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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`|
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|`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`||||||
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|`DrElizabethKiss:`|`WardenandCEO(to1%'January2025)`|
|---|---|
|`ProfSirRickTrainor:`|`|WardenandCEO(fromistJanuary2025)`|
|`PeterAnderson:`|`ChiefFinancialOfficerandDeputyWardenforPartnershipsandOperations`|
||`(toJune2024)`|
|`GeorgiaGiatras:`|`DeputyWardenofOperationsandFinance(from6'"January2025)`|
|`LouiseDearnley:`|`DeputyWardenfortheRhodesScholarship`|
|`MaryEaton:`|`DirectorofScholarAffairsandRegistrar`|
|`RodolfoLaraTorres:`|`ChiefEngagementandDevelopmentOfficer`|
|`BabetteLittlemore:`|`DirectorofCommunications(onmaternityleavefromJuly2024toAugust2025)`|
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|||`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`
|
##
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##
|`Freeholdproperties,includingmajorextensions`|`2%p.a.`|
|---|---|
|`Buildingimprovements`|`2%`|
|`PlantandMachinery`|`5%`|
|`MotorVehicles`|`25%`|
|`FixturesandFittingsandComputerSystems`|`25%`|
|`Freeholdlandisnotdepreciated.Thecostofmaintenance`|`ischargedintheSOFAintheperiodinwhich`|
|`itisincurred.`||
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##
|`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`
|
##
|`12`|`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`
|
##
|`22`|`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)`
|