2025-06-30-accounts - Rhodes Trust - Public Purposes Fund

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	`Page`
`Trustees’Report`	`2-20`
`Legalandadministrativeinformation`	`21`
`ReportoftheIndependentAuditors`	`22-24`
`ConsolidatedStatementofFinancialActivities`	`25`
`BalanceSheets`	`26`
`ConsolidatedStatementofCashFlows`	`27`
`AccountingPolicies`	`28-33`
`NotestotheFinancialStatements`	`34-49`

`e`	`AcademicCommittee`	`AC`
`e`	`Audit& RiskCommittee`	`A&R`
`e`	`CampaignCommittee`	`cc`
`e`	`Finance& InvestmentCommittee`	`F&I`
`e`	`GovernanceCommittee`	`Gov`
`e`	`RemunerationCommittee`	`Rem`
`e`	`ScholarshipCommittee`	`Sch`
`®`	`PartnershipsCommittee`	`PC`
		`AC`					`Rem`	`Sch`	`PC`
`ProfessorSirJohnBellGBECH(Chairman)`
`ProfessorDapoAkande`		`x`
`Mr`	`AndrewBanks`
`Mr`	`DouglasA.Beck`
`Ms`	`NeetiBhallaJohnson`
`ProfessorEllekeBoehmer`		`x`
`ProfessorCharlotteDeane`		`X`
`Mr`	`MikeFitzpatrickAO`
`DrMenakaGuruswamy`
`Mr`	`RobertHarrison`		`XK*`	`X*`
`Mr`	`GlenJames`		`X*`						`X*`
`DrTariroMakadzange`								`x*`
`Ms`	`SwatiMylavarapu`			`X*`
`Mr`	`ChristopherOechsli`
`ProfessorCatherineO’Regan`		`X*`
`ProfessorSirNigelShadbolt`		`xX`
`DrPeterStamos`					`x*`		`~x<`
`Mr`	`RobertSternfels`					`x*`
`Mr`	`FredSwaniker`			`X`

`DrElizabethKiss:`	`WardenandCEO(to1%'January2025)`
`ProfSirRickTrainor:`	`\|WardenandCEO(fromistJanuary2025)`
`PeterAnderson:`	`ChiefFinancialOfficerandDeputyWardenforPartnershipsandOperations`
	`(toJune2024)`
`GeorgiaGiatras:`	`DeputyWardenofOperationsandFinance(from6'"January2025)`
`LouiseDearnley:`	`DeputyWardenfortheRhodesScholarship`
`MaryEaton:`	`DirectorofScholarAffairsandRegistrar`
`RodolfoLaraTorres:`	`ChiefEngagementandDevelopmentOfficer`
`BabetteLittlemore:`	`DirectorofCommunications(onmaternityleavefromJuly2024toAugust2025)`

		`Unrestricted`	`Restricted`	`Endowed`	`2025`	`2024`
`INCOMEANDENDOWMENTSFROM:`	`Notes`	`Funds` `£'000s`	`Funds` `£'000s`	`Funds` `£'000s`	`Total` `£'000s`	`Total` `£'000s`
`Donationsandlegacies` `Charitableactivities` `Othertradingactivities` `Investments`	`1` `2` `3`	`510` `1,056` `2,440`	`1,208` `24,092` `=`	`9,137` `-` `-`	`10,855` `25,148` `2,440`	`21,284` `19,582` `1,270`
`Investmentincome` `Totalreturnallocatedtoincome` `Other(foreignexchangegain)` `Totalincome`	`4` `17`	`417` `7,617` `-` `12,040`	`1,296` `14,299` `-` `40,895`	`3,088` `(21,916)` `-` `(9,691)`	`4,801` `-` `-` `43,244`	`3,649` `-` `30` `45,815`
`EXPENDITUREON:`
`Charitableactivities:`
`Promotionandadvancementofeducation`	`5`	`6,556`	`49,340`	`-`	`55,896`	`49,096`
`Raisingfunds:` `Fundraising` `Tradingexpenditure` `Financecosts` `Investmentmanagementcosts`	`7`	`494` `1,747` `801` `-`	`1,848` `-` `-` `267`	`-` `-` `-` `1,505`	`2,342` `1,747` `801` `1,772`	`2,328` `1,382` `801` `1,648`
		`3,042`	`25115.`	`1,505`	`6,662`	`6,159`
`TotalExpenditure`		`9,598`	`51,455`	`1,505`	`62,558`	`§5,255`
`NetIncome/(Expenditure)beforegains`		`2,442`	`(10,560)`	`(11,196)`	`(19,315)`	`(9,440)`
`Net(losses)/gainsoninvestments`	`15`	`121`	`236`	`20,829`	`21,186`	`43,611`
`NetIncome/ (Expenditure)`		`2,563`	`(10,325)`	`9,633`	`1,872`	`34,171`
`Transfersbetweenfunds`	`22`	`(5,191)`	`5,400`	`(209)`	`a`	`-`
`Netmovementinfundsfortheyear`		`(2,628)`	`(4,925)`	`9,424`	`1,872`	`34,171`
`Fundbalancesbroughtforward`	`22`	`14,110`	`97,554`	`434,031`	`545,695`	`511,524`
`Fundscarriedforwardat30June`		`11,482`	`92,630`	`443,455`	`547,567`	`545,695`

		`2025`		`2024`
		`Group`	`Charity`	`Group`	`Charity`
	`Notes`	`£'000s`	`£'000s`	`£'000s`	`£'000s`
`FIXEDASSETS`
`Intangibleassets`	`10`	`211`	`180`	`319`	`274`
`Tangibleassets`	`11`	`57,916`	`57,895`	`59,871`	`59,839`
`Investments`
`Pooledendowmentinvestments`	`12`	`421,878`	`403,905`	`425,321`	`407,867`
`AtlanticInstituteinvestments`	`14`	`79,816`	`79,816`	`72,771`	`72,771`
`TotalFixedAssets`		`559,821`	`541,796`	`§58,282`	`540,751`
`CURRENTASSETS`
`Debtors` `Stocks`	`18`	`18,890` `43`	`19,057` `-`	`17,552` `44`	`17,122` `-`
`Cashatbankandinhand`		`20,875`	`20,146`	`24,477`	`23,341`
`TotalCurrentAssets`		`39,808`	`39,203`	`42,073`	`40,463`
`LIABILITIES`
`Creditors:Amountsfallingduewithinoneyear`	`19`	`(4,587)`	`(6,359)`	`(7,531)`	`(7,336)`
`NETCURRENTASSETS`		`35,221`	`32,844`	`34,542`	`33,127`
`TOTALASSETSLESSCURRENTLIABILITIES`		`§95,042`	`574,640`	`592,824`	`573,878`
`CREDITORS:fallingdueaftermorethanoneyear`	`20`	`(30,000)`	`(30,000)`	`(30,000)`	`(30,000)`
`Provisionsforliabilitiesandcharges`	`21`	`(17,475)`	`(17,475)`	`(17,129)`	`(17,129)`
`TOTALNETASSETS`		`547,567`	`527,165`	`545,695`	`526,749`
`FUNDS`	`22`
`Endowmentfunds`		`443,455`	`423,182`	`434,031`	`414,343`
`Restrictedfunds`		`92,629`	`92,398`	`97,554`	`97,331`
`Unrestrictedfunds`		`11,483`	`11,585`	`14,110`	`15,075`
		`547,567`	`527,165`	`545,695`	`526,749`

`Cashflowsfromoperatingactivities`	`2025` `£'000s`	`2024` `£'000s`
`Netmovementinfunds` `Adjustmentsfor:`	`1,872`	`34,171`
`Depreciation/amortisation` `(Gains)oninvestments` `Investmentmanagementcosts` `Investmentincome` `Receiptofendowment` `(Increase)indebtors` `Decreaseinstocks` `(Decrease)increditors` `Increase/(Decrease)inprovisions` `Netcash(usedin)operatingactivities` `Cashflowsfrominvestingactivities`	`2,495` `(21,065)` `1,772` `(4,379)` `(9,509)` `(1,338)` `1` `(2,944)` `346` `(32,749)`	`2,662` `(43,573)` `1,648` `(3,038)` `(15,227)` `(3,100)` `36` `(2,067)` `(1,934)` `(30,424)`
`Proceedsfromthesaleofproperty,plantandequipment` `Cashwithdrawn` `Purchaseoffixedassets(tangibleandintangible)` `Newmoneyinvested` `Netcashprovidedby/(usedin)investingactivities`	`=` `43,461` `(430)` `(23,394)` `19,637`	`8` `34,842` `(2,141)` `(15,227)` `17,482`
`Cashflowsfromfinancingactivities`
`Receiptofendowment` `Netcashprovidedbyfinancingactivities`	`9,509` `9,509`	`15,227` `15,227`
`Changeincashandcashequivalentsinthereportingperiod`	`(3,603)`	`2,285`
`Cashandcashequivalentsatthebeginningofthereportingperiod`	`24,477`	`22,192`
`Cashandcashequivalentsattheendofthereportingperiod`	`20,875`	`24,477`

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

`1`	`DONATIONSANDLEGACIES`				`2025`		`2024`
					`£'000s`		`£'000s`
	`Unrestrictedfunds`				`510`		`1,043`
	`Restrictedfunds`				`1,208`		`1,861`
	`Endowedfunds`				`9,137`		`18,380`
					`10,855`		`21,284`
	`£1,308k(2024:£1,258k)ofunrestrictedandrestrictedfundswereraisedbytheScholarsFund.`
	`SeeNote22fordetailedbreakdownofdonationsreceivedbyfund.`
`2`	`INCOMEFROMCHARITABLEACTIVITIES`				`2025`		`2024`
					`£'000s`		`£'000s`
	`Scholarshipfunding`				`1,240`		`1,197`
	`AllanticInstituteGrantFunding` `RISEGrantFunding`				`-` `8,780`		`13` `6,097`
	`SchmidtScienceFellowsGrantFunding`				`13,499`		`10,785`
	`OtherGrantFunding`				`587`		`509`
	`Contributionstoco-fundedCollege scholarshipcosts`				`1,042`		`981`
					`25,148`		`19,582`
	`TheTrusthasenteredintoa numberofco-fundingagreementswiththeUniversityandwithseveralColleges,wherebyfeesand`			`stipendcostsare`	`shared.Grantfundingisreceivedto`
	`supportpartnershipprogrammes,namelyTheAtlanticInstitute,SchmidtScienceFellowsandtheRISEProgramme.`
`3`	`INCOMEFROMOTHERTRADINGACTIVITIES`				`2025`		`2024`
					`£'000s`		`£'000s`
	`Subsidiarycompanytradingincome:RhodesHouseLtd`				`2,337`		`1,182`
	`Othertradingincome`				`103` `2,440`		`88` `1,270`
`4`	`INVESTMENTINCOME`				`2025` `£'000s`		`2024` `£'000s`
	`Unrestrictedfunds` `Incomefromfixedintereststocks`					`-`	`65`
	`Bankinterest`				`417`		`604`
					`417`		`659`
	`Restrictedfunds` `Interestanddividendincomeoninvestmentportfolios` `Bankinterest`				`1,290` `6` `1,296`		`990` `7` `997`
	`Endowedfunds`
	`Interestanddividendincomeoninvestmentportfolios`				`3,088`		`1,993`
					`3,088`		`4,993`
	`TotalInvestmentincome`				`4,801`		`3,649`
`5`	`ANALYSISOFEXPENDITUREONCHARITABLEACTIVITIES`
		`Direct`		`Direct`
		`StaffCosts`		`Non-staffCosts`	`SupportCosts`		`2025`
	`2025`	`£'000s`		`£'000s`	`£°000s`		`£'000s`
	`Scholarshipprogramme` `GrantstoIndividuals`		`-`	`15,263`		`-`	`15,263`
	`IndirectScholarsupport`	`2,052` `2,052`		`2,094` `17,357`	`8,340` `8,340`		`12,486` `27,749`
	`Otherprogrammes:`
	`AllanticInstitute- GrantstoIndividuals`		`-`	`309`		`-`	`309`
	`AtlanticInstitute- OtherProgrammeCosts`	`1,847`		`3,294`	`376`		`5,517`
		`1,847`		`3,603`	`376`		`5,826`
	`SchmidtScienceFellows- GrantstoIndividuals`		`-`	`5,589`		`-`	`5,589`
	`SchmidtScienceFellows- OtherProgrammeCosts`	`2,100`		`5.408`	`309`		`7.817`
		`2,100`		`10,997`	`309`		`13,406`
	`RISE- GrantstoIndividuals` `RISE- OtherProgrammeCosts`	`547` `547`	`-`	`7,493` `(93)` `7,400`	`360` `360`	`-`	`7,493` `814` `8,307`
	`OtherprogrammesincludingOxfordNextHorizonsandSchwarzmanLeadershipProgramme`		`=`	`517`	`91`		`608`
	`Totalexpenditureoncharitableactivities`	`6,546`		`39,874`	`9,476`		`55,896`

		`Direct`	`Direct`
`2024` `Scholarshipprogramme`		`StaffCosts` `£'000s`	`Non-staffCosts` `£'000s`	`SupportCosts` `£'000s`	`2024` `£°000s`
`GrantstoIndividuals` `IndirectScholar support`		`-` `2,170`	`14,502` `2,099`	`-` `5,888`	`14,502` `10,157`
`Otherprogrammes:`		`2,170`	`16,601`	`5,888`	`24,659`
`AtlanticInstitute- GrantstoIndividuals` `AtlanticInstitute- OtherProgrammeCosts`		`-` `2,023`	`814` `4,321`	`-` `365`	`814` `6,709`
		`2,023`	`5,135`	`365`	`7,523`
`SchmidtScienceFellows- GrantstoIndividuals` `SchmidtScienceFellows- OtherProgrammeCosts`		`-` `1,937`	`5,167` `3,305`	`-` `300`	`5,167` `5,542`
		`1,937`	`8,472`	`300`	`10,709`
`RISE- GrantstoIndividuals` `RISE- OtherProgrammeCosts`		`-` `724`	`4,306` `314`	`-` `346`	`4,306` `1,384`
		`724`	`4,620`	`346`	`5,690`
`OtherprogrammesincludingSchwarzmanLeadershipProgramme`		`1`	`406`	`98`	`515`
`Totalexpenditureoncharitableactivities`		`6,865`	`35,234`	`6,997`	`49,096`
`Grantstoindividualsincludespaymentsmadetoanacademicinstitutiononbehalfofanindividual`	`,`

`ANALYSISOFEXPENDITUREONRAISINGFUNDS`
	`Direct`	`Direct`
`2025` `Expenditureonraisingfunds`	`StaffCosts` `£'000s`	`Non-staffCosts` `£'000s`	`SupportCosts` `£'000s`	`2025` `£'000s`
`Fundraising` `Tradingexpenditure` `FinanceCosts` `Investmentmanagementcosts`	`1,412` `-` `-` `-`	`$30` `1,700` `-` `-`	`-` `47` `801` `1,772`	`2,342` `1,747` `801` `1,772`
`Totalexpenditureonraisingfunds`	`1,412`	`2,630`	`2,620`	`6,662`
	`Direct`	`Direct`
`2024` `Expenditureonraisingfunds`	`StaffCosts` `£'000s`	`Non-staffCosts` `£'000s`	`SupportCosts` `£'000s`	`2024` `£'000s`
`Fundraising` `Tradingexpenditure` `FinanceCosts` `Investmentmanagementcosts`	`1,416` `-` `-` `-`	`912` `1,340` `-` `-`	`-` `42` `801` `1,648`	`2,328` `1,382` `801` `1,648`
`Totalexpenditureonraisingfunds`	`1,416`	`2,252`	`2,491`	`6,159`
`ANALYSISOFSUPPORTCOSTS`
`2025`		`Charitable`	`Raising`	`2025` `Total`
		`Activities`	`Funds`
		`£'000s`	`£'000s`	`£'000s`
`Administration` `Finance` `Humanresources` `‘Tandcommunications` `Investmentmanagement` `Legal& professional` `Governancecosts` `Depreciation` `BondInterest` `Exchangerateloss`		`4,037` `76` `271` `1,814` `-` `501` `101` `2,172` `-` `504`	`14` `-` `-` `15` `4,772` `-` `12` `11` `801` `-`	`4,048` `76` `271` `1,829` `1,772` `$01` `113` `2,183` `801` `§04`
		`9,476`	`2,622`	`12,098`

					`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`	`M1`	`2,444`
	`Interestcostonpensionprovision`		`26`	`-`	`26`
	`BondInterest`		`-`	`801`	`801`
	`Pensiondeficitliabilitymovement`		`(2,250)`	`<`	`(2,250)`
			`6,997`	`2,491`	`9,488`
	`SharedServices,includingHumanResources,Financeand` `ITcostsarealtributedaccordingtotheproportionofworkload.`
	`Depreciationcostsare`	`attributedaccordingtotheusemadeoftheunderlyingassets.`
	`Interestandotherfinancechargesareattributedaccordingtothepurposeoftherelatedfinancing.`
				`2025`	`2024`
				`£°000s`	`£'000s`
	`Governancecostscomprise:`
	`Auditors’remuneration`	`-auditservices`		`87`	`85`
	`Auditors'remuneration`	`-otherservices`		`3`	`2`
	`Auditors'remuneration`	`-taxadvisoryservices`		`21`	`16`
				`111`	`103`
`9`	`STAFFCOSTS`
				`2028`	`2024`
	`Theaggregatestaffcostsfortheyearwereasfollows.`			`£'000s`	`£'000s`
	`Salaries andwages`			`9,949`	`9,803`
	`Socialsecuritycosts`			`1,201`	`1,110`
	`Pensioncosts:`
	`Definedbenefitschemes`			`560`	`806`
	`Definedcontribution`	`schemes`		`402`	`344`
	`Otherbenefits`			`282`	`252`
	`Pensiondeficitliabilitymovement`			`:`	`(2,250)`
	`TotalStaffCosts`			`12,394`	`10,065`
	`LessStaffCostsdisclosedinNote5 asSupportCostsforAtlanticInstitute,RISE,ONHPandSchmidtScienceFellows`			`(1,136)`	`(1,109)`
	`TotalStaffCostsforTheTrustexcludingPartnershipStaffCosts`			`11,258`	`8,956`
	`Thetotalpensionprovisionheldat30thJune2025isEnil(2024:Enilk)asperNote21.SeeNote26forfulldetails.`
	`Theaveragenumberofemployeesona grossheadcountbasis,includingPartnershipprogrammestaff,wasasfollows:`			`2025`	`2024`
	`Fulltime`			`132`	`123`
	`Parttime`			`18`	`24`
	`Total`			`150`	`147`
	`Inadditiontotheabove`	`employeenumbers,TheTrustemployeescasualsandinternsonshort-termcontractsforseasonalorone-offwork.Themonthlyaverageofcasualemployees`
	`was13intheyear(2024:18).`

	`2025`	`2024`
`£60,000-£70,000` `£70,000-£80,000` `£80,000-£90,000` `£90,000-£100,000` `£100,000-£110,000` `£110,000-£120,000` `£120,000-£130,000` `£130,000-£140,000` `£140,000-£150,000` `£150,000-£160,000` `£160,000-£170,000` `£170,000-£180,000` `£180,000-£190,000` `£190,000-£200,000` `£200,000-£210,000` `£250,000-£260,000` `£290,000-£300,000` `£340,000-£350,000` `£390,000-£400,000`	`1` `rFOAAInwow` `Banna,` `'` `=`	`reNFSa44,Waa,aNwaunano`

		`2025`	`2024`	`2025`	`2024`
		`Group`	`Group`	`Charity`	`Charity`
`Cost`		`£'000s`	`£'000s`	`£°000s`	`£'000s`
`Atstartofyear` `Additions` `Atendofyear`		`763` `-` `763`	`547` `216` `763`	`704` `:` `704`	`491` `213` `704`
`Amortisation`
`Atstartofyear` `Amortisationchargefortheyear` `Atendofyear`		`444` `108` `552`	`390` `54` `444`	`430` `94` `§24`	`390` `40` `430`
`Netbookvaluecarriedforward`		`211`	`319`	`180`	`274`
`Netbookvaluebroughtforward`		`319`	`157`	`274`	`101`
`TANGIBLEFIXEDASSETS`
`Group`	`Freehold`	`Plantand`	`ITSystems`	`Fixtures,`
	`landand`	`machinery`		`fittingsand`	`Total`
	`buildings`			`equipment`
`Cost`	`£'000s`	`£'000s`	`£'000s`	`£'000s`	`£'000s`
`Atstartofyear` `Additions` `Atendofyear`	`58,045` `118` `58,163`	`749` `-` `749`	`6,031` `297` `6,328`	`2,555` `15` `2,570`	`67,380` `430` `67,810`
`Depreciationandimpairment`
`Atstartofyear` `Depreciationchargefortheyear` `Atendofyear`	`2,343` `947` `3,290`	`59` `38` `97`	`4,009` `930` `4,939`	`1,098` `470` `1,568`	`7,509` `2,386` `9,894`
`Netbookvalue2025`	`54,873`	`652`	`1,389`	`1,002`	`57,916`
`Netbookvalue2024`	`55,702`	`690`	`2,022`	`1,457`	`59,871`
`Charity`	`Freehold`	`Piantand`	`ITSystems`	`Fixtures,`
	`tandand`	`machinery`		`fittingsand`	`Total`
	`buildings`			`equipment`
`Cost`	`£'000s`	`£'000s`	`£'000s`	`£'000s`	`£°000s`
`Alstartofyear` `Additions` `Atendofyear`	`58,045` `118` `58,163`	`749` `-` `749`	`6,031` `297` `6,328`	`2,512` `15` `2,527`	`67,337` `430` `67,767`
`Depreciationandimpairment`
`Alstartofyear` `Depreciationchargefortheyear` `Atendofyear`	`2,343` `947` `3,290`	`59` `38` `97`	`4,009` `930` `4,939`	`1,087` `460` `1,547`	`7,498` `2,375` `9,873`
`Netbookvalue2025`	`54,873`	`652`	`1,390`	`980`	`57,895`
`Netbookvalue2024`	`55,702`	`690`	`2,022`	`1,425`	`59,839`

`POOLEDENDOWMENTINVESTMENTS`
`Allinvestmentsareheldatfairvalue.`	`2025`	`2024`
	`£'000s`	`£'000s`
`Groupinvestments` `Valuationatstartofyear` `Newmoneyinvested` `Amountswithdrawn` `Reinvestedincome` `Investmentmanagementfees` `Increase/(decrease)invalueofinvestments`	`425,321` `9,509` `(36,007)` `3,144` `(1,508)` `21,422`	`397,143` `15,227` `(22,776)` `2,058` `(1,391)` `35,060`
`Groupinvestmentsatendofyear` `Investmentheldonbehalfofsubsidiaries` `Investmentsinsubsidiaries` `Charityinvestmentsatendofyear`	`421,878` `(17,973)` `0` `403,905`	`425,321` `(17,454)` `0` `407,867`
`Groupinvestmentscomprise:`	`2025` `£'000s`	`2024` `£'000s`
`Privateequilyinvestments` `Listedinvestments` `Globalmulti-assetfunds(includingOUEF)`	`468` `16,870` `325,148`	`1,642` `22,513` `331,138`
`Property,alternativeandotherinvestments` `Fixedtermdeposits,bondsandcash`	`79,392`	`70,028`
`Totalgroupinvestments`	`421,878`	`425,321`

`GroupandCharity`	`2025`	`2024`
	`Total`	`Total`
	`£'000s`	`£'000s`
`Valuationatstartofyear`	`-`	`4,547`
`Amountswithdrawn`	`-`	`(4,612)`
`Reinvestedincome` `Investmentmanagementfees`	`-` `2`	`55` `(2)`
`Increase/(decrease)invalueofinvestments`	`-`	`12`
`Valuationatendofyear`
`ATLANTICINSTITUTEINVESTMENTS`
`GroupandCharity`	`2025`	`2024`
	`Total`	`Total`
	`£'000s`	`£'000s`
`Valuationatstartofyear`	`72,771`	`71,054`
`Newmoneyinvested`	`13,882`	`-`
`Amountswithdrawn`	`{7,454)`	`(7,454)`
`Reinvestedincome`	`1,238`	`924`
`Investmentmanagementfees`	`(264)`	`(255)`
`Increase/(decrease)invalueofinvestments`	`(357)`	`8,502`
`Valuationatendofyear`	`79,816`	`72,771`
`Investmentscomprise:`	`2025`	`2024`
	`£'000s`	`£'000s`
`Listedinvestments`	`40,346`	`40,913`
`Property,alternativeandotherinvestments`	`3,566`	`2,670`
`Fixedtermdeposits,bondsandcash`	`35,904`	`29,188`
`Totalgroupinvestments`	`79,816`	`72,771`

`15`	`GAINSONINVESTMENTS`
												`2025`		`2024`
												`Total`		`Tolal`
	`Gainonpooledendowmentinvestments` `Gain/(loss)oncapitalprojectinvestments` `Gain/{loss)onAtlanticshortterminvestments` `Gainonothershortterminvestments`											`£'000s` `21,422` `-` `(357)` `121`		`£'000s` `35,059` `12` `8,502` `38`
												`21,186`		`43,611`
	`Thedistributionof£16.3m(2024:£15.9m)fromOUEM,a unitisedfund,istreatedas`		`a`	`realisedgain`		`withinthe`	`Pooled`		`EndowmentInvestmentPortfolio.`
`16`	`PARENTANDSUBSIDIARYUNDERTAKINGS`
	`Theresultsandtheassetsandliabilitiesoftheparentandsubsidiariesaltheyearend`		`were`		`asfollows.`
					`Linkedcharity`		`Parent`		`charity`	`Linked`	`charity`	`Linkedcharity`	`PPFSubsidiary`
					`CecilRhodes` `Scholarshi`		`RhodesTrust` `Public`			`RhodesTrust`		`RhodesTrust` `New`	`Rhodes`
	`2025`				`P` `Fund`		`Purposes` `Fund`			`HorizonFund`		`Scholarship` `Fund`	`House`	`Ltd`
						`£'000s`			`£'000s`		`£'000s`	`£'000s`		`£'000s`
	`Income` `Expenditure` `DonationtoTrustundergiftaid` `Transfers` `Netgainsoninvestments`					`383` `(2,902)` `“` `-` `2,469`			`9,115` `(22,134)` `36` `-` `13,672`		`25,719` `(28,383)` `-` `(2,077)` `236`	`6,257` `(5,397)` `=` `(568)` `3,954`		`3,523` `(3,076)` `(36)` `-` `.`
	`Resultfortheyear`					`(50)`			`690`		`(4,505)`	`4,246`		`411`
	`Totalassets` `Totalliabilities`					`50,279` `.`			`326,078` `(23,257)`		`92,013` `(5,488)`	`90,141` `(2,829)`		`679` `(429)`
	`Netfundsattheendofyear`					`50,279`			`302,821`		`86,525`	`87,312`		`249`
		`RT` `Subsidiary`			`RT`	`Subsidiary`	`RT`		`Subsidiary`	`RT`	`Subsidiary`	`RTSubsidiary`	`RTSubsidiary`
		`Rhodes`			`Rhodes`		`Rhodes`			`Rhodes`			`Rhodes`
		`Scholarships`			`Scholarships`		`Scholarships`			`Scholarshipsfor`		`RhodesTrust`	`Scholarships`
		`inAustralia`			`in`	`New`	`in`	`eae`		`SouthernAfrica`		`(US)LLC`	`inAmerica,`
		`PTYLtd`			`ZealandLtd`					`SecretariatNPC`			`inc`
		`£'000s`				`£'000s`			`£'000s`		`£'000s`	`£'000s`		`£°000s`
	`Income` `Expenditure` `Transfers` `Netgainsoninvestments`	`202` `(906)` `tt)` `702`				`28` `(6)` `-` `:`			`628` `(207)` `0` `154`		`243` `(167)` `-` `-`	`1,380` `(968)` `-` `Bs`		`-` `-` `-` `:`
	`Resultfortheyear`		`(2)`			`22`			`575`		`76`	`412`		`-`
	`Totalassets` `Totalliabilities`	`33,238` `(16,626)`				`158` `(68)`			`7,042` `(3,240)`		`tt)` `(143)`	`0` `19`		`-` `-`
	`Netfundsattheendofyear`	`16,612`				`90`			`3,802`		`(143)`	`19`		`-`
					`Linked`	`charity`	`Parent`		`charity`	`Linked`	`charity`	`Linkedcharity`	`PPFSubsidiary`
					`.`							`RhodesTrust`
					`-a J`		`oe`			`RhodesTrust`		`New`	`Rhodes`	`House`
	`2024`				`2` `"p` `Fund`		`u` `PurposesFund`			`HorizonFund`		`Scholarship` `Fund`	`Ltd`
						`£'000s`			`£'000s`		`£'000s`	`£'000s`		`£'000s`
	`Income` `Expenditure` `Transfers` `Netgainsoninvestments`					`256` `(3,051)` `4,372`			`8,151` `(18,378)` `22,172`		`18,631` `(24,878)` `(1,038)` `9,615`	`14,819` `(4,474)` `(7)` `§,927`		`2,278` `(2,353)` `5` `-`
	`Resultfortheyear`					`1,577`			`11,944`		`2,330`	`16,265`		`(75)`
	`Totalassets` `Totalliabilities`					`50,330` `-`		`326,356` `(24,033)`			`99,857` `(8,827)`	`85,633` `(2,566)`	`4,000` `(1,353)`
	`Netfundsattheendofyear`					`50,330`		`302,323`			`91,030`	`83,067`		`(353)`

		`RTSubsidiary`	`RTSubsidiary`	`RTSubsidiary`	`RTSubsidiary`	`RTSubsidiary`	`RTSubsidiary`
		`Rhodes`	`Rhodes`		`Rhodes`
		`Scholarshipsin` `.` `AustraliaPTY`	`Scholarshipsin` `NewZealand`	`Rhodes` `.` `Scholarshipsin` `Canada`	`Scholarshipsfor` `:` `SouthernAfrica`	`RhodesTrust` `(US)LLC`	`Rhodes` `Scholarshipsin` `Ayfeeiea.Iie`
		`Ltd`	`Ltd`		`SecretariatNPC`		`'`
		`£'000s`	`£'000s`	`£'000s`	`£'000s`	`£'000s`	`£°000s`
`Income`		`2,607`	`5`	`121`	`1`	`5`	`-`
`Expenditure`		`(935)`	`(0)`	`(653)`	`(149)`	`(398)`	`-`
`Net gains`	`oninvestments`	`1,221`	`-`	`306`	`-`	`-`	`-`
`Resultfor`	`theyear`	`2,893`	`5`	`(226)`	`(148)`	`(393)`	`-`
`Totalassets`		`30,348`	`132`	`6,698`	`(0)`	`-`	`-`
`Totalliabilities`		`(13,733)`	`(64)`	`(3,470)`	`(219)`	`(393)`	`-`
`Netfunds`	`attheendofyear`	`16,615`	`68`	`3,228`	`(219)`	`(393)`	`-`

`WithapprovalfromtheCharityCommission,theTrusteesadopteda policyoftotalreturnaccountingfortheinvestmentreturnontheScholarshipFund,witheffectfrom30thJune` `2007,TheinvestmentreturntobeappliedasincomewasoriginallysetbytheTrusteesat4%ofthebroughtforwardfundvalue.Duringtheyearended30thJune2018,theTrustee` `Boardapproveda changetotheratetobeapplied,tobringtheScholarshipFundinlinewiththepolicybeingappliedtoallotherendowmentfundsoftheTrust,whichiscurrently` `5.25%ofthetrailing12quarterlyvaluations.TheamountappliedasincomeforspendingisincludedwithintheincomesectionoftheSOFAonthebasisthatthisgivesa clearer` `understandingofthefinancialpositionofthegroup,Thepreserved(frozen)valueoftheinvestedendowmentca` `subsequentendowmentsvaluedatthedateofthegift.` `pitalrepresentsitsopenmarketvalueat1 July1989togetherwithall`	`WithapprovalfromtheCharityCommission,theTrusteesadopteda policyoftotalreturnaccountingfortheinvestmentreturnontheScholarshipFund,witheffectfrom30thJune` `2007,TheinvestmentreturntobeappliedasincomewasoriginallysetbytheTrusteesat4%ofthebroughtforwardfundvalue.Duringtheyearended30thJune2018,theTrustee` `Boardapproveda changetotheratetobeapplied,tobringtheScholarshipFundinlinewiththepolicybeingappliedtoallotherendowmentfundsoftheTrust,whichiscurrently` `5.25%ofthetrailing12quarterlyvaluations.TheamountappliedasincomeforspendingisincludedwithintheincomesectionoftheSOFAonthebasisthatthisgivesa clearer` `understandingofthefinancialpositionofthegroup,Thepreserved(frozen)valueoftheinvestedendowmentca` `subsequentendowmentsvaluedatthedateofthegift.` `pitalrepresentsitsopenmarketvalueat1 July1989togetherwithall`	`WithapprovalfromtheCharityCommission,theTrusteesadopteda policyoftotalreturnaccountingfortheinvestmentreturnontheScholarshipFund,witheffectfrom30thJune` `2007,TheinvestmentreturntobeappliedasincomewasoriginallysetbytheTrusteesat4%ofthebroughtforwardfundvalue.Duringtheyearended30thJune2018,theTrustee` `Boardapproveda changetotheratetobeapplied,tobringtheScholarshipFundinlinewiththepolicybeingappliedtoallotherendowmentfundsoftheTrust,whichiscurrently` `5.25%ofthetrailing12quarterlyvaluations.TheamountappliedasincomeforspendingisincludedwithintheincomesectionoftheSOFAonthebasisthatthisgivesa clearer` `understandingofthefinancialpositionofthegroup,Thepreserved(frozen)valueoftheinvestedendowmentca` `subsequentendowmentsvaluedatthedateofthegift.` `pitalrepresentsitsopenmarketvalueat1 July1989togetherwithall`	`WithapprovalfromtheCharityCommission,theTrusteesadopteda policyoftotalreturnaccountingfortheinvestmentreturnontheScholarshipFund,witheffectfrom30thJune` `2007,TheinvestmentreturntobeappliedasincomewasoriginallysetbytheTrusteesat4%ofthebroughtforwardfundvalue.Duringtheyearended30thJune2018,theTrustee` `Boardapproveda changetotheratetobeapplied,tobringtheScholarshipFundinlinewiththepolicybeingappliedtoallotherendowmentfundsoftheTrust,whichiscurrently` `5.25%ofthetrailing12quarterlyvaluations.TheamountappliedasincomeforspendingisincludedwithintheincomesectionoftheSOFAonthebasisthatthisgivesa clearer` `understandingofthefinancialpositionofthegroup,Thepreserved(frozen)valueoftheinvestedendowmentca` `subsequentendowmentsvaluedatthedateofthegift.` `pitalrepresentsitsopenmarketvalueat1 July1989togetherwithall`	`WithapprovalfromtheCharityCommission,theTrusteesadopteda policyoftotalreturnaccountingfortheinvestmentreturnontheScholarshipFund,witheffectfrom30thJune` `2007,TheinvestmentreturntobeappliedasincomewasoriginallysetbytheTrusteesat4%ofthebroughtforwardfundvalue.Duringtheyearended30thJune2018,theTrustee` `Boardapproveda changetotheratetobeapplied,tobringtheScholarshipFundinlinewiththepolicybeingappliedtoallotherendowmentfundsoftheTrust,whichiscurrently` `5.25%ofthetrailing12quarterlyvaluations.TheamountappliedasincomeforspendingisincludedwithintheincomesectionoftheSOFAonthebasisthatthisgivesa clearer` `understandingofthefinancialpositionofthegroup,Thepreserved(frozen)valueoftheinvestedendowmentca` `subsequentendowmentsvaluedatthedateofthegift.` `pitalrepresentsitsopenmarketvalueat1 July1989togetherwithall`	`WithapprovalfromtheCharityCommission,theTrusteesadopteda policyoftotalreturnaccountingfortheinvestmentreturnontheScholarshipFund,witheffectfrom30thJune` `2007,TheinvestmentreturntobeappliedasincomewasoriginallysetbytheTrusteesat4%ofthebroughtforwardfundvalue.Duringtheyearended30thJune2018,theTrustee` `Boardapproveda changetotheratetobeapplied,tobringtheScholarshipFundinlinewiththepolicybeingappliedtoallotherendowmentfundsoftheTrust,whichiscurrently` `5.25%ofthetrailing12quarterlyvaluations.TheamountappliedasincomeforspendingisincludedwithintheincomesectionoftheSOFAonthebasisthatthisgivesa clearer` `understandingofthefinancialpositionofthegroup,Thepreserved(frozen)valueoftheinvestedendowmentca` `subsequentendowmentsvaluedatthedateofthegift.` `pitalrepresentsitsopenmarketvalueat1 July1989togetherwithall`
	`PermanentEndowment`			`Expendable`	`Total`
		`Unapplied`		`Endowment`	`Endowments`
	`TrustforInvestment`	`Total`
`2025`	`£'000s` `ScholarshipFund`	`Return` `£'000s`	`Total` `£'000s`	`£'000s`	`£'000s`
`Atthebeginningoftheyear:`
`Giftcomponentofthepermanentendowment` `Unappliedtotalreturn` `Expendableendowment` `TotalEndowments` `Movementsinthereportingperiod:`	`30,429` `-` `30,429`	`=` `19,902` `:` `19,902`	`30,429` `19,902` `:` `50,331`	`-` `-` `383,700` `383,700`	`30,429` `19,902` `383,700` `434,031`
`Giftofendowmentfunds` `Investmentreturn:totalinvestmentincome` `Investmentreturn:reatisedandunrealisedgainsandlosses` `Less:Investmentmanagementcosts` `Total`	`-` `-` `-` `-` `=`	`-` `383` `2,468` `(186)` `2,665`	`-` `383` `2,468` `(186)` `2,665`	`9,137` `2,706` `18,361` `(1,319)` `28,885`	`9,137` `3,088` `20,829` `(1,505)` `31,549`
`Unappliedtotalreturnallocatedtoincomeinthereportingperiod` `Expendabletotalretumincometransferred`	`-` `=`	`(2,716)` `-`	`(2,716)` `-`	`-` `(19,200)`	`(2,716)` `(19,200)`
`Transfersframexpendableendowments`	`-` `-`	`(2,716)` `-`	`(2,716)` `-`	`(19,200)` `(209)`	`(21,916)` `(209)`
	`-`	`(2,716)`	`(2,716)`	`(19,409)`	`(22,125)`
`Netmovementsinreportingperiod` `Atendofthereportingperiod:`	`-`	`(51)`	`(51)`	`9,476`	`9,424`
`Giftcomponentofthepermanentendowment` `Unappliedtotalreturn` `Expendableendowment` `TotalEndowments`	`30,429` `-` `30,429`	`-` `19,850` `-` `19,850`	`30,429` `19,850` `:` `50,279`	`-` `-` `393,176` `393,176`	`30,429` `19,850` `393,176` `443,455`
	`PermanentEndowment`			`Expendable`	`Total`
		`Unapplied`		`Endowment`	`Endowments`
	`TrustforInvestment`	`Total`
`2024`	`£'000s` `ScholarshipFund`	`Return` `£'000s`	`Total` `£'000s`	`£'000s`	`£'000s`
`Atthebeginningoftheyear:`
`Giftcomponentofthepermanentendowment` `Unappliedtotalretum` `Expendableendowment` `TotalEndowments` `Movementsinthereportingperiod:`	`30,429` `7` `30,429`	`-` `18,325` `-` `18,325`	`30,429` `18,325` `:` `48,753`	`-` `-` `355,079` `355,079`	`30,429` `18,326` `355,079` `403,832`
`Giftofendowmentfunds` `Investmentreturn:totalinvestmentincome` `Investmentreturn:realisedandunrealisedgainsandlosses` `Less:Investmentmanagementcosts` `Total`	`-` `-` `-` `:` `=`	`-` `256` `4,372` `(172)` `4,456`	`-` `256` `4,372` `(172)` `4,456`	`18,380` `1,737` `29,575` `(1,174)` `48,518`	`18,380` `1,993` `33,947` `(1,346)` `52,974`
`Unappliedtotalreturnallocatedtoincomeinthereportingperiod` `Expendabletotalreturnincometransferred`	`-` `:`	`(2,879)` `-`	`(2,879)` `-`	`-` `(19,490)`	`(2,879)` `(19,490)`
`Transferstoexpendableendowments`	`=` `-`	`(2,879)` `:`	`(2,879)` `=`	`(19,490)` `(407)`	`(22,369)` `(407)`
	`-`	`(2,879)`	`(2,879)`	`(19,897)`	`(22,776)`
`Netmovementsinreportingperiod` `Atendofthereportingperiod:`	`-`	`1,577`	`1,577`	`28,621`	`30,198`
`Giftcomponentofthepermanentendowment` `Unappliedtotalretum` `Expendableendowment` `TotalEndowments`	`30,429` `2` `30,429`	`-` `19,902` `-` `19,902`	`30,429` `19,902` `-` `50,331`	`-` `-` `383,700` `383,700`	`30,429` `19,902` `383,700` `434,031`

`18`	`DEBTORS`
		`2025`	`2024`	`2025`	`2024`
		`Group`	`Group`	`Charity`	`Charity`
		`£'000s`	`£'000s`	`£'000s`	`£'000s`
	`Amountsfallingduewithinoneyear:`
	`Tradedebtors`	`1,774`	`517`	`1,451`	`136`
	`Prepaidfees,stipendsandamountsowedbyScholars`	`566`	`531`	`546`	`514`
	`AmountsheldbyNationalSecretaries`	`44`	`33`	`44`	`33`
	`Amountsowingbygroupundertakings:UK`	`-`	`-`	`-`	`1,021`
	`Amountsowingbygroupundertakings:Overseas`	`-`	`:`	`639`	`1,289`
	`AccruedIncome`	`6,794`	`5,884`	`4,868`	`5,384`
	`Prepayments`	`1,791`	`2,121`	`1,724`	`2,078`
	`Other debtors`	`1,676`	`1,541`	`1,615`	`1,475`
	`Amountsfallingdueinmorethanoneyear:`
	`Accruedincome`	`6,245`	`6,925`	`8,170`	`5,192`
		`18,890`	`17,552`	`19,057`	`17,122`
	`Accruedincomeforthegroupfallingdueinmorethanyearrepresentspledgeddonations,atpresentvalue,ofwhich£624kfallsdueinmorethanfiveyears(2024:£821k).`
`19`	`CREDITORS:fallingduewithinoneyear`	`2025`	`2024`	`2025`	`2024`
		`Group`	`Group`	`Charity`	`Charity`
		`£'000s`	`£'000s`	`£'000s`	`£'000s`
	`Tradecreditors`	`1,323`	`1,139`	`1,089`	`966`
	`Amountsowedtogroupundertakings:UKandOverseas`	`-`	`-`	`2,500`	`358`
	`Taxationandsocialsecurity`	`415`	`373`	`303`	`282`
	`Accrualsanddeferredincome`	`2,743`	`5,950`	`2,395`	`5,684`
	`Othercreditors`	`106`	`69`	`72`	`46`
		`4,587`	`7,531`	`6,359`	`7,336`
`20`	`CREDITORS:fallingdueaftermorethanoneyear`	`2025`	`2024`	`2025`	`2024`
		`Group`	`Group`	`Charity`	`Charity`
		`£'000s`	`£'000s`	`£'000s`	`£'000s`
	`Loan Notes`	`30,000`	`30,000`	`30,000`	`30,000`
		`30,000`	`30,000`	`30,000`	`30,000`

	`{nOctober2018,theRhodesTrustPublicPurposesFundissued£30mofunsecuredloannotesinordertofundthebuildingofa conferenceandconveningcentre,administrationand`	`{nOctober2018,theRhodesTrustPublicPurposesFundissued£30mofunsecuredloannotesinordertofundthebuildingofa conferenceandconveningcentre,administrationand`	`{nOctober2018,theRhodesTrustPublicPurposesFundissued£30mofunsecuredloannotesinordertofundthebuildingofa conferenceandconveningcentre,administrationand`	`{nOctober2018,theRhodesTrustPublicPurposesFundissued£30mofunsecuredloannotesinordertofundthebuildingofa conferenceandconveningcentre,administrationand`	`{nOctober2018,theRhodesTrustPublicPurposesFundissued£30mofunsecuredloannotesinordertofundthebuildingofa conferenceandconveningcentre,administrationand`
	`accommodationfacilitieswithintheRhodesHousesite.Fixedinterestpaymentsarepayableat2.67%p.a.twiceyearly,andthecapitalisdueforrepaymentinOctober2048.Interest`
	`of£801k(2024:£801k)waspayableontheloannotesintheyear.Thiswasallexpensedintheyear.`
`21`	`PROVISIONSFORLIABILITIESANDCHARGES`	`2025`	`2024`	`2025`	`2024`
		`Group`	`Group`	`Charity`	`Charity`
	`ProvisionforfutureScholarcosts`	`£'000s`	`£'000s`	`£'000s`	`£000s`
	`At startofyear`	`17,129`	`16,839`	`17,129`	`16,839`
	`ChargedintheStatementofFinancialActivities`	`346`	`290`	`346`	`290`
	`Atendofyear`	`17,475`	`17,129`	`17,475`	`17,129`
	`Provisionforpensiondeficitliability`	`£'000s`	`£'000s`	`£'000s`	`£'000s`
	`At startofyear`	`.`	`2,224`	`-`	`2,224`
	`ChargedintheStatementofFinancialActivities`	`-`	`(2,365)`	`-`	`(2,365)`
	`Settledintheyear`	`-`	`141`	`:`	`141`
	`Atendofyear`	`:`	`:`	`:`	`-`
	`Totalprovisions`	`17,475`	`17,129`	`17,475`	`17,129`

`ANALYSISOFMOVEMENTSONFUNDS`
			`Investment`	`&`
`EndowmentFunds` `-Permanent`	`AtiJuly` `2024` `£'000s`	`NewMoney` `£'000s`	`Operating` `Income` `£'000s`		`Resources` `expended` `£'000s`	`Transfers` `£'000s`	`Gains/` `(losses)` `£'000s`	`At 30June` `2025` `£'000s`
`ScholarshipEndo` `Fund` `TotalPermanentEndowment`	`50,330` `50,330`	`-` `-`	`383` `383`		`(186)` `(186)`	`(2,716)` `(2,716)`	`2,468` `2,468`	`50,279` `50,279`
`EndowmentFunds` `-Expendable`
`PublicPurposesFund`
`PublicPurposesCapital` `Fund` `SecondCenturyFounderCapitalFund(MMF)` `NewZealandPartnershipCapitalFund` `OppenheimerSouthAfricaCapitalFund` `Atlantic(RhodesScholProg)Fund` `RSASecandCenturyFounderMMFCapitalFund` `BanksPartnershipCapitalFund` `PakistanCapitalFund` `RhodesHouseNamingCapitalFund` `2ndCenturyFounderCompoundFund` `VariousPartnershipFunds` `Subtotal`	`140,214` `33,542` `10,343` `8,050` `23,483` `15,949` `6,110` `§,096` `7,326` `5,634` `26,983` `282,729`	`-` `-` `-` `-` `-` `-` `-` `-` `99` `-` `4,021` `4,120`	`973` `255` `79` `61` `179` `124` `46` `39` `25` `182` `1,960`	`-`	`(473)` `(124)` `(38)` `(30)` `(87)` `(59)` `(23)` `(19)` `(14)` `-` `(89)` `(954)`	`(7,034)` `(1,810)` `(558)` `(434)` `(1,267)` `(1,070)` `(330)` `(275)` `(51)` `-` `(1,289)` `(14,118)`	`6,279` `1,645` `507` `395` `1,152` `782` `300` `250` `152` `347` `1,742` `13,551`	`139,959` `33,508` `10,333` `8,042` `23,459` `15,724` `6,104` `5,090` `7,537` `5,981` `31,550` `287,287`
`NewScholarshipFund`
`RhodesScholarshipsforUAE` `MalaysiaCapitalFund` `SaidSJLPCapitalFund` `ChinaCapitalFund` `WestAfricaCapitalFund` `EastAfricaCapitalFund` `EndowmentforGeneralPurposes` `AlagilSaudiArabiaCapitalFund` `VariousPartnershipFunds` `Subtotal`	`12,208` `5,662` `5,632` `14,239` `11,555` `5,422` `9,823` `8,790` `7,953` `81,284`	`-` `-` `-` `1,002` `44` `1,440` `2,952` `-` `(1,027)` `4,412`	`93` `43` `43` `115` `80` `38` `75` `87` `60.` `613`		`(45)` `(21)` `(21)` `(56)` `(39)` `(21)` `(36)` `(32)` `(29)` `(301)`	`(659)` `(306)` `(304)` `(810)` `(567)` `(1,274)` `(530)` `(474)` `577` `(4,347)`	`599` `278` `276` `758` `515` `230` `482` `431` `385` `3.954`	`12,196` `5,656` `5,627` `15,248` `11,588` `5,836` `12,765` `8,781` `7,918` `85,616`
`TotalEndowmentFunds- Charity`	`414.343`	`8,532`	`2,956`		`(1,440)`	`(21,181)`	`19,973`	`423,182`
			`Investment&`
`RhodesScholarshipsinAustraliaPTYLtd`	`At` `1July` `2024` `£'000s`	`NewMoney` `£'000s`	`Operating` `Income` `£'000s`		`Resources` `expended` `£'000s`	`Transfers` `£'000s`	`Gains/` `(tosses)` `£'000s`	`At30June` `2025` `£'000s`
`AustraliaCapitalFund` `QueenslandCapitalFund` `WesternAustraliaCapitalFund`	`411,190` `3.112` `2,241` `16,543`	`-` `-` `53` `53`	`83` `24` `2` `109`		`(40)` `(11)` `(A)` `(53)`	`(590)` `(168)` `(14)` `(772)`	`537` `153` `13` `702`	`11,179` `3,109` `2,293` `16,581`
`RhodesScholarshipsinNewZealandLtd`
`NewZealandFunds`	`-`	`-`	`-`		`-`	`-`	`-`	`-`
`RhodesScholarshipsinCanada`
`CanadianEndowmentCapitalFund` `CanadianisraelFund` `RhodesHouseNamingFund` `GenereuxCSLPCapitalFund`	`526` `2,463` `-` `156` `3,145`	`-` `55` `496` `-` `§52`	`4` `419` `-` `1` `24`		`(2)` `(9)` `-` `(1)` `(12)`	`{28)` `(134)` `-` `(8)` `(171)`	`26` `121` `-` `8` `154`	`525` `2,514` `496` `155` `3,691`
`TotalExpendableEndowment`	`383,701`	`9,137`	`2,706`		`(41,319)`	`(19,408)`	`18,361`	`393,176`
`TotalEndowmentFunds- Group`	`434,031`	`9,137`	`3,088`		`(1,505)`	`(22,125)`	`20,829`	`443,455`
`RestrictedFunds`
`ScholarshipFund`
`ScholarshipEndowmentIncomeFund`	`-`	`-`	`-`		`(2,716)`	`2,716`	`-`	`-`
`PublicPurposesFund`
`Atlantic(RhodesScholProg)Fund` `VariousPartnershipIncomeFunds` `Subtotal`	`-` `2,002` `2,002`	`-` `741` `741`	`-` `679` `679`		`(1,267)` `(13,709)` `(14,977)`	`1,267` `11,660` `12,927`	`-` `-` `-`	`:` `1,372` `1,372`
`HorizonFund`
`AtlanticHorizon(institute)Fund` `VariousPartnershipIncomeFunds` `Subtotal`	`90,756` `274` `91,030`	`251` `40` `291`	`1,290` `22,866` `24.156`		`(6,093)` `(22,290)` `(28,383)`	`(189)` `_(616)` `(806)`	`236` `-` `236`	`86,251` `274` `86,525`
`NewScholarshipFund`
`VariousPartnershipIncomeFunds` `Subtotal`	`4,299` `4,299`	`62` `62`	`547` `547`		`(4,324)` `(4,324)`	`3,918` `3,918`	`-` `-`	`4,502` `4,502`
`TotalRestrictedFunds- Charity`	`97,331`	`1,093`	`25,382`		`(50,400)`	`18,755`	`236`	`92,398`

`RhodesScholarshipsinAustraliaPTYLtd`
`AustraliaIncomeFund`	`71`	`38`	`2`	`(671)`	`590`	`-`	`30`
`QueenslandIncomeFund`	`0`	`-`	`-`	`(168)`	`168`	`-`	`9`
`WesterAustraliaIncomeFund`	`-`	`-`	`-`	`(14)`	`14`	`-`	`-`
	`71`	`38`	`2`	`(853)`	`772`	`-`	`30`
`RhodesScholarshipsinNewZealandLtd`
`NewZealandFunds`	`68`	`24`	`4`	`(6)`	`-`	`-`	`90`
`RhodesScholarshipsinCanada`
`CanadianIncomeFund(AnnualFund)`	`84`	`52`	`0`	`{53)`	`28`	`-`	`111`
`CanadianIsraelFund`	`-`	`-`	`-`	`(134)`	`134`	`-`	`0`
`GenereuxCSLPIncomeFund`	`-`	`-`	`-`	`(8)`	`8`	`-`	`:`
	`84`	`§2`	`(a)`	`(196)`	`171`	`-`	`111`
`TotalRestrictedFunds- Group`	`97,554`	`1,208`	`25,388`	`(51,455)`	`19,699`	`236`	`92,629`
			`Investment&`
	`At1 July`	`NewMoney`	`Operating`	`Resources`		`Gains/`	`At30June`
	`2024`		`Income`	`expended`	`Transfers`	`(losses)`	`2025`
`Unrestricted` `Funds`	`£'000s`	`£'000s`	`£'000s`	`£'000s`	`£'000s`	`£'000s`	`£'000s`
`PublicPurposesFund`
`PPFIncomeFund`	`17,593`	`510`	`{3,128)`	`(4,581)`	`3,837`	`121`	`14,353`
`OtherUnrestrictedFunds`	`-`	`-`	`-`	`(510)`	`510`	`-`	`-`
`HorizonFundUnrestrictedFunds`	`(0)`	`-`	`1,271`	`-`	`(1,271)`	`-`	`{0)`
`NewScholarshipFundUnrestrictedFunds`	`(2,517)`	`-`	`624`	`(262)`	`(650)`	`-`	`(2,806)`
`TotalUnrestrictedFunds- Charity`	`15,075`	`§10`	`(1,233)`	`(5,353)`	`2,426`	`121`	`11,547`
`OtherUnrestrictedFunds`	`(965)`	`-`	`5,146`	`(4,245)`	`-`	`-`	`(64)`
`TotalUnrestrictedFunds- Group`	`14,110`	`510`	`3,913`	`(9,599)`	`2,426`	`121`	`11,483`
`TotalFunds- Group`	`545,695`	`10,854`	`32,390`	`(62,559)`	`-`	`21,186`	`547,566`

	`RestrictedFunds`
	`AtlanticHorizon(Institute)Fund`	`GrantfundingreceivedbyAtlanticPhilanthropiesoftheAtlanticInstitute,`	`includedintheHorizon`	`Fund.`
`24`	`ANALYSISOFNETASSETSBETWEENFUNDS`
		`Unrestricted`	`Restricted`	`Endowment`	`2025`
	`2025`	`Funds` `£'000s`	`Funds` `£'000s`	`Funds` `£'000s`	`Total` `£'000s`
	`Intangiblefixedassets` `Tangiblefixedassets` `Pooledendowmentinvestments` `Atlanticshortterminvestments` `Netcurrentassets` `Longtermliabilitiesandprovisions`	`211` `-` `-` `-` `58,747` `(47,475)`	`-` `-` `ie)` `79,816` `12,813` `-`	`-` `57,916` `421,878` `-` `(36,340)` `-`	`211` `57,916` `421,878` `79,816` `35,220` `(47,475)`
		`11,482`	`92,630`	`443,455`	`547,568`
		`Unrestricted`	`Restricted`	`Endowment`	`2024`
	`2024`	`Funds` `£'000s`	`Funds` `£'000s`	`Funds` `£'000s`	`Total` `£'000s`
	`Intangiblefixedassets` `Tangiblefixedassets` `Pooledendowmentinvestments` `Allanlicshartterminvestments` `Netcurrentassets` `Longtermliabilitiesandprovisions`	`319` `-` `-` `-` `60,922` `(47,129)`	`-` `-` `13,240` `72,771` `11,542` `-`	`-` `59,871` `412,081` `-` `(37,922)` `-`	`319` `59,871` `425,321` `72,771` `34,542` `(47,129)`
		`14,110`	`97,554`	`434,031`	`545,695`

`Priceinflation- ConsumerPricesIndex(CPI)` `RPI/CPIgap`	`3.0%p.a.(basedona long-termaverageexpectedlevelofCPI,broadlyconsistentwithlong-termmarketexpectations)` `1.0%p.a.to2030,reducingto0.1%p.a.from2030`
`Pensionincreases(subjecttoa floorof0%)`	`Benefitswithnocap:CPIassumptionplus3bps`
`Discountrate(forwardrates)`	`Benefitssubjecttoa “softcap"of5%(providinginflationaryincreasesupto5%, andhalfofanyexcessinflationover5%uptoa maximum` `of10%):CPIassumptionminus3bps` `Fixedinterestgiltyieldcurveplus:` `Pre-retirement:2.5%p.a,` `Post-retirement:0.9%p.a.`

`Themaindemographicassumptionsusedrelatetothemortalityassumptions.Theseassumptionsarebasedonanalysisofthescheme’sexperiencecarriedoutaspartofthe2023actuarialvaluation.`	`Themaindemographicassumptionsusedrelatetothemortalityassumptions.Theseassumptionsarebasedonanalysisofthescheme’sexperiencecarriedoutaspartofthe2023actuarialvaluation.`	`Themaindemographicassumptionsusedrelatetothemortalityassumptions.Theseassumptionsarebasedonanalysisofthescheme’sexperiencecarriedoutaspartofthe2023actuarialvaluation.`
`Themortalityassumptionsusedinthesefiguresareasfollows:`
`Mortalitybasetable`	`101%ofS2PMA“light”formalesand95%ofS3PFAforfemales`
`Futureimprovementstomortality`	`CMI2021witha smoothingparameterof7.5,aninitialadditionof0.40%p.a.,10%w2020andw2021parameters,anda long-term`
	`improvementrateof1.80%p.a.formalesand1.60%p.a,forfemales`
`Thecurrentlifeexpectanciesonretirementatage65are:`
	`2025`	`2024`
`Malescurrentlyaged65(years)`	`23.8`	`23.7`
`Femalescurrentlyaged65(years)`	`25.5`	`25.6`
`Malescurrentlyaged45(years)`	`25.7`	`25.4`
`Femalescurrentlyaged45(years)`	`27.2`	`27.2`
`Acopyofthefullactuarialvaluationreportandother`	`furtherdetailsontheUSSschemeareavailableontheUSSwebsitewww.uss.co.uk.`

`DefinedContributionPensionSchemes`
`Thegroupoperatesa definedcontributionstaffpensionschemeforUKemployeesthroughAVIVA.Theassetsofthe`	`schemeareheldseparatelyinindependentlyadministered`
`funds.Thepensioncostschargerepresentscontributionspayablebythegrouptothefundsandamountedto£308k(2024:£257k).`
`Thegroupalsooperatesa definedcontributionstaffpensionschemeforitsUSemployees.Theassetsofthescheme`	`areheldseparatelyinindependentlyadministeredfunds.The`
`pensioncostschargerepresentscontributionspayablebythegrouptothefundsandamountedto£83k(2024:£74k).`
`Pensionchargefortheyear`
`ThepensionchargerecordedbytheTrustduringtheaccountingperiod(excludingpensionfinancecosts)wasequaltothecontributionspayableafterallowanceforthedeficit`
`recoveryplanasfollows:`
`Scheme` `2025`	`2024`
`£'000s`	`£'000s`
`UniversitiesSuperannuationScheme` `560`	`806`
`UniversityofOxfordStaffPensionScheme` `10`	`1`
`USStaff401kSafeHarbourPlan` `83` `NationalEmploymentSavingsTrust` `-` `AVIVA` `308` `MovementonthePensionschemedeficitcontributionliabilities` `:` `Total` `961`	`74` `2` `257` `(2,250)` `(1,100)`
`Pensioncontributionsof£48kwerepayableatthebalancesheetdate(2024:£41k).`

`29`	`COMPARATIVESTATEMENTOFFINANCIALACTIVITIES` `Consolidated`					`Unrestricted` `Funds`	`Restricted` `Funds`	`Endowed` `Funds`	`2024` `Total`
	`INCOMEANDENDOWMENTSFROM:`					`£'000s`	`£'000s`	`£'000s`	`£'000s`
	`Donationsandlegacies` `Charitableactivities` `Othertradingactivities` `Investments`					`1,043` `959` `1,270`	`1,861` `18,623` `-`	`18,380` `-` `-`	`21,284` `19,582` `1,270`
	`Investmentincome` `Totalreturnallocatedtoincome` `Other(foreignexchangegain)` `Totalincome`					`659` `7,389` `30` `11,350`	`997` `14,980` `“` `36.461`	`1,993` `(22,369)` `=` `(1,996)`	`3,649` `-` `30` `45,815`
	`EXPENDITUREON:`
	`Charitableactivities:`
	`Promotionandadvancementofeducation`					`4,635`	`44,461`	`-`	`49,096`
	`Raisingfunds:`
	`Fundraising` `Tradingexpenditure` `Financecosts` `Investmentmanagementcosts` `TotalExpenditure`					`385` `1,307` `801` `2` `2,495`	`1,943` `75` `-` `300` `2,318`	`-` `-` `-` `1,346` `1,346`	`2,328` `1,382` `801` `1,648` `6,159`
	`NetIncome/(Expenditure)beforegains`					`4,220`	`(10,318)`	`(3,342)`	`(9,440)`
	`Net(losses)/gainsoninvestments`					`51`	`9,614`	`33,946`	`43,611`
	`NetIncome/{Expenditure)`					`4,271`	`(704)`	`30,604`	`34,171`
	`Transfersbetweenfunds`					`(4.367)`	`4,774`	`(407)`	`-`
	`Netmovementinfundsfortheyear`					`(96)`	`4,070`	`30,197`	`34,171`
	`Fundbalancesbroughtforwardaspreviouslystated`					`14,206`	`93,484`	`403,834`	`511,524`
	`Fundscarriedforwardat30June2024`					`14,110`	`97,554`	`434,031`	`545,695`
`30`	`COMPARATIVEANALYSISOFMOVEMENTSONFUNDS`
				`Investment`	`&`
	`EndowmentFunds- Permanent`	`AtiJuly` `2023` `£'000s`	`NewMoney` `£'000s`	`Operating` `Income` `£'000s`		`Resources` `expended` `£'000s`	`Transfers` `£'000s`	`Gains/` `(losses)` `£'000s`	`At30June` `2024` `£°000s`
	`ScholarshipEndowmentFund` `TotalPermanentEndowment`	`48.753` `48,753`	`-` `-`	`256` `256`		`(172)` `(172)`	`(2,879)` `(2,879)`	`4,372` `4,372`	`50,330` `50,330`
	`Endo` `Funds` `-` `Expendabl`
	`PublicPurposesFund`
	`PublicPurposesCapitalFund` `SecondCenturyFounderCapitalFund(MMF)` `NewZealandPartnershipCapitalFund` `OppenheimerSouthAfricaCapitalFund` `Atlantic(RhodesScholProg)Fund` `RSASecondCenturyFounderMMFCapitalFund` `BanksPartnershipCapital` `Fund` `PakistanCapitalFund` `RhodesHauseNamingCapitalFund` `2ndCentury` `FounderCompoundFund` `VariousPartnershipFunds` `Subtotal`	`136,204` `35,171` `10,019` `7,798` `22,747` `12,770` `5,918` `4,688` `4,942` `5,099` `26,806` `272,162`	`-` `-` `-` `-` `-` `-` `-` `248` `2,340` `-` `31` `2,619`	`651` `171` `53` `41` `119` `81` `31` `26` `7` `-` `120` `1,300`		`(439)` `(115)` `(35)` `(28)` `(80)` `(55)` `(21)` `(17)` `(6)` `-` `(81)` `(877)`	`(7,322)` `(4,598)` `(592)` `(460)` `(1,343)` `1,787` `(349)` `(288)` `(65)` `-` `(1,346)` `(14,596)`	`11,119` `2,913` `898` `699` `2,040` `1,385` `534` `438` `109` `535` `1,454` `22,121`	`140,214` `33,542` `10,343` `8,050` `23,483` `15,949` `6,110` `5,096` `7,326` `§,634` `26,983` `282,729`
	`NewScholarshipFund`
	`RhodesScholarshipsforUAE` `MalaysiaCapitalFund` `SaidSJLPCapitalFund` `ChinaCapitalFund` `WestAfricaCapitalFund` `EastAfricaCapitalFund` `EndowmentforGeneralPurposes` `AlagilSaudiArabiaCapitalFund` `VariousPartnershipFunds` `Subtotal`	`11,826` `5,484` `5,456` `13,800` `10,262` `4,227` `(0)` `8,515` `6,356` `65,925`	`-` `-` `-` `-` `968` `1,032` `9,823` `-` `1,388` `13,211`	`62` `29` `29` `72` `52` `26` `45` `34` `348`	`-`	`(42)` `(19)` `(19)` `(49)` `(36)` `(18)` `-` `(30)` `(23)` `(237)`	`(698)` `(324)` `(322)` `{800)` `(587)` `(280)` `-` `(§03)` `(376)` `(3,889)`	`1,060` `492` `489` `1,217` `894` `436` `-` `763` `575` `5,927`	`12,208` `5,662` `5,632` `14,239` `11,555` `5,422` `9,823` `8,790` `7,953` `81,284`
	`TotalEndowmentFunds- Charity`	`386,840`	`15,831`	`1,903`		`(1,286)`	`(21,364)`	`32,420`	`414,343`

			`Investment&`	`Investment&`
	`At1July`	`NewMoney`	`Operating`		`Resources`		`Gains/`	`At30June`
	`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`
`WesternAustraliaCapitalFund`	`-`	`2,241`	`-`		`-`	`-`	`-`	`2,241`
	`13,613`	`2,491`	`72`		`(48)`	`(804)`	`1,221`	`16,543`
`RhodesScholarshipsinNewZealandLtd`
`NewZealandFunds`	`-`	`-`	`-`		`-`	`-`	`-`	`-`
`RhodesScholarshipsinCanada`
`CanadianEndowmentCapitalFund`	`509`	`-`	`3`		`(2)`	`(30)`	`46`	`526`
`CanadianIsraelFund`	`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(RhodesScholProg)Fund`	`-`	`-`		`=`	`(1,343)`	`1,343`	`<`	`a`
`VariousPartnershipIncomeFunds`	`876`	`1,509`	`719`		`(12,127)`	`411,025`	`-`	`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)`	`(538)`	`-`	`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`
`QueenslandIncomeFund`	`0`	`-`		`-`	`(178)`	`178`	`-`	`0`
`WestemAustraliaIncomeFund`	`-`	`-`		`-`	`-`	`-`	`-`	`-`
	`109`	`44`	`3`		`(887)`	`804`	`=`	`71`
`RhodesScholarshipsinNewZealandLtd`
`NewZealandFunds`	`64`	`1`	`4`		`(0)`	`-`	`-`	`68`
`RhodesScholarshipsinCanada`
`CanadianIncomeFund(AnnualFund)`	`72`	`44`		`1`	`(63)`	`30`	`-`	`84`
`CanadianIsraelFund`	`0`	`-`		`-`	`(139)`	`139`	`-`	`-`
`CanadianSecondCenturyFounderFund`	`-`	`-`		`-`	`(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`	`&`
	`At1July`	`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`	`51`	`17,593`
`HorizonFundUnrestrictedFunds`	`(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`
`TotalFunds- Group`	`511,524`	`21,283`	`24,531`		`(55,255)`	`-`	`43,612`	`545,695`
`Asummaryofthepurposesofspecificmaterialfunds`	`isfoundinnote23.`

`ANALYSISOFCHANGESINNETDEBT`
`2025`	`At1 July` `2024`	`Cashflows`	`Othernon-cash` `changes`	`At30June` `2025`
	`£'000s`	`£'000s`	`£'000s`	`£'000s`
`Cashinhand` `Short-terminvestments,readilyconvertibletocash` `Loansfallingdueaftermorethanoneyear`	`11,643` `12,835` `(30,000)`	`(6,145)` `2,542` `-`	`-` `-` `-`	`5,497` `15,377` `(30,000)`
`Total`	`(5,522)`	`(3,603)`	`-`	`(9,125)`
`2024`	`At` `July` `2023`	`Cashflows`	`Othernon-cash` `changes`	`At30June` `2024`
	`£'000s`	`£'000s`	`£'000s`	`£'000s`
`Cashinhand` `Short-terminvestments,readilyconvertibletocash` `Loansfallingdueaftermorethanoneyear`	`7,099` `15,093` `(30,000)`	`4,544` `(2,258)` `-`	`-` `-` `-`	`11,643` `12,835` `(30,000)`
`Total`	`(7,808)`	`2,286`	`-`	`(5,522)`