OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-06-30-accounts

Annual Report & Accounts 30 June 2023

Your Partner in Giving. Helping you achieve your philanthropic goals

TABLE OF CONTENTS

Reports

Contacts, officials and advisors .....................................................................................................3 Welcome from the Chair ..................................................................................................................4 What we do .........................................................................................................................................6 Trustees’ report ..................................................................................................................................8 Strategic report .................................................................................................................................14 Statement of trustees’ responsibilities .......................................................................................19 Independent auditor’s report ........................................................................................................21

Financial Statements

Statement of financial activities .................................................................................................. 26 Balance sheet...................................................................................................................................27 Statement of cash flows ................................................................................................................28 Accounting policies .........................................................................................................................31 Notes to the financial statements ...............................................................................................36

2 | Annual Report & Accounts

CONTACTS, OFFICIALS & ADVISORS

Chair

Eileen R. Heisman

Trustees (who served during the year) Eileen R. Heisman Mary Boakye Ceris Gardner Charles Lubar David Rowe Iain Younger

Principal Investment Managers

UBS 5 Broadgate London EC2M 2QS

Solicitors

Withers LLP 20 Old Bailey London EC4M 7AN

Chief Executive Officer

John Canady

Company Number (England & Wales) 08612103

Registered Address

20 Old Bailey London EC4M 7AN

Principal Address

Charity Registration Number

(England & Wales) 1153376

125 Old Broad Street Suite 610 London EC2N 1AR

Independent Auditor

RSM UK Audit LLP 25 Farringdon Street London EC4A 4AB

Bankers

Bank of America NA 2 King Edward Street London EC1A 1HQ

Annual Report & Accounts | 3

WELCOME FROM THE CHAIR

I am delighted to share with you our Trustees’ Report and Accounts for fiscal year 2022/23.

This past year has been marked by global economic uncertainty and political turmoil. In the UK, the rising cost of living has pushed many families further into financial distress. Thousands of people continue to be affected by ongoing conflict globally. Around the world, natural disasters have devastated entire communities. Against the backdrop of a difficult year, our donors have responded with unprecedented compassion and generosity. I am pleased to report that NPT Transatlantic has made grants to more charitable organisations than ever before, helping 500 charities.

NPT Transatlantic provides donor-advised funds (DAFs) and other giving vehicles to help donors support the charities and causes most important to them. As a UK and US dual-qualified charity, contributions to NPT Transatlantic are recognised for taxadvantaged treatment in both countries.

Our goal is to make charitable giving simple and efficient, and we reached new milestones in fiscal year 2022/23:

We can only meet our mission of increasing philanthropy in society through collaboration with others. I am grateful to NPT Transatlantic’s trustees, staff, partners and, most importantly, our generous donors.

Warm regards,

Eileen R. Heisman

Eileen R. Heisman Chair, Board of Trustees NPT Transatlantic

4 | Annual Report & Accounts

IN FISCAL YEAR 2022/23:

NPT Transatlantic made

736 donor-recommended grants, ranging from £200 to £10.5 million

NPT Transatlantic granted

£68.3 MILLION in total

500 UNIQUE CHARITIES received donor-recommended grants, with donors supporting a wide range of organisations large and small, in the UK and around the world

NPT Transatlantic made grants to 18 COUNTRIES

WHAT WE DO

What is a donor-advised fund?

A DONOR-ADVISED FUND (DAF) is a philanthropic fund administered by a charity, like NPT Transatlantic. A DAF is a flexible alternative to a charitable trust or foundation.

Donors establish a DAF account and make charitable contributions by donating cash or appreciated assets . Donors recommend investments to grow the assets in the DAF, and recommend grants to charities anywhere in the world at any time. Donors receive UK and US tax relief for each contribution to their DAF account.

How a donor-advised fund works

----- Start of picture text -----
DONOR-
ADVISED
FUND
DONATE INVEST GRANT
----- End of picture text -----

What is a single gift to a Designated Fund?

Donors who wish to make a DUAL-QUALIFIED SINGLE GIFT may contribute to a NPT Transatlantic Designated Fund to support the charity of their choice .

7 6 | Annual Report & Accounts

TRUSTEES, REPORT

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 2023. 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).

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.

8 | Annual Report & Accounts

Mission & Historical Background

NPT Transatlantic’s mission is to inspire, support and increase charitable giving in society, primarily through charitable donoradvised 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 donordesignated 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 can ensure that charitable contributions from dual US-UK taxpayers are recognised for taxadvantaged 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.

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 & 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 issuing the grant.

The Trustees seek to certify that each grant recommended from a DAF is 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.

Annual Report & Accounts | 9

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 2022/23, the charity received no complaints about fundraising activities.

Energy & 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. NPT Transatlantic is exempt from disclosing energy consumption as less than 40,000kWh of energy was consumed during fiscal year 2022/23.

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 & 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 one-off progress reports, depending on the nature of the project, the purpose and terms of the grant and the size of the grant awarded.

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.

10 | Annual Report & Accounts

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.

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.

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.

Annual Report & Accounts | 11

STRATEGIC REPORT

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 12 for additional details).

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

14 | Annual Report & Accounts

Achievements & Strategic Goals

Contributions

Our donors contributed £84,420,658 in fiscal year 2022/23 (2021/22 - £63,354,204) to NPT Transatlantic’s DAF accounts 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 DAF accounts. 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 positive for fiscal year 2022/23, primarily attributable to investments in the US markets, reporting income and net gains of £10,653,400 (2021/22 – net losses of £8,902,082). NPT Transatlantic’s Trustees carefully review any new investments and also monitor the investment performance on an on-going basis.

Grantmaking

NPT Transatlantic’s donors recommended 736 grants totalling £68,251,336 in fiscal year 2022/23 (2021/22 – 672 grants totalling £30,870,705). 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 help our donors achieve their philanthropic goals.

(2021/22 - £65,250,980). The increase in contributions is a result of growing awareness amongst donors and their advisors in donor-advised funds as a taxefficient charitable giving vehicle.

Expenditure for the year was £74,557,185 (2021/22 - £25,336,205). This increase was primarily driven by higher grant making. Despite global investment market conditions, fiscal year contributions exceeded charitable distributions for the year ended 30 June 2023, creating a surplus – including investment gains of £8,342,903 (2021/22 investment losses of £9,414,601) - of £21,333,297 (2021/22 - £30,500,174). Funds at the end of the year comprised £128,309,546 (2021/22 - £106,976,249) of unrestricted and restricted funds.

Reserves Policy & 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 2023, these funds were £672,011 (2021/22 - £393,635), representing 4.7 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 2023, these funds were £127,478,121 (2021/22 - £103,419,845).

Financial Review

NPT Transatlantic is committed to increasing philanthropy in society and the 2022/23 fiscal year demonstrated the continued success of the charity in its mission. Income for the 2022/23 fiscal year was £87,547,579

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 2023, these funds were £159,414 (2021/22 - £3,162,769).

Annual Report & Accounts | 15

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 & 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:

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.

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 up-to-date risk register in order to identify and establish effective systems to mitigate those risks.

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

The 2022/23 fiscal year demonstrated the continued success of the charity in its mission.

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

16 | Annual Report & Accounts

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 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.

Auditor

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

Disclosures of Information to Auditor

Each of the Trustees confirm that:

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: 8 November 2023

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

Annual Report & Accounts | 17

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

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.

21 19 | Annual Report & Accounts

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

Annual Report & Accounts | 22

Opinion

We have audited the financial statements of NPT Transatlantic Limited (the ‘charitable company’) for the year ended 30 June 2023 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:

21 | Annual Report & Accounts

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.

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.

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.

Opinions on other matters prescribed by the Companies Act 2006

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

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.

Annual Report & Accounts | 22

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 21, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

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 non-compliance 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.

23 | Annual Report & Accounts

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:

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 risks of management override of controls and income recognition as the areas 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: 07/12/23

Annual Report & Accounts | 24

4

STATEMENT OF FINANCIAL ACTIVITIES Year to 30 June 2023

2023 2023 2023
Unrestricted Unrestricted Restricted 2023 2022
Operating DAF2 DDF3 Total Total
Notes Funds1(£) Funds (£) Funds (£) Funds (£) Funds (£)
Income from:
Donations
Voluntary donations 1 267,000 – – 267,000 698,600
Donations to
giving funds 2 – 45,558,849 38,594,809 84,153,658 63,354,204
Investments 3 938,515 1,371,982 – 2,310,497 512,519
Other income 808,419 8,005 – 816,424 685,657
TOTAL INCOME 2,013,934 46,938,836 38,594,809 87,547,579 65,250,980
Expenditure on:
Raising funds 4 837,174 148,065 35 985,274 896,580
Charitable activities 4 735,462 27,640,576 41,425,642 69,801,680 32,160,528
Realised and
unrealised exchange
losses/(gains) 162,922 3,435,219 172,090 3,770,231 (7,720,903)
TOTAL EXPENDITURE 1,735,558 31,223,860 41,597,767 74,557,185 25,336,205
Realised and
unrealised (losses)/gains
oninvestment asset 12 – 8,343,300 (397) 8,342,903 (9,414,601)
NET INCOME AND NET
MOVEMENT IN FUNDS 5 278,376 24,058,276 (3,003,355) 21,333,297 30,500,174
Reconciliation of funds:
Total funds
brought forward 393,635 103,419,845 3,162,769 106,976,249 76,476,075
Total funds
carried forward 672,011 127,478,121 159,414 128,309,546 106,976,249

1 Including £1 share capital

3 Restricted donor-designated funds

Annual Report & Accounts | 26

BALANCE SHEET

30 June 2023

Company Number: 08612103

2023 2023 2023
Unrestricted Unrestricted Restricted 2023 2022
Operating DAF DDF Total Total
Notes Funds1(£) Funds2(£) Funds3(£) Funds (£) Funds (£)
Fixed assets
Tangible assets 11 10,466 – – 10,466 17,363
Investments 12 – 101,810,810 – 101,810,810 83,340,210
10,466 101,810,810 – 101,821,276 83,357,573
Current assets
Debtors 13 40,646 1,561,874 – 1,602,520 415,534
Cash at bank and
in hand 708,296 24,154,617 159,414 25,022,327 23,343,952
748,942 25,716,491 159,414 26,624,847 23,759,486
Current liabilities
Creditors: amounts
falling due within
oneyear 14 (87,397) (49,180) – (136,577) (140,810)
NET CURRENT ASSETS 661,545 25,667,311 159,414 26,488,270 23,618,676
TOTAL NET ASSETS 672,011 127,478,121 159,414 128,309,546 106,976,249
Represented by the
funds of the charity:
Share capital 1 – – 1 1
Unrestricted
operating funds 672,010 – – 672,010 393,634
Unrestricted
DAF funds – 127,478,121 – 127,478,121 103,419,845
Restricted DAF funds – – 159,414 159,414 3,162,769
TOTAL FUNDS 672,011 127,478,121 159,414 128,309,546 106,976,249

These accounts were authorised and approved by the Trustees and signed on their behalf by: Eileen R. Heisman

Eileen R. Heisman Trustee

Approved on: 8 November 2023

27 | Annual Report & Accounts

STATEMENT OF CASH FLOWS

30 June 2023

2023 2022
Notes (£) (£)
Cash fows from operating activities:
Net cash provided by operating activites A 9,498,164 39,795,041
Cash fows from investing activities:
Purchase of tangible fxed assets (2,589) (16,405)
Dividends and interest from investments 2,310,497 512,519
Proceeds from sale of investments 125,787,876 70,809,408
Purchase of investments (139,522,882) (97,733,677)
NET CASH USED BY INVESTING ACTIVITIES (11,427,098) (26,428,155)
Change in cash and cash equivalents
in the period (1,928,934) 13,366,886
Cash and cash equivalents at the beginning of the
reporting period 23,343,952 17,748,147
Change in cash and cash equivalents due to
exchange rate movements 3,607,309 (7,771,081)
Cash and cash equivalents at the end of
the reporting period B 25,022,327 23,343,952

Annual Report & Accounts | 28

A. Reconciliation of net income to net cash used in operating activities

2023 2022
(£) (£)
Net income per the statement of fnancial activities 21,333,297 30,500,174
Adjustments for:
Realised and unrealised (gains)/losses on investments (8,342,903) 9,414,601
Depreciation charges 9,486 9,508
Dividends and interest from investments (2,310,497) (512,519)
Decrease/(increase) in debtors (1,186,986) 358,105
Increase/(decrease)in creditors (4,233) 25,172
NET CASH PROVIDED BY OPERATING ACTIVITIES 9,498,164 39,795,041

B. Analysis of cash and cash equivalents

Cash at bank and in hand 25,022,327 23,343,952
TOTAL CASH AND CASH EQUIVALENTS 25,022,327 23,343,952

29 | Annual Report & Accounts

ACCOUNTING POLICIES

Annual Report & Accounts | 32

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.

31 | Annual Report & Accounts

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 35-36. 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.

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.

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.

Annual Report & Accounts | 32

Resources expended comprise the following:

It includes both costs that can be allocated directly to such activities and those indirect costs necessary to support them.

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.

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.

33 | Annual Report & Accounts

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.

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

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.

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.

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.

Annual Report & Accounts | 34

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.

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.

37 | Annual Report & Accounts

NOTES TO THE FINANCIAL STATEMENTS 30 June 2023

1. Voluntary donations

2023 2022
(£) (£)
Donations from NPT(US) 267,000 698,600

Voluntary income was wholly unrestricted in both years.

2. Donations to giving funds

Monies received for disbursement to charities
nominated by the donors (Restricted funds) 38,594,809 16,678,143
Monies received as contributions to Donor Advised
Funds(DAFs) (Unrestricted funds) 45,558,849 46,676,061
84,153,658 63,354,204
3. Investment income
Listed and unlisted investments 1,308,362 472,499
Interest on cash held as part of investment portfolio 1,002,135 40,020
2,310,497 512,519

Investment income was wholly unrestricted in both years.

Annual Report & Accounts | 36

4. Total expenditure

2023 2022
Raising Charitable Total Total
Funds (£) Activities (£) Funds (£) Funds (£)
Direct costs
Grants (a) – 68,251,336 68,251,336 30,870,705
Allocated support costs (b)
Personnel and consultants 562,143 562,143 1,124,286 911,598
Other 378,129 981,458 1,359,587 1,199,446
Depreciation 4,743 4,743 9,486 9,508
Governance costs(d) 40,259 2,000 42,259 65,851
TOTAL 985,274 69,801,680 70,786,954 33,057,108
(a) Grants
Grants payable at 1 July – – – (1,014)
Grants paid duringthe period – 68,251,336 68,251,336 30,871,719
– 68,251,336 68,251,336 30,870,705

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

2023 2022
(£) (£)
Social welfare 28,208,343 4,509,939
General charitable organisations 12,678,967 6,663,845
Education 11,595,854 12,225,895
Nature and the environment 6,461,058 2,789,368
Medicine and health 6,098,683 2,598,293
The arts 1,625,786 728,151
Religion 1,559,946 577,443
International 22,699 777,771
68,251,336 30,870,705

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 2023. Grants are not made to individuals.

37 | Annual Report & Accounts

2023
(£)
The Roald Dahl Museum and Story Centre 10,500,000
Roald Dahl's Marvellous Children's Charity 10,500,000
Institut Europeen de Cooperation et de Developpement 6,463,694
Economics Education and Research Consortium, Inc. 5,250,000
NamibRand Conservation Trust 3,369,471
World Economic Forum 3,083,452
Brown University 2,920,518
Arastradero Research Institute 1,763,878
Noora Health 1,608,042
Impetus - The Private Equity Foundation 1,520,451
UniversityCollege London 1,506,157
48,485,663

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

(b) Allocated support costs

Support costs are allocated based on time spent on activities.

Annual Report & Accounts | 38

(c) Comparative information

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

Unrestricted Unrestricted Restricted 2022
Operating DAF DDF Total
Funds (£) Funds (£) Funds (£) Funds (£)
Raising funds 735,135 157,975 3,470 896,580
Charitable activities 601,398 17,482,271 14,076,859 32,160,528
1,336,533 17,640,246 14,080,329 33,057,108

(d) Governance costs

Governance costs comprised:

2023 2022
(£) (£)
Trustees’ grants and expenses 3,252 2,962
Legal expenses 5,155 35,829
Accountancyand audit fees 33,852 27,060
42,259 65,851

5. Net movement in funds

This is stated after charging:

2023 2022
(£) (£)
Auditor’s remuneration (inclusive of VAT) 24,480 21,600
Accountancy fees 9,372 5,460
Depreciation 9,486 9,508

6. Staff costs

Unrestricted Unrestricted Restricted 2023 2022
Operating DAF DDF Total Total
Funds (£) Funds (£) Funds (£) Funds (£) Funds (£)
Wages and salaries 904,889 – – 904,889 707,355
Social security costs 119,320 – – 119,320 87,602
Pension costs 29,125 – – 29,125 32,994
Medical insurance 26,095 – – 26,095 24,152
1,079,429 – – 1,079,429 852,103

39 | Annual Report & Accounts

The average number of employees during the year was 7 (2021/22: 6).

The number of higher paid employees was:

2023 2022
No. No.
£70,001 - £80,000 2 1
£100,001 - £110,000 – 2
£110,001- £120,000 1 –
£130,001- £140,000 1 –
£360,001-£370,000 – 1
£400,001-£410,000 1 –
5 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 £464,287 (2021/22 - £406,202).

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 £29,125 (2021/22: £32,994). At the balance sheet date contributions of £2,613 (2021/22: £4,345) were payable.

9. Trustees’ remuneration and expenses

No Trustee received any remuneration from the charity for their services (2021/22: £nil). Additionally, no Trustees were reimbursed for travel expenses during the year (2021/22: £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.

Annual Report & Accounts | 40

2023 (£)

11. Tangible fixed assets - equipment

Cost
At 1 July 2022
Additions
Carried forward at 30 June 2023
Depreciation
At 1 July 2022
Charge for the year
Carried forward at 30 June 2023
NET BOOK VALUE AT 30 JUNE 2023
Net book value at 30 June 2022		 42,436
2,589
45,025
25,073
9,486
34,559
10,466
17,363

12. Investments

2023 2022
(£) (£)
Market value at 1 July 83,340,210 58,059,461
Additions at cost 139,841,432 97,733,677
Disposals at market value (125,787,876) (70,809,408)
Unrealised exchange (losses)/gains (3,926,256) 7,771,081
Net realised and unrealised
gains/(losses) 8,343,300 (9,414,601)
MARKET VALUE AT 30 JUNE 101,810,810 83,340,210

Investments at market value comprised:

Accounts and investments on call
Money market time deposits
FX products and derivatives
Bonds
Listed investments
Multi asset funds
Unlisted investments		 UK
(£)
Overseas
(£)
2023
Total (£)
2022
Total (£)
863,134
436,480
1,299,614
9,861,251
21,511,802
182,362
21,694,164
10,863,151
814
–
814
12,018
12,532,749
1,820,111
14,352,860
12,020,621
56,296,497
6,678,163
62,974,660
49,530,805
–
380,001
380,001
477,426
1,108,697
–
1,108,697
574,938
101,810,810
83,340,210
HISTORICAL COST OF INVESTMENTS 101,368,826
91,023,078

41 | Annual Report & Accounts

13. Debtors

Unrestricted Unrestricted Restricted 2023 2022
Operating DAF DDF Total Total
Funds (£) Funds (£) Funds (£) Funds (£) Funds (£)
Debtors and prepaid
expenses 40,646 1,561,724 – 1,602,370 95,094
Other debtors – 150 – 150 320,440
40,646 1,561,874 – 1,602,520 415,534
TOTAL 2022 43,696 51,555 320,283 415,534

14. Creditors: amounts falling due within one year

Unrestricted Unrestricted Restricted 2023 2022
Operating DAF DDF Total Total
Funds (£) Funds (£) Funds (£) Funds (£) Funds (£)
Grants payable – – – – –
Purchase ledger
balances 14,211 – – 14,211 16,127
Audit fee and
accrued expenses 67,682 – – 67,682 65,573
Deferred income – 49,180 – 49,180 51,398
Due to NPT-US 5,504 – – 5,504 7,712
87,397 49,180 – 136,577 140,810
TOTAL 2022 89,412 51,398 – 140,810

Movements in deferred income:

2023 2022
Total Total
Funds (£) Funds (£)
Deferred income at 1 July 51,398 45,270
Income recognized in the year (51,398) (45,270)
Income deferred in the year 49,180 51,398
Deferred income at 30 June 49,180 51,398

Deferred income relates to monthly administrative fees paid in advance.

Annual Report & Accounts | 42

15. Financial instruments

2023 2022
(£) (£)
Carrying amount of fnancial assets
Instruments measured at fair value through
surplus/defcit 101,810,810 83,340,210

16. Movement in funds

Realised &
Balance Unrealised Balance as
as at 1 July Income Expenditure gains/(losses) at 30 June
2022 (£) (£) (£) (£) 2023 (£)
Unrestricted
operating funds 393,635 2,013,934 (1,735,558) – 672,011
Unrestricted
DAF funds 103,419,845 46,938,836 (31,223,860) 8,343,300 127,478,121
Restricted DDF funds 3,162,769 38,594,809 (41,597,767) (397) 159,414
106,976,249 87,547,579 (74,557,185) 8,342,903 128,309,546
Realised &
Balance Unrealised Balance as
as at 1 July Income Expenditure gains/(losses) at 30 June
2021 (£) (£) (£) (£) 2022 (£)
Unrestricted
operating funds 396,089 1,384,257 (1,386,711) – 393,635
Unrestricted
DAF funds 75,545,379 47,188,580 (9,987,350) (9,326,764) 103,419,845
Restricted DDF funds 534,607 16,678,143 (13,962,144) (87,837) 3,162,769
76,476,075 65,250,980 (25,336,205) (9,414,601) 106,976,249

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.

43 | Annual Report & Accounts

17. Analysis of net assets between funds

Unrestricted Unrestricted Restricted 2023
Operating DAF Funds DDF Funds Total
Funds (£) (£) (£) Funds (£)
Fixed assets 10,466 101,810,810 – 101,821,276
Current assets 748,942 25,716,491 159,414 26,624,847
Current liabilities (87,397) (49,180) – (136,577)
672,011 127,478,121 159,414 128,309,546
Unrestricted Unrestricted Restricted 2022
Operating DAF Funds DDF Funds Total
Funds (£) (£) (£) Funds (£)
Fixed assets 17,363 83,200,408 139,802 83,357,573
Current assets 465,684 20,270,835 3,022,967 23,759,486
Current liabilities (89,412) (51,398) – (140,810)
393,635 103,419,845 3,162,769 106,976,249

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.

19. Related party transactions

During the year ended 30 June 2023, National Philanthropic Trust donated £1,630,666 (2021/22 - £1,128,150) to NPT Transatlantic of which £267,000 (2021/22 - £698,600) was made as a voluntary donation. Purchases of £88,735 (2021/22 - £57,218) were made from National Philanthropic Trust in respect of operating expenses. At 30 June 2023 £5,503 (2021/22 - £7,712) was owed to National Philanthropic Trust.

During the year, one Trustee (2021/22 - one) donated £3,959 (2021/22 - £3,759) to NPT Transatlantic for purposes of disbursement to certain charities indicated at point of gift.

Annual Report & Accounts | 44

UKT PUB ARA 1123 © NPT Transatlantic. All rights reserved.