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





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|||||||Unrestricted|Restricted|Endowed|2022|2021restated|
|---|---|---|---|---|---|---|---|---|---|---|
|||||||Funds|Funds|Funds|Total|Total|
||||||Notes|M000s|Eoofis|5'000s|6'000s|2'000s|
|INCOME AND ENDOWMENTS|||FROM:||||||||
|Donations<br>and legacies||||||1,254|1,574|7,113|8,941|12,731|
|Charitable<br>activitws||||||2,509|7,648||10,157|6,300|
|Other trading activities||||||29|||29||
|Irwestrrrenla|||||||||||
|Investment<br>income|||||4|643|1,074|914|2,6$1|2,613|
|Total return<br>allocated to income|||||17|6,698|12,632|(19,330)|||
|Other (foreign exchange||gain)||||784|||||
|Total Income||||||11,817|22,828|(11,303)|2$.842|21,643|
|EXPENDITURE ON:|||||||||||
|Charitable<br>acthrmesr|||||||||||
|Pmmofion<br>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<br>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<br>on investments<br>Net Income|||||15|(746)|(8,379)|~A<br>(4,610)|(11,7$5)|78,150|
|Transfers between funds|||||22|(3,837)|4,780|(943)|||
|Net movement<br>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|





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||||2022||2021||
|---|---|---|---|---|---|---|
||||Gmup|Charity|Group|Charity|
|||Notes|8'000s|5'000s|E'000s|E000s|
|FIXEDASSETS|||||||
|Intangible<br>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<br>Asantic short term investments||13<br>14|20,339<br>79,735|20,339<br>79,735|32,244<br>80,685|32,244<br>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<br>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<br>funds|||407,104|389,364|425,452|406,704|
|Restricted funds|||107,561|107,285|115,867|115,637|
|Unrestricted<br>funds|||5,793|5,7$3|5,199|5,199|
||||520,458|502,442|||





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





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|12|POOLEO ENOOWMENT<br>INVESTEIENTS|POOLEO ENOOWMENT<br>INVESTEIENTS|||
|---|---|---|---|---|
||Af inveslmenls<br>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<br>withdrawn||(20,272)|(10,136)|
||Ranvasted<br>income||042|916|
||Investmsnt<br>management<br>fees||(1,020)|(1,377)|
||(OsonlsssyliaMse|iii vabie ofIhvssbiieiils|(4,7al)|07,065|
||Group Invsebnenls<br>Invsstmsnt<br>held on <br>Charity Ihwmlilailte|at end ofyear<br> behalf ofsubsicianes<br>al ehd ofVMI|401,307<br>~ty 740|414,641<br> ~ts 670<br>~395965|
||Glntlp Ihwiluuils|cerriprlsei|2022||
||||AIMS||
||Phvsls sguih ilivsstmsiils||4VM4|4,773|
||Listed investmsnts||30,750|17,071|
||Global mulb-nasal<br>funds 5nduding<br>CUEF)<br>property,<br>alternative<br>and omar imrestmenls||31e,o21<br>4,970|331,415<br>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<br>htxiitut||||||||||us|
|Inveslmsnl<br>management|fees||||||||143)|(63)|
|(Decrease) in value of Invesenenls|||||||||(dsai|(023)|
|Valuation al end ofyear|||||||||||
|Investments<br>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<br>wammwn|||||||||(4,444)|(2,097)|
|Ranvested<br>income|||||||||1,048|1,001|
|Investment<br>management|fees||||||||We)|t311)|
|(DeuaaseVincrease<br>in value of invsstmsnts|||||||||(0,343)|11,700|
|Valuadon st end ofyear|||||||||T9,730|89085|
|Inveshnents<br>comprme:|||||||||2022<br>6'sass|2021<br>2'000s|
|IJ!risd blv8sbmiits|||||||||42,12i|57,705|
|properly,<br>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<br>0'Ssal|Total<br>$0¹|
|(Loss)/gain<br>on pooled endowment|||investments||||||(4J4sl|07,005|
|(Loss) on capital pm(act investments<br>(Lose)/gan<br>an Atlantic short term inveslmenls<br>(Loss) on other short term invesbnents|||||||||(00$)<br>(0,243)<br>~fdf|(623)<br>11,7M|
||||||||||117||





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|22|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<br>Funds - Permanent<br>Scholarship<br>Endowment<br>Fund<br>Total Psnrla rlehl<br>E he coma rit|||2021<br>2'Ixox<br>54379<br>54370|EDMS|Income<br>f.'Doos<br>siipsndsd<br>Mlcos<br>Tmnsrers<br>CDDDs<br>124~~ZMS <br>124 ~202 ~ZM3|||Sceesxi<br>2000s<br> ~554<br> ~554|2022<br>6ease<br>61114<br>51 '114|
||Endowment<br>Funds<br>~Expendable||||||||||
||Piibgc Pirrposes<br>Firrul<br>Pumc Purposes Capital Fund|||150,505||317|(515&|(6,695)|(I,UN)|142,NH|
||Second Century Founder Capital Fund (MMF)<br>Nsw Zealand<br>Pwtnemhip<br>Capital Fund<br>oppsnhehner<br>south Ahlcs capeal Fund|||39,227<br>11,175<br>8,807||00<br>26<br>19|(146)<br>(42)<br>G2)|(1,099)<br>(541)<br>(408)|(UD)<br>(114)<br>(112)|3S,STZ<br>\8,504<br>8,17$|
||Agsnlic (Rhodes schol prog) Fund<br>RSASecond Century<br>Founder<br>MMF|Capital Fund||25,371<br>15,203||50<br>35|(94)<br>(57&|i1,228)<br>G,te8)|(2M&<br>(155&|IO,INS|
||Bares Parlnmship<br>Capital Fund<br>2nd Century Founder Compound<br>Fund<br>Various Partnership<br>Funds<br>Subtotal|||6,601<br>2,205<br>27,820<br>286,813|3,000<br>2253<br>5,258|15<br>53 <br>613|(25)<br> ~9D<br>(1,001)|(32D)<br>~1125 <br>(13,400)|(67)<br>(109)<br>~828<br>(3,251)|8,206<br>e,oM<br>~M<br>278,834|
||Horixon Fund||||||||||
||Rhodes Scholershps<br>for UAE|||13,109||30|(49)|(639)|(I34)|12,360|
||Malaysia<br>Camtal Fund<br>Said SJLP Capital Fund|||6,117<br>6607||14<br>15|&23)<br>(25)|(2M)<br>(01I)|(62)<br>(67)|$,74$ $,720|
||Chins Capital Fimtl<br>Weal Ames Cepilel Fund<br>Alsgil Saudi Arabh Capital Fund<br>vsrioue<br>FertnwsnM<br>tunas|||15295<br>7,081<br>9,M8<br>7375|19<br>192<br>91<br>I 429|33<br>13<br>13<br>16|(M)<br>(21)<br>(2H<br>~26|(709)<br>(274)<br>(272)<br>~332|(153)<br>(62)<br>&81)<br>~70|14,438<br>7,78$ 8,81$ ~st|
||Sublclsl<br>Total Endowment<br>Funds.Char Ry|||65,512<br>4M703|1,731<br>6990|134<br>871|&220)<br>~1.<br>42|(3,3331<br> ~19365|(609)<br> ~4414|es,me<br> ~30084|
|||||||Invselmsnt<br>&|||||
|||||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<br>In Austraga<br>Australia<br>Capital Fund<br>Queenslnid<br>Cepssl Fund|pTY|Md|11,820<br>3359<br>15,179||27<br>8 <br>35|(44&<br>~I2 <br>(56&|(572)<br> ~ISI <br>(733)|(I20)<br>~36 <br>(I56)|11,110<br>~tet<br>14,271|
||Rhodes Scholamhlps<br>in Canada<br>Canadian<br>Endowment<br>Capital Fund<br>Canadian<br>Israel Fund<br>Canadian Second Century<br>Founder <br>Gene reux C5LP Ca peel<br>Fund|Fund||542<br>2,420<br>440<br>NO<br>3,57D|12<br>108<br>120|I<br>6<br>I<br>tt <br>0|&2)<br>&a&<br>&2)<br>~t <br>(I'6|G7)<br>(12D)<br>(21)<br>~0<br>(176)|(0)<br>(28)<br>(4)<br>(40&|$21<br>2,17$ 413<br>15$ 3JIM|
||Total Expendable<br>Endowmem|||371073|7113|790|I 29D|17042|4056|3<br>MO|
||Total Endowment<br>Funds.Group|||42<br>4$2|7113|914|3|27|4610|487104|
||Rsswlclsd Furids||||||||||
||Scholarship<br>Fund<br>Schdership<br>Eildowmerit<br>Income Fund||||||12,833)|2633|||
||Pubgc Purposes<br>Furrd||||||||||
||Atlanto (Rhodes Schol Preg) Fund<br>Aeardc Bueding Fund<br>Vwious Partnership<br>Income Funds<br>Subtotal|||10,600<br>384<br>10,984||546 <br>549|(I 228)<br> ~997<br>(11,207)|1,228<br>9,308<br>10,537||18,$88<br>\ 818<br>11,618|
||Horixon Fund<br>Aesrdc Horixan gnsltute)<br>Fund<br>veilous pannemhip<br>Income Funds<br>Subtotal|||101,922<br>2731<br>104,653|691<br>691|I074<br>7102 <br>8,177|(4,732)<br> ~10076<br>(14.MBI|3.332|(6,378)<br>(6378)|91JIOT<br>~370<br>06888|
||Total Resbieled Funds - chsmy|||115637|||8648|16501|~6378|~187 86|
||Rhodes Scholsmhlps<br>In Auslrasa<br>Auslrsoa Income Fund<br>Queensland<br>Income Fund|pTY|UM|108<br>~0|73|0|(590)<br>~IOI|572<br>161||153<br>0|
|||||||0|&75e)|733|||
||Rhodes Scholarships<br>in New Zeahnd||Ltd||||||||
||New Zealand<br>Funds||||2|I|D|||ee|
||Rhodes Smtolslshlps<br>Is Cahada<br>Canadian<br>Income Fund (Anriuel Fund)||||49|0|&70)|27|||
||Canadian<br>Israel Fund||||||(120)|120|||
||Csnadlsri Second Century<br>Founder <br>Genereux CSLP Income Fund|Fund|||||(21)'t|21<br>8|||
||Total Restricted Funds - Group|||63<br>N<br>eey|I 574|0<br> ~723|(229)<br> ~29 8|176<br>17410|~378|ss<br> ~tay<br>I|









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