takes an innovative approach to community, providing sanctuary and support to many of Edinburgh and the Lothians, most vulnerable citizens. International Justice Mission Iwww.ijm.orgl In the year ended 31 December 2021 the Foundation approved a multi-year grant to International Justice Mission to support its Cross-border European Response project. International Justice Mission is seeking to disrupt cross-border trafficking of women from Eastern Europe to Western Europe and is doing this through building better links with law enforcement agencies in source and destination countries. The Foundation's grant is for core costs associated with staff positions. Gateway Church Barnsley Iwww.gatewaybarnsley.orgl In the year ended 31 Detember 2021 the Foundation issued a single year small grant to Gateway Church Barnsley to Cover the core costs of its faith-based social inclusion programme which was developed and run as a response to the pandemic. The Foundation also issued a single year grant towards the core costs associated with a youth and schools worker. Healthy Living Project Iwww.healthylivingprojects.org.ukl In the year ended 31 December 2021 the Foundation issued a single year grant towards core costs associated with Healthy Living Projects, Welcome Project day centre, catering for the vulnerable, homeless and destitute in Ilford in the London Borough of Redbridge. 161

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 TRUSTEES, REPORT (continued) Pecan Iwww.pecan.org.ukl In the year ended 31 December 2021 the Foundation issued a single year grant towards core costs at Pecan, a charity working with m3rginalised people in South London. Pecan's work seeks to help people in financial crisis and suffering from poor mental health through a variety of services and programmes. Southmead Project Iwww.southmeadproject.org.ukl In the year ended 31 December 2021 the Foundation issued a single year grant towards core costs for the Southmead Project which provides free counselling and support for survivors of abuse and addiction across Bristol and the surrounding areas. We115pring Iwww.wfcdereham.orgl In the year ended 31 December 2021 the Foundation issued a single year grant towards core costs associated with the running of the Wellspring Family Centre in Dereham, Norfolk. Freedom Network International Iwww.dfn.org.ukl In the year ended 31 December 2021 the Foundation issued a single year grant towards core costs for Freedom Network International as it sought to provide support for COVID-19 relief efforts in India. Kick Iwww.kick.org.ukl In the year ended 31 December 2021 the Foundation issued a single year grant towards core costs associated with the phased expansion of Kick's work. Kick's mission is to transform young people's lives, with God's love, through sport and support. Kick does this through values-driven physical education, dance, mentoring, chaplaincy in schools and community Kick Academies. Operacion San Andres Iwww.operacionsanandres.orgl In the year ended 31 December 2021 the Foundation issued a further single year grant as an extension to the COVID-19 relief programme previously supported in 2020, providing emergency monetary and food aid. Operacion San Andres is a non-profit charitable organisation registered in Peru and the USA. The Foundation also issued a single year grant towards the core costs associated with the creation of a pilot employability and training project. This project Seeks to provide women in Collique, Peru with skills to create and sell Peruvian knitwear, to boost household income and reduce povertv. St Columba's Iwww.stcolumbas.freechurch.orgl Iwww.sparkle.stcsfc.orgl In the year ended 31 December 2021 the Foundation issued a three-year grant towards the core costs of the Sparkle Sisters programme. Rock Communlty Church Iwww.rockcommunitychurch.org.ukl In the year ended 31 December 2021 the Foundation issued a four-year grant towards the core costs associated with two staff posts for the Rock Community Church in Dunbarton. The grant supports a communication and admin worker and an Eden team leader. 171

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 TRUSTEES, REPORT (continued) Oriel Ministries Iwww.orielministries.orgl In the year ended 31 December 2021 the Foundation issued a single year grant towards repair costs and a further three year grant for the operational costs of the Pulse Bus from which Oriel Ministries operates a detached youth work programme in Devon and Cornwall. Killin Church of Scotland Iwww.killinardeonaig.churchl In the year ended 31 December 2021 the Foundation issued a single year grant towards costs associated with the planning and design phases of the redevelopment of the church building with the view to better serving the congregation and the local community. Bible Reading Fellowship Iwww.brf.org.ukl In the year ended 31 December 2021 the Foundation issued a three-year grant towards the core costs associated with Bible Reading Fellowships, Messy Church programme. Abernethy Trust Iwww.abernethy.org.ukl In the year ended 31 December 2021 the Foundation issued a single year grant towards the capital costs associated with upgrading guest accommodation at Abernethy Trust's centre in Nethy Bridge. Caring for Life Iwww.caringforlife.co.ukl In the year ended 31 December 2021 the Foundation issued a single year grant towards the core costs associated with Caring for Life's Being There support workers. City Evangelical Church Iwww.cecleeds.co.ukl In the year ended 31 December 2021 the Foundation issued a single year grant towards the capital costs of building improvement works. Nasio Trust Iwww.thenasiotrust.orgl In the year ended 31 December 2021 the Foundation issued a single year grant towards the core costs of the Nasio Trust's programme of agricultural education and support in Western Kenya. The C3 Church Iwww.thec3.ukl In the year ended 31 December 2021 the Foundation issued a single year grant for core costs associated with a social welfare support programme in Cambridge, Bury St Edmunds and Colchester. The Feast Iwww.thefeast.org.ukl In the year ended 31 December 2021 the Foundation issued a single year grant towards the core costs of a programme bringing together teenagers from different faiths and cultures to build friendships, explore faith and change lives. Time Norfolk lwww.timenorfolk.org.ukl In the year ended 31 December 2021 the Foundation issued a single year grant towards core costs. Time Norfolk provides pregnancy loss counselling and support. 181

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 310ECEMBER 2021 TRUSTEES. REPORT {continuedl Financial Review At 31 December 2021 the Foundation held investments of £36,744,87812020: £30,542,524) and cash in the bank of £12,146,75012020'. £13,101,619). At 31 December 2021 the Foundation had £48,878,98412020.' £44,057,668) of unrestricted funds which will be used to meet the Foundation's objectives. Investment policy and performance During the year ended 31 Oecember 2021 the Foundation wa5 invested in four different equity fund5 Wlth an emphasis on long term capital appreciation. This spreads the portfolio's investment risk and ensures that the investments are not overly fo¢ussed on one area of the market. The Trustees monitor the performance of the investments to satisfy themselves that the returns and growth continue to be acceptable. No additional investments were made during the reporting period. The Trustees receive regular investment Ljpdates and are satisfied that returns on the sums invested are in line with expectations. Reserves pollcy The Trustees ensure that the Foundation has sufficient reserves to meet all operating costs and to award grants in the furtherance of its objectives. The reserves requirement is reviewed on a regular basis. Plans for the future The Foundation continues to receive applications and make grant awards in line with the Foundation's objectives to a range of organisations. The Foundation continues to develop its grant making infra-structure and is working toward the delivery of an online application platform. It is also actively engaged in researching areas, in line with its charitable objectives, into which it will make grants in years to come. Grants awarded in 2022 up to the date of reporting are as follows.. Organisation Alpha International Alpha International Freedom Network International Freedom Network International Operacion San Andres Prison Fellowship Shared Hope Barnabus Mission Without Borders International Justice Mission Niddrie Community Church Mission Aviation Fellowship Grants £ioo,000 £60,000 £16,855 £18,890 £15,000 £60,000 £28,000 £10,000 £30,000 £320,000 £2,160 £ioo,000 191

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 TRUSTEES’ REPORT (continued)

----- Start of picture text -----
||| |---|---| |Newquay Evangelical Church|£10,000| |Holy Trinity Church|£10,000| |Bethany Christian Trust|£390,000| |Emmanuel Group of Churches|£5,000| |Christ Church Creekmoor|£10,000| |Grace Church Leith|£2,500| |Hebron Trust|£5,000| |MACS|£5,000| |Royal Trinity Hospice|£5,000| |Sunny Days Children’s Fund|£5,000| |The Harbour|£5,000| |Sanctuary Foundation|£50,000| |Hope Church|£55,000| |Total|£1,318,405|

----- End of picture text -----

In awarding grants the Foundation has committed to future payments as follows:

----- Start of picture text -----
|||| |---|---|---| |Year|Grants|Commitments| |2023|13|746,732.00| |2024|7|£363,002| |2025|1|£71,330| |Total|£1,181,064|

----- End of picture text -----

Although the beginning of 2022 saw an end to COVID-19 restrictions, new challenges presented themselves to many of the organisations the Foundation has supported. Substantial energy price increases and soaring fuel costs brought additional financial burdens just as charities were beginning to recover. The Foundation is now assisting organisations it has supported previously with a supplementary grant to mitigate some of the additional energy costs they are incurring.

The Foundation anticipates that grant awards in 2022 will be above the level awarded in 2021.

Related parties

The Foundation is invested in the Kiltearn Global Equity (Ireland) Fund which is a fund managed by Kiltearn Partners LLP. During the year ended 31 December 2021 one of the Foundation’s Trustees, Murdoch Murchison, was a partner in Kiltearn Partners LLP. The Foundation incurs investment management fees relating to this investment which are deducted from the funds and paid to Kiltearn Partners LLP. These fees are based on Kiltearn Partners LLP’s standard fee scale and have been reviewed and approved by the Trustees.

Azets provides financial and accounting services to the Foundation. During the year ended 31 December 2021 one of the Foundation’s Trustees, Gareth Magee, was employed by Azets.

(10)

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 TRUSTEES, REPORT (continued) Brodies LLP provides legal advice to the Foundation. During the year ended 31 December 2021 one of the Foundation's Trustees, Duncan MacLean, was a partner in Brodies LLP. Auditor All of the current Trustees have taken all the steps that they ought to have taken to make themselves aware of any information needed by the Foundation's auditor for the purposes of their audit and to establish that the auditor is aware of that information. The Trustees are not aware of an relevant audit information of which the auditor is not aware. Trustees, Responsibilities The Trustees are aware that they are responsible for preparing the Trustees, Annual Report and Accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law 3ppIic3ble to charities in England and Wales requires them to prepare accounts for each financial period which give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently,. observe the methods and principles set out 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 accounting estimates 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 understand they are responsible for- keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011 and the provisions of the charity's constitution,. and safeguarding the charit￿$ assets and hence taking reasonable steps for prevention and detection of fraud and other irregularities. Approved on behalf of the Trustees.. QO- Murdoch Murchison (Chairperson of Trustees) Date 2711012022 Iiii

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES Opinion on the financial statements In our opinion, the financial statements- give a true and fair view of the state of the Charity's affairs as at 31 December 2021 and of its incoming resources and application of resources for the year then ended,. have been properly prepared in accordance with United KinEdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. We have audited the financial statements of The Fyrish Foundation CIO I'the Charity") for the year ended 31 December 2021 which comprise the statement of financial activities, the statement of financial position, 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, inclLJding Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remain independent of the charity in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, 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 charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 1121

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES (continued) Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. 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 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 or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion- the information contained in the financial statements is inconslstent in any material respect with the trustees, annual report,. or adequate accounting records have not been kept,. or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satlsfied that they give a true and fair view, and for such internal control as the trustees determines is necessary to enable the preparation of financial statements that are free from material mi5Statement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charIt￿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. 1131

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES (continued) Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Art 20113nd report in accordance with the Act and relevant regulations made or having effect thereunder. OLJr 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 IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individu311y or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Extent to which the oudit wa5 capable of detecting irregulorities, including froud Irregularities, including fraud, are instances of non-compliance with laws and regulation5. We desiEn procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. performing analytical procedures to identify unusual or unexpected relationships that mav indicate risks of material misstatement due to fraud and tested these accordingly,. reading minutes of management meetings and of those charged with governance and reviewing correspondence with regulatory bodies, such as HMRC. assessing whether the accounting policies, treatments and presentation adopted in the financial statements is in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Gener311y Accepted Accounting Practice) and the Charities Act 2011 and whether there are instances of potential bias in areas in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments,. assessing whether the judgements made in making accounting estimates are indicative of a potential bias- and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of vouching balances and reconciling items in managemenvs key control account reconciliations to supporting documentation as at 31 December 2021,. and carrying out detailed testing, on a sample basis, of material transactions, financial statement categories and balances to appropriate documentary evidence to verify the completeness, occurrence and accuracy of the reported financial statements. 1141

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES (continued) Auditor's responsibilities for the audit of the financial statements Icontinuedl Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council's I"FRC's"I website at.. https.'l/www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the Charity's trustees, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the Charit￿5 trustees 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 trustee5 a5 a body, for our audit work, for thi5 report, or for the opinions we have formed. DocuSbjn￿ by. 6tV LL? F1WEF9FD4EO. BDO LLP, statutory auditor Edinburgh, UK 27 October 2022 BDO LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC3051271. 1151

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Funds Year ended 2021 Unrestrirted Funds Year ended 2020 Notes Income Donations Investment income 7,000,000 654,237 7,654,237 737,600 737,600 Total Income Charitable expenditure 11.464.400) 1787,0261 Total expenditure 11,464,400) 1787,0261 Net Ilossl/income before gains on investment assets 1726,800) 6,867,211 Net gain5/llosses1 on investment assets Total net income 5.548.116 4,821,316 12,006,528) 4,860,683 Reconciliation of funds: Total funds brought forward Net movements in funds 44.057,668 4,821,316 48.878,984 39,196,985 4,860,683 44,057,668 Total funds carried forward 12 The statement of financial activities includes all gains and losses recognised in the year and there were no elements of other comprehensive income. All income and expenditure are derived from continuing activities. The notes on pages 19 to 26 form part of these financial statements. 1161

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 STATEMENT OF FINANCIAL POSITION 2021 2020 Notes Fixed Assets Investments Tangible Assets 36,744,878 30,542,524 13 30,542,537 36,744,878 Current Assets Debtors Cash at bank 737.6fy) 12.146.750 654,238 13,101,619 12,884,350 13,755,857 Creditors: amounts fallin Creditors due within one ear io {384,2411 1194,3261 Net current assets 12,500,109 13,561,531 Total assets less current Ilabllltles 49,244,987 44,104,068 Creditors: amounts fallin Creditors due within one ear li {366,0031 146,4001 Net assets 48.878,984 44,057,668 Unrestricted fund5 Iz 48.878.984 44,057,668 The financial statements were approved by the trustees on their behalf by.. 2711012022 and are signed on Murdoch Murchison Ichairperson of trustees) The notes on pages 19 to 26 form part of these financial statements. 1171

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 STATEMENT OF CASHFLOWS 2021 2020 Notes Cash Ilows from operating activities: Net cash provided by operating activities 1300,6311 7,102,296 Cash flows from investing activities: Purchase of investments Purchase of fixed a55ets (654.2381 17,159,012) Net cash used in investing activities 1654,2381 17,159,012) Change in cash and cash equivalents in the reporting period 1954,8691 156,7161 Cash and cash equivalents at beginning of period 13.101.619 13,158,335 Cash and cash equivalents at end of period 12,146,750 13,101,619 Reconciliation of net income to net cash from operating activities Net income for the reporting period (as per the statement of financial artivities) 4,821,316 4,860,683 Adlustments for: Unrealised Igainsl/losses on investments Depreciation Decrease/lincreasel in debtors Increase in creditors 15,548,116) 13 183,3621 509.518 2,006,528 385 4,774 229,926 Net cash provided by operating activities 1300,6311 7,102,296 The notes on pages 19 to 26 form part of these financial statements. 1181

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 NOTES TO THE FINANCIAL STATEMENTS Accounting policies Charity information The Fyrish Foundation CIO is a Charitable Incorporated Organisation incorporated in England and Wales and governed by a constitution dated 6 December 2016. It is registered with the Charity Commission under charity number 1170583. The registered office is care of Dickson Minto, Broadgate Tower, 20 Primrose Street, London, EC2A 2EW. {al Basis of preparation The financial statements are prepared in accordance with the Statement of Recommended Practice . Accounting and Reporting by Charities in the UK and Republic of Ireland (Charities SORP FRS 1021, the Financial Reporting Standards applicable in the UK and Republic and Ireland IFRS 102 Section IA), and the Charities Act 2011. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in pound sterling and rounded to the nearest pound sterling. The principal accounting policies adopted are set out below.. {bl Going concern basls The financial statements have been prepared on the going concern basis. The anticipated income from donations, together with existing reserves, will be sufficient to meet the charity's ongoing commitments for the foreseeable future. The Foundation has a healthy net assets position and the trustees have prepared budgets and cash flow projections for the period to 31 December 2023, giving due consideration to the ongoing impact of COVID-19. These budgets and projections show that the Foundation will continue to have adequate resources to meet its obligations for the foreseeable future. The Foundation has a material investment portfolio and cash balance valued at £36,744,87812020- £30,542,524) and £12,146,75012020 - £13,101,619) respectively at the balance sheet date. The most significant expenditure of The Foundation was that of the grants payable which for the year total £1,363,75512020- £666,402). The Trustees consider that even with a severe recession, caused by COVID-19, having a material adverse impact on investments, The Foundation will still have significant net assets to be able to meet all commitments as they fall due for at least 12 months from the date of approval of these financial statements. Based upon the above The Trustees consider The Foundation to have sufficient resources to continue as a going concern and hence the financial statements have been prepared on a going {c l Funds structure Unrestricted funds comprise those funds which the trustees are free to use for any purpose in the furtherance of the charitable objectives. 1191

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 NOTES TO THE FINANCIAL STATEMENTS (continued) {dl Income recognition All income is recognised once the CIO has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Investment income comprises dividends generated by the charity's share portfolios. This is recognised in the Statement of Financial Activities when receivable. {e) Tangible assets Tangible assets are initially recorded at cost on the day of purchase, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Only assets in excess of £1,000 are capitalised. Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Office Equipment 33% straight line {fl Fixed asset investments Fixed asset investments are initially measured at transaction price including transaction costs, and are subsequently measured at fair value on an open market basis at each reporting date. Changes in fair value are recognised in net income/lexpenditurel for the year. {gl Financial instruments Financial instruments are recogni5ed in the Statement of Financial Position when the charity becomes party to the contractual provisions of the instrument. The charity only enters in to basic financial instruments which are initially measured at transartion price. Financial assets are derecognised when the contractual rights to the cashflows from the asset expire. Financial liabilities are derecognised only once the liability has been extinguished through discharge, cancellation or expiry. {hl Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 1201

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 NOTES TO THE FINANCIAL STATEMENTS (continued) 2 Accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. There are no significant areas of judgement or assumptions that affect items in the financial statements with respect to the next reporting period. 3 Investment income 2021 2020 Dividends - UK Equities Dividends - Overseas Equities 231.810 505,790 737,600 136,329 517,908 654,237 4 Charitable expenditure Grants to Institutions Support C05t 2021- Analysis of grants Total Abernethy Trust Alpha Scotland Bethany Christian Trust Bible Reading Fellowship Caring for Life City Evangelical Church Ferrywell Youth Project Freedom Network International Gateway Church Healthy Living Holy Trinity Wester Hailes International Justice Mission Justcaring Kick London Killin Church of Scotland MACS Niddrie Community Church Operacion San Andres Oriel Ministries Pecan 37,500 loo,000 s,000 75,000 1,000 5,000 69,828 2S,000 7,723 25,000 60,000 435,000 2,000 75,000 30,000 5,000 5,075 17,850 63,500 25,000 2,767 7,380 369 5,535 74 40,267 107,380 5,369 80,535 1,074 5,369 74.981 26,845 8,293 26,845 64.428 467.103 2,148 80,535 32,214 5.369 5.450 19,167 68,186 26,845 369 5,153 1,845 570 1,845 4,428 32,103 148 5,535 2,214 369 375 1,317 4,686 1,845 1211

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 NOTES TO THE FINANCIAL STATEMENTS (continued) 4 Charitable expenditure Icontinuedl Rock Community Church St Columba's The C3 Church The Feast The Nasio Trust The Southmead Project Time Nolfolk Wellspring Family Centre 182,779 45,000 5,000 2,5(10 4,000 25,000 5,000 25,000 1.363.755 13,489 3,321 369 196,268 48,321 5,369 2,684 4,295 26,845 5,369 26,845 1.464.400 184 295 1,845 369 1,845 100.645 Support costs are allocated based upon the proportion of the grant awarded versus total grants. Grants to Institutions Support cost 2020- Analysis of Erants Total Abernethy Trust Alpha Scotland Bethany Christian Trust Ferrywell Youth Project Freedom Network International Grace Church Grassmarket Community Project H20 Holy Trinity Wester Hailes Home for Good International Justice Mission St Columba's The Salvation Army Operation San Andres Malawi Fruits 27,000 loo,000 170,720 30,092 17,800 20,000 40,000 90,000 49,200 50,590 18,000 5,000 10,000 15,000 16,000 7,000 4,887 18,101 30,902 5,447 3,222 3,620 7,240 16,291 8,906 9,157 3,258 905 1,810 2,715 2,896 1,267 31,887 118.101 201.622 35,539 21,022 23,620 47.240 106,291 58,106 59,747 21,258 5.905 11,810 17,715 18,896 8,267 MINE 666,402 120,624 787,026 1221

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 NOTES TO THE FINANCIAL STATEMENTS Icontinuedl 5 Support costs 2021 2020 Audit fees Bookkeeping Legal, professional and consulting fees Bank charges Office equipment depreciation IT Software subscriptions Other subscriptions Other costs 13,106 30,960 52,438 377 12 2,595 854 303 100,645 12,420 32,162 47,872 550 385 23,661 454 3,120 120,624 6 Trustees, expenses and remuneration and transactions with trustees During the year, the key management personnel in charge of directing and controlling, running and operating the charity on a day-to-day basis Was the Foundation secretary, Calum Mitchell. The Foundation secretary receives no remuneration12020.. £Nill. None of the trustees lor any persons connected with them) received any remuneration or reimbursement of expenses during the year in respect of their services. 7 Investments 2021 2020 Brought forwards Additions at cost Net unrealised gain/llossl 30,542,524 654,238 5,548,116 25,390,040 7,159,012 12,006,528) Market Value 36.744.878 30,542,524 The historical cost of listed investments at 31 December 2021 is £33,290,78612020: £32,636,548). The net gain on investments of £5,548,116 in the Statement of Financial Activities includes unrealised gain of £5,548,11612020: loss of £2,006,528) and realised gain of £nil12020.' £nill. At 31 December 2021 listed investments comprised the following: 2021 2020 UK Equities Overseas Equities 8,829,416 27,915,462 6,946,017 23,596,507 36,744,878 30,542,524 1231

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 NOTES TO THE FINANCIAL STATEMENTS Icontinuedl 8 Tangible fixed assets Computer Equipment Total Cost At l January 2021 Additions 1,168 1,168 At 31 December 2021 1,168 1,168 Depreciation At l January 2021 Charge for the year 11,1551 1131 11.1551 1131 At 31 December 2021 11,1681 11,1681 Net book value At 31 December 2021 At 31 December 2020 13 13 9 Debtors 2021 2020 Other debtors 737,600 654,238 Other debtors represent dividends receivable on investments. These are dividends that are declared but not yet received as at the year end. 10 Creditors: amounts falling due within one year 2021 2020 Trade creditors Accruals Grants payable 8,IlXI 12,795 363,346 384.241 12,420 181,906 194,326 11 Creditors: amounts falling due after one year 2021 2020 Grants Payable after l year 366,003 46,400 1241

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 NOTES TO THE FINANCIAL STATEMENTS (continued) 12 ReseNes 2021 2020 At lJanuary2021 Income Expenditure Net Eainslllossesl on investment assets 44,057,668 737,600 11.464.400) 5,548.116 39,196,985 7,654,237 1787,0261 12,006,528) At 31 December 2021 48,878,984 44,057,668 13 Contingent liabilities The Foundation has reclaimed gift aid in relation to donations received from a trustee in the previous financial year. At the year end there was an ongoing enquiry by HMRC into gift aid claimed to date of £7,506,000. Whilst no final decision has been made by HMRC, the trustees are of the view that the gift aid ha5 been validly claimed. A contingent liability has however been disclosed in the event that any possible repayment to HMRC is required. 14 Related Parties The related party transactions in the year have taken place at arm's length. During the year Murdoch Murchison, a trustee of the Foundation donated £nil12020 - £7,000,000). Included within fixed asset investments is a £18,468,16912020 - £15,032,448) investment in the Kiltearn Global Equity Ilrelandl Fund, the fund advisor of which is Kiltearn Partners LLP. During the vear ended 31 December 2021, Murdoch Murchison was a partner in Kiltearn Partners LLP and at the year end he owned a minority interest in Kiltearn Limited, the corporate member of Kiltearn Partners LLP. Murdoch Murchison does not hold a controlling interest in either Kiltearn Limited or Kiltearn Partners LLP. InclLJded within other debtors are dividends declared but not yet received of £271,30512020 £308,245) from the Kiltearn Global Equity Ilrelandl Fund. During the year the Foundation received £30,96012020- £30,600) of services from Azets. Gareth Magee, one of the Foundation's trustees, is an employee of Azets. At the balance sheet date there was a balance of £8,10012020: £Nill owed to Azets. During the year the Foundation received £nil12020.. £5,100) of services from Brodies LLP. During the year ended 31 December 2021 one of the Foundation's trustees, Duncan MacLean, was a partner in Brodies LLP. At the balance sheet date there was a balance of £Nil12020.. £Nill owed to or from Brodies LLP. 1251

THE FYRISH FOUNDATION CIO FOR THE YEAR ENDED 31 DECEMBER 2021 NOTES TO THE FINANCIAL STATEMENTS (continued) 15 Analysis of net debt l Jan 2021 Cash flows 31 Dec 2021 Cash 13,101,619 1954,8691 12,146,750 1261