**Year ended 30 September 2025** **THE OLIVER BORTHWICK MEMORIAL TRUST** ## **THE OLIVER BORTHWICK MEMORIAL TRUST** Registered Charity no. 256206 ## **TRUSTEES’ REPORT AND ACCOUNTS** **FOR THE YEAR ENDED 30 SEPTEMBER 2025** **Year ended 30 September 2025** **THE OLIVER BORTHWICK MEMORIAL TRUST** ## CONTENTS ||**Page**| |---|---| |Trustees, professional advisers and administrative details|1| |Trustees’ report|2 - 3| |Independent examiner’s report|4| |Statement of financial activities|5| |Balance sheet|6| |Notes to the accounts|7 - 9| **Year ended 30 September 2025** **THE OLIVER BORTHWICK MEMORIAL TRUST** ## **TRUSTEES, PROFESSIONAL ADVISERS AND ADMINISTRATIVE DETAILS** |**Charity registration number**|256206| |---|---| |**Date of trust**|6 May 1968| |**Trustees**|J Toth (Chairman)| ||S Creswell-Turner| ||A Impey| ||The Earl Bathurst| ||V Buckley| ||S Mudd| ||G Impey| |**Principal address**|The Oliver Borthwick Memorial Trust| ||47 Newry Road| ||Twickenham| ||Middlesex| ||TW1 1PJ| |**Administrator**|Anne Marimuthu| ||47 Newry Road| ||Twickenham| ||Middlesex| ||TW1 1PJ| |**Independent examiner**|Mary Ryan, FCCA, DChA| ||Ark Accountancy Limited| ||56-58 High Street| ||Ewell| ||Epsom| ||Surrey| ||KT17 1RW| |**Website**|obmt.org.uk| **1 |** P a g e **Year ended 30 September 2025** **THE OLIVER BORTHWICK MEMORIAL TRUST** ## **TRUSTEES’ REPORT** The Trustees present their report together with the financial statements of the charity for the year ended 30 September 2025. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015). ## **Structure, governance and management** The Trust was established by a Deed of Declaration made 6 May 1968 and registered with the Charity Commission under reference 256206. ## **Objectives and activities** The intention of the original Trusts which are now included in the Oliver Borthwick Memorial Trust was to provide shelter and help for the homeless. The Trustees welcome applications from small but viable charities where they are able to make a significant contribution to the practical work of the charity with the homeless. Grants are awarded by the Board at the Annual General Meeting to applicants that satisfy the publicly published application criteria with consideration to those applicants who demonstrate highest levels of need and impact. ## **Achievements and performance** Grants totalling £57,000 were approved and paid this year (2024: £60,000). These were awarded to 12 charities (2024: 14). A total of 25 applications had been assessed (2024: 26). Total governance and administrative costs were £4,058 (2024: £4,095). ## **Trustees** The Trustees in office during the year are listed on page 1 of the report and accounts. The power to appoint new Trustees rests with the current Trustees. The Trustees have unrestricted power of investment. ## **Public benefit** The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year. ## **Financial review** At the end of September 2025, the M&G Charifund investment was valued at £1,016,044, representing an increase of £64,830 (7%) compared with the prior year-end value of £951,214. Investment values have continued to recover steadily since the low point recorded in September 2022. The M&G Charibond was liquidated in June 2025 following its closure, resulting in a modest loss of £2,738. Total proceeds received amounted to £146,233. We reported an operating surplus of £2,451, compared with a deficit of £3,713 in 2024. This improvement was driven by increased income and lower grant expenditure, with grants awarded totalling £57,000 in 2025 compared with £60,000 in 2024. Costs have remained the same as last year. It is anticipated that funds available for 2026 grants could be in the order of £62,000. ## **Reserves policy** It is the policy of the charity to maintain unrestricted funds to provide sufficient funds to cover management and administration expenses as well as grants. The trustees believe that the charity's reserves are adequate to continue to provide public benefit and meet the charity's objectives. **2 |** P a g e **Year ended 30 September 2025** **THE OLIVER BORTHWICK MEMORIAL TRUST** ## **TRUSTEES’ REPORT** ## **Risk policy** The trustees review the risks faced by the charity. To date these have mainly related to investment management and these have been mitigated by diversified portfolio management using specialised collective investment funds designed for the charity sector. General operating risk is minimized by the periodic review of the charity’s activities by the trustees and our reporting requirements for our beneficiaries. ## **Investment policy** The trustees consider that investing in specialised collective investments designed for the charity sector is the most appropriate policy to generate sufficient income for the furtherance of the charity's objects. ## **Statement of trustees’ responsibilities** Law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In the preparation of these financial statements the trustees have: - (i) selected suitable accounting policies and then applied them consistently; - (ii) made judgments and estimates that are reasonable and prudent; - (iii) stated that applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and - (iv) prepared the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Trust and hence for the prevention and detection of fraud and other irregularities. ## **For and on behalf of the trustees:** ## **Trustee:** John Toth (Chairman) **Date of approval:** 9 June 2026 **3 |** P a g e THE OLIVER BORTHWLCK MEMORIAL TRUST Year ended 30 September 2025 INDEPENDENT EXAMINER'S REPORT Independent Exarniners. Report to the trustees of The Oliver Borthwick Memorlal Trust I report on the accounts for the year ended 30 September 2025 set out on pages S to 9. Respertive responslbllitits of Trustees and Examiner The charity's trustees are responsible for the preparation of the accounts. The chariws trustees consider that an audit is not required for this year {under section 14412) of the Charities Act 2011 (the 2011 Actll and that an inrl*nrfbnd•nt K*¥aminAtinn i< rprtiiirpd examine the accounts under section 145 of the 2011 Act)., follow the procedures 18id down in the General Directions given by the Charity Commissioners (under section 145151{bl of the 201 l Actl-, and state whether particular matters have come to my attention. Basls of Independent Examlners. Ststtment My examination was ¢arri@d out in accordance with the General Directions given by the Charity Commission. An examinaliorn includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes cor)sideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustee5 conceming any such matters. The procedures undenaken du nol provide all the evidence that would be required ID an audit. and consequently no opinion is 9iven as to whether the aLLvurits present a 'trut and fait vicw ' and the report is limiled to thosè matters set out in the statements Independent examlners, st•tement kn connertion wlth my •xamlnation In connection with my examination, no matter has come to my attention: 11) which gives me rea%nnablÈ cause to believe that in any material respert the requirements.. to keep accovnting records in accordance with section 130 of the 2011 ACL and to prepare accounts which accord with the accounting records and comply with the accounting requirement5 of the 2011 Act (2) to which, in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached for and on behalf of Mary Ryan, FCCA, DChA Ark Accountancy Limited 56-58 High Street Ewell Ep50m Surrey KT17 IRW Date: fi16lt 41Page **Year ended 30 September 2025** **THE OLIVER BORTHWICK MEMORIAL TRUST** ## **STATEMENT** ## **OF FINANCIAL ACTIVITIES** |||**Unrestricted**|**funds**| |---|---|---|---| |**Note**||**2025**|**2024**| |||**£**|**£**| |**Incoming resources**|||| |Investment income|2|**63,509**|60,382| |||**───────**|**───────**| |**Total incoming resources**||**63,509**|60,382| |||**───────**|**───────**| |**Resources expended**|||| |Charitable activities:|||| |Grants payable|3|**57,000**|60,000| |Grant research and advisory services||**2,500**|2,500| |||**───────**|**───────**| |||**59,500**|62,500| |Governance costs|4|**1,558**|1,595| |||**───────**|**───────**| |**Total resources expended**||**61,058**|64,095| |||**───────**|**───────**| |Net incoming/(outgoing) resources||**2,451**|(3,713)| |**Other recognised gains/losses**|||| |Gain/(loss) on investments|7|**62,091**|60,911| |||**───────**|**───────**| |**Net movement in funds**||**64,542**|57,198| |||**───────**|**───────**| |Fund balances brought forward||**1,117,222**|1,060,024| |||**───────**|**───────**| |**Fund balances carried forward**||**1,181,764**|1,117,222| |||═══════|═══════| All movements derive from continuing activities. All recognised gains and losses are shown above. **5 |** P a g e **Year ended 30 September 2025** **THE OLIVER BORTHWICK MEMORIAL TRUST** ## **BALANCE SHEET** **----- Start of picture text -----**
For year ending 30 September: 2025 2024
Note
Fixed assets
Investments 7 1,016,044 1,100,176
Current assets
Cash at bank and in hand 177,200 18,526
Creditors
Amounts falling due within one 8 (11,480) (1,480)
─────── ───────
Net current assets 165,720 17,046
─────── ───────
Total net assets 1,181,764 1,117,222
═══════ ═══════
Represented by:
Unrestricted funds 1,181,764 1,117,222
═══════ ═══════
Approved by and signed on behalf of the Trustees;
Trustee:
John Toth (Chair)
Date of approval: 9 June 2026
**----- End of picture text -----**
**6 |** P a g e **Year ended 30 September 2025** **THE OLIVER BORTHWICK MEMORIAL TRUST** ## **NOTES TO THE ACCOUNTS** ## **1. ACCOUNTING POLICIES** ## **(a) Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. ## **(b) Incoming resources** Donations, legacies, and investment income are accounted for on a receivable basis by the charity. ## **(c) Resources expended** ## (i) Grants payable Grants payable are debited to the statement of financial activities when an undertaking to pay the grant during the financial year has been entered into. (ii) Governance costs This expenditure comprises general administration, management and costs in connection with constitutional and statutory requirements. ## **(d) Investments** Investments are included in the accounts at market value at the end of the financial year. Realised and unrealised gains and losses are credited or debited to the statement of financial activities in the year in which they arise. ## **2. INVESTMENT INCOME** ||**2025**|**2024**| |---|---|---| ||**£**|
**£**| |Income from common investment funds:||| |M&G Charifund|**58,248**|54,176| |M&G Charibond|**5,261**|6,205| ||**───────**|**───────**| |Total Income|**63,509**|60,382| ||═══════|═══════| **7 |** P a g e **Year ended 30 September 2025** **THE OLIVER BORTHWICK MEMORIAL TRUST** ## **3. GRANTS PAYABLE** ||**2025**|**2024**| |---|---|---| |**Recipient**|**£**|**£**| |_Agreed and paid in year:_||| |Ace of Clubs|**-**|5,000| |Barons Court Project|**3,500**|-| |Ben’s Centre for Vulnerable Adults|**-**|5,000| |Caris Camden|**5,000**|-| |Catching Lives|**-**|4,000| |Cirencester Housing for Young People|**5,000**|5,000| |Contact|**5,000**|4,000| |Doncaster Housing for Young People|**5,000**|3,000| |First Light Trust|**-**|5,000| |Friary Drop-in|**5,000**|5,000| |Hackney Doorways|**-**|3,000| |Maidstone Homeless|**5,000**|-| |Manna House|**-**|3,000| |Manna Society|**-**|3,000| |St Mary le Bow Young Homeless Project|**5,000**|5,000| |The Matthew Mission|**3,000**|-| |The Porch|**5,000**|-| |Winchester Churches Night Shelter|**5,000**|5,000| |Youth Concern|**5,000**|5,000| ||**───────**|**───────**| |**Total**|**57,000**|60,000| ||**═══════**|═══════| |**. GOVERNANCE COSTS**||| ||**2025**|**2024**| ||**£**|**£**| |Independent examiner's fees|**480**|480| |Administration fees|**1,000**|1,055| |Website costs|**22**|-| |Bank charges|**56**|60| ||**───────**|**───────**| |**Total**|**1,558**|1,595| ||**═══════**|═══════| ## **4. GOVERNANCE COSTS** ## **5. TRUSTEES’ REMUNERATION** No trustee received any remuneration in respect of services provided during the year (2024: nil). Trustees may be reimbursed for out-of-pocket expenses in respect of attending meetings and carrying out duties on behalf of the charity. During the year £0 expenses (2024: £55) were reimbursed to 0 trustee (2024: 1). **8 |** P a g e **Year ended 30 September 2025** **THE OLIVER BORTHWICK MEMORIAL TRUST** ## **6. TAXATION** The Oliver Borthwick Memorial Trust is a registered charity and therefore is not liable to income tax or corporation tax on the income derived from its charitable activities, as it falls within the various exemptions available to registered charities. ## **7. INVESTMENTS** |**2025**
**M&G**
**Charifund**
£
Market value at the beginning of the year
**951,214**
Disposal in the year
**-**
Realised loss
**-**
Unrealised gains
**64,830**
**Market value at end of year**
**1,016,044**
**2024**
**M&G**
**Charifund**
£
Market value at the beginning of the year
**896,280**
Unrealised gains
**54,934**
**Market value at end of year**
**951,214**
**. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Independent examiner's fees
Grants payable
Administration fees
**Total**
|**M&G**
**Charibond**
**£**
**148,962**
**(146,223)**
**(£2,739)**
**-**
**-**
**M&G**
**Charibond**
**£**
**142,985**
**5,977**
**148,962**
**2025**
**£**
**480**
**10,000**
**1,000**
**───────**
**10,480**
**═══════**|**Total**
£
**1,100,176**
**(146,223)**
**(£2,739)**
**64,830**| |---|---|---| |||**1,016,044**| |||**Total**
£
**1,039,265**
**60,911**| |||**1,100,176**| |||**2024**
**£**
480
10,000
1,000
**───────**
1,480
═══════| ## **8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ## **9. RELATED PARTY TRANSACTIONS** There were none this year. **9 |** P a g e