NFTS Foundation
Report and Financial Slatemenls
Year Ended
31 December 2024
Company registration number 03290399

NFTS Foundation
Report and financial statements
for the year ended 31 December 2024
Contents
Page
Report of the Trustees
Independent Auditorfs Report
10
Statement of Financial Activities
Balance Sheet
12
Notes to the Financial Staternents
Reference and Administrative Inforniation
Trustees
Stephen Louis - Chair of Trustees
Judith Chan
Neil Forster
Steve Mertz
Secr•tary and Reglstered Offi¢e
Trevor Hall
Beaconsfield Studios
Station Road
Beaconsfield
Buckinghamshire
HP91LG
Management Team
Dr Jon Wardle
Alex Gurney
Trevor Hall
Company Reglstration Number
03290399
Charity Registration Number
1061561

NFTS Foundation
Report and financial statements
for the year ended 31 December 2024 (Continued)
Reference and Administrative Infomiatlon (Gontinued)
Auditors
BDO LLP
First Floor
Bottle Works
The Bars
Guildford
Surrey
GU14LP
Bankers
Lloyds Bank PLC
25 Gresham Street
London
EC2V 7HN
Sollcltors
Eversheds Sutherland LLP
1 Wood Street
London
EC2V 7WS
Investment Managers
Investec Wealth & Investment Limited
30 Gresham Street
London
EC2V 7QN

NFTS Foundation
Report of the Trustees
for the year ended 31 December 2024
The NFTS Foundation trustees (tthe Trustees"), who are also dlrectors of the registered charity of Ihe same name
(°the Charity.) for the purposes of the Companies Act, present Iheir annual report together with the audited financial
statements for the year ended 31 De￿rnber 2024. The truslees have adopted the provisions of the Statement of
Recommended Practice (SORP) °Accounting and Reporting by Charities" issued in October 2019, preparing the
annual report and financial slatements in accordance with the Financial Reporting Standard appllcable in the United
Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. This report includes the directors, report as
required by company law.
Trustees
The trustees of the NFTS Foundation during the year were:
Stephen Louis - Chair of Trustees
Judith Chan
Neil Forster (appoinled g July 2024)
Linda James (resigned 9 July 2024)
Steve Mertz
The trustees have given generously of their time and expertise for which the NFTS Foundation and the Natlonal Film
and Television School {"Ihe School-) are extremely grateful.
Structure, Governance and Management
NFTS Foundation l.the Foundalion") is a Gharitable company limited by guarantee, which was eslablished on 11
December 1996. It is governed by a Memorandum and Articles of Association.
The principal advisers at the date of this report are listed on the previous page.
Connected Charit18S
The School is a charity connected with the Foundation.
By mulual agreement. all costs associated with fundralsing aclivities are bome by the School. From monies received
for investment, the Foundation from time to time makes grants, donations and scholarships. The Foundalion donates
income and capital from investments to the School. The trustees review the Foundation's investment performance
and strategy.
Investment Policy (including reserves polKy)
Grants, donations and other income received from various organisations and individuals are invested in a broad range
of fixed income securities and equities to provide scholarships and Contribute to the running costs of the School. As
at 31 December 2024, the reseNes of the Foundation are used for investments held to provide fulure ftjnding to the
School.
The trustees exercise reasonable care to ensure that these investments are effectively managed by the Foundation's
investment managers, Investec Wealth & Investment Limited. The Foundation's Reserve policy is to hold an
investment portfolio of at least £3m, the individual amounts being held in accordance with all donor wishes an¢J
obligalions. At 31 December 2024, the Foundation's reserves were £6.5m, £3.5m higher than the minimum value set
oul in the Foundation's Reserve policy. which is subject to annual review.
It is anticipated that the income generated from this level of reserve5 will enable the Foundation to provide a consistent
level of funding to the School each year.

NFTS Foundation
Report of the Trustees
for the year ended 31 December 2024 (continued)
Objectives and Aotivities
The Foundation was established to 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 at or supported by the School or any charity or
educational establishment connected or associated with the School.
The School is responsible for all fundraising actNity for both the School and the Foundation.
Ethical and Environmental. Social, and Governance (ESG) considerations
The trustees seek to invest in a way that furthers the charit2ble objectives of the Foundation, with an emphasis on
proactive approach to sustainability and socially responsible investing.
The trustees reSe￿e the right to exclude companies that carry out, or may carry out, activities incompatible with their
aims or hold, or may hold particular investments which damage, or could damage, the Foundation's or the School's
reputation.
The trustees will continue to exercise prudent oversight over the performan￿ of the funds invested to ensure that the
funds continue to meet the charitable objectives of the Foundation. The investment portfolio is diversified across a
number of sectors and markets, and invested in companies that demonstrale strong Environmental, Social and
Governance credentials lo ensure investment returns are sustainable.
Taking into account the reputation of the Foundation and the School, the trustee5 require their appointed investment
managers to have due regard for the suitability of any recommended investments. The investment managers musl
consider Environmental, Social and Governance (ESG) factors in their investment process and investment selections.
Powers of Investment
Pursuant to the Foundation's Memorandum of Association, the trustees may exercise their investment powers by:
making grants and donations, whether out of income or capital, in line with the restrictions applicable to each
fund,.
accepting any gifts, endowments, legacies or contributions of any other kind of money or property of any kind.,
and
investing the monies of the Foundation in such investments. securities or propety of any other kind as may be
thought fit, subject nevertheless to such conditions and such consents as may be imposed or required by law.
The board of trustees confirms thai all investment funds are held and made in accordan￿ with these powers.
Risk Managen7enl
The trustees routinely examine signtficant risks that the Foundation may face during each financial year, and have
developed systems to monitor and control these risks to mitigate any impact that they may have on Foundation in the
future.
Accounting Policies
Accounting policÉes that have been applied during the year a￿ outlined in the notes to the financial statements.

NFTS Foundation
Report of the Trustees
for the year ended 31 December 2024 (continued)
Financial Review
Total income for Ihe Foundation for the year ended 31 December 2024 was £1,453k (2023 - £366k).
Investmenl income in the year was £137k {2023- £116k}. This related to dividends and interest eamed during the
year and represented an average rate of return of 2.7 /0 on the Foundation's £4.981 k investment portfolio at 1
January 2024.
Donations received in the year were £1,317k (2023 - £251k). Donations included £1 million for The Crown
Scholarship and £316k for The Jenne Casarotto Scholarship.
Tolal expenditure in the year was £215k {2023 - £172k). Expenditure represented the donation to the School, this
being the £195k (2023- £150k) donation for scholarships, bursaries. masterclasses and other costs of the School's
curriculum, and inveslment management costs. The increase in the donation to the School is due to Ihe new
scholarships awarded from The Crown Scholarship fund, an expendable endowment fund to be awarded over the
next 20 years.
Marketvalue movements on the investment portfolio generated a net investment gain for Ihe yearof £261 k (realised
loss £33k and unrealised gain £294k), compared wilh an investment gain of £269k in the previous year (realised
gain £596k and unrealised loss £327k}. The net movement in funds for the year was an increase of £1,499k and
represented a 30°/0 increase in the value of the Foundation's investments.
The fund balance at 31 December 2024 was £6,480k (£4,g81k at 31 December 2023) and represented an
equitieslcash and fixed interest investment mix of 84116, compared with a mix of 84116 in the previous 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 Activities
Fundraising activilies will continue to be undertaken by the School on behalf of the Foundation. These activities
aim to..
raise funds in the form of scholarships. Ghairs, fellowships and legacies, on a revenue basis, and. where
practical, on an investment basis,. and
raise funds for special projects such as capital equipment and building development.
New funds received in 2024 included The Crown Scholarship and Jenne Casarotto Scholarship. As a result of these
new fund5, the trustees currently aim to distribute approximately £195k per annum (an increase of £45k on 2023),
generated primarily from annual dividend and interest returns on the Foundation's investments for the benefit of the
School. However, all distributions by the Foundation are at the discretion of the trustees.
Looking forward, the Bloomberg consensus forecast for world GDP growth in 2025 is now 2.8ttk as at March 2025, a
small downgrade from 3.09/0 at Ihe start of the year.
Growth expectations have slowed in the US economywith President Trump's tariffs contributing lo this. The probability
of a US recession remains low but markels are not ruling out the possibility of it happening whilst inflation forecasls
globally have risen on the threat of Trump's tariffs and any reciprocal tariffs. This has caused a degree of heightened
market volatility in the short temi.
The latest market valuation of Ihe Foundation's investments for the five months ended 31 May 2025 valued the
investments at £6.2m, Ihus £3.2m above the minimum level sei out in the Foundation's reserve policy. This is below
the portfolio's valuation as at 31 December 2024 year end given the equity market weakness over the pas1 few
months.

NFTS Foundation
Report of the Trustees
for the year ended 31 December 2024 (Continued)
Future Actlvltles (continued)
The trustees invest on a medium risk basis, with an investment horizon of l O+ years. As such, the trustees are not
uncomfortable having to accommodate short-term volatility in capitsl values, in the expectstion of long-term,
sustainable gains.
The trustees consider that there are no material uncertainties about the Foundation's ability to continue as a going
concern, gtven the headroom the Foundation has on its 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 at the discretion of the Charity.
Public Benefit
The Foundation meets its public benefits requirement as a charity by distributing grants to the School and
scholarships to the School's students. The trustees 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 ended 31 December 2024 (contlnued)
Statement of Trustees. Responsibiliti•$
The trustees are responsible for preparing the annual report and the financial statements in accordance with
applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year in accordance with United
Kingdom Generally Accepted Aocounting Practice {United Kingdom Accounting Standards and applicable law).
Under company law, the trustees must not approve the financial statements unless they are satisfied that they give
a true and fair view of the state of affairs of the charity and of the incoming reSoUr￿S and application of resources,
including the income and expenditure, of the charity for that period.
In preparing these financial slatements, the trustees are required to:
select 5Ultable accounting policies and then apply them consistently.,
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed. subject to Sny material departures
disclosed and explained in the financial statements; and
prepare the financial statements on a going concem basis unless it is inappropriate to presume that the
charity will conttnue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the
charity's transactions, and disclose wilh reasonable accuracy at any time 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 tsking reasonable steps for the
prevention and detection of fraud and other irregularities.
Auditor
All of the current trustees have taken all the steps that they ought to have taken to make themselves aware of any
information needed by the company's auditor for the purposes of their audit and to establish that the auditor is
aware of that information. The trustees are not aware of any relevant audit infomation of which the auditor is
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
Stephen Louis
Chalr of Trustees
Date: 9th June 2025

NFTS Foundation
Independent Auditorfs Report
Independent Audttor's Report to the members of NFTS Foundatlon
Opinlon on the flnanclal statements
In our opinion, the financial statements:
give a true and fair view of the state of the Charitable CoMpan￿S affairs as at 31 December 2024 and of ils
incoming resources and application of resources and application of resources for the year then ended.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,.
and
have been prepared in accordance with the requirements of the Companies Act 2006.
We have audlted the financial statements of NFTS Foundation {'the Charitable Cornpan￿) for the year ended 31
December 2024 which comprise the Statement of financial aclivities, Balance sheet and notes to the financia
statements, including a summary of signrficant accounting policies. The financial reporting framework that has been
applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial
Reporting Standard 102 The Financial Reporting Stanclard applicable in the UK and Republic of Ireland (United
Kingdom Generally Accepted Accounting Practice).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit
of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Independence
We remain independent of the Charitable Company in accordance with the ethical requirements relevant to our
audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other
ethical responsibilities in accordance wtth these requirements.
Concluslons related to going concern
In auditing the financial statemenls. 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 identrfied any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the Charitable Company's ability to
continue as a going concern for a period of at least ￿e1ve months from when the financial statements are
authorised for issue.
Our responsiblllties and the responsibilities of the Trustees with respect to going concern are described in the
relevant sections of this report.
Other informatlon
The Trustees are responsible for the other information. The other information comprises the information included
in the Annual Report, other than the financial statements and our auditor's report thereon. Our opinion on the
financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our
report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtsined in the audit or otherwise appears to be materially misstated.

NFTS Foundation
Independent Audltorfs Report
Independent Auditor's Report to the members of NFTS Foundatlon (continued)
If we identify Such material incon5iStencies or apparent material misstaternents. we are required to determine
whether there is a material misstatement in the financial statements themselves. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we are required to report
that fact.
We have nothing to report in this regard.
Other Companies 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 for the purposes
of Company Law, for the financial year for which the financial statements are prepared is consistent with the
financial statements. and
the Directors, Report, which are included in the Trustees, Report, has been prepare(J in accordan￿ wilh
applicable legal requiremenls.
In the light of the knowledge and understanding of the Charitsble Company and its environment obtained in the
course of the audit, we have not identified material misstatements in the Strategic report or the Trustees, report.
We have nothing to report in respect of the following matters in rel8lion to which the Companies Act 2006 requires
us to report to you if, in our opinion,.
adequate accounting records have not been kept, or returns adequale for our audit have not been received
from branches not visited by us. or
the financial stalements are not in agreement with the accounting records and returns. or
certain disclosures of Directors, remuneration specrfied by law are not made., or
we have not received all the infomialion and explanations we require for our audit,. or
the trustees were not enlitled to prepare the financial statements in accordance with the small company's
regime and lake advantage of the small companies, exemptions in preparing the directors. report.
Responsibllltles of Trustees
As explained more fully in Ihe Trustees, responsibililies statement, the Twstees (who are also the directors of the
charilable company for the purposes of company law) are responsible for the preparation of the financial slaiements
and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine
is necessary to enable the preparalion of financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing the financial slatements, the Trustees are responsible for assessing the Charitable Company's ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the Truslees either intend to liquidate the Charitable Company or to cease
operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financlal statements
We have been appointed as auditor under the Companies Act 2006 and ￿port in accordance with the Act and
relevant regulations made or having effect thereunder.

NFTS Foundation
Independent Auditor's Report
Independent AuditoPs Report to the members of NFTS Foundatlon (continued)
Our objectives 8re to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordan
with ISAS (UK) will always detect a material misstatement when it exisls. Misstatements can arise from fraud or
error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial statements.
Extent to which the audrf was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures
In line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including
fraud. The extent to which our Pro￿dureS are capable of detecting irregularities, including fraud is detailed below..
Non-compliance with laws and regulations
Based on..
Our understanding of the Charitable Company and the sector In which it operates.
Discussion with management and those charged with governance., and
Obtaining and understanding of the Charitable Company's policies and procedures regarding compliance
with18ws and regulations.
We considered the significant laws 2nd regulations to be the applicable accounting framework. UK tax legislation
etc.
The Charitable Company is also subject to laws and regulations where the consequence of non-compliance could
have a material effect on the amount or disclosures in the financial statements, for example through the imposition
of fines or litigations. We identified such laws and regulations to 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-complian
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 to supporting documentation.
Fraud
We assessed the susceptibilty of the financial statements to material misstatement, including fraud. Our risk
assessment procedures included.,
Enquiry with management and those charged with governance regarding any known or suspected
instsn￿$ offraud.
Obtaining an understanding of the Charitable Company's policies and procedures relating to,.
Detecting and responding to the risks of fraud., and
Internal Controls established to mitigate risks related to fraud.
Review of minutes of meeting of those charged with governance for any known or suspected instances of
fraud,. and
Discussion amongst the engagement team as to how and where fraud might occur in the financial
statements.
Based on our risk assessment, we considered the area's most susceptible to fraud to be manipulation of the
financial statements through management override of controls and fraud in revenue recognition for donations
income.
Our procedures in respect of the above included..
Testing a sample of journal entries throughout the year, which met a defined risk criterion. along with a
random sample of journals, by agreeing to supporting documentation.

NFTS Foundation
Independent Auditor's Report
Independent Auditor's Report to the members of NFfs Foundation (continued)
Reviewing journal entries processed by management when recording the investment portfolio results
Selecting a sample of donations received in the year and checking its recognition and fund classification.
as well as a review of post year end receipts and board minutes to confirm completeness of the
donations recognised.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagemenl te8m
members and remained alert to any indications of fraud or non-compliance with laws and regulations throughoul
the audit.
Our audit procedures were designed lo respond lo risks of material misstatement in the financial statements,
recognising that the risk of not detecting a material misstaiement due to fraud is higher than the risk of nol detecting
one resulting from error, as fraud may involve deliberate Concealment by, for example. forgery, misrepresentations
or through collusion. There are inherent limilations in the audit procedures performed and the further removed non-
ompliance with laws and regulations is from the events and transactions retlected in the financial statements, the
less likely we are to become aware of it.
A further description of our responsibilities for the audit of the financial statements is located at the Financial
Reporting Council's {"FRC's'} website at..
htt s.'IIMww.frc.or
.U￿aUditOrsres
onsibilities. This description forms part of our auditor's report.
Usé of our report
This report is made solely to the Charitable Company's members, as a body, in accordance with Chapler 3 of Part
16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable
Company's members those matters we are required to stste to them in an auditor's report and for no other purpose.
To the fullest extent permitted by law, we do not accepl or assume responsibility to anyone other than the Charitable
Company and the Charitable Company's members as a body, for our audit work, for this report, or for the opinions
we have formed.
Signed by..
Pa
gEDeE2FE668E4BE
Paul Jagger (Senior Statutory Auditor)
For and on behalf of BDO LLP, statutory auditor
Guildford, UK
Date: 19 June 2025
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

NFTS Foundation
Statement of Financial Activities (including income and expenditure a¢¢ount)
for the year ended 31 December 2024
Pemianent
endowment
funds
2024
Unrestricled
funds
2024
Restricted
funds
2024
Total
Funds
2024
Total
Funds
2023
Note
Income and endowments
from:
Donations
Investments
Other income
1,316.524
133.569
112
1,316,524
136,416
112
250,723
115,570
58
2,847
Totsl Income
2,847
1,450.205
1,453,052
366.351
Expenditure on:
Raising fijnds
Investment management costs
Charitable activities
Education
412
19,484
19,896
22.016
195,000
195,000
150.000
Total expendilure
412
214,484
214,896
172.016
Net gains on investments
5,682
192,973
62.111
260,766
268.827
Net income
8,117
1,428,694
62.111
1,498.922
463,162
Transfers be￿een funds
{1,435}
4.776
(3,3411
Net movement in funds
14
6,682
1,433,470
58,770
1,498,922
463.162
Reconciliation of funds:
Total fund balances brought
forward at 1 January
14
109,140
3.684,625
1,187,118
4,980,883
4.517.721
Total fund balances carried
forward at 31 December
14
115,822
5.118,095
1,245,888
6,479,805
4,980,883
All amounts relate to continuing activities.
The notes on pages 12 to 22 form part of these financial statements.
10

NFTS Foundation
Balance Sheet
at 31 December 2024
Company number 03290399
Note
2024
2023
Fixed assets
Investments
12
6,296,220
4,753,495
Current assets
Cash and cash equivalents
183,585
227,388
Net assets
6,479,805
4,980.883
Funds of the charlty:
Permanent endowment funds
Restricted funds
Unrestricted funds
14
14
14
1,245.888
5,118,095
115,822
1,187,118
3,684.625
109.140
Total ¢harlty funds
6,479,805
4.980.883
These accounts have been prepared in accordance with the special provisions of the Companies Act 2006 relating
to small companies.
Approved by the trustees and authorised for issue on 9th June 2025 and signed on their behalf by:
S&¥L La
Stephen Louis
Chair of Trustees
Judith Chan
Trustee
The notes on pages 12 to 22 form part of these financial statements.

NFTS Foundation
Notes to the Flnancial Statements
for the year ended 31 December 2024
Status of the company
The Foundation is a private company limited by guarantee and is a registered charity incorporated in England
and Wales. Each member's liability is limited, upon winding up. to an amount not exceeding ten pounds.
Accounting policies
(a) Basis of preparatlon
The financial statements of the Foundation have been prepared under the historic cost convention with items
recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The
financial stalements have been prepared in accordance with the Statement of Recommended Practice..
Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting
Standard applicable in the United Kingdom and Republic of Ireland {FRS 102) and the Companies Act 2008.
The Foundation constitutes a public benefrt entity as defined by FRS 102.
(b) Assessment of going concern
Looking forward, the Bloomberg consensus forecast for world GDP growth in 2025 is now 2.8 % as at March
2025, a small downgrade from 3.00/0 at the start of the year.
Growth expectations have slowed in the US economy with Presidenl Trump's tariffs contributing to this. The
probability of a US recession remains low but markets are not ruling out the possibility of it happening whilst
intlation forecasts globally have risen on the threat of Trump's tariffs and any reciprocal tariffs. This has
caused a degree of heightened market volatility in the short term.
The latest market valuation of the Foundation's investments for the five months ended 31 May 2025 valued
the investments at £6.2m, thus £3.2m above the minimum level set out in the Foundation's reserve policy.
This is below the portfolio's valuation as at 31 December 2024 year end 9iven the equity market weakness
over the past few months.
The trustees invest on a medium risk basis, with an investment horlzon of 10+ years. As such, the trustees are
comfortable accommodating some short-term volatility in capilal values, in the expectation of long-term 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 Foundalion has on its minimum reserve level. a review of cash flow
forecasts and expected investment performance over the 12 months following sign off of the balance sheet.
The annual commttted expenditure is not signrficant compared to the easily liquidated cash balances
available and all donations are at the discretion of the trustees.
(c) Funds StrU￿Ure
Unrestricted funds are funds which are available for use at the discretion of the trustees in furtheran￿ of the
general objectives of the Foundation and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specffjic restrictions imposed by donors or
which have been raised by the Foundation for particular purposes. The aim and use of each restricted fund is
set out in the notes to the financial ststements,
Permanent endowment funds are funds where a principal sum Is held and only the income generated can be
used, unless the donor gives permission to use capital from the fund. The donor instru¢ts the principal sum to
be held and the income generated is used in accordance with specific restrictions imposed by the donor. and
is recognised in a restricted fund.
12

NFTS Foundation
Notes to the Financlal Statements
for the year ended 31 December 2024 (¢ontlnued)
Principal accounting policies (continued)
Transfers between endowment funds and restricted funds are made to ensure the prlncipal sum invested is
always recognised in the endowment funds with income and investmenl costs transferred to restricted fvnds,
Investment income, investment management cosls and net gainsllosses on investments are apportioned
across the funds quarterly based on the value of each fund at 31 March. 30 June, 30 September, and 31
December 2024.
An analysis of the charitable funds has been disclosed in note 14.
(d) Incomg recognition
All income is recognised once the Foundation has entitlemenl to the income, it is probable that the income will
be received and the amount of income re￿[Vable can be measured reliably. Donations are recognised when
the Foundation is contractually entitled to the income.
In the event thal a donation Is subject to conditions that require a level of performance before the Foundation
is entitled lo the funds, the income is deferred and not recognised until either those conditions are fully met, or
the fujfilment of those conditions is wholly within the control of the Foundation and it is probable that those
conditions 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 notification of the interest paid or payable by the bank. Dividends are
recognised once the dividend has been declared and nolrficalion has been received of the dividend due. This
is normally upon notification by the investment advisor of the dividend yield of Ihe investment portfolio.
(e) Expenditure
All costs, ex￿pt investment management costs. associated with the Foundation and fundraising activities are
bome by the School.
(fj Cash and cash equivalents
Cash and cash equivalents consist of cash at bank, deposits and short-iemi investments with an original
maturity of three months or less.
(g} Taxation
The Foundation is an exempt charity within the meaning of Part 3 of the Charities Act 2011. It is therefore a
charity wtthin the meaning of Para 1 of Schedule 6 to the Finance Act 2010 and accordingly, the Foundation is
potentially exempt from taxation in respect of income or capital gains re￿iVed within categories covered by
Sections 478 - 488 of the Corporation Tax Act 2010 (CTA 2010) or Section 256 of the Taxation of Chargeable
Gains Act 1992, lo the extent that such income or gains are applied to exclusiveEy charitsble purposes.
Expenditure includes irrecoverable Value Added Tax charged by suppliers to the Foundation. Irrecoverable
VAT is charged against Ihe category of expenditure for which il was incurred.
(h) Flxed asset Investments
Investmenls are initially recognised at their transaction value and subsequently measured al their fair value as
at the balance sheet date using the closing quoled market price. The Statement of Financial Activities includes
the riet gains and losses arising on revaluation and disposals throughout the year.
13

NFTS Foundation
Notes to the Financial Statements
for the year ended 31 December 2024 (contlnued)
Principal accounting policles (Gontinued)
The Foundation does not acquire put options, derivatives or other complex financial instruments. The main
fomi of financial risk faced by the Foundation is that of volalility in equity markets and investment markets due
to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning
equities and within particular sectors or sub sectors.
{1) Realised galns and losses
All gains and losses are taken to the Statement of Financlal Activities as they arise. Realised gains and losses
on investments are calculated as the difference between sales proceeds and their opening carrying value or
their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses
are calculate(f as the difference be￿een the fair value at the year end and their carrying value. Realised 8nd
unrealised investment gains and losses are combined in the Statement of Financial Activities.
Judgements In applying accounting policies and key sources of estlmation uncertainty
In preparing these financial statements, the trustees have made the following judgements..
investment income, investmenl management costs and net gainsllosses on investments are apportioned
across the funds quarterly based on the value of each fund at 31 March, 30 June, 30 September, and 31
December 2024. and
wrth respect to the next reporting period, the most significant areas of uncertainty that affecl the carrying
value of assets held by the Foundation are the level of investment return and the performance of investment
markets.
Related party transactions 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 initiatives undertaken to support the scholarship
programme, donations towards bursaries, and donations towards the running cost of the curriculum. During
the year the Foundation made total donations to the School of £195k (2023 - £150k) (see note 9).
Key management personnel are considered to be the School's D1￿ctor, Finance Director and Head of Financial
Reporting.
The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or
kind (2023 - £Nil). During the year, none of the trLJStees received any reimbursernent for meeting expenses
(2023 - £Nil). There were no transactions wilh trustees and connected person5 during the year.
During the year. insurance costing £1.3k (2023 - £1.1k) was purchased to indemnfy the trustees asainst
default on their part. The School paid this during the year on behalf of the Foundation.
Connected charittes
The Foundation was incorporated to 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 at or supported by the School
or any charity or educ81ional establishment connected or associated with the School.
14

NFTS Foundation
Notes to the Financial Statements
for the year ended 31 December 2024 (continued)
Donations
Pemianent
endowment
funds
Unrestrlcted
fund5
Restricted
funds
Total
2024
Total
2023
Donations
1.316,524
1,316,524
250,723
1,316,524
1,316,524
250,723
Investment income
Permanent
endowment
funds
un￿$t￿ctod
funds
R88trlcted
funds
Total
2024
Totsl
2023
Income from listed investments
2,847
133,569
136,416
115,570
2.847
133,569
136,416
115.570
Investment income is apportioned across the funds based on the fund balances held at the end of each quarter.
Investment management costs
2024
2023
Investment management fees
19,896
22.016
Analysls of charitable expendlture
During the year. donations of £195k {2023 - £150k) were made to the School. These donations represent
£125k towards scholarships and bursaries and £70k towards masterclasses and other cosls of the School's
curriculum.
All other costs associated with the Foundation's fundraising activities are borne by the School because there
is an integrated fundraising programme for the School and for the Foundation.
10 Employee emoluments
No staff are employed by the Foundation12023- £Nil).
11 Auditors, remuneration
The audit fee of £14.4k {2023- £12k) was borne by the School.
15

NFTS Foundation
Notes to the Financial Statements
for the year ended 31 December 2024 (continued)
12
Fixed asset investments
2024
2023
Movement in quoted investments..
Market value brought forward as at 1 January
Additions to investments at cost
Disposals at carrying value
Gainlloss on revaluatton
4,753,495
2,200,555
(951,611)
293,781
4,283,196
2.717,091
{1.919,142)
(327,650)
Market value as at 31 December
6.296,220
4.753,495
Market
value
2024
Market
value
2023
Cost
2024
Cost
2023
These investments are represented by:
Quoted investments..
UK fixed interest
UK equitl8S
Overseas fixed interest
Overseas equities
1,057,466
971,931
418,387
3,240,249
1.028,998
1.083,409
406,036
3,777,777
561,579
1,077,947
417,485
2,381,411
566,262
1,149,918
416,710
2,620,605
5,688,033
6,296,220
4.438.422
4,753,495
There were no investments representing more th8n 5C/*o of the value of the portfolio as at 31 December 2024
(2023- £Nil),
Investments are retained by the Foundation for the long term to generate income for the School and to ensure
that the objectives of the charity are fulfilled.
Investment in equities and fixed interest securities are all traded in quoted public markets. The basis of fair
value for quoted investments is equivalent to the market value, using bid pri￿.
16

NFTS Foundation
Notes to the Financial Statements
for the year ended 31 December 2024 (contlnued)
13 Finan¢ial instruments
Financial assets measured at fair value through profit or loss comprise r￿ed asset investments in a trading
porttolio of listed company shares. Details of Ihese can be foLEnd in note 12.
The significance of financial instrumenls to the ongoing financial sustainability of the Foundation is considered
in the financial review and investment policy and performance sections of the Trustees, Annual Report.
The Foundation's investments are mainly traded in markets with good liquidty and high trading volumes,.
therefore, liquidity risk is assessed as low. The Foundation has no material investment holdings in markels
subject to exchange controls or trading restrictions.
The Foundation manages these inveslment risks by retaining expert advisors and operating an investment
policy that provides for a high degree of diversification of holdings wtthin investment asset classes that are
quoted on recognised stock exchanges. The Foundation dces not make use of any derivalives or complex
financial instruments.
17

NFTS Foundation
Notes to the Financial Statements
for the year ended 31 December 2024 (continued)
14 Analysis of charitable funds
Fund
balances
brought
forward
Expenditure
donations Expendlture
to School investment
In¢ome net transfers
Fund
balances
arried
forniard
Gains
and
losses
Analysis of fund movements
year ended 31 December 2024
Permanent endowment funds:
Louis Malle Scholarship
Post Office Scholarship
Kodak Scholarship
John Sargent Scholarship
Nik Powell Scholarship
Lesley Land Scholarship
120,533
303,454
142,069
256,570
110,675
253,817
6,777
15,610
7,672
13,339
5,686
13,027
127,310
319,064
149,741
269,909
116,361
263.503
(3,341)
Total permanent endowment
funds
1.187,118
(3,341)
62,111
1,245,888
Restrlcted funds:
Lew Grade Chair
Cubby Broccoli Chair
Richard Dunn Scholarship
David Munro Fund Human Rights
Michael Samuelson Scholarship
Freddie Young Scholarship
Colin Young Scholarship
Trevor Jones Scholarship
Sir John Terry Memorial
Scholarship
Louis Malle Scholarship
Post Office Scholarship
Kodak Scholarship
Nik Powell Scholarship
John Sargent Scholarship
James Walker NFTS Writers Fund
Lesley Land Scholarship
The Crown Scholarship
Jenne Casarotto Scholarship
1,993,488
962,088
554,671
83,015
428
623
4,727
6,238
51.608
25.099
14.330
2.146
11
16
123
163
{60,000)
{30,000)
(7,000)
(1,000)
{7,472} 103,282
(3,641)
50,092
(2,074)
28,703
(311)
4,297
(2)
22
(2)
32
(18)
246
(24)
325
2,080,906
1,003,638
588,630
88,147
459
669
5.078
6,702
35,839
10,591
915
3,381
7,767
3,818
2,827
6,647
659
6.451
1,006,436
317,808
{1,000}
{2,000}
{6,646}
{3,500)
(2,419)
(5,000)
(20,000)
(6,659)
(45,000)
(132)
(489)
(1,121)
(551)
(408)
(960)
(13)
{928)
(1,048)
{290}
1,841
37,463
11,483
6,974
6,741
2,055
22.752
1,136
2,742
4,079
681
2,566
886
962,954
318,404
Total restrlcted funds
3,684,625 1,450.205
{190,224)
(19,484) 192,973
5,118,095
Unrestri¢ted funds:
General reseNes
109,140
2.847
(1,435)
(412)
5,682
115.822
Total unrestricted funds
109,140
2,847
(1,435}
(412)
5,682
115,822
Total funds
4,980,883 1,453,052
(195,000)
(19,896) 260,766
6,479.805
18

NFTS Foundation
Notes to the Financial Statements
for the year ended 31 December 2024 (continued)
The restricted funds of £5,118k include £1,945k to provide scholarships and bursaries (Richard Dunn, Freddie
Young, Sir John Terry, Colin Young, Trevor Jones, James Walker, The Crown, Jenne Casarotto). £3.085k for
Chairs (Lew Grade, Cubby Broccoli), and £88k to support documentary film making concerning human rights
(David Munro Fund).
The new Crown Scholarship is an expendable endowment over 20 years,
The permanent endowmentfunds of £1,246k are endowments to provlde scholarships (Louis Malle, Post Office,
Kodak, John Sargent, Nik Powell, Lesley Land}.
The dividends earned on the funds during the year of £136k, the realised loss of £33k, the unrealised gain of
£293k and the investment management costs of £20k have been allocated across the funds quarterly based on
the value of each fund at 31 March,30 June, 30 September, and 31 December 2024.
19

NFTS Foundation
Notes to the Financial Statements
for the year ended 31 Decembèr 2024 (continued)
14 Analysls of charltable funds
Fund
balances
brought
forward
Expenditure
donatlons Expenditure
to School investment
Income net transfers
Fund
balances
¢arriod
forward
Gains
and
losses
Analysis of fund movements
year ended 31 December 2023
Pernianent endowment funds:
Louis MalEe Scholarship
Post Office Scholarship
Kodak Scholarship
John Sargent Scholarship
Nik Powell Scholarship
Lesley Land Scholarship
113,261
286,635
133,769
242,468
104,548
7,272
16,819
8,300
14,102
6,127
3,661
120,533
303,454
142,069
256,570
110,675
253.817
250.156
Total permanent èndowment
funds
880,681
250,156
56.281
1,187,118
Restricted funds:
Lew Grade Chair
Cubby Broccoli Chair
Richard Dunn Scholarship
David Munro Fund Human Rights
Michael Samuelson Scholarship
Freddie Young Scholarship
Colin Young Scholarship
Trevor Jones Scholarship
Sir John Terry Memorial
Scholarship
Louis Malle Scholarship
Post Office Scholarship
Kodak Scholarship
Nik Powell Scholarship
John Sargent Scholarship
James Walker NFTS Writers Fund
Lesley Land Scholarship
1,901,773
918,379
520,239
77,816
396
577
4,375
5,774
48,507
23.623
13.238
1,981
1Q
15
113
149
{60,000)
{30.000)
(7,000)
(1,000)
(9.247) 112,455
(4.500)
54,586
(2.524)
30,718
{378}
4,5g6
(2)
24
(3)
(21)
(28)
1,993,488
962,088
5S4,671
83,015
428
623
4,727
6,238
260
343
34,145
10,057
858
3.131
7.219
3,564
2.627
6.063
825
1.375
(1,000)
(2,000)
(5,841)
{3,500)
(2,126)
{5,000)
(20,000)
(164)
(597)
(1,378)
(680)
(501)
(1,157)
(45)
(239)
2,000
35.839
10,591
7,590
6,974
2,149
41,137
2,055
22,752
1,136
835
Total restricted funds
3,524,407
113,298
(137.467)
(21,464) 205,851
3,684,625
Unrestricted funds:
General reserves
112,633
2,897
(12.533)
(552)
6.695
109,140
Total unrestricted funds
112,633
2,897
(12.533)
(552)
6,695
109,140
Total funds
4,517,721
366,351
(150,000)
(22,016) 268,827 4,980,883
20

NFTS Foundation
Notes to the Financial Statements
for the year ended 31 December 2024 (Contlnued)
15 Analysls of net assets between funds
Permanent
endowment
funds
Unrestricted Restrlcted
funds
funds
Total
2024
Total
2023
Fund balances at 31 December
2024 are represented by..
Investments
Cash and cash equivalenls
5,050,332 1,245.888
67,763
6,296,220
183.585
4,753,495
227,388
115,822
115,822
5,118,095
1,245,888
6.479.805
4,g80,883
Permanent
Unrestricted Restrlcted endowment
funds
funds
funds
Restated
Total
2022
Total
2023
Fund balan￿S at 31 December
2023 are represenled by:
Investments
Cash and cash equivalents
Debtors
3,566,377
118,248
1,187.118
4,753,495
227,388
4,283,196
212,304
22,221
109.140
109,140
3,684,625
1,187,118
4.980,883
4,517,721
Sufflcient resources are held in an appropriate form to enable each restricted fund to be applied in accordan
with the restrictions.
21

NFTS Foundation
Notes to the Financial Statements
for the year ended 31 December 2024 (continued)
16 Statement of Financial A￿5vItIeS for the year ended 31 December 2023
Permanont
Restrlcted endowment
funds
funds
2023
2023
Unrestricted
fund6
2023
Totsl
Funds
2023
Note
Income and endowments
from:
Donations
Investments
Other income
625
112,673
250.098
250,723
115,570
2,897
58
Total income
2,897
113,298
250,156
366,351
Expendlture on:
Raising funds
Investmenl management costs
Charitabl8 activities
Education
552
21,464
22,016
10,000
140,000
150,000
Total expenditure
10,552
161.464
172,016
Net gains on investments
6,695
205,851
56,281
268,827
Net {losses>lincome
{960)
157.685
306,437
463.162
Transfers be￿een funds
{2,533)
2,533
Net movement In funds
14
{3,493)
160,218
306,437
463,162
Total fund balances brought
forward at 1 January
14
112,633
3,524,407
880.681 4,517,721
Total fund balances ¢arrled
forward at 31 December
14
109,140
3,684.625
1.187,118 4,980,883
22