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 tr*founder 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 c￿trO
WcoL¥gdt Way
Godalming GU7 1XW
A￿rtOr
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￿ p￿ent 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 ￿lIe￿é8 sét out on pagas 10 to 12 and cornply
wtth ch8rWs Trust Deed, the Charities Act 2011 and the Stslernent of Recomme￿18{1 Practlc& appllcable to charitie5
pr8p8rino a￿Unts In acLordance with the Financ￿1 Reporting Standard appIl￿ble in the UK aThJ Republlc of
Ireland.
Objective5, Govgman¢e and Tha Trustees shall pay or appty Ihg in￿rne 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
￿n￿me 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 f￿anUal statements.
Grant maklng pollcy and
Publi¢ Benefft
The 2nrtual inthmè from thè Ch*itabl8 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 aC￿dance wlth the oblecllves $81 out abova.
wuirad by thé Ch8rM&s Act 2011, the Trustees have referred to the ChaTMy
Commission's general gui(JancL on publlc benefit when fomulating Ihe grant m&*lng poIIcy.
induding fv glmdance'publ￿ benefft.. n￿nIng a chaiity IPB21.' In particular, lh8 trusts•s
have efjnsld8r8d how grants can b& made to ensure Ma￿muM benefrt flows ltrwough to the
intond¢d ultimate benefidatles. The grant5 benefrt a numbw of public cas8s as datallod in
Financial RevlBw
The Charity gènerates Ir￿me frorn its inveslmènts. whith amountad to £114.e62 12024:
£103,230). The investment irbxme. supplerngnled by other incoming ￿sourCeS such as
donated share5 and deposit interest saw the Truslges spgrwj £741,91612024.. £533,163)
on charftable activilles and governancè and 8dmlnlstr8tk)n of the Charity.
Investrnent Policy and
Perfoman
Underth8 tem18 of thè TN$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 s91￿1 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 InfO￿atKIn 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 ￿nt￿lued monftorlng of
e Charws perf0M￿nCe.
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, Int￿￿On 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 cOnS￿er8d 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 aL*Jpl 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 $tatpments In accordancé with ap
Ilcabl818w and UnM8d Klngdom Acwuntlng Standards lun￿ed Klngdom Ggngrallyknptsd A¢tt)unting Pracuce).
The law applicable to charitK8S In England & WalÈs requir8s thg Trustees to prep*efinanaal 51alernerts for each
rinancial year whlch a true and lair ofthg 8tate of affaSrs of the charity and oftha Sncomlng rasoureA8 xrnd
appllcatlon of resoucces for that pewkjd.
prepariw thD5e flnancial 8latem8nts. th8 Trust88S 8rè wulred to:
- select 8uitsblo aLxoJnting polSde5 and then 8pplylhom con80tsnltv'.
- (*)mply with appli(xble w)unting standards. including FRS 102. sUbl￿t to any material dePt￿reS dlsc4ose
and wlained In the financAal statements..
- ststè whèthÈr 8 Statèment of Recommended Practice ISORP) applie5 and has been folh)wed, subject to any
material departure5 which are explained in the finan¢lg1 stsfeTh￿nts.
- make ludgern￿ts and estimates tw are raasonable and prudent. and
- prep8re tho finand818talemènts on a golng concam ba$L8 unkn6s il is InapproprfatB to pfe8ume thatthe charty
will conllnu• In bu8kn88$.
Thè Truste98 are reB￿nSIble for keepIr￿ a¢countlng rgcfrts whSch dlsdosè with reasonable ac£uwat any tlme thg
financial position of the Charity and to tham to ensUr&t￿rIn8nCjal Statern￿t$ ￿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$1 for the year ended 31 March 2025
whlch comprise the Siatemenl of Financi81 Aclivilles. the 8alance Sheet, and notes to the financS81 stslements,
Including significant accounting pclicies. The financial r&porling framework that has been applied in their
preparation is applicable law and Unit8d Kingdorn Accounting Standards, induding FRS 102 'The Financial
Reporting Standard Appli¢able in the UK and Ireland, (United ￿'ngdoM Generally Acc8Pt8d Accounting Practice).
In our c¢*inion the fina￿181 statements..
give a true and fair view of the slats of the charrvs affairs as at 31 March 2025. and of its incoming
resources and application of r8sourc8s, for the year then ended.
have been propedy prepared in accordance ￿th United lQngdom Generally Acwted Accounting
Practice: and
hove been prepared in accordance ￿th the requirements of the Charities Act 2011.
Basls for oplnlon
We conductgd our audit In accordance wth Intemational Standards on Audlling (UK) {ISAs {UKI) and applicable
law. Our responslbilrtie8 under those standards arg further described in the Auditorf$ 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 fu￿lled 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 de8C￿bed 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 foll￿ng matters where th8 Charftles Act 2011 r￿UlT88 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 r￿t 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 dete￿ine 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 conditir￿S 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 sIgn￿1c8nI 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
I￿egularIties, 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 SUSp￿ted 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
i￿ued 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 regUla￿OnS.
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 8￿denCe 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 Sh￿t
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.
S*Mdby.'
4PJEPA*I..............

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 ￿$t tt)nV￿ti0n rntsdrf￿ for
the rov8lu8lKin of investments to falr valuo.
Th8 ￿anCIal S￿￿ementS have been prepared In ocwrd8r￿ with ts Fin8fMi81 Reporbro Stsn(larrl appllcable In tho
UK Bnd Rewbllc of Irelond IFRS 1021. Th8 Charity is a wjblic benefit entity for the purws95 of FRS 102 and
Iherpf¢)re thg Chprity 4so ￿ePa￿d tts fin￿da1 statements In accordance the StatÈmÈnt of RttommèndÉd
PrActieA appl￿bI• to tharIt￿ praparfng thar accounts in accordanc£ wth the Flnandal ReporUrrfJ Standartl
g¢)plIc￿I8 in the UK and R9PUtAic of Ir$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 st*ments 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 conside￿d ￿ssIble events or COnd￿lOn$ that m&hl cast sbjnrficant doubt on
the a￿lty ofthe Charity to eontinu& as a golro concèm. Thé trust88s hav8 m*Je 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$c￿a￿e
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 End0￿￿ent Fund rgprgsents tho% assets whith are he￿ for the tenn for the Trust, In
accordance vJlth the terms ofthè Trnst t)8èd. In￿m* arfslro on thè Ex￿￿Ja￿a Endowm8nt Fund can be used in
the Unrestricied Income Fund. AS ￿ EYWKIab￿ En[kn￿nent 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 ca￿1 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 1￿m0 Is rec¥Jgnls•J In tha Statèm8ni of Fin8neAal Actpthi88 ISOFAI when Ilwe Is entit*ment to the knnds, the
fBceipt 19 probaNè and the 8mwnt can te measured rellatty. Where a claim repayment of incclne tax has Or￿11
be m•Je such Income is grossed up for th& lax recovera￿. folk￿￿n9 aCcr￿ntIng pol￿8$ 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 r￿lpl Is probabl¢ and
the amount can be measu￿j ￿1[8bty.
I￿￿¥1m￿nt Incomo
Investment income is accounted for%th8n recalvable.
(•) Exp•ndhur•
L￿bIl￿￿$ are I￿nISed 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• Acti￿11
tyonatlons payabk are reccgn189d arg opprovwj by ￿ tNste85 and thg rndplgnt of hos been
Informad of thg amount to be p8Ed.
G0￿ManC* Costs
GovemarKp Ix>sts mmpri89 811 costs InvolviThJ the putAk accountabllty of the d￿rfty and tts Complia￿ *ith
regulaiion and good practice. These costs indL*Je 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 fr￿1$ throughoui Ihe year.
(91 R•oli8•d and unr•￿1¥0￿ G#lns WKI L¢)$508
Al galns and are taken to the SOFA as they arise. Realised gains and knsses on investmonts ara cabJlat8d
88 the dlfferonc8 bets￿n sales proceed8 and openlng market value (purchase date ff later). Unreallged galn$
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 s￿tion 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 re1mL￿r5ed 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 Internat￿nal
P￿￿118 Tuckwdl Memrial Hc6PiC8
m￿sIng P￿p
CSN
The Elkon Charlty
Royal Academy of Music
GASP Motor Project
Homestart Gul￿f0rd
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 K￿8 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 F￿1 Bank
N• ActNities
The Sofa Proj￿t
GO8HCC- OIvi8 Hudson Cancer Fund
RHS
Horsley8 Bcokham RDA
Unit8d Kirodom lor UNHCR
Britk8h Red Cross
CollaboratNe Schoo15 Netsvo
My Narne's d￿dIe founéation
The Diffgrence
Prostsle Canr*r 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? ￿artn￿ed 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
Ex￿ndIt￿re
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
se￿rItIes
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 Inv￿tmentS Ihrouthoul 2025 and 2024.
16

Docusign EnvelopÈ ID." C53A3354411E4949-AO51-FED3F1A10463
Th• Borro￿ Ch*ltable 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
EXp￿dable
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