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2022-06-30-accounts

NPT Transatlantic Limited Annual report and accounts

30 June 2022

Company Registration Number 08612103 (England and Wales) Charity Registration Number 1153376

Reports
Contacts, officials and advisors 2
Chair’s review 4
Trustees’ report 5
Strategic report 9
Statement of trustees’ responsibilities 14
Independent auditor’s report 15
Financial statements
Statement of financial activities 19
Balance sheet 20
Statement of cash flows 21
Accounting policies 22
Notes to the financial statements 28

NPT Transatlantic Limited

Contacts, officials and advisors

Chair Eileen R. Heisman Trustees Eileen R. Heisman (who served during the year) Ceris Gardner Charles Lubar David Rowe Iain Younger Chief Executive Officer John Canady Company Number (England and 08612103 Wales) Charity Registration Number 1153376 (England and Wales) Independent auditor RSM UK Audit LLP 25 Farringdon Street London EC4A 4AB Bankers Bank of America NA 2 King Edward Street London EC1A 1HQ Principal investment managers UBS 5 Broadgate London EC2M 2QS Solicitors Withers LLP 20 Old Bailey London EC4M 7AN

NPT Transatlantic Limited 2

Contacts, officials and advisors

Registered address 20 Old Bailey London EC4M 7AN Principal address 125 Old Broad Street Suite 610 London EC2N 1AR

NPT Transatlantic Limited 3

Chair’s review

I am pleased to update you on NPT Transatlantic Limited's achievements and milestones. NPT Transatlantic Limited (“NPT Transatlantic”) is a UK registered charity that was founded in 2013 in response to growing demand for donor-advised fund giving vehicles. NPT Transatlantic is committed to increasing philanthropy in society by helping donors manage their charitable giving with maximum convenience and tax efficiency. As a UK and US dualqualified charity, contributions to NPT Transatlantic are recognised for tax-advantaged treatment in both countries.

In the midst of the continued COVID-19 pandemic and volatile economic environment, NPT Transatlantic reached new milestones in fiscal year 2021/22:

We now manage £106.6 million of funds, an increase of 40% from the prior year (2020/21: £76.1 million), all of which will support qualified charities in the UK, US and around the world. NPT Transatlantic aims to support the philanthropic interests of individuals and organisations in pursuing the most efficient way to achieve maximum charitable impact. We pride ourselves on providing exemplary service to our NPT Transatlantic donors. From processing each incoming contribution to sending out a meaningful grant, we support our donors and their charitable goals. Together, we are having a tremendous impact.

It is an honour to serve as the NPT Transatlantic Board Chair.

Warm regards,

Eileen R. Heisman

Eileen R. Heisman Chair, NPT Transatlantic Limited Trustees

NPT Transatlantic Limited 4

Trustees’ report 30 June 2022

The Trustees (who are also the directors for purposes of Company Law) present their statutory report with the financial statements of NPT Transatlantic Limited (“NPT Transatlantic”) for the year ended 30 June 2022. The financial statements have been prepared in accordance with the accounting policies and comply with the charitable company’s governing document, the Companies Act 2006 and “Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019).

Mission and historical background

NPT Transatlantic’s mission is to inspire, support and increase charitable giving in society, primarily through charitable donor-advised funds (DAFs), which benefit charities and voluntary organisations in the UK and internationally.

In addition to offering DAFs, we provide a number of other philanthropic services to further our mission, such as restricted donor-designated funds (DDFs) intended for specific charities. This giving vehicle is established by NPT Transatlantic to allow donors to use NPT Transatlantic as a tax efficient intermediary when making donations to particular charities. ‘American Friends of’ organisations and colleges and universities are examples of organisations whose donors can benefit from this service.

NPT Transatlantic was established as a registered charity in England and Wales in 2013 by National Philanthropic Trust, a charitable 501(c)(3) organisation in the United States (US), in response to growing international interest in DAFs. DAFs are a significant 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 entity, NPT Transatlantic is able to ensure that charitable contributions from dual US-UK taxpayers are recognised for tax-advantaged treatment in both countries.

NPT Transatlantic aims to achieve its mission in a number of areas:

The Trustees have paid due regard to public benefit guidance issued by the Charity Commission in deciding what activities the charitable company should undertake.

NPT Transatlantic Limited 5

Trustees’ report 30 June 2022

Governing document

The charity is controlled by its governing document, the Memorandum and Articles of Association, and constituted as a company limited by shares as defined by the Companies Act 2006.

The charity’s sole shareholder is National Philanthropic Trust, a US charitable 501(c)(3) organisation.

Measuring impact and public benefit

As a grantmaking charity, providing public benefit is at the heart of the charity's activity. NPT Transatlantic seeks to advance philanthropy in society, primarily through the provision of charitable DAFs.

Donors to NPT Transatlantic can recommend grants from their DAFs to support organisations of their choice, provided that such organisations pursue charitable purposes as the term is defined under UK and US law. NPT Transatlantic reviews and must approve all grant recommendations before the grant can be issued.

The Trustees seek to certify that each grant made from a DAF is made in furtherance of a charitable purpose and offers an identifiable benefit to the public or a significant section of the public and that any private benefit that may arise to any person or company as a result is not more than incidental.

Charitable objectives

The charitable objectives are to increase the amounts available for charitable purposes by:

Fundraising statement

NPT Transatlantic does not actively solicit donations and therefore is not registered with the Fundraising Regulator or subscribed to 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 organisations. During fiscal year 2021/22, the charity received no complaints about fundraising activities.

NPT Transatlantic Limited 6

Trustees’ report 30 June 2022

Energy and Carbon Reporting

NPT Transatlantic is committed to looking after the environment and is striving to become more energy conscious with a focus on reducing carbon emissions and the promotion of energy efficient actions. The COVID-19 pandemic had significant impact on NPT Transatlantic’s environmental performance. During the majority of fiscal year 2021/22, all staff worked remotely. The London business office was utilized during the last quarter of 2021/22 and business travel resumed then as well. NPT Transatlantic is exempt from disclosing energy consumption as less than 40,000kWh of energy was consumed during fiscal year 2021/22. Notwithstanding the effects of COVID-19, NPT Transatlantic will continue to actively promote and utilize video/audio conferencing (Zoom and Microsoft Teams) and work-from-home policies in support of energy efficient actions.

Plans for future periods

We will continue to promote philanthropy in society by working with donors to help them effectively manage their charitable giving. In addition to raising awareness of DAFs with donors, we will also partner with their advisors - wealth managers, tax advisors, solicitors and estate planners - to ensure advisors are aware of the benefits of incorporating philanthropy and DAFs into their client discussions. Our efforts 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 review NPT Transatlantic’s policies, objectives and guidelines to ensure that grants made are in support of exclusively charitable purposes and for public benefit. As such, grants cannot be paid to:

Charities are notified electronically of grants awarded and grant payments are made electronically. Grant recipients may or may not submit to NPT Transatlantic regular or oneoff progress reports, depending on the nature of the project, the purpose and terms of the grant and the size of the grant awarded.

NPT Transatlantic Limited 7

Trustees’ report 30 June 2022

Grantmaking priorities and exclusions (continued)

When formal monitoring is required, the process aims to be unobtrusive since some charities can struggle under the burden of monitoring requirements. Grant recipients submit information on a NPT Transatlantic form that is provided, or similar report that has been prepared for another funder, as many of the grants are contributions to projects also supported by one or several other donors.

Trustees

Recruitment and appointment of new Trustees

At any one time the charity has between four and seven Trustees who meet in person and by teleconference a minimum of three times every year and additionally as required. The identification of potential new Trustees is carried out by the Board, the aim being to appoint those with the appropriate expertise and experience for NPT Transatlantic’s work. On agreeing to become a Trustee of the charity, new Trustees are thoroughly briefed by their co-Trustees and key management on the history of the charity, day-to-day management, responsibilities of the Trustees, current objectives and future plans. The Trustees are also encouraged to attend training and update courses.

Register of Trustees’ interests

In accordance with Company Law and the Charity Commission guidance that charity Trustees and key management who may have a personal interest in any matter before the Trustees should declare that interest and refrain from taking part in any discussion relating to it, a ‘Register of Trustees’ Interests’ is maintained and updated annually.

Trustees are required to disclose all relevant interests and register them with the Chief Executive Officer, and in accordance with the charity's policy, withdraw from decisions where a conflict of interest arises.

Governance

Organisational structure

The Trustees are ultimately responsible for the policies, activities and assets of the charity. They meet a minimum of three times annually to review developments with regard to the charity and its grantmaking and investment activities, and to make any important decisions. When necessary, the Trustees seek advice and support from the charity's professional advisers.

Key management personnel

The key management personnel are considered to be the Trustees and the CEO. The Trustees set the pay of the CEO. The Trustees are not remunerated for their roles.

NPT Transatlantic Limited 8

Trustees’ report 30 June 2022

Administration

NPT Transatlantic seeks to build efficient and effective administrative systems, whilst recognising the effectiveness of working in partnership with other organisations. To this end, administration, management information systems, payroll and technology functions of the charity are provided to NPT Transatlantic by two organisations: Buzzacott LLP of the UK and National Philanthropic Trust of the US. Both arrangements are governed by service agreements which also make provisions for data protection and confidentiality/privacy requirements.

NPT Transatlantic Limited 9

Strategic report 30 June 2022

Trustees’ duties

The Trustees of NPT Transatlantic must 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 must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

The Trustees are briefed on their duties when accepting of the role and annually. Trustees fulfil their duties through a governance framework that delegates day-to-day decision making to key management and personnel (see page 8 for additional details).

The following sections of the strategic report highlight how the Trustees of NPT Transatlantic have successfully fulfilled their duties.

Achievements and strategic goals

Contributions

Our donors contributed £63,354,204 in fiscal year 2021/22 (2020/21 - £60,025,835) to NPT Transatlantic’s DAFs and other philanthropic giving vehicles. Wire transfers are the most common method of making contributions. We have also accepted restricted shares, appreciated securities and limited partnership interests as contributions. These contributions are turned into philanthropic capital for the causes and charities closest to our donors' hearts.

Investments

NPT Transatlantic’s assets under management have grown as donors make contributions to their DAFs. NPT Transatlantic donors can indicate an investment preference, with reference to preapproved investments and separately managed accounts, including unlisted investments, in an effort to increase the amounts available for grants. Investment performance was negative for fiscal year 2021/22, primarily attributable to volatility in US markets, reporting income and net losses of £8,902,082 (2020/21 – net gains of £2,088,766). NPT Transatlantic’s Trustees carefully review any new investments and also monitor the investment performance on an on-going basis.

NPT Transatlantic Limited 10

Strategic report 30 June 2022

Grantmaking

NPT Transatlantic's donors recommended 672 grants totalling £30,870,705 in fiscal year 2021/22 (2020/21 – 548 grants totalling £32,121,585). NPT Transatlantic's staff assisted our donors with varying steps in the grantmaking process, from answering basic questions about philanthropy to creating complex grant agreements. Our team has substantial knowledge about philanthropy, DAFs and industry best practices that support our donors. We work to ensure our donors are able to achieve their philanthropic goals.

Financial review

NPT Transatlantic is committed to increasing philanthropy in society and the 2021/22 fiscal year demonstrated the continued success of the charity in its mission. Income for the 2021/22 fiscal year was £65,250,980 (2020/21 - £61,134,404). The increase in contributions is a result of growing awareness amongst donors and their advisors in donor-advised funds as a tax-efficient charitable giving vehicle.

Expenditure for the year was £25,336,205 (2020/21 - £37,762,056). This decrease was primarily driven by exchange gains. Despite global investment market conditions, fiscal year contributions exceeded charitable distributions for the year ended 30 June 2022, creating a surplus - after investment losses of £9,414,601 (2020/21 investment gains of £1,926,252) - of £30,500,174 (2020/21 - £25,298,600). Funds at the end of the year comprised £106,976,249 (2020/21 - £76,476,075) of unrestricted and restricted funds.

Reserves policy and funds

NPT Transatlantic’s free reserves policy is to maintain, ideally, a level equivalent to between three and six months’ general operating expenditure. Unrestricted operating funds are those funds which are not restricted and not represented by DAFs. At 30 June 2022, these funds were £393,635 (2020/21 - £396,089), representing 3.4 months of operating expenditure, and in line with the stated policy.

The Trustees consider that reserves at this level will ensure that, in the event of a drop in funding, they will be able to continue the charity’s current activities for a period of time that allows for sufficient consideration to be given to ways in which additional funds may be raised.

Unrestricted donor-advised funds, which have been designated by the Trustees, are those funds held by NPT Transatlantic pending recommendation for onward distribution to third party charities. At 30 June 2022, these funds were £103,419,845 (2020/21 - £75,545,379).

Restricted donor-designated funds are those funds held by NPT Transatlantic for specific charitable purposes pending distribution to third party charities specified at the point of donation by the donor. At 30 June 2022, these funds were £3,162,769 (2020/21 - £534,607).

NPT Transatlantic Limited 11

Strategic report 30 June 2022

Investment management

The Trustees of NPT Transatlantic are responsible for the management of all funds maintained by NPT Transatlantic, and funds shall be managed in accordance with the principles and standards of prudence applicable under English law. Under its Memorandum and Articles of Association, NPT Transatlantic 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 portfolio of investments across a range of asset classes. The portfolio is managed by qualified investment managers approved by the Trustees. NPT Transatlantic seeks to balance risk, return and spend so as to observe proper balance between the need to meet present demands on the charity and the need to allow for future charitable objectives. NPT Transatlantic also considers Environmental, Social and Governance factors into accounts when making investments.

Principal risks and uncertainties

In line with the requirement for Trustees to undertake a risk assessment exercise and report on the same in their annual report, the Trustees initiated a process to assess organisational risk. The Trustees have identified five main areas where risk may occur:

Governance risks include those the charity might suffer from lack of direction, skills and training of the Trustees and good use of its funds.

Operational risks include those inherent in the charity's activities including supporting unsuitable appeals from charities, continuity of staff, disaster recovery, etc.

Financial risks include those arising as a result of poor budgetary control, inappropriate spending, inaccurate accounting, and inappropriate investment policies.

Environment or external risks include the possible damage to the charity's reputation, through association with unsuitable charities, or with inappropriate investment activity.

Compliance risks include the effects of government policies, potential adverse changes in these policies and the consequences of non-compliance with applicable laws and regulations.

NPT Transatlantic Limited 12

Strategic report 30 June 2022

Principal risks and uncertainties (continued)

The major forms of financial risk NPT Transatlantic faces are volatility in equity and other investment markets due to economic conditions, the attitude of donors relative to their recommendations on investment risk and changes in sentiment concerning equities and within particular sectors or sub-sectors and where significant reserves are held as cash, the charity faces the risk that such funds lose value in real-terms, due to low interest rates and currency exchange rates.

Having assessed the major risks to which the charity is exposed, in particular to its finances, the Trustees believe that by monitoring reserve levels, by ensuring that controls exist over the key financial systems and by examining the operational and business risks faced by the charity, effective systems are in place to mitigate those risks. The charity maintains an upto-date risk register in order to identify and establish effective systems to mitigate those risks.

In addition to the identified major forms of financial risk, the charity’s risk register is a dynamic document and process that will change over time as different risks are identified and other risks are downgraded or removed. The risks at any one time are graded depending on their perceived likelihood and impact. Assessments are also made as to whether the risks are increasing, decreasing or remaining stable and the action plans, responsibilities and timeframes for their implementation are also reviewed regularly by Trustees during the year. There are generic risks of running any charitable or business undertaking. The most significant risk identified for NPT Transatlantic relates to:

♦ Disaster recovery and planning, including cyber breaches.

Disaster recovery and planning refers to the significant impact that a major unpredictable disaster could have, such as failures in IT systems or physical damage to property and equipment by way of fire, flood or other natural forces. These risks cannot be predicted, 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 insurance coverage.

NPT Transatlantic Limited 13

Strategic report 30 June 2022

Auditor

RSM UK Audit LLP have indicated their willingness to be reappointed for another term.

Disclosure of information to auditor

Each of the Trustees confirm that:

For more information on DAFs and dual-qualified charities see our website at www.nptuk.org.

The Trustees’ Report prepared under the Charities Act 2011, which also contains all information required in a Directors’ report by the Companies Act 2006, and the incorporated Strategic Report prepared under the Companies Act 2006, were approved by the Board of Trustees and signed on behalf of the Trustees by:

Eileen R. Heisman

Eileen R. Heisman Chair

Date: 3 November 2022

NPT Transatlantic Limited 14

Statement of Trustees’ responsibilities 30 June 2022

The Trustees (who are also the directors of NPT Transatlantic Limited for the purposes of company law) are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time, the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NPT Transatlantic Limited 15

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF NPT TRANSATLANTIC LIMITED

Opinion

We have audited the financial statements of NPT Transatlantic Limited (the ‘charitable company’) for the year ended 30 June 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees’ Report other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

NPT Transatlantic Limited 16

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF NPT TRANSATLANTIC LIMITED

Other information (continued)

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report or the Strategic Report included within the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 15, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

NPT Transatlantic Limited 17

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF NPT TRANSATLANTIC LIMITED

Responsibilities of trustees (continued)

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected noncompliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

NPT Transatlantic Limited 18

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF NPT TRANSATLANTIC LIMITED

The extent to which the audit was considered capable of detecting irregularities, including fraud (continued)

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011 and the charitable company’s governing document. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report and remaining alert to new or unusual transactions which may not be in accordance with the governing documents.

The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgments and estimates.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at

http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Nicholas Sladden (Senior Statutory Auditor) For and on behalf of RSM UK Audit LLP, Statutory Auditor Chartered Accountants 25 Farringdon Street London EC4A 4AB Date: 09/11/22

NPT Transatlantic Limited 19

Statement of financial activities Year to 30 June 2022

Notes
2022
Unrestricte
d
Operating
Funds1
£		 Notes
2022
Unrestricte
d
Operating
Funds1
£		 2022
Unrestricted
DAF
Funds2
£		 2022
Restricted
DDF
Funds3
£		 2022
Total
Funds
£		 2021
Total
Funds
£
Income from:
Donations
Voluntary donations
1
698,600
Donations to giving
funds
2
-
Investments
3
-
Other income
685,657
Total income
1,384,257
Expenditure on:
Raising funds
4
735,135
Charitable activities
4
601,398
Realised and unrealised
exchange losses/(gains)
50,178
Total expenditure
1,386,711
Realised and unrealised
(losses)/gains on
investment assets
12
-
Net income and net
movement in funds
5
(2,454)
Reconciliation of
funds
Total funds brought
forward
396,089
Total funds carried
forward
393,635		 -
46,676,061
512,519
-		 -
16,678,143
-
-		 698,600
63,354,204
512,519
685,657		 430,331
60,025,835
162,514
515,724
1,384,257 47,188,580 16,678,143 65,250,980 61,134,404
157,975
17,482,271
(7,652,896)		 3,470
14,076,859
(118,185)		 896,580
32,160,528
(7,720,903)		 571,047
33,111,166
4,079,843
1,386,711 9,987,350 13,962,144 25,336,205 37,762,056
(9,326,764) (87,837) (9,414,601) 1,926,252
27,874,466
75,545,379		 2,628,162
534,607		 30,500,174
76,476,075		 25,298,600
51,177,475
393,635 103,419,845 3,162,769 106,976,249 76,476,075

1 Including £1 share capital

2 Donor-advised funds

3 Restricted donor-designated funds

NPT Transatlantic Limited 20

Balance Sheet 30 June 2022

Company Number: 08612103

Notes 2022
Unrestricted
Operating
Funds
£		 2022
Unrestricted
DAF
Funds
£		 2022
Restricted
DDF
Funds
£		 2022
Total
Funds
£		 2021
Total
Funds
£
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in
hand
Current liabilities
Creditors: amounts
falling due within one
year
14
Net current assets
Total net assets
Represented by the
funds of the charity:
Share capital
Unrestricted operating
funds
Unrestricted DAF funds
Restricted DF funds
Total funds
16		 17,363
-		 -
83,200,408		 -
139,802		 17,363
83,340,210		 10,466
58,059,461
17,363
43,696
421,988		 83,200,408
51,555
20,219,280		 139,802
320,283
2,702,684		 83,357,573
415,534
23,343,952		 58,069,927
773,639
17,748,147
465,684
(89,412)		 20,270,835
(51,398)		 3,022,967
-		 23,759,486
(140,810)		 18,521,786
(115,638)
376,272 20,219,437 3,022,967 23,618,676 18,406,148
393,635 103,419,845 3,162,769 106,976,249 76,476,075
1
393,634
-
-		 -
-
103,419,845
-		 -
-
-
3,162,769		 1
393,634
103,419,845
3,162,769		 1
396,088
75,545,379
534,607
393,635 103,419,845 3,162,769 106,976,249 76,476,075

These accounts were authorised and approved by the Trustees and signed on their behalf by:

Eileen R. Heisman

Eileen R. Heisman

Trustee

Approved on: 3 November 2022

NPT Transatlantic Limited 21

Statement of cash flows Year to 30 June 2022

Notes 2022
£		 2021
£
Cash flows from operating activities:
Net cash provided by operating activities
A
Cash flows from investing activities:
Purchase of tangible fixed assets
Dividends and interest from investments
Proceeds from sale of investments
Purchase of investments
Net cash used by investing activities
Change in cash and cash equivalents in the period
Cash and cash equivalents at the beginning of the reporting
period
Change in cash and cash equivalents due to exchange rate
movements
Cash and cash equivalents at the end of the reporting period
B		 39,795,041
(16,405)
512,519
70,809,408
(97,733,677)		 22,718,181
(2,171)
162,514
60,587,052
(82,626,112)
**(26,428,155) ** (21,878,717)
13,366,886
17,748,147
(7,771,081)		 839,464
12,836,380
4,072,303
23,343,952 17,748,147
A. Reconciliation of net income to net cash used in operating activities
2022
£
Net income per the statement of financial activities
30,500,174
Adjustments for:
Realised and unrealised losses/(gains) on investments
9,414,601
Depreciation charges
9,508
Dividends and interest from investments
(512,519)
Decrease/(increase) in debtors
358,105
Increase/(decrease) in creditors
25,172
Net cashprovided by operating activities
39,795,041
B. Analysis of cash and cash equivalents
2022
£
Cash at bank and in hand
23,343,952
Total cash and cash equivalents
23,343,952		 A. Reconciliation of net income to net cash used in operating activities
2022
£
Net income per the statement of financial activities
30,500,174
Adjustments for:
Realised and unrealised losses/(gains) on investments
9,414,601
Depreciation charges
9,508
Dividends and interest from investments
(512,519)
Decrease/(increase) in debtors
358,105
Increase/(decrease) in creditors
25,172
Net cashprovided by operating activities
39,795,041
B. Analysis of cash and cash equivalents
2022
£
Cash at bank and in hand
23,343,952
Total cash and cash equivalents
23,343,952		 2021
£
Net income per the statement of financial activities
Adjustments for:
Realised and unrealised losses/(gains) on investments
Depreciation charges
Dividends and interest from investments
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cashprovided by operating activities		 30,500,174
9,414,601
9,508
(512,519)
358,105
25,172		 25,298,600
(1,926,252)
6,128
(162,514)
(466,958)
(30,823)
39,795,041 22,718,181
B. Analysis of cash and cash equivalents 2022
£		 2021
£
Cash at bank and in hand
Total cash and cash equivalents		 23,343,952 17,748,147
23,343,952 17,748,147

NPT Transatlantic Limited 22

Accounting policies 30 June 2022

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are described below.

Basis of preparation

The accounts have been prepared under the historical cost convention with items initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Status

The charity is a private company limited by shares and incorporated in England and Wales. The registered office and principal activity is disclosed in the Trustees’ Report and Strategic Report.

Critical accounting estimates and areas of judgement

The most significant areas of judgement and key assumptions that affect items in the accounts are in respect to the allocation of support costs between activities and the value of unlisted investments as explained more fully in the policies set out on pages 24-26. Unlisted investments are recorded at estimated fair value in the absence of readily determined fair values. Management’s estimates are established on the basis of valuations provided by the associated entities and are believed to be a reliable best estimate of fair value. With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying value of assets held by the charity are the level of fundraising achievable, the investment return and the performance of the investment market generally.

Going concern

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.

NPT Transatlantic Limited 23

Accounting policies 30 June 2022

Going concern (continued)

The Trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. This is because the National Philanthropic Trust, the charity’s sole shareholder, has donated to NPT Transatlantic in support of operating costs and has committed to provide financial support to the extent necessary to enable the charity to continue to pay its liabilities as they become due for a period of at least 12 months from the date of approval of these financial statements. Additionally, the strategy document plans for growth and this is to be closely monitored.

Income

Income in the form of contributions is recognised in the period in which the charity is entitled to receipt and the amount can be measured reliably and it is probable that the funds will be received. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or when the donor or funder has specified that the income is to be expended in a future accounting period.

Dividends earned on fixed asset investments are recognised once the dividend has been declared and notification has been received of the dividend due. Interest on cash deposits is recognised as it is earned.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure is included in the statement of financial activities when incurred and includes attributable VAT which cannot be recovered. All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses are allocated or apportioned to the applicable expenditure headings.

Resources expended comprise the following:

NPT Transatlantic Limited 24

Accounting policies 30 June 2022

Expenditure recognition (continued)

It includes both costs that can be allocated directly to such activities and those indirect costs necessary to support them (see c. below).

Fixed Assets

Fixed assets costing over £1,000 are capitalised and recorded at cost, or in cases where fixed assets have been donated to the charity, at the valuation at the time of acquisition.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Computer Equipment: 33.33% p.a. on a straight line basis Furniture and Fixtures: 20.00% p.a. on a straight-line basis

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than 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 25

Accounting policies 30 June 2022

Financial instruments

The charitable company applies the provisions of Section 11 “Basic Financial Instruments” and Section 12 “Other Financial Instruments Issues” of FRS102 to all of its financial instruments. Financial assets and financial liabilities are recognised when the charitable company becomes a party to the contractual provisions of the instrument, and are offset only when the charitable company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments

Listed investments (with the exception of FX products and derivatives, which form an immaterial part of investments held and are therefore treated the same) are initially recognised at transaction value and subsequently measured at fair value as at the balance sheet date using the closing quoted market price.

Money market time deposits are fixed term cash deposits designed to provide a higher rate of return, but cannot be freely accessed before maturity. They are valued based on the amount of cash invested.

Realised gains (or losses) in investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial period. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Unlisted investments are valued at the best estimate of fair value as follows:

Private equity investments are held through funds managed by private equity groups. As there is no identifiable market price for private equity funds, these funds are included at the most recent valuations from the private equity groups where:

Financial assets

Basic financial assets, including trade debtors and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

NPT Transatlantic Limited 26

Accounting policies 30 June 2022

Financial assets (continued)

Where the arrangement with a debtor constitutes a financing transaction, the debtor is initially measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument and subsequently measured at amortised cost.

Financial liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.

Judgement has been applied in whether certain funds held by NPT Transatlantic should be classified as restricted funds or unrestricted funds.

Trustees consider that funds held by NPT Transatlantic in donor-advised funds pending recommendation for onward distribution to third party charities are classified as designated within unrestricted funds. However, the Trustees note the following:

In relation to restricted funds, the Trustees cannot use such funds at their discretion, but must use them for the specific purposes which were the subject of restrictions imposed by the donors at the time of contribution.

Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the average rates of exchange during the year. Exchange differences are taken into account in arriving at the operating results.

Taxation

NPT Transatlantic is a registered charity and as such its income and gains falling within Sections 471 to 489 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 are exempt from corporation tax to the extent that they are applied to its charitable objectives. Accordingly, no provision for current or deferred taxation is considered necessary.

NPT Transatlantic Limited 27

Accounting policies 30 June 2022

Value Added Tax

Value Added Tax is not recoverable by the charity and as such is included in the relevant costs in the statement of financial activities.

Pension costs

Contributions by the charity in respect of its employees’ personal pension plans and workplace pension schemes are charged to the statement of financial activities in the year in which they are earned by those employees.

NPT Transatlantic Limited 28

Notes to the financial statements 30 June 2022

1
2
3
4		 Voluntary donations Voluntary donations Voluntary donations 2022
£		 2021
£
Donations from NPT(US) 698,600 430,331
Voluntary income was wholly unrestricted in both years.
Donations to giving funds		 2022
£		 2021
£
Monies received for disbursement to charities nominated by the donors
(Restricted funds)
Monies received as contributions to Donor Advised Funds (DAFs)
(Unrestricted funds)		 16,678,143
46,676,061		 13,413,041
46,612,794
63,354,204 60,025,835
Investment income 2022
£		 2021
£
Listed and unlisted investments
Interest on cash held as part of investment portfolio		 472,499
40,020		 150,374
12,140
512,519 162,514
Investment income was wholly unrestricted in both years.
Total expenditure
Raising
Funds
£		 Charitable
Activities
£		 2022
Total
Funds
£
30,870,705
911,598
1,199,446
9,508
65,851
33,057,108		 2021
Total
Funds (c)
£
32,121,585
673,150
835,489
6,128
45,861
33,682,213
Direct costs
Grants (a)
Allocated support costs (b)
Personnel and consultants
Other
Depreciation
Governance costs (d)
Total		 -
455,799
372,176
4,754
63,851		 30,870,705
455,799
827,270
4,754
2,000
896,580 32,160,528
Total expenditure
2022 2021
Raising Charitable Total Total
Funds Activities Funds Funds (c)
£ £ £ £
Direct costs
Grants (a) - 30,870,705 30,870,705 32,121,585
Allocated support costs (b)
Personnel and consultants 455,799 455,799 911,598 673,150
Other 372,176 827,270 1,199,446 835,489
Depreciation 4,754 4,754 9,508 6,128
Governance costs (d) 63,851 2,000 65,851 45,861
Total 896,580 32,160,528 33,057,108 33,682,213

NPT Transatlantic Limited 29

Notes to the financial statements 30 June 2022

(a) Grants

Grants
Raising
Funds
£		 Charitable
Activities
£		 2022
Total
Funds
£		 2021
Total
Funds
£
Grants payable at 1 July
Grants paid during the period
Grants payable at 30 June		 -
-
-		 (1,014)
30,871,719
-		 (1,014)
30,871,719
-		 -
32,120,571
1,014
- 30,870,705 30,870,705 32,121,585

Grants for the year have been made in support of the following charitable activities:

2022
£		 2021
£
Education
General charitable organisations
Social welfare
Nature and the environment
Medicine and health
International
The arts
Religion		 12,225,895
6,663,845
4,509,939
2,789,368
2,598,293
777,771
728,151
577,443		 9,360,562
11,941,008
4,540,190
2,090,123
1,601,477
1,149,820
654,646
783,759
30,870,705 32,121,585

The following institutions received total grants which are considered to be material in the context of NPT Transatlantic’s expenditure for the year ended 30 June 2022. Grants are not made to individuals.

2022
£
UBS Optimus Foundation UK
President and Fellows of Harvard College
University of California San Francisco Foundation
Institut Européen de Coopération et de Développement
NamibRand Conservation Trust		 3,649,752
3,567,407
1,643,487
1,281,270
1,031,124
11,173,040

NPT Transatlantic Limited 30

Notes to the financial statements 30 June 2022

The following institutions received total grants which are considered to be material in the context of NPT Transatlantic’s expenditure for the year ended 30 June 2021. Grants are not made to individuals.

2021
£
Southampton Row Trust Limited
World Economic Forum
Institut Européen de Coopération et de Développement
Groton School
University of Notre Dame Du Lac
NamibRand Conversation Trust
National Philanthropic Trust UK Limited
Founders For Good Ltd.
Brown University		 3,685,020
3,473,700
2,721,000
2,221,997
1,867,055
1,527,378
1,334,144
1,233,772
1,171,424
19,235,490

(b) Allocated support costs

Support costs are allocated based on time spent on activities.

(c) Comparative information

Comparative information for total expenditure, analysed by fund, is as follows:

Unrestricted
Operating
Funds
£		 Unrestricted
DAF
Funds
£		 Restricted
DDF
Funds
£		 2021
Total
Funds
£
571,047
33,111,166
33,682,213
Raising funds
Charitable activities		 496,219
447,927		 72,258
18,221,236		 2,570
14,442,003
944,146 18,293,494 14,444,573

(d) Governance costs

Governance costs comprised:

2022
£		 2021
£
Trustees’ grants and expenses
Legal expenses
Accountancy and audit fees		 2,962
35,829
27,060		 230
24,031
21,600
65,851 45,861

NPT Transatlantic Limited 31

Notes to the financial statements 30 June 2022

5 Net movement in funds

This is stated after charging:

Net movement in funds
This is stated after charging:
2022
£		 2021
£
Auditor’s remuneration (inclusive of VAT)
Accountancy fees
Depreciation		 21,600
5,460
9,508		 19,740
4,260
6,128

6 Staff costs

Staff costs
Unrestricted
Operating
Funds
£		 Unrestricted
DAF
Funds
£		 Restricted
DDF
Funds
£		 2022
Total
Funds
£		 2021
Total
Funds
£
Wages and salaries
Social security costs
Pension costs
Medical insurance		 707,355
87,602
32,994
24,152		 -
-
-
-		 -
-
-
-		 707,355
87,602
32,994
24,152		 542,040
68,965
28,476
20,710
852,103 - - 852,103 660,191

The average number of employees during the year was 6 (2020/21: 6).

The number of higher paid employees was:

£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001- £110,000
£260,001- £270,000
£360,001-£370,000		 2022
No.		 2021
No.
1
-
-
2
-
1		 1
1
1
-
1
-
4 4

7 Key management personnel

The key management personnel during the year were the Trustees and the Chief Executive Officer. The total cost of employment of the key management personnel (including employer’s national insurance and pension contributions) totalled £406,202 (2020/21 - £296,268).

NPT Transatlantic Limited 32

Notes to the financial statements 30 June 2022

8 Pension scheme

NPT Transatlantic operates a defined contribution pension scheme for employees. The amounts charged to the statement of financial activities as an expense for the year in respect of contributions to this scheme totalled £32,994 (2020/21: £28,476). At the balance sheet date contributions of £4,345 (2020/21: £1,506) were payable.

9 Trustees’ remuneration and expenses

No Trustee received any remuneration from the charity for their services (2020/21: £nil). Additionally, no Trustees were reimbursed for travel expenses during the year (2020/21: £nil).

10 Taxation

NPT Transatlantic is a registered charity and therefore is not liable to corporation tax on income derived from its charitable activities, or on income and gains arising from investment, as it falls within the various exemptions available to registered charities.

11 Tangible fixed assets – equipment

Tangible fixed assets – equipment
2022
£
Cost
At 1 July 2021
Additions
Carried forward at 30 June 2022
Depreciation
At 1 July 2021
Charge for the year
Carried forward at 30 June 2022
Net book value at 30 June 2022
Net book value at 30 June 2021		 26,031
16,405
42,436
15,565
9,508
25,073
17,363
10,466

NPT Transatlantic Limited 33

Notes to the financial statements 30 June 2022

12 Investments

2022
£		 2022
£		 2021
£
2021
£
38,166,452
82,626,112
(60,587,052)
(4,072,303)
1,926,252
58,059,461
Market value at 1 July
Additions at cost
Disposals at market value
Unrealised exchange gains/(losses)
Net realised and unrealised
(losses)/gains
Market value at 30 June		 58,059,461
97,733,677
(70,809,408)
7,771,081
(9,414,601)
83,340,210

Investments at market value comprised:

UK
£		 Overseas
£		 2022
Total
£
2021
Total
£
Accounts and investments on call
Money market time deposits
FX products and derivatives
Bonds
Listed investments
Multi asset funds
Unlisted investments
Historical cost of investments		 9,712,831
10,358,899
-
10,095,573
43,235,263
-
574,938		 148,420
504,252
12,018
1,925,048
6,295,542
477,426
-		 9,861,251
1,553,348
10,863,15126,313,344
12,018
713
12,020,621
4,753,524
49,530,80523,665,339
477,426
967,434
574,938
805,759
73,977,504 9,362,706 83,340,21058,059,461
91,023,078

13 Debtors

Debtors
Unrestricted
Operating
Funds
£		 Unrestricted
DAF
Funds
£		 Restricted
DDF
Funds
£		 2022
Total
Funds
£		 2021
Total
Funds
£
Debtors and prepaid
expenses
Other debtors		 43,696
-		 51,398
157		 -
320,283		 95,094
320,440		 88,407
685,232
43,696 51,555 320,283 415,534 773,639
Total 2021 43,138 230,117 500,384 773,639

NPT Transatlantic Limited 34

Notes to the financial statements 30 June 2022

14 Creditors: amounts falling due within one year

Unrestricted
Operating
Funds
£		 Unrestricted
DAF
Funds
£		 Restricted
DDF
Funds
£		 2022
Total
Funds
£		 2021
Total
Funds
£
Grants payable
Purchase ledger balances
Audit fee
Accrued expenses
Deferred income
Due to NPT-US		 -
16,127
25,860
39,713
-
7,712		 -
-
-
-
51,398
-		 -
-
-
-
-
-		 -
16,127
25,860
39,713
51,398
7,712		 1,014
18,991
24,360
21,768
45,270
4,235
89,412 51,398 - 140,810 115,638
46,284 - 115,638
2022
Total
Funds
£		 2021
Total
Funds
£
Deferred income at 1 July
Income recognized in the year
Income deferred in the year
Deferred income at 30 June		 45,270
(45,270)
51,398		 50,532
(50,532)
45,270
51,398 45,270

Deferred income relates to monthly administrative fees paid in advance.

15 Financial instruments

2022
£
83,340,210		 2021
£
58,059,461
Carrying amount of financial assets
Instruments measured at fair value through surplus/deficit

16 Movements in funds

Movements in funds
Balance
as at
1 July
2021
£		 Income
£		 Expenditure
£
(1,386,711)
(9,987,350)
(13,962,144)
(25,336,205)		 Realised &
Unrealised
gains/
(losses)
£
-
(9,326,764)
(87,837)
(9,414,601)		 Balance
as at
30 June
2022
£
Unrestricted operating funds
Unrestricted DAF funds
Restricted DDF funds
396,089
75,545,379
534,607		 1,384,257
47,188,580
16,678,143		 393,635
103,419,845
3,162,769
76,476,075 65,250,980 106,976,249

NPT Transatlantic Limited 35

Notes to the financial statements 30 June 2022

Balance
as at
1 July
2020
£		 Income
£		 Expenditure
£		 Realised &
Unrealised
gains
£		 Balance
as at
30 June
2021
£
Unrestricted operating funds
Unrestricted DAF funds
Restricted DDF funds
401,720
49,229,540
1,546,215		 946,055
46,775,308
13,413,041		 (951,686)
(22,351,833)
(14,458,537)		 -
1,892,364
33,888		 396,089
75,545,379
534,607
51,177,475 61,134,404 (37,762,056) 1,926,252 76,476,075

Unrestricted operating funds can be applied towards fulfilling NPT Transatlantic’s charitable purposes.

Unrestricted DAF funds represent funds available for the support of charitable activities.

Restricted DDF funds represent donations made for disbursements to charities indicated at point of gift.

17 Analysis of net assets between funds

Unrestricted
Operating
Funds
£		 Unrestricted
DAF
Funds
£		 Restricted
DDF
Funds
£		 2022
Total
Funds
£
Fixed assets
Current assets
Current liabilities		 17,363
465,684
(89,412)		 83,200,408
20,270,835
(51,398)		 139,802
3,022,967
-		 83,340,210
23,759,486
(140,809)
393,635 103,419,845 3,162,769 106,976,249
Unrestricted
Operating
Funds
£		 Unrestricted
DAF
Funds
£		 Restricted
DDF
Funds
£		 2021
Total
Funds
£
Fixed assets
Current assets
Current liabilities		 10,466
454,977
(69,354)		 58,059,461
17,532,202
(46,284)		 -
534,607
-		 58,069,927
18,521,786
(115,638)
396,089 75,545,379 534,607 76,476,075

18 Ultimate parent undertaking

The immediate and ultimate parent undertaking is National Philanthropic Trust, a charitable 501(c)(3) organisation incorporated in the US. This organisation holds the only share in issue in NPT Transatlantic. Its place of business is 165 Township Line Road, Suite 1200, Jenkintown, PA 19046. Its principal activity is to provide philanthropic expertise to donors, foundations and financial institutions enabling them to realise their philanthropic aspirations.

NPT Transatlantic Limited 36

Notes to the financial statements 30 June 2022

19 Related party transactions

During the year ended 30 June 2022, the National Philanthropic Trust donated £1,128,150 (2020/21 - £1,580,247) to NPT Transatlantic of which £698,600 (2020/21 - £430,331) was made as a voluntary donation. Purchases of £57,218 (2020/21 - £36,997) were made from the National Philanthropic Trust in respect of operating expenses. At 30 June 2022 £7,712 (2020/21 - £4,235) was owed to the National Philanthropic Trust.

During the year, one Trustee (2020/21 - one) donated £3,759 (2020/21 - £5,180) to NPT Transatlantic for purposes of disbursement to certain charities indicated at point of gift.

NPT Transatlantic Limited 37