Thanks to the generosity of benefactors over many centuries, the College is able to make small grants to junior members, undergraduate and graduate, to further their academic or academic-related interests. In addition to the benefactions made to support all the main teaching disciplines, there are funds for other activities, which cover specific purposes, such as travel; specific interdisciplinary fields, such as conservation; and specific backgrounds, such as students of particular nationalities.

These funds include the Lakshman Kadirgamar Fund, which was established in memory of Lakshman Kadirgamar (1932-2005), Honorary Fellow of Balliol College. A distinguished international lawyer, he served as Foreign Minister of Sri Lanka in 1994-2001 and from 2004 until his assassination in 2005. The Fund provides assistance for students from Asia at Balliol. Its proceeds may be used for this purpose in conjunction with those from other funds, such as the Stuart Fund, which has a particular focus on the countries of South Asia, including Sri Lanka.