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← The Fyrish Foundation

2024-12-31-accounts

Charity registration number 1170583

THE FYRISH FOUNDATION CIO

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 - 7
Independent auditor's report 8 - 12
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 25

THE FYRISH FOUNDATION CIO

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report and financial statements for the year ended 31 December 2024.

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 2024

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
2024 57 £1,477,361
Total £8,425,196

In the year ended 31 December 2024 the Foundation awarded a total of fifty-seven grants totalling £1,477,361. During the year the remaining unapid portion of a multi-year grant which was awarded in 2021 to Rock Community Church was cancelled. The result of this was a reduction in the grants payable figure recognised for the year to £1,365,298.

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 2024;

Blythswood Care

The Foundation awarded a new single-year grant to support core costs for Blythswood Care’s work with partner organisations in Ukraine to support internally displaced people (IDP).

This project provides critical humanitarian aid, including WASH (water, sanitation and hygiene), medical supplies, shelter, food security and cash assistance. It enables communities to be in receipt of Survivor Community Lead Response grants (SCLR) which provide humanitarian assistance, and have a particular focus on psychological programmes, helping IDP’s, and local people who have lost their livelihoods cope with trauma.

Alpha International

The Foundation awarded a further three-year grant to support core costs for Alpha’s work in prisons across the UK.

Alpha is a series of group conversations that freely explore the basics of the Christian faith in an open, friendly environment.

International Justice Mission (IJM)

The Foundation awarded a further single-year grant to IJM in support of it's ‘European Anti-Trafficking Programme’.

IJM is seeking to disrupt cross-border trafficking of women, into prostitution and modern-day slavery, from Eastern Europe to Western Europe and is doing this through building better links with law enforcement agencies in source and destination countries. The Foundation’s grant is for core costs to support staff posts.

Edinburgh City Mission

The Foundation awarded a further three-year grant to support a full-time staff post for the Food+ Team which works with seven partner churches across Edinburgh to provide fresh and non-perishable food and toiletries as well as individual support to people living in difficult circumstances as food poverty continues to worsen.

THE FYRISH FOUNDATION CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Edinburgh City Mission

Additionally, the Foundation awarded a small single year grant to support the running of the Carevan operated by Edinburgh City Mission and Bethany Christian Trust. The Carevan provides hot food at locations across Edinburgh to people experiencing homelessness.

Freedom Network International

The Foundation awarded a further single-year grant to cover core and capital costs for the Good Shepherd Therapy centre in Hyderabad.

This project supports marginalised children, many with disabilities, and their families. The capital cost portion of the grant will help the organisation implement upgrades to achieve accreditation by the Institute of Community Health Workers, and the core costs portion of the grant will help facilitate 10 satellite centres in rural communities as part of their hub and spoke health care model.

Holy Trinity Wester Hailes

The Foundation awarded a further three-year grant to support the Christians Against Poverty (CAP) debt centre in Wester Hailes, Edinburgh which is run by Holy Trinity Church.

The CAP programme helps people living with unmanageable debt. At time of award the organisation had helped 48 clients write off or repay £616,000 of debt in the previous three years. In additional to the small staff team, this work benefits from, and is enabled by, approximately 4,800 hours of volunteer time annually.

Good Faith Foundation

The Foundation awarded a new single-year grant to support the coordination of the Warm Welcome campaign over the coming twelve months.

The Warm Welcome Campaign exists to unlock the power of community spaces to create a more deeply connected society. Established in 2022 as a response to the Cost of Living Crisis after a meeting between Rt Hon Gordon Brown and church leaders, the Campaign has developed a thriving network of 4000 community Warm Welcome Spaces of all kinds – faith groups, libraries, community centres, sports clubs, theatres, cafes and many more.

Sputnik – Church Central Birmingham

The Foundation awarded a new three-year grant to cover core costs to support Sputnik which is an arts initiative established by Churchcentral in Birmingham.

Sputnik: Faith & Arts is a network of Christian artists. We believe that the arts are a crucial area of human experience: a key contributor to people’s wellbeing and an important tool in our quest for meaning. We would view Christian practice in the arts as an extension of Jesus’ core command to ‘love our neighbour’ and that this area is one in which the evangelical church in the UK could be playing a much more active and fruitful role.

Niddrie Community Church

The Foundation awarded a further single-year grant towards the professional costs associated with the building project planned at the Church to help it better serve its community in Niddrie.

Transforming Lives for Good

The Foundation awarded a further two-year grant to support the organisation’s programme of works, which include the Early Intervention programme and the Make Lunch programme.

Both programmes support disadvantaged children and families facing food insecurity, poverty and social isolation.

The Foundation awarded a further forty-seven grants across a wide range of organisations both in the UK and further afield

THE FYRISH FOUNDATION CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Financial review

At 31 December 2024 the Foundation held fixed asset investments of £32,493,875 ( 2023 £30,818,293 ), short term investments of £15,000,100 (2023 £Nil) and cash in the bank of £11,789,741 ( 2023 £27,350,336 ).

At 31 December 2024 the Foundation had £61,731,777 ( 2023 £60,406,406 ) 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 £32,493,875 ( 2023 £30,818,293 ), short term investments totalling £15,000,100 (2023 £Nil) and cash balances totalling £11,789,741 ( 2022 £27,350,336). The Foundation’s most significant expenditure is grants awarded which for the year totalled £1,477,361 ( 2023 £2,745,458 ). 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 2025 and 2026. 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.

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 2024 the Foundation was invested in two 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.

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.

THE FYRISH FOUNDATION CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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 2025 up to the date of reporting are as follows:

Organisation Grants
Mission Aviation Fellowship £500,000
Kings Church Bangor £20,000
Cyrenians £30,000
The Salvation Army £30,000
Wycliffe Bible Translators £25,000
YMCA Exeter £12,800
Grassmarket Community Project £90,000
Kick London £240,000
Oriel Ministries £75,000
Try Praying £50,000
Visible Ministries £30,000
Bible Reading Fellowship £75,000
Crossreach £36,302
Ferrywell Youth Project £105,000
Friends International £20,000
The Oasis Centre £120,000
Hope to Oban £40,000
The British & Foreign Bible Society £25,000
Morphe Arts £90,000
Bethany Christian Trust £390,000
ALICE Charity £15,000
Azuko £15,000
CHESS Homeless £10,000
Generation £15,000
Helping Hands £10,000
Ladywell Baptist Church £5,000
Middle East Media £10,000
Our Sansar £15,000
Barnabus Manchester £20,000
Broadmead Community Church £20,000
CRiBS £30,000
Ferrywell Youth Project £990
Just-Ice Poynton £10,000
Open Door Exmouth £10,000
PEACE £5,000
Plan International £30,000
Employers NI grants £115,000
Caring for Life £30,000
Caring for Life £20,000
Fields of Life £240,000
Grace Church Leith £15,000
Hope Church Leith £25,000
International Justice Misison £77,870
The Recruitment Junction £36,444

Total £2,784,406

THE FYRISH FOUNDATION CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

In awarding grants the Foundation has committed to future payments as follows: Year Number of grants Commitments 2025 21 £1,228,088 2026 21 £900,463 2027 16 £763,756 Total £2,892,307

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 2024 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

Azets provides financial and accounting services to the Foundation. During the year ended 31 December 2024 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 2024 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 2024

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:

select suitable accounting policies and then apply them consistently; observe the methods and principles set out in the Charities SORP; make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and accounting estimates in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees understand they are responsible for:

keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011 and the provisions of the charity’s constitution; and

safeguarding the charity’s assets and hence taking reasonable steps for prevention and detection of fraud and other irregularities.

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

Murdoch Murchison - Chairperson

Trustee

Date: 18 September 2025

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 2024 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.

19 September 2025

.........................

BDO LLP, statutory auditor Edinburgh, UK

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

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

THE FYRISH FOUNDATION CIO

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024

**Unrestricted ** Unrestricted
funds funds
2024 2023
Notes £ £
Income and endowments from:
Bank interest 1,287,103 518,331
Investments 3 705,210 779,637
Gift Aid income - 3,250,000
Total income 1,992,313 4,547,968
Expenditure on:
Charitable activities 4 1,563,751 2,895,857
Net gains on investments 9 896,810 3,178,090
Net movement in funds 1,325,372 4,830,201
Fund balances at 1 January 2024 60,406,405 55,576,205
Fund balances at 31 December 2024 61,731,777 60,406,406

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 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets - -
Investments 10 32,493,875 30,818,293
32,493,875 30,818,293
Current assets
Debtors 11 4,041,608 4,029,637
Short term investments 15,000,100 -
Cash at bank and in hand 11,789,741 27,350,336
30,831,449 31,379,973
Creditors: amounts falling due within
one year 12 (1,021,883) (917,054)
Net current assets 29,809,566 30,462,919
Total assets less current liabilities 62,303,441 61,281,212
Creditors: amounts falling due after
more than one year 13 (571,664) (874,806)
Net assets 61,731,777 60,406,406
Income funds
Unrestricted funds 61,731,777 60,406,406
61,731,777 60,406,406

The financial statements were approved by the Trustees on 18 September 2025

Murdoch Murchison - Chairperson Trustee

THE FYRISH FOUNDATION CIO

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

2024
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
16
(561,358)
Investing activities
Short term deposits
(15,000,100)
Purchase of investments
(9,991)
Proceeds from disposal of investments
10,854
Net cash (used in)/generated from
investing activities
(14,999,237)
Net cash used in financing activities
-
Net (decrease)/increase in cash and cash
equivalents
(15,560,595)
Cash and cash equivalents at beginning of year
27,350,336
Cash and cash equivalents at end of year
11,789,741		 2023
£
£
(1,606,851)
-
(3,400,000)
16,715,229
13,315,229
-
11,708,378
15,641,958
27,350,336

THE FYRISH FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 £32,493,875 ( 2023 £30,818,293 ) and £11,789,741 ( 2023 £27,350,336 ) respectively at the balance sheet date. In addition, the Foundation has short term investments of £15,000,100 ( 2023 £Nil ). The most significant expenditure of The Foundation was that of the grants payable which for the year total £1,450,161 ( 2023 £ 2,745,458).

The Foundation has a healthy net assets position and the trustees have prepared budgets and cash flow projections for the period to 31 December 2026. These budgets and projections show that the Foundation will continue to have adequate resources to meet its obligations 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 interest credited on the existing bank balance and short term investments. These are recognised in the SOFA when receivable.

THE FYRISH FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024

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		 2024
£
403,174
302,036
705,210		 2023
£
490,491
289,146
779,637

THE FYRISH FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

4 Charitable activities

Grants payable (see note 5)
Share of support costs (see note 6)
Share of governance costs (see note 6)		 2024
£
1,365,298
179,592
18,861
1,563,751		 2023
£
2,745,458
132,573
17,826
2,895,857

5 Grants payable

Grants payable
Grants awarded Support costs Total
2024 2024 2024
£ £ £
Abernethy Trust 20,000 2,431 22,431
Alpha International 150,000 18,234 168,234
Blythswood Care 200,000 24,313 224,313
CARE 30,000 3,647 33,647
Change Tomorrow 15,000 1,823 16,823
Churches Housing Action Team 5,000 608 5,608
Cinammon Network 25,000 3,039 28,039
Compass Disability Service 2,500 304 2,804
Cure UK 20,000 2,431 22,431
Edinburgh City Mission 108,793 13,225 122,018
ELHAP 5,000 608 5,608
Ferrywell Youth Project 240 29 269
Fountain of Peace Children's Foundation UK 5,000 608 5,608
Freedom Network International 95,000 11,548 106,548
Friends of the Holy Land 5,000 608 5,608
Gateway Church Barnsley 2,500 304 2,804
Gloucester City Mission 20,000 2,431 22,431
Go Youth Trust 20,000 2,431 22,431
Good Faith Foundation 50,000 6,078 56,078
Hexham Community Church 10,000 1,216 11,216
Holy Trinity Wester Hailes 55,000 6,686 61,686
Hope in Haringey 11,658 1,417 13,075
International Health Partners 10,000 1,216 11,216
International Justice Mission 145,000 17,627 162,627
Kilmallie and Ardnamurchan Free Church 10,000 1,216 11,216
KYTHE 15,000 1,823 16,823
Lindengate 5,000 608 5,608
Little Hiccups 10,000 1,216 11,216
Livingstone Tanzania Trust 5,000 608 5,608
Lux Youth Project 10,000 1,216 11,216
Meadowhead Christian Fellowship 20,000 2,431 22,431
Newquay Evangelical Church 5,000 608 5,608
Niddrie Community Church 40,000 4,863 44,863
Open Door Colchester 2,000 243 2,243
Oswin Projects 10,000 1,216 11,216
Penny Brohn UK 21,960 2,670 24,630

THE FYRISH FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

5
Grants payable
Phase Hitchin
Prison Fellowship Scotland
Prospects Across Scotland
Provide Devon
Rock and Redeemer Vineyard Church
Sputnik - Churchcentral Birmingham
St Paul & St George's Church
St Peter's Church
Streams Studio
Teen Ranch Scotland
The Baytree Centre
The Nasio Trust
The Princes & Princess of Wales Hospice
The Soldiers' & Aviators' Scripture Readers Association
The Word for the World
Time to Talk Befriending
Transforming Lives for Good
YMCA Tayside		 5,000
12,500
10,000
10,000
15,000
48,768
3,400
3,000
30,000
30,000
20,000
10,000
5,000
15,000
5,000
2,500
57,542
30,000
1,477,361		 (Continued)
608
5,608
1,520
14,020
1,216
11,216
1,216
11,216
1,823
16,823
5,928
54,696
413
3,813
365
3,365
3,647
33,647
3,647
33,647
2,431
22,431
1,216
11,216
608
5,608
1,823
16,823
608
5,608
304
2,804
6,995
64,537
3,647
33,647
179,592
1,656,956		 (Continued)
608
5,608
1,520
14,020
1,216
11,216
1,216
11,216
1,823
16,823
5,928
54,696
413
3,813
365
3,365
3,647
33,647
3,647
33,647
2,431
22,431
1,216
11,216
608
5,608
1,823
16,823
608
5,608
304
2,804
6,995
64,537
3,647
33,647
179,592
1,656,956
1,656,956

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

A multi-year grant was awarded in 2021 to Rock Community Church for £182,779. During the year the remaining unpaid grant of £112,064 was cancelled. This gives an amended total grants payable for the year of £1,365,298.

Grants awarded Support costs Total
2023 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

THE FYRISH FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

5
Grants payable
Generation Hope
Holy Trinity Wester Hailes
International Justice Mission
Inspire Foundation
Junction 42
Kick London
KidsOR
Lumos Foundation
Mary's Meals
Mission Aviation Fellowship UK
Morphe Arts
Pecan
Quiet Waters
Relational Hub
Shared Hope
Snowdon Trust
Sparkle Sisters
St Margaret's Somerset Hospice
St Paul & St Georges Church
Strongbones Children's Charitable Trust
The Abbey Church of Dunfermline
The British & Foreign Bible Society
The C3 Church
The Haven Kilmacolm
The Parish Trust
Transforming Lives for Good
Village Church
Welcome Churches
Wonder Foundation
YMCA Exeter
Youthscape		 10,000
75,900
145,000
10,000
90,000
214,000
9,750
30,000
300,000
163,940
21,000
10,000
10,000
5,000
75,000
25,000
129,000
5,000
2,300
12,985
15,000
10,000
10,000
20,000
10,000
27,000
20,000
5,000
15,000
10,000
30,000
2,745,458		 (Continued)
483
10,483
3,665
79,565
7,002
152,002
483
10,483
4,346
94,346
10,334
224,334
471
10,221
1,449
31,449
14,486
314,486
7,916
171,856
1,014
22,014
483
10,483
483
10,483
241
5,241
3,622
78,622
1,207
26,207
6,229
135,229
241
5,241
111
2,411
627
13,612
724
15,724
483
10,483
483
10,483
966
20,966
483
10,483
1,304
28,304
966
20,966
241
5,241
724
15,724
483
10,483
1,449
31,449
132,573
2,878,031		 (Continued)
483
10,483
3,665
79,565
7,002
152,002
483
10,483
4,346
94,346
10,334
224,334
471
10,221
1,449
31,449
14,486
314,486
7,916
171,856
1,014
22,014
483
10,483
483
10,483
241
5,241
3,622
78,622
1,207
26,207
6,229
135,229
241
5,241
111
2,411
627
13,612
724
15,724
483
10,483
483
10,483
966
20,966
483
10,483
1,304
28,304
966
20,966
241
5,241
724
15,724
483
10,483
1,449
31,449
132,573
2,878,031
2,878,031

THE FYRISH FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

6 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
£
£
-
14,451
-
4,410
73,380
-
84,948
-
498
-
17,540
-
255
-
-
-
2,971
-
179,592
18,861		 2024
£
14,451
4,410
73,380
84,948
498
17,540
255
-
2,971
198,453		 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

7 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year ( 2023 £Nil ).

Calum Mitchell (trading as CMA) received £81,195 in consultancy fees for acting as secretary during the year (2023 £72,498).

8 Employees

There were no employees during the current or prior year.

9 Net gains on investments

Revaluation of investments
Gain on sale of investments		 2024
£
896,751
59
896,810		 2023
£
2,929,836
248,254
3,178,090

THE FYRISH FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

10 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 January 2024 30,818,293
Additions 789,628
Valuation changes 896,751
Disposals (10,797)
At 31 December 2024 32,493,875
Carrying amount
At 31 December 2024 32,493,875
At 31 December 2023 30,818,293

11 Debtors

Amounts falling due within one year:
Dividends receivable
Other debtors		 2024
£
705,210
3,336,398
4,041,608		 2023
£
779,637
3,250,000
4,029,637

Dividends receivable on investments of £705,210 (2023 £779,637) are dividends that are declared but not yet received as at the year end.

Included in other debtors is £3,250,000 (2023 £3.250,000) for a Gift Aid claim submitted to HMRC which has not yet been received and £86,398 (2023 £Nil) for accrued interest on short term investments which has not been recieved at the year end.

12 Creditors: amounts falling due within one year

Trade creditors
Grants payable
Accruals		 2024
£
16,740
989,453
15,690
1,021,883		 2023
£
9,150
890,684
17,220
917,054

THE FYRISH FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

13 Creditors: amounts falling due after more than one year

2024 2023
£ £
Grants payable 571,664 874,806

14 Contingent liabilities

The Foundation has reclaimed gift aid of £7,506,000 in relation to donations received from an individual in prior financial years. At the year end there was an ongoing enquiry by HMRC into the gift aid relief claimed by the individual. 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.

In addition, the Foundation has reclaimed further gift aid of £3,250,000 in relation to donations received from an individual in prior financial years. At the year end there was an ongoing standard compliance check by HMRC into this claim and the gift aid remains unpaid.

Post year end HMRC have issued discovery assessments into the gift aid claimed for the years ended 31 December 2018 and 31 December 2019 which total £4,500,000 asserting these were non-qualifying donations and should be repaid together with interest of approximately £773,872.

The Trustees remain of the opinion, and have received professional advice, that the gift aid has been validly claimed and have lodged an appeal on that basis. A contingent liability has been disclosed in the event that any possible repayment to HMRC is required.

15 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 ( 2023 £ Nil).

During the year the Foundation received £77,790 ( 2023 £ 42,394) 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 £14,220 ( 2023 £ 9,150) owed to Azets.

During the year the Foundation received £3,753 ( 2023 £4 ,200) of services from Brodies LLP. Duncan MacLean, one of the Foundation's Trustees, is an employee of Brodies LLP.

THE FYRISH FOUNDATION CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

16
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Gain on disposal of investments
Fair value gains and losses on investments
Movements in working capital:
(Increase) in debtors
(Decrease)/increase in creditors
Cash absorbed by operations		 2024
2023
£
£
1,325,372
4,830,201
(705,210)
(779,637)
(59)
(248,254)
(896,751)
(2,929,836)
(86,398)
(3,250,000)
(198,312)
770,675
(561,358)
(1,606,851)