2022-06-30-accounts - Rhodes Trust - Public Purposes Fund

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		Page
Trustees' Report		2-21
Legal and administrative	information	22
Report ofthe Independent	Auditors	23-25
Consolidated Statement	of Financial Activities
Balance Sheets		27
Consolidated Statement	ofCash Flows	28
Accounting Policies		29D3
Notes to the Financial Statements		34~

						Unrestricted	Restricted	Endowed	2022	2021restated
						Funds	Funds	Funds	Total	Total
					Notes	M000s	Eoofis	5'000s	6'000s	2'000s
INCOME AND ENDOWMENTS			FROM:
Donations and legacies						1,254	1,574	7,113	8,941	12,731
Charitable activitws						2,509	7,648		10,157	6,300
Other trading activities						29			29
Irwestrrrenla
Investment income					4	643	1,074	914	2,6$1	2,613
Total return allocated to income					17	6,698	12,632	(19,330)
Other (foreign exchange		gain)				784
Total Income						11,817	22,828	(11,303)	2$.842	21,643
EXPENDITURE ON:
Charitable acthrmesr
Pmmofion and advancement				ofeducation		6,056	28,069		34,125	25,472
Raising funds:
Fundraising						573	1,210		1,783	1,598
Trading expenditure						66			68	10
investment management		costs				43				1 753
						684	1,566	1,492	3,742	3,361
Total Expenditure						6,74O	29,6$5	1,4$2	$7,867	28,833
Net Income/(Expenditure)	before			gains
Net (losses)/gains on investments Net Income					15	(746)	(8,379)	~A (4,610)	(11,7$5)	78,150
Transfers between funds					22	(3,837)	4,780	(943)
Net movement in funds for		the	year				(8,306)	(18,$48)	(26,060)	70,981
Fund balances brought forward					22	5,199	115,867	425,452	546,518	475,557
Funds carried forward st$0June						6,7$$	107,681	407,104	520 458	546518

			2022		2021
			Gmup	Charity	Group	Charity
		Notes	8'000s	5'000s	E'000s	E000s
FIXEDASSETS
Intangible assets		10	109	100	165	165
Tangible assets		11	47,110	47,110	31,371	31,371
Investments
Pooled endowment	investments	12	401,387	383,647	414,641	395,965
Capital project investments Asantic short term investments		13 14	20,339 79,735	20,339 79,735	32,244 80,685	32,244 80,685
Total Fixed Assets
CURRENT ASSETS
Debtors		18	17,239	17,378	17,391	17,533
Cash at bank and in hand			13,118	12,620	13,298	12,943
Total Current Assets			30,357	2$,$08	30,689	30,476
LIABILlllES
Creditors: Amounts falling due within one year		10	(10,060)	(9,977)	(5,390)	(5,479)
NET CURRENT ASSETS			20,297	20,021	25,299	24,997
TOTAL ASSETSLESSCURRENT LIABILITIES			5$8,978	550,962	593,405	574,427
CREDITORS: falling due	after more than one year	20	(30,000)	(30,000)	(30,000)	(30,000)
Provisions for gabilities	and charges	21	(18,520)	(18,520)	(16,887)	(16,887)
TOTAL NETA$SETS					546,518	527,540
FUNDS		22
Endowment funds			407,104	389,364	425,452	406,704
Restricted funds			107,561	107,285	115,867	115,637
Unrestricted funds			5,793	5,7$3	5,199	5,199
			520,458	502,442

								2022	2021 mstated
								2'000s	2'0008
Cash flows from operating	actlvltes
Net movement in funds								(26,060)	70,951
Adjustments for:
Depreciation								1,161	722
Losses/(gains) on investments								11,734	(78,151)
Investment management	cosh							1,880	1,753
Investment income								(2,631)	(2,612)
Receipt ofendowment								(12,381)	(11,251)
(Increase)/decrease in debtors								151	(5,313)
increase in creditors Increase in provisions Net cash (used in) operating activities Cash flows from investing activities Cash withdrawn Purchase offixed assets (tangible and intangible) New money invested Net cash provided by/(used in) investing activities								4,672 1,632 ~79812 36,413 (16,845) ~9 2 1	2,254 1,000 ~27,647 27,338 (12,322) ~393 7623
Cash flows from financing	activities
Receipt ofendowment								12 361	11251
Net cash provided by financing activities								12 361	11261
Change in cash and cash equivalents		In	the	repordng	period			(180)	(2,763)
Cash and cash equivalents	at the beginning			ofthe reporting		period		13,288	15,060
Cash and cash equivalents	at the end	of	the	reporting	period		83	13118	13298

POOLEO ENOOWMENT INVESTEIENTS	POOLEO ENOOWMENT INVESTEIENTS
Af inveslmenls are held et fair value.		2022	2021 waisted
		&laos	9'OMS
Groirp Irivsslimiils
vahasoh st ateft of	Iaaf	414,641	35e,atd
Nsw money invested		IAsst	7,258
Amounts withdrawn		(20,272)	(10,136)
Ranvasted income		042	916
Investmsnt management fees		(1,020)	(1,377)
(OsonlsssyliaMse	iii vabie ofIhvssbiieiils	(4,7al)	07,065
Group Invsebnenls Invsstmsnt held on Charity Ihwmlilailte	at end ofyear behalf ofsubsicianes al ehd ofVMI	401,307 ~ty 740	414,641 ~ts 670 ~395965
Glntlp Ihwiluuils	cerriprlsei	2022
		AIMS
Phvsls sguih ilivsstmsiils		4VM4	4,773
Listed investmsnts		30,750	17,071
Global mulb-nasal funds 5nduding CUEF) property, alternative and omar imrestmenls		31e,o21 4,970	331,415 2,203
Fixed tenn depoma,	bends and cash	46,170	59,09S
Tidal group Inveslmenls		401,387	~414641

CAPITAL PROJECT INVESTMENTS	CAPITAL PROJECT INVESTMENTS	CAPITAL PROJECT INVESTMENTS	CAPITAL PROJECT INVESTMENTS
Group and Charhy									2022	2021 restated
									Total	Total
									Sass	5'OMS
valu!Soil sislat offeei									32,244	37,M5
Band mterest 42267%									(su)	(801)
Aiiioulils widiiliswii									(10,005(	(4,702)
Ranvsslsd htxiitut										us
Inveslmsnl management	fees								143)	(63)
(Decrease) in value of Invesenenls									(dsai	(023)
Valuation al end ofyear
Investments all held bl lwed		term	deposits, bands and cash These ornds ars ring-fsnoed		and invested	pending	aipendriure	on Ihe development	ol Rhodes House
ANJWTIC SHORT TERM INVESTMENTS
Group and Chsrity									M22	2021 resisted
									Total	Total
									6OOss	2'tloos
Vemsdon st start otyear
Amounts wammwn									(4,444)	(2,097)
Ranvested income									1,048	1,001
Investment management	fees								We)	t311)
(DeuaaseVincrease in value of invsstmsnts									(0,343)	11,700
Valuadon st end ofyear									T9,730	89085
Inveshnents comprme:									2022 6'sass	2021 2'000s
IJ!risd blv8sbmiits									42,12i	57,705
properly, eaema6ve and	other investments								S,OSS	4,193
Feed term deposits, tends		and cash								27,707
Total group Investments										090eo
These tunds ais nnpfencad		and	finance the operebonal	acavitns ofthe Atlansc Irntltule.	These grant	furmv are tupectsd		to be spent down over a 12-15year penod and are thus
described M elicit-tsfrii.
GAINS ON INVESIMENTS
									2022	2021 restated
									Toter 0'Ssal	Total $0¹
(Loss)/gain on pooled endowment			investments						(4J4sl	07,005
(Loss) on capital pm(act investments (Lose)/gan an Atlantic short term inveslmenls (Loss) on other short term invesbnents									(00$) (0,243) ~fdf	(623) 11,7M
									117

ANALYSIS OF 18OVEMENIS ON FUNDS	ANALYSIS OF 18OVEMENIS ON FUNDS	ANALYSIS OF 18OVEMENIS ON FUNDS
					investment a
			At I July	Nsw lilonsy	Cperahng	Rssciircss		Gainer	At 30June
Endowment Funds - Permanent Scholarship Endowment Fund Total Psnrla rlehl E he coma rit			2021 2'Ixox 54379 54370	EDMS	Income f.'Doos siipsndsd Mlcos Tmnsrers CDDDs 124~~ZMS 124 ~202 ~ZM3			Sceesxi 2000s ~554 ~554	2022 6ease 61114 51 '114
Endowment Funds ~Expendable
Piibgc Pirrposes Firrul Pumc Purposes Capital Fund			150,505		317	(515&	(6,695)	(I,UN)	142,NH
Second Century Founder Capital Fund (MMF) Nsw Zealand Pwtnemhip Capital Fund oppsnhehner south Ahlcs capeal Fund			39,227 11,175 8,807		00 26 19	(146) (42) G2)	(1,099) (541) (408)	(UD) (114) (112)	3S,STZ \8,504 8,17$
Agsnlic (Rhodes schol prog) Fund RSASecond Century Founder MMF	Capital Fund		25,371 15,203		50 35	(94) (57&	i1,228) G,te8)	(2M& (155&	IO,INS
Bares Parlnmship Capital Fund 2nd Century Founder Compound Fund Various Partnership Funds Subtotal			6,601 2,205 27,820 286,813	3,000 2253 5,258	15 53 613	(25) ~9D (1,001)	(32D) ~1125 (13,400)	(67) (109) ~828 (3,251)	8,206 e,oM ~M 278,834
Horixon Fund
Rhodes Scholershps for UAE			13,109		30	(49)	(639)	(I34)	12,360
Malaysia Camtal Fund Said SJLP Capital Fund			6,117 6607		14 15	&23) (25)	(2M) (01I)	(62) (67)	$,74$ $,720
Chins Capital Fimtl Weal Ames Cepilel Fund Alsgil Saudi Arabh Capital Fund vsrioue FertnwsnM tunas			15295 7,081 9,M8 7375	19 192 91 I 429	33 13 13 16	(M) (21) (2H ~26	(709) (274) (272) ~332	(153) (62) &81) ~70	14,438 7,78$ 8,81$ ~st
Sublclsl Total Endowment Funds.Char Ry			65,512 4M703	1,731 6990	134 871	&220) ~1. 42	(3,3331 ~19365	(609) ~4414	es,me ~30084
					Invselmsnt &
			Al I July	New Money	Operagng	Rsscirmss		Gener	At 38June
			2021		Income	sxpwidsd	Transtsrs	Sosees)	Ny!2
			2DMS		200Ds	f.'Dcgs	f.'DMS	2'0009	Aloes
Rlwdes Scholsmhlps In Austraga Australia Capital Fund Queenslnid Cepssl Fund	pTY	Md	11,820 3359 15,179		27 8 35	(44& ~I2 (56&	(572) ~ISI (733)	(I20) ~36 (I56)	11,110 ~tet 14,271
Rhodes Scholamhlps in Canada Canadian Endowment Capital Fund Canadian Israel Fund Canadian Second Century Founder Gene reux C5LP Ca peel Fund	Fund		542 2,420 440 NO 3,57D	12 108 120	I 6 I tt 0	&2) &a& &2) ~t (I'6	G7) (12D) (21) ~0 (176)	(0) (28) (4) (40&	$21 2,17$ 413 15$ 3JIM
Total Expendable Endowmem			371073	7113	790	I 29D	17042	4056	3 MO
Total Endowment Funds.Group			42 4$2	7113	914	3	27	4610	487104
Rsswlclsd Furids
Scholarship Fund Schdership Eildowmerit Income Fund						12,833)	2633
Pubgc Purposes Furrd
Atlanto (Rhodes Schol Preg) Fund Aeardc Bueding Fund Vwious Partnership Income Funds Subtotal			10,600 384 10,984		546 549	(I 228) ~997 (11,207)	1,228 9,308 10,537		18,$88 \ 818 11,618
Horixon Fund Aesrdc Horixan gnsltute) Fund veilous pannemhip Income Funds Subtotal			101,922 2731 104,653	691 691	I074 7102 8,177	(4,732) ~10076 (14.MBI	3.332	(6,378) (6378)	91JIOT ~370 06888
Total Resbieled Funds - chsmy			115637			8648	16501	~6378	~187 86
Rhodes Scholsmhlps In Auslrasa Auslrsoa Income Fund Queensland Income Fund	pTY	UM	108 ~0	73	0	(590) ~IOI	572 161		153 0
					0	&75e)	733
Rhodes Scholarships in New Zeahnd		Ltd
New Zealand Funds				2	I	D			ee
Rhodes Smtolslshlps Is Cahada Canadian Income Fund (Anriuel Fund)				49	0	&70)	27
Canadian Israel Fund						(120)	120
Csnadlsri Second Century Founder Genereux CSLP Income Fund	Fund					(21)'t	21 8
Total Restricted Funds - Group			63 N eey	I 574	0 ~723	(229) ~29 8	176 17410	~378	ss ~tay I