2024-03-31-accounts

The Borrow Foundation Report and Group Financial Statements

31 March 2024

Company Registration Number 03303900 (England and Wales) Charity Registration Number 1060308 (England and Wales)

Contents

Reports

Reports
Reference and administrative details of	the
company and its advisors	1
Trustees	2
report	23
Financial statements
Group statement of financial activities	28
Balance sheets	29
Group statement of cash flows	31
Principal accounting policies	32
Notes to the financial statements	37

The Borrow Foundation

Reference and administrative details of the company and its advisors

Trustees	Professor A J Rugg-Gunn (Chair)
	N F Borrow
	Professor C Stecksen-Blicks
	Professor L M D Macpherson
	Professor J T Newton
	Professor J H Meurman
Registered office	Padnell Grange
	Padnell Road
	Cowplain
	Waterlooville
	Hampshire
	PO8 8ED
Company registration number	03303900 (England and Wales)
Charity registration number	1060308
Auditor	Buzzacott LLP
	130 Wood Street
	London
	EC2V 6DL
Bankers	Lloyds Bank Plc
	43 West Street
	Fareham
	Hampshire
	PO16 0BE
Investment advisors	JM Finn
	25 Copthall Ave
	London
	EC2R 7AH
Solicitors	RWK Goodman
	69 Carter Lane
	London
	EC4V 5EQ

The Borrow Foundation 1

Trustees 31 March 2024

The trustees present their report and the audited group financial statements for the year ended 31 March 2024. The reference and administrative details of the charity, its trustees and advisers, set out on page 1, form part of this report.

The report has been prepared in accordance with Part 8 of the Charities Act 2011 and purpose of company legislation.

The financial statements have been prepared in accordance with the accounting policies set out on pages 32 to 36 of Memorandum and Articles of Association, the Companies Act 2006 and 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 United Kingdom and Republic of Ireland (FRS 102).

Company registration

The charitable company is registered in England and Wales as company number 03303900.

Structure, governance and management

number 3303900) and is governed by its Memorandum and Articles of Association dated 24 March 2004. It is registered as a charity with the Charity Commission for England and Wales (charity number 1060308).

The original charity was set up as an unincorporated Trust under the terms of a Deed dated 23 March 1971. The Trust Deed was amended by a scheme approved by the Charity Commission dated 3 November 1993. The assets and liabilities were transferred in 1998 to the present charity being then a newly incorporated company.

Trustees

A trustee is a member of the Board of Trustees of the Foundation ("the Board") and a director for the purposes of the Companies Act 2006.

The trustees who held office during the year were as follows:

Professor A J Rugg-Gunn (Chair) Professor U M C Stecksén-Blicks (resigned 5 February 2024) Professor L M D Macpherson Professor J T Newton (appointed on 7 June 2023) Professor J H Meurman (appointed on 29 February 2024) Mr N F Borrow

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Trustees 31 March 2024

Structure, governance and management (continued)

Appointment of trustees

The Board keeps the skill requirements of the trustee body under review and is keen to ensure that representation is sufficiently diverse to meet the needs of the Foundation and its beneficiaries. Candidates are selected on the basis that they have the relevant skills and necessary commitment to contribute to the charity's development. Interviews are conducted by the trustees and appointments are subject to the formal approval of the Board. Trustees are encouraged to play an active role in the charity's work, according to their particular skills and experience, and this is an important factor when new appointments are under consideration.

During the financial year, there were changes to the Board. Sadly, Professor Christina Stecksén-Blicks passed away suddenly on 5 February 2024. Christina had been an excellent trustee, and we are enormously grateful for the important contribution she made

There have been two important appointments during the year, bringing new skills and considerable experience to the Board. Professor Tim Newton joined on 7 June 2023 and Professor Jukka Meurman on 29 February 2024.

Trustee induction and training

Prior to their appointments, prospective trustees are provided with an induction pack which the charity and its subsidiary undertaking for the last three financial years, the minutes of recent trustees' meetings, a copy of the Memorandum and Articles of Association and details relating to the Finance Committee.

Those willing to undertake trusteeship are encouraged to visit the Foundation's offices to discuss further their potential role and obligations, meet the staff and be fully briefed on the charity's current activities and future plans.

Organisational structure

The charity is based in the UK, operating from offices in Cowplain, Hampshire.

The Board meets at least four times a year and Board members are in regular communication between meetings. It is responsible for the strategic direction and policy of the charity and for monitoring and evaluating performance. The services of an investment advisor are employed in long-term investment fund.

Responsibility for the day-to-day management of the charity and the implementation of the policies and plans determined by the Board is delegated to one of the trustees, Nigel Borrow, who works full time for the group (as permitted by the charitable company's Memorandum and Articles of Association) in the capacity of Executive Director of the Charity and Managing Director of the subsidiary company.

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Structure, governance and management (continued)

Organisational structure (continued)

Grant applications are determined by the trustees although external advice / guidance is often sought, for example, from the World Health Organization (WHO) and academics, particularly in the peer review of research proposals. Grants are awarded under formal agreements, requiring reports to be submitted at certain intervals and where appropriate, providing for periodic reviews.

The charity's wholly owned subsidiary undertaking, Borrow Investments Limited (company registration number 00671291), carries out non-charitable trading activities. It holds an investment property in London, together with approximately 287 acres of land in Horndean, Hampshire, comprising 250 acres of agricultural land and 37 acres leased to Waterlooville Golfers Limited. During the year the company made to the charity a Gift Aid payment of £935,590 (2023 £634,489), equivalent to all of its taxable profits relating to the previous financial year. The activities of that company are closely monitored by the trustees and in practice key decisions are subject to their approval.

Key management personnel

The trustees and the Executive Director are considered to be the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis.

The remuneration of the Executive Director is reviewed annually. In undertaking these reviews, the trustees have regard for performance, inflation, trends in pay in the relevant sectors and salaries paid for comparable roles, as well as any professional advisers.

Objectives, activities and public benefit

The Foundation's objects are the prevention of oral disease and the promotion of oral health education for the benefit of the general public.

Despite being largely preventable, oral disease remains a global problem. It is a significant burden in virtually all countries and represents a widely underestimated public health challenge. It is the most prevalent non-communicable disease worldwide, affecting an estimated 3.5 billion people, almost half the world's population.

Good oral health is fundamental to general health, wellbeing and quality of life. Poor oral health can adversely impact on essential human functions such as eating, speaking, smiling and socialising; it can have serious consequences for children, affecting school attendance and performance, and causing low self-esteem and far-reaching effects into adulthood.

Oral diseases disproportionately affect poorer, socially disadvantaged and marginalised groups in society, creating unacceptable inequities.

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Objectives, activities and public benefit (continued)

Oral health has been acknowledged as an integral element of the right to health, and thus of the basic human rights enshrined in the UN Universal Declaration of Human Rights adopted by member states.

Mission and priorities

promote the improvement of oral health primarily in children through the prevention of oral diseases. The focus is on population oral health and the need to reduce inequalities within and between countries.

worldwide and more particularly to influence:

• The wider engagement in prevention by health professionals and health authorities;

• Government policies and strategies that promote oral disease prevention as an integral part of wider health promotion programmes;

• The implementation and evaluation of sustainable population-based preventive programmes; and

• Further research that will help strengthen the scientific basis for prevention.

Our priorities include:

• Population-based programmes that are targeted at the areas of greatest need and will help reduce inequalities, within and between countries;

• The use of fluorides in the prevention of dental caries;

• The prevention of oral disease through the improvement of diet and nutrition;

• The use of kindergarten and school settings to promote oral health;

• Early childhood caries (ECC);

• Research into the above;

• Training and education in population oral health.

In particular we provide support to:

• Government agencies for the implementation and evaluation of sustainable population-based prevention programmes;

• Academic institutes to undertake research;

• The World Health Organization to further its essential work in population oral health promotion and integrated disease prevention;

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Objectives, activities and public benefit (continued)

Mission and priorities (continued)

• Dental associations / organisations that promote dental public health and oral health research.

The trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

Risk management

The major risks to which the Foundation is exposed have been reviewed and the appropriate steps taken to manage such risks.

around the world, the trustees recognise that there is an increased risk of grant funding being misappropriated or applied ineffectively due to the complexities of working overseas. Measures are taken to mitigate this risk.

Much of our work is carried out through or with leading organisations and academic institutions. Careful consideration is given to all potential partners and beneficiaries, having regard for their ability and capacity for managing and delivering the project or programme being contemplated, as well as their status and reputation. Regular reports required from our beneficiaries under formal agreements enable performance to be measured against an agreed protocol or programme of work and expenditure to be monitored against an approved budget. These are routinely considered at Board meetings. As a further control, grants are generally paid by instalments, the release of such instalments being conditional on the beneficiaries fulfilling their obligations.

The variability of investment returns is a major financial risk for the charity. The necessary measures have been taken to mitigate this risk. Professional advice is sought in respect of all investments. Since year-end, new investment advisors, JM Finn, have been appointed long-term investment fund.

Regular meetings are held with the investment advisors to ensure that the performance of the fund is closely monitored, and that the investment strategy and portfolio diversification ce is also closely monitored, and management reports are routinely provided at Board meetings.

In addition to these measures, a cash reserve position adequate to meet the Foundation's short to medium term commitments is maintained, thereby minimising the potential impact of any sudden fall in income.

Like most other organisations, the Foundation is becoming increasingly reliant on IT and technology. The trustees consider digital development to be fundamentally important in objects. At the same time, the trustees recognise that

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Objectives, activities and public benefit (continued)

Risk management (continued)

cybercrime poses an ever-evolving threat, and as dependence on technology grows, the risk and potential impact of security breaches increases.

Steps have been taken to mitigate these risks. IT consultants, Cyan Solutions Ltd, are engaged to manage, monitor and advise on IT systems and procedures. They have applied, and keep under review, the appropriate measures and controls to protect against cyber-attacks, remote monitoring being a vital aspect of these defences. Our staff training has been delivered through online resources, provided by the National Cyber Security Centre and iHasco respectively. This has been complemented by a cyber awareness programme, developed by our consultants and tailored to the needs of the charity. This is one of several measures being taken to strengthen further our systems and procedures, following a recent review.

Achievements and performance

countries in which our resources are being applied has risen, and the number of people benefitting from the activities we fund, has increased substantially. Despite the geopolitical uncertainty and challenging economic climate, the work supported by the charity has continued to evolve and grow.

Ongoing collaboration with the World Health Organization (WHO)

Over the past five years our contributions have been largely applied to the delivery of the WHO Global Oral Health Status Report, Strategy, and Action Plan. The progress made has been impressive, and it has been widely recognised that these policy documents have helped elevate oral health on the global health agenda and generated momentum for the improvement of oral health worldwide.

The Global Oral Health Strategy sets out the bold vision of universal health coverage (UHC) for oral health to reach all individuals and communities by 2030. It includes actions for international partners, civil society and the private sector, and sets out overarching goals to guide member states in developing ambitious responses to help reduce oral diseases and oral health inequalities.

The Global Oral Health Action Plan 2023 2030 was adopted at the World Health Assembly in May 2023. This translates the vision, goal and objectives of the strategy into action-oriented guidance and is described as the main practical tool for the adaptation of the global oral health policy agenda to national contexts. The plan comprises 11 global targets, 6 strategic objectives and 100 actions for member states, WHO secretariat, international partners, civil society organisations and the private sector. It seeks to strengthen national leadership, enhance oral disease prevention, improve oral health workforce capabilities, and scale up research. A monitoring framework has been

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Achievements and performance (continued)

Ongoing collaboration with the World Health Organization (WHO) (continued)

developed, to provide a clear set of measurable targets and core indicators that are being used to assess implementation progress.

Three key policy documents were brought together in a WHO publication, released in May 2024, including the strategy and action plan, and the landmark oral health resolution adopted at the 74[th] session of the World Health Assembly (2021). In the foreword, Dr Tedros Adhanom Ghebreyesus, Director-General, WHO, declared that the publication and make the case for integrating oral health into noncommunicable disease and UHC in oral health, and improve coverage and access around the world, and make sure that publication, entitled global policy documents.

The contributions made to WHO have been applied to other important initiatives, including -course approach, population-based -effective and evidence-based interventions for lowPlan for the Prevention and Control of Noncommunicable diseases 2013 of essential interventions to achieve UHC for oral health by 2030 was identified for inclusion on the WHO UHC Compendium database, and a list of fluoride-containing formulations was developed and included in a new category for dental products on the

to the development of the oral health module of the WHO STEPwise approach to NCD risk factor surveillance (STEPS), a simple, standardised method for collecting, analysing and disseminating data on key NCD risk factors. It has also led to closer collaboration between WHO and the Institute of Health Metrics and Evaluation, over the improvement and refinement of oral disease indicators and data quality.

In July 2019 a ground-breaking oral health series was published in The Lancet. The series highlighted the global public health significance of oral diseases and the need for a radically different policy agenda to tackle this major problem. This generated considerable interest worldwide, and we have been proud to provide funding that has helped establish -seven experts from 16 countries, engaged in academic research, policymaking, health and human rights advocacy, and clinical dentistry have been engaged. The focus has been on four key priorities: (i) global advocacy and policy development, (ii) equity, social justice, and oral health, (iii) health system reform, governance, and transformation, and (iv) commercial determinants.

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Achievements and performance (continued)

The Lancet Commission (continued)

The commissioners have received good support from the senior team at The Lancet and their work has enjoyed a high profile, being well-received across the world. Their close engagement with WHO has also enabled them to contribute to the development of key WHO Global Oral Health Status Report, strategy and action plan. Several scientific papers / commentaries have been published, to inform global oral health policy decision making.

The final meeting of the Lancet Commission on Oral Health took place in Switzerland in May 2023, hosted by the Brocher Foundation and WHO. This provided the opportunity for the commissioners to review the achievements made in this important initiative. The commissioners have since been working on a comprehensive final report, which is nearing completion.

Oral Health Birth Cohort Studies Consortium

Our funding has also helped establish a global consortium on oral health birth cohort studies (GLOBICS) through a grant awarded to the National Dental Research Institute, Singapore .

The importance of birth cohort studies in determining the causal relationship between potential risk factors during the prenatal or postnatal period and the health status of children, from birth and potentially through to adulthood, is widely recognised by the scientific community. GLOBICS has for the first time brought together researchers engaged in oral health birth cohort studies, with the aim of creating a sustainable collaborative network to strengthen and develop this important area of research. To date 17 researchers, from five continents, have participated in this project. The pooling of data has enhanced statistical power and helped with comparisons made between the studies and validation of methods across settings. Two key research questions have been addressed by the group; (i) What is the optimal exposure to breastfeeding that protects against early childhood caries and does sugar intake mediate this effect? and (ii) How has the intake of added sugar been recorded and analysed in association with oral health outcomes in OHBCS during different stages of childhood?

The outcomes of the work carried out under GLOBICS have been disseminated through several publications in peer-reviewed journals, and presentations made at international meetings.

Whilst our funding commitment will expire at the end of 2024, the consortium has secured a substantial grant from the National Medical Research Council of Singapore, thereby ensuring the continuation and expansion of this important international collaboration.

Population-based oral health

During the financial year, our funding was applied to a number of population-based projects /

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Achievements and performance (continued)

Population-based oral health (continued)

Ongoing projects

• The University of Glasgow, and the Kamuzu University of Health Sciences to develop a child oral health improvement strategy in Malawi. This project involved three main workstreams: (i) a systematic overview of child oral health interventions relevant to low-income countries, (ii) a national child oral health survey and (iii) a situation analysis. A multi-sectoral workshop was convened, bringing together health professionals and stakeholders to consider the outcomes and develop actionable steps to improve child oral health.

The workshop identified a number of important steps: the need for school-based interventions, community engagement strategies, and policy recommendations, such as promoting oral health education, creating affordable access to fluoride toothpaste, and integrating oral health into broader health systems. The work highlighted the need for multi-sectoral collaboration, advocating for a ministerial task force to take forward these plans. From the outset, it was felt that the project could be transferable. A regional workshop is therefore proposed, to share the experience and knowledge gained in Malawi and explore the potential for similar initiatives in neighbouring countries.

• The University of Puthisastra, Cambodia , to develop a pragmatic oral health action plan for Cambodia that reflects the six principles of the WHO Global Oral Health Strategy. The University has worked closely with the Ministry of Health and other key stakeholders from the dental sector, government departments / agencies and the voluntary sector to achieve the two main goals of the 18-month project. A strategic four-tiered oral health advocacy network group has been established and, in August 2023, the National Oral Health Action Plan (2023 2030) was launched. A grant has since been awarded for the next phase of the project which seeks to demonstrate, on a small scale, the implementation of the action plan, which will include a minimum package of oral health care services for preschool children.

• The Ministry of Health, Vanuatu, is implementing a pilot training programme to combat the high prevalence of early childhood caries (ECC) through nurse training in oral health promotion, education, and prevention for children aged 0 ears. Key objectives include developing training materials in the local language, launching pilot programs in clinics, and embedding oral health modules into the nursing curricula. Although the commencement of the project was delayed, and the cyclones that struck in 2023 caused further disruption to the programme of work, good progress has now been made and the project is on track to be completed by mid-2025. The project

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Achievements and performance (continued)

Population-based oral health (continued)

Ongoing projects (continued)

complements an emerging national oral health policy, which seeks to achieve a fully integrated service by training more health professionals across Vanuatu. It is also aligned with the WHO Global Oral Health Action Plan.

• Romania, to

• pilot a child oral health improvement programme in kindergartens, across six cities. The programme responds to the findings of a national oral health survey, also conducted under our support. It is closely aligned to the WHO Global Oral Health Strategy, with the emphasis being firmly placed on prevention. The baseline examinations and data collection were completed in spring 2024.

• The Institute of Nutrition and Food Technology, University of Chile, Chile , to provide essential technical support for a milk fluoridation scheme that has been established as an integral part of a national School Food Assistance Programme operated by the Junta Nacional de Auxilio Escolar y Becas (JUNAEB), an agency of the Ministry of Education that seeks to achieve equality for all schoolchildren.

The scheme complements the national strategy for water fluoridation. Fluoride is added to milk provided by JUNAEB free of charge for children aged 6 ~~1~~ 4 years in rural communities, where, for technical reasons, the water supplies cannot be fluoridated. The scheme reaches approximately 160,000 children, from 2,500 schools in 12 regions of the country.

• The University of Bern, Switzerland, for a study that focuses on the development and validation of the Parental Locus of Control Oral Health scale, aimed at understanding how immigrant parents' beliefs influence the oral health of their children. It compares three groups: European families, immigrants from high-income countries, and immigrants from lower-income countries, with a focus on the relationship between parental locus of control and socioeconomic factors. The study is ongoing, and due to be completed by July 2025.

• The Universitas Gadjah Mada, Yogyakarta, Indonesia to pilot a health promoting school initiative in Indonesia, using a multidimensional approach. The programme is designed to improve the oral and general health of children by establishing fluoride mouth rinsing in schools, using an augmented reality (AR)-based and educational game application, and improving nutrition, systems and conditions in school cafeterias.

The programme has the support of the Indonesian Ministry of Health and if successfully implemented in the city of Yogyakarta, could be rolled-out to other parts of the country.

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Achievements and performance (continued)

Population-based oral health (continued)

Ongoing projects (continued)

• Newcastle University, UK, to examine the public values and cost-effectiveness of community water fluoridation (CWF) as a public health measure to prevent tooth decay. The work on this project, known as FLOWAVE, has been completed and it reaffirmed that CWF is a cost-effective public health intervention. The researchers have also created a web-based tool that can generate estimates of the costs, benefits, and net incremental benefit of implementing CWF, based on the key parameters for any particular area.

The results of the project provide policymakers with economic grounds for the expansion of CWF schemes and could prove timely for those currently promoting such interventions in north-east England.

• The University of Birmingham, UK, to look at the barriers and facilitators for developing a mid-level dental care workforce to operate within primary care in Iran. The study has adopted a mixed methods approach and is guided by the Consolidated Framework for Implementation Research, a widely used theoretical framework in implementation science. It was inspired by the guiding principles of the WHO Global Oral Health Strategy relating to the integration of oral health into primary health care, and the need for new oral health workforce models that respond to population needs.

• The University of Glasgow, UK , for three important studies linked to Childsmile, a national programme funded by the Scottish government, designed to improve the oral health of children in Scotland and reduce inequalities both in dental health and access to dental services:

The first is a data linkage cohort study, which aims to explore early life child-, familyand community-level influences on early childhood caries, (ECC) the underlying inequalities, and the impact of the Childsmile programme on behaviour change, improving oral health and reducing inequalities. This study is ongoing and is due to be completed towards the end of 2025.

The second looked to build an international consensus and theory of change for programmatic interventions, to prevent ECC. This work was carried out in three phases to assess global strategy and identify potential barriers and facilitators for the implementation of programmes, in line with the WHO guidance on ECC.

The third study aimed to assess the reach and impact of the Childsmile programme on children living in the most deprived communities and on vulnerable groups of and sch

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Achievements and performance (continued)

Population-based oral health (continued)

Ongoing projects (continued)

• Teesside University, UK , for two studies:

The first study aimed to assess whether spot urine samples are reliable for monitoring fluoride exposure in children ingesting fluoride in various geographical locations, from different vehicles: toothpaste, community water, milk, and salt. Twenty-four-hour study. The results showed strong correlations between adjusted and unadjusted fluoride concentrations in spot urine and 24-hour urinary fluoride excretion, suggesting that spot urine samples can provide a practical alternative for assessing fluoride exposure at a group level. The work was conducted by Teesside University, in collaboration with the University of Bogotá, Colombia, the University of Talca, Chile, and the Un

The second study used an in vitro model to identify probiotic strains that work well in combination with milk and fluoride for controlling cariogenic biofilm development. It was conducted by Teesside University in collaboration with Newcastle University and Umeå University.

The researchers found that the presence of 10 ppm fluoride during the development of cariogenic biofilms had a measurable impact by reducing the metabolic activity and altering the bacterial composition of the biofilms. The results also showed that probiotics can integrate into complex oral biofilms and could be added to fluoridated milk without compromising their viability, although the research team did highlight the need for further studies to establish the clinical impact of such products.

• The University of Leeds, UK , for work being carried in Sudan under a PhD project, which focuses on improving the diagnosis of the more common developmental defects of enamel: dental fluorosis, molar incisor hypoplasia and amelogenesis imperfecta. Although there have been significant delays in the study, due to the COVID-19 pandemic and Sudanese civil unrest, the fieldwork and data analyses have been completed, and the PhD student is preparing her thesis for submission.

Call for Grant Applications

A call for grant applications that was made in August 2023. Applicants were invited to the implementation and evaluation of sustainable population-based programmes / projects targeted at the areas of greatest need, that could help reduce inequalities in oral health, within and between countries, (ii) projects that could influence / inform the review and development of health policy and strategies, (iii) research studies that could strengthen the evidence base for the prevention of dental diseases and (iv) training and capacity building initiatives. Recognising the importance of the work being carried under the WHO global

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Achievements and performance (continued)

Call for Grant Applications (continued)

oral health programme, priority was given to applications that were in line with the recommendations set out in the WHO Global Oral Health Strategy and Action Plan.

We had an excellent response to the call. Seventy proposals were received and following peer-review 12 grants were awarded for the following projects / studies:

• i. University of Liverpool, UK ~~.~~ ‘Children growing up in Liverpool (C -Gull) Longitudinal

• ii. University of Portsmouth Dental Academy, UK ~~.~~ ‘Using in traoral cameras within a supervised toothbrushing programme in primary schools in Southeast England:

• iii. Montpellier Association of Oral Public Health, France. ‘Identification of population - based digital oral health projects in low and middle incomes countries: A scoping

• iv.

• v. University of Glasgow, UK Chilean children and adole

• vi. -based interventions

• vii. La Trobe University, Violet Vines Marshman Centre for Rural Health Research, -of-home

• viii. WHO Regional Office for Africa, Congo ~~.~~ ‘Capacity building project for oral health and noncommunicable disease (NCD) focal points at Ministry of Health and WHO Country

• ix. The University of Queensland, Australia ~~.~~ ‘The national oral health survey of Vietnam 2024 - 2025 - national policy development toward the global oral health action plan 203 0 ~~.’~~

• x. Niigata school-

• xi. Amrita Institute of Medical Sciences, Kerala, India ~~.~~ ‘Transforming oral health: Empowering community-based health (Anganwadi) workers to improve awareness

• xii. Faculty of Dentistry, University of Puthisastra, Cambodia ~~.~~ ‘Demonstration and sustainment potential of universal access to oral health care and oral health promotion

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Achievements and performance (continued)

Call for Grant Applications (continued)

for young children within the context of implementing the Cambodia National Action Plan for Oral Health 2023-

Two further applications were shortlisted for grants and remain under consideration.

We have continued to provide support for dental associations to undertake activities that

European Association for Dental Public Health (EADPH)

Since 2009 our sponsorship for EADPH has been applied to several valuable initiatives. This includes a scheme providing membership subsidy to 100 dental public health professionals in the lower-income countries of Europe. These awards have been taken up in 18 countries, many of which were previously under-represented in the organisation. Our funding has also help to extend the EADPH's travel grant scheme that enables participation at the annual conferences by those who may otherwise find it difficult to attend. The 28 EADPH Congress was held in October 2024 in Heraklion, Crete, Greece,

The EADPH Board widely acknowledges that our sponsorship has made a significant hugely beneficial to the Foundation in creating a valuable network, and increasing its

International Association for Dental Research (IADR)

The charity has enjoyed a longstanding relationship with IADR. The IADR E.W. Borrow Memorial Award was established in 1992 to recognise and stimulate research in oral health promotion for children, with priority given to caries prevention using fluoride in different forms. The award is made annually and at the IADR General Session, which took place in March 2024, in New Orleans, USA, was received by Dr Livia Tenuta, University of Michigan, USA.

British Association for the Study of Community Dentistry (BASCD)

We were pleased to extend our commitment to BASCD for The Borrow Foundation Early Career Poster Award, for a further term of three years (2024 2026 inclusive). The 2024 award was presented at the BASCD Spring Scientific Meeting to Dr Lwazi Sibanda, Specialty Registrar in Dental Public Health, Honorary Lecturer in Dental Public Health, London's domiciliary services'. Under this award, Dr Sibanda received a small monetary prize, and sponsorship to participate and present a poster at the EADPH congress in Heraklion, Crete, Greece.

Funding has been provided for The British Fluoridation Society to help develop and expand its activities. Grants have also been provided for career development fellowships designed to stimulate academic interest in CWF. Two such awards have been made and work is

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Achievements and performance (continued)

Support for dental associations / organisations (continued)

underway at both, Dublin Dental University Hospital and University College London respectively.

Our sponsorship of ACDOM has enabled wider representation in this important forum from lower-income countries, and closer engagement between oral health leaders in the region and WHO. The 13[th] ACOM was held in Ayutthaya, Thailand, December 2023. The focus was on WHO policy and more particularly, how the how the guidance and recommendations in the Global Oral Health Action Plan might be translated by member states into national roadmaps.

Two important decisions were made over the future of ACDOM. Meetings will be organised to coincide with the congresses of the Asian Academy of Preventive Dentistry and coordinated by the WHO Collaborating Centres at Mahidol University, Thailand, and Niigata University, Japan.

Publications

• Thwin KM, Ogawa H, Phantumvanit P, Miyazaki H, Songpaisan Y. Oral health-related quality of life in the Myanmar population: The first national oral health survey 2016 2017 Community Dental Health (2024) 41, 158 163

• Booth, J, Erwin, J, Burns L, Axford N, Horrell J, Wheat H, Witton R, Shawe J, Doughty J, Kaddour S et al. A scoping review of the oral health status, oral health behaviours and interventions to improve the oral health of children and young people in care and care leavers. Dent. J. 2024, 12,38.https://doi.org/10.3390/dj1202003812,38.

• Erwin J, Burns L, Devalia U, et al. Co-production of health and social science research with vulnerable children and young people: a rapid review. Health Expect. 2024;27:e13991. doi:10.1111/hex.13991

• Erwin J, Horrell J, Wheat H, Axford N, Burns L, Booth J, Witton R, Shawe J, Doughty J, Kaddour S et al. Access to dental care for children and young people in care and care leavers: a global scoping review. Dent. J. 2024, 12, 37. https://doi.org/10.3390/dj12020037

• Stangvaltaite-Mouhat, R. Skudutyte-Rysstad, H. Ko, I. Stankeviciene, J. Aleksejuniene, and A. Puriene. Co-occurrence of dental caries and periodontitis: multilevel modelling approach. BMC.Oral Health 24 (1):149, 2024.

• Abreu-Placeres N, Ekstrand KR, Garrido LE, Bakhshandeh A and Martignon S (2023) An interdisciplinary intervention program to prevent early childhood caries in the Dominican

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Achievements and performance (continued)

Publications (continued)

Republic. Front. Oral. Health 4:1176439. doi: 10.3389/froh.2023.1176439

Abuhaloob L, Petersen PE. Healthoral health International Dental Journal 2023 https://doi.org/10.1016/j.identj.2023.03.011

• Al-Mahdi R, Stangvaltaite-Mouhat L, Aleksejuniene J, Stankeviciene I, Tommeras B, Puriene A, and Al-Haroni M. Association between Carbonic Anhydrase VI Gene Copy Number Variations and Dental Caries Experience. Caries Res. 57 (1):67-73, 2023.

• Eskandari F., Kumah E.A., Azevedo L., Stephenson J., John S., Zohoori F.V. Fluoride exposure in community prevention programmes for oral health using nail clippings and spot urine samples: a systematic review and meta-analysis. Caries Res (2023) 57 (3): 19 ~~7 2~~ 100.10.1159/000533721

• Stangvaltaite-Mouhat L, Aleksejuniene J, Bendinskaite R, Mdala I, Stankeviciene I, Puriene A, and Skudutyte-Rysstad R. The 20-Year Trends in Caries and Associated Determinants among Adults in Post-Soviet Lithuania: Repeated Cross-Sectional Studies. Caries Res. 57 (1):1-11, 2023.

• Turton B, Sullivan S, Chher T, Hak S, Sokal-Gutierrez K, Wieringa F, Singh A. Caries Incidence Is Associated with Wasting among Cambodian Children 2023;102(2):157163. doi:10.1177/00220345221126713. Epub 2022 Oct 10.

Plans for future periods

The awards made under the call for grant applications represent a substantial commitment for the charity. We will work closely with the awardees in the delivery of this important programme of work.

Looking to build on the success achieved in recent years, WHO has convened a global oral health meeting, to be held in Bangkok in November 2024. This high-profile meeting, the first of its kind, will seek to reaffirm and strengthen the commitment of member states towards the resolution on oral health adopted in 2021, and the implementation of the Global Oral Health Action Plan, thereby accelerating progress towards UHC for oral health by 2030. Recognising the importance of this event, the Foundation has agreed to provide a substantial grant towards the participation of decision makers from the 45 member states designated by the United Nations as the least developed countries.

The implementation of the Global Oral Health Action Plan will also be the focus of a threeyear programme of work, to be carried out by W details of the grant, which has been agreed in principle, are currently being finalised.

An external consultation will be commissioned, seeking the views of experts across the world on current priorities in global ora resources might be

The Borrow Foundation 17

Trustees 31 March 2024

Plans for future periods (continued)

best applied to achieve its mission. The results will inform a strategic review and help shape the plans for further expansion.

Financial review

Results for the year

The statement of financial activities shows an increase in unrestricted funds during the year of £97, 409 (2023 increase of £355,545) with total income amounting to £1,816,034 (2023 £2,012,850) and expenditure totalling £1,718,625 (2023 £1,657,305).

Total income comprises £1,407,598 (2023 £1,690,972) of income from commercial activities and £408,436 (2023

Total expenditure comprises expenditure on charitable activities of £931,077 (2023 £913,208) and cost of raising funds of £787,548 (2022 £744,097).

The revaluation of the listed investment portfolio resulted in an unrealised gain of £506,296 (2023 £363,650 loss). The revaluation of the investment property held in the £1,000,000 loss).

The results of the Foundation's subsidiary undertaking, Borrow Investments Limited contributed a net loss to the group excluding investment gains of £451,049 (2023 £224,453 profit) on a turnover of £1,383,658 (2023 £1,392,032).

Investment policy

The trustees consider that the variability of investment returns on the Foundation's longterm investment portfolio inevitably constitutes a potential risk to the charity's funds. Appropriate steps therefore have been taken to mitigate this risk through a defined investment strategy, professional advice, portfolio diversification and a suitable reserves policy.

The nature of the Foundation's charitable activity together with its cash reserves policy are such that the trustees consider the appropriate objective for the portfolio is one of a balance between income and capital growth. It is the trustees' view that a balanced investment strategy will enable the charity to meet its funding commitments and potentially, expand further the level of support applied to its charitable activities.

The trustees recognise that an investment policy with a capital growth objective necessarily involves some risk to capital. Consequently, it is understood that the value of investments will routinely fluctuate and sometimes the value change will be swift and extreme. It is the trustees' view that they are prepared to tolerate a reasonable degree of capital risk and volatility on the long-term investment portfolio so long as this is commensurate with the potential for growth and subject to adequate portfolio diversification. In particular, the trustees consider the use of collective investment funds within the portfolio to be important in helping to achieve a suitable balance between investment risk and reward and to gain appropriate and diversified exposure to overseas and specialist markets.

The Borrow Foundation 18

Trustees 31 March 2024

Financial review (continued)

Investment performance

Additionally, the trustees deem a deliberate policy of high cash retention outside of the long-term investment portfolio to be relevant to buffer short-term fluctuations in capital value and to maintain liquidity to meet their funding commitments.

Over the year ended 31 March 2024, the group's investments decreased in value by £340,933, from £27,054,686 to £26,713,753 in total. This decrease in value includes an decrease of £840,933 (2023 £364,306 decrease) in the unrealised value of the group's long-term investment portfolio for the year, and an unrealised gain of £500,000 (2023 £1,000,000 loss) on the revaluation of the investment property.

The overall performance for the year was considered satisfactory, when compared to market indices. The income yield from the portfolio grew considerably and the income target for the year was surpassed.

Whilst markets have demonstrated resilience since year end, rising economic and geopolitical uncertainty is a concern. The ongoing risk to capital value is recognised by the trustees and their advisers and is key factor in the decisions made around portfolio construction.

The Foundation has a core target for its long-term investment portfolio to out-perform cash or near cash instruments over three-year rolling periods, measured on a total return basis net of fees. Over the period from 1 April 2021 to 31 March 2024 this core target was achieved (as it had been in the prior three-year period ending 31 March 2023).

Investment strategy

The investment strategy is kept under regular review; the trustees and their investment advisers remain vigilant around the risk to capital value and have taken appropriate steps to mitigate this risk. The trustees are satisfied that the income yield is sustainable and has potential to increase over time.

The cash reserve policy is adequate to meet the Foundation's short to medium term commitments, avoiding the need for enforced realisation of investments; thereby limiting the impact on its long-term portfolio of any adverse changes in financial markets.

Going concern assessment

The trustees / directors and the management have undertaken an assessment of the of 16 months, ending 31 March 2026. Consideration has been given to all available information about the future.

Base case and worst-case cash flow forecasts have been prepared for the charity and the subsidiary company. In the worst-case scenarios, we have assumed that both interest rates and energy costs will remain high and there will be a significant fall across all income streams.

The Borrow Foundation 19

Trustees 31 March 2024

Financial review (continued)

Going concern assessment (continued)

Having carried out the assessment, the trustees / directors are satisfied that both the charity and subsidiary company have sufficient reserves to meet their obligations over the period in question, there are no material uncertainties over the viability of the two entities and the financial statements should be prepared using the going concern basis of accounting.

Fixed assets

The trustees confirm that the assets of the Foundation are adequate and available to fulfil their obligations.

The trustees believe that the market value of the freehold land and buildings held by the group and charitable company is substantially in excess of the carrying value, but no formal valuation has been commissioned and any value attributed cannot be assessed with sufficient precision.

On 15 September 2017 Borrow Investments Limited entered into an option agreement to sell farmland, extending to 36.42 hectares (approximately 90 acres), held at a net book value of approximately £300,000. Having secured planning permission for a residentialled scheme, the developer, Bloor Homes Limited, purchased the land on 17 May 2024, for £24.5 million. The sum of £7.5 million was received on completion, with the balance payable in three equal instalments: on the first, second and third anniversaries of the completion date. A further substantial payment (minimum £3.5 million), linked to the disposal / development of land allocated for employment use, is anticipated. The subsidiary company could also benefit from extensive overage and clawback provisions built into the sales contract.

On 17 May 2024 Borrow Investments Limited also entered into a new option agreement with Bloor Homes Limited for the sale of additional farmland, comprising approximately 95 hectares (235 acres). An option fee of £1 million was received on completion of the agreement. The sale of any land under the option will be subject to a minimum price of £19.5 million plus indexation.

Reserves policy

The trustees have reviewed the Foundation's need for reserves in line with the guidance issued by the Charity Commission and have concluded that the charity requires reserves in order to meet its current grant commitments and to provide a sustainable future income for the charity. The charity aims to maintain its free reserves balance (excluding all fixed assets, deferred tax liabilities and grant commitments) between £nil and £300,000 to ensure there is a small reserve to meet future unforeseen expenditure. The deferred tax liability, required by FRS 102 within the financial statements of the subsidiary undertaking, has been excluded because it is likely that a gift aid payment would be made upon sale of the underlying asset to ensure there is no actual liability.

The trustees have set aside £350,385 (2023 £522,151) to meet commitments made at the year-end for research grant payments covering a period to 31 March 2027 (note 17).

The Borrow Foundation 20

Trustees 31 March 2024

Reserves policy (continued)

The Foundation also considers that the group's total fixed assets of £27,489,116 (2023 £27,836,105), which includes the group's investments, do not constitute free reserves as they are held for the purpose of generating income to further the Foundation's objectives. The balance of funds (excluding all fixed assets, deferred tax liabilities and grant commitments) therefore amounts to a surplus of £2,080,850 (2023 a surplus of £458,390).

Indemnity given by the charitable company in favour of its trustees

The trustees are indemnified by the charitable company against all losses which they may incur in the execution of the duties of their office, other than those arising as a result of their gross negligence or wilful default. No insurance policy effecting cover against any such liability has been purchased by the charitable company.

Trustees' responsibilities statement

The trustees (who are also directors of The Borrow Foundation for the purposes of the company law) are responsible for preparing the trustees' report and the group financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the income and expenditure of the group for that period. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the group and of the income or expenditure of the group 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 in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102);

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company or the group will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the group and of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of

The Borrow Foundation 21

31 March 2024

Trustees

Trustees' responsibilities statement (continued)

the group and of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the trustees confirms that:

• so far as the trustee is aware, there is no relevant audit information of which the

• the trustee has taken all the steps that he or she ought to have taken as a trustee in order to make himself or herself aware of any relevant audit information and to

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Small companies provision

The above report has been prepared in accordance with the provisions applicable to Approved and authorised for issue by the Board of Trustees on and signed on its behalf by

A J Rugg-Gunn Trustee (Chair)

The Borrow Foundation 22

31 March 2024

Opinion

We have audited the financial statements of The 4 which comprise the group statement of financial activities, the group and charitable parent company balance sheets, the statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standa (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• affairs as at 31 March 2024 ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

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 are independent of the group and the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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 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 Borrow Foundation 23

31 March 2024

Other information

The other information comprises the information included in the annual report and financial Trustees are responsible for the other information contained within the annual report and financial statements. 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 course of 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 this gives rise to 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and for the purposes of company law,

• has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the charitable parent company and its environment obtained in the course of the audit, we have not identified material misstat . We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit; or

• the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companie preparing the T ent to prepare a strategic report.

The Borrow Foundation 24

31 March 2024

Responsibilities of Trustees

the directors of the group and the charitable parent company for the purposes of company law) 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 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group and the charitable parent company or to cease operations, or have no realistic alternative but to do so.

ponsibilities for the audit of the financial statements

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 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.

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we obtained an understanding of the legal and regulatory frameworks that are applicable to the group and the charitable parent company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102)), Charities Act 2011, the Companies Act 2006, and those that relate to data protection (General Data Protection Regulation); and

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

The Borrow Foundation 25

31 March 2024

(continued)

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of key management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested and reviewed journal entries to identify unusual transactions;

• tested the authorisation of expenditure, ensuring expenditure was approved in line with assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;

• reviewing the minutes of meetings of those charged with governance; and

• enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our report.

The Borrow Foundation 26

31 March 2024

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Catherine Biscoe (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 9 December 2024

The Borrow Foundation 27

Group statement of financial activities Year to 31 March 2024 (including an income and expenditure account)

Notes	Unrestricted	Unrestricted	Unrestricted	Total funds 2024 £	Unrestricted	Unrestricted	Total funds 2023 £
	General funds £	Revaluation reserves £			General funds £	Revaluation reserves £
Income from Other trading activities 1 Investments 2 Total income Expenditure on Raising funds . Commercial trading operations . Professional fees 3 Charitable activities 4 Total expenditure Net investment gains/(losses) 11 Revaluation of investment property 11 Deferred tax on revaluation 14 Net income (expenditure) 7 Net movement in funds for the year 15 Total funds brought forward Total funds carried forward 15	1,407,598 408,436			1,407,598 408,436	1,690,972 321,878		1,690,972 321,878
	1,816,034 733,838 53,710			1,816,034 733,838 53,710	2,012,850 695,140 48,957		2,012,850 695,140 48,957
	787,548 931,077			787,548 931,077	744,097 913,208		744,097 913,208
	1,718,625	506,296 500,000 (125,000)		1,718,625 506,296 500,000 (125,000)	1,657,305	(363,650) (1,000,000) 190,000	1,657,305 (363,650) (1,000,000) 190,000
	97,409	881,296		978,705	355,545	(1,173,650)	(818,105)
	97,409 13,710,090	881,296 13,226,791		978,705 26,936,881	355,545 13,354,545	(1,173,650) 14,400,441	(818,105) 27,754,986
	13,807,499	14,108,087		27,915,586	13,710,090	13,226,791	26,936,881

Net income for the year derives from the continuing operations of the charitable company and its subsidiary undertaking.

All income and expenditure relates to unrestricted funds in both the current and prior years.

All gains and losses are included in the statement of financial activities.

The Borrow Foundation 28

Group balance sheet As at 31 March 2024

Notes	Notes	2024 £	2024 £	2023 £	2023 £
Fixed assets Tangible assets 10 Investments 11 Current assets Debtors 12 Short term deposits Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors:amounts falling due after more than one year 14 Net assets The funds of the group General funds 15 Revaluation reserves 15 Total funds 15		343,960 1,800,000 1,139,835	775,363 26,713,753	407,312 1,371,631	781,419 27,054,686
			27,489,116 2,551,576		27,836,105 1,220,963
		3,283,795		1,778,943
		(732,219)		(557,980)
			30,040,692 (2,125,106)		29,057,068 (2,120,187)
			27,915,586		26,936,881
			13,807,499 14,108,087		13,710,090 13,226,791
			27,915,586		26,936,881

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime in Part 15 of the Companies Act 2006.

Approved and authorised for issue by the Board of Trustees on:

and signed on its behalf by

Trustee

Company registration number 03303900 (England and Wales)

The Borrow Foundation 29

Charitable company balance sheet As at 31 March 2024

Notes	2024 £	2024 £	2023 £	2023 £
Fixed assets Tangible assets 10 Investments 11 Current assets Debtors 12 . Amounts due after one year . Amounts due within one year Short term deposits Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 14 The funds of the charity General funds 15 Revaluation reserves 15 Total funds 15	508,834 1,800,000 189,666	475,782 14,688,288	94,536 446,441	480,743 15,529,222
		15,164,070 1,900,000 2,403,233		16,009,965 1,900,000 502,584
	2,498,500		540,977
	(95,267)		(38,393)
		19,467,303 (3,990)		18,412,549 (3,990)
		19,463,313		18,408,559
		14,950,460 4,512,853		14,402,003 4,006,556
		19,463,313		18,408,559

Approved and authorised for issue by the Board of Trustees on and signed on its behalf by

Trustee

Company registration number 03303900 (England and Wales)

The Borrow Foundation 30

Group statement of cash flows 31 March 2024

Notes	2024 £	2023 £
Cash flows from operating activities: Net cash used in operating activities A Cash flows from investing activities: Investment income Purchase of tangible fixed assets Proceeds from the disposal of investments Movement in short term deposits Movement on cash held by investment manager Purchase of investments Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at 1 April 2023 B Cash and cash equivalents at 31 March 2024 B	(185,442)	59,647
	408,436 (2,022) 738,536 (1,800,000) 609,472 (776)	321,866 (2,039) 271,244 (51,215)
	(46,354)	539,856
	(231,796) 1,371,631	599,503 772,128
	1,139,835	1,371,631

Notes to the statement of cash flows for the year to 31 March 2024.

A Reconciliation of net movement in funds to net cash used in operating activities

----- Start of picture text -----
2024 2023
£ £
Net movement in funds (as per the statement of financial activities) 978,705 (1,008,105)
Adjustments for:
Depreciation charge 8,078 8,237
(Gains) losses on investments (1,006,296) 1,363,650
Investment income (408,436) (321,878)
Decrease (Increase) in debtors 63,352 (2,298)
Increase in creditors 179,155 20,041
Net cash used in operating activities (185,442) 59,647
----- End of picture text -----

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
	2024 £	2023 £
Cash at bank and in hand Total cash and cash equivalents	1,139,835	1,371,631
	1,139,835	1,371,631

C Analysis of changes in net debt

Analysis of changes in net debt
	At 1 April 2023	Cash flows	At 31 March 2024
Cash and cash equivalents Total	1,371,631 1,371,631	(231,796) (231,796)	1,139,835 1,139,835

The Borrow Foundation 31

Principal accounting policies 31 March 2024

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

These financial statements have been prepared for the year to 31 March 2024.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements.

The financial statements have been prepared in accordance with 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 United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Basis of consolidation

These financial statements consolidate the results of the charitable company and its wholly owned subsidiary undertaking, Borrow Investments Limited, drawn up to 31 March each year. A separate Statement of Financial Activities for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the trustees and management to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

estimating the liability for multi-year grant commitments;

• estimating the useful economic life of tangible fixed assets;

• estimating the value of any bad debt provisions; and

• the valuation of the investment property.

The Borrow Foundation 32

Principal accounting policies 31 March 2024

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.

The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern.

The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above. With regard to the next accounting period, the year ending 31 March 2025 the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets.

Company status

The charitable company is a company limited by guarantee and does not have a share capital. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £10 per member of the charitable company.

Fund accounting

Unrestricted funds are defined as income received or generated which are available for use at the discretion of the trustees in furtherance of the general objectives of the charitable company which have not been designated for other purposes.

Designated funds are unrestricted funds which have been earmarked by the Board for specific purposes.

Income

All income is included in the statement of financial activities when the group is legally entitled to the income, when it is probable that the income will be received and when the monetary value of the incoming resources can be measured with sufficient reliability.

Leasing income

Rents receivable under operating leases are credited to the statement of financial activities on a straight line basis over the lease term.

Income arising on rent reviews is recorded as income in the period in which it is earned.

Leasing income is deferred when rents are received in advance for rental periods in subsequent financial periods. This income is released to the statement of financial activities in the period in which the group is entitled to it.

The Borrow Foundation 33

Principal accounting policies 31 March 2024

Income (continued)

Investment income

Interest received from cash at bank and from fixed asset investments is included in the statement of financial activities for the period in which the charitable company is entitled to receipt.

Dividend and distribution income from fixed asset investments is included in the statement of financial activities on a receivable basis.

Expenditure

Expenditure is accounted for on an accruals basis and includes irrecoverable VAT. The majority of costs are directly attributable to the specific activities of the charitable company. The residual support costs have been allocated between charitable activities and governance costs on the basis of time spent by staff.

Expenditure on raising funds

Expenditure on raising funds comprise the costs associated with the commercial trading operation and with generating investment income and include investment advisors' and investment managers' costs.

Charitable activities

Charitable activities includes resources expended associated with the furtherance of the charitable company's objectives and any support costs associated with those activities.

Grants payable

Grants payable are payments to third parties for community schemes or research, in furtherance of the charitable company's objectives. They are accounted for when paid unless a firm commitment to pay the grant exists at a date prior to the year end. Grants committed subject to conditions to be fulfilled by the charity have been disclosed in note 17. These have not been included in the financial statements.

Support costs

Support costs are those incurred in connection with the administration and operation of the charitable company.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charitable company and include audit fees and other costs linked to the strategic management of the charitable company.

The Borrow Foundation 34

Principal accounting policies 31 March 2024

Fixed assets

Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Freehold buildings	-	2% to 8% straight line
Building improvements	-	8% straight line/over the remaining lease
		term
Plant, equipment, fixtures and fittings	-	10% to 33% straight line

The carrying values of tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.

Land is not depreciated and is held at cost, being purchase price, in the balance sheet.

Assets with a net cost of £500 or more are capitalised.

Investments

Listed investments are stated at market value at the balance sheet date. Any unrealised and realised gain or loss on revaluation is shown in the statement of financial activities. Other investments are stated at the lower of cost and net realisable value.

Investment properties are valued at current open market value and are revalued annually, where such revaluation is material. The revaluation surplus or deficit is transferred to the revaluation reserve unless a deficit on investment property is expected to be permanent, in which case it is charged to the statement of financial activities.

Investment cash is stated at the amount of cash held in investment accounts. Interest is accrued in the statement of financial activities when receivable.

In accordance with FRS 102, no depreciation is provided in respect to investment properties. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. The properties are not held for consumption but for investment and the trustees consider that to depreciate them would not give a true and fair view because it would not be compliant with applicable accounting standards.

The investment in the subsidiary undertaking is included at its net asset value when it was transferred to the charitable company upon the incorporation of the earlier charitable trust.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

The Borrow Foundation 35

Principal accounting policies 31 March 2024

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Leasing commitments

Rentals payable under operating leases are charged to the statement of financial activities on a straight line basis over the lease term.

Pensions

The group contributes to the defined contribution personal pension schemes of certain employees. Contributions are charged to the statement of financial activities as they become payable in accordance with the contribution rates agreed with those employees.

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the statement of financial activities.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in a future obligation to pay more tax, or a right to pay less tax, have occurred at the balance sheet date. Timing differences are differences between the group's profits as stated in the financial statements and its taxable profits, that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is measured at the average tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse. Deferred tax is measured on a nondiscounted basis.

Net deferred tax assets are regarded as recoverable, and therefore recognised, only to the extent that, on the basis of all available evidence, it is regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing difference can be deducted.

The Borrow Foundation 36

Notes to the financial statements Year to 31 March 2024

1 Income from commercial trading operations

Income from commercial trading operations represents amounts receivable from property rental in the UK and a limited amount of farming activity, stated net of value added tax, undertaken by the charitable company's trading subsidiary.

	2024 £	2023 £
Rental income generated from UK operating leases Rental income (Foundation) Other income	1,289,627 23,940 94,031 1,407,598	1,296,630 23,940 370,402 1,690,972

2 Income from investments

Income from investments
	2024 £	2023 £
Income from fixed asset investments Bank interest received	347,897 60,539 408,436	248,463 73,415 321,878

3 Expenditure on raising funds: professional fees

Expenditure on raising funds: professional fees
	2024 £	2023 £
Investment advisors and investment managers Surveyors and other property related advice	39,965 13,745 53,710	43,786 5,171 48,957

4 Expenditure on charitable activities

Expenditure on charitable activities
	2024 £	2023 £
Grants (note 5) Information and education Subscriptions and media costs Support costs . Staff costs . Office costs . Depreciation . Travel expenses . Legal and professional fees . Bank charges/foreign currency gains and losses . Governance costs (note 6)	513,766 16,384 7,490 211,423 131,195 6,983 14,118 3,342 926 25,450	536,979 5,159 9,330 221,885 91,137 7,133 6,903 12,869 1,173 20,640
	931,077	913,208

The Borrow Foundation 37

Notes to the financial statements Year to 31 March 2024

5 Grants payable

----- Start of picture text -----
2024 2023
£ £
Population-based programmes & research
University of Queensland, Australia 8,194
MOH Bhutan 14,302
University of Puthisastra, Cambodia 22,334
INTA / JUNAEB Chile 22,548
AMSPO Montpellier, France 6,581 15,178
University of Montpelier, France 10,331
University of Heidelberg, Germany (233) 10,896
Gadjah Mada University, Indonesia 9,732 24,134
Lithuania Dental Chamber 17,696 30,903
ACTA Netherlands 20,130 41,126
CBSHI Palestine (3,080)
National Dental Centre, Singapore 24,916 64,726
University of Bern, Switzerland 4,675 8,146
MOPH Thailand 10,379
Teesside University, UK 93,000 98,952
University of Glasgow, UK 20,696 11,750
University of Newcastle, UK 53,000
University of Plymouth, UK 22,500 39,000
University of Liverpool, UK 38,900
University College London, UK 42,000
University of Birmingham, UK 10,207
ACDOM 12,195
GP Romania 23,160
Maldent, Uni Malawi 48,159
MOH Vanuatu 12,617
416,862 472,888
Support for dental associations/organisations
British Association for the Study of Community Dentistry 300 600
British Fluoridation Society 10,000 10,000
International Association of Dental Research 3,289 3,288
13,589 13,888
World Health Organisation collaboration 70,622 37,183
Grants towards training, travel, conference attendance and sponsorship
of Dental Association 12,695 13,020
Total grants payable (notes 4 and 17) 513,768 536,979
----- End of picture text -----

6 Governance costs

Governance costs
	2024 £	2023 £
Accountancy and audit Management meetings	15,920 9,530	14,200 6,440
	25,450	20,640

The Borrow Foundation 38

Notes to the financial statements Year to 31 March 2024

7 Net income (expenditure) for the year

a. Net income (expenditure) for the year is stated after charging:

	2024 £	2023 £
Depreciation of owned fixed assets Operating lease rentals land and buildings	8,078 36,558 57,500	8,237 29,200 57,500

b. Analysis of auditor s remuneration

Analysis of auditor s remuneration
	2024 £	2023 £
Audit fees (audit of the Foundation and subsidiary) . Current year Other services (taxation)	32,400 4,158 36,558	25,200 4,000 29,200

c. Employees

The average number of employees was:

----- Start of picture text -----
2024 2023
No. No.
The Borrow Foundation 5 5
Borrow Investments Limited 5 5
10 10
2024 2023
£ £
Staff costs for the above persons:
. Wages and salaries 329,316 348,127
. Social security costs 35,333 37,738
. Other pension costs 17,548 13,149
382,197 399,014
----- End of picture text -----

No employee of either the charitable company or its subsidiary undertaking earned at a rate of £60,000 per annum or more in the current or the prior year. One of the trustees has been remunerated by both the charitable company and its subsidiary undertaking and the remuneration in aggregate is in excess of £60,000 (note 7(d)).

The Borrow Foundation 39

Notes to the financial statements Year to 31 March 2024

7 Net income for the year (continued)

d. Trustees' remuneration and expenses

N F Borrow, a trustee of the charitable company and a director of the subsidiary undertaking received remuneration from the group (as permitted by the charitable company's Memorandum and Articles of Association) as follows:

	Borrow Foundation 2024 £	Borrow Investments 2024 £	Total 2024 £	Borrow Foundation 2023 £	Borrow Investments 2023 £	Total 2023 £
Remuneration Company contributions to a money purchase pension scheme	40,987 3,671 44,658	81,587 7,343 88,930	122,574 11,014 133,588	38,664 3,480 42,144	79,655 7,169 86,824	118,319 10,649 128,968

The trustees are considered to be the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. The total remuneration paid to key management personnel (including pension contributions and employer s national insurance contributions) was £147,085 (2023 £143,500).

Other than as stated above, none of the other trustees received any remuneration during the current or preceding year. The number of trustees to whom retirement benefits are accruing under money purchase pension schemes amounted to 1 (2023 1).

Trustee expenses amounted to £nil (2023 £nil).

8 Taxation

a. Current tax

The charitable company is exempt from the liability to taxation by virtue of Sections 466 to 493, Corporation Tax Act 2010.

The subsidiary undertaking pays Gift Aid equivalent to all its taxable profits to The Borrow Foundation, its parent undertaking.

b. Deferred tax provided

Deferred tax has been recognised on the value of the investment property held by the subsidiary undertaking. Further details are provided in note 14.

9 Net income attributable to members of the parent undertaking

The net income for the year dealt with in the financial statements of the parent undertaking was £1,054,752 (2023 net expenditure of £232,562).

The Borrow Foundation 40

Notes to the financial statements Year to 31 March 2024

10 Tangible fixed assets

Group

Group
	Freehold land and buildings £	Building improve- ments £	Plant, equipment, fixtures and fittings £	Total £
Cost At 1 April 2023 Additions At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book values At 31 March 2024 At 31 March 2023	1,082,009	65,047	110,251 2,022	1,257,307 2,022
	1,082,009	65,047	112,273	1,259,329
	308,324 4,641	63,279 453	104,285 2,984	475,888 8,078
	312,965	63,732	107,269	483,966
	769,044 773,685	1,315 1,768	5,004 5,966	775,363 781,419

The trustees believe that the market value of the freehold land and buildings is substantially in excess of the carrying value but no formal valuation has been commissioned and any value attributed cannot be assessed with sufficient precision, particularly in current market conditions.

On 15 September 2017 Borrow Investments Limited entered into an option agreement to sell farmland, extending to 36.42 hectares (approximately 90 acres), held at a net book value of approximately £300,000. Having secured planning permission for a residential-led scheme, the developer, Bloor Homes Limited, purchased the land on 17 May 2024, for £24.5 million. The sum of £7.5 million was received on completion, with the balance payable in three equal instalments: on the first, second and third anniversaries of the completion date. A further substantial payment (minimum £3.5 million), linked to the disposal / development of land allocated for employment use, is anticipated. The subsidiary company could also benefit from extensive overage and clawback provisions built into the sales contract.

On 17 May 2024 Borrow Investments Limited also entered into a new option agreement with Bloor Homes Limited for the sale of additional farmland, comprising approximately 95 hectares (235 acres). An option fee of £1 million was received on completion of the agreement. The sale of any land under the option will be subject to a minimum price of £19.5 million plus indexation.

Included within freehold land and buildings is land valued at £647,967 (2023 £647,967) which is not being depreciated.

The Borrow Foundation 41

Notes to the financial statements Year to 31 March 2024

10 Tangible fixed assets (continued)

Charity

Charity
	Freehold land and buildings £	Building improve- ments £	Plant, equipment, fixtures and fittings £	Total £
Cost At 1 April 2023 Additions At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book values At 31 March 2024 At 31 March 2023	674,356	65,047	63,605 2,022	803,008 2,022
	674,356	65,047	65,627	805,030
	198,610 4,641	63,280 453	60,375 1,889	322,265 6,983
	203,251	63,733	62,264	329,248
	471,105 475,746	1,314 1,767	3,363 3,230	475,782 480,743

The trustees believe that the market value of the freehold land and buildings is substantially in excess of the carrying value but no formal valuation has been commissioned and any value attributed cannot be assessed with sufficient precision, particularly in current market conditions.

Included within freehold land and buildings is land valued at £350,000 (2023 £350,000) which is not being depreciated.

The freehold land and buildings were held for leasing under operating leases during the year.

11 Investments

Group

Group
	Listed invest- ments £ 10,071,847 776 (723,354) 491,115 9,840,384 9,664,470 175,914 9,840,384	Investment property £ 13,000,000 500,000 13,500,000 13,500,000 13,000,000	Cash £ 3,982,839 (609,472) 3,373,367 3,373,367 3,373,367	Total £ 27,054,686 776 (1,332,826) 991,115 26,713,753 26,537,837 175,914 26,713,753
At 1 April 2023 Additions Disposals (proceeds £738,536; realised gain £15,182) Net gains on revaluation (note 15) At 31 March 2024 Investment assets held in the UK Investment assets held overseas

The Borrow Foundation 42

Notes to the financial statements Year to 31 March 2024

11 Investments (continued)

Group (continued)

All investments are held primarily to provide an investment return for the group.

Listed investments

The historical cost of the listed investments to the charitable company was £9,468,081 (2023 £10,068,505)

At 31 March 2024, the following individual investment holdings were considered material in the context of the total listed investment portfolio:

	Market value £	% of total listed investment 21.3 6.7
Schroder Managed Balanced Institutional BlackRock Charities UK EquityFund A(Inc)	2,095,500 661,920

Investment property

The investment property was valued independently on 27 August 2021, as at the valuation date of 31 March 2021, at £14,975,000 being the open market value for existing use, in accordance with the RICS Appraisal and Valuation Standards (6th Edition), by C Walker opinion after consultation with their chartered surveyor, the open market value of the property for existing use as at 31 March 2024 is £13,500,000. The historical cost of this property was £1,900,000.

Charity

Charity
	Listed investments £	Cash £	Shares in subsidiary undertaking £	Total £
At 1 April 2023 Additions Disposals (proceeds £738,536; realised gain £15,182) Net gains on revaluation (note 15) At 31 March 2024 Investment assets held in the UK Investment assets held overseas	10,071,847 776 (723,354) 491,115	3,982,839 (609,472)	1,474,536	15,529,222 776 (1,332,826) 491,115
	9,840,384	3,373,367	1,474,536	14,688,287
	9,664,470 175,914 9,840,384	3,373,367 3,373,367	1,474,536 1,474,536	14,512,373 175,914 14,688,287

Listed investments

The historical cost of the listed investments to the charitable company was £9,468,081 (2023 £10,068,505).

The Borrow Foundation 43

Notes to the financial statements Year to 31 March 2024

11 Investments (continued)

Listed investments (continued)

At 31 March 2024, the following individual investment holdings were considered material in the context of the total listed investment portfolio:

	Market value £	% of total listed investment
Schroder Managed Balanced Institutional BlackRock Charities UK EquityFund A(Inc)	2,095,500 661,920	21.3 6.7

Shares in subsidiary undertaking

The charitable company owns the entire issued ordinary share capital of Borrow Investments Limited, a company registered in England and Wales (Company Registration No. 671291). The subsidiary undertaking carries out trading activities, namely property rental and limited farming activity. The total taxable profit of the subsidiary undertaking is gifted to the parent undertaking each year. Audited financial statements of Borrow Investments Limited will be filed with Companies House.

A summary of the results of the subsidiary undertaking to 31 March 2024 is shown below:

----- Start of picture text -----
2024 2023
£ £
Turnover 1,383,658 1,392,032
Cost of sales (537,638) (520,021)
Gross profit 846,020 872,011
Administrative expenses (244,622) (217,580)
Operating profit 601,398 654,431
Interest receivable 16,651 11,249
Interest payable and similar charges (133,508) (81,738)
Gain on disposal of tangible fixed assets 275,000
Profit on ordinary activities before Gift Aid 484,541 858,942
Gift Aid (note 20) (935,590) (634,489)
Surplus (deficit) on ordinary activities before revaluation of investment
property (451,049) 224,453
Unrealised (loss) gain on revaluation of investment 500,000 (1,000,000)
Deferred tax on revaluation of investment property (125,000) 190,000
(Loss) profit for the financial year (76,049) (585,547)
Accumulated surplus at 1 April 10,611,227 11,196,774
Total comprehensive (expenditure) income (76,049) (585,547)
Accumulated surplus at 31 March 10,535,178 10,611,227
----- End of picture text -----

The Borrow Foundation 44

Notes to the financial statements Year to 31 March 2024

11 Investments (continued)

Shares in subsidiary undertaking (continued)

----- Start of picture text -----
2024 2023
£ £
The aggregate of the assets and liabilities was:
. Assets 15,193,245 15,147,011
. Liabilities (4,658,067) (4,535,784)
10,535,178 10,611,227
Represented by:
. 30,002 ordinary shares at £1 each 30,002 30,002
. Investment revaluation reserve 9,595,235 9,220,235
. Profit and loss account 909,941 1,360,990
10,535,178 10,611,227
----- End of picture text -----

12 Debtors

----- Start of picture text -----
Group Charity
2024 2023 2024 2023
£ £ £ £
Trade debtors 157,840 197,370 3,162 3,990
Amounts owed from subsidiary undertaking
(note 20) 441,239 7,679
Loan to subsidiary undertaking (note 20) 1,900,000 1,900,000
Prepayments and accrued income 186,120 209,942 64,433 82,867
343,960 407,312 2,408,834 1,994,536
----- End of picture text -----

The loan to the subsidiary undertaking is secured via a charge over their investment property, bears interest at 2% above Barclays Bank plc base rate and is due more than twelve months from the balance sheet date.

13 Creditors: amounts falling due within one year

----- Start of picture text -----
Group Charity
2024 2023 2024 2023
£ £ £ £
Trade creditors 31,078 22,540 7,244 14,096
Amounts owed to subsidiary undertaking
(note 20)
Taxation and social security 10,940 6,597
Accruals and deferred income 350,368 353,527 77,692 23,754
Other creditors 339,833 181,913 3,734 543
732,219 557,980 95,267 38,393
----- End of picture text -----

Included within Group accruals and deferred income is £303,459 (2023 - £271,957) of deferred income. This income relates to leasing income paid in advance, which the group will recognise in the Statement of Financial Activities in the next accounting period.

The Borrow Foundation 45

Notes to the financial statements Year to 31 March 2024

13 Creditors: amounts falling due within one year (continued)

The movement on deferred income account is set out below:

	2024 £	2023 £
At 1 April 2023 Released from prior year Deferred in current year At 31 March 2024	271,957 (271,957) 303,459 303,459	258,625 (258,625) 271,957 271,957

14. Creditors: amounts falling due after more than one year

Creditors: amounts falling due after more than one year
Group	2024 £	2023 £
Rent deposits Deferred tax liability Charity	120,341 2,004,765 2,125,106 2024 £	240,422 1,879,765 2,120,187 2023 £
Rent deposits	3,990	3,990

The deferred tax liability has arisen from revaluing the investment property held by the

	2024 £	2023 £
At 1 April Movement in the year At 31 March	1,879,765 125,000 2,004,765	2,069,765 (190,000) 1,879,765

15 Statement of movements on reserves

Group

Revaluation reserves

----- Start of picture text -----
Unrestricted Investment
funds property Other Total
£ £ £ £
At 1 April 2023 13,710,090 9,220,235 4,006,556 26,936,881
Surplus for the year 97,409 97,409
Unrealised gains (note 11) 491,115 491,115
Realised gains 15,182 15,182
Revaluation of investment property 500,000 500,000
Deferred tax (125,000) (125,000)
At 31 March 2024 13,807,499 9,595,235 4,512,853 27,915,586
----- End of picture text -----

The Borrow Foundation 46

Notes to the financial statements Year to 31 March 2024

DRAFT

15 Statement of movements on reserves (continued)

Group (continued)

	Unrestricted funds £	Revaluation reserves	Revaluation reserves	Total £
		Investment property £	Other £
At 1 April 2022 Surplus for the year Unrealised gains (note 11) Realised losses Revaluation of investment property Deferred tax At 31 March 2023	13,354,545 355,545 13,710,090	10,030,235 (1,000,000) 190,000 9,220,235	4,370,206 (364,306) 656 4,006,556	27,754,986 355,545 (364,306) 656 (1,000,000) 190,000 26,936,881

Charity

	Unrestricted funds £	Revaluation reserve £	Total £
At 1 April 2023 Surplus for the year (excluding realised gains) Unrealised gains (note 11) Realised gain (note 11) At 31 March 2024	14,402,003 548,456 14,950,459	4,006,556 491,115 15,182 4,512,853	18,408,559 548,456 491,115 15,182 19,463,312

At 1 April 2022 Surplus for the year (excluding realised losses) Unrealised gains (note 11) Realised gain (note 11) At 31 March 2023	Unrestricted funds £ 14,270,911 131,092	Revaluation reserve £ 4,370,206 (364,306) 656 4,006,556	Total £
			18,641,117 131,092 (364,306) 656 18,408,559
	14,402,003

16 Analysis of net assets between funds

Net assets of the group relate solely to unrestricted activities in the current and preceding year.

The Borrow Foundation 47

Notes to the financial statements Year to 31 March 2024

DRAFT

17 Future commitments grants payable

The charitable company is committed to making certain grant expenditure, upon agreed conditions being fulfilled by the recipient which have not been provided in the financial statements. The movement in the commitment was as follows:

	2024 £
Grant commitments at 1 April 2023 Charged to the statement of financial activities in the year (note 5) New commitments arising Grant commitments at 31 March 2024 Payable within one year Payable after more than one year	522,151 (513,768) 342,202
	350,385
	284,773 65,812
	350,385

----- Start of picture text -----
Year Year Year
ended 31 ended 31 ended 31
March March March
2025 2026 2027 Total
£ £ £ £
Population-based projects & Clinical,
laboratory and population research
Univ. Gadyah Mada Yogyakarta, Indoensia 13,647 10,282 14,253 38,182
Lithuania Dental Chamber, Lithuania 7,694 5,129 773 13,596
Ministry of Health, Vanuatu 4,768 387 5,155
Kamuzu University of Health Sciences,
Malawi 444 444
INTA, University of Chile 3,967 3,967
Academic Centre for Dentistry, Netherlands 2,565 2,565
University of Timisoara, Romania 21,798 8,888 30,686
University of Bern, Switzerland 791 791
University of Birmingham, UK 4,000 4,000
University of Glasgow, UK 17,500 2,000 19,500
University of Leeds (project in Sudan) 1,500 1,500
University of Liverpool, UK 18,000 1,000 19,000
Teesside University, UK 5,051 5,051
University College London, UK 1,500 1,500
University of Plymouth, UK 37,500 1,000 38,500
122,725 45,686 16,026 184,437
Dental Associations / Meetings
BASCD, UK 2,050 2,050 2,050 6,150
British Fluoridation Society 6,839 6,839
Department of Health, Ireland 10,258 10,258
EADPH 5,296 5,296
GLOBICS Nat. Dental Centre, Singapore 1,143 1,143
25,586 2,050 2,050 29,686
WHO Collaboration
WHO Global Oral Health Programme 136,462 136,462
Total 284,773 47,736 18,076 350,585
----- End of picture text -----

The Borrow Foundation 48

Notes to the financial statements Year to 31 March 2024

DRAFT

17 Future commitments grants payable (continued)

----- Start of picture text -----
Year Year Year
ended 31 ended 31 ended 31
March March March
2024 2025 2026 Total
£ £ £ £
Population-based projects & Clinical,
laboratory and population research
Univ. of Puthisastra, Cambodia 1,454 1,454
Univ. Iberoamericana, Dominican Rep. 7,081 7,081
Univ. Gadyah Mada Yogyakarta, Indoensia 9,685 13,951 10,511 34,147
Lithuania Dental Chamber, Lithuania 17,610 7,925 6,079 31,614
Ministry of Health, Vanuatu 5,016 407 5,423
Kamuzu University of Health Sciences,
Malawi 49,998 49,998
Academic Centre for Dentistry, Netherlands 20,251 2,642 22,893
University of Bern, Switzerland 4,420 796 5,216
University of Glasgow, UK 7,750 15,000 2,000 24,750
Teesside University, UK 93,000 5,051 98,051
University College London, UK 1,500 1,500
University of Leeds (project in Sudan) 1,500 1,500
University of Newcastle, UK 2,000 2,000
University of Plymouth, UK 22,500 37,500 1,000 61,000
243,765 83,272 19,590 346,627
Dental Associations / Meetings
BASCD, UK 3,800 3,800
British Fluoridation Society 25,000 25,000
GLOBICS Nat. Dental Centre, Singapore 24,574 1,189 25,762
University College London (Lancet
Commission, UK 42,000 42,000
University of Amsterdam (ORCA),
Netherlands 6,582 6,582
University of Montpellier, France 1,541 1,541
103,497 1,189 104,686
WHO Collaboration
WHO Global Oral Health Programme 70,838 70,838
Total 418,100 84,461 19,590 522,151
----- End of picture text -----

18 Commitments under operating leases

At 31 March the group had total minimum lease commitments under non-cancellable operating leases as set out below:

----- Start of picture text -----
Land and buildings
2024 2023
£ £
Operating leases payments:
. within one year 57,500 57,500
. within two to five years 287,500 287,500
. after more than 5 years 2,218,542 2,621,042
2,563,542 2,966,042
----- End of picture text -----

The Borrow Foundation 49

Notes to the financial statements Year to 31 March 2024

DRAFT

19 Pensions

The group contributes to the defined contribution personal pension schemes of certain employees. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the contribution rates agreed with those employees. The charge for the year was £17,548 (2023 £13,149). There were contributions of £11,014 (2022 £ nil) outstanding at the year end.

20 Related party transactions

a. Transactions with subsidiary undertaking

----- Start of picture text -----
2024 2023
£ £
----- End of picture text -----

Gift Aid paid to the Foundation (note 11) Interest payable to the Foundation Management fees charged by the Foundation Loan due from Borrow Investments Limited at the balance sheet date (note 12) Due from (to) Borrow Investments Limited at the balance sheet date (note 13)	935,590 133,508 48,422 1,900,000 441,239	634,489 81,738 42,659 1,900,000 7,679

b. Transactions with trustees

There were no further related party transactions in the year (2023: none).

21 Controlling party

Control of the charitable company lies with the Board, who are the members of the charitable company; there is no overall controlling party.

22 Post balance sheet event

On 15 September 2017 Borrow Investments Limited entered into an option agreement to sell farmland, extending to 36.42 hectares (approximately 90 acres), held at a net book value of approximately £300,000. Having secured planning permission for a residential-led scheme, the developer, Bloor Homes Limited, purchased the land on 17 May 2024, for £24.5 million. The sum of £7.5 million was received on completion, with the balance payable in three equal instalments: on the first, second and third anniversaries of the completion date. A further substantial payment (minimum £3.5 million), linked to the disposal / development of land allocated for employment use, is anticipated. The subsidiary company could also benefit from extensive overage and clawback provisions built into the sales contract.

On 17 May 2024 Borrow Investments Limited also entered into a new option agreement with Bloor Homes Limited for the sale of additional farmland, comprising approximately 95 hectares (235 acres). An option fee of £1 million was received on completion of the agreement. The sale of any land under the option will be subject to a minimum price of £19.5 million plus indexation.

The Borrow Foundation 50