Emslie Horniman Anthropological
Scholarshi
Fund
Financial Statements
For the year ended 31 December 2024
CONTENTS
Trustees, Report
Statement of Trustees, Responsibilities
Independent Auditorfs Report
statement of Financial Activities
Statement of FinanGial Position
Notes to the Financial Statements
3,4 &5
8&9
50 Fitzroy Street
LondonW1T 5BT
Charity Registration No.. 1063942

EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND
(also known as Emslie Horniman Fund)
TRUSTEES, REPORT
The trustees present their report and financial statements for Ihe year ended 31 December 2023. The
accounts have been prepared in ac¢orclance with the accounting policies set out in note 1 to Ihe accounts and
comply with the trust's deed, the Charities Act 2011 and the Statement of Recommended Practice,
"Accounting and Reporting by Charities" issued in March 2005. The fund is governed by a deed and scheme
dated 4 December 1944, It was founded under the will of Ernslie John Horniman, who died cn 11 July 1932.
The fund is vested in the Institute, which appoints four trustees in addition to the President who is a trustee ex
officio.
Truste88
Prof. Jonathan Spanc8r (Chair)
Dr Guy Jacobs
Dr Liana Chua
Prof Joanna Cook
Dr Jennifer French
Dr Alanna Cant
appoint@d
appointed
resigned
appointed
appointed
appoinl8d
09-Dec-25
03-Mar-22
03-Jun-24
1 >May-25
14-Jul-23
11-Oct-23
Prlnclpal Address
50 Fitzroy Street
London WIT 5BT
Audltors
Fri8nd-JaMes Limited
161-1 S3 Preslon Road
Brighton BN16AF
Bankers
National Westminster Bank PLC
45 Tottenham Court Road
London W1T 2EA
Solicitors
Jan8on8 Solicitors
40 Crawford Street
London W1 H 1JL
Investment advisors
CCLA Investment Manag8ment
One Ang81 Lane
London EC4R 3AB
Sarasin & Partners LLP
Juxon House, 100 St Paul's Chur¢hyard, London EC4M 8BU
Specific restrlctions imposed by the governing docum&nt.,
The income of the fund is to be appli8d to promoting anthropology and specifically to the provision of
scholarships. These are restricted to citizens of the United Kingdom, the Commonwealth and the Irish
Republic. Donations currently amounting lo £5,000 per year are received from the Sutasoma Trust and are
applied to enhance the fund's available resources.
Investment powers and pollGy'.
The Institute has powers lo invesl the fund in any investment from time ID time authorised for th8 inv8Stment
of Irust monies. Responsibility for investment decisions lies with the Institute,
The current investment policy of the Institute, agr8ed with the trustees, is to invesl a minimum of 400/0 of th8
fund in property, Investments are held in The COIF Chariti68 Ethical Investment Fund held by CCLA
Investment Management ancl the Sarasin Endowment Fund managed by Sarasin and Partners.

EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND
Annual Report
Preference is given to graduates who do not yet have a doctorate, and to fieldwork overseas. These and other
rules are advertised every year in the Institute's bimonthlyjournal, 'Anlhropology Today,, and are also
obtainable from the In8titul& and on its w&bsite: wwM.therai.org.uk. The closing dale each yèar is 31 March
and grants are usually paid in October, Applicants should ask for or download application fomis and are
recommended to read the rules carefully before applying, The trustees have paid due regard to guidance
issued by the Charity Commission in deciding what activities the trust should undertake. The present report is
publlshed in order to comply with the Iruslees, legal obligations. The names of successful applicants are
published annually in the annual report and financial statements of lh6 Royal Anthropological Institute.
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The trustees 8re responsible for preparing the trustees, report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
PractiC8). Th8 law applicable to charities in England and Wales r8quir8S th8 trust88S to prepare financial
statements for each financial year which giv8 a true and fair view of the slate of affairs of th8 charity and of
the incoming resources and application of resourc6s ofth& Charty for thai period.
In preparing these financial statements, the trustees are required to:
select suitable accounting policies and then apply them ¢cnsistentty',
obs8Ne th8 methods and principles in the Charities SORP-
makejudgemenls and estimat88 that are reasonable and prudent.,
state whether applicable accountlng standards have been followed,
subject to 8ny material departures disclosed and explained in the financial statements., and
prepare the financial statements on the going concern basis unle88 It is inappropriate
to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that di8Glose 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, Ihe Charities (Accounts and Reports} Regulations 2008 and the provisions ofth8
trust deed, They are also responsible for safeguarding the assets of the charity and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
Friend-James Limited were appointed as auditors to the company and a resolution proposing that they b8 r8-
appointed will be put at a General Meeting,
Approvedby the trustees on
Ir< P£eem￿
Professor Jonathan Spencer

EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND
INDEPENDENT AUDITORS, REPORT
TO THE MEMBERS OF THE E
SLIE
ND
Oplnion
We have audited the accounts of Th8 Emsli8 Horniman Anthropological Scholership Fund for the year ended 31
December 2023 set out on pages 6 to 9. Th8 financial reporting framework that has been applied in their
preparation is applicabl8 law and United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice).
This
report is made solely to the charity's trustees, as a body, in accordance with sectlon 145 of the Charities Act 2011
and regulation5 made under seclion 154 of that Act. Our audit work has been underlaken so that we mlght state
to the charty's trust8es thos8 matters we are required to stale to them in an auditors, report and for no other
purpose. To the fullest extent permitted by law, w8 do not accept or assum8 responsibility to anyone other than
the charity and its trustees as a body, for our audit work, for this report, or for th6 opinions w@ have fomied.
In our opin ion the f inancial ststements..
give a true and fair view of the stale cf the charity's affairs as at 31 December 2023 and of its incoming
resources and applicalion of resources, including its income and expenditure, for the period then ended.
hav@ b@en properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,.
and have be8n prepared in accordance with the requirements of Ihe Charities Act 2011.
Basls for opinion
We conducled our audit in accordance with Internatlonal Standards on Auditing (UK} (ISAS (UKI) and applicable
law, Our responsibillties under those standards are further described In the Auditor's responsibllities for the audit
of the financial 8tstements section of our report. We are independent of the charily in accordance with the ethical
requirements that 8re r81evanl to our audit of the financial statement5 in the UK, including the FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordance with th8S8 requirements. We
believe that the audit 8vid8nc8 W8 have oblained is sufficient and appropriate to provide a basis for our opinion.
Conclusions r8lating to going concem
I n auditing the financial statements, we have concluded that the trust8es' us8 of the going concern basis cf
accounting in the pr8paration of the financial statements is appropriate.
Based on the work we have perfomied, we have not identified any material uncertainties relating to events or
condbtions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going
concern for a period of at least 12 month5 from when 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 other information comprises the information included in the annual report, other than the financial statements
and our auditor's report Ih8reon. The trustees are responsible for the other information. Our opinion on Ihe
financial stateménts does not cover the other information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to re8d 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 audit or otherwis8 appears to be materially mi5Stated. If we identify such material
inconsistencies or apparent material misstatements, we are required to determine whether there is a material
misstatement in the financial stalements or a material misslatemenl of the other information. If, based on the
work we have performed, we conclude Ihat there is a material misstatement of this other information, we are
required to report that fact.
We have nothing to report in this regard.

EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND
Matters on whlch we are required to report by 8XC8Ption
We have nothing to report in respect ofthe following matters where the Charities (Accounts and Reports)
Regulations 2008 r6quires us to report to you if, in our opinion..
the information given in the trustees, report is inconsisfent in any material respect with the the financial
st8t8ments', or
sufficient accounting records have not been kept,. or
th6 financial statements are not in agreement with the a3ccounting records and returns, or
we have not received all the informaflon snd explanations we require for our audit.
Responslbllltles of trustees
As explained more fully in the trustees, responsibilities statement, the trustees 8re responsible for Ihe
preparation of the financi81 statements and for being satisfied that they give a true and falr vlew, and for such
internal control as the trustees delermine is necessary to enable the preparation of financial statements thal are
free from material misstat8m8nt, wh8th8r du8 to fraud or error.
In preparing the financial statem&nt8, the trust668 are responsible for assessing the charity's abiltty ID continue
as a going concern, disclosing, as applicable, matters relaigd to going concern and using the going concem
basis of accounting unless the trustees elther intend to liquidate Ihe charity or to ceas& operations, or have no
re81istic alternative bul to do so,
Audltor's responsibilities forthe audit of the financial statements
We have been appointed as auditor under the Charities Act 2011 s.145 and report in accordance with
regulations made under the Act and relevant regulalicns made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or e￿Or, and to issue an auditols report that includes our
opinion. Reasonable assurance is a high level of 85sur8nce, but is not a guarantee that an audit conducted in
accordance with ISAS (UK) will always detect 8 material misstatement when Il exists. Misstatements can arise
from fraud or error and are considered material if, individually or in th8 aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial st8t8ments.
The extent to which our procedu￿8 ar8 capable of detecting irregularities, including fraud is detailed below,,
the engagement partner ensured that the engagemenl team collectively had the appropriate competence,
capabilities and skills to identify or r@cognis8 non-compliance with applicable laws and regulations.
we obtained an understanding of the legal and regulalory frameworks wilhin which the charity operates,
focusing on those laws and regulations that have a direct effect on the delermination of material amounts and
disclosures in the financial statements, The laws and regulations we considered in this cont8Xt were the
Charities Act 2011 tcgether with the Charities SORP (FRS 102). We assessed the required compliance with
these laws and regulations as part of our audit procedures on the related financial statement items.
id8ntrfied laws and regulations were communicated within the audbt loam regularly and the team remained
alert to instances of non-cornpliance throughout the audit.
we assessed the extent ofcompliance with the laws and r8gulalions identified above through making
enquiries of management.
We assessed the susceptibiliiy of the charity's financial statements to material misstatement, including obtsining
an und6rslanding of how fraud might occur, by making enquiries of management as to where they considered
there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considering the
internal conlrols in place to mitigate risks of fraud and non-compliance with laws and regulations., and
To addr@ss the risk of fraud through management bias and override of controls, we performed analytical
procedures to identify any unusual or unexpect6d relationships, tested journal entries to identify unusual
transactions and investigated the rationale behind significant or unusual transactions,. and
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were not limited., to agreeing financial statement disclosures to underlying supporting
dc¢umentation and enquiring of management as to actual and potential litigalion and claims.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have d&tected some
material misslatemenls in the financial statements, even though we have properly planned and performed our
audit in accordance with auditing standards. For example, the further removed non-compliance with laws and
regulations (irregularities> is from the events and transactions reftected in the financial statements, the less likely

EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND
the inherently limited procedures required by auditing standards would identify it. sn addition, as with any audit,
there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional
omissions, misrepresentations, cr the override of internal controls. We are not responsib18 for preventing non-
complianc8 and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities for th8 audit of the financial statements is located on the Financial
Reporting Ccuncil's website at,. www.frc.org.uklauditorsresponsibilities. This description forms part of our
auditor's report.
Roger Heber Clow FCA (Senior Statutory Audltor)
for and on bohalf of FrIend￿aMeS Limited
S T04rtu
CharteredAccountsnts
statutory Auditor
4th Floor, Park Gate
161-163 Preston Road, Brighton,
East Sussex, BN16AF
Friend-J8mes Limited is eligible for appointment as auditor of the charity by virtue of its eligibilily for appointment
as auditor of a company under section 1212 of the C¢mp8nies Act 2006.

EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
Capital
Endowm9nt
Fund
Restrlcted
Scholarship
Grant Fund
Total
2024
Total
2023
Income and endowments from:
Investment income
Donation8 and legacies
47,757
5,000
47,767
5,000
47,977
5,000
Total income
52,757
52,757
52,977
Expendlture on:
Anthrnpological Scholarshlp Fund
Charitable activities
Grants mad8 during th& year
No of grants - 3 (2023-3)
17,474
17,474
19,000
Otherexpendlture
Administration services
Prop8rty maintenance
A¢countancy and audit fee
Investment managementfees
Sundries
2,216
3,859
2,000
2,216
3,859
2,000
2,120
6,067
1,700
Total expendllure
25,549
25,549
28,931
Net income
27,208
27,208
24,046
Revaluation galnl{lossl on freehold proporties
Unrealised gainl(loss) on Investment. assets
22,500
47,256
33,469
33,469
Netmovement in funds
Reconciliation of funds
Fund balances at 1 January 2024
33,469
27,208
60,677
93,802
981,023
412,491 1,393,514 1,299,712
Fund balances at 31 December 2024
14,492
439,699 1,454.

EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
Note
2024
2023
Flxed assets
Inv8Stments at market V81ue
Freehold investment property
670,302
636,833
660 000
1,296,833
1,330,302
Currentassets
Cash held by investment managers
Amount due from relatèd charity
125887
125889
105429
105 431
Creditors.amounts falling due wlthln one year
Sundry creditors
2,000
8,750
750
Net current assets
123,889
98,681
Total net assets
1454 191
1393 514
Funds of th8 trust
Capital Endowment Fund- unrestricted
1,014A92
981,023
Restricted SChola￿hIp Grant Fund
439,699
412,491
Total charlty funds
1454 191
1393 514
Approved by the trustees on
Prof8ssorJonathan Spencer

EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND
NOTES TO THE FINANCIAL STATEMENTS- YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
Basls of accounting
The accounts have been prepared under the historic81 cost convention. The financial statements are prepared
in sterling, which is the functional currency of the charity. Monetary amounts in these financial ststemenls are
rounded to the nearest £.
The accounts have been prepared in 8ccordance with applicable accounting standards, the Statem8nt of
Recommended Practice, Accounting and Reporting by Charities issued in March 2005 and th8 Charities Act
2011.
Golng concem
At the time of approving the financial statements, the trustee5 have a reasonable expectation that the ¢harily
has adequate resources to continue in operational existence for the foresee8ble future. Thus the trustees
continue to adopt the going concern basis of accounting in preparing th8 financial statements.
Income
All incoming resources are included in the ststement of financi81 activities when the charty 18 entitled to the
incom8 and the amount can be quantified with reasonable accuracy. The following specific policies are
applied to P8rticular categories of income:
Investment income is included when rec8iV8ble,
Expendlture
All expenditure is account8d for on an accruals basis and has been included under expense categories that
aggregate all costs relating to that category.
Investments
Th8se are stated at fair value. The net gain on revaluation has been Gredited to the respective funds
in which the underlying assets are held.
Freeholdlnvestmentpn)pety
The fair value of the investment property has begn determined by trustees on an open market basis by
reference to m8rket evidence oftransaction prices for similar prop8rties at the reporting end date.
Accurnulated funds
Restricted funds are subject to specrfic conditions by donors as to how they may be used. Th8 purpose and
uses of the restricted funds are set out in note 7.
Amount due from related charity
Thi5 represents funds held by an associated charity.
Flnancialinstruments
The charity only has financial assets and financial liabilities of a kind Ihat qualify as basic financial
instrum8nts. Basic financi81 instruments are initially recognised at transaction value and subs8quently
measured at their settlement value.

EMSLIE HORNIMAN ANTHROPOLOGICAL SCHOLARSHIP FUND
NOTES TO THE FINANCIAL STATEMENTS- YEAR ENDED 31 DECEMBER 2023
2 Investments at falr value
2024
2023
Listed investments
Fair value as at 1 January 2024
Disposals at opening book value
Additions at cost
Change in the valu8 in the year
636,833
589,577
33,469
47,256
Falr value a5 at 31 Docember 2024
670 302
636 833
3 Freehold Investment property
Balance at 1 January 2023
Revaluation surplus
660,000
637,500
22,500
Balance al 31 Decemb8r 2023
660 000
4 Amount due from relat￿ charity
The Royal Anthropological Institute of Great Britain and Ireland (the Instilute) nominates th8 trustees on a
regular rolalion in accordance with the trusl deed. The Institute has full control ov8r the management of the
ass8ts of the fund. At the year end, the Institute owed the Emslie Homiman Anthropological Scholarship Fund
£125,887 (2023.. £105,429) in respect offunds pooled within the Institute. The Ernslie Hornim8n Fund is
exclusively devoted to providing scholarship gr8nts for students. Bank interest is apportioned to the trust on
the basis of the balance held by the Institut@.
S Analysis of not assets between funds
Capltal
Endowmént
Fund
R88trlcted
Scholarshlp
Orant Fund
Total
Fundbalances at31 December2024 are
represented by..
Fixed assets
Current assets
Creditors-amounts falling due Wlthin one year
1,014,492
315,810 1,330,302
125,889
125,889
(2,000)
{2.000)
1014492
439 699 1
6 Capltal Endowmènt Fund - unrestricted
The Capital Endowment Fund was established in 1944 to promot8 anthropological research and
its policy is to facilitate anthropological f ieldwork by recent graduates who under the trust deed
are restricted to those of British, Commonwealth or Irish citizenship. The rules of the fund ar8
advertised annually The fund is represented by fixed asset inveslmenls.
7 Restrlcted Scholarshlp Grant Fund
The Scholarship Grant Fund represents an accumulation of unexpended income retained by the
trustees in order to maintain the resources of the fund against ercsion by inflation,