Docusign EnvelopÈ ID". CD3D32A8-87C24E04-8E48-6971C95DF69E Tha Borrows Charitable Trust Chartty R•g15tratlon Number 1140591 REPORT AND FINANCIAL STATEMENTS for the year ended 31 March 2024
Docusign EnvelopÈ ID". CD3D32A8-87C24E04-8E48-6971C95DF69E The Borrows Charitable Trust CONTENTS Trustees, Annual Report Independent Auditor's Report Statement of Financial Activitiès Balance Sheet Notes lo the Financial Statem8nts 10-16
Docusign EnvelopÈ ID". CD3D32A8-87C24E04-8E48-6971C95DF69E The Borrows Charitable Trust TRUSTEES ANNUAL REPORT forthe year ended 31 March 2024 Reference and adrnlnlstratlve Infonnatlon Founder Slmon Bo Date ol Deeds Trust Oeed De8d dAprxJlnlment of NewTNsls 27Jarwry2011 27Jarwry2011 Trustees Slmon BoThows Sally Borrcr The powgr to appoint new or addttional Irustoes Ls V8Sted In thefounder durfng hls lrfetim. Nature tsfthe Trust A wistered thaiitable tsust. T8J18tered with thè Chaiity Commissioner5 for EThJland and Wales as ntyber 1140591. Prfndpal Offte The Boff(MB Charitsble Trust Clo 5 Godalrnlng Buslnoss C Woolsack Way God8lmiro GU7 1XW dltor ShIp1 LLP 5 Godalming Busine55 Centre Woolsa( Way GodalmlTra GUT 1XW Banker3 Triodos Bank Deanery Road Bristol BS15AS Solicitors Farrer & Co 86 Ln)In Inn Fields London WC2A 3LH
Docusign EnvelopÈ ID". CD3D32A8-87C24E04-8E48-6971C95DF69E The BoThows Charitable Trust TRUSTEES ANNUAL REPORT for the Jyar onded 31 March 2024 Roport of thè Trust••• for th• r •ndod 31 Mar¢h 2024 The TrusteeB present the¥ report ahjng with the finanrAal ststements ofthe charily forth• year ended 31 March 2024. The flnanclal statsments have been prepared in acCI)rdar wrth the accountlng polldes set out on pages 10 to 12 and comply with the chariws Trust Deed, the Charrks Act 2011 and Ihe Statement of Recommended Pradce applicable lo tharllies preparing lhr accL)unts in accordance Ihe Financial Reporting Standard wplicable in the UK and Republic of Irdand. Objectives, Govemanc and Tho Tntstegs shall pay or apply the irKx)rne of the Trust Fund and may also pay or apply Management any part or parts of th8 eApit81 of th8 Trust Fund to such ch8fitiés tsrfor sueh th8rit8ble purposès as they shall fn)m time tr) time in thr ab501ute discretion think fil. IThg rnganing of charitias. whèthar foundations, instttuttons. trusts or under-taklros and charltabl purposes, mèanlng purposes wttlch are excluslvdy charltoble, arè defined accor(Jlng to those meanlngs under EIk$h lawl. Howev8r, during th8 perrod 8xt8nding from the dale of the Trusl Do1 for trnthr6 years, the Trustees In thelr dlscrdon may aumUlate for Snvestrnent any or all of the income of Ihe Tt Fund rK)l applled for chadtable purposes. AcUvltl8s and Athievements During th8 y8arthe TrusteÈs m8d8 donation5 totalliro £522,94412023'. £684,038) to 48 12023.. 941 regbtered th8ritses. as detslled in note 510 the flnanclal statsrnents. Grant making policy Public Bengrrt Thè 8nnu81 in()mÈ from thè Ch8rtt8blè Trust and its (spit81 u88d from timè to tim8 to coverthe annual ¢haritable grants and expenses. The Trust996 deryde what grdnl8 thgy sh to make oul of thè Incom8. in acwrdancè wtth lh8 ObteS sat out abovè. As wuired by thè Chaiitses Act 2011, the Tnth8s have reforrod to tho Chariiy Comrnrsslon s general guidance on publk beneflt when forrnulaung the grant makjng )Iy, iUdI ttTre gUIdan'p1iC benefft.. running a charity IPB21.' In parliDJlar, the trustees have wnsidered how grants can be made to ensure m8muM ben8fit flow8 Ihrough to the intended ultirn8t• benefiryaries. The grant5 beWrt a number of public cas85 a8 detailed in note 5. Flnanclal R8vhw Thè chari$ gÉrtér8tes incx)mè frGm rts invÈstrThÈnts, which amountÈd to £103.23012023.. £65.5351. Th9 invethgnl inix)mp, supp19rnen by olh8r incoming Tesourixs such as donatsd $har8s an¢J deppsit Interg51 Saw tho Truslegs swnd £533,16312023.. £691.8501 on charltabla actlvw and govamanc8 and adm1stratIOn ofthe Charlty. Inve8lrnent Pollcy and Performan¢9 Under the tefftis oflhe Trust De the tharity has the powgr to makg any Inv8Stm8nts that Ihe Trusle8S See flt. Trustee5 review knv8Strnent pwForrnance at each meetlng, and thelr pollry al least annually. Appokntm8nt of trLKSt8os trust8è8 m8y bè 8ppoirt bythÈ thJst888. lo fill 8 v8(ncyor 8s sn add[b(oI ISlee. The Trl shall Select appropriate trust9es and prDvide Ihern wilh an indu(*on to acquaint thèm wtth the govamancè and pollaes Oft Tfttst as wdl as what Is 8xped of thém in thelr new rol6. Addltlonal tralnlng dICK Infonratlon 11 bè provided to the Iru8t88s on an ongoing basis. Inveslment Policy and Performance Should the need arfse at any lime, ott)er than at Ihe annual meeting, the TTUStees may instrucl the trust's adrnink8trator to make or disposè of investments or supply valuations or other Investment Infomiatlon for the use of the Trustees, In thelr contlnued monttorfng of the Charivs perfomian(6. Risk Managwnent The TnBtee5 have CxY1ered the major Tlsks to which Ihe charity Is exposed and have Teviewed those rfsks and eslabllshed systems and procedures to manage those rfsks.
Docusign EnvelopÈ ID". CD3D32A8-87C24E04-8E48-6971C95DF69E The Borrows Charitable Trust TRUSTEES ANNUAL REPORT for the >par ènded 31 Mar¢h 2024 Reserves Policy It i8 the Trustees, intention lo sustsin the unrestrl(tsd fund$ at a levol tAhl¢h wlll provido sufficiert inveBtmenl income k> rneèt thè lévd of 6)ntititins pa. eèvèrthe tharitY$ rnanagemenl and admlnlstratkn ts)$ts and lo be abl8 to respond to any emergor appllcatkyw tho1 may arfsefrom Ime to Jrne. At the BaLCe Sheet date the free reserves ofthe charty amounted to£1.003,94912023'. £g33,8831. The trustees consider this level of free reserves is adequate to rneet 12 mon op8radng expènditur8. Tho Tnjsl holds w expendab endowmentlo fund it's grant m8klw a(Jlvlti8s. At tha yg8r8ThJ th9 8xpendabl8 8ndowm8nttotall8d £8,753,42412023.' 6,044,973). concem The finandal Btat8m8nts have bgBn prepared on a golng concem bas. There are no mat8rial unc8rtainti8s about the Charivs abilitylo o)ntinue a5 a going concern. The trustees hBve assesse(J the use ofth8 ping concern basis B appropriate and have fX)n5ider9d possib events or condluons that mhJht cast slgnlncant doubt on the ablityof th8 Ch8rltyto continu& as a gOg concem. The trustees condude there Ss a raasonabk éxpèctation that the Chaity has adequate Tèsourcas and unrethcled reserveslcash balan¢88 to InnUe In operatlonal exL8tence forthe foreseeable future. The Charty ttwrefure o)rrtlnuos lo adryl tho going ciYKwn ba81$ In prfjpart b fknanclal statèm8nls. Slat•m•nt ol TN•t•••' r••pon•lbllltl••for th• flnanclal •tat•mont• Thè Tnj8I r8gponsiblefor praparfro thè Trust, Rwrt and th8 flnand818tatsm8nts In a(y))rdanc• wllh ap licable low and United Kingdom Aco)unkng Standards (Unw lQngdorn GenerallyAccepted Accounlwig Practicol. The Saw applicable to th8fitie8 in England & W81es wulres Ihe Trustees to preParenancIal statements for eath flTr3nri81 yearwhkh 9e a true and falrylww ofthe ststg gfaff•rs ofth¢ charfty and crfthe Incomlng resources and application of r88ourrx fGrthat pérfod. In pr6parfng those Ilnandal stalemenis, the T$t arg requtrwj lo.. - select 5uttablg aLxx>unting polio95 and app them consistendy. - tmplY with app1kb 8cix>unting standards. IndLhJlng FRS 11Y2, subS8ct to any material departure5 dbsdosed and explained in the finanryal stat9rnwts'. - 8tate whether 8 Slatgment of R9CoMmeTh Pradlcg ISORP) 4ppllos and has been lollrywed. subAectlo any rnalerial dep3rlures which are 8ypl8in8d in th8 fmand81 stat8ms'. - make judgem and ests'mates that 8re r08sonablg and pru¢gnl,' and - preparè the finantial statemonts on a go1 o)rK4m b8$h unlo5s11 b Inapproprfatg10 prgsurng thatlh9 ¢arlty wlll contlnuo in bu5in86s. The Trustees are resFonsible for keeping ac(x)unling rÈctsrds which disdos8 wth r&asonabla 8ttur8cy at any tlm8 th8 finanrial positKJn crf the Charity and lo Ihem to ensurethe finanryal stdterrwts comptywith the Charities Act 2011. They are also responsible for safgjuardiry the assèts of IhÈ Charity and hen(* fortsklng rgason8ble Steps for th& preventlon and Ihe d0 of fraud and other irwularille8. pmed by the Trustees on.. and signed on thèir b8h8W by.. 04 November 2024 Tnwtee
Docusign EnvelopÈ ID". CD3D32A8-87C24E04-8E48-6971C95DF69E The Borrows Charitable Trust INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE BORROWS CHARITABLE TRUST for thg year ended 31 March 2024 Oplnlon We have audlted the flnancial statements of Th8 Borrows Charitable Trust for the year onded 31 March 2024 vhich comprise the Stalamenl of Finan¢ial A¢tivities. the Balance Shget. an¢J notas to th& financial st8tements, includSng 8 summary of significant accounting policies. The financial reportiThJ fr8mewoth 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. IUnite(l Kingdom General Accepted Accounting Practice). In cwr oplnion the finan¢ial stslemenl$'. gwe a true and fair view of the state of the charity's affairs as al 31 March 2024, and of its incoming rasources and ppplication of resources, for the year then ended., have been properfy prepared in accordance United lQngdom Gen&rally Acc8Pt8d Accounting Practice.. and have been prepared In accord8n¢e %Mth the requirements of the Charities Act 2011. Basls for oplnlon We ccfflducted our audit in accordance Wth Intemation81 Standards on Auditing {UKI IISAslUK)l and appllcab18 law. Our responsibilities under those standards are further descrittd in the Auditorfs Responsibiif(ie$ for the audrt of financial slalements section of our repcft. We are indgpgnd9nl of the charity In 8ccord8nce the ethical requirements that are relevant lo our audit of th8 finanrAal 5tatem8nts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethlcal responsibilities in accordan with these requiram8nts. Wa believe that the audil evidence we have obtained 18 sufficient and appropriate to provid8 a basls for our opinion. Concluslons ro1gtlno to golno concarn In auditing the financial sts1&Al$, we have ¢oncluded that the trustees. use of the going concem basis of accounting in the preparation of the finanual statements is appropriate. Based on the work VK have perfomied, we have not identified any material uncertainties relating to events or condition5 that, individually or collectively, may c8St significant doubt on the charity's ability to continue as a going eon¢em for a p&riod of al least tsvelve months from when the financial statements are authorised for i85ue. Our responsibilities and the responsibilities of the tru$te88 Wtth respe¢l lo going ¢onGem are described in the r91evant sections of this report. Other Irrforrnatlon The oth9r information comprises the infomauon Includerl In the 8nnual report, other than the fin8nclal stat8m8nts and our audilorfs report thereon. The truslees are responsible for the other infomiation. Our opinion on the financial stsl&m&nls does not cover the other inforrnation and. exc?pt lo the exterst otherwise explicitly stated in our report, w do not express any fomi of a88urance conclusion Ihereon. In connaction wlh our audit of the financial stslements, our responsibility is to read th8 Other information and, in doing $0, ¢on$ider whether the other inf0mtion is materially inconsistent wth the financi81 stslemenls or our knovAedg8 obtained in the audit or otherwise appears to be mat8riBlly misstsl8d. If w8 identfy such material inconsistencies or apparent material misstatements. we are required lo delemiine whether this gives rise to a material nNsstatem8nl in the financial stal8m8nls themselves. If. b8sed on the work we have perfomied. we conclude that there is a material misstatsm8nt of this other infomiation, we are raquired to report that fact. Wo hava nothing to r8POrt in this r8gard
Docusign EnvelopÈ ID". CD3D32A8-87C24E04-8E48-6971C95DF69E The Borrow6 Charitsble Trust INDEPENDEKfAUDITOR'S REPORTTO ThE TRUSTEES OF THE BORROWS CHARITABLE TRUST for the year ended 31 March 2024 Mattern on vthlGh we Jro raqulrod to report by exc•ption We havo nothing to rfjport In resp8Gt of th8 follovling matl8rB Yth&re th8 Ch8rille8 Act 2011 requlr68 us to report to yrw If, in our opin. the infomialion given in the Trustee$, Annual Report is incon8iStent in any mateiial resp.ect with the financi81 statements: or the charity has not kept adequate accounling records" or the financial statements arg not In agr99mont wth the aGGounting records and retums,. or wa hava not rnceiv8d all the infomation and expl8natlon8 we required for Dur audlL Rèsponslbllltles of trustees A8 explained more fully in the trugtees, responsibilitie8 statenI set out on poge 3, the trustses are responsibl8 for the preparation of tha financial statements and for ng satisfied that they give a true and fair view, and su¢h Inlemal control as the trustees delemiine is necessary to enabl8 the preparation of financial stal8menls that ere free from materfal misstatgmenc thether due lo fraud or err. In pparIng the financial Statements. the tru$lee8 are re8ponsibl8 for a888ssing the charWs ability to conl'nue as a going concem, disclosing, 8S 8ppllcable, matters related lo going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or hav8 no realistic altematlve but to do so. Audltorf8 r88pon8lbllltle8 tor the audlt of the financial ststemonts Wa have b8en 8ppolnl8d as audltor under section 145 of th6 Charities Act 2011 ar)d report In accordance the Act and relev8nt r8gul8tion$ made or h8ving 8ff8cI th8Tound8r. Our obAecUv8s to obtain reasonabl8 assuranGe about whether the firian¢ial stslemnts as 8 whole a free from material misstatement, whether due to fraud or error. and to i55ue an auditorfs report that includes our opinion. Reasonabla assuranc8 is a high level of assurance. bul is not 8 guarantee that an audit ccmducled In accordance with ISK8 {UKI VAII always (ielect a material misstatement it exis18. Mi8slatem8nts can arise from fraud or érror and are considered materfal If. Indmdually or In aggregate, they could rea80nably be éxpècted to influence the e¢onomlc de¢lslon8 of user8 taken on th8 ba818 of thes8 financl81 statements. Irwularilies. including fraud, are instances of nOnOmplianc8 with laws and r8gulations. Wa d85ign procedLrr8s line with our r8sponsibillti&s, ouulned above, to detect material misstatements in respect of irregularities, includlng Ud. The extent to Nthich our procedures are cap8ble of det8cting irr8gulariti8s. induding fraud is detsiled below. Explanallon aB to what •xt•nt th• audlt wa8 con81d•r•d capabl8 of detactlng Irregularltlo•, Includlng frnud The objective8 of our audit in respect of fraud. are" to identity and assess the risks of material misstatement of the financlal stalernents due to fraud,. to obtain sufficient appropriate audit edence regarding the assessed risks of material mis51alem8nt due to fraud. through designing and implementing appropriate responses to those assessed risks: and to respond approprialely to instances of fraud or suspected fraud identified during the audit. However, the pdmary reBponsibility for the prev8ntlon and detectlon of fraud rests both management and thosè Charged wvem8nc8 of the charfty. Our approa¢h vras as follows: We obtalned an understandlng of Ihe legal and reguktory requirements applicable to the Charity and considered that the most significant are th8 Chariti8s Act 2011 and UK financial reporting standards as issued by the Financial Reporting Council. We obtained an understsnding of how Ihe charity ¢ompll88 th th888 requlrements by discussions th m8n8gem8nt and tho80 Ghargad th g¢)vemance.
Docusign EnvelopÈ ID". CD3D32A8-87C24E04-8E48-6971C95DF69E The Borrows Charitable Trusl INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE BORROWS CHARITABLE TRUST for the >*ar ended 31 March 2024 We 888e8sed th8 risk of material misgtstement of th8 finaneial stalements, including the ri8k of material misstatement du8 to fraLKJ and how il nNghl 0Ur. by holding diUssIonS Y+ith management and those charged th govemance. W8 inquired of m8nogem8nt and those charged 4Mth govemance as lo any known in$lan¢es of non- compliance or suspected r-COmplianc8 with laws and regulations. Based on this urHJerstsnding, w8 d8signed sp8cific appropri818 audit procedures to idenlfy instsncas of non-compliance with laws and regulalions. This induded maknng enquiries of management an those char9ed Mlh govem8nce and obtsining additional corroboratlV8 8vldenc8 as raquired. As part of an audFt in acGordan¢e with ISAS {UK) we exercise professlonal judgement and maintain profession81 scepdclsm throughout the audlt. W6 also Identify ond assess the risks of material mi88latement of the financlal stslemenls, whether due to fraud or error, design and perform audit predureS responslve to thos8 risks. and obtain audit edence that is sufficient and appropria18 to provid8 a basis for our opinion. The risk of not detecting a material misststemenl resulting from fraLKJ Is hlgher th8n for one resulting from error, as fraud may Involve collusion, forgery, Snlentional 0missicS, mi8representstions, or the override of intemal control. Obtain an understanding of intemal control relevant to the audit in order to design aLKlil procedures that are appropriate in the circumstances, bul not for the purp0886 of expressing an opinlon on tho 8ffectiven8ss of Ihg charrfs internal control. Evaluate tha approprial$ness of a¢¢ounling policies used and the reasonableness of accounting 88tim8t8s and related disdosures made by the Iruste8S. Conclude on the appropriateness of the trustees, u8e of tho goin9 concem basis of accounting and. b88ed on the audit evidence oblaine(I, whether a materfal uncertainty exists related to events or condf(ions that may cast significant doubt on the charity's ability to continue as a going concem. If we conclude that a material UnrtaintY exists, we are required to draw attention in our 8uditorfs report lo the related disclosures in the financial statements or, if such disclosur8s are in8dequ8le, to modfy c4Jr opinion. Our conclu8Ions are based on the audll 8vidence obtained up to the date of our audrtor's report. However, futur6 events or conditions may c8use the charity to cease lo continue as a going concem. Evaluate the overall pr8sent8tlt. $tru¢lLrre end ¢ontenl of the financial statements, Including the dlsclosur8s, and whether the financial statements rBpresent th8 und8dyng transactions and event8 in manner that achieves fair presentation.
Docusign EnvelopÈ ID". CD3D32A8-87C24E04-8E48-6971C95DF69E The Borrows Charitable Trust INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OFTHE BORROWS CHARITABLE TRUST for the year ended 31 March 2024 Use of our report Th15 repC is made solely to tha charfty8 trustea8. 88 a body. In 8ccordance th Chapter 3 of Part 8 of tho Charities Act 2011. Our audit work h8s been Undertak 80 that we might 8t8te to the chartty's tru81988 tho88 matters we are required to stale to them in an auditorfs report and for no other purpose. To the fullest extent pemilled by law. we do not accept or assume responsibility to any party other than the charity and chariws trustees as a b(Kty. for our aLMlil th. for this report. orfr the coinion we have formed. PdLY Cbh Peter Conneely (Senlor Statutory fvaNlitor) ShiplayE LLP 5 Godalmlng Buslness Centre Woolsack Way Godalming GU7 IXW Date.. 07 November 2024 Shlp5eys LLP is eligible to act as auditor in lems of Section 1212 of the Companies Act 2006.
Docusign EnvelopÈ ID". CD3D32A8-87C24E04-8E48-6971C95DF69E The Borrows Charitable Trust Statement of Financial Activities for the year •nd•d 31 March 2024 2024 Total Funds 2023 Total Fund8 Expèndable Endowment Vnr65trict•d In¢omo and ¢ndowmènts Donation from found8r Investment Income Totsl Income 379. 379.900 103,230 483,130 231,600 65,535 297,135 103,230 103,230 379,) Expondltur• Charitable activlles Total Exponditura 533,163 533,163 533,163 533,163 691,850 691.8 Net {lossyoain on inveslments 10 2,228,551 2,228,551 1,992 N•t Incom• l {éXpèndjré) 2.608.451 (429.9331 2.178,518 1392,723) Tfansfer5 13 500,000 500,C4JO Not m0MInt in fund• 2.108.451 70.087 2.178.518 1392.723) Balances brought lorward fj.644.973 933.883 7.578.856 7.971.579 Balances carried forward .753.424 1.1>03.950 9.757.374 7 578 8S6
Docusign EnvelopÈ ID". CD3D32A8-87C24E04-8E48-6971C95DF69E The Borrows Charitable Trust Balance Sheet as at 31 March 2024 Not• 2024 2023 Flxgd assèts Investments 10 9 714555 7.519,065 Current a88et8 Cash al Bank 61,309 83,454 UabllEtles Creditors.. fallirvJ due wthin one y8ar (18.490) {23.6631 Net current assets 42.819 59,791 Total 8880ts1888 total Ilabllltss 9.757,374 7,578,&58 Unre8tri¢ted fund8 Expendable end0yent Income funds 12 8,753,424 1,003,950 9.757,374 6,644.973 933,883 7,578,858 Approved by the Trust80s and authorised for issuo Qn: 04 November 2024 and slgned on thelr behalf by. bokyows
Docusign EnvelopÈ ID". CD3D32A8-87C24E04-8E48-6971C95DF69E The Borrows Charitab18 Trust NOTES TO THE FINANCIAL STATEMENTS far tho ar gndgd 31 March 2024 1. ACCOUIMNG POLICIES (a} Basls of Prnparailon These finanaal 8lalern8nts arè pared on a goir& concem basis, under Nstorfl cosi rnvenOn modtfi8(I for the revaluath of Investments to fa value. Tht Ilnancial 8tatèm8nls hava bÈÈn prÈparèd in vthh the FlnancJal Repr0 Stsndard in the UK and Republic of Ireland IFRS 1021. The Charity is a wblic benefit entity for1h& purposes of FRS 102 and therdore the Charity alBO prepared its financial Statements In accordanca wlth the StBlement of Recommended Prddce applicable to charlues prepariNJ thelr accounts in accord8ncg Wth FinanGig1 RgpJrting Stsndard plic)k in the UK and Republic of Ir8land (Tha FRS 102 Charlllas SORP) Indudiro Updatè BUltin 2 and the CharfU6s Act2011. Thè fknand81 statoments gr8 prèpar In sterflng. whlch Is th• functic¥)al ¢xJrrww of the thartty. Monetary amourts In thèsè financial statements are r(KAnded lo the nearest pourKI. Th8 ncApa1 8cc¥JunUro FdScles 8thJptod In th8 praparnuon of thè ffin8ntAI statèments are set out tthv. Ib) Golng Concem finan81 statemènts have been prepared on 8 gory coryxm basls. There are no materkl uncertaIntS atthe Charitls alty to contlnue as a golrvJ Corem. The trustees have as8essed whettw the use of the golng conc8m baxis is apFmpriate #nd have nSIdered possible events or CondOn$ that mlght cast swJntficant doubt tjn Ihg ability IA the Charlty to C[lIje as a gr0 concem. The trustees hav8 m&J• Ihis assossm8ntfor a perfod of at laast on8 year frorn the dats of approval of the ffnancLql statements. The tsustees fx)nclude there a regson8tAg expectslK)n thal the Charlty has adequate resources and UnStriCtEd reserve¢4$h b&l&n¢g$ to Continue In 0ratron81 8sle8 for the foreS88aa futur8. Tho Chartty tharefore conUnu8s to arlcwt tha 9(xng u)ncern b8sk8 in preparing its finandal statements. Ir) Fund Structu Unrèstittèd Funds COM#t thosè funda the tW51ees are free to use In accoTdanc6 vAth the charilable obi8cts. Th8 Exwid8b ErKI(pm)8nt Fund rèprèsènts those assets whith are held for the kjroer term forthe Tnjst, Sn Jrd8ncg vAth the tenns of the Trust Dged. Income arislry on the EXerae Endowm8nt Fund can b8 us•J In Ihè Unr8strietad InttJm8 Ful. As 8n ExFWKlable Endowment Fd can be used In aCrdanCe wlth the obj'ects Df the Trust aThJ Is includwj In the unrestricted IrKome, capital can also Spent in chrtain MstpS kn fuMlm8nt of the Tru8l's thjects. Ary epital gains or bsses arislrvJ on Ihe Inveslments held In the Expendable Eomè[rt FurKI fcKrn part of Ihai FurKI. 10
Docusign EnvelopÈ ID". CD3D32A8-87C24E04-8E48-6971C95DF69E The Borrows Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for thg >tar ended 31 March 2024 1. AccouKfiNG POUCIE8 (¢ontlnu•d) Id) Incomp I Incom& Is In thè SlatamBrrt of Flnandal NLUvltl8s (SOFA} vth8n Is 8nltkni8nt to Ihefunds. the ipt Is probable and the amount can be measured relbly. Where a claim for rèpaymènt of inwm8 tax has or %%lll be ma(18 inC0Th is grossed up for the tsx reWer3& The fdkhylng accounting pdkles are applled to dtrferent Grants and Donatlon• Re1blO Grants and donaikn$ ¥re rwnlsed In the SOFA when tsre b enthbment lo thefvnd8, tho recelpt15 probabb and the amnI Can té measured reliably. inwtment Income Investment Sn¢om 1$ a¢nLI for wgfvobl9. (•> Expondlturn Llabllttles are recwnl8aY as resources e>pended a8 ¥wn there a legal iy ujnstructive oblKJatlon u)mmMrKJ the charty to the expendfture. All expendiiure 15 accounted for ¢)n an Ae£N8ls bastg and has ¢J8SStn8d under hoading$ that aggregate all costs relatgj lo the category. Thefollowng accountir¥J poli(ie5 are appl1 to the drfferent ¢xteoori88 of 6xwNlur8: Ch•rft•bl• A¢tlvM•s tionS payatle arB reo)JnW tlw approvad byth8 tru8t888 8nd pnI ofthg grarrt has boen irrformed of the to be pald. GONBMAn Co•ts Govemance c05ts comprfse all costs InVng the puwic 0)UntabilitY of the chwity and Hs complLance ulatknn and gcJd practice. The88 costs induda costs rdatsd ts audA fees. lfj Flx•d A•g•t Inw8tm•nts Investments 8re ststeil at fair valub at thè b8L4nee sh88t d8t8. Th8 SOFA Indth tho not gains and h)s¥gs on valuation aryl th8kM818 tlwwghouithe r. (g) R•allud And Unr•alls•d Galns and Loss JI gains and Iosso8 are taken to the SOFA as they arfse. Reansed gBlns 2nd losses on Investments arn calcuLat8d aB tho dKfvrer9 betsen 1P3 proceeds arKI opening market val Ipurchg89 dato W Lqterl. Unreallsed galns and losses are cCulad as thè dwftrence behyèan the Ma6t value 8t the year and ownlrKJ mathot valu• lor wrtha$9 date If Later). h> Cash and eash •qulval•nts C8sh and cash u1V3nts Indude In hand, deposlts tId at cal wth ba, other ShOrt.te ItquKI Investments 11
Docusign EnvelopÈ ID". CD3D32A8-87C24E04-8E48-6971C95DF69E The Borrows Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for tho yoar ended 31 March 2024 I. ACCOUNTING POUCIES (contlnued) il Flnanclal Instruments The charty ha3 elected to appty the provisions of Section 11 'Ba$i¢ Financial Instruments, of FRS 102 to all of its financlal Instruments. Financial instruments are recogn15ed in the charivs balance sheet when the charty becomes paty to the contractual provisKJns of the inslrumenl. Financial assets and liabilities are oftsel, th the net amounts presented in the financial statements. when there is a legally enforceable right to sel off the recognised amounts and there is an intention to settle on a nel basis or to realise the asset and settle the liability simultaneously. With the exGeptions of deferred income all other creditor balan¢e$ are Considered to be basic financial instruments under FRS 102. J) Crltl¢al a¢countlng estimalos and aroas of Judgement In preparing financial ststem8nts it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognlsed in the financial statement5. In the view of the trustees In applwng the a¢¢ounting policies adopted, no judgements were requlred that have a 5ignfficanl effect on the amounts recognised in the financial statements nor do any estlmates or assumptions made cary a signffi¢anl rl8k of malerial adjustment in the next financial year 2. REMUNERATION OF TRUSTEES AND KEY MANAGEMENT PERSONNEL The key management personnel are the Trustees. The total employee benefrts of the chariws key rnanagement personnel were £Nil {2023'. £Nill. remuneration vms paid to any truslees in the yew. No expenses were reimbursed lo trustees in the year {2023: £Nil). 3. INVESTMENT INCOME Unr98trlcted Incom• 2024 Total Income from investments InteTest on cash deposits 102,475 755 103,230 102,475 755 103,230 Unrestrlct Incom• 2023 Total Income from investments Interest on cash deposits 65,331 204 65,535 65.331 204 65,535 12
Docusign EnvelopÈ ID". CD3D32A8-87C24E04-8E48-6971C95DF69E The BorrowB Charltablè Tru•t NOTES TO THE FINPJ4CIAL STATEMENTS forthè yoar fjnd 31 Mareh 2024 4, cHARrrLE ACTWMES The chortty awArd8d donatlons to • nurnbgr of Instltuuons in fiJrth8rnnc8 of thtable activthB durfng the year. Th&s8 ore as follows:. 2024 2023 Communtiy Found8tK)n for Surrey FcwJtstsps inlwnation41 Unltéd KIknfor UNHCR Bdtsh R&1 Cro88 Hom•start GUIor(l The CSJ Foundation Collaboralvè SchcKIts Network The Elkon Charfty Watts Galkry Trust My Namds doddle foundalon Thè DWf8Ce Surrey CLrKurdl partntrshlp GASP Motor Project Oakleaf EntÈrprisè Helen Arkell leXi8 Ch8rfty Prostale Cancw UK Marlè Curie Broln Tumr Research Adult Iiteraw tru81 SDAC Khuli$a ROH Fonteyn Reskllled Harrop HR PAv88K8 Cholce5 lsllngton Rural cx)ffeo cavan MIBsiny Pecole ehall•n98rs Horatlo's GaTdon Gulldlord Town Centre Chaplaity North Guildford F(x)d Bank Famharn Food Bank AJivÈ Ydd811 Manor Thg Sofa Prol&t Sl Peter arKI Sl Jarnes. Hospi Prevent Drpa51 Cancw Founlaln C8ntr8 Your Plac& London The Lullaby Trust Frenshgm Pond Sollabll The Slmon Tnt One Small Thiwd 86,254 41,479 25.cilo 25.rA)o 20.rAx) 20.000 16,648 16.¢MJO 15.rmjo 15.000 15,OCrf) 12,500 10,000 10,000 lo,0) 10,000 10.0 10.0(KI 10,000 10,000 10.1)00 8.500 60.470 40,OOD 75.000 75,000 10,000 65,450 16,848 16,000 10,000 5,000 10,000 10,000 15.000 5,000 8.500 7.000 TMO 7,fyJO 7mO 7mO 7.000 5.000 5,000 5.000 5,000 5.0th) 5,000 5.000 5.000 5,000 5,IX)Q 5.000 40.000 30,000 511.381 11.562 10.220 531,068 162.970 712 Other dc418lbns made (less than £6.OCKJ Supports Costs {s88 Not& 8} Total 53 091,89(1 13
Docusign EnvelopÈ ID". CD3D32A8-87C24E04-8E48-6971C95DF69E The Borrows Charitabl8 Tru#t NOTES TO THE FINANCIAL STATEMENTS for thg year onded 31 March 2024 S. ANALYSIS OF DONATIONS MADE 2024 2023 No. Prevèntion or relief of povety 76.897 120.000 Advancement of education 76.014 42,648 Advancement of health or the saving of lives 145,000 83,000 A(fvoncemenl of the art8, culture. heritage or science 47,280 47.780 Advancement of community develc¢Jm&nt 98.753 164.260 Rellef of those in need by reason of yOLth, ag8, 111-health. disability, financial hardship or other dlsadvantag 67.000 196.100 Promotion of the efficiency of the armed forces of the Crown, or of the efficlency of the police. fire and rescue services or anbulanca s8Nicas 12,000 30250 522.944 684,038 . ANALYSIS OF SUPPORT COSTS Expendqble Endowment Unrestrlcted EXndfturO 2024 Total Govemance $1$ {see note 71 Bank Charge¥ 9,828 392 10,220 9.828 392 10220 Expgndoblo Endowm•nt Unr•8tricted Expendlture 2023 Tolal Govemance costs (see Mte 71 Bank Charges 7.250 7.250 562 7,812 7,812 14
Docusign EnvelopÈ ID". CD3D32A8-87C24E04-8E48-6971C95DF69E Th• Borrvs Charltsble Trust NOTES TO THE FINANCIAL STATEMENTS for th year ended 31 MaT¢h 2024 7. ANALYSIS OF GOVERNANCE COSTS Exynd¥bl• Endowmpnt Unrg8trlcted Expenditure 2024 Totsl Audit fee Legal & Profgssional Fees 8.588 8,588 1.240 Exp•ndabl• Endowmant Unrostrlcted Expgndilurg 2023 Audm fao 7,250 50 8. AUDITOR'S REMUNERATION Th8 Audrtors, remuneratlon constRuted a fee of £8.588 (2023: £7,250). 9. EMPLOYEES The Charlty had M smploy•es In the current or prfor y68r. 10. FIXED sEr INVESTMENTS Mowmont In fix assat In%stmgnts 8•curitl•B 2024 8•curftl•s 2023 Market Value Br(ght Forward AddOnS Less.. Disposal proceeds 7.519.065 379,g¢X) 412,961 7.486,004 184,432 7.820.041 231.600 $34,568 7,517.073 (31.946) 33,938 7,519.065 Rea118ed galniloss i)n dlsposals Galnllloss) on revaluatlon 8thet V8Iu8 Carriad Foard 9.714555 G•ographlcal knafysis Lfst•d Securltl 2024 Llsl•d Securltl¢$ uned n>Y0M Investments 9.714,555 7,519,065 Hlstodcal cost of investments 494,312 4N32,586 Th8 investments Ihroughout 2024 and 2023 ar8 In r&latlon to Securf¢S balng The Ambrosa Fund and 31 PLC and are he wvch Investment managers, UBS. The Investments held arè all origlnally from 9S of expondable endowment from the truste8S. 15
Docusign EnvelopÈ ID". CD3D32A8-87C24E04-8E48-6971C95DF69E The Borrovm Charltable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 11. ANALYSIS OF LIABILrriES Credllors: falllng duo wlthln one year Expendable EndoT*mient Unrestricted 2024 Total Accruals Grants Payable 9,240 9,250 18.490 9,240 g,250 18,490 Expondable Endowmonl Unrestrictod 2023 Totsl Accruals Grants Payable 13,913 9,750 23.663 13.913 9,750 23,663 12. ANALYSIS OF CHARrrABLE FUNDS Expondablg Endowment Unre8tricted 2024 Total Inveslm8nts Cash at Bank Creditors 8,710,406 43,018 1,004,149 18,2g1 18,490 1,003,950 9,714.555 61,309 18,490 9,757,373 8,753.424 Unr95trfcted Expendable Endowment Unrestrlcted Income 2023 Total Investmenis Cash al Bank Cre(11tors 6,588.969 56,005 930,096 27,449 23,663 933,882 7,519,065 83,454 23,663 7,578,856 6,644.974 13. TRANSFERS During the year the Trustees trdn51erre(I the sum of £500,(M)0 {2023.. £583,Oc) from the capital of the endowment fund to Ihe income furKI to 5upplemenl the funds avalable for distribution to other charitable causes. 14. RELATED PARTY TRANSACTIONS. foun¢er Simon Borrows donated shares of 31 PLC worth £379,900 {2023: 231,600} during the year. Simon Borrows is the CEO of 31 PLC. 16