2024-06-30-accounts - Rhodes Trust - Public Purposes Fund

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

	`Page`
`Trustees’Report`	`2-21`
`Legalandadministrativeinformation`	`22`
`ReportoftheIndependentAuditors`	`23-25`
`ConsolidatedStatementofFinancialActivities`	`26`
`BalanceSheets`	`27`
`ConsolidatedStatementofCashFlows`	`28`
`AccountingPolicies`	`29-34`
`NotestotheFinancialStatements`	`35-50`

`DrElizabethKiss:`	`WardenandCEO`
`PeterAnderson:`	`ChiefFinancialOfficerandDeputyWardenforPartnershipsandOperations`
	`(toJune2024)`
`LouiseDearnley:`	`DeputyWardenforSelectionandScholarAffairs`
`MaryEaton:`	`DirectorofScholarAffairsandRegistrar`
`RodolfoLaraTorres:`	`ChiefEngagementandDevelopmentOfficer`
`BabetteLittlemore:`	`DirectorofCommunications(onmaternityleavefromJuly24)`
`CatherineBeckett:`	`DirectorofCommunications(maternityleavecoverfromJuly24)`
`EvieO'Brien:`	`ExecutiveDirectorofTheAtlanticInstitute(toAugust2024)`
`DrMeganKenna:`	`ExecutiveDirectoroftheSchmidtScienceFellows`

		`Unrestricted`	`Restricted`	`Endowed`	`2024`	`2023`
		`Funds`	`Funds`	`Funds`	`Total`	`Total`
	`Notes`	`£'000s`	`£'000s`	`£'000s`	`£'000s`	`£'000s`
`INCOMEANDENDOWMENTSFROM:`
`Donationsand legacies`	`1`	`1,043`	`4,861`	`18,380`	`21,284`	`16,485`
`Charitableactivities`		`959`	`18,623`	`-`	`19,582`	`14,868`
`Othertradingactivities`	`3`	`1,270`	`-`	`-`	`1,270`	`481`
`Investments`
`Investmentincome`	`4`	`659`	`997`	`1,993`	`3,649`	`2,373`
`Total returnallocatedtoincome`	`17`	`7,389`	`14,980`	`(22,369)`	`-`	`-`
`Other(foreignexchangegain)`		`30`	`-`	`-`	`30`	`:`
`Totalincome`		`11,350`	`36,461`	`(1,996)`	`45,815`	`34,207`
`EXPENDITUREON:`
`Charitableactivities:`
`Promotionandadvancementofeducation`	`5`	`4,635`	`44,461`	`-`	`49,096`	`44,342`
`Raisingfunds:`	`7`
`Fundraising`		`385`	`1,943`	`-`	`2,328`	`2,710`
`Tradingexpenditure`		`1,307`	`75`	`-`	`1,382`	`771`
`Financecosts`		`801`	`-`	`-`	`801`	`200`
`Investmentmanagementcosts`		`2`	`300`	`1,346`	`1,648`	`1,760`
		`2,495`	`2,318`	`1,346`	`6,159`	`5,441`
`TotalExpenditure`		`7,130`	`46,779`	`1,346`	`§5,255`	`49,783`
`NetIncome/(Expenditure)beforegains`		`4,220`	`(10,318)`	`(3,342)`	`(9,440)`	`(15,576)`
`Net(losses)/gainsoninvestments`	`15`	`51`	`9,614`	`33,946`	`43,611`	`6,642`
`NetIncome`		`4,271`	`(704)`	`30,604`	`34,171`	`(8,934)`
`Transfersbetweenfunds`	`22`	`(4,367)`	`4,774`	`(407)`	`-`	`-`
`Netmovementinfundsfortheyear`		`(96)`	`4,070`	`30,197`	`34,171`	`(8,934)`
`Fundbalancesbroughtforward`	`22`	`14,206`	`93,484`	`403,834`	`§11,524`	`520,458`
`Fundscarriedforwardat30June`		`14,110`	`97,554`	`434,031`	`$45,695`	`511,524`

		`2024`		`2023`
		`Group`	`Charity`	`Group`	`Charity`
	`Notes`	`£'000s`	`£'000s`	`£'000s`	`£'000s`
`FIXEDASSETS`
`Intangibleassets`	`10`	`319`	`274`	`157`	`101`
`Tangibleassets`	`11`	`59,871`	`59,839`	`60,563`	`60,563`
`Investments`
`Pooledendowmentinvestments`	`12`	`425,321`	`407,867`	`397,143`	`380,149`
`Capitalprojectinvestments`	`13`	`-`	`-`	`4,547`	`4,547`
`Atlanticshortterminvestments`	`14`	`72,771`	`72,771`	`71,054`	`71,054`
`TotalFixedAssets`		`558,282`	`540,751`	`533,464`	`516,414`
`CURRENTASSETS`
`Debtors`	`18`	`17,552`	`17,122`	`14,453`	`15,056`
`Stocks`		`44`	`-`	`75`	`-`
`Cashatbankandinhand`		`24,477`	`23,341`	`22,192`	`21,647`
`TotalCurrentAssets`		`42,073`	`40,463`	`36,720`	`36,703`
`LIABILITIES`
`Creditors:Amountsfallingduewithinoneyear`	`19`	`(7,531)`	`(7,336)`	`(9,597)`	`(9,417)`
`NETCURRENTASSETS`		`34,542`	`33,127`	`27,123`	`27,286`
`TOTALASSETSLESSCURRENTLIABILITIES`		`592,824`	`573,878`	`560,587`	`543,700`
`CREDITORS:fallingdueaftermorethan oneyear`	`20`	`(30,000)`	`(30,000)`	`(30,000)`	`(30,000)`
`Provisionsforliabilitiesandcharges`	`21`	`(17,129)`	`(17,129)`	`(19,063)`	`(19,063)`
`TOTALNETASSETS`		`545,695`	`526,749`	`511,524`	`494,637`
`FUNDS`	`22`
`Endowmentfunds`		`434,031`	`414,343`	`403,834`	`386,840`
`Restrictedfunds`		`97,554`	`97,331`	`93,484`	`93,239`
`Unrestrictedfunds`		`14,110`	`15,075`	`14,206`	`14,558`
		`545,695`	`526,749`	`511,524`	`494,637`

		`2024` `£'000s`	`2023` `£'000s`
`Cashflowsfromoperatingactivities` `Netmovementinfunds`		`34,171`	`(8,934)`
`Adjustmentsfor:` `Depreciation/amortisation` `(Gains)oninvestments` `Investmentmanagementcosts` `Investmentincome` `Receiptofendowment`		`2,662` `(43,573)` `1,648` `(3,038)` `(15,227)`	`1,291` `(6,616)` `1,760` `(2,219)` `(14,253)`
`(Increase)/Decreaseindebtors` `Decrease/(Increase)instocks` `(Decrease)increditors` `(Decrease)/Increaseinprovisions` `Netcash(usedin)operatingactivities`		`(3,100)` `36` `(2,067)` `(1,934)` `(30,424)`	`2,787` `(75)` `(463)` `543` `(26,180)`
`Cashflowsfrominvestingactivities`
`Proceedsfromthesaleofproperty,plantandequipment.` `Cashwithdrawn` `Purchaseoffixedassets(tangibleandintangible)` `Newmoneyinvested` `Netcashprovidedby/(usedin)investingactivities`		`8` `34,842` `(2,141)` `(15,227)` `17,482`	`-` `49,844` `(14,790)` `(14,253)` `20,801`
`Cashflowsfromfinancingactivities` `Financecosts` `Receiptofendowment` `Netcashprovidedbyfinancingactivities`		`‘` `15,227` `16,227`	`200` `14,253` `14,453`
`Changeincashandcashequivalentsinthereportingperiod`		`2,285`	`9,074`
`Cashandcashequivalentsatthebeginningofthereportingperiod`		`22,192`	`13,118`
`Cashandcashequivalentsattheendofthereportingperiod`	`31`	`24,477`	`22,192`

`Freeholdproperties,includingmajorextensions`	`2%p.a.`
`Buildingimprovements`	`2%`
`PlantandMachinery`	`5%`
`MotorVehicles`	`25%`
`FixturesandFittingsandComputerSystems`	`25%`
`Freeholdlandisnotdepreciated.Thecostofmaintenance`	`ischargedintheSOFAintheperiodinwhich`
`itisincurred.`

`1`	`DONATIONSANDLEGACIES`	`2024`	`2023`
		`£'000s`	`£'000s`
	`Unrestrictedfunds`	`1,043`	`616`
	`Restrictedfunds`	`1,861`	`547`
	`Endowedfunds`	`18,380`	`15,322`
		`21,284`	`16,485`
	`£1,258k(2023;£1,163k)ofunrestrictedandrestrictedfundswereraisedbytheScholarsFund.`
	`SeeNote22fordetailedbreakdownofdonationsreceivedby fund.`
`2`	`INCOMEFROMCHARITABLEACTIVITIES`	`2024`	`2023`
		`£'000s`	`£'000s`
	`Scholarshipfunding`	`1,197`	`1,188`
	`AtlanticInstituteGrantFunding`	`13`	`106`
	`RISEGrantFunding`	`6,097`	`2,893`
	`SchmidtScienceFellowsGrantFunding`	`10,785`	`9,555`
	`OtherGrantFunding`	`509`	`313`
	`Contributionstoco-fundedCollege scholarshipcosts`	`981`	`813`
		`19,582`	`14,868`
	`TheTrusthasenteredintoa numberofco-fundingagreementswiththeUniversity andwithseveralColleges,wherebyfeesand stipend`	`costsareshared,Grantfundingisreceivedto`
	`supportpartnershipprogrammes,namelyTheAtlanticinstitute,SchmidtScienceFellowsandtheRISEProgramme.`
`3`	`INCOMEFROMOTHERTRADINGACTIVITIES`	`2024`	`2023`
	`‘`	`£°000s`	`£'000s`
	`Subsidiarycompanytradingincome:RhodesHouseLtd`	`1,182`	`458`
	`Othertradingincome`	`88`	`23`
		`1,270`	`481`
`4`	`INVESTMENTINCOME`	`2024`	`2023`
		`£'000s`	`£'000s`
	`Unrestrictedfunds`
	`Incomefromfixedintereststocks`	`55`	`229`
	`Bankinterest`	`604`	`149`
		`659`	`378`
	`Restrictedfunds`
	`Interestanddividendincomeoninvestmentportfolios`	`990`	`970`
	`Bankinterest`	`7`	`5`
		`997`	`975`
	`Endowedfunds`
	`Interestanddividendincomeoninvestmentportfolios`	`1,993`	`1,020`
		`1,993`	`1,020`
	`TotalInvestmentincome`	`3,649`	`2,373`

		`Direct`	`Direct`
		`StaffCosts`	`Non-staffCosts`	`SupportCosts`	`2024`
`2024`		`£'000s`	`£'000s`	`£'000s`	`£'000s`
`Scholarshipprogramme`
`GrantstoIndividuals`		`-`	`14,502`	`-`	`14,502`
`IndirectScholarsupport`		`2,170`	`2,099`	`5,888`	`10,157`
		`2,170`	`16,601`	`5,888`	`24,659`
`Otherprogrammes:`
`AtlanticInstitute- Grants`	`toIndividuals`	`-`	`814`	`-`	`814`
`AtlanticInstitute- OtherProgrammeCosts`		`2,023`	`4,321`	`365`	`6,709`
		`2,023`	`5,135`	`365`	`7,623`
`SchmidtScienceFellows`	`-GrantstoIndividuals`	`-`	`5,167`	`-`	`5,167`
`SchmidtScienceFellows`	`-OtherProgrammeCosts`	`1,937`	`3,305`	`300`	`§,542`
		`1,937`	`8,472`	`300`	`10,709`
`RISE- GrantstoIndividuals`		`-`	`4,306`	`-`	`4,306`
`RISE- OtherProgramme`	`Costs`	`724`	`314`	`346`	`1,384`
		`724`	`4,620`	`346`	`5,690`
`OtherprogrammesincludingOxfordNextHorizonsandSchwarzmanLeadershipProgramme`		`1`	`406`	`98`	`515`
`Totalexpenditureoncharitableactivities`		`6,865`	`35,234`	`6,997`	`49,096`

		`Direct`	`Direct`
		`StaffCosts`	`Non-staffCosts`	`SupportCosts`	`2023`
`2023`		`£'000s`	`£'000s`	`£°000s`	`£'000s`
`Scholarshipprogramme`
`GrantstoIndividuals`		`-`	`14,128`	`-`	`14,128`
`IndirectScholarsupport`		`1,656`	`2,335`	`§,643`	`9,634`
		`1,656`	`16,463`	`5,643`	`23,762`
`Otherprogrammes:`
`AtlanticInstitute- GrantstoIndividuals`		`<`	`377`	`-`	`377`
`AtlanticInstitute- OtherProgrammeCosts`		`1,781`	`5,195`	`430`	`7,406`
		`1,781`	`§,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`		`534`	`585`	`226`	`1,342`
		`534`	`2,025`	`226`	`2,782`
`OtherprogrammesincludingSchwarzmanLeadershipProgramme`		`191`	`269`	`-`	`460`
`Totalexpenditureoncharitableactivities`		`§,724`	`32,166`	`6,452`	`44,342`
`Grantstoindividualsincludespaymentsmadetoanacademicinstitutiononbehalfofanindividual`	`.`

`ANALYSISOFEXPENDITUREONRAISINGFUNDS`
	`Direct`	`Direct`
	`StaffCosts`	`Non-staffCosts`	`SupportCosts`		`2024`
`2024`	`£'000s`	`£'000s`	`£'000s`		`£'000s`
`Expenditureonraisingfunds`
`Fundraising`	`1,416`	`912`		`-`	`2,328`
`Tradingexpenditure`	`-`	`1,340`	`42`		`1,382`
`FinanceCosts`	`-`	`-`	`801`		`801`
`investmentmanagementcosts`	`-`	`-`	`4,648`		`1,648`
`Totalexpenditureonraisingfunds`	`1.416`	`2,252`	`2,491`		`6,159`
	`Direct`	`Direct`
	`StaffCosts`	`Non-staffCosts`	`SupportCosts`		`2023`
`2023`	`£'000s`	`£'000s`	`£'000s`		`£'000s`
`Expenditureonraisingfunds`
`Fundraising`	`1,409`	`4,301`		`-`	`2,710`
`Tradingexpenditure`	`-`	`741`	`30`		`7714`
`FinanceCosts`	`-`	`-`	`200`		`200`
`Investmentmanagementcosts`	`-`	`-`	`1,760`		`1,760`
`Totalexpenditureonraisingfunds`	`1,409`	`2,042`	`1,990`		`5,441`
`ANALYSISOFSUPPORTCOSTS`
					`2024`
`2024`		`Charitable`	`Raising`		`Total`
		`Activities`	`Funds`
		`£'000s`	`£'000s`		`£'000s`
`Administration`		`3,914`	`6`		`3,920`
`Finance`		`63`	`0`		`63`
`Humanresources`		`331`		`-`	`331`
`ITandcommunications`		`1,617`	`14`		`1,631`
`investmentmanagement`		`-`	`1,648`		`1,648`
`Legal& professional`		`771`		`-`	`771`
`Governancecosts`		`92`	`11`		`103`
`Depreciation`		`2,433`	`11`		`2,444`
`Loss/(profit)on fixedassets`		`i)`		`-`	`0`
`Interestcostonpensionprovision`		`26`		`-`	`26`
`BondInterest` `Pensiondeficitliabilitymovement`		`-` `(2,250)`	`801`	`-`	`801` `(2,250)`
		`6,997`	`2,491`		`9,488`

					`2023`
	`2023`	`Charitable`	`Raising`		`Total`
		`Activities`	`Funds`
		`£'000s`	`£'000s`		`£'000s`
	`Administration`	`2,688`	`17`		`2,705`
	`Finance`	`90`		`-`	`90`
	`Humanresources`	`314`		`-`	`314`
	`ITandcommunications`	`1,633`		`-`	`1,633`
	`Investmentmanagement`	`-`	`1,760`		`1,760`
	`Legal& professional`	`266`	`4`		`270`
	`Govemancecosts`	`87`	`8`		`95`
	`Depreciation`	`1,191`		`-`	`1,191`
	`Interestcastonpensionprovision`	`61`		`-`	`61`
	`BondInterest`	`-`	`200`		`200`
	`Exchangerateloss` `Pensiondeficitliabilitymovement`	`149` `(28)`		`-` `-`	`149` `(28)`
		`6,451`	`1,989`		`8,440`
	`SharedServices,includingHumanResources,Financeand` `ITcostsareattributedaccordingtotheproportionofworkload,`
	`Depreciationcostsareattribuledaccordingtotheusemadeoftheunderlyingassets.`
	`Interestandotherfinancechargesareattributedaccordingtothepurposeoftherelatedfinancing.`
			`2024`		`2023`
			`£'000s`		`£'000s`
	`Governancecostscomprise:`
	`Auditors'remuneration- auditservices`		`85`		`86`
	`Auditors’remuneration- otherservices`		`2`		`2`
	`Auditors'remuneration- taxadvisoryservices`		`16`		`rd`
			`103`		`95`
`9`	`STAFFCOSTS`
			`2024`		`2023`
	`Theaggregatestaffcostsfortheyearwereasfollows.`		`£°000s`		`£'000s`
	`Salariesandwages`		`9,803`		`8,112`
	`Socialsecuritycosts`		`1,110`		`944`
	`Pensioncosts:`
	`Definedbenefitschemes`		`806`		`970`
	`Definedcontributionschemes`		`344`		`189`
	`Otherbenefits`		`252`		`168`
	`Pensiondeficitliabilitymovement`		`(2,250)`		`(28)`
	`TotalStaffCosts`		`40,065`		`10,355`
	`LessStaffCostsdisclosedinNote5 asSupportCostsforAtlanticInstitute,RISE,ONHPandSchmidtScienceFellows`		`(1,109)`		`_(809)`
	`TotalStaffCostsforTheTrustexcludingPartnershipStaffCosts`		`8,956`		`9,546`
	`Thetotalpensionprovisionheldat30thJune2024isEnil(2023:£2,224k)asperNote21.SeeNote26forfulldetails.`
	`Theaveragenumberofemployeesona grossheadcountbasis,includingPartnershipprogrammestaff,wasasfollows:`		`2024`		`2023`
	`Fulltime`		`123`		`110`
	`Parttime`		`24`		`20`
	`Total`		`147`		`130`
	`\nadditiontotheaboveemployeenumbers,TheTrustemployeescasualsandinternsonshort-termcontractsforseasonalorone-offwork,Themonthly`		`averageof`	`casual`	`employees`
	`was18intheyear(2023:13).`

	`2024`	`2023`
`£60,000-£70,000`	`9`	`7`
`£70,000-£80,000`	`6`	`4`
`£80,000-£90,000`	`5`	`9`
`£90,000-£100,000`	`5`	`4`
`£100,000-£110,000`	`3`	`2`
`£110,000-£120,000`	`7`	`1`
`£120,000-£130,000`	`1`	`5`
`£130,000-£140,000` `£140,000-£150,000`	`-` `4`	`3` `=`
`£150,000-£160,000`	`1`	`2`
`£160,000-£170,000` `£180,000-£190,000`	`3` `1`	`1`
`£190,000-£200,000`	`4`	`1`
`£200,000-£210,000`	`1`	`1`
`£210,000-£220,000`	`-`	`1`
`£220,000-£230,000`	`-`	`1`
`£250,000-£260,000`	`1`	`s`
`£260,000-£270,000`	`-`	`1`
`£290,000-£300,000`	`2`	`-`
`£320,000-£330,000` `£340,000-£350,000`	`-` `1`	`1` `.`

			`2024`	`2023`	`2024`	`2023`
			`Group`	`Group`	`Charity`	`Charity`
			`£'000s`	`£'000s`	`£'000s`	`£'000s`
	`Cost`
	`At startofyear`		`547`	`452`	`491`	`452`
	`Additions`		`216`	`95`	`213`	`39`
	`Atendofyear`		`763`	`547`	`704`	`491`
	`Amortisation`
	`Atstartofyear`		`390`	`343`	`390`	`343`
	`Amortisationchargefortheyear`		`54`	`47`	`40`	`47`
	`Atendofyear`		`444`	`390`	`430`	`390`
	`Netbookvaluecarriedforward`		`319`	`457`	`274`	`104`
	`Netbookvaluebroughtforward`		`157`	`109`	`101`	`109`
`11`	`TANGIBLEFIXEDASSETS`
	`Group`	`Freehold`	`Plantand`	`ITSystems`	`Fixtures,`


`Group`	`Freehold`	`Plantand`	`ITSystems`	`Fixtures,`
	`landand`	`machinery`		`fittingsand`	`Total`
	`buildings`			`equipment`
	`£'000s`	`£'000s`	`£'000s`	`£'000s`	`£'000s`
`Cost`
`At startofyear`	`56,816`	`749`	`5,588`	`2,311`	`65,464`
`Additions`	`1,229`	`-`	`451`	`245`	`1,925`
`Disposals`	`=`	`=`	`{8)`	`(1)`	`{8)`
`Atendofyear`	`58,045`	`749`	`6,031`	`2,555`	`67,380`
`Depreciationandimpairment`
`Atstartofyear`	`1,421`	`22`	`2,782`	`677`	`4,902`
`Depreciationchargefortheyear`	`922`	`37`	`1,227`	`421`	`2,607`
`Depreciationondisposals`	`:`	`=`	`a`	`(0)`	`{0)`
`Atendofyear`	`2,343`	`59`	`4,009`	`1,098`	`7,509`
`Netbookvalue2024`	`55,702`	`690`	`2,022`	`1,457`	`59,871`
`Netbookvalue2023`	`55,395`	`727`	`2,806`	`1,634`	`60,563`

`Charity`	`Freehold`	`Freehold`	`Plantand`	`Plantand`	`ITSystems`	`ITSystems`	`Fixtures,`
	`landand`		`machinery`				`fittingsand`	`Total`
	`buildings`						`equipment`
	`£'000s`		`£'000s`		`£'000s`		`£'000s`	`£'000s`
`Cost`
`Atstartofyear`	`56,816`		`749`		`5,588`		`2,311`	`65,464`
`Additions` `Disposals` `Atendofyear`	`1,229` `58,045`	`-`	`749`	`-` `-`	`451` `(8)` `6,031`		`202` `(1)` `2,512`	`4,882` `(9)` `67,337`
`Depreciationandimpairment`
`Atstartofyear`	`1,421`		`22`		`2.782`		`677`	`4,902`
`Depreciationchargefortheyear` `Depreciationondisposals` `Atendofyear`	`922` `2,343`	`:`	`37` `59`	`-`	`1,227` `4,009`	`-`	`410` `(0)` `1,087`	`2,596` `_{0)` `7,498`
`Netbookvalue2024`	`55,702`		`690`		`2,022`		`1,425`	`59,839`
`Netbookvalue2023`	`55,395`		`727`		`2,806`		`1,634`	`60,563`
`POOLEDENDOWMENTINVESTMENTS`
`Allinvestmentsareheldatfairvalue.`							`2024`	`2023`
							`£'000s`	`£'000s`
`Groupinvestments`
`Valuationatstartofyear`							`397,143`	`401,387`
`Newmoneyinvested`							`15,227`	`14,253`
`Amountswithdrawn`							`(22,776)`	`(21,354)`
`Reinvestedincome`							`2,058`	`1,052`
`Investmentmanagementfees`							`(1,391)`	`(1,479)`
`Increase/(decrease)invalueofinvestments`							`35,060`	`3.286`
`Groupinvestmentsatendofyear`							`425,321`	`397,143`
`Investmentheldonbehaifofsubsidiaries`							`(17,454)`	`(16,994)`
`Investmentsinsubsidiaries`							`0`	`0`
`Charityinvestmentsatendofyear`							`407,867`	`380,149`
`Groupinvestmentscomprise:`							`2024`	`2023`
							`£000s`	`£'000s`
`Privateequityinvestments`							`1,642`	`3,053`
`Listedinvestments`							`22,513`	`28,613`
`Globalmulti-assetfunds(includingOUEF)`							`334,138`	`315,807`
`Property,alternativeandotherinvestments`							`-`	`2,433`
`Fixedtermdeposits,bondsandcash`							`70,028`	`47,237`
`Totalgroupinvestments`							`425,321`	`397,143`

	`Groupand Charity`	`2024`	`2023`
		`Total`	`Total`
		`£'000s`	`£'000s`
	`Valuationatstartofyear`	`4,547`	`20,339`
	`Bondinterest@ 2.67%`	`-`	`(801)`
	`Amountswithdrawn`	`(4,612)`	`(15,068)`
	`Reinvestedincome`	`55`	`229`
	`Investmentmanagementfees` `Increasedecrease)invalueofinvestments`	`(2)` `12`	`(19)` `(133)`
	`Valuationatendofyear`	`-`	`4,547`
`14`	`ATLANTICSHORTTERMINVESTMENTS`
	`GroupandCharity`	`2024`	`2023`
		`Total`	`Total`
		`£'000s`	`£'000s`
	`Valuationatstartofyear`	`71,054`	`79,735`
	`Amountswithdrawn`	`(7,454)`	`(12,820)`
	`Reinvestedincome`	`924`	`937`
	`Investmentmanagementfees`	`(255)`	`(262)`
	`Increase/(decrease)invalueofinvestments`	`8,502`	`3,462`
	`Valuationatendofyear`	`72,771`	`71,054`

`investmentscomprise:`	`2024`	`2023`
	`£'000s`	`£'000s`
`Listedinvestments`	`40,913`	`40,566`
`Property,alternativeandotherinvestments`	`2,670`	`3,985`
`Fixed termdeposits,bondsandcash`	`29,188`	`26,503`
`Totalgroupinvestments`	`72,771`	`71,054`
`Thesefundsarering-fencedandfinancetheoperationalactivitiesoftheAtlanticInstitute.Thesegrantfundsareexpectedtobespentdownovera 12-15yearperiodand`		`arethus`
`describedasshort-term.`

`GAINSONINVESTMENTS`
	`2024`	`2023`
	`Total`	`Total`
	`£'000s`	`£'000s`
`Gainonpootedendowmentinvestments`	`35,059`	`3,286`
`Gain/(loss)oncapitalprojectinvestments`	`12`	`(133)`
`GainonAtlanticshortterminvestments`	`8,502`	`3,462`
`Gainonothershortterminvestments`	`38`	`27`
	`43,611`	`6,642`

	`Linkedcharity`	`Linkedcharity`	`Parentcharity`	`Linkedcharity`	`Linkedcharity`	`PPF`	`Subsidiary`	`Subsidiary`
	`CecilRhodes`		`RhodesTrust`		`RhodesTrust`
	`Scholarshi`		`Public`	`RhodesTrust`	`New`	`Rhodes`		`House`
		`Fura` `P`	`Purposes`	`HorizonFund`	`Scholarship`		`Ltd`
`2024`			`Fund`		`Fund`
		`£'000s`	`£'000s`	`£°000s`	`£'000s`			`£'000s`
`Income`		`256`	`8,151`	`18,631`	`14,819`			`2,278`
`Expenditure`		`(3,051)`	`(18,378)`	`(24,878)`	`{4,474)`			`{2,363)`
`Transfers`		`:`	`-`	`(1,038)`	`(7)`			`:`
`Netgainsoninvestments`		`4,372`	`22,172`	`9,615`	`5,927`			`:`
`Resultfortheyear`		`1,577`	`11,944`	`2,330`	`16,265`			`(75)`
`Totalassets`		`50,330`	`326,356`	`99,857`	`85,633`			`1,000`
`Totalfiabilities`		`-`	`(24,033)`	`(8,827)`	`(2,566)`			`(1,353)`
`Netfundsattheendofyear`		`60,330`	`302,323`	`91,030`	`83,067`			`(353)`
	`RT`	`Subsidiary`	`RTSubsidiary`	`RTSubsidiary`	`RYSubsidiary`	`RT`	`Subsidiary`
		`Rhodes`	`Rhodes`	`Rhodes`	`Rhodes`
	`Scholarships`		`Scholarships`	`Scholarships`	`Scholarshipsfor`	`Rhodes`		`Trust`
	`in`	`Australia`	`inNew`	`ineacede`	`SouthernAfrica`	`(US)`		`LLC`
		`PTYLtd`	`ZealandLtd`		`SecretariatNPC`
		`£'000s`	`£'000s`	`£'000s`	`£'000s`			`£'000s`
`Income`		`2,607`	`5`	`124`	`4`			`5`
`Expenditure`		`{935}`	`(0)`	`(653)`	`(149)`			`(398)`
`Netgainsoninvestments`		`1,221`	`-`	`306`	`:`			`-`
`Resultfortheyear`		`2,893`	`5`	`(226)`	`(148)`		`__(393)`
`Totalassets`		`30,348`	`132`	`6,698`	`{0)`			`-`
`Totalliabilities`		`(13,733)`	`(64)`	`(3,470)`	`(219)`			`(393)`
`Netfundsattheendofyear`		`16,615`	`68`	`3,228`	`(219)`			`{393)`

	`Linkedcharity`	`Parentcharity`	`Linkedcharity`	`Linkedcharity`	`PPFSubsidiary`	`PPFSubsidiary`
`2023`	`4` `Cognones` `Feed` `'p`	`RhodesTrust` `few—` `4` `P`	`RhodesTrust` `HorizonFund`	`RhodesTrust` `New` `Scholarship` `Fund`	`Rhodes` `Ltd`	`House`
	`£'000s`	`£'000s`	`£'000s`	`£'000s`		`£'000s`
`Income`	`435`	`12,999`	`13,947`	`11,596`		`919`
`Expenditure` `Transfers`	`{2,943)` `.`	`(18,671)` `é`	`(20,763)` `(65,171)`	`(4,940)` `59,518`		`(1,200)` `-`
`Netgainsoninvestments`	`447`	`1,838`	`3,571`	`627`		`-`
`Resultfortheyear`	`(2,361)`	`(3,834)`	`(68,415)`	`66,801`		`(281)`
`Totalassets` `Totalliabilities`	`48,753` `-`	`307,287` `(16,905)`	`108,086` `(19,386)`	`69,685` `(2,884)`		`1,000` `(1,281)`
`Netfundsattheendofyear`	`48,753`	`290,382`	`88,700`	`66,801`		`(281)`
	`RTSubsidiary`	`RTSubsidiary`	`RTSubsidiary`	`RTSubsidiary`	`RTSubsidiary`
	`Rhodes`	`Rhodes`	`Rhodes`	`Rhodes`
	`Scholarshipsin` `AustraliaPTY`	`Scholarshipsin` `NewZealand`	`Scholarshipsin` `spac`	`Scholarshipsfor` `SoutherAfrica`	`Rhodes` `(US)`	`Trust` `LLC`
	`Ltd`	`Ltd`		`SecretariatNPC`
	`£'000s`	`£'000s`	`£'000s`	`£'000s`		`£'000s`
`Income`	`86`	`3`	`169`	`2`		`i`
`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)`		`-`

`WithapprovalfromtheCharityCommission,theTrusteesadopteda policyof`	`totalretumaccountingfortheinvestmentreturnonthe`	`totalretumaccountingfortheinvestmentreturnonthe`	`totalretumaccountingfortheinvestmentreturnonthe`	`totalretumaccountingfortheinvestmentreturnonthe`	`ScholarshipFund,`	`ScholarshipFund,`	`ScholarshipFund,`	`witheffectfrom30thJune2007.`	`witheffectfrom30thJune2007.`
`TheinvestmentreturntobeappliedasincomewasoriginallysetbytheTrusteesat4%ofthebrought`		`forward`		`fundvalue.Duringtheyearended`		`30thJune2018,theTrusteeBoard`
`approveda changetotheratetobeapplied,tobringtheScholarshipFundin`	`linewiththepolicybeing`	`appliedtoallotherendowmentfundsofthe`					`Trust,whichiscurrently`		`5.25%ofthe`
`trailing12quarterlyvaluations.TheamountappliedasincomeforspendingisincludedwithintheincomesectionoftheSOFAonthebasisthatthisgivesa clearerunderstandingofthe`
`financialpositionofthegroup.Thepreserved(frozen)valueoftheinvestedendowmentcapitalrepresentsits`				`openmarketvalueat`	`1July1989together`			`withallsubsequent`
`endowmentsvaluedatthedateofthegift.`
			`PermanentEndowment`					`Expendable`	`Total`
				`Unapplied`				`Endowment` `Endowments`
	`TrustforInvestment`			`Total`
	`ScholarshipFund`			`Retum`	`Total`
`2024`		`£'000s`		`£'000s`	`£'000s`			`£'000s`	`£'000s`
`Atthebeginningoftheyear:`
`Giftcomponentofthepermanentendowment`		`30,429`		`-`	`30,429`			`-`	`30,429`
`Unappliedtotalreturn`			`-`	`18,325`	`18,325`			`-`	`18,325`
`Expendableendowment` `‘`			`-`	`:` `-`		`-`		`“355,079`	`355,079`
`TotalEndowments`		`30,429`		`18,325`	`48,753`			`355,079`	`403,832`
`Movementsinthereportingperiod:`
`Giftofendowmentfunds`			`-`	`-`		`-`		`18,380`	`18,380`
`Investmentreturn:totalinvestmentincome`			`-`	`256`	`256`			`4,737`	`1,993`
`Investmentreturn:realisedandunrealisedgainsandlosses`			`-`	`4,372`	`4,372`			`29,575`	`33,947`
`Less:Investmentmanagementcosts`			`-`	`(172)`	`(172)`			`(1,174)`	`(1,346)`
`Total`			`-`	`4,456`	`4,456`			`48,518`	`52,974`
`Unappliedtotalreturnallocatedtoincomeinthereportingperiod`			`-`	`(2,879)`	`(2,879)`			`-`	`(2,879)`
`Expendabletotalreturnincometransferred`			`:`	`-`		`:`		`(19,490)`	`(19,490)`
			`-`	`(2,879)`	`(2,879)`			`(19,490)`	`(22,369)`
`Transfersfromexpendableendowments`			`-`	`-`		`-`		`(407)`	`(407)`
			`-`	`(2,879)`	`(2,879)`			`(19,897)`	`(22,776)`
`Netmovementsinreportingperiod`			`-`	`1,577`	`1,577`			`28,621`	`30,198`
`Atendofthereportingperiod:`
`Giftcomponentofthepermanentendowment`		`30,429`		`-`	`30,429`			`-`	`30,429`
`Unappliedtotalretum`			`-`	`19,902`	`19,902`			`-`	`19,902`
`Expendableendowment`			`-`	`-`		`-`		`383,700`	`383,700`
`TotalEndowments`		`30,429`		`19,902`	`50,331`			`383,700`	`434,031`
				`PermanentEndowment`				`Expendable`	`Total`
				`Unapplied`				`Endowment`	`Endowments`
	`TrustforInvestment`			`Total`
	`ScholarshipFund`			`Return`	`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`
`Investmentreturn:totalinvestmentincome`			`-`	`135`	`135`			`883`	`1,017`
`Investmentreturn:realisedandunrealisedgainsand losses`			`-`	`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)`
`€xpendabletotalreturnincometransferred`			`-` `:`				`-`	`(18,146)`	`(18,146)`
			`-`	`(2,756)`	`(2.756)`			`(18,146)`	`(20,903)`
`Transferstoexpendableendowments`			`-`	`-`			`-`	`(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`	`355,079`
`TotalEndowments`		`30,429`		`18,325`	`48,753`			`355,079`	`403,832`
`Witheffectfromyearended30thJune2017,theTrusthasadopteda policyofallocationfromexpendableendowmenttoincomein`					`ordertoprotectthe`			`capitalvalueofthose`
`endowmentsandensureinter-generationalequity,ina similarwaytotheapplicationoftotalreturnto`		`income`		`fortheScholarshipFund.`
`£19,490kwastransferredtoincomeunderthispolicyinyearended30thJune2024(2023:£18,146k).`		`This`	`equatesto5.49%ofbroughtforward`				`fund`	`value,butiscalculatedona`
`quarterlybasis.`

`18`	`DEBTORS`
			`2024`		`2023`		`2024`	`2023`
			`Group`		`Group`		`Charity`	`Charity`
			`£'000s`		`£'000s`		`£'000s`	`£'000s`
	`Amountsfallingduewithinoneyear:`
	`Tradedebtors`		`517`		`400`		`136`	`322`
	`Prepaidfees,stipendsandamountsowedbyScholars`		`531`		`501`		`514`	`496`
	`AmountsheldbyNationalSecretaries`		`33`		`73`		`33`	`73`
	`Amountsowingbygroupundertakings:UK`			`-`		`-`	`1,021`	`735`
	`Amountsowingbygroupundertakings:Overseas`			`-`		`-`	`1,289`	`586`
	`AccruedIncome`		`5,884`		`5,065`		`§,384`	`§,065`
	`Prepayments`		`2,121`		`1,361`		`2,078`	`1,342`
	`Otherdebtors`		`1,541`		`2,013`		`1,475`	`1,397`
	`Amountsfallingdueinmorethanoneyear:`
	`Accruedincome`		`6,925`		`5,040`		`§,192`	`§,040`
		`17,552`			`14,453`		`17,122`	`15,056`
	`Accruedincomeforthegroupfallingdueinmorethanyearrepresentspledgeddonations,atpresentvalue,`	`ofwhich£621k`	`falls`		`dueinmorethan`	`fiveyears(2023:Enil).`
`19`	`CREDITORS:fallingduewithinoneyear`		`2024`		`2023`		`2024`	`2023`
			`Group`		`Group`		`Charity`	`Charity`
			`£'000s`		`£'000s`		`£'000s`	`£'000s`
	`Tradecreditors`		`1,139`		`1,671`		`966`	`1,432`
	`Amountsowedtogroupundertakings:UK` `:`			`-`	`-`		`358`	`435`
	`Taxationandsocialsecurity`		`373`		`285`		`282`	`285`
	`Accrualsanddeferredincome`		`5,950`		`7,571`		`5,684`	`7,244`
	`Othercreditors`		`69`		`70`		`46`	`20`
			`7,531`		`9,597`		`7,336`	`9.417`
`20`	`CREDITORS:fallingdueaftermorethanoneyear`		`2024`		`2023`		`2024`	`2023`
			`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£30mofunsecuredloannotesinordertofundthebuildingof`			`a`	`conferenceand`	`conveningcentre,administrationand`
	`accommodationfacilitieswithintheRhodesHousesite.Fixedinterestpaymentsarepayableat2.67%p.a.twiceyearly,andthe`			`capitalisduefor`		`repaymentinOctober2048.Interestof`
	`£801k(2023:£801k)waspayableontheloannotesintheyear.Thiswasallexpensedintheyear,butintheprioryear£554kwascapitalisedand`					`includedwithinfixedasseladditions,`
	`netofincomeearnedoninvestedcashfunds,untilMarch2023(practicalcompletionofthebuildingproject).`
`21`	`PROVISIONSFORLIABILITIESANDCHARGES`		`2024`		`2023`		`2024`	`2023`
			`Group`		`Group`		`Charity`	`Charity`
	`ProvisionforfutureScholarcosts`		`£'000s`		`£'000s`		`£'000s`	`£'000s`
	`Atstartofyear`	`16,839`			`16,329`		`16,839`	`16,329`
	`ChargedintheStatementofFinancialActivities`		`290`		`510`		`290`	`510`
	`Atendofyear`	`17,129`			`16,839`		`17,129`	`16,839`
	`Provisionforpensiondeficitliability`		`£'000s`		`£'000s`		`£'000s`	`£'000s`
	`Atstartofyear`		`2,224`		`2,191`		`2,224`	`2,191`
	`ChargedintheStatementofFinancialActivities`		`(2,365)`		`324`		`(2,365)`	`324`
	`Settledintheyear`		`141`		`(291)`		`141`	`(291)`
	`Atendofyear`			`-`	`2,224`		`-`	`2,224`
	`Totalprovisions`	`17,129`			`19,063`		`17,129`	`19,063`

`ANALYSISOFMOVEMENTSONFUNDS`
			`investment&`
	`AtlJuly`	`NewMoney`	`Operating`	`Resources`		`Gains/`	`At 30June`
	`2023`		`Income`	`expended`	`Transfers`	`(losses)`	`2024`
	`£'000s`	`£'000s`	`£'000s`	`£'000s`	`£'000s`	`£'000s`	`£'000s`
`EndowmentFunds- Permanent`
`ScholarshipEndowmentFund`	`48,753`	`-`	`256`	`(172).`	`(2,879)`	`4,372`	`$0,330`
`TotalPermanentEndowment`	`48,753`	`:`	`256`	`(172)`	`(2,879)`	`4,372`	`$0,330`
`Endc` `tFunds` `-` `Expendabl`
`PublicPurposesFund`
`PublicPurposesCapitalFund`	`136,204`	`-`	`651`	`(439)`	`(7,322)`	`11,119`	`140,214`
`SecondCenturyFounderCapitalFund(MMF)`	`35,171`	`-`	`171`	`(115)`	`(4,598)`	`2,913`	`33,542`
`NewZealandPartnershipCapitalFund`	`10,019`	`-`	`53`	`{35)`	`(692)`	`898`	`10,343`
`OppenheimerSouthAfricaCapitalFund`	`7,798`	`-`	`41`	`(28)`	`(460)`	`699`	`8,050`
`Atlantic(RhodesScholProg)Fund`	`22,747`	`-`	`119`	`(80)`	`(1,343)`	`2,040`	`23,483`
`RSASecondCenturyFounderMMFCapitalFund`	`12,770`	`-`	`81`	`(55)`	`1,767`	`4,385`	`15,949`
`BanksPartnershipCapitalFund`	`5,918`	`-`	`31`	`(21)`	`(349)`	`$31`	`6,110`
`PakistanCapitalFund`	`4,688`	`248`	`26`	`(17)`	`(288)`	`438`	`5,096`
`Rhodes HouseNamingCapitalFund`	`4,942`	`2,340`	`it`	`(6)`	`(65)`	`109`	`7,326`
`2ndCenturyFounderCompoundFund`	`5,099`	`-`	`-`	`-`	`-`	`$35`	`5,634`
`VariousPartnershipFunds`	`26,806`	`31`	`120`	`(81)`	`(1,346)`	`1,454`	`26,983`
`Subtotal`	`272,162`	`2,619`	`1,300`	`(877)`	`(14,596)`	`22,121`	`282,729`
`NewScholarshipFund`
`RhodesScholarshipsforUAE`	`11,826`	`-`	`62`	`(42)`	`(698)`	`4,060`	`12,208`
`MalaysiaCapitalFund`	`‘5,484`	`-`	`29`	`(19)`	`(324)`	`492`	`5,662`
`SaidSJLPCapitalFund`	`5,456`	`-`	`29`	`(19)`	`(322)`	`489`	`5,632`
`ChinaCapitalFund`	`13,800`	`-`	`72`	`{49)`	`(800)`	`4,217`	`14,239`
`WestAfricaCapitalFund`	`10,262`	`968`	`52`	`(36)`	`(587)`	`894`	`41,555`
`EastAfricaCapitalFund`	`4,227`	`1,032`	`26`	`{18)`	`(280)`	`436`	`§,422`
`EndowmentforGeneralPurposes`	`(0)`	`9,823`	`-`	`-`	`-`	`-`	`9,823`
`AlagilSaudiArabiaCapitalFund`	`8,515`	`-`	`45`	`(30)`	`(503)`	`763`	`8,790`
`VariousPartnershipFunds`	`6,356`	`4,388`	`34`	`(23)`	`(376)`	`575`	`7,953`
`Subtotal`	`65,925`	`13,211`	`348`	`(237)`	`(3,889)`	`5,927`	`81,284`
`TotalEndowmentFunds` `-Charity`	`386,840`	`15,831`	`1,903`	`(1,286)`	`(21,364)`	`32,420`	`414,343`
			`Investment&`
	`At1July`	`NewMoney`	`Operating`	`Resources`		`Gains/`	`At 30June`
	`2023`		`income`	`expended`	`Transfers`	`(losses)`	`2024`
	`£'000s`	`£'000s`	`£'000s`	`£'000s`	`£'000s`	`£'000s`	`£'000s`
`RhodesScholarshipsinAustraliaPTYLtd`
`AustraliaCapitalFund`	`10,597`	`250`	`56`	`(37)`	`(626)`	`950`	`11,190`
`QueenslandCapitalFund`	`3,015`	`-`	`16`	`(11)`	`(178)`	`270`	`3,112`
`WestemAustraliaCapitalFund`	`-`	`2,241`	`-`	`-`	`-`	`-`	`2,241`
	`13,613`	`2,491`	`72`	`(48)`	`(804)`	`1,221`	`16,543`
`RhodesScholarshipsinCanada`
`CanadianEndowmentCapitalFund`	`509`	`-`	`3`	`{2)`	`(30)`	`46`	`526`
`CanadianIsraetFund`	`2,327`	`58`	`12`	`(8)`	`(139)`	`212`	`2,463`
`CanadianSecondCenturyFounderFund`	`394`	`-`	`2`	`(1)`	`(430)`	`35`	`(0)`
`GenereuxCSLPCapitalFund`	`151`	`-`	`1`	`(1)`	`(9)`	`14`	`156`
	`3,381`	`58`	`18`	`(12)`	`(608)`	`306`	`3,145`
`TotalExpendableEndowment`	`355,081`	`18,380`	`1,737`	`(1,174)`	`(19,897)`	`29,575`	`383,701`
`TotalEndowmentFunds- Group`	`403,834`	`18,380`	`1,993`	`(1,346)`	`(22,776)`	`33,947`	`434,031`
`RestrictedFunds`
`ScholarshipFund`
`ScholarshipEndowmentincomeFund`	`-`	`-`	`-`	`(2,879)`	`2,879`	`-`	`-`
`PublicPurposesFund`
`Atlantic(RhodesScho!Prog)Fund`	`-`	`-`	`-`	`(1,343)`	`1,343`	`-`	`-`
`VariousPartnershipIncomeFunds`	`876`	`1,509`	`719`	`(12,127)`	`11,025`	`-`	`2,002`
`Subtotal`	`876`	`1,509`	`719`	`(13,470)`	`12,368`	`-`	`2,002`
`HorizonFund`
`AtlanticHorizon(Institute)Fund`	`88,245`	`-`	`1,002`	`(7,821)`	`(284)`	`9,615`	`90,756`
`VariousPartnershipIncomeFunds`	`455`	`24`	`17,378`	`(17,045)`	`(838)`	`-`	`274`
`Subtotal`	`88,700`	`24`	`18,380`	`(24,866)`	`(822)`	`9,615`	`91,030`
`NewScholarshipFund`
`VariousPartnershipIncomeFunds`	`3,663`	`241`	`513`	`(4,035)`	`3,917`	`-`	`4,299`
`Subtotal`	`3,663`	`241`	`513`	`(4,035)`	`3,917`	`-`	`4,299`
`TotalRestrictedFunds- Charity`	`93,239`	`1,774`	`19,612`	`(45,250)`	`18,342`	`9,615`	`97,331`
`RhodesScholarshipsinAustraliaPTYLtd`
`AustraliaIncomeFund`	`109`	`41`	`3`	`(709)`	`626`	`-`	`71`
`QueensiandIncomeFund`	`0`	`-`	`-`	`(178)`	`178`	`-`	`0`
	`109`	`41`	`3`	`(887)`	`804`	`-`	`71`

`RhodesScholarshipsin`	`NewZealandLtd`
`NewZealandFunds`		`64`	`1`	`4`		`(0)`	`-`	`-`	`68`
`RhodesScholarshipsin`	`Canada`
`CanadianIncomeFund(AnnualFund)`		`72`	`44`		`1`	`(63)`	`30`	`-`	`84`
`CanadianIsraelFund`		`0`	`-`		`-`	`(139)`	`139`	`-`	`-`
`CanadianSecondCentury`	`FounderFund`	`-`	`-`		`-`	`(430)`	`430`	`-`	`-`
`GenereuxCSLPIncomeFund`		`-`	`-`		`-`	`(9)`	`9`	`-`	`:`
		`72`	`44`		`1`	`(641)`	`608`	`=`	`84`
`TotalRestrictedFunds-`	`Group`	`93,484`	`1,861`	`19,620`		`(46,778)`	`19,754`	`9,615`	`97,554`
				`Investment`	`&`
		`AttJuly`	`NewMoney`	`Operating`		`Resources`		`Gains/`	`At30June`
		`2023`		`Income`		`expended`	`Transfers`	`(losses)`	`2024`
`UnrestrictedFunds`		`£'000s`	`£°000s`	`£'000s`		`£'000s`	`£'000s`	`£'000s`	`£'000s`
`PublicPurposesFund`
`PPFIncomeFund`		`17,345`	`1,043`	`(99)`		`(4,019)`	`3,273`	`§1`	`17,593`
`HorizonFundUnrestricted`	`Funds`	`(0)`	`-`	`227`		`(11)`	`(216)`	`-`	`(0)`
`NewScholarshipFundUnrestrictedFunds`		`(2,787)`	`-`	`506`		`(202)`	`(35)`	`-`	`(2,517)`
`TotalUnrestrictedFunds`	`-Charity`	`14,558`	`1,043`	`634`		`(4,233)`	`3,022`	`51`	`15,075`
`OtherUnrestrictedFunds`		`(352)`	`-`	`2,284`		`(2,898)`	`-`	`-`	`(965)`
`TotalUnrestrictedFunds`	`-Group`	`14,206`	`1,043`	`2,918`		`(7,130)`	`3,022`	`51`	`14,110`
`Tota)Funds` `-Group`		`511,524`	`21,283`	`24,531`		`(55,255)`	`-`	`43,612`	`545,695`

	`RestrictedFunds`
	`AtlanticHorizon(Institute)Fund`	`GrantfundingreceivedbyAtlanticPhilanthropiesoftheAtlanticInstitute,includedintheHorizon`		`Fund.`
	`AtlanticBuildingFund`	`FundsreceivedfromAtlanticPhilanthropiestowardsthefundingoftheRhodesHousedevelopmentproject.`
`24`	`ANALYSISOFNETASSETSBETWEENFUNDS`
		`Unrestricted`	`Restricted`	`Endowment`	`2024`
		`Funds`	`Funds`	`Funds`	`Total`
	`2024`	`£'000s`	`£'000s`	`£'000s`	`£'000s`
	`Intangiblefixedassets`	`319`	`-`	`-`	`319`
	`Tangiblefixedassets`	`-`	`-`	`59,871`	`$9,871`
	`Pooledendowmentinvestments`	`-`	`13,240`	`412,081`	`425,321`
	`Atlanticshortterminvestments`	`-`	`72,774`	`-`	`72,771`
	`Netcurrentassets`	`60,922`	`41,542`	`(37,922)`	`34,542`
	`Longtermliabilitiesandprovisions`	`(47,129)`	`-`	`-`	`(47,129)`
		`14,110`	`97,554`	`434,031`	`545,695`
		`Unrestricted`	`Restricted`	`Endowment`	`2023`
		`Funds`	`Funds`	`Funds`	`Total`
	`2023`	`£'000s`	`£'000s`	`£'000s`	`£'000s`
	`Intangiblefixedassets`	`157`	`-`	`-`	`157`
	`Tangiblefixedassets`	`-`	`-`	`60,563`	`60,563`
	`Pooledendowmentinvestments`	`-`	`12,107`	`385,036`	`397,143`
	`Capitalprojectinvestments`	`4,547`	`-`	`-`	`4,547`
	`Atlanticshortterminvestments`	`:`	`71,054`	`-`	`71,054`
	`Netcurrentassets`	`58,565`	`10,323`	`(41,765)`	`27,123`
	`Longtermliabilitiesandprovisions`	`(49,063)`	`-`	`=`	`(49,063)`
		`14,206`	`93,484`	`403,834`	`511,524`

`CPIassumption`	`TermdependentratesinlinewiththedifferencebetweentheFixedInterestandIndexLinkedyieldcurvesless:1.0%p.a.to2030,reducing`
	`linearlyby0.1%p.a.from2030.`
`Pensionincreases(subjecttoa floorof0%)`	`Benefitswithnocap:CP!assumptionplus3bpsBenefitssubjecttoa “softcap"of5%(providinginflationaryincreasesupto5%, andhalfof`
	`anyexcessinflationover5%uptoa maximumof10%).CPIassumptionminus3bps`
`Discountrate(forwardrates)`	`Fixedinterestgiltyieldcurveplus:`
	`Pre-retirement:2.5%p.a.`
	`Post-retirement:0.9%p.a`

`Themaindemographicassumptionsusedrelatetothemortalily`	`Themaindemographicassumptionsusedrelatetothemortalily`	`ptions.Theseassumptions` `arebasedonanalysisofthescheme'sexperiencecarriedoutaspart`	`ofthe2020actuarialvaluation,The`
`mortalityassumptionsusedinthesefiguresareasfollows:`
`Mortalitybasetable`	`101%`	`ofS2PMA“light”formalesand95%ofS3PFAforfemales`
`Futureimprovementstomortality`	`CMI`	`2021witha smoothingparameterof7.5,aninitialadditionof0.4%p.a,anda long-termimprovement`	`rateof1.8%paformalesand1.6%`
	`paforfemales`
`Thecurrentlifeexpectanciesonretirementatage65are:`
		`2024`	`2023`
`Malescurrentlyaged65(years)`		`23.7`	`24.0`
`Femalescurrentlyaged65(years)`		`25.6`	`25.6`
`Matescurrentlyaged45(years)`		`25.4`	`26,0`
`\|Femalescurrentlyaged45(years)`		`27.2`	`27.4`

`Pensionchargefortheyear`
`Thepensionchargerecordedby(heTrustduringtheaccountingperiod(excluding`	`pensionfinancecosts)wasequaltothecontributionspayableafterallowanceforthe deficitrecovery`
`planasfollows:`
`Scheme`	`2024`	`2023`
	`£'000s`	`£'000s`
`UniversitiesSuperannuationScheme`	`806`	`970`
`UniversityofOxfordStaffPensionScheme`	`1`	`21`
`USStaff401kSafeHarbourPlan` `NationalEmploymentSavingsTrust` `AVIVA` `MovementonthePensionschemedeficitcontributionfiabilities` `Total`	`74` `2` `257` `(2,250)` `_(1,100)`	`42` `3` `123` `{28)` `1134`

`FINANCIALINSTRUMENTS`
			`2024`	`2023`
`Group`			`£'000s`	`£'000s`
`Financialassetsmeasuredal`	`fair`	`value`	`498,092`	`472,744`
			`2024`	`2023`
`Charity`			`£'000s`	`£'000s`
`Financialassetsmeasuredat`	`fair`	`value`	`480,638`	`455,750`
`Financialassetsmeasuredat`	`fair`	`valuecompriseinvestmentsecurities.`

`29`	`COMPARATIVESTATEMENTOFFINANCIALACTIVITIES`	`COMPARATIVESTATEMENTOFFINANCIALACTIVITIES`					`Unrestricted`	`Restricted`	`Endowed`	`2023`
	`Consolidated`						`Funds`	`Funds`	`Funds`	`Total`
							`£'000s`	`£'000s`	`£'000s`	`£'000s`
	`INCOMEANDENDOWMENTSFROM:`
	`Donationsandlegacies`						`616`	`547`	`15,322`	`16,485`
	`Charitableactivities`						`4,237`	`10,631`	`-`	`14,868`
	`Othertradingactivities`						`481`	`-`	`-`	`481`
	`Investments`
	`Investmentincome`						`378`	`975`	`1,020`	`2,373`
	`Totalreturnallocatedtoincome`						`7,031`	`13,872`	`(20,903)`	`-`
	`Totalincome`						`12,743`	`26,025`	`(4,561)`	`34,207`
	`EXPENDITUREON:`
	`Charitableactivities:`
	`Promotionandadvancementof`	`education`					`7,494`	`36,848`	`-`	`44,342`
	`Raisingfunds:`
	`Fundraising`						`908`	`1,802`	`-`	`2,710`
	`Tradingexpenditure`						`674`	`97`	`-`	`771`
	`Financecosts`						`200`	`-`	`-`	`200`
	`Investmentmanagementcosts`						`19`	`307`	`1,434`	`1,760`
	`TotalExpenditure`						`9,295`	`39,054`	`1,434`	`49,783`
	`NetIncome/(Expenditure)beforegains`						`3,448`	`{13,029)`	`(5,995)`	`(15,576)`
	`Net(losses)/gainsoninvestments`						`(104)`	`3,570`	`3,176`	`6,642`
	`NetIncome/(Expenditure)`						`3,344`	`(3,459)`	`(2,819)`	`(8,934)`
	`Transfersbetweenfunds`						`5,069`	`(4,618)`	`(451)`	`-`
	`Netmovementinfundsforthe`	`year`					`8,413`	`(14,077)`	`(3,270)`	`(8,934)`
	`Fundbalancesbroughtforwardaspreviouslystated`						`5,793`	`107,561`	`407.104`	`§20,458`
	`Fundscarriedforwardat30June2023`						`14,206`	`93,484`	`403,834`	`511,524`
`30`	`COMPARATIVEANALYSISOF`	`MOVEMENTSONFUNDS`
					`Investment`	`&`
			`At1 July`	`NewMoney`	`Operating`		`Resources`		`Gains/`	`At 30June`
			`2022`		`Income`		`expended`	`Transfers`	`(losses)`	`2023`
			`£'000s`	`£'000s`	`£'000s`		`£'000s`	`£'000s`	`£'000s`	`£'000s`
	`End` `tFunds- Per`	`t`
	`ScholarshipEndowmentFund`		`51,114`	`-`	`135`		`(187).`	`(2,756)`	`447`	`48,753`
	`TotalPermanentEndowment`		`51,4114`	`-`	`135`		`(187)`	`(2,756)`	`447`	`48,753`
	`EndowmentFunds- Expendable`
	`PublicPurposesFund`
	`PublicPurposesCapitalFund`		`142,201`	`-`	`343`		`(474)`	`(7,021)`	`1,154`	`136,204`
	`SecondCenturyFounderCapital`	`Fund(MMF)`	`36,872`	`-`	`97`		`(135)`	`(1,991)`	`327`	`35,171`
	`NewZealandPartnershipCapital`	`Fund`	`10,504`	`-`	`28`		`(38)`	`(567)`	`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`		`(51)`	`(1,177)`	`123`	`12,770`
	`BanksPartnershipCapitalFund`		`6,205`	`-`	`16`		`(23)`	`(335)`	`55`	`§,918`
	`RhodesHouseNamingCapitalFund`		`-`	`4,949`	`ie)`		`(2)`	`(8)`	`3`	`4,942`
	`2ndCenturyFounderCompound`	`Fund`	`§,096`	`-`		`-`	`-`	`-`	`3`	`§,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`		`-`	`§`	`21`		`(36)`	`10,159`	`113`	`10,262`
	`AlagilSaudiArabiaCapitalFund`		`-`	`22`	`19`		`(26)`	`8,437`	`63`	`8,515`
	`VariousPartnershipFunds`		`-`	`10,271`	`24`		`39`	`211`	`116`	`10,582`
	`Subtotal`		`-`	`40,311`	`163`		`(239)`	`§5,062`	`627`	`65,925`
	`TotalEndowmentFunds- Charity`		`389,364`	`15,248`	`971`		`(1,369)`	`(20,394)`	`3,019`	`386,840`

				`Investment&`
		`At1July`	`NewMoney`	`Operating`	`Resources`		`Gains/`	`At 30June`
		`2022`		`Income`	`expended`	`Transfers`	`{losses)`	`2023`
		`£'000s`	`£'000s`	`£'000s`	`£'000s`	`£'000s`	`£'000s`	`£'000s`
`RhodesScholarshipsin`	`AustraliaPTYLtd`
`AustraliaCapitalFund`		`11,110`	`-`	`29`	`(41)`	`(600)`	`99`	`10,597`
`QueenslandCapitalFund`		`3,161`	`-`	`8`	`(12)`	`(171)`	`28`	`3,015`
		`14,271`	`-`	`38`	`{52)`	`(771)`	`127`	`13,613`
`RhodesScholarshipsin`	`Canada`
`CanadianEndowmentCapitalFund`		`521`	`12`	`1`	`(2)`	`(28)`	`5`	`509`
`Canadian\|sraelFund`		`2,376`	`62`	`6`	`(9)`	`(130)`	`22`	`2,327`
`CanadianSecondCentury`	`FounderFund`	`413`	`-`	`1`	`(2)`	`(22)`	`4`	`394`
`GenereuxCSLPCapitalFund`		`158`	`-`	`0`	`(1)`	`(8)`	`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)`	`(27,354)`	`3,178`	`403,834`
`RestrictedFunds`
`ScholarshipFund`
`ScholarshipEndowmentIncomeFund`		`>`	`-`	`-`	`(2,756)`	`2,756`	`-`	`-`
`PublicPurposesFund`
`Atlantic(RhodesScholProg)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)`	`8,294`	`3,571`	`93,239`
`RhodesScholarshipsin`	`AustraliaPTYLtd`
`AustraliaIncomeFund`		`153`	`45`	`3`	`(692)`	`600`	`-`	`109`
`QueenslandIncomeFund`		`0`	`-`	`-`	`(171)`	`171`	`-`	`)`
		`153`	`45`	`3`	`(863)`	`771`	`-`	`109`
`RhodesScholarshipsin`	`NewZealandLtd`
`NewZealandFunds`		`65`	`1`	`2`	`(4)`	`-`	`-`	`64`
`RhodesScholarshipsin`	`Canada`
`CanadianIncomeFund(AnqualFund)`		`59`	`85`	`0`	`(101)`	`28`	`-`	`72`
`CanadianIsraelFund`		`-`	`-`	`-`	`(130)`	`130`	`-`	`0`
`CanadianSecondCentury`	`FounderFund`	`-`	`-`	`-`	`(22)`	`22`	`-`	`.`
`GenereuxCSLPIncomeFund`		`-`	`-`	`-`	`(9)`	`9`	`-`	`-`
		`59`	`85`	`i)`	`(262)`	`189`	`-`	`72`
`TotalRestrictedFunds-`	`Group`	`107,561`	`547`	`11,606`	`(39,055)`	`9,254`	`3,571`	`93,484`
				`Investment&`
		`AttJuly`	`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`
`HorizonFundUnrestricted`	`Funds`	`(1,768)`	`-`	`3,291`	`(3,042)`	`1,519`	`-`	`(0)`
`NewScholarshipFundUnrestrictedFunds`		`-`	`-`	`599`	`(1,025)`	`(2,361)`	`-`	`(2,787)`
`TotalUnrestrictedFunds`	`-Charity`	`5,793`	`616`	`§,093`	`(9,160)`	`12,319`	`(103)`	`14,558`
`OtherUnrestrictedFunds`		`-`	`-`	`2`	`(136)`	`(218)`	`-`	`(352)`
`TotalUnrestrictedFunds`	`-Group`	`5,793`	`616`	`§,095`	`(9,296)`	`12,100`	`(103)`	`14,206`
`TotalFunds- Group`		`520,458`	`16,485`	`17,719`	`(49,784)`	`:`	`6,646`	`511,524`
`Asummaryofthepurposesofspecificmaterialfundsisfoundinnote23.`

`ANALYSISOFCHANGESINNETDEBT`
	`At1 July`	`Cashflows`	`Othernon-cash`	`At 30June`
`2024`	`2023`		`changes`	`2024`
	`£'000s`	`£'000s`	`£'000s`	`£'000s`
`Cashinhand`	`7,099`	`4,544`	`-`	`11,643`
`Short-terminvestments,readilyconvertibletocash`	`15,093`	`(2,258)`	`-`	`12,835`
`Loansfallingdueaftermorethanone year`	`(30,000)`	`-`	`7`	`(30,000)`
`Total`	`{7,808)`	`2,285`	`-`	`(5,522)`
	`AtdJuly`	`Cashflows`	`Othernon-cash`	`At30June`
`2023`	`2022`		`changes`	`2023`
	`£'000s`	`£'000s`	`£'000s`	`£'000s`
`Cashinhand`	`4,086`	`3,013`	`-`	`7,099`
`Noticedeposits(lessthan3 months)`	`9,032`	`6,061`	`-`	`15,093`
`Loansfallingdueaftermorethanoneyear`	`(30,000)`	`-`	`-`	`(30,000)`
`Total`	`(16,882)`	`9,074`	`-`	`(7,808)`

`ANALYSISOFNETASSETSBETWEENFUNDS`
	`Unrestricted`	`Restricted`	`Endowment`	`2024`
	`Funds`	`Funds`	`Funds`	`Total`
`2024`	`£'000s`	`£:000s`	`£'000s`	`£'000s`
`intangiblefixedassets`	`287`	`-`	`-`	`287`
`Tangiblefixedassets`	`-`	`-`	`53,644`	`§3,644`
`Pooledendowmentinvestments`	`-`	`-`	`265,176`	`265,176`
`Netcurrentassets`	`61,514`	`2,002`	`(36,092)`	`27,425`
`Longtermliabilitiesandprovisions`	`(44,562)`	`-`	`-`	`(44,562)`
	`17,239`	`2,002`	`282,729`	`301,970`
	`Unrestricted`	`Restricted`	`Endowment`	`2023`
	`Funds`	`Funds`	`Funds`	`Total`
`2023`	`£'000s`	`£'000s`	`£'000s`	`£'000s`
`Intangiblefixedassets`	`95`	`-`	`-`	`95`
`Tangiblefixedassets`	`-`	`:`	`$4,471`	`$4,471`
`Pooledendowmentinvestments`	`-`	`-`	`254,499`	`254,499`
`Capitalprojectinvestments`	`4,547`	`-`	`-`	`4,547`
`Netcurrentassets`	`58,616`	`876`	`(36,809)`	`22,684`
`Longtermliabilitiesandprovisions`	`(46,195)`	`-`	`~`	`(46,195)`
	`17,063`	`876`	`272,162`	`290,101`

`DeficitRecoveryPlans`
`ForUSS,a deficitrecoverypianwasputinplaceaspartofthe2020valuation,whichrequiredpaymentof6.2%ofsalariesovertheperiod`		`1April2022until31March2024,at`
`whichpointtheratewouldincreaseto6.3%.AssetoutinNote21,nodeficitrecoveryplan`	`wasrequiredunderthe2023valuationbecause`	`theschemewasinsurplusona`
`technica!provisionsbasis.TheTrustwasnolongerrequiredtomakedeficitrecoverycontributionsfrom1 January2024andaccordinglyreleasedtheoutstandingprovisiontothe`
`incomeandexpenditureaccount.ThelatestavailablecompleteactuarialvaluationoftheRetirementIncomeBuilderisasat31March2023(thevaluationdate),whichwascarried`
`outusingtheprojectedunitmethod.`
`SincetheTrustcannolidentifyitsshareofUSSRetirementIncomeBuilder(definedbenefit)assetsandliabilities,thefollowingdisclosures`		`reflectthoserelevantforthoseassets`
`andliabilitiesasa whole.`
`The2023valuationwastheseventhvaluationfortheschemeunderthescheme-specificfundingregimeintroducedbythePensionsAct2004,whichrequiresschemestohave`
`sufficientandappropriateassetstocovertheirtechnicalprovisions(thestatutoryfundingobjective),Atthevaluationdate.thevalueofthe`		`assetsoftheschemewas£73.1billion`
`andthevalueofthescheme'stechnicalprovisionswas£65.7billionindicatinga surplusof`	`£7.4billionanda fundingratioof111%.`
`Thekeyfinancialassumptionsusedinthe2023valuationaredescribedbelow.`
`CPIassumption` `TermdependentralesinlinewiththedifferencebetweentheFixedInterestandIndexLinked`		`yieldcurvesless;1.0%p.a.192030,`
`reducinglinearlyby0.1%p.a.from2030.`
`Benefitswithnocap:CPIassumptionplus` `Pensionincreases(subjecttoa floorof0%)`	`3bpsBenefitssubjecttoa “softcap”of5%(providinginflationaryi` `uplo5%,and`		`half`
`lofanyexcessinflationover5%uptoa maximumof10%):CPIassumptionminus3bps`
`Fixedinterestgiltyieldcurveplus:` `Discountrate(forwardrates)`
`Pre-retirement:2.5%p.a.`
`Post-retiremant:0.9%p.a.`
`Themaindemographicassumptionsusedrelatetothe` `ityass` `i` `These` `pti` `arebasedonanalysisofthescheme'sexperiencecarriedoutaspartofthe2020actuarial`
`luation,` `The` `lityassumptions` `usedinthesefiguresareasfollows:`
`Mortalitybasetable` `101%ofS2PMA“light”formalesand95%`	`afS3PFAforfemales`
`Feimprovementslomortality` `CMI2021witha smoothing parameterof`	`7.5,aninitialadditionof0.4%p.a.anda long-termimprovementrateof1.8%paformalesand`
`1.6%paforfemales`
`Thecurrentlifeexpectanciesonretirementatage65are:`
	`2024`		`2023`
`‘Malescurrentlyaged65(years)`	`23.7`		`24.0`
`{Femalescurrentlyaged65(years)`	`25.6`		`25.6`
`Malescurrentlyaged45(years)`	`25.4`		`28.0`
`\|Fematescurrentlyaged45(years)`	`27.2`		`27.4`
`AcopyofthefullactuarialvaluationreportandotherfurtherdetailsontheUSSschemeare`	`availableon theUSSwebsitewww.uss.co,uk.`
`UniversityofOxfordStaffPensionScheme`
`TheUniversityofOxfordStaffPensionScheme(OSPS)isa multi-employerhybridscheme`	`selupundertrustandsponsoredbytheUniversity.Itisthepensionschemefor`
`supportstaffattheUniversity,participatingCollegesandotherrelatedemployerssuchasTheTrust.Newmembersjoiningtheschemebuild upbenefitsona definedcontribution`
`basis.Memberswhojoinedbefore1stOctober2017buildupbenefitsona careeraverage`	`revaiuedearningsbasis.`
`ThelatestfullactuarialvaluationfortheOSPSschemewascompletedasat31March2022.Thefundingpositionofthisschemehasimprovedsignificantlymovingfromdeficit`			`of`
`£113mtoa surplusof£47malthevaluationdate.Asa result,therecoveryplanagreedatthelastvaluationisnolongerrequiredandthedeficitcontributionendedon30th`
`September2023.`
`TheTrusteeandtheUniversilyhaveagreeda newcontributionschedulewhichtookeffect`	`from` `1October2023andtakesaccountofthebenefitimprovementsandchangesto`
`membercontributionssincethefastvaluationdate.Itwasagreedthattheschemewillmeet`	`itsownrunningcostsfromthescheme'sassets,includingexpensesrelatingtoboth`
`theDBandDCSectionsandthecostofpensionProtectionFund/otherstatutorylevies.`
`Detailsofthekeyacturialandotherassumptionsaresetoulinthestatementoffundingprinciplesdated27June2023andcanbefoundat`		`hitps://finance.admin,ox.ac.uk/osps-`
`documents.`
`DefinedContr` `PensionS:`
`Thegroupoperatesa definedcontributionstaffpensionschemeforUKemployeesthrough`	`AVIVA.Theassetsoftheschemeareheldseparatelyinindependentlyadministered`
`funds.Thepensioncostschargerepresentscontributionspayablebythegrouptothefundsandamountedto£257k(2023:£123k).`
`The groupalsooperatesa definedcontributionstaffpensionschemeforitsUSemployees,`	`Theassetsoftheschemeareheldseparately`	`inindependentlyadministeredfunds.`
`Thepensioncostschargerepresentscontributionspayablebythegrouptothefundsandamountedto£74k(2023;£42k),`
`Pensionchargefortheyear`
`ThepensionchargerecordedbytheTrustduringtheaccountingperiod(excludingpension`	`financecosts}wasequaltothecontributionspayableafterallowanceforthedeficit`
`recoveryplanasfollows;`
`\|Scheme`	`2024` `2023)`
	`£'000s` `£'000s`
`UniversitiesSuperannuationScheme`	`806` `970`
`UniversityofOxfordStaffPensionScheme`	`11` `21`
`USStaff401kSafeHarbourPlan` `NationalEmploymentSavingsTrust` `AVIVA` `MovementonthePensionschemedeficitcontributionliabilities` `Total`	`74` `42` `2` `3` `257` `123` `_(2,250)` `_(28)` `~_(1,100)` `74,134`
`Pensioncontributionsof£41kwerepayableatthebalancesheetdate(2023:£-k).`

`27`	`FINANCIALINSTRUMENTS`
					`2024`	`2023`
	`Group`				`£'000s`	`£'000s`
	`Financialassetsmeasuredatfairvalue`				`265,176`	`259,047`
					`2024`	`2023`
	`Charity`				`£'000s`	`£'000s`
	`Financialassetsmeasuredatfairvalue`				`265,176`	`259,047`
	`Financialassetsmeasuredatfairvaluecompriseinvestmentsecurities.`
`28`	`COMPARATIVESTATEMENTOFFINANCIALACTIVITIES`
	`Consolidated`	`Unrestricted`	`Restricted`		`Endowed`	`2023`
		`Funds`	`Funds`		`Funds`	`Total`
	`INCOMEANDENDOWMENTSFROM:`	`£'000s`	`£'000s`		`£'000s`	`£'000s`
	`Donationsandlegacies`	`1,519`	`197`		`9,687`	`11,403`
	`Charitableactivities`	`431`	`640`		`-`	`1,071`
	`Othertradingactivities`	`481`		`-`	`-`	`481`
	`Investments`
	`InvestmentIncome`	`290`		`-`	`673`	`963`
	`Totalretumallocatedtoincome`	`7,031`	`6,772`		`(13,803)`	`-`
	`Other(foreignexchangegain)` `Totalincome`	`(0)` `9,752`	`7,609`	`=`	`=` `(3,443)`	`(0)` `13,918`
	`EXPENDITUREON:`
	`Charitableactivities:`
	`Promotionandadvancementofeducation`	`3,439`	`12,424`		`-`	`15,863`
	`Generatingfunds:`
	`Fundraising`	`823`	`4,252`		`-`	`2,075`
	`Tradingexpenditure`	`674`	`97`		`-`	`771`
	`Financecosts`	`200`		`-`	`-`	`200`
	`investmentmanagementcosts`	`419`		`-`	`943`	`962`
	`TotalExpenditure`	`5,185`	`13,773`		`943`	`19,871`
	`NetIncome/(Expenditure)beforegains`	`4,597`	`(6,164)`		`(4,386)`	`(5,953)`
	`Netgains/(losses)oninvestments`	`(103)`		`-`	`1,945`	`1,838`
	`NetIncome/(Expenditure)`	`4,494`	`(6,164)`		`(2,441)`	`(4,715)`
	`Transfersbetweenfunds`	`§,008`	`(4,578)`		`(430)`	`-`
	`Netmovementinfundsfortheyear`	`9,502`	`(10,742)`		`(2,871)`	`(4,115)`
	`Fundbalancesbroughtforward`	`7,561`	`11,618`		`275,037`	`294,216`
	`Fundscarriedforwardat30June2023`	`17,063`	`876`		`272,162`	`290,101`
`29`	`ANALYSISOFCHANGESINNETDEBT`
		`At1 July`	`Cashflows`		`Othernon-cash`	`At30June`
	`2024`	`2023`			`changes`	`2024`
		`£'000s`	`£'000s`		`£'000s`	`£'000s`
	`Cashinhand`	`3,428`	`6,034`		`-`	`9,462`
	`Short-terminvestments,readilyconvertibletocash` `Loansfallingdueaftermorethanoneyear`	`93` `(30,000)`	`7,742` `-`		`-` `-`	`7,835` `(30,000)`
	`Total`	`(26,478)`	`13,775`		`:`	`(12,703)`
		`At1 July`	`Cashflows`		`Othernon-cash`	`At 30June`
	`2023`	`2022`			`changes`	`2023`
		`£'000s`	`£'000s`		`£'000s`	`£'000s`
	`CashInhand`	`3,391`	`37`		`-`	`3,428`
	`Noticedeposits(lessthan3 months)`	`9,032`	`(8,939)`		`-`	`93`
	`Loansfallingdueaftermorethanoneyear`	`(30,000)`		`:`	`:`	`(30,000)`
	`Total`	`(17,576)`	`(8,902)`		`=`	`(26,478)`