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 Pro￿S5 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 leCtU￿S 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 Y￿￿r {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 e￿imate$ 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 rc￿Pon￿71blI1tic-
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 instan￿S 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$ses8 the risks of malorial mi8Stalomenl of
the financial statements due to fraud.- to obtain sufficient appropriale audit evidence regarding the assessed risks
of malerial misstatement due to fraud. through designing and implementing approprtale responses lo those
assessed risks- and to respond appropriately to instances of fraud or suspected fraud identified during the audit.
However, the primary responsibility for the prevention and deleclion of fraud rests with the Trustees.
Due to the field in which the Foundalion operales, we identified the a￿a$ 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 dC￿lMentatIon 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 requI￿d 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 reSoUr￿s.
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 I￿e¢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 Ar￿￿lin1.
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.x￿ndltUre 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 Inte￿St 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