Charity number: 1068286 THE SLOANE ROBINSON FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
THE SLOANE ROBINSON FOUNDATION CONTENTS Paga RÈferÈn¢e and Administrative Details of the Foundation. its Trustees and Advisers Trustees. Report Independent Auditors. Report on the Financial Statements Statement of Financial Activities 10 Balance Sheet 11 Statement of Cash Flows 12 Notes to the Financial Statements 13-26
THE SLOANE ROBINSON FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 28 FEBRUARY 2025 Twst¢es GES Robinson HP Sloane D Fisher Chartty reg15tered number 1068286 Principal office Unit 4 Hill Farm Kirby Road Kirby Bedon Norwich NortolK NR14 7DU Independent auditors BW Audit Limited Chartered Accountants Sl¢iluluiy Audiluib Berry & Warren 54 Thorpe Road Norwich NR1 1RY Investment managers UBS Wealth Management Page 1
THE SLOANE ROBINSON FOUNDATION TRUSTCCS. REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025 The Trustees present their annual report together with the audited financial statements of the Foundation for the 1 March 2024 to 28 Febru8ry 2025. Objectives and activities a. Objectives and alms The Foundation's principal charitable purpose is the advancement of the education of the public. The Foundation is continuing to develop long tem relalionships with a number of academic institutions and others, establishing scholarships and bursary schemes for overseas students lo study in the UK and generally provide educational opportunities to students that would otherwise not be available to them in order to enable them to achieve their polenlial. The Foundation is very 5eleclive in the grant making ProS5 an(J only successful applicants are notified. in order to avoid increased administrative costs for the Foundation. In Setting objectives and planning for activities. the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity IPB21'. Achievements and perfomiance a. Significant activities The Trustees to date have made substanlal and small grants for a variety of purposes within the educational field using capital when il was fell appropriate. Grants made during the year totalled £772,992, with £771,892 10 institutions and £1.100 to individuals. A transfer of £541.784 was made from the Endowment Fund lo the Unrestricted Fund, to cover the shortfall arising in the Unrestricted Fund as a result of making these grants in accordan with the Trustees. policy of releasing funds from the Endowment Fund as required. to meet the operating riegtjs uf Ilig Fuuiid<ilir)11. Tlie Tiuslees inainlain close contacl with the academic institutions themselves to monitor the overall effectiveness and public benefit of these granls. The Trustees believe the Foundation has fulfilled its objectives so far. As lo the performance of the investments. see narrative within global events. Financial revi9W a. Principal funding sources The Foundabon was established by an initial gift and further donations from Sloane Robinson Investment Services Limited {SRIS). b. Inveslments policy and objectives The invegtment policy has baan to invest in a dsversified portfolio of global securities. The investment retums for the peri¢xI reflects the conb.nued uncertainty in the economy although improved from the prior year. Where possible. inveslrnenls have been tnade iri LUIIIVdlli¢b Ili¢il Ivlluw a souially re5PQnsible and environmerLlally friendly agenda, although the main criteria for investment is the maximisalion of profits in the long term. The Truslees continue to keep the value of the inveslmenls under regular review, particulady given the current global r.irriJm%12nrTr.s. For further details regarding the valuation of the investments please see note 9 to the accounts. Page 2
THE SLOANE ROBINSON FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 . Reserves policy In view of the fact that the Trustees are able to apply capital of the fund as well as income, the Truslees consider they have sufficient reserves to respond to applications for grants and ensure Ihal there are sufficient funds 2vailable to cover support and govèmance costs by tran%fprring ftjnds. as rpqiJirp.d, friTrm thp. Endawmpnt Fund to the Unrestricted Fund. The Unrestricled Fund reserve at 28 February 2025 was £Nil (2024 - £Nil), which is in line with the Foundation'5 policy. and the Endowment Fund was £1 G,1 J4,07J (2024 £15.055.295)- The Trustees keep the level of reseNes under review. d. Global events During the year the global markets continued to remain volatile. In addib"on, the events in Ukraine and Gaza have had a significant impact on global markets and global economies in the last few years. The Trustees are pleased to note that the proactive and considered steps they and their advisers have adopted. has had the result that the impact of these events on the investrnents has not been a5 5ignifi¢anl as might Othe(se have been the case. The Trustees coniinue io assess Ihe siiuarion and wlll respond to It as appropriate. Structure, governance and management a. Constitution The Sloane Robinson Foundation is an unincorporated charity, constiluled under a trust deed dated 19th February 1998 (the 1998 Deedl and is a re91slered charity. number 1068286. Subsequently, the 1998 Deed was varied by a Deed of Variation dated 25th February 1999 and further by Deed of Variation dated 3rd March 2005 Itogelher'lhe Trust Deed'l. These deeds are the only constrtutional documents of the Foundation and have been compli9d with by the Foundation during the year. b. Recruitment and appointment of new Trustees The power of appointing new or additional trustees is vested in the said Hugh Sloane and George Robinson. during their jolnt lives wilh Kate Sloane an<J Susan Robinson being suL)stitule appointers in the event of death or inability to act of Hugh Sloane and George Robinson or vesled in the survivor of them. The minimum number of trustees (under the terms of the Trust Deed) is three. wilh the maximum being five. The Trustees keep the skill requirements of the Iruslees under review. At the present timg. Ihp.re. i* no intpnlinn lo appoint 3ddilional trustees. At a lime considered lo be appropriate, new Irustees will be appointed and il is the intention of the Trustees that, at this juncture, new trustees will be encouraged to attend leCtUS or semsnars intended lo ensure that Gharity trustees maintain the necessary skills to conb'nue the valuable work the Foundab'on does. Page 3
THE SLOANE ROBINSON FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 Structure, governance and management (continued) ¢. Organisational stru¢ture and decision4naking policies The Trnjsteeg meet at lea*t hmiee. a Yr {whelhe.r in per%(Jn or by suitable electronic means) lo discuss and consider the potential areas of activity for the Foundation. induding mnsideralion of grant making. investment. reserves and risk management policies and perfomance. During the year the day to day administration of grants and Ihe processing and handling of applications prior to the consideration of the Trustees was delegated lo the administrator, Fisherfegal LLP Iwho are also the solicitors to the Foundalionl of Unil 4 Hill Farm. Kirby Road, Kirby Bedon, Norwich. NR14 70U. The Truslees decide on the grants to be made after careful feview of the applications received. The Trustees have appointed Andrew Nott as consultant - being someone with many years. experience working in education. Mr Nott'5 role includeb. Icl} exploring cind devvlupiiiy Tvl<aLivrisliiys Yrfilli ¥xibliIiy ¢aJid Iivw organisations involved in the field of education. with a view to making grants (many of which are lo be leveraged and so encourage additional donations in the wider philanthropic community} lo open up educational opportunilios lo studen& that would othetwise not be available to them.. Ib) exploring and developing grants in support of opportunities for the benefit of students and the wder public in the field of research and otherwise., and (c) monitortn9 and reporting to the Trustees on the progress of grants madc as a rv+JuIt. d. Related party relationships Mrs D Fisher is a Principal Member of Fishedegal LLP. a firm of solicitors which raises invoices to the Foundation tor legal and administrative services rendered. No trustees. expenses have been feimt)ursed during the year. . Risk management The Trustees have reviewed the areas where polenlial and major risks may arise lo the Foundation in accordance with the statement of recommended practi and have established systems and procedures to manage those risks. The principal risk faced by the Foundation lies in the performance of investments and the variability of investmenl relurns. This is mitigated by relaining expert investment managers and having a diversified investment portfolio. Plans for future periods The Trustees intend to continue to develop their links with a number of academic inslrtutions and others, with a view to increasing the number and level of support given via scholarships 2nd bursary schemes for overseas students lo study in the UK. British students 10 51udy abroad and generally provide opportunities for education whiGh would not olhewise be p055ible. Page 4
THE SLOANE ROBINSON FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 Statement of Trustees. responsibilities The TTUStees are 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 Practice). The law applicable to chJnts"es in Englan¢Y & Wales requires the I rustees to prepare hnancial slalemenls for each financial which give a true and fair view of the 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 slalements. the Twslees are required to: select suitable accounting polio99 and then apply them consistently- obseNe the methods and principles of the Charities SORP (FRS 1021.. make judgmenis ani1 accouniing eimate$ Ihat are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on (he goin9 L4aiiberii babis urile&% 14 ib iiiappiopriale to presume that the Foundation will continue in business. The Trustees are responsible for keepin9 adequale accounting records that are sufficient to show and explain the Foundation's transactions and disclose with reasonable accuracy at any lime the financial posib'on of the Foundation and enable them to ensure that the finanaal statements comply with the Charities Act 2011, the Charity IAccounls 2nd Reports) Requlations 2008 and the provisions of Ihe Trust deed. They are also responsible for safeguarding the assets of the Foundats"on and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitiès. Disclosure of infomiation to auditors Each of the persons who are Trustees at the time when this Trustees. Report is approved has confirmed that: so far as that Trustee is aware. there is no relevant audit infomiation of which the charills auditors are unaware, and that Trustee has taken all the Steps that ought to have been taken as a Trustee in order lo be aware of any relevant audit information and to establish that the chariws auditors are aware of that infonnation. Approved by order of the Trustees and signed on their behalf by. D Fisher Oale= Page 5
THE SLOANE ROBINSON FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE SLOANE ROBINSON FOUNDATION Opinion We have audited the financial statements of The Sloane Robinson Foundation {the 'chariV) for the year ended 28 February 2025 which comprise the Staternent of Financial Activities, the Balance Sheet. the Statement of Cash Flows and the related notes, including a 5umrnary of 5ignificanl (l(Louiiliiig poliuies. Tlie fiiidiibial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practi}. In our opinion the financial statements- give a true and fair Mew of the stale of the charitvs affairs as al 28 February 2025 and of its incoming re30urces and application of re?our¢es for the year then ended.. have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and havo been prepared in accordance with the requirementg of tho Charibes Act 2011_ Basis for opinion We conducted our audit in accordance wlh Intemalional Standards on Auditing {UK) {ISAs IUK)} and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of Ihe charity in accordance with Ihe ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom. including the Financial Reporting Council's Ethical Slandard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audil evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concem In auditing the financial stalements, we have conduded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is approprtate. Based on the work we have perfomied. we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charity's ability lo continue as a going concern for a perii)d of at least twelve months from when the financial slalefflents are authorised for issue. Our rcopon+uibilitlco and thc rcPon71blI1tic- relevant sections of this report. of tho TruotQCv with re- -peGt to going concern are described in tho Page 6
THE SLOANE ROBINSON FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE SLOANE ROBINSON FOUNDATION (CONTINUED) other inforniation The other information comprises the infomalion included in the Annual Report other than the financial slatemerbls and our Auditors, Report thereon. The Trustees are responsible for the other infom)alion contained within the Annu31 Report. Our opinion on the financial statements does not cover the other information and, except lo the extenl otherwise explicitly staled in our report, we do not express any fom of assurance conclusion Ihereon. Our responsibility is to read the other informalion and, in doing so. consider whelher the other information is rnalerially inconsislenl with the financial statements or our knowledge obtained in the course of Ihe audit, or otherwise appears to be materially misstated. If we identify such material inconsislencies or apparent material misstatements, we are required lo detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on Ihe work we have perfomied, we conclude that there is d fTlcilericil misstatement of this other infomialion, we a require(i to report that fact. We have nothing lo report in this regard. Matters on which we are required to Teport by exception We have nothing lo report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 qUireS us lo report to you if. in our opinion= the information given in the Tru5tees' Report is inconsistent in any material respect with the financial statements; or sufficient accounting records have nol been kept.. or the financial statements are not in agreement with the accounting records and ietums-, or we have not received all the information and explanations we require for our audit. Respoiisibilities of trust9¢5 As explained more fully in the Trustees, Responsibilities StatemenL the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to fraud or etror. In preparing the financial statements, the Trustees are responsible for assessing the chariws ability to continue as a going eoncem. disclosing. as applicable, matters related to going concèrn and using the going concem basis of accounting unless the Trustees either inlend to liquidate the charity or to cease operalions, or have no realistic aiiernaiive bui to do so. Page 7
THE SLOANE ROBINSON FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE SLOANE ROBINSON FOUNDATION {CONTINUED) Auditors. responsibilities for the audit of the financial statements We have been appointed as auditor under seclion 144 of the Charitses Act 2011 and report in accordance with the Act and relevant regulations made or having effecl thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstaternent. whether due lo fraud or error. and lo issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstalemenl when it exists. Misstatements can arise from fraud or effor and are considered material if. individually or in the aggregale. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instanS of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misslalemenls in respect of irregularities, including fraud. Thc objcclives of our audit in respect of fraud are., to identify and a$ses8 the risks of malorial mi8Stalomenl of the financial statements due to fraud.- to obtain sufficient appropriale audit evidence regarding the assessed risks of malerial misstatement due to fraud. through designing and implementing approprtale responses lo those assessed risks- and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and deleclion of fraud rests with the Trustees. Due to the field in which the Foundalion operales, we identified the aa$ most likely to have a direct material impact on the financial st8lement5 as compliance with UK accounting standards and UK charity law. Our approach to identifytng and assessing the nsk of malerial misstatement in respect of irregularities. including fraud and non-compliance with laws and regulations, included the followinq.. Enquiries about any actual and potential litigations and claims against the charity.. Enouiries about any known or suspected instances of non-compliance with laws and regulations and fraud- Reviewing board minutes- Reviewing financial statement disclosures and lesling lo supporting dClMentatIon to asse&f rJ)Tnplixnr.p. with applicable laws and regulations., Audiling the risk of management overiide of controls. includin9 through testing joumal entries and other adjustments for approprialeness. Due to the inheienl limitations of an audit, there is d iisk Ilicil we will Iivl <tll ifiEyuldriligs. iyiuludiriy ilivb¥ leading to a material misstatement in the financial statements or non-compliance with regulatioll. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of inslances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealrnenl. forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at". www.frc.or .uklauditorsres onsibililies. This description forms part of our Auditors. Report. Page 8
THE SLOANE ROBINSON FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE SLOANE ROBINSON FOUNDATION (CONTINUEDI Use of our report This report is made solely to the charity's trustees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so Ihat we tnighl state to the charitvs Iruslees those matters we are requId to stste to them in an Auditors, Report 2nd for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to anyone other than the charily and its InJstep.s. as a body. for nijr Alidit wnrk. fc)r thi% rp.prtrrt. or for the opinions we have formed. BW Audit Limlted Chartered Accounlanls sBiuiory Auditors Berry & Warren 54 Thorpe Road Norwich NR1 1RY Date.. 22 December 2025 BW Audit Limited are eligible to act as auditors in temis of section 1212 of the Companies Act 2006. Page 9
THE SLOANE ROBINSON FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUARY 2025 Unrestri¢ted Endowrnent funds funds 2025 2025 Total funds 2025 Total funds 2024 Not• Income and endowments from= Investments Other income 252.758 24.949 252.758 24.949 280,393 Total ineom• and •ndowmonts 277,707 277,707 280,393 Expp.nditiArp. on: Investment management costs Charitable aclivilies 12.260 12.260 819.491 11.822 983,673 819.491 Total expenditure 819.491 12.260 831.751 995.4g5 Net expendilure before r)et gains1{1055es) on investments Nel gainsl{lossesl on investfflenls (541,784) {12.2601 1.434.754 {554,044) 1.434.754 (775, 102) (1,369,311) Net lexpenditure)lincome Transfers belween funds 1541.784) 541.784 1.422.494 (541,784) 880.710 (2,084,413) 12 Net movement In funds before other recognised gainslllosses} 880.710 880.710 (2,084.413) other re¢ognised gainsl(losses): Other gainslllosses) 218,070 218,070 (127, 749) Net movement in funds 1.098.780 1,098.780 (2.206. 162) Re¢onclllatlon of funds: Total funds brought fopNard Net movement in funds 15.055.295 1.098.780 15.055.295 1,098.780 17,267,457 (2.206. 762) Total tunds carried fonvard 16.154.075 16,154,075 75.055,295 Thè Stalemanl of Financial Activities indudes all gains and105ses recognised in the year. The notes on pages 13 10 26 form part of these financial statements. Page 10
THE SLOANE ROBINSON FOUNDATION BALANCE SHEET AS AT 28 FEBRUARY 2025 28 February 2025 29 February 2024 Note Fixed asseis Invesimenis 15.957.414 14.409,037 15.957,414 14,409,037 Current assets Lash at bank and in hand 268.755 686, 129 268,755 686, 129 Creditors= amounts falling due within one year 10 {72.094} (39,871) Net Current assets 196.661 646.258 Total assets less current liabilities 16.154.075 15,055.295 Total net a55ets 16,154.075 15.055.295 Charity funds Endowment ftsndg 12 16.1rA.075 15.055,29.5 Total fund5 16,154,075 15,055,295 Thc finon¢iol f+tatomenLè were approved and aulhorised for issua by the Trustees and swJned on their behalf by.. D Fisher Date: / ?*/, The notes on pages 13 to 26 fomi part of these financial statements. Page11
THE SLOANE ROBINSON FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 28 FEBRUARY 2025 2025 2024 Cash flows from operating activities Nel cash used in operating activities (330.2531 (604.055) Cash flows from investing activities Proceeds from sale of investments Purchase of investrnents 15.052.832 7,259,020 (15.166.456) (10.214,951) Net Cash used in investing activities (113.6241 (2.955,931 } Cash flows from financing activities Net cash provided by financing activitie5 Chan9e in cash and cash equivalents in the year Cash and cash equivalents al the beginning of the year Change in cash and cash equivalents due lo exchange rate movements (443,877) (3,559,986) 686,129 4.465,551 26.503 (219.436) Cash and cash equivalents at the end of the year 268,755 686, 129 Thg. nntg% nn PAgg.8 13 Irtr ?6 fnmi part nf Ihp.8p finanuAI 8tatpmg.nlq Page 12
THE SLOANE ROBINSON FOUNDATION NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 General information The Sloane Robinson Foundation is a registered charity. incorporated in England and Wales, registration number 1068286. The address ol Ihe registered office is given in the charity information on page 1. Accounting pollcles 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and Rcporting by Charitiev: Slalemenl of R8commondod Practice applieablo to eharitiès preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelan¢J {FRS 1021 (effective 1 January 2019). Iliv Fiii<liiCi(Il Reyoitiiig SlaiiLl¢aid applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The finanual statements have been prp.pArpd ID give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to Ihe extent required to provide a 'true and fairf view. Thi5 departure has involved following the Charitie- SORP IFRS 102} publi. hed in October 2019 rather than the Accounting and Reporting by Charities: Slalemenl of Recommended Praclice effective from 1 April 2005 which has since been withdrawn. The Sloane Robinson Foundation meets the definition of 8 public benefit entity under FRS 102. Assets and liabilitiss aro initially recognised at historical cost or Iransaction value unless otherwise stated in the relevant accounting policy. 2.2 Going concern Thp TrLJ8lpp.s have reviewed the level of investments held at the year end alongside movements in value since the year end and considered the level of anlicipaled grants. Based on this. they have a reasonable expeclalion that the Foundation can meet its liaim'lities as they fall due and have therefore prepared the accounts on a going concern basis. 2.3 Income Al income is recognised once the Fourmjation has entitlement to the income. it is probable Ihal the income will be received and the amount of income receivable can be measured reliably. Investment income is included when receivable. 2.4 Expenditure Expendilurg is ro¢ogni$8d on an accruals basis once there is a legal or tonglruclive obligation to transfer economic benefit lo a third party, il is probable that a transfer of economic benefits will be required ir) seiiiemeni and Ihe amount of the obligation be rTle<lbui¢d i¥li4gbly. ExyeiidiluJ¥ is classified by aclivity. The costs of eath activity are made up of the total of direct costs and support costs involved in undertaking each aclivily. Direct cosls attributable lo a single activity are allocated directly lo Ihat aclivily. Support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent wtth the use of reSoUrs. Expenditure on raising funds includes all expenditure incurred by the Foundation to raise funds for ils charilable purposes and includes investment manager tees. Page 13
THE SLOANE ROBINSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Accounting policies (continued) 2.4 Expenditure {continued} Expendlture on charilable activities is incurred on directly unijeflaking the activities whiGh further the Foundation's objectives. as well as any associated support costs. All expenditure is inclusive of Ie¢OVerable VAT and is reported as part of the expenditure to which it relates. 2.5 Grants payable Grants payable are included in the Statemenl of Financial Actiwb"es in the period in which the conditions attached lo the award have been met. Any grants where condilions have been mel but the grant has not yet been paid are accounted for as creditors on the Balance Sheet. Where grants have been approved in principle bul conditions attached to the award have not yet been mel they are included in the notes sliuwri clb <111 ¢bidt)liblhriittiil of intentioii (Note 17>. 2.6 Foreign currencies Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Foreign investsnents and bank balances are translated Into slerting at the exthange rales pi¥vailiiig at the balance sheet date. Foreign exchange gains and losses on fotward contracts, which have been entered into in order to protect the charity from the impact of currency fluctuations on the market value of investments, ore recognised within endowment funds. Any increase or decrease in the valuation of investments at the year end 15 separated betsveen Ihe market value gain or loss and Llie (orei9n exGhan9e gain or loss. Gains or losses on exchange arising from the bank accounts are recognised within unrestricted income or expense. Any forward contracts Ihat have been entered into before the year are Irealed as other financial instruments and are recorded at their fair value within debtors and creditors as appropriate. 2.7 Investments Fixed asset investment5 are a fom of financial instrument and are initially recognised al Iheir Iransactinn e.n.1 2nd qiihspqilg.nlly measured at fair value at the Balance Sheet dale. Investment gains and losses, whether realised or unrealised. are combined and presented as 'GainsllLossesl on investments, in the tatement of Financial Activitie3. 2.8 Cash at bank and in hand Cash al bank and in hand includes cash and short-lemi highly liquid investments wilh a short malurity of thrao months or less from the date of acquisition or opening of the depDSIt or similar Arlin1. Page 14
THE SLOANE ROBINSON FOUNDATION NOIES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Accounting policie5 (continued) 2.9 Liabilities and provisions Liatsilities are recognlsed when Inere Is an obligation at the Balance Sheel dale ds a resull of a past event, it is probable Ihal a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Foundation anticipates will pay to settle the debt or the amount it has received as advanced payTnents for the goods or services il musl provide. 2.10 Financial instruments The Foundation has financial assets and financial liabilitses of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised at transaction value and subsequently rneasured at their settlement value. The Foundation also has foreign exchange contracts which are induded al fair value, within debtors or creditors al the year end. with the movement going through nel gains I losses on inveslmenls in the Statement of Financial Activities. 2.11 Fund accounting (?eneral tunds are unresiTiCte(J fun(Js which are available for use ai Ihe f11scretfon of the Trustee5 in furtherance of the general objectives of the Foundalion and which have not been designated for other purposes. Endowment funds represent donations received which fomi part of the capital fund of the Foundation. The luiiLI ib ¥xy¥rit5¢*blè er)dowmenl insofar as the Trustees have disGretion to expend the fund in furtherance of the Foundation's objecls. Transfers are made from the endowment fund lo the general fund to cover any shortfall arising on a year by year basis as a result of amounts expended from the general fund in furtherance of the Foundation's object in excess of the nel balance held in the general fund. Endowment funds indude a revalualion reseNe representing the restatement of investments assets at fair valuc. Page 15
THE SLOANE ROBINSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Investment incom• Unrestricted funds Total funds 2025 Tolal funds 2024 2025 Dividend income 234.367 18,391 234,367 18,391 206,653 73,740 Bank interest receivable 252,758 252,758 280,393 Total 2024 280,393 280,393 Other in¢oming resources Unrestricted funds 2025 Total funds Tot81 fund 2024 2025 Other income 24,949 24,949 Page 16
THE SLOANE ROBINSON FOUNDATION NOTE5 TO IHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Analysis of grants Grants to Institutions Grants to Individuals 2025 Total funds 2025 Tolal funds 2024 2025 Granls 771,892 1.100 772,992 684,543 Total 2024 683,288 1,255 684.543 The Foundation has made the following material grants to institutions during the year". 28 February dy Pebruary 2025 2024 Name of institulion Abingdon Bridge c.hildren Heard and Seen 10,000 10.000 25.000 10,048 109. 000 154,500 10.(JOO 164,250 Fondation Veemi 34,462 100,000 170,715 10,000 169.215 25.000 10.000 12.500 Karta Initiative Keble College, Oxford LIFEbeat Lincoln College. Oxford Now Teach One Small Thing (Hope Street) Op9n Univgrgity {Sanctuary Scholarships) Peterborough Calhedral {Ukraine Medicines Project) Pharos Foundation Reuben College, Oxford (Environmental Ghange Fellowship) Royal National Children,. Springboard Foundation Tutor the Nation United World Schools University of Oxford Psychialry Department to,000 12.500 5,000 loo.000 1QO.000 30.000 30.000 50,000 20.000 30,000 30.000 50.000 4. 790 (32.800) 771,892 683.288 Page 17
THE SLOANE ROBINSON FOUNDATION NOI"ES TO THE FINANGIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Analysis of expendilure by activities Grant funding of activities 2025 Support costs 2025 Total funds 2025 Tolal funds 2024 Grant making Govemance costs 772.992 15.430 31.069 788,422 31,069 949,944 33, 729 772.992 4b.4YY 819,491 983,673 Tolal 2024 684.543 299. 130 983,673 Analysis of support Costs Grant Governance making costs 2025 Total fvnd5 2025 Tolal funds 2024 2025 Accountancy fees Audit fees Consultancy costs Professional costs 3,860 3.860 7,608 7,720 7.608 27.139 26.134 4,401 {26.503) 7,352 7,242 26,387 30,475 8,298 219.436 27.139 6.533 4.401 126.503) 19,601 B<iiik clidrges arid inlecest Exchange losses 15.430 31.069 46,499 299. 130 Total 2024 265.401 33. 729 299. 130 Professional costs, consultancy fees and accountancy fees are all allocated on the basis of time spent. In 2024, govem8nce costs included £7.242 audit fees. £22.811 professiongl pnql% and £3.676 accountancy fees. Page 18
THE SLOANE ROBINSON FOUNDATION NOTE5 TO THE FINANCIAL bTATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Auditors. remuneration 2025 2024 Fees payable lo the Foundation's auditor for the audit of the Foundabon's annual accounts 7.608 7.242 Fees payable to the Foundation's auditor in SpeCt of". All non-audit seryices not included above 2,970 2,832 Trustees. rernuneration and expenses During the year, no Trustees received any remuneration or other benefits (2024- £NIL). During the year ended 28 February 2025. no Trustee expenses have been incurred (2024 - £NILJ. Fixed asset investments Assel allocation funds Equity Alternative Bond investments investments investments Total Cost or valuation At 1 March 2024 9.784,615 14.666,194 (13,067.778) 420,845 3.582,317 500,262 (277.4941 163,584 860,300 181.805 14,409,037 15,166,456 {14,205,572) 587,493 Additions Disposals Revaluations 1860,3001 3,064 At 28 Febnjary 2025 11.803.876 3.968.669 184.869 15,957.414 Page 19
THE SLOANE ROBINSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 10. Creditors: Amounts falling due within one year 28 February 29 February 2025 2024 Olhcr crcdito 20.819 51,275 24, 777 15.094 Financial instruments 72,094 39.871 Exposure to 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 lo mittgate this foreign exchange risk. As al 28 February 2025. the Foundation held forward traCt5 lo buy £15.000,000 and sell £1 J,082,676 which expire in March 2025. A year end valuation of these contracts has been obtained which has given rise to a liabilty of £51,275 (2024 - £15.094). 11. Financial instruments 28 February 29 FebnJary 2025 2024 Financial assets Financial assets measured at fair value through income and expendilure 15.957,414 14,409.037 28 February 29 February 2025 2024 Financial liabilities Derivative financial inslnjmenls measured at fair value through income and expenditure held a3 part of a trading PQrttolio {51.275} (t5.094) Financial assets measured at fair value through income and expenditure comprise investments. Derivative financial ingtruments me2gured at fair value through incomg. 2nd 9.xndltUre held as part of a trading portfolio comprise forward exchange contracls. Page 20
THE SLOANE ROBINSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 12. Statement of funds ststement of funds - current year Balance at Gainsl 28 February {Losses) 2025 Balance at 1 March 2024 Transfers inloul Income Expenditure Unrestricted funds General Fund 277,707 (819,491) 541,784 Endowment funds Endowment Fund 15,055,29S {12.260) (541.784} 1,652.824 16.154.075 Total of funds 15,055,295 277,707 (831.751) 1,652.824 16.154.075 The Endowment Fund consists of funds provided by way of donation lo the capital of the Foundation. The General Fund, which holds the income from the Endowment Fund, is primarily used to meet expenditure incurred in the furtherance of the objects of the Foundation but the Endowment Fund is also expendable on those objects at the discrelion of the Trustees. The Trltslees consider thal sufficient resources are held in an appropriate fom to enable each ftjnd lo be applied in accordance with the exercise of the Trustees. discretion. A transfer of £541.784 was made from Ihe Endowment Fund to the General Fund. lo cover the shortfall arising in the General Fund as a result of making grants in accordance with the Trustees, policy of releasing funds from the Endowmenl Fund. as required, to meet the operatin9 needs of the Foundation. Page 21
THE SLOANE ROBINSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 12. Statement of funds (continued) Statement of funds - prior year 8818nce at l MarGh 2023 Balance at Gains/ 29 February 2024 Transfers irnlout Income Expenditure Unrestricted funds Geneial Fund 280,393 (983.673) 703,280 Endowment funds Endowment Fund 17.261.457 (11.822) (703,280) (t,491,060) 15.055.2g5 Total of funds 71,267,457 280,393 (995,495) (1.497,060} 75.055,295 13. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestri¢tÈd Endowment Total funds funds funds 28 F•bruary 28 Fèbruary 28 February 2025 2025 2025 Fixed asset investments 15,957,414 15,957,414 247,936 268,755 151,2751 172,0941 Current assets 20.819 {20.819) Creditors due within one year Total 16,154.075 16,154,075 Page 22
THE SLOANE ROBINSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 13. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior year Unrestricted Endowment Total fvnds funds funds 29 February 29 February 29 February 2024 2024 2024 Fixed asset investments 14,409.037 14,409,037 663,256 686, t29 (16.998) (39. 871) Cuii¥riL assets 22,073 122. 873) Creditors due within one year Total 15,055,295 75,055,295 14. Reconciliation of net movement in funds lo net cash flow from operating activities 28 Fgbruary 29 February 2025 2024 Nel incomelexpenditure for the year (as per Statement of Financial Acliviliesl 880.710 (2,084,413) Adjustments for: Decrease in credilors (Gainsylosses on revaluation of investments Other gainsl{losses} Foreign exchange Igainslnosses recognised in the SOFA 13.9581 {1.434,7541 254.252 126,503} (7. 734) 1,369,31t (106.655) 219,436 Net cash used in operating activities 1330.253} (604.055) Page 23
THE SLOANE ROBINSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 15. Analysis of cash and cash equivalents 28 February 29 February 2025 2024 Cash in hand 268,755 686. 129 Totsl cash and cash equivalents 268.755 686, 129 16. Analysis of changes in net debt Exchange At 1 March rate 2024 Cash flows movements At28 February 2025 Cash at bank and in hand 686.129 {443,877) 26.503 268,755 686.129 {443.877) 26.503 268.755 Page 24
THE SLOANE ROBINSON FOUNDATION NOTES TO THE FINANCIAL STATeMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 17. Establishment of intention Grants payable are induded in the Statement of Financial Aclivibes in the period in which the conditions attached to award have been mel. Any grants where conditions have been met but the grant has not yet been paid are accounted for as creditors on the Balance Sheet. Where grants have been approved in principle but conditions attached lo the award have not yet been met they are induded in the notes below. At the year end, Ihe Trustees had foThed the intention (subject lo further agreement) to make grants to the following organisations=_ Fondation Veemi - funding 5 awards for seven years at $2.450 per award, starting in 2020- Keble College. Oxford funding up to frfieen one year awards las far as possible, linked to matched funding awards mel from other sources) ranging from £8.250 10 £9.000 egch per award per annum.. Keble College, Oxford - supporting up to three leveraged (with the Weidenfeld-Hoffiman Trust) one year awards at £13.500 each per award per annum for a period ol up to three years {with an inflationary increase}- Lincoln College, Oxford funding up to fifteen one year awards las far as possible. linked to matched funding awards mel frorn other Soufces) ranging from £8,250 to £9.000 each per award per 8nnum'. Lincoln College. Oxford - supporting up lo three leveraged (with the Weidenfeld-Hoffman Trust) one year awards at £13.500 each per award per annum for a period of up to three years (with an infiationary increase}- Royal National Children's Springboard Foundation - an annual grant of £30,000. The level of each series of these awards is discussed between Ihe Tnjstees, consultant. Andrew Nott. and the respective organisations, prior to fomial review and discussion by the Tnjstees. Karta Initiative- an annual grant of £100,000- Pharos Foundalion - an annual grant of £100.000- United Wodd Schools- an annual grant of £20.000. Prior to making annual grants, the Trustees ensure that the on90ing conditions of the grants h2vÈ been satisfied. Page 25
THE SLOANE ROBINSON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 18. Relat¢d party transaction5 Mrs D Fisher is a Principal Member of Fishedegal LLP. a firm of solicitors which raises invoices to the Foundation for leoal and administrative services rendered. Professional fees amounting to £26,135 (2024 £30,415J were charged by Fishedegal LLP. Other creditors indudes £3.125 (2024 - £7,855) due to Fishedegal LLP. Mr GES Robinson is a Trustee of The Pharos Foundation. a beneficiary of a grant payment made by Sloane Robinson Foundation. Grant payments of £100,000 (2024- £100.000) were made lo The Pharos Foundation. No olher trustee or person related to the chartty had any personal InteSt in any contract or transaction entered into by the charity during thc ycar (2024 £Nil)- 19. Net gainsl(1055es) on investments 28 February 29 Febm8ry 2025 2024 Foreign exchange gainsl{lossesl on investments held al year end Galnllloss} on foreign exchange forwar(I wntract5 Gainllloss) on revaluation of investments Gainllloss) on disposal of investments 31,040 218.070 556.453 847.261 (482, 735) (121, 749) (869,907) (17,269) 1.652.824 (1,491.060) Page 26