## **THE BORDERS FOREST TRUST** 

**REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

**COMPANY NUMBER: SC162581 SCOTTISH CHARITY NUMBER: SC024358** 

## **THE BORDERS FOREST TRUST** 

|**CONTENTS**||
|---|---|
|Charity Information|1|
||2|
||7|
|Independent Auditor Report|8|
|Group Statement of Financial Activities|13|
|Charity Statement of Financial Activities|14|
|Group Balance Sheet|15|
|Charity Balance Sheet|16|
|Group Statement of Cash Flows|17|
|Notes to the Financial Statements|18|



## **THE BORDERS FOREST TRUST** 

## **CHARITY INFORMATION** 

|Company Number|SC162581|
|---|---|
|Scottish Charity Number|SC024358|
|Directors|A Bourne|
|(Trustees)|R H Grant-Robertson|
||T Hall (appointed 4 December 2024)|
||I E Laidlaw|
||C McLean|
||J F Ogilvie (resigned 4 December 2024)|
||Dr J K Rosegrant (resigned 25 November 2025)|
||Dr G Peniche|
||R Shearer|
||Dr A Strathdee|
||R Thompson (appointed 4 December 2024)|
||Professor I J Wall|
||S P Young|
|Company Secretary|<br>N Hunt|
|Chief Executive|C Dundas (to 9 September 2025)|
|Principal Address|Monteviot Nurseries|
|and Registered Office|Ancrum|
||Jedburgh|
||TD8 6TU|
|Auditors|MHA|
||Chartered Accountants|
||6 St Colme Street|
||Edinburgh EH3 6AD|
|Bankers|Bank of Scotland|
||40 High Street|
||Jedburgh TD8 6DQ|
||Nationwide Building Society (to March 2025)|
||Nationwide House|
||Pipers Way|
||Swindon SN38 1NW|
|Solicitors|J & H Mitchell|
||51 Atholl Road|
||Pitlochry|
||PH16 5BU|



1 

**THE BORDERS FOREST TRUST REPORT OF THE TRUSTEES FOR YEAR ENDED 30 JUNE 2025** 

The trustees who are also directors of the charitable company for the purposes of the Companies Act 2006, present their report with the financial statements of the charitable company for the year ended 30 June 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 2019). 

## **OBJECTIVES AND ACTIVITIES** 

## **Objectives and aims** 

The Trust aims to conserve, restore and manage native woodlands and other natural habitats for the benefit of people and wildlife, to support community woodlands, habitat restoration, education and arts projects, and are involved in the sustainable use of hardwood timber. The Trust has a vision of the South of Scotland as a place where a rich tapestry of native woodlands and wild places flourish thanks to ecological restoration. These restored landscapes will be managed sustainably and enjoyed, valued and protected by both thriving communities of place and engaged communities of interest. 

## **Objectives, strategies and activities** 

Over 2024 2025 Borders Forest Trust did not alter its overall objectives or strategies. The key strategic documents that were reviewed and updated by the trustees were: 

- Finance and Banking Policy approved August 2024 

- BFT Strategy (update initiated for completion early 2026) 

- Financial Reporting timelines revised with monthly reporting and reviews introduced. 

- Policy in regards to VAT 

The usual management and planting activity continued across the Trust's estate, alongside volunteering opportunities and engagement with the public. The trust also continued to build and reinforce partnerships with a range of organisations, both local and national. 

Borders Forest Trust continues to work with other landowners to promote good ecological restoration and management of their sites. A second focus of the Trust's work is around the theme of community and education; with individuals, communities, schools and woodland groups. This includes a number of volunteering opportunities, education programmes and events. 

Trustees also discussed a number of key issues at their meetings over 2024-25 

- Running a 6 month pilot Discover Nature Award to run in Q1 and Q2 of next financial year. 

- Change of Auditor to MHA 

- VAT 

- BFT's approach to the sale of carbon associated with its planting schemes. 

- Various discussions on the prospects of a variety of land acquisition opportunities 

- Succession planning for new BFT Trustees and especially a Chair post 2025. 

- BFT's management of KEH Brownlie Ltd, and the upkeep of structures such as the Purvishaugh Steading and Bridge. 

2 

**THE BORDERS FOREST TRUST REPORT OF THE TRUSTEES FOR YEAR ENDED 30 JUNE 2025** 

## **OBJECTIVES AND ACTIVITIES (Continued)** 

## **Public benefit** 

The Trust engages in ecological restoration, conservation, volunteering and education activities, aligned to its core objectives across Southern Scotland. BFT believes that every action it undertakes should be for the wider public benefit and not private benefit. 

## **Volunteers** 

Volunteering is a core principle in the Trust's strategy to involve people with our work and give opportunities to link people and nature. 

The Trust is grateful for the unstinting efforts of its volunteers who have helped in a variety of ways including practical conservation work, governance, monitoring and fundraising. Volunteer numbers have remained steady undertaking a variety of activities across the sites, both through regular volunteer days, one off events and corporate planting days 

## **Fundraising disclosures** 

The Trust continually raises funds from other trusts, foundations and organisations that hold similar objectives to enable the strategic objective to be delivered. Staff costs are allocated on the basis of time spent on fundraising and where specific costs are incurred for specific projects, these projects have the costs allocated to them on a direct basis. 

## **ACHIEVEMENTS AND PERFORMANCE** 

## **Charitable activities** 

The Borders Forest Trust's charitable objects are to: "conserve, regenerate and promote the restoration of native woodlands in the geographical region of the Borders as an important part of Scotland's natural environment for the benefit of the public." 

## **Management and Staff** 

## **Staff changes** 

John Matthews was appointed as Finance Manager on 24[th] February 2025. Laura Alcock-Ferguson was appointed as Development Manager on 7[th] May 2025. 

Sam Knight was appointed as Discover Nature Award Programme Manager on 16[th] June 2025 (6 month fixed term contract) 

Elvera Green, Finance Manager (maternity cover) left in October 2024. Rebecca Jones, Finance Manager, left in March 2025 

Cameron Newall, Community & Education Officer, left in December 2024 Becky Chenery, Community & Education Officer, left in April 2025 

## **Health and Safety** 

Staff have been involved in reviewing of all activity-based risk assessments.  These risk assessments are reviewed on an on-going basis. 

3 

**THE BORDERS FOREST TRUST REPORT OF THE TRUSTEES FOR YEAR ENDED 30 JUNE 2025** 

## **FINANCIAL REVIEW** 

BFT were pleased to report income of £ 998,205 in the year. Total resources expended over the same period were £815,082. There was a loss on the value of investments of £24,950 . The charity can therefore report a surplus in the year of £158,173 (2024: £403,697 restated). Total reserves at the year end are £6,380,388 (2024: £6,222,215 restated). 

The group also reports a surplus of £158,173 (2024: £403,697 restated). Total consolidated reserves at the year end are £6,380,388 (2024: £6,222,215 restated) 

Prior year adjustments made had the following impact on previously published financial statements: 

## Charity 

Year to 30 June 2023 increase in reserves of £89,682 Year to 30 June 2024 increase in reserves of £34,674 

## Group 

Year to 30 June 2023 increase in reserves of £84,682 Year to 30 June 2024 increase in reserves of £58,394 

## **Principal funding sources** 

The principal funding source of the Trust continues to be grants representing 60% of total funding. Donations represent 38% with 2% coming from memberships and the provision of services to landowners. 

BFT overheads were funded by regular donations in addition to significant grants from The Esmee Fairbairn Foundation and the Wesleyan Foundation. 

Woodland Trust. 

match funded through a number of small grants, as well as private donations from individuals and businesses including Baillie Gifford. 

## **Investment policy and objectives** 

The Trust holds a portfolio of investments with Quilter Cheviot. The portfolio (Quilter Cheviot Climate Assets Balanced Fund) is reviewed annually. Quilter Cheviot provide investment reports every quarter and a trustee meets with them at least once a year to review performance. 

The portfolio is still divided into 2 funds: Wildwood and BFT Endowment. 

The Wildwood fund holds the majority of the Wildwood restricted funds raised as stewardships and had a year-end balance of £232,270. 

The BFT Endowment fund holds legacies, funds raised from life memberships, specific donations and associated gift aid (designated funds), as well as EFT Expendable Endowment funds and had a year-end balance of 345,075. 

4 

**THE BORDERS FOREST TRUST REPORT OF THE TRUSTEES FOR YEAR ENDED 30 JUNE 2025** 

## **Investment policy and objectives** 

The portfolio is managed mainly for capital growth rather than income at present. Appropriate donations and endowment gifts are added to the investments when received, if not required for the current year's activities. 

## **Investment performance** 

BFT have been disappointed by the modest investment returns seen in 2024/25 but also note that UK performance has been stilted following the September 2022 mini budget, a weak pound, and recession fears. However, the performance reflects a wider trend across all Ethical investments, and it is relatively early in terms of the Quilter Cheviot investments to judge performance. We are investing for the long term. Our investment policy requires a formal review after 5 years. 

## **Investment property held in group** 

property was last professionally revalued in 2017 at a value of £2,235,000. Management and trustees have been unable to provide a current valuation as at 30 June 2025 and given that the value of the property must be carried in the Balance Sheet at fair value under FRS 102 this has resulted in a limitation in scope qualified audit opinion. The trustees are aware of the position and have taken steps to initiate a revaluation of the investment property in the year to 30 June 2026. 

The Trust's policy on reserves is to aim to maintain a level of reserves to cover the Trust's financial commitments for between 6 and 12 months. This policy recognises our statutory obligations, the dependence on grant funding and the uncertain nature of the timing of cashflows. 

Unrestricted reserves are always necessary to cover statuary liabilities in addition to a quarter s operating overhead. Unrestricted funds are increased and maintained by fundraising and investing activities.  The unrestricted funds balance as at 30 June 2025 for both the charity and the group is £2,849,050. In addition, endowment funds of £345,075 are held by both the charity and the group as at 30 June 2025. 

Restricted reserves are always necessary to help manage project cashflow, as forestry planting grants are paid in arrears. This balance represents funds yet to be expended or held on behalf of projects and is not available to the Trust for core expenditure. The restricted funds balance as at 30 June 2025 for both the charity and the group is £3,186,263. 

Overall, total reserves at 30 June 2025 are £6,830,388 (2024: £6,222,215 restated) for both the charity and the group. The free reserves of the charity at 30 June 2025 are £793,625 (2024: £579,874 restated) and the free reserves of the group at 30 June 2025 are £684,426 (2024: £554,195 restated). 

The level of free reserves at the year end therefore exceed the target level of holding between 6 and 12 months unrestricted expenditure. 

## **Going concern** 

The trustees consider that the Trust is a going concern. The increased head-count of staff puts more pressure on revenue spending, but the appointment of a dedicated Development Manager to build up the Trust's membership, relationship with corporate sponsors, high-net worth individuals, and grant giving foundations will ensure that the Trust meets its fundraising targets. 

5 

**THE BORDERS FOREST TRUST REPORT OF THE TRUSTEES FOR YEAR ENDED 30 JUNE 2025** 

BFT plans a full review of its Fundraising Strategy in early 2026 with a view to securing a greater proportion of unrestricted core funding on a long term sustainable basis. A plan for growth in income, membership and activity as the organisation expands its influence and its reputation. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Governing document** 

The company, which is a registered charity in Scotland, is a charitable company limited by guarantee and was set up by a Memorandum of Association on 12th January 1996. 

The principal object of the company is to provide conservation, regeneration and promotion of the restoration of native woodlands in the South of Scotland. 

## **Recruitment and appointment of new trustees** 

The management of the company is the responsibility of the trustees who are elected and co-opted under the terms of the Articles of Association. New trustees are recruited by membership nomination prior to the AGM, with details being circulated to the members with the AGM papers. Trustees are elected for a period of 3 years. They may stand for 2 terms but must then retire for at least one year. New trustees are elected annually at the AGM by a show of hands and proxy vote or by postal votes if it is a competitive process. 

## **Organisational structure** 

The Trust is a membership organisation. The members are responsible for electing the Board of trustees in accordance with the procedures set out in the Articles of Association. The Board of trustees meets regularly, at least 6 times per year. Daily operational matters are delegated to the Trust's employees with supervision by the Chief Executive. The day-to-day management decisions are delegated to the CEO. The Trust employs staff to progress programmatic goals, and also employs contract staff to work on specific short-term projects and to assist with the staffs work on a long-term basis, such as deer control. Bookkeeping and Financial Planning is managed by a member of staff. There are two subcommittees of trustees. The first is the Ecological Advisory Sub- Committee, which is convened at the request of the Board of Trustees and reports to them. It recommends appropriate ecological policy across BFT sites. The CEO and Chair sit ex officio. The second sub-committee is the Finance and Audit Sub-Committee. In addition, Carrifran Wildwood has a Steering Group. The CEO and Site Officer sit ex officio on this group. Subcommittees are subject to the Trust's Terms of Reference for Devolved Decision Making group. 

## **Induction and training of new trustees** 

Trustees are inducted into the trust with an introductory staff briefing which includes a BFT Trustee pack, which summarises Trustee obligations, responsibilities and funding information. The Trust maintains a register of Trustee and Staff interests. 

## **Key management remuneration** 

Trustees are not remunerated. The remuneration for key management personnel is set by the trustees and reviewed on an annual basis. 

## **Major risks and management of those risks** 

The trustees have a duty to identify and review the risks to which the Trust is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. 

6 

**THE BORDERS FOREST TRUST REPORT OF THE TRUSTEES FOR YEAR ENDED 30 JUNE 2025** 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP 2019 (FRS 102); 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company and group will continue in operation. 

## **SMALL COMPANY RULES** 

The Directors have prepared this report in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. 

Approved by order of the Board of Trustees on 17 December 2025 and signed on its behalf by: 

S YOUNG **TRUSTEE** 

7 

**INDEPENDENT AUDITOR REPORT TO THE TRUSTEES AND MEMBERS OF THE BORDERS FOREST TRUST** 

## **Qualified Opinion** 

We have audited the financial statements of The Borders Forest Trust year ended 30 June 2025 which comprise the group and parent charitable company Statement of Financial Activities, the group and parent company Balance Sheets, the group Statement of Cash Flows and notes to the financial statements, including significant accounting policies.  The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report below, the financial statements: 

- ffairs as 

- at 30 June 2025 

   - income and 

- expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006. 

## **Basis for qualified opinion** 

The basis of our qualified opinion relates solely to the limitation on our audit work relating to the valuation of the Investment Property held by the charitable group which must be carried at fair value under FRS 102. We have not been able to obtain appropriate audit evidence over the fair value of the property as reported on the group Balance Sheet and at note 13 in the financial statements, with the latest revaluation performed in 2017. Management have not obtained a current valuation or provided alternative evidence to support the carrying value, and as a result we have a limitation of scope of this specific balance. 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and responsibilities for the audit of the financial statements section of our report.  We are independent of the group and parent charitable company in accordance with the ethical requirements that are we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide for a basis for our qualified opinion. 

8 

**INDEPENDENT AUDITOR REPORT TO THE TRUSTEES AND MEMBERS OF THE BORDERS FOREST TRUST (Continued)** 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charitable the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves over the fair value of the Investment Property held on the group Balance Sheet at 30 June 2025. We have concluded that where the other information refers to the Investment Property balance, or related  balances, it may be materially misstated for the same reason. 

## **Opinions on other matters prescribed by the Companies Act 2006** 

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit: 

- the information given in the trustee the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the directors report included within the trustee applicable legal requirements. 

## **Matters on which we are required to report by exception** 

Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors report included within the 

9 

**INDEPENDENT AUDITOR REPORT TO THE TRUSTEES AND MEMBERS OF THE BORDERS FOREST TRUST (Continued)** 

## **Matters on which we are required to report by exception (continued)** 

Arising solely from the limitation on the scope of our work relating to the Investment Property held in the group: 

- we have not obtained all of the information and explanations that we consider necessary for the purpose of our audit 

- we are unable to determine whether adequate accounting records have been kept. 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion: 

- returns adequate for our audit have not been received from branches not visited by us; or accounting records and returns; or 

- certain disclosures of trustee 

- the trustees were not entitled to prepare the financial statements in accordance with the small directors report as included in the trustee strategic report. 

## **Responsibilities of trustees** 

directors of the parent charitable company for the purposes of company law)  are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the group s and related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so. 

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

10 

**INDEPENDENT AUDITOR REPORT TO THE TRUSTEES AND MEMBERS OF THE BORDERS FOREST TRUST (Continued)** 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outline above, to detect material misstatements in respect of irregularities, including fraud. 

The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: 

- Enquiry of management and those charged with governance around actual and potential litigation and claims; 

- Enquiry of charitable company and group management and those charged with governance to identify any instances of non-compliance with laws and regulations; 

- Performing audit work over the risk of management override of controls, including the testing of journal entries and other adjustments for appropriateness, evaluating the rationale of significant transactions outside the normal course of the charitable company activities and reviewing accounting estimates for bias; 

- Reviewing minutes of meetings of those charged with governance; 

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

A further description of our responsibilities for the audit of the financial statements is located on the www.frc.org.uk/auditorsresponsibilities. This description 

11 

**INDEPENDENT AUDITOR REPORT TO THE DIRECTORS AND MEMBERS OF THE BORDERS FOREST TRUST (Continued)** 

## **Use of report** 

Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, in accordance with section 44 (1) (c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been trustees those matters 

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

## **Paul Marshall CA (Senior Statutory Auditor) 17 December 2025** For and on behalf of MHA, Statutory Auditor 

6 St Colme Street Edinburgh EH3 6AD 

_MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542) and is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006._ 

12 

## **THE BORDERS FOREST TRUST** 

## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2025** 

|Note<br>**Income**<br>Donations and legacies<br>2<br>Charitable activities<br>3<br>Other trading activities<br>4<br>Investments<br>5<br>Other income<br>**Total Income**<br>**Expenditure**<br>Raising funds<br>6<br>Charitable activities<br>7<br>**Total Expenditure**<br>**Net income before gains**<br>**on investments**<br>8<br>Gains on investments<br>12<br>Taxation<br>16<br>**Net income**<br>Transfers between funds<br>17<br>**Net movement in funds**<br>Total funds brought<br>forward - restated<br>17<br>Total funds carried<br>forward<br>17|Unrestricted<br>Funds<br>£<br>391,899<br>103,938<br>73,691<br>20,816<br>4,331<br>594,675<br>63,700<br>355,474<br>419,174<br>175,501<br>6,758<br>(2,000)<br>180,259<br>(1,173)<br>179,086<br>2,669,964<br>2,849,050|Endowment<br>Funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>6,924<br>-<br>6,924<br>1,173<br>8,097<br>336,978<br>345,075|Restricted<br>Funds<br>£<br>123,671<br>302,243<br>-<br>-<br>-<br>425,914<br>-<br>459,608<br>459,608<br>(33,694)<br>4,684<br>-<br>(29,010)<br>-<br>(29,010)<br>3,215,273<br>3,186,263|2025<br>Total<br>Funds<br>£<br>515,570<br>406,181<br>73,691<br>20,816<br>4,331<br>1,020,589<br>63,700<br>815,082<br>878,782<br>141,807<br>18,366<br>(2,000)<br>158,173<br>-<br>158,173<br>6,222,215<br>6,380,388|2024<br>Total<br>Funds<br>Restated<br>£<br>354,656<br>775,771<br>67,334<br>13,196<br>8,510|
|---|---|---|---|---|---|
||||||1,219,467|
||||||49,239<br>752,541|
||||||801,780|
||||||417,687<br>43,185<br>(63,957)|
||||||396,915<br>-|
||||||396,915<br>5,825,300|
||||||6,222,215|



The Statement of Financial Activities includes all gains and losses recognised in the year. 

All income and expenditure is derived from continuing activities. 

13 

## **THE BORDERS FOREST TRUST** 

## **CHARITY STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2025** 

|Note<br>**Income**<br>Donations and legacies<br>2<br>Charitable activities<br>3<br>Other trading activities<br>4<br>Investments<br>5<br>**Total Income**<br>**Expenditure**<br>Raising funds<br>6<br>Charitable activities<br>7<br>**Total Expenditure**<br>**Net income before**<br>**gains/(losses) on**<br>**investments**<br>8<br>(Losses)/Gains on<br>investments<br>12<br>**Net income**<br>Transfers between funds<br>17<br>**Net movement in funds**<br>Total funds brought<br>forward restated<br>17<br>Total funds carried<br>forward<br>17|Unrestricted<br>Funds<br>£<br>448,782<br>103,938<br>458<br>19,113<br>572,291<br>-<br>355,474<br>355,474<br>216,817<br>(36,558)<br>180,259<br>(1,173)<br>179,086<br>2,669,964<br>2,849,050|Endowment<br>Funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>6,924<br>6,924<br>1,173<br>8,097<br>336,978<br>345,075|Restricted<br>Funds<br>£<br>123,671<br>302,243<br>-<br>-<br>425,914<br>-<br>459,608<br>459,608<br>(33,694)<br>4,684<br>(29,010)<br>-<br>(29,010)<br>3,215,273<br>3,186,263|2025<br>Total<br>Funds<br>£<br>572,453<br>406,181<br>458<br>19,113<br>998,205<br>-<br>815,082<br>815,082<br>183,123<br>(24,950)<br>158,173<br>-<br>158,173<br>6,222,215<br>6,380,388|2024<br>Total<br>Funds<br>Restated<br>£<br>368,438<br>775,771<br>303<br>11,312|
|---|---|---|---|---|---|
||||||1,155,824|
||||||5,518<br>752,541|
||||||758,059|
||||||397,765<br>(1,068)|
||||||396,697<br>-|
||||||396,697<br>5,825,518|
||||||6,222,215|



The Statement of Financial Activities includes all gains and losses recognised in the year. 

All income and expenditure is derived from continuing activities. 

14 

**THE BORDERS FOREST TRUST** 

## **CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2025** 

|||2025||2024 Restated|2024 Restated|
|---|---|---|---|---|---|
||Note|£|£|£|£|
|**Fixed Assets**||||||
|Tangible Fixed Assets|11||2,824,862||2,816,462|
|Investments|12||674,260||655,721|
|Investment Property|13||2,235,000||2,235,000|
||||5,734,122||5,707,183|
|**Current Assets**||||||
|Stock||500||500||
|Debtors|14|186,916||159,904||
|Cash at bank and in hand||893,851||819,486||
|||1,081,267||979,890||
|**Current Liabilities**||||||
|Creditors (amounts falling due within||||||
|one year)|15|(156,001)||(187,858)||
|**Net Current Assets**|||925,266||792,032|
|Provisions for liabilities|16||(279,000)||(277,000)|
|**Total Net Assets**|||6,380,388||6,222,215|
|Represented by||||||
|Unrestricted Funds:||||||
|General|17||1,515,504||1,341,176|
|Non distributable reserves held||||||
|In charitable subsidiary|17||1,333,546||1,328,788|
||||2,849,050||2,669,964|
|Restricted Funds|17||3,186,263||3,215,273|
|Endowment Funds|17||345,075||336,978|
||||6,380,388||6,222,215|



The financial statements, which have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the Board of Trustees on 17 December 2025 and signed on its behalf by 

S Young Trustee 

**COMPANY REGISTRATION NUMBER: SC162581** 

15 

**THE BORDERS FOREST TRUST** 

## **CHARITY BALANCE SHEET AS AT 30 JUNE 2025** 

|||2025||2024 Restated|2024 Restated|
|---|---|---|---|---|---|
||Note|£|£|£|£|
|**Fixed Assets**||||||
|Tangible Fixed Assets|11||2,818,503||2,808,513|
|Investments|12||2,780,067||2,804,844|
||||5,598,570||5,613,357|
|**Current Assets**||||||
|Debtors|14|186,277||151,248||
|Cash at bank and in hand||743,056||629,263||
|||929,333||780,511||
|**Current Liabilities**||||||
|Creditors (amounts falling due within||||||
|one year)|15|(147,515)||(171,653)||
|**Net Current Assets**|||781,818||608,858|
|**Total Net Assets**|||6,380,388||6,222,215|
|Represented by||||||
|Unrestricted Funds:||||||
|General|17||2,849,050||2,669,964|
|Restricted Funds|17||3,186,263||3,215,273|
|Endowment Funds|17||345,075||336,978|
||||6,380,388||6,222,215|



The financial statements, which have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the Board of Trustees on 17 December 2025 and signed on its behalf by 

S Young Trustee 

## **COMPANY REGISTRATION NUMBER: SC162581** 

16 

**THE BORDERS FOREST TRUST** 

## **STATEMENT OF CASHFLOWS AND CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 30 JUNE 2025** 

|Net income for the year (as per the SOFA)<br>Adjustments for:<br>Depreciation<br>Investment income<br>Losses/(Gains) on investments<br>(Profit) on disposal of fixed assets<br>(Increase) in stocks<br>(Increase)/decrease in debtors<br>(Decrease)/increase in creditors<br>Movement in provisions<br>**Net cash provided by operating activities**<br>**Cash provided by operating activities**<br>Cash flows from investing activities:<br>Interest income<br>Purchase of tangible fixed assets<br>Purchase of fixed asset investments<br>Sale of tangible fixed assets<br>Sale of fixed asset investments<br>**Cash provided by investing activities**<br>Cash flows from financing activities:<br>Loan written off<br>**Cash provided by financing activities**<br>Increase in Cash And Cash Equivalents in the<br>year<br>Cash and Cash Equivalents at the beginning<br>of the year<br>**Total Cash and Cash Equivalents at the year**<br>**end**|**CHARITY**<br>2025<br>2024<br>Restated<br>£<br>£<br>158,173<br>396,697<br>34,064<br>21,170<br>(19,113)<br>(11,312)<br>24,950<br>1,068<br>-<br>-<br>-<br>-<br>(35,029)<br>(326)<br>(24,138)<br>48,054<br>-<br>-<br>138,907<br>455,351<br>2025<br>2024<br>£<br>£<br>138,907<br>455.351<br>19,113<br>11,312<br>(44,054)<br>(110,989)<br>(1,173)<br>(538,645)<br>-<br>-<br>1,000<br>337,586<br>(25,114)<br>(300,736)<br>-<br>-<br>113,793<br>154,615<br>629,263<br>474,648<br>743,056<br>629,263|**GROUP**<br>2025<br>2024<br>Restated<br>£<br>£<br>158,173<br>396,915<br>35,654<br>23,157<br>(20,816)<br>(13,196)<br>(18,366)<br>(43,185)<br>-<br>(80)<br>-<br>(500)<br>(27,012)<br>7,412<br>(31,857)<br>30,181<br>2,000<br>67,000<br>97,776<br>467,704<br>2025<br>2024<br>£<br>£<br>97,776<br>467,704<br>20,816<br>13,196<br>(44,054)<br>(110,989)<br>(1,173)<br>(538,645)<br>-<br>80<br>1,000<br>375,246<br>(23,411)<br>(261,112)<br>-<br>(8,510)<br>-<br>(8,510)<br>74,365<br>198,082<br>819,486<br>621,404<br>893,851<br>819,486|**GROUP**<br>2025<br>2024<br>Restated<br>£<br>£<br>158,173<br>396,915<br>35,654<br>23,157<br>(20,816)<br>(13,196)<br>(18,366)<br>(43,185)<br>-<br>(80)<br>-<br>(500)<br>(27,012)<br>7,412<br>(31,857)<br>30,181<br>2,000<br>67,000<br>97,776<br>467,704<br>2025<br>2024<br>£<br>£<br>97,776<br>467,704<br>20,816<br>13,196<br>(44,054)<br>(110,989)<br>(1,173)<br>(538,645)<br>-<br>80<br>1,000<br>375,246<br>(23,411)<br>(261,112)<br>-<br>(8,510)<br>-<br>(8,510)<br>74,365<br>198,082<br>819,486<br>621,404<br>893,851<br>819,486|
|---|---|---|---|
||||467,704|
||||2024<br>£<br>467,704|
||||13,196<br>(110,989)<br>(538,645)<br>80<br>375,246|
||||(261,112)|
||||(8,510)|
||||(8,510)|
||||198,082<br>621,404|
||||819,486|



17 

**THE BORDERS FOREST TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** 

## **1 ACCOUNTING POLICIES** 

A summary of principle accounting policies, all of which have been applied consistently throughout the year and the preceding year is set out below. 

## _Charity information_ 

The charitable company is limited by guarantee, incorporated in Scotland, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charitable company in the event of liquidation. 

## _Basis of Preparation_ 

The financial statements have been prepared in accordance with the Companies Act 2006, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitable companies preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102). 

The Borders Forest Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated. 

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £. 

The financial statements include a prior year adjustment see note 23 for details. 

The charitable company is a qualifying entity for the purposes of FRS 102, being a parent of a group, where publicly available consolidated financial statements are prepared, which are intended to give a true and fair view of the assets, liabilities, financial position and surplus or deficit of the group. The charitable company has therefore taken advantage of exemptions from the following disclosure requirements and these financial statements reflect this information for the group only: 

- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument. 

## _Going Concern_ 

Based on the trustees business plans and the related expected financial outcomes, the trustees deem it appropriate to prepare the financial statements on the going concern basis which assumes that the group and charitable company will continue in operational existence for the foreseeable future. 

18 

**THE BORDERS FOREST TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** 

## **1 ACCOUNTING POLICIES (CONTINUED)** 

## _Group Financial Statements_ 

The consolidated Statement of Financial Activities and Balance Sheet include the financial statements of The Borders Forest Trust and its wholly owned trading subsidiary K E H Brownlie idiary has been consolidated on a line by line basis. 

## _Income_ 

Income is recognised when the charitable company has entitlement to the funds, when it is probable that the income will be received and the amount can be measured reliably. 

Income, including donations, gifts and legacies and grants that provide core funding or are of a general nature are recognised where there is entitlement, it is probable the income will be received and the amount can be measured with sufficient reliability. 

Trading income is recognised once the service is performed or the product is delivered to the customer. This is recorded at the point of sale net of VAT and discounts. 

Investment income is included when receivable and the amount can be measured reliably by the charitable company, this is normally on notification of the interest paid or payable by the bank. 

## _Expenditure_ 

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis inclusive of any VAT which cannot be recovered and has been classified under headings that aggregate all costs related to the category: 

- Expenditure on raising funds includes costs incurred in attracting voluntary income and those incurred in trading activities that raise funds. 

- Charitable activities include expenditure include both costs that are directly attributable to the activities and those costs of an indirect nature necessary to support them. 

Support costs include central function costs and have been allocated to activity categories on the basis consistent with the use of resources i.e. with reference to staff time spent. They include governance costs, which are those associated with meeting the constitutional and statutory requirements of the charitable company. They therefore include the costs of statutory audit, together with costs linked to the strategic management of the charitable company. 

## _Taxation_ 

The charitable company is exempt from tax on income and gains to the extent that these are applied to its charitable objects. No tax charges have arisen in the charitable company. 

The wholly owned trading subsidiary is subject to corporation tax. Any profits generated in future in the trading subsidiary however, over and above those which have been identified as required under Gift Aid. 

19 

**THE BORDERS FOREST TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** 

## **1 ACCOUNTING POLICIES (CONTINUED)** 

## _Deferred Tax_ 

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax assets and liabilities are offset when the charitable group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. 

## _Tangible Fixed Assets_ 

Tangible fixed assets are stated at cost less accumulated depreciation. Assets costing in excess of £500 are capitalised. 

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value of each asset over its expected useful life as follows:- 

## Land - Not depreciated 

Buildings 10% straight line                                    Motor Vehicles 25% reducing balance IT Equipment 3-4 years straight line                    Site infrastructure 10-25 years straight line 

## _Tangible Fixed Assets (continued)_ 

The policy with respect to impairment reviews of fixed assets is that anannual review iscarried out by the trustees. As at 30 June 2025, in the trustees opinion, market value is in excess of the cost shown in the accounts. 

Gains or losses on the sale of fixed assets are accounted for through the Statement of Financial Activities in the year of disposal. 

## _Investments_ 

Fixed asset investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal. 

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the statement of financial activities based on the market value at the year end. 

Investment property is valued at fair market value. 

20 

**THE BORDERS FOREST TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** 

## **1 ACCOUNTING POLICIES (CONTINUED)** 

## _Debtors_ 

Trade and other debtors are recognised at the settlement amount due after any trade discount offered.  Prepayments are valued at the amount prepaid net of any trade discounts due. 

## _Cash at Bank and in Hand_ 

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## _Creditors and Provisions_ 

Creditors and provisions are recognised where the charitable company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 

## _Financial Instruments_ 

The charitable company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

## _Pensions_ 

The charitable company operates a money purchase (defined contribution) pension scheme, or as an alternative provides an option for employees to receive contributions to suitable personal pensions. Contributions payable are charged to the Statement of Financial Activities in the year to which they relate. These contributions are invested separately from the 

## _Unrestricted Funds_ 

Unrestricted funds are available for use at the discretion of the trustees in the furtherance of the general objectives of the charitable company. Unrestricted funds in the charitable evaluation of the investment in the trading subsidiary to its underlying net asset value. 

## _Restricted Funds_ 

Restricted funds are subject to restrictions on their expenditure imposed by the donor or through the terms of the grant award. 

## _Endowment Funds_ 

The donor has specified that capital will be retained with income and capital growth being accumulated for use by the trust according to a specific set of rules. 

21 

**THE BORDERS FOREST TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** 

## **1 ACCOUNTING POLICIES (CONTINUED)** 

## _Critical accounting estimates and judgements_ 

Inthe applicationofthe accounting policies, the trustees arerequired to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 

## **2 DONATIONS AND LEGACIES GROUP AND CHARITY** 

|Donations<br>Gift Aid<br>Legacies|GROUP<br>2025<br>2024<br>Restated<br>£<br>£<br>348,266<br>137,067<br>49,247<br>27,621<br>118,057<br>189,968<br>515,570<br>354,656|CHARITY<br>2025<br>2024<br>Restated<br>£<br>£<br>405,149<br>150,849<br>49,247<br>27,621<br>118,057<br>189,968<br>572,453<br>368,438|CHARITY<br>2025<br>2024<br>Restated<br>£<br>£<br>405,149<br>150,849<br>49,247<br>27,621<br>118,057<br>189,968<br>572,453<br>368,438|
|---|---|---|---|
||||368,438|



Group income from donations and legacies was £515,570 (2024: £354,656) of which £391,899 (2024: £293,469) was unrestricted and £123,671 (2024: £61,187) was restricted. 

Charity income from donations and legacies was £572,453 (2024: £368,438 restated) of which £448,782 (2024: £307,251) was unrestricted and £123,671 (2024: £61,187) was restricted. 

## **3 INCOME FROM CHARITABLE ACTIVITIES GROUP AND CHARITY** 

|Grants<br>Memberships<br>Other generated income<br>Income from carbon credits|2025<br>£<br>319,386<br>14,416<br>62,332<br>10,047<br>406,181|2024<br>Restated<br>£<br>621,441<br>15,639<br>25,381<br>113,310|
|---|---|---|
|||775,771|



Income from charitable activities was £406,181 (2024: £775,771 restated) of which £103,938 (2024: £225,882) was unrestricted and £302,243 (2024: £549,889) was restricted. 

22 

**THE BORDERS FOREST TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** 

## **4 INCOME FROM OTHER TRADING ACTIVITIES** 

|Publications<br>Trading activities|GROUP<br>2025<br>2024<br>£<br>£<br>458<br>303<br>73,233<br>67,031<br>73,691<br>67,334|CHARITY<br>2025<br>2024<br>£<br>£<br>458<br>303<br>-<br>-<br>458<br>303|
|---|---|---|



Group income from other trading activities was £73,691 (2024: £67,334) of which £73,691 (2024: £67,334) was unrestricted and £Nil (2024: £Nil) was restricted. 

Charity income from other trading activities was £458 (2024: £303) of which £458 (2024: £303) was unrestricted and £Nil (2024: £Nil) was restricted. 

The charitable company owns 100% of the issued ordinary share capital of K E H Brownlie Limited, a company registered in Scotland. The subsidiary is used for non-primary purpose trading activities, and donates all profits to the parent charity under Gift Aid. 

A summary of the results of the subsidiary is shown below:- 

|Turnover<br>Other income<br>Cost of Sales<br>Gain on investments<br>Interest Received<br>**Net profit for the year**<br>Tax<br>Distribution to parent company<br>Retained in subsidiary<br>The assets and liabilities of the subsidiary were:-<br>Fixed Assets<br>Current Assets<br>Creditors:  Amounts falling due within one year<br>Deferred tax|2025<br>£<br>73,233<br>4,331<br>(63,700)<br>6,758<br>1,703<br>22,325<br>(2,000)<br>(56,883)<br>(36,558)<br>2,338,274<br>151,934<br>(8,486)<br>(279,000)<br>2,202,722|2024<br>restated<br>£<br>67,031<br>8,510<br>(43,721)<br>13,533<br>1,884|
|---|---|---|
|||47,237<br>(61,957)<br>(13,782)|
|||(28,502)|
|||2,333,106<br>199,379<br>(16,205)<br>(277,000)|
|||2,239,280|



23 

**THE BORDERS FOREST TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** 

## **5 INVESTMENT INCOME** 

|Deposit account interest<br>Dividends receivable|GROUP<br>2025<br>2024<br>£<br>£<br>20,816<br>4,316<br>-<br>8,880<br>20,816<br>13,196|CHARITY<br>2025<br>2024<br>£<br>£<br>19,113<br>2,432<br>-<br>8,880<br>19,113<br>11,312|CHARITY<br>2025<br>2024<br>£<br>£<br>19,113<br>2,432<br>-<br>8,880<br>19,113<br>11,312|
|---|---|---|---|
||||11,312|



money held in interest bearing accounts. 

The full amount was unrestricted in both 2025 and 2024. 

## **6 RAISING FUNDS** 

|Fundraising and related costs<br>Other trading activities|GROUP<br>2025<br>2024<br>£<br>£<br>-<br>5,518<br>63,700<br>43,721<br>63,700<br>49,239|CHARITY<br>2025<br>2024<br>£<br>£<br>-<br>5,518<br>-<br>-<br>-<br>5,518|CHARITY<br>2025<br>2024<br>£<br>£<br>-<br>5,518<br>-<br>-<br>-<br>5,518|
|---|---|---|---|
||||5,518|



Expenditure on raising funds was unrestricted in both 2025 and 2024. 

24 

**THE BORDERS FOREST TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** 

## **7 DIRECT CHARITABLE EXPENDITURE GROUP AND CHARITY** 

|Direct staff costs<br>Staff costs other<br>Cost of income<br>Site costs<br>Community project costs<br>Vehicle costs<br>Rent and Utilities<br>Admin and Marketing<br>Insurance and Subscriptions<br>Legal and Professional<br>IT and communications<br>Depreciation<br>Governance costs<br>audit fee|**2025**<br>**£**<br>481,739<br>26,329<br>11,572<br>130,719<br>14,398<br>20,296<br>3,689<br>14,414<br>30,180<br>18,077<br>12,565<br>34,064<br>798,042<br>17,040<br>815,082|**2024**<br>**£**<br>356,458<br>31,312<br>6,876<br>204,829<br>25,253<br>19,331<br>4,451<br>26,968<br>28,162<br>1,051<br>11,827<br>24,625|
|---|---|---|
|||741,143<br>11,398|
|||752,541|



Expenditure on charitable activities was £815,082 (2024: £752,541 restated) of which £355,474 (2024: £185,752 restricted) was unrestricted and £459,608 (2024: £566,789) was restricted. 

## **8 NET INCOME/(EXPENDITURE) FOR THE YEAR** 

||GROUP||CHARITY||
|---|---|---|---|---|
||2025|2024|2025|2024|
||£|£|£|£|
|This is stated after charging:|||||
|Depreciation|35,654|24,875|34,064|22,888|
|- Audit Fees|17,040|11,901|17,040|11,372|
|- Accountancy Fees|3,300|529|-|-|
|(Gains)/Loss on disposal of|-|(80)|-|(80)|
|fixed assets|||||



## **9** 

There were no trustees' remuneration or other benefits for the period ended 30 June 2025 nor for the period ended 30 June 2024. 

There were no trustees' expenses paid for the period ended 30 June 2025 nor for the period ended 30 June 2024. 

25 

**THE BORDERS FOREST TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** 

|**10**<br>**STAFF COSTS**<br>Wages and Salaries<br>Social Security Costs<br>Pension Costs (Note 11)|GROUP<br>2025<br>2024<br>£<br>£<br>418,779<br>320,175<br>42,697<br>19,592<br>20,263<br>16,691<br>481,739<br>356,458|CHARITY<br>2025<br>2024<br>£<br>£<br>418,779<br>320,175<br>42,697<br>19,592<br>20,263<br>16,691<br>481,739<br>356,458|CHARITY<br>2025<br>2024<br>£<br>£<br>418,779<br>320,175<br>42,697<br>19,592<br>20,263<br>16,691<br>481,739<br>356,458|
|---|---|---|---|
||||356,458|



The average number of employees during the year, calculated on the basis of full time equivalents, was as follows: 

|equivalents, was as follows:|||
|---|---|---|
|Project staff<br>Administration<br>**Total**|2025<br>11<br>4<br>15|2024<br>9<br>3|
|||12|



The key management personnel of the group comprise the Trustees, the CEO, the Head of Land Management and the Finance Manager. The total employee benefits of the key management personnel of the group were £108,763 (2024: £45,280, Trustees and CEO only). 

No employees received emoluments over £60,000 in either the current or prior year. 

26 

**THE BORDERS FOREST TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** 

|**11**<br>**FIXED ASSETS**<br>**GROUP**<br>**COST**<br>At 1 July 2024 restated<br>Additions<br>At 30 June 2025<br>**DEPRECIATION**<br>At 1 July 2024 restated<br>Charge for year<br>At 30 June 2025<br>**NET BOOK VALUE**<br>At 30 June 2025<br>At 30 June 2024 restated<br>**FIXED ASSETS**<br>**CHARITY**<br>**COST**<br>At 1 July 2024 restated<br>Additions<br>At 30 June 2025<br>**DEPRECIATION**<br>At 1 July 2024 restated<br>Charge for year<br>At 30 June 2025<br>**NET BOOK VALUE**<br>At 30 June 2025<br>At 30 June 2024 restated|Land &<br>Buildings<br>£<br>2,620,725<br>-<br>2,620,725<br>-<br>-<br>-<br>2,620,725<br>2,620,725<br>Land &<br>Buildings<br>£<br>2,620,725<br>-<br>2,620,725<br>-<br>-<br>-<br>2,620,725<br>2,620,725|Plant &<br>Machinery<br>£<br>285,357<br>44,054<br>329,411<br>89,620<br>35,654<br>125,274<br>204,137<br>195,737<br>Plant &<br>Machinery<br>£<br>229,629<br>44,054<br>273,683<br>41,841<br>34,064<br>75,905<br>197,778<br>187,788|Total<br>£<br>2,906,082<br>44,054|
|---|---|---|---|
||||2,950,136|
||||89,620<br>35,654|
||||125,274|
||||2,824,862|
||||2,816,462|
||||Total<br>£<br>2,850,354<br>44,054|
||||2,894,408|
||||41,841<br>34,064|
||||75,905|
||||2,818,503|
||||2,808,513|



27 

**THE BORDERS FOREST TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** 

## **12 INVESTMENTS GROUP** 

|**MARKET VALUE**<br>At 1 July 2024<br>Additions<br>Disposals<br>Revaluations<br>At 30 June 2025<br>**NET BOOK VALUE**<br>At 30 June 2025<br>At 30 June 2024<br>**CHARITY**<br>**MARKET VALUE**<br>At 1 July 2024 restated<br>Additions<br>Disposals<br>Revaluations<br>At 30 June 2025<br>**NET BOOK VALUE**<br>At 30 June 2025<br>At 30 June 2024 restated<br>Historic cost at 30 June 2025|Shares in<br>group<br>undertakings<br>£<br>2,239,280<br>-<br>-<br>(36,558)<br>2,202,722<br>2,202,722<br>2,239,280<br>2,270,000|Other<br>investments<br>£<br>565,564<br>1,173<br>(1,000)<br>11,608<br>577,345<br>577,345<br>565,564<br>554,221|£<br>655,721<br>1,173<br>(1,000)<br>18,366|
|---|---|---|---|
||||674,260|
||||674,260|
||||655,721|
||||Total<br>£<br>2,804,844<br>1,173<br>(1,000)<br>(24,950)|
||||2,780,067|
||||2,780,067|
||||2,804,844|
||||2,824,221|



28 

**THE BORDERS FOREST TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** 

|**13**<br>**INVESTMENT PROPERTY**<br>FAIR VALUE<br>At 1 July 2024 and 30 June 2025<br>NET BOOK VALUE<br>At 30 June 2025<br>At 30 June 2024|GROUP<br>2025<br>2024<br>£<br>£<br>2,235,000<br>2,235,000<br>2,235,000<br>2,235,000<br>2,235,000<br>2,235,000|CHARITY<br>2025<br>2024<br>£<br>£<br>-<br>-<br>-<br>-<br>-<br>-|
|---|---|---|



Investment properties were professionally valued as at 31st October 2017 by Davidson and Robertson Rural on an open market basis which the directors/ trustees consider to be the fair value of the assets. 

Fair value at 30 June 2025 is represented by: 

|Cost<br>Revaluation<br>At 30 June 2025|689,369<br>1,545,631|
|---|---|
||2,235,000|



**14 DEBTORS GROUP AND CHARITY** 

|**Due within one year**<br>Trade Debtors<br>Prepayments<br>Accrued income<br>VAT|GROUP<br>2025<br>2024<br>Restated<br>£<br>£<br>51,645<br>42,623<br>5,847<br>1,060<br>126,024<br>105,912<br>3,400<br>10,309<br>186,916<br>159,904|CHARITY<br>2025<br>2024<br>Restated<br>£<br>£<br>51,006<br>40,278<br>5,847<br>1,060<br>126,024<br>99,601<br>3,400<br>10,309<br>186,277<br>151,248|
|---|---|---|



29 

**THE BORDERS FOREST TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** 

## **15 CREDITORS (amounts falling due within one year) - GROUP AND CHARITY** 

|GROUP<br>2025<br>2024<br>Restated<br>£<br>£<br>Trade Creditors<br>14,300<br>21,100<br>Other Taxation and Social<br>Security Costs<br>10,296<br>7,281<br>Other Creditors<br>7,517<br>-<br>Accruals<br>33,566<br>37,684<br>Deferred income<br>30,000<br>30,000<br>VAT<br>56,971<br>89,012<br>Pension scheme creditor<br>3,351<br>2,781<br>156,001<br>187,858<br>**16**<br>**PROVSIONS FOR LIABILITIES**<br>GROUP<br>2025<br>2024<br>restated<br>£<br>£<br>Deferred tax<br>279,000<br>277,000<br>Accelerated capital allowances<br>Investment property<br>Listed investments<br>Tax charge:<br>GROUP<br>2025<br>2024<br>restated<br>£<br>£<br>Current year tax charge<br>-<br>-<br>Deferred tax movement<br>2,000<br>63,957<br>2,000<br>63,957|CHARITY<br>2025<br>2024<br>Restated<br>£<br>£<br>13,331<br>19,254<br>10,296<br>7,281<br>-<br>-<br>33,566<br>23,325<br>30,000<br>30,000<br>56,971<br>89,012<br>3,351<br>2,781<br>147,515<br>171,653<br>CHARITY<br>2025<br>2024<br>£<br>£<br>-<br>-<br>Deferred tax<br>£<br>1,360<br>265,000<br>12,640<br>279,000<br>CHARITY<br>2025<br>2024<br>£<br>£<br>-<br>-<br>-<br>-<br>-<br>-|CHARITY<br>2025<br>2024<br>Restated<br>£<br>£<br>13,331<br>19,254<br>10,296<br>7,281<br>-<br>-<br>33,566<br>23,325<br>30,000<br>30,000<br>56,971<br>89,012<br>3,351<br>2,781<br>147,515<br>171,653<br>CHARITY<br>2025<br>2024<br>£<br>£<br>-<br>-<br>Deferred tax<br>£<br>1,360<br>265,000<br>12,640<br>279,000<br>CHARITY<br>2025<br>2024<br>£<br>£<br>-<br>-<br>-<br>-<br>-<br>-|
|---|---|---|
|||-|



30 

**THE BORDERS FOREST TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** 

## **17 FUNDS** 

|**GROUP**<br>Unrestricted Funds:<br>General Funds<br>Non distributable funds held<br>in charitable subsidiary<br>Restricted Funds:-<br>Land held in Trust<br>_Project funds:_<br>Wildwood<br>Ericstane<br>Talla & Gameshope<br>Corehead<br>Mountain Birch Trial<br>Woodland Habitat<br>Community Woodlands<br>Branching Out<br>Woodland Outreach<br>Community & Education<br>Destination Tweed<br>D&G Woodland<br>DNA<br>Species reintroduction<br>Montane<br>Endowment Funds:-<br>BFT Endowment fund<br>Alex Smith Expendable<br>Endowment fund<br>Total Funds|As at 1 July<br>2024<br>Restated<br>£<br>1,341,176<br>1,328,788<br>2,669,964<br>2,620,725<br>137,436<br>90,665<br>81,097<br>25,583<br>-<br>-<br>-<br>4,566<br>56,504<br>51,323<br>47,157<br>85,509<br>-<br>13,920<br>788<br>3,215,273<br>301,678<br>35,300<br>336,978<br>6,222,215|Income<br>£<br>594,675<br>-<br>594,675<br>-<br>13,278<br>25,952<br>8,531<br>45,559<br>14,365<br>17,039<br>-<br>9,786<br>25,000<br>57,830<br>102,490<br>91,084<br>15,000<br>-<br>-<br>425,914<br>-<br>-<br>-<br>1,020,589|Expenditure<br>£<br>(419,174)<br>(2,000)<br>(421,174)<br>-<br>(27,851)<br>(37,085)<br>13,595<br>(59,753)<br>(8,416)<br>(10,385)<br>(2,117)<br>(8,901)<br>(35,244)<br>(66,169)<br>(74,163)<br>(127,569)<br>(842)<br>(13,920)<br>(788)<br>(459,608)<br>-<br>-<br>-<br>(880,782)|Gains<br>£<br>-<br>6,758<br>6,758<br>-<br>4,684<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>4,684<br>5,724<br>1,200<br>6,924<br>18,366|Transfers<br>£<br>(1,173)<br>-<br>(1,173)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>1,173<br>-<br>1,173<br>-|As at 30<br>June 2025<br>£<br>1,515,504<br>1,333,546|
|---|---|---|---|---|---|---|
|||||||2,849,050|
|||||||2,620,725<br>127,547<br>79,532<br>103,223<br>11,389<br>5,949<br>6,654<br>(2,117)<br>5,451<br>46,260<br>42,984<br>75,484<br>49,024<br>14,158<br>-<br>-|
|||||||3,186,263|
|||||||308,575<br>36,500|
|||||||345,075|
|||||||6,380,388|



31 

**THE BORDERS FOREST TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** 

## **17 FUNDS (continued)** 

|**GROUP**<br>Unrestricted Funds:<br>General<br>Non distributable funds held<br>in charitable subsidiary<br>Restricted Funds:<br>Land held in Trust<br>_Project funds:_<br>Wildwood<br>Ericstane<br>Talla & Gameshope<br>Corehead<br>Woodland Habitat<br>Community Woodlands<br>Branching Out<br>Woodland Outreach<br>Community & Education<br>Destination Tweed<br>D&G Woodland<br>Species reintroduction<br>Montane<br>Ettrick Beaver<br>Houndwood<br>Volunteering Wild Heart<br>Wild Heart<br>Other Projects<br>Endowment Funds:-<br>BFT Endowment fund<br>Alex Smith Expendable<br>Endowment fund<br>Total Funds|As at 1 July<br>2023<br>Restated<br>£<br>1,174,890<br>1,389,915<br>2,564,805<br>2,620,725<br>123,508<br>-<br>76,649<br>24,035<br>216<br>-<br>3,632<br>30,043<br>70,647<br>41,897<br>60,000<br>-<br>-<br>75<br>-<br>8,000<br>34,520<br>38,107<br>3,132,054<br>94,191<br>34,250<br>128,441<br>5,825,300|Income<br>£<br>607,452<br>-<br>607,452<br>-<br>30,685<br>92,290<br>46,761<br>126,289<br>5,050<br>-<br>9,880<br>61,000<br>50,656<br>85,146<br>74,765<br>19,000<br>8,505<br>-<br>-<br>1,000<br>50<br>-<br>611,077<br>938<br>-<br>938<br>1,219,467|Expenditure<br>£<br>(224,257)<br>(74,660)<br>(298,917)<br>-<br>(32,436)<br>(1,625)<br>(42,313)<br>(124,741)<br>(9,232)<br>(35)<br>(8,946)<br>(34,539)<br>(69,980)<br>(79,886)<br>(49,256)<br>(5,080)<br>(7,717)<br>(75)<br>(416)<br>(27,204)<br>(73,309)<br>-<br>(566,790)<br>(30)<br>-<br>(30)<br>(865,737)|Gains<br>£<br>10,899<br>13,533<br>24,432<br>-<br>15,679<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>15,679<br>2,024<br>1,050<br>3,074<br>43,185|Transfers<br>£<br>(227,808)<br>-<br>(227,808)<br>-<br>-<br>-<br>-<br>-<br>3,966<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>416<br>18,204<br>38,739<br>(38,107)<br>23,253<br>204,555<br>-<br>204,555<br>-|As at 30<br>June 2024<br>£<br>1,341,176<br>1,328,788|
|---|---|---|---|---|---|---|
|||||||2,669,964|
|||||||2,620,725<br>137,436<br>90,665<br>81,097<br>25,583<br>-<br>-<br>4,566<br>56,504<br>51,323<br>47,157<br>85,509<br>13,920<br>788<br>-<br>-<br>-<br>-<br>-|
|||||||3,215,273|
|||||||301,678<br>35,300|
|||||||336,978|
|||||||6,222,215|



32 

## **THE BORDERS FOREST TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** 

## **17 FUNDS (continued)** 

|**CHARITY**<br>Unrestricted Funds:<br>General Funds<br>Restricted Funds:-<br>Land held in Trust<br>_Project funds:_<br>Wildwood<br>Ericstane<br>Talla & Gameshope<br>Corehead<br>Mountain Birch Trial<br>Woodland Habitat<br>Community<br>Woodlands<br>Branching Out<br>Woodland Outreach<br>Community &<br>Education<br>Destination Tweed<br>D&G Woodland<br>DNA<br>Species reintroduction<br>Montane<br>Endowment Funds:-<br>BFT Endowment fund<br>Alex Smith Expendable<br>Endowment fund<br>Total Funds|As at 1 July<br>2024<br>Restated<br>£<br>2,669,964<br>2,620,725<br>137,436<br>90,665<br>81,097<br>25,583<br>-<br>-<br>-<br>4,566<br>56,504<br>51,323<br>47,157<br>85,509<br>-<br>13,920<br>788<br>3,215,273<br>301,678<br>35,300<br>336,978<br>6,222,215|Income<br>£<br>572,291<br>-<br>13,278<br>25,952<br>8,531<br>45,559<br>14,365<br>17,039<br>-<br>9,786<br>25,000<br>57,830<br>102,490<br>91,084<br>15,000<br>-<br>-<br>425,914<br>-<br>-<br>-<br>998,205|Expenditure<br>£<br>(355,474)<br>-<br>(27,851)<br>(37,085)<br>13,595<br>(59,753)<br>(8,416)<br>(10,385)<br>(2,117)<br>(8,901)<br>(35,244)<br>(66,169)<br>(74,163)<br>(127,569)<br>(842)<br>(13,920)<br>(788)<br>(459,608)<br>-<br>-<br>-<br>(815,082)|Losses<br>£<br>(36,558)<br>-<br>4,684<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>4,684<br>5,724<br>1,200<br>6,924<br>(24,950)|Transfers<br>£<br>(1,173)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>1,173<br>-<br>1,173<br>-|As at 30 June<br>2025<br>£<br>2,849,050|
|---|---|---|---|---|---|---|
|||||||2,620,725<br>127,547<br>79,532<br>103,223<br>11,389<br>5,949<br>6,654<br>(2,117)<br>5,451<br>46,260<br>42,984<br>75,484<br>49,024<br>14,158<br>-<br>-|
|||||||3,186,263|
|||||||308,575<br>36,500|
|||||||345,075|
|||||||6,380,388|



33 

## **THE BORDERS FOREST TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** 

## **17 FUNDS (continued)** 

|**CHARITY**<br>Unrestricted Funds:<br>General Funds<br>Restricted Funds:-<br>Land held in Trust<br>_Project funds:_<br>Wildwood<br>Ericstane<br>Talla & Gameshope<br>Corehead<br>Woodland Habitat<br>Community<br>Woodlands<br>Branching Out<br>Woodland Outreach<br>Community &<br>Education<br>Destination Tweed<br>D&G Woodland<br>Species reintroduction<br>Montane<br>Ettrick Beaver<br>Houndwood<br>Volunteering Wild<br>Heart<br>Wild Heart<br>Other Projects<br>Endowment Funds:-<br>BFT Endowment fund<br>Alex Smith Expendable<br>Endowment fund<br>Total Funds|As at 1 July<br>2023<br>Restated<br>£<br>2,565,023<br>2,620,725<br>123,508<br>-<br>76,649<br>24,035<br>216<br>-<br>3,632<br>30,043<br>70,647<br>41,897<br>60,000<br>-<br>-<br>75<br>-<br>8,000<br>34,520<br>38,107<br>3,132,054<br>94,191<br>34,250<br>128,441<br>5,825,518|Income<br>£<br>543,809<br>-<br>30,685<br>92,290<br>46,761<br>126,289<br>5,050<br>-<br>9,880<br>61,000<br>50,656<br>85,146<br>74,765<br>19,000<br>8,505<br>-<br>-<br>1,000<br>50<br>-<br>611,077<br>938<br>-<br>938<br>1,155,824|Expenditure<br>£<br>(191,239)<br>-<br>(32,436)<br>(1,625)<br>(42,313)<br>(124,741)<br>(9,232)<br>(35)<br>(8,946)<br>(34,539)<br>(69,980)<br>(79,886)<br>(49,256)<br>(5,080)<br>(7,717)<br>(75)<br>(416)<br>(27,204)<br>(73,309)<br>-<br>(566,790)<br>(30)<br>-<br>(30)<br>(758,059)|Losses<br>£<br>(19,821)<br>-<br>15,679<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>15,679<br>2,024<br>1,050<br>3,074<br>(1,068)|Transfers<br>£<br>(227,808)<br>-<br>-<br>-<br>-<br>-<br>3,966<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>416<br>18,204<br>38,739<br>(38,107)<br>23,253<br>204,555<br>-<br>204,555<br>-|As at 30 June<br>2024<br>£<br>2,669,964|
|---|---|---|---|---|---|---|
|||||||2,620,725<br>137,436<br>90,665<br>81,097<br>25,583<br>-<br>-<br>4,566<br>56,504<br>51,323<br>47,157<br>85,509<br>13,920<br>788<br>-<br>-<br>-<br>-<br>-|
|||||||3,215,273|
|||||||301,678<br>35,300|
|||||||336,978|
|||||||6,222,215|



34 

**THE BORDERS FOREST TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** 

## **17 FUNDS (continued)** 

## **Restricted Funds:** 

Land held in trust is held for long term purposes. There are various restrictions that apply to the land holdings which means that they are unable to be sold or used as security. 

## Project funds: 

_Wildwood_ funds provided to support the Wildwood project. Includes funds held within the investment portfolio. 

_Ericstane_ funds provided for projects in the Ericstane woodland area _Talla & Gameshope_ funds provided for projects in the Talla & Gameshope woodland area _Corehead -_ funds provided for projects in the Corehead woodland area 

_Mountain Birch Trial_ funds provided for the project of mountain birch regeneration _Woodland Habitat_ funds provided for the development of woodland habitats _Community Woodlands_ funds provided for the development of community woodlands _Branching Out_ funds provided to support the branching out project 

_Woodland Outreach_ funds provided for projects in the woodland outreach field 

_Community & Education_ funds to support the community and education projects run by The Borders Forest Trust 

_Destination Tweed_ funds provided for the Destination Tweed project 

_D&G Woodland_ funds provided for a joint project with D&G Woodlands 

_DNA_ funds provided to support the DNA project 

_Species reintroduction_ funds provided to support the reintroduction of various species across woodland. Project completed at end June 2025. 

_Montane_ funds provided for projects in the Montane woodland area. Project completed at end June 2025. 

_Volunteering Wild Heart_ funding received to support volunteers of the Wild Heart project _Wild Heart -_ funds provided for Wild Heart projects 

_Ettrrick Beaver_ funds to support the beaver population in Ettrick forest. Project completed at end June 2024. 

_Houndwood_ funds to support projects in Houndwood. Project completed at end June 2024. 

## **Endowment funds:** 

BFT Endowment fund: 

The expendable endowment fund represents donations made with particular terms and conditions as to the use of capital and income. The terms provide for the accumulation of donations over time, retaining the donations as capital with the Trust being able to use any income generated by the fund. 

Alex Smith Expendable Endowment fund: 

Donation received from Alex Smith held in an endowment fund. The aim of the endowment is to contribute to the long-term, large scale ecological restoration work that Borders Forest Trust undertakes. 

35 

## **THE BORDERS FOREST TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** 

## **18 ANALYSIS OF NET ASSETS** 

|**2025 GROUP**<br>Fixed Assets<br>Net Current Assets<br>Provisions<br>Total<br>**2025 CHARITY**<br>Fixed Assets<br>Net Current Assets<br>Total<br>**2024 GROUP restated**<br>Fixed Assets<br>Net Current Assets<br>Provisions<br>Total<br>**2024 CHARITY restated**<br>Fixed Assets<br>Net Current Assets<br>Total|Unrestricted<br>Funds<br>2,768,322<br>359,728<br>(279,000)<br>2,849,050<br>Unrestricted<br>Funds<br>2,632,770<br>216,280<br>2,849,050<br>Unrestricted<br>Funds<br>2,749,480<br>197,484<br>(277,000)<br>2,669,964<br>Unrestricted<br>Funds<br>£<br>2,655,654<br>14,310<br>2,669,964|Restricted<br>funds<br>£<br>2,620,725<br>565,538<br>-||Endowment<br>Funds<br>£<br>345,075<br>-<br>-<br>345,075<br>Endowment<br>Funds<br>£<br>345,075<br>-<br>345,075<br>Endowment<br>Funds<br>£<br>336,978<br>-<br>-<br>336,978<br>Endowment<br>Funds<br>£<br>336,978<br>-<br>336,978|Total<br>2025<br>£<br>5,734,122<br>925,266<br>(279,000)<br>6,380,388<br>Total<br>2025<br>£<br>5,598,570<br>781,818<br>6,380,388<br>Total<br>2024<br>£<br>5,707,183<br>792,032<br>(277,000)|
|---|---|---|---|---|---|
|||3,186,263||||
|||Restricted<br>Funds<br>£<br>2,620,725<br>565,538||||
|||3,186,263||||
|||Restricted<br>Funds<br>£<br>2,620,725<br>594,548<br>-<br>3,215,273<br>Restricted<br>Funds<br>£<br>2,620,725<br>594,548<br>3,215,273||||
||||||6,222,215|
||||||Total<br>2024<br>£<br>5,613,357<br>608,858|
||||||6,222,215|



36 

## **THE BORDERS FOREST TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** 

|**19**<br>**ANALYSIS OF CHANGES IN NET DEBT**<br>**Group**<br>Cash at bank and in hand<br>**Charity**<br>Cash at bank and in hand|At 1 July<br>2024<br>£<br>819,486<br>629,263|Cash flows<br>At 30 June<br>2025<br>£<br>£<br>74,365<br>893,851<br>113,794<br>743,057|
|---|---|---|



## **20     OTHER FINANCIAL COMMITMENTS** 

Total future minimum lease payments under non-cancellable operating leases are as follows: 

|**GROUP AND COMPANY**<br>Not later than one year<br>Later than one year and not later<br>than five years<br>More than 5 years|GROUP<br>2025<br>2024<br>£<br>£<br>2,074<br>2,097<br>4,782<br>6,074<br>-<br>759<br>6,856<br>8,930|CHARITY<br>2025<br>2024<br>£<br>£<br>2,074<br>2,097<br>4,782<br>6,074<br>-<br>759<br>6,856<br>8,930|CHARITY<br>2025<br>2024<br>£<br>£<br>2,074<br>2,097<br>4,782<br>6,074<br>-<br>759<br>6,856<br>8,930|
|---|---|---|---|
||||8,930|



## **21      CONTINGENCIES** 

Woodland management obligations - the Trust has various legal obligations arising from woodland management agreements that will continue for a number of years (10 - 15). The trustees are assessing the cost implications of these obligations. 

Grants - all grants received by the Trust have certain conditions attached arid should these conditions not be met, the grants would be repayable. At the date of signing the accounts, the Trustees know of no circumstances that would result in any grant being repayable. 

## **22     RELATED PARTIES** 

3 Trustees (2024: 1) are also Directors of KEH Brownlie Limited,  a wholly owned subsidiary of The Borders Forest Trust. During the year KEH Brownlie made a donation of £56,883 (2024: £13,782) to The Borders Forest Trust. 

37 

## **THE BORDERS FOREST TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** 

## **23 PRIOR YEAR ADJUSTMENT** 

During the year, as a result of a review by the trustees, a prior year adjustment has been made to correct a number of balances for both completeness and accuracy following identification of misstated balances brought forward from previous years. These include the following adjustments for the charity and the group: 

## _Funds_ 

- Reallocation of an Endowment fund between general  unrestricted and endowment funds the balance of the endowment fund at the year end should have equated to the 

- investments balance held as an endowment. An adjustment has been made to adjust this. 

## _Debtors_ 

- Adjustment to accrued income on review of the grant documentation dating back to 2023 it was identified that there were a number of grants which should have included an accrued income element at the end of both 2023 and 2024. An adjustment has been made to debtors accordingly. 

## _Creditors < 1 year_ 

- Adjustment to deferred income on review of the grant documentation dating back to 2023 it was identified that there was one grant which should have included a deferred income element at the end of 2024. An adjustment has been made to creditors accordingly. 

- Correction to accruals this adjustment relates to the inclusion of the previously missing holiday pay accrual. 

## _Tangible Fixed Assets_ 

- Correction to fixed asset balances this adjustment relates to the gross up of contributions previously netted off fixed asset costs in the fixed asset register in error. 

## _Investments (charity only)_ 

- Impairment of investments this adjustment relates to the impairment of the investment value of the company. 

## _Provisions for liabilities (group only)_ 

- Correction to deferred tax provision this adjustment relates to a difference noted on the calculation of the provision in relation to the cost of the investment property used. 

A reconciliation of the opening reserves is set out overleaf: 

38 

**THE BORDERS FOREST TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** 

## **23 PRIOR YEAR ADJUSTMENT (Continued)** 

|**GROUP**<br>Reserves as previously stated at<br>1 July 2023<br>_Unrestricted Funds:_<br>Reallocation of Endowment fund<br>_Debtors_:<br>Adjustment to accrued income<br>_Creditors <1 year_:<br>Correction to accruals<br>_Tangible Fixed Assets_:<br>Correction to fixed asset balances<br>_Provisions for liabilities_:<br>Correction to deferred tax provision<br>**Reserves restated at 1 July 2023**<br>Net income 2023/24 as previously<br>stated<br>_Unrestricted Funds:_<br>Reallocation of Endowment fund<br>_Debtors:_<br>Adjustment to accrued income<br>_Creditors < 1 year:_<br>Adjustment to deferred income<br>_Tangible Fixed Assets:_<br>Adjustment to fixed asset balances<br>_Provisions for liabilities:_<br>Adjustment to deferred tax provision<br>**Reserves restated at 30 June 2024**|**Unrestricted**<br>**30 June**<br>**2024**<br>**£**<br>2,492,933<br>60,109<br>-<br>(13,203)<br>29,966<br>(5,000)|<br> <br>**Endowment**<br>**30 June**<br>**2024**<br>**£**<br>188,550<br>(60,109)<br>-<br>-<br>-<br>-|<br> <br>**Restricted**<br>**30 June**<br>**2024**<br>**£**<br>3,059,135<br>-<br>72,919<br>-<br>-<br>-|<br> <br>**Total**<br>**30 June**<br>**2024**<br>**£**<br>5,740,618<br>-<br>72,919<br>(13,203)<br>29,966<br>(5,000)|
|---|---|---|---|---|
||2,564,805<br>309,996<br>(204,555)<br>-<br>-<br>1,718<br>(2,000)|128,441<br>3,982<br>204,555<br>-<br>-<br>-<br>-|3,132,054<br>109,225<br>-<br>3,994<br>(30,000)<br>-<br>-|5,825,300<br>423,203<br>-<br>3,994<br>(30,000)<br>1,718<br>(2,000)|
||2,669,964|336,978|3,215,273|6,222,215|



39 

**THE BORDERS FOREST TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025** 

## **23 PRIOR YEAR ADJUSTMENT (Continued)** 

|**CHARITY**<br>Reserves as previously stated at<br>1 July 2023<br>_Unrestricted Funds:_<br>Reallocation of Endowment fund<br>_Debtors:_<br>Adjustment to accrued income<br>_Creditors < 1 year:_<br>Correction to accruals<br>_Tangible Fixed Assets:_<br>Correction to fixed asset balances<br>**Reserves restated at 1 July 2023**<br>Net income 2023/24 as previously<br>stated<br>_Unrestricted Funds:_<br>Reallocation of Endowment fund<br>_Investments:_<br>Impairment of investments<br>_Debtors:_<br>Adjustment to accrued income<br>_Creditors < 1 year:_<br>Adjustment to deferred income<br>_Tangible Fixed Assets:_<br>Adjustment to fixed asset balances<br>**Reserves restated at 30 June 2024**|**Unrestricted**<br>**30 June**<br>**2024**<br>**£**<br>2,488,151<br>60,109<br>-<br>(13,203)<br>29,966|<br> <br>**Endowment**<br>**30 June**<br>**2024**<br>**£**<br>188,550<br>(60,109)<br>-<br>-<br>-|<br>**Restricted**<br>**30 June**<br>**2024**<br>**£**<br>3,059,135<br>-<br>72,919<br>-<br>-|<br> <br>**Total**<br>**30 June**<br>**2024**<br>**£**<br>5,735,836<br>-<br>72,919<br>(13,203)<br>29,966|
|---|---|---|---|---|
||2,565,023<br> <br>338,498<br>(204,555)<br>(30,720)<br>-<br>-<br>1,718|128,441<br>3,982<br>204,555<br>-<br>-<br>-<br>-|3,132,054<br>109,225<br>-<br>-<br>3,994<br>(30,000)<br>-|5,825,518<br>451,705<br>-<br>(30,720)<br>3,994<br>(30,000)<br>1,718|
||2,669,964|336,978|3,215,273|6,222,215|



40