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
srATEmE￿f 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