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← NPT Transatlantic Limited

2025-06-30-accounts

Annual Report & Accounts 30 June 2025

Your Partner in . Giving Helping you achieve your philanthropic goals

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TABLE OF CONTENTS

Reports

Contacts, officials and advisors .....................................................................................................4 Welcome from the Chair ..................................................................................................................5 What we do ......................................................................................................................................... 7 Trustees’ report ..................................................................................................................................8 Strategic report .................................................................................................................................12 Statement of trustees’ responsibilities .......................................................................................16 Independent auditor’s report ........................................................................................................18

Financial Statements

Statement of financial activities .................................................................................................. 22 Balance sheet...................................................................................................................................23 Statement of cash flows ................................................................................................................24 Accounting policies ....................................................................................................................... 26 Notes to the financial statements ................................................................................................31

3

CONTACTS, OFFICIALS & ADVISORS

Chair

Holly K. Welch (appointed 20 November 2024)

Trustees

Holly K. Welch (beginning 20 November 2024) Eileen R. Heisman (retired 20 November 2024) Mary Boakye Ceris Gardner Charles Lubar (retired 9 June 2025) David Rowe OBE Iain Younger

Bankers

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

Principal Investment Managers

UBS 5 Broadgate London EC2M 2QS

Chief Executive Officer

John Canady

Company Number

(England & Wales) 08612103

Solicitors

Withers LLP 20 Old Bailey London EC4M 7AN

Registered Address

Charity Registration Number

(England & Wales) 1153376

20 Old Bailey London EC4M 7AN

Independent Auditor

RSM UK Audit LLP 25 Farringdon Street London EC4A 4AB

Principal Address

125 Old Broad Street Suite 610 London EC2N 1AR

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WELCOME FROM THE CHAIR

It is my sincere pleasure to present NPT Transatlantic’s Trustees’ Report and Accounts for financial year 2024/25.

This past year has underscored the vital role philanthropy plays amid rising demands on charities across the UK and around the world. The need for charitable support continues to grow, shaped not only by the ongoing economic squeeze on families and communities at home, but also by global crises such as the continuing wars in Ukraine and the Middle East, and the intensifying impacts of climate change. At the same time, a shifting political landscape, in the UK, the US, and elsewhere, has influenced the priorities and motivations of donors, and sharpened the need for charities to safeguard their resilience and reach. As ever, our donors have responded to these challenges with compassion and generosity, for which we are grateful. This past year, NPT Transatlantic made grants to more charitable organisations than ever before, helping 616 charities since we commenced operations.

NPT Transatlantic provides donor-advised funds (DAFs) to help donors support the charities and causes closest to their hearts. As a UK and US dual-qualified charity, qualifying donations to NPT Transatlantic are eligible for tax-advantaged treatment in both countries.

We reached new milestones in financial year 2024/25:

Increasing philanthropy in society is only possible when we collaborate with like- minded people. I am grateful to NPT Transatlantic’s trustees, staff, partners and, most importantly, our generous donors.

Warm regards,

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Holly K. Welch Chair, Board of Trustees NPT Transatlantic

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IN FINANCIAL YEAR 2024/25:

846 Donor-recommended grants made by NPT Transatlantic, ranging from £79 to £30.9M .

£84.3M Amount granted by NPT Transatlantic, in total.

616 Charities that received donor-recommended grants, with donors supporting a wide range of organisations large and small, in the UK and around the world.

26 Countries NPT Transatlantic made grants to.

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6

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 donations by contributing 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. Qualifying donors receive US and/or UK tax relief for each donation to their DAF account.

How a donor-advised fund works

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DONATE INVEST GRANT
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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.

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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 2025. The financial statements have been prepared in accordance with the accounting policies and comply with the NPT Transatlantic’s governing document, the Companies Act 2006 and “Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019).

Mission & 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 donor- designated funds (DDFs) intended for specific charities and are restricted funds under UK law. 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.

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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. DAFs are unrestricted funds under English charity law.

As a dual-qualified entity, NPT Transatlantic can ensure that charitable donations 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 guidance issued by the Charity Commission in deciding what activities the charitable company should undertake.

NPT Transatlantic makes grants to charitable organisations in the UK and around the world and does not have any direct relationship with the beneficiaries of its grantees, as funds are granted to registered charities who then use funds to fulfill their mission.

Governing Document

NPT Transatlantic is constituted as a company limited by shares as defined by the Companies Act 2006 and is governed by articles of association.

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 grants are applied for purposes which are charitable under English and US law. All grant recommendations are reviewed and approved to ensure compliance with English and US charity and tax law.

NPT Transatlantic ensures to certify that each grant recommended from a DAF is in furtherance of a charitable purpose, offers an identifiable benefit to the public or a significant section of the public, and does not result in private benefit which is more than incidental. All grant recommendations are subject to Trustee approval, either via direct approval by the Trustees for certain grants over a specific amount, or by NPT Transatlantic management via a designated authority issued by the Trustees.

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.

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Charitable Objectives

The charitable objectives of NPT Transatlantic are to increase the amounts available for advancement of charitable purposes by:

Fundraising Statement

NPT Transatlantic does not actively solicit donations from the public and therefore is not registered with the Fundraising Regulator. When donations from individuals are received, NPT Transatlantic protects personal data and never sells data or swaps data with other organisations. During financial year 2024/25, the charity received no complaints about its 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 40,000 kWh of energy was consumed during financial year 2024/25.

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. The post-grant reporting required by NPT Transatlantic depends on the nature of the project, the purpose, conditions, 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.

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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. New trustees are approved by a majority of the existing trustees.

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

Governance

Organisational structure

The Trustees are ultimately responsible for the policies, activities and assets of the charity. They meet 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 based on comparative market rates, which is reviewed on an annual basis. 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 provision 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.

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.

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STRATEGIC REPORT

Trustees’ Duties

The Trustees of NPT Transatlantic must act in accordance with their duties under company law. 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 on appointment and annually. Trustees fulfil their duties through a governance framework that delegates day-to-day decision making to key management and personnel.

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The following sections of the Strategic Report highlight how the Trustees of NPT Transatlantic have successfully fulfilled their duties, as a result of the grant-making during the year, continued contributions to support the charitable sector, and maintaining strong relationships with the local and global philanthropic community.

Achievements & Strategic Goals Donations

NPT Transatlantic’s donors donated £79.5M in financial year 2024/25 (2023/24 – £95.7M) to NPT Transatlantic’s DAF accounts and other philanthropic giving vehicles. Wire transfers are the most common method of making donations. NPT Transatlantic has also accepted restricted shares, appreciated securities and limited partnership interests as donations. These donations are turned into philanthropic capital for the causes and charities closest to donors’ hearts.

Financial Review

NPT Transatlantic is committed to increasing philanthropy in society and the 2024/25 financial year demonstrated the continued success of the charity in its mission. Income for the 2024/25 financial year was £84.3M (2024/25 – £99.5M), as donors and their advisors utilised donor-advised funds as a tax-efficient charitable giving vehicle.

Expenditures for the year were £99.3M (2023/24 – £48.9M). This increase was driven by higher grant making and the impact of exchange rates on NPT Transatlantic’s assets. This created a movement in funds of £9.1M (2024/25 – £65.5M), which includes investment gains of £24.2M (2023/24 investment gains of £14.8M). Total funds at the end of the year comprised £203M (2023/24 – £193.8M) of unrestricted and restricted funds.

Reserves Policy & Funds

Investments

NPT Transatlantic’s assets under management have grown as donors make donations 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, comprised of dividends, interest, and realised and unrealised gains on investment assets, was positive for financial year 2024/25, totalling £28.9M (2023/24 – £18.7M). NPT Transatlantic’s Trustees carefully review new investments and monitor investment performance on an ongoing basis.

Grantmaking

NPT Transatlantic’s donors recommended 846 grants to 616 unique charities, totalling £84.3M in financial year 2024/25 (2023/24 – 795 grants to 561 unique charities, totalling £47.5M). NPT Transatlantic’s staff assisted donors with varying steps in the grantmaking process, from answering basic questions about philanthropy to creating complex grant agreements. NPT Transatlantic’s team has substantial knowledge about philanthropy, DAFs and its industry best practices that support its donors. NPT Transatlantic works to help donors achieve their philanthropic goals.

NPT Transatlantic’s free reserves policy is to maintain, ideally, a level equivalent to between three and six months’ general operating expenditure. These funds represent assets which are not restricted and not represented by DAFs. The amount of unrestricted funds available for operating expenditure was £792K at 30 June 2025 (2023/24 – £1.2M), which exceeds 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.

The 2024/25 financial year demonstrated the continued success of the charity in its mission.

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Unrestricted funds are those funds held by NPT Transatlantic pending recommendation for onward distribution to third party charities or are held for other charitable purposes. At 30 June 2025, funds available for onward distribution to charities in furtherance of NPT Transatlantic’s charitable mission were £202.9M (2023/24 – £193.8M).

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 2025, these funds were £1.1M (2023/24 – £2.4M).

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 under English and US law, as applicable. 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.

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:

• compliance (law and regulation).

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

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

Financial risks include those arising as a result of poor budgetary control, inappropriate spending and fraud, 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 donors, 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 rate movements, as a majority of funds are held in US dollars.

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.

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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 cyber breach or 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 on 18 November 2025 and signed on behalf of the Trustees by:

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Holly K. Welch Chair

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

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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.

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

Opinion

We have audited the financial statements of NPT Transatlantic Limited (the ‘charitable company’) for the year ended 30 June 2025 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:

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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.

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 annual report and accounts other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report and accounts. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

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Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 16, 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 noncompliance 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.

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.

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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, using analytical techniques to test incoming resources including comparisons of expected and unexpected groupings of revenue transactions, testing revenue around the end of the financial year, understanding the donor onboarding processes and comparing bank receipts to revenue being recorded.

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.

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Nicholas Sladden (Senior Statutory Auditor)

For and on behalf of RSM UK Audit LLP, Statutory Auditor Chartered Accountants 25 Farringdon Street London EC4A 4AB

15 December 2025

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STATEMENT OF FINANCIAL ACTIVITIES

Year to 30 June 2025

2025 2025
Unrestricted Restricted Donor- 2025 2024
Funds Designated Funds Total Funds Total Funds
Notes £’000 £’000 £’000 £’000
Income from:
Donations
Donations to giving funds 1 65,077 14,464 79,541 95,661
Investments 2 4,737 – 4,737 3,865
Other income – – – 2
TOTAL INCOME 69,814 14,464 84,278 99,528
Expenditure on:
Raising funds 3 1,374 126 1,500 1,097
Charitable activities 3 69,839 15,416 85,255 48,156
Realised and unrealised
exchange losses/(gains) 12 12,365 188 12,553 (399)
TOTAL EXPENDITURE 83,578 15,730 99,308 48,854
Realised and unrealised
gains/(losses) on
investment asset 11 24,191 (33) 24,158 14,807
NET INCOME AND NET
MOVEMENT IN FUNDS 4 10,427 (1,299) 9,128 65,481
Reconciliation of funds:
Total funds
brought forward 191,346 2,445 193,791 128,310
Total funds
carried forward 201,773 1,146 202,919 193,791

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BALANCE SHEET

30 June 2025

Company Number: 08612103

2025 2025
Unrestricted Restricted Donor- 2025 2024
Funds Designated Funds Total Funds Total Funds
Notes £’000 £’000 £’000 £’000
Fixed assets
Tangible assets 10 13 – 13 13
Investments 11 182,707 932 183,639 173,707
182,720 932 183,652 173,720
Current assets
Debtors 13 3,380 2 3,382 2,397
Cash at bank and in hand 15,865 212 16,077 17,820
19,245 214 19,459 20,217
Current liabilities
Creditors: amounts falling
due within oneyear 14 192 – 192 146
NET CURRENT ASSETS 19,053 214 19,267 20,071
TOTAL NET ASSETS 201,773 1,146 202,919 193,791
Represented by the funds of
the charity:
Unrestricted funds 16 201,773 – 201,773 191,346
Restricted Donor-
Designated funds 16 – 1,146 1,146 2,445
Share capital 20 – – – –
TOTAL FUNDS 201,773 1,146 202,919 193,791

These accounts were authorised and approved by the Trustees on 18 November 2025 and signed on behalf of the Trustees by:

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Holly K. Welch Trustee

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STATEMENT OF CASH FLOWS

30 June 2025

2025 2024
Notes £’000 £’000
Cash fows from operating activities:
Net cash (used in) provided by operating activities A (8,145) 45,635
Cash fows from investing activities:
Purchase of tangible fxed assets (8) (13)
Dividends and interest from investments 4,737 3,865
Proceeds from sale of investments 83,108 68,673
Purchase of investments (81,435) (125,362)
NET CASH USED BY INVESTING ACTIVITIES 6,402 (52,837)
Change in cash and cash equivalents in the period (1,743) (7,202)
Cash and cash equivalents at the beginningof the reportingperiod 17,820 25,022
Cash and cash equivalents at the end of the reporting period B 16,077 17,820

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

2025 2024
£’000 £’000
Net income per the statement of fnancial activities 9,128 65,481
Adjustments for:
Realised and unrealised gains on investments (24,158) (14,807)
Realised and unrealised exchange loss/(gains) 12,553 (399)
Depreciation charges 8 10
Dividends and interest from investments (4,737) (3,865)
Increase in debtors (985) (794)
Increase in creditors 46 9
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES (8,145) 45,635

B. Analysis of cash and cash equivalents

B. Analysis of cash and cash equivalents
Cash at bank and in hand 16,077 17,820
TOTAL CASH AND CASH EQUIVALENTS 16,077 17,820

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ACCOUNTING POLICIES

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

Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011.

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 the charity’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

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

The accounts are presented in sterling and are rounded to the nearest thousand pound, which is also the functional currency of the charity.

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.

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Critical accounting estimates & areas of judgement

The most significant areas of judgment and key assumptions that affect items in the accounts are in respect to the value of unlisted investments as explained more fully in the policies set out on page 28. Unlisted investments are recorded at estimated fair value in the absence of readily determined fair values. Management’s estimates are established from valuations provided by the respective funds which are based on the recognised exchange value of the underlying security, recent transaction value, net asset value or current bid price 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 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 the past 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 donations is recognised in the period in which the charity is entitled to receipt and the amount can be measured reliably and it is probable that the funds will be received. Income is deferred only when the charity has to fulfil conditions before

becoming entitled to it or when the donor or funder has specified that the income is to be expended in a future accounting period.

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

Expenditure Recognition

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

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

Resources expended comprise the following:

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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.

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

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

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

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

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

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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.

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

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.

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.

Fund Accounting

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

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 donation.

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.

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.

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NOTES TO THE FINANCIAL STATEMENTS

30 June 2025

1. Donations to giving funds

1. Donations to giving funds
2025 2024
£’000 £’000
Donations received for disbursement to charities nominated by the
donors (Restricted funds) 14,464 18,574
Donations to Donor Advised Funds(DAFs) (Unrestricted funds) 65,077 77,087
79,541 95,661
2. Investment income
Listed and unlisted investments 3,820 2,616
Interest on cash held as part of investment portfolio 917 1,249
4,737 3,865

Investment income was wholly unrestricted in both years.

3. Total expenditure

3. Total expenditure
Raising Charitable 2025 2024
Funds Activities Total Funds Total Funds
£’000 £’000 £’000 £’000
Direct costs
Grants (a) – 84,264 84,264 47,490
Allocated support costs (b)
Personnel and consultants 809 809 1,618 1,290
Other 540 175 715 399
Depreciation 4 4 8 10
Governance costs(c) 147 3 150 64
TOTAL 1,500 85,255 86,755 49,253

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(a) Grants

(a) Grants
Raising Charitable 2025 2024
Funds Activities Total Funds Total Funds
£’000 £’000 £’000 £’000
Grants paid duringthe period – 84,264 84,264 47,490
– 84,264 84,264 47,490

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

2025 2024
£’000 £’000
General charitable organisations 49,438 13,505
Education 17,388 2,897
Social Welfare 5,843 8,276
Nature and the environment 5,151 5,029
The arts 4,377 304
International charities 801 703
Medicine and health 693 3,706
Religion 573 13,070
84,264 47,490

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 2025. Grants are not made to individuals.

2025
£’000
National Philanthropic Trust UK Limited 30,939
Economics Education and Research Consortium, Inc. 6,000
Longview Philanthropy USA Inc 3,048
British Schools and Universities Foundation 3,000
Imperial College London 2,548
World Economic Forum 2,424
Impetus - The Private Equity Foundation 2,245
Data for Society e.V. 1,158
The Board of Trustees of the Leland Stanford Junior University 1,055
Othergrants less than £1M 31,847
84,264

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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 2024. Grants are not made to individuals.

NPT Transatlantic’s expenditure for the year ended 30 June 2024. Grants are not made to individuals.
2024
£’000
Arc Research Institute 5,543
Economics Education and Research Consortium, Inc. 3,339
World Economic Forum 2,755
Impetus - The Private Equity Foundation 2,187
Brown University 2,102
London School of Economics and Political Science 1,722
Institut Europeen de Cooperation et de Developpement 1,436
Simon Fraser University 1,257
Othergrants less than £1M 27,149
47,490

(b) Allocated support costs

Support costs are allocated based on time spent on activities.

(c) Governance costs

Governance costs comprised:

(c) Governance costs
Governance costs comprised:
2025 2024
£’000 £’000
Trustees’ grants, expenses, and meeting costs 23 9
Legal expenses 95 23
Accountancyand audit fees 32 32
150 64

(d) Comparative information

Comparative information for financial year ending 30 June 2024 total expenditure, analysed by fund, is as follows:

2024 2024
Unrestricted Restricted Donor- 2024
Funds Designated Funds Total Funds
£’000 £’000 £’000
Raising funds 914 183 1,097
Charitable activities 31,809 16,347 48,156
32,723 16,530 49,253

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4. Net movement in funds

This is stated after charging:

. Net movement in funds
his is stated after charging:
2025 2024
£’000 £’000
Auditor’s remuneration 26 24
Accountancy fees 6 8
Depreciation 8 10

5. Staff costs

5. Staff costs
2025 2025
Unrestricted Restricted Donor- 2025 2024
Funds Designated Funds Total Funds Total Funds
£’000 £’000 £’000 £’000
Wages and salaries 1,282 – 1,282 1,057
Social security costs 159 – 159 137
Pension costs 42 – 42 34
Medical insurance 39 – 39 31
1,522 – 1,522 1,259

The average number of employees during the year was 10 (2023/24: 9).

The number of higher paid employees was:

The number of higher paid employees was:
2025 2024
No. No.
£70,001 - £80,000 1 1
£80,001 - £90,000 1 2
£90,001- £120,000 2 –
£120,001- £130,000 – 1
£130,001- £140,000 1 –
£160,001-£170,000 – 1
£200,001-£420,000 1 –
£420,001-£470,000 1 1
7 6

6. 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) totaled £549,743 (2023/24 - £498,146).

7. 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 totaled £42,216 (2023/24: £33,804). At the balance sheet date contributions of £nil (2023/24: £5,138) were payable.

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8. Trustees’ remuneration and expenses

No Trustee received any remuneration from the charity for their services during 2024/25 or 2023/24. Additionally, no Trustees were reimbursed for travel expenses during 2024/25 or 2023/24.

9. 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.

10. Tangible fixed assets - equipment

10. Tangible fxed assets - equipment
2025
£’000
Cost
At 1 July 2024 58
Additions 8
Carried forward at 30 June 2025 66
Depreciation
At 1 July 2024 45
Charge for theyear 8
Carried forward at 30 June 2025 53
NET BOOK VALUE AT 30 JUNE 2025 13
Net book value at 30 June 2024 13

11. Investments

11. Investments
2025 2024
£’000 £’000
Market value at 1 July 173,707 101,812
Additions at cost 81,435 125,362
Disposals at market value (83,108) (68,673)
Unrealised exchange gains/(losses) (12,553) 399
Net realised and unrealisedgains 24,158 14,807
MARKET VALUE AT 30 JUNE 183,639 173,707

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Investments at market value comprised:

Investments at market value comprised:
UK Overseas 2025 Total 2024 Total
£’000 £’000 £’000 £’000
Accounts and investments on call 1,564 1,206 2,770 2,286
Money market time deposits 51,334 131 51,465 38,338
Bonds 20,724 1,542 22,266 22,196
Listed investments 83,299 7,990 91,289 109,475
Multi asset funds 419 – 419 624
Unlisted investments 1,299 14,131 15,430 788
158,639 25,000 183,639 173,707
HISTORICAL COST OF INVESTMENTS 163,317 161,107

12. Exchange gains and losses

12. Exchange gains and losses
2025 Total 2024 Total
£’000 £’000
Realised and unrealised exchange(losses)/gains (12,553) 399
(12,553) 399

NPT Transatlantic incurred realised and unrealised losses for the years ended 30 June 2025 and 2024 because of currency fluctuations, primarily associated with US Dollar, during each year.

13. Debtors

13. Debtors
2025 2025
Unrestricted Restricted Donor- 2025 2024
Funds Designated Funds Total Funds Total Funds
£’000 £’000 £’000 £’000
Debtors and prepaid expenses 3,380 2 3,382 2,397
3,380 2 3,382 2,397

14. Creditors: amounts falling due within one year

2025 2025
Unrestricted Restricted Donor- 2025 2024
Funds Designated Funds Total Funds Total Funds
£’000 £’000 £’000 £’000
Purchase ledger balances 58 – 58 20
Audit fee and accrued expenses 78 – 78 116
Due to National Philanthropic Trust 56 – 56 10
192 – 192 146
TOTAL 2024 – – – 146

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15. Financial instruments

15. Financial instruments
2025 2024
£’000 £’000
Carrying amount of fnancial assets
Instruments measured at fair value through surplus/defcit 183,639 173,707

16. Movement in funds

16. Movement in funds
Realised &
Balance Unrealised Balance as
as at 1 July Income Expenditure Transfer gains/(losses) at 30 June
2024 £’000 £’000 £’000 £’000 £’000 2025 £’000
Unrestricted operating funds 1,201 807 (2,207) 991 – 792
Unrestricted DAF funds 190,145 69,007 (81,371) (991) 24,191 200,981
Total unrestricted funds 191,346 69,814 (83,578) – 24,191 201,773
Restricted Donor-
Designated funds 2,445 14,464 (15,730) – (33) 1,146
193,791 84,278 (99,308) – 24,158 202,919
Balance Realised & Balance as
as at 1 July Income Expenditure Transfer Unrealised at 30 June
2023 £’000 £’000 £’000 £’000 gains £’000 2024 £’000
Unrestricted operating funds 672 1,197 (1,553) 885 – 1,201
Unrestricted DAF funds 127,479 79,757 (31,014) (885) 14,808 190,145
Total unrestricted funds 128,151 80,954 (32,567) – 14,808 191,346
Restricted Donor-
Designated funds 159 18,574 (16,287) – (1) 2,445
128,310 99,528 (48,854) – 14,807 193,791

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

Unrestricted DAF funds are designated funds which are expected to be applied as soon as appropriate charitable grant recommendations are identified and approved.

Transfers between funds represent revenues and expenses to support operating and charitable purposes and activities.

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

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17. Analysis of net assets between funds

2025 2025
Unrestricted Restricted Donor- 2025
Funds Designated Funds Total Funds
£’000 £’000 £’000
Fixed assets 182,720 932 183,652
Current assets 19,245 214 19,459
Current liabilities (192) – (192)
201,773 1,146 202,919
2024 2024
Unrestricted Restricted Donor- 2024
Funds Designated Funds Total Funds
£’000 £’000 £’000
Fixed assets 173,504 216 173,720
Current assets 17,961 2,256 20,217
Current liabilities (119) (27) (146)
191,346 2,445 193,791

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

NPT Transatlantic granted £30,000 (2023/24 - £30,000) to National Philanthropic Trust. Purchases of £77,554 (2023/24 - £124,816) were made by the National Philanthropic Trust in respect of operating expenses. At 30 June 2025 £56,365 (2023/24 - £9,841) was owed to National Philanthropic Trust. NPT Transatlantic also granted £30.9m to National Philanthropic Trust UK Limited (NPT UK), which will be used by donors for ongoing granting to charities.

During the year, Trustees donated £2,500 (2023/24 - £nil) to NPT Transatlantic for purposes of disbursement to certain charities indicated at point of gift.

In October 2025, NPT Transatlantic and NPT UK executed a revised resource sharing agreement to include cost-sharing between the two charities.

20. Share Capital

The charitable company’s authorised, issued and allotted share capital was a £1 ordinary share in both years.

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UKT PUB ARA 1225
© NPT Transatlantic. All rights reserved.
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