2023-06-30-accounts

	Page
Trustees’Report	2-22
Legalandadministrativeinformation	23
ReportoftheIndependentAuditors	24-26
Consolidated StatementofFinancialActivities	27
BalanceSheets	28
ConsolidatedStatementofCashFlows	29
AccountingPolicies	30-35
NotestotheFinancialStatements	36-52

DrElizabethKiss:	WardenandCEO
PeterAnderson:	ChiefFinancialOfficerandDeputyWardenforPartnershipsandOperations
LouiseDearnley:	DeputyWardenforSelectionandScholarAffairs
MaryEaton:	DirectorofScholarAffairsandRegistrar
RodolfoLaraTorres:	DirectorofGlobalEngagementandProgrammes
BabetteLittlemore:	DirectorofCommunications
YvonneO’Brien:	ExecutiveDirectorofTheAtlanticInstitute
DrMeganKenna:	ExecutiveDirectoroftheSchmidtScienceFellows
DrDoyinAtewologun:	DeanoftheRhodesScholarship(toDecember2022)
BenRussell:	DirectorofCommunications(MaternitycovertoSeptember2022)

10 November 2023

20 November 2023

		Unrestricted	Restricted	Endowed	2023	2022
		Funds	Funds	Funds	Total	Total
	Notes	£'000s	£'000s	£'000s	£'000s	£'000s
INCOMEANDENDOWMENTSFROM:
Donationsandlegacies		616	547	15,322	16,485	9,941
Charitableactivities		4,237	10,631	-	14,868	10,157
Othertradingactivities		481	-	-	481	29
Investments
Investmentincome		378	975	1,020	2,373	2,631
Totalreturnallocatedtoincome		7,031	13,872	(20,903)	-	-
Other(foreignexchangegain)		-	-	-	-	784
Totalincome		12,743	26,025	(4,561)	34,207	23,542
EXPENDITUREON:
Charitableactivities:
Promotionandadvancementofeducation		7,494	36,848	-	44,342	34,125
Raisingfunds:
Fundraising		908	1,802	-	2,710	1,783
Tradingexpenditure		674	97	-	771	68
Financecosts		200	-	-	200	-
Investmentmanagementcosts		19	307	1,434	1,760	1,891
		1,801	2,206	1,434	5,441	3,742
TotalExpenditure		9,295	39,054	1,434	49,783	37,867
NetIncome/(Expenditure)beforegains		3,448	(13,029)	(5,995)	(15,576)	(14,325)
Net(losses)/gainsoninvestments	15	(104)	3,570	3,176	6,642	(11,735)
NetIncome		3,344	(9,459)	(2,819)	(8,934)	(26,060)
Transfersbetweenfunds	22	5,069	(4,618)	(451)	-	-
Netmovementinfundsfortheyear		8,413	(14,077)	(3,270)	(8,934)	(26,060)
Fundbalancesbroughtforward	22	5,793	107,561	407,104	520,458	546,518
Fundscarriedforwardat30June		14,206	93,484	403,834	511,524	520,458

10 November 2023

		2023 £'000s	2022 £'000s
Cashflowsfromoperatingactivities Netmovementinfunds		(8,934)	(26,060)
Adjustmentsfor: Depreciation/amortisation (Gains)/Lossesoninvestments Investmentmanagementcosts Investmentincome Receiptofendowment Decreaseindebtors		1,291 (6,616) 1,760 (2,219) (14,253) 2,787	1,161 11,734 1,890 (2,631) (12,361) 151
(Increase)instocks (Decrease)/Increaseincreditors Increaseinprovisions Netcash(usedin)operatingactivities		(75) (463) 543 (26,180)	- 4,672 1,632 (19,812)
Cashflowsfrominvestingactivities Cashwithdrawn Purchaseoffixedassets(tangibleandintangible) Newmoneyinvested Netcashprovidedby/(usedin)investingactivities		49,844 (14,790) (14,253) 20,801	36,413 (16,845) (12,297) 7,271
Cashflowsfromfinancingactivities Financecosts Receiptofendowment Netcashprovidedbyfinancingactivities		200 14,253 14,453	- 12,361 12,361
Changeincashandcashequivalentsinthereportingperiod		9,074	(180)
Cashandcashequivalentsatthebeginningofthereportingperiod		13,118	13,298
Cashand cashequivalentsattheendofthereportingperiod	33	22,192	13,118

1	DONATIONSANDLEGACIES					2023 £'000s	2022 £'000s	2022 £'000s
	Unrestrictedfunds Restrictedfunds Endowedfunds					616 547 15,322 16,485	1,254 1,574 7,113 9,941
	£1,163k(2022:£2,215k)ofunrestrictedandrestrictedfundswereraisedbytheScholarsFund.
	SeeNote22fordetailedbreakdownofdonationsreceivedbyfund.
2	INCOMEFROMCHARITABLEACTIVITIES					2023 £'000s	2022 £'000s
	Scholarshipfunding AtlanticInstituteGrantFunding RISEGrantFunding SchmidtScienceFellowsGrantFunding OtherGrantFunding Contributionstoco-fundedCollegescholarshipcosts					1,188 106 2,893 9,555 313 813 14,868	1,205 (0) 1,478 6,747 0 726 10,156
	TheTrusthasenteredintoa numberofco-fundingagreementswiththeUniversityandwithseveralColleges,wherebyfees		and	stipendcosts	areshared.Grantfundingisreceivedto
	supportpartnershipprogrammes,namelyTheAtlanticInstitute,SchmidtScienceFellowsandtheRISEProgramme.
3	INCOMEFROMOTHERTRADINGACTIVITIES					2023	2022
						£°000s	£'000s
	Subsidiarycompanytradingincome:RhodesHouseLtd					458	14
	Othertradingincome					23	15
						481	29
4	INVESTMENTINCOME					2023	2022
						£'000s	£'000s
	Unrestrictedfunds
	Incomefromfixedintereststocks					229	636
	Bankinterest					149	7
						378	643
	Restrictedfunds
	Interestanddividendincomeoninvestmentportfolios Bankinterest					970 5	1,074	-
						975	1,074
	Endowedfunds
	Interestanddividendincomeoninvestmentportfolios					1,020	914
						1,020	914
	TotalInvestmentincome					2,373	2,631
5	ANALYSISOFEXPENDITUREONCHARITABLEACTIVITIES
		Direct		Direct
		StaffCosts		Non-staffCosts		SupportCosts	2023
	2023	£'000s		£'000s		£'000s	£'000s
	Scholarshipprogramme
	GrantstoIndividuals		-	14,128		-	14,128
	IndirectScholarsupport	1,656		2,335		5,643	9,634
		1,656		16,463		5,643	23,762
	Otherprogrammes:
	AtlanticInstitute- GrantstoIndividuals		-		377	.	377
	AtlanticInstitute- OtherProgrammeCosts	1,781		§,195		430	7,406
		1,781		5,572		430	7,783
	SchmidtScienceFellows- GrantstoIndividuals		-	4,438		-	4,438
	SchmidtScienceFellows- OtherProgrammeCosts	1,565		3,399		153	5,117
		1,565		7,837		153	9,555
	RISE- GrantstoIndividuals		-	1,440		-	1,440
	RISE- OtherProgrammeCosts		531		§85	226	1,342
			531	2,025		226	2,782
	OtherprogrammesincludingSchwarzmanLeadershipProgramme		191		269	-	460
	Totalexpenditureoncharitableactivities	5,724		32,166		6,452	44,342

	Direct		Direct
	StaffCosts		Non-staffCosts	SupportCosts		2022
2022	£'000s		£'000s	£'000s		£'000s
Scholarshipprogramme
Grantstoindividuals		-	13,756		.	13,756
IndirectScholarsupport	1,506		1,484	4,654		7,644
	1,506		15,240	4,654		21,400
Otherprogrammes:
AtlanticInstitute- GrantstoIndividuals		-	285		-	285
AtlanticInstitute- OtherProgrammeCosts	1,797		1,944	350		4,091
	1,797		2,229	350		4,376
SchmidtScienceFellows- GrantstoIndividuals		-	2,754		-	2,754
SchmidtScienceFellows- OtherProgrammeCosts	1211		2,632	150		3,993
	4,211		5,386	150		6,747
RISE- OtherProgrammeCosts	511		758	164		1,433
	511		758	164		1,433
OtherprogrammesincludingSchwarzmanLeadershipProgramme		-	168		-	168
Totalexpenditureoncharitableactivities	§,025		23,781	5,318		34,124
Grantstoindividualsincludespaymentsmadetoanacademicinstitution onbehalfofanindividual
GRANTCOMMITMENTS
FutureScholarcosts
TheTrustrecognisesthecommitmentmadetofundScholarsthathavebeenelectedintheyear,butwhohave	notyettakenup	theirscholarship.
GrantstoindividualsmadeundertheScholarshipprogrammeincludesthechargerelatingtotheincreaseintheprovisiontoreflectanestimatedtwo				yearsoffeesandstipendsforthe
incomingcohort,andoneyearoffeesandstipendsforsecondandthirdyears.ThisprovisionisdisclosedinNote21.
ANALYSISOFEXPENDITUREONRAISINGFUNDS
	Direct		Direct
	StaffCosts		Non-staffCosts	SupportCosts		2023
2023	£'000s		£'000s	£'000s		£000s
Expenditureonraisingfunds
Fundraising	1,409		1,301		-	2,710
Tradingexpenditure		-	741	30		771
FinanceCosts		-	-	200		200
Investmentmanagementcosts		-	-	1,760		4,760
Tota!expenditureonraisingfunds	1,409		2,042	1,990		5,441
	Direct		Direct
	StaffCosts		Non-staffCosts	SupportCosts		2022
2022	£'000s		£'000s	£'000s		£'000s
Expenditureonraisingfunds
Fundraising Tradingexpenditure	1,113	.	670 61	- 7		1,783 68
investmentmanagementcosts		-	-	1,890		1,890
Totalexpenditureonraisingfunds	1,113		731	1,897		3,741
ANALYSISOFSUPPORTCOSTS
						2023
2023			Charitable	Raising		Total
			Activities	Funds
			£'000s	£'000s		£'000s
Administration			2,688	17		2,705
Finance			90		-	80
Humanresources			314		-	314
ITandcommunications			1,633		-	1,633
Investmentmanagement			-	4,760		1,760
Legal& professional			266	4		270
Gavernancecosts			87	8		95
Depreciation			4,191		-	1,191
Interestcostonpensionprovision			61		-	61
BondInterest			-	200		200
Exchangerateloss			149		-	149
Pensiondeficitliabilitymovement			(28) 6,451	1,989	2	(28) 8,440

					2022
	2022		Charitable	Raising	Total
			Activities	Funds
			£'000s	£'000s	£'000s
	Administration		2,031	Q	2,031
	Finance		34	-	34
	Humanresources		271	-	271
	ITandcommunications		1,370	-	1,370
	Investmentmanagement		-	1,890	1,890
	Legal& professional		222	-	222
	Governancecasts		50	7	57
	Depreciation		1,100	-	1,100
	Interestcostonpensionprovision		55	-	55
	Pensiondeficitliabilitymovement		185	-	185
			5,318	1,897	7,215
	SharedServices,includingHumanResources,Financeand	ITcostsareattributedaccordingtotheproportionofworkload.
	Depreciationcostsareattributedaccordingtotheusemade	oftheunderlyingassets.
	Interestandotherfinancechargesareattributedaccordingtothepurposeoftherelatedfinancing.
				2023	2022
				£'000s	£'000s
	Governancecostscomprise:
	Auditors’remuneration- auditservices			86	50
	Auditors’remuneration- otherservices			2	2
	Auditors'remuneration- taxadvisoryservices			7	5
				95	57
9	STAFFCOSTS			2023	2022
	Theaggregatestaffcostsfortheyearwereasfollows.			£'000s	£'000s
	Salariesandwages			8,112	6,792
	Socialsecuritycosts			944	776
	Pensioncosts:
	Definedbenefitschemes			970	985
	Definedcontributionschemes			189	63
	Otherbenefits			168	105
	Pensiondeficitliabilitymovement			(28)	185
	Tota! StaffCosts			10,355	8,906
	LessStaffCostsdisclosedinNote5 asSupportCostsforAtlanticInstitute,RISEandSchmidtScienceFellows			(809)	(664)
	TotalStaffCostsforTheTrustexcludingPartnershipStaffCosts			9,546	8,242
	Thetotalpensionprovisionheldat30thJune2023is£2,224k(2022:£2,191k)asperNote21.SeeNote26forfulldetails.
	Theaveragenumberofemployeesona grossheadcountbasiswasasfollows:			2023	2022
	Fulltime			110	91
	Parttime			20	17
	Total			130	108

Thenumberofemployeesduringtheyearwhosegrosspayandbenefits(excludingemployerNIandpensioncontributions)fellwithinthefollowingbandswas:
	2023	2022
£60,000-£70,000	7	4
£70,000-£80,000	4	4
£80,000-£90,000	9	4
£90,000-£100,000	4	7
£100,000-£110,000	2	3
£110,000-£120,000	1	3
£120,000-£130,000	5	2
£130,000-£140,000	3	3
£140,000-£150,000	:	4
£150,000-£160,000	2	.
£160,000-£170,000	1	=
£180,000-£190,000	.	1
£190,000-£200,000	1	2
£200,000-£210,000	4	-
£210,000-£220,000	1	1
£220,000-£230,000	1	-
£230,000-£240,000	-	1
£260,000-£270,000
£310,000-£320,000	-	1
£320,000-£330,000	41	-

				2023	2022	2023	2022
				Group	Group	Charity	Charity
				£'000s	£'000s	£'000s	£'000s
	Cost
	Atstartofyear			452	447	452	447
	Additions			95	§	39	5
	Atendofyear			547	452	491	452
	Amortisation
	Atstartofyear			343	282	343	282
	Amortisationchargefortheyear			47	61	47	61
	Atendofyear			390	343	390	343
	Netbookvaluecarriedforward			157	109	101	109
	Netbookvaluebroughtforward			109	165	109	165
1	TANGIBLEFIXEDASSETS
	GroupandCharity	Freehold	Assets	Plantand	ITSystems	Fixtures,
		landand	under	machinery		fittingsand	Total
		buildings	construction			equipment
		£'000s	£'000s	£'000s	£'000s	£'000s	£'000s
	Cost
	Atstartofyear	21,807	23,944	63	4,263	691	50,768
	Additions	4838	13,489	0	147	573	14,696
	Reclassifications	34,521	(37,433)	686	1,178	1,047	(0)
	Atendofyear	56,816	0	749	5,588	2,311	65,464
	DepreciationandImpairment
	Atstartofyear	1,199	-	19	1,772	668	3,658
	Depreciationchargefortheyear	222	-	3	1,010	9	1,244
	Atendofyear	1,421	:	22	2,782	877	4,901
	Netbookvalue2023	55,395	0	727	2,806	1,634	60,563
	Netbookvalue2022	20,608	23,944	44	2,491	23	47,110

Allinvestmentsareheldatfairvalue.	2023	2022
	£'000s	£°000s
Groupinvestments
Valuationatstartofyear	401,387	414,641
Newmoneyinvested	14,253	12,361
Amountswithdrawn	(21,354)	(20,273)
Reinvestedincome	1,052	942
Investmentmanagementfees	(1,479)	(1,538)
increase/(decrease)invalueofinvestments	3,286	(4,746)
Groupinvestmentsatendofyear	397,143	401,387
Investmentheldonbehalfofsubsidiaries	(16,994)	(17,740)
Charityinvestmentsatendofyear	380,149	383,647
Groupinvestmentscomprise:	2023	2022
	£'000s	£'000s
Privateequityinvestments	3,053	4,444
Listedinvestments	28,613	30,758
Globalmulti-assetfunds(includingQUEF)	315,807	316,031
Property,alternativeandotherinvestments	2,433	4,978
Fixedtermdeposits,bondsandcash	47,237	45,176
Totalgroupinvestments	397,143	401,387

GroupandCharity	2023	2022
	Total	Total
	£'000s	£'000s
Valuationatstartofyear Bondinterest@ 2.67%	20,339 (801	32,244 (801)
Amountswithdrawn	(15,068)	(10,895)
Reinvestedincome	229	429
Investmentmanagementfees (Decrease)invalueofinvestments	{19} (133)	(43) (595)
Valuationatendofyear	4,547	20,339

GroupandCharity	2023	2022
	Total	Total
	£'000s	£'000s
Valuationatstartofyear	79,735	89,685
Amountswithdrawn	(12,820)	(4,444)
Reinvestedincome	937	1,046
Investmentmanagementfees	(262)	(309)
Increase/(decrease)invalueofinvestments	3,462	(6,243)
Valuationatendofyear	71,054	79,735
Investmentscomprise:	2023	2022
	£°000s	£'000s
Listedinvestments	40,566	43,121
Property,alternativeandotherinvestments	3,985	8,039
Fixedtermdeposits,bondsandcash	26,503	28,575
Totalgroupinvestments	71,054	79,735

	Linkedcharity	Parentcharity	Linkedcharity	Linkedcharity	Linkedcharity	PPFSubsidiary	PPFSubsidiary
	CecllRhodes	RhodesTrust			RhodesTrust
	Scholarship Fund	Public Purposes	RhodesTrust . HorizonFund		New . Scholarship	Rhodes Ltd	House
2023		Fund			Fund
	£'000s	£'000s		£'000s	£000s		£'000s
Income	135	12,999		13,947	11,596		919
Expenditure	(2,943)	(18,671)		(20,763)	(4,940)	(1,200)
Transfers	.	.		(65,171)	59,518		-
Netgainsoninvestments	447	1,838		3,571	627		:
Resultfortheyear	(2,364)	(3,834)		(68,415)	66,801		(281)
Totalassets	48,753	307,287		108,086	69,685		1,000
Totalliabilities	-	(16,905)		(19,386)	(2,884)	(1,281)
Netfundsattheendofyear	48,753	290,382		88,700	66,801		(281)
	RTSubsidiary	RTSubsidiary	RTSubsidiary		RTSubsidiary	RTSubsidiary
	Rhodes	Rhodes	Rhodes		Rhodes
	Scholarships	Scholarships	Scholarships		Scholarshipsfor	Rhodes	Trust
	inAustralla	InNew	in	Ganana	SouthernAfrica	(US)LLC
	PTYLtd	ZealandLtd			SecretariatNPC
	£'000s	£'000s		£'000s	£'000s		£'000s
Income	86	3		169	2		-
Expenditure	(915)	(4)		(275)	(136)		-
Netgainsoninvestments	127	-		32	-		-
Resultfortheyear	(702)	(1)		(74)	(133)		-
Totalassets	28,157	128		7,010	78		-
Totalliabilities	(14,435)	(65)		(3,557)	(149)		-
Netfundsattheendofyear	13,722	64		3,453	(71)		-
	Linkedcharity	Parentcharity	Linkedcharity		Linkedcharity	|PPFSubsidiary
	:				RhodesTrust
	CecilRhode:s Scholarship Fund	Rhodesq rust Public PurposesFund	RhodesTrust 5 HorizonFund		New . Scholarship	Rhodes Ltd	House
2022					Fund
	£'000s	£'000s		£'000s	£'000s		£'000s
Income	124	10,198		12,830	-		37
Expenditure	(2,835)	(16,830)		(17,051)	-		(94)
DonationtoTrustundergiftaid	-	3		-	-		(3)
Netgainsoninvestments	(554)	(3,996)		(6,988)	-		-
Resultfortheyear	(3,265)	(10,625)		(11,209)	-		-
Totalassets	51,114	346,350		179,089	-		92
Totalliabilities	-	(52,199)		(6,289)	-		(92)
Netfundsattheendofyear	51,114	294,150		172,799	-		ie}

	RTSubsidiary	RTSubsidiary	RTSubsidiary	RTSubsidiary	RTSubsidiary	RTSubsidiary
	Rhodes	Rhodes		Rhodes	Rhodes
	Scholarshipsin	Scholarships	in	Scholarshipsin	Scholarshipsfor	RhodesTrust
	AustraliaPTY	NewZealand		Cana“	SouthemAfrica	(US)LLG
	Ltd	Ltd			SecretariatNPC
	£'000s	£'000s		£'000s	£'000s	£'000s
Income Expenditure	111 (815)		2 0	177 (242)	1 (108)	. -
Netgainsoninvestments	(156)		-	(40)	.	.
Resultfortheyear	(860)		2	(105)	(107)	.
Totalassets	14,424	65		3,527	62	-
Netfundsattheendofyear	14,424	65		3,527	62	-

	PermanentEndowment	PermanentEndowment		Expendable	Total
		Unapplied		Endowment	Endowments
	TrustforInvestment	Total
	ScholarshipFund	Returm	Total
2023	£'000s	£'000s	£'000s	£'000s	£'000s
Atthebeginningoftheyear:
Giftcomponentofthepermanentendowment	30,429	-	30,429	-	30,429
Unappliedtotalreturn	-	20,685	20,685	-	20,685
Expendableendowment	-	-	-	355,988	355,988
TotalEndowments	30,429	20,685	51,114	355,988	407,104
MovementsInthereportingperiod:
Giftofendowmentfunds	-	-	-	15,322	15,322
Investmentretum:totalinvestmentincome	-	135	135	883	1,017
Investmentreturn:realisedandunrealisedgainsandlosses	-	447	447	2,730	3,178
Less:Investmentmanagementcosts	-	(187)	(187)	(1,247)	(1,434)
Total	-	396	396	17,688	18,084
Unappliedtotalreturnallocatedtoincomeinthereportingperiod	-	(2,756)	(2,756)	-	(2,756)
Expendabletotalretumincometransferred	-	-	-	(18,146)	(18,146)
	-	(2,756)	(2,756)	(18,146)	(20,903)
Transfersfromexpendableendowments	-	-	-	(451)	(451)
	-	(2,756)	(2,756)	(18,597)	(21,354)
Netmovementsinreportingperiod	-	(2,361)	(2,361)	(909)	(3,270)
Atendofthereportingperiod:
Giftcomponentofthepermanentendowment	30,429	-	30,429	-	30,429
Unappliedtotalreturn	-	18,325	18,325	-	18,325
Expendableendowment	-	-	-	355,079	356,079
TotalEndowments	30,429	18,325	48,753	355,079	403,832
	PermanentEndowment			Expendable	Total
		Unapplied		Endowment	Endowments
	TrustforInvestment	Total
	ScholarshipFund	Retum	Total
2022	£°000s	£'000s	£'000s	£'000s	£'000s
Atthebeginningoftheyear:
Giftcomponentofthepermanentendowment	30,429	-	30,429	-	30,429
Unappiiedtotalretum	-	23,950	23,950	-	23,950
Expendableendowment	-	:	-	371,073	371,073
TotalEndowments	30,429	23,950	54,379	371,073	425,452
Movementsinthereportingperiod:
Giftofendowmentfunds	-	-	-	7,113	7,113
Investmentretum:totalinvestmentincome	-	124	124	790	914
Investmentretum:realisedandunrealisedgainsandlosses	-	(554)	(554)	(4,056)	(4,610)
Less:Investmentmanagementcosts	:	(202)	(202)	(1,290)	(1,493)
Total	-	(632)	(632)	2,557	1,925
Unappliedtotalreturnallocatedtoincomeinthereportingperiod	-	(2,633)	(2,633)	-	(2,633)
Expendabletotalreturnincometransferred	-	-	-	(16,698)	(16,698)
	-	(2,633)	(2,633)	(16,698)	(19,331)
Transferstoexpendableendowments	-	-	-	(944)	(944)
	-	(2,633)	(2,633)	(17,642)	(20,274)
Netmovementsinreportingperiod	-	(3,265)	(3,265)	(15,085)	(18,349)
Atendofthereportingperiod:
Giftcomponentofthepermanentendowment	30,429	-	30,429	-	30,429
Unappliedtotalreturn	-	20,685	20,685	-	20,685
Expendableendowment	-	-	-	355,988	355,988
TotalEndowments	30,429	20,685	51,114	355,988	407,102

18	DEBTORS
		2023	2022	2023	2022
		Group	Group	Charity	Charity
		£°000s	£'000s	£'000s	£'000s
	Amountsfallingduewithinoneyear:
	Tradedebtors	400	1,541	322	1,541
	Prepaidfees,stipendsandamountsowedbyScholars	501	453	496	447
	AmountsheldbyNationalSecretaries	73	92	73	145
	Amountsowingbygroupundertakings:UK	-	-	735	436
	Amountsowingbygroupundertakings:Overseas	.	-	586	38
	AccruedIncome	5,065	9,805	5,065	9,805
	Prepayments	1,361	2,028	1,342	2,012
	Otherdebtors	2,013	566	1,397	200
	Amountsfallingdueinmorethanoneyear:
	Accruedincome	5,040	2,754	5,040	2,754
		14,453	17,239	15,056	17,378
	Accruedincomeforthegroupfallingdueinmorethanyearrepresentspledgeddonations,atpresentvalue,ofwhich£nilfallsdueinmorethanfiveyears(2022:£213k).
19	CREDITORS:fallingduewithinoneyear	2023	2022	2023	2022
		Group	Group	Charity	Charity
		£'000s	£'000s	£'000s	£'000s
	Tradecreditors	1,671	2,412	1,432	2,362
	Amountsowedtogroupundertakings:UK	-	-	435	-
	Taxationandsocialsecurity	285	369	285	369
	Accrualsanddeferredincome	7,571	7,246	7,244	7,226
	Othercreditors	70	34	20	21
		9,597	10,061	9,417	9,978
20	CREDITORS:fallingdueaftermorethanoneyear	2023	2022	2023	2022
		Group	Group	Charity	Charity
		£'000s	£'000s	£'000s	£'000s
	LoanNotes	30,000	30,000	30,000	30,000
		30,000	30,000	30,000	30,000

InOctober2018,theRhodesTrustPublicPurposesFundissued£30mofunsecuredloannotesinordertofundthebuildingofa conferenceandconvening	InOctober2018,theRhodesTrustPublicPurposesFundissued£30mofunsecuredloannotesinordertofundthebuildingofa conferenceandconvening	InOctober2018,theRhodesTrustPublicPurposesFundissued£30mofunsecuredloannotesinordertofundthebuildingofa conferenceandconvening	centre,administrationand	centre,administrationand
accommodationfacilitieswithintheRhodesHousesite.Fixedinterestpaymentsarepayableat2.67%p.a.twice	yearly,andthecapitalisdueforrepayment		inOctober2048.Interestof
£801k(2022:£801k)waspayableontheloannotesintheyear,£554k(2022:£967k)hasbeencapitalisedandisincludedwithinfixed		assetadditions,netofincomeearnedoninvested
cashfunds(seeNote11).
PROVISIONSFORLIABILITIESANDCHARGES	2023	2022	2023	2022
	Group	Group	Charity	Charity
ProvisionforfutureScholarcosts	£'000s	£'000s	£'000s	£'000s
Atstartofyear	16,329	14,936	16,329	14,936
ChargedintheStatementofFinancialActivities	510	1,648	510	1,648
Settledintheyear	.	(255)	:	(255)
Atendofyear	16,839	16,329	16,839	16,329
Provisionforpensiondeficitliability	£'000s	£'000s	£'000s	£'000s
Atstartofyear	2,191	1,954	2,191	1,951
ChargedintheStatementofFinancialActivities	324	343	324	343
Settledintheyear	(291)	(103)	(291)	(103)
Atendofyear	2,224	2,191	2,224	2,191
Totalprovisions	19,063	18,520	19,063	18,520

22.	ANALYSISOFMOVEMENTSONFUNDS
					Investment&
		At	1July	NewMoney	Operating	Resources		Gains/	At 30June
			2022		Income	expended	Transfers	(losses)	2023
			£'000s	£'000s	£'000s	£'000s	£'000s	£'000s	£'000s
	EndowmentFunds- Permanent
	ScholarshipEndowmentFund	51,114		-	135	(187)	(2,756)	447	48,753
	TotalPermanentEndowment	51,114		-	135	(187)	(2,756)	447	48,753
	EndowmentFunds- Expendable
	PublicPurposesFund
	PublicPurposesCapitalFund	142,201		-	343	(474)	(7,021)	1,154	136,204
	SecondCenturyFounderCapitalFund(MMF)	36,872		-	97	(135)	(1,991)	327	35,171
	NewZealandPartnershipCapitalFund	10,504			28	(38)	(867)	93	10,019
	OppenheimerSouthAfricaCapitalFund		8,175		22	(30)	(441)	73	7,798
	Atlantic(RhodesScholProg)Fund	23,848		-	63	(87)	(1,288)	212	22,747
	RSASecondCenturyFounderMMFCapitalFund	13,839		-	37	(61)	(1,177)	123	12,770
	BanksPartnershipCapitalFund		6,205	-	16	(23)	(335)	55	5,918
	RhodesHouseNamingCapitalFund		-	4,949	0	(2)	(8)	3	4,942
	2ndCenturyFounderCompoundFund		5,096	-	-	-	-	3	5,099
	VariousPartnershipFunds	28,294		(12)	67	(104)	3,346	(97)	31,494
	Subtotal	275,033		4,937	673	(943)	(9,483)	1,945	272,162
	HorizonFund
	RhodesScholarshipsforUAE	12,398			-	-	(12,398)	-	-
	MalaysiaCapitalFund		5,749		-	-	(5,749)	-	-
	SaidSJLPCapitalFund		5,720		-	-	(5,720)	-	-
	ChinaCapitalFund	14,430			-	-	(14,430)	-	-
	WestAfricaCapitalFund		7,709	-	-	-	(7,709)	-	.
	AlagilSaudiArabiaCapitalFund		8,819	-	-	-	(8,819)	-	.
	VariousPartnershipFunds		8,391	-	-	-	(8,391)	-	:
	Subtotal	63,217		-	-	-	(63,217)	-	-
	NewScholarshipFund
	RhodesScholarshipsforUAE		-	-	33	(45)	11,728	110	11,826
	MalaysiaCapitalFund		-	-	15	(21)	5,439	51	5,484
	SaidSJLPCapitalFund		-	-	15	(21)	5,411	51	5,456
	ChinaCapitalFund		-	13	37	(51)	13,677	124	13,800
	WestAfricaCapitalFund		=	5	21	(36)	40,159	113	10,262
	AlagilSaudiArabiaCapitalFund		-	22	19	(26)	8,437	63	8,515
	VariousPartnershipFunds		-	10,271	24	(39)	211	116	10,582
	Subtotal		=	10,311	163	(239)	55,062	627	65,925
	TotalEndowmentFunds- Charity	389,364		15,248	971	(1,369)	(20,394)	3,019	386,840
					Investment&
		At	1July	NewMoney	Operating	Resources		Gains/	At 30June
			2022		Income	expended	Transfers	(losses)	2023
			£'000s	£'000s	£'000s	£'000s	£'000s	£'000s	£'000s
	RhodesScholarshipsinAustraliaPTYLtd
	AustraliaCapitalFund	11,110		-	29	(41)	(600)	99	10,597
	QueenslandCapitalFund		3,164	:	8	(12)	(171)	28	_3,015
		14,271		-	38	(52)	(771)	127	13,613
	RhodesScholarshipsinNewZealandLtd
	NewZealandFunds
	RhodesScholarshipsinCanada
	CanadianEndowmentCapitalFund		521	12	1	(2)	(28)	5	509
	CanadianIsraelFund		2,376	62	6	(9)	(130)	22	2,327
	CanadianSecondCenturyFounderFund		413	-	1	(2)	(22)	4	394
	GenereuxCSLPCapitalFund		158	-	it]	(1)	(9)	1	151
			3,468	74	9	(13)	(189)	32	3,381
	TotalExpendableEndowment	355,990		15,322	883	(1,247)	(18,597)	2,730	355,081
	TotalEndowmentFunds- Group	407,104		15,322	1,017	(1,434)	(21,354)	3,178	403,834
	RestrictedFunds
	ScholarshipFund
	ScholarshipEndowmentIncomeFund			-	-	(2,756)	2,756	-	:
	PublicPurposesFund
	Atlantic(RhodesSchoiProg)Fund		-	-	-	(1,288)	1,288	-	-
	AtlanticBuildingFund	10,600		-	-	-	(10,600)	-	-
	VariousPartnershipIncomeFunds		1,018	197	640	(12,485)	11,506	-	876
	Subtotal	11,618		197	640	(13,773)	2,194	-	876
	HorizonFund
	AtlanticHorizon(Institute)Fund	91,887		:	1,076	(8,090)	(199)	3,571	88,245
	VariousPartnershipIncomeFunds	_	3,779	25	9,555	(9,630)	(3,274)	-	455
	Subtotal	95,666		25	10,631	(17,720)	(3,473)	3,571	88,700

NewScholarshipFund
VariousPartnershipIncomeFunds	-	193	330		(3,676)	6,816	-	3,663
Subtotal	-	193	330		(3,676)	6,816	-	3,663
TotalRestrictedFunds- Charity	107,285	415	11,601		(37,926)	6,294	3,571	93,239
RhodesScholarshipsinAustraliaPTYLtd
AustraliaIncomeFund	153	45	3		(692)	600	-	109
QueenslandIncomeFund	0	-		-	(171)	171	-	0
	153	45	3		(863)	771	-	109
RhodesScholarshipsInNewZealandLtd
NewZealandFunds	65	1	2		(4)	-	-	64
RhodesScholarshipsInCanada
CanadianIncomeFund(AnnualFund)	59	85	0		(101)	28	-	72
CanadianIsraelFund	-	-		-	(130)	130	.	0
CanadianSecondCenturyFounderFund	-	-		-	(22)	22	-	-
GenereuxCSLPIncomeFund	-	:		:	(9)	9	-	:
	59	85	ff)		(262)	189	-	72
TotalRestrictedFunds- Group	107,561	547	11,606		(39,055)	9,254	3,571	93,484
			Investment	&
	At1 July	NewMoney	Operating		Resources		Gains/	At30June
	2022		Income		expended	Transfers	(losses)	2023
UnrestrictedFunds	£'000s	£’000s	£'000s		£'000s	£'000s	£'000s	£'000s
PublicPurposesFund
PPFIncomeFund	7,561	616	1,202		(5,092)	13,160	(103)	17,345
HorizonFundUnrestrictedFunds	(1,768)	-	3,291		(3,042)	1,519	-	(0)
NewScholarshipFundUnrestrictedFunds	-	-	599		(1,025)	(2,361)	-	(2,787)
TotalUnrestrictedFunds- Charity	5,793	616	5,093		(9,160)	12,319	(103)	14,558
Other UnrestrictedFunds	-	-	2		(136)	(218)	-	(352)
TotalUnrestrictedFunds- Group	5,793	616	5,095		(9,296)	12,100	(103)	14,206
TotalFunds- Group	520,458	16,485	17,719		(49,784)	-	6,646	511,524
TheNewScholarshipFundincludesa deficitofunrestrictedfundsarisingpredominantlyfroma provisionfor				thefuturecostsassociated		withscholarsinthenewconstituencies.When
incurredthesecostswillbechargedtotheappropriaterestrictedincomefund.

Pensionchargefortheyear
ThepensionchargerecordedbytheTrustduringtheaccountingperiod(excluding	pensionfinancecosts)wasequal	tothecontributionspayableafterallowanceforthedeficitrecovery
planasfollows:
Scheme	2023	2022
	£'000s	£'000s
UniversitiesSuperannuationScheme	970	985
UniversityofOxfordStaffPensionScheme	21	24
USStaff401kSafeHarbourPlan	42	26
NationalEmploymentSavingsTrust	3	3
AVIVA	123	9
MovementonthePensionschemedeficitcontributionliabilities	(28)	185
Total	1,131	1,233

31	COMPARATIVESTATEMENTOFFINANCIALACTIVITIES					Unrestricted	Restricted	Endowed	2022
	Consolidated					Funds	Funds	Funds	Total
						£'000s	£'000s	£'000s	£'000s
	INCOMEANDENDOWMENTSFROM:
	Donationsandlegacles					1,254	1,574	7,113	9,941
	Charitableactivities					2,509	7,648	-	10,157
	Othertradingactivities					29	-	.	29
	Investments
	Investmentincome					643	1,074	914	2,631
	Totalreturnallocatedtoincome					6,698	12,632	(19,330)	-
	Other(foreignexchangegain)					784	-	-	784
	TotalIncome					11,917	22,928	(11,303)	23,542
	EXPENDITUREON:
	Charitableactivities:
	Promotionandadvancementofeducation					6,056	28,069	-	34,125
	Raisingfunds:
	Fundraising					573	1,210	-	1,783
	Tradingexpenditure					68	:	.	68
	Investmentmanagementcosts					43	356	1,492	1,891
	TotalExpenditure					6,740	29,635	1,492	37,867
	NetIncome/(Expenditure)beforegains					5,177	(6,707)	(12,795)	(14,325)
	Net(losses)/gainsoninvestments					(746)	(6,379)	(4,610)	(11,735)
	NetIncome/(Expenditure)					4,431	(13,086)	(17,405)	(26,060)
	Transfersbetweenfunds					(3,837)	4,780	(943)	-
	Netmovementinfundsfortheyear					594	(8,306)	(18,348)	(26,060)
	Fundbalancesbroughtforwardaspreviouslystated					5,199	115,867	425,452	546,518
	Fundscarriedforwardat30June2022					5,793	107,561	407,104	520,458
32.	COMPARATIVEANALYSISOFMOVEMENTSONFUNDS
				Investment	&
		At1 July	NewMoney	Operating		Resources		Gains/	At30June
		2021		Income		expended	Transfers	(losses)	2022
		£'000s	£'000s	£'000s		£'000s	£'000s	£'000s	£'000s
	EndowmentFunds- Permanent
	ScholarshipEndowmentFund	54,379	:	124		(202)	(2,633)	(554)	51,114
	TotalPermanentEndowment	$4,379	-	124		(202)	(2,633)	(554)	§1,114
	EndowmentFunds -Expendable
	PublicPurposesFund
	PublicPurposesCapitalFund	150,505	-	317		(615)	(6,696)	(1,409)	142,201
	SecondCenturyFounderCapitalFund(MMF)	39,227	-	90		(146)	(1,899)	(400)	36,872
	NewZealandPartnershipCapitalFund	11,175	-	26		(42)	(41)	(114)	10,504
	OppenheimerSouthAfricaCapitalFund	8,697	5	19		(32)	(403)	(112)	8,176
	Atlantic(RnodesSchol Prog)Fund	25,371	-	58		(94)	(1,228)	(259)	23,848
	RSASecondCenturyFounderMMFCapitalFund	15,203	-	35		(87)	(1,188)	(155)	13,839
	BanksPartnershipCapitalFund	6,604	-	15		(25)	(320)	(67)	6,205
	2ndGenturyFounderCompoundFund	2,205	3,000		-	-	-	(109)	5,096
	VariousPartnershipFunds	27,829	2,253	53		(80)	(1,125)	(626)	28,294
	Subtotal	286,813	5,258	613		(1,001)	(13,400)	(3,251)	275,034
	HorizonFund
	RhodesScholarshipsforUAE	13,189	-	30		(49)	(639)	(134)	12,398
	MalaysiaCapita!Fund	6,117	.	14		(23)	(296)	(62)	5,749
	SaidSJLPCapitalFund	6,607	-	16		(25)	(811)	(67)	§,720
	ChinaCapitalFund	15,295	19	33		(55)	(709)	(153)	14,430
	WestAfricaCapitalFund	7,861	192	413		(21)	(274)	(62)	7,709
	AlagilSaudiArabiaCapitalFund	9,068	91	13		(21)	(272)	(61)	8,819
	VariousPartnershipFunds	7,375	1,429	16		(26)	(332)	(70)	8,391
	Subtotal	65,512	1,731	134		(220)	(3,333)	(609)	63,216
	TotalEndowmentFunds- Charity	406,703	6,990	871		(1,422)	(19,365)	(4,414)	389,364

			Investment&
	At1 July	NewMoney	Operating	Resources		Gains/	At 30June
	2021		Income	expended	Transfers	(losses)	2022
	£'000s	£'000s	£'000s	£'000s	£'000s	£'000s	£'000s
RhodesScholarshipsinAustraliaPTYLtd
AustraliaCapitalFund	11,820	-	27	(44)	(572)	(120)	11,110
QueenslandCapitalFund	3,359	4	8	(12)	(161)	(36)	3,161
	15,179	4	35	(56)	(733)	(156)	14,271
RhodesScholarshipsinNewZealandLtd
NewZealandFunds	-	-	-	-	-	-	:
RhodesScholarshipsinCanada
CanadianEndowmentCapitalFund	542	12	1	(2)	(27)	(6)	521
CanadianIsraelFund	2,420	108	6	(9)	(120)	(28)	2,376
CanadianSecondCenturyFounderFund	440	-	1	(2)	(21)	(4)	413
GenereuxCSLPCapitalFund	168	-	0	(1)	(8)	(2)	158
	3,570	120	8	(14)	(176)	(40)	3,468
TotalExpendableEndowment	371,073	7,113	790	(1,290)	(17,642)	(4,056)	355,990
TotalEndowmentFunds- Group	425,452	7,113	914	(1,493)	(20,274)	(4,610)	407,104
RestrictedFunds
ScholarshipFund
ScholarshipEndowmentIncomeFund	-	-	-	(2,633)	2,633	-	.
PublicPurposesFund
Atlantic(RhodesSchol Prog)Fund	-	-	-	(1,228)	1,228	-	-
AtlanticBuildingFund	10,600	-	-	-	-	-	10,600
VariousPartnershipIncomeFunds	384	760	546	(9,979)	9,308	-	1,018
Subtotal	10,984	760	546	(11,207)	10,537	-	11,618
HorizonFund
AtlanticHorizon(Institute)Fund	101,922	-	1,074	(4,732)	-	(6,378)	91,887
VariousPartnershipIncomeFunds	2,731	691	7,102	(10,076)	3,332	-	3,779
Subtotal	104,653	691	8,177	(14,808)	3,332	(6,378)	95,666
TotalRestrictedFunds- Charity	115,637	1,451	8,722	(28,648)	16,501	(6,378)	107,285
RhodesScholarshipsinAustraliaPTYLtd
AustraliaIncomeFund	106	73	QO	(598)	572	-	153
QueenslandIncomeFund	(0)	-	-	(161)	161	-	t]
	106	73	0	(769)	733	-	153
RhodesScholarshipsinNewZealandLtd
NewZealandFunds	62	2	1	0	-	-	65
RhodesScholarshipsinCanada
CanadianIncomeFund(AnnualFund)	63	49	i?)	(79)	27	-	59
CanadianIsraelFund	0	-	-	(120)	120	-	-
CanadianSecondCenturyFounderFund	-	-	-	(21)	21	-	-
GenereuxCSLPIncomeFund	-	-	-	(8)	8	=	-
	63	49	0	(229)	176	-	59
TotalRestrictedFunds- Group	115,867	1,574	8.723	(29,635)	17,410	(6,378)	107,561
			Investment&
	At1July	NewMoney	Operating	Resources		Gains/	At30June
	2021		Income	expended	Transfers	(losses)	2022
UnrestrictedFunds	£'000s	£'000s	£'000s	£'000s	£'000s	£'000s	£'000s
PublicPurposesFund
PPFIncomeFund	7,041	1,253	1,866	(4,717)	2,862	(745)	7,561
HorizonFundUnrestrictedFunds	(1,842)	-	2,097	(2,023)	-	.	(1,768)
TotalUnrestrictedFunds- CharityandGroup	§,199	1,253	3,964	(6,740)	2,862	(745)	5,793
TotalFunds- Group	546,518	9,941	13,601	(37,868)	(2)	(11,733)	520,458
Asummaryofthepurposesofspecificmaterialfundsisfoundinnote23.

33.	ANALYSISOFCHANGESINNETDEBT
		At1 July	Cashflows	Othernon-cash	At30June
	2023	2022		changes	2023
		£'000s	£'000s	£'000s	£'000s
	Cashinhand	4,086	3,013	-	7,100
	Short-terminvestments,readilyconvertibletocash Loansfallingdueaftermorethanoneyear	9,032 (30,000)	6,061 -	- -	15,093 (30,000)
	Total	(16,881)	9,074	-	(7,807)
		At1 July	Cashflows	Othernon-cash	At30June
	2022	2021		changes	2022
		£'000s	£'000s	£'000s	£'000s
	Cashinhand	4,114	(28)	-	4,086
	Noticedeposits(lessthan3 months)	9,184	(152)	-	9,032
	Loansfallingdueaftermorethanoneyear	(30,000)	-	-	(30,000)
	Total	(16,702)	(180)	-	(16,881)