Charlty number:1068286 THE SLOANE ROBINSON FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
THE SLOANE ROBINSON FOUNDATION CONTENTS Page Reference and Admlnlslralive Delalls of the Foundatlon, Its Trustees and Advisers Truslees. Reporl Independ•nl Audilors, Report an the Flnancial Slatements Slat•ment ol Financlal Activities 10 Balance She•t Statement ol Cash Flows 12 Noles to the FlnancSal Slalements
THE SLQANE ROBINSON FOUNDATION REFERENCE AND ADMINISTRATIVE DEfAILS OFTHE FOUNDATION, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 29 FEBRUARY 2Q24 Trustees GES Robinson HP Sloane D Fisher Charily registered number 1068286 Principal olli¢• Unil 4 Hill Farm Kirby Road Kirby Bedon Norwich Norfolk NR14 7DU Independent audllors BW Audit Limited Charlered AccDunlants Statutory Auditors Berry & Warren 54 Thorpe Road Norwich NR11RY Inveslment managers UBS Wealth Management Sloane Robinson LLP Page I
THE SLOANE ROBINSON FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024 The Trustees present their annual report together with the audited financial stalemenls of the Foundation for the l March 2023 to 29 February 2024. Objective5 and acllvlllès a. Obleclives and aims The Foundation's principal charilable purpose is the advancement of the education of the public. The Foundation is continuing to develop long term relalionships with a number of academic institutions and others, establishing scholarships and bursary schemes for overseas students to study in the UK and generally provide educational opportunities to sludonls that would otherwise nol be available lo them in order to enable them to achieve their potential. The Foundation is very selective in the grant making process and only successful applicants are notified. in order lo avoid increased administralive c0515 for the Foundation. In setling objectives and planning for activilies, the Trustees have given due consideration lo general guidance published by the Charity Commission relating lo public benefit, including the guidance 'Public benefit: running a charity (PB2)'. Achlevements and p•rformance Significanl a¢llvltle$ The Trustees to date have made substantial and small grants for a variety of purposes within the educational field using capital when it was felt appropriate. Grants made during the year totalled £684.543. with £683,288 10 instilulions and £1.255 10 individuals. A Iransfer of £703.280 was made from the Endowment Fund to the Unrestricted Fund, to cover the shorlfall arising in Ihe Unrestricted Fund as a result of making these grants in accordance with the Trustees, policy of releasing funds from the Endowment Fund as required, to meet the operating needs of the Foundation. The Trustees maintain close contact with the academic institutions themselve5 ID monitor the overall effectiveness and public benefit of these granls. The Trustees believe the Foundation has fulfilled its objectives so far. As to the performance of the inveslmenls, see narrative within global events. Financial revl•w a. Prlnclpal lunding sources The Foundation was established by an initial gilt and further donations from Sloane Robinson Investment Service5 Limited (SRISI. b. Inveslmenls pollcy and objectives The investment policy has been to invest in a diversified porlfolio of global securities. The investment returns for the period reflects the continued uncerlainiy in the economy with a loss due in part lo a movement in value and also due to the impacl of foreign exchange losses. Where possible, investments have been made in companies that follow a socially responsible and environmentally friendly agenda, although the main criteria lor inveslment is the maximisation ol protils in the long term. The Trustees continue to keep the value of the inveslmenls under regular review. particularly given the current global circumstances. For further details regarding the valuation of the investmenls please see note 9 to Ihe accounts. Page 2
THE SLOANE ROBINSON FOUNDATION TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 29 FEBRUARY 2024 c. Reserves pollcy In view of the lact that the Trustees are able to apply capital of the fund as well as income, the Trustees consider they have sufficient reserves to respond to applications for grants and ensure that there are sufficient funds available lo cover support and governance Costs by transferring funds. as required, Irom the Endowment Fund lo the Unreslricled Fund. The Unrestricted Fund reserve at 29 February 2024 was £nil (2023: Énil), which is in line with the Foundation's policy. and the Endowment Fund wa5 £15,055.295 (2023.. £17,261,457). The Trustees keep the level of reserves under review. d. Global •vents During the year the global markels continued lo remain volatile. In addition, the event5 in Ukraine have had a significant impact on global markels and global economies in Ihe last few years. The Trustees are pleased to note that the proaclive and considered steps they and their advisers have adopted. has had the result thal the impact of these events on the inveslmenls ha5 not been as significant as might otherwise have been the case. Nonetheless, the Trustees note that there was a Loss on inve51menls of £1.369,311 by the year end. The Trustees continue lo assess the situation and will respond lo il as appropriate. Struclure. governance and management a. Constitullon The Sloane Robinson Foundation is an unincorporated charily, constituted under a trust deed dated 19th February 1998 (the 1998 Oeed) and is a registered charity. number 1068286. Subsequently, the 1998 Deed wa5 varied by a Deed of Variation dated 25th February 1999 and further by Deed of Variation dated 3rd March 2005 {togelher 'the Trust Deed,). These deeds are the only constitutional documents of the Foundation and have been complied with by the Foundation during the year. b. Recruitment and appolntment of newTrustees The power of appoinling new or additional truslees is vested in the said Hugh Sloane and George Robinson, during their joint lives with Kale Sloane and Susan Robinson being 5ub51ilute appoinlers in the event of death or inability lo act of Hugh Sloane and George Robinson or vesled in Ihe survivor of them. The minimum number of Iruslees (under Ihe lerms of the Trust Deed) is three, with the maximum being five. The Trustees keep the skill requirements of the trustees under review. At the present lime there is no intention to appoint additional Iruslees. Al a time considered to be appropriate. new trustees will be appointed and it is the intention ol Ihe Trustees Ihat, at this juncture, new trustees will be encouraged to atlend lectures or seminars inlended to ensure Ihat charity trustees maintain Ihe necessary skill5 to continue the valuable work the Foundation does. Pago 3
THE SLOANE ROBINSON FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 Sltucture, govèrnance and management Icontinued> Organlsallonal structure and declslon-making policies The Trustees meet at least twice a year (whether in person or by suitable eleclronie means) to discuss and consider the pctential areas of aclivity for the Foundation. including consideration of grant making. inveslment, reserves and risk management policie5 and performance. During the year the day lo day administration of grants and Ihe processing and handling ot applications prior to the consideration of the Trustees was delegated to the administrator, Fisherlegal LLP {who are also Ihe solicilors to the Foundalionl of Unil 4 Hill Farm. Kirby Road, Kirby Bedon, Norwich. NR14 70U. The Trustees decide on the grants to be made after careful review of Ihe application5 received. The Trustees have appointed Andrew Nott as consultanl - being someone with rnany years, experience working in education. Mr Nolt's role includes: (a) exploring and developing relationships with existing and new organisalions involved in the field of education. with a view lo making grants (many of which are to be leveraged and so encourage addilional donations in Ihe wider philanlhropic community) lo open up educational opportunities to students that would otherwise not be available to them: (b) exploring and developing grants in supporl of opportunities for the benef it of studenls and the wider public in the field of research and otherwise; and (c) monitoring and reporling lo the Trustees on the progress of grants made as a resull. d. Related party relatlonshlps Mrs D Fisher is a Principal Member of Fisherlegal LLP, a firm of solicitors which raises invoices lo the Foundation for legal and adminislralive Services rendered. No Irustees, expenses have been reimbursed during the year. e. Risk management The Truslees have reviewed the areas where potential and major risks may arise lo the Foundation in accordance with the 51alement of recommended practice and have eslablished systems and procedures lo manage those risks. The principal risk faced by the Foundation lies in the performance of investments and the variability of investment returns. This is mitigated by retaining expert investment managers and having a diversified investment porlfolio. Plans for future periods The Trustees intend to continue lo develop their links with a number ol academic inslilutions and others, wilh a view to increasing the number and level ol support given via scholarships and bursary schemes for overseas Students to study in the UK, British sludenls to study abroad and generally provide opportunities lor education which would not otherwise be possible. Page 4
THE SLOANE ROBINSON FOUNDATION TrUSTEES' REPORT {CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 Statement of Trustees. responslbllltles The Truslees are responsible for preparing the Tru5tees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each linancial which give a Irue and fair view of Ihe stale of affairs of the Foundation and of its incoming resources and application of resources. including its income and expenditure. for that period. In preparing these financial statemenls, the Trustees are required to: select suilable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP {FRS 102)., make judgments and accounting estimates that are reasonable and prudent., State whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements: prepare the financial statements on the going concern basis unles5 il is inappropriale lo presume Ihat the Foundation will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation's transactions and disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure thal the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Dlsclosure of Informatlon to audltors Each of the persons who are Trustees al the time when this Trustees, Report is approved has confirmed Ihal: so far as that Trustee is aware. there is no relevant audil information of which the charilvs auditors are unaware, and Ihal Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitvs auditors are aware of that information. Approved by order of the Trustees and signed on their behalf by: D Fisher Dale.. iatkcsecethr aoa Page 5
THE SLOANE ROBINSON FOUNDATION INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF THE SLOANE ROBINSON FOUNDATION Oplnion We have audited the financial statemenls of The Sloane Robinson Foundation (the 'charity? for the year ended 29 February 2024 which comprise the Statement of Financial Activities. Ihe Balance Sheet, the Slalement of Cash Flows and the related noles. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounling 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 the financial slatemenls: glve a true and fair view of the state of the charitls affairs as al 29 February 2024 and ol ils incoming resources and application of resources 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 Charities Act 2011. Basls lor opinion We conducled our audit in accordance with Inlernalional Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audil of the financial slalements seclion of our report. We are independent of the charity in accordan¢e with the ethical requirements Ihat are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe thal the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons 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 ot the financial stalements is appropriate. Based on the work we have pertormed, we have nol identified any material uncertainties relating lo events or conditions that, individually or collectively, may casl significant doubt on the charitV5 abilily lo continue as a going concern for a period of at least twelve months from when Ihe financial slatements are atsthorised for issue. Our rèsponsibilities and the responsibilities of the Trustees with respect to going concern are described in Ihe relevant seclions of this report. Page 6
THE SLOANE ROBINSON FOUNDATION INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF THE SLOANE ROBINSON FOUNDATION (CONTINUED) Other information The olher information comprises the informalion included in the Annual Report other Ihan the financial statèments and our Auditors, Reporl thereon. The Trustees are responsible for the other informalion contained within the Annual Report. Our opinion on the financial stalemenls does nol cover the other information and, except lo the extenl otherwise explicitly stated in our reporl. we do not express any form of assurance Conclusion Ihereon. Our responsibility is to read Ihe olher information and, in doing so. consider whelher the other information is malerially 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 inconsislencies or apparent material misstatements. we are required lo delermine whether this gives rise to a material misslalement in the linancial statements themselves. If, based on the work we have performed, we conclude Ihat there is a malerial misslatemenl of this other information. we are requirÈd to reporl that fact. We have nothing lo report in this regard. Malters ¢n whl¢h we are requlred lo reporl by exceptlon We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Trustees. Report is inconsislent in any malerlal respect wilh the financial statements., or sufficient accounting records have not been kept; or the financial stalemenls are not in agreemenl wilh the accounting records and returns; or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Truslees, Responsibilities Slalement. Ihe Trustees are responsible for the preparation of the linancial statements which give a true and lair view, and for such internal control as the Trustees determine 15 necessary lo enable the preparation ol financial slalements that are free from malerial misslatemenl. whether due to fraud or error. In preparing the financial statements, the Truslees are responsible for assessing the charily's ability to continue as a going concern, disclosing. as applicable, mallers related to going concern and using the going concern basis ol accounting unles5 the Trustees eilher intend lo liquidate the charity or lo cease operations, or have no realistic allernalive but to do so. Page 7
THE SLOANE ROBINSON FOUNDATION INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF THE SLOANE ROBINSON FOUNDATION ICONTINUED) Audltors, responslbllltles for the audit ol the flnancial stalements We have been appointed as audilor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevanl regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial slatements as a whole are free from material misstatement. whether due to fraud or error. and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee Ihal an audit conducted in accordance with ISAS (UK) will always detecl a material misstatement when il exist5. Misstalements can arise from fraud or error and are considered material if, individually or in the aggregale, they could reasonably be expected to Influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including Iraud. are instances of non-compliance with laws and regulations. We design procedures in line with our re5ponsibililies. outlined above. to detect material misslalemer)ts in respect of irregularilies, including fraud. The objectives of our audit in respect of fraud are: to identify and assess the risks of material misslatemenl of the financial statements due lo fraud: to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstalèmenl due lo fraud, Ihrough designing and implementing appropriate response5 to those assessed risks; and to respond appropriately lo instances of fraud or suspected fraud identified during the audil. However, the primary responsibilily for the prevention and detection of fraud rests wilh the Trustees. Due lo the field in which the Foundalion operales, we identified the areas mosl likely to have a direct material Impact on the financial slalements as compliance wilh UK accounting slandards and UK charity law. Our approach lo identifying and assessing the risk of material misstatement in respecl of irregularities, including fraud and non-compliance with laws and regulations, included the following: Enquiries aboul any actual and potential litigations and claims against the charity: Enquiries about any known or suspected instances of non-compliance with laws and regulations and fraud: Reviewing board minutes: Reviewing linancial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulalions., Auditing Ihe risk of managemenl override of controls. including through lesting journal entrie5 and other adjustments for approprialeness. Dug to the inherent limilations of an audit, there is a risk that we will nol detect all irregularities, including those leading to a malerial misstatement in the financial statements or non-compliance wilh regulation. This risk increases the more Ihal compliance with a law or regulation is removed from the events and transactions rellecled in the financial stalements, as we will be less likely to become aware of in5lances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealmenl. forgery, collusion. omission or misrepresenlation. A further description of our responsibilities for the audit of the financial stalemenls is localed on Ihe Financial Reporting Council'5 website al: ww This description forms parl of our Audilors, Report. Page 8
THE SLOANE ROBINSON FOUNDATION INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF THE SLOANE ROBINSON FOUNDATION ICONTINUED) Use of our report This report is made 501ely to Ihe charilvs trustees. as a body. in accordance with Part 4 of the Charities {Accounls and Reporls) Regulations 2008. Our audit work has been undertaken so that we mighl stale lo the charily's trustees those matters we are required lo state lo them in an Auditors, Reporl and lor no olher purpose. To the fullest extent permitled by law, WÈ do not accept or assume responsibility to anyone other than the charity and its truslees, as a body, lor our audit work. for Ihis reporl, or for the opinions we have formed. BW Audit Llmlted Chartered Accounlanls Statutory Auditors Berry & Warren 54 Thorpe Road Norwich NRI IRY 8 &i)l-L Dale.. BW Audit Limited are eligible to acl as auditors in terms of section1212 of the Companies Act 2006. Page 9
THE SLOANE ROBINSON FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 29 FEBRUARY 2024 Unrestricled funds 2024 Endowment funds 2024 Total funds 2D24 Total funds 2023 Note Income and endowmenls from: Investments 280,393 280,393 260,442 366.298 Other income Total income and endowments 280,393 280,393 626, 740 ExpendSlure on: Investment management costs Charitable activities 11,822 11,822 983,673 11,024 765,636 983,173 Total expendllure 983,673 11,822 995,495 776,660 Net oxp•ndllure before net gainsl(lossès) on investments Net {lossesl/gains on investments (703.280) 111,822) 0.369,311) (715,102) (1,369,311) {149,920) 979,372 Nèt (expendlture)lincome Transfers b8twÈen funds (703.280) 703.280 (1,381,133} (703,2801 (2,084,413) 829,452 12 Net movement In funds before other recognised galns/(losses) {I084,413) {2,084,413) 829,452 Olher recognised gainjlllosses): Other losses (121,749) (121,749) {56.273) Net movérnenl In lunds {2,206,162> (2,206,162) 773,179 Reconciliation ol fund5: Tolal funds brought forward Net movement funds 17.261.457 12,206,162) 17.261,457 (2,206,162) 16,488,278 773.179 Tolal funds carrled forward 15,055.295 15,055.295 17,261,457 The Stalemenl of Financial Activities includes all gains and losses recognised in Ihe year. The noles on pages 13 to 26 form part of these financial slalements. Page 10
THE SLOANE ROBINSON FOUNDATION BALANCE SHEET AS AT 29 FEBRUARY 2024 29 February 2024 28 Februory 2023 Note Flxed assets Inveslmenls 14,409,037 12,822,417 14,409,037 12,822,417 Currenl asse15 Cash at bank and in hand 686.129 4,465,551 686,129 4,465,551 Creditors: amounts falling due within one year 10 139,8711 126,511) Net currenl assets 646.258 4.439.040 Tolal assets less curr•nt Ilabllltles 15,055,295 17,261,457 Tolal nel ass•ls 15,055,295 17,261.457 Charlty funds Endowmenl funds 12 15,055.295 17,261,457 Total funds 15,055,295 17,261,457 The financial statements were approved and aulhorised for issue by the Truslees and signed on their behalf by: Fisher Date: The notes on pages 13 to 26 form parl of these financial statemenls. Page11
THE SLOANE ROBINSON FOUNDATION srATEmEf OF CASH FLOWS FOR THE YEAR ENDED 29 FEBRUARY 2024 2024 2023 Cash Ilows from operatlng aclivilies Net cash used in operating activities (604,055) 1582,003) Cash flows frorn Investing activities Proceeds from sale of investments Purchase of investments 7,259,020 10, 776,748 (10,214,951) (7,954.169J Nel rash (used In)/provid•d by Snvesting activltles (2,955,931} 2,822,579 Cash flows from Ilnanclng activltles Net cash provided by financlng activilios Change In cash and eash equivalents In Ihe year Cash and cash equivalents al the beginning of the year Change in cash and cash equivalents due to exchange rate movements (3,559,986) 4,465,551 (219,436) 2,240,576 1,858,677 366,298 Cash and cash equivalents at the end of Ihe year 686,129 4,465,551 The notes on pages13 10 26 form part ol these financial statements Page 12
THE SLOANE ROBINSON FOUNDATION NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2Q24 General Information The Sloane Robinson Foundation is a registered charity. incorporated in England and Wales, registration number1068286. The address ol the registered office is given in the charity information on page l. Accounting pollci•$ 2.1 Basis ot preparatlon of financial statement$ The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charilies- 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 1021 (elfeclive l January 2019), the Financial Reporting Slandard applicable in the UK and Republic ol Ireland (FRS102) and the Charilies Act 2011. The financial stalemenls have been prepared to give a 'lrue and fair, view and have departed from the Charities (Accounts and Reporlsl Regulalions 2008 only to the exlent required lo provide a 'lrue and fair. view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporling by Charities.. Statement of Recommended Practice effective from1 April 2005 which has since been withdrawn. Thè Sloane Robinson Foundation meets the definition of a public benelil entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Going concqrn The Trustees have reviewed Ihe level of investments held al the year end alongside movements in value since Ihe year end and considered the level of anlicipated grants. Based on Ihis. Ihey have a reasonable expectation thal the Foundalion can meet its liabilitiès as they fall due and have therefore prepared the accounts on a going concern basis. 2.3 Incomé All income is recognised once the Foundation has entitlement to the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Inveslmenl income is included when receivable. 2.4 Expendilure Expendilure is recogni5ed on an accruals basis once there is a legal or conslructive obligalion lo transfer economic benefit lo a third party. it is probable that a transfer of economic benefits will be required in selllement and the amount of the obligation can be measured reliably. Expenditure is classilied by activily. The costs of each aclivily are made up of the tolal of direct costs and support costs involved in undertaking each activity. Direct Costs atlribulable to a si ngle activity are allocaled directly lo Ihat aclivily. Support costs which are nol attributable lo a single aclivity are apporlioned between those activilies on a basis consistent with the use of resources. Expenditure on raising funds includes all expenditure incurred by the Foundation lo raise funds for its charitable purp05e5 and includes investment manager fees. Page13
THE SLOANE ROBINSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Accounling policles (conlinued) 2.4 Expendilure (contlnued) Expenditure on charitable activities is incurred on directly underlaking the aclivilies which further the Foundation's objectives, as well as any associated support cosls. All expendilure is inclusive ol irrecoverable VAT and is reporled as part of the expenditure to which it relates. 2.5 Grants payable Grants payable are included in the Slalement of Financial Activities in the period in which the conditions allached to the award have been mel. Any grants where conditions have been met bul the grant has not yet been paid are accounted for as creditors on the Balance Sheet. Where grants have beÈn approved in principle but condilions attached lo the award have not yet been mel they are included in the noles shown as an establishment of intention (Note 17). 2.6 Foreign ¢urr¢n¢le$ Transactions in foreign currencies are Iranslated inlo sterling at the rate ruling on the date of the transaction. Foreign investments and bank balances are translated into Sterling al the exchange rates prevailing at the balance sheet date. Foreign exchange gains and losse5 on forward contracts, which have been enlered into in order to protecl the charity from the impact of currency fluctuations on Ihe market value ol investments, are recognised within endowment funds. Any increase or decrease in the valuation of inveslmenls al the year end is separated belween the market value gain or loss and the foreign exchange gain or loss. Gains or losses on exchange arising from the bank accounts are recognised within unrestricted income or expense. Any forward contracts that have been entered into before the year are treated as other financial instruments and are recorded at their fair value within debtors and creditors as appropriate. 2.7 Inveslmènts Fixed assel inveslments are a form of financial inslrument and are initially recognised at their Iransaction cost and subsequently measured al fair value al the Balance Sheet dale. Investment gains and losse5, whether realised or unrealised, are combined and presented as 'Gains/(Losses) on inveslmenls, in the Statement ol Financial Activities. 2.8 Cash al bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments wilh a shorl maturity ol three months or less from Ihe dale of acquisition or opening of the deposit or similar account. Page14
THE SLOANE ROBINSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Accountlng pollcles (continued) 2.9 Liabilitles and provlslons Liabilities are recognised when Ihere is an obligation at Ihe Balance Sheet dale as a result of a past event. il is probable that a transfer of economic benefil will be required in setllemenl. and the amount of the selllement can be estimated reliably. Liabilities are recognised al the amount Ihat the Foundalion anticipates il will pay lo settle Ihe debt or the amounl it has received as advanced payments for the goods or service5 it must provide. 2.10 Financlal Instruments The Foundation has financial assets and financial liabilities of a kind thal qualify as basic financial inslrumenls. Basic linan¢ial instruments are initially recognised at transaction value and subsequently measured al their setllemenl value. The Foundation also has foreign exchange contracts which are included at fair value, within debtors or creditors at the year end, with the movement going Ihrough net gains I losses on inveslments in the Statemenl of Financial Activilies. 2.11 Fund accounling General funds are unrestricted funds which are available for use at the discrelion of the Trustees in furtherance of the general objectives of the Foundation and which have not been designated for other purposes. Endowment lunds represent donations received which form part of the capital tund of the Foundation. The fund is expendable endowment insofar as the Trustee5 have discretion to expend the fund in furtherance of the Foundation's objects. Transfers are made from the endowment fund to the general fund to cover any shorlfall arising on a year by year basis a5 a result of amounts expended Irom the general fund in furtherance of Ihe Foundation's object in excess of the net balance held in the general fund. Endowment funds include a revaluation reserve repre5enling the restatemenl of investmenls assels al fair value. Page 15
THE SLOANE ROBINSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Inveslmenl income Unrestrlcted funds 2024 Total funds 2024 Totol funds 2023 Dividend income 206,653 73.740 206,653 73,740 227,328 33.114 Bank interest receivable 280,393 280,393 260,442 Total 2023 260,442 260,442 Other incomlng rgsourc•s Unrestrlcled funds 2024 Total lunds 2024 Total fund5 2023 Exchange gains 366,298 Total 2023 366.298 366,298 Page 16
THE SLOANE ROBINSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Analysis of grants Grants lo Inslilulions 2024 Grants to Individuals 2024 Total funds 2024 Total funds 2023 Grants 683,288 1.255 684.543 693,803 Total 2023 691.378 2,425 693,803 The Foundalion has made Ihe following material grants to institutions duriny the year. 29 February 28 February 2024 2023 Name ol Inslitution Abingdon Bridge Children Heard and Seen Garsington Opera Karta Iniliative Keble College, Oxford LIFEbeal Lincoln College. Oxford One Small Thing (Hope Street) Open University (Sanctuary Scholarships) Peterborough Cathedral (Ukraine Medicines Project) Pharos Foundation Reuben College. Oxford (Environmental Change Fellowship) Royal National Children's Springboard Foundation Somerville College. Oxford Tulor the Nation 10,000 25,000 10,000 25,000 50,000 100,000 149,250 10,000 156, 750 10,000 15,000 100,000 154,500 10,000 164,250 10,000 12,500 5,000 loo,000 30,000 30.000 30,000 6.000 50,000 38,352 15,000 15,000 11,026 50.000 4,790 Uniled World Schools University of Oxford Department of Continuing Education University of Oxford Psychiatry Department Veerni Foundalion (32,800) 10,048 683,288 691,378 Page 17
THE SLOANE ROBINSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Analysis of expenditure by activilies Grant funding of activilies Support cosls Total funds 2024 Totol funds 2023 2024 2024 Grant making Governance costs 684.543 265,401 33,729 949,944 33,729 731,812 33,824 684.543 299,130 983,673 765,636 Totol 2023 693,803 71,833 765,636 Analysls of support Costs Granl Governance maklng cosls 2024 2024 Tolal funds 2024 Totol funds 2023 Accountancy fees Audit fees 3.676 3,676 7,242 7,352 7.242 26.387 30.415 8,298 219,436 7,002 Consultancy costs Professional costs 26.387 7.604 8,298 219.436 25,496 31,230 1,205 22,811 Bank charges and interest Exchange losses 265.401 33,729 299,130 71,833 Total 2023 38.009 33,824 71.833 Professional costs, consultancy fees and accountancy fees are all allocaled on the basis ol time spent. In 2023, governance costs included £6,900 audit fees. £23.423 professional cosls and £3.501 accaunlancy fees. Page18
THE SLOANE ROBINSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Audilors, remuneralion 2024 2023 Fees payable to the Foundation's auditor for the audil of the Foundation's annual accounts 7.242 6,900 Fees payable to the Foundation's audilor in respect of- All non-audit services not included above 2,832 2, 700 Trustees. romunerallon and expenses During the year, no Trustees received any remuneralion or other benefits (2023 - £NILJ. During Ihe year ended 29 February 2024. no Trustee expenses have been incurred (2023. £NIL), Flxed assel Investments Assel allocatlon funds Equily Alternalive Bond Investments Invèslmenls investmont$ Tolal Cosl or valuatlon At l March 2023 Additions Oisposals Revaluations 8,731,282 9,356,197 (6,995,438) 0,307,426) 3.931,084 160,051 12,822,417 10,214,951 ri,276,289) 11,352.0421 858,154 1280,851) (67,9161 1,546 21,754 At 29 February 2024 9,784,615 3,582,317 860,300 181,805 14,409,037 Page19
THE SLOANE ROBINSON FOUNDATION NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 io. Creditors: Amounts falling due within one year 29 February 28Februory 2024 2023 Other creditors 24,777 15,094 26,511 Financial instruments 39,871 26,511 Exposure lo foreign currency exchange rates arise from the Foundation's purchase and sale of investments, which are denominated in a number of currencies. The Foundation assesses exposure and takes out forward currency contracts to miligate this foreign exchange risk. As at 29 February 202&. the Foundation held forward contracls totalling £7,000,000 which expire in August 2024. A year end valuation of these contracts has been obtained which has given rise to a liability of É15,09412023 £NilJ. 11. Flnanclal Instrumenls 29 February 28 February 2024 2023 Flnanclal assels Financial assets measured al fair value through income and expenditure 14,409.037 12,822,417 2? February 28 Februory 2024 2023 Flnanclal Ilabilltles Derivative financial instruments measured at fair value through income and expendilure held as part of a trading portfolio (15,094) Financial assets measured at fair value Ihrough income and expenditure co mprise investments. Derivative linancial instruments measured al fair value Ihrough income and expenditure held as parl of a trading portfolio comprise forward exchange contracts. Page 20
THE SLOANE ROBINSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 12. Statement of funds Stalement ot funds- current yèar Balance at Gainsl 29 February (Losses) 2024 Balance al I March 2023 Translers inlout Income Expenditure Unrestrlcted funds General Fund 280.393 (983,673) 703,280 Endowment funds Endowment Fund 17,261,457 (11.822) (703,280) (1,491,060) 15,055,295 Total of funds 17,261,457 280,393 (995.495) (1.491.060) 15,055,295 The Endowment Fund consists of funds provided by way of donation to the capital of the Foundation. The General Fund, which holds the income from the Endowmenl Fund, 15 primarily used lo meet expenditure incurred in the furtherance of the objects of the Foundation but the Endowment Fund is also expendable on those objects al the discretion of Ihe Trustees. The Trustees consider that sufficient resource5 are held in an appropriate form to enable each fund to be applied in accordance with the exercise of the Trustees, discretion. A transfer of E703,280 was made from the Endowment Fund to the General Fund, to cover the shortfall arising in the General Fund as a resull of making grants in accordance with the Trustees, policy of releasing lund5 from the Endowmenl Fund. as required. to meet the operating needs of the Foundation. Page 21
THE SLOANE ROBINSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 12. Statement of funds (continued) Statement of lunds - prior year Bolonce ot 28 Februory 2023 Bolonce ot l March 2022 Tronsfers in/out Gainsl (L055es) Income Expenditure Unrestricted funds General Fund 626. 740 (765.636} 138,896 Endowmént funds Endowment Fund 16,488,278 (11,024J (138,896) 923,099 17.261.457 Total uf lund5 16,488.278 626.740 (776,6601 923,099 17,261,457 13. Analysls of net assets between funds Analysls ol nel assets between lunds - currenl perlod Unreslrlcled Endowment Total funds funds funds 29 February 29 February 29 February 2024 2024 2024 Fixed asset inveslments 14,409.037 663.256 (16.998) 14,409,037 686,129 139,871) Current assets 22,873 (22.873) Creditors due within one year Tolal 15.055,295 15,055,295 Page 22
THE SLOANE ROBINSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 13. Analysis of net assels between funds (conlinued) Analysis of net asset5 bètween funds - prior period Unrestricted funds 28 February 2023 Endowment funds 28 Februory 2023 Totol (unds 28 February 2023 Fixed asset investments 12.822,417 4,440,840 11.800) 12,822,417 4,465,551 (26 Sllj Current a55etS 24,711 124, 711J Creditor5 due within one year Total 17.261,457 17,261,457 14. Reconcilialion of net movemenl in funds to nel cash flow Iram operatlng actlvitles 29 February 28 Februury 2024 2023 Net incomelexpendilure for the period (as per Slalement of Financial Activities) (2.084,413) 829,452 Adjuslmenls for. Decrease in creditors (Gains)fvosses on revalualion of investments Other 9ains/(losses) Foreign exchange (gain5)/losses recognised in the SOFA (1,734) 1,369,311 (106,655) 219,436 (9,512) 1979,372) (56,273) {366,298J Net cash used In opgratlng acllvitles (604,055) (582.003) Page 23
THE SLOANE ROBINSON FOUNDAnoN NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 15. Analysi3 of cash and cash equivalenls 29 February 2024 28 Februory 2023 Cash in hand 686,129 4,465,551 Total cash and cash equivalents 686,129 4.465,551 16. Analysis ol changes In not debt Exchange At l March rate 2023 Cash flows movements A129 February 2024 Cash al bank and in hand 4,465,551 (3,559,986) (219,436> 686,129 4,465,551 13,559,986) (219,436) 686,129 Page 24
THE SLOANE ROBINSON FOUNDATION NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 29 FEBRUARY 2024 17. Establlshment ol Inlention Grants payable are incLuded in the Slatemenl of Finantial Aclivilies in the period in which the conditions allached lo award have been met. Any grants where conditions have been mel bul the grant has not yel been paid are accounted for as creditors on the Balance Sheet. Where grants have been approved in principle but conditions attached to the award have not yet been met Ihey are included in the notes below. At the year end, the Trustees had formed the inlenlion (subjecl lo furlher agreement) to make grants lo the following organisations'.- Keble College. Oxford funding up to fifteen one year awards (as far as P055ible, linked to matched funding awards mel from other sources) ranging from £7,750 to £8.250 each per award per annum., Lincoln College. Oxford funding up to fifteen one year awards las far as possible, linked to matched funding awards met from other sources) of £8,250 each per award per annum., Veerni Foundalion funding 5 awards for seven years at $2.450 per award, starting in 2020. The level of each series of these awards is discussed between the Trustee5' consultant, Andrew Nott, and the respeclive organisalions. prior to formal review and discussion by the Trustees. Karta Inltiative - an annual grant 01 £100,000; Keble College. Oxford - supporting up to three leveraged (with the Weidenfeld-Hoffrnan Trust) one year awards at £13.500 each per award per annum for a period of up to three years; Lincoln College, Oxford - supporting up lo Ihree leveraged (wilh Ihe Weidenfeld-Hoffman Trust) one year awards at £13,500 each per award per annum for a period of up to three years: Pharos Foundation - an annual grant of El00,000: Royal Nalional Children's Springboard Foundation - an annual granl of £30.000; Tutor the Nation an annual grant of £50,000: Veerni Foundation - one-off grant of £25.000 for a capital project. Prior to making annual grants. Ihe Trustees ensure that the ongoing conditions of Ihe grants have been satlsf led. 18. Related party transactions Mrs D Fisher is a Principal Member of Fisherlegal LLP. a firm of solicitors which raises invoices to thè Foundation lor legal and adminislralive services rendered. Professional fees amounting to £30,415 (2023 -£31,231) were charged by Fi5herlegal LLP. Other creditors includes £7,855 12023 £10,273) due lo Fisherlegal LLP. No other trustee or person related to the charity had any personal interesl in any contract or transaction entered into by Ihe charity during the year {2023 ÉNill. Page 25
THE SLOANE ROBINSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 19. Nel gains/(losses) on Investments 29 February 2024 28 February 2023 Foreign exchange gains/(losses) on investment5 held al year end (Loss)/gain on foreign exchange forward conlracls (Los5)/gain on revaluation of investments ILoss)/gain on disposal of investments (482.135) 021,7491 (869.907) 117,269) 598,366 {56,273J 440,392 (59.386) 11,491,060) 923,099 Page 26