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
co￿ETr￿s
Trustees, knnual Report
lThJependent Auditots Report
Statement of FinarKaal *dNitss
Balan￿ Sheet
10
Notes to the Fknan(aal state￿nts

The Borrows Charitable Trust - A Re
istered Chari
TRUSTEES ANNUAL REPORT
forthe year ended 31 MarGh 2022
Relgrence and admlnlstratlve lrfomiatlon
Founder
Simon Borrrr*s
Date of Deeds
Trust Deed
De*J 0f￿Ointment OfN￿ Truths
27 January 2011
27 January 2011
Truste8S
Sinon eorrThY5
Sally Borr
P￿ther 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 ststerr*nts 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 PraL*R 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 charit*s ￿ for suth ¢harilable
purpose5 as they shall from tirre to lirre in th8ir absolute dIs￿li0n th￿k (The meaning
of charities. whelherfoundatYJns. institU￿nS. trusts or und?r4akings and chatitable
puwses. rreaning purposes whth are exdusvety charitable. are éefined according to
those [r￿an1r*JS und¥ ENJli5h lawl.
Howe%er. rfurir¥ the per1r￿ extendiNJ from the date of the Trust Deed ftYtr￿nty￿n8
yeaT5. the Trustees in theIrtlwet￿n may a￿un￿l2￿ for investrnent any or all ef the
inco￿* of the TrLL8t Furbj nol a[pl￿d 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 cknai￿e$. as detailed in note 5 to the fina￿la1 staten*nts.
Grant making p￿ICY arns
Public 8enefrt
The annual inix)me from the charitab￿ Tru$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$ion's general guidan¢x ￿ pvWic berEffl when fomu&ling the granl making
policy. induding the gu￿an￿'pUbIK benef￿. running a tharty IPB21.' In particular. the
trustees have ¢OnsKler￿j ￿)W grants can be r￿de to ensure maximum benÈfil flow5
through to the intended ukn.mate ￿ner￿1?￿s. The grants ￿neffl a nurrt)er of public cases
as detailed in note S.
Finanual Re¥￿W
The Chariys prin¢q)al source of incon* i8 trom rts investr%nts, which amounted to
£42.46012021.. £130.4981. The Inves￿nt ino)me. Supp￿mented by other inwmiro
resources such as donated shares and deposit interest saw the Trustees Spe￿ £428.959
12021.. £392.0611 on charitable ac*¥thes and governance and administration of the Charity.
InveslThnt Poliw and
Perf0m￿n
Under the temE olthe Trusl the charty has the powerto make any investft*nts Ihat
the Trustees see fft. Twstees revi￿ investrnent performan(* at ea¢h w*etiry. and their
polirm al ￿st annualty.
Appointh*nt of tfU51ees
NÈW trustees rnay ￿ appointed by Ihe trustees. to fill a va¢anGy or a5 an additional
trustee. The Trust shall se￿cl approwate trustees and premde them with an indu¢bon to
a￿u#l￿t thwn with the go*mano and policEs of the Trust a$ well as what is expected of
them in their new roè. Additional trainir#J andlor inloEmation wll provided to the tru51ees
on an orwng ba￿8.
Inveslft*nt Policy and
Perfmn
Shouhl the need arise 3t any tTh, otherlhan at the annual Tr*eting, theTrustae$ rnay
instrud Ihe try5V5 adrrrinistratorto make ¢y di5PC68 of in¥estrnents or suppty valuations or
Other inve5tmnt inforN*bon for the use of the Tru$tee$. in their continued n￿nItoring of
the ChanV5 perf0rrnan￿.
Risk manage￿nt
The Trtsstees have considered the major risks to which the thanty is exposed and have
re*iewed thos8 risk$ e5tsbli5hed systems and pr￿￿dureS 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-gi￿n9 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(x*Junts on a goirvJ I￿￿M basi5.
Rese￿e5 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
applic9t￿n5 that may arise from to
At the Balarte Sheeldate the free reserves of the thanty an￿￿￿ted to £977,19812021.'
£768,697). TF* trus*ees o)nsider Ihi$ level of free reserves i% adequate ￿ rr￿et 12 n￿nthS
operating expen¢Jiture. The Trust ho￿5 an expendabk end￿￿ment to fund i¥5 grant
making actMD"es. Alth8 year end the eXFÈndab￿ endown*nt totalled £6.994.381 12021..
£6.661,2*1.
Going GOn￿M
The financ4al stakments have been prq)ared on a gtyng 0)n￿rn 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 con￿rn ba$6 L% appropriate and
have conS￿ered possibl8 events or 0)nd￿onS that rrighl cast signrficant doubt on the
abilty of the Charity to ¢a)ntinue as a going o)nc*m. The ttustees have conside￿d the
irnpad of Covi&19 on the in%eskn*nt portfolio investment in￿)rne generation to t
shert tern. The tmstees have made this a$s￿rnent 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 O￿lab"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' ￿po￿lIbIlI￿a8 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 Ge￿rallYArCepled knounting Pradicel.
The law appS¢able to charit￿$ in England & Wa￿$ requi￿5 ihe Twstees to prEpare finanual s￿￿MentS 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 State￿ents. the Trustees are rtquired to..
- 8ekci Suitab￿ a¢¢ounting pol￿￿5 a￿1 then appty them cons$tenUy',
- ¢￿Th￿lY with applKable ￿COUntIng standards. indudiThJ FRS 102. suliprato any rr0teTial departures di$¢bsed
and explained in the finanaal Sta￿￿￿nts..
- state whelhera Stsiement ofRecornmended Pr¥c*"¢e ISORPI appL¢$ and ha5 been foR(thBd. SL¢bFd to any
material departures which ao eXplai￿d ￿ the finan¢4al staterrEnts'.
- make judgements and estift*tes that are teasonable and prudent and
- p￿pare the financial Sta￿ments on a goiThJ L¥)r￿M basi8 unkn5 it i% inappropriate to P￿sUn* that the Charity
w￿1 continue in business.

The Borrows Charitable Trust- A Re
istered Chari
TRUSTEES ANNUAL REPORT
forthe y8areTrJed 31 March 2022
Statsment of Trustees. ￿por￿lI￿l￿Oe5 for the ffirwlcial $tstements Icontlnuedl
The Tru5te6s are responsibk for keepiThJ accounting reo)rds wh￿h ¢Jisdose with reasonable a(%urary al any lirne the
rinanaal position ofthe Charty and to enable them to en$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 th￿r behawty..
Twstee

The Borrows Charitable Trust- A Re
istered Chari
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE 80RROWS
CHARITABLE TRUST
ft*rthe 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 N￿ounting Standards. induding FRS 102 The Finanaal
Reporting Standatd ￿ Ji(2ble in ihe UK and Ir8Lqnd' Ivnited Krydom GeneraItyk￿pte￿ Aw)unting Pract￿81.
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 erKl*l."
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 responsibilit*s U￿eT Ih05e standards are further descrt*d 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 Eth￿al
Standard. and we have fuinied our olher ethKal respon5ibfithes in accO￿an￿ wrth these requirements. We
bel*ve that the audit evthnc* we have obtained k8 and appropriate to provth a basts for our opinK)n.
Conclu51on$ rèlating to gO￿g 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 Alentir￿d any materia] U[￿rtaInli¢S ￿lating to events or
fX)ndrtions that. Indi￿d￿allY or colknctiyety, may cast 519Thffi¢ant doubl on the cha￿5 abilty to r))ntinue as a going
concem for a period Of at lea$¢ tWe￿e rnonths fr(m when the finanaal statements are authcrised for tssue.
Our responsibilites aThJ the responskndbes of the tru5te8s with r8SFedtO9tyng tt￿￿r￿ ao described in the
rekvant 88ction5 of thk* repr
Other Info￿atiOn
The other infomiation compri5e$ 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 a￿rt of the fin￿cIal statements, our ￿p￿s￿lI￿•S to ￿ad Ihe othe¥ ¥ifomi*"on and. n doing
so, cons￿erY1h*theF 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$t*Q with th8
financjal statements." or
charty has not kept adequate acLount1￿ records., or
financ￿1 staiements are not in agreen%ntwith a¢country records and retJms." or
we ha¥e not 011 wjfomiation and exrAanations required for our a￿lit.
ResPOr￿[bIlItIeS of trustees
As explained more fulty in the tru$lees' responsbiTrt*s stalernenl set out on page 3. the trustees a￿ respon8ibl8
for the preparation of the finanual ststem8nts and for being 58*sr￿d Uiatthey gwe a true and fair v￿. and for
such internal control as the twstees detemiine ￿ necessary to enab￿ the preparat*Jn of finanoal st*ments that
are free m3terkql m￿la￿Ment whether due to fvaud ￿ error.
In preparing the financial ststements. the twstees are re¥K)nstrJk for asse￿n9 the abilty to continue a6
a going conctrn, di8dosing. as aFvIKable, matters re￿Ied to goirvJ 0)n￿M and using the gong concem basi$ of
accounting Un￿$5 the trustees elher intend to IKiuhJale Ihe c*anty or to oase operab"ons, QT have no realistic
atternative but to do so.
Auditor's respo￿lbilItIeS ft)t tl* audlt of the Ilnanctal statements
We have been appointed a5 auditor under secbofft 144 ofthe Charitses Ad2011 aml report in ac£JJrdance with
regulations made under sethon 154 fAthat Act.
Ourobjectives are to oblaii ￿asonab￿ assuran￿ abcArtwhetherthe financial statement5 as a whole are free
from materhql misstaiement. whetherdue to fraud or error. and to ISS￿ an audilorfs report that includes our
opinion. Reasonable assuraneÈ is a high ￿ve1 of asS￿rar￿. trtrt is rKJt a 9uarantee that an audit ¢￿dUc1ed in
acwrdance wth ISAS IUKI will a￿ayS deted a material mi55ts1errEntwhen it exists. Mi55taternents can arise
from fraud or effor and are con5wj￿ed material rf. Ind￿k￿ualfyor in aggregate. could r8ason8bty be expe￿e￿
to Influen￿ the eeonomic decBions of usws taken on Ihe basis of Ihe5e finanGal statemenL8.
Irregukrrties. induding fraud. are instartss of nofft40rw•L￿n￿ wlh I•￿ and regulat￿n$. We desvJn protsdu￿$
in line %wth our responsibilit￿$, outlined ai*M. to deted material mtsststements in resped of irregUlar￿eS,
including fraud. The extent to thich our prO￿dUreS are capable of detecti)9 Ir￿¢u1aritie$. induding fraud
detailed bellm.
Explanation as to what extènithe auditwas consIde￿d ¢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
finan￿al stat￿ents due to traud,. io obtain $uffiLient appropriate auditevKlence regarding the assessed ii5ks of
material mi55tatement due to fraud. through deshJnin9 and inpkmenting appropriate responses to ihose
assessed rKsks', and to wpond approprkqtety to instsno5 of fraud or suspe(tsd fraud Klenlrfied during audit.
However, the prirnary responsibli ity forthe preverthffj and detedM)n offraud rests*ith both m8nagemeni 4nd
those charged with govemance of the charty.
Our approach VA$ as folbw5'.
We obtair￿d an Y￿efstanding 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 c*anty complEs*ith these requw*mertts 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 go￿nan(￿.
We inquired of rnanagement and those £*arged with governan￿ asto any kncthn instancw of non-
ojmp1lan￿ N $yspeded noTKompliarKe with aThJ regU￿tiOns.
Based on this un￿rstandI¥J, thKJned speLik apwopt•ts audit WLK*dures to byentfy instances
of non-cornplM2nr* with Law5 reguTatiens. Thi$ included rnakirvj enqui￿5 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$v￿al judgeN*nt and mauitain profession
swtiu5m throughout the a￿lit. We abo
entify and asse5$ the nsks of m3terial misststernent olthe financial $tatement5, whether due to
frau¢J or *rror, desvJn and perfomi audit pr(K*du￿$ respon5Ne to those risks. and obtan audit
ence that 1$ sufft*ntaryJ 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 ￿U￿1}g from ewor. a$ fraud may
¥0￿e co1￿810n, IoTyEry. kit8nthJnal ¢¢n￿$1)rts, m￿repreSe￿atiOnS, orthe overr*Je of intemal conirol.
obta￿ an understandin9 of internal cor5trol relevant lo the audit vi orderto des&n a￿lit proctdur8S
that are apprupriate in the a￿￿m$￿n￿. but notlor Ihe purposes of eXpres￿ry 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.
COr￿￿￿e on Ihe appropriateness of the tsustee$' use of Ihe g(xNJ o)ncem basi8 d accounting and,
based on the audit ev*Jence obtained. ￿ether a rnaterial Un￿rtaintyeX￿ts related to events or
Gondthons that may cast $ba*)￿unld¢ubl on the charW$ abilty to continue as a gong tx)nf*rn. If we
concluée that a material Un￿ rtainty exists. VE are required to draw attention in Qur audlorfs ￿portt0
the related disdo$ures in the finanfyal staiement5 or. rf such di5d05ures are inadequate, te rnodrfy our
oFxnion. Our condus￿n$ are based on the audit evidence obtained up to the date cf our auditor's
rEPOfL Ho*Ever, 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. in￿dIng the
d￿clOSure8, and whelherthe finanaal statements represent the Under￿￿9 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 actNI1￿5
Totsl Expendi￿re
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.$44
Total as8ets less ttstal liab￿rte8
7,971.579
7.429 993
Unrestri6ttd fund
Expendable endo%4ment
I￿oMe funds
12
6.994,281
977 198
7.971.579
6.661.296
768.e97
7.429.993
Approved bythè Tru$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 sTATEMEP￿s
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 fina￿￿21 statements in aco)rdance with the Statement of Recomrnended
Practice ap￿￿able to tharit*s preparing their ac(x)unts in accordan￿ with the Finanoal Rewrting stsndard
applicable in the UK aTrJ Republ¢ of Ire￿nd 1Th8 FRS 102 Chaiitie5 SORPI indUd￿9 Update Bulwin 2 and tt)g
harities Act 2011.
The finanryal statements are Pr￿r￿j n $ter￿g. whth ¢ the fvrbjional ¢U[￿nCY olthe chanty. Moneiary amounts in
se financial siatement$ are rounded lo the nearest pound.
The prinapal 8ccounW polths adopted ￿ Ihe preparalpjn of Ihe financial ststen*nts are set bebyw.
Ibl GOI￿3 Concem
The financial slaternents have been prepa￿1 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 Cond￿On5 that mwJhl cast 5VJn￿￿nt 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 V￿refore conbnues to adopt the going cOr￿effi ￿*$ in
prepari)g tts f￿anCIal 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 wh￿h are heks forthe lorvJertemi for the Trust. in
accordance with the te￿5 of the Trust Deed. Inu)me arising on the Expendab￿ Endowment Fund Can b8 used in
Unre5trthd Inwme Fund. As an Expendabk End￿nt Fund can be used in acctstdanc8 ¥*ilh the objects of
tl* Trust and is indude¢J in the unrestriCt￿j 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 EX￿ndable Entlo%Yment FuThd
lom part ef Ih¥t Furnl.

The Borrows Charitable Trust- A Re
istered Chari
NOTES TO THE FINANCIAL sTATEME￿￿s
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 apPl￿d lo drfferent
¢alegiY*S of inojme..
Grarts and Donauons ReceivatA&
Grants and donalh?ns are recogntsed i) the SOFAwhen tt*re 15 entitlement to the fufftls. the r￿elpt ts probab￿ and
amount can be relHbty.
Inve8tm8nt Incom¢
1rNeSth￿nt inco￿￿ 8ccount*l tor when rece￿ab￿.
(el ExpendltUTO
Lkgbilit*s 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 cJas*f*d 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 ACthT1￿e8
Donations payab￿ a￿ recognised %*then a￿ #pk¥ov•Y bythÈtrustee5 and the recp*nt 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 compl￿n￿ wlh
reguLgtion and 9￿d pracbce. cJ)sts inthje cc6ts related to audit fees.
lfj Flxed Asset Invests71ènls
Investments are slated at fair value at ba￿rt￿ sheeidate. SOFAindudes the net gain5 and kjsses on
ravaluation and d￿poSaL8 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 sa￿S proceeds and 0[￿n￿g rnafket Val￿ IpurL*ase 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 equnIa￿nts indude cash in haThJ. depjsts h2kl atial wih banks. other shOrt-le￿ I￿4y*l 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￿ ¢￿$￿1ered to ie bas￿ financial in5ttuments under FRS
102.
11 crftlcal accountlng vstlmates and areas of j￿1vement
In preparing financial statements ft i% r￿Ssary to make ¢ertan jujggments. esbmates 3nd assumptions that affect
the amounts r8CO9ntsed in the financial 5tsten*nls.
In the VEW of the trustees in applwng the aecounlin9 poIKaes adepied. no judgem?nts were rAuired that have a
Slgnff￿8nl effect on Ihe amounts recogni%ed in the finanual statements nordo any esknates or assumpt￿￿$ 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￿ £*ar￿5 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
cHAR￿ABLE ACTMTIES
The Charity undertook ne direct charitable a(Iwbes but W￿rded donations lo a nuM￿r 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 Ente￿rIge
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 i*teYed Cha
NOTES TO THE FINANCIAL STATEMENTS
forth? year•nd¢d 31 March 2022
S. ANALYSIS OF DONATIONS MADE
2022
2022
2021
Prevention or rel*f of poverty
63.708
.531
Advan¢xment ofeducation
61,648
10,000
AdVan￿ment of heBlth orthe sa*ir#J of fves
69.￿0
81,348
AdVan￿rneTht 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
EX￿ndable 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 sTATEmE￿s
for the year eThJed 31 MarGh 2022
7. ANALYSIS OF GOVERNANCE COSTS
Unr•strfct8d
EX￿ndable
Endovmiont
Unrestricted
Income
2022
Total
Jdit fee
6,658
6.658
6.658
Unrestrftt¢d
Expendable un￿St￿ted
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.$5012021." £5.2021 exdLtswe olVAT.
9. EMPLOYEES
The Charity h*J rK$ 8mployee$ in the ￿rrentOr pr•)r)tar.
10. FIXED ASSEf INVESTMENTS
Movement in Ilxed asset inve5trnents
Listed
Securit183
2022
Llst8d
Securtlies
2021
Market Value er0￿ht 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
Ga*Vlbssl on revaluat*Jn
Market Value Caff*d 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 reL￿t￿n to se0Jr￿eS being The Ambrose Fund and 31 PLC and
are hekj with investrnenl m￿age¥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(Sob￿8￿1
Inco
2021
Totsl
Accrua15
Trade c￿d*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
En￿5￿￿￿ent
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