The Borrows Charitable Trust- A Registered Charity ChorityReglstr&ilon Nwnbèr 1140591 REPORT AND FINANCIAL STATEMENTS for the year erxjed 31 March 2022
The Borrows Charitable Trust- A Re istered Chari coETrs Trustees, knnual Report lThJependent Auditots Report Statement of FinarKaal *dNitss Balan Sheet 10 Notes to the Fknan(aal statents
The Borrows Charitable Trust - A Re istered Chari TRUSTEES ANNUAL REPORT forthe year ended 31 MarGh 2022 Relgrence and admlnlstratlve lrfomiatlon Founder Simon Borrrrs Date of Deeds Trust Deed DeJ 0fOintment OfN Truths 27 January 2011 27 January 2011 Truste8S Sinon eorrThY5 Sally Borr Pther lo appoinl rew ty athJlioThal trustee5 isvested in the foundpr (Suring h lrfetirTE. Natu of the Trust A regbtered tharitablB tNsL Wistered *Yth the Charty ComTrwssw)neT5 fot England and Waks a$ 1140591. Prinipal Offiee Borrows Charilable Tn clo 6th Flo 9 Appoby Street Li)ndon EG2A ZAP Audftor Moore ngStOn Srnith LLP 8th Fbor 9 Appok1 Streel London EC2A 2AP Bankers Triodos Bank Deanery Road 8ristol BS1 SAS SolK4tors FanEr& Co 66 Lincoln's Inn FEkls London WC2A 3LH
The Borrows Charitable Trust - A Re istered Chari TRUSTEES ANNUAL REPORT forthe year 8rhJed 31 March 2022 Report of the Trnstees fortho y•arend8d 31 March 2022 The Trustees present their report along With the finanfaal ststerrnts ofthe tharity forthe year ended 31 March 2022. The financial statements have been prepared in at£Ordan With the acc)uniing poliaes sel out on pages 10 to 12 and conyly th the ch3rty'5 Trust Deed. the CharitEs AL# 2011 aThY he Slatement of Recommended PraLR applicable lo charities preparing their a¢¢ounts in accordarKe with Ihe Financial Repth"ng Stat)dard applicabk3 in UK and Republi¢ of Ireignd tssued in July 2014. Objectives, GLWeman and The Tyusiees shall pay or appty Ihe inccthe of the Trust Fund and may8180 pay or apply Managemert any part orpart$ of the caprtal of the Trust Fund 10 such charits for suth ¢harilable purpose5 as they shall from tirre to lirre in th8ir absolute dIsli0n thk (The meaning of charities. whelherfoundatYJns. institUnS. trusts or und?r4akings and chatitable puwses. rreaning purposes whth are exdusvety charitable. are éefined according to those [ran1rJS und¥ ENJli5h lawl. Howe%er. rfurir¥ the per1r extendiNJ from the date of the Trust Deed ftYtrntyn8 yeaT5. the Trustees in theIrtlwetn may aunl2 for investrnent any or all ef the inco of the TrLL8t Furbj nol a[pld lor cha[itab purposes. A(Iniities qnd Achvavem8nt8 During the year Ihe Trustees rnade donats.ons totalliNJ £422.08312021.. £385,638) to 92 12021.. 981 wtster&l cknaie$. as detailed in note 5 to the finala1 statennts. Grant making pICY arns Public 8enefrt The annual inix)me from the charitab Tru$t and it5 cspilal i8 used from tin to lirrE to cover the annual charitable 9ranls and èxpenses. The Trustees decide what grants they wish to rnake out of Ihe incfxne. in LX)rdanc wth Ihe obRtaNe$ Set out above. A5 required by Ihe CharitES Act 2011. ts Trustees hav8 referred to the Charty ommts$ion's general guidan¢x pvWic berEffl when fomu&ling the granl making policy. induding the guan'pUbIK benef. running a tharty IPB21.' In particular. the trustees have ¢OnsKlerj )W grants can be rde to ensure maximum benÈfil flow5 through to the intended ukn.mate ner1?s. The grants neffl a nurrt)er of public cases as detailed in note S. Finanual Re¥W The Chariys prin¢q)al source of incon i8 trom rts investr%nts, which amounted to £42.46012021.. £130.4981. The Invesnt ino)me. Suppmented by other inwmiro resources such as donated shares and deposit interest saw the Trustees Spe £428.959 12021.. £392.0611 on charitable ac¥thes and governance and administration of the Charity. InveslThnt Poliw and Perf0mn Under the temE olthe Trusl the charty has the powerto make any investftnts Ihat the Trustees see fft. Twstees revi investrnent performan( at ea¢h wetiry. and their polirm al st annualty. Appointhnt of tfU51ees NÈW trustees rnay appointed by Ihe trustees. to fill a va¢anGy or a5 an additional trustee. The Trust shall secl approwate trustees and premde them with an indu¢bon to au#lt thwn with the gomano and policEs of the Trust a$ well as what is expected of them in their new roè. Additional trainir#J andlor inloEmation wll provided to the tru51ees on an orwng ba8. Inveslftnt Policy and Perfmn Shouhl the need arise 3t any tTh, otherlhan at the annual Treting, theTrustae$ rnay instrud Ihe try5V5 adrrrinistratorto make ¢y di5PC68 of in¥estrnents or suppty valuations or Other inve5tmnt inforNbon for the use of the Tru$tee$. in their continued nnItoring of the ChanV5 perf0rrnan. Risk managent The Trtsstees have considered the major risks to which the thanty is exposed and have re*iewed thos8 risk$ e5tsbli5hed systems and prdureS to manage those risks.
The Borrows Charitable Trust- A Re istered Chari TRUSTEES ANNUAL REPORT forth8 yearendetl 31 March 2022 Impact of Covid-19 The oryoing Coronavtrus pandern¢ has W very liiue impad on grant-gin9 activities of the Charty in Ihe year to 31 Marc 2022. in%estment porttolio has improved slnf Ihe yearto 31 March 2021. The tsustees eyc that the pandemK will have Irtue impact on Ihe Charity looking forwards over ihe next 12- 18 month5 and aecordngly have prepared tho a(xJunts on a goirvJ IM basi5. Resee5 Polry is the Tw5tees' intenltrjn to Sustain the unr88tiiLled lurtds at a18V81 which will pro¥e 5ufft¢nt investment incorne to meet the IB¥el of donation5 pwd. tx)¥er the charity'$ managernentand Jnwnistration (x)sts and to be able to respond to any emergency applic9tn5 that may arise from to At the Balarte Sheeldate the free reserves of the thanty anted to £977,19812021.' £768,697). TF trusees o)nsider Ihi$ level of free reserves i% adequate rret 12 nnthS operating expen¢Jiture. The Trust ho5 an expendabk endment to fund i¥5 grant making actMD"es. Alth8 year end the eXFÈndab endownnt totalled £6.994.381 12021.. £6.661,21. Going GOnM The financ4al stakments have been prq)ared on a gtyng 0)nrn b85i$. The are no material uncertainties about the Charitls abilty to conlinuE a$ a going concetn. Th¢ trustees ha% assessed whether the use of wing conrn ba$6 L% appropriate and have conSered possibl8 events or 0)ndonS that rrighl cast signrficant doubt on the abilty of the Charity to ¢a)ntinue as a going o)ncm. The ttustees have consided the irnpad of Covi&19 on the in%esknnt portfolio investment in)rne generation to t shert tern. The tmstees have made this a$srnent fN a period of at least one yearfrom the date of approval ofthe finanual statements. The twstee$ condude there i% reasonab expectation that the Chanty ha5 adequate resources and unrestricted reserveslca5h balances to cwbnue in Olab"Onal exi5ten( for the foreseeable future. The Charity therefore wntinues to adcpl the wirtg 0)ncem ba515 in prep¥g ts finanoal siaternents. statsment of Trust8es' polIbIlIa8 for the financlal stai8menlS The Trust8e5 a r¢$wS1b f preparing the Trustees. Rewrt aThJ the financial $tstemenis in asxordance with ¥pp- liiatrjb law and United lQ'ngdom Accounting Standard$ Iunited n9(•M GerallYArCepled knounting Pradicel. The law appS¢able to charit$ in England & Wa$ requi5 ihe Twstees to prEpare finanual sMentS for each financial year which give a true and fairview of the state of affaws ofthe chanty and of the ineoming resour$ and appliGation of resourc8s for that pei?)d. In pwarin9 those financial Stateents. the Trustees are rtquired to.. - 8ekci Suitab a¢¢ounting pol5 a1 then appty them cons$tenUy', - ¢ThlY with applKable COUntIng standards. indudiThJ FRS 102. suliprato any rr0teTial departures di$¢bsed and explained in the finanaal Stants.. - state whelhera Stsiement ofRecornmended Pr¥c"¢e ISORPI appL¢$ and ha5 been foR(thBd. SL¢bFd to any material departures which ao eXplaid the finan¢4al staterrEnts'. - make judgements and estifttes that are teasonable and prudent and - ppare the financial Staments on a goiThJ L¥)rM basi8 unkn5 it i% inappropriate to PsUn that the Charity w1 continue in business.
The Borrows Charitable Trust- A Re istered Chari TRUSTEES ANNUAL REPORT forthe y8areTrJed 31 March 2022 Statsment of Trustees. porlIlOe5 for the ffirwlcial $tstements Icontlnuedl The Tru5te6s are responsibk for keepiThJ accounting reo)rds whh ¢Jisdose with reasonable a(%urary al any lirne the rinanaal position ofthe Charty and to enable them to en$u¢ the finana statements Cfjmpty wth the CharilK?3 Act 2011. They are al responsible for safeguarding the asset5 of Ihe Chanty and F*n¢x fortaking re880n8bk steps for the prevention and the detection of arwj other wregularil. Approved ty th8 Truste8s on: and $Kjn OTh thr behawty.. Twstee
The Borrows Charitable Trust- A Re istered Chari INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE 80RROWS CHARITABLE TRUST ftrthe year ended 31 March 2022 Opinion We have audrted the fInanG statements of The Borro Chaiitable Trusiforthe year ended 31 March 2022 whith crrfnprise the Statement of Financ&81 Athtss. the Balan Sheet. ond ntjtes io the financval ststements, in¢luding a summary of sKJnificant accountirvJ poScies. The finanaal reporting framework that has been appw in their preparation is applicab and United lQ'ngdom Nounting Standards. induding FRS 102 The Finanaal Reporting Standatd Ji(2ble in ihe UK and Ir8Lqnd' Ivnited Krydom GeneraItykpte Aw)unting Pract81. In our otMnK)n the finanoal statements.. gwe a true and fair v• of Ihe state ollhe charty5 affairs as at 31 Marth 2022, and of ts Incoming resourtes and application of resour. for the ar erKll." have been property prepared in ao>)rdance United Kn9d Generally kneptsd Ao)Junting Practice,. and have been prepared li oXdan wlh the wuirernents ofthe charli Ad 2011. Ba515 for opinlon We conducted our audrt in aCco[dan wth Intemabonal Staodards on Auditing IUKI IISASIUKII and applicabla law. Our responsibilits UeT Ih05e standards are further descrtd in the Audrtorfs Responsibilthes forthe audr( of financial slaterwnts se¢tion of our rekK)ti We are indeperrfjent of the charity in ac£Ordan with th8 ethtsl iequirements that are leVant to our audit of the ancra1 slat8meThts in the UK i¥chJding the FRC'S Ethal Standard. and we have fuinied our olher ethKal respon5ibfithes in accOan wrth these requirements. We belve that the audit evthnc we have obtained k8 and appropriate to provth a basts for our opinK)n. Conclu51on$ rèlating to gOg Goncem In audrting the financial statements. we have corthed that Ihe trv51ees' use of IhE goiThJ contrrn ba$1$ of accounting in the preparation ofthe finanfial statewts i4 approprigte. 8ased on the work we have perfom)ed, have nol Alentird any materia] U[rtaInli¢S lating to events or fX)ndrtions that. IndidallY or colknctiyety, may cast 519Thffi¢ant doubl on the cha5 abilty to r))ntinue as a going concem for a period Of at lea$¢ tWee rnonths fr(m when the finanaal statements are authcrised for tssue. Our responsibilites aThJ the responskndbes of the tru5te8s with r8SFedtO9tyng ttr ao described in the rekvant 88ction5 of thk repr Other InfoatiOn The other infomiation compri5e$ th informakn induded in the annual POrt. otherthan the finandal Statements and our auditorfs rewrt there. The trustees are respon5&ik forthe other wfftjmabon. Our opfftw)n on the finanfaal 5tstements does nol coverthe other infomalK)n and, except 10 the exlent explratty $tabJ in our repott we do not expre$$ any form of as5urant wndu%on thereon. In conneclton with our art of the fincIal statements, our pslI•S to ad Ihe othe¥ ¥ifomi"on and. n doing so, conserY1htheF the other information is rnalenalty ino)nsistent th the finanoal statement5 or ¢ur knowledge obtained in the audit or otherwuEe 8ppears to te rnaterialty msstat•S. If Klentfy suth material incon5iSten(aes or apparent material mi551alemÈnts. we are required to determine there ts a material misstatement in the financval Statements or a materrdl m6staternenl of the other informat. If, based on the work we have performed. ¢gndude that there is a material rnisslatement ofthi5 ots*r infrJnnatM. * ar? required to report that fa¢L We have nothin9 to tep)rt in thi5 regard
The Borrow5 Charitable Trust- A Re istered Chari INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE BORROWS CHARrrABLE TRUST for the year ended 31 March 2022 Matters on whlch w• are Trqulred to report by exception We have nolhing te report in resped of follovrin9 matters where Charth8Act 2011 qUireS us to report to you rf. in our opinKsn'. tre inf¢rrnathJn gwen in the Trustees, Annual Report is in(x)tsiStent in any materfal re$tQ with th8 financjal statements." or charty has not kept adequate acLount1 records., or financ1 staiements are not in agreen%ntwith a¢country records and retJms." or we ha¥e not 011 wjfomiation and exrAanations required for our alit. ResPOr[bIlItIeS of trustees As explained more fulty in the tru$lees' responsbiTrts stalernenl set out on page 3. the trustees a respon8ibl8 for the preparation of the finanual ststem8nts and for being 58srd Uiatthey gwe a true and fair v. and for such internal control as the twstees detemiine necessary to enab the preparatJn of finanoal stments that are free m3terkql mlaMent whether due to fvaud error. In preparing the financial ststements. the twstees are re¥K)nstrJk for assen9 the abilty to continue a6 a going conctrn, di8dosing. as aFvIKable, matters reIed to goirvJ 0)nM and using the gong concem basi$ of accounting Un$5 the trustees elher intend to IKiuhJale Ihe canty or to oase operab"ons, QT have no realistic atternative but to do so. Auditor's respolbilItIeS ft)t tl audlt of the Ilnanctal statements We have been appointed a5 auditor under secbofft 144 ofthe Charitses Ad2011 aml report in ac£JJrdance with regulations made under sethon 154 fAthat Act. Ourobjectives are to oblaii asonab assuran abcArtwhetherthe financial statement5 as a whole are free from materhql misstaiement. whetherdue to fraud or error. and to ISS an audilorfs report that includes our opinion. Reasonable assuraneÈ is a high ve1 of asSrar. trtrt is rKJt a 9uarantee that an audit ¢dUc1ed in acwrdance wth ISAS IUKI will aayS deted a material mi55ts1errEntwhen it exists. Mi55taternents can arise from fraud or effor and are con5wjed material rf. Indkualfyor in aggregate. could r8ason8bty be expee to Influen the eeonomic decBions of usws taken on Ihe basis of Ihe5e finanGal statemenL8. Irregukrrties. induding fraud. are instartss of nofft40rw•Ln wlh I• and regulatn$. We desvJn protsdu$ in line %wth our responsibilit$, outlined aiM. to deted material mtsststements in resped of irregUlareS, including fraud. The extent to thich our prOdUreS are capable of detecti)9 Ir¢u1aritie$. induding fraud detailed bellm. Explanation as to what extènithe auditwas consIded ¢apable of d8tectlng Irwulorit¢5, Inc1[ng fraud The objectNes of our audit in respect of fraud, ar&." trj entify assess the risk$ of malerk91 misstatement of the finanal statents due to traud,. io obtain $uffiLient appropriate auditevKlence regarding the assessed ii5ks of material mi55tatement due to fraud. through deshJnin9 and inpkmenting appropriate responses to ihose assessed rKsks', and to wpond approprkqtety to instsno5 of fraud or suspe(tsd fraud Klenlrfied during audit. However, the prirnary responsibli ity forthe preverthffj and detedM)n offraud restsith both m8nagemeni 4nd those charged with govemance of the charty. Our approach VA$ as folbw5'. We obtaird an Yefstanding of the 921 and reguLatory requ¥ements applKabk to the charty and Conside that the most sYJnth¢%nt a the Charths Ad2011 and UK fmanc4al reporbng $tandgTds as issued by the Finanfaal Reporttng Councl. We obtsined an understarKling of the canty complEsith these requwmertts by diSCLtssion8 with management ar those charged wth govemarK8.
The Borrows Charitable Trust- A Re istered Chari INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE BORROWS CHARITABLE TRUST forth8 year endpd 31 March 2022 We assessed the risk of mai81ial rnisststemenl ofthe financial statemenls. tnduding the tsk of material mBstatement due to fraud and how R mwJM occur. by hohSirrfJ discussions with rngnag8m8nt and those ¢harggJ with gonan(. We inquired of rnanagement and those £arged with governan asto any kncthn instancw of non- ojmp1lan N $yspeded noTKompliarKe with aThJ regUtiOns. Based on this unrstandI¥J, thKJned speLik apwopt•ts audit WLKdures to byentfy instances of non-cornplM2nr with Law5 reguTatiens. Thi$ included rnakirvj enqui5 of management and those charged vrilh governance and obtaining addthnal corroborative evidence as required. A5 part of an audrt in accwdan¢e ISA5 IUKlweexerci5e profes$val judgeNnt and mauitain profession swtiu5m throughout the alit. We abo entify and asse5$ the nsks of m3terial misststernent olthe financial $tatement5, whether due to frau¢J or rror, desvJn and perfomi audit pr(Kdu$ respon5Ne to those risks. and obtan audit ence that 1$ sufftntaryJ appropriate to wovKYÈ a basisfor our opnK>n. The ri%k of nol dete¢bng material misstaternent resukn"TrJ from fraud is )frET than for one U1}g from ewor. a$ fraud may ¥0e co1810n, IoTyEry. kit8nthJnal ¢¢n$1)rts, mrepreSeatiOnS, orthe overrJe of intemal conirol. obta an understandin9 of internal cor5trol relevant lo the audit vi orderto des&n alit proctdur8S that are apprupriate in the am$n. but notlor Ihe purposes of eXpresry an opinbjn on the effectNeness of the thartys internal Ix)ntrol. Evaluate the apprcgrwtsness of accounbng pol& used aThJ the reasonableness of acts)unting estmaies and relaied disdosures made ty Ihe tWStees. COre on Ihe appropriateness of the tsustee$' use of Ihe g(xNJ o)ncem basi8 d accounting and, based on the audit evJence obtained. ether a rnaterial UnrtaintyeXts related to events or Gondthons that may cast $ba)unld¢ubl on the charW$ abilty to continue as a gong tx)nfrn. If we concluée that a material Un rtainty exists. VE are required to draw attention in Qur audlorfs portt0 the related disdo$ures in the finanfyal staiement5 or. rf such di5d05ures are inadequate, te rnodrfy our oFxnion. Our condusn$ are based on the audit evidence obtained up to the date cf our auditor's rEPOfL HoEver, fvture events or conditions may cause the ¢hantyto cea$e to conthue #$ a goiThJ concern. Evaluate the o¥emll presentslion. 5tru(lure and cortent of the fin8noal staternents. indIng the dclOSure8, and whelherthe finanaal statements represent the Under9 transactions and event5 in a manner Ihat ach$ fair PrEsents1)n.
The Borrows Charilable Trust- A Re istered Chari INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE BORROWS CHARITABLE TRUST for the year endod 31 March 2022 Use of our report This report i8 rnade solety lo the rJwriWs Irustees, as a bc*. n accor1an with Chapter 3 of Part 8 of the Charit$ ALI 2011. Our audit work has been undertaken so thai mwjhl slate to the tharitvs trusteÈs tho$e matters we are required to slate to them in an auditor's report and for no other purpose. To the fullest extent permrtted by law. we do not accept or assume responsibilty to any party other than the ¢harty and tharitys trustees as a boyy, for our audrt rk. for report or lor the opirwon we have fmwj. Moore Kingston Smith LLP 6th Fh)or 9 Appold Street London EC2A 2AP Date 20 March 2023 MO0 TrQngsion Smlh LLP is elbabfe to art a5 auditor in temB of SectioTh 1212 01 the Compank?s Art 2006.
The Borrows Charitable Trust- A Re istered Chari Statom•nt of Financial Activities for the year endeil 31 March 2022 2022 2021 Unre5triGted Total Total &xpendablo Unrestricted Unrestricted Unre$trfct8d Incc*n8 Funds Fund$ Income and endowments Donation from founder Inveslrnent Income Total Income 252.6C 252.600 42.460 295.(60 408,31Y) 130.498 538.798 252.6C#) 42.460 Expenditur¢ Charrtable actNI15 Totsl Expendire 428,959 428.959 428.959 428.959 392,C61 392,061 Net Ib)$8ygain on investrnents 675.485 675,485 1.554,858 Net Incom8 I lexpenditurel 1386.4991 541,586 1.701.593 Transfern 13 595.000 Nel movement in funds 333.1 208.1 541,586 1,701,593 Balances broughtforward 6.661296 768.697 7.429.993 5,728.400 Bolancas carried foNard 6 994.381 7.971.579 7.429,993
The Borrows Charitable Trust- A Re istered Chari Balanco Sheet as at 31 March 2021 Nots 2022 2021 Flxed as88ts IrNestsnents 10 7.820.041 Current assets Cash at Bank 176.7Tr) 104,878 Liabilitie5 Credthrs.. fallbig duewlhin one 125,1621 (29,2341 N¢¢ ¢urrBntass6ts 151.538 75.$44 Total as8ets less ttstal liabrte8 7,971.579 7.429 993 Unrestri6ttd fund Expendable endo%4ment IoMe funds 12 6.994,281 977 198 7.971.579 6.661.296 768.e97 7.429.993 Approved bythè Tru$t&5 authorised for $sue on.. /7/3/hLS and 8wJned on tF*ir behay by. 10
The Borrows Charitable Trust - A Re istered Chari NOTES TO THE FINANCIAL sTATEMEPs for the year ended 31 March 2022 1. ACCOUNTING POLICIES lal Basi5 of Prepayailon These financlal siaiements a prepared on a piig o)ncem ba. undw the cost conventK)n mcNJffied for the revaluab.on of investments to fair value. The finoncial staternents have been prepared in a¢X0rdan with Ihe Flnanc#al ReportirvJ SlandaTd applicabk the UK and Republi¢ of Ireland IFRS 1021. Charty 15 a publ beneft entty for the purposes of FRS 102 and thÈr8fore the Charity aL%o prepared its fina21 statements in aco)rdance with the Statement of Recomrnended Practice apable to tharits preparing their ac(x)unts in accordan with the Finanoal Rewrting stsndard applicable in the UK aTrJ Republ¢ of Irend 1Th8 FRS 102 Chaiitie5 SORPI indUd9 Update Bulwin 2 and tt)g harities Act 2011. The finanryal statements are Prrj n $terg. whth ¢ the fvrbjional ¢U[nCY olthe chanty. Moneiary amounts in se financial siatement$ are rounded lo the nearest pound. The prinapal 8ccounW polths adopted Ihe preparalpjn of Ihe financial ststennts are set bebyw. Ibl GOI3 Concem The financial slaternents have been prepa1 1)n 8 going coD(m bas. There a no rnalerial un¢ertaintEs abo th¢ Charills ability to coniinue as 2 going conttln. The trustees have Hssessed whetherthe us8 of the goirvj concern basks 15 approprkqte and have considered possknk events or CondOn5 that mwJhl cast 5VJnnt doubt on the abilty of the Ch3rityto ¢ontinue as a goirvj conom. The tru51ee5 ha consthrrAI the impact of Covid-19 on the investment poruolio and investrnent income generation to be short t8mi. The trustee5 have made Ihis a5se55ment for a period ot at ka5t one year from the date of approval of the financial ststements. Thtr trustee5 ¢on¢lude thete is a reasonable expectation that the Charty has adequak resource5 8nd unrestricled reserveslcash babn¢e$ to contnue in operatYJnal existence for the foreseeab fu1u. The Charity Vrefore conbnues to adopt the going cOreffi $ in prepari)g tts fanCIal staternent> Icl Fund Strurtur• Unrestrid8d Funds comprhse those fiJnds whlth the tnJstee5 a free to use in HwrdanTr ¥Mth the tharitable ebletxs. The EXpendats Endowment Fund represents those assets whh are heks forthe lorvJertemi for the Trust. in accordance with the te5 of the Trust Deed. Inu)me arising on the Expendab Endowment Fund Can b8 used in Unre5trthd Inwme Fund. As an Expendabk Endnt Fund can be used in acctstdanc8 ¥ilh the objects of tl* Trust and is indude¢J in the unrestriCtj ino)me. caprtal can a&0 te spent in ortain arcumstantes in fulfiknent of TN5fs obJe¢ts. Anycapital 9•ins or Ios8es ari5iNJ on the hekl in the EXndable Entlo%Yment FuThd lom part ef Ih¥t Furnl.
The Borrows Charitable Trust- A Re istered Chari NOTES TO THE FINANCIAL sTATEMEs for the yearended 31 Mar¢h 2022 1. ACCOUNTING POLICIES Icontinuedl Idl Income l in¢owe Trcognised in the Statement ef Finanoal ISOFAI when there is entrtlemenl lo the funds, the receipt is prebabk and the amunl cgn be measured reliabty. whe a dairn for repayment of income tax has or wll ba made such income i8 gros8ed up fwthe tsx reo)¥erab. The a(xxunting polcies are apPld lo drfferent ¢alegiYS of inojme.. Grarts and Donauons ReceivatA& Grants and donalh?ns are recogntsed i) the SOFAwhen ttre 15 entitlement to the fufftls. the relpt ts probab and amount can be relHbty. Inve8tm8nt Incom¢ 1rNeSthnt inco 8ccountl tor when receab. (el ExpendltUTO Lkgbilits a reGwni5ed as Tesources expeTrJed as soon as Ihere is a kgal or con$ttuctive oblbjation ttjmmitung the charityto the expenditure. Al expenditure is arLounted for on an acuua& ba515 and has teen cJasfd under headings that aggregate all Gc6ts reLqled to the fAtegory. Th8 follu•ArKJ acthuntirrfJ poli(xes a applied to tfvedrfferen¢ ealegori&s of expenditure.. Choritsble ACthT1e8 Donations payab a recognised %then a #pk¥ov•Y bythÈtrustee5 and the recpnt ofthe grant has 8ft inforned of the amunt to be papj. Govemanee Costs Governance costs wmprise all o)sts invohfing the pubk accountabiity¢fthe tharty aThl ts compln wlh reguLgtion and 9d pracbce. cJ)sts inthje cc6ts related to audit fees. lfj Flxed Asset Invests71ènls Investments are slated at fair value at bart sheeidate. SOFAindudes the net gain5 and kjsses on ravaluation and dpoSaL8 IhrougfK)Ut the year. Igl Reallsed and Unrealised Galns and L055e5 All gains and losses are taken to the SOFA as they artse. Rèali5ed gans k)55es on nvestments a calcuL4ted as the differenf bdween saS proceeds and 0[ng rnafket Val IpurLase date rf later). Unrealised gains and losses are 131culat8d as the drfferen betrveen the market valLE at the year erKI and ¢Jpening market value lor purthase dale rf latefj. h) Cash and cash equivalents Cash and cash equnIants indude cash in haThJ. depjsts h2kl atial wih banks. other shOrt-le I4yl inveslmenL8 with original matUr*S of three month5 or less. 12
The Borrows Charitable Trust- A Re istered Chari NOTES TO THE FINANCIAL STATEMENTS forthe yoar¢nde(t 31 March 2022 I. ACCOUNTING POUCIES Icontlnu8dl 11 FlnanGlal Instrumenls The charity ha5 elected lo aFplythe prO¥BK$ of Se¢bty) 11 'Basic Fin¥nrAal Instruments. of FRS 102 to all of its rinaneial instrument$. Financia5 instrwnents are iecc•3nised in Ihe chartys balan sheetwhen ¢harty becomes partyto the contractual sOn$ of the instrurnenl Finanaal assets and labilitES are offset, wth the TIEt amounts presented in the financk81 ststernent5. when there is a legaly enforceab righ¢to set off ihe rèwgnised arnajnts and there an intention to Sett on a net ba5i% or to realise the asset and sett thplobilty simultaneously. With the ex¢epts"on8 of deferred irKome au dher syeditor babrKes a ¢$1ered to ie bas financial in5ttuments under FRS 102. 11 crftlcal accountlng vstlmates and areas of j1vement In preparing financial statements ft i% rSsary to make ¢ertan jujggments. esbmates 3nd assumptions that affect the amounts r8CO9ntsed in the financial 5tstennls. In the VEW of the trustees in applwng the aecounlin9 poIKaes adepied. no judgem?nts were rAuired that have a Slgnff8nl effect on Ihe amounts recogni%ed in the finanual statements nordo any esknates or assumpt$ rn¥Je carry a significant rtsk of materkql adjustrnent in next fmancial lear 2. REMUNERATION OF TRUSTEES AND KEY MANAGEMENT peRSONMEL The key management personnel are the TFu5tees. The totsl e[np) benefrts of tTr £ar5 key manag8m8ni pewnnel wefe £Nil12021". £Nill. No reffiunerat vrds Pa to anytrustees in the Itar. No expenses re lI)bUr8ed lo trustees in the ar12021. £N4. 3. INVESTMENT INCOME Unr8Stricted Expendable UfvBstrfcted Endowment InGomg 2022 T¢)tsl Oonalion from founder Ir£ome from investments Irtsrest on ¢ash deposits 252,6 252,600 42,441 19 42.441 19 252,600 UnJ%strlct8d Expendobl8 Endovnnent Unre51rfct8d Incom¢ 2021 T*)tal DonatKn frorn founder Income from n¥esirnertts Interest on ¢a$h dep05it5 408,300 40B,300 130.481 130.481 408.300 130.458 13
The Borr4)ws Charitable Trust- A R istered Chari NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022 cHARABLE ACTMTIES The Charity undertook ne direct charitable a(Iwbes but Wrded donations lo a nuMr of institut¢n5 furtheran ol ts tharitab actbwties. These atE a5 folknvs:_ 2022 2021 Communty Foundath)n for Sur F¢otsleps international ROH Fonteyn Collabomtwe SchwLs Nehyork The Eikon Charty Step by step Watt5 Gallery Ltd GASP Motor Proje¢l Royal Ballet S¢hool Habw Project Britk5h Red Cross Ressall FoundatK)n Teens Unite Oakleaf EnterIge Ofpheus St Peterand St James, FképKS Challengers Meath Epilepsy Trust Caritas Anchor House PlayAdon Intefflatk?nal Open up rnu%c Breck Foundatw)n Carers UK Grange Festi¥81 Mind Mssing People Wheelpower Young Epilepsy Brain Tumor Re5earth Museurn of London mer Curie Homestart Guldferd Prostate Cancer UK Learning Skills Research Phwlis Tu¢kwell HospKe SDAC 60.277 32,708 27,5W) 16.648 16,OC 15,0 15.0 10,0 10,0 10.0 10,(MJ) 24,0 50,000 35,531 16,648 16.000 17.000 15,000 10.000 5,000 22.153 9,000 7.000 6.000 5.000 5,000 5,0 5.000 50,0 10.000 10.0 10,000 5.000 5,OC S,OLII 333.133 88.950 6,876 324.332 61,305 6.424 other donations Made I$sthan £5.c eaL*I Supports Cosls Isee Nofe 61 Total 428,959 392 061 14
The Borrows Cbarltablo Tntst- A Re iteYed Cha NOTES TO THE FINANCIAL STATEMENTS forth? year•nd¢d 31 March 2022 S. ANALYSIS OF DONATIONS MADE 2022 2022 2021 Prevention or relf of poverty 63.708 .531 Advan¢xment ofeducation 61,648 10,000 AdVanment of heBlth orthe sa*ir#J of fves 69.0 81,348 AdVanrneTht ofthg arts. cutture. heritage or 8U8llL¥ 73.280 78.280 Advanrxnent ofcomrnunity deveb)pmenl 76.447 20 12,000 Relief of those in need by reason of ywih. age. heatth. éisakn"lity, financial hardshp or other dk%a(fvan¢age 78.0 126,978 Pr(molion of th? effiuency of Ihe armed forces ol the Cro. or of the effic4enry of the police. rire and resGue sèmees or arnbularKe servic4s 422.083 92 3B5,637 6. ANALYSiS OF SUPPORT COSTS Unrestrfcted Expefftdab Unffjtrkted Endowm¢nt Incomo 2022 Total Gob£man¢e o)sts (see nol8 7) Bank Charge5 6.658 218 6.658 218 Unrestricted EXndable Unrnstrlcted Endo4¥mt Incom• 2021 Total rronce wst$13ee noie 71 Bank Charges 6.362 62 6.424 62 6,424 15
The Borrows Chariiable Trust- A ReglsterÈd Cha NOTES TO THE FINANCIAL sTATEmEs for the year eThJed 31 MarGh 2022 7. ANALYSIS OF GOVERNANCE COSTS Unr•strfct8d EXndable Endovmiont Unrestricted Income 2022 Total Jdit fee 6,658 6.658 6.658 Unrestrftt¢d Expendable unStted Endowmont In¢om• 2021 Total Audit fee 6.362 6,362 6,362 8. AUDITOR'S REMUNERATION The Audtor5' remunerabjn conslituled a fee of £5.$5012021." £5.2021 exdLtswe olVAT. 9. EMPLOYEES The Charity hJ rK$ 8mployee$ in the rrentOr pr•)r)tar. 10. FIXED ASSEf INVESTMENTS Movement in Ilxed asset inve5trnents Listed Securit183 2022 Llst8d Securtlies 2021 Market Value er0ht Forvrt Addition5 Less.. Disposal proceeds 7,354,349 252.600 462,393 7,144.556 8.058 667.427 7 820 041 5.677.377 408,300 286,184 5.799.493 40,197 1.514.659 7 354,349 Reali8ed gain on di%posals GaVlbssl on revaluatJn Market Value Caffd For%rd GeographiGal Anatysi8 Llsted So¢urities Llsted Securltle8 2021 2022 Unled Kingdom inve8trnents 7,820,041 7.354,349 Historical cost of investments 3.620.493 4.074,828 The Invesift*nts Ihr¢Jughout2022 arKI 2021 are in reLtn to se0JreS being The Ambrose Fund and 31 PLC and are hekj with investrnenl mage¥s, UBS. 16
The 8orrows Charitable Trust- A Registered Cha NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022 11. ANALYSIS OF LIABIUTIES CredhoT8: falllng du¢ wlthln on8 year Unrgstrlcted Expendobl¢ Unrestricted Endowrnent Income 2022 Total Accrual$ Trade creditor5 Grants Payab 6,662 6,682 18.5CKS 25,162 18,SOCI 25.162 Unrestrlcted Expendable Unr85triGie En(Sob81 Inco 2021 Totsl Accrua15 Trade cd*or8 Gran1$ Payable 6.244 1,740 21.250 29.234 6244 1,740 21.250 29.234 12. ANALYSIS OF CHARITABLE FUNDS Expendablg Unr8Strict8d Endowment Incom8 2022 Total Investrnents Cash at Bank Credito 6,828.591 165,790 991,450 10,910 25.162 7.820,041 176.700 25.162 7 971 579 6.994.381 Unrestri¢ted Expendable Unrestslct8d En5ent In¢ome 2021 Total Investments Cash ot Bank Credito¥$ 6,560,072 101224 794,277 3,654 29.234 768,697 7.354.349 104.878 29.234 7.429,993 6,661.296 13. TFiANSFERS Duriw the year the Trustees transfer the surn of £595.15012021.. £353.2911 from the capital ofthe eThJewThent fund to the inu)me fund to supplernenl thefunds avaiL8ble fordisthbuttin to other tharItab cause5. 17