## ## ## ||`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)`
|