NPT UK National Philanthropic Trust UK Limited Annual report and accounls 30 June 2021 Ctyryny Re9istralK)n 11Y2102 IErJLrynd arxl wa$) Regi5b3liDn NuffknEr 1181128 AQIN82WZ' 04112rd021 COMPANIES HOUSE
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Reports Contacts, offiaaL% and advtsors Chair's review Truslees. report StateTnenl of trustees, responsibilities 12 IndeFendent auditorfs rert 13 Flnan¢lal Statements Ststemt of finanryal activities Balance sheet 18 Stalernent of cash flows 19 Accounts"ng policies 20 Notes to the financAal statements 25 NPT UK Limtled
Contacts. officials and advisors Chair Ceris Gar(Ir Trustee5 (who served during the year Ceris Gard Richard Cassell Vivien Gould Eileen R. Hei5man David Rowe Chiel Executive Officer Jthn Can Company Number (England and Wales} 11542102 Charity Regi$tTation Number (England and Wales) 1181128 Independent auditor RSM UK Audit LLP 25 Farringthln Street London EC4A 4AB Bankers Bank of America NA 2 King Edward Street London EC1A 1HQ Principal invostment manag?rs UBS 3 Fins Avenue London EC2M 2AN Cazenove Capital 1 London Wall Place London EC2Y SAU Tribe Impact Capital 40 Conduit Street W1S2YQ NPT UK Limited 1
Contacts, officlals and advisors Solicito wrthers LLP 20 Okl Bailey Londo EC4M 7AN Registsred address 20 Old Bailey London EC4M 7AN Prlnclpal address 125 Okl Broad Street Suite 610 London EC2N 1AR NPT UK Limited 2
Chair's review l am pleased to update you on National Phli anlhiopic Trust UK Limited's I"NPT UK") achieven*nts in fiscal year 2020121. NPT UK is a UK registered charity that was founded in 2019 in response lo growirwj dema1 for donor-advised fund giving vehicles. NPT UK is COfTNnitted to increasing philanthropy in soaety by helping th)nors manage their charitable giving with rnaximum conveniere and tax efficiency. In the mKJst of the continued COVIt>19 pandemt, NPT UK reached new milestones in its third year of operations. We continued to welconE new (k)ncrfs se8knThJ dIxr-ad¥lS8d fijnds to meet 1r philanthrop goal Our donots-Lx)th new and exist¥KJ-are (mprised of indivmjuals. families, foundations 8n¢J fellow charttss. Because of our donors, iJ)Ileclive generosity. NPT UK granted approximatdy £9.1 million this fiscal year {2019120= £0.8 million)- We received ¢ontrit4Jlions exdIrj £52.2 million which will surwrt qualified charits8s in the UK and ar0 the worfd. We now manage £50.2 milli)n of funds, all which aims to support the philanthropic intsfests of individuals arvj Organisatn$ in puJIng the ft$1 efficient way to achieve maximum charitsbje impact. We pride outsefves on providin9 exemplary service to our NPT UK donS. From pro$S1ng each incoming contribun lo sendiNJ out meaniThJful grants. we supwrt ow donors and their Charitab wals. Toa8ther. we are worknThJ to achieve real impact in the UK and around the wodo. It is an honcMJr to serve as the NPT UK Board Chair. Warn regards. Ceris Gardner Chair, NPT UK Limitod Board of Trust•es NPT UK Limited 3
Trustees, report 30 June 2021 The Trustees (who are also Ihe direciors for purposes of Company Lawl present their statutory rewrt with Ihe financial statements of NPT UK for the year ended 30 June 2021. The financial statements have been prepared in aGrdanCe with the accounting poliaes and c(pIY with the charitable company's govemirKJ document. the CoMpanS Act 2006 and 'Accounting and Reporting by Charittres Ststement of Recommended Practice applicable to charits.es weparing their accounts in acCOrdar with the Financial Reporting StaTrJard appliCaLe in the UK and Republ of Ireland (FRS 102}" la5 amended for accounting perKJs CcKnmerig from 1 January 20191. Misslon and histofical background NPT UK'S missK)n is to inspif8. SUPPOrt and inu8ase charItae giYirvJ society. primarily through charitae donor-advised fuTrJs (DAFS). whith benefit charilws and voluntary organisabons iri the UK and intemationally. NPT UK was establisheil as a rogistereA charity In England and Walps in May 2019 by National Philanthropic Trust. a Charits 501lc}131 organisabon in the United State5 (USI, response to grwng inlemational interest in DAFS. DAFS are a signifunt and popular form of giving in the US and are growing in powlarity in the UK and in other countries around the world. NPT UK aims lo achieve its mission in a number of areas.. researth arKI pronle DAFS as a co4Yecbve vehide for gNing' support a broad range of dorKM5.' cofFrf)rate. Indivval and charitable - through the establishment of philanthr(wtc gNing vehides.. provKle grantmakirKJ advice. expertise * support to don(S.. maximise donatvJns through gift aid recovery and use of government incentive5 in the UK for thari&ible contributions.. and )timise fvnds for grant makwKJ throwJh the prUdt investment and stewardship of charitable ntrIbun$. The Trustees h8ve paKI due regard to public benefit guidance issld by the Charity c¢)mMison in dec119 what activrties the charitable company sh(KJld undertake. Govemlng dtxum•nt The charity is controlled by its goverriThJ dcrument. the Ariicle5 of Asswialion, and constituted as a MpanY limrted by guarantee as defined by Ihe Companies Act 2006. Tr£ charity's soje member is Nat¥ Philanthrc)ic Trusl. a US charitabje 501lc)13) organisation. NPT UK Limited 4
Trustees. report 30 June 2021 Measuring Impact and public benefft As a grantmaking charity. prov¢ding publ tneffit is al heart of Ihe ¢hariWs activity. NPT UK seeks lo adVar philanthropy in socty. primarily through the Pfovision ol charitable DAFS. Donors to NPT UK can recommend grants from thw"r DAFS to support organisats.ons of their choi. provided that SLKh organisations pursue charitable purposes as the lerm is ¢Jefined under UK law. NPT UK reviews and musl approve all grant recommendations before the grant can be issued. The Trustees seek to cerbfy that each grant made from a DAF is made in furtherance ol a charitable purpose and offers an entsfiab tenefit to the public or a signtficant seclion of the public. Furthermore. any private benefft that may arise to any rerson 01 company as a result is not more than incidental. Charitsble obje¢lives Charrtab objectives are to increase the aMnIS available for charitable purposes by.. encouraging gmng.. facililatir#J efvent Colecn. investment and distributKJn of lunds lo minimise overhead.. maximising elybrfty for tax ftlTef to inCaSe Ihe benefit to charitable wrposes in proportion to the cost." and applyirKJ funds rais&Y in supwi of sh exdusivgty charitable purposes as Ihe Trustees shall from tin to time (lelermine. Fundraising $tstem•nt NPT UK does not aclNely soh.ot (h)natPLW)s and therefore is not registered wlh Fundraising Regulatty or subscribed to any furnjraising CLKJes of practice. When donatn$ from individuals are re(ived. the charity airns to protect personal data and never sells data or swaps data with other Organisatn5. Durin9 fiscal year 2020121. the charity r1Ved no compl8ints about fundraising actiwties. Plans for future periods We will continue lo promote philanthropy in s()ciety by working with donors to help them effectively manage their Charitab gi¥iThJ. In aldibon to raising awareness of DAFS with donors. we will also p&1ner with their advisors - wealth managers, tax advisors, so[ltorS and estste planne to ensure advisors are aware of the beneffts of incorporatsng philanthropy and OAFS into their dient discusOn$. Our efforts to be a partner in giving are all fctused on increasing charitatAe grving in the UK and beyond. NPT UK Limited 5
Trustees. report 30 June 2021 Grantmaking priorilies and exclusions The Trustees regularly review NPT UK'S poli. objectives guidelines to ensure that grants made are in support of exdusively charitable purpK)ses and for pu1¢ benefit. As such. grants rrnt be paKI to.. supwt which are not exdusNely chantable.. indr¥iduals.' PfovKle any kyivate b&nefit {e.g. payment of tuition. dues. rnembetship fees, benefit lid(ets or g)ods bought at th¥itable auction).. and satisfy arry Folitical c£JntributL)ns or supyyl campaign xtivities. Charities are notified electronically of alS awarde(4 and grant payments are made electronically. Grant recipEnts may or may not submit to NPT UK re9ular or one-off progress reports, dependiNJ on the nature of the prc¥ect. the purpose and terms of the grant and the size of the grant awarded. Trustees Re¢ruiementand apwlntmentof Tru$le•s At any one twne. the charity shall have at least three Trustees who meet in person and by teleconferen a minimum of three times every year and addilionally as required. The identificati7 of potential new Trustees is carried out by the Board of Trustees. the aim being to appoint those with the appropriate expertise and experien for NPT UK'S woTk. On agreeing to become a Trustee of the charity. new Trustees are thoroughty briefed by their co-Truslees and key managemenl on the history of the charity, day-to4ay managenwt. reSFX)nsitsles of the Truslees. rrent objectives and future plans. The Trustees are also encouraged to attend trainwvJ and w)date courses. Register of TfU5tees' interests In accordance with Company Law •)d the Charity Commission guidan that charity TnJslees and key management vtho may have a personal inleresl in any matter before the Trustees should de3 that interest and refrain from takiThJ part in any discussion relatiryJ to it. a 'Regisler of Truslees, Interests. is maintained and upjated annually. TrLJStees are required to disclose all relev1 interests and register them with the Chief Executive Officer. an(J in accordarKe with the charity's policy. withdraw from decisions Wh a nflICt of interest arises. NPT UK Limrted 6
Truslees, report 30 June 2021 Governance Organisatlol structu The Trustees a uttimately SponSible for the pdioes, actNilies and assets of the eharity. TY meet a minimum of three times annually to review developments with regard lo the charity and ils grantmaking and investment athities. and to make any important decisions. When rw£ssary. the Trustees seek advice and SUPFQrt from th8 charity's professional advisers. Key managementpersonnel The key managernent personnel are considered to be the Trustees an(1 the CEO. The Trustees are r1 remunerated for their roles. Administration NPT UK seeks to build efficient and effective adrninislrats.ve systems, whilst recognising the effectiveness of workn'ro in partnership with other organisats"ons_ To this end. administration, rnanagemenl information systems and lethnok¥Jy functions of the charity are provided to NPT UK by organisations: NPT Transatlants"c Limitsd of UK and National Philanthropic Trust of the US. Both arrangements a 9OV8med by service agreements wh¢ch also make provisions for dats proteth.) and cxinftlentialitylprivacy requiremènts. Achlevements and slratsgic goa Contributions Our dormys contributed £52.263.517 in fi1 year 2020121 12019120 - £6.513.7721 to NPT UK'S DAFS. Wire transfers are the most common method of ming contributions. We have also accepted appreciated securitss as contn"tsJtions. These contributions are lumed into philanthropi¢ wttal for the causes and tharib.es closest to our donors. hearts. Investnmnts NPT UK donors Can indicate an inveslmefit prelerenf. With referen to preapproved pnveslrnents arKI separately managed acu>iJnts. induding altemative and unlisted investrneAts, in an effort to increase amounts available for grants. Investment performance was positive for fiscal year 2020r21, reporting inrne and gains of £1,517.300 12019120 £47.0681. NPT UK'S Trustees carefvlly review any rw inveslm8nt$ and also monitor the investmenl perf0rrnan on an on4Joiry basis. NPT UK Limited 7
Trustees, report 30 June 2021 Grantmaking NPT UK'S donors recunmerKled 252 ants totalling £9,118,462 in fiscal year 2020121 12019120 - 28 grants totalling £789,142). NPT UK'S stsff assisted our donors with the grantmaking prws. from answering bas questM?ns abcwjt philanthropy to discussing complex grant agreements. Our team has subslantial knthyledge about philanthropy, DAFS and industry best praclices that support our donors. We work lo ensure our donors are able lo achieve their philanthropic goals. Financial review NPT UK is (mmitted to in(¥e8sing philanthropy in swety and the 2020121 fiscal year. demonstrated the contued Suc$ of the charity n its mission. Income for the 2020121 scal year was £52.431.31612019r20- £6.613.1571. The increase in contributions is a result ol Inc3$e<l awareness amongst donors aThJ thebr advisors in donoT-advised fur$ as a lax- efficnl. Charitab giving vehide. Expendilure for the year was £9.401.703 {2019120 - £881.015). This significant increase was drNen by the generosity of approved donor's grant recommendations lo charitsble organizations. As a result of fiscal year contribukn.ons exceeding Charitab distributions for- the year en(Sed 30 June 2021, there was a surplus - after investment gains of £1.470,257 12019r20 investment gains of £43.119I - of £44,499.87012019120 - £5,775,261). Funds at the end of year c(Mnpwised £50.279.837 (2019r20- £5.779,9671 of unrestricted funds. Reserves policy NPT UK'S free reserve5 policy is to maintain, paeally, a level equivalent lo been three and six rnonth5' general operating expendrtwe. Unrestrided opgrating funds are those funds whKh are not s1Cted and not presented by DAFS. At 30 June 2021. these funds were £65,512 12019120 - £22.309). representing 10.1 months of operaliro expenditure. and exceeds Ihe ststed policy. The Trustees conspJer that reserves at level will ensu Ihat. in the event of a drop in fLtrnding, will be abre lo conts.nue the charity's current a¢tivtlies for a period of time that alhjws for sufficient consJeralion to be gNen to ways in which a{1donal funds may be raised. Unrestricled doN)l-advised funds. which have been de5ignat&J by Ihe Trustees, a those funds held by NPT UK pendiro recommendation for onward distribLrtion to Ihird party charities. At 30 June 2021. these furKls were £50,214.325 {2019120- £5,757,658). NPT UK Limited 8
Trustees, report 30 June 2021 Investment management The Trustees of NPT UK are responsible for the management of all funds maintained by NPT UK. The fvnds are Maned in aClX)rdan with the prinaples and standards of prudence applicable under English law. Under its Articles of AsKrialion. NPT UK has the power lo invest fun(Js that are not iMMedle1Y required for charilable purposes. NPT UK'S investment policy enables a diversifted global portfolio of investrnents across a range of asset classes. The F¥)rtfolio is managed by qualified investment managers arvroved by the Trusiees. NPT UK seeks io balance risk. relum and spend so as to observe proper balance bets¥een the need lo meet present Oemands on the chanty and the need to allow for future charitable objectwes. NPT UK also consi¢Jers Environmenlal, Social and Governan factors into xcounts when rnakirKJ investments. Prlncipal rlsks and un¢ertaiThlies In line with the ul18ment for Trustees lo undertake a risk assessment exercise and report on the same in Iheir annual rewrt. the Tnjstees intliated a process to assess organisational risk. The Trustees have idènkn.fied five main areas Whe risk may occur.. govemance: • operational,. • financial; • environment or extemal.. and • complrdrKe (law regulatK)n). Govemance risks lUde those charity might suffer frcffi l* of directic. skills army training of the Trustees and gcod use of its funds. Operational risks Indle those inherent in the charitys activities incknjing sw>porting unsuitable appeals from tharittes. contsnuity of stsff, disaster recovery. and olher issues. Financial risks incILe those aiising a5 a result of poor budgetary control, inappropriate spendin9. inaccurate aOUnting and inappropnate investment poliaes. Environment or extemal risks indude the possible damage lo the charills fepLrtation, through association th unsuitable eharities. OT wth inappropriate investment actNity. Compliance risks indude the effects of govemment wlieies. potenti81 adverse changes in these policies and the consequences of n0n-cfjMlan with applicable laws aThJ regulations. NPT UK Limited 9
Trustees, report 30 June 2021 Principal risks and un¢ertaintie5 {cOntinu) The major foms of finCial risk NPT UK faces are volatilty in equrty and other investment markets due to economic conditions. the attitude of donors relative to their recommendations on investment risk aTrJ char¥Jes in sentiment ton¢eming equities and within particular sectors or SUsectOrS arKI where Snificant reserves are held as cash. the harity la the risk that such funds lose vakE in real-terms. due to low interest rates and rrenw exchange rate5. Having assessed the major risks to whrch the charity is exposed. in parlicular to its finances. the Trustees believe that by monrtorbng seNe levels. by ensuring that controls exist over the key financial systems and by examining the OratK)n8l and business risks fad by the charity. effective systems are in to miti.gate those risks. The chanty maintains an u to-dale risk register in order lo thntify and estsblish effective systems to mitigate those risks. In addition to the identified major forms of financial risk, the charity's risk register is a dynami¢ doc#Jrnent and process that will charrfJe over time as drfferent risks are identified and other risks are downgraded or removed. The risk$ at any one time are graded depending on their percer¥ed likelihocrfl and impacl. Assessments arg also made as to whether the risks are inasing. ¢Jecreasing or remainiThJ stable and the actKJn plans. responsibilities arKJ b"meframes for Ihwr impmentsti are also reviewed regularly by Trustees during the year. Trre a generic risks of running any charitabte or business undertaking. The ffL)sl signfficant risks identified for NPT UK relate to: • loss of key slaff- and • disaster recovery and aThning, indudin9 cyber breaths. The following paragraphs set out the identified key risks and the (xjnlrols that NPT UK have put in place to mrtigate thern. Loss of key stsff could have a sKJnificant impacl on the organisation as this may result in the 105$ of specific skills. expenence and Cntacts. There may also be a temporary but Signffjnt impact on on-goin9 key projects. NPT UK has moved tr) mitigate Ihis risk by comphenslvety d(xXjnn1In9 key syslems, pjans and projects. and by establishing notice penods and ensurirKJ Ihat we necessary. trsIt$ lake place within that time. Oisaster recovery * planning rele to the gnthcanI irW that a major cyber breach or unpre(Jictable disaster could have. such as failures in IT system5 or physical damage to propety and equipment by way of fire. IlcM)d or other natural forS. These risks cannol be predicted, but can be prepared for, and NPT UK does so through the eatIOn and review of IT and disaster recovery plans" implemenlirKJ digrtal and physical security measures.. and obtaining appwiate insurance coverage. NPT UK Limiled 10
Trustoes, report 30 June 2021 Auditor RSM UK Audit LLP have iThjateO their willingness to be reappointed for another term. Dlsclosurn of Information to audltor Each of the Trustees confimi thal: in so far as the Trustee is aware.. all relevant audrt informati( has been disclosed to the charitabFe CoMpanS auditor,. and • the Trustee has t&ken all steps that helshe Ou1 lo have tsken to make himselflherself awa of any relevant audil infornation aThJ to eslablish that the charitsble ccmnpany's auditor ts aware of that infom1atK. The Trustees. Report prepared urKler the Charilw Ad 2011. whth also contains all information required in a DirectLY5' reFQrt by the Companie5 Act 2006. was approved by the Board of Trustees arKJ ned on behaw of Ihe Trustees by: Ceris Gardner Cha Dale: 24 November 2ffd1 For more infr)rmation on DAFS see our webyte at W.n tuk.o NPT UK Limited 11
Stalement of Trustees, responsibilities 30 June 2021 The Trustees {who are also the directors of NPT UK for the purposes of company law} ar8 reswnsible for preparing the Trustees Report and the finanoal stslements in accordance with aW¢cable law arKI United Kingdom AccounliThJ Standards (United Kingdom Generally Accepted Accounting Practice). Company law ieouires the Trustees lo prepare finanaal ststernents for each financial year whh give a true and fair view of the state of affairs of the charitable company and of the come and experKJiture, of Ihe Charitab MpanY for that period. In preparing those financial staiement5. the Twstees are required to" sdect suitsble aco)unts"ng and then apply them consistenly.. observe Ihe methods and priwples in the Charities SORP: make judgments and estimates thal are Teasonable and pent.. state whelher applicatAe UK acuJuntirNJ standards have been followed, subject lo any material departures dwk)5ed and explained in the financial ststements." and prepare the financAal statements on the going concern basis unless il is inappropriate to presume that the charrtable company will continue in business. The Trustees are resF(Jn5ible for keeping proper afxounting CordS. which disclose with reasonable accuracy at any time. Ihe fina[1 position of the Charitsb company and to enable them lo enyJre that the financial slalements comply with the Ccmnpanies Act 2006. They a also reswnsible.for safeguarding the assets of Ihe charitable company and hence for tsking reasonable sleps for the preventK)n and detection of fraud other.irregularilies. NPT UK Limited 12
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NATIONAL PHILANTHROPIC TRUST UK LIMITED Oplnion We have audited the financial ststements of National Philanthropic Trust UK Limited Ilhe 'charitae company'l for the year ended 30 June 2021 which comprise the Statement of Finanaal A¢ts'vities. the Balance Sheet, the Stslemenl of Cash Flows and notes to the financial statements, induding significant accounts.ng policies. The financial reporting framework that has been applied in their preparatic is applicab law and United 'ngdoM AccounliryJ Standards. indudiThJ FRS 102 Vhe Financial RepK)rts"ng Standard applicable in the UK aThJ Republ of Ireland" (United "ngdoM Generally Accepted Accounting Practice). In our opinion the financHI statemts= give a Iwe and fair view of the stsle of the Charitsble company's affairs as al 30 June 2021 and of its incx)ming resour5 and apP.caln of resources, induding its ncorne and expenditu. for the year then ended" have been property prepared in adan wrth United Kingdom Generally Accepted Accounting Practi., and have been prepar&J in accordan with the Qu1ments of Companies 1 Basis for oplnlon We conducled our aLKJit in accordance wrth Intemabonal StsThJards on Auditing IUKI IISAS (UK)) and applicable law. Our respK)nsibilities under those stsndards are further described in the Auoitorfs respSIbilIt5 for tr audit of the finanoal ststennts section of our report. We are independent of Ihe charitable company in accordanc with the ethical requirements that are rdevant to our aLKIit of the financial statements in the UK. induding the FRC'S Ethical Standard and we have fulfilled cMJr other ethbcal reswjnsib1litS in accordance with these requirements. We klieve that Ihe au¢Jit evidence we have obtain&J is sufficient and appropriate to provKle a basis for our opinion. Conclusions relating to go5ng concern In auditing the finanual ststemenls. we have Cncluded that the Tnjstees. use of the goirMJ concern basis of accounling in Ihe Preparati of the finanaal statements IS appropriate. Based on the work we have performed. have not jenIrf any material uncertainties relating to events or condits.ons that, Ir1VlalIY or collectively, may cast signrficanl doubl on the charrtable company's ability lo continue as a going concem for a period of at least Iwelve months from when the finarKial ststements are authorised for issue. (Jr reswnsibilit*s and the resrrtmsibilthes of the Trustees respect lo going conrn are described in the relevant 5&b"ons of this rewt. Olher Infomlation The other information comprises the irrfom)a Ind m the Trustees, Reporl other than the finanaal slalements and our auditor's report thereon. The TnJstees are responsible for the other infomiatson contsined wilhin the Trustees. Report. Our opinion on the financial ststemenls does nol cover the other InfatiOn arKI. except lo the exlenl otheiSe exFAicitly stated in k)rt. we do express any fom of assuran condusion Ihereon. NPT UK Limited 13
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NATIONAL PHILANTHROPIC TRUST UK LIMITED Other infomiation IntinUed Our fespK)nsits"lity is lo read the other infom)alion and. in doirrtJ so. consider whether the other inforrnation is materially incongstent wrth the financial statemenls CK our knowledge obtained in the eourse of the 8udrt or olheNise appears lo be materially misstated. If we identify suth material inLx>nsislencies or appant material misstatements. we are required to deterniine whether tt¥s gives rise to a material misslalement in the financial statements thernselves. If. based on Ihe wort we have perfomied. we conclude thèt there is a material misslatemenl of Ihi5 Other inforrnation. we are reqUIrj to report Ihal fact. We have nothing to report in this waft1. opinio on olh•r matters pr•s¢rlbed by th• C¢)mpani•s Act 2006 In our opinion. based the woth undertaken in the course of the audit: the inforniat#)n gtven in the Trustees, Report, which includes Directors, Report prepared for the purposes ol company law. for the financial year for which the ffinanaal statements are prepared is consistent with Ihe financial statements.. and the Oireclors. Report included within the Truslees. Report have been prepared in accordance wilh applKable legal requIrents. Matters on which we are required to report by exception In the light of the knowledge and understandirwj of the Charitable CoMnY and its environment oblaine<l in the course of the audit, we have rK)t identrfied material misststements in the Direct$. Rewrt included wthin the Trustees. Report. We have nothirKJ to rewl in respect of the followirvJ matters where the Companies Act 2006 requires us lo report to you rf. in our 0K)n.. adequate accounb.ng records have rM)t been kept, or returns adequate for our audit have not been received from branches not visited by us: or the finawal statements are not in agreement Ihe accounting records and returns- or certain disclosures of Trustees. Munerat)n specffied by law are not made.. or we have not re(i¥ed all the ¥iformation aThJ explanations we require for our audit. Responsibilities of trustees As explained more fulty in ts Slement of Trustees, responsibilitie5 sel out on page 12, the Trustees (wh) are also the dire¢th ol the charitable company for the purposes of company law) are reswnsible fof the preparation of the finanal statements and for being satisfd that they give a true and fair view. ond for such intemal control as the Trustees delemiine is neeessary to enable Ihe preparatKJn of financial statements that are free from material misststement, whether (kn to fraud or error. In preparing the financial statements, the Trustees are reSFrf)nsle for assessing the charilable company's ability lo continue as a goiro conLYm. disclosing, as applicable. matters related to goiry COnM arKI using the goiThJ concem basis of accounting unless the Tnjstees erther intend kn ruld81e the dwritable company or lo cease op8ralrons. or have no realislic altematNe but to th) so. NPT UK Limited 14
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NATIONAL PHILANTHROPIC TRUST UK LIMITED Auditorfs responsibilities for the audit of the flnancial statements Our obj'ectives are to obtain asOnab assurance aboLrt whether the financial statements as a whole a free from material misstatement. whether due lo fraud or error. and to issue an auditor's report Ihat incjudes our opinion. Reasonable assurance is a high level of assurance. t1 15 rK)t a guarantee that an audrt nduCte£l in accordance with ISAS IUKI will aNvays delect a material misststement when (l exists. Mi5sts1ements can arise from fraLKJ or error and a (nsered material rf. indNidually or in the aggregate. they could reasonably be expectet1 10 inlluenee the e)noMiC deusions of users taken on the basis of these financial statements. The extent to which the audit was considered ¢apable of detedlng irregularl11, including fraud Irregularities are InStanS of non-cOrntan with laws and regulations. The objectives of our audit are lo obtain sufficient appropriale audrt evKlence regarding MplIance with laws and regulats.ons thal have a direcl effect on the detem)inats"on of material amounts and disclosures in the financial ststemenls. 10 perfom audit procedures to help identify instsnces of non-compliance with other laws and regulations that may have a material effect on the finanaal stslements, and to appropriately to identffièd or suspected rn- Complian wrth laws and regulations identrfied dunng the audit. In relaticfft to fr•yJ. the objectives of our audrt are to identify and assess the risk of material misslalement of Ihe finanaal statements (Jue lo fraud. lo obtain sufficient appropriate audit evidence regardiNJ the assessed risks of material misstatement due lo fraud through designing and imglementsng appropriate responses and to respond appropriately to fraud or suspected fra identified duriThJ the aLJit. However. it is Ihe wmary reswrtsibility of mana9ement, with the oversyht of Ihose charged with goverrbance, lo ensure that the entitys operations are conducted in accordance with the prowsions of laws and regulaths and for the pventIOn and deteCtn of fraud. In idents"n9 and assessing risks of material misststement in respect of IrregularitS. inc1J1ng fraud. the a111 engageffnt leam.. obtained an understanding of the nalure of the sector. indudlrwJ legal and regulat frameworks that the charitable ojmpany operates in and htraf the charitable company is mplying with the legal and regulatory frameworks.. inquid of management, and those charged with govemance. about their own idenlificatiThi an(J assessment of the risks of irregularities, including any known actual. suspected or alw instsnces of fra.. discJJssed matters at(•ut non-complian with laws and regulalK)ns afyj how fraud might occur ineludiro assessment of how aTrJ where the financial statements may be susceptible to fraL#d. As a resum of these pro0re$ we consider the nY)st SI1ficaTht laws and regulations that have a Oirecl impact on the financial staterrnIS are FRS 102, Charities SORP IFRS 1021, Companies Act 2006. Chantie5 Aei 2011. the charitable company's wveming document and tsx legiatiOn. We perf0M audil prctedures to detect non-compliances which may have a rnalerial impact on the financAal staternenls which induded revithving the financial statements induding the Truslee5' Report an(J remaining alert lo new oi unusual Iransaclions whith may not be in accordan with the govemirKJ documents. NPT UK Limited 15
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NATIONAL PHILANTHROPIC TRUST UK LIMITED The extent to which the audit wa$ ¢onsid¢red upabl¢ of detecting irregularities, including fraud IntInued) The audit engagement leam iden1ffjd the risk of ManagennI override of controls as the area where the financtal stslements were most sUpIlbIe to material rnisslalemenl due lo fraud. Audit [CedureS rfOrn induded txjt We not limrted to testing fflanual journal entries and other adjustments, evaltAatiThJ the bugness rationale in relation to significant, unusual transactions transactKJns entered into OU.de the normal course of business and challenging judgrrnts arKI estimates. A further description of our SponSIbl1S for the a111 of the financial StatentS is Iated on the Financial ReptIng Counul's webstte at htt ."1lv.frc.0r .uklauditorsres nsibilits. This description forms part of our audttofs Use of our report This K)rt is made solely lo the charitsble COmpanS members. as a body. in accordance wrth Chapter 3 01 Part 16 of Ihe Companies Act 2006. Our audit work has been undertaken so that we Mht stale to the chantable company's members those m8lters we are required to state to them in an aLKlitofs rem and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the cknaritab company and the charitable company's members as a try)dy. for our audit work. for this report. or for the opinKJns we have forme(l. R51 Uk LL Nicholas Sladden (Senior Statutory AltorI For and on behalf of RSM UK Audrt LLP. Statutory Audrtor Chartered Accountants 25 Farringdon Street Lorxlon EC4A 4AB Date.. 24 November 2021 NPT UK Limtled 16
Statement of financial activities Year to 30 June 2021 2021 2021 Unrestricted Unsited 0ran9 DAF Funds Funds 2021 ToLIl 2020 Total Funds from: DonalK)ns Vduntary ¢x)natic$ t)crt)aiis to gNirg lunds 82,753 52.263.517 47,043 52363,517 47,043 120.756 120.756 120,756 52,310.560 51431.316 6.513.772 3,919 12,683 6,613,157 Other inrx)me Total income Exp•ndltur• on: Raising lunds Charrtat48 xtivIe5 Total trxpendire 56.214 21.334 77.548 25.779 9.298.376 9.324.155 81,993 9,319,710 9,401.703 63,011 B18.004 881.015 Realiseij and urwlwE {kissesygains on inveslmenl assets 151 1,470.262 1.470257 43.119 Net income and n•t movement in fvrK15 43,203 44.456,667 44,499.870 5,775.261 R•¢onciliatlon of lund$ Total fuTrJs b¥C4ht forward Totsl lunds Cald fOard 22.309 5.757.658 5.779,967 4.706 65.512 50.214,325 SO.27937 5,779,967 NPT UK Limited 17
Balance Sheot 30 June 2021 Company Number: 11542102 2021 Unrestricted UnrBthcted Operating Funds 2021 Total Funds 2020 Total FU1$ DAF Funts Flxed assets Invest15 33.599.348 33.599.348 2,161.342 Current assets Deblors Cash al bank and in hand 10 62.528 111.076 14,707 56.514 16.597.397 105,(62 16,659.925 16.653.911 16.764.987 3,629.497 3.644.204 Current 11a11+10eS Credrtor5." amounts falling due wrthm (* year {39.5501 144,9481 (84.4981 125.5791 Net currnnt a&s•ts 65.512 16.614.977 11680.489 3.618,625 Total n•t ass•ts 65.512 50.214.325 50279.837 5,779,967 Represented by the fvnlts ol the Charlty: Un$tricIe<I operating luThJs Unrestricted DAF lunds Total fvnd$ 13 13 65,512 65.S12 50.214.325 50.279.837 22.309 5,757.658 5.779.967 50.214.325 65.512 50.214.325 These 8¢counls We althIsed and apkyoved by the Trustees and sgned on their behalf Ceris Gardner Trust•• Approved on.. 24 November 2021 NPT UK Limited 18
ststement of cash flows 30 June 2021 2021 2020 Notes Cash Ilows from operatlng adivities: Nel ¢Bsh provided by operabng xtNit A 42.945.120 5,738.B06 Cash flows fr4)m in¥estiwvJ activits: Dividends and inlerest from inveslrnents Pro¢ee¢J$ from sale of in¥esb7ts Purchase ol investment5 Iirt cash used by In¥eslln9 •cti¥tties 47,043 3,949 12.748,2B5 2.136.700 142.716.0341 14,254.923 129,920,706) 12.114.274) Chan9e In cash and cash equl¥alents in th• p•riod 13.024,414 3.624,532 Cash and cash equivaknts at the beginrMn9 of the rep)rting pericJ Ca$h and u$h equlval•nts al the end ofthe WgPDrting 3,629.497 8 16.653.911 4.96S 3.629,497 A. Re¢onclllatlon of nel IOme to net cash used in operating xtlvitie$ 2021 2020 Net ineome per the slat•metht ol fin•n¢fj•l ¥¢tivllles Adjustments for: Realised and uNealised 9ain5 on inveth8nts DidendS and interest frcth investments Ilncreasel in debtors Increase in creditors Net cash pro¥kl¢d by operallng acti¥iti85 44,49970 5.775.261 11A70.2571 147,0431 196.3691 58.919 42.945.120 143,1191 13.9491 114.7071 25.320 5,738.806 B. Anafysi$ ol cash and oquivalents 2021 2020 Cash at bank aThJ in haThJ Total ush and ¢ash equlvalents 16.653.911 16,653,911 3.629.497 3.629.497 NPT UK Limited 19
Accounling policies 30 June 2021 The principal accounling poIleS adopted. judgements and key sourtss of estimation nrtaInty in the preparatK)n of the &counts are ¢Jescribed below. Basis of preparation The accounts have been prepared uNler the historical cost convention with items initially recognised at cost or transactn value unless otherwse stated in the rdevant accounting policy notes. The accounts have been prepared in accordan wrth the charity'5 goveming dumentS, Ihe Companies Act 2rxJ6 and"AcLounting and Repjrting by Charities.. Statement of Recommended practi applicab lo charilies preparing their accnunls in accwdance with the Financial Rerxjrting Standard applicable in the UK and Republic of Ireland IFRS 1021" {as ameThJed for accounting perS commencing from 1 January 20191. The charity c4)n5ts"tules a publK benefit enlity as defined by FRS 102. The accounts are wesente(1 in stedir¥J and are rojed to the nearest pound. SLIlu$ The charily is a private company limrted by guarantee and incorporated in England and Wales. The regi51ered Offi arvj principal athivity are Oa0$ed in the Trustees, Report. Critiul x¢ounting estsmates and areas ofjudgement The most svjnificant areas of judgernent and key assumpb.ons that affect items in the accounts are in respect to the alILKatn of support costs between activrties and the value of altemive investrnents. Altemative investffents are recorded at estimated fair value in the absence of readily determined fair val. Management's estimates are established on the basis of v8luatK)ns provKJed by the respective investment managers and are believed to be a relble i*st eslimate of fair value. With respect to the next reporting period. the mosl signfficanl areas of nrtaInty that affed the carrying value of assets held by the Charity are the level of fvndraising athievable. the investrnent retum and the perlormance of the Investnt markel gerlly. Going concem The Trust have assessed whether the use of the goiro concern assumption is appropriate in preparing these financial ststements. The Trustees have made this assessment in res lo a pen1 of one year from the dale of approval of these financial slatements. NPT UK Limited 20
A¢countlng poli¢les 30 June 2021 Going concem (contlnued) The Trustees have concluded that there are material nrtaInlieS related lo events or CndItionS that may cast sonifunt rUbt on the ability of the charity lo continue as a goiThJ cCern. This is because the NalK)nal PhilanthropTrc Trust. the Charity's sole member. has ¢Yonated to NPT UK in support of operab.ng u)sts and has MmItted lo ovide financial supwrt to the extent neSSary to enab the charty lo continue lo pay its liaL¥"lilie5 8$ they become due for a period of at 18ast 12 months from the date of appfoval of these financial stalements. Additw)nally, the strategy dctument plans for gro%th and this is to be dosety Monitod. orne Income in thè fom of contributions is recognised in the Ferir•J in which the charity is entstled to receipt and the amount can be measured reliably aThJ it is probable that the funds will te reIVed. Incorne 15 deferred only when the charty has lo fulfil conditions before becoming entitled to it or when Ihe donor or funder has specifd that the income is to be expended in a future accounting perKJd. Div*Jends eamed on fixed asset investftnts are recryjnised once the dividend has been dedared and notsfication has been le[Ved of the dividend due. Interest on cash deposits Is regnIsed as it is eamed. Expenditur• re¢ognltton Liabilities are rec(xJni5ed as expendilure as soon as there is a legal or conslrucaive obligation committing the chwity lo make a payment to a third party. il is probab that a transfer of eLyJnomic beneffts will be required in settlement and the amount of the obligation can be measured rdiably. ExperKliture 15 indu(Jed in the stateffent of financial aclivitigs when incurred and includes attributable VAT whith cannot be relvered. Al expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses a allocated or appofb.oned io the applicable expendrture headiTrJs. Resources expended comprise the folbwiffj.. Expenditure on raising lunds comprise the ujsts asswaled wilh generating donations, fundraising costs and the lees paid to investment managers in conneclK)n wilh the management of the charitys investrnents. It includes c051s that can be allocated direcily lo such acaivibes and those wlre¢l costs n9sary to support them (see c. bdowl. NPT UK Limited 21
Accounting pollcies 30 June 2021 Expendlture recognition (¢ontinLd) b. Expendrture on charitable aclivities comprise grants aTrJ cA)sts of raisiro awareS$ of the chariWs work and its melhrmts. Grants are induded in the statement of financial activities when approved and when the intended reapnI has either received the funds Of been inf0md of the deasKJn to make the granl and has satisfied all relaled conditions. Grants approved bLrt not paid at Ihe end of the fiscal year afe expensed and dtsdosed as poyabl8. Grants where the beneficiary has rnt beèn infom1 or has to meet certain conditmjrts before Ihe grant is released are Tr)t accrued for tr1 are noted as ftnancial commilments in notes to the accounts. It includes both costs that can be alloeaiay diredly to such ti¥ities and those indirect costs necessary to support them (see c. bdow). c. Support costs are those cosls which enable fvnd generatir4J and charitable activities to be carried out. These costs indude information technology, provisK)n of office seNices and equipmenl and public relathM. SupFNt Costs are allocated on the basis of time spent on these activities. Cash at bank and In hand Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturty of less than three months form the dale of acquisition. Dwsrts for morg than three months but less than one year have been disclosed as short term deposits. Cash pkiced on deFJSit for more than one year is dis¢kd as a fixe¢J asset investmenL Flnanclal In$trum¢nts The charitable company applies the provision5 of Slion 11 "Basic Firtancial Instruments" and Seth'on 12 "Other Financ4al Instrurnents 15sues" of FRS102 to all of its financial instnJments. Financi81 assets and finanual liabilrties are recLyJnised when the charitable eonwany Lw)mes a party lo the contractual w0visn$ of the instwment, and are offset tlY when the charitable MpanY currenly has a legalty enforceable right to set off the iec(Jnised arTN)unts and intends either to settle a basts. or to realise the asset and selue the liability simuttaneousty. Inve51ments Listed invesbrnts Iwth the exCeptn of FX products and derivatives, whKh form an immaterial part of investments held and are theofore treated the same) are initially recognised al transaction Value and subsequenuy measured at fair value as at the balance sheet dale using the closing quoted martet pl1. Alternative investsments. including hedge fvnds and private equty funds. are recorded at estimated fair value generally established on the basts of the valuabons provided by respective inve5trnent managers that determine th8 unit value based on the net assgt value INAV) of the uNlerfwng YwestnHts. NPT UK Limited 22
Accounting policies 30 June 2021 Investments (Continued) Money maTkel lime deposits are fixed tem) cAsh dep)sits desh3ned to provide a her rale of turn. but cannot be freely accessed before matunty. They are valued based on the amount of cash invested. Realised gains (¢y losses) in inveslment assets are calculated as the difference beNYeen disposal pr¢eedS and "r opening caryiro value or their purchase value if acquired subsequent lo the first day of Ihe financtal pgmd. Unrealised gains and k•sses are (3lculatwJ as the drfferen belween the fair value at the year erKI and their carrying value al th dale. Realised anrj unrealised investment gains lor losses) are combined in the ststemenl of finanoal activities aNI are uedited (or debited) in the year in which they arise. Financial assets Basic financial assets, induding trade ¢Jebtors and other debtors (including accrued income) whth are receivable wthin one year and whth do not nstitUte a financing transae"on are inrtolly meawred at the tonsaclion price and subsequenlly measured al amc¥tised c05t. being the IransactThi less any amounts settled and any impairment losses. Where the arrarKJement a debtor constitutes a finanTha transaction. the debtor is inits'aNy measijred at the present value of fijture payments discounted at a market rate of interest for a similar debl instrument and subsequently measured al arTh)rtised cost. Financlal liabilitles Basic financial liabilrts, mdudin9 trade and other payables, are initially recogntsed al transaction price unless the arraNJement )nstrtUteS a financing Iransaetion, where the debt instrument is measured at present valw of the luture payments discounted at a market rate of interest. Debl instntrrrents are SubseqLntIY carried al amortised cost, using the effeclive interest rate method. Fund a¢¢ounting unstriCte{l funds are available for use at the disuetion of the Trustees in furtheranee of the general obieth.ves of the chanty. Judgement has en aprlied In wtr*ther certakn funds hehl by NPT UK should be classified as restricted fvnds or unresfrthd fiJn¢Js. NPT UK Limited 23
Accountlng policies 30 June 2021 Fund accounting (continued) Trustees ConseT that funds held by NPT UK in donor-advised funds pending reeommendatson lor onward distribub.on to third paty charitses are.daSs1fd as designated wthin unrestricted fuThJ5. However. the Trustees te the fdlowiThJ'. there is eXp18t10n from the dor Ihat these funds will be used in line with their reu)mmendations. in the ordinary c(xJrse of business, there is no expectation that these fiJnts wll be used for any purposes other than onward dIstribJt)n and assoualed adMintratIVe costs. Taxation NPT UK 1$ a Tegistered charity aThJ as such its income and gains falling within Sedions 471 to 489 of the COrWratn Tax Act 2010 or Section 256 of the TaxatKJn of Chargeable Gains Act 1992 are exempt from ¢oryx)ration tsx to the extent that they are applied to its Charitsble objectives. Acwdingty. no provision for current or deferred taxation is considered necessary. Value Added Tax Value Added Tax is not recoverabfe by the charity and as such is induded in the relevant o)sts in Ihe stslement of finawal a¢livilies. NPT UK Limtled 24
Notes to the financial statements 30 June 2021 1. Voluntary donatity 2021 2020 D(1$ NPT IUSI 82.753 Voluntary income wa$ whdty un$tri¢l8 in 2020. 2. Donations to giving fund5 2021 2020 MOTh5 received a5 n1b)nS to FurKJs IOAFsl (unrestre funds) 52.263,517 52.263,517 6,513,772 6,513.772 3. Inv•strnent income 2021 2020 Listed and urdisted inve5trwts Inlere51 cffj cash hekl as wt of inve51meni 46.000 1,043 47,043 2.813 1,136 3,949 Investrnent income was Wlty unrestricted in ts)th years. 4. Totsl •xp*ndbtur¢ 2020 Totsl Funds Icl Raising FUlS Charitayo Actmties Total Funds Dirqct costs Giants (al Allocated support costs Ibl Other Governa (xjsts Itl} Totol 9.118.462 9,118.462 789.142 47.112 34.681 81.993 201.248 24B,360 34,881 9AI1.703 47.425 44,448 881.015 9.319.710 NPT UK Limited 25
Notes to the financial statements 30 June 2021 (a) Grants Granb for the year have been made in Sup[( of the frjllowing charitable aclwities.. 2020 Edwtrjn The arts General tharitable OrganalS edne and heaHh Nalure and Ihe enwronrw SLKial wdfare Religion InlerThatMal 3.567.664 2.555.180 1.041,445 838.644 613.880 254.154 184.999 62.496 9,118,462 181,311 M9,772 51.258 86,594 15.722 4.485 789.142 The following in5ti1utions received total grants are cnnsdered to be rnalerial in the context of NPT UK'S expwditwe for th8 year eThJed 30 June 2021. Grants are not to inL1ivL(luals. 2021 ya UnNersrty Donrnar War8hou5e Proftcls InternatK)nal Researth and Educabon Pfft.n¢etr Charitsbje FJail0n kn"mrted Tusk TnJ5t Limrted The Royal Academy ofArts 88rk5hire Ycxrth TNst 1.021.211 700,OIXI 525.750 395,983 380,000 375.OOD 300,01)0 3,697,944 The fdlowing in5blutions received total ants are consKlered to be materi31 in the context ol NPT UK's exkxnijrture for year end8d 30 June 2020. Grants are nol made lo individuals. 2020 Yale Uni¥etsity The Royal Academy ofArts Dcffjmar warehC Projects tin*ted Er¥Jlish Na)nal Opwa 180.310 125,(X)O 1,0(K> . 1.0 505.310 NPT UK Limrted 26
Notes to the financial statements 30 June 2021 (bj Allocafedsupport costs Support Costs are allocated based on Spent on actNib"es. (¢) C¢%npaffative inlomlation Comparative information for to expen¢Yrtvre. analysed by fund. is as folkn. Unre51rthd Unreslitied 0rat{) DAF Fur FuThYs 2020 Tol FurKIs Raising lunds 78.940 802.075 8B1.015 (d) Goveman¢e ¢osts Governance LX)sts comprised: 2021 2020 Leg4 expgnses AccrMJntarry and audit feès 13,281 21,600 34,881 27,948 16.500 44.448 S. Ngt movgm*nt in funds This is stsled after ch8rgry: 2020 Audrtor's fwnunerabon lindusNe ol VAT) AcCwnlcY fees 13.1)80 8,520 12,000 4.500 6. Key management personnel The key management personnel during the year were the Trustees arKI the Chief EXtiv0 Officer. The toLIl cost of employment of the key management pgrsonn81 lincludirrfJ employer's nab.onal insLJran¢e 8nd pensK)n contributions) are inojrred ty NPT Transattanb"c Limited as govemed by the service agreement with NPT UK. NPT UK Limited 27
Notes to tho financial $latoments 30 June 2021 7. Trustees. remuneration and expenses No Trustee received any Muneration were 1ftId for expenses from the charity for their services12019120.. tnill. 8. Taxatlon NPT UK is a registered charity and therefore is rnt liable io (xJtpor3tion tax on income derived from its Charitse activities, or on income and gains arising from investrnenl. as it falls within the various eXemptnS availab lo regL%tered chafities. 9. Inve5trnents 2021 2020 2tr20 Market value at 1 July A0¢ilK at ¢t DFS8 at mark81 value Net reali and realij 9ar Markel Val at 30 Jun• 2.161.342 42.716,034 11174828S1 1A70257 4.254.923 12,136.7C4)1 43.119 $99.348 2.161.342 Inveslments at market value comprised: 2021 Totsl 2020 Total Amnts ond investments on cal ow market li1 ¢Jp Lisred Ve$IMents eonds MU. assel luThJ5 2.576. 437.416 13,056.288 2,912.569 6.931.409 2.403,334 28,317.978 2.576.962 75D.994 437,416 1.052.894 13.056.288 357.454 2.912.$69 6.931809 5.281.370 7.684,704 $281.370 33.599.348 2.161,342 32,412,685 Hot1 $1 of 1nv8Strnts 10. Debtors 2020 Total Funds Operabng FuThYs DAF Funds Tolal Fund5 Detytofs aThl prepwd e¥penses Other d8btLY5 6.737 7.970 14.707 62.528 62.528 107,476 111,076 14,707 46.548 14.707 Total 2020 NPT UK Limited 28
Notes lo the financial slatements 30 June 2021 11. Cr•ditors: amounts falling due Wlthln on• y•ar 2021 T)lal Funds 2020 Total Funds Operating Furxts DAF Furnls 15.120 22,680 15.120 Audit fee 15,ei)o 7,971 44.948 txje Ic NPT-US 1.750 39.550 17.608 1,750 84,498 25.579 44.948 7.971 25,579 Totsi 2020 11 Financial instruments 2021 2020 Carrying amount of fin•nclal a55ets lnrunts rrthsured at Pdir valuè thmuoh surpwde 33,599,348 2.161.342 13. Movements In funds Realised & Unreali5ed gainsl 8alancg Sat 30 June 2021 asai 1Juty 2020 . Inco Expermliure 77.548 9,324,155 9,401,703 151 65,512 1.470.262 50.214.325 1.470.257 YJ.279.837 Unrestricted DAF fvnd5 5,757.658 52.310.560 5.779.967 52.431.316 8alar asat 1Juty 2019 Realised & Unrealised gainsl ltssesl BaL8nce a5at 30 June 2020 Inc ExFefyJilure UnrtstriL#ed operaiing Imys UnrestOLled OAF funts 4,706 £.572 6.516.565 4.706 6.613.157 78.940 802.075 881.015 1291 43.148 43.119 22.309 5.757,658 5.779.967 Unrestricted OF*ratiThJ fijnds can be apled towards luffilling NPT UKS charitsble purposes. Unrestricted DAF funds pt fvnds avadable for the support olcharilable aclivilKqs. NPT UK Limited 29
Notes to the financial staternonts 30 June 2021 14. Analysi$ of not a$s•ts b•twwn funds Unre5tFthd untrle Operab"ng DAF FuryJ5 2021 Total Fund$ FurKIs Fixed asse Current assets Current Ik8"1rtS 33.599.348 33.599.348 16,659,925 16.764.987 144.9461 184,4981 50,214,325 50,279,837 105.062 139.5501 65,512 Unrestr18 UeStra Operntir*J DAF Fur41s Funds 2020 Totsl Funds Fixed assets Cwrent a5set5 2.161.342 2,161.342 3,604.287 3.6H.204 17.9711 125.5791 5.757.658 5,779,967 39,917 117.6081 15. Related party transactions During the year eThJed 30 June 2021, the National Philanthrop Trust ¢Jonal8d £nil12019120 - £82.75311o NPT UK as a voluntsry thation. Purchases of £23.008 {2019r20 - £24.0961 were made from the matnal PhiLgn1hrop Trust in respect of operating expenses. At 30 June 2021 £1.75012019120- £2,CM)8} was owed to the Nat81 Philanthropic Trust. In fi$1 year 2020r21. NPTUK receNed £1.334.144 from NPT Trarvant Limrted as don8tKm to e5tsblish a dow.ath"sed fund for a Thrtual dormjr. 16. Subs•quent •v•nts NPT UK has evaluated their SUbseryt events levents ocrJJrrirwJ after 30 June 2021) through 4 November 2021, which represents Ihe date the annual reF¥)rt and accounts were issued. On 27 August 2021. NPT UK enlered a Co-8raThJing anty collatorab.on Agreement with Cazenove CakMt81 to ueate a besFd(e privaie label donor-advised programme made 8vailable to customers of Cazeno¥e. NPT UK Limited 30