2020-12-31-accounts

Illii. Stewardship American Donor Fund UK Limited Trustees, Report and Financial Statements for the period ended 31 December 2020 Registered eharity number 1180678 Company registration number 11532453

Charity Inforniation, Trustees and Advisors Stewardship Ameriean Donor Fund UK Limited is a Private Limited Company registered in England and Wales as a Company (number 11532453) and registered with the Charity Commission for England and Wales (number 1180678). The Charity operates under the name of Stewardship America. Registered Office i Lamb's Passage, L&indon ECIY 8AB Trustees The following served as directors (collectively Teferred to as trustees) for the period ended 31 December 2020, and up to the date of approval of the accollnts, except where stated otherwise.. Lewus John Jackson Gareth Eoin Burns DaTrid Vardy (resigned i June 2020) Paul Anton Imbaraj Nicholas (appointed i June 2020) John Stephen Riches (appointed i June 2020) Company Secretary Juliet Maggs Janie Oliver (resigned 5 October 2020) (appointed 4 March 2021) Auditor BDO LLP 2 City Place, Beehive Ring Road, Gatwick, West Sussex RH6 OPA Banker Lloyds Bank PIC Black Horse House, Progression Centre, 42 Mark Road, Hemel Hempstead HP2 7DW Investment Manager JP Morgan 3 Lochside View, Edinburgh EH12 9DH Solicitor Withers LLP 20 Old Bailey, LDndon EC4M 7AN

Trnstees, Report ineluding the Strategie Report (incorpoTating The Directors, Report).................................................................................. IndependentAuditor's report ............................................................................................. 12 Statement of Financial Activities......................................................................................... 16 Balance Sheet....................................................................................................................... Cash flow statement............................................................................................................. Notes to the financial statements........................................................................................

Trustees, Report for the period ended 31 December 2020 including the Strategic Report (incorporating The Directors, Report) Stewardship American Donor Fund UK Limiled (the Charity), is registered with the Charity Commission in England and Wales (number 1180678) and is a Private Limited Company, wilh share capital, registered in England and Wales as a company (number 115324531. It is governed by its Memorandum and Articles ofAssociation and operates under the name of Stewardship America. The directors are Gollectively referred to as the Trustees in this report. The Trustees present their report, incorporating the strategic report, together with the audited financial statements of the Charity for the period from 1 October 2019 to 31 December 2020. Structure, governance and management The Charity is a wholly-owned subsidiary of Stewardship American Donor Fund US, Inc. ISADF-US} a corporation registered ir) the US Stale of Delaware with file number 6991071 and a US 501 {cll31 public charity with Employer Identification Number (EIN} 83-2161455. The Charity has made a US tax election to be treated as a part of SADF-US so that a donation to the Charity is treated as a gift to SADF-US for US tax purposes. Given the Charity s UK charitable status, a donation lo it may also be eligible for relief under UK tax legislation relating to gifts to charities. Slewardship America is part of a family of charities alongside Stewardship servI￿s {UKETI Limiled, who provides the charity with administrative and managerial services. The trustees also gratefully acknowledge the financial support provided by Stewardship Services IUKETI during this start-up phase of their operations. Details of related party transactions are included in note 6 and explanation of parent entity note 15. Strategic report Objectives and Activities The charitable objects of Stewardship America are to advance the Christian faith and to advance other charitable purposes. Stewardship America carries out its objectives by encouraging and providing effective charitable giving solutions for those exposed to both the US and the UK lax systems, primarily US citizens who live in the UK. The Charity operates a dual-qualified donor advised fund, which allows some donors lo give with the benefit of both UK and US tax reliefs and then request donations to Christian and other charitable causes in the UK, the US and overseas. Stewardship America provides public benefit by making charitable grants. Achievements and Performance Stewardship America experienced a significant deceleration of incoming gifts in its second year of operation, which was partly anticipated given the exceptional one off gifts received in its start-up year bul was also exacerbated by the Covid-19 pandemic. The sudden halt of our publicising and ne￿OrkIng plans at such an earfy start-up stage, coupled with the fact that many US citizens working in the UK returned to the US as a resull of the pandemic, meant that we were not able to

Trustees, report (continued) build our client base in the way we had hoped and hence significantly impacted our service. Despite this, we still achieved gifts of £3.8m into Stewardship America. This unusual period did enable us to focus more clearly on our product offering, including the introduction of a mechanism for donors to gift shares, develop our presen￿ within the Stewardship website and brand offering, review how we resource the seNice and revise our fee structure. Slewardship America also recently entered inlo an agreement with TruslBridge Global Network. a global network of Christian donor advised funds which aims lo provide cross-border giving. Working with TrustBridge will help us to better facilitate grants to recipients outside the UK, provide a more efficient service for our clients and ultimately, release more funds more quickly to create impact. We had an exciting start to the service, but are yet to gain the traction we believe possible for this niche offering. We know it will take time to build market presence and a sufficient client base, but the potential to maximise donations for Ihose who pay tax in both UK and US is considered a significant opportunity and we look fonmard to growth in the coming years. Our aims for next year In the year ahead, Stewardship America plans to recruit a Relationship Manager. This will be the first role dedicated to nelwork and build relationships, marketing our service and bringing new clients on board. We plan to reach out to specific groups including churches who may have proportions of US itizens in their congregations, charities who may have major donors that could benefit from this service and Christian wealth managers. As the world begins to retum to a more normal state, we intend to publicise the service more widely and increase the client base of Stewardship America to increase its charitable impact and enable our finances to stand alone without ongoing financial support from Stewardship Services IUKET) Limited. With the plans above, we aim to double our client base in the next 12 months. meaning more donors receive Ihe benefil of tax relief in both countries so thal ultimately, we can facilitate the release of more funds into the Kingdom. We will continue to leam and be intentional about understanding our market, so we can solidify our offering and presenl ourselves well in relevanl spaces. We want to undersland more fully the philanthropic needs ofour Stewardship America clients and how we can meet those needs and serve them with excellence. Financial Review The financial year-end was changed from September to December, in order to align reporting dates with Stewardship Services (UKETI Limited. This change in year*nd means 2019120 figures include 15 months of actuals from 1 October 2019- 31 December 2020 (Note that 2018119 was the first year of accounts for the Charity and covered just over 13 months from 22 August 2018- 31 September 19). In this second period of financial reporting the trustees nole the decline in income from £51 m to £3.8m which was anticipated, as some eX￿pIlOnal one off gifts in 2019 were unlikely io be

Trustees, report (continued) repeated. This resulted in a proportional decrease of 83010 in unrestricted fee income to £26k 12018119 £163kl. Restricted donations during the peric￿ £3.8m {2018119 £50.8ml were all cash gifts, although it is expected that future gifts will continue, as for 2018119, to include share gifts. The giving of shares and the giving in currencies other than pounds sterling to the Charity gives rise to the possibility of gains and losses on investments occurring {£6.8m loss in 20181191. Gifts of shares are recognised at the market price and exchange rates on the day of the gift, with any gains or losses on sale being accounted for in net investment gainsllosses. We keep donors fully informed throughout significant sales of gifted shares and any subsequent gain or loss when the gift is sold is reflected in the amount available for giving at the request of that specific donor. Therefore it should be noted that these types of gains and losses are a part of specific restricted funds and so do not affect Stewardship America's general reserves, the amounts in the giving accounts of other donors or its financial well being. Fees on non cash donations are also based on the market price and exchange rates of the donation on the date of the gift. Restricled funds balances at 31 December 2020 were £767k. down from £17.Om in 2018119 as significant grants out of £20m were made in the period, which principally relate to the prior period's exceptional gifts. Slewardship America's restricted funds represent Giving account balances where the donor has yet to express a preference on how the funds should be granted out lo charities. Unrestricted funds, which are used to manage the running costs of the charity are £31 k12018119 £72k). This decline is as a resull of Ihe lower fee income menlioned above and unrestricted expenditure for the Charity of £67k, which included a grant of £20k to parent charity Stewardship America Donor Fund US Inc. Totsl unrestricted expendilure was lower than the prior period 12018119 £91 k), which included the initial start-up costs. The Trustees have made the decision to appoinl a Relationship Manager in order to grow Ihe reach of the Charity and attract US citizens within the UK who are subject to UK and US tax regimes to pursue its services. During this continued start-up of the Charity's operations, the Trustees are thankful for Stewardship Services (UKETI Limited for ongoing financial support. Risk managemenl The Charity's risks are managed through a risk register which is reviewed by Trustees at their board meetings. The principal risks faced by the Charity have been identified as.. Risk Title Investrllent and Liquidity Risk Risk Descri tion Volatile econorllic conditions have the potential to adversely impact the value of the inveslments, particulady gifts in shares. Mana ement Liquidity is managed by the Truslees and Executive Finance team who monitor cash flow and risk, ensuring we use highly credit rated organisations. Any losses in gifled shares or the impact of foreign exchange, are borne by specific restricted funds and are therefore segregated from the general funds of the Charity. We keep donors fully informed throughout significant sales of gifted shares and any subsequent gain or loss when the gift is sold is reflected in the amount available for giving at the requesl of thal specific donor. We continue lo build and protect our standing by ensuring our values are embedded in our staff and external communications. We listen and act Reputation Risk Protecting our standing and reputation by being a sound and trusted or anisab'on, ensurin

Trustees, report (continued) positive client experience whilst complying with all legal and regulatory requirements. on feedback, including complaints, to ensure we strive lo deliver the best possible service lo our cuslomers. Develop capacity and operational abilities of the Charily, to efficiently manage and facilitate the granl making of the organisation. Reputational risk is the risk of an adverse event resulting in damage to our reputation, leading to lost revenue or increased operating, capital or regulatory cosls. Grants are made only after adequate scrutiny of the recipients. Extensive risk based due diligence procedLJres are in place, which seek to mitigate the risk of grants being misapplied. Use of ethical screening seeks to mitigate any concerns Over the investments we make in place to hel mana eourre ulational risk. Embedding and monitoring of an active strategy to promote the service with an aim to enhance awareness through appropriate networks, relational connections and media content. Maintain public charity status in the us The USA requires the charity to achieve a broad spread of givers within five years of operation to ensure it meets US public charity status. The Covid Pandemic has negatively impacted the Charity's performance, resulting in a time constraint to achieve the required results and ensure the public charity status is maintained. Recruitment of a Relationship Manager dedicated to the matkeling of this seNice will increase our customer reach which should enable us to meet our US public status requirement within 5 years. Fee structures have been adjusted to maximise the attraction of the service to a donation profile that will assist meeting the US public status re uirement. Ongoing security and resilience enhancements in strengthening the IT systems and infrastructure within the Charity s service partner, together with the continued awareness, controls and training provided to relevant individuals. IT and Cyber Security Risk In common with other organisations, cyber attacks remain a conslant threal to the integrity and availability of our systems and data. Recruitment of Trustees Under the articles of the Charity, the Trustees of Stewardship America have the power to appoint new or additional trustees to its board subject to approval by Stewardship Services {UKETI Limiled. Trustees are required to subscribe to the Charity's Statement of Christian Beliefs. The induction and training programme for new trustees covers the vision, mission and values of the Charity, and the roles and responsibilities of trustees under charity law. Operations and decision making Stewardship America does not have any employees of its own. Administrative services are provided by Stewardship Services IUKET) Limited on the terms of a tripartite agreement and under the supeNision of the Trustees of Stewardship America and SADF-US. Stewardship America and SADF-US are permitted to use the 'Stewardship' brand under the terms of the tripartite agreement.

Trustees, report (continued) Stewardship America and SADF-US each have a majority of Trustees who are independent of Stewardship Services IUKET) Limited, so that any conflicts of interest can be properly managed. None of the Trustees has an interest in the shares of the company or in any associated entity. The Trustees have taken out indemnity insurance cover. Share capital The Charity's authorised share capital of one ordinary share of £1 was issued at par upon incorporation and is held by SADF-US. Public benefit The aim oflhe Charity is lo encourage, support and develop the work of charities in Ihe UK, the USA and elsewhere in the world by providing a range of services which ensure Ihe mosl effective handling and dislribution of charity funds. When reviewing the Charity's aims and objectives and in planning future activities and setting ihe grant making policy, the Trustees paid due regard to the guidance issued by the Charity Commission, HM Revenue & Customs and the US Internal Revenue serVi￿S. Grant making policy The Charity supports cross-border tax effeclive giving by enabling donors liable for tax in bolh the UK and the USA lo obtain tax relief in both countries on their charitable giving. Donors suggest, but they may nol direct, how the Trustees might distribute their donalion. This may be to organisations carrying oul charitable aclivities anywhere in the world. Each grant suggestion is reviewed having regard for grant making guidance issued by the Charity Commission, HM Revenue & Customs and Ihe US Department of the Treasury and Intemal Revenue SeNice. If it is considered that a donor's suggestion is not in accordance with issued guidance, then steps are taken to ensure that the funds are paid to an organisation with similar charitsble objects. The Trustees seek feedback from the beneficiary charities on the actual use of grants given, and the achievements made, to monitor the effective use of grants made. Funds received to support grant making are held as restricted funds pending distribution to beneficiary charities. Grants are only awarded up to a level equal to the funds already contributed and received from donors. No grants are awarded in anticipation of future income. Going concern and ReseNes The Charity's activities, together with its financial position and plans for its future development and performance have been described in this report. We are grateful for the ongoing financial support from Stewardship Services UKET Limited during this start-up phase of the Charity. Stewardship Services (UKET) Limited has agreed, if required. to financially support Stewardship America Donor Fund UK Limited during its start-up phase. via an unsecured loan with no repayments due prior to 31 July 2022. This would cover 2

Trustees, report (continued) years of expenditure, assuming nil income is received. The trustees are therefore comfortable that this enables the Charity to continue in operation for the foreseeable future, managing the challenging economic circumstances brought about by the Covid pandemic and therefore are able to prepare the accounts on going concern basis. The Charity's aims and objectives, can Iherefore continue to be developed and the Trustees have a reasonable expectation that the Charity should have sufficient resources to continue its operations and meet its liabilities as they fall due for at least twelve months from the dale of signing of this report. They have therefore continued to adopt the going concern basis in preparing the financial statements. Fundraising stslement Stewardship America is now registered with the Fundraising Regulator. However, there was no active engagement in any public fundraising and no third party professional was employed to engage in such fundraising activities during the period. It is anticipated that this will change during 2021 as the Trustees seek lo recruil a Stewardship America Relationship Manager to expand Ihe ne￿Ork il can offer services to. While Stewardship America does provide marketing information, the aim of these documents is not to raise funds for its purposes but to promote its servi￿$ in order lo fulfil its objective. Stewardship America did not receive any formal complaints during the year in respect of any fundraising activities. Investment powers and policy The Trustees have the power to invest in such investments. securities, or property as they see fit after obtaining any necessary advice from investment experts, and having regard to the suitability of investments and the need for diversification. The investment policy relating to funds held is to provide a high degree of security and liquidity. Financial assets are generally held in bank deposits or money market deposits with maturities be￿een three months and one year. We expect to see an increase in the gift of shares from clients, which will be assessed for ethical and risk consideration prior to gifting and usually sold immediately. Any subsequent gain or loss when the shares are sold is reflected in the amount available for giving at the request of that specific donor and held within unrestricted funds. Related parties Slewardship Services IUKET) Limited provides Ihe Charity wilh administrative and managerial services. Delails of the related parties and the transactions with these entities during the year are included in note 6 to the accounts. Post balance sheet events There have been no significant post balance sheet events.

Trustees, report (continued) Statement of Trustees, Responsibilities The Trustees are responsible for preparing the Strategic Report, the Trustees, Report and the financial statements in accordance wilh applicable law and regulations. Company law requires the Truslees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounling Practice (United Kingdom Accounting Slandards and applicable lawl. Under company law Ihe Trustees musl not approve the financial statements unless they are satisfied Ihat they give a Irue and fair view of the incoming resources and application of resources, including the income and expenditure, of the Charitable Company for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consislently- make judgemenls and accounting estimates that are reasonable and prudenl., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial slalemenls on the going concem basis unless il is inappropriate lo presume Ihat Ihe Charitable Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company s transactions and disclose wilh reasonable accuracy al any time Ihe financial position of the Charitable Company and enable Ihem to ensure that the financial stalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitsble Company and hence for laking reasonable steps for the prevention and detection of fraud and other irregularilies. Financial statements are published on the Stewardship Services IUKET) Limited website, www.stewardship.org.uk in accordance with legislation in Ihe United Kingdom goveming the preparation and dissemination of financial slalements, which may vary from legislation in olher jurisdictions. The Trustees are responsible for the mainlenance and integrity of the corporale and financial infomiation relating to Ihe Charitable Company included on that website. The trustees, responsibility also extends to the ongoing integrity of the financial slatemenls conlained therein. Auditor Each person who is a Trustee at the dale of approval of this report confirms that.. so far as the Trustees are aware, there is no relevant audit information of which the Charity s audilor is unaware- and 2. the Truslees have taken all the steps thal he or she ought to have laken as a Trustee in order lo make himself or herself aware of any relevant audil information and lo establish Ihat the Charity s auditor is aware of that information. This confirmation is given and should be interpreted in accordan￿ with the provisions of s418 of the Companies Act 2006. A resolution to re-appoint auditors of the Charity and authorising the board to fix their remuneration will be submitted lo the forthcoming Annual General Meeting. io

Trustees, report (continued) Approved by the Trustees on 10 June 2021 and signed on their behalf Lewis John Jackson Trustee Date 2710712021 li

Auditor's report Independent Auditor's report to the Members of Stewardship American Donor Fund UK Limited Report on the audit of the financial statements Opinion We have audited the financial slatements of Stewardship American Donor Fund UK Limited l-the Charitsble Company'l for the 15 month period ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practi￿1. In our opinion, the financial statemenls: give a true and fair view ofthe state ofthe Charitable Company's affairs as at 31 December 2020 and of the its incoming resources and application of resources for the period then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further dèscribed in the Auditor's responsibilities for the audit of the financial slalements section of our report. We are independent of the Charitable Company in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other elhical responsibilities in accordance with these requirements. We believe thal the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Conclusions related to going concern We have nothing to report in respect of the following matters in relation to which the ISAS (UK) require us to report to you where- the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is not appropriate., or 12

Auditor's report (continued} the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Charitable Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Other infomiation The other information comprises the information included in the Annual Report, other than the financial statements and our auditor's report thereon. The other information comprises= the Trustees, Report including the Stralegic Report (incorporating The Directors, Report). Tha Trustees arè responsible for Ihe other infomation. Our opinion on the financial statetnents does not cover the other information and, except to the extent othe￿iSe explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of Ihe financial statements, 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 audit or otherwise appears to be materially misstated. If we identfy such material inconsistencies or apparent material misslalemenls, we are required to determine whether there is a material misstatement in the financial statements or a material misslatement of the other information. If. based on the work we have performed, we conclude that there is a material misslatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the info￿natIon given in the Trustees. Report, which includes the Directors, Report and the Strategic report prepared for the purposes of Company Law, for the financial period for which the financial statements are prepared is consistent with the financial statements., and the Strategic report and the Directors, Report, which are included in the Trustees, report. have been prepared in accordan￿ with applicable legal requirements. 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 nol identified material misstatement in the Strategic report or Ihe Truslees, report. 13

Auditor's report (continued} We have nothing to report in resped of the following matters in relation to which the Companies Act 2006 requires us lo report to you if, in our opinion- adequate accounting records have not been kept by the Charitable Company, or returns adequate for our audit have not been received from branches not visited by us., or the Charitable Company financial statements are not in agreement with the accounting records and returns., or certain disclosures of Directors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Statement of Trustees, Responsibilities, 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 slatemenls and for being satisfied Ihat they give a true and fair view, and for such internal control as the Trustees determines 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 Truslees 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 We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevanl regulations made or having effecl thereunder. Our objeclives are to obtain reasonable assurance about whether the financial statements as a whole are free from malerial misstatement, whelher 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. A further description of our responsibilities for Ihe audit of the financial statements is located at the Financial Reporting Council's I"FRC's"} website at.. hlt s.'Ilwww.frc.or .uklauditorsres onsibililies. This description forms part of our auditor's report. 14

Auditor's report (continued} 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 Ihose 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, forourauditwork, forlhis report, orforthe opinions we have fomied. by. 73D8B%4FE9AC4Cg . Jill Halford {Senior Statutory Auditor) For and on behalf of BDO LLP, statutory audilor Gatwick, UK Date 27 July 2021 BDO LLP is a limiled liabilily partnership registered in England and Wales (with registered number OC305127). 15

Stewardship American Donor Fund UK Limited Statement of Financial Activities {ineorporating the Ineome and Expenditure Aeeount) IS month5 to December 2020 12 months to September 2019 Unrestricted Restricted Total Unrestricted Restricted Funds Funds Funds Funds Funds £'o E'(K)O £'ooo £'ooo £'ooo Total Funds £'wo Note5 Income from: Donations 16 3,796 3,812 151 50,807 50.958 Investments io io 12 12 Total income 26 3,796 3,822 163 50,807 50,970 Expenditure on.. Grants 1201 119,9691 119,9891 127,1051 127,1051 Charitable activities 1471 11451 11921 1911 1941 Total expenditure 1671 120,1141 120,1811 1911 127,1081 127,1991 Net gains/llosse51 on investments io 141 141 16,7551 16,7551 Net lexpenditurel / income 1411 116,1771 116,2181 72 16,944 17,016 Net movèmènt In funds 1411 116,1771 116,2181 72 16,944 17,016 Recontlllatlon of funds Total Funds brought forward 72 16,944 17,016 Total Funds carrled forward 31 767 798 72 16,944 17,016 I transactions arise from continuing operations. All gains and losses are included above. The notes on pages 19 to 24 fomi part of these financial statements. 16

Stewardship American Donor Fund UK Limited Balance Sheet Notes 31 Dec 20 30 Sept 19 £'ooo £'ooo Current assets Debtors 65 12 Current asset investments 7,640 Money market deposits Cash at bank and in hand 9,003 767 366 Total current assets 832 17,021 Liabilities Creditors.. amountsfallingduewithin (ne year 1341 151 Net current assets 798 17,016 Total net assets 798 17,016 The funds of the Charity.. Restricted fund5 io 767 16,944 Unrestricted fLJnd5 io 31 72 Called up share capital li Total funds 798 17,016 Approved and authorised for issue by the Board of Trustees on 10 June 2021 and signed on its behalf Lewis John Jackson Trustee Date Jul 27, 2021 Company registration number 11532453 The notes on pages 19 to 24 form part of these financial statements 17

Stewardship American Donor Fund UK Limited Cash flow statement for thL P('riod 1 OLtL)bLr 9019 tO.31 1)ecember 2020 {2019'. 22 August 2018 to 30 September 2019) 2020 2019 £'o £'ooo Cash flows from operatlng actlvltles Net cash lused inllprovided by operating activities 18,6121 9.357 Cash flows from investing activities- Dividends and interest from investments io 12 Net cash utilised by investing artivities io 12 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period 18,6021 9,369 9.369 767 9,369 Reconciliation of net income to net cash flows from operating activities Net lexpenditLJrel/income for the reporting period Adjustments for.. Decrease / lincreasel in current asset investments 116,2181 17,016 7,640 17,6401 Dividend5 and interest from investments iioi 1531 29 1121 Ilncreasel in debtors Increase in creditors Net cash lused inl/ provided by operating activities 18,6121 9,357 Analysis of cash and cash equivalents Cash at bank 767 366 Money market deposits Total cash and cash equivalents 9,003 767 9,369 Analysis of changes in cash and cash equivalents Fore5gn At start of exchange perlod Cash-flows movements £'ooo £'ooo £'ooo At end of perlod £'ooo Cash 366 527 11261 1191 11451 767 Money market deposits Total 9,003 9,369 18,9841 18,4571 767 The notes on pages 19 to 24 form part of these financial slaternents 18

Stewardship American Donor Fund UK Limited Notes to the Financial Statements i) Accounting Policies The principal accounting policies andjudgemenls used in the preparation ofthefinancial statements are- a) Basis of preparation These financial statements have been prepared in accordance with applicable United Kingdom law and UK Generally A¢￿pIed Accounting Practice (UK GAAPI, including FRS 102, las issued by the Financial Reporting Council), the Financial Reporting Standard applicable in the UK and Republic of Ireland I'FRS 102,1, the Companies Act 2006 and the Charities SORP 2019 IFRS 1021. Stewardship American Donor Fund Limited is a UK Charitable Company incorporated in the UK and registered with the Charity Commission for England and Wales. The Charity meets the definition of a public benefit entity under FRS 102. b) Going coneern The Trustees have reviewed the financial position, plans, reservesand risk managementoflhe Charity and believe, given the financial support provided by Stewardship Services IUKETI Limited, it has adequate resources to continue operations for the foreseeable future and therefore supportlhe preparation ofthese financial ststemenls on a going concern basis. Stewardship Services IUKETI Limited has agreed, if required, to financially SUPFX)rt Stewardship America Donor Fund UK Limited during its start-up phase, via an unsecured loan of up lo £260,000, at an interest rate of 40/0, Wlth no repayments due prior to 31 July 2022. This would cover 2 years of expenditure, assuming nil income is received. The Iruslees are therefore comfortable that this enables the Charity to continue in operation for the foreseeable future, managing the challenging economic circumstances brought about by the Covid pandemic and therefore are able lo prepare the accounts on going concem basis. c) Ineome reeognition Donations and gifts are recognised in the stalementof financial activities usually in the period they are received or, if appropriate, when any requested conditions have been mel. Where a donation or gift is made with a valid Gift Aid declaration, the Gift Aid is recognised in the period in which the original donation or gift wasmade. Non-cash gifts are recognised al Iheirvalualion on the date of thegift. All other income is recognised on an accruals basis and included in the Statement of Financial Activities when the Charity is enlilled to the income. This includes all earned investment income and fee income on services provided by the Charity. d) Expenditure Grants to charitsble causes principally represent the payments made following the expression of wishes made by our givers, from their Stewardship America accounts. These are recognised in the accounts on receipt of the givers, expression of wishes, provided that Stewardship America has completed the appropriate due diligence and financial assessment checks on the charitable cause nominated. Where Stewardship America has followed a donor's request and allocated funds to a recipient's awounl, Stewardship America continues to have discretion lo decline lo make payment, if circumstances have Changed between the allocation of funds and payment dale. However, the Trustees are of the view that in most cases this is unlikely lo occur and therefore the accounts include amounts yel to be paid to the recipient as a liability. Other expenditure in the furtherance of charitable objects is accounted for on an accruals basis. Where expenditure does notfall clearly into one category, costs are apportioned byheadcounl. 19

Stewardship American Donor Fund UK Limited Notes to the Financial Statements (continued) Governance costs include the cost of the audit, Trustees, expenses and theslaff coslsassocialed with directly supporting Trustees, meetings. Fund management charges are charged directly to the investment and reflected in closing asset valuations. e) Current asset lllvestments Currentassetinveslmentsare assets held pending sale and are measured at their estimated net realisable value at the balance sheetdate. O Debtors Trade and other debtors are measured on the basis of their recoverable amount. Money marketdeposits Money marketdeposils are held as partof Stewardship America's investment allocation oflotal assets. These are generally fixed term and notice deposits of up to one year bul can also include instant access savings accountswhich generateadditional inveslmentincome and liquidity- h) Cash at bank and inhund Cash at bank and in hand is held lo meetthe day-to- day running costs of the Charity as theyfall due. i) Creditors Creditors are amounts owed bythe Charity. They are measured al the amountthatthe Charity expects to have to pay to set￿e the debtor payforservices or goods received. j) Reserves Unrestricted funds are availabletocoverthe coslof running the Charity. The Chariws reserve policy is lo maintain an unrestricted reserve to cover the next 12 months of costs. These are budgeted to be £130k per annum going fonNard and Stewardship Services {UKETI Limited trustees have confimied their financial support lo continue for at least twelve months from the dale of signing the accounts. Reslricledfundsare comprised of gifts received into the Charity's Giving Accounts. Donors at some future dale will express preferences as lo how these funds may be granted out lo specific recipient causes. Upon approval of the preferenceslhe grant paymentswill be made. Until such a time the funds are held as reslricled within Stewardship America's accounts. 20

Stewardship American Donor Fund UK Limited Notes to the Financial Statements (continued) 2) Donations 15 months to December 2020 12 months to September 2019 Unrestricted Restrirted Total Unrestricted Restricted Total Funds Fund5 Funds Funds Fund5 Fund5 £'ooo £'ooo £'ooo £'ooo £'ooo Gift5 16 3,060 717 3,076 717 53 50,807 50,860 Gift aid tax Gift from Stewardship Services IUKETI Limited 19 19 98 98 16 3,796 3.812 151 50.807 50,958 3) Investment ineome 15 months to December 2020 12 months to September 2019 Unrestricted Restricted Total Unrestricted Restricted Total Funds Fund5 Funds Funds Fund5 Funds £'ooo £'ooo £'ooo £'ooo £'ooo io io 12 12 Interest on money market deposits 4) Grants 15 months to December 2020 12 months to September 2019 Unrestricted Restricted Total Unrestricted Restricted Total Funds Funds Funds Funds Funds Funds £'ooo £,0￿? £'(M)O £'ooo £'ooo Stewardship Services IUKETI Limited Stewardship American Donor Fund US Inc. 19,969 19,969 20 27,105 27,105 20 20 19,969 19.989 27,105 27.105 Number of grants made.. Stewardship Services IUKETI Limited Stewardship American Donor Fund US Inc. 25 25 25 26 21

Stewardship American Donor Fund UK Limited Notes to the Financial Statements (continued) 5) Analysis of expenditure on charitable activities 15 months to Oecember 2020 12 months to September 2019 Unrestricted Restricted Total Unrestricted Restricted Total Funds Funds Funds Funds Funds Funds £'ooo £'ooo £'OCM) £'ooo Governance costs Professional costs 38 38 84 84 Other costs Exchange rate losses 145 145 47 145 192 91 94 Net income for the period is stated after charging.. Auditors remuneration.. audit 6) Related Party transactions During the period Stewardship Services IUKET) Limited made an unreslricled grant of £18,544 to the Charty12019 £98.0001 and recharged staff and support costs of £24,302. Grants tolalling £19,969,000 were made to Stewardship Services IUKET) Limited12019 £27,105,000) and to Stewardship American Donor Fund Inc. £20,00012019 Nil). During the reporting period, no Trustees received any reimbursement of expenses relating to their duties as trustees. To ensure the Charity's going concern status, Stewardship Setvices IUKETI Limited has agreed to fund, as required, an amount equal lo two year's worth of operating costs via an unsecured loan at an interest rate of 4D/o with no repayments due prior to 31 July 2022. 7) Debtors: due within one year 31 Dec 20 30 Sept 19 £'(x)o £'O(K) 60 Gift aid tax receivable Other debtors Prepayments 65 12 8) Current asset investments Current asset investments held as at 30 September 2019 are all listed inveslments. 22

Stewardship American Donor Fund UK Limited Notes to the Financial Statements (continued) 9) Creditors: amounts falling due within one year 31 Dec 20 £'ooo 30 Sept 19 £'ooo Accruals and deferred income Amounts owed to Group undertakings 28 34 io) Analysis of charitable funds Unrestricted Funds £'(KJo Restricted Funds £'ooo Total Fund5 Balance l October 2019 72 16,944 17,016 Income 26 3.796 3822 Expenditure Net gains on investments 1671 120.1141 141 120.1811 141 Balance 31 December 2020 31 767 798 Gifts received into Stewardship America Giving Accounts Donors al some future dale will express preferences as to how these funds may be granted out lo specific recipient causes. Upon approval of the preferences the grant payments will be made. Until such a time the funds are held as restricted within Stewardship America's Financial Statements. Analysis of charitable funds - prior year Unrestrlcted Fund5 £'ooo Restrlcted Funds £'ooo Total Funds £'(K)o Income 163 50,807 127.1081 16,7551 16,944 50,970 127.1991 16,7551 Expenditure Net (Losses) on investments Balance 30 September 2019 1911 72 17,016 ii) Shareholder's funds 31 Dec 2020 30 Sept 2019 Authorised,allotted, called up and fully paid.. l Ordinary share of£1 23

Stewardship American Donor Fund UK Limited Notes to the Financial Statements (continued) 12) Analysis of net assets by fund 15 months to De¢ember 2020 12 month5 to September 2019 Total Unrestricted Restricted Total FLJnds Funds Funds FLJnds £'ocK> £'ooo £'ooo £'ooo Unrestrieted Restrirted Funds FLJnd5 £'ooo £'ooo Debtors Current asset investments 60 65 12 12 7,640 9,(M)3 301 7,640 9,003 366 Money market deposits Cash 3t bank and in hand 60 707 767 65 Other creditors Total net assets 31 767 798 72 16,944 17,016 13) Indemnity insurances SlewardshipAmerica has taken out indemnity Insuran￿ coverfortrustees. Premiums due forthe policies during the period tolalled £8,364 ID%)Sel￿ts2Ol9£6,65o). 14) Taxation The Trustees consider that Stewardship America meets the Charity tests sel out in Part 1 Schedule 6 Finance Act 2010 and accordingly is potentiallyexemptfrom taxation in respect of income orcapital gains within categories covered by Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively lo charitable purposes. No tax charge arose in the period. 15)Parent entity All of the Charity's issued share capital is owned by Stewardship American Donor Fund US Inc. Thecharity'strusleesare appointed by ilsexislingTruslees subjecllo approval bystewardshipservices IUKETI Limited (UK registered charity number 2347141. Stewardship American Donor Fund US Inc. is the Charity s controlling entity and the smallest group into which the Charity is consolidated. Stewardship American Donor Fund US Inc. is a US 501 Icll31 public charity recognised bythe US Internal Revenue Servi￿. It is incorporated in the Slate of Delaware and ils headquarters are located al The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington (New Castle County), DE 19801, USA. Three Iruslees, by virtue of the office they hold for Stewardship Services IUKETI Limited, are the members of Stewardship American Donor Fund US Inc. The appointrnent of additional members and the removal of members can be made by Stewardship Services IUKETI Ltd al any lime. The consolidated accounts of Stewardship Servi￿$ IUKETI Ltd which under accounting guide lines indudes the results of Stewardship America Donor Fund UK Limited and Stewardship America Donor Fund US Inc, can be obtained from their registered address al 1 Lamb's Passage, London EC1Y 8AB. 24