Do¢usign Envew ID.. 89C32W1422ts8D7MO91S3DDA6A62319 Charlty reglstratlon number 1170683 (England and Walos) THE FYRISH FOUNDATION CIO ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
Docuslgn En¥el(4)e ID.. B9C32971-6LO.8D7tk8091-83DDA6A62319 THE FYRISH FOUNDATION CIO LEGAL AND ADMINISTRATIVE INFORMATION Tru$to8s Murdoch Murchlson - Chairy)erson Duncan MacLean Gareth Magee Professor Patriaa Mcculloch Foundallon secretary Calum Mf£chel Charlty nUMr 1170583 Correspondence address clo Dld(son Minlo Level 4. Dashwood House 69 Old Broad Street London EC2M 1QS Audftor BDO LLP 30 Semple Street Edinburgh EH3 8BL Bank8rs Hand81sb8nken 5th Floor Vvaverfgy Gate 24 Waterloo PlaGe Edinburgh EH13EG
E3$Jn Env8knp8 ID.. BgC329714221N8D7tN8091_B3tX)A6A82319 THE FYRISH FOUNDATION CIO CONTENTS Page Trustees. report statent of Trustees, rosponsibililies IndepeIent auditofs report 7-11 Statement of financtal activities 12 Balanc8 she8t 13 statement of cash flows 14 Notes to the financial 8latement8 15-22
Dovjglgn Env8lcpe ID.. B9C3297142204D7D4091.B3DDAGA62319 THE FYRISH FOUNDATION CIO TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustees presenl their annual and finaneial ststements for the year ended 31 December 2025. The accounts hava b88n prepared in acwrdance wlh the accounting poliaes Set out in note 1 to the accounts and eomply wrth the tharity'$ constitution, the Charities Act 2011 and the Statement of Recommended Practice ISORP) applicable lo charrties preparing their accounts in accordance Mrith the Finanaal Raporting Standard applicable in the UK and the Republic of Irfjland IFRS 102). The Trustees confirTn that they have taken due regard of the Charity Commission's g8neral gwdance on public benefit Administrative details The Fyrish Foundation I'lhe Foundation.) is a Charitable Incorporated Organisallon (CIO) which was registsred wth the Charity Commission hr Ellglsnd and Wale5 on 6 December 2016. The Foundation's registered charity number is 1170583. Oblectlves and actlvlties The Foundaliorn'$ objectwe is lo VanCe such charitable purwsos (according to Ihe law of England 8tKI Wales185 the Trustaes s8• fit from lim8 to lime, where such purpDSeS are pursuèd in accordance wlh Christian teaching.. The FourKlation's main prlorities, for the public benefit, are.. The prevention or relief of poverty The advancement of health or Saving Iwes Community development, particularty in margillalised sectior of society, and Faith bas¢d projects The Trustees receive applicatiDll8 requesting support from variou5 organisations and these applications are considered periodically al Tiustee meetings. Deasions are made In line with the Foundallon's constitution. The Trustees have put a process in place lo regularly monrtor SUPFK)rted projects. This monitoring ensures that outCOTnes are in line with approved applications. In addition, it fom)s part of the process of assessing continuing support for mufti•year grants. The Trustees regularfy review the Foundation's objectives and aCtIlieS and ar& salisfi8d that the objectives are belng achieved. The Foundation is fulfilling. and will continu8 to fulfil, its charitable purposes by awarding grants on regular and continuing basls. Grant maklng policy The Foundalion receives applications lo 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 al the discretion of the TTUStees. The Truste8s considar it prudent, for the lime being, to operate a venture philanthropy type model and an opèn- application system. This allows the Foundatr"tsn space both to consider applitstions and lo research specific areas of na&d that are In line with tts charitable objeets to assess where the Foundation can have maximum impact.
Docusign Envelop8 ID.. BSC3297q4220-807D-8091-B3DDA6A62319 THE FYRISH FOUNDATION CIO TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Achl•vements and performance Since inception, the Foundation has awarded grants as follows.. Year 2017 2018 2019 2020 2021 2022 2023 2024 2025 Number ofgrants Value ofgrants £75.000 £339,418 £666,402 £1,363,755 £1,757.802 £2,745.458 £1,477,361 £3.220.920 20 28 69 49 57 93 Total £11.646.116 In the year ended 31 DecembeT 2025 the Foundation awarded a total of ninety-three grants totslling £3.220,920. Grants have been awarded across a number of the Foundation's charitable 0tr4ectives, induding., th8 prevention or reliof of poverty, the advancement of religion. the advancement of health or saving lives. community development and overseas aid and covertng a mixture of both core costs and capital expenditure. Supwted organisations have been engaged in multiple areas of work. IndlIng bul not limited to- yOLrth work. prevention ol homelessness, combatting the effects of poverty and unmanageable debt, counselling and support for victims of abuse, community development and humanitarian aid in Ukraine. The folltiwing arè examples of organlsallons and profrcls supported In thè yèar ended 31 December 2025: Mlsslon AvlatloTh Fellowshlp- 1064598 The Foundation awarded a capital costs grant to Mlsslon Aviation Fellowshlp (MAF} during the year to assist the organi8akn.on with improvements to their operational base at Kajjansi Airfield in Uganda. MAF have been operating in Uganda since 1986 providing aviakn'on setViGes to support Iwmanilarian. develotmnent and mission organisations. As a result of climate change. rising water levels in Lake Victoria and changing weather patterns it has become necas8ary to carry out works to combat flooding that has increasingly impacted Ihe delivery of lo people in need. Bethany Chrlstlan TNst- SC003783 A further multi-year core costs giant was awarded durirwJ the year to Bethany Christian Trust lo support il in its mission 'Ending homelessness in Scotland. one person at a time." The funding wll be used across a number of programmes, induding,. homelessness prevention, crisis intervenlton, housing and supporL Addilionalty, Bethary Christian Trust was on8 of a number of e$ting grant recipients who were offered, and accepted. a onewoff grant to help miligale the impact ofthe increased employeT'S nation0] insurance contributions. Kick London - 1100072 Follwng the successful completion of a mulli-year grant the Fovndalien eonsid8r8d 8n application Irom and awarded a further mulli-year core eosts grant to Kick London. The grant wll support th6 organisalion as il expands its work into other UK regions. 'KICK provides high quality value5-based Sports Coaching. Street Dan provision. Solutions Focused Mentoring & Sports Chaplaincy within Infant, Primary, Secondary. PRU & Special Schools." Flelds of Llfe- 104839 The Foundation awarded 8 multi-year core ¢osts grant to Fields of Lrfe during the reporbng p8riod. The grant will assist with Fields of Life's 'Thrive' programme which aims to improve education, heallh and welkbeing for 5,500 Childr across 10 schools in Northern Uganda. The Foundation has previousty supported Fields of Life with a capital costs grant toward the tonstruction of Earfy Childhood D@V81opm•nl Centre al Sl steen's Musalaba Primary School in Uganda.
Do¢usign En¥Èloptr ID.. 89c329714220-8o7t8091.B3DDA6A8231g THE FYRISH FOUNDATION CIO TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Junctlon 42 - 1149813 Junotion 42 'exists to sge the lives of offenders and their communities vlslbty transfmned by hope.. Havlng supported Ihg organisation previr)usly the Foundation awarded a fvrther multi-year core costs grant lo the ongoing work with the aim of enabling Junction 42 to reach 100,000 prisoners annually and launch new Connect Communities. The Oasis Centre- 1166834 The Foundation extended a multi-year CL)re costs grant to The Oasis Centre in Gorton Manchester toward their Crisis Support Cèntre which helps people on the margin5 Vrith,. educations classes. mental heakh workshops. jobs club, 1-1 support and training. Ferrywell Youth Prol8Ct- SC045027 During the reporting perioLI the Foundation extended a further multi-year core cost grant lo Fowll Youth Project lo support stsff Costs associated with the delivery of their youth work prograrnme in the areas ol Pillon, Murihouse and Drylaw in North Edinburgh. Prlson Fellowshlp Scouand - SC002222 Tha FodatiOn awarded a further multi-year core costs grant to Prison Fellowship Scolland vtho work in all 15 prisons in Scotland and hvo Community Custody Units working in partnership wth Prison Chaplaincy. Their work aims to offer.hope to people in prison, their families and our communities. This aim is pursued through a variety of Initiatives, including,. weekly conversational Bible study groups, restorative juslicelvictim awareness courses, letter writing piogrammes. The Angel Tree Christmas grft programme for the children of men and womer) in prison and adventure holidays for the children affect by imprisonmenL The Foundation award further core and capital cost grants across a number of ¢)rganisation's whose mission is closely aligned to the Foundation for the public benefit. Flnancial review At 31 December 2025 the Foundation held fixed asset investments of £12,091,59312024 £32.493,875), short term investments rjf £48.725,440 (2024 £15.000. IOOJ and cash in th8 bank of £1.430.26312024 £11,789.7411. At 31 D8cemb8r 2025 the Foundation had £63,375,79412024 £61,731,777) of unrestrfcied funds which will be used to mèet the Foundotion's objectives. Golng conc•rn The Foundation ha8 a healthy net assets po8ltion and al the balance sheet date held an investment portfolio valued at £12,091,593 12024 £32,493,874, short term investments tolalling £48,725,440 {2024 £15,000, ttW) and cash balances totslling £1,430.26312024 £11, 789, 741J. The Foundation's most Slgnificant expenditure is grants awarded vthich for the year totslled £3,220,920 {2024 £1,477.361). The Foundats"on'8 reseNes ensured that grant-maknng commitmgnls were fully covered at all times. The Tru$lee5 have prepared budgets and cash fiow projections for the years ended 31 Decomber 2026 and 2027. These budgets and projections show that the Foundation will continue to have adèquate resources to meet its obligation5 for the foreseeable fLrture. The Trustees consider that even with a severe recession the Foundation wll still have significant net assets to be able lo meet all commitmenls as they fall due for al least 12 monlhs from the dale of approval of these statements. Based on the above the Trustees consider the Foundation to have sufficient resources to ntInUe a5 a going concem and accordingly the financial statements have been prepared on a going concem basis.
tkxu8TrJn Envefcye ID.. B9C329714220.8D7N091-83O0A&4619 THE FYRISH FOUNDATION CIO TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 R88erves pollcy The Trustees ensure that the Foundation has sufficient reserves lo meet 811 operating costs and to award grants in Ihe furtherancg of rts objects'ves. The reserves requirement is reviewed on a regular basis. Investmgnt poll¢y and perforniancg During the year anded 31 D8c8mb8r 2025 th8 Foundation rede8m8d inv8Stm8nts from hvo separatety hèld equty funds and migrated the endowment onto one investment platfonn wlh a major global bank. This simplified custody. and as a result a higher level of short term investments were held at year end. Tho investment portfolio ntinueS to be managed with ark emphasis on long-temi capital appreciation 11$1 avoiding an undu8 risk of p8rman8nt capital loss. There is also an emphasis on both diveisificalion and liquidity of assets lo pnJdenUy manage investment risk. The Twslees monitor the perfomiance of the investments lo satisfy themselves that the relums and grthvlh continue lo be acceptatrAe. The Twstees receive regular in¥eslment updales and are satisfied that returns on th8 sums inv8Sted are in lin8 Wth expectations. Risk management The Trustees have a rfsk management strategy In place. which Is designed to identlfy and record any sSgniftcant risks, allocate responsibility for mitigating these and monitor the processes put in place lo milgale these risks. The principal risks and uncertainties f8ciny the Foundation we related to investmwrt market risk. The Trustees keep these iisks under regular review and take appropriate action to mitigate these risks. Investment mwket risk is mitigated by the Foundation invosling in a number of different equity funds. Plans forfuture peTiods Th6 Foundation continues to receive applications and to make grant awards in line with lh8 Foundation's objectives lo a range of organisations. The Foundation continues to develop its grant making infra-structure arKI is working toward the delivery of an online application plattorm. 11 is also actively engaged in researching areas, in line wth ils charit8ble objectives. into which it will make grants in years to come. Grants awarded in 2026 up lo the date of reporting lotalled £3,208,490. In awardlng grants the Foundatlon has comwatted to future payments at date of reportlng as follows.. Year 2026 2027 2028 2029 Numb•r of grants 10 22 Commltments £1.071,161 £1,630,131 £517,500 £341,250 Total £3.560.042
Do¢U$n Envehwe ID.. B9c32971228D7DQ9l-B3DDA6A62315 THE FYRISH FOUNDATION CIO TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Stru¢ture* governance and manag¢mgnt The goveming document of the FOundatiC is its constitution dated 15 November 2016. The Board of Trustees comprises four Trustees and has been served during the reportiw pe0d by the Foundation secretary. The Twstees meet regulady to discuss the operations of the Foundation anfl to ensure that the management of the Foundation is appropriate. No decisions be taken unless a quorum of Tvuslees is present. In the case that Ih8r8 is an equal vola, the chair of the meeting has the casting vote. Management accounts are produced quarterty and aré reviéwed by Trustees along wth regular investment updatgs. The Truste8s ar8 responsible for everything the Foundation does. However, lo ensure that the Foundation is managed èffectively, the Truslees have delegated some daY-ldAY decisions lo the Secretary. The Trustees are not romun8rat8d lor th86r $8rvices. Recruitment and appolntment of new Trustees The requirement for additional Trustees is kept under regular review al Trustee meetings. During the year ended 31 Decernber 2025 the Trustees were satisfiod that th8 current 18am provides th& n8c8ssary skills and experience, and no additional Trustees ar& required at this limè. Relatsd parties Azels provides financial and accounting services to the Foundation. During the year er7ded 31 Decernber 2025 one of the Foundation's Trustees, Gareth Mayee, wa5 employed by Azel5. Brodies LLP provides legal odvice to the Foundation. During the year ended 31 December 2025 one of the Foundation's Trustees, Duncan MacLean, was a partner in Brodies LLP. The Truslees, report was approved by the Board ofTStee$. gmdby. MurLfoch Murthison - Chairperson Trnstee 30 July 2026 | 18.'00 BST Date..
Envelop8 ID.. 89C329714220.8D7[hw91.D0A6A823lg THE FYRISH FOUNDATION CIO STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustees are responsiblè for preparing the Tru$lees' Report and the financtal statéments In aecordance wlh applicable law and United ngdoM Awounting Standards (United Kingdom Gènerally Accepted Acwunting Practice). The law applicable to charities in England a1 Vvales requiTes the Trustses lo wepare financial statements for each financial year which give a true and fair wew of the slate of affairs of the charity and of th8 inming resources and application of iesources ofthe charity for that year. In prepartng these financ4al slatemerrts, the Trustees are required to." - select suitable accounting policies and then apply them con5islenty,' - observe the methods and prirriples in the Charities SORP.. - makejudgements and estimates that are reasonable and prudent.. - state whether applicable accounting standards have been followed. sublect to any maled81 departures dlsdosed and explained in the financial statements.. and - prepare the finarKÉal stslements ¢M the going concem basis unl&ss it is inappwpriate to presume that the charity 11 continue in opeiation. The Trustees are responsibl8 for keepiry sufficient accounting records that disdosè with reasonabl6 accuracy at any time the ffinanaI position of the charity and enable them to ensure that the financial $t?tement$ compty with the Charities Act 2011, the Charity Wccounts and Reports) Regulations 2008 and the provisions of the trust daed. They are $0 responsible lor safeguarding the assets of the chaTity aThJ henee for taking reasonable step5 for the preventron and detsction of fraud arKI other ifregularities.
THE FYRISH FOUNDATION CIO INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE FYRISH FOUNDATION CIO Oplnlon In our opinion. the finarKtal 8talemerts". give a trué and falr view of the stats of the charitys affalrs as at 31 Deeèmbèr 2025 and of il's incoming resourw, application of resources, and the cash fl¢ for the year then ended" have been propedy prepared in accordance wth United lQnglom Generally Accepted Accounting Pracbce.. and have been prepar8d in aceordanee with thè requiremènts of tha Charitias Act 2011. have audlled the financial slalements of The Fyrfsh Foundatlon CIO (e Chari} for the year ended 31 Dmber 2025 vthich compri8e of the following: Statement of ffinanaal acfivilies Balan sheet Statement of cash flow5 Notes lo the financial statements Asumma ofsi nificant accountin olicies. The finandal repong framework that has been applied In thelr preparatlon Is applicable law 8nd United Kingdom Accounling Standards. induding Financial Reporting Standard 102 The Financial Reporting Standard 8ppIic8ble in Ihe UKand Republic of118d (United Kingdom GenerallyAccepled Aeeounting Pracbcel. Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing {UK) IISAS (UK)) and applicablé law. Our responsibilities under those standards are further described in the Auditor's responsibiliiies for the audit of the finclaI statements section of our report We believe that the audit evidence we have obtained Is sufficient and approprlate to provide a basls for our Op1rOn. Independence We are independent of the charity in accordan wth the ethical requirements that are relevant lo our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fIlled our other ethical respon8ibililie$ in accordance with these [eqrernents. Conclu$lons rekting to going concèrn In auditing the financial statements. we have cOluded that the Trustees, use of th8 going concem basis of accounting in the weparation of the financAal statemen15 is appropriate. Based on the work we have perfom)ed. we have not idenhfied any malèrÈal uncertainties relating to events or condition5 that. individually or collectively. may cast signfficant doubl on the charitys ability to continue as a going eoneem for a period ofat leastiwelve monlhs from whenthefinanci81 ststements are aulhorised for issue. However. because not all future events or condrtions can b6 predicted. this statement is not a guarantee as lo the charlty's abllity lo continue as a going concem. Our reSPDnsibilities and the responsibilities of the Trustees Wth respectto going concem are described in the relevant sections of this report.
THE FYRISH FOUNDATION CIO INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FYRISH FOUNDATION CIO Othor InforniaOn The Trustees are responslble forth8 other infomi8tion. The other infom)ation eomprise$ the information induded in theAnnual Report. other than the financial stslernents and ourauditorfs reportthereon. Our opinion on the finanaal statements &)es not cover the other infomation and, except lo the extent otherwse explicily staled in our report, we do not express any fomi of assurance condusion Ihereon. Our responsibilty is lo read the other infomiats'on and, in doing so, consider whether the other Information is materfally inconsistent wth the financial statements or our knowedge obtained in the audit or otherwise appears to be materially misslaled. If we identty such rnaterial inconsistencies or apparent material misstatements, we are required to determine whether there is a rnalerial misstatemènt in Ihe finaneial statements or a material misstatement of the other infomiation. If, based orb the work we have pertormed, we conclude that there is a material misstal8m8nt of this other Infomiatl¢n, we are wuired to report that facL We hav8 nothing to r8POrt in this r8gard. Matters on whlch we are requlred to report by 8xc8ptlon We have nothing lo report in respect ofthe followng matters in relation towhich the Charities (Accounts and Reports) Regulations 2008 requires us to report to If, In our opinion. the information gNen in the Trustee's report for the finanryal year for Mthich the financial statements are prepared is inconsistent in any material respect with the financial statements,. or adequate accounting rerdS have not been kept., or th8 financial statements ore not in agreement with the aoUnting records and retums., or we have not reGeived all the inforrnation and explanations we require for our audit. Re8ponsibilltles of Trustees As explain rnore fully in the Trustees, Responsibilities Statemen( thè Trusteès are resptrnsible ftsr the preparallon of the financial statements and for being satisfied that they give a true and fair view. and for such intemal control 8s the Trustees detemlne is nece6sary to enable the weparatitsn of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the finanoal statements, the Trustees are responsible for assessing the charity's ability to ontinue as a goFng concem. discjosing, as applicable, matters related to going concem and using the goiro concern basis of accounting unless the Trustegs either intend to liquidate the charity orto ase OP8rations, or have no realistic allemative but to do so.
THE FYRISH FOUNDATION CIO INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FYRISH FOUNDATION CIO Audltor's respon$ibllitl¢s for the audlt of the finanelal $tatsm¢nts We have been appointed as auditor under section 144 of the ChariliesAct 2011 and report in accordance the Act and relevant regulation5 made or hEng effect Ihereunder. Our Oblve$ are to obtain reasonable as8urance at)outwhether the finan¢ial stalemerrts as a whole are free from material misstatement, whether due to fraud orerror, and io issue an auditor's report that includes oui opinion. Reasonable assurance is a high level of assuran, bLrt is not a guarantee that an audit conducted in 8ccordance with ISAS (UK) will always delect a material misstslemenl when it 8Sts. Misslat&ments can arise from fraud or errorand are considered material if. individually or in the aggregale. they could reasonably be expected to Influen the economic decisions of users taken on the basis of these financial slalements. However. the primary responsibility for the prevention and detection offraud rests with both those charg1 wth govemance of the charity and managemenl. Extent to Y4hlGh the audlt wa$ Gapable of deteGtlng Irregularltles. Includlng fraud Irregvlarilies, including fraud. are instances of non<omplian¢e wlh laws and regulations. We design rKocedures in line wlh our reSponsilities, ouflined above. lo delecl material misstatements in respect of irregularities, including fraud. The extent to which our ProdureS are capable ol dalecting irregularities, including fraLvJ is detailed below.. Non-compliance with laws and regulations Based on: Our understanding of the chadty and the sector In which il operales- Dlscussion wth management and those chaiged with governance: Obtaining an understanding of the charity's policie5 and procedures regardlng compllance th laws and regulations. We eonsldered the signlfieant laws and regulallons lo be the UK Tax leglslatlon. ChtIeS Act 2011. and the Stalement of Recommended Practice ISORPI applicable lo charitiès preparing their accourts in accordance wlh 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.. Enquires of management there were any liligalions and claims,. Review of minutes of meetings of those cI7arged with governance for any instancés of non- compliance with laws and regulations,. Review of correspondence wth regulatory and tsx authoritles for any in$tan¢es of non- compliance with laws and regulations. Review of financial slalement disdosures and agreeing lo supporting documentation. an Review of legal expenditrjfe accounts lo understand tho natufa of expendlture incurred. Fraud We assessetl the Susceptibilty of the financial statements lo maeri Misstatem1, including fraud. Our risk assessment procedures included-. Enquiry with management and those charged with governance regarding any known or suspeded instsnces offraud., Obtaining an understanding of thB charity's pglicies and procedures relating to.. D818cting and responding to the risks of fraud,. and Intemal controls established to mitigate risks related lo fraud. Review of minute8 of rneelings of those charged wlth govemènce for any known or suspected instances of fraud., Discussion amongst the engagement team as to how and where fraud might occur in the financial statements,. and Perfomin J analytical procedures to identify any unusual or unexpected relationships that may indicate ri8k5 Of rnatersal rnisstalement due to fraud. Based on our risk assessment, we considered the areas most susrEptible lo fraud to be management override of controls. Our procedures in respect ofthe above included-. Testing a sample of joumal entries throughout the year, which met defined risk criteria, by agreeing to supporting documentation., and Assessing significant estimate5 made by management for bias induding Valuation of unlisted investments, vthere we recaleulated the values olthe unlisted investments using publidy available informati. We also communicated r&levanl Identiffied laws and regulations and potential fraud risks lo all engagement team membeTS who were all deemed to have appropriate compatence and capabilities and Temained alert lo any Indlcalions of fraud or non-complianc8 with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of matèrial mis$latement in the financial statements, recognising that the risk of not delecling a material misstatement due lo fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate conc8alment by, for exampla, foryery, mi$repre8entslions orthrough llUSIon. There are inherent limitations in the audr( PrOureS perfornied and the fvrther removed non-compliance wlh laws and regulations is from the events and transactions reffected in the finandal statements, the less Ilkely we are to become aware of It. Afurther description of our responsibillles Is avallable on the Flnandal Reportlng Councll's webslte at.. htt s..11.frc.o .uklaudilorsres 8s. This description forfns part of our auditor's report. 10-
THE FYRISH FOUNDATION CIO INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF THE FYRISH FOUNDATION CIO Usg ofour roport This report is made solely to the Charis trustees, as a body, in accordance with part4 of the Chaiities (Accounts and RepDrts) Regulations 2008. Our audit work has been undertaken so th8t we might state lo the charity's Iruslees those matters we are required to stste to them in an auditors, report and for no other purpose. To the lullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and th6 charity's trustees as a body, fer ouraudil work, forthi$ report, or for the opinions we have formed. aJlFfflaEV6ÉfOall (Senior Statutory Auditor} For and on behalf of BDO LLP, Statutory Auditor Edinburgh, UK 31 July 2026 BDO LLP is a limited liability partnership regist8red in England and Wales Iwth wstered numb OC305127)_ 11
DocuSJn Envebpe ID.. B9c32971422ts8D7D4o91.B3DDA6A619 THE FYRISH FOUNDATION CIO STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestrlcted Unr8strfct8d tund$ funds 2025 2024 Notps Bank interest InvestnIS 681.047 582,588 1,287,103 705.210 Total income 1,243.635 1,992,313 Ex gndlturB on.. Charitable aGtivibe$ 3.469,232 1.563,751 Net gatns on investments 3,869,614 896,810 Net movement In funds 1.644,017 1,325,372 Fund balances at 1 January 2025 61.731.777 60.4Q6.405 Fund balances at 31 Dècèmbèr 2025 63,375.794 61.731,777 The statement of financial activities ineludes all gains and losses recognised in the year. All ineome and èxpendilure derive frotn continuing activtties. 12-
DDGusign Envelope ID." B9C3297142204D7D4091-B3DDA6A62319 THE FYRISH FOUNDATION CIO BALANCE SHEET AS AT31 DECEMBER 2025 2025 2024 Notss Fixed assets Tanglble assets Investments 10 12,091,5S3 32,493,875 12,091,593 32,493,875 Current assets Debtors Short term investments Cash at bank and in hand 11 3,401.448 48,725,440 1,430,283 4,041,608 15,000,100 11,789,741 53,557,149 30,831,449 Credltors: amounts lalllng dug wlthln ono year 12 {1,346,692} (1,021,883) Net CUent assets 52,210.457 29.809.5e6 Total assets less eurrent liabilities 64,302.050 62.303.441 Creditors- amounts falllng due after more than one year 13 (926.256) 1571.6841 Net assots 63,375,794 61,731,777 Income funds Unrestricted funds 63.375.794 61,731,777 63,375,794 61,731,777 30 July 2026118..00 BST The financial stsÉem8nts were approved by the Trustees on ......................... Murdoch Murehl8on - Chairperson Trustee 13-
DowsPJn Enveknpe ID.. BgC320714228D7ts80k1.è3nDA8A622I# THE FYRISH FOUNDATION CIO STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Notes Cash flows from oporatlng actlvltlos Cash absorbed by operations 17 11.811,245) (561,358) Investlng activities Short lerni deposits Purchase of investments Proceeds from disposal of investments (33,725,340) (12,018.320) 36,995,427 (15,000,100) (9,9911 10.854 Nét cash used In Inv8stlng actlvltlas {8,748,2331 {14,999,237) Net cash used In flnanclng actfvitles Net decrease In Cash and cash equlvalents 110.359.478) (15.560,595} Cash and cash equival8nts at beginning of y8ar 11,789.741 27.350,336 Cash and cash equlvalents at end of year 1,430.263 11.789.741 14-
Docu8 Envalope ID.. BYC32971422M07fk8091-B3DDAU62319 THE FYRISH FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accountlng policles Charfty Informatlon The Fyrfsh Foundètion CIO is a Charitablo Incorporated Organisation incorporated in England and Wales and govemed by a constitubon dated 6 December 2016. It is r8glster8d with the Charity Commission under charty number 1170583. The registered office is care of Dickson Minto, Level 4, Dashwood House, 69 Old Broad Street, London, EC2M 1QS. 1.1 Accounting conventlon The finanual statements have been prepared in accordance with the charty's eonstitylion, the Charities Act 2011, FRS 102 Tha Financial Reporting Standard applicable in the UK and Republic of Ireland. {'FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in aOrdanCe with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102}" (effective l January 20191. The charity 18 a Public Benefll Enb'ty as définèd by FRS 102. Th8 ffinancial slalemenls are prepared in sterling. which is the fijnctional CrranCY of th8 charity. Mon81ary aMoLts in these finanaal ststements are rounded lo the nearest £. The financial stslements have been prepared under th8 hisloriral cost convention, modified to includ& th8 revaluation of investsnents. The principal accounting policies adopted are set out below. 1.2 Golng concern The financial statements have been prepared on the going eoncem basls. The 2nticipated Ineome from donations, together with existing reserves, will be suffiGienl lo meet the charity's ongoing Cofnmttments for the foreseeable luture. The Foundation h88 a materi81 investment ptsrtfolio and cash balance valued at £12,U91,593 {2024 £32,493.875) and £1,430.263 12024 £11.789.7411 respectively al the balan sheet dale. In addition, the Foundation has short temi investments of £48,725.440 {2024 £15,000, 100). The mast significant expenditure of The Foundation was that of the grants payable which for the year total £3,220,920 (2024 £1,450, 1611. Th8 Foundation has a healthy n81 assets position and the trustees have prepared budgets and cash flow projections for the period to 31 Dember 2Q27. These budgets and projections show that the Foundation 11 continue to have adequate resources to meet all of its obligations and commitmenls for the foreseeable fLrture. 1.3 Funds structure Unrestricted fvnds are available for use at the discrotion of Ihe Trustees in fvrtheranGe of their charitable obj8ctiv8S. 1.4 Income All income is recognised once the CIO has entitlement to the r8sources, il is probabl8 that the resources will be received and the monetary value of inMing resources can be mèasured with sufficient reliability. Cash donations are recognised on receipt. other donations are recogrnised once the Gharity has been notified of the donation, unless performanc8 conditions require d8ferral of the amount. Investment income comprises dividends 9enerated ty the Foundation's investment portfolio. Inl6re8t received comprises interest credited on the exlsling bank balance and shcjrt lenr Investments. These are recognised In the SOFA when receivable.
Daosigm Envelope ID.. B9C32971-8220-8D7D-8091.B3DDA6A62319 THE FYRISH FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Ateounting polici6$ Iconllnued) 1.6 Expendlture Expenditure is recognised once there is a legal or wnstructive obligation to transfer en01¢ benefit to a Ihird paty. it is probable that a transfer of economic ben8fils wll b8 required in settlement, and the amount of the obligatlon can bè measured rellabty. Expenditure is dassified by activity. The costs of each activity ar8 made up of th8 total of dir8Ct costs and shared costs. irteluding support eosls involved in undertaking each activity. Direct $1$ attributable to a single activity are allocated directly lo that activity- Shared costs which conlribjle to more than one aclivity and support costs which are nol attributable to a single activiiy are apporboned btheen those activities on a basis Conslslent wth the use of iesources. Depreciation charges are allocated on the pgrtion of the asset's use. en a grant commltmenl Is made, the Ilabillty Is rèfleeted in the financial statemènts in full for the thralion of the 9rant. 1.6 Tanglble flxed assots Tangibl& fixed a55ets are knlllally measured al cost subsequenlty measured al eost or valuatton. nel of depreciation and any impaimenl losses. Depreciation 18 recognised so as to write off the (o8t or valuation of assets le88 their residual values over thoir useful lives Ihg following bases- Offic8 equipment 33% slraighl n8 The gain or loss arising on the disposa] of an asset is deleTmined as the difference betsveen the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial ?ctivitie$. 1.7 Flxed a55et Investments Fixed asset investments are initially measured at Iransactlon prtce exdudlng Iransactlon costs. and are subsequently measur8d al fair value at each reporttng date. Changes in fair value are re¢ognised in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.8 Cash and cash 8qulvalents Cash and cash equivalents include cash in hand. dePoSS held al call with banks. other short-term liquid Investmentswlh original maturities of three months or less. and bank overdrafts. 1.9 Flnanclal Instrumonts The charity ha5 elected to apply the provisions of Section 11 '8a5ic FInCIal Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of ils ffinancial instruments. Financial instrufflenls are reGognised in the charfvs balan sheet when the chadty becomes party lo the contractual provisions of the instrument Finandal assets and liabilities are offsel, with the nel amounls presenl8d in the financial stslemenls, when there is a18gally 8nforceable right lo set off th8 r8cogni88d amounts and there is an inl8nlion lo settle on a n8t basis or to realise the asset and settle the liability simultaneousty. 8aslc flnanclalassets Basic finanoal assets, vthich indude debtors and cash and bank balances, are initialty measured * transaction price including transaction costs and are subsequently carried at amorlised cost using the effectwe Interest method unle55 the arrangement constitutes a financing transaction, where the transaction is measured at the present value of thè future receipts discounted at a market rale of inlere$L Financial assets classified as receivable within one year are not amortised. 16-
Docu8n Envekpa ID.. 89c3297I422D7D-8u91-A6A623lg THE FYRISH FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accountlng poll¢les IContInu) 8aslc flnancial Ilabilities Basic finanoal liabiltties, induding Creditors and bank loans are initially recognised at transaction price unless thE arrangement constituies a financing transaction, where the debt instrument is measured at the present value of the future payments diseounted al a market rate of Snlerest. FSnancial liabilitles dasslfied as pay8ble thin one year are not 8mort15ed. Debt instruments are subsequenty carried at amorknsed cost. using the eff8@ inlerÈst rate method. Trade Creditors are obligations lo pay for goods or services that have been acquired in the ordinary urSe of operations from suppliers. Amounts payable are ¢lassifi8d as curr8nt liabiliti'6s if paym8nt is du8 within on8 year or less. If not, thoy are presented as norpcurrenl liabilities. Trade creditors are recognised initially at transaction price and subsequenuy measured al aM*jrtid wst u$ing the effective interest method. Derecognition of linancial liabilities Financial liabilrties are derecognised when the Charity's ¢ontraGtual obligations expire or are distharged or cancelled. Crlucal 8ccountlng estlmates and Judgements In the application of the charity's accounting policies, the Trustees are required to make judgements, 8Stim31as and assumptions about th8 carying amount of assets and liabilities that are not readity apparent from other sources. The estimates and assoryated ossumptions are based on historical experien and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underfying assumptions are reviewed on an ongoing basis. R8¥isitsns to accounting estimates are recognised in the period in whleh the estimate is revised where the revision affects only that period, or in the period of the revision arTd future periods where the revision affects both current and future periods. There are no significant areas oil judgement or assumptions that affed items in the finonoal ststements wth respect to the next reporting period. Investment Income 2025 2024 Dividends- UK Equities Dividènds- Overseas Equities 403.174 302,038 562,588 5fj2,588 705,210 17-
Ootyjsign Envdow ITr. B9G329714220-8D7M91_B3DOA&462319 THE FYRISH FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Charltablo actlvltlgs 2025 2024 Grants payable (see note 5) 3,220,920 1,365,298 Share of sUPPOrt costs (see note 6} Share of govemance costs (see note 61 226,622 21,690 179.592 18,861 3.469.232 1,563.751 Grants payable Grants awarded Support costs 2025 2025 Totsl 2025 Mission Aw8tion Fellowship B8lhany Chrtstian Trust lack Lendon Fields of Ltfe Junction 42 The Oasls Cenlre Ferrywell Youth Prolect Prison F8llowship Scottand Grants lo organisations under £100.000 500.000 415,000 253.OIKI 240,0 152,000 123,000 110.990 103,500 1,323.430 35.180 29,199 17,801 16.886 10,695 8,654 7,809 7,282 93,116 535,180 444.199 270,801 256.886 162,695 131,654 118,799 110,782 1.416,546 3,220,920 228,622 3,447.542 Support costs are based upon the proportion of the grant awaTded versus total grants. Grants awarded Support costs 2024 2024 Totsl 2024 2024 Blythswood Care Alpha Intemational Inlemational Justice Mlsslon Edinburgh City Mission Grants to organisation8 under £100.000 200,000 150.000 145.000 108,793 873.568 24,313 18.234 17.627 13,225 106.193 224.313 168.234 162.627 122.018 979.761 1,477.361 179,592 1.656,953 A mulli-year grant was awarded in 2021 to Rod( Communty Church for £182,779. During the prior yeor the remaining unpaid grant 01 £112,oe4 was canlled. This gives an amended Iota grants payable for the eomparative year of £1.365.298. 18-
Docuslon Envelope ID.. 89C32971-822MD7D-8091-83DDAfjA82319 THE FYRISH FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2025 Support costs Support Goveman¢o costs costs 2025 Support Governance costs 21)24 Audit fees Accounlaney BiX)kkeeping Legal. professional and consultancy fees Bank charges IT Softhre subscriptions othpr subs¢ription$ Other costs 15,690 6,000 15,S90 6,000 99,510 14,451 4,410 14,451 4,410 73.380 99,510 73,380 94,896 14,961 14,821 1,321 1,113 94,8 14,961 14,821 1,321 1,113 84,948 498 17,540 255 2.971 84,948 498 17,S40 255 2,971 226.822 21.890 248.312 179,592 18.661 198,453 Trustse$ NDn8 of th8 Trustees {or any persws connected wlh them) received any remuneration or benefits from the Charity during the year12024 £Nil). Calum Mitch811 (trading as CMAI received £82,220 in consuKancy fees for acting as secretsry during the year (2024 £81, f 95J. Employo8S There were no employees durfng the current or prfor year. Net gain5 on investments 2025 2024 Revaluatron of investments Gain on sale of investments 803,120 3.066.494 896,751 59 3.869,814 896,810 19-
EnvehyA ID.. B9C32971-8220-8D7D4091_B3DDA6A82319 THE FYRISH FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 10 Flxed asset Investments Listed invesbnonts Cost or valuatlon At 1 January 2025 Additions Valuation changes Disposals 32,493,875 12,723,531 803,079 {33.928,892} At 31 Dec6mb8r 2025 12,091,593 Carrylng amount Al 31 D8cember 2025 12.091,593 At 31 December 2024 32.4g3.875 11 Debtors 2025 2024 Amounts falling due within one year: vidends r¢ceivable Other debtors 705,210 3.336,398 3.401.446 3,401,446 4,041,e08 Dividends receivable on investments of £nil (2024 £705,210) are dividends that are dedared not yet receive<1 as at the year end. Included in other dgbtors is £3,250.000 (2024 £3.250.OOOJ for a Gift Aid daim submitted to HMRC which has not yet been received and £151,446 (2024 £86.398) for accrued interest on short tem) investmènts which has not been received at the year end. 12 Credltors: amounts falllng due wlthln onè year 2025 2024 Trade creditors Cranls payaE4e Accwals 36.000 1.283.667 27,025 16.740 989,453 15,690 1.346.692 1.021.883 13 Creditots" amounts falllng due after moro than on8 yaar 2026 2024 Grant$ payable 926,25S 571.664 -20-
Doojsign Env81ryo ID.. 89C32971-8220-8D7Qk8091-B3DDA6A62319 THE FYRISH FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 14 UnrestrIct&d funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not sublect to 8pecffic con(filion8 by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specffic purposes. At 1 January 2025 Incoming resources Resources expended Galns and 105ses At31 December 2025 General funds 61.731.777 1,243,635 (3,469,232) 3,869,614 63,375,794 Prevlous year: At l January 2024 Incoming resources Rèsources expended Gains and los$e$ At31 Decernbor 2024 General funds 60,406.405 1.992.313 (1,563,751) 896,810 61,731,f17 15 Contlngent liabiliti9¥ The Foundation has redairned gift aid of £7.506.000 in relalior) to donations received from an individual in prior financAal years. Al the year end there was an ongoing enquiry by HMRC into the gift aid relief claimed by the Individual. Whilst nc final decision has been made by HMRC, the trustees aro of the view that the gift aid has been validly daimèd. A contingent liability has howev8r beèn disclosed in the event that any possibl8 repayment to HMRC is required. In 2ddiUon, thè Ftsundatitsn has redaimed fijrther glft aid of £3,250.000 in relation to donallons recelved from an indNidual in prior financial years. At the year and therè was an ongoing standard compliance check by HMRC into this claim and the gtft aid rèmains unpaid. HMRC have Iss discovery assessments into the gtft aid daim8d for the years ended 31 Dec8mb8r 2018 and 31 December 2019 which total £4.500.000 asserting these were non-qualityng donations and should be repaid together with int8rast of approximately £773,872. The Trustees remain of the oplnlon, and have receivèd 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 posslble repayment to HMRC is required. 16 Related paty transactlon8 The related party transactions in the year have taken place at am's lèngth. Durfng the year Murdoch Murchison, a Trustee of thg Foundation donated £Nil (2024 £Nill. During the year the Foundation received £105,51012024 £77,790) of services from Azets. Gareth Magee. one of the Foundation's Trustees. Is an employee of Azets. At the balance sheet dale there was a balance of £36.000 (2024 £14,220) owed toA2ets. During the year the Foundation rsceived £12.676 {2024 £3,753) of seNices from Brodies LLP. Duncan MacLean. one of the Foundatlon'$ Trustees, Is an employee of Brodles LLP. 21
Doutslgn En¥eW ITr. B9C32971-82204D7ts&)91-D3DDA6A62310 THE FYRISH FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 17 Cash generated from operatlons 2025 2024 Surplus forthe year 1.644.017 1.325.372 Adjustments for.. Investment inGome recognised in statement of finala[ livie¥ Gain on disposal of investments Fair value gains and losses on investrnents <705.210) 159) (696.7511 (3.066.494) 1803,120) Movements Iri WOTking capitsl= (Increase) in debtors Inease1(deCreasel in ueditors (65,049) 679,401 {86.3981 1198,312) cash absorbed by operations {1.611.2451 (561,358) 22-