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