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 NewTNsl￿s
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 nty￿ber 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 L￿n￿)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 lh￿r 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 th￿r 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 E￿Ik$h lawl.
Howev8r, during th8 perrod 8xt8nding from the dale of the Trusl Do￿1 for tr￿n￿thr6
years, the Trustees In thelr dlscrdon may a￿umUlate for Snvestrnent any or all of the
income of Ihe T￿￿t Fund rK)l applled for chadtable purposes.
AcUvltl8s and
Athievements
During th8 y8arthe TrusteÈs m8d8 donation5 totalliro £522,94412023'. £684,038) to 48
12023.. 941 regbtered th8ritses. as detslled in note 510 the flnanclal statsrnents.
Grant making policy
Public Bengrrt
Thè 8nnu81 in(*)mÈ from thè Ch8rtt8blè Trust and its (spit81 u88d from timè to tim8 to
coverthe annual ¢haritable grants and expenses. The Trust996 deryde what grdnl8 thgy
sh to make oul of thè Incom8. in acwrdancè wtth lh8 Ob￿t￿eS sat out abovè.
As wuired by thè Chaiitses Act 2011, the Tnth8s have reforrod to tho Chariiy
Comrnrsslon s general guidance on publk beneflt when forrnulaung the grant makjng
)Iy, i￿UdI￿ ttTre gUIdan￿'p￿1iC benefft.. running a charity IPB21.' In parliDJlar, the
trustees have wnsidered how grants can be made to ensure m8￿muM ben8fit flow8
Ihrough to the intended ultirn8t• benefiryaries. The grant5 beWrt a number of public cas85
a8 detailed in note 5.
Flnanclal R8vhw
Thè chari￿$ 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 adm1￿stratIOn 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 I￿Slee.
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 8xp￿￿ed 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 CxY￿1￿ered 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)$ts and lo be abl8 to respond to any emergor
appllcatkyw tho1 may arfsefrom Ime to Jrne.
At the BaL￿Ce Sheet date the free reserves ofthe charty amounted to£1.003,94912023'.
£g33,8831. The trustees consider this level of free reserves is adequate to rneet 12 mon
op8radng expènditur8. Tho Tnjsl holds w expendab￿ endowmentlo fund it's grant
m8klw a(Jlvlti8s. At tha yg8r8ThJ th9 8xpendabl8 8ndowm8nttotall8d £8,753,42412023.'
6,044,973).
concem
The finandal Btat8m8nts have bgBn prepared on a golng concem bas￿. There are no
mat8rial unc8rtainti8s about the Charivs abilitylo o)ntinue a5 a going concern. The
trustees hBve assesse(J the use ofth8 ping concern basis B appropriate and
have fX)n5ider9d possib￿ events or condluons that mhJht cast slgnlncant doubt on the
ablityof th8 Ch8rltyto continu& as a gO￿g concem. The trustees condude there Ss a
raasonabk éxpèctation that the Chaity has adequate Tèsourcas and unrethcled
reserveslcash balan¢88 to I￿n￿nUe In operatlonal exL8tence forthe foreseeable future. The
Charty ttwrefure o)rrtlnuos lo adryl tho going ciYKwn ba81$ 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 prePare￿nancIal statements for eath
flTr3nri81 yearwhkh 9￿e 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￿$t￿ arg requtrwj lo..
- select 5uttablg aLxx>unting polio95 and app￿ them consistendy.
- t￿mplY with app1k*b￿ 8cix>unting standards. IndLhJlng FRS 11Y2, subS8ct to any material departure5 dbsdosed
and explained in the finanryal stat9rnwts'.
- 8tate whether 8 Slatgment of R9CoMmeTh￿ Pradlcg ISORP) 4ppllos and has been lollrywed. subAectlo any
rnalerial dep3rlures which are 8ypl8in8d in th8 fmand81 stat8m**s'.
- make judgem￿ and ests'mates that 8re r08sonablg and pru¢gnl,' and
- preparè the finantial statemonts on a go1￿ o)rK4m b8$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 d￿￿0￿ 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 inf0m￿tion 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$, Annual Report is incon8iStent in any mateiial resp.ect with the
financi81 statements: or
the charity has not kept adequate accounling records" or
the financial statements arg not In agr99mont wth the aGGounting records and retums,. or
wa hava not rnceiv8d all the infomation and expl8natlon8 we required for Dur audlL
Rèsponslbllltles of trustees
A8 explained more fully in the trugtees, responsibilitie8 state￿￿nI set out on poge 3, the trustses are responsibl8
for the preparation of tha financial statements and for ￿ng satisfied that they give a true and fair view, and
su¢h Inlemal control as the trustees delemiine is necessary to enabl8 the preparation of financial stal8menls that
ere free from materfal misstatgmenc ￿thether due lo fraud or err￿.
In p￿parIng the financial Statements. the tru$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 nOn￿Omplianc8 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 e￿dence 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 0￿Ur. by holding di￿UssIonS Y+ith management
and those charged ￿th govemance.
W8 inquired of m8nogem8nt and those charged 4Mth govemance as lo any known in$lan¢es of non-
compliance or suspected r￿-COmplianc8 with laws and regulations.
Based on this urHJerstsnding, w8 d8signed sp8cific appropri818 audit procedures to idenlfy instsncas
of non-compliance with laws and regulalions. This induded maknng enquiries of management an
those char9ed Mlh govem8nce and obtsining additional corroboratlV8 8vldenc8 as raquired.
As part of an audFt in acGordan¢e with ISAS {UK) we exercise professlonal judgement and maintain profession81
scepdclsm throughout the audlt. W6 also
Identify ond assess the risks of material mi88latement of the financlal stslemenls, whether due to fraud
or error, design and perform audit pr￿edureS responslve to thos8 risks. and obtain audit e￿dence that
is sufficient and appropria18 to provid8 a basis for our opinion. The risk of not detecting a material
misststemenl resulting from fraLKJ Is hlgher th8n for one resulting from error, as fraud may Involve
collusion, forgery, Snlentional 0missic￿S, mi8representstions, or the override of intemal control.
Obtain an understanding of intemal control relevant to the audit in order to design aLKlil procedures
that are appropriate in the circumstances, bul not for the purp0886 of expressing an opinlon on tho
8ffectiven8ss of Ihg charrfs internal control.
Evaluate tha approprial$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 Un￿rtaintY 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 {éXpèndj￿ré)
2.608.451
(429.9331
2.178,518
1392,723)
Tfansfer5
13
500,000
500,C4JO
Not m0￿MInt 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 end0y￿ent
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 Nstorf￿l cosi r￿nven￿On modtfi8(I for
the revaluath￿ of Investments to fa* value.
Tht Ilnancial 8tatèm8nls hava bÈÈn prÈparèd in vthh the FlnancJal Rep￿r0 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 BUl￿tin 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
finan￿81 statemènts have been prepared on 8 gory coryxm basls. There are no materkl uncertaInt￿S a￿￿tthe
Charitls a￿lty to contlnue as a golrvJ Cor￿em. The trustees have as8essed whettw the use of the golng conc8m
baxis is apFmpriate #nd have ￿nSIdered possible events or Cond￿On$ that mlght cast swJntficant doubt tjn Ihg ability
IA the Charlty to C[￿lI￿je as a g￿r0 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 Un￿StriCtEd reserve￿¢4$h b&l&n¢g$ to Continue In 0￿ratron81 8￿sle￿8
for the foreS88a￿a 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(p*m)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 EX￿er￿a￿e Endowm8nt Fund can b8 us•J In
Ihè Unr8strietad InttJm8 Ful￿. As 8n ExFWKlable Endowment F￿d can be used In aC￿rdanCe wlth the obj'ects Df
the Trust aThJ Is includwj In the unrestricted IrKome, capital can also ￿ Spent in chrtain ￿￿￿Mstp￿￿￿S kn fuMlm8nt of
the Tru8l's thjects. Ary e*pital gains or bsses arislrvJ on Ihe Inveslments held In the Expendable E￿o￿mè[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 rel￿bly. 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• Re￿1￿blO
Grants and donaikn$ ¥re rwnlsed In the SOFA when ts￿re b enthbment lo thefvnd8, tho recelpt15 probabb and
the am￿nI Can té measured reliably.
inwtment Income
Investment Sn¢om 1$ a¢￿￿n￿LI 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 appl￿￿1 to the drfferent
¢xteoori88 of 6xwNl*ur8:
Ch•rft•bl• A¢tlvM•s
￿￿tionS payatle arB reo)JnW tlw approvad byth8 tru8t888 8nd ￿p￿nI ofthg grarrt has boen
irrformed of the to be pald.
GONBMAn￿ Co•ts
Govemance c05ts comprfse all costs InV￿ng the puwic ￿0)UntabilitY of the chwity and Hs complLance
ulatknn and gc*Jd 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 dKfvrer￿9 bets￿en ￿1P3 proceeds arKI opening market val￿ Ipurchg89 dato W Lqterl. Unreallsed galns
and losses are c￿Cula￿d as thè dwftrence behyèan the Ma￿6t value 8t the year and ownlrKJ mathot valu•
lor wrtha$9 date If Later).
h> Cash and eash •qulval•nts
C8sh and cash ￿u1V3￿nts Indude In hand, deposlts t￿Id 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, cHARrr￿LE ACTWMES
The chortty awArd8d donatlons to • nurnbgr of Instltuuons in fiJrth8rnnc8 of th￿table activthB durfng the year.
Th&s8 ore as follows:.
2024
2023
Communtiy Found8tK)n for Surrey
FcwJtstsps inlwnation41
Unltéd KI￿knfor UNHCR
Bdtsh R&1 Cro88
Hom•start GUI￿or(l
The CSJ Foundation
Collaboralvè SchcKIts Network
The Elkon Charfty
Watts Galkry Trust
My Namds doddle foundalon
Thè DWf8￿Ce
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 PAv88K￿8
Cholce5 lsllngton
Rural cx)ffeo c*avan
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 Tn*t
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
7￿12
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
EX￿ndfturO
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• Borrv*s 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
Add￿OnS
Less.. Disposal proceeds
7.519.065
379,g¢X)
412,961
7.486,004
184,432
7.820.041
231.600
$34,568
7,517.073
(31.946)
33,938
7,519.065
Rea118ed galniloss i)n dlsposals
Galnllloss) on revaluatlon
8thet V8Iu8 Carriad Fo￿ard
9.714555
G•ographlcal knafysis
Lfst•d
Securltl
2024
Llsl•d
Securltl¢$
un￿ed ￿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 9￿S 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