NFTS Foundation
Report and Financial Statements
Year Ended
31 December 2022
Company registration number 03290399

NFTS Foundation
Rèport and financial ststèments
for the year ended 31 Dgcember 2022
Contents
Pagè
Report of the Trustees
Independent Audilorfs Report
10
Slalement of Financial Activities
Balance Sheet
12
Notes lo the Financial Statements
Reference and Administrative Infomiatlon
Trustees
Ken Roberts- Chair of Trustees
Judith Chan
Linda James
Stephen Louis
Steve Mertz
Secretsry and Règistered Offic•
Trevor Hall
Be2consfield Studios
Station Road
Beaconsfield
Buckinghamshire
HP91LG
Managemgnt Tèam
Dr Jon Wardle
Alex Gurney
Trevor Hall
Company Registration Number
03290399
Charity Registration Number
1061561

NFTS Foundation
Report and financial statements
for the year end9d 31 December 2022 (continued)
Reference and Administrative Inforniatlon (continued)
Audltors
BDO LLP
2 City Place
Beehive Ring Road
Gatwick
Wesl Sussex
RH6 OPA
Bankers
Lloyds Bank PLC
25 Gresham Street
London
EC2V 7HN
Solicitors
Eversheds Sutherland LLP
1 Wood Street
London
EC2V 7WS
Investment Managers
Inveslec Wealth & Investment Limited
30 Gresham Street
London
EC2V 7QN

NFTS Foundation
Report of the Trustees
for the year ended 31 December 2022
The NFTS Foundation Iruslees I"Ihe Trustees.), who are also directors of the registered charity of the same name
l.the Charit￿) for the purposes of the Companies Act, present their annual report together with the audited financial
stslemenls for the year ended 31 December 2022. The trustees have adopted the provisions of the Slalemenl of
Recommended Practi￿ ISORPI "Accounting and Reporting by Charities. issued in October 2019, preparing the
annual report and financial slalemenls in accordance with the Financia1 Reporting Sl8nd8rd applicable in the United
Kingdom and Republic of Ireland IFRS 1021 ané the Charities Act 2011. This report includes the directors, report as
required by company law.
Trustees
The Iruslees of the NFTS Foundation during the year were-.
Ken Roberts- Chair of Trustees
Judith Chan
Linda James
Stephen Louis
Steve Mertz
The Iruslees have given generously of their time and expertise for which the NFTS Foundation and the National Film
and Television School {'the School'l are extremely grateful.
Structure. Governance and Management
Organisation and Decision-making Structure
NFTS Foundation I'the Foundation") is a charitable company limited by guarantee. which was established on 11
December 1996. 11 is governed by a Memorandum and Articles of Association.
The principal advisers at the dale of this report are listed on the previous page.
Connected Charkies
The School is a charity connected with the Foundation.
By mutual agreement, all costs associated with fundraising activities are borne by the School. From monies received
for investment, the Foundation from lime lo lime makes grants. donations and scholarships. The Foundation donates
income and capital from investments lo the School. The Iruslees review the Foundation's investment performance
and 51ralegy.
Investment Policy (including reserrfes poI￿y)
Grants, donations and other income received from various organisalions and individuals are invested in a broad range
of fixed income securities and equities lo provide scholarships and contribute to the running costs of the School. As
al 31 December 2022, the reserves of the Foundation are used for investments held to provide future funding lo the
School.
The trustees exercise reasonable care lo ensure that these investments are effectively managed by the Foundation's
current investment managers, Inveslec Wealth & Investment Limited. The Foundation 's reserves policy 15 to hold an
investment portfolio of al least £3m, the individual amounts being held in accordance with all donor wishes and
obligations. At 31 December 2022, the Foundation's reserves were £4.5m, £1.5m higher than the minimum value set
out in the Foundation's reserve policy.

NFfs Foundation
Report of the Trustees
for the year ended 31 December 2022 (continued)
Investment Policy (including reserves policy) (continued)
11 is anlicipaled that the income generated from this level of reserves will enable the Foundation to provide a consistent
level of funding to the School each year.
Organisation and Decision-making Structure (continued)
Ethical and Environmental. Social, and Governance (ESG) considerations
The Iruslees seek to invest in a way that furthers the charitable objectives of the Foundation, with an emphasis on a
proactive approach lo sustainability and socially responsible investing.
The Iruslees reserve the right lo exclude companies that carry out, or may cary out. activities incompatible with their
aims or hold, or may hold particular investments which damage, or could damage, the Charity and the School's
reputation. To this effect, the Iruslees preclude direct and known investment in tobacco, arms, gambling, porn￿raphY.
high interest rale lending and thermal coal, understood lo be investment in companies with more than 10'/o of their
turnover in these aclivilies. Where third party funds are held, Ihe fund is lo have no more than 200h of the fund's value
invested in the atM)ve restrictions.
Taking into account the reputation of the Charity and the School, the Iruslees require their appointed investment
managers lo have due regard for the suilabilily of any recommended investments. The investment managers must
CL)nsider Environmental, Social and Governance IESGI factors in their investment process and investment selections.
Powers oflnvestment
Pursuant to the Foundation's Memoranéum of Association. the Iruslees may exercise their investment powers by..
making grants and donations, whether out of income or capital..
accepting any grfts, endowments, legacies or contributions of any other kind of money or property of any kind,-
and
investing the monies of the Foundation not required for ils purposes in or upon such inveslmenls, securities or
property of any other kind as may be thought fil subject nevertheless lo such conditions lif any) and such
consents Irf any) as may for the lime being be imposed or required by law.
The board of trLtslees confirms that all investment funds are held and made in accordance with these powers.
Risk Management
The Iruslees routinely examine signrficanl risks that the Foundation may face during each financial year, and have
developed systems lo monitor ané control these risks lo rniligale any impact that they may have on Foundation in the
future.
Accounting PoliC￿S
Accounting policies that have been applied during the year are outlined in the notes to the financial slalements.
Oblectlves and Activities
The Foundation was established lo help in the advan￿ment of the education of the public in film, television and other
media, and in particular the advancement of education and research al or supported by the School OT any charity or
educational eslablishmenl connected or associated with the School.
The School is responsible for all fundraising activity for both the School and the Foundation.

NFTS Foundation
Report of the Trustws
for the year ended 31 Decembgr 2022 (continued)
Financial Revi
Totsl income for the Foundation for the year ended 31 December 2022 was £113k12021 - £21 Ok).
Investment income in the year was £113k12021- £10gkl. This related lo dividends and interest earned during the
year and represented an average rate of return of 2.20/0 on the Foundation '$ £5,174k investment portfolio al 1
January 2022.
Donations received in the year were £Nil {2021- £100kl.
Total expenditure in the year was £173k {2021- £167kl. ExpendilLJre represented the donation lo the School, this
being the £150k donation for scholarships, bursaries. rnaslerclasses and other costs of the School's curriculum.
and investment management costs.
Market value movements on the investment portfolio generated a nel investment loss for the year of £619k Irealised
gain £256k and unrealised loss £875kl, compared with an investment gain of £454k in the previous year Irealised
gain £384k and unrealised gain £70kl. The net movement in funds for the year was a decrease of £679k and
represented a 13.1 /0 decrease in the value of the Foundation's investments.
The fund balance at 31 December 2022 was £4,495k 1£5,174k at 31 December 20211 and represented an
equilieslcash and fixed interest investment mix of 90110, compared with a mix of 85115 in the previous year.
The trustees have invested prudently and cautiously during the year. The investment funds raised are held in a
broad range of fixed interest securities and equities, which are quoted on a recognised investment exchange.
Future Actlvities
Fundraising activities will continue lo be undertaken by the School on behalf of the Foundation. These activities
aim lo..
raise funds in the form of scholarships, chairs. fellowships and legacies, on a revenue basis, and, where
practical. on an investment basis,.
raise funds for special projects such as capital equipment and building development,. and
raise funds for regular events and publications, including graduation productions and screenings, the
graduation screening brochure and prospectus.
The Iruslees will continue lo exercise prudent oversight over the performance of the funds invested lo ensure that the
funds continue lo meet the charitable objectives of the Foundation. The investment portfolio is diversrfied across a
number of sectors and markets, and invested in companies that demonslrale strong Environmental, Social and
Governance credentials lo ensure investment returns are sustainable.
The Iruslees currently aim lo distribute approximately £150k per annum generated primarily from annual dividend and
interest retLJrns on the Foundation's investments for the benefi( of the School. However, all dislribulions by the
Foundation are at the discretion of the Iruslees.
Global markets have been challenging over the five months following the financial year ersd. due to a number of
related and unrelated factors. As a result of rising inflation and the cosl of living crisi5, central banks have increased
interest rates lo try lo bring inflation under wnlrol. The Bloomberg consensus growth forecast for global GDP in 2023
is 2.40/0, although there is considerable uncertainly about how the year will evolve. The UK, Europe and US markets
appear lo have been remarkably resilient. however the pace of China's recovery has been somewhat disappointing.
Russia's invasion of the Ukraine continues lo exacerbate the current cost of living Cfisis and market confidence.
Sanctions on trade with Russia have impacted the global supply of energy, particularly natural gas lo Europe.
The Foundation does not have any direct investment in any Ukrainian or Russian companies. and is advised that any
indirect investment equates lo less than 1'k of the Foundations, porttolio.

NFTS Foundation
Report of the Trustees
for the yoar ended 31 December 2022 (continued)
Future Activiti¢$ (continued)
The latest market valuation of the Foundation's investments for the three months ended 31 March 2023 valued the
investments al £4.57m, thus £1.57m above the minimum level sel out in the Foundation's reserve policy. This is an
increase of approximately £77k on the portfolio's valuation as al 31 December 2022 year end.
The Iruslees invest on a medium risk basis, Imth an investment horizon of 10+ years. As such. the tnjslees are not
uncomfortable having lo accommodate short-lerm volatility in capital values. as displayed by current markets, in the
expeclalion of long-term. sustainable gains.
The trustees consider that there are no material uncertainties about the Foundation's ability lo continue as a going
concern, given the headroom the Foundation has on ils minimum reserve level. a review of cash flow forecasts and
the expected investment performance over the 12 months following sign off of the balance sheet. Further, all
donations are al the discretion of the Charity.
Publlc Bgneflt
The Foundation meets ils public benefits requirement as a charity by dislribuling grants lo the School and
scholarships to the School's students. The Iruslees are aware of their responsibilities with regards to the public
benefits requirement and are conversant with the relevant Charity Commission guidance.

NFTS Foundation
Report of the Trustees
for the year •nded 31 December 2022 (¢ontlnued)
Statemgnt of Trust￿$. Responslbllltles
The trustees are responsible for preparing the annual report and the financial slalements in accordance with
applicable law and regulations.
Company law requires the Iruslees lo prepare financial statements for each financial year in accordance with United
Kingdom Generally Accepted Accounting Practice (United Kingdom knounling Standards and applicable law).
Under company law, the truslees must not approve the financial 5talemenls unless they are Satisfied that they give
a true and fair view of the slate of affairs of the charity and of the incoming resources and applicalion of resources.
including the income and expenditure, of the charity for that period.
In preparing these financial Statements, the trustees are requlred to=
select suitable accounting policies and then apply them consistently.,
make judgements and estimates that are reasonable and prudent.
slate whether applicable UK Accounting Standards have been followed, subject to any material departures
disclosed and explained in the financial 5tstemenls- and
prepare the financial statements on 8 going concern basis unless it is inappropriate to Pfesume that the
charity will continue in business.
The Iruslees are responsible for keeping adequate accounting records that are sufficient to show and explain the
charitys Iransaclions. and disclose with reasonable accuracy al any lime the financial position of the charity and
enable them to ensure that the financial statements comply with the Companies Act 2006.
They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
Audltors
All of the current trustees have taken all the steps that they oughl lo have taken to make themselves aware of any
information needed by the company's audrtors for the purposes of theii audit and lo estsblish that the audilors are
aware of that information. The Iruslees are not aware of any relevant audit information of which the auditors are
unaware.
This report has been prepared in accordance with the special provisions of the Companies Act 2006 relating to
small companies.
On behalf of the Board
Ken Roberts
Chair of Trust•es
Date: 02 June 2023

NFTS Foundation
Indepèndent Auditor's Report
Independent Auditor's Report to the members of NFTS Foundatlon
Opinion on the financial staternents
In our opinion, the financial stalemenls..
give a true and fair view of the stale of the Charitable Company's affairs as at 31 De￿mber 2022 and of
incoming resources and application of resources for the year then ended.,
have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting PraGlice,-
and
have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of NFTS Foundation {"Ihe Charitable CompanW} for the year ended 31
December 2022 which comprise the Sialemenl of Financial Activities Balance Sheet and notes to the financial
stalemenls, including a summary of signrficant accounting policies. The financial reporting framework that has been
applied in Iheir preparation is applicable law and United Kingdom Accounting Standards, including Financial
Reporting Standard 102 The Financial Reporting Sl8ndard applicable in the UK 8nd Republic of Ireland (United
Kingdom Generally Accepted Accounting Praclicel.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK} IISAS (UK)) and applicable
law. Ouf responsibilities under those standards are further descTibed in the Auditor's responsibilities for the audit
of the financial slalements section of our report. We believe that the audit evidence we have obtained is sufficient
and appropriate lo provide a basis for our opinion.
Independence
We remain independent of the Charitable Company in accordance wilh the ethical requirements relevant lo our
audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other
ethical responsibilities in accordance with these requirements.
ConclusSons rglated to golng concem
In auditing the financial slalemenls, we have concluded that the Trustees. use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not ￿dentifIed any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubl on the Charitable Company's ability to
continue as a going concern for a period of at least Imelve months from when the financial slalements are
aulhorised for issue.
OL*r responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the
relevant sections of this report.
Other infomation
The Trustees are Tesponsible for the other information. The other information comprises the information included
in the Annual Report, other than the financial slalements and our auditor's report thereon. Our opinion on the
financial slalemenls does not cover the other information and, except lo the exlenl otherwise explicitly slated in OLJr
report, we do not express any form of assLJrance conclusion Ihereon. Our responsibility is lo read the other
information and. in doing so, consider whether the other information is rnaterially inconsislenl with the financial
slalemenls or our kno￿edge obtained in the audit or otherwise appears to be materially misslaled. If we idenlrfy
such material inconsistencies or apparent material misstatements, we are required lo determine whether there is

NFTS Foundation
Independent Audltor's Report
Independent Audltor's Report to the members of NFTS Foundation (continued)
a material misstatement in the financial statements themselves. If, based on the work we have perfomed, we
concluée that there is a material misstalemenl of this other infoTmation, we are required lo report that fact.
We have nothing lo report in this regard.
Other Companles Act 2006 reporting
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Trustees, Report. which includes the Directors, Report prepared foT the purposes
of Company Law, for the financial year for which the financial statements are prepared is consislenl with the
financial stalemenls,. and
the Directors, Report, which are included in the Trustees, Report, has been prepared in accordance wfih
applicable legal requirements.
In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the
COUTse of the audit, we have not idenlrfied material misslatemenls in the Strategic report or the Trustees. report.
We have nothing lo report in respect of the following matters in relation lo which the Companies Act 2006 requires
us to report lo you rf, in our opinion..
adequate accounting records have not been kept, of returns adequate for our audit have not been received
from branches not visited by us-, or
the financial statements are not ill agreement with the accounting records and returns., or
certain disclosures of DirecloTS' remuneration specified by law are not made,. or
we have not received all the information and explarsalions we require for our audit., or
the Iruslees were not entitled lo prepare the financial stslements in accordance with the small companies
regime and lake advantage of the small companies, exemptions in preparing Ihe directOTS' report and from the
requirement to prepare a strategic report.
Responsibilities of Trustees
As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the
charitable company for the purposes of company lawl are responsible for the preparation of the financial statements
and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine
is necessary lo enable the preparation of financial slalemenls that are free from material mi5slalemenl, whether
due lo fraud or error.
In preparing the financial slalemenls, the Trustees are responsible for assessing the Charitable Companls ability
lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the Trustees either intend lo liquidate the Charitsble Company or lo cease
operations, or have no realistic alternative bul lo do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and
relevant regulations made or having effect Ihereunder.

NFTS Foundation
Independent Auditor's Report
Independent Auditor's Report to the members of NFTS Foundatlon (continued)
Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from
material misstalemenl, whether due lo fraud or error. and lo issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance. but is not a guarantee th21 an audit conducted in accordance
with ISAS {UKI will always detect a material misslatemenl when il exists. Misslalemenls can arise from fraud OT
error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence
the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of delecting irregularities, including fraud
Irregularities, including fraud. are instances of non4ompliance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, lo delecl material misslalement5 in respect of irregularities, including
fraud. The extent to which our procedures are capable of delecling irregularities, including fraud is detailed below-.
Based on our understanding of the Charitable Company and the sector in which it operates. discussion with
management and those chsrged with governance arid obtaining and understanding of the policies and procedures
regarding compliance with laws and regulations we identified the significant laws and regulations lo be United
Kingdom Generally Accepted Accounting Practice, United Kingdom lax legislation and Companies act 2006.
The Charitable Company is also subject lo laws and regulations where the consequence of non-compliance could
have a material effect on the amount or disclosures in the financial slalemenls, for example through the imposition
of fines or litigations. We idenlrfied such laws and regulations lo be their registration with the Charity Commission.
Our procedures in respect of the above included..
Review of minutes of meeting of those charged with governance for any instances of non-compliance
with laws and regulations.,
Review of correspondence with regulatory and tax authorities for any instances of non-compliance with
laws and regulations., and
Review of financial statement disclosures and agreeing lo supporting documentation.
We assessed the susceptibility of the financial statements lo material misstalemenl, including fraud. OLJr risk
assessment procedures included enquiry with management 2nd those charged with governance regarding any
known or suspected instsnces of fraud, obtaining an understanding of the policies and procedures relating lo
delecling and responding lo the risks of fraud,. and internal controls established to miligate risks related to fraud
and review of minutes of meeting of those charged with governance for any known or suspected instances of fraud.
Based on our risk assessment, we considered the areas most susceptible lo fraud lo be manipulation ofthe financial
slalemenls via management override.
Our procedures in respect of the above included.
Testing a sample of journal entries throughout the year, which met a defined risk cfileria, by agreeing lo
supporting documenlalion., and
Reviewing the manual journals made be management when recording the investment portfolio results.
We also communicated relevant idenlrfied laws and regulations and potential fraud risks to all engagement team
members and remained alert lo any indications of fraud OT non4ompliance with laws and regulations throughout
the audit.
Our audit procedures were designed to respond lo risks of rnaleri31 misstatement in the financial slalemenls,
recognising that the risk of not delecling a material misslatemenl due lo fraud is higher than the risk of not delecling
one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentslions
or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-
cornpliance with laws and regulations is from the events and transactions reflected in the financial statements, the
less likely we are lo become aware of it.

NFTS Foundation
Independent Auditor's Report
Independent Audttor's Report to the members of NFTS Foundation (conlinued)
A further description of our responsibilities for the audit of the financial statements is located al the Financial
Reporting Council's l°FRC's"I website al..
htt s.'Ilww.frc.or
.uklaudilorsres
onsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the Charitable Company s members, as a body, in accordance with Chapter 3 of Part
16 of the Companies Act 2006. Our audit work has been undertaken so that we rnighl slate lo the Charitable
Company s members those mallers we are required lo slate lo them in an auditor's report and for no other purpose.
To the fullest exlenl permilled by law, we do not accept or assume responsibility lo anyone other than the Charitable
Company and the Charitable Company's members as a body. foT our audit work, for this report, or for the opinions
we have formed.
D¢¢uS￿n￿bY.'
Paula Willock (Senior Slalulory Audilorl
For and on behalf of BDO LLP, statutory auditor
Galwick, UK
Dale
09 June 2023
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC3051271.

NFTS Foundation
Statement of Financlal Activities (Including incorne and expendlture a￿O￿nt>
for the year ended 31 December 2022
Pemwn•nt
Restri¢t¢d endowm¢nt
funds
funds
2022
2022
Unre$tri¢tèd
fvnd$
2022
Total
Funds
2022
Total
Funds
2021
Note
InGome and endowments
from:
Donations
Investments
100,223
109,422
3,055
110,122
113.177
Total Income
3,055
110,122
113,177
209,645
Expendituro on:
Raising funds
Investment management costs
Charitable activities
Edu¢2tion
619
22.307
22,926
22,916
10.000
140,O¢XJ
150.000
144.0(K)
Total expendllure
10,619
162,307
172.926
166.916
Nel {lossesygains on
investments
{16,705)
{480.4811 1121.753) (618,939}
454,280
Net Income
124,269) 1532,6661 1121,753) (678,688}
497,009
Transfers between fijnds
12,750)
2.750
Net movement in funds
14
127.0191
1529.9161
1121,7531
{678,688)
497.009
Reconclliation of funds:
Total fund balances brought
forward al 1 January
14
139,652
4,037,007
997,529
5.174,188
4.677,179
Total fund balances carried
foThvard at 31 December
14
112,633
3,507,091
875,776
4,495,500
5,174,188
All amounts relate to continuing activities.
The notes on pages 12 to 22 form part of these financial slatemenls.
10

NFTS Foundation
Balan¢e Sheet
at 31 D￿8Mber 2022
Company number 03290399
Note
2022
2021
Flxbd assets
Investments
12
4,283.196
4,815,795
Current ass¢ts
Cash and cash equivalents
212,304
358.393
Net assets
4,495,500
5,174,188
Funds of thg ¢hath:
Permanent endowment funds
Reslricled funds
Unreslrscled funds
14
14
14
875.776
3.507,091
112,633
997,529
4,037,007
139,652
Total charlty fund$
4,495,500
5,174.188
These accounts have been prepared in accordance with the special provisions of the Companies Act 2006 relating
to small companies.
Approved by the Iru51ees and authorised for issue on 02 June 2023 and signed on their behaw by..
Ken Roberts
Chair of Trustees
Steve Mertz
Trustee
The note5 on pages 12 10 22 form part of these financial 5talemenls.

NFTS Foundation
Notes to the Financlal Statements
for the year ended 31 December 2022
Status of the company
The Foundation is a private company limited by guarantee and is a regislered charity incorporated in England
and Wales. Each member's liability is limited. upon winding up. lo an amount not exceeding len pounds.
Accountlng policies
(al Basis of preparation
The financial statements of the Foundation have been prepared under the historic cost convention with items
recognised al cost or Iransadion value unless otherwise slated in the relevant notes to these accounts. The
financial slalemenls have been prepared in accordance with the Slalemenl of Recommended Practi￿..
Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting
Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Companies Act 2006.
The Foundation constitvles a public benefit enlty as defined by FRS 102.
Ibl Assessment of going concgrn
Global markets have been challenging over the five months following the financial year end, due lo a number
of related and unrelated factors. As a result of rising inflation and the cost of living crisis, centr21 banks have
increased interest rates to try lo bring inflation under control. The Bloomberg consensus growth forecast for
global GDP in 2023 is 2.40kn, although there is considerable uncertainty about how the year will evolve. The
UK, Europe and US markets appear lo have been remarkably resilient, however the pace of China's recovery
has been somewhat disappointing.
Russia's invasion of the Ukraine continues lo exacerbate the current cost of living crisis and market
confidence. Sanctions on trade with Russia have impacted the global supply of energy, particularly naltjral
gas to Europe.
The Foundation does not have any direct investment in any Ukrainian or Russian companies, and is advised
that any indirect investment equates lo less than 1 V/0 of the Foundations, portfolio.
The lalesl market valuation of the Foundation's investments for the three months ended 31 March 2023 valued
the investments al £4.57m, thus £1.57m above the minimum level sel out in the Foundation's reserve policy.
This is an increase of approximately £77k on the portfolio's valuation as al 31 December 2022 year end.
The Iruslees invest on a medium risk basis, with an investment horizon of 10+ years. As such, the trustees
are not uncomfortable having lo accommodate short-lerm volalilily in capital values, as displayed by current
markets, in the expectation of long-lerm, sustainable gains.
The trustees consider that there are no material uncertainties about the Foundation's ability to continue as a
going concern, given the headroom the Foundation has on ils minimum reserve level, a review of cash flow
forecasts and expected investment performance over the 12 months following sign off of the balance sheet.
Further, all donations are al the discretion of the Charity.
Ic} Funds structure
Unrestricted funds are funds which are available for use at the discretion of the Iruslees in furtherance of the
general objectives of the Foundation and which have not been designated for other purposes.
12

NFTS Foundation
Notes to thg Financlal Statemenls
for the year endgd 31 December 2022 (continued)
Principal accountin9 pollcies (continued)
Restricted funds are funds which are lo be used in accordance with specrfic restrictions imposed by donors OT
which have been raised by the Foundation for particular purposes. The cost of raising and administering such
funds are charged against the specrfic fund. The aim and use of each restricted fund is sel out in the notes lo the
financial stslemenls.
Permanent endowment funds are funds where a principal sum is held and only the income generated can be
sed. The donor instructs the principal sum to be held and the income generated is used in accordance with
specrfic restrictions imposed by the donor.
Transfers between endowment funds and restricted funds are made lo ensure the principal sum invested is
always recognised in the endowment funds wf(h income and investment costs transferred lo reslricled funds.
Investment income and losses are allocated to the appropriate fund on the basis of the value of the fund al the
beginning of the year.
An analysis of the charitable funds has been disclosed in note 14.
Idl Income recognltlon
Al income is recognised once the Foundation has enlitlemenl lo the income, il is probable that the income will
be received and the amount of income receivable can be measured reliably. Donations are recognised when the
Foundation is contractually entitled lo the income.
In the event that a donation is subject lo condrtions that require a level of performance before the Foundation is
enlilled lo the funds, the income is deferred and not recognised until either those conditions are fully mel, or the
fulfilmenl of those conditions is whollywilhin the control of the Foundation and it is probable that those ￿nditionS
will be fulfilled in the reporting period.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the
Foundation,. this is normally upon nolrficalion of the interest paid or payable by the bank. Dividends are
recognised once the dividend has been declared and noirficalion has been received of the dividend due. This is
normally upon nolrfication by the investment advisor of the dNidend yield of the investment portfolio.
(e} Expenditure
All costs, except investment management costs, associated with the Foundation and fundraising activf(ies are
borne by the School.
(fl Cash and cash equivalents
Cash and cash equivalents consist of cash al bank, deposits and short-lerm investments with an Original maturity
of three months or less.
Igl Taxation
The Foundation is an exempl charity within the meaning of Part 3 of the ChaTrties Act 2011. It is therefore a
haThty within the meaning of Para 1 of Schedule 6 to the Finance Act 2010 and accordingly, the Foundation is
potentially exempl from tsxalion in respect of income or capital gains received within categories covered by
Sections 478 - 488 of the Corporation Tax Act 2010 ICTA 20101 or Section 256 of the Taxalion of Chargeable
Gains Act 1992, to the extent that such income or gains are applied lo exclusively charitable purposes.
Expenditure includes irrecoverable Value Added Tax charged by Suppliers lo the Foundation. Irrecoverable VAT
is charged against the category of expenditure for which il was incurred.
13

NFTS Foundation
Notes to the FinanGial Statements
for the year ended 31 Dec9mber 2022 (contlnued)
Prlneipal accounting policies (continued)
{h) Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised al their transaction value and
subsequenuy measured al their fair value as al the balance sheet date using Ihe closing quoted market price.
The Slalemenl of Financial Activities includes the nel gains and losses arising on revaluation and disposals
throughout the year.
The Foundation does not acquire pul options, derivatives or other complex financial instruments. The main form
of financial risk faced by the Foundation is that of volatility in equity markets and investment markets due to wider
economic conditions, the attitude of investors lo inve51menl risk, and changes in sentiment concerning equities
and within particular sectors or sub sectors.
lil Realised galns and losses
All gains and losses are taken lo the Slalemenl of Financial Aclivrties as they arise. Realised gains and losses
on investments are calculated as the drfference be￿een sales Pr(￿eedS and their opening carrying value or their
purchase value if acquired subsequent lo the first day of the financial year. Unrealised gains arid losses are
calculated as the difference between the fair value al the year end and their carrying value. Realised and
unrealised investment gains and losses are combined in the Statement of Financial Aclivilies.
Judgements in applying accountlng policies and key sources of estimation un¢ertainty
In preparing these financial slalements, the trustees have made the following judgements..
investment income, investment management costs and nel gains on investments are apportioned across
the charitable funds based on the lolal of each fund al 1 January 2022,. and
with respect lo the next Teporting period. the most significant areas of uncertainly that affect the carrwng
value of assets helé by the Foundation are the level of investment return and the performance of investment
mafkels.
Rolatgd party transactlons and trustees, expenses and remuneration
During the course of the year, the Foundation and the School entered into a number of related party transactions.
The transactions represented fundraising ini1121rves undertaken lo support the scholarship programme, donations
towards bursaries, and donations towards the running cost of the curriculum. During the year the FoLJndalion
made lolal donations lo the School of £150k {2021- £144k) Isee note 9).
Key management personnel are considered lo be the School's Director, Finance Director and Head of Financial
Reporting.
The trustees all give freely their time and expertise wilhoul any form of remuneration or other benefit in cash or
kind 12021 £Nill. During the year, none of the Iruslees received any reimbursement for meeting expenses
12021- £Nill. There were no transactions with trustees and connected persons during the year.
During the year, insLtrance costing £1 k12021- £1 kl was purchased to indemnrfy the trustees against default on
their part. The School paid this during the year on behalf of the Foundation.
Connected charltles
The Foundation was incorporated lo help in the advancement of the education of the public in film, television and
other media and in particular the advancement of education and research al or supported by the Sch¢x>l or any
charity or educational esiablishmenl connected or associated wlh the School.
14

NFTS Foundation
Notes to the Finanelal Statgments
for the year endod 310ecember 2022 (continued)
Donations
Permanent
endowment
funds
Unrèstrlcted
funds
Restricted
fvnds
Total
2022
Total
2021
Donations
100,223
100,223
Investment income
Pemianent
endowment
fvnds
Unrestrlcted
fvnds
Ro$triet•d
funds
Total
2022
Total
2021
Income from listed investments
3.055
110,122
113,177
109,422
3,055
110.122
113,177
109,422
Investment income is apportioned across the funds based on the fund balance held al the start of the year.
Investment management costs
2022
2021
Investment management fees
22,926
22,916
9 Analysis of charitable gxpenditure
During the year, donations of £150k12021- £144kl We￿ made lo the School. These donations represent £67k
towards scholarships and bursaries and £83k towards masleTclasses and other costs of the School's curriculum.
All other costs associated wsth the Foundation's fundraising activities are borne by the Sch¢)ol because there is
an integrated fundraising programme for the School and for the Foundation.
10 Employee emoluments
No staff a￿ employed by the Foundation {2021- £Nil).
11 Auditors. remuneration
The audit fee of £8.40012021- £4,200) was t￿rne by the School.
15

NFTS Foundation
Notes to the Financial Statements
for the year ended 31 December 2022 (continued)
12 Fixed asset investments
2022
2021
Movement in quoted inveslm8nts'.
Market value brought forward as al 1 January
Additions lo investments al cost
Disposals at carrying value
{Lossllgain on revaluation
4,815,795
1,745.872
11,403,889)
1874,582)
4.457,092
887,768
1599,1461
70,081
Market value as al 31 December
4,283,196
4,815,795
Market
value
2022
Market
value
2021
Cost
2022
Cost
2021
These investments are represented by..
Quoted investments..
UK fixed interest
UK equities
Overseas fixed interest
Overseas equities
243.375
1,378,394
537,366
1.481,340
215,692
1.744,280
519,798
1.803,426
441,188
1,696,124
162,153
999,026
449,714
2,464,334
170,580
1,731,167
3.640,475
4.283,196
3,298,491
4,815,795
16

NFTS Foundation
Notes to the Flnancial Statgmènts
for the year ended 31 December 2022 (Contlnued)
12 Fixed asset investments (continued)
The following investments represented more than 50/0 of the value of the porffolio as at 31 December 2022..
Number of units Market Value £ % of portfollo
Brown Advisory Fds US Sustainable Gih Si GBP 18,130
230,070
JP Morgan Fund Icvc JPM US Eq Inc C2 GBP
146,000
230,972
Nel Di
There were no investments representing MO￿ than 5Q/o of the value of the portfolio as al 31 December 2021.
Investments are retained by the Foundation for the long term lo generate income for the School and to ensure
that the objectives of the charity are fulfilled.
Investment in equities and fixed inleresl securities are all traded in quoted public markets. The basis of fair value
for quoted investments is equivalent to the market value, using bid price.
The Foundation does not have any direct investment in any Ukrainian or Russian companies and any indirect
investment equates lo less than 1010 of the Foundations. portfolio.
13 Finanelal Instruments
Financial assets measured al fair value through profil or loss comprise fixed asset investments in a trading
porttolio of li51ed company shares. Details of these can be found in note 12.
The signfficance of financial instruments to the ongoing financi81 suslainabilfty of the Foundation is considered
in the financial ￿VIeW and investment policy and performance sections of the Trustees, Annual Report.
The main risk lo the Foundation from financial instruments lies ir) the combination of uncertain inveslmenl
markets and volatility of yield. Due lo market sentiment favouring lower risk inveslmenls, the yield on bonds has
been abnormally low giving rise lo a signrficanl downside risk of a f811 in capitsl values when interest rates return
to normal levels.
The Foundation's investments are mainly traded in markets wth good liquidity and high trading volumes.,
Iherefore, liquidity risk is assessed as low. The Foundation has no material investment holdings in markets
subject to exchange controls or trading restrictions.
The Foundation manages these inveslrnenl risks by retaining expert advisors and operating an investment policy
that provides for a high degree of diversrficalion of holdings within investment asset classes that are quoted on
recognised stock exchanges. The Foundation does not make use of any derivatives or complex financial
inslrumenls.
17

NFTS Foundation
Notes to the Financlal Statemonts
for the year end￿ 31 December 2022 (continued)
14 Analysis of charitable funds
Fund
balan¢es
brought
forward
Fund
balances
carried
forward
Gains
and
losses
Expenditure
Income (net of transfers)
Analysis of fund movements
year ended 31 December 2022
Pemianent endowment funds:
The Louis Malle Scholarship
Post Office Scholarship
Kodak Scholarship
John Sargent Scholarship
Nik Powell Scholarship
129,958
325.581
153,070
270,167
118,753
{16,6971
{38,9461
{19,3011
{32,6041
(14,2051
113.261
286,635
133.769
237.563
104.$48
Totsl permanent endowment funds
997,529
1121,7531
875.776
Restricted funds:
Lew Grade Chair
Cubby Broccoli Chair
Richard Dunn Scholarship
David Munro Fund- Human Rights
Documentary Award
Michael Samuelson Scholarship
Freddie Young Scholarship
The Colin Young Scholarship
The Trevor Jones Scholarship
Sir John Tery Memorial Scholarship
The Louis Malle Seholarship
Post Office Scholarship
Koijak Scholarship
Nik Powell Scholarship
John Sargent Scholarship
James Walker N￿s Writers Fund
2,185,038
1,056,310
587,242
47,793
23,105
12,845
169,6821
134,6801
{9,6021
1261,3761 1,901,773
1126,3561
918,379
170,2461
520,239
90,013
441
643
4,873
6,430
39,144
9,622
1,969
10
14
107
141
856
3,053
7,122
3,529
2,597
5,962
1,019
{3,3991
{21
{31
1221
1281
{1,1731
{2,6181
{7,1221
{4,21 $1
(2,5971
16,2071
118,207}
110,767}
153}
177}
I￿3}
1769)
14,682}
77,816
396
577
4,375
5.774
34,145
10,057
8,276
7.590
2,394
46,581
2,149
23,821
15,5721
Total restricted funds
4.037,007
110,122
1159,557}
(480,4811 3,507,091
Unrestricted funds:
General reserves
139,652
3,055
{13,3691
116,7051
112,633
Total unreStri￿¢d funds
139,652
3,055
{13,3691
116,7051
112,633
Total funds
5,174,188
113,177
{172,9261
1618,9391 4,495,500

NFTS Foundation
Notes to the Financial Statements
for the year ended 31 D￿ember 2022 (continued)
The restricted funds of £3,507k include £609k lo provide scholarships and bursaries (Richard Dunn, Freddie
Young, Sir John Terry, Colin Young, Trevor Jones, James Walker), £2,820k for Chairs (Lew Grade, Cubby
Broccoli). and £78k lo support documentary film making Con￿rning human rights (David Munro Fund).
The permanent endowment funds of £876k are endowments lo provide scholarships ILouis Malle. Post Office,
Kodak, John Sargent, Nik Powell}.
The dividends earned on the funds during the year of £113k, the realised profil of £256k, the unrealised loss of
£875k and the inveslmenl management costs of £23k have been allocated across the funds based on the
brought forward fund balances al 1 January 2022.
19

NFTS Foundation
Notes to the Financial Statements
for the year ended 31 December 2022 (continued)
14 Analysis of charitable funds (Gontinued)
Fund
balances
brought
fopward
Fund
balances
carried
forward
Galns
and
losses
Expenditure
Income (net of transfers)
Analysis of fund movements
year ended 31 December 2021
Pemianent endowment funds:
The Louis Malle Scholarship
Post Office Scholarship
Kodak Scholarship
John Sargent Scholarship
Nik Powell Scholarship
117,806
296,758
138,718
200,152
62,666
12,152
28,823
14.352
19.792
6,087
129,958
325,581
1 $3,070
270,167
118.753
50,223
50,000
Total permanent endowmènt funds
816,100
100,223
81,206
997.529
Lew Grade Chair
Cubby Broccoli Chair
Richard Dunn Scholarship
David Munro Fund- Human Rights
Documentary Award
Michael Samuelson Scholarship
Freddie Young Scholarship
Freddie Francis Scholarship
The Stanley Kubrick Fellowship
The Colin Young Scholarship
The Trevor Jones Scholarship
Sir John Terry Memorial Scholarship
The Louis Malle Scholarship
Post Office Scholarship
Kodak Scholarship
Nik Powe11 Scholarship
John Sargent Scholarship
James Walker NFTS Writers Fund
1,994,438
973,726
532,656
46,661
22,780
12,461
149,774)
134,771)
19,610)
193.713
94,575
51.735
2,185.038
1,056.310
587.242
82,282
396
3,266
1,626
2,109
4,368
5,763
35,983
7,308
1,925
12,1861
121
13,0161
11,8221
12.3631
(211
1281
11,1761
16131
16,9431
14.2241
11,4661
15,9981
120.2921
7,992
38
317
158
205
424
560
3,495
90.013
441
76
38
49
102
135
4,873
6,430
39,144
9,622
2,927
6,943
3,457
1,466
4,767
1,396
9,043
8,276
3,625
59,680
2,394
46,581
5.797
Total restricted funds
3.716,269
106,034
{144,305}
359,009
4,037.007
Unrestricted funds:
General reserves
144,810
3,388
122,611)
14,065
139,652
Total unrestrlcted funds
144,810
3,388
122,6111
14,065
139,652
Total funds
4,677,179
209,645
1166,9161
454,280
5,174,188
20

NFTS Foundation
Notes to the Financial Statgrnents
for tho yèar ended 31 December 2022 (continued)
15 Analysis of net assgts between funds
Permanent
endowment
funds
Unrestricted Restrided
funds
funds
Total
2022
Total
2021
Fund balances al 31 December
2022 are represented by..
Investments
Cash and cash equivalents
3,407,420
99,671
875,776
4,283.196
212.304
4,815,795
358,393
112,633
112.633
3,507,091
875,776
4,495.500
5,174,188
Permanent
endowmgnt
funds
Unrestrictgd Restricted
funds
funds
Total
2021
Total
2020
Fund balances at 31 December
2021 are represented by..
Investments
Cash and cash equivalents
3,818,266
218.741
997.529
4,815,795
358,393
4,457,092
220.087
139,652
139,652
4,037,007
997,529
5.174.188
4,677,179
Sufficient resources are held in an appropriate fom) to enable each restricted fund lo be applied in accordance
with the restrictions.
21

NFTS Foundation
Notes to the Financial Statements
for the year ended 31 December 2022 (contlnued)
16 Statement of Financial Activities for the year onded 31 December 2021
Pèrmanent
Restricted endowment
funds
funds
2021
2021
Unrestrlcted
funds
2021
Total
Funds
2021
Note
Income and endowments
from-
Donations
Investments
100,223
100,223
109,422
3,388
106,034
Total Income
3,388
106,034
100,223
209,645
Expenditure on..
Raising funds
Investment management costs
Charitable aclivilies
Education
709
22,207
22,916
15,864
128,136
144,000
Total expenditure
16,573
1 $0,343
166,916
Nel gains on investments
14.065
359,009
81,206
454.280
Net income
314,700
181,429
497,009
Transfers between funds
(6,0381
6,038
Net movernent in funds
14
{5,1581
320,738
181,429
497.009
Total fund balances brought
forward at 1 January
14
144,810
3,716,269
816,100 4,677.179
Total fund balances carried
forward at 310ecembgr
14
139,652
4,037,007
997,529 5,174.188
22