FT -DE •ADZ6612G* 2610312025 COMPANIES HOUSE #202 Annual Accounts rtin YoDj￿ ParftrOQff Iro Gmng. Nelping achieve philanthropic t]￿ll[] QODD TRANSATLANTIC TABLE OF CONTENTS Reports Contacts, officials and advisors.. .. Welcome from the Chair.................................... What we do... ... Trustees, report............... . Strategic report...................... ................. . Statement of trustees, responsibilities........................................... Independent auditor's report.................................................:........... .13 .18 .19 Financial Statements Statement of flnancial actlvlties........................................................ Balance sheet.................... Statement of cash flows .......................................................... . Accounting policies ............ Notes to the financial statements ... .24 .25 .26 .28 .34 Annual Repori & Atcounrs 13 CONTACTS, OFFICIALS & ADVISORS Chair Elleen R. Heisman Principal Investment Managers UBS 5 8roadgate London EC2M 2QS Trustees (who served during the yeor ond 0¢ the dote of opprovol of thi5 report) Eileen R. Heisman Mary Boakye Cerls Gardner Charles Lubar David Rowe OBE lain Younger Solicitors Withers LLP 20 Old Bailey London EC4M 7AN Chief Executive Officer John Canady Registered Address 20 Old 8ailey London EC4M 7AN Compony Number (England & Wolesj 08612103 Principol Address 125 Old Broad st￿et Sulte 610 London EC2N 1AR Charity Registrotion Number (Englond & Wolesj 1153376 Independent Auditor RSM UK Audft LLP 25 Farrlngdon Street London EC4A 4A8 Bankers Bank of Arnerica NA 2 King Edward Street London EC1A 1HQ Annual Reporl & Accounts WELCOME FROM THE CHAIR It Is my slncere pleasure to present NPT Transallantlc's Trustees. Report andAccounts for fiscal year 2023124. Contrlbutions to donor.advised funds and donor4esignated funds Increased by 14%. Unrestricted and restrlcted assets reached £193.8 million. an increase of 51% from the prior year. all of which will support qualified charllies in the UK, US. and worldwide. Over the past year. communitles and famllles have faced a now-familiar series of threats. Conflict continues unabated in Ukraine, and war now threatens to engulfthe Mlddle East, with global consequences for food security and energy supplles. Cllmate change has fueled 50aring temperatures and record- breaklng rainfall, pushlng many vulnerable communitles to the breaklng point. Concerns over inflation and d155atlsfaction wlth the polltlcal status quo h8ve shaken Incumbent governments In Europe and the US. In the UK, the ongolng cost of Ilvlng crisls is puttlng financial strain on families and charities alike as both face Increaslng cosls. As ever, our donors have responded to these challenges wlth compasslon and generosity. for whlch we are grateful. Thls past year. NPT Transatlanti made 9rants to more charitable organlsatlons than ever before, helplng 500 charities since we commenced operations. Increaslng philanthropy In soclety Is onty possible when we collaborate wlth like- minded people. l am grateful to NPT Transatlantic's trustees, staff, partners and, most Importantly. our generous donors. Warm regards. Elleen R. Holsman Cholr, Booid of Trustees NPT Tion$Dtlgntl¢ NPT Transatlantlc provldes donor-advised funds IDAFS) to help donors support the ch8rltles and causes closest to their hearts. As a UK and US dual-qualified charity, contributions to NPT Transatlantic are recognised for tax-advantaged treatment In both countries. rl We reached new mllestones in fiscal year 2023124 as we soughtto remove barriers to high net worth giving.. . Donor-recommended grants were £47.5 million thi5 f15cal year, bringing the cumulative grants since inception to £259.7 million. Annual Report & Accounis | S IN FISCAL YEAR 2023124: NPT Transatlantic made 795 donor-recommended grants. ranging from £200 to £2.8 million NPT Transatlantic granted £47.5 MILLION in total 155 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 21 COUNTRIES I TRUSTEES, REPORT The Trustees (who are also the directors for purposes of Company Lawl present their stalutory report wlth the financial statements of NPT Transatlantic Llmlted I"NPT Transatlantic") for the year ended 30 June 2024. The financial statements have been prepared in accordance with the ccountlng pollcles and comply with the charltable company's governlng document. the Companles Act 2006 and "Accountlng and Reporting by Charities Statement of Recommended Practlce applicable to charities preparing their accounts in accordance wlth the Financial Reportlng Standard applicable in the UK and Republic of Ireland {FRS 102). {as amended for accountlng periods commencing from 1 January 2019). NPT Transotlontic s mission is to inspire, support and increose choritoble giving in societyi primarily through charitoble donor-odvised funds IDAFSJ, which benefit chorities and voluntary organisations in the UK ond internotionolly. Annual Report & Accounts Mission & Historical Background NPT Transatlantic's mlsslon Is to Insplre. support and Increase charilable giving in society, primarily through charltable donor- advised funds IDAFSI, which benefit charities and voluntary organlsatlons In the UK and internationally. • Optimise funds for grant making through the prudent investment and stewardship of charitable donations. The Trustees have pald due regard to publlc benefit guidance Issued by the Charity Commission in deciding what activities the charltable company should undertake. In addition lo offering DAFS, we provide number of olher philanthropic services to further our mission. such as restrlcted donor- designated funds IDDFS) intended for specific charltles and are restricted funds under UK law. Thls givlng vehlcle is establlshed by NPT Transatlantic to allow donors to use NPT Transatlantic as a tax efficient Intermedlary when making donatlons to partlcular charlties. Amerlcan Frlends of. organlsations and colleges and universlties are examples of organSsatlons that can beneflt from this seNice. NPT Transatlantic makes grants to charitable organizations in the UK and around the world and does nol have any diiect relationship with the beneficiaries of its grantees, as funds are granted to reglstered charltles who then use funds for thelr operational purposes. Governing Document The charity Is controlled by its governlng document. the Memorandum and Artlcles of Assoclatlon, and constltuted as company limited by shares as deflned by the Cofflpanles Act 2006. NPT Transatlantic was establlshed as a registered charity in England and Wales In 2013 by National Philanthropic Trust, charltable 501{c1131 organisatlon in the Unlted States (US}, In response lo grovAng Intern8tlonal 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. DAFS are unrestricted funds under UK law. The charlty's sole shareholder Is Natlonal Phllanthroplc Trust, a US charr¢able 501lc)(31 organlsatlon. Meosuring Impact & Public Benefit As a grantmaklng charity, provlding public benefit is at the heart of the charity's activity. NPT Transatlantlc seeks to advance phllanthropy In society, primarily through the pr¢)vlslon of chariiable DAFS. As a dual-qualified entity, NPT Transatlantic can ensure that charltable donatlons from dual US-UK taxpayers are recognlsed for tax- dvantaged treatment in both countries. Donors to NPT Transatlantic can recommend granls from their DAFS to support organlsatlons of their choice. provided that such organi5ations pursue charitable purFxises as the term is defined under UK and US law. NPT Transatlantic reviews and musl approve all grant recommendations before Issulng the grant and consequently reallslng the designatlon. NPT Transatlantic aims to achieve its mission In a number of areas.. research and promole DAFS as a cost- effective vehicle for giving; support a bioad range of donors- corporate. individual and charitable through the establishment of philanthropic giving vehicles; The Trustees seek to certify that each grant recommended from a DAF is In furtherance of a charitable purpose and offers an identlfiable benefit to the publlc 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 mole than incidentsl. provlde grantmaklng advlce. expertlse and support to donors., maximise donations through gift aid recovery and use of government incentives in the US and UK for charitable donations: and Annual Report & Accounts | 9 Choritable Objectives Grantmaking Priorities & Exclusions The Trustees regularly revlew NPT Transatlantic's policles. objectlve5 and guidellnes to ensure that grants made are in support of exclusively charltable purposes and for public benefit. As such. grants cannot be paid to The charitable objectives are to Increase the amounts avallable for charitable purposes by-. encouraging glvlng; facilitating efficient colleclion, investment and distribution of funds to minimise overheads: maximising eligibility for tax relief to increase the benefit to charitable purposes In proportlon lo the cost; and support actlvltles whlch are not excluslvely ch8rltable: applying those funds raised In support of such exclusively charitable purposes as the Trustees shall from time to time determine. individuals,. private non-operating foundatlons las defined by US lawl- Fundraising Stotement provlde any prlvate benefit le.g, payment of tuition, dues, membership fees, benefit tlckets or goods bought at charltable auction): and NPT Transatlantic does not adively 501Sclt donations and therefore is not reglstered with the Fundraising Regulator or subscribed to any fundraising codes of practice. When donatlons from Indlviduals are received. Ihe charlty alms to protect personal data and never sells data or swaps data wlth other organisations. During fiscal year 2023124, the charlty received no complaints about fundraising activities. satSsfy any polltical contrlbutlons or support campalgn actlvltles. Charities are notified electronlcally of grants awarded and grant payments are made electronlcally. Grant reciplents may or may not submlt to NPT Transatlantic regular or one-off progress reports, depending on the nature of the project. the purpose. condltlons, and terms of the grgnt and the slze ofthe grant awarded. Energy & Carbon Reporting NPT Transatlantic Is committed to looking after the environment and 15 Striving to become more energy conscious wlth a focus on reducing carbon emissions and the promotion of energy efficient actions. NPT Transatlantlc is exempt from dlsclosing energy consumption as le55 than 40,000 kwh of energy was consumed during flscal yeai 2023124. When formal monitoring is requlred. the process alms to be unobtrnsive since some chaTitles can struggle under the burden of monltorlng requlrements. Grant reeipSents submit Infom)atlon on a NPT Transatlantic form that Is provlded. or similar report that has been prepared for another funder. as many ofthe grants are contributions to projects also supported by one or several other donors. Plans for Future Periods We wlll continue to promote philanthropy In society by working with donors to help them effectively manage their charitable glvlng. In addltlon to r8lslng awareness of DAFS w4th donors. we wlll also partner with their advi50rs-wealth managers, tax advisors. sollcltors 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 givlng are all focused on increasing charitable giving in the UK and beyond. 10 l Annual Report & Accounrs Trustees Governonce Organisotlonol stwrture The Trustees are ultimately responslble for the policies. actlvltles and 8ssets of the charity. They meet to revlew developments with regard to the charlty and its grantmaklng and Investment actSvltles, and to make any important decisions. When necessary, the Trustees seek advice and support from the charity's PTofessional advlsers. Recruitment ond oppolntment of new Trustees At any one time the charlty has between four and seven Trustees who meet in person and by teleconference a minimum ofthree tlmes every year and addltionally as required. The identification of potential new Trustees is carrled out by the Board. the aim being to appoint those with the approprlate expertise and experience for NPT Transatlantic's work. On agreelng to become a Trustee of the charlty. new Trustees are thoroughly brlefed by theli COvTrustees and key management on the history of the charlty, day-to-day managemenL responsibilities of the Trustees, current objectives and future plans. The Trustees are also encouraged to attend tralnln9 and update courses. Key monogement personnel The key management personnel are consldered to be the Trustees and the CEO. The Trustee5 set the pay of the CEO. The Trustees are nol remunerated for their roles. Admlnlstratlon NPT Tiansatlantic seeks to build efficient 8nd effective adminlstratlve systems. wh1151 recognising the effectiveness of working in partnershlp wlth other organlsations. To this end, admlnlstration, management information systems, payroll and lechnology function5 of the charlty are provided to NPT Transatlantlc by two org8nlsations.' Buzzacott LLP ofthe UK and Natlonal Phll8nthroplc Trusl of the US Both arrangements are governed by servlce ègreements which also make provisions for dala protection and confidentialitylpTivacy requirements. Reglster ol Trustees, Interests In accordance with Company Law and the Charlty Commission guidance that cttarlty Trustees and key management who may have a personal interest in any matter before the Trustees should declare that Interest and refraln from laking part In any dlscusslon relatln9 to it, a 'Reglster of Truslees. Interests, Is malntained and updated annually. Trustees are requlred to disclose all relevant Interests and reglster them wlth the Chief Executive Officer, and, in accordance with the charity's policy. wlthdr8w from decislons where a conflict of interest arises. Trustees ore required to disclose oll relevant interests and register them with the Chief Executive Officer, ond, in occordonce with the chority's policy, withdrow from decisions where o conflict of interest arises. Annual Report & Accoun15 1 11 STRATEGIC REPORT Trustees, Duties d. the Impact ofihe company's operatlon5 on the community and envlronmenL The Trustees of NPT Transatlantic must act In accordance wlth a set of general dutles. These dutles are detailed in sedion 172 ofthe Companles Act 2006. which Is summarlsed as follows.. e. the desirability of the company malntalnlng a reputalion for high standards of business conduct; and f. the need to act falrly as between members of the company." "A dlrector of a company must act In the way they conslder. In good falth, would be most Ilkely to promote the success ofthe company for the benefit of its members as a whole, and in doing so have regard lamong5t other m6ttets} to: The Trustees are briefed on thelr dutles 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. a. the likely con5equence5 Qf any deci5i0n in the long term; b. the interests of the company's employees; The following 5ertlon5 of the Stratègic Report hlghlight how the Tiustees of NPT Transatlantic have successfully fulfilled their duties. c. the need to foster the company'5 business relationships with suppliers. customers and others: Annual Report & Accounts 1 13 Achievements & Strategic Goals 12022123- £87,548,479). The increase In donations is a result of growng awareness amongst donors and Ihelr advisors in donor- advised funds as a tax-efficient charitable giving vehicle. Donotlons Our donors donated £95,660.806 in fiscal year 202312412022123 - £84.420.658} to NPT Transatlantic's DAF accounts and other phllanthroplc giving vehlcles. Wire transfers are the most common method of making donatlons. We have also accepted restrlcted shares. apprecialed securities and limited partnershlp Interests as donations. These donatlons are turned Into philanthroplc capital for the tauses and charities closest to our donors. hearts. Expendlture for the year was £48.853,640 12022123- £74,557,185). Thls decrease was primarily driven by lower grant maklng. Flscal year donalion5 exceeded charltable dlstrlbutlons for the year ended 30 June 2024. creatlng a movement in lunds of £65.481,02212022123 - £21.334.197). This movement includes Investment gains of £14,806.52612022123 Investment galns of £8,342,9031. Total funds at the end of the year comprlsed £193.790.568 12022123 - £128.309,546 of unrestrlcted and restrlcted funds.) Investments NPT Transatlantlc's assets under management have grown as donors make donatlons to their DAF accounts. NPT Transatlantic donors can Indlcate an investment pTeferen¢e, wlth reference to preapproved investments and separately managed accounts, including unllsted investments, in an effort to increase the amounts available for grants. Investment perfoimance was positive for fiscal year 2023124. primarlly attrlbutable to investments in the US markets, reportlng income and net gain5 of £18.671.751 12022123- net gains of £10,653.4001. NPT Transatlantic's Trustees carefulty review any new investments and also monitor the investment performancè on an on*oing basis. Reserves Policy & Funds NPT Transatlantic's free reserves pollcy Is to malntain, ideally, a level equivalent to between three and six months. general operatlng expenditure. These funds represent assets whlch are not restrlcted and not represented by DAFS. The amount of unrestrlcted funds available for operating expenditure was £1,087,019 at 30 June 2024 (2022123 - £708,296). whlch exceeds the stated policy. The Trustees consider that reserves at thls level will ensure that, In the event of 8 drop In fundlng, they wlll be able to contlnue the charity's current activitie5 for a perlod of time that allows for sufficient consideration to be given to ways in which additional funds may be ralsed. Grantmoklng NPT Transatlantic's donors recommended 795 grants totalling £47,490,162 in fiscal year 2023124 (2022123- 736 grants totalllng £68,251.3361. NPT Tfansallantic's staff assisted our donors with varying steps In the grantmaking proce55. from answering basic questions about philanthropy to creatlng complex grant agreements. Our team has substantlal knowledge about phllanthropy. DAFS and Industry best practices that support our donors. We work to help our donors achieve their philanthropic goals. Unrestrictecl funds are those funds held by NPT Transatlantic pending recommendation for onward distribution to third party charltles or held for other charitable purposes. At 30 June 2024, these funds were £191.345,646 (2022123 - £128.151.132). Restrlcted donor-designated funds are those funds held by NPT Transatlantic for specific charitable purposes pendlng distribution to third paty charities specified at the point of donation by the donor. At 30 June 2024, these funds were £2,445,422 12022123 - £159.414}. Finonciol Review NPT Transatlantic is committed to increasing phllanthropy in soclety and the 2023124 fiscal year demonstrated the continued success of the charlty In its mission. Income for the 2023124 fiscal year was £99,528,136 14 1 Annual Report & Accounts Investment Management Environment or external rlsks Include the posslble damage to the charity's reputation, through association with unsultable charities or donors, or wlth inapproprlate Investment actlvlty. The Trustees of NPT Transatlantlc are responslble for the management of all funds malntalned by NPT Transatlantlc. and funds shall be managed in accordance with the principles and standards of prudence applicable under English law. Under Sts Memorandum and Articles ofAssociation, NPT Transatlantic has the power to Invest funds that are not Immedlately required for charltable purposes. NPT Transatlantlc's investment policy is to hold a dlversified global portfolio of investments across a range of asset classes. The portfolio is managed by qualified investment managers approved by the Trustees. NPT Transatlantlc seeks to balance rlsk, return and spend so a5 to observe proper balance between the need to meet present demand5 on the charlty and the need to allow for future charltable objectives. Compliance risks include the effects of government policies, potential adverse changes In these policles and Ihe consequence5 Qf r)on 10 18,3431 13,8651 1794 12,3101 11.1861 Decreaselllncrea5el in debtors Incre8selldecreasel In credltors NET CASH PROVIDED BY OPERATING ACTIVITIE5 46,034 9.498 B. Analysis ot cash and eosh equivalents Cash at bank gnd In hand 17.820 25,022 25.022 TOTAL CASH AND CASH EOUIVALENTS 17,820 Annual Repori & A¢couni$ 1 27 ACCOUNTING POLICIES The principal accountlng pollcle5 adopted, judgements and key sources ofestlmatlon uncertalnty in the preparatlon of the accounts are descrlbed below. Financlal Reporting Stsndard applicable In the UK and Republic of Ireland IFRS 102). the CompanSes Act 2006 and Ihe Charltles Act 2011. Basis of Preparation The charity constitutes a public benefit entity s deflned by FRS 102. The accounts have been prepared under the historlcal cost convention with items InStlally recognised at cost 01 transactlon value unless otherwlse stsled in the felevant accounting policy notes. The accounts are piesented in sterllng and are rounded to the nearest thousand pound. The accounts have been prepared In accordance wtth Accounting and Reportlng by Charltles: Ststement of Recommended Prartice applicable to charities preparing their accounts in accordance wlth the 28 1 Annual Report & Accounts Status Income The charity is a private company Ilmlted by shares and incorporated in England and Wales. The registered office and principal activity is disc105ed in the Trustees, Report and Strategic Report. Income in the form of donations is recognised in the perlod In whlch the charity Is entltled to receipt and the amount can be measured reliably and il 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 8 future accounting period. Critical occounting estimates and areas of judgement The most significant areas ofjudgement and key assumptions that affect items in the accounts are in respect of the value of unlisted investments as explained more fully in the policies set out on page 30 estimated fair value in the absence of readlly determined fair values. Management'5 estlmates are establlshed on the basls of valuations provided by the assoclated entilies and are believed to be 8 rellable best estimate of fair value. Dividends earned on fixed asset investments are recognlsed once the dlvidend has been declared and notification has been received of the dlvidend due. Interest on cash deposlts Is fecogni5ed as It Is earned. Expenditure Recognition Liabilities are recognlsed a5 expendlture as soon as there Is a legal or constructive obllgatlon commltting the charlty to make a payment to a thlrd paty, It Is probable that a transfer of economic benefits will be requlred In settlement and the amount of the obligatlon can be measured reliably. Golng Concern The Trustee5 have assessed whether the use of ihe golng concern assumptlon 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. Expendlture is included In the statement of flnancial activities when Incurred and Includes attributable VAT which cannot be recovered. All expendlture Is accounted for on an accruals basls. Expendlture comprises direct costs and support costs. All expenses are allocated or apportioned to the applicable expenditure headings. The Trustees have concluded Ihat there are no material uncertalntles related to events or conditions that may cast significant doubt on the abllty ofthe charlty to continue s a golng concern. This Is because the Natlonal Phllanthropic Trusi. the Charity's sole shareholder, has donated lo NPT Transatlantic in the past in support of operating costs and has committed to provide financial 5LlPPOrt to the extent necessary to enable the charty to contlnue to pay its liabilities as they become due for 8 period of at least 12 months from the date of approval of these financial statements. Addltlonally. the strategy document plans for growth and this 15 to be closely monitored. The Trustees hove concluded thot there ore no material uncertainties related to events or conditions thot moy cost significont doubt on the obility of the charity to continue as o going concern. Anntsal Report & Attounts 1 29 Resources expended comprlse the followlng: Depreciotion Depreciation is calculated so as to write off the cost of an asse( less its estimated residual value, over the useful economic life of thal assel as follows; Expenditure on ralslng funds comprise the costs associated with generating donations, fundralslng costs and the fees pald to investment managers In connectlon with the management ofthe charity's investments. It includes costs that can be allocated directly to such activltSes and those indirect costs necessary to SUPPOrt them. Computer Equipment: 33.33% p.a. on a stralght-llne 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 maturty ofless than three months form the dale of acquisilion. Deposlts for more than three months but less than one year have been dlsclosed as short-term deposits. Cash placed on deposit for more than one year is disclosed as a fixed a55et Investment. Expenditure on charltable activitles comprlse grants and costs of raising awareness of the charity's work and Its methods. Grants are Included In the statement of financial activities when approved and when the intended reclpient has either reteived the funds or been Informed ofthe declslon to make the grant and has satisfied all related conditions Grants approved but not paid at the end of the fiscal year are expensed and disclosed as payable. Grants where the beneficiary has not been Informed or has to meel certaln conditlons before the grant Is released are not accrued for but are noted as financial commitments in the notes to the accounts. Financial Instruments The charltable company applles the provislons of Secllon 11 "Baslc Flnanclal Instruments" and Sectlon 12 "Other Flnanclal Instruments Issues" of FRS102 to all of Its financial instruments. Financial assets and financial liabilities are recognised when the charltable company becomes a paty to the contradual provlslons of the Instrument and are offset only when the charrtable company currently has a legally enforceable rlght to set off the recognised amounts and intends eilher to settle on a net basls, or to reallse the asset and settle the Ilablllty slmultaneously. It Includes both costs that can be allocated dlrectty to such actlvltles and those Indlrect costs necessary to support them. Support costs are those costs which enable fund generatlng and charitable actlvllles to be carrled out. These costs Include personnel. finance, provision of office services and equlpmenl and a suitable worklng envlronment. Support costs are allocated on the basls of time spent on these actlvltles. Investments Listed investments Iwlth the exceptlon of FX products and derlvatlves, which form an immaterlal part of Investments held and are therefore treated the same) are initially recognised at transaction value and subsequently measured at fair value as al the balance sheel date uslng the closlng quoted market prlce. Fixed Assets Flxed assets costlng over £1.000 are capltallsed and recorded at cosL or In cases where fixed assets have been donated to the charlty, atthe valuatlon at the time of acquisition. Money market time deposits are fixed term cash deposlts designed to provide a hlgher rate of return bul cannot be freely accessed before m8turlty. They are valued based on the amount of cash invested. 30 1 Annual Report & Accounts Reallsed galns {or losses) in investment assets are calculated a5 the difference tse￿een disposal proceeds and their opening carrying value or thelr purchase value if acquired subsequent to the first day of the financial period. Unrealised gains and losses are calculated as the difference be￿eern the fair value at the year end and their carrying value at that date. Reallsed and unreallsed Investment gains lor1055e51 are combined in the statement of financial actlvllies and are credlted lor debtted) In the year in which they arise. Flnanclal Uobllities Basic financial liabilities. including trade and other payables. are Inltlally recognised at transaction price unless the arrangement constitules a financing transaction. where the debt instrument Is measured at the present value of the future payments discounted at market rate of interest. Debt instruments are subsequently carrled at amortised cost. using the effective interest rate method. Unllsted Investments are valued at the best estlmate of fair value as follows: Fund Accounting Unrestricted funds are available for use at the discretlon of the Trustees In furthefance of the general objectlves of the charlty. Prlvate equlty Investments are held through funds managed by private equity groups. As ihere is no identifiable market price for prlvate equity funds, these funds are Included at the most fecent valuatlons from the prlvate equlty groups where: Trustees conslder that funds held by NPT Transatlantic in donor-advised funds pending recommendatlon for onward distribution to third party charities are classlfied as deslgnated wilhin unrestrlcted funds. However, the Trustees note the followlng.. i. the private equlty group provldes a falr value that complies wlth the Internatlonal Prlvate Equity and Venture cap￿al Valuation Guidelines IIPEVI. December 2015 - 2022 edltion; OT there Is an expectation from ihe donor that these funds will be used in line with their recommendatlons. 11. the prlvate equlty group provldes valuation5 that comply wlth FRS 102 or UK GAAP. In the ordlnary course of business. there Is no expectatlon that these fund5 wlll be used for any purposes olher than onward dlstribution and associated admlnlstrative costs. Flnanclal Assets Basic financial assets, including trade deblors and other debtors (including accrued income) whlch are receivable wlthln one year and whlch do not conslitute 8 financing transaction are initially rnea5ured at the transaction price and subsequently measured at amortised cost. being the transaction price less any amounts settled and any Impairrnent losses. In relatlon to restricted funds, the Trustees cannot use such funds at theSr discretlon, but must use them for the specific purposes which were the subject of restrlctlons imposed by the donors at the time of donation. Where the arrangement wllh a debtor constitutes a financing transaction. the debtOT is initially measured at the present value of future payments discounted at a market rate of interest for a slmllar debt Instrument and subsequently measured at amortised cost. Annual Report & Accounts 131 Foreign Exchange Value Added Tax Assets and liabilltle5 In foreign currencies are translated inlo sterling al the rates of exchange ruling at the balance sheet date. Transactions In foreign currencies are translated Into sterllng at the average rates of exchange during the year. Exchange differences are taken into account in arriving at the operating results. Value Added Tax is not iecoverable by the charity and as such is included in the relevant costs in the statement of financial activities. Pension Costs Contributlons 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 whlch they are earned by those employees. Taxation NPT Transatlantlc Is a reglstered charlty and as such Its Income and galns falllng wlthln Sections 471 to 489 of the Corporation Tax Act 2010 or Sectlon 256 of the Taxatlon of Chargeable Galn5 Act1992 are exempt from corporatlon tax to the exlent that they are applled to Its charltable objectlves. Accordingly. no provlslon for current or deferred taxation is consldered necessary. NOTES TO THE FINANCIAL STATEMENTS 30 June 2024 l. Voluntary donations 2024 £'ooo 2023 £'ooo Donats'on5 from NPT IUSI 267 Voluntary Income was wholly unrestricted in 2023. 2. Donatlons to glving funds Monies recelved for disbursement to tharttles nominated by the donots IRestrScted funds) Monies iecelved as donatlons to Donor Advlsed Funds IDAFSI Iunrestrlcted lundsl 18,574 38.595 77,087 95,661 45.559 84.154 3. Investment Income Llsted Jnd unllsled Investments 2,616 1,249 1.308 Intèrest on cash hèld as part of Investment portfollo 1.002 3.865 2,310 Investment Income was wholly unrestrlcted In both years. 4. Total expenditure Raising Funds £'ooo Charitable Actmtles £'ooo 2024 Total Fund$ £'ooo 2023 Total Funds £'ooo Dlrect costs Grants lal Alloe•t•d stspport costs (b PeTSonnel and con5ultant5 47.490 47.490 68.251 64S 645 1,290 399 1.125 1.360 Other 386 13 Depreciation Governance costs Icl TOTAL 10 61 42 1.097 48.156 49.253 70,787 34 1 Annual Repori & Accounts (aj Grants R8lslng Funds £'coo Charttable Actlvltle5 £'ooo 2024 Toljl Funds £'ooo 2023 Total Funds £'ooo Grants pald dulng the perlo(J 47,490 47.490 47.490 68.251 47.490 68,251 Grants for the year have been made in support of the following charitable activities.. 2024 £'ooo 2023 £'ooo General charltable organlsatlons Rellglon Soclal Welfare 13,505 13.070 8,276 5.029 3.706 12,679 1,560 28,208 6,461 6.099 Nature and the environment Medlelne and health Educatlon 2.897 703 11.596 22 Iniernatlonal The orts 304 1.626 47.490 68.251 The following Instftutlons recelved lolal grants whlch are consldered to be material In the conlext of NPT Tfansatlanlic's expenditure for the year ended 30 June 2024. Grants are not made to Indlvlduals. 2024 £'ooo Arc Research Institutè 5,543 3.339 2.755 Economics Education ano Research Consortlum. Inc. World Economlc Forum Impetus - The Prlvate Equlty Foundatlon Brown Unlver51ty London School of Economlcs and Pollllcal Science 2,187 2,102 1.722 1.436 Instltut Europeen de Cooperatlon et de Developpement &mon Fraser University Other grants les5 than £IM 1.257 27,149 47,490 Annual Report & Accounts 135 The following institLrtions received total grants which are consideied to be material in the context of NPT Transatlantic's expendlture for the year ended 30 June 2023. Grants are not made to individuals. 2023 £'ooo The Roald 08hl Museum and Story Centre Roald Dahl's MaThellous Chlldren's Char 10.500 10.51)0 6.464 In#itth Europeen de Cooperatlon et de Developpement Economlc5 Éducallon and Re$eJrch ConsQrtlum. Inc. NamlbRand Con5eNatlon Trust 5.250 3.369 3,084 2.921 1.763 Wortd Economic Forum 8rown University Araslradero Research Instllute Noora Health 1.608 1.520 1.506 ImpetU5- The Prlvate Equily Foundatr'on Univetsity College London Other grbnls less than £1M 19,766 68.251 (b) Allocated support costs Support costs 8re allocated based on time spent on actlvltles. (c) Governance costs Governance costs comprlsed: 2024 £'ooo 2023 £'ooo Trustees, grants and expenses Legal expenses Accountancy and 8udit fees 23 32 34 64 42 (d) Comporotive informotion Comparative information for FY23 total expenditure. analy5ed by fund. is as follow￿.. 2023 2023 Unreslrlcted Restrtted Donor. Funds Designated Funds £'ooo £'ooo 2023 Totsl Funds £'ooo Raising fund5 Charltable actlvhies 985 985 28.376 41,426 41,426 69,802 70.787 29.361 36 1 Annual Repori & Accounts 5. Net movement in funds This is ststed aftei charglng: 2024 £'ooo 2023 £'¢)00 Audltor's remuneiatlon Ilncluslve of VAT) Accounlancy fee5 Depreclatton 24 24 10 6. Staff costs 2024 Unrestrlcted Funds £'ooo 2024 Restrlcted DorKJr. Designated FU￿ts 2024 Total Funds £'ooo 2023 Tolol Funds £'ooo Woges Jnd salarles Soc181 securlty costs Penslon costs 1.057 137 1.057 137 905 119 34 29 Medical insurance 31 31 26 1,259 1,259 1,079 The average number of employees during the year was 912022123: 7). The number of hlgher pald employees was., 2024 No. 2023 No. £70,001- £80,000 £80.001 . £90.000 £110,001- £120.000 £120.001. £130.000 £130.001- £140,000 £160.0014170,000 £400.001.£410,000 £420.001-£430,000 7. Key monugement personnel The key management personnel during thè yeai. were the Trustees and the Chief Executive Officer. The total cost of employment of the key management personnel (including employer's national insurance and pension contribLrtlonsl totalled £498.14612022123- £464.28n. Annual Report & Account$ 1 37 8. Pension scheme NPT Transatlantic operates a defined contribution pension scheme for employees. The arnounts charged to the statement of financial aclivities as an expense for the year in respect of contributions to thls scheme totalled £33,80412022123: £29.1251. At the balance sheet date contributions of £5,138 {2022123: £2,613) were payable. 9. Trustees, remunerotion ond expenses No Trustee recelved any remuneration from the charlty for thelr services durlng 2024123 or 2023122. Addlllonally, no Trustees were relmbursed for travel expenses durlng 2024123 or 2023122. 10. Taxation NPT Transatlantlc Is a reglstered charlty and therefore Is not118ble to corporatlon tax on income derived from Its charitable ac￿vItIes, or on Income and galns arlslng from Investmenl, as li falls wiihin the varlous exemptions available to reg15tered charltles. 11. Tangible flxed ossets- equipment 2024 £'ooo Co At l July 2023 Additions 45 13 Cairied fomard at 30 June 2024 Depreclallon At 1 July 2023 Charge for the year Carrled forward at 30 June 2024 35 10 45 NET BOOK VALUE AT 30 JUNE 2024 13 Net book value at 30 June 2023 10 38 1 Annual Repori & Account$ 12. Investments 2024 £'ooo 2023 £'ooo Mafkel value at 1 July Addllions at cost 101,812 125.362 168.6ni 399 83.342 139,686 1125,7891 13.770) 8.343 Dlsposals at markèt value Unreallsed exchange 98in51llossesl Net realised and unreallsed gains MARKET VALUE AT 30 JUNE 14,807 173,707 101,812 Investments at market value comprlsed: UK £'ooo Overseas 2024 Total £'ooo 2023 Total £'ooo £'ooo Accounts and Investments on call 1,402 38.185 884 2.286 1,299 Money market lime deposlts FX products and derlvatlves Bonds 153 38.338 21.694 20,321 83,562 298 1,872 25,913 326 22,193 109,475 624 14.353 62.976 380 Llsled Investments Multl asset lunds Unlisted Investments 788 788 1,109 173,707 101.812 HISTORICAL COSTOF INVESTMENTS 161.107 101.369 13. Debtors 2024 2024 Unrestrlcted Restth Donor- Funds Dwnoted Funds £'ooo £'ooo 2024 Total Fund$ £'ooo 2023 Total Fund5 £'coo Debtor5 and prepald expenses 2.397 2,397 1,603 2.397 2,397 1,603 Annual Repori & Accounts 139 14. Creditors: amounts folling due within one yeor 2024 2024 Unrestrlcted Restrkte(l DOr￿l- Funds Desig￿ated Funds £'ooo £'oco 2024 Total Funds £'ooo 2023 Total Funds £'ooo rtha5e ledgei balances Audlt fee and accrued expenses Due to N8tion81 Phil8nthroplc Tfust 20 20 14 89 27 10 10 119 27 146 137 TOTAL 2023 137 137 16. Financial instruments 2024 £'ooo 2023 £'ooo Carrylng amount of financial assels Instruments measured at falc value through surplusldeficil 173,707 101,812 16. Movement in funds Reallsed & Unreallsed Balance •$ Expendlture galnslllossesl at 30 Jun• £￿00 £,￿0 2024 £,000 8alan as81lJu 2023 £.000 Income £'ooo Unrestrtcted operatlng funds Unrestrlcted DAF funds 672 2.082 78.872 80.954 (1,5531 131.0141 132.567) 1.201 190,145 191.346 127.479 128.151 14.808 14,808 Total unrestricted funds Restrlcted Donor- Designated funds 159 18,574 99,528 116,2871 148,8541 2,445 193.791 128.310 14.807 Balan sat1July 2022 £.000 Realised & Balance a5 Expendllure Unreali5ed at 30 June £.000 gains £,000 2023 £.000 £'ooo Unrestrlcted operating funds Unfe5tricted DAF fund5 393 2,014 46.940 48,954 11.7351 131,2241 132.9591 672 103.420 103.813 8,343 8,343 127.479 Total unrestricted funds 128.151 Restricted Donor- Designated funds 3.163 38.594 141.5981 174,557) 159 106,976 87.548 8,343 128,310 40 1 Annual Report & Accoun1$ Unrestricted operatSng fund5 can be applied towards fulfilling NPT Tr8nsallantic's chaiitable purposes and •¢tfvlties. Unrestricted DAF funds ale (Jesignated funds which are expected to be applied as soon as approprSate challtable grant recommendations are identified and approved. Restrlcted DDF funds represent donattons made for dlsbursemen15 tt> charitles Indlc8ted at polnt of glft. 17. Anolysis of net ossets between lunds 2024 Unrestrlcled Funds £'ooo 2024 Restrfcted Dr￿Cl. De51grth FurKJs 2024 Total Fund$ £'ooo Flxed assets 173,504 216 173,720 Current assets 17,961 2,2S6 1271 2.445 20,217 1146) 193,791 Current liabilitie5 191,346 2023 un￿strICted Funds £'ooo 2023 Restrlcted Donor- Designated Funds £'OOO 2023 Total Funds £'ooo Flxed a55ets 101,822 101,822 Current aysets 26,466 1137) 128,151 159 26.625 Current liabilities {137) 128.310 159 18. Ultimate parent undertaklng The Immedlate and ultlmate parent undertaklng Is Natlonal Phllanthroplc Trust. a charltable 501{cl {31 organlsauon Incorporated in the US. This organisation holds the only share In Issue in NPT Transatlantlc. its place of business is 165 Townshlp Line Road, Suite 1200, Jenklntown, PA 19046. Its principal activity is to provide philanthropic expertise to donors. foundations and financlal institutions enabllng them to reallse their philanthropic asplratlons. 19. Related party transactions Durlng the year ended 30 June 2024, Natlon81 Phllanthroplc Trust donated £nil12022123- £1,630.6661 to NPT Transatlantic of which £nil12022123- £267,000) was made as a voluntary donation. NPT Transatlantic granted £30,00012022123 - £nill to Natlonal Philanthropic Trust. Purchases of £124,81612022123 - £88,735) were made from National Philanthropic Trust in respect of operating expenses. At 30 June 2024 £9,84112022123 - £5.5031 was owed to Natlonal Philanthroplc Trust. During the year, Trustees donated £nil12022123 - £3.7591 to NPT Transatlantic for purposes of disbursement to certain charities Indicated at point of gift. Annual Report & Accounts 141 20. Share Capital The charltsble company's aulhorlzed, Issued and allotted share capltal wa5 a £1 ordlnary share In both years. 42 1 Annual Report & Accounts