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 st￿et
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 prodU￿d 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 Practi￿1.
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 fi￿ancial 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 p￿pared 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 reqUI￿d 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 a￿ayS 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 con￿alment 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 b￿InnIng 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 con￿rn 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 De￿rnber 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
dep￿ciatIon 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 p￿sent
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-