Docusign EnvelopÈ ID." C53A3354411E4949-AO51-FED3F1A10463 The Borrows Charltable Trust Charlty Reglstradon Number 1140591 REPORT AND FINANCIAL STATEMENTS for the year ended 31 March 2025
Docusign EnvelopÈ ID." C53A3354411E4949-AO51-FED3F1A10463 The Borrows Charitable Trust CONTENTS Trustees, Annual Report Ind8F*ndent Audito¢s Report Statement of FSnanclal Actlviii8S Balance Sheet Notes lo the Financial Statements 10-18
Docusign EnvelopÈ ID." C53A3354411E4949-AO51-FED3F1A10463 The Borrows Charitable Trust TRUSTEES ANNUAL REPORT forth• ar ènded 31 March 202S Rel•ran and adrnlnl8tratlv• Infornwon Founder Slmon Borrows Date of Deeds Trust 00gJ Deed ofAppoinlmenl of Tntste8S 27 January 2011 27 January 2011 Tru5tee5 SinK)n Borrows Sally Borrows The PEYWtO 8PPOlnt or addlthonal trustsgs L8 Sted In trfounder during hk% lffetimè. Nature of the TrL&St A reglst8rèd tharitable trust, wlstered wtth the Charlty CommSssloners for Eroland and Wal85 as numbgr 1140591. Prfnclpal Offlce The Brn ¢hprftab19 Trust cjo S L>)d81ming Business ctrO WcoL¥gdt Way Godalming GU7 1XW ArtOr Mooro Klngston Smilh LLP 5 God81mi Business Centre Wool8ack Way Godalmkng GU7 1X Bankers Triodos Bank Dèawy Road 8rfstr)l BS1 SAS Solldtors Farr8r & Co 66 Llncoln Inn Fields London WC2A 3LH
Docusign EnvelopÈ ID." C53A3354411E4949-AO51-FED3F1A10463 The Borrows Charitsble Trust TRUSTEES ANNUAL REPORT for thè yaar èndad 31 March 2025 Report of th• Trust¢o0 for tho y•ar •nd•d 31 March 202fj The Trust pent tholr report along with Ihe finanual 8tstern8nts rA the (arftyft)r the ygar gndad 31 Marcn 2U25. The rinancial stslements have been prepared In ac(£Jrdanc the aceounting lIeé8 sét out on pagas 10 to 12 and cornply wtth ch8rWs Trust Deed, the Charities Act 2011 and the Stslernent of Recomme18{1 Practlc& appllcable to charitie5 pr8p8rino aUnts In acLordance with the Financ1 Reporting Standard appIlble in the UK aThJ Republlc of Ireland. Objective5, Govgman¢e and Tha Trustees shall pay or appty Ihg inrne of thE Trusl Fund and may also pay or apply Managemènt any part or parts ofth$ (spit81 of th8 Twst Fund to suth charities or for such charitable puiposes a5 they shall frorn time to tome In thelr absolute dls(¥etion think fit. IThè rnaankng of <8rftl&s, whatherfoundaions, institLrtions, trusts or uniJer-takn'ng5 and tharitable pwos&8, meanlng PUTpDses vthlch are exclusNely charilable, are dgfingd rdIng I Ihosg rneanings undw EnglLsh lawl. However. duriThJ the perfod extenijlro frorn thF date of the Trust Deed lor tsventy-three years. the TrustÈÈs in thar discrètkjn may aecumulatè for investment or all of the nme of the Tw81 Fund rK)t 8ppli8(5 for charft8ble purposes. Athitie5 and Achievements During tho tha Trust8as made donations totalling £731.622121r24.' £522.944} to 51 12024.. 481 rwJk8ter& chorftles, as detalled In note 5 lo the fanUal statements. Grant maklng pollcy and Publi¢ Benefft The 2nrtual inthmè from thè Chitabl8 Trust and its capital is used from Ilme to time lo )ver the annual chaiitable grants and expenses. The Trustees derydewhal grants they wlsh to make out T)f Ihg inwme. in aCdance wlth the oblecllves $81 out abova. wuirad by thé Ch8rM&s Act 2011, the Trustees have referred to the ChaTMy Commission's general gui(JancL on publlc benefit when fomulating Ihe grant m&*lng poIIcy. induding fv glmdance'publ benefft.. nnIng a chaiity IPB21.' In particular, lh8 trusts•s have efjnsld8r8d how grants can b& made to ensure MamuM benefrt flows ltrwough to the intond¢d ultimate benefidatles. The grant5 benefrt a numbw of public cas8s as datallod in Financial RevlBw The Charity gènerates Irme frorn its inveslmènts. whith amountad to £114.e62 12024: £103,230). The investment irbxme. supplerngnled by other incoming sourCeS such as donated share5 and deposit interest saw the Truslges spgrwj £741,91612024.. £533,163) on charftable activilles and governancè and 8dmlnlstr8tk)n of the Charity. Investrnent Policy and Perfoman Underth8 tem18 of thè TN$t Degd thg ¢harfty ha$ the powgr to make any Investrnents that the Trustge8 seg fil. TrustÈ8s revlaw Invostment p8rfomiance at rneeting, and their kx)licy at least annually. Appointment of trustees trustees may be appointéd by th8 truste&s, to flll a vacarw or a5 an additional trustee. The Trust shall s911 appropriate trustees and provlde them wlth an Indu(Orn to ar4uaint thém wth thè govam8ncA 8ntJ policies of the Trust as well as what is expected of them in their role. Additional tr8lnlng andlor InfOatKIn will be provided to the trustees on an onwirrfJ basis. Investment Policy and Perfomiance Should the need arfse at any trne. other than at Iho 8nnual meellng. ts Trust9es may in5tructthe trusvs admlnlstrator to rnake or dispose of invèstrnènts or supply valuath)ns or other investment inlormatB)n forthe use of thg Tru51egS. in their ntlued monftorlng of e Charws perf0MnCe. Risk Management The TruBtees have C4JnBlder the rhatrJr lo whith the charity is exposed and have r8vlew8d th058 risks and establish systsrns 8nd pro¢xlure8 lo manage those risks.
Docusign EnvelopÈ ID." C53A3354411E4949-AO51-FED3F1A10463 The Borrows Charitabl8 Trust TrUSTEES ANNUAL REPORT fgr the yEar ended 31 March 2025 Reserves Policy It the Trustees, IntOn to sustain the unre8ts1ded funds al a levd vthich will provk1e suffldent Investment in(x)meto meet the level of donations paid, cov8rth8 charlvs management and administrakn rnsts and to ba able to réspond to 8ny8mer9er 8pplicatiom that rnay arlse from Imo to tim8. At the 8alancg ShgPt date Ihefree reserves of the charfty amounted to £1.116,89612024.' £1,003,949). ThÈ tnlstees consi(ler this level of free reserves is adgquatg ts meet 12 months operating expendrtUTe. The Trust holds an oxpendabl8 8ndowmÈnt to fund fc's grant akirvd activiti95. At the year end th8 eXP8ndatl8 dOwman1 tot8118d £9,368,81812024'. 8.753,424). Golng concem Thé flnancial statements have b8gn prgparod on a golrrfJ CL)ncem ba81s. Thgr? aro no material uncertalnues about thè Charitys ability k) continue as a goiro concern. The trust have assessed whdh8rth8 uso of tha goin9 eoneèrn b8SIS 15 approprfate and have cOnSer8d posslble 8vents or condibofts th mKJht cast slgnfrThcanl doubt on thg sbility of the Charlty to continue & a going conwn. The trustees condud• thare Is a reasonable eypgctalbn thatthp Chadly h88 adequate resources and unfethcted re8erv8slca8h balanc•s to conllnu8 In opofdtional ex18tence forthe foreseeable fijture. The Charlty therefore conlnues to aLJpl the going concem ba81s Sn preparing Its finandal stslements. statom•nt of Try•ta•8' respon8lbllltkns for th• flnan¢lal statsm•nl• The TrLKSt888 arg MsponslblÈ for prep8rfng the TNstee5' Report and thg flnanual $tatpments In accordancé with ap Ilcabl818w and UnM8d Klngdom Acwuntlng Standards luned Klngdom Ggngrallyknptsd A¢tt)unting Pracuce). The law applicable to charitK8S In England & WalÈs requir8s thg Trustees to prepefinanaal 51alernerts for each rinancial year whlch a true and lair ofthg 8tate of affaSrs of the charity and oftha Sncomlng rasoureA8 xrnd appllcatlon of resoucces for that pewkjd. prepariw thD5e flnancial 8latem8nts. th8 Trust88S 8rè wulred to: - select 8uitsblo aLxoJnting polSde5 and then 8pplylhom con80tsnltv'. - ()mply with appli(xble w)unting standards. including FRS 102. sUblt to any material dePtreS dlsc4ose and wlained In the financAal statements.. - ststè whèthÈr 8 Statèment of Recommended Practice ISORP) applie5 and has been folh)wed, subject to any material departure5 which are explained in the finan¢lg1 stsfeThnts. - make ludgernts and estimates tw are raasonable and prudent. and - prep8re tho finand818talemènts on a golng concam ba$L8 unkn6s il is InapproprfatB to pfe8ume thatthe charty will conllnu• In bu8kn88$. Thè Truste98 are reBnSIble for keepIr a¢countlng rgcfrts whSch dlsdosè with reasonable ac£uwat any tlme thg financial position of the Charity and to tham to ensUr&trIn8nCjal Staternt$ mpty wlth the Chattlie5 Ad 2011. Thèy are also rÈ5w)n8ible for safeguardlThJ the assets of the Charity and hence for taking reasonabl6 steps for the preventlon and the detectlon of fraud and other irrogularitlès. Approved bythe Tr on.. and signed on thek behaw by. S*n•dby.' 311212025 Yv$ AC 4D728E5461 Tru51ee
Docusign EnvelopÈ ID." C53A3354411E4949-AO51-FED3F1A10463 The Borrows Charitable Trust INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF THE BORROWS CHARITABLE TRUST for th8 year ended 31 March 2025 Oplnlon We have 8udited the financlal st81ements of The Borr¢)ws Charitsble Tw$1 for the year ended 31 March 2025 whlch comprise the Siatemenl of Financi81 Aclivilles. the 8alance Sheet, and notes to the financS81 stslements, Including significant accounting pclicies. The financial r&porling framework that has been applied in their preparation is applicable law and Unit8d Kingdorn Accounting Standards, induding FRS 102 'The Financial Reporting Standard Appli¢able in the UK and Ireland, (United 'ngdoM Generally Acc8Pt8d Accounting Practice). In our c¢*inion the fina181 statements.. give a true and fair view of the slats of the charrvs affairs as at 31 March 2025. and of its incoming resources and application of r8sourc8s, for the year then ended. have been propedy prepared in accordance th United lQngdom Generally Acwted Accounting Practice: and hove been prepared in accordance th the requirements of the Charities Act 2011. Basls for oplnlon We conductgd our audit In accordance wth Intemational Standards on Audlling (UK) {ISAs {UKI) and applicable law. Our responslbilrtie8 under those standards arg further described in the Auditorf$ Responsibililieg for the audit of finan¢lal statements section of our report. We ar8 independ8fbt.of the charity in aGcord8nc8 With the ethical requirwnents that are relevant to our aLKlil of the finan¢ial ststements in the UK, including the FRC'S Elhic81 Standard, and we hav8 fulled our other 8thical reSPDnsibilities in accordance with these requirements. We believe that the audit evidence we have obtslned is sufficient and appropri81e to provide a basis for our opinion. Concluslons relating to golng conc•rn In auditing the financial statements, we have concluded thai the trustees, use of the going concem basis of accounting in the preparation of th8 financial statements is appropri81e. B88ed on th8 work we hav8 perfomied. we have not Identlfl any material uncertainties relating to events or conditions that, individualty or Collectively, may cast significant doubl on the charitys ability to continue as a going conc8m for a Per)d of at la8St Iwelve months from vthen the ffinancial statements are aUthoriS for Issue. Our r88ponsibiliUes and the responsibilities of the trustees with respect lo golng concem are de8Cbed In the ralevanl sections of this rep. Other Infom)ation Th8 other Infom1ati comprises the information included in the annual report, other than the fin8ncial slalam8nls and our auditor's report theroon. The Iruslees are responsible for the other infomwtion contsined within the annual report. Our opinion C the financial statements does not cover the other infomiation Bnd, 8xcapt to the extent otheTwise 8xpllcitly stat8d in our reF)Ort. we do not expr888 any form of assurance conclusion thereon. Our responsibilty is to read the other infomiation ond, in doing so, conslder vknether the other information is m8leri8lly inconsislenl with the flnanclal slatemenls or our knovledge obtained in the au¢Jlt or otheThMse appears to b8 materially misstated. If we idenlfy such m8leri81 inconsistencies or apparent material misst8lemenls, we are required lo detemiine whether this gives rise to a material misslatemenl in the financial slatem8nts themselv8s. If, based the wcffk we have perform8d. conclude that there is a matsrial misst81emenl of this other information, we are required lo report that fad. We have nothlng to rep in this regard.
Docusign EnvelopÈ ID." C53A3354411E4949-AO51-FED3F1A10463 The Borrows Charitable Trust INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF THE BORROWS CHARITABLE TRUST for the year eNled 31 March 2025 Matters on whlch we arè r¢quirod to r•port by exception We have nothing to report in respect of the follng matters where th8 Charftles Act 2011 rUlT88 us to report lo u If, In our cplnion.. the information given in the Truslee8' Annu81 Report is inGonsi5tent in any matsiial respect with the financl81 stslements" c the charity has rt kept adequate accounting records" or the financial ststements are not in agreem8nt wth the accounting records and retums., or V•E have not received all the Information 8nd explanation8 V•? requlred for our audiL Responslbllltles ol truste08 A8 explained more fvlty in the tnjstees. responsibilities statement sel out on paga 3. the trustee8 are resp)nsible for the preparation of the financial statements and for being satisfi8d that they give a true and fair view, and for such inlemal control as the Irusloes deteine is necessary to enable the preparation of )Inanuo1 statements that are free from malari81 rnisstatement. ether due lo fraud or error. In preparing the financlal 8t8leménts. the trustees are respon8ibl8 for a98e88ing the chariV8 ability lo continue a8 8 golng conc8m, di8do8ing, 8S 8ppllc8ble, matters related lo golng concem and using the golng conc8rn basis of a¢¢ounting unless the trustees etth8r intend to liquidata th8 charity or to cease operations, or have no realistic altemative but to do so. Auditor'8 re8ponslbllltlo8 lor the audlt of th• financl•l ststements We have been appDinl8d a8 auditor urKler $8Ction 144 of the Ch8rllles Act 20118nd r6port in accordance wlth regulations mad8 under $ectlon 154 of that Act. Our obl8ctive$ are to obtain reasonable assurance about wheth8r th8 flnancial stst8m8nts as a whole are free from material misstalemenl, wh8thgr due to fraud or error, and to i$$ue an audttorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarant88 that an audit conducted in accordance wth ISAS {UKI will alswdy5 d818Ct a material misstatement vthen rt exists. Mis$tal¢menls can arise from fraud or error and are consKJered m81erial rf. individually or in aggreg8te, Ihey could reasonably be expected to influence th• economlc declslon8 of users taken on the basls of the88 financial 8tatemenls. AB P8rt of an audlt In accordance wlh ISAS (UK} we gxerd8e professional Ndgement and malntain professional Scepticisrn throughout Ihe audit. We also Id&ntify and ass8SS the risks of material ffisstat6m8nt of the financial statements, whether due to fraud or error. design and perfonn audit proc8dures responsive to those risks. and obtsin audit evitdence that Is sufficrenl and appropriate lo provide a basis for our opinlon. The risk of nol detecting a materi81 mis8tat8ment resulllng from fraud is higher1han for one re8uttlThJ from 8rror, as fr¥ud may involve colluslon, forgery, Int8ntional omlssions, mlsrepr8sentation8. or the ov&rrfde of Intemal control. Obtain an understanding of inlemal control relevant to the audit in order lo design audit proc8dur88 that are appropriate in the CArcumslances, bul not for the purposes of expressing an opinion on the effectiveness of the charitys intemal Gontrol. Evaluate the appropriateness of accounting policigs usgd and the reasonabl8ne88 of accounllng 88timates and re18ted dlsclosures made by the tru8tees. Conclude on the appropTÉalenass of the tru51ees' use of the going concem basi$ of a¢tIng and. based on the audit ewdence obtsin8d. whether a material uncertainty exists related lo evènts or conditions that may cast Significant doubl on the charity's ability lo continue as a going concem. If v condude that a material uncartainty exists, we are required to drnw attention in our audilorfs report to the related di8cIo8ur88 In the financial slatemonts or. rf such dlsclosures are inad8qual8, to modify our opinion. Our concluslon8 ar8 ba8ad on the au¢Jil evidence obtained up to the dats of our auditoV5 report. Pk)wever, future even15 or conditirS may cause the charity to cease lo conlinue as a going concem.
Docusign EnvelopÈ ID." C53A3354411E4949-AO51-FED3F1A10463 The Borrows Charitable Trusl INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE BORROWS CHARITABLE TRUST for the year endod 31 March 2025 Evaluate the overall pr8sentafjon, slructure anQ wnlenl ot Ihg fi"nan¢ial Statements. Includlng the disdosures, and whether the financial stateménts répr8sent the und8dyng transactions and events in a manner that achieves fair presentation. We communicat8 Wth those charged wlh governance regardlng, amon9 other matters, the planned scope ané timing of the audit and sIgn1c8nI audit findings, including any significant deficlencies In inl8mal control that wg identify during our audil. Explanation a$ to what extent tho audlt was consldered capable of d•t•¢ting Irr•gularltl•s. Includlng fraud IegularIties, induding fraud, are instances of non-compliance with laws and regulations. We design procedures in Iln8 wlth our r&5pon5ibilitips. ouuined above. to delecl material mlsstatements in respect of irregulariti&s, including fraué. The extent to whlch our procedLrre8 are ¢xpable of detectlng irregulartues, Including fraud is detailed below. The objectives of our audil In respect of fraud, are. to identify and assess the risks of material misstatemenl of the rinancial slaternents due to fraud., to obtsln sufficlenl appropriate audit evidence regarding the a$ses$8d rlsks of materf81 misstatement due lo fr8ud. through designing and impl8m8nling appropriate responses lo those assessed risks,. and lo respond appropriately to instances of fraud or SUSpted fraud identffied during the audit. How8V8r, the primary r8sponsibility for the prevention and detection of fraud rests with both management and those charge with govemance of the charity. Our approach was as follows.. We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most signrficant are the Ch8ritS8s Act 2011 and UK financial reporting standards as iued by th& Flnanclal Reporting Council. We obtained an understsnding of how the charity conwlies With these requirements by discussions management and those charged YAth govem8nc6. We assessed the risk of material mi8Stalemenl of the financi81 slat8ments. including the risk of material mis8tstement du6 to fraud and how it might occur, by holding discussions wilh management and those charged governance. We inquirad of management and those charged with govem8nce as to any kno1 in8tanc6s of non- compli8n¢e crf suspected non-compli8nce vAlh laws and regUlaOnS. Based on this understanding, we deslgned specffic appropriate audit procedures lo identify instances cd non-compliance wih 18ws and regulations. This Includ8d making enquiries of management and those charged with govemance and obtaining additional corrobcK8tive 8denCe as required. There are inherent limitations in the audlt prccedures described above. We arelgss likely to b¢¢ome aware of Instances of non-compliance wth laws and regulations that ar8 not clos8ly related to events and Ir8nsactions reflected in the financial statements. Also. the risk of not delecting a maledal mlsslatement due to fraud is higher than the risk of not detscling one resulting from error, as fraud may iE)VOtve deliberats concealment by, for example. forgery or intentional mlsr&presentatlon8. or through collusion.
Docusign EnvelopÈ ID." C53A3354411E4949-AO51-FED3F1A10463 The Borrows Charitable Trust INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OFTHE BORROWS CHARITABLE TRUST for th8 year gndad 31 March 2025 Use of our report This report Is mde solely to thè chaiiws trustees, as a body, In accordance Ch8Pt8r 3 of Part 8 of tha Charitles Act 2011. Our audit work has b88n und8rtok8n 80 that we might stale to the charity'8 trusteeg those matters we are required lo stsle to them in an auditorfs report and for other purpose. To the fullest extent pannltted by law. do not accept or assum& r8sponsibilily to any p8rty other Ihan the charity 8nd charitys trustees as a body. for our audlt wrrfk, for this roport. or for the opinion 4*E h8ve fomied. $1gn•d by.. E2724CFQIF934DA Potor Conneely (Senlor Statutory Auditor) M(KJre Kingston Smith LLP 5 Godalmlng Bu$lne8s Centr8 Woolsack Way Godalming GU7 1XW D8te'. 411212025 Moore Kingston Smith LLP is aliglble to act 83 audltor In lam of Seetlon 1212 of the Corrwnie8 Act 2006.
Docusign EnvelopÈ ID." C53A3354411E4949-AO51-FED3F1A10463 The Borrows Charitable Trust Statement of Financial Activitie5 for tha yoar andad 31 March 2025 2025 Totsl Funds 2024 Totsl Fund8 Expondable Endowmènl Unrestrlctod Not• InGom• and ondowm•nts Donatlon from founder Investment Income Total Incomè 15 363.600 363,600 114,662 478.262 379,900 103,230 483,130 114,662 114.662 363,600 Expèndltura Charitable 8¢tiMlies Total Expendlture 741,918 T41.916 741,916 741.916 533,163 533,163 Net galn on Investments 10 991,794 991,794 2,228,551 Not InGomo1 {gxp•ndlturel 1.355.394 1627.2541 728.140 2.178.518 Transfers 14 740,000 740.000 N•t mov•m•nt in funds 615.394 112.746 728.140 2.178.518 Balances brought forward 8,753.424 1,Cl)3,950 9,757,374 7,578,856 BalanGg$ carrlod forward 9,368.818 1.116,696 10.485,514 9.757,374
Docusign EnvelopÈ ID." C53A3354411E4949-AO51-FED3F1A10463 The Borrows Charitable Trust Balance Sht at 31 March 2025 Note 2025 2024 Flxad assets Investments 10 10,455,021 9.714.555 Current assets Cash at Bank 49,913 61.309 Llabilitios Creditors.. falling due wthin one year (19.4201 I18,4) Net currenl a88ets 30.493 42,819 Total assots1881 total Ilablllt•• 10,485.514 9,757,374 unrestrict funds Expendable endownent Income funds 13 9.368,818 1,116,696 10,485,514 8,753,424 1.003.950 ,757.374 Approved by the Trustees and aulhor15ed for Issue on: 311212025 and slgned on their behaff by. SMdby.' 4PJEPAI..............
Docusign EnvelopÈ ID." C53A3354411E4949-AO51-FED3F1A10463 The Borrows Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the Or gndgd 31 March 2025 1. ACCOUPMNG POLICIES (•) B•$l$ Prepar8U¢n These fin8nryal sloternents ar& prepared on a wlng concem basls, under the hislcrfirAI $t tt)nVti0n rntsdrf for the rov8lu8lKin of investments to falr valuo. Th8 anCIal SementS have been prepared In ocwrd8r with ts Fin8fMi81 Reporbro Stsn(larrl appllcable In tho UK Bnd Rewbllc of Irelond IFRS 1021. Th8 Charity is a wjblic benefit entity for the purws95 of FRS 102 and Iherpf¢)re thg Chprity 4so ePad tts finda1 statements In accordance the StatÈmÈnt of RttommèndÉd PrActieA applbI• to tharIt praparfng thar accounts in accordanc£ wth the Flnandal ReporUrrfJ Standartl g¢)plIcI8 in the UK and R9PUtAic of Ir$land {Thè FRS 102 Charmes SORPI Indu(tsn9 Updats Bullei41 2 and the Charities Act 2011. Th8 fmanckql siatements are prepwed in sterf, wlmch 18 Ihe fvrKAion81 curr9ncy of the eharity. Monetary amounts In flnandal stments aro round8d to the nearest pound. Thè prindpal accoLmdrKJ pc4ldes adopled in the preparation ofthè fin8neA818tataments ara sat out tdow. Ibl Golng The lknandal stst8mgnl$ have been prepared on a golng corKem basls. There are no material urwtsinti88 atxsut the Chariws abilty tr) conlnuè as 8 gc4ng cL)nc8m. The tnJste8s have assessed ther the use of the going concern basls L5 wproprfple and have consided ssIble events or COndlOn$ that m&hl cast sbjnrficant doubt on the alty ofthe Charity to eontinu& as a golro concèm. Thé trust88s hav8 mJe this assessment for a period of at lea8t one year from the date of 8pprov81 of the ffinanoal statements. The trustees 1ude there Is a rea$cae expectation that the Charity ha3 adequate resowcgs 8nd unr95trfct8d ba&nGes to continue in operational exlstenco for the forgseeatJe futUTe. The Charity Iherefor8 continuès to adopt thè golThJ conc8m basls In preparfro hs Iln8nclal stst8ments. Icl Fund Structure Unmstricted Funds comprise those funds whkh the tsustee8 free to use in acc(xdane£ vrilh the charitable objects. The Expendable End0ent Fund rgprgsents tho% assets whith are he for the tenn for the Trust, In accordance vJlth the terms ofthè Trnst t)8èd. Inm arfslro on thè ExJaa Endowm8nt Fund can be used in the Unrestricied Income Fund. AS EYWKIab En[knnent FurKI r8n be uged w) accordance wlth thè objects of the Trust and Is Induded in the unrestsict8d incom8. capital w also t $P8nl In ¢8rt8in ¢lr¢umstanc8s in fuwilment of Trust's oW8¢ts. Any ca1 galns or bBses on thg investments hekl in thÉ Expènd8Ne EThlowm8nt FLmd fom) p8rt of that Fund. 10
Docusign EnvelopÈ ID." C53A3354411E4949-AO51-FED3F1A10463 The Borrows Charilable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 1. AccouKfiNG POUCIES (¢ontlnu•d) (dl Incom• AU 1m0 Is rec¥Jgnls•J In tha Statèm8ni of Fin8neAal Actpthi88 ISOFAI when Ilwe Is entitment to the knnds, the fBceipt 19 probaNè and the 8mwnt can te measured rellatty. Where a claim repayment of incclne tax has Or11 be m•Je such Income is grossed up for th& lax recovera. folkn9 aCcrntIng pol8$ are appr to drfFer8nt categorfes of Income: Grant• and Don•tion• R•¢•ivabl• Grants dorHiionB are recognlsed in thg SOFA whon th8rn18 8ntltlgment to the funds, thg rlpl Is probabl¢ and the amount can be measuj 1[8bty. I¥1mnt Incomo Investment income is accounted for%th8n recalvable. (•) Exp•ndhur• LbIl$ are InISed as resources expondgd as soon aB thgrg Is a Wal c constructiv8 obligation eommmting th9 arity to the expenthlure. All expenditure is aeAount8d for on an 8ccru8ls b8sls and has baen dassffied undbr headlrYJs thBt aggregate all costs 8 lo the catsgory. Th9 fdlwng 8cwuntiry KK)Ii(i88 gre 8pplied to the dwterent ¢8twJorf¢$ of exwTrJMuro'. Ch•rJt•bl• Acti11 tyonatlons payabk are reccgn189d arg opprovwj by tNste85 and thg rndplgnt of hos been Informad of thg amount to be p8Ed. G0ManC Costs GovemarKp Ix>sts mmpri89 811 costs InvolviThJ the putAk accountabllty of the drfty and tts Complia ith regulaiion and good practice. These costs indLJe c4JSts relatsd to audit fees. (fj Flx•d A•••t Inw•tmgnt• Invèthenls are stated at falr value at the balance sheet date. The SOFA IndLths the nel galns and kJsS8s on revalu8lK)n and fr1$ throughoui Ihe year. (91 R•oli8•d and unr•1¥0 G#lns WKI L¢)$508 Al galns and are taken to the SOFA as they arise. Realised gains and knsses on investmonts ara cabJlat8d 88 the dlfferonc8 betsn sales proceed8 and openlng market value (purchase date ff later). Unreallged galn$ and10ssgs are calculaied as th9 dKfernnco btrfvRgn thB mgth¢t valu? at the yoarend and opgnlThJ mwk4t lor purehasa datè lat•r}. h) Cash and ¢h •qulvalents Cash and cash eoufvalenls include in hand, deF4JsitS held at call with banks other 5hort-tsrni l]uid invastments fjth origlnal mauriti85 of thrag months or18&8. 11
Docusign EnvelopÈ ID." C53A3354411E4949-AO51-FED3F1A10463 The Borrows Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for th& yaar 6nded 31 March 2025 1. ACCOUNTING POLICIES (¢ontlnued) l) Financial Instruments The charity has elected to appty the provisions of stion 11 'Basic Pinanciai Instruments. ot FRS 102 to all of its financial inslwments. Financial instruments are recognised In the charitys balance sheet when the charity becomes party to th8 contractual provisions of the inslrument. Financial assets and liabilili&s are offset, with the net amounts presented in the financial statements, wh8n there is a legally enforceable right to sel off the recognlsed amounts and there is an intention to settle on a net basis or to realise th8 asset and settle the liabilty simultaneously. Al other creditor balances ar& Considered to be basic financial instruments under FRS 102. J) crftlcal accounting •stlmat8s and areas of judgement In preparing flnancial statements f( is necessary to make certaln Judgements, frsllmates and assumptions that affect the amounts recognised in the fin8ncial Ststements. In the view of the trustees in applying the accountlng policies adopted, no judg8ments were required that have a signrficanl effect on the amc4Jnts recognised in the financial statements nor do any estimates or assumptions made carry a signrficant rtsk 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 ben6fils of the charit19 key management personnel were £Nil {2024= £NII). No remuneration was paid to any truslee5 in the year. No expense5 W8re re1mLr5ed lo trustees in the year12024'. £Nil). 3. INVESTMENT INCOME Unrestricted Income 2025 Tolal Income from Investments Interest on cash depostts 113,355 1.307 114,662 113,355 1,307 114,662 Unrestrfct Income 2024 Total Income from investments Interest on cash deposits 102,475 755 103,230 102.475 755 103,230 12
Docusign EnvelopÈ ID." C53A3354411E4949-AO51-FED3F1A10463 Th• Bom>w8 Charftablè Trust NOTES TO THE FINANCIAL STATEMENTS ft>rthe ar ended 31 March 2025 4. CHARITABLE ACTIVITIES Th9 ¢hadty awarded don8Uon8 to a numbw of in81ituMon8 In furtherancB of ts tharftable acttvMl85 during thg >wr. These a a$ follows:_ 2025 2024 The CSJ Foundation Communhy Foundation for Surrey London Bu8in8ss School Royal Marsden Cancer Chorfty Footsteps Internatnal P118 Tuckwdl Memrial Hc6PiC8 msIng Pp CSN The Elkon Charlty Royal Academy of Music GASP Motor Project Homestart Gulf0rd Watts Galw Trust Royal Ballet Opera Shoolng St8r Childrens Hospice Thè Gr8nge F&stlV81 Oakleaf Enterprise Helen Arkell Xia Charity Marie Curfe Adutt Ileracybwst Khullsa Guildford Town Centre Chaplaln st Peter and St James, Hospice Frènsham Pond Sailability Solving K8 Cancer UK BrgOSt Canw Now IP17GNS Surray Drug &Aj)hOl Care Reskilled Choices Islingion Rural cx)ffee caravan The Lullaby TnJ8t Ch9rry Trg9S Chall8ng8r6 Horatio's Garden Surrey wlturydl partnershlp North Guildforl Food Bank Farnham F1 Bank N• ActNities The Sofa Projt GO8HCC- OIvi8 Hudson Cancer Fund RHS Horsley8 Bcokham RDA Unit8d Kirodom lor UNHCR Britk8h Red Cross CollaboratNe Schoo15 Netsvo My Narne's ddIe founéation The Diffgrence Prostsle Canrr UK Brain Tumor Rgsearch SDAC ROH Fcffiteyi 88.fr)0 84.049 75.(M)O 60,000 40,000 20.000 17.0 16,648 16,0 15.0 15.0 15.OLYJ 15.0 15.0) 15,0fy) 15.(KKJ 10,000 10,(X]O 10,1 10.th)0 10,L¥JO 10.000 10,000 10.ty)0 10.000 10,000 10,000 10,(w)O 7,000 7,000 7,000 20,000 86,254 41.479 7,000 16,000 10,000 20.OCrf) 15,000 10.000 10.000 10.000 10,000 10.IKIO 5.000 s.000 5,000 7.0 7.0(Y) 7.oc 5,000 5,000 5,000 5,000 5,000 5,000 5.000 5.000 5,000 5.000 5,000 s.oc) s.oc 12,5 5,0 S.0(Ks 5.0 5,OLKI 25,000 25.OCKJ 16.648 15.OCh) 15,OLKI 10,0 10,000 10.000 8,5CKJ 13
Docusign EnvelopÈ ID." C53A3354411E4949-AO51-FED3F1A10463 Th• BorrowB Charltable Trust NOTES TO THE FINANCIAL STATEMENTS forth? artned 31 Morch 2025 4. CHARITABLE ACTNmE3 Iconunuodl 2025 2024 Harrop HR Missions Yddall Manor Prevent Br8ast Cancèr Fountsin Cenlre Your pla London 7.000 5,000 5,000 5.000 5,000 726.697 9.175 10,294 4,250 741.916 511.381 11.562 10,220 Other donations made (1855 than £5.000 eathl Supports Costs1$oe No19 61 Prfor grant aLrthorfsations r8V8rsod Totsl 533,163 14
Docusign EnvelopÈ ID." C53A3354411E4949-AO51-FED3F1A10463 The Borrow8 Gharttablg Trust NOTES TO THE FINANCIAL STATEMENTS for th• year •nd•d 31 March 2025 5. ANALYSIS OF DONATIONS MADE 2025 2025 No. Prevention or rellef of povoty 141.000 76,897 Advancement of education 133,W8 76.014 Advancement of health or the savlng of Ilves 70.300 11 145,000 Advancement of the arts, culknre, heritage or scSerKe 69.815 47,280 Advanc8m8nt of community develokwn8nt 104,549 98,753 Relief of those in need by reasun of y, age, ill-health, disability. financial hardship or other disadvantage 185,050 13 67,000 Promotion of thè effiuency of the armed forces of the Crown. or of ts efficiency of the police. fire and rescue services or 8mbularu services 27,000 12,000 Prior grant authoris81ions reversed 4.250 731,622 51 6. ANALYSIS OF SUPPORT COS15 Expgndablg Erbdowm•nt Unrestrlcted Exp•nditur• 2025 (kjvèmance costs not6 71 Bank Charges 9,948 346 10,294 346 10,294 Exp•ndabla Endowm•nt Unr•8tslct•d Expenditur• 2024 Tot•1 Govemance costs (see nole 71 Bankcharges 9,828 392 10,220 9,828 392 10,220 15
Docusign EnvelopÈ ID." C53A3354411E4949-AO51-FED3F1A10463 Th• Borrows Charitable Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 7. ANALYSIS OF GOVERNANCE COSTS Expèndabl• Endowment Unmtrictod ExndItre 2025 Total Audll fee Legal & Professional Foos 9,420 528 9,948 9.420 528 9,948 Exp•nd4blo End¢)wmont Unrostrict•d ExpendSiure 2024 Totsl Audit fee Legal & Professional F88s 8,588 1,240 9,826 1,240 9.828 8. AUDITOR'S REMUNERATION Audhors. remuneratlon constituted a fee of £9.42012024.' £8,588}. 9. EMPLOYEES Th& Charity had no employees In the currènt or prior yèar. 10. FIXED Ass INVESTMENTS ovgmgnt In fixod avJgt Invg¥tmonts Llsted Securltles 2025 Llsted serItIes 2024 Market Value Brought Fornard Addf(ions Less: DIspo8al proceeds ,714,555 363,600 014.928 9.463,227 7.519.065 379.900 412,961 7,486.004 184,432 2,044.119 9,714,555 R8alis8d gainlloss on disposals Gainlllo&81 on r8valuation Market Value CaTried Forward 769,241 10.455.021 Ggographlcal Anatysls Llsted S•curltl•8 2025 Llslad 2024 Unrted Kingdom Investments 10.455.021 9.714555 Hisioriol cost of investments 4.558.808 4,494.312 Investments throughout 2025 and 2024 are Sn relalSon lo securltles belng Tno AmDrw Fund and 31 PLC and 8re held with investment managets, UBS. The investments held are all originalty from gifts of expendable endowment from the trustees. There are no other InvtmentS Ihrouthoul 2025 and 2024. 16
Docusign EnvelopÈ ID." C53A3354411E4949-AO51-FED3F1A10463 Th• Borro Chltable Trugt NOTES TO THE FINANCIAL STATEMENTS for the year •ndad 31 March 2025 11. ANALYSIS OF LIABILITIES Crodltors: falllng duo wlthln onè year Exp•ndabl• Endowmant Unro8trl¢ed 2026 A¢cruals Grants Pardble 9,420 10,000 19,420 9.420 10.000 19,420 Expendable Endowmenl Unreslrlcted 2024 Accruals Grants Payable 9.240 9,250 18A90 9.240 9,250 18.490 12. ANALYSIS OF GRANTS PAYABLE Expondable Endowmont Unr•r6trlct•d 2025 UnrutrlGt•d 2024 Brought forward New commitment8 made in the r Pald in the year Prior grant authorlsatlons reversed Carried forward 9.250 735,872 (730.8721 4.250 10,000 9,750 522.943 (523,4431 13. ANALYSIS OF CHARITABLE FUNDS EXpdable Endowrnenl Unrnstrictad 2025 Total Investments Cash at Bank Creditors 9,336.910 31. 1.118.111 18,005 19,420 1.116,696 10.455,021 49,913 119,420 10,485,514 9,368,818 Unr•8trfct•d Expondabla Endowment Unrestriclod 2024 Inve$tmenls Cash al Bank Creditors 8.710,406 43,018 1,004,149 18,291 18,490 1,003,950 9,714.555 61.309 I18,4) 9,757,374 8,753.424 17
Docusign EnvelopÈ ID." C53A3354411E4949-AO51-FED3F1A10463 Tho Borrows Charftablo Twst NOTES TO THE FINANCIAL STATEMENTS for tho year endod 31 March 2025 14. TRANSFERS During the year the Trus18es transferred the sum of £740.000 (2024.. £5(KI.000) from the Capital of the endowment fund lo the income fund to supplement the funds available for distribulion to other charitable causes. 15. RELATED PARTf TRANSACTIONS. The founder Simon Borrows donated shares of 31 PLC worth £363,60012024: 379.9001 during ts year. Slmon Borrows is the CEO of 31 PLC. 18