NPT
UK
NPT Transatlantic Limited
Annual report and accounts
30 June 2021
12103 IEryl*)d arnj Walesl
Ch¥ty Rggi*alth N￿l￿r
1153376
111111111111
•AAJCJXNS•
A13
I4112r2￿21
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[dr￿r
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 st￿et
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 Charit￿5 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 ServI￿S to further
our mission. such as ￿$tricted donor-desKdnaled funds IDDFS) intended for specific
charrt*s. 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 col*es 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 eIr￿ent 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 Tal￿1 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. No￿lIh$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 fu￿re 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 r￿n￿ra￿"[￿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 be￿een 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.
responsibilit￿S 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 ￿e￿Ssary. the Trustees seek advi￿ and support from the charity's professional
advisers.
Key manageMentpe￿onnel
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 ac￿pting 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¢h￿ve their ph11arbthrop￿ goals.
Finan¢ial review
NPT Transatlantic is committed lo InC￿asing philanlhropy in society and the 2020121 fiscal
year demonstrated the ￿ntsn￿ed 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-eff￿lent 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 be￿een
three and six months, general operating expenditure. Unreslricled 0￿ratIng 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 cOns￿erS￿on 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 charit￿S 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-
l￿date risk register in order to identify and eslablish effective systems to mitigate those
risks.
In addition to the identif￿d 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 likelihoc￿l 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 1den1rf￿d key risks and the controls that NPT
Transallanlic have pul in place lo mitsgale Ihem.
Los5 of key staff could have a signifi1￿nt 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 n￿Ssary, 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 Insurar￿e 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 A￿UntIng 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 poI￿leS and then apply Ihem consistently.,
+ obseNe the methods and prinuples in the Chari1￿5 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 un￿sS 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 appIl￿ble 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 responsibilit￿S 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 con￿rn for a period of al least
fyvelve ff￿nthS from when Ihe financial slatements are authorised for issue.
Our responsibilit￿ and the responsibilities of the Truslees with res￿1 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 Au0￿oR'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 In￿nSisten￿eS 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 InforMat￿n 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 financ￿1 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 re￿rt in resFect of Ihe fol10bv￿9 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
r￿CesSary 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 r￿n￿m, disclosing. as applicable.
matters related lo going cOn￿M and using the going COn￿M 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 InStan￿S 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 respo￿1 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 overs￿h1 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 Identi￿ng 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
iden1rfi￿I10n and assessment of the risks of irregulartlies. including any known
actual. suspected or alleged instances of fra￿1.
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 finan￿81 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 proc*dures 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 ￿rnpan*s 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 rn￿h1 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 rr￿rnbe￿ 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
un￿SIn"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.c￿6,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$h flows from operatin9 attivities:
Net cash provided by operatsng actsvit￿5
A 22.718.181 15,578.867
Cash flows from inv•sting acti¥iii•s:
Purehase ol tangible fixeil assets
Dividends and interest from Investrr*nts
Proceed5 from sabe of investments
Purchase ol investmènts
Net cash us•d by investing acli¥iti•s
12.171)
{13,0761
162.S14
368,001
60,587,OS2 21,C4)2,616
182,626,1121131,858,4501
121.878.7171 110.480,9091
Chang• in eash and eash •quivalents In the perlod
839.464
5.095,958
Cash Cash ewwaktnts at the beginnmig of the reportmg
iod
Change in cash and cash eqLthva￿nt$ 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
Ilncreasew￿rea5e 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 t￿nVentIOn 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 In￿rporated in England and
Wales. The registered arKI principal activrty 15 disclosed in. the TNstees' Report and
Siralegic Report.
Critical a￿o￿nting estimates and areas of judgement
The most s￿n￿l¢ant areas of Judgement and key assumptions that affect ttems in the
aecounls are in respect lo the allocation of supwrt costs activit￿S 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 beI￿Ved 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 c￿ncErn 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
obl￿allOn 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 I￿N￿pI￿e 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 ne￿Sary 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 valua￿n5 that comply with FRS 102 or UK GAAP.
Financial assets
Basic financial assets, incfuding trade debtors and other debtors (including aecrued
income) which are re￿Nable 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 aff￿nts 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 claSsrf￿d as restricted funds or unreslricled funds.
Trvstees consider thal funds hehj by NPT Transatlantic in donor-advised funds pendirvJ
re￿mmendation for onward distribution to third party chanlies are classffied gs designaled
within un￿stricted 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¥J￿ne$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
dIfferen￿S 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 re￿Verable 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
Mon*s fecewed for dk8bursement to chant*s nominaled by the donors
(Restncted funds)
Monies received as cr)ntribut￿n5 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 invest1￿1 portlolKJ
150,374
12.140
162,514
354.192
33.609
368.001
Investment income was wholty unreStr￿ted 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 co￿5 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 Charits￿e oryanisab.ons
Educalion
Social weffare
Nature and Ihe enwronment
￿ed￿lne 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 Transa￿antiC.S expenditu￿ for the year ended 30 June 2021. Grants are
not made lo 1ndW￿￿a1S.
2021
Southampton TnJsl L¥mited
Wortd Economic Fonjm
Institut Europeen de Cooperation et de DeVelo￿eMent
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 a1￿Cated 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 a￿1 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 Off￿er. 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 sery￿S (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 un￿aliSed
gainslllossesl
Market value at 30 June
38.166.452
82.626.112
1fj0,587,0$21
14,072,303)
26,339,922
31,858,450
121.002.6161
1299.636
1,926,253
1328,9401
58.059.461
38,166,452
Investments al market value comprised".
UK
(knr5eas
2021
Total
2020
Total
Accounts and investments on call
oney market b.me depDsrts
FX products ant1 derivatives
Bonds
Listed investmenls
Mults" asset furKIs
Unlisted Investn￿nts
808.803
744.545
1.553,348 4.507,204
59.568 26.253.776 26.313,344 26.431.520
713
713
1.826,423
2,927.101
4.753,524
904.647
6.672.162 16.993.177 23,665,339 5.061.751
517,949
449.485
967,434
405.340
805.759
805,759
855.990
9.884,905 48.174.556 58.059,461 38,166.452
56,249.824
Histor￿￿1 cost of inve5trrents
13 Debtors
Unreslricted Unrestricted Rèstricted
Operthng
DAF
DDF
Funds
Funds
Funds
2021
Total
Fund$
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 ir￿rne
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$
Deferr￿j 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
I￿ornè 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 liabilit￿S
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
0￿rab"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