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2023-03-31-accounts

The Borrows Charitable Trust Charity Registration Number 1140591

REPORT AND FINANCIAL STATEMENTS

for the year ended 31 March 2023

The Borrows Charitable Trust

CONTENTS

Page
Trustees' Annual Report 1 - 3
Independent Auditor's Report 4 - 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 - 16

The Borrows Charitable Trust

TRUSTEES ANNUAL REPORT for the year ended 31 March 2023

Reference and administrative information

Founder Simon Borrows Date of Deeds Trust Deed 27 January 2011 Deed of Appointment of New Trustees 27 January 2011 Trustees Simon Borrows Sally Borrows The power to appoint new or additional trustees is vested in the founder during his lifetime. Nature of the Trust A registered charitable trust, registered with the Charity Commissioners for England and Wales as number 1140591. Principal Office The Borrows Charitable Trust c/o 6th Floor 9 Appold Street London EC2A 2AP Auditor Moore Kingston Smith LLP 6th Floor 9 Appold Street London EC2A 2AP Bankers Triodos Bank Deanery Road Bristol BS1 5AS Solicitors Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH

1

The Borrows Charitable Trust

TRUSTEES ANNUAL REPORT

for the year ended 31 March 2023

Report of the Trustees for the year ended 31 March 2023

The Trustees present their report along with the financial statements of the charity for the year ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies set out on pages 10 to 12 and comply with the charity's Trust Deed, the Charities Act 2011 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.

Objectives, Governance and The Trustees shall pay or apply the income of the Trust Fund and may also pay or apply
Management any part or parts of the capital of the Trust Fund to such charities or for such charitable
purposes as they shall from time to time in their absolute discretion think fit. (The meaning
of charities, whether foundations, institutions, trusts or under-takings and charitable
purposes, meaning purposes which are exclusively charitable, are defined according to
those meanings under English law).
However, during the period extending from the date of the Trust Deed for twenty-one years,
the Trustees in their discretion may accumulate for investment any or all of the income of
the Trust Fund not applied for charitable purposes.
Activities and During the year the Trustees made donations totalling £684,038 (2022: £422,083) to 94
Achievements (2022: 92) registered charities, as detailed in note 5 to the financial statements.
Grant making policy and The annual income from the Charitable Trust and its capital is used from time to time to
Public Benefit cover the annual charitable grants and expenses. The Trustees decide what grants they
wish to make out of the income, in accordance with the objectives set out above.
As required by the Charities Act 2011, the Trustees have referred to the Charity
Commission's general guidance on public benefit when formulating the grant making policy,
including the guidance ‘public benefit: running a charity (PB2).' In particular, the trustees
have considered how grants can be made to ensure maximum benefit flows through to the
intended ultimate beneficiaries. The grants benefit a number of public cases as detailed in
note 5.
Financial Review The Charity's generates income is from its investments, which amounted to £65,535 (2022:
£42,260). The investment income, supplemented by other incoming resources such as
donated shares and deposit interest saw the Trustees spend £691,850 (2022: £428,959) on
charitable activities and governance and administration of the Charity.
Investment Policy and Under the terms of the Trust Deed the charity has the power to make any investments that
Performance the Trustees see fit. Trustees review investment performance at each meeting, and their
policy at least annually.
Appointment of trustees New trustees may be appointed by the trustees, to fill a vacancy or as an additional trustee.
The Trust shall select appropriate trustees and provide them with an induction to acquaint
them with the governance and policies of the Trust as well as what is expected of them in
their new role. Additional training and/or information will be provided to the trustees on an
ongoing basis.
Investment Policy and Should the need arise at any time, other than at the annual meeting, the Trustees may
Performance instruct the trust's administrator to make or dispose of investments or supply valuations or
other investment information for the use of the Trustees, in their continued monitoring of the
Charity's performance.
Risk Management The Trustees have considered the major risks to which the charity is exposed and have
reviewed those risks and established systems and procedures to manage those risks.

2

The Borrows Charitable Trust

TRUSTEES ANNUAL REPORT

for the year ended 31 March 2023

Reserves Policy It is the Trustees' intention to sustain the unrestricted funds at a level which will provide sufficient investment income to meet the level of donations paid, cover the charity's management and administration costs and to be able to respond to any emergency applications that may arise from time to time. At the Balance Sheet date the free reserves of the charity amounted to £933,883 (2022: £977,198). The trustees consider this level of free reserves is adequate to meet 12 months operating expenditure. The Trust holds an expendable endowment to fund it's grant making activities. At the year end the expendable endowment totalled £6,644,973 (2022: 6,994,381). Going concern The financial statements have been prepared on a going concern basis. There are no material uncertainties about the Charity's ability to continue as a going concern. The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Charity to continue as a going concern. The trustees conclude there is a reasonable expectation that the Charity has adequate resources and unrestricted reserves/cash balances to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.

Statement of Trustees' responsibilities for the financial statements

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources for that period.

In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and the detection of fraud and other irregularities.

Approved by the Trustees on:

and signed on their behalf by:

…………………………………… Date15th January 2024

…………………………………… Trustee

3

The Borrows Charitable Trust

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE BORROWS

CHARITABLE TRUST

for the year ended 31 March 2023

Opinion

We have audited the financial statements of The Borrows Charitable Trust for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard

4

The Borrows Charitable Trust

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE BORROWS

CHARITABLE TRUST

for the year ended 31 March 2023

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 3, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Our approach was as follows:

5

The Borrows Charitable Trust

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE BORROWS

CHARITABLE TRUST

for the year ended 31 March 2023

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also

6

The Borrows Charitable Trust

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE BORROWS CHARITABLE TRUST

for the year ended 31 March 2023

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.

Jonathan Aikens (Senior Statutory Auditor)

Moore Kingston Smith LLP

6th Floor 9 Appold Street London EC2A 2AP

Date: 15/01/2024

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

7

The Borrows Charitable Trust

Statement of Financial Activities for the year ended 31 March 2023

Note
Income and endowments
Donation from founder
3
Investment Income
3
Total Income
Expenditure
Charitable activities
4
Total Expenditure
Net (loss)/gain on investments
Net income / (expenditure)
Transfers
13
Net movement in funds
Balances brought forward
Balances carried forward		 Expendable
Endowment
£
231,600
-
231,600
-
-
1,992
233,592
(583,000)
(349,408)
6,994,381
6,644,973		 Unrestricted
£
-
65,535
65,535
691,850
691,850
-
(626,315)
583,000
(43,315)
977,198
933,883		 2023
Total
Funds
£
231,600
65,535		 2022
Total
Funds
£
252,600
42,460
297,135 295,060
691,850 428,959
691,850 428,959
1,992 675,485
(392,723)
-		 541,586
-
(392,723)
7,971,579		 541,586
7,429,993
7,578,856 7,971,579

8

The Borrows Charitable Trust

Balance Sheet

as at 31 March 2023

Note
Fixed assets
Investments
10
Current assets
Cash at Bank
Liabilities
Creditors: falling due within one year
11
Net current assets
Total assets less total liabilites
Unrestricted funds
12
Expendable endowment
Income funds		 2023
£
7,519,065
83,454
(23,663)
59,791
7,578,856
6,644,973
933,883
7,578,856		 2022
£
7,820,041
176,700
(25,162)
151,538
7,971,579
6,994,381
977,198
7,971,579

Approved by the Trustees and authorised for issue on: 15th January 2024 and signed on their behalf by:

Trustee ……………………………………

9

The Borrows Charitable Trust

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2023

1. ACCOUNTING POLICIES

(a) Basis of Preparation

These financial statements are prepared on a going concern basis, under the historical cost convention modified for the revaluation of investments to fair value.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charity is a public benefit entity for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP) including Update Bulletin 2 and the Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

The principal accounting policies adopted in the preparation of the financial statements are set out below.

(b) Going Concern

The financial statements have been prepared on a going concern basis. There are no material uncertainties about the Charity's ability to continue as a going concern. The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. The trustees conclude there is a reasonable expectation that the Charity has adequate resources and unrestricted reserves/cash balances to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.

(c) Fund Structure

Unrestricted Funds comprise those funds which the trustees are free to use in accordance with the charitable objects.

The Expendable Endowment Fund represents those assets which are held for the longer term for the Trust, in accordance with the terms of the Trust Deed. Income arising on the Expendable Endowment Fund can be used in the Unrestricted Income Fund. As an Expendable Endowment Fund can be used in accordance with the objects of the Trust and is included in the unrestricted income, capital can also be spent in certain circumstances in fulfilment of the Trust's objects. Any capital gains or losses arising on the investments held in the Expendable Endowment Fund form part of that Fund.

10

The Borrows Charitable Trust

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2023

1. ACCOUNTING POLICIES (continued)

(d) Income

All income is recognised in the Statement of Financial Activities (SOFA) when there is entitlement to the funds, the receipt is probable and the amount can be measured reliably. Where a claim for repayment of income tax has or will be made such income is grossed up for the tax recoverable. The following accounting policies are applied to different categories of income:

Grants and Donations Receivable

Grants and donations are recognised in the SOFA when there is entitlement to the funds, the receipt is probable and

Investment Income

Investment income is accounted for when receivable.

(e) Expenditure

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The following accounting policies are applied to the different categories of expenditure:

Charitable Activities

Donations payable are recognised when they are approved by the trustees and the recipient of the grant has been informed of the amount to be paid.

Governance Costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to audit fees.

(f) Fixed Asset Investments

Investments are stated at fair value at the balance sheet date. The SOFA includes the net gains and losses on revaluation and disposals throughout the year.

(g) Realised and Unrealised Gains and Losses

All gains and losses are taken to the SOFA as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later).

h) Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments

11

The Borrows Charitable Trust

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2023

1. ACCOUNTING POLICIES (continued)

i) Financial Instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. With the exceptions of deferred income all other creditor balances are considered to be basic financial instruments under FRS 102.

j) Critical accounting estimates and areas of judgement

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements.

In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year

2. REMUNERATION OF TRUSTEES AND KEY MANAGEMENT PERSONNEL

The key management personnel are the Trustees. The total employee benefits of the charity's key management personnel were £Nil (2022: £Nil). No remuneration was paid to any trustees in the year.

No expenses were reimbursed to trustees in the year (2022: £Nil).

3. INVESTMENT INCOME

Income from investments
Interest on cash deposits
Income from investments
Interest on cash deposits		 Unrestricted
Income
£
65,331
204
65,535
Unrestricted
Income
£
42,441
19
42,460		 2023
Total
£
65,331
204
65,535
2022
Total
£
42,441
19
42,460

12

The Borrows Charitable Trust

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2023

4. CHARITABLE ACTIVITIES

The charity awarded donations to a number of institutions in furtherance of its charitable activities during the year. These are as follows:-

United Kingdom for UNHCR
British Red Cross
The CSJ Foundation
Community Foundation for Surrey
Footsteps international
The Simon Trust
One Small Thing
Collaborative Schools Network
The Eikon Charity
Watts Gallery Ltd
Brain Tumor Research
Grange Festival
Step by step
GASP Motor Project
Great Ormond Street Hospital
Homestart Guildford
Marie Curie
Prostate Cancer UK
Royal Horticultural Society
ROH Fonteyn
Missing People
Phyllis Tuckwell Hospice
ReSkilled
Teens Unite
Oakleaf Enterprise
St Peter and St James' Hospice
Challengers
Meath Epilepsy Trust
Caritas Anchor House (now Your Place)
Sick Children's Trust
Alive
Horatio's Garden
Guildford Town Centre Chaplaincy
SDAC
Wheelpower
Carers UK
Rossall Foundation
Halow Project
Royal Ballet School
Breck Foundation
Mind
Open up music
Orpheus
Play Action International
Young Epilepsy
Other donations made (less than £5,000 each)
Supports Costs (see Note 6)
Total		 2023
£
75,000
75,000
65,450
60,470
40,000
40,000
30,000
16,648
16,000
15,000
15,000
15,000
10,000
10,000
10,000
10,000
10,000
10,000
9,280
8,500
7,000
7,000
7,000
6,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
2,000
1,000
-
-
-
-
-
-
-
-
-
621,348
62,690
7,812
691,850		 2022
£
-
10,000
-
60,277
32,708
-
-
16,648
16,000
15,000
5,000
5,000
15,000
10,000
-
-
-
-
4,280
27,500
5,000
-
-
6,000
5,000
5,000
5,000
5,000
5,000
3,500
2,000
1,000
-
-
5,000
5,000
24,000
10,000
10,000
5,000
5,000
5,000
5,000
5,000
5,000
343,913
78,170
6,876
428,959

13

The Borrows Charitable Trust

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2023

5. ANALYSIS OF DONATIONS MADE

Prevention or relief of poverty
Advancement of education
Advancement of health or the saving of lives
Advancement of the arts, culture, heritage or science
Advancement of community development
Relief of those in need by reason of youth, age,
ill-health, disability, financial hardship or
other disadvantage
Promotion of the efficiency of the armed forces of
the Crown, or of the efficiency of the police,
fire and rescue services or ambulance services
6. ANALYSIS OF SUPPORT COSTS
Governance costs (see note 7)
Bank Charges
Governance costs (see note 7)
Bank Charges		 2023
£
120,000
42,648
83,000
47,780
164,260
196,100
30,250
684,038
Expendable
Endowment
£
-
-
-
Expendable
Endowment
£
-
-
-		 2023
No.
8
7
23
5
24
24
3
94
Unrestricted
Expenditure
£
7,250
562
7,812
Unrestricted
Expenditure
£
6,658
218
6,876		 2022
£
63,708
61,648
69,000
73,280
76,447
78,000
-
422,083
2023
Total
£
7,250
562
7,812
2022
Total
£
6,658
218
6,876

14

The Borrows Charitable Trust

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2023

7. ANALYSIS OF GOVERNANCE COSTS

Audit fee
Audit fee		 Expendable
Endowment
£
-
-
Expendable
Endowment
£
-
-		 Unrestricted
Expenditure
£
7,250
7,250
Unrestricted
Expenditure
£
6,658
6,658		 2023
Total
£
7,250
7,250
2022
Total
£
6,658
6,658

8. AUDITOR'S REMUNERATION

The Auditors' remuneration constituted a fee of £7,250 (2022: £6,658).

9. EMPLOYEES

The Charity had no employees in the current or prior year.

10. FIXED ASSET INVESTMENTS Movement in fixed asset investments

10. FIXED ASSET INVESTMENTS
Movement in fixed asset investments
Market Value Brought Forward
Additions
Less: Disposal proceeds
Realised gain/loss on disposals
Gain/(loss) on revaluation
Market Value Carried Forward
Geographical Analysis
United Kingdom investments
Historical cost of investments		 Listed
Securities
2023
£
7,820,041
231,600
(534,568)
7,517,073
(31,946)
33,938
7,519,065
Listed
Securities
2023
£
7,519,065
4,432,586		 Listed
Securities
2022
£
7,354,349
252,600
(462,393)
7,144,556
8,058
667,427
7,820,041
Listed
Securities
2022
£
7,820,041
3,620,493

The investments throughout 2023 and 2022 are in relation to securities being The Ambrose Fund and 3i PLC and are held with investment managers, UBS. The investments held are all originally from gifts of expendable endowment from the trustees.

15

The Borrows Charitable Trust

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2023

11. ANALYSIS OF LIABILITIES

Creditors: falling due within one year

Creditors: falling due within one year
Accruals
Grants Payable
Accruals
Grants Payable
12. ANALYSIS OF CHARITABLE FUNDS
Investments
Cash at Bank
Creditors
Investments
Cash at Bank
Creditors		 Expendable
Endowment
£
-
-
-
Expendable
Endowment
£
-
-
-
Expendable
Endowment
£
6,588,969
56,005
-
6,644,974
Unrestricted
Expendable
Endowment
£
7,294,283
165,790
-
7,460,073		 Unrestricted
£
13,912
9,750
23,662
Unrestricted
£
6,662
18,500
25,162
Unrestricted
£
930,096
27,449
(23,662)
933,883
Unrestricted
Income
£
991,450
10,910
(25,162)
977,198		 2023
Total
£
13,912
9,750
23,662
2022
Total
£
6,662
18,500
25,162
2023
Total
£
7,519,065
83,454
(23,662)
7,578,856
2022
Total
£
8,285,733
176,700
(25,162)
8,437,271

13. TRANSFERS

During the year the Trustees transferred the sum of £583,000 (2022: £595,150) from the capital of the endowment fund to the income fund to supplement the funds available for distribution to other charitable causes.

14. RELATED PARTY TRANSACTIONS.

The founder Simon Borrows donated shares of 3i PLC worth £231,600 (2022: 252,600) during the year. Simon Borrows is the CEO of 3i PLC.

16