The Borrows Charltable Trust - A Registered Charity Charfty Reqlstrntlon Numbèr 1140591 REPORT AND FINANCIAL STATEMENTS for tho yaAr onthd 31 March 2021
The Borrows Charitable Trust - A Re istered Charit CONTENTS Trust88s' Annual Rèport Indop8ndont Audltorf8 Report Statarnent of Financlal Actl¥lUeg Balance Sheet 10 NoteB to the Fln•n¢lal S18t8m8nts
The Borrows Charitable Trust- A R istered Chari TRUSTEES ANNUAL REPORT lorth• y••r ond 31 March 2021 R•lrnn¢• •nd admlnhtrallv• Infomiatkn Foundgr SIrn eoThow8 08ts of Deeds TnJBt Daed Deod ofAppa'nlmgTht of New Trustee8 27 January 2011 27 January 2011 Twste Slmn Borrows Sally Borrowa Tho powèr to Appolnt rwi or addllbnal tru81W818 ¥t9 th th• founderdurfng hi8 Nature ol Iho TN$t A reolslergd charftsble InJ$l, rogisternd wlth th• Charlly Commi88loner8 lor England and W&leB a8 number 1140591. The 8ormw8 Charttat TNBI clo Ofrvonshlre House 60 Go8w811 Ro8d London EC1M 7A0 Audior Moom Klng8ton Smllh LLP D8von8hlre Hou8 60 G06well Rood London EC1M 7AD Bankw8 Trlodoe Bank D•8nèry Road 8ri8tol BS15AS Solld F8ffer & Co e6 Llncoln$ Inn Flold6 London WC2A 3LH
The Borrows Charitable Trust - A Re istered Charit TRUSTEES ANNUAL REPORT lor tho y88r ondod 31 March 2021 Roport ofth• Tru¥t•es for the year ended 31 M•r¢h 2021 The TTU51e65 pr@s8nt Ih8ir report 81ong with the financ4al slalem8nt8 of th8 ch8rpty for th8 y88T 8nded 31 March 2021. The financ4 61aternents h8Vg boen prepargd in 8ccordance with the sceounting policrd3 Set out on p8ge¥ 10 10 12 8rMI MplY with th8 charills Trusl Deed. th• Charities Act 2011 and he Stslemenl Df Recomm8nd8d Praclice applicable to ¢haritie$ preparing their account6 in accordanco 1h th& Flnandal RoportSrYJ Slanéard applicable in tho UK and Republlc of Ireland ued In July 2014. Obj8c11¥8s, Govomancv and The Tru5te?5 shall pay or apply the incorne of the Trusl Fund and may a150 pay or apply Manement any part or p8rt8 of Ihe ¢8pItsI of th8 Tru81 Fund lo $u¢h charf16&$ or lor such ¢h8nlable purp0888 88 they 8hall from lime to liTh in Ih8ir absolute discretion ihink fit. (The meaning of ¢haritieJ, whelher foundation8, inslilulions, tru¥l? or under-t8king3 and ch8rtlabl8 pu0&e5, meaning purpo&8s whlch 4r8 excluslvely chaflt8ble, 8re dgflngd acGordlng lo these meonlngs under Enoli8h18wl. However. during the perlod oxtondlng from the dale ol the TruBI Deed lor hv8nly-ong Arn, lh• Tru8iee$ in Ihfrir di$¢r8tion may 8¢cumulai& for inv681mant any or all ol lh• Incom• ol the TroJt Fund not 8pplled for ch8ritat4e purpose•. ActNilie5 snd Achlovormnts DUrir th• y•Ar tho Trusleos mad0 donhtths totalling £385.63812020.. £552.6121 to 98 12020.. 1101 regI8iered ¢h8rf1188. 88 delolled In noi& 510 th• flnan¢l81818iemenis. Grant moking pollcy and Public Benefit The Annual Incomè from th• Ch•rll•N• Trust Bnd118 capllal is u8ed IrDm tlm m8 to cover the 8nnual charlt8ble gr8n18 8nd eNpen8e$. The Truste decide what gr8nt8 Ihay %%4Bh lo mak• oul of Ihe Income, In xcordanco %441h tha csiecllv88 88t out abov•. A8 r&qulr0d by the Charities 2011, the Tru8to08 havo roferrod 10 the Chorfly Commigslon's gener81 ouidan¢8 on publlc benefll when fomiu18UnG the Grant maklng poli¢y, Sncluding lh8 ouldanc8'publlc benefit.. runnlng a charlly IPB21.' In partlthjlar. the trustees have coThsld•rad how grints can b• rnado lo 8nsur• maxinium ber¢•fll Ilows through to the Inlonéèd ulllmai8 b•nofi¢lAries. Tho grgnts bon•fll a numbor of public cas68 M8 del8lbd in note 5. Fln8ndal Review Thè Chadtvs prfndpal source ol Incom• 1$ from its Invèsimgnt$, which AnK)unled to £130,49812020'. £116,607). The inve&trnenl in¢cMn8, supplemented by other in¢omlng $ourc88 8uch 88 donal8d 8h8re8 and deposlt Int8rest $8W the TnJ8tees 8pend £392.061 12020.. £561,385) on charttsble aclfvilies and governance and admlni8trali¢Jn of th• Charity. Invo8im8nt Policy an¢ Pertom)Bnce Und&r th8 lar of th8 Trust Defrd the charSly h88 the power lo make 8ny Inv981rn8n15 that the Tru8tee8 see 111. Trust888 r8vl8w Inve8tmenl performance 8t e8ch me8ting, 8nd iheir FoIIcy 8t18a8t annuamy. Appointment of trustees New tru¥te&¥ may be oppoinled by the Iru5tee¥, to fill o va¢an¢y or as 8n 8ddilk)nal Iru8t88. The Trust sh8118elecl appropdale 181888 and provlde ern wllh an Inductlon to acquaint them wth the govemance and policies of the Trust a8 well a8 wh3t1s expected cf Ihgrn in thoir new rolo. AddIllol tralnlrKJ •ndlorlnfoftn8iion prowd•LI to tho tst$ on 8n ongoing ba$l$. Inv88tment Pollcy and Porfcrmane Shoukl the n8ed 8ri88 al any ljffle, other than 8t the annual rn88dng, the Tru$te•s m8y irud the trusts administrator to rDake or disp059 ofinve51ments or SUpY valualK)ns or olher investment InformalSon for Ihe use of the Tru8iee8, in Ih8ir conunued monitorlna of the Charity's performance. Risk managent Th¥ TnJ$tee$ have ¢on5iderEd th¥ MajorSk$ to which th ¢harity 1$ exposed and have r8vSew8d tho88 rL8k8 and establl8h8d 8ysi8m8 8nd procedures trj manage Ihose rknk5.
The Borrows Charitable Trust- A Re istered Chari TRUSTEES ANNUAL REPORT for th• JYu•ndod 31 Alwch 2021 Imp¥Gt of COV-19 Th8 ongolry Coronavlru8 Pondomt has had v&ry11tt1o Impact on ofani-glving activ15 ol the Charity in the ye8r to 31 Marth 2021. The Investment portfolio ha$ improved $inc& Ihe year 10 31 March 2020. Th8 tru$tè8S 8XP8Ct that th8 pandemlc will hav8 Iltd8 impacton the Chanly looklng foward8 over tho next 12- 18 nnthS and acwrdngly have prepowd the accounts on a golng concem b831s. R¢s•N•i Policy It Is the TN81688' inlentlon lo sustain the unreslricled funds at B18v•l which wll Fwovlde 6uffidgnl investment incfjme to mooi lovol ol donatsons pald, Gover the Chatrf8 monagement and adminislr8iion costs and lo bo 8bl8 to ro$sKJnd to any em8rgency applic4Uon8 thoi may arl8e from ilmg 10 11rn8. Al tha Balanc8 Sh881 d818 the fr88 r888rY88 of th8 th8rlly 8mounled lo £768,89712020.. £676.9691. Tho Irusletrs consider this level of frea r888rv88 18 8d8qual8 lo meet 12 month5 Oper8ng 8ypendilur8. Tho Trust holds an oxpondabL• èndowmènt lo lund il'u grsnt mhklng aclivili88. Al the yoar end th8 ?xpendob18 8ntt•wment lo18lled £6,661,29612020'. £5,051,431). Golng concern The finanoal $18t&ment8 hove boan preparod on a gthnp eone•m b81, Th$ro n¢ ma19rlal unc8rtèlntl88 about th8 Ch8ri1Y8 8ts115ly lo nIInue a$ a wing conc8rn. Th InJs198s hgve 958e558d wh8lh8r the use of the golng concorn ba81818 appropriala and have consIdo4 po88lblo 8v8nts or condlllon8 Ih81 mlghl casi $lgnifi¢ani doubl on thè ability of Ihe Ch8ri1y to continb8 88 B Going concorn. Tho Iru61ee$ h8vo ¢on$ldored th Impact ol Covid-19 on the inv881m8nl portfollo and Inv8slm8nt Incom8 06n8r8on lo be 8hort i&rm. Tho trus&4 h&ve made Ihls a85883rn8nl lor a p8ri0d of al least CM year frorn the date of approvol of the fin8nelal sialomonts. Th• trusio09 concludè th8ro 18 r9880nabl8 exp8claan that the Ch8rity h88 odequaie re8ource8 and unr08tri¢ted f888fveBlcash balancas lo continue In oper81ioThBI ex18tenc8 for the lore8ee8ble fijlura. The CharSly Ihor&lor8 Conllnues lo adopt tha golng concom b8518 In proparlng Its fIn8181 8t&iomgnis. st•t•m•nt olTwu•ts••' r••pOn¥lbllttl for tho Iln•n¢l•l •t•t•m•nl• The Tru81e•s 8re respon8ibl8 lor preparing Ihe Tru$lgeB' Report and ihe fin8ncig161818menls In accordance 1h app- I1¢ae lew and UN0d Kiwdom Accounllng Stsndard8 (Unilad Klngdom G&n8r811y Acc8pl8d Accounllng Practicgl. Thè18w 8pplicBbl• th8d1188 In England & Wales r8qulr88 Ihe Tru81888 lo prep8r8 flnanclal stal8men18 lor 8ach financ181 ye8r ¥vhich glve a true and fair vl8w of the o18ffAirB of the charity 8nd of Ihe incoming re8oure88 And applicaOn ol rosources lor thot p•riod. In proparing those Inandal 8tat8menls, th8 TThJ8tse$ 8re required lo.. seleci suitable a¢Unting poll¢le$ and thon apply them consislonlly., cornply wlth applicable 8¢counting 8t8nd8rds, Includlng FRS 102. Subject lo ony maleriol d&partuffj$ di$clo88 and oxplainod in the financial slalemonl8', - 3lale whether 8 Ststernent of Recommended Pmctice18ORPI Ipplle¥ and has been followed. subject to any maleri81 departure$ whl¢h are explalngd In the flnand81 statemènts., - m8ke ju(Jgem8nls Bnd 881im8te8 that are re880n8ble and prudent,. 8n - prepare Ihg flnandal stgt8mènts on a going wncem ba$1$ unl98S rt Is In8pproprt8le io presum8 Ihat Iho charfty will conllnu& In bu8iness.
The Borrows Charitable Trust - A Re istered Charit TRUSTEES ANNUAL REPORT for the J*•r•nd•d 31 Mar¢h 2021 $lat8rnont olTruitso1' rnspon•lbllltlo1 forth• fln•ncS1l •tat•ment• Icontlnu•dl The Tru$tee$ are respon8lbl8 for ke8ping accwnlng r8cord8 whlch dlsclo88 Yltth reasonable accuracy at anytlm8 th8 n8nci81 posltion of the Charity and lo enBb1e them to ensuro Ihg financial stal8mgnl$ comply with the Ch8rfiies Act 2011. They ar8 8180 responsible for saf8gu4rding th• assets of the Charity and h8nc8 lortsking reasona0 8t8P8 thè proyentlon ond the detectlon of fraud and other IrTeoul8rille6. Approvod by th• Tru8tee$ on.. •nd sloned on Ih•k bohalf by. Dale Tru$leg
The Borrows Charitable Trust- A Re istered Charit INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE BORROWS CHARITABLE TRUST for the yar •nd•d 31 March 2021 Opinion We have audlted the flnoncl81 st8temants of The Borrows Charitsbl8 Trust lor the year ended 31 March 2021 which comprlse th& Statoment of Financi81 A¢tivitlg8. thg B8lance Sheet, and notes to the financlal slat8m8nts. Sncludlng a summary o15hJnMcant accounlng poliaos. The fin8n¢lal reporting framework that has be8n applled in their preparation is applicablè law and United KIngdn Accounting Standards. Including FRS 102'The Financlal Reporting Standard Applkable in thè UK and Ireland. IUnit8d KirrtJdom Generally Accepled Accounts'ng Practic81. In our oplnlon the fin8nci81 stat•mont¥'. glve a true and lalr view of Ihe stale ol the chArity'3 8ffHirs as Bt 31 March 2021, and of its Incorning rosource8 and applIc&On ol m$oUr5, lor the ye8r then ended., have b8en prop8rty prep8r8d in accoanc• wlth Unltad Kingdom G¢ngrally Axepted Accounllng Practlce., and have been pr8p8red In accordence with tha wulromgnt$ of tho ch8ritlo8 A¢t 2011. B•li for oplnl¢n Wa conduct8d our 8udlt In 8ceordanc8 with Intèrnatbnal St8nd8rds on AudttSn9 IUKI IISABIUKII and oppllcabl8 law. Our responsibilitieg und8r those Standards 8re further d8scribed in th8 Audrtof6 Re8ponslbllitl88 for the 8udlt of fln8ncwl st8tgmonts 8èCtlon of our rsport. We arg indep8nd8nt ol the olarlty in accordance with the 8th1 requlrements that are relavont 19 our gLvJit or the fin8ncSal ststements Sn the UK. Including the FRC'8 Ethlc81 Slandard, and w& hava lulflllèd our other sthieal rg$pvn¥Iblll¢J Sn accordance wlth these requlr8ment8. We believe that the audit evidence we have obtained ig sulli¢ignt gnd appropriate lo provide a basis for our oplnion. Conclu•lon• r•latlng to golnq conc•m In audilin9 the fin8ncial st8tements, we have concluded that the trustee8' U88 of the golng COnM bo81$ of •c¢ounting In the preparation ol the finoncial stBtem6nts Is approprl818. Ba¥ed on the work we hav8 performed, we hava not Idèntth8d any mat•rial unc•rtaInory rglatlng to ovgnts or conditions that, individually or ¢ollecUvely, may ¢a6t signlflcant doubt on the chafity's ability lo conbnug as a going corn lor a pèriod ol at least e1ve rnonths from whan tho fingncl81 st8t8m&nts 8r8 AUthori8èd for is8U•. Our w8pOnsli11tl8s 8nd th8 r•#pon#SblllJes of the truBtee6 wlth re8POCt to golng concom arg doscrlbod Sn th8 rel8vanl secUon8 of Ihls pOrt. oth•r Inforffla¢lon The other informatlon comprfsos tho Inlorrn8tion included in the Bnnual report, other than Iho In8nrJal ststements and our 8udltorfs report Ihereon, The trustees ar• r•5wnsible lor th8 olh8r informab'on. Our opinion on the fin8nry81 statoments does not cover the other information and. èx¢gpt to thg otherwl8e explicitly ststed in our report, we do not expr&ss 8ny form of as8ur8nce concluslon ther•on. In ¢onnectK)n with our audit ol the Ilnancial gtat#m¥nts, our rg$pon$ibility is to rtrad the other information and, in doing $0, consider whether the other 1nlom)a0n is materially in(x)nsist8nt with th8 fin8nCi81 Btstements or our knowledge obtsined in the audlt or otherwise appahrg to bè mAtari811y misststed. If we Identlfy such materlal Inconsistenci68 or App?rgnt material rnisstaternenls. we are reqired to dètermine wh8ther ther8 is a rnalerial rni8Statemenl In the fin8nci813t8temenls or a material mis5taternent of the other inlorrn815on, If, based on the work we havo p8rformod, we ¢onrJude that there is a material mlsststement of this oth8r in10m180n, we are required to report Ihat fact. Wè hav• nothing to report In this regard
The Borrows Charitable Trust - A Re istered Chari INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE 80RROWS CHARITABLE TRUST ft>r th• y•ar •nd•d 31 March 2021 Matt•r8 on whlch wè am rnqulmd to report by •x¢•ptlon We hav8 nothlng to report In p8¢t ol the following mattors whar• th Ch8rltle8 Acl 2011 requlr88 U8 to report to you Ir, In our oplnion: the Inforrnat5on gfven In the Trustees, Annual R8POrt Is Incons18t8nt In any materlal reBpect vlth the financial statements., or the charity h88 not kept Adoquate accounllng rec4)rd8', or the financ1818tstemenl8 are not in agTeernent with th8 accA)unting records and tUrn8'. or have nol received 811 thg information Dnd exp18natlon8 we fequlrod for our audrt. R•ipon8lbllltl•• of tru•t••8 A8 eX81n8d more fully In th¥ Iru$t8¢8' ro8ponslbl1e8 $tstsment Set crtrt cfi pag• 3, the tW8ta88 arè raspon81bl8 for lh6 preparation of thè ftnanelal statements and for boing satisf18d Ih8t they give a true and falr vlew, and for 8uch Int8rnBI control 08 the tru8t6es determlne 18 noeessary to 8n8blg thg pr?par8tion of financlal ststements that ar8 Ireo from material ml88tatemenl, wheth8r duo lo fraud or 8rror. In preparing the fin8nci&l 81a¢emenl3, the truste8s are respon8ible lor a988S8ing tha ch8flWs 8bllity lo continuè 88 a going concern. di1081, 88 appIIc8ble, rnatters related to ooing concern and using th& going ¢on¢8m b8sls of ccounling un188S th8 Iru¥t¥e8 elth9r Inlend to1Squldate th8 charlty orto ceaBe operation8. or havo no r88li8Uc alternatlvg but to do lo. Audltor'• rg•ponilbllltl•• for th• audlt rf th• fln•ncl¥l •1ot•rngnt8 We have been appointed as audltor under 88ctlon 144 01 the Chodt9 Act 2011 and raport lrt a¢¢ordan¢o regul&tlon8 rnade under Section 154 of that Act. Our oblgcllvgs grg to obtsln reasonable 88suranco about whth8r thg fln8n¢i818tatements as 8 whole are free Irom matèrlal mlsstatgmant, whathar du8 to fraud or èrror, and to l$$ug an audltor's report that IncludeB our opinK)n. R•agongble assurance is a high level of assuranc&, but 18 not a gu8r8ntee that an aud51 conducted In 8ccord8nce wllh IbA8 IUKI wlll oh¥ays detect 8 m8tort91 ml$st8lament whgn il gxl3ts, Ml58181emenls Can 8rl8e Irom fraud or error and are con8idered materlallr, Indlvldually or In aggregate, thay could rè&son8bly bè èxpactgd to Influence th? economlc dKIBlons of users tsken on the bas18 01 theae financlal 8t8toment8. In Ilne kthth our respon81bllltleg, oulllned above, to detect materfal m186tstemenls in règpèct of itregulgritiety. Includino fraud. The ethnl to which our procedure8 ere capable ol delecllng irregulari•9, Inclk¥Jing tr8ud1g datsilgd b•low. Explan•tlon •• ¢0 what •xt•nt the oudlt wa• con8ld•r•d cap•bl• ol d•t0Ctlng In•gularltl••, ltheludlng fraud The obl8cJves 01 ¢)ur audil in respecl of fraud, are.. to identily and assess th6 rlsk9 01 matèrial m18St8tèmant ol tha linancl81 stslement8 due lo fraud,. to obtsin 3ufflolent 8ppropri8ttr 8udil evidence r•g8rding the as¥•¥d ri¥k$ of rn8t8d81 mi88t8t8rn8nt du8 to fraud. through d88ignino and implementing apprOPrte r•spDllg•5 to those 8$$oS8sd ri8k8', and lo rnspond appropriately to in*83 of fraud or Suspected fraud Identlfied durlng the audtt. How8V8r. th8 prirnAry raspongibility lor thè prgVgntK)n and ¢J&te¢tlon ol fraud rests wlth bolh rnonagernent Ond Ihose ¢harged with govgrngn¢e gf the charity. Our approach wa8 as followB'. We obt8insd an understanding of the legal and regulatory requirements 8ppllcable to the charity and n8id8red th8t thè most slgnific8nt arg the Ch8ril98 Act 2011 and UK flnanckal rgportlng Standard8 AS i8¥utd by tha Finanti81 Rtrptsrting Council. We obtained an und8rst8nding of IK)w the ¢harity complles wllh thoso r8quiTrm•nts by discussions with m8n•gom8nt ond th0¥8 rharged with governance.
The Borrows Charitable Trust - A Re istered Chari INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE BORROWS CHARITABLE TRUST for thè ygor 8ndgd 31 March 2021 We assessed the risk ol material mi5Stat8m8nt of th8 fin8nryal ststements. Includlng th8 rlsk of m8terial misststement du8 to fraud and how rt might occur. by holding di8CU88ionB with management and th08e charged with governance. We Inquired of mAnAg&mont And thosg charged with governance as to any known Instancas ol non- o)mpllance or su5P8Ct8d non-cornplianca with laws and regulallons. Based on this undtsrstsndin9, designed Bpecbfic approprlate audit proe•dur85 to i(1gntify in$l8ncg of non-comp118n with18w8 8nd regulations. This included making enqulriès of rnbn8g&m&nt and thos8 chargad wlth govèmsnea and obt8inlng additional corrobor8ts.vo evldence as required. As part of an audit in accordance with ISAS IUKI w• gXgrri¥g professSon81 Judgement and maintsin profe861onal 8¢eptlCi8m throughout the audit. Wo also Identlfy and asB868 Ihe rlBk8 01 mAtarlal mi88t8temant ol the fln8n¢1818taternents, whether due to fraud or error, design and perform audrt proc8dures resp$* to th088 I5sks. 8nd obtain audit èvld8nce that 15 8ufflci8nt and appropriate lo provide a ba818 for our oplnion. Thè risk tsf not do1o¢ting 8 motsrial rn188latement r88ulbng Irorn fraud ig hlgh8r than for on8 r88ulting from 8rror, 8s fr8ud may involvo coIIu8lon, forgery, Intentional om188ion6, rn1grepr&s6ntations. or tha ovorride of Inlgrn81 control. Obtsin an understanding of internal control r816vant lo thè audlt In order to d•svJn audit protsdur¢8 that are appropdate In tho circumstanc48, but not fgr th? purpose3 of expre8sing an opinK)n on the offv¢VeneSS of the charty's Internal control. Evaluate th8 appropri8t&ng$$ of a¢¢ounllng pollcles u8ed and the reasonabl8n886 of accountlng 8mat09 and r8lat•d dl8dosur•s rnadg by the IruBtse6. Conclude on the Bpproprl&16ness of tho Irust998' UBe ol the going ¢onc8m ba818 ol accounliThJ and, baBed on the audlt evid8nce obtsln8d, whalh•r a m8tèrlal uncèrtainty gxl¥ts related lo events or condibon6 that may casl significant doubt on th8 charily's ability to contlnue as a going concern. If we ¢onrJude th818 mal8ri81 uncertainty exlsts. we ar• raqulrgd to draw attèntlon in our auditorfs raport to the related dl8closur88 in the flnanclal statements or,11 such dlsclosur8s grg in8dequ8ts, to rnodlfy our oplnlon. Our concluBlon8 are baBed on the audlt 8vld•nc• obtainad up lo th• dale ol our 8udilo1s rèport. H¢)wgver. futu events or ¢ondltlon6 may cause the charlty to C&a88 lo continue as a going concem. Evaluate the overall pre8entstion, 81ruclure ond content of thg fin8nc181 st8ternents, Including the dls¢losurè6, and whelher the financial stAl8mant8 ropr888nt th& und8dylng tran$8¢tlon$ and wen18 in a manner that achleves lalr presentation.
The Borrows Charitable Trust- A Re istered Chari INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE BORROWS CHARITABLE TRUST forthe year ended 31 March 2021 Use of our report Thls report Is made sclely to the charlty's truBleeB, as a body, In rdanc9 vlth Chaptar 3 of Part 8 01 tho Charities Act 2011. Our audit work ha6 been undertaken so that we might stats to th8 charW5 Iw5te85 thos8 matter8 we ar8 required lo stat8 to them in an auditorfs report and for no other purpose. To the lullest extent permlltsd by law, we do not accept or 888urne r8spon8ibility to any party othef thon the chaity and chadty8 tru8toe8 B8 B body. fc¢ our •udlt work, for thls repor( for Ihg oplnlon we have fcfmed. Moor• Klng•ton Sm LLP D•vonshlr8 House 60 G08w•II Rood London. EC1M 7A0 Date.. 19 January 2022 Moore Klng8ton Smlth LLP18 811b10 to ecl as audltor Sn tennB of Seclon 1212 of the Companles Act 21MI8.
The Borrows Charitable Trust - A Re istered Chari stst?mont of Flnanclal Actlvltles for th• yeur ¢ndgd 31 March 2021 2021 2020 Total Totsl Unrn•trlcted Unr•8trlct•d Unr•8trlct•d In¢orn? Fund¥ Fund• Un1Cl•d Expendabl• Endowm•nt Not• Ineom• •nd gndowm•nt• Donation from foundar Investment Ineomo Total Incom• 408,300 408.300 130.498 538,798 130.498 130,498 116.807 116,607 408,300 Exp•ndlturn Ch8rltabLg actlvitle6 T¢)tal Expondttur• 392,061 392,061 392,061 392,061 561.385 561,386 N•t11ts88ygain on Inve8lments 1.554.856 1.554.658 1704.9221 N•1 In¢¢)m• I1oxp•ndltur•l 1,983,156 1261.5631 1,701.593 11,149,7001 Tr8n8f•r8 13 N•t mov•n)•nt In fund• 1,809,885 91,728 1,701,593 11,149,700) Balanc•• brought forward 5,051,437 076,969 5,728,400 6.878,100 8al•nc•• eAffl•d forward 6 661298 5 728 400
The Borrows Charitable Trust - A Re istered Chari Balanc• Shoet at 31 March 2021 Not• 2021 2020 Invesbnents 10 7,354,349 S.677.377 Currnnl a•Bot• C8$h at Bank 104,878 86,393 Uablll¢le• Cr&Jitors.. IAlling duè wlthln ar 129,2341 115,3701 N•t eurr•nt ai••ti 75.644 51,023 T<)ts1 o•••t• I• t•tsl Il•blllt•• 5 728 400 Unr•ilrlct•d fund• Expèndablè enth)wment Incomg lund6 12 6.661,296 768 697 7.429,993 5.051.431 676.969 5,728,400 )provtd by th8 TruBtee8 and auth0ri8ed for 658ua on", I?.. 20)La nd slgned on Ih81r tehalf by.. 10
The Borrows Charitable Trust- A Re istered Charit NOTES TO THE FINANCIAL STATEMENTS for thg Y??r•nd 31 Mah 2021 1. ACCOUNTING POLICIES lal Ba$1• of Preparatlon These Ilnancial statements are prepared on 8 golng eon¢&rn b88i¥, undgr the hi8torfcal cosl convention modified for Ihe r8V81u8tion of investments to falr value. The finoncial sta18rn8nts have b88n prepared in accordance with the Financlal Reporfng Stsndard applicabl& in the UK hnd Republie Of Iro18nd IFRS 1021. The Charity is a public benefit entity lor th& purposes of FRS 102 and thèrelora the ChArity Al¥0 prep8rgd it8 financi81518temenls in accordance wlth the Statement ol Recommended Pfactlce applicablo lo ChArl&S prèparing thgir a¢wunts in 8wordance wlth th8 Financlal RepoThg Standard applicable In lh• UK and Republlc ol Ireland (The FRS 102 Charit18s SORPI Indudlng Llpdat8 Bulletin 2 and the Charides Act 2011, The finand81 stat8m8nt3 8re prepared In sterllng, whlchls the functkjnal currenw ol th8 charlty. Monetsry amounts In th860 flnanclal stAl8mantg arè roundéd to thè n•ar•¥l pound. Tho prfnclpal o¢c¢UnNg poll¢l&s Jopiod In th• prop8ratlon ol the fin8nclal 8t8tements afe 88t out below. Ibl Golng Conc•rn The flnanclal Btst8m8nts havg bB•n proparod on a golng conc8m b8Bls. Tharè èrè no m8tèrlal unc&rtalrntlèS abttha Charlty'B abS11ty to continue 88 8 golng concem. Th• tru9toas h8V8 8ssas$•d whaihar th• u88 or th8 oolng cc4)cèrn ba858 IB approprfale Bnd have consldered possiblè ev•nts or condi11gn8 that rnlght C88t slgnific8nt doubt on thè ablllty of Ihe Charity lo conllnue os a going concern. The tru8toas h8va considèrèd tho imp8Ct of Covid-19 on iha Invastm8nt porlfolio and Inve8trnent incoma g8n6ralion lo be short tsrm. The trustees have made this assessment lor a peAod of at19a¥t one year from the d8te of 8pprovBI of the financjal ststement8. The tru818eB conclude th8re 18 a re880nable gXPgCtatJon that the Ch8rlty ha8 8d8quale resources and unr6strlcted rg98rvgslcash balances to continue In oper8lon818X18tenc8 for th8 for98eeable future. The Charlty th8relore conlnues to adopt the going concern ba81B In prparing rt¥ financial $ts1gments. {cl Fund Structur• Unre8tricted Fund6 comprlse those lunds whkh the tru8lees Are frea to U88 In accordance wlth tha ch&ritsbl8 objacts, The Exp8ndabl8 Endowmanl Fund raprè8•nt8 thos8 8ss8th whleh arè hèk1 for thè lortr tèrm for thè Trust, in cordanco wlth the tarms of tho Tnjst Deod. Ineomo arising on tha Expandablo Endowment Fund Can be used In th• Unrestrlcted Income Fund. A¥ Exp8ndabl8 Endowment Fund can be used In 8ccord8nc8 With the objects of tha Trust and Is Indudgd In the unr8sldcted incoma, c&pltal can also be spent in certain circumstances In lulfllment ol the Trusvs obi8ct8. Any CAPital galns or lossas arlsina on th8 Invastrn8nts h&k1 In thè Exp8ndabl8 Endowmènt Fund form part ol that Fund,
The Borrows Charitable Trust- A Re istered Chari NOTES TO THE FINANCIAL STATEMENTS for the y•ar •nded 31 March 2021 1. ACCOUNTING POLICIES Icontlnuodl Idl Inet All income 18 r9wgnised in thg St8t&m?nt 91 Fin8ncl81 Adivthg8 ISOFAI when there Is entltl8m8nt to the funds, the rocaiptls prob8ble 8Thd Iha Arnount c8n ba ma8sur8d r81iably. Wherg 8 clalm for repayment ol Income tax has or 11 be made such ineom6 Is grossed up lor the tsx recoverabl&. Th? ftsllobwng 8ccountin9 polici88 8r8 8pplied to diff8rent categories ol Income.. Grant• and Donatlono R8c•lvable Grants and donations are recognised In the SOFA when Ihere Is ontlemnt to th• funds, Ihe rgCgipI is prob8ts19 and the amount Gqn b8 measured Teliably, In1Mnt Ineom• Investment incorne i¥ a¢¢ountsd for wh&n ro¢elv8blo. l•1 Exp•ndltur• Llabilrties are r8CLJgni88d a8 regourceB expended a8 600n there 18 a loo41 ¢¢ ¢M¥truclvg oWatlon comrnlth'ng th& charity to the expgndrture. All expenditure is accounted for on an 8¢¢ru81¥ and been cl88srfied under he8dlng8 that Aggregate 811 cost8 r6lal8d lo tha colegory. Th8 lollowing accounlng poll¢i?s are applled lo the dlfferent cat8gorie8 ol expendrture.. Charltablo ActlvbUo• Donations p8y8ble ar9 cOgnI88 whon th&y bro apprtsvod by Ihe trustees and the recipl8nt of the grant hag been inforrnad of Ihe amount to be paid. Gov•mane• Co•t• Gtsvamonce costs cornprfse 811 costs Involving the publlc accountability of the chgrily pnd 5ts ¢ompllance w regUla0Th and good practice. These costs indudo costs relatod to gudit1808. lry Flx•d A•¥•t I$tMont1 InStm9n18 are st818d at f8ir value at th$ b818n¢• $h¢•i dato. Thtr SOFA IncludeB Ihe net gaSns and10888s on revolugtion and d18posals throughout tho y88r. 191 R•all••d and Unr•all8•d Galn• and Lo8••• All galns and108808 are takon to the SOFA as they arlse. Reallsed gBins and10$3g$ on Snvg8tm?nts are calculatgd as the dlfference befven sales proceeds and openlng market value Ipurchase data If IAt8rl. Unr08Ii8ad gAins and losses are calculated aB the difference be90n the market value 8t th8 ar and and opgning mArkal v8lu• lor purch85? dale if later). h) Cash and cash •qulvalgnt• C8sh and c8sh 8qulvalent5 Include ¢88h In hand, d8po811s held at call 1 banks, other short-term Ilquhl inv8stm•nt8 with origin&l m8tudtlas ol thr88 months or 8$. 12
The Borrows Charitsble Trust- A Re istered Charit NOTES TO THE FINANCIAL STATEMENTS r th• y•ar ended 31 March 2021 1. ACCOUNTING POLICIES l¢ontlnuodl 11 Finan¢iAI Instrumwnt The charity has elected to apply the provisions of Section 11 '888ic Financial Instruments, ol FRS 102 to 811 ol its rinancial instmments. Fln8nci81 instruments 8re gniSed in Ihe chariws balance sheet when the charity bec0rn88 party lo th8 contractual provislons of thè instrumani. Fin8ncial a889ts and li8bilitl85 8re oM8et, wth th9 not Amount8 presented in the financial slatemants, wh8n th8re is a legally enfor(xabl8 right to S81 off th8 r8cogni58d amounts and there 18 an Sntenlion to s&ttle on a net basis or to re81ise the asset and settle tho liability $imuEtan•ousty. Wlth the exception8 of deferred Income all oth•r cr•ditor balonc¢g 8rg ¢on9id$red to bts basic fin8n¢ial in8trurnents und$r FRS 102. 11 Crltbeal aeeountlng ••tlm•t•• •nd •r•¥• of ludg•m•nt In prep8rlng 15n8nclal stat8m•nts il Is noc88sary to m8kg cgrtgin judgement8. e8brnal83 and as8urnplion3 that 8ffed the amount8 recognlsed In tha fin8ncSal gtalèm•nl8. In th• vlw of the tru¥tee8 In appl9 the accoUnng adopted, no ludg8rn8nt8 ra roqulred that hav• 8lgn1flnt 8ff8Ct on the 8rn0unl8 recognlsed in the flnanclal statements nor do ony e6tlm8t88 Of 86sumptlon8 made carry a si9nilie#nt ri$k of maigrial adju8trnent in the next financl81 year 2. REMUNERATION OF TRUSTEES AND KEY MANAGEMENT PERSONNEL The key management p8rsonnel are the Trust008. Tho lotsl employ80 beneflts ol lh• Gharfty6 kay m8nag8mont p8rB¢)nnel were £Nil12020.' £Nill. No remun8ralon was pakj to any truslee8 In the year. No 8xp8n8è8 worg reimbur¥ed to tru8tee8 in the year12020.' £Nill. 3. INVESThIENT INCOME Unr••trld•d Expgnd•bl• Unreitrl¢t•d Endowm•nt In¢orn• 2021 Total Donolon Irom founder Income from Investm6nts Interest on cash d8po6its 408.300 408.300 130,481 17 130,481 17 130498 408 300 Unr•strlet•d Exp•ndible Unrn8trl¢t•d Endowm•nt Ineom• 2020 Total Income from investrnents Inter83t on ca8h deposhs 116,548 59 116,548 59 116607 13
The Borrows Charltable Trust. A Re Istered Charl NOTES TO THE FINANCIAL STATEMENTS for tho y•ar •ndgd 31 Mah 2021 CHARITABLE ACTMTIES The charity undertCMJk no dir8Ct charitsb18 Bctivities but aw8rded donatkjns to a nurnb8r of institutions in lurlherance ol ks rJbBrMable 8ctIv1es. Thesè are as lollow8.'- 2021 2020 usèum of Lon&)n Community Foundation for Surrgy Footstsps inlem8tional Rossall Foundatlon Step by step Collaboraliv8 Schools Netsvork The Eikon Charity W&tl8 Gallery Ltd Marfg Curfe Pro8tat• Ckn¢•r UK Homestart Guil(Jford GASP Motor p10Ct Oakbal Enterpds Orpheus Sl Peter and St JameB' Hospice Challenger Mgalh Epllep8y Trust Ph1•9 Tuckw•ll Hoipit• Royal Bollet Sehod Carftas Anchor Hou9e Play ACC Intsrn8tkJnal SDAC Learning Skills Research R Mar3den Cancer Charlty Halow Project Royal N8Uon81 Thèatr8 ROH Fonteyn Flroffly Internaonal Bowel Cancer UK Unlverstty of w8Ck Opgn up Mu¢ 50,000 50,000 35,531 22,153 17,000 16,648 16.000 15.000 10.000 10.000 10,000 10,000 9.000 7,000 6.000 5.000 5.000 5,000 s,000 s.000 80,000 44,282 24,000 5,000 16,000 10.000 10,000 10,000 10,000 10,000 5,000 5,000 5,000 5,000 5.000 9.000 10,000 6,000 10,500 5,000 5.000 120.000 11,OlXI 10.000 5.220 5,000 5,000 5,000 324,332 61,305 6,424 453,502 99.110 8,773 other donalong made Ile8B than £5.000 each) Supports Copts1589 Note 61 392,061 14
The Borrow6 Charltsblo Trust- A R• 18tered Charlt NOTES TO THE FINANCIAL STATEMENTS for th• y•ar •ndod 31 March 2021 5. ANALYSIS OF DONATIONS MADE 2021 2021 No. 2020 Preventktin or rel1 ol povwty 96.531 12 137.502 Advanc8m8nt of oduc8tlon 10,000 15,¢)00 Ath8ncemèntof ho•llh or the 8aving of lives 61,348 23 163,890 Advancomènt ol thè •rts, CUure. h8rltage or 8dence 76.280 52.780 Advanc8m8nt ol communlty d•v•lopmgnl 12,000 lo,5) Rellor of those In n8ed by ro08c of youlh. age. 111-health, disabillty, Iln8ncl81 hardshlp or other dlBadvanlag8 126,978 40 172,440 PromoJon ol the efficlency of tho armed forcè8 of tho Crovm. or of the efflciency ol the pollce, r8 and rU or arnbuLgnce 8orvlce8 500 385 637 552612 . ANALYSIS OF SUPPORT COSTS Unr••trfct•d e¥p•ndabl• Unr••trlct•d Endowrn•nt Incom• 2021 Total Govem8nce costB Isee nota 71 Bank Charges 6.362 62 6,362 62 UnMtrfthd Expond•bl• Unr••trl¢t•d Endowmgnt Incorng 2020 To¢al Govemance costs (see not• 71 Marketing I WebsFte cost6 Bank Charges 6.120 2,597 6.120 2.597 56 15
The Borrows Chafltable Trust- A R? 18tsred Charlt NOTES TO THE FINANCIAL STATEMENTS for the year •nded 31 March 2021 7. ANALY818 OF GovERNcE COSTS Unrestrlcted Exp•ndabl• Endowm•nt Unr•strlctsd Incom• 2021 Total Audltfvg 6,362 6,362 Unr••trbet•d Expondabl• Unr••trlct•d Endowm•nt Inco 2020 Total Audlt f•• 6,120 6,120 AUDITOR'S REMUNERATION The AudStor8' rernunerlon constftuted 8 19 of £5,20212020.' £5,100) excluBlve ol VAT. g, EMPLOYEES The Ch8rlty had no •mpkI8 In th• currant or prlor y•ar. 10. FIXED ASSET INVESTMENTS Mo¥•m•nt In fix•d •88•t In¥tMent* Ll•t•d 8•¢urltl•• 2021 Ll•t•d 8•curltl•• 2020 MArket Valug Brought Forward Additions L888'. 01sP0581 proceedB 5,677,3T7 408,300 286,184 5,799,493 40,197 1 $14 8S9 6.820,484 438,185 6.382,299 18,916 721838 5 677 377 Reo11sed gain on dispoBalB G¥1nllbI on rev8lu8lion maat Value Carrled Forward G•ogrnphk•l AnAly•l• LINtgd S•euthlgs 2021 Ll•¢•d S•eur5tl 2020 Unfjtsd Klngdorn Inv981mgnt¥ 7.354,349 5,677.377 Hlstcfflcal cost ol Investments 4 074 828 3 912 515 The Investments throughout 2021 and 2020 are in rolath)n to SOWrtoS being Tho Ambro¥8 Fund anij 31 PLC and are held wbth Investment managers, UBS, 16
Th• Borrows Charltabl8 Tru5t- A Roglstor•d Charlty NOTES TO THE FINANCIAL STATEMENTS lor th• aT •nded 31 Mah 2021 11. ANALYSIS OF UABIUTIES r¢dltors- falllng du• wlthln on• y•ar Unr¢$trl¢tgd Expandabl• Endowm•nt Unreltrlcted Incom• 2021 Total Aru3 Trade creditorn Grants Pay8blg 6,244 1,740 21,250 6,244 1,740 21,250 Unrgstrlctod Expgnd•bl• Endowm•nt nr••trlet•d Incom• 2020 Total Accruals Grants Payablo 6,120 9,250 fj,120 9,250 12. ANALYSIS OF CHARITABLE FUND8 Unr•*trlet•d Expendabl• Endowm•nt Unr••trlct•d Incom• 2021 To¢•1 Inveslments Ca8h at Bank Creditors 6,560.072 101.224 794,277 3,654 7,354,349 104,878 768 697 7 429 993 UnrgStrlrt•d Expend•bl• Unr••trlct•d Endowm•nt Ineom• 2020 Total Inveslmenls Cash at Bank Credltor8 5,013,581 37.850 863,796 28,543 5.877,377 66.393 15,370 728 400 5 051431 670 969 13. TRANSFERS During the year the Trustees transferred th8 sum of £353,29112020- £575.(1001 frorn th$ capit8101 tho &ndowment fund to Ihe Income fund to supplement the fund3 available ft)r dislribution to other charitable causes. 17