OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← The Fyrish Foundation

2023-12-31-accounts

Charity registration number 1170583

THE FYRISH FOUNDATION CIO

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE FYRISH FOUNDATION CIO

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Murdoch Murchison - Chairperson
Duncan MacLean
Gareth Magee
Professor Patricia McCulloch
Secretary Calum Mitchell
Charity number 1170583
Correspondence address c/o Dickson Minto
Level 4, Dashwood House
69 Old Broad Street
London
EC2M 1QS
Auditor BDO LLP
Citypoint
65 Haymarket Terrace
Edinburgh
EH12 5HD
Bankers Handelsbanken
5th Floor
Waverley Gate
2-4 Waterloo Place
Edinburgh
EH1 3EG

THE FYRISH FOUNDATION CIO

CONTENTS

Page
Trustees' report 1 - 6
Independent auditor's report 7 - 11
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15 - 24

THE FYRISH FOUNDATION CIO

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report and financial statements for the year ended 31 December 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s constitution, the Charities Act 2011 and the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102).

The Trustees confirm that they have taken due regard of the Charity Commission's general guidance on public benefit.

Administrative details

The Fyrish Foundation ("the Foundation”) is a Charitable Incorporated Organisation (CIO) which was registered with the Charity Commission for England and Wales on 6 December 2016.

The Foundation’s registered charity number is 1170583.

Objectives and activities

The Foundation’s objective is ”to advance such charitable purposes (according to the law of England and Wales) as the Trustees see fit from time to time, where such purposes are pursued in accordance with Christian teaching.” The Foundation’s main priorities, for the public benefit, are:

The Trustees receive applications requesting support from various organisations and these applications are considered periodically at Trustee meetings. Decisions are made in line with the Foundation’s constitution.

The Trustees have put a process in place to regularly monitor supported projects. This monitoring ensures that outcomes are in line with approved applications. In addition, it forms part of the process of assessing continuing support for multi-year grants.

The Trustees regularly review the Foundation’s objectives and activities and are satisfied that the objectives are being achieved. The Foundation is fulfilling, and will continue to fulfil, its charitable purposes by awarding grants on a regular and continuing basis.

Grant making policy

The Foundation receives applications to support both revenue and capital costs. Grants are made either by means of a single payment, or in instalments, or as multi-year grants and may be conditional on progress against project milestones. The size of grants awarded is at the discretion of the Trustees.

The Trustees consider it prudent, for the time being, to operate a venture philanthropy type model and an openapplication system. This allows the Foundation space both to consider applications and to research specific areas of need that are in line with its charitable objects to assess where the Foundation can have maximum impact.

THE FYRISH FOUNDATION CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance

Since inception, the Foundation has awarded grants as follows:

Year Number of grants Value of grants
2017 - -
2018 6 £75,000
2019 3 £339,418
2020 20 £666,402
2021 28 £1,363,755
2022 69 £1,757,802
2023 49 £2,745,458
Total £6,947,835

In the year ended 31 December 2023 the Foundation awarded a total of forty-nine grants totalling £2,745,458, which the Trustees are pleased to report is a significant increase on the total awarded in the previous reporting period.

Grants have been awarded across a number of the Foundation’s charitable objectives, including; the prevention or relief of poverty, the advancement of religion, the advancement of health or saving lives, community development and overseas aid and covering a mixture of both core costs and capital expenditure.

Supported organisations have been engaged in multiple areas of work, including but not limited to; youth work, prevention of homelessness, combatting the effects of poverty and unmanageable debt, counselling and support for victims of abuse, community development and humanitarian aid in Ukraine.

The following are examples of organisations and projects supported in the year ended 31 December 2023;

Bethany Christian Trust

The Foundation awarded a new three-year grant to support core costs for Bethany Christian Trust’s work in establishing ‘Grace House’ which will provide supported residential accommodation for women coming out of homelessness in the Glasgow area.

International Justice Mission (IJM)

The Foundation awarded a further one-year core costs grant to IJM in support of it's ‘European Anti-Trafficking Programme’. IJM is seeking to disrupt cross-border trafficking of women from Eastern Europe into prostitution in Western Europe. It is doing this through building better links with law enforcement agencies in source and destination countries.

Mary's Meals

The Foundation awarded a three-year grant toward the core costs of Mary’s Meals school feeding programme in Kenya

Mission Aviation Fellowship

The Foundation awarded a new single-year grant to cover the deposit on a new Cessna Caravan airplane as part of Mission Aviation Fellowship’s fleet renewal programme. The new plane will continue the provision of services to the most isolated communities around the world.

Sparkle Sisters

The Foundation awarded a further three-year grant to support core costs for a project manager and project worker staff posts. Sparkle Sisters seek to support women who have in some way been affected by homelessness.

Ferrywell Youth Project

The Foundation awarded a further three-year grant to support additional staffing capacity for a project worker and an administrator. Ferrywell Youth Project works in a number of North Edinburgh schools providing support for children and young people

THE FYRISH FOUNDATION CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Junction 42

The Foundation awarded a three-year grant to support the delivery of Junction 42’s “Stories of Hope” programme throughout Scottish prisons. Junction 42 is a charity which seeks to see the lives of offenders and their communities visibly transformed by Hope.

Freedom Network International

The Foundation awarded a new single-year grant to cover core and capital costs in establishing the Good Shepherd therapy centre at Jeedimetla, Secunderabad, India and to support running costs in year one. The therapy centre will provide support for 20-30 children with varying disabilities each month.

Shared Hope

The Foundation awarded a new three-year grant to cover core and capital costs associated with projects covering education, outreach and vocational training across Uganda, India, Madagascar & Kenya.

Fields of Life Trust

The Foundation awarded a single-year grant towards the capital costs of constructing a new Early Childhood Development Centre in Northern Uganda.

Lumos Foundation

The Foundation awarded a single-year grant to support the work of Lumos in providing assistance to Ukrainian refugees in Moldova.

The Haven

The Foundation awarded a single-year grant to support the work of The Haven in providing rehabilitation services for people who have been living with drug or alcohol addiction in Scotland.

Caring for Life

The Foundation awarded a single-year grant towards the capital costs of providing a new multi-purpose meeting space for their work with vulnerable people.

The Foundation awarded a further thirty-six grants across a wide range of organisations both in the UK and further afield.

Financial review

At 31 December 2023 the Foundation held investments of £30,818,293 ( 2022 £40,000,353) and cash in the bank of £27,350,336 ( 2022 £15,641,958).

At 31 December 2023 the Foundation had £60,406,406 ( 2022 £55,576,205) of unrestricted funds which will be used to meet the Foundation's objectives.

Going concern

The Foundation has a healthy net assets position and at the balance sheet date held an investment portfolio valued at £30,818,293 ( 2022 £40,000,353 ) and cash balances totalling £27,350,336 ( 2022 £15,641,958 ). The Foundation’s most significant expenditure is grants awarded which for the year totalled £2,745,458 ( 2022 £1,757,802 ). The Foundation’s reserves ensured that grant-making commitments were fully covered at all times.

The Trustees have prepared budgets and cash flow projections for the years ended 31 December 2024 and 2025. These budgets and projections show that the Foundation will continue to have adequate resources to meet its obligations for the foreseeable future.

The Trustees consider that even with a severe recession the Foundation will still have significant net assets to be able to meet all commitments as they fall due for at least 12 months from the date of approval of these statements.

Based on the above the Trustees consider the Foundation to have sufficient resources to continue as a going concern and accordingly the financial statements have been prepared on a going concern basis.

THE FYRISH FOUNDATION CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Reserves policy

The Trustees ensure that the Foundation has sufficient reserves to meet all operating costs and to award grants in the furtherance of its objectives. The reserves requirement is reviewed on a regular basis.

Investment policy and performance

During the year ended 31 December 2023 the Foundation was invested in three different equity funds. The investment portfolio held has an emphasis on long term capital appreciation which spreads the portfolio’s investment risk and ensures that the investments are not overly focussed on one area of the market. The Trustees monitor the performance of the investments to satisfy themselves that the returns and growth continue to be acceptable.

During the year ended 31 December 2023, £16,715,229 was redeemed in full from the Kiltearn Global Equity (Ireland) Fund. Of the funds redeemed £3,400,000 was reinvested in the remaining equity funds held by the Foundation.

The Trustees receive regular investment updates and are satisfied that returns on the sums invested are in line with expectations.

Risk management

The Trustees have a risk management strategy in place, which is designed to identify and record any significant risks, allocate responsibility for mitigating these and monitor the processes put in place to mitigate these risks.

The principal risks and uncertainties facing the Foundation are related to investment market risk. The Trustees keep these risks under regular review and take appropriate action to mitigate these risks. Investment market risk is mitigated by the Foundation investing in a number of different equity funds.

Plans for future periods

The Foundation continues to receive applications and to make grant awards in line with the Foundation's objectives to a range of organisations. The Foundation continues to develop its grant making infra-structure and is working toward the delivery of an online application platform. It is also actively engaged in researching areas, in line with its charitable objectives, into which it will make grants in years to come.

Grants awarded in 2024 up to the date of reporting are as follows:

Organisation Grants
Edinburgh City Mission £5,000
Edinburgh City Mission £103,793
International Justice Mission £140,000
Prison Fellowship Scotland £10,000
Streams Studio £30,000
St Paul & St George's Church £3,400
International Justice Mission £5,000
YMCA Tayside £30,000

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

Year Number of grants Commitments
2024 23 £969,796
2025 11 £523,630
2026 2 £200,000
Total £1,693,426

THE FYRISH FOUNDATION CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management

The governing document of the Foundation is its constitution dated 15 November 2016.

The Board of Trustees comprises four Trustees and has been served during the reporting period by the Foundation secretary.

The Trustees meet regularly to discuss the operations of the Foundation and to ensure that the management of the Foundation is appropriate. No decisions can be taken unless a quorum of Trustees is present. In the case that there is an equal vote, the chair of the meeting has the casting vote. Management accounts are produced quarterly and are reviewed by the Trustees along with regular investment updates.

The Trustees are responsible for everything the Foundation does. However, to ensure that the Foundation is managed effectively, the Trustees have delegated some day-to-day decisions to the Secretary.

The Trustees are not remunerated for their services.

Recruitment and appointment of new Trustees

The requirement for additional Trustees is kept under regular review at Trustee meetings. During the year ended 31 December 2023 the Trustees were satisfied that the current team provides the necessary skills and experience, and no additional Trustees are required at this time.

Related parties

The Foundation was invested in the Kiltearn Global Equity (Ireland) Fund which is a fund managed by Kiltearn Partners LLP. During the year ended 31 December 2023 one of the Foundation’s Trustees, Murdoch Murchison, was a partner in Kiltearn Partners LLP. The Foundation incurred investment management fees relating to this investment which are deducted from the funds and paid to Kiltearn Partners LLP. These fees are based on Kiltearn Partners LLP’s standard fee scale. The Trustees have reviewed and approved the investment, including fees. At 31 December 2023 the Foundation was fully divested from the Kiltearn Global Equity (Ireland) Fund.

Azets provides financial and accounting services to the Foundation. During the year ended 31 December 2023 one of the Foundation’s Trustees, Gareth Magee, was employed by Azets.

Brodies LLP provides legal advice to the Foundation. During the year ended 31 December 2023 one of the Foundation’s Trustees, Duncan MacLean, was a partner in Brodies LLP.

THE FYRISH FOUNDATION CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Statement of Trustees' responsibilities

The Trustees are aware that they are responsible for preparing the Trustees’ Annual Report and Accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires them to prepare accounts for each financial period which give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The trustees understand they are responsible for:

The Trustees' report was approved by the Board of Trustees.

Murdoch Murchison - Chairperson

Trustee

Date: 07 June 2024

THE FYRISH FOUNDATION CIO

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE FYRISH FOUNDATION CIO

Opinion

In our opinion, the financial statements:

We have audited the financial statements of The Fyrish Foundation CIO (”the Charity”) for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Charity in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the

relevant sections of this report.

THE FYRISH FOUNDATION CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FYRISH FOUNDATION CIO

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Trustees Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion;

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether clue to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

THE FYRISH FOUNDATION CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FYRISH FOUNDATION CIO

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Non-compliance with laws and regulations

Based on:

we considered the significant laws and regulations to be the UK tax legislation, Charities Act 2011, and the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102).

THE FYRISH FOUNDATION CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FYRISH FOUNDATION CIO

Our procedures in respect of the above included:

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of controls.

Our procedures in respect of the above included:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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

THE FYRISH FOUNDATION CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FYRISH FOUNDATION CIO

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

10 June 2024 .........................

BDO LLP (Senior Statutory Auditor) For and on behalf of BDO LLP, Statutory Auditor Edinburgh, UK

is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE FYRISH FOUNDATION CIO

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023

**Unrestricted ** Unrestricted
funds funds
2023 2022
Notes £ £
Income and endowments from:
Donations - 6,000,000
Bank interest 518,331 47,852
Investments 3 779,637 955,079
Gift Aid income 3,250,000 -
Total income 4,547,968 7,002,931
Expenditure on:
Charitable activities 4 2,895,857 1,859,019
Net gains on investments 9 3,178,090 1,553,309
Net movement in funds 4,830,201 6,697,221
Fund balances at 1 January 2023 55,576,205 48,878,984
Fund balances at 31 December 2023 60,406,406 55,576,205

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE FYRISH FOUNDATION CIO

BALANCE SHEET

AS AT 31 DECEMBER 2023

Notes
Fixed assets
Tangible assets
10
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
14
Net assets
Income funds
Unrestricted funds		 2023
£
£
-
30,818,293
30,818,293
4,029,637
27,350,336
31,379,973
(917,054)
30,462,919
61,281,212
(874,806)
60,406,406
60,406,406
60,406,406		 2022
£
£
-
40,000,353
40,000,353
955,079
15,641,958
16,597,037
(693,843)
15,903,194
55,903,547
(327,342)
55,576,205
55,576,205
55,576,205

The financial statements were approved by the Trustees on 07 June 2024

Murdoch Murchison - Chairperson Trustee

THE FYRISH FOUNDATION CIO

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
17
Investing activities
Purchase of investments
Proceeds from disposal of investments
Net cash generated from/(used in)
investing activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
2022
£
£
£
£
(1,606,851)
4,459,774
(3,400,000)
(10,500,000)
16,715,229
9,535,434
13,315,229
(964,566)
-
-
11,708,378
3,495,208
15,641,958
12,146,750
27,350,336
15,641,958

THE FYRISH FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

The Fyrish Foundation CIO is a Charitable Incorporated Organisation incorporated in England and Wales and governed by a constitution dated 6 December 2016. It is registered with the Charity Commission under charity number 1170583. The registered office is care of Dickson Minto, Level 4, Dashwood House, 69 Old Broad Street, London, EC2M 1QS.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's constitution, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements 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 include the revaluation of investments. The principal accounting policies adopted are set out below.

1.2 Going concern

The financial statements have been prepared on the going concern basis. The anticipated income from donations, together with existing reserves, will be sufficient to meet the charity's ongoing commitments for the foreseeable future.

The Foundation has a material investment portfolio and cash balance valued at £30,818,293 ( 2022 £40,000, 353) and £27,350,336 ( 2022 £15,641, 958) respectively at the balance sheet date. The most significant expenditure of The Foundation was that of the grants payable which for the year total £2,745,458 ( 2022 £1,757, 802).

The Foundation has a healthy net assets position and the trustees have prepared budgets and cash flow projections for the period to 31 December 2025. These budgets and projections show that the Foundation will continue to have adequate resources to meet its obligations for the foreseeable future.

This assessment of going concern includes the impact of the current inflationary pressures and global economic uncertainties impacting on investments. The Trustees are satisfied that it has adequate resources to continue to operate for the foreseeable future.

1.3 Funds structure

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

1.4 Income

All income is recognised once the CIO has entitlement to the resources, it is probable that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount.

Investment income comprises dividends generated by the Foundation's investment portfolio. Interest received comprises bank interest credited on the existing bank balance. These are recognised in the SOFA when receivable.

THE FYRISH FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Depreciation charges are allocated on the portion of the asset’s use.

When a grant commitment is made, the liability is reflected in the financial statements in full for the duration of the grant.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation 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 33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference 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 at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original 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 Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE FYRISH FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

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

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant areas of judgement or assumptions that affect items in the financial statements with respect to the next reporting period.

3 Investment income

Dividends - UK Equities
Dividends - Overseas Equities		 2023
£
490,491
289,146
779,637		 2022
£
395,396
559,683
955,079

THE FYRISH FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

4 Charitable activities

Grants payable (see note 5)
Share of support costs (see note 6)
Share of governance costs (see note 6)		 2023
£
2,745,458
132,573
17,826
2,895,857		 2022
£
1,757,802
85,653
15,564
1,859,019

THE FYRISH FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

5 Grants payable

Grants payable
Grants awarded Support costs Total
2023 2023 2023
£ £ £
Abernethy Trust 50,000 2,414 52,414
Barmouth Oasis Community Group Ltd 15,000 724 15,724
Bethany Christian Trust 600,000 28,971 628,971
Broadmead Community Church 30,000 1,449 31,449
Caring for Life 20,000 966 20,966
Catalyst Vineyard Church 45,000 2,173 47,173
Christ Church Creekmoor 45,000 2,173 47,173
CRiBS 10,000 483 10,483
Crossreach 32,000 1,545 33,545
Cumbernauld Vineyard Church 10,000 483 10,483
Cyrenians 21,500 1,038 22,538
Doctors of the World 20,000 966 20,966
Dornoch Free Church of Scotland 30,000 1,449 31,449
Elder Memorial Free Church of Scotland 30,000 1,449 31,449
Emmaus Transformation Trust Ltd 10,000 483 10,483
Ferrywell Youth Project 102,000 4,925 106,925
Fields of Life Trust 67,627 3,266 70,893
Freedom Network International 87,756 4,238 91,994
Gateway Church Barnsley 3,700 179 3,879
Generation Hope 10,000 483 10,483
Holy Trinity Wester Hailes 75,900 3,665 79,565
International Justice Mission 145,000 7,002 152,002
Inspire Foundation 10,000 483 10,483
Junction 42 90,000 4,346 94,346
Kick London 214,000 10,334 224,334
KidsOR 9,750 471 10,221
Lumos Foundation 30,000 1,449 31,449
Mary's Meals 300,000 14,486 314,486
Mission Aviation Fellowship UK 163,940 7,916 171,856
Morphe Arts 21,000 1,014 22,014
Pecan 10,000 483 10,483
Quiet Waters 10,000 483 10,483
Relational Hub 5,000 241 5,241
Shared Hope 75,000 3,622 78,622
Snowdon Trust 25,000 1,207 26,207
Sparkle Sisters 129,000 6,229 135,229
St Margaret's Somerset Hospice 5,000 241 5,241
St Paul & St Georges Church 2,300 111 2,411
Strongbones Children's Charitable Trust 12,985 627 13,612
The Abbey Church of Dunfermline 15,000 724 15,724
The British & Foreign Bible Society 10,000 483 10,483
The C3 Church 10,000 483 10,483
The Haven Kilmacolm 20,000 966 20,966
The Parish Trust 10,000 483 10,483
Transforming Lives for Good 27,000 1,304 28,304
Village Church 20,000 966 20,966
Welcome Churches 5,000 241 5,241
Wonder Foundation 15,000 724 15,724
YMCA Exeter 10,000 483 10,483

THE FYRISH FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

5 Grants payable

Grants payable
Youthscape		 30,000
2,745,458		 (Continued)
1,449
31,449
132,573
2,878,031		 (Continued)
1,449
31,449
132,573
2,878,031
2,878,031

Support costs are based upon the proportion of the grant awarded versus total grants.

Grants awarded Support costs Total
2022 2022 2022 2022
£ £ £
Abernethy Trust 10,000 487 10,487
Alpha International 160,000 7,796 167,796
Barnabus 20,000 975 20,975
Bethany Christian Trust 400,000 19,493 419,493
Bible Reading Fellowship 10,000 487 10,487
Caring for Life 10,000 487 10,487
Christ Church Creekmoor 20,000 975 20,975
City Evangelical Church 4,500 219 4,719
Edinburgh City Mission 104,697 5,102 109,799
Ferrywell Youth Project 2,000 97 2,097
Freedom Network International 35,745 1,742 37,487
Gateway Church 1,500 73 1,573
Grace Church Leith 5,000 244 5,244
Grassmarket Community Project 10,000 487 10,487
Healthy Living Project 10,000 487 10,487
Hebron Trust 13,500 658 14,158
Home for Good 10,000 487 10,487
Holy Trinity Church 15,000 731 15,731
Hope Church Coatbridge 55,000 2,680 57,680
Holy Trinity Wester Hailes 4,000 195 4,195
Hope to Oban 1,000 49 1,049
International Justice Mission 320,000 15,593 335,593
Just Caring 1,000 49 1,049
Killin Church of Scotland 1,000 49 1,049
MACS 10,000 487 10,487
Make Them Smile 14,700 716 15,416
MINE 1,000 49 1,049
Malawi Fruits 49,000 2,388 51,388
Mission Aviation Fellowship 100,000 4,873 104,873
Mission Without Borders 40,000 1,949 41,949
Newquay Evangelical Church 11,000 536 11,536
Niddrie Community Church 6,160 300 6,460
Oriel Ministries 1,000 49 1,049
Operacion San Andres 15,000 731 15,731
Pecan 10,000 487 10,487
Poolewe & Aultbea Church 32,000 1,559 33,559
Prison Fellowship Scotland 62,000 3,021 65,021
Rock Community Church 4,000 195 4,195
Salvation Army 5,000 244 5,244
Sanctuary Foundation 50,000 2,436 52,436

THE FYRISH FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

5
Grants payable
Shared Hope
Southmead Project
St Columba's
Sunny Days Children Fund
The C3 Church
The Feast
The Emmanuel Group of Churches
The Harbour
The Royal Trinity Hospice
Time Norfolk
Wellspring Family Centre		 28,000
10,000
24,000
11,000
10,000
3,000
10,000
10,000
5,000
2,000
10,000
1,757,802		 (Continued)
1,364
29,364
487
10,487
1,169
25,169
536
11,536
487
10,487
146
3,146
487
10,487
487
10,487
244
5,244
97
2,097
487
10,487
85,653
1,843,455		 (Continued)
1,364
29,364
487
10,487
1,169
25,169
536
11,536
487
10,487
146
3,146
487
10,487
487
10,487
244
5,244
97
2,097
487
10,487
85,653
1,843,455
1,843,455

6 Support costs

Support costs
Audit fees
Accountancy
Bookkeeping
Legal, professional and
consultancy fees
Bank charges
IT Software subscriptions
Other subscriptions
Advertising and
marketing
Other costs		 Support
costs
Governance
costs
£
£
-
13,626
-
4,200
38,194
-
86,298
-
389
-
5,405
-
1,251
-
162
-
874
-
132,573
17,826		 2023
£
13,626
4,200
38,194
86,298
389
5,405
1,251
162
874
150,399		 Support
costs
Governance
costs
£
£
-
12,564
-
3,000
31,800
-
49,100
-
568
-
2,763
-
1,016
-
-
-
406
-
85,653
15,564		 2022
£
12,564
3,000
31,800
49,100
568
2,763
1,016
-
406
101,217

7 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year ( 2022 £Nil ).

Calum Mitchell (trading as CMA) received £72,498 in consultancy fees for acting as secretary during the year (2022 £49,100).

8 Employees

There were no employees during the current or prior year.

THE FYRISH FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

9
Net gains on investments
Revaluation of investments
Gain on sale of investments		 2023
£
2,929,836
248,254
3,178,090		 2022
£
1,301,344
251,965
1,553,309

10 Tangible fixed assets

Office equipment
£
Cost
At 1 January 2023 1,168
At 31 December 2023 1,168
Depreciation and impairment
At 1 January 2023 1,168
At 31 December 2023 1,168
Carrying amount
At 31 December 2023 -
At 31 December 2022 -
11 Fixed asset investments
Listed
investments
£
Cost or valuation
At 1 January 2023 40,000,353
Additions 4,355,079
Valuation changes 2,929,836
Disposals (16,466,975)
At 31 December 2023 30,818,293
Carrying amount
At 31 December 2023 30,818,293
At 31 December 2022 40,000,353

THE FYRISH FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

12 Debtors

Debtors
Amounts falling due within one year:
Dividends receivable
Other debtors		 2023
£
779,637
3,250,000
4,029,637		 2022
£
955,079
-
955,079

Dividends receivable on investments of £779,637 (2022 £955,079) are dividends that are declared but not yet received as at the year end.

Also included in other debtors is £3,250,000 (2022 £Nil) for a Gift Aid claim submitted to HMRC which has not yet been received.

13 Creditors: amounts falling due within one year

Trade creditors
Grants payable
Accruals		 2023
£
9,150
890,684
17,220
917,054		 2022
£
7,950
670,773
15,120
693,843

14 Creditors: amounts falling due after more than one year

2023 2022
£ £
Grants payable 874,806 327,342

15 Contingent liabilities

The Foundation has reclaimed gift aid in relation to donations received from a Trustee in prior financial years. At the year end there was an ongoing enquiry by HMRC into historic gift aid claimed of £7,506,000. Whilst no final decision has been made by HMRC, the trustees are of the view that the gift aid has been validly claimed. A contingent liability has however been disclosed in the event that any possible repayment to HMRC is required.

THE FYRISH FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

16 Related party transactions

The related party transactions in the year have taken place at arm's length.

During the year Murdoch Murchison, a Trustee of the Foundation donated £Nil ( 2022 £6,000,000 ).

Included within fixed asset investments is a £Nil ( 2022 £16,163, 920) investment in the Kiltearn Global Equity (Ireland) Fund, the fund advisor of which is Kiltearn Partners LLP. During the year ended 31 December 2023, Murdoch Murchison was a partner in Kiltearn Partners LLP and at the year end he owned a minority interest in Kiltearn Limited, the corporate member of Kiltearn Partners LLP. Murdoch Murchison does not hold a controlling interest in either Kiltearn Limited or Kiltearn Partners LLP. Included within other debtors are dividends declared but not yet received of £Nil ( 2022 £299, 317) from the Kiltearn Global Equity (Ireland) Fund.

During the year the Foundation received £42,394 ( 2022 £34, 800) of services from Azets. Gareth Magee, one of the Foundation's Trustees, is an employee of Azets. At the balance sheet date there was a balance of £9,150 ( 2022 £7, 950) owed to Azets.

During the year the Foundation received £4,200 ( 2022 £Nil ) of services from Brodies LLP. Duncan MacLean, one of the Foundation's Trustees, is an employee of Brodies LLP.

17 Cash generated from operations 2023 2022
£ £
Surplus for the year 4,830,201 6,697,221
Adjustments for:
Investment income recognised in statement of financial activities (779,637) (955,079)
Gain on disposal of investments (248,254) (251,965)
Fair value gains and losses on investments (2,929,836) (1,301,344)
Movements in working capital:
(Increase) in other debtors (3,250,000) -
Increase in creditors 770,675 270,941
Cash (absorbed by)/generated from operations (1,606,851) 4,459,774