New Philanthropy Capital Annual Report 2024-2025
December 2025
Contents
- Our Objectives and Activities ........................................................................................... 6 Our objectives .............................................................................................................................. 6 Our values ................................................................................................................................... 8 2. Our achievements and performance ................................................................................ 9 Convening and influencing........................................................................................................... 9 Consulting ................................................................................................................................. 13 Programmes for change ............................................................................................................ 18 Sharing our learning .................................................................................................................. 20 3. Our structure, management and governance ................................................................ 22 Trustees..................................................................................................................................... 22 Management and staff ............................................................................................................... 22 Pay ............................................................................................................................................ 23 Conduct at work ......................................................................................................................... 23 Safeguarding ............................................................................................................................. 23 Environment .............................................................................................................................. 24 Diversity, equity and inclusion .................................................................................................... 24 Cyber security ............................................................................................................................ 28 Risk ........................................................................................................................................... 28 Trading subsidiary ..................................................................................................................... 29 Statement of responsibilities of the trustees ............................................................................... 30 4. Financial Review ............................................................................................................ 32 Year at a glance ......................................................................................................................... 32 Our reserves policy and unrestricted funds target ...................................................................... 33 Independent auditor’s report to the members of New Philanthropy Capital ................................ 34 5. Financial statements ...................................................................................................... 38 Statement of financial activities for the year ended 30 June 2025 .............................................. 38 Balance sheet for the year ended 30 June 2025 ........................................................................ 39 Cash flow statement for the year ended 30 June 2025 .............................................................. 40 Notes to the financial statements for the year ended 30 June 2025 ........................................... 41 6. Reference & administrative details ................................................................................ 58
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Welcome from our Chair
This year our focus has been twofold: to deepen our work with organisations creating impact today, and to build the foundations for a stronger, more visible “impact economy” that can take on the UK’s most urgent social and environmental challenges.
Following the 2024 General Election, we worked with government and civil society partners to design a mission-driven partnership between the state and the social sector. Our proposals include a Whitehall “front door” for engagement, improved interchange between sectors, and a civil society satellite account to capture the sector’s economic contribution. These may sound technical, but they are essential to ensuring civil society’s role is visible and supported within national decisionmaking.
Under the leadership of our new CEO Jonathan Simmons, we embarked on our Growing the Impact Economy initiative which aims to tell a unified story of the impact economy showing the value of the social impact in the UK.
In May we merged with The Beacon Collaborative. Beacon has been a driving force for philanthropy, encouraging more people to give and to give better. This merger embodies what New Philanthropy Capital stands for: breaking down silos, collaborating and building bridges across the systems that shape impact.
Similar themes emerged from our annual conference NPC Ignites 2024 and it is this collaborative spirit that has guided our partnerships this year, from frontline charities to large funders and policymakers. From Everyone’s Environment to Young People’s Mental Health, our Programmes for Change continue to demonstrate what collaboration can achieve. Each programme reflects our belief that evidence and inclusion are key to lasting impact.
Thank you to Jonathan for bringing such energy and vision to New Philanthropy Capital throughout his first year with us. He is well supported by my fellow trustees and a team of dedicated and expert staff. I want to thank them and all of our funders and partners for their support this year.
Vaughan Lindsay, Chair
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Welcome from our Chief Executive
The publishing of this annual report coincides with my first year as CEO of New Philanthropy Capital. What a year! I am so proud to pick up the baton of an organisation that has done so much to further the impact and effectiveness conversation in the UK. It is an exciting time for the UK’s impact economy.
Whether through philanthropy, investment, social lending, or business; we know increasing numbers of people want to use their money to address many of the challenges our society faces. Our report in partnership with Barclays, The Modern Philanthropist, identified a doubling of the median Ultra High Net Worth gift over the last five years.
The Impact Economy as a phrase may be new to some, but it is a concept gathering momentum with wealth holders, government, academia and civil society, because it represents the collective effort to achieve positive impact and social outcomes. In the same way New Philanthropy Capital helped normalise the measurement of impact, we are determined that we’re going to help shape and tell the story of the impact economy so, we can strengthen and grow it.
Growth must be paired with effectiveness, and as you will see in this report, New Philanthropy Capital continues to focus on helping organisations to measure and evaluate their impact through advising on strategy, evaluation or systems change. In the last 12 months we were commissioned by 84 organisations, work that we then shared with hundreds through case studies and free workshops, as part of our commitment to strengthening our community.
This year also saw us merge with The Beacon Collaborative – a charity that supports, promotes, and celebrates philanthropy. Beacon has an unparalleled track record in convening, policy and advocacy around high net worth philanthropy, which when mixed with New Philanthropy Capital’s consulting, influencing, embedding excellence, partnership and communication, creates a stronger platform with a louder voice. Together, we will host the Beacon Forum in early 2026, which we hope will be the largest gathering of the Impact Economy to date, creating a platform for leaders to explore the actions needed to maximise the potential for all forms of impact-led finance.
Next year? We intend to work with many more organisations, create more free resources, convene thousands and shout louder. Why? Because we believe there is a vibrant impact economy in the UK, which we can help be stronger, but could also we believe could be bigger.
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Our convening power is just one of New Philanthropy Capital’s key strengths. Our long history, our expertise and our independence means we offer highly effective services in impact evaluation, systems change and learning partnerships.
This year we want to build on our success and will be exploring carefully new areas where we can have the most impact and offer our clients even more solutions that drive results.
Thank you to everyone who has worked with us this year—our trustees, partners, clients, and funders. Your collaboration and trust make our work and our impact possible.
Jonathan Simmons
Chief Executive, New Philanthropy Capital
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1. Our Objectives and Activities
Our objectives
New Philanthropy Capital’s mission is to strengthen and grow the impact economy .
We are a think tank and consultancy with purpose. We believe in the power of a growing impact economy to deliver the systems change we need to achieve lasting, positive impact in our communities.
Strengthening the impact economy
For over 20 years we have played a crucial role at the heart of the impact economy and we work to strengthen it through:
Convening and influencing: We introduce people and their ideas, creating connections and building new networks. Through our research and publications, we challenge and inspire while also offering our platform to amplify unheard voices.
Consulting: We recognise the power of consultancy to build deep relationships and drive change. We provide independent research and advice. Our combination of expert researchers, tools and frameworks, and policy influence make us uniquely well-placed to move organisations towards their goals.
Programmes for change: We identify key projects and build powerful networks to grow the impact sector. We collaborate with partners in developing and testing new ways to maximise social impact.
Sharing our learning: We share our work through our publications, events, policy work, and consulting as a way to embed more evidence-led impactful practice throughout the impact sector.
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Growing the impact economy
The UK’s impact economy, which brings together charities, philanthropy, social investment, social enterprises, and purpose-led business, is active and innovative, yet fragmented and largely invisible in national statistics. Parts of the ecosystem are valued—for example impact investing at £78 billion, social enterprise at £77 billion, and charities at £98 billion—but there is no shared definition or whole-economy view. The lack of recognition limits advocacy, policy attention, and the flow of capital.
At New Philanthropy Capital, we focus on this because:
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Better evidence will strengthen the case for investment and help leaders make decisions
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Policymakers need a clear picture to design effective incentives and partnerships
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Charities, funders, and social enterprises need credible numbers to explain their role and a present a case for growth
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A clearer public narrative will show how the impact economy contributes to society and the economy.
Our Mapping the Impact Economy project is a strategic intervention to build that evidence base and story. We are assembling existing data and creating a coherent narrative that positions the impact economy as a driver of UK prosperity and social progress. We’ll publish a full report in early 2026. This work will raise the sector’s profile, help organisations locate themselves within a credible market, and encourage different types of capital to work together. Our strength is combining rigorous analysis with practical tools and accessible communication. By bringing these together, we aim to give the impact economy a shared identity, a trusted measure of scale, and a clearer route to growth.
Growing the impact economy is a core objective for New Philanthropy Capital because it can unlock resources, inform better policy, and increase the impact that money has where it is most needed.
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Our values
In everything we do we strive to be clear, committed, passionate, bold, open, and imaginative. We bring the following values to our work:
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We value honesty and integrity, even when it’s hard.
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We care about evidence.
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We innovate and learn.
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We’re committed to inclusion, equity, and diversity, in all its forms.
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We work with others.
Find out more about our values on our website .
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2. Our achievements and performance
This section presents some of our highlights from 2024-2025. The sub-headings in this section reflect our revised organisation structure, following a review during the year. Cross-references to our previous structure are shown in brackets where appropriate for ease of reference.
Convening and influencing
As a convenor and influencer, we create new connections and bring partners together to solve practical problems. We encourage fresh thinking and use our platforms to amplify unheard voices.
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NPC Ignites 2024
More than 250 delegates attended our annual flagship conference NPC Ignites, hearing from 33 speakers.
Together we examined what it really means to pursue systemic change. Contributors argued that genuine progress begins with understanding how political and economic incentives shape outcomes and how power circulates through institutions and communities.
The sessions made the case for long-term trusting resourcing that supports people to participate – without “trotting them out” to relive their trauma whenever it suits an organisation. Better to empower them to go further.
Speakers emphasised patient, cumulative action, learning and the courage to advocate. The day equipped leaders with a clearer theory of change and a renewed commitment to collective effort that rejects siloed, ego-led ways of working.
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Merger with The Beacon Collaborative
In May we merged with The Beacon Collaborative, consolidating our combined activities to increase the amount and effectiveness of philanthropy in the UK. The merger followed the completion of Beacon’s initial five-year programme to catalyse growth in philanthropy in the UK in partnership with leading sector bodies. Coming together under the NPC brand, together we will continue to focus on growing, promoting and celebrating philanthropy in the context of the UK’s expanding impact economy.
This partnership is already shaping the Beacon Forum planned for early 2026. By bringing networks and evidence together, the merger accelerates our shared ambition to give the impact economy a stronger public identity and a louder, more co-ordinated voice.
Working with Government
After the General Election we moved quickly to position civil society as a practical partner to government.
‘ Later in the year we followed up with How can civil society play a part in mission-driven government’?, a joint report with The Future Governance Forum, funded by the Lloyds Bank Foundation.
We produced a set of proposals and engaged officials through roundtables, briefings, and bilateral conversations to test feasibility across departments.
Our method blended policy analysis with practitioner insight, proposing a Whitehall “front door,” stronger interchange between sectors, and a test-and-learn culture that treats challenge as integral to good policy.
We also proposed the creation of a civil society satellite account, so the sector’s economic contribution is visible in national statistics.
As a result, officials are exploring clearer mechanisms for engagement and data development, and charities report better traction in early discussions. The impact is an improved foundation for policy co-design and a pathway to evidence-informed decisions that recognise civil society’s economic and social contribution.
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Making environmental policy inclusive in Scotland
We partnered with the Environmental Rights Centre for Scotland to ensure environmental policy works for those most affected by inequality.
We convened charities and community voices, commissioned targeted reviews, and compiled insights into practical recommendations on access to green and blue spaces, transport, renewables, housing retrofit, and green jobs.
Our method combined engagement with desk research and policy mapping, prioritising solutions that could be implemented by local and national government. The work is informing programme design and funding bids among participating organisations and has provided policymakers with credible, people-centred evidence.
The impact is a clearer route to a fairer transition, with actions that can improve daily life while advancing climate goals.
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Consulting
We believe good consultancy is about building relationships that lead to lasting change. Our specialist knowledge and influence in policy circles position us to help organisation’s reach their goals. Read more about the services we offer.
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Impact Investing Strategy: Monday Charitable Trust
We supported Monday Charitable Trust to design an impact investing strategy aligned with its mission to improve life chances in areas such as housing, education and the environment.
We analysed the opportunity landscape, clarified strategic options by risk, return, impact and liquidity, and produced an impact investment policy the trustees can act on.
The process increased confidence and readiness to deploy an impact-focused endowment, giving the trust a disciplined framework for achieving financial goals while backing measurable social outcomes.
Learning Partnership: Sport England
Sport England's ten-year vision: ‘Uniting the Movement’ aims to transform lives and communities through sport and physical activity. To change the system, Sport England are working with and investing in over 130 other partner organisations across the country.
They include bodies who are governing and delivering sport, locally-led active partnerships, and organisations from outside the world of sport.
New Philanthropy Capital is one part of the consortium providing evaluation and learning for Sport England’s work with partners, alongside Ipsos and Sheffield Hallam’s Advanced Wellbeing Research Centre.
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We are supporting partners to continually review, reflect, and change what they do and how they do it. For example: guidance on best practice and how to drive improvement, facilitating regular learning exchanges, and providing tailored support where needed. This project runs until 2028.
Case study: Impact Measurement: Tommy’s
Tommy’s is a charity dedicated to preventing baby loss and ensuring safe pregnancies and births for all.
To help Tommy’s turn strategy into learning, we created a measurement framework and an interactive dashboard that bring together outcome indicators, national statistics and equity breakdowns by socioeconomic status and ethnicity. The dashboard shows change over time and prompts teams to add commentary, so insight and context sit alongside the data.
This has encouraged staff to engage more actively with evidence, improved internal decisionmaking and equipped the charity to communicate progress clearly to supporters and partners.
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Learning Partnership: GamCare
GamCare is the leading provider of information, advice and support for anyone affected by gambling harms and operates the National Gambling Helpline.
Over three years we worked as GamCare’s critical friend on evaluation and organisational learning. We began with theory of change development, moved through quality assurance and staff training, and eventually focused on strategic learning with the executive team.
By combining technical support with challenge and reflection, the partnership has strengthened GamCare’s commissioning, improved the use of evidence across programmes and positioned the organisation to embed changes that last.
Systems Change: Sainsbury’s and Food Insecurity
Sainsbury’s Sustainability team asked us to help sharpen its approach to tackling food insecurity.
We built a systems map from research and stakeholder interviews, convened internal and external workshops to test options and co-created a high-level theory of change that aligns targeted funding, internal partnerships and external collaboration.
Our bespoke approach supported Sainsbury’s in enhancing their understanding of the drivers of food insecurity in the UK and where they as a business are well placed to act. This ultimately helped them advance more impactful charitable giving and community activities.
The theory of change will be used by Sainsbury’s Sustainability team to drive stakeholder engagement, prioritise charitable partnerships and impactful giving, and inform their measurement and evaluation approach.
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Theory of Change Tools: Unity Trust Bank
Unity Trust Bank launched a customer programme, developed with us, that explains impact planning and measurement through videos, workshops and practical toolkits. The resources explain theory of change in plain language and show how to link actions to outcomes that can be evidenced over time. By equipping mission-led customers with usable tools, the bank is helping them design better interventions, track progress and communicate the difference they make to communities.
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Programmes for change
Described as think tank in previous annual reports. We work with partners and build powerful networks to strengthen and grow the impact sector. By working on key projects together we develop and test new ways to maximise social impact.
Everyone’s Environment
The Everyone’s Environment programme explores the social impacts of climate change and nature loss. Led by New Philanthropy Capital, it is a collaboration of charities and organisations from different sectors exploring what environmental crises mean for the people they serve.
We have advanced Everyone’s Environment to ensure social justice sits at the centre of climate action. It now brings together more than 80 organisations to address how the climate and nature crises affect different social groups.
With new three-year funding secured, going forward the programme will support 180 local charities to advocate for their communities, train 60 Champions from under-represented groups to speak confidently in the media and publish research on impacts for women, girls and LGBTQ+ people.
Tools such as the Pathway and the Conversations Toolkit are helping leaders and frontline teams translate concern into stronger local voices and relevant action.
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Young People’s Mental Health
In March 2025, we launched a new research partnership to identify where charities and funders can make the most difference to children and young people’s mental health. The project involves mapping support gaps and working with practitioners, funders and young people themselves to shape practical recommendations. The goal is to direct resources to interventions that deliver timely help and to support a joined-up approach across services.
The project will be delivered in partnership with the Children & Young People’s Mental Health Coalition and Centre for Mental Health and is funded by BBC Children in Need, the AD Charitable Trust, and the Rayne Foundation.
Signpost+
Signpost+ addresses a simple but pressing problem: it is still easier for a teenager to find a takeaway than to find reliable help for mental health, housing or sexual health. Working with delivery partners, we set out what good digital signposting looks like, from accessibility and data quality to partnership working and shared infrastructure. The programme is building the foundations for a web environment where young people can quickly find accurate, age-appropriate support that leads somewhere useful.
The project was delivered in partnership with National Support Network, Mind of My Own, Chasing the Stigma, The Mix, and Neontribe.
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Sharing our learning
We share our work through our publications, events, policy work and consulting, in order to embed evidence-led impactful practice throughout the impact sector.
Trusting and Equitable MEL: Guide for Funders
Our guide reframes monitoring, evaluation and learning as a tool for improvement and accountability that should fit the purpose at hand. It argues for clarity of intent, proportionality in requirements, and methods that generate useful insight rather than paperwork. The approach centres equity by bringing in the voices of people affected and investing in the sharing of learning so others can benefit.
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Criminal Justice Funding Flows
Research funded by Lloyds Bank Foundation shows that statutory income in the criminal justice voluntary sector is concentrated among large organisations, leaving smaller and specialist charities with thin coverage and cash-flow risks. Many contracts fail to meet full costs and are slow to pay.
We recommend more flexible, multi-year funding, agreed minimum standards for contracting that include full-cost recovery, and proportionate reporting so vital specialist services are sustainable.
Community-Led Early Years Support
With Local Trust we examined how community-led early years provision supports families who may distrust formal services. We found that effective models keep a welcoming, informal ethos while learning and adapting, provide varied ways to participate and connect strongly into local systems.
The report calls on national and local government and funders to recognise this value, invest in capacity and infrastructure and build the evidence base for what works in communities facing double disadvantage.
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3. Our structure, management and governance
New Philanthropy Capital is a charitable company limited by guarantee. Each of our trustees have agreed to contribute up to £1 towards the assets of the company in the event of it being wound up. We were incorporated on 2 July 2001 and registered as a charity on 27 March 2002. Our trustees are the directors of the company and seek to adhere to the principles set out in the Charity Governance Code.
Trustees
We have an experienced and committed board contributing a range of perspectives and expertise. Our trustees set clear strategic goals, agreed annually along with performance targets, with progress reviewed at each meeting. Our trustees believe that people with different perspectives and experiences will bring new ideas, robust debate, better decisions and better impact. Our trustees regularly assess their own performance and complete a skills assessment to direct training, support, and recruitment. New trustees go through an induction programme. Individual trustees may get involved in areas outside of board meetings according to their skills, experience and interests.
Management and staff
Day-to-day activities are led by our chief executive. They are responsible for developing strategies, products, and services within overall guidelines and policies set by the trustees; representing New Philanthropy Capital externally; and for ensuring that our values are communicated and observed in our working practices.
Our chief executive is supported by our leadership team—the chief operating officer, three directors, the head of communications and the head of income generation—and our staff. During the year ended 30 June 2025, we employed an average of 40 employees, of whom many worked part-time, giving 35 full-time equivalent employees. More detail is provided in note 8 to the financial statements.
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Pay
As the leading think tank and consultancy for the charity sector, we aim to attract staff from the notfor-profit sector as well as the public and private sectors—and to pay our people accordingly. Pay is reviewed at least annually, in accordance with our published pay policy which encompasses recruitment & retention, affordability, performance, proportionality and transparency. We are an accredited Living Wage employer. We do not hire unpaid interns, and staff at all levels have access to the same benefits, including pensions.
Conduct at work
We strive to uphold high standards and behaviour in all we do, recognising that this requires a commitment to continual learning and improvement. Our code of conduct sets out our expectations of all staff, trustees, and associates. The code is centred around four principles: professional competence and behaviour; ethical standards and integrity; representing New Philanthropy Capital and the sector; and working with others. Our code is underpinned by our policies on diversity, equity, and inclusion, harassment, sexual harassment and bullying; whistleblowing, and complaints, all of which are published on our website.
We encourage all staff to speak up when they think something is wrong. Staff may speak confidentially to their line manager, a member of the leadership team, our HR team, our independent HR consultant, or a trustee. Staff may also speak to Protect, an independent whistleblowing charity.
Safeguarding
Much of our work involves communicating with the public and working directly with individuals and organisations to help them use their resources more effectively. This can include interaction with at-risk people, in person, online, or in another forum. We recognise that:
The welfare of our direct and indirect beneficiaries is paramount.
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Everybody should be kept safe from harm regardless of age, disability, gender, racial heritage, religious belief, economic status, sexual orientation or identity.
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Some people will require more protection due to their age, level of dependency, previous experiences, or other issues.
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Our safeguarding policy is published on our website. It sets out our expectations and provides guidance to staff on how to identify and assess safeguarding risk at activity inception, designing and implementing appropriate actions to mitigate safeguarding risk, monitoring safeguarding risk throughout, and how to report and respond to any concerns.
Environment
We acknowledge that our activities have an effect on the environment, so we are committed to improving the sustainability of our working practices and behaviours whilst at work. Our environment policy is published on our website. It sets out the principles we seek to adhere to reduce our environmental impact. We recognise that this is an evolving area with new products
and practices becoming available, so we continue to identify opportunities for further improvement.
We fully offset 93.22 tonnes of Annually we estimate our carbon emissions wf CO2e for the calendar year and offset by purchasing carbon credits. ended 31 December 2024. 2
Helping the sector
As well as looking at our own practices, our Everyone’s Environment programme is a collaboration of 80 social and environmental charities to accelerate action on the social impacts of the environmental crises. The environmental crises do not affect all people in the same way; some of the most disadvantaged and marginalised people are worst affected by our changing environment and related policy. You can read more about this programme on our website.
Diversity, equity and inclusion
We believe that a diverse, inclusive and equitable sector is essential to social impact. But currently, this is not the case. We believe that New Philanthropy Capital can and should be part of a movement to make our sector more diverse, inclusive and equitable, working alongside and in partnership with other organisations with greater knowledge and lived experience of marginalisation.
We recognise New Philanthropy Capital itself needs to become more diverse, inclusive and equitable. We have made some progress, but we need to do more. This is because we can only be part of the solution if we attract and retain diverse talent and also because diversity, equity and inclusion matters to us in and of itself. Our vision includes internal and external goals.
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External: We use and share our power to work alongside partners as part of a movement to encourage charities and funders to embed diversity and equity in their activities and adopt more inclusive practices.
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Internal: We attract and retain a broad diversity of talent and have a strongly inclusive working culture which respects and celebrates differences. Our staff have equitable access to opportunities and support to meet their personal development and professional goals.
This vision is underpinned by a 3-year improvement plan for 2024-2027. The plan includes a set of objectives to deliver on our vision that are grounded in NPC’s values; and a set of actions on those objectives. You can read more about our action plan and progress to date on our website.
As part of commitment to transparency, we publish our pay gaps and staff equal opportunities data.
Our pay gaps
As at 30 June 2025
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Our mean gender pay gap was 24% and our median gender pay gap was 12% (2024: 28% and 23%)
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Our mean ethnicity pay gap was -19% and the median ethnic pay gap was -3% (2024: 20% and 27%). A negative % means that staff from non-white ethnicities are paid more.
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Our mean class pay gap was 16% and the median class pay was 6%. (2024: 27% and 21%).
Source: staff survey, June 2025, 100% response rate from staff excluding those on parental leave.
Our equal opportunities data
For simplicity, we have only presented here the options for which at least one person selected. Answers which nobody selected have been omitted.
Source: staff DEI survey, September 2025, ~83% response rate / Sector benchmark: UK Civil Society Almanac 2024 | NCVO / National Average: Census - Office for National Statistics (ons.gov.uk)
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What is your gender identity? Sector benchmark: 67% Female
| What is your gender identity?Sector benchmark: 67% Female | What is your gender identity?Sector benchmark: 67% Female |
|---|---|
| Female (Including Trans) 63% |
63% |
| Male (Including Trans) 37% |
37% |
| Are you married or in a civil partnership?National average – 47% Yes | |
| Yes 44% |
44% |
| No 52% |
52% |
| Prefer not to say 4% |
4% |
| What is your age?Sector benchmark: 33% aged 16-34 | |
| 16-24 4% |
4% |
| 25-29 26% |
26% |
| 30-34 19% |
19% |
| 35-39 19% |
19% |
| 40-44 19% |
19% |
| 45-49 7% |
7% |
| 50-54 4% |
4% |
| 55-59 4% |
4% |
| What is your ethnicity?Sector benchmark: 15% ethnic minority | |
| White British 63% |
63% |
| White European 7% |
7% |
| White Irish 4% |
4% |
| Any other white background 4% |
4% |
| Asian Bangladeshi 4% |
4% |
| Any other Asian background 4% |
4% |
| White and Black Caribbean 4% |
4% |
| Any other mixed / multiple ethnic background 4% |
4% |
| Prefer not to say 7% |
7% |
| Do you consider yourself to have a disability and/or learning difficulty?National average – 18% Yes |
|
| Yes 19% |
19% |
| No 81% |
81% |
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| Do you consider yourself to have a health condition and/or mental health condition? | Do you consider yourself to have a health condition and/or mental health condition? |
|---|---|
| Yes 30% |
30% |
| No 70% |
70% |
| Do you consider yourself D/deaf or to have hearing loss? | |
| Yes 7% |
7% |
| No 93% |
93% |
| Do you consider yourself to be neurodivergent? | |
| Yes 37% |
37% |
| No 63% |
63% |
| What is your sexual orientation?National average – 89% Heterosexual | |
| Heterosexual 63% |
63% |
| Bisexual 11% |
11% |
| Gay 7% |
7% |
| Lesbian 4% |
4% |
| Other sexual orientation / Prefer to self describe 4% |
4% |
| Prefer not to say 11% |
11% |
| What is your religion or belief?National average – 46% Christian | |
| Agnostic 19% |
19% |
| Atheist 26% |
26% |
| Christian 30% |
30% |
| Muslim 11% |
11% |
| Prefer not to say 15% |
15% |
| Do you consider yourself to be a first generation or recent migrant to the UK? | |
| Yes 19% |
19% |
| No 81% |
81% |
| Do you consider yourself to be working class?National average – 35% working class | |
| Yes 26% |
26% |
| No 63% |
63% |
| Prefer not to say 7% |
7% |
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Cyber security
Cyber-crime is an ever-present and increasing threat for all organisations. We hold Cyber Essentials Plus accreditation, a government-backed scheme that provides us, our clients, and our other stakeholders with assurance that we have taken sensible steps to mitigate exposure to the most common cyber-attacks, such as staff training and awareness alongside IT controls.
Risk
New Philanthropy Capital has a risk management process to enable the trustees and management to assess risks and devise and implement strategies and controls to mitigate or address them. Our risk register is reviewed regularly by the leadership team and annually by trustees. The board considers the following to be highest-risk areas:
| Insufficient | Exploring new market opportunities, evolving remit from charity sector to |
|---|---|
| demand for | impact economy. |
| services, | Protecting our capacity to develop new business and partnerships. |
| whether | |
| consulting or | Reviewing & improving our tender process in response to feedback. |
| programmes for | programmes for Continually refresh our content to remain relevant, including new content to |
| change | test in market. |
| Maintaining close relationships with principal clients, both existing and | |
| prospective. | |
| Staying up to date with competitor activities, products, and pricing. | |
| Increasing the flex in our cost base to enable timely scaling of resources to | |
| match demand. | |
| Available time | Bedding in new team structure and ways of working post-restructure. |
| not used | Seeking opportunities to standardise and automate process, making use of AI |
| productively | where appropriate. |
| Training and support for our staff. | |
| Close monitoring of project overruns to promptly address root causes. |
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| Unable to | Maintaining an active associate and partner network, seeking to optimise the |
|---|---|
| attract, recruit & | attract, recruit & balance between permanent staff and freelancers. |
| retain the best | Regularly reviewing salaries. |
| talent | |
| Offering flexibility and other benefits package aligned to hybrid working. | |
| Delivering against our 3-year DEI improvement plan. | |
| Initiatives centring around staff well-being and engagement. | |
| Proactively helping our staff to learn and develop. | |
| Shortfall in | Proactively managing working capital including credit control. |
| working capital | Monitoring of lead indicators alongside management accounts and future |
| financial projections. | |
| Contingency planning. | |
| Reviewing merger and partnership opportunities. | |
| Promoting and measuring progress against fundraising appeal target. |
Trading subsidiary
The charity has a wholly-owned trading subsidiary, NPC Trading Limited. The company did not trade during the years ended 30 June 2025 or 30 June 2024.
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Statement of responsibilities of the trustees
The trustees (who are also directors of New Philanthropy Capital for the purposes of company law) are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources (including the income and expenditure) of the charitable company for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
-
there is no relevant audit information of which the charitable company’s auditors are unaware; and
-
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
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On 19 November 2024 the company’s auditor changed its name from haysmacintyre LLP to HaysMac LLP.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The report of trustees has been prepared in accordance with the special provisions applicable to companies’ subject to the small companies' regime.
Approved by the trustees on 10 December 2025 and signed on their behalf by:
Vaughan Lindsay, Chair
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4. Financial Review
Year at a glance
Like many organisations, in the last year we have faced challenges in meeting our income targets and experienced continued upward pressure on salaries and other costs. To address this we have (a) merged with The Beacon Collaborative, consolidating our activities to increase the amount and effectiveness of philanthropy in the UK; (b) launched a fundraising appeal; and (c) restructured our team to reduce costs and increase productivity.
The net result is a £140,332 unrestricted surplus overall. This comprises a £119,503 operating deficit offset by a £78,585 gain upon the merger with The Beacon Collaborative and £181,250 unrestricted donations through our fundraising appeal.
We have been cautiously optimistic in setting our budget for the year ahead. Our medium-term goal is to achieve financial sustainability from our underlying operating activities.
Total income for the year was £3.2m, an increase of 3.1% (2024: £3.1m).
-
Consulting - £2.0m. £0.4m less than last year mainly due to the volume and nature of projects.
-
Programmes for change (previously think tank) - £0.7m. £0.4m more than last year mainly due to the timing of income for our Environment, Youth Mental Health, Open Youth Infrastructure and Building Civil Society Collaboration programmes.
-
Unrestricted donations - £0.5m. £0.2m more than last year mainly due to our fundraising appeal and merger with The Beacon Collaborative.
Total expenditure for the year was £3.0m, a decrease of 14.8% (2024: £3.5m).
-
Year on year comparisons are affected by grants paid to other organisations and redundancy costs. Excluding grants paid and redundancy costs, total expenditure was £2.9m (2024: £3.3m).
-
Staff - £2.0m. £0.3m less than last year due to with lower staff numbers.
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- Direct costs - £0.5m. £0.3m lower than last year due to less grants paid to other organisations and to project partners & associates.
Our reserves policy and unrestricted funds target
The trustees believe that committed income should be considered alongside unrestricted reserves when considering the adequacy of reserves. The trustees’ aim for total unrestricted reserves and committed income to cover between 3 and 6 months of planned expenditure in the year ahead.
At 30 June 2025 we had:
-
Total reserves of £1,153,753 (2024: £877,844). Of these reserves £413,319 are legally restricted; £740,434 unrestricted but have been designated by trustees for a particular purpose; and £502,599 are fully unrestricted. Free reserves are £482,245.
-
Committed fees and unrestricted grant income of £1,556,985 (2024: £1,395,790).
We expect average monthly expenditure in the year to 30 June 2026 to be £271,523. The total of fully unrestricted reserves and committed income will therefore cover approximately 6 months of budgeted expenditure. This is at the top end of our reserves policy and considered reasonable due to an expected unrestricted deficit in the financial year ending 30 June 2026.
The trustees are confident that New Philanthropy Capital has sufficient reserves and committed income to fund its planned activities.
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Independent auditor’s report to the members of New Philanthropy Capital
Opinion
We have audited the financial statements of New Philanthropy Capital for the year ended 30 June 2025 which comprise the statement of financial activities, the balance sheet, the cash flow statement and notes to the financial statements, including a summary of significant 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 Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
-
give a true and fair view of the state of the charitable company’s affairs as at 30 June 2025 and of the charitable company’s net movement in funds, including the income and expenditure, 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.
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 are independent of the charity in accordance with the ethical requirements that are 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 with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
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Based on the work we have performed, we have not identified 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 twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Responsibilities of trustees for the financial statements
As explained more fully in the trustees’ responsibilities statement set out on page 30, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, 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 trustees 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 financial statements
Our objectives are 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 accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, 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.
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 procedures are capable of detecting irregularities, including fraud is detailed below.
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Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to company law and charity law applicable in England and Wales , and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2022 .
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the misstatement of revenue and the override of internal controls. Audit procedures performed by the engagement team included:
-
Inspecting correspondence with regulators and tax authorities;
-
Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
-
Evaluation management’s controls designed to prevent and detect irregularities;
-
Identifying and testing journals, with particular consideration for journal entries posted with unusual account combinations, posted by unusual users or with unusual descriptions; and
-
Challenging assumptions and judgements made by management in their critical accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or noncompliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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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 might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept 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.
Richard Weaver (Senior Statutory Auditor)
For and on behalf of HaysMac LLP, Statutory Auditor
Date:
- 10 Queen Street Place London EC4R 1AG
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5. Financial statements
Statement of financial activities for the year ended 30 June 2025
Incorporating an Income and Expenditure Account
| Notes Unrestricted | Notes Unrestricted | Restricted | 2025 total | 2024 total | |
|---|---|---|---|---|---|
| funds (£) | funds (£) | (£) | (£) | ||
| Income from: | |||||
| Donations and legacies | 2 | 456,444 | 10,000 | 466,444 | 331,662 |
| Charitable activities | |||||
| - Consulting |
3 | 1,879,617 | 150,985 | 2,030,602 | 2,422,633 |
| - Programmes for change |
3 | - | 658,173 | 658,173 | 346,736 |
| - Communication & |
42,476 | - | 42,476 | 25,427 | |
| events | |||||
| Other income | 37,504 | - | 37,504 | 15,115 | |
| Investments | 11,685 | - | 11,685 | 8,301 | |
| Total income | 2,427,726 | 819,158 | 3,246,884 | 3,149,874 | |
| Expenditure on: | |||||
| Raising funds | 94,083 | - | 94,083 | 130,772 | |
| Charitable activities | |||||
| - Consulting |
1,557,658 | 126,080 | 1,683,738 | 2,171,210 | |
| - Programmes for change |
263,587 | 557,501 | 821,088 | 744,512 | |
| - Communication & |
372,066 | - | 372,066 | 440,522 | |
| events | |||||
| Total expenditure | 4 | 2,287,394 | 683,581 | 2,970,975 | 3,487,016 |
| Net expenditure for the year | 140,332 | 135,577 | 275,909 | (337,142) | |
| Balance brought forward at 1 | 600,102 | 277,742 | 877,844 | 1,214,986 | |
| July | |||||
| Balance carried forward at 30 | 740,434 | 413,319 | 1,153,753 | 877,844 | |
| June |
All of these results are derived from continuing activities; all gains and losses recognised in the year are included.
Movements in funds are disclosed in note 20 to the financial statements.
Detailed comparatives for the Statement of Financial Activities are disclosed in note 23 to the financial statements.
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Balance sheet for the year ended 30 June 2025
| Notes | 2025 total | 2024 total | |
|---|---|---|---|
| (£) | (£) | ||
| Tangible fixed assets | |||
| Investments | 11 | 1 | 1 |
| Fixed assets | 13 | 20,354 | 50,876 |
| Rent deposit | 15 | 40,800 | 40,800 |
| Current assets | |||
| Debtors and prepayments | 14 | 608,361 | 555,878 |
| Cash at bank and in hand | 938,722 | 773,139 | |
| 1,547,083 | 1,329,017 | ||
| Current liabilities | |||
| Creditors: amounts falling due within one year | 16 | (439,485) | (527,850) |
| Net current assets | 1,107,598 | 801,167 | |
| Creditors: amounts falling due in more than one year | 17 | (15,000) | (15,000) |
| Net assets | 1,153,753 | 877,844 | |
| Funds | |||
| Unrestricted funds | 502,599 | 600,102 | |
| Designated funds | 237,835 | - | |
| Restricted funds | 413,319 | 277,742 | |
| Total funds | 1,153,753 | 877,844 |
The financial statements were approved and authorised for issue by the trustees on 10 December 2025 and signed on their behalf by:
Vaughan Lindsay, Chair
Company No: 4244715
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Cash flow statement for the year ended 30 June 2025
| 2025 total (£) | 2024 total (£) | |
|---|---|---|
| Net income / (expenditure) | 275,909 | (337,142) |
| Adjustments for: | ||
| Depreciation | 30,522 | 37,453 |
| Interest income | 11,685 | 8,301 |
| (Increase) / decrease in debtors | (52,483) | 185,280 |
| (Decrease) / increase in creditors | (88,365) | (30,262) |
| Net cash provided by operating activities | 177,268 | (136,370) |
| Cash flow from investing activities | ||
| Investment income – bank interest | (11,685) | (8,301) |
| Purchase of tangible fixed assets | - | (7,980) |
| Net cash provided by / used in operating activities | (11,685) | (16,281) |
| Net change in cash and cash equivalents in the year | 165,583 | (152,651) |
| Cash and cash equivalents at the beginning of the year | 773,139 | 925,790 |
| Cash and cash equivalents at the end of the year | 938,722 | 773,139 |
£108,266 of cash and cash equivalents at the end of the year is restricted to a specific project (2024: £nil).
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Notes to the financial statements for the year ended 30 June
2025
1. Accounting policies
The following accounting policies have been applied consistently in dealing with items which are material in relation to the financial statements.
a) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2022)—(Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (January 2022) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have (a) produced forecasts and cashflows which run to at least 12 months from the date of singing these accounts; (b) considered a series of scenarios for future funding and their impact on the organisation, looking at the impact these would have on the financial viability of the business; and (c) considered the confirmed and unconfirmed funding for the year and its historical success rate of securing new funding. As a result, the Trustees are content that the organisation has sufficient availability of resources to meet its ongoing liabilities as they fall due for a period of 12 months. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
b) Public Benefit Entity
In reviewing New Philanthropy Capital’s aims and planning future activities, the trustees have given careful consideration to the Charity Commission’s general guidance on public benefit. Our vision and mission show that New Philanthropy Capital is committed to helping strengthen and grow the impact economy. Our beneficiaries are therefore the public at large.
All our activities contribute to our strategic aims and are for the benefit of the public. The charitable company meets the definition of a public benefit entity under FRS 102.
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c) Income
All income is included in the statement of financial activities (SOFA) when it is probable that the income will be received and the amount can be quantified with reasonable accuracy.
Donations are recognised when received. Legacies and gifts are taken into account on a receivable basis, but only when capable of exact financial measurement.
Consulting fees are recognised when receivable. Fees are receivable when the consultancy service has been provided by New Philanthropy Capital. Where there is uncertainty as to whether the charity can meet such conditions, the income is deferred.
Grants are grants are recognised as income when they become receivable. Where unconditional entitlement to grants receivable is dependent upon fulfilment of conditions within the charity’s control, the income is recognised when there is sufficient evidence that conditions will be met. Where there is uncertainty as to whether the charity can meet such conditions, the income is deferred.
d) Grant-making
Grants payable are classified as charitable expenditure. Grants payable are charged in the year that they are agreed by the trustees and with the recipient organisation. The value of any such grants unpaid at the year end is accrued. Grants where the beneficiary has not been informed or has to meet certain conditions before the grant is released are not accrued but are noted as financial commitments.
e) Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function and costs incurred in connection with the compliance with constitutional and statutory requirements, is apportioned on the following basis, which is an estimate, based on staff time, of the amount attributable to each activity:
Fundraising 6% Consulting 62% Programmes for change 19% Communications 11% Governance 2%
Irrecoverable VAT is apportioned on the same basis as central costs.
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f) Expenditure on raising funds
Expenditure on funds relate to the costs incurred by the charitable company in developing relationships with third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.
g) Tangible fixed assets and depreciation
Tangible fixed assets costing more than £5,000 are capitalised and included at cost including any incidental expenses of acquisition.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight-line basis over their expected useful economic lives as follows:
| Computer equipment | over 3 years |
|---|---|
| Computer software | over 3 years |
| Furniture and fixtures | over 5 years |
| Office equipment | over 5 years |
| Office fit out | over the life of the lease |
| Leasehold improvements | over the life of the lease |
Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.
h) Fund accounting
Funds held by the charity are either:
-
Restricted—these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
-
Unrestricted—these are funds that can be used in accordance with the charitable objects at the discretion of the trustees.
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i) Pension
The charity operates a defined contribution pension scheme through Aegon Scottish Equitable for all employees completing six months’ service. Membership of the scheme is not compulsory. Pension costs charged to the SOFA represent the contributions payable by the charity in the year.
j) Leases
Operating lease rentals are charged to the Statement of Financial Activities on a straight-line basis over the period of the lease.
k) Taxation
The charity is exempt from taxation on its charitable activities.
l) Investments
The investment in the subsidiary is being held at cost.
m) Financial instruments
Financial assets, such as cash and debtors, are measured at their present value of the amounts receivable, less an allowance for the expected level of doubtful receivables. Financial liabilities, such as trade creditors, loans and finance leases, are measured at the present value of the obligation. An equity instrument is any contract that evidences a residual interest in the assets of New Philanthropy Capital after deducting all of its liabilities.
n) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
o) Cash
Cash at bank and cash in hand includes cash and short-term highly liquid investments with a short maturity of 95 days or less from the date of acquisition or opening of the deposit or similar account.
p) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
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The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, with the exception of bank loans, which are subsequently measured at amortised cost using the effective interest method.
q) Acquisitions
On 8 May 2025 New Philanthropy Capital merged with The Beacon Collaborative. Per the Charities SORP (FRS 102), merger accounting does not apply, and this transaction has been accounted for a combination. Accordingly, the excess of the fair value of the assets received over the fair value of the liabilities assumed, has been recognised as a donation.
r) Judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The items in the accounts where these judgements and estimates have been made include estimating the value of work in progress at the period end based on the percentage of work completed and the fair value of assets and liabilities acquired upon merger with The Beacon Collaborative.
r) Statutory information
New Philanthropy Capital is a charitable company limited by guarantee and is incorporated in the United Kingdom. The registered office address is 2[nd] floor, 93 Great Suffolk Street, London SE1 0BX.
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2. Donations and legacies
| 2. Donations and legacies legacies |
||
|---|---|---|
| 2025 total (£) | 2024 total (£) | |
| Unrestricted grants | 149,109 | 201,456 |
| Fundraising appeal donations | 181,250 | - |
| Income upon merger with The Beacon Collaborative | 78,585 | - |
| Supporters’ Circle donations | 57,500 | 130,206 |
| Total donations and legacies | 466,444 | **331,662 ** |
All income from donations and legacies was unrestricted. Total donations and unrestricted grants received from trustees was £nil (2024: £10,000). We would like to thank GSR Foundation, Allan & Gill Gray Philanthropies and Tuixen for their unrestricted grants and to all those who donated to the fundraising appeal. This funding is invaluable to the delivery of our mission.
Income upon merger with The Beacon Collaborative
New Philanthropy Capital merged with The Beacon Collaborative 8 May 2025. This income represents the difference between the fair value of acquired assets over liabilities. The amounts recognised for each class of asset, liability and contingent liability on acquisition date are set out in the table below.
| 2025 total (£) | 2025 total (£) | |
|---|---|---|
| Cash | 45,000 | |
| Accounts receivable | 43,985 | |
| Accounts payable | (10,400) | |
| Income | 78,585 |
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3. Restricted income
| 2025 total | 2025 total | 2024 total | 2024 total | ||
|---|---|---|---|---|---|
| (£) | (£) | ||||
| Programmes for change | |||||
| State of the Sector | Odgers Berndston | - | 7,000 | ||
| PWC Foundation | - | 15,000 | |||
| Everyone’s Environment | City Bridge Trust | 50,250 | 68,250 | ||
| Garfield Weston Foundation | - | 40,000 | |||
| Barrow Cadbury | 6,000 | - | |||
| People’s Health Trust | 5,000 | 15,000 | |||
| The Robertson Trust | - | 35,560 | |||
| William Grant Foundation | - | 37,500 | |||
| Local Needs Databank | The Health Foundation | 4,220 | 19,000 | ||
| Data Lab | Gatsby Foundation | - | 6,000 | ||
| Early Years | Big Local Trust | - | 29,926 | ||
| Balanced Evaluation | PWC Foundation | - | 15,000 | ||
| Open Philanthropy | The Henry Smith Charity | 6,500 | 58,500 | ||
| Open youth infrastructure | Paul Hamlyn Foundation | 125,000 | - | ||
| Youth Mental Health | Rayne Foundation | 20,000 | - | ||
| Children in Need | 50,000 | - | |||
| AD Charitable Trust | 25,000 | - | |||
| Environment | EY Foundation | 30,000 | - | ||
| The National Lottery | 246,203 | - | |||
| Community Fund | |||||
| Building Civil Society | Esmee Fairbairn | 90,000 | - | ||
| Collaboration | Foundation | ||||
| Total | 658,173 | 346,736 | |||
| Consulting | |||||
| Trustee Seminars | Clothworker’s Foundation | 26,835 | 27,260 | ||
| Changemakers Funding | Comic Relief | 35,150 | 51,625 | ||
| Programme | |||||
| Big Questions in Classrooms | Templeton World Charitable | - | 104,165 | ||
| Foundation | |||||
| Connect Fund | Barrow Cadbury | 500 | 9,500 | ||
| Equitable Evaluation | Charity Evaluation Working | - | 2,535 | ||
| Group | |||||
| Impact Measurement - Climate | The Chancery Lane Project | 20,000 | - | ||
| Investment Fund | The Waterloo Foundation | 25,000 | - | ||
| Sizing the Impact Sector | Better Society Capital | 7,500 | - | ||
| Criminal Justice | Lloyds Bank Foundation | 36,000 | - | ||
| Total | 150,985 | 195,085 | |||
| Total restricted revenue | 809,158 | 541,821 |
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4. Expenditure
(a) Analysis of total expenditure
| Raising | Consulting | Programme | Comm’n & | 2025 total | 2024 total | |
|---|---|---|---|---|---|---|
| funds (£) | (£) | s for | events (£) | (£) | (£) | |
| change (£) | ||||||
| Staff costs | 59,442 | 1,232,331 | 450,271 | 290,526 | 2,032,570 | 2,286,896 |
| Other direct costs | 7,571 | 168,331 | 283,167 | 31,960 | 491,029 | 723,035 |
| Support costs | 27,070 | 283,076 | 87,650 | 49,580 | 447,376 | 477,085 |
| Total expenditure | 94,083 | 1,683,738 | 821,088 | 372,066 | 2,970,975 | 3,487,016 |
| Total expenditure | 130,772 | 2,171,210 | 744,512 | 440,522 | ||
| 2023-24 |
(b) Analysis of support costs
| Raising | Consulting | Programm | Comm’n & | 2025 total | 2024 total | |
|---|---|---|---|---|---|---|
| funds (£) | (£) | es for | events (£) | (£) | (£) | |
| change (£) | ||||||
| Staff costs | 434 | 4,532 | 1,404 | 794 | 7,164 | 5,606 |
| Premises & office | 11,440 | 119,631 | 37,042 | 20,953 | 189,066 | 158,627 |
| costs | ||||||
| IT & communication | 3,809 | 39,834 | 12,334 | 6,977 | 62,954 | 63,531 |
| costs | ||||||
| Recruitment & | 4,004 | 41,880 | 12,967 | 7,336 | 66,187 | 118,833 |
| training | ||||||
| Depreciation | 1,847 | 19,313 | 5,980 | 3,382 | 30,522 | 37,453 |
| Governance inc. | 4,242 | 44,361 | 13,736 | 7,770 | 70,109 | 57,858 |
| external audit | ||||||
| Bank Charges | 491 | 5,138 | 1,591 | 900 | 8,120 | 6,726 |
| VAT | 803 | 8,387 | 2,596 | 1,468 | 13,254 | 28,451 |
| Total support costs | 27,070 | 283,076 | 87,650 | 49,580 | 447,376 | 477,085 |
| Total support costs | 28,735 | 322,727 | 71,616 | 54,007 | ||
| 2023-24 |
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5. Grant-making
Grants of £10,000 or over were made to the following organisations:
| 2025 total (£) | 2024 total (£) | |
|---|---|---|
| Everyone’s Environment | ||
| Groundwork | 3,500 | 12,338 |
| Race Equality Foundation | 9,240 | 20,069 |
| Re-engage | - | 10,925 |
| Grants <£10,000 | 14,282 | 24,674 |
| Signpost+ | ||
| Chasing the Stigma | - | 25,000 |
| The Mix | - | 25,000 |
| Mind of My Own | - | 25,000 |
| National Support Network | - | 25,000 |
| Youth Mental Health | ||
| Centre for Mental Health | 17,850 | - |
| Environment | ||
| The Green Alliance Trust | 11,178 | - |
| Disability Rights UK | 15,000 | - |
| REF | 15,000 | - |
| Turn2Us | 15,000 | - |
| Media Trust | 6,000 | - |
| Grants < £10,000 | 7,205 | - |
| Total grants | 114,255 | 168,006 |
6. Net movement in funds for the year
This is stated after charging:
| 2025 total (£) | 2024 total (£) | |
|---|---|---|
| Auditor’s remuneration (excluding VAT): | ||
| Audit | 16,500 | 15,000 |
| Tax services | - | - |
Audit includes £900 of non-recurring fees relating to the merger with The Beacon Collaborative.
7. Trustees’ remuneration and expenses
The trustees neither received nor waived any emoluments during the year (2024: £nil). Expenses totalling £405 were reimbursed to trustees (2024: £226).
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8. Staff costs
| 2025 total (£) | 2024 total (£) | |
|---|---|---|
| Wages and salaries | 1,690,527 | 1,906,152 |
| Social security costs | 189,806 | 198,615 |
| Pension costs | 159,401 | 187,735 |
| Total staff costs | 2,039,734 | 2,292,502 |
Wages and salaries includes ex-gratia payments of £12,342 to 4 employees (2024: £30,000).
The number of employees whose emoluments, as defined for taxation purposes, amounted to over £60,000 in the year was as follows:
| 2025 total | 2025 total | 2024 total | 2024 total | |||
|---|---|---|---|---|---|---|
| £60,000-£70,000 | 2 | 1 | ||||
| £70,001-£80,000 | - | 1 | ||||
| £80,001-£90,000 | 2 | 1 | ||||
| £90,001-£100,000 | - | - | ||||
| £100,001-£110,000 | - | 1 |
The average number of employees during the year was 40 (2024: 49).
The total amounts paid for salaries, fees and expenses in respect to the key management personnel of the charity were £637,247 (2024: £430,058). Key management personnel make up the leadership team, which consists of the Chief Executive, the Chief Operating Officer, three Directors, the Head of Communication and the Head of Income Generation. During this period two members of the key management personnel earned between £80,001-£90,000, and two earned £60,000-70,000.
The average number of employees, calculated on a full-time basis, analysed by function, was:
| 2025 total | 2024 total | |||
|---|---|---|---|---|
| Consulting | 19 | 26 | ||
| Programmes for change | 5 | 4 | ||
| Income generation | 2 | 4 | ||
| Communications & marketing | 3 | 4 | ||
| Executive, operations & strategy | 6 | 6 | ||
| Total average number of employees | 35 | 44 |
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9. Related party transactions
During the year the charity received the following from related parties and other parties closely connected with New Philanthropy Capital trustees, management and staff:
| Client / funder | Relationship | 2025 total | 2024 total | 2024 total |
|---|---|---|---|---|
| (£) | (£) | |||
| Allen & Gill Gray | One staff member is a trustee | 36,897 | 30,814 | |
| Philanthropies | ||||
| Baring Foundation | One board member is a | - | 12,225 | |
| trustee | ||||
| Ethos Foundation | One staff member is a close | 88,336 | 83,806 | |
| family member | ||||
| William Grant Foundation | One staff member is a close | - | 37,500 | |
| family member | ||||
| City Bridge Trust | One board member is on the | - | 68,250 | |
| executive team of the funding | ||||
| arm | ||||
| Sport England | One of NPC's board members | 355,772 | - | |
| is a board member |
During the year one trustee made available an interest-free borrowing facility of up to £250,000. No funds were drawn down.
10. Pensions
The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £159,401 (2024: £187,735). At 30 June 2025, contributions amounting to £22,096 (2024: £15,795) were payable to the scheme and are included in creditors.
11. Investments
The charity has an investment of £1 (2024: £1) in New Philanthropy Capital Trading Ltd. An equivalent amount is shown in creditors.
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12. Subsidiary company
The charity owns the whole of the issued ordinary share capital of New Philanthropy Capital Trading Ltd (registered company number 4419576), which was incorporated and registered in England on 18 April 2003. The purpose of the subsidiary is to carry on business as a general commercial company to procure profits and gains for the purpose of paying them to New Philanthropy Capital (registered company number 4244715) or any other charitable body that succeeds to its charitable purpose. The company was dormant throughout the year and has not been consolidated.
The aggregate of the assets, liabilities and funds of New Philanthropy Capital Trading Ltd was as follows:
2025 total (£) 2024 total (£) Net assets 1 1 Funds (represented by one share of £1) 1 1
13. Tangible fixed assets
| Computer | Computer | Fixtures & | Leasehold | Total (£) | |
|---|---|---|---|---|---|
| equipment | software (£) | fittings (£) | improvements | ||
| (£) | (£) | ||||
| Cost | |||||
| 1 July 2024 | 60,035 | 13,787 | 26,074 | 27,199 | 127,095 |
| Additions | - | - | - | - | - |
| Disposals | - | - | - | - | - |
| 30 June 2025 | 60,035 | 13,787 | 26,074 | 27,199 | 127,095 |
| Depreciation | |||||
| 1 July 2024 | 43,934 | 8,043 | 6,109 | 18,133 | 76,219 |
| Charge for | 10,802 | 4,596 | 6,058 | 9,066 | 30,522 |
| the year | |||||
| Disposals | - | - | - | - | - |
| 30 June 2025 | 54,736 | 12,639 | 12,167 | 27,199 | 106,741 |
| Net book | 5,299 | 1,148 | 13,907 | - | 20,354 |
| value 30 | |||||
| June 2025 | |||||
| Net book | 16,101 | 5,744 | 19,965 | 9,066 | 50,876 |
| value 30 June | |||||
| 2024 |
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14. Debtors and prepayments
| 2025 total (£) | 2024 total (£) | |
|---|---|---|
| Trade debtors | 292,474 | 320,082 |
| Prepayments | 71,737 | 80,265 |
| Donations and fees receivable | 243,721 | 155,509 |
| Other debtors | 429 | 22 |
| Total debtors and prepayments | 608,361 | 555,878 |
| 15. Non-current assets |
||
| 2025 total (£) | 2024 total (£) | |
| Rent deposit | 40,800 | 40,800 |
| 16. Creditors: amounts falling due within one year |
||
| 2025 total (£) | 2024 total (£) | |
| Trade creditors | 75,148 | 67,595 |
| Taxation and social security | 33,012 | 48,294 |
| VAT | 79,363 | 99,408 |
| Pensions | 21,800 | 22,096 |
| Deferred income | 138,794 | 142,579 |
| Accruals | 83,034 | 140,280 |
| Other creditors | 8,334 | 7,598 |
| Total creditors: amounts due within one year | 439,485 | 527,850 |
15. Non-current assets
16. Creditors: amounts falling due within one year
17. Creditors: amounts falling due in more than one year
| 2025 total (£) | 2025 total (£) | 2024 total (£) | |
|---|---|---|---|
| Dilapidations provision | 15,000 | 15,000 |
18. Deferred income
Deferred income consists of fees and restricted grant income received in advance.
| £ | ||
|---|---|---|
| On 1 July 2024 | 142,579 | |
| Deferred income released during the year | (142,579) | |
| Income deferred during the year | 138,794 | |
| Deferred income on 30 June 2025 | 138,794 |
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19. Analysis of net assets between funds
Fund balances on 30 June 2025 are represented by:
| Unrestricted | Designated | Restricted | Total (£) | |
|---|---|---|---|---|
| funds (£) | funds (£) | funds (£) | ||
| Investments | 1 | - | - | 1 |
| Tangible fixed assets | 20,354 | - | - | 20,354 |
| Non-current assets | 40,800 | - | - | 40,800 |
| Current assets | 895,929 | 243,435 | 413,319 | 1,552,683 |
| Current liabilities | (439,485) | (5,600) | - | (445,085) |
| Non-current liabilities | (15,000) | - | - | (15,000) |
| Total funds | 502,599 | 237,835 | 413,319 | 1,153,753 |
Prior year:
| Unrestricted | Restricted | Total (£) | |
|---|---|---|---|
| funds (£) | funds (£) | ||
| Investments | 1 | - | 1 |
| Tangible fixed assets | 50,876 | - | 50,876 |
| Non-current assets | 40,800 | - | 40,800 |
| Current assets | 1,051,275 | 277,742 | 1,329,017 |
| Current liabilities | (527,850) | - | (527,850) |
| Non-current liabilities | (15,000) | - | (15,000) |
| Total funds | 600,102 | 277,742 | 877,844 |
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20. Restricted and unrestricted funds
The funds of the charity include restricted funds. These are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Unrestricted funds can be used in accordance with the charitable objects at the discretion of the trustees. The trustee have elected to designate a portion of unrestricted funds for a specific purposes.
| At start of | Income (£) | Expenditure | At end of | |
|---|---|---|---|---|
| the year (£) | (£) | the year | ||
| (£) | ||||
| State of the Sector | 38,920 | - | (38,920) | - |
| Everyone’s Environment | 59,960 | 61,250 | (121,210) | - |
| Open Philanthropy | 57,480 | 6,500 | (54,180) | 9,800 |
| Local Needs Databank | (4,200) | 4,220 | (20) | - |
| Signpost+ | 22,068 | - | (22,068) | - |
| Changemakers Funding | 48,615 | 35,150 | (63,339) | 20,426 |
| Programme | ||||
| Big Questions in Classrooms | 28,135 | - | (28,135) | - |
| Connect Fund | (500) | 500 | - | - |
| Early Years | 18,468 | - | (18,468) | - |
| Balanced Evaluation | 10,929 | - | (10,929) | - |
| Criminal Justice | (2,133) | 36,000 | (33,867) | - |
| Open youth infrastructure | - | 125,000 | (84,300) | 40,700 |
| Youth Mental Health | - | 95,000 | (44,719) | 50,281 |
| Environment | - | 276,203 | (97,728) | 178,475 |
| Building Civil Society Collaboration | - | 90,000 | (13,766) | 76,234 |
| Clothworkers Trusteeship | - | 26,835 | (17,326) | 9,509 |
| Impact measurement - climate | - | 20,000 | (20,000) | - |
| Investment fund | - | 25,000 | (4,149) | 20,851 |
| Sizing the impact sector | - | 7,500 | (5,657) | 1,843 |
| The Beacon Collaborative | - | 10,000 | (4,800) | 5,200 |
| Total restricted funds | 277,742 | 819,158 | (683,581) | 413,319 |
| The Beacon Collaborative post- | - | 68,585 | (12,000) | 56,585 |
| merger integration | ||||
| Fundraising appeal | - | 181,250 | - | 181,250 |
| Total designated funds | - | 249,835 | (12,000) | 237,835 |
| Total unrestricted funds | 600,102 | 2,427,726 | (2,287,394) | 502,599 |
| Total funds | 877,844 | 3,246,884 | (2,907,975) | 1,153,753 |
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Prior year
| At start of | Income (£) | Expenditure | At end of | |
|---|---|---|---|---|
| the year (£) | (£) | the year (£) | ||
| State of the Sector | 106,350 | 22,000 | (89,430) | 38,920 |
| Everyone’s Environment | 142,420 | 196,310 | (278,770) | 59,960 |
| Levelling Up | - | 2,535 | (2,535) | - |
| Centring Lived Experience | 13,105 | - | (13,105) | - |
| Innovations in Philanthropy | 13,106 | - | (13,106) | - |
| Open Philanthropy | 13,600 | 58,500 | (14,620) | 57,480 |
| Local Needs Databank | 19,000 | 19,000 | (42,200) | (4,200) |
| Data Lab | 4,575 | 6,000 | (10,575) | - |
| Signpost+ | 224,760 | - | (202,692) | 22,068 |
| My Best Life | 5,000 | - | (5,000) | - |
| Trustee Seminars | 1,400 | 27,260 | (28,660) | - |
| Changemakers Funding | 52,086 | 51,625 | (55,096) | 48,615 |
| Programme | ||||
| Big Questions in Classrooms | 14,897 | 104,165 | (90,927) | 28,135 |
| Connect Fund | - | 9,500 | (10,000) | (500) |
| Early Years | - | 29,926 | (11,458) | 18,468 |
| Balanced Evaluation | - | 15,000 | (4,071) | 10,929 |
| Criminal Justice | - | - | (2,133) | (2,133) |
| Total restricted funds | 610,299 | 541,821 | (874,378) | 277,742 |
| Total unrestricted funds | 604,687 | 2,608,053 | (2,612,638) | 600,102 |
| Total funds | 1,214,986 | 3,149,874 | (3,487,016) | 877,844 |
21. Financial commitments
As at 30 June the charity was committed to making the following payments under non-cancellable operating leases:
| 2025 total (£) | 2024 total (£) | |
|---|---|---|
| Within 1 year | 94,000 | 56,000 |
| Within 2 to 5 years | 64,000 | - |
| Total financial commitments | 158,000 | 56,000 |
22. Post balance sheet events
There are no post balance sheet events to report.
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23. Detailed comparatives for the statement of financial activities for the year ended 30 June 2024
| Notes Unrestricted | Notes Unrestricted | Restricted | 2024 total | 2023 total | |
|---|---|---|---|---|---|
| funds (£) | funds (£) | (£) | (£) | ||
| Income from: | |||||
| Donations and legacies | 2 | 331,662 | - | 331,662 | 489,934 |
| Charitable activities | |||||
| - Consulting |
3 | 2,227,548 | 195,085 | 2,422,633 | 2,172,421 |
| - Think tank |
3 | - | 346,736 | 346,736 | 780,950 |
| - Communication & |
25,427 | - | 25,427 | 28,496 | |
| events | |||||
| Other income | 15,115 | - | 15,115 | 10,493 | |
| Investments | 8,301 | - | 8,301 | 1,956 | |
| Total income | 2,608,053 | 541,821 | 3,149,874 | 3,484,250 | |
| Expenditure on: | |||||
| Raising funds | 130,772 | - | 130,772 | 202,783 | |
| Charitable activities | |||||
| - Consulting |
1,996,528 | 174,682 | 2,171,210 | 1,827,182 | |
| - Think tank |
44,816 | 699,696 | 744,512 | 1,388,519 | |
| - Communication & |
440,522 | - | 440,522 | 442,979 | |
| events | |||||
| Total expenditure | 4 | 2,612,638 | 874,378 | 3,487,016 | 3,861,463 |
| Net expenditure for the year | (4,585) | (332,557) | (337,142) | (377,213) | |
| Balance brought forward at 1 | 604,687 | 610,299 | 1,214,986 | 1,592,199 | |
| July | |||||
| Balance carried forward at 30 | 600,102 | 277,742 | 877,844 | 1,214,986 | |
| June |
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6. Reference & administrative details
Charity registration number: 1091450 Company registration number: 4244715 Trustees: Delroy Corinaldi Meera Craston Lucy de Groot (Vice-Chair) Vaughan Lindsay (Chair)^ JR May (from 10 September 2024)^ Sir Harvey McGrath Fiona Rawes^ Albert Tucker Emily Wheeler^ Peter Wheeler (until 31 October 2025) * Finance committee ^ Development committee Chief executive: Dan Corry (until 31 October 2024) Jonathan Simmons (from 1 November 2024) Registered office: 93 Great Suffolk Street, London, SE1 0BX Auditors: HaysMac LLP, 10 Queen Street Place, London, EC4R 1AG Bankers: NatWest, Charing Cross Business Centre, 3rd Floor, Cavell House, London, WC2H 0NN Legal advisers:* Withersworldwide, 20 Old Bailey, London, EC4M 7AN
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New Philanthropy Capital 93 Great Suffolk Street London SE1 0BX UK
info@thinkNPC.org
Registered charity No 1091450 A company limited by guarantee. Registered in England and Wales No 4244715
www.thinkNPC.org
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