Charity règistration number 1170583 THE FYRISH FOUNDATION CIO ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE FYRISH FOUNDATION CIO LEGAL AND ADMINISTRATIVE INFORMATION Trustees Murdoch Murchison Chairpe150n Duncan MacLean Gareth Magee Professor Patricia Mcculloch Secretary Calum Mitchell Charlty number 1170583 Corrèspondence address clo Dickson Minlo Level 4, Dashwood Housè 69 Old Broad stet London EC2M 1QS Auditor BDO LLP Citypoint 65 Haymarket Terrace Edinburgh EH12 5HD Bankers Handelsbanken 5th Floor Waverley Gale 24 Waterloo Place Edinburgh EH1 3EG
THE FYRISH FOUNDATION CIO CONTENTS Page Trustees. report Independent audrtorfs ieport 8-10 Slalement ol financial activities Balance sheet 12 Statement of cash flows Notes lo the financial statements 14-23
THE FYRISH FOUNDATION CIO TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees present their annual report and financial statements foi the year ended 31 December 2022. The accounts have been piepared in accordan with the accounting policies sei out in note 1 to the accounts and comply with the charity s constitution, the Charities Act 2011 and the Statemenl of Recommended Practice ISORPI applicable lo ¢harilies preparing Iheii accounts in accordan with the Financial Reporting Standard applicable in the UK and the Republic ol Ireland IFRS 1021. The Trustees confirm that they have taken due regard of the Charity Commission's general guidan on publi¢ benefit. Administrativ• detsils The FyTish Foundation I'the Foundation'l is a Charitable Incorporated Organisation ICIOI which was registerèd with the Charity Commission lor England and Wales on 6 December 2016. The Foundation's registered ¢harity number is 1170583. Objectives and actlvities The Foundation's objective is "lo advance such charitable purposes laccordtng to the law rl England and Wales) as the Trustees see fil from lime to time. where such purposes are pursued In accordan with Chfislian teaGhing. The Foundation's main prioiities. lor the public benefit. are The prevention or ieliel ol poverty The advancement of health or saving lives Community development. particularly in marginali5ed sections of society. and Faith based projects The Trustees receive applications requesting support from various organisations and these applications are considered periodically at Trustee meetings. Decisions are made in line w1th thè Foundation s constitulion. The Trustees have pul a process in place to regulaily monitor supported project5. This monitoring ensures that outcomes are in line with approved applications. In addition, il foms part of the process of assessing continuing supporl for mulli-year grants. The Trustees iegularly review the Foundation's objectives and a¢livities and are satisfied that the objectives are being achieved. The Foundation is fulfilling. and will continue lo fullil. its charitable purposes by 8warding giants tsn a regular and continuing basis. Grant maklng policy The Foundation receives applications lo support both revenu8 and capital costs. Grants are made either by means of a single p3yment, or in inslalmentS, 01 as mutti-year grants and may be conditional on piogress against project mileslones. The size of grants awaided Is al the discretion of the Tiustees. The Trustees consider il prudent. for the time being. to operate a ventuie philanthropy type model and an open- application system. This allows the Foundation space both lo consider applications and lo research specific areas ol need Ihal are in line with ils chaiitable objects to assess where the Foundation can have maximum impact.
THE FYRISH FOUNDATION CIO TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Achievement5 and perfomiance Since inception. the Foundation has awarded 9rants as follows.. Y•ar 2017 2018 2019 2020 2021 2022 Number of grants Value of grants £75.OOQI £339,418 £666,402 £1,363,755 £1.757,802 20 28 69 Total £4,202,377 In the year ended 31 December 2022 the Foundation awarded a lotal of sixly-nine grarits tolalling £1,757,802. which the Trustees are pleaséd lo repori is a significant increase on the lolal and number awarded in the previous reporting period. In response lo the cost ol living and energy crisis the Foundation contacted previous grant recipien15 and was pleased lo awaid thirty-nine additional grants lolalling £218,000. These funds were un-reslricled and to as5151 with increased energy bills and to suppori any oore costs incurred in the delivery ol Iheii charitable objectives. The Foundation awarded a further thirty grants lolalling £1,539,802 covering a rnixlufe of core costs and capital expènditure. Grants have been awarded across a number ol the Foundation's charitable objectives. Induding." the prevention or relief of poverty, the advancemenl of religion, the advancement of health or saving lives. community development and overseas aid. Supported organisations have been engaged in multiple areas ol work. including but not limited to., youth work. prevention of homelessness. comballino the effects of poverty and unmanageable dèbt. counselling and support lor victims ol abuse, communrty development and humanitarian aid In Ukraine. The following are examples of org8nisations and projects supporled in the year ended 31 Decembèr 2022", Bethany Christian Trust The Foundation issued a new three-year grant commitment lo support Gore costs lor Bethany Chris118n Tru51'5 work in prevention of homelessness. crisis intervention and housing support. This grant was cotnprised of parts. One to support existing services and a second part lo assist the developmenl of new services within identified areas of need, induding.. upstream homelessness preventior) work, additional recovery services lor people dealing with addiction and initiatives lo combat isolation among the vulnerable. International Justice Mission IIJMI The Foundation awarded a further hvo-year grant to IJM in supporl ol rt's 'European Anli-Tr8fficking Progfamme,. IJM is seeking to disrupt cross-border Irafficking of women from Eastern Europe to Western Europe and 15 doin9 this Ihrough building beller links with law enlorcemenl agencies in source and destination countries. The Foundation's granl is lor core costs associated with staff positions.
THE FYRISH FOUNDATION CIO TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Kick London The Foundation awarded a Ihree-year grant towards core costs a5StsCiated with the phased expansion of K*ck's programme ol work. As a Charity Il's mission is to transform youn9 people's lives, with God's love, through sptsrt and support. They do this through values-driven physical education, dance. mentoring, chaplaincy in schools and community 'ek Academies to irnpacl a sense ol hopelessness. Edinburgh City Mission The Foundation awarded a thfee-yeai grant to support core costs associated with a further staffing post lor Edinburgh City Mission's Food+ Team. This will enable the organisation lo expand the support it provides to families and individuals facing isolation, deprivation and exclu510n who are trapped by their ciicutnslancès. Alpha Intemational The Foundation awarded two further grants to Alpha Internation81. One wa5 a single year grant toward the costs of developing Alpha Inlernalion81'5 new digital platform 'Alpha Now,. The plalfoim began as a response to restriction5 on tn person meetings that were neces$3ry in 2020. This will allow the Alpha course to be run virtually as well as in person. Alpha is an 11-week co(Jrse Ihal creates a space, online or in peison, where people are excited to bring their friends for a conversation about faith. life and Gtsd. Additionally, the Foundation awarded a lurthei Iwi>year core costs gfanl lo support Alpha International's prisons coordinator role in Scotland. Prison Fellowship Scotland The Foundation awarded a three-year grant to support core ¢osls for Prison Fellowship Swll8nd's ryogramme ol work across the prison system In Scotland. Hope Church Coatbridge The Foundation awarded a singl&year giant toward the capital costs associated with the alleration and extension of ifs ¢huich buildin9. Sanctuary Foundation The Foundation av¢31ded a single-year grant to support a staff post for the Sanctuary Fovndalion as it responded to the outbreak ol war in Ukraine and the associated inftux of felijgees lo the UK in 2022. Malawi Fruits The Foundation awarded a further grant lo Malawi Fruit5 to cover capital Costs associaled with the organisalion's ¢ommunity farming project. The Foundation awarded a further nineteen giants acrtsss a wide range of organisations both in the UK and further afield. Financial review At 31 December 2022 the Foundation held investments of É40.000.35312021 £36. 744.878) and cash in the bank ol £15.641.958 12021 £12. 146, 7501. At 31 December 2022 the Foundation had £55,576,20512021 £48,878,984) ol unrestricted funds which will be used to meet the Foundation's objectives.
THE FYRISH FOUNDATION CIO TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Golng concèrn The Foundation has a healthy nel assets position and at the balance sheet dale held an invèstment portfolio valued al £40,000.35312Q27 £36. 144,8181 and cash balance5 lotalling £15,641.95812Q21 £12, 146, 750). The Foundation's most significant expenditUFe Is giants awarded which for the year totalled £1,757.802 12027 £1,363.755). The FoLSndalion's reserves ensuied that grant-making commitments weie lully covered at all times. The Trustees have prepared budgets and cash fltsw projections for the years ended 31 December 2023 and 2024. These budgets and projections show that the Foundation will continue to have adequate 18sources to rrEet its obligations for the foresèeable future. The Trustees consider that even with a severe recession the Foundalion will still have significant net assets to bè able lo meel all comrnilmenls as they fall dLJ6 lor al least 12 months from the date ol approval of these statements. Based on the abové Ihe Trustees consider the Foundation to have sufficient re50uices to continue as a going concern and a¢[dIng1Y the finanaal statements have been prepared on a going concem basis. Reserves policy The Trustees ensLJre that the Foundation has sufficient reserves to meet all operating costs and to award grants in the furtherance of its objectives. The reserves rèquirement is reviewed on a regular basis. Investment policy and perf¢mance Ouring the year ended 31 Decernber 2022 the Foundation was invested in three different equity funds having lully divested in the Edgbaston Asian Eqvity Jèrsey Trust during the year. The Investment portfolio held has an emphasis on long tèrm capital appreciation which spreads the ptsrtlolio's Investment risk and ensures that the investments are nol oveily focLJssed on one area ol the market. The Trustees monitor the perform8n¢e of thè investments to satisfy themselves that thè returns and growth conlinLJe lo be acceptable. During Ihe year ended 31 December 2022, £5,835,469 was redeemed in lull frorn the Edgbaslon Asian Equity Jèrsey Trust and £3,700.000 was redeemed from the Kilteam Global Equity Ilrelandl Fund. Of the funds redeemed £8.250,000 was reinvested In the iemaining equity funds held by the Foundalion. Further new investments totalling £2.250.000 were made across the remaining equity funds in line with the Foundation's investment objective5. The Trustees receive regular investment updates and are salisfied that returns on the sums invested are in line with expectations. Risk management The Trustees have a risk man3gemÈnl strategy in place, which is designed lo identify and record any significant risks, allocate responsibility for mi119aling these and monitor the pioces$es put In pla lo mitigate these risks. The principal risks and uncertainties facirTrg the Foundation are related to investment market risk. The Trustees keep these risks under regular review and take appropriate action lo mitlgate these risks. Investment martel risk Is mitigated by the Foundation investing in a number ol different equity funds.
THE FYRISH FOUNDATION CIO TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 Plans for future periods The Foundation continues lo receivè applications and to make grant awards in line with thè Foundation's objeclives tts a range ol organisalions. The Foundation continues to develop ils grant making Infra-stIUelLJre and Is working toward the delivery ol an online application plallorm. It is also actively engaged in researching areas, in line with ils chaiilable objectives. into which il will make grants In years to come. Grants awarded in 2023 up lo the date of reporting are as follows". Oryanisation Kick Mary's Meals Inlemational Justice Mission Catalyst Vineyard Church Christ Church Creekrnoor Youthscape Village Church Generation Hope YMCA Exeter Junction 42 Gateway Church Grants £214,000 £300,000 £145,000 £45,000 £45,000 £30,000 £20,000 £10,000 £10,000 £90,000 £3,700 kl Bethany Christian Tiust Ferrywell Youth Project Freedom Network International St Paul & Sl Georges Church Crossreach The Abbey Ghurch of Dunlermline Broadmead Community Church Doctors ol the World Dornoch Free Church of Scotland Inspire Foundation Relalional Hub Snowdon Trust Strongbones Children's Charitable Trust £600,000 £102,000 £16,856 £2,300 £32,000 £15,000 £30,000 £20,000 £30,000 £30,000 £5,000 £25,000 £12,985 Total £1.833,841 In awarding grants the Foundation has commilled to future payments as follows". Year 2023 2024 2025 Numberofgrants 50 18 Cornmitments £1,805,55e £808.768 £460.930 Total £3,075.256
THE FYRISH FOUNDATION CIO TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 StTu¢lure. govèrnance and management The 9overning document of the Foundation is ils conslilution dated 15 November 2016. The Board of Trustees comprises four Trustees and has been served during the ieportlng period by the Foundation secretary. The Trustees meet regularty lo discuss the operations of Ihe Foundation and to ensure that the management ol the Foundalion is appropriate. No de¢is10ns can be taken unless a quorLJm ol Trustees is present. In the case that there is an equal vote. the chair of the meeting has the casting vote. Managernenl accounts are prodUd quarterly and are reviewed by thè Trustees along with regular invèstment updales. The Trustees are responsible lor everything the Foundation does. Howevei, 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 thèir sèrvices. Recruitment and appointmènt of new Truste The rèquiremenl lor additional Trustees is kept under regulai review at Trustee meetings. During the year ended 31 Decefflbei 2022 the Trustees were satisfied that the current team providès the necessary skills and experience. and no additional Trustees are requiied al this time. Related parties The Foundation is invested In the Kiltearn Global Equity Ilrelandl Fund which is a fund managèd by Kilteain Partne LLP. During the year ended 31 December 2022 one of the Foundation's Trustees. Muido¢h Murchison, was a partner in Killearn Partner5 LLP. The Foundation incur5 investment management fee5 relating lo this investment which ale deducted from the fL5nds and paid lo Kilteam Partners LLP. These fees are based on Kilteain Partners LLP'S standard lee scale. The Trusteès have reviewed and approved the investment, including fees. Azels provides financial and accounting services lo the Foundation. During the year ended 31 December 2022 one of the Foundation'5 Trustees, Gareth Magee, was employed by Azets. Brodies LLP provides legal advice to the Foundation. During the year ended 31 Decernber 2022 one tsf the Foundabtsn's Trustees, Duncan MacLean, was a pariner in Brodie5 LLP.
THE FYRISH FOUNDATION CIO TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 stst¢m•nt of Trustees, re$pon$lbllltle$ The Trustees are aware that they are sponsible for preparing the Trustees. Annual Report and Accounts in accordance with applicable law and Unrted Kingdorn Accounting Slandaids (United Kingdom Generally Accepted Accounting Practi1. The law applicable lo charities in England and Wales requires them to prepare accounts for each finanaal period whieh give a tnje 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 slalernenls, the Trustees are required lo". select suitable accounting policies and then apply them consistenuy., obsèrve the methods and prinaples set out in the Charrties SORP., make judgements and accounting estimates that are reasonable and prudent., $lale wh?Iher appli¢able UK Accounting Standards have been followed, subjeci to any rnaterial departures disclosed and a¢wuntillg estimates in the financial statements., prepare the fiancial 51alernenls on the going con¢em basis unless il is inappropriate to presume that the charity will continue in business. The trustees understand they are responsible for.. keeping svffi¢ienl accounting records that disdose with reasonable accuracy at any time the finanaal position of the ¢h8rily and enable thèm to ènsure that thè accounts comply with the Charities A¢t 2011 and the Provisions of the charity's conslilution.. and safeguarding the charity's assets and hence taking reasonable steps fr)r prevention and detection of fi8ud and other irregularities. The Ttu portwas approved by the Board of Trustees. Murdoch Murchison- Chairpers¢n Trustè• Date..
THE FYRISH FOUNDATION CIO INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE FYRISH FOUNDATION CIO Opinion In our opinion, the financial statements.. give a true and fair view ol the slate of the Charity's affairs as 3131 December 2022 arbd of its incoming resources and application ol resources for the year then ended., have been propèrly prepared in acctsidance wilh United Kingdom Generally Ac¢epled Accounting practice, and have been ppared in accordance with the requiremenls of the Charrties Act 2011. We have audited th8 financial statements of The Fyrish Foundation CIO I'the Charrty'l for the year ended 31 December 2022 which comprise the statement ol financial a¢livilies, the statetnenl of financial position. thè slalement of cash flows and noles lo the financial stalemenls. including a summary ol significant accounting policies. The financial reporting framework that has been applied ifi their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable In the UK and RepubliG 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 Audilorfs responsibilities for the 8udil ol the financial slalemenls section of our report. We are independent of the charity in accordance with the ethical requirements that are ielevanl to our audil ol the financial statements in the UK, including the FRC'S Ethical Standaid. and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriale to provids a basis lor our opinion. Independence We remain independènt of the charily in accordance with the ethical requirements ielevant 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 accordan with these requiremènts. Conclusions relating to going concèm In auditing the finanaal slalements, we have concluded that Ihe Trustees. use ol the going concern basis ol accounting in the preparation ol the financial statements is appropriale. Based on the work we have performed, we have nol identif1ed any rnaterial uncertainties relating lo events tsi onditions that. indwidijally or colleclively, tHay cast significant doubl on the charity'5 abilrty to continue as a going concein for a period ol al least e1ve months from when the financial stalements are aulhorised for issue. Our responsibilities and Ihè iesponsibilities ol the Trustees with respect lo going concein are described in the relevant sections ol this report.
THE FYRISH FOUNDATION CIO INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FYRISH FOUNDATION CIO Other infom)ation The other inlormatioll comprises the information included in the trustees rèport other thafl the financial slatements and our auditor's report thereon. The Trustees are responsible for the other Informalion contained within the annual report. Our opinion on the financial statements does not Cover the other infoimation and we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so. consid81 whether Ihe other information is Tnaterially inconsistent with Ihe financial slalements or our knowledge obtained in the course of the aLJdit, or otherwise appears lo be materially misstated. 11 we identify such material inconsistencies or apparent malerial misstalemenls, we are reqUId lo determine whether this gives rise lo a materi41 misstatement In the financial statements themselves. If, based on the work we have performed, we conclude that there is a malèiial misstalemenl of thi5 Other information. we are reqLJired to report that faol. We have nothing to report in Ihis regard. Mattèrs on which we are required to report by èxc•ption We have nothing to rèport in respect of the following malters in relation t(> which the Charities Act 2011 requires us to port lo you il. In our opinion., the information contained in the financial slatemenls is inconsi5tenl in any material respeol with the trustees, annual report," or adequate accounting records have not been kept., or the financial statements are not in agreement with the accountin9 16cords and returns., or we have not received all the inlorrnation and explanations we require for our audit. Respon$Trbilities of Trustees As explained mole lully in the Trustees, responsibilities statement. the Trustees are responsible for the prepaialion ol the financial statements and for be1ng satisfied that they give a true and fair view, and lor such internal control a5 the Trustees determines is necessary to enable the preparation of finanaal statements that are free from material rnisstalemenl, whether elue to fraud or erior. In prèparing the financial statements, the Trustees ale responsible for asse5$1ng the charity's ability lo ¢ontinue as a going concern. disclosing. as applicable. matters related to going concern and using the going concem basis ol accounting unless the Trustees Èither intend to liquidate the charity or to Cease operations. or have no ie81istic alternative but to do so. Auditorfs responslbllities for the audit of the financial $tstements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant iegulalions made or having effect thereunder. Our objectives are lo oblain reasonable assurance aboul whether Ihe financial slalemenls as a whole are free from material misstatement. whether due to fraud or error, and lo issue an auditor s report that Includes our opinion. Reasonable assurance is a high level of assurance, bul is not a gtjarantee that an audit conducted In accorrjance with ISAS IUKI will aayS delecl a Material misslatemenl when it exists. Misstalernenls can anse from fraud or errol and are considered material il. individually or in the aggregate, they could asOnablY be expected to influence the economic decisions ol users taken on the basis ol these financial slalements. A further description of our responsibilitie5 is available on the Financial Reporting Coun¢il'5 website at-. https'.11 w.Irc.org.uklaudilorsTesponsibilities. This description forms part of our audito¢s report.
THE FYRISH FOUNDATION CIO INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FYRISH FOUNDATION CIO Extent to which thè audit was considered Capable of detecting irregularlties. including fraud Irregularities. including Iraud. are instances ol non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. lo delecl materi81 m1s5tatements in respect ol iriegularities. Including fraud. Thè extent to which Ouf procedures are capable of detecting irregularities. inclL)ding fraud is delailed below". performing analytical procedures lo identity ufiusual or unexpecled relalionships that may indicale risks ol material misslalemenl due lo fraud and tested these accordingly., reading minutes ol rnanagernent meetings and of th05e eharged with govemance and reviewing oirespondence with regulatory bodiès. such as HMRC.. asses51ng whether the accounting policies. Iiealments and presentation adopted in the financial statements is in accoidanee with applicable law and United Kingdom Accounling Standaid5. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic ol Ireland Iunited Kingdom Generally Accepted Accounting Practice) and the Charities Act 2011 and whelhei thèrè are instances ol potential bias in areas In addressing the risk ol tr8ud through management override of ntrolS. testing the appropriateness oliournal entries and other adjuslmenls. assèssing whether the judgements made in making accountino eslimales are indicative ol a potential bias-. and evaluating the business iationale of any significant transactions that are unusual or outside the normal wvrsè of vouching balances and reconciling items in management's key control account reconciliations lo supporting documentation as al 31 Decembef 2022, nd cairying out detailed testing, on a satnple basis, ol material transactions. financial statement categories and balance5 to appropriate documentary evidence lo appropri8le do¢urnentary evidence lo verify the completeness, occurrence and accuiacy ol the reported financial statement5. Our audit procedures were designed to respond lo iisk5 01 material misslatemenl in the financisl statements, recognising that the risk of not detècting a material misstatement clue to fraud is higher than the risk ol not detecting one resulting from error, as fraud may involve deliberate conalment by, for example. forgery. mi5represenlalions 01 Ihiough collusion. There are inherent limitations in the audit procedures performed and the further removed non- compliance wilh laws and regulations 15 from the events and transactions reflected in the financial staternen15. the less likely we are lo become aware of it. A further description of our responsibilities for the audit of the financial stalemenls is located at the Financial Reporting Council'5 1"FRC's I website at.. https lfvww.frc.oig.ukl3udilorsresponsibilities. This dèscription forms part of our audilor's report. Use of our report This report is made solely lo the charity's trustees. as a body. in accordance with parf 4 of the Chanties (Accounts and Reports) Regulations 2008 Oui audit work has been undertaken so that we might state lo the charity's trustees those tnatlers we are required lo stale to them in an 8uditois' report and ftsr no other purpose. To the fullest exlenl peirnitled by law. we do not accept or assume responsibility lo anyone other than the charity and the charity's Iruslee5 as a body, loi our avdil work for this report. 01 for the opinions we have loimed. DocuS*Md by.. 6EO LLP 13 October 2023 86F16A8EF9FD4ED For and on behalf of BDO LLP, Statutory Auditor Edinburgh, UK is eligible lor appointment as auditor of the charity by virtue of Its èligibility for appointment as auditor ol a company undei section 1212 01 the Companies Aet 2006. 10-
THE FYRISH FOUNDATION CIO STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted Unrèstricted funds funds 2022 2021 Notès Donations Bank Interest Investments 6.000,000 47,852 955,079 737.600 Total income 7,002.931 737,600 Charitable activities 1,859.019 1.464,400 Net gains on investmen15 1,553.309 5,548.116 Net movement in funds 6.697,221 4.821,316 Fund balances al 1 January 2022 48.878,984 44.057.668 Fund balancas at 31 December 2022 55,576,205 48.878.984 The statement ol financial activrtie5 includes all gains and losses re¢ognised in the year. All income and expenditure derive from continuing aclivities.
THE FYRISH FOUNDATION CIO BALANCE SHEET AS A T 31 DECEMBER 2022 2022 2021 Notes Fi assets Tangible assets Investment5 10 11 40,000,353 36,744,878 40,000,353 36,744,878 Current as$•ts Debtors Cash al bank and in hand 12 955,079 15,641,958 737.fjlJO 12,146,750 16,597,037 12,884.350 Crnditors- amounts falling due withln one yèar 13 {693,8431 {384,2411 Net ¢urrenl assets 15,903,194 12,500,109 Total assets lèss eurrent liabilities 55,903.547 49,244,987 Credltoys: amounts falling due after mor• than one ygar 14 1327.3421 1366,0031 Net a$$ets 55,576,205 48,878,984 Incomè funds Unrestricted funds 55,576.205 48,878,984 55.576,205 48,878,984 The financi tatements wera approved by the Trustees on ...... Murdoch Murchison- Chairperson Tnjstse 12
THE FYRISH FOUNDATION CIO STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEIWBER 2022 2022 2021 Notes Cash flows from operating activities Cash generated fromllabsorbed byl operations 17 4,242,295 11.038.231) Investing activities Purchase of investments Proceeds on disposal of investmen15 Invèstment income received 111,237.6001 9,535.434 955.079 1654,2381 737,600 Net cash lused inllgènèrated from investing activitie5 1747,0871 83,362 Net incrèas•lldècreasel in cash and cash equivalents 3,495.208 1954.8691 Cash and cash equivalenl$ at bInnIng of year 12,146,750 13,101,619 Cash and ¢a$h equlvalents at end of year 15,641.958 12,146,750 13-
THE FYRISH FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Ac¢ountin9 policies Charity infomiation The Fyiish Foundation CIO Is a Charitable Incorporated Organisation incorporated in England and Wales and governed by a constitution dated 6 December 2016. 1115 reg15tered with the Charity Cornmission undei charity number 1170583. The registered office is care ol Dickson Minlo. Level 4, Dashwood House, 69 Old Broad Street, London. EC2M 1 QS. 1.1 Accounting Convention The f1n3ncial statements have been prepared irn accordance with the charity's ¢onslitution, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic ol Iieland I"FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities". Statement of Recomrnended Practice applicable to charities prepanng Iheir accounts in accoidance with the Financial Reporting Standard applicable in Ihe UK and Republic ol Ireland IFRS 1021" leffeclive 1 January 20191. The charity Is a Public Benefit Entity as defined by FRS 102. The fin8ncial slatÉments are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to indude the revaluation of investments. The principal accounting policies adopted 8re sel out below. 1.2 Going ¢on¢ern The financial statements have been prepared on the going conrn basis. The anticipated income from donations. together with existing reserves. will be sufficient to meel the charity's ongoing commitments for Ihe foreseeable future. The Foundation has 8 rnateiial investment portfolio and cash balance valued at £40.000.353 12021 £36.T44.878) and £15.$41.958 12021 £12,146,7501 respectively al the balance sheet dale. The most significant expenditure of The Foundation was that ol the grants payable which for the year total £1,757.802 12021 f1,363, 755). The Foundation has a healthy net asse15 Posltion and the trustees have prepared budgets and cash flow projections for the period lo 31 Dernber 2024. Thesè budgels and projeclions show Ihal the FoundalDn will conlinue to have adequate iesouices to meet Ils obligations loi the foreseeable future. This assessment ol going concem includes the impad ol thè current inflationary pressures and global economic uncertainties impacting on investmenls. The Trustees are satisfied that il has adequate resources lo continue to operate lor the foreseeable future. 1.3 Funds structure Unrestricted funds are available for use at Ihe discietion of the Trustee5 in furtherance of their charitable objectives. 1.4 Income All income Is iecognised once the CIO has èntitlemenl lo the resouices, Il is piobable that the resources will be received and the monetary value ol Incoming resources Can be measured with suflicient reliability. Cash donations are iecognised on receipt. Olhei donations are recognised once the charity has been notified of the don81ion, unless perf0rrnan conditions require deferral ol the amount. Investment Inoome comprises dividends generated by the Foundation's investment portfolio. Interest received comprises bank interest credited ori the existin9 bank balance. These are recognised in the SOFA when receivable. 14.
THE FYRISH FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2022 A¢¢ounting policies Icontinuedl 1.5 Expenditure Expendiluie Is recognised once there is a legal or ¢onsiructive obligalion to transfer economic benefil lo 8 Ihiid party. It is probable that a transfer of economic benefits will be required in seltlemeDI. and the amount of the obligation can be tneasured reliably. Expenditure is classified by activity. The costs ol each activity are made up of the total ol dir&t costs and shared costs. including supporl costs involved in undertaking each activity. Direct costs attiibutable 10 a single a¢tivity are allocated directly to that activity. Sharèd msts which contribute lo mole than one adivity and support C051S which are nol allributable lo a single activity are apportioned between those activities on a basis consistent with the usè ol resources. Central staff oosts are allocated on the basis of lime spent, and depreciation charges are allocatèd on the portion of the asset's use. When a granl commitment is made. the Isability is reflected in the financial statements in full fcK the duralion ol the grant. 1.6 Tangible fixed assets Tangible fixed asse15 are initially rneasuTed at cost and subsequently measured at cost or valLJa150n, nel ol depciatIon and any impaiimenl losses. Deprecialion is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Office equipment 33Yo Straight line The gain or loss arising on the disposal of an asset is deleimined a5 the diffeience between the sale proceeds and the carrying value of the asset. and is recognised in the statement of financial activities. 1.7 Fixed asset investments Fixed asset Investments are initially measured 81 tran$a¢tion pnca èxcluding transaction cosls, and are subsequently measured at fair value at each reporting dale Changes in fair value are recognised in nel incomellexpenditurel for the yeai. Transaction costs are expensed as In¢uired. 1.8 Cash and cash equivalènts Cash and cash eqLJivalenls include cash in hand, deposits held al call with banks. othei short-lerm liquid inve51Tnents with (>riginal maturities of three months or less, and bank overdrafts. 1.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Seotion 12 'Other Financial Instrumènts Issues, of FRS 102 to all of 115 financial instruments. Financial insliumenls ale rècognised in the charity's balance sheet wh8n the charity becomes party to the contractual provisions of the Instrument. Financial assets and 118bililies are offset. with the nel amounts presented In the Iinanaal slalemènls. when there Is a legally enforceable iighl lo set off the recognised arnounls and there 15 an inlenlitsn to settle on a net basis or lo realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, ale Initially tneasured al transaction price including transaction oosls and are subsequently carried al amort15ed cost using the effective intèrèst method unless the arrangement constilules a financing transaction, where the transaction is measured at the present value of the future receipts discounted al a market rate of interest. Financial assels c18s$11ied as receivable within one year are not amortised. 15-
THE FYRISH FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting poli¢ies (Continuedl Basic financial liabilities Basic finan01al liabilities. including creditors and bank loans are initialty recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the psent value ol the lulure paymenls dis¢ounted at a market rate of Interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments arè subsequently carried at amortised cost. using the effective inleiest rate method. Trade creditors are obligaiions lo pay lor goods or services that have been acquired in Ihe ordinary couisè of operations from suppliers. Amounts payable are classified as curienl liabilities if payment Is due within one year or less. If not. they are presented as non-currenl liabilities. Tiade creditors are recognised initially at tr8n58clion price and subsequently measuièd at amortised cost using the efféctivè interest method. Derecognition of financièl liabilities Financial 11abilities alè derecognised when the chaiity's Contractual obligation5 expire or are discharged or cancelled. Critical accounting estimatss and judgements In the applicatitsn of the charity's accounting policies. the Tru51ees are required to make judgements, estimates and assutnptions about the carrying arnounl ol assets and Iiabililies that are not readily apparent from other sources. The estimates and associated assumptions are based on hisloiical èxpeiience 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 lo arxounling estimates are recognised In the period in which the estimate is revised where the revision affects lY that period, 01 in the period ol the revision and future periods where the revision affects both current and future periods. There are no significaril areas of judgement or 855umptions that affect items in the financial statements wilh respect to the next reporting period. Investmènt Income 2022 2021 Dividends - UK Equities Dividends- Overseas Equities 395.396 559.683 231.810 505.790 955.079 737.600 16-
THE FYRISH FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Charltable activities 2022 2021 Grants payable (see note 51 1.757.802 1,363,755 Share of support costs (see nole 61 Share of governance costs (see note 61 85.653 15.564 100,645 1,859,019 1.464.400 17-
THE FYRISH FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Grants payable Grants awarded Support costs 2022 2022 Totsl 2022 Abernethy Trust Alpha International Barnabus Bethany Christian Trust Bible Reading Fellowship Caring fof Life Christ Churctt Creekmoor City Evangelical Church Edinburgh City Mission Ferrywell Youth Pioiect Freedom NeMork International Gateway Church Glace Church Leith Grassmarket Comrnunity Project Healthy Living Project Hebron Tiust Home for Good Holy Trinity Church Hope Church Coatbridge Holy Trinity Wester Hailes Hope to Oban International Justice Mission Just Caring Killin Church of Scotland MACS Make Them Smila MINE Malawi Fruits Mission Aviation Fellowship Mission Without Borders Newquay Evangelical Church Niddiie Community Church Oriel Minislries Operacion San Andres Pe¢an Poolewe & Aultbea Church Prison Fellowship Scotland Rock Community Church Salvation Army Sanctuary Foundation Shared Hope Southmead Piojeot St Columba's Sunny Days Children Fund The C3 Church The Fea51 The Etnmanuel Group of Churches The Harbour The Royal Trinity Hospice 10.000 160.000 20.000 400.000 10.000 10,000 20,000 4,5CQ 104,697 2,000 35,745 1,500 5.000 10,000 10.000 13.500 10.000 15.000 55.000 4.000 1.000 320,000 1.0(Kl 1,000 10,000 14,700 1,000 49,000 100,000 40.000 11.000 6.160 1,000 15.000 10,000 32.000 62.000 4.000 5,000 50,000 28,000 10,000 24,000 11,000 10,000 3.000 10.000 10.000 5.000 487 7.796 975 19,493 487 487 975 219 5.102 97 1,742 73 244 487 487 658 487 731 2,680 195 49 15,593 49 49 487 716 49 2.388 4.873 1,949 536 300 49 731 487 1.559 3,021 195 244 2,436 1,364 487 1,169 536 487 146 487 487 244 10,487 167,796 20,975 419.493 10.487 10,487 20,97S 4.719 109.799 2,097 37,487 1,573 5.244 10,487 10,487 14,158 10,487 1 S,731 57,680 4,195 1.049 33S.593 1,049 1,049 10,487 1S.416 1.049 51.388 104,873 41,949 11,536 6,460 1,049 15,731 10.487 33,559 65,021 4,195 5,244 52,436 29,364 10,487 25,169 11.536 10,487 3,146 10.487 10,487 5.244 18-
THE FYRISH FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Grants payable (Continued) ritnè Norfolk Wellspring F8mily Centre 2.OOCI 10.000 97 487 2,097 10,487 1.757.802 85,653 1,843,455 Support COSt5 ale based upon the proportion ol the grant awarded versus total grants. Grants awarded Support costs 2021 2021 Total 2021 2021 Analysis of giants.. Abernèthy Trust Alpha International Bethany Christian Trust Bible Re8ding Felk)wship Caring lor Life City Evangelical Church Feirywell Youth Piojèct Freedom Nelwork Intemalional Gateway Church Healthy Living Project Holy Trinity Church Inlernational Justi Mission Just Caring Kick London Killin Church of SGtstland MACS Niddrie Community Church Operacion San Andres Oriel Ministriés Pecan Rock Communrty Church St Columba's The C3 Church The Feast The Nasio Tiusl The Soulhtnèad Project Time Nollolk Vvellspring Family Centre 37.500 100.000 5,000 75.000 1.000 5.000 S9,828 25.000 7.723 25.000 60,000 435,000 2,000 75 000 30.000 5,000 5.075 17,850 63,500 25.000 182.779 45.000 5.000 2.500 4,000 25,000 5,000 25,000 2,767 7,380 369 5,535 74 3fj9 5.153 1.845 570 1.845 4.428 32.104 148 5.535 2,214 369 375 1.317 4,686 1,845 13,489 3,321 369 184 295 1.845 369 1.845 40.267 107.380 S,369 80,535 1,074 S,369 74,981 26,845 8.293 26,845 64,428 467.104 2.148 80,535 32.214 5.369 5,450 19,167 68,186 26.845 196,268 48,321 5,369 2,684 4,295 26,845 5,369 26,845 1.363,755 100.645 1.464.400 19-
THE FYRISH FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2022 Supportcosts Support Governance costs costs 2022 Support Govemance costs costs 2021 Audrt fees Accountancy Bookkeeping Legal. professional 8nd consultancy lees Bank charges Office equiprnÈnt depreciation IT Sofiwaie 5ubscriplions ather 5ubscriplions Other costs 12,564 3.000 12,564 3,000 31,800 10.461 2.645 30.960 10,461 2,645 30.960 31,800 49,100 568 49,100 568 52.438 377 52.438 377 12 2,595 854 303 12 2,595 854 303 2,763 1,016 406 2.763 1.016 406 85,653 15,564 101,217 100.645 100,645 Trustses None of the Trustees lor any persons connected with them) received any remuneration 01 benefits from Ihe charity during the ye3r12021 £JVi4. Employeès There were no amployees during the current or prior year. Nèt gains on investments 2022 2021 Revaluation ol investments Gain on sale of investments 1,301,344 251,965 5.548,116 1.553.309 5.548,116 -20-
THE FYRISH FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 10 Tangible fixed a55èt$ Office equipment Cost At 1 January 2022 1.168 Al 31 De¢ember 2022 1,168 Depreciation and impairmènt At 1 January 2022 1.168 Al 31 December 2022 1,168 Carrying amount Al 31 Decembèi 2022 At 31 December 2021 11 Fixed asset Investments Listed investments Cost or valuation At 1 January 2022 Additions Valuation change5 Oisposals 36.744.878 11.237.600 1.301.344 19.283.469) Al 31 December 2022 40.000.353 Carrying amount At 31 December 2022 40.000,353 At 31 Decembei 2021 36.744,878 12 Debtors 2022 2021 Amounts falling due within orhe yèar.. Olher debtors 955.079 737.600 Other debtois represent dividends receivable on inveslmenls. These are dividends that are declared but not yel received as at the year end. 21
THE FYRISH FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 13 Creditors.. amounts falling due within one year 2022 2021 Trade creditors Grants payable Accruals 7,950 670,773 15.120 8,100 363,348 12.795 693.843 384.241 14 Creditors= amounts falling due after morè than one year 2022 2021 Grants payablè 327,342 366.003 15 Contingent liabilities Thè Foundation has reclaimed gift aid in relation lo donations received from a TIu5tee in prior financial years. Al the year end there wa5 an ongoing enquiry by HMRC into gift aid clairned of £7.506,000. Whilst no final decision has been made by HMRC, the Irustees are of the view that the gift aid has been validly daimed. A contingent liability has howevei been disclosed in the event Ih8t any possible repayment lo HMRC Is required. 16 Related party transactions The related pariy transactions in the year have taken pla¢e at am's length. During thè year Murdoch Murchison, a Trustee of the Foundalitsn donated £6,000.00012Q21 £Ni4. Included within fixed assel investments is a £16,163,92012021 £18.468. 7691 investment in the Killearn Global Equity Ilrelandl FLJnd. the fund advisoi ol which is Kiltearn Partners LLP. During the year ended 31 Decetnber 2022, MurLloch Muichison was a partner in Kiltearn Partners LLP and at the year end he owned a minority interest in Killeam Limited, the corporale member ol Kiltearn Partners LLP. Murdoch Murchison doe5 not hold a controlling inteiesl In either Killearn Limited or Kiltearn Partners LLP. Included within other debtors ale dividends declared bul not yet feceived of £299.31712027 £277,3051 from the Kiltearn Global Equity Ilrelandl Fund. Duiin9 the year the Foundation received £34,80012021 £30.960) of services from Azets Gareth Magee, one of the Foundation's Trustees. Is an employee of Azets Al the balance sheel date there was a balance ol £7,95012021 £8. 7001 owed to Azets. -22-
THE FYRISH FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 17 Cash gènerated from operations 2022 2021 Surplu5 for Ihe year 6.697.221 4,821,316 Adiustmenls for.. Investment income recognised in stalemenl of financial activities Gain on disposal of investments Fair value gains and losses on Investments Dépieciab'on and impairment of langiblÉ fixed assets 1955,0791 1251,9651 11.301,3441 15,548,116) 1737,6001 Movements in working capital.. Iln¢reasel in debtors Increase in creditors 1217.4791 270,941 183,3621 509.518 Cash generated fromllabsorbed by) operations 4,242.295 11,038,231) -23-