The Rhodes Trust

What it reported doing in 2024

During the year, The Rhodes Trust continued its partnership with The Mandela Rhodes Foundation (MRF). MRF provides young leaders from across the continent with a one- to two-year scholarship to study at Universities in South Africa and to participate in a residential leadership development program. Atlantic Institute: During the year to June 2025, the Institute hosted or co-hosted 34 virtual events attended by 541 participants; and five in-person events for over 400 people in total. Attendees included Atlantic Fellows, programme staff, Rhodes Scholars and representatives from other partnership organizations and allied groups. At the Global Atlantic Fellows Annual Convening in Oxford in July 2024, 170 Fellows and 31 staff from the seven Atlantic Fellows programmes across the world gathered to connect and learn together. This event included a welcome ceremony for the newest cohorts of fellows who have completed their programme. The Institute achieved a 94 per cent satisfaction rate from attendees, our highest rating yet. The Institute co-hosted a convening in Bogota, Colombia, with the human rights organization, Dejusticia, in October 2024. Atlantic Fellows gathered to explore planetary health and just transitions, ahead of the Convention on Biological Diversity (COP16) in Cali, Colombia that same month. A further in person convening for Fellows was held in Chile in November, to engage with creative approaches to address complex and challenging issues. The XR Lab ('Extended Reality') at Rhodes House received over 625 visitors, with almost half from outside the broader Rhodes community. The Lab hosted two residencies focused on health equity, and participated at the Rhodes Forum on Technology & Society 2024, at which an Atlantic Fellow won the Kevin Xu Innovation Challenge. Topics covered in the webinars and skills workshops hosted or co-hosted by the Atlantic Institute included human rights, African languages, how artificial intelligence can assist fundraising, carbon literacy training, climate justice, achieving reparations, and entrepreneurship. The Institute is working on the development of "The Equity Review," a biennial, open-access publication which will combine research, expert insights and grassroots narratives, with its potential partner, the Oxford University Press. The first issue is expected to be published in October 2026. The Institute's work with partners included the African Diaspora Network and Moore Philanthropy, focussed on investing in African and Black-owned and led businesses. The event was held during the Skoll World Forum in April 2025, and 80 investors and entrepreneurs discussed systemic barriers. The Institute's Oxford 'home from home', "Kopanong" (an African word meaning "a meeting place for diverse languages") hosted residencies in support of the broad Rhodes and Atlantic Fellows community. The conference and convening centre that was central to the refurbishment of Rhodes House completed June 23 has now enjoyed two full years of operation. All services are now bedded in, and commercial use is fully operational, and generating significant funding support.

Financial Efficiency

• Mission deployment rate: 93.7%; rating input score 94
• Program expense ratio: 91.7%; rating input score 92
• Fundraising efficiency: $17.28 raised per $1 spent on fundraising; rating input score 55; 55th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
• Pay-setting controls: 4 of 6 controls in place; rating input score 67
  • Compensation committee: Pass
  • Independent consultant: Pass
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: 3 of 8 controls in place; rating input score 38
  • Claims monitoring procedures: Pass
  • Requires narrative reports: Fail
  • Conducts field audits: Fail
  • May suspend future funding: Fail
  • Requires financial reports: Pass
  • Conducts site visits: Fail
  • Requires grant agreements: Pass
  • May require repayment: Fail
• Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
• Governance controls: 8 of 9 controls in place; rating input score 89
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Fail
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 2.3%; rating input score 44; 44th percentile among comparable filings
• Total-asset coverage ratio: 9.66; rating input score 91; 91st percentile among comparable filings
• Liabilities to assets ratio: 0.09; rating input score 84; 84th percentile among comparable filings
• Officer compensation ratio: 4.6%; rating input score 20; 20th percentile among comparable filings

Growth

• Program expense growth: 23.4% per year; rating input score 100; 94th percentile among comparable filings
• Revenue growth: 18.7% per year; rating input score 100; 93rd percentile among comparable filings
• Asset growth: 19.3% per year; rating input score 100; 92nd percentile among comparable filings