According to ‘English Fairy and Other Folk Tales’ (1890) by Edwin Sidney Hartland,‘IN the vestry of Frensham Church, in Surrey, on the north side of the chancel, is an extraordinary great kettle or caldron, which the inhabitants say, by tradition, was brought hither by the fairies, time out of mind, from Borough-hill about a mile hence. To this place, if any one went to borrow a yoke of oxen, money, etc., he might have it for a year or longer, so be kept his word to return it. There is a cave where some have fancied to hear music. In this Borough-hill is a great stone lying along of the length of about six feet. They went to this stone and knocked at it, and declared what they would borrow, and when they would repay, and a voice would answer when they should come, and that they should find what they desired to borrow at that stone. This caldron, with the trivet, was borrowed here after the manner aforesaid, and not returned according to promise; and though the caldron was afterwards carried to the stone, it could not be received, and ever since that time no borrowing there.’
The ‘Topographical History of Surrey, by E.W. Brayley assisted by J. Britton and E.W. Brayley (1841)’ suggest that Borough Hill was in the ‘Tything of Cherte’.
I do not the exact location of Borough Hill yet. However, a similar story exists for Stony Jump, which is also in Churt, so the two may be associated in some way.