NPT UK NPT Transatlantic Limited Annual report and accounts 30 June 2021 12103 IEryl)d arnj Walesl Ch¥ty Rggialth Nlr 1153376 111111111111 •AAJCJXNS• A13 I4112r221 COWANIES HOUSE
Repo Contscts. officials and advisors Chairfs review Trustees. reFQrt StrategK reF Stslement of trustees. reswnsibilities 14 Independent auditor's report 15 Financial statements Statement of finanaal actNlties 19 Balance sheet 20 Statement of cash fk)ws 21 Accounting poliaes 22 Notes to the finarKial statements 28 NPT Transatlantic Limiled
Conlacts, officials and advisors Chair Eileen R. Heisman Trustees {who served during the year) Eileen R. Heisman Ronald Freeman Ifesigned 16 Sep 20201 Ceris G3[drr Charfes Lubar David Rowe lain Younger Chief ExKutive Offiur John Canady Company Number (England and Wal•sl 08612103 Charity Registration Number (England an.d Wales) 1153376 Ind¢p•nd•nt auditor RSM UK Audit LLP 25 Farringdon Street LorKlon EC4A 4AB Bankers Bank of America NA 2 King Edward Street London EC1A 1HQ Principal investment managers UBS 3 Finstmjry Avenue London EC2M 2AN Soll¢ltors Withers LLP 20 Old Bailey London EC4M 7AN . NPT Transallantic Limited 1
Contacts. officials and advisors Registered address 20 Bailey London EC4M 7AN Principal address 125 Ok1 Broad stet Surte 610 London EC2N 1AR NPT Transatlanb'c Limited 2
Chair's review l am pleased to update you on NPT Transatlanlic Limited's achievements and mileslorkes. NPT Transallanlic Limited fNPT Transatlanlic") is a UK registered charity that was founded in 2013 in response lo growing demand for donor-advised fund giving vehicles. NPT Transatlantic is committed to increasing philanthropy in society by helping donors manage their charitabk grving with maximum Convenien and lax efficiency. As a UK and US dual- qualified charity, conlribulion5 to NPT Transatlanlic are recognised for tax-advantaged treatrnent in both countries. In the midst of the continued COVID-19 parbdemic, NPT Trans8tLintic reached new milestones in fiscal year 2020121= We continued to welcome new donors seeking donor-advised funds and other giving vehicles lo meet their philanthropic goals. Our donors-both and existing-are comprised of individuals. families, foundations and fellow charities. Because of our donors. collective generosity. NPT Tiansadanbc 9ranled approximately £32.1 million this fiscal year, bringing the cumulative grants since inceplion to over £110.0 mi15ion. We saw a 54% increase in our donor-advised fund conlributions. We now manage £76.5 million of funds. an increase of 49% from the prior year {2019120.' £51.2 million), all of which will support qualtfied charities in Ihe UK. US and around the world. NPT Transatlantic aims lo support Ihe philanthropic interests of individuals and organisations in pursuing Ihe most efficient way to achteve maximum chari18ble impact. We pride ourselves on providing exemplary Servi to our NPT Transatlantic donors. From processing each incoming ntribUtIon to sending out a meaningful grant, we support our donors and Iheir chantable goals. Together. we are having a tremendous impact. 11 is an honour to serve as the NPT Transatlantic Board Chair. Warm regards. Eileen R. Heisman Chair. NPT Transatlantic Limited Trustees NPT Transatlantic Limited 3
Trustees, report 30 June 2021 The Trustees (who are also the directors for purposes of Company Law) present their stslulory report with the finanryal slatements of NPT TranSauant Limited I"NPT Transatlanlic") for the year ended 30 June 2021. The financial statements have been prepared in accordance with the accounting policies and comply with the ch8ri18ble company's goveming document. the Companies Act 2006 and "Accounting and Reporting by Charit5 Statement of Recommended Practice applicable lo charities preparing their accounts in aeeordance with the Financial Reporb'ng Standard applicable in the UK and Republic of Ireland {FRS 102)" (as amended for accounting periods commencing from 1 January 2019). Mission and historical background NPT Transatlanlic's mission is to inspire. support and increase charitable giving in society, primanly through charitable donor-advised fvnds (DAFS). which benefit eharilies and voluntary organisations in the UK and intefflationally. In addition to offering DAFS. we provide a number of other philanthropic ServIS to further our mission. such as $tricted donor-desKdnaled funds IDDFS) intended for specific charrts. This gNing Vehic is established by NPT Transatlantic to allow donors to use NPT Transallanlic as a'tax efficienl intermediary when making donations to particular charities. 'American Friends of organisations and coles and universities are examples of organisation5 whose donors can benefit from this servi. NPT Transatlant was established as a registe charity in England and Wales in 2013 by National Philanthropic Trust. a charitsble 501{c)(31 organisalion in the United Stales {US}, in response to growng intemational interest in DAFS. DAFS are a signrfieant and popular form of giving in the US and are growing in popularity in the UK and other countries around the world. As a dual-qualified enkn"ty. NPT Transatlantic is able to ensure that charitable contributions from dual US-UK taxpayers are recognised lor tsx-advanlaged trealmenl in both countries. NPT Transatlantic aims to achieve ils missK)n in a number of areas.. Research and promote DAFS as a cost*ffective vehicle for grwing". Support a broad range of donors: corporate. individual and charitable - through the eslablishmenl of philanthropic giving vehicles. • ProvKle grantsnaking advice. expertise and support to donors; • Maximise donations through gift aid recovery and use of govemment incenlives in the US and UK for charitable contn"butions.' and Oplimise funds for grant rnakn.ng through the prudent inveslmenl and slewardship of ¢haril3ble conlribulK)ns. The Trustees have paid due regard lo public benefft guidance issued by the Charity Commission in deryding what adivities the eharitable company should undertake. NPT Transatlantic Limited 4
Trustees. report 30 June 2021 Goveming document The charity is controlled by r(s goveming dorJJment. Ihe Mernorandum and Articles of Associats"on. and constituled as a company limiled by shares as defined by Ihe Companies Act 2006. The charity's sole shareholder is National Philanthropic Ttust, a US charitsble 501{c)131 organisalion. Moasuring impact and public benefit As a granlfflaking charity. providing public benefft is al the heart of the charity's aclivity. NPT Transatlantic seeks to advance philanthropy in society, primarily through the provision of charitable DAFS. Donors to NPT TransallaniK can recommend grants from their DAFS lo support organisalions of their choice. provide¢Y that such organisalions pursue charitsble purposes as Ihe lemi is defined under UK and US law. NPT Transatlantic reviews arKJ musl approve all grant recommendalions before the grant tan be issued. The Trustees seek to certfy that each grant made from a DAF is made in furtherance of a charilable purpose and offers an idenltfiable benefit to the public or a significant section of the public and that any private benefit that may arise lo any person or company as a result is not more than incidentsl. Charitsblg objectives The eharitable objeelives are to increase the amounts available for charitable purposes by" encouraging giving" farylilatiThJ eIrent collectw)n. investment and distribution of funds to minimise overhead. maximising elw3ibility for lax relief to increase the benefit to charitable purposes in proportion to the cost" and applying those ftsnds Tal1 in support of such exclusively charitsble purposes as the Trustees shall from kn.me to kn.me detennine. Fundraising statement NPT Transatlanbc does not actwely solicil donations and Iheiefore is not registered with the Fundraising Regulator or subscribed lo any fundraising codes of practice. When donations from individuals are received. the charity aims to protect personal data and never sells data or swaps data with other organisalions. During fiscal year 2020121, Ihe charity received no complaints about fundraising activities. NPT Transatlantic Limiled 5
Trustees, report 30 June 2021 Energy and Carbon Reporting NPT Transatlantic is committed to looking after the environment and is striving to become more energy conscious wth a f$ on reducing carbon emissions and the promotion of energy effiaenl actions. The COVID-19 pandemic had significant impact on NPT Transallantic's environmental performance. DuTing fiscal year 2020121. all staff worked remotely. Ihe London business office was not ulilized and business travel was suspended. NPT Transatlanlic is exempt frorn disdosirvJ energy consumption as less Ihan 40,OOOkWh of energy was consumed during ffiscal year 2020121. NolIh$tandlng the effeets of COVID- 19. NPT Transatlantic wll continue to actively promole and utilize videolaudio conferencing (Zoom and Microsoft Teams) and work-fvhome polities in support of energy efficient actions. Plans for fure perlods We will continue to promote philanthropy in society by working with donors to help them effeth'vely manage their charitable giving. In addrtion to faising awareness of DAFS with donors, we wll also partner with their advisors wealth managers, lax advisors. solicitors and estate planners lo ensure advisors are aware of the benefits of incorporating philanthropy and DAFS into Iheir clEnt discussions. Our efftjrts to be a partner in giving are all focused on increasing charitable giving in the UK and beyond. Grantmaking priorities and exclusions The Trustees regularly revwi NPT Transatlantic's policies. objectives and guidelines lo ensure that grants made are in SUPFQrt ol exclusNely charitable purposes and for public benefit. As such. granls cannot be paid to.. • Support activities which are not exclusivety charitable.. • Individuals: • Private rnra"[j foundations (as defined by US lawl., • Provide any private benefft le.g. payment of tuition, dues, membership fees, benefit tickets or goods bought at charitable auction)" and Satisfy any litiCal contributions or support campaign ath'vilies. Charrties are notified dectronically of grants awarded and grant payments are made dectronically. Grant reup*nts may or may not submit tr) NPT Transallantsc regular or one- off pr¢yJress reports, depending on Ihe nalure of the project, the purpose and terms of the grant and the size of the grant awarded. NPT Transatlantic Limited 6
Trustees, report 30 June 2021 Grantmaking prioritiès and exclusions (continued)" When fomial monrtoring is required, the prot£ss aims to be unobtruswe sinc£ some charilies can struggle under the burden of monitoring requirements. Grant recipients stsbmil information on a NPT Transallantic form that is provided, or similar report that has been prepared for another funder. as many of the grants are contributions lo projects also supported by one or several other donors. Twstees Recwitment and appointment of new Trustees At any one time the charrty has beeen four and seven Trustees who meel in person and by teleconference a minimum of three times every year and additionally as required. The idenlrficalion of potential new Trustees is carried ovl by the Board, the aim being lo appoint those with the appropriate expertise arKI experience for NPT Transallanbc's work. On agreeing to become a Trustee of the charity. new Trustees are thoroughly briefed by their CO-Truslees and key management on the history of the charity. day-to-day management. responsibilitS of the TnJstees. current objectNes and future plans. The Trustees are also encouraged to attend training and upjale courses. Register ol Trustees. interests In accordance wtth Company Law and the Charity Commission guidan that charity Trustees and key management who may have a personal interest in any matier before Ihe Trustees should dedare Ihal interest and refrain from taking parl in any discussion relating to it. a 'Register of Trustees. Inleresls. is maintained and updated annually. Trustees are required to disclose all relevant interests and regtsler them with the Chief Executive Officer, and in accordance with the charit¥s policy. withdraw from decisions where a confiict of interesl arises. Governance Oryanisational structure The TnJslees are ultimately responsible for the policies. activities and assets of the charity. They meet a minimum of three times annually lo review developments with regard lo the charity and its grantrnaking and invesiment activi1$. and lo make any imporlanl decisions. When eSsary. the Trustees seek advi and support from the charity's professional advisers. Key manageMentpeonnel The key management personnd are consKlered lo be the Trustees and the CEO. The Trustees sel the pay of the CEO. The Trustees are not remunerated for their roles. NPT Transatlants'c Limited 7
Trustees, report 30 June 2021 Administration NPT Transattantic seeks lo buikl efficient and effective administrative systems. whilst recognising the effectiveness of working in partnetship with other organisalions. To this end, adminislralion, management information systems. payroll and technology functions of the charity are provided lo NPT Transatlantic by Iwo organisations: Buzzacott LLP of the UK and National Philanthropie Trust of the US. Both arrangements are governed by service agreements whith also make provisw)ns for data protectiorb and confidenli81itylprivacy requirements. NPT Transatlantic Lirnited 8
Strategic report 30 June 2021 Trustees. duties The Trustees of NPT TfansaUan musl act in accordance with a set of general duties. These duties are detailed in section 172 of the Companies Act 2006 which is summarised as follows.. °A director of a company musl act in the way they consider, in good faith, would be most likely lo promote the success of the company for the benefit of rts members as a whole, and in doing so have regard (amongst other matters) to.. a. the likely consequences of any deusion in the long temi: b. the interests of the company's employees., c. the need to foster the company s business relationships w((h suppliers. customers and othws: d. the impact ol the company's operations on the community and environment", e. the desirability of the company mainlaining a reputation for high stsndards of business conduct.. and the need to act fairfy as between EMberS of the company.. The Trustees are briefed on their duties when acpting of the role and annually. Trustees fulfil their duties through a govemance framework that delegates day-Io-(Say decision making lo key manageff*nt and personnel (see page 7 for additional details). The follolwng sections of Ihe strategic port hohlight how the Trustees of NPT Tfansatlantic have successfully fuffi1 their dut$. Achievements and stratsgic goals Contnbutions Our donors contributed £60.025.83S in fiscal year 2020121 (2019120 - £58,459,779) to NPT Transallantic's DAFS and other philanthropic giving vehicles. Wire transfers are the most common method of making conlributTrons. We have also accepted restricted shares, appreciated securities and limited partnership interests as contributions. These contributions are turned into philanlhroptc capital for the causes and charities closest lo our donors, hearts. Investments NPT Transallants"c's assets under rnanagemenl have grown as donors make contributions lo their DAFS. NPT Transallanlic donors can indicate an inveslment preference. with reference lo preapproved investments and separately managed accounts. including unlisted investments, in an effort lo increase the amounts available for grants. Investment perfoimance was posilNe lor fiscal year 2020121. reporting income and net gains of £2,088,766 12019120 - £59.061). NPT Transatlanlic's Trustees carefully rev any new investments and also monitor the inveslment [f0ManCe on an on-going basi5. NPT Transatlantic Limited 9
Strategic report 30 June 2021 Grantmaklng NPT Transalianlic's donors recommended 548 grants lotslling £32,121.585 in fiscal year 2020121 12019120 - 615 grants tolalling £43,357,509). NPT Transatlantic's slaff assisted our donors with varying steps in the grantmaking pr¢xess, from answering basic questions about philanthropy to Creating complex grant agreements. Our team has substantial knowledge about philanthropy. DAFS and induslry best practices that support our donor5. We work lo ensure our donors are able to a¢hve their ph11arbthrop goals. Finan¢ial review NPT Transatlantic is committed lo InCasing philanlhropy in society and the 2020121 fiscal year demonstrated the ntsned success of the charity in its mission. Income for the 2020121 fiscal yeaf was £61.134,40412019r20 - £59,960.721 }. The increase in contributions is a resum of growing awareness amongst donors and their advisors in donor-advised funds as a taX-efflent charitable giving vehth. Expendrture for the year was £37.762.056 12019r20 - £43,625,737). This decrease was driven by less DDF grant recommendations lo charitable organisations. As a result of fiscal year contributions exceediThJ charitable disth"butions for the year ended 30 June 2021. Ihere was a surplus after investment gains of £1.926,252 12019120 investment losses of £328.940} of £25.298.600 (2019120 £16.006.044}. Funds al the end of the year comprised £76,476,075 (2019r20- £51.177,4751 of unrestricted and Stricted funds. ReseNes policy and funds NPT Transallanlic's free reserves policy lo maintain. ideally. a level equivalent lo beeen three and six months, general operating expenditure. Unreslricled 0ratIng funds are those funds which are not restricted and not represented by DAFS. Al 30 June 2021, these funds wefe £396.089 12019120 £401.720). representing 5.0 rnonlhs of operating expenditure. and in line with the slated poliry. The Trustees consNler that resefves al this level will ensure that, in the event of a drop in funding, they will be able to continue the charty's current acltvities for a period of time that allows for suffioent cOnserSon to be given to ways in which additional funds may be raised. Unrestricted donor-8dvised funds. which have been despjnaled by the Trustees, are those fvnds held by NPT Transatlantic pending recommendation for onward distribution lo third party charities. Al 30 June 2021. these funds were £75.545.379 (2019120- £49,229,540). Re51ricled donor-designaled funds are those funds held by NPT TransatlantiG for specifi charitable purposes pending distribution lo third paty charitS specified al the point of donalion by Ihe donor. At 30 June 2021. these funds were £534,607 {2019120 £1,S46.215). NPT Transatlantic Limited 10
Strategic report 30 June 2021 Inveslment management The Twstees of NPT Transatlankn"c are responsib for the management of all funds maintained by NPT Transatlanbc. and fvnds shall be managed in accordance wtth the principles and standards of pruden applicable under English law. Under its Memorandum and Articles of Association, NPT Transatlanlic has the power to invest funds that are not immediately required for charitable purposes. NPT Transatlantic's investment policy is to hold a diversified global portrolio of investments across a range of asset classes. The portfolio is managed by qualified investment managers approved by the Trustees. NPT Tran5allantsc seeks to balan risk. retum and spend so as to observe proper balance betsveen the need to meet present demands on the charity and the need to allow for future charitable objectives. NPT Transallanlic also considers Environmenlal, Social and Govem8nce factors into accounts when making investmenls. Principal rlsks and uncertalntles In line with the requirement for Tnjstees to undertake a risk assessment exercise and report on the same in their annual pOrt. the Trustees initiated a process lo assess organisalional risk. The Tnjstees have identified fNe main areas where risk may occur.. • GovemarKe". Operational.. Financial.. • Environmenl or external" and CompliarKe (law and regulation). G0Veman risks include those charity mpjhl suffer from lack of direction. skills and training of the Trustees and gocmj use of its fvnds. Operab"onal risks include those inherent in the charitls activf(ies including supporting unsuitable appeals from charitses. conbnurty of stsff. disaster recovery, etc. Financial risks indude those arising as a result of poor budgetary control, inappropriate spending, inaccurate accounting, and inappropriate investrnent poliaes. Environment or extemal risks include Ihe possible damage to the chanws repulalion, through association w((h unsuitable charities. or wlh inappropriate inveslmenl aclivily. Compliance risks include the effects of govemment poliryes, potential adverse changes in these policEs and the nSequenceS of non-complian with applicable laws and regulations. NPT Transatlantic Limited 11
Slrategic report 30 June 2021 Principal risks and uncertainties (continued) The major foms of finanoal risk NPT Transatlantic faces are volatility in equity and other investment rnarke15 due lo economic conditions, the altitude of donors relative to their recommen¢Jalions on investment risk and changes in sentimeni concerning equities and within particular sectors or sul>seclors and where sNJnificant reserves are held as c2sh, the charity fa$ the risk Ihal such funds lose value in real-temis, due lo low interest rates and currency exchange rales. Having assessed the major risks to which the charity is exposed. in particular lo its finances, the Truslees believe Ihal by monrtoring reserve levels. by ensuring that controls exist ove the key finanryal systems and by examining the operational and business risks faced by the chanty, effective systems are in place to mitNJale those risks. The charily maintains an up- ldate risk register in order to identify and eslablish effective systems to mitigate those risks. In addition to the identifd major forms of finanryal risk. the Charity's risk register is a dynamic dcKument and process that will change over time as different risks are identified and other risks are downgraded oi removed. The risks al any one time are grade¢J depending on their perceived likelihocl and impact. Assessments are a150 rnade as lo whether the risks are increasing. decreasing or remaining stable and the action plans. responsibililies and timeframes for their implementation are also reviewed regularly by Trustees during the year. There are gener risks of running any tharilabbe or business undertaking. The most signifficanl risks identified for NPT Transatlantlc Telate to.. • Loss of key stsff., • Disaster recovery and planning, including cyber breaches,. and Unlisted investrnent valuats'ons. The following paragraphs sel out the 1den1rfd key risks and the controls that NPT Transallanlic have pul in place lo mitsgale Ihem. Los5 of key staff could have a signifi1nt impact on the organisation as this may result in the loss of specrfic skills. experien and conlacts. There may also be a temporary but significant impact on orb-going key projects. NPT Transatlanb"c has moved to mitigate this risk by comprehensivdy documenting key systems. plans and projects. and by establishing nots perithys and ensuring that where nSsary, transitions take Pla within that lime. Disaster recovery and planning refets to the signfficant impact that a major unpredictable disaster could have. such as failures in IT systems or physical damage lo property and equipment by way of fire. flood or olher natural forces_ These risks cannot be PTedicled. but can be prepared for. and NPT Transatlantic does so through the creation and review of IT and disaster recovery plans: implementing digital and physical security measures.. and obtaining appropriate Insurare coverage. NPT Transallantic Limited 12
Strategic report 30 June 2021 Principal risks and uncertainties {continued} Investment policies are critical lo ensure NPT Transallantic attains a level of return that al least preserves the long-temi real value of its assels while providing funds lo meet NPT Transatlanlic's spending fequirements. To miligale this risk. the organisation has an approved investment policy and regulaty monrtors the performance of inveslments. obtaining expert advice when uired. Audilor RSM UK Audrt LLP have indicated Iheir willingness to be reappointed for another term. Disclosure of infomiation to auditor Each of the Trustees nfirM that: in so far as the Tnjstee is aware,. all relevant audit information has been disclosed to the charitsble company's auditor- and • the Truslee has taken all steps that helshe ought lo have taken lo make himselflherself aware of any relevant audit information and to establish that the charitable companYs auditor is aware of that infomialion. For more information on DAFS and dualqualtfied charities see our website at tuk.o The Trustees, Report prepared under the Charitie5 Act 2011. which also contains all information required in a Directors, report by the Companies Act 2006, and the incorporate Strategic Report prepared under the Companies Act 20, were approved by the Board of Trustees and signed on behalf of the Trustees by- Eileen R. Heisman Chair Date.. 24111121 NPT Transatlantic Limited 13
Statement of Trustees, responsibilities 30 June 2021 The Trustees (who are also the directots of NPT Transatlantic Limited for the purposes of mpany lawl are responsible for preparing the Trustees Report and the financial slalements in accordance with applicable law and Unrted Kingdom AUntIng Standards (Unrted Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees lo prepare financial stslements for each financial year which give a true and fair view of the stste of affairs of Ihe charitable company and of the income and expenditure. of the charitable company for that period. In preparing those financial statements. the Truslees are required to.. select Sultsb accounting poIleS and then apply Ihem consistently., + obseNe the methods and prinuples in the Chari15 SORP. make judgments and estimates that are reasonable and prudent., state whether applicable UK accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements.. and prepare the financial slatements on the going eoncem basis unsS tt is inappropriate to presume that the charitable company will CL)ntinue in business. The Trustees are responsible for keeping proper accounting records, which disclose wilh reasonable accuracy at any lime. the financial position of the chariiable company and lo enable them to ensure that the financial statements.comply wrth the Companies Act 2006. They are also responsible for saleguarding the assets of the Charitab company and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities. NPT Transatlantic Limited 14
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NPT TRANSATLANTIC LIMITED OpiDiI)D We have audiled Ihe financial statements of NPT Transatlantic Limited (the 'charilable company'l for the year ended 30 June 2021 which comprise the Statement of Financial Aclivilies. the BalaTr Sheet, the Statement of Cash Flows and notes lo the financial statements, including signrficanl ?QUn"n9 policies. The financial repo.ng framewort that has been applied in their preparatKJn is appIlble law and United Kingdom Accounting Standards. including FRS 102 "The Finanryal Reporting Standard applicable in the UK and Republic of Ireland- (Unrted Kingdom Generally Ac(*pled Accounting Practice). In our opinion the financial stalements.. give a true and lair view of the state of the charrtable company's affairs as al 30 June 2021 and of tts incoming resources and application of resources, including its income and expenditure. for the year Lheii ended.. have been property prepared in ance with Unrted Kingdom Generally Accepted Accounting Practi. and have been prepared in accordan wrth the requirements of the Companies Act Basis for opinion We conducted our audrt in accordan wilh Intemational Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibiltlies under those standards are further described in the Audilorfs responsibilities for the audit of the financial stalemenls section of our report. We are independent of the charilable company in accordance wilh the ethical requirements that are relevant to our audrt of the financial statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilitS in accordance with these requirements. We believe that the audrt evidence we have obtained is suffKienl and appropriate lo provKle a basis for our opinion. Conclusions relating to going conc•m In auditsng the finanryal statements. we have concluded that the Trustees. use of the going concem basi5 of accounting in the preparati[ of the financial statements is appropriate. Based on the work we have performed, we have not identtfied any material uncertainties relating lo event5 or condib.ons that, indivKlually or collectively. may cast significant doubl on the charitable company's ability lo continue as a going conrn for a period of al least fyvelve ffnthS from when Ihe financial slatements are authorised for issue. Our responsibilit and the responsibilities of the Truslees with res1 lo going concem are described in the relevant sections of this report. Other inforniation The other informats.on comprises the inforrnalion included in the Trustees. Report other than the financial statements and our auditor's report Ihereon. The Trustees are responsible for the olher inforrnation contained wrthin the Trustees. Report. Our opinion on the financial slalements does not cover the other infornation and. except to the extent othemise expliutly slated in our report. we do not express any form of assuran nCluSion thereon. NPT Transatlantic Limited 15
INDEPENDENT Au0oR's REPORT TO THE MEMBERS OF NPT TRANSATLANTIC LIMITED Other inforniation (continued) Our responsibilrty is to read the other information and. in doing so. consider whelher the other information is materially inconsistent with the financial ststemenls or our knowledge obtained in the course of the audit or olherwise appears to be malerially misstated. If we enlify such material InnSisteneS or apparent material misstalements, we are required lo detemiine whether this gives rise to a material misstatement in Ihe financial slatements themselves. If. based on the work we have perfomed, we conclude that there is a material misstatement of this other infomiation. we are required to report that fact. We have nolhing lo report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audrt.. the InforMatn given in the Trustees, Report, which includes the Directors. Report and the Strategic Report prepared for the purposes of company law, for Ihe financial year for which the financ1 stalemenl5 a prepared is consislenl with the financial statements.. and the Directors. Report and the Strategic Report included within the TTUStees' Report have been prepared in accordance wth applicable legal requirements. Matter5 on vthich we are required to report by exception In the lighl of the knowkdge and understanding of the charitsb company and ils environment obtained in the course of the audit. we have not identified material misstatements in the Directors. Rewrt or the Strategic Report included within the Trustees. Report. We have nothing to rert in resFect of Ihe fol10bv9 matters where the Companies Act 2006 requires us to report to you rf. in our opinion: adequale ac(xwnting records have not been kept. or retums adequate for our audit have not been received from branches not visited by us.. or the financial stslements are nol in agreement with the aceounling records and retums., or certain disclosures of trustees. remuneralion specified by law are not made. or we have not receNed all the information and explanations we require for our audit. Responsibilities ol trustees As explained more fulty in the Statement of TTUStees' responsibiltlies set out on page 14. the Trustees (who are a150 the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such inlemal control as the Trustees detemiine is rCesSary lo enable the preparatK)n of financial statements that are free from material misslalement, whether due to fraud or emr. NPT Transallantic Limited 16
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NPT TRANSATLANTIC LIMITED Responsibilities of truslges (continued) In preparing the financial slatemenls. Ihe Trustees are responsible for assessing the charitsble company's ability lo continue as a going rnm, disclosing. as applicable. matters related lo going cOnM and using the going COnM basis of aceounling unless the Trustees either intend to liquidate the Charitab company or to ase operations. or have no realistsc allernalive bul to do so. Auditorfs responsibilities for the audit of the financial stst8m8nts Our objectives are lo oblain reasonable assurance about whether the financial statements as a Who are free Irom material misstslemenl. whether due lo fraud or error. and to issue an auditorfs report Ihat indudes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audil conducted in accordance with ISAS {UK) will aKvays detect a material rnisstatement when it exists. Misstslements can arise from fraud OT error and afe considered material if. individually or in the aggregate, they could reasonably be expected to infiuence the economic deasions of users taken on the basis of these financial ststemenls_ The extent to which the audit was considered capable of detecllng Irregularltles. including fraud 1rregularib.es are InStanS of ntsn-cornplran with laws and regulatsons. The objgctives of our audit are to obtain sufficient £ppropriale audit evidence regarding compliance with laws and regulations that have a direct effect on the deleminalion of material amounts and disclosures in the finanoal slalemenls. lo perfomi audit procedures lo help identify instances of non-complian with other laws and regulations that may have a material effect on the finanaal statements, and to respo1 appropriately to identified or suspected non- compliance wth laws and regulations thnbfEd during the audit. In relation lo fraud, the objectNes of our audrt are to identrfy and assess the risk of rnalerial misstatement of the finanoal statements due to fraud. to obtain sufficienl appropriate audit evidence regarding the assessed risks of material misstslement due to fraud through designing and implemenltng appropriale responses and to respond appropriately to fraud or suspected fraud idenlrfied during the audr(. However, it is the primary responsibility of managernent. with the oversh1 of those charged with governance, lo ensure that the enti$ operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. In Identing and assessing risks of material mtsststement in respect of irregularities. including fraud, the audrt engagement team: obtained an understanding of the nature of the sector. including the legal and regulalory frameworks that the charitsble company operate5 in and how the charitable company is complying with the legal and regulatory frameworks; NPT Transallanlic Limited 17
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NPT TRANSATLANTIC LIMITED The extent to which thè audit Wds considered capable of detecting irregularitses, including fraud Icontinued inquired of management. and those charged with governan. about their own iden1rfiI10n and assessment of the risks of irregulartlies. including any known actual. suspected or alleged instances of fra1. diwjssed matters about non-compliance with laws and UlationS and how fraud mHJht occur includiThJ 8ssessment of how and where the financial statements may be suseeptlb to fraud. As a result of these proeedures we consider the most significant laws and regulations that have a direct impact on the financial stalements are FRS 102, Chanlies SORP IFRS 1021. Companies Act 201A, Charities Acl 2011, the charilable company s goveming document and lax legislation. We perfoThned audil procedures to detsct non-compliances which may have a malerial impact on the finan81 ststemenls whth included reviewing the financial ststements induding the Trustees. Report and remaining alert lo new or unusual transactions which may not be in accordance with the governing documents. The audil engagement team identified the risk of rnanagemenl override of controls as the area where Ihe financial statements were most susceptible lo material misstalemenl due lo fraud. Audit procdures perfomied included but were not limited lo testing manual journal entries and other adjuslments. evaluating the business ratsonale in relation to significant, unusual transactions and transactions entered into outside the nomal course of business and Challenging judgments and eslimales. A further description of our responsibilities for the audit of the finanaal statements is located on the Financial Reporb"ng Council's website at htt '.Ilwvhv.frc.or .uklaudrtorsres nsibililies. This description foms part of our auditor's report. Ug0 of our report This report is made solely to the charitable rnpans members. as a body, in accordance with Chapler 3 of Part 16 of the Companies Act 2006. Our audrt work has been undertaken so that we rnh1 state to the eharitable company's members those matters we are required lo state to them in an auditor's rewrt and for no olhef purpose. To Ihe fullest extent pemitted by law, we do not accepl or assume responsibility lo anyone other than the Charitab company and the tharrtable company's rrrnbe a5 a body. for our audit work. for this report, or for the opinions we have fom)ed. RSM Uk Aat LL Nichdas Sladden (Senior Statutory Auditor) For and on behatf of RSM UK Audit LLP. Statutory Auditor Chartered Accountsnls 25 Farringdon Street London EC4A 4AB Date: 24111121 NPT Transatlantic Limited 18
Statement of financial activities Year to 30 June 2021 2021 2021 unSIn"cle Unrestricted Restricted Operab"ng DAF DDF Funds, Fund5 Funds 2021 Total Fund$ 2020 Total Fund$ Notes Incom• from: Donations Volunlary donations Donations to giving funds Investrrents Other incomt 430.331 430,331 629.286 46.612,794 13.413,041 60.025,83S 58,459.779 162,514 162,514 388,001 515.724 515,724 483,655 946.055 48,775,308 13,413,041 61.134,404 59,960.721 Tolol inwne Exp•nditur• on: Raising funds charitab activities Realised and unrealised exchatvJe loSSe{gainS) Total •xp•nditur• 4%.219 72.2 2.570 571,047 576.584 447.927 18.221,236 14.442.003 33.111,166 44.281,391 7.540 4.058.339 13.964 4.079,843 11,232,2381 951.686 22.351.833 14.458.537 37.762,056 43.625,737 Realised and realISed gainslllossesl on investment assets 1.892.364 33,888 1,926,252 1328.9401 Not income and n•t mov•m•nt in funds {5.631) 26,315.839 {1.011,6081 2S.298,600 l6.c6,O44 R8eoncillation of funds Total funds ht fcmward Total funds carried fomard 401.720 49.229.540 1.546.215 51.177,47S 35.171.431 3,089 75,545,379 534,607 78.476,07S 51.177.475 1 £1 NPT Transatlantic Limited 19
Balance Sheet 30 June 2021 Company Number: 08612103 2021 2021 2021 Unre5trided Unrestricted Reslricted Operating DAF DDF Fund5 Funds Funds 2021 Totsl Funds 2020 Total Funds Notes Fixed assets Tangible assets Investments 11 12 10,466 10.466 14,423 58.059.461 38,188,452 58,069,927 38.180.875 58.059.461 10,466 58.059.461 Currenl 0s¥ets Debtors Cash * bank and in hand 13 43,138 230,117 500.384 773,639 306,681 411.839 17.302.085 454.977 17.532.202 34.223 17.748.147 12,836,380 534.607 18.521.786 13,143,061 Curr•nt liabiliti•s Creditors. amount5 falling due wilhin one year 14 169.354} {46.284) 111S.6381 {146.4611 Nèt curr•nt ass•ts 385.623 17.485.918 534.607 18.406.148 12.996.600 T¢Jl•l ngt a55ets 396.089 75.545.379 534.607 76,476,075 51,177,475 Represwrted by the fvnd5 of the charity: Share caprtal Unrestricted operatiryJ hjnds 396.C 396.088 401.719 75,545.379 49,229,540 534.607 534.607 1,546,215 534.607 76,476,Q75 51,177,475 VnrestrKaed DAF funds Restricted DF lun(Is Tolal furKIs 75.545.379 16 75,545,379 These accounts were authorised and approve(I by the Trustees and signed on their behalf by.. Eileen R. Heisfflan Trustee Approved on.. 24111121 NPT Transatlantic Limited 20
Statement of cash flows Year to 30 June 2021 2021 2020 Notes ¢a$h flows from operatin9 attivities: Net cash provided by operatsng actsvit5 A 22.718.181 15,578.867 Cash flows from inv•sting acti¥iii•s: Purehase ol tangible fixeil assets Dividends and interest from Investrr*nts Proceed5 from sabe of investments Purchase ol investmènts Net cash us•d by investing acli¥iti•s 12.171) {13,0761 162.S14 368,001 60,587,OS2 21,C4)2,616 182,626,1121131,858,4501 121.878.7171 110.480,9091 Chang• in eash and eash •quivalents In the perlod 839.464 5.095,958 Cash Cash ewwaktnts at the beginnmig of the reportmg iod Change in cash and cash eqLthvant$ due to exchange rate movements Cash and cash equivalents at th• •nd of fv reporling period 12.836,380 9,040.058 4.072.303 11,299,636) B 17,748,147 12,e36,380 Roconcilialion of net income to net cash US in operating activrties 2021 2020 Net in¢¢)me per the statement of financial aetiviti•s Adjustments f¢y: Realise(l and unrealise(1198in5yIosse5 m inve51ments Depreciabon charges Dividends 8nd inleresl from investm Ilncreasewrea5e in debtrys (Decrease) in credrtors Net cash provided by opernting activities 2S.298.600 16,OC6.044 11.926,2521 328,940 6,128 4,882 1162.5141 1388,0011 1466,9581 1201,0181 {30,B231 1173,9801 22,718,181 15,576.867 B. Analysis of cash and ush •quivalents 2021 2020 Cash at bank and in hand Total cash and cash •quival•nts 17,748.147 12,836.380 17.748,147 12,836,380 NPT Transatlantic Limited 21
Accounting policies 30 June 2021 The principal accountirvJ policbes lople. judgements and key sources of estimation uncertainty in the preparation of the accounts are described below. Basis of preparalion The accounts have been prepared under the hisloriol cost tnVentIOn with items initially recognised al cost transaction value unless otheTh¥ise staled in the relevant accounting policy notes. The accounts have been prepared in accordants wrth AccL)Lbntsng and Reporting by Charities.. Slatefflent of Recommended pract applicable lo chanlies preparing their accounts in accordan wrth the Financial Rep)rting Standard applicable in the UK and Republ of Ireland (FRS 1021. the Companies Act 2006 and the chankn.es Ad 2011. The charity constitutes a public benefit entity as defined by FRS 102. The accounts are presented in stedin9 and are rounded lo the nearest pound. ststus The charity is a private company limited by shares and Inrporated in England and Wales. The registered arKI principal activrty 15 disclosed in. the TNstees' Report and Siralegic Report. Critical aonting estimates and areas of judgement The most snl¢ant areas of Judgement and key assumptions that affect ttems in the aecounls are in respect lo the allocation of supwrt costs activitS and the value of unlisted inveslmenls. Unlisled inveslments are recorded at estimated fair value in the absen of readily determined fair values. Management's estirnates are established on the basis of valuats.ons provided by the associated entities and are beIVed lo be a reliable best estimate of fail value_ With respect to the next reporting period. Ihe most significant areas of uncertainly that affect Ihe carrying value of assets held by the charity are the level of fundraising achievable. the investment retum and the perfomiance of the investment market generally. Going concern The Trustees have assessed whelher the use of the going cncErn assumption is appropriate in preparing these financial statemenls. The Truslees have made this assessment in respect lo a Peric of one year from Ihe dale of approval of Ihese financial statements. NPT Transatlantic Limited 22
Accounting policies 30 June 2021 Going concem (continued) The Trustees have conduded that there are no malerial uncertainties related lo events or conditions that may cast significant doubt on the ability of the charity lo continue as a going concem. This is t*cause the National Philanthropic Trust. the charity's sole shareholder, has donated lo NPT Transallanlic in support of operaling costs and has commilled lo provide finanaal support lo the exlenl necessary to enable the charity to continue lo pay its liabilities as they become due for a period of at least 12 mnths from the dale of approval of these financial slalemenls. Additionally. the strategy document plans for growth and this is lo be dosely monrtored. Income Incorne in the form of conlribulion5 15 recognised in the period in which the charity is enlrtled lo receipt and the amount can be measured reliably and il is probable that the funds will be received. Income deferred only when the charity has to fulfil conditions before becoming enlrtled to it or when Ihe donor or funder has specified that the income is to be expended in a future accounting peri¢yJ. Di¥endS eamed on fixed asset investments are recognised once the dFvidend has been declared and nolificalion has been receNed of the dividend due. Inleresl on cash deFosits is recognised as rt is eamed. Expendlture recognllion Liabilitie5 are recognised as expenditure as soon as there is a legal or constructive oblwation committing the chanty lo make a payment to a third party, it is probable that a transfer of economic benefits wll be required in settlement and the amount of the oblallOn can be measured reliably. Expenditure is included in the statement of financial aclivities when incurred and includes attributable VAT which cannot be recovered. All expenditure is accounted for on an accruals basis. Expendilure comprises direcl costs and support costs. All expenses are allocated or apportioned to the applicable expendf(ure headings. Resources expended INpIe the following.. a. Expenditure on raising funds comprise the costs associated with generating donations, fundraising costs and the fees paid to investment managers in connection wilh the management of Ihe charity's investments. It indudes costs thal can be allocated directly lo such activities and Ihose indirect costs neSary to support Ihem (see c. below). NPT Transatlantic Limited 23
Accounting policies 30 June 2021 Expenditure recognition (continued) b. Expenditure on charitable aclrvities comprise granls and costs of raising awareness of the charity's work and its methods. Grants are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decisK)n lo make the grant and has satisfied all related condits"ons. Grants approved but not paid at the end of the fiscal year are expensed and disdosed as payable. Grants where the beneficiary has not been informed or has to meet certain conditions before the grant is released are not accrued for but are noted as financial commitments in the noles lo the CoUnts. It includes both costs that can be alkncated directty lo such activilies and those indirect costs necessary to support them {see c. below). e. Suppjrt costs are those costs which enable fund generating and charitable aclivilies lo be carried out. These costs indude personnel, finance. provision of office services and equipment and a suitable working environment. Support costs are allocated on the basis of lime spent on these actNities. Fixed Assets Fixed assets cosling over £1.000 are eapitslised and recorded at cost, or in cases where rixed assets have been donated lo the charrty. at the valuation at the time of acquisition. Depreciation Depreciation is calculated so as to wnte off the c05t of an asset. less ils esbmated residual Value. over the useful ecoThJmic lrfe of that asset as follows." Computer Equipment.. Fumiture and Fixtures". 33.33% p.a. on a straight line basis 20.0 p.a. on a straight line basis Cash at bank and in hand Cash at bank and in hand represents such aco)unts and instruments that are available on demand or have a malurity of less Ihan three months form the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment. NPT Transatlantic Limited 24
Accountlng pollcles 30 June 2021 Financlal instruments The charitsble company applies Ihe provisions of sects.on 11 'Basic Finanual Inslnjments" and Section 12 "Othef Financial Instruments Issues" of FRS102 to all of rts financial inslrumenls. Financial assets and financial liabilits.es are recognised when the charitable company becomes a party lo the conlractual provisions of the instrument. and are offset only when the charitable company currenlly has a legally enfor*ble right to set off the recognised amounts and intends either to settle on a net baws. or to realise the asset and settle the liability simullaneously. Investments Listed inveslmenls {with the exception of FX products and derivatives. which fomi an imrnalerial part of investrnents held and are therefore Irealed the same} are initially recogni5ed at transaction value and subsequenlty measured al fair value as al the balance sheet date using the closing quoled markel price. Money market time deposits are fixed term cash deposits designed lo provide a higher rale of retum. but cannot be freely accessed before malurity. They are valued based on the amount of cash invested. Realised gains lor losses) in inveslment assets are cakulaled as the differen behveen disposal proceeds and their opening carrying value or their purchase value if acquired svbsequwl lo Ihe firsl day of the financial period. Unrealised gaifts and losses are calculated as the differen between the fair value at the year end and their carrying value al that date. Realised and unrealised inveslmenl gains (or losses} are combined in the slalement of finanual actNrties and are credited {or debited) in the year in which they arise. Unltsted investments are valued at the best eslimale of fair value as follows.. Private equity investments are held through funds managed by private equity groups. As there is no identifiable market pri for privale equity funds. these funds are included at the most recent valuations from the private equty groups where- the private equty group prowdes a fair value that complies with the Intemational Private Equty and Venture Caprtal Valuation Guidelines (IPEVI. December 2015 edition. or the private equity group provths valuan5 that comply with FRS 102 or UK GAAP. Financial assets Basic financial assets, incfuding trade debtors and other debtors (including aecrued income) which are reNable within one year and which do not conslilule a financing transaction are inilially measured at the Iransaction price and subsequently measured at amortised cost. being the transxtion price 5S any affnts settled and any inpaim)ent losses. NPT Transatlantic Limited 25
Accounting policies 30 June 2021 Financial assets {continued) Where Ihe arrangement with a debtor constslutes a finanryng transaction, the debtor is initially measured al the present value of future paymenls discounted at a market rate of inlefesl for a similar debt instrument and subsequenlly measured al arnortised cost. Flnanclal liabilities Basic finanryal liabilitres. including trade and other payables, are inilially recogntsed al transaction price unless the arrangement constitutes a financing Iransaction. where the debt instrument is measured al the present value of the future paymen15 discounted at a market rate of interest. Debt instruments are subsequenlty carried at amortised cosl, using the effective interest rale method. Fund accounting Unrestricted funds a available for use at the discretion of the Trust in furtherance of the general obj'ectives of the charity. Judgement has been applEd in whether certain funds held by NPT Transatlantic should be claSsrfd as restricted funds or unreslricled funds. Trvstees consider thal funds hehj by NPT Transatlantic in donor-advised funds pendirvJ remmendation for onward distribution to third party chanlies are classffied gs designaled within unstricted funds. However, Ihe Tnjslees nole the following: There is an expectstion from Ihe donor Ihat these funds will be used in line with their recommendations. In the ordinary Course of t¥Jne$s. Ihere is no expeclalion Ihal these funds will be used for any purposes other than orbward distribution and associated administrative costs. In relalion lo restricted funds. the Trustees cannot use suth funds al their discretion, but fflusl use them for the speofic purposes whth were the subFcl of restrictions imposed by the donors at the time of conlribulion. Forèign exchange Assets and liabilities in foreun. currenaes are translated into sterling at the rates of exchange ruling al the balance sheet date. Transactions in forevJn currencies are translated into Sterling al the average rates of exchange duriThJ Ihe year. Exchange dIfferenS are tsken into account in arriving at the operating results. Taxation NPT Tr8ns8tlanlic is a registered charity and as such its inco and gains falling within Sections 471 10 489 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Acl 1992 are exempt from wrporation lax lo Ihe extent that they are applied to its charitable objectives. Accordingly. no provision for current or deferred taxation is considered necessary. NPT Transatlantic Limited 26
Accounting policies 30 June 2021 Value Added Tax Value Added Tax is not reVerable by Ihe charity and as 5uth 1$ included in the relevant cosls in the statement of finanryal aclivil*s. Pension costs Contributions by the charity in respect of its employees. personal pension plans and workplace pension schemes are charged to the ststefflent of finanaal aclNilies in the year in whith they are eamed by those employees. NPT Transallantic LimFled 27
Notes to the financial statements 30 June 2021 1 Voluntary donations 2021 2020 Donations from NPT IUSI 430,331 629,286 Voluntary income was wholly unrestricted in both years. 2 Donatlons to glvlng funds 2021 2020 Mons fecewed for dk8bursement to chants nominaled by the donors (Restncted funds) Monies received as cr)ntributn5 to Donor Advised Fund$ IDAFS) lun$tricted funds) 13.413.041 28.186,046 46,612.794 30,273,733 60.025,835 58,459,779 3 Investment Income 2021 2020 Listèd and unlisted investments Interest on cash held as pwl of invest11 portlolKJ 150,374 12.140 162,514 354.192 33.609 368.001 Investment income was wholty unreStrted in both years. 4 Totsl oxp8nditur• 2021 Total Fundg 2020 Total Funds Icl Raising CharrtatAe FLtnds Adivitiès DI¢t costs Grants lal Allouted support costs Ibl Personnel and wn5ullants Other Depreryal*Jn Govemancè co5 Id} Total 32.121,585 32.121.S8S 43,357.509 336.575 185,547 336,575 649.942 3.064 673.1SO 602,819 835,489 838,177 6.128 4.882 45,861 45,861 54.788 S71,047 33.111.166 33.682.213 44.857,975 NPT Transatlantic Limited 28
Notes to the financlal statements 30 June 2021 (a) Grants 2021 Total Funds 2020 Total Fund$ Raising FurMIs Charrtab Ath"v"es (knts payth at l J¢t Grants paid duriNJ the pèntsj Grants pay*e at 30 Jur {196,8621 32.120.571 32.120.571 43,554,371 1.014 1,014 32.121.585 32,121,585 43.357,509 Grants for the year have been made in svtport of the following charitable activities.. 2021 2020 General Charitse oryanisab.ons Educalion Social weffare Nature and Ihe enwronment edlne and heomh Intefnational Religion The wts 11.941,008 15,114,611 9,360,562 9.911,922 4.$40,190 5,004,578 2,090,123 968,636 1,601.477 6.459,122 1,149,820 1.479,931 783.7S9 695,975 654.646 3.722,734 32,121,585 43.357,509 The following institutions received total grants which are considered to be materi81 in the context of NPT TransaantiC.S expenditu for the year ended 30 June 2021. Grants are not made lo 1ndWa1S. 2021 Southampton TnJsl L¥mited Wortd Economic Fonjm Institut Europeen de Cooperation et de DeVeloeMent Groton School University of Notre Dame Du Lac NamibRand Ccmversatth Tnjst National PhIknthr0p Trust UK Limtsd Founders For Good Ltd. Brown Unwetsrty 3.68S,020 3.473,700 2.721.000 2,221,997 1.867.055 1.S27.378 1,334,144 1.233,772 1.171,424 19,235.490 NPT Transatlantic Limited 29
Notes to the financial stalements 30 June 2021 The following institulions recer¥ed total grants which are considered to be material in the context of NPT Transallanti¢'s expendilure for the year ended 30 June 2020. Grants are nol made to irKli¥iduals. 2020 Gales Philaftthropy Partne Insblui EuroF¢en de CooFwth"on et de Devebppement Wgrfd E¢onomK Ftswm The Trustees of the Brilish Museum Yale UnNersity Mad Force Charrty CIO Noora Heajth Trustees of the Universty of Pennsylvania Univetsity ol Notre Dame du Lac 9,590,640 2,523,703 2,506,339 2,340.462 1,758.284 1,675,804 1,526,734 1,198,830 1,151,200 24.271,996 (b) Allocated support costs Support costs are a1Cated based on time spent on actNities. {¢) Comparative infomiation Comparative information for total expendrture. analysed by fuThl. is as follows= UNestricthd Unrestricted Restricted OperatiThJ DAF DDF Funds Funds Funds. 2020 Total Funds Raising fuTrds Charitable aclivkn'e$ 525,530 49.414 1.640 576,584 431.730 17.175.413 26.674.248 44.281.391 957.260 17.224,827 26,675,888 44.857,975 (d) Govemance costs Governance costs comprised.. 2021 2020 Trustees, meetings a1 travel Legal expenses Accountsncy aThJ audrt fees 230 24,031 21,600 45.861 {9831 24.211 31.560 54,788 NPT Transatlantic Limited 30
Notes to the financial statements 30 June 2021 5 Net movement in funds This is stated after chargiThJ." 2021 2020 Auditorfs remuneration (inclusive of VATI Accountancy fees Oepwabon 19.740 4.260 6.128 18,900 5,460 4.882 6 Staff costs Unrestricied UrwèsthctÈd Operating DAF Fun¢Js Funds Restricted DDF Fund5 2021 Total Funds 2020 Total Fund5 Wages and salaries Socol secLwty costs "Pension cosls Me¢JKal Insurance 542.040 68.965 28.476 20.710 660,191 542,040 68,965 28.47fj 20.710 660,191 468.297 59.439 25.512 20.328 573.576 The average number of employees during the year was 612019120.. 51. The number of higher paid employee5 Was.. 2021 No. 2020 No. £60,001 - £70,000 £70.001 - £80.000 £80.001 - £90.000 £90.001 - £1C().000 £220.001- £230.000 £260.l- 70.1)00 7 Key management petsonnel The key management personnel during the year were the Trustees and the Chief Executive Offer. The totsl cost of employment of the key management rsOnnel (including employerfs national insurance and Fension conlribulionsl lotalbed £296,268 12019120 - £271.059). NPT Transatlantic Lifflited 31
Notes to the financial statements 30 June 2021 8 . Ponsion scheme NPT Transallanlic operates a defined contribution pension scherne for employees. The amounis chaiged to the statement of financial activities as an expense for the year in respect of contributions lo this scheme totalled £28.476 {2019120.. £25.512>. At the balanee sheet date eontributions of £1.50612019120.. £2.680) were payable. 9 Truslees. rernuneralion and expenses No Trustee received any remuneration from the charity for their seryS (2019120.. £nil). Additionalty, no Trustees were reimbursed for travel expenses during the year (2019120 - vo for £7491. 10 Taxation NPT Transallanlic is a registered charity and therefore is not liable lo corporation tax on income derNed from 11$ charitable activities, or on income and gains arising from investment, as il falls within the various exemptions available to iegislered charities. 11 Tangible fixed assets- equilwnenl 2021 Cost At 1 July 2020 Additions Carried forward at 30 June 2021 23.860 2,171 26.031 OeprecTration . At 1 July 2020 Charge for the year CarT*d f¢xward at 30 June 2021 9,437 6,128 1S.S65 N•t book valtse at 30 June 2021 Net tt#)k value at 30 June 2020 10.466 14.423 NPT Transatlantic Limited 32
Notes to the financial statements 30 June 2021 12 Investments 2021 2021 2020 2020 Ilarket value al 1 July Additions at cost Diswsals at market value Unrealised exchange gains Net alised and unaliSed gainslllossesl Market value at 30 June 38.166.452 82.626.112 1fj0,587,0$21 14,072,303) 26,339,922 31,858,450 121.002.6161 1299.636 1,926,253 1328,9401 58.059.461 38,166,452 Investments al market value comprised". UK (knr5eas 2021 Total 2020 Total Accounts and investments on call oney market b.me depDsrts FX products ant1 derivatives Bonds Listed investmenls Mults" asset furKIs Unlisted Investnnts 808.803 744.545 1.553,348 4.507,204 59.568 26.253.776 26.313,344 26.431.520 713 713 1.826,423 2,927.101 4.753,524 904.647 6.672.162 16.993.177 23,665,339 5.061.751 517,949 449.485 967,434 405.340 805.759 805,759 855.990 9.884,905 48.174.556 58.059,461 38,166.452 56,249.824 Histor1 cost of inve5trrents 13 Debtors Unreslricted Unrestricted Rèstricted Operthng DAF DDF Funds Funds Funds 2021 Total Fund$ 2020 Total Funds Debtors and prepaKI expenses Other debtors 43.138 45.269 184.848 230.117 223.030 18,407 685.232 773,639 306.681 103,541 203,140 306.681 5Q).384 500.384 5.143 43,138 78.508 Total 2020 NPT Transatlantic Limited 33
Notes to Ihe financial statements 30 June 2021 14 Croditors: amounts falling due within one year Uniesinctrd Unresthcted Restricted OperatiryJ DAF DDF Funds Funds Funds 2021 Total Funds 2020 Total Funds Grants payable Purchase led9er balances Audit fee Accrued expense5 Deferred irrne Due to NPT-US 1.014 1.014 18.991 24.360 21.768 45.270 4.235 115.638 146.461 18.991 24.360 21,768 46,448 26.100 22,383 50.532 998 146.461 45.270 4,235 69.354 84.834 46.284 61.627 Totsl 2020 2021 Total Funds 2020 Total Fund$ Deferrj income at 1 July Income reco9nized in the year Income deferred in the year tkferred irKome at 30 June 50,532 150,5321 45,270 45,270 49,215 (49,2151 50,532 50.532 Deferred incon* relotes to admini5trabve fee5 paid in advance. 15 Financial instruments 2021 2020 Carrying amount oi finan¢•al Sets Instrurrwts rrea5ured at fair value through surylusIde"l 58.059.461 38.166.452 16 Movernents in funds Balance asat i J 2020 Realised & Unrealised gainsl (losses} Balance asat 30 June 2021 lrtomè Expendrturè Unrestricted operating fuMIs Vnr8Stricted DAF funds Resthcted DDF lunds 401,720 946.055 1951,6861 49.229,540 46.775.308 122,351,833} 1,546,21S 13,413.041 114,458,537> 51.177.475 61.134.404 137.762.056) 396.089 1,892,364 75.545.379 33,888 534.607 1.926.252 7fj,476,075 NPT Transatlantic Limited 34
Notes to the financial Statwnents 30 June 2021 Balan asat 1 July 2019 Reali5ed & Unrealised gainsl Ilossesl Balance asal 30Ju 2020 Iornè ExpendrtLwe Unrestriejed operating fuThJs UnreslriQed DAF fun(Is Reslricted DDF funds 313,437 1,112.941 11.024.658) 34.840,636 30,661.734 115.976.1331 17,358 28,186,046 126.624.9461 35.171.431 59.960.721 43.625,737 401.720 1296.6971 49.229,540 132.2431 1.546.215 1328,9401 51.177.475 Unrestricted operaling funds can be applied towards fulfilling NPT Transallanlic's charitable purposes. Unrestricted DAF funds represent funds available for the support of Gharilajle ?clivities. Restricled DDF funds reFKesenl donations made for disbursements to charities indicated al point of grft. 17 Anaty$is of net assets between funds Unrèstrpaed Unrestricted Operatsng OAF Funds Restncted ODF Funds 2021 Total Funds Fixed assets Current assets Current liabilitS 10.466 58.059,461 454.977 17.532.202 169.3541 146.2841 396,089 75,545.379 S8.069.927 .534,e07 18.521.786 1115.6381 534.607 76,476,075 Unrestrthd Unrestricted 0rab"n9 DAF Funds Fund5 Restrided DDF Funds 2020 Total Funds Fixed assets Current assets Current liabilitv 14,423 38.029.433 472,131 11.261,734 184,834) 161,627 401.720 49.229.540 137,019 38.180.675 1.409.196 13,143.061 1146.4611 1.548,215 51,177,475 18 Ultimate parent undertaking The immediate and utlimate parent undertaking is National Philanthropic Trust. a charitable 501{c)(3} organisalion incorForaled in the US. This organisation holds the only share in iSSLTre in NPT Tiansauantic. Ils place of business 165 Township Line Road, Suite 1200. Jenkintown. PA 19046. Its principal ath'vity is to provide philanthropic expertise lo donots. foundatiims and financial institutions enabling them to realise their philanthropic aspirations. NPT Transatlanlic Limited 35
Notes to the financial statements 30 June 2021 19 Related party transactions Ouring Ihe year ended 30 June 2021. the National Philanthropic Trust donated £1,580,247 (2019r20- £1.518,2691 to NPT Transatlantsc of which £430,331 {2019120 - £629,286} was made as a voluntsry donation. Purchases of £36,997 (2019120- £40.580) were made from the National Philanthropic Tnjst in s[¢t of operating expenses. Al 30 June 2021 £4.235 {2019120- £998) was owed to the National Philanthropic Trust. In fiscal year 2020r21. NPT. Transatlantic contributed £1.334.144 to NPT UK Limited as a donation lo establish a donor-advised fund for a mutual donor. During the year, one Twstee {2019r20- one) donated £5.180 {2019120 - £1.020) to NPT Transatlantic for purpose5 of disbursement to certain charities indicated at point of gift. NPT Transatlantic Limited 36