2024-06-30-accounts

Annual Accounts YooJF Path@tr In Gmng. Helping achieve philanthropic EIOD *￿Z660￿¥$ 26103f2025 COIAPANIES HOUSE

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TABLE OF CONTENTS Reports Contacts, officials and advisors...........-..-..-..-.......-........................................... ...... ....... Welcome from the Chair........ What we do..................................................... Trustees. report.............................................-............................................ Strategic report........... ... -13 Statement of trustees. responsibilities... -18 Independent auditor's report.................................................................-..-.-.-..............................19 Financial Statements Statement of financial activities.............................................-...-...-..-..-...................................... 24 Balance sheet.............................................. ..25 Statement of cash flows.......................................................................... . ..26 Accounting policies ................................................................................-.-.-..................................28 Notes to the financial statements..... .33 Atsrtu41 Repori & A¢¢oulll$ 13

CONTACTS, OFFICIALS & ADVISORS Chair Principal Investment Managers Ceris Gardner CazerK)ve Capital 1 London Wall Place Lond EC2Y SAU Trustees (who serwed durin9 fhèyeor tynd ot the date of opprovol of this rekx)rtJ Cèrls Gardner Mary Boatye Richard Cassell Vivièn Gouk Eileen R. Heisman David Rowe OBE partne￿ Capital 5 Young Strèèt Lond V48 SEH UBS 5 Broadgate LoThJon EC2M 2QS Chief Executive Off icer John Canady Compony Number (Engloftd & Wolesj 11542102 Solicitors Withers LLP 20 Old Bai London EC4M 7AN Chority Registration Number (Englond & Wales) 1181128 Registered Address 20 Old Bailey LonLlon EC4M 7AN Independent Auditor RSM UK Audii LLP 25 Farrlngdon Street London EC4A 4AB Principol Address 125 Old Broad Street Suite 610 Lormlon EC2N 1AR Bankers Bank of America NA 2 King Edward Street London EC1A fflQ Anrbual Report & Accounts

WELCOME FROM THE CHAIR It Is my sSncere F4easure lo present NPT UKS Trustees, Report ondA¢¢ounts for fistal year 2023124. . Contributions to donorJvlsed fund5 were £106.7 million. - Unrestricted assets reached U80.2 million. an increase of 93% from the prlor year. all of which will support qualsfied charities in the UK worl(h¥￿e. Over the pasl year. Communiti￿ and families have faced a now-familiar senes of threat& Confiict continues unabaied in Ukraine. aThJ war now threatens to en9uff thè Middle Eas( with global consequences for food secuiity ond energy supplies. aimate change has fueled 50aring tempèratures and iecord- breaking rainfall. pushing manyvwlnèrab communities lo the breakiThJ point Cor￿emS over irf31ion and dissatisfaaion with the political status quo have shaken incumbent governments in Europe and the US. In the UK. the onwng cost of Iwing cr6is is PLrtting financial strain on familie5 and charities alike as both face increasing COS￿ As ever. our donors have reswnded to these challenges wrth compassion and gefterosty, for which we are grateful. This past year. National Philanthropic Trust UK made grants to morp charitable organi￿tionS than ever before. helping 367 Char￿e5 Since we commenced operations. Increasing phi￿nthrOpY in soclety Is only possib￿ when ￿ collaborate with like- minded peo￿e. l am grateful to National Philanthropic Trust UK'S trustees. stsff, partners armj, most importantly, our 9èfierc￿ donots. Warm regards. Cffis Gardnqf Chulr. Bofjrd of Trv$tee$ Motional Philon¢lwopi¢ Tru$t UK Natlonal PhilanthropK Trust UK promdes donor-advised funds IDAFS) to help do￿T$ svpport the charits and causes dosest to their hearts. As a regi5tèrÈd UK tharity, donations to National Philanthrokxc Trust UK are re¢ognise(I for tsx relief in the UK. We reached new milestones in fiscal year 2023124 as we sought to remove barrier5 to high net worth giving.. . Donor-recommended grants were £27 million this fiscal year. bringing the cumulative grants ￿nce inception to £62.4 mlllion. Annual Repori & Accounts I S

IN FISCAL YEAR 2023124: NPT UK rnade 585 donor-recommended grants, ranging from £200to £6.7 million NPT UK granted £27 MILLION in total 367 CHARITIES received donor-recommended grants. with donors supporting a wide range of organisations large and small. in the UK and around the world NPT UK made grants to 13 COUNTRIES

advised DONOR-ADVISED c. harity. or foundation. philanthropic flexible alternotive administered choritoble trust to Donors establish contri buting grow the assets any time account account charitable donation5 appreciated assets. Donors recommend investments recommend grants c-harities anywhere receive tax relief for donation to Donors donor-advised ADVISED DONATE INVEST GRANT

TRUSTEES, REPORT Ll The Trustees Iwho are a150 the dirertors for purposes of Cornpany Lawl present their statutory report wth the financial ststements of NPT UK for the year ended 30 June 2024. The financial 5tstement5 have been prepared in accordance with the ar¢ounting policies and compty wrth the charitable ¢ornpan￿S governlng docurnenc the Companies Aci 2006 and "Accounting and Reporting by Charities Ststement of Recommended Practlce applicable io charlties preparir4J thelr accounts in atcordance with the Financial Reporting Standard applicab￿ in thé UK and Republi¢ of Irelènd IFRS 1021- las t￿nded for accounting periods commencing from l January 20191. NPT UK s mission is to inspire, support and increose charitable giving in society, primorily through choritoble donor-odvised funds IDAFSI, which benefit charities ond voluntory orgonisations in the UK and internotionolly. Annual Report & Account•

Mission & Historical Bockground As a Charrtab￿ company limited by guaranteè. every member un¢Jertakes to contribute, rf iequested. a sum not exceedi￿ £1 to contribute to the assets of the Charity while they are a member or wrthin one yeor after they cease to be a member. NPT UK s mission ts to inspre. surwiand increase charria￿e gitr7ro in sooety. kwirnarity thr￿gh ch8ritable DAF ac￿Jnts. wh.ch berfrt charities and voluntsry Organisati￿￿ in the UK and imematN)nalty. NPT UK was estsblishÉd as a registered eharty in England and Wales in AugL& 2018 by National PhilanihropK TWSL a charrtat4e 501lcll31 organi5alion in the UnrLed Ststes lU.&I in resp￿Se to growng irrterriional interest in DAFS. DAFS are a signrficantarKI popular fomi ofgNing in the u.s_ and are grwr#J in populafty in the UK and ￿ other countries around the world. DAFS are unrestrKted ds undèr UK I￿. . The charrvs Sts￿ member is National Philanthroplc TrusL a U.S charitatde 50MeX3) organisalion. Measuring Impoct & Public Benefit As a grantmaklng charlty. proviclirrfJ public benefrt Is at the heart of the eharrty's aciwty. NPT UK seek5 to advancè philanthropy in 50cbety. primarity through the prov15ion of charitsts￿ DAFS. NPT UK makes grants lo tharrfab organizations in the UK arKI around the worfd and does rKJt have any direci relats"onship wth the beneficiaries ofits grantees. as fmds are granted to regtstered Charrt￿ who then use funds for their operational wrposes. Donors to NPT UK can recommend grants frorn their DAF5 to support organi￿tIonS of their choice. provided that such organlsatlons rsue charitable purposes as the term is defined under UK law. NPT UK reviews and must approve all grant recommendations before 6suing the grant and consequently realising the designation. NPT UK alm5to athleve it5 rn155ion In a numbei ofareas.. The Tru5tee5 seek to cèrtTfy that each grant recommer￿ed from a DAF account is in furtheran￿ of a charitable purpose ènd offers an identffiable benefrt to the public or a significant section of the public. Furthermore, any private benefrt that may arise to any person or company as a result Is not more than irKidental. . research and promote DAF5 as a cost. effectwe vehiele forgiving.. * SUPPOrt a broad range Ofdono￿cwOte. Ind￿idUal and CharrtabI￿thr0Ugh the establishment of philanthropic gfviro vehicles: . prowde grantmaking athce, e4Wt"se aTh supportlo donors- Charitable Objectives . maximise d￿atiOnS through grft reccvery and usè of government incenttves pi the US d UK for charitaL4e and The charitable Obje￿1¥eS are to increase the amounts available for chariiable purposes by.. • optimi5e fvrKJ5 fot gr?nt fflakirvJ Ihrough the prudent investrne￿ and stewaTd5hipof charitable donati¢￿5. . encouraglng grving- facilrtating efviÈnt collectiorL investment and rib[ti￿ offunds to minimise overteads Thè TrLtstees have paid due regard to wblc benefit guidance issued by the Chanty CornmissKJn in decidin9 whal acfF￿eS thar￿able c(mpany shoLld uThJertake. maximising eligibilty for tax relief to increase the benefit to charrtable purposes in prowrtIc￿ to the cost.. aThJ . applwng I￿$$e fun(ts raBed in 5UPPOrt of such exclustvely charrta￿e purposes as the TrU￿etS shall from time to time determine. Governing Document The ¢harity is controlled bylts gownirg docurnenL the Artyc￿ ofAswcK4tion, arKI constituted as a company limrted ty guarantee as defined by the Companp5Act 2￿6. Annual Repori & Accoun1$ 19

Fundraising Statement provide any private beneht le.g. payment ofturtion. dues. membèrship fees. benefit tickets or goods bougm at charStsble ionl and NPT UK doe5 not artively solicrl do￿tIOnS and therefore 15 not registered wth the FundraisSng Regulator or subsulbed to any fundraising codes of practice. When donations from ind￿7¢juaIS are recèwèd. thè harity aim5 to protert per59nBI data and never sells dats or swaps data other organisations. During fiscal year 2023124. the charty receNe(J no complalnts aboLrt fundraising actwities. . satisfy arry wlili¢al ¢ontribLrtions or support campaign aclivibes. Chafities aTe notified electronically of grants awarded and grant payments are made electrontcalty. Grant reclpients may or may t 5ubmtt to NPT UK regulav or ONe￿ff progres5 reForts. depending on the nature of the projeL1. the purpose. cOnd￿ons. and terms of the grant and the size ofthÈ grantawarded. Energy & Corbon Reporting NPT UK is committed to I0￿1ng after the" environmeni ant1 is Slriving to become more enèrgy consc4)us with a focus on reducing earbon emissions and the pwomotion of energy efficient actions. NPT UK ￿ exempt from disclosing ener9y ¢onsumption as less than 40,OOOkWh ofenergy was consumed during fiscal year 2023124. Trustees Recrnitment andappointmentof new Trustees At any one tkne. the charty shall have at least three Trustees who meet in person ancl by tdeconference a minimum of three times evèry yèèr and addiknonalty as required. The identification of potential new Trustee5 IS carried oul by the Board of T¥ustees, the aim being to appoint those with the appropriate expertise and expersence for NPT UK'S wor Plons for Future Periods We will contlnue to promote philanthropy in society ty working with donors lo help them effertwely manage their charitab glving. In a¢Jdfjtion to raislng awareness of DAFS with dono¥s. we will also partner with their a¢Jvisors-weaMh Manage￿ tax a¢fvisors. solicftors and estate planners-to ensure advisors are aware of the bellefits of incorporating philanthropy and DAFS into their client discussions. Our effort5 to be a partnér in givino arè all foclsed on increasing charitable giving in the UK and beyond. On agreelng to become a Trustee of the charty. new Trustees are thoroughly briefed their CO*Trustees and key management on the history of the charity. ijay-to-day managemenL respOnsi￿.11tieS of the Trustees, urrenl objectrves and future plans. The Trustees are also encouraged to attend traiThng and update courses. Grantmaking Priorities & Exclusions Registerof Tntstees. Interests In accordance with Company Law and the Charty Commission guidance that charty Trustees and key rnanagement may have a personal interesl in any matter before the Trustees should declare that Interest and in from taking part in any discussion relating to IL A'Register of Tntstees. Interests, is maintaine<J and updated annualty. The Trustees regularly fèvièw NPT UK'S policies. objectives and guide1inÈs to ènsure that grants made are in support of exclusive charitable purposes and for public benelit As such, grants cannot be paid to- . support adNitres which are not exclusively Charitable: Truslee5 are required to disclose al rele¥￿t interests and register them with the Chief Executive Officer. and in accordance wlth the chartys policy. witt)draw from decisions vthere a conflict of interest arises. individuals: 10 l Annual Repori & Accounis

Governonce 0rgarnsct￿1til structure The Trustees are uitimaiety responsit4e for the polioes. actiwties and assets of the charity. They meet to rewew developrnents with regard to the charity and rts grantmakw and investment attmtiès and to make any important declsions. When necessary. the Trus￿¢$ seek advice and support from the charity's professional advtsers. Admlnlstrotlon NPT UK seeks trj build efficient and effective administrative systems. whilst reco9nislng the effectiveness of working in partnership with other organisations. To this end, administration. management information systems ano technology funciions of the charty are provided lo NPT UK by related organisations.. NPT Transatlantic Ltmrted ofthe UK arKI National Philanthropic Tru￿ of the U.S. National Philanthropic Trust of the U.S. is the sole shareholder of NPT Transauantic as well as the sole member of NPT UK. Both arrangernents are governed by seryice agreements which atso makè prowsions for data protection and confidentialitylprivacy requirement KeyMonagementpersc￿￿el The key management personnel are considered to be the Trustees and the CEO. The Trustees are not remunerated for their roles. Trustees ore required to disclose oll relevant interests ond register them with the Chief Executive Officer, ond, in occordonce with the chority's policy, withdraw from decisions where o conflict of interest orises. Annual Repor¢ & AccDun15 1 11

STRATEGIC REPORT Trusiees. Duties d. the impart ofthe companws operation5 on the community and environmenL The Trustees of NPT UK must act in attord4nce with a ￿ of general duiies. These dulle5 are detailed in section 172 of the Companies Ad 2006, which 15 surnrnartsed as follow& e. the desirability of the company maintaining a reputation for high standards of business conouct". and f. the need to aci fairly as between members ofthe company." "A dilert￿ ofa company must in the way they consider. in good faith. would be m05t likely to promote the success ofthe CoMp￿Y for the benefit ol its members as a whole. and in doiNJ so have re9ard l&iiorw)st other mattersl to.. The Tru*ees are briefed on their duties when accepling of the role and annually. Trustees fulfill their duties through a governance framework thai delegates day-itrday decision making to key management and personnel. a. the Ilkely consequences of any declsion In the loNJ temi: b. the Interests ofthe compary¥ eMI￿oyees. The followirwj sections of the Straiegic Report highlvJht how the Trustees of NPT UK have successfulty fU￿111e<l their duties_ c the nee(1 to fgstei the compan￿5 business relationships with supplier% customers anf1 others: Arbnuxl Reptrrt & A¢¢otsrti$ 1 13

Achievements & Strategic Goals Expenditure for the year was £27.462.476 P022123- £16,985.7861 inclusive of foreign currery Èxchange gains. This increase was driven by the gener05ty of approvéd donor's grant recornmendations to charitable organizaiions. As a result of fiscal yee donations exceeding chaiitable distributlons for Ihe year ended 30 June 2024. creating movement in funcls of £86.943.373 Q022123- £17.457.5981. This movement includes investment gains of £4,649.400 (2022123- £5.085.5691. Funds al the end of the year cornprised £180,133,21312022123 £93.189.8401 of unrestricted funds. These funds are hel¢J by NPT UK pendir4J recommentlation foi onward dSstnbution to third party charities or held for other charitable purposes. Donotk>ns Our donors ¢ontribuied £106.745.685 In fiscal year 2023r2412022123- £27,492.7621 to NPT UK'S DAF accounts. Wire transfers are the most common method of makiro donations. We have also accepted appreciate<l securities as donations. Thèsè do[￿lonS arè iumed inio phil￿thro￿￿¢ caytal for the causes and charrtie5 closest to our donors. hearts. NPT UK dorbys can indlcate an investment preference. wrth reference to preapproved Investrnents and separatety managed accounts, includirrfJ altefnatlve and unliste(J investments. in an effort to Ine￿ase the amounts available for grants. Investme perforrnance was posrtive for fiscal year 2023124. wrth net gains 01 £6.960.909 12022123 gains of £6.304.8381. NPT UK'S Trustees carefulty rwew any new investments ar￿ also monitor the irwe5tment performèn¢e on an on-going basis. Reserves Policy & Funds NPT UK'S free reseNes policy is to malntaln. idealty. a level equNalènt to between thre? and six months. general operating expenditure. Unrestrided operatirrfj funds are those funds which are not restricted and not represented by DAFS. The amount of unrestricted fvnds available for operaling expenditure was £1,280.202 at 30 June 20241202212023- £495.0821. whlch exceeds the stated policy. Grontmoking NPT UK'S donors rect￿mended $84 grants totallirYJ £26,999,986 in fiscal year 2023124 t2022n3- 493 grant5 totalling £16.238,419 NPT UK'S staff asslsted our dorKrs wth the grantmaking process. from an$v￿ring basi questions about philanthropy lo discussin9 complex grant agreements. Our team has substsnb.al knowledge about philanthropy. DAFS and in(lustry best practices thai support tsjr donors. We work io hdp OL donors achieve their philanihroFMc 9081% The Twstees consider that reseNes at this level wll ensure that, in the event of J drop kn funding. they will be able to continue the Chari￿s current 8ctivitles for a period of ￿me that allows for sufficient consideration to be givèn toways in which add￿Onal funds may raised. Finonciol Review NPT UK ts conwmitted to increasing philanthropy in society and the 2023124 fiscal yeaf demonstrated the continued suttess of the Charity in its mission. Income for the 2023124 fiscal year was £109.756,449 12022123- £29.357.8151. The increase in donatlons Is a result of growlng awafeness amorKJSt donors and their advisors in ¢Jonor- advised funds as a taxéffitient charrtable giving vehicle. 14 1 Annual ReporT & Accounis

Investment Management En￿ron[Trent or external risks include the possible damage to the charl￿$ repLrtation. through association with unsuilable Cl￿ritI.e$ or dorK)rs. or wlth inapwokyiate investment acliwty. The Trustees of NPT UK are responsible for the management of all funds maintained by NPT UK. The funds are managed in accordancè wrth the principles and stsndafds of prudence ap￿ICable under English kw. Under its Articles of Ass¢Xiation, NPT UK has the power to invest funds that are not irnmediately required for Charitat￿e purposes. NPT VK'S Investrnèni kKs&¢y enal￿¢S a diversified global portfolKI of investments across a range of asset classes. The portfolio is Man￿e0 by oualif*d investment managers approve(5 by the Trustees. NPT UK seek5 to balance risk, return and spend so as to observe proper balance ￿tween the need to meet preserbt demands on the charrty and the need to allow for fvture charitable objèctives. NPT UK also tskes Enwronmental. Social and Governance faciof5 into account when makiThJ investments. Compliance risks inc1L￿e the effects of government poliaes, wtenlial adverse changes in these policies aThJ the onsequences of [￿n<0MplianCe with applKaUe law5 and regubtions. The major forms of financial iisk NPT UK faces a￿ volatility in equity and other irNestmerrt markèts due to economic conditK)ns. the athtLKle of donors relatwe to their recommendations on investmeni risk and charges in sentsrnent concerning eour(ies wSthin particular sectors or sub- sectors. whe￿ significant reseNes are held as cash. the charity faces the fisk that such funds lose value in real temis, due to low interest rates and1￿ currency excharvJe rates. Principal Risks & Uncertainties In line wrth the requirement for Trustees to undertake a rlsk assessment exerose and report on the same in their Annual ReporL the Trustees In￿ated a process to assess organ15alional risk. The Tiustees have identified five main areas where risk may occur.. Ha¥ing assessed the major risks to which the charity is exwsed. in particular to its finances, the Trustees believe that by monitorirvJ reserve leve15. by ensuring that controLs exist over the key financial systems and by examining the operat￿￿nal and business risks f￿ed by the charty, effective systems are in place to mitigate those risks. The charity maTrntsins an uTrtO-date risk register In order to lden￿fy aTrJ estsblish effective sysiems to mrtigate those risks. . govemance.. operatlonal.. financi81- • envlronmerrt or external: arbj com￿18nCe (law and regulaiionk Governance risks Include those the charity might suffer from lack ol direetion. skills and training of the Trustees and gocxl use of its funds. The 2023124 fiscal yeor demonstrated the continued success of the chortty in its mission. OperatSonal risks include those itherent in thè charity s actmties including supportlThJ unsurtable appea15 from Charities. ¢ortinuity of staff, disaster recovery and other issues. Flnanckil risks Include those arising as a resu of poor IxJd9elary control. inappropriète spending, inaccurate acccMJnb"rrfJ and inappropri8te investment pdicies. hDnv41 RepDTI & At¢￿￿thiS I IS

In addition to the identified major forms of financial risk. the charity's rsk register is a namic document and process tr￿1 will change over tirne a5 different ri5k5 are identrfied and other risks are downgraded removed. The risks at any one time are graded depending on their perceived likelihood and impaci. Assessments are also made as to whethei the risks are in¢reasiNJ. decreasing or rèmèining statAe and the action plan5. responslbilits and b"meframes for thelr implernentation are also reviewed regularly by Trustees dL¥ing the year. There are generic risks of running any charfjtable or tsJ5iness undertaking. The most sigrwficant risk identified for NPT UK relates to.. Auditor RSM UK Awfrt LLP have indicaled their Ilingness to be reapwnted for aTh)thef tenn. Disclosures of Information to Auditor Each of the Trustee5 confirm that.. * kn so far as the TrL￿e ts aware,. all relevant audrt informab.on has been disdosed to the chwitable CoMpan￿S auditor: and . the Trustee has taken all steps that helshe oughtto have taken io make himsefflherself awarè of ary relevant audrt information and to establish thai the charitsbbè company's auditor 15 aware of that information. • di58sler recovery planning. irKluding cyber breaches. Dlsaster recovery and plann￿g refers to the signthcant impact that a maior cyber breach or unpredidable disaster COLld have. SL￿￿ as failuves in IT systems or physical damage to operty and equiprnenl by way offfife, Ilood of other natural forces. These risks cannot be predicied. but can be prepared for. and NPT UK does so through the creation and rewew of IT and dLsastsr recovery plan implementing digital and physical security measures-, and obtainiffj appropriate insurance coverage. The Trustee5' Report prepared under Ihe Charrties Act 2011. which also contains all inform￿lOn required in a Directors, Report try the Companies Act 2006. and the incorporated Strategic Report prepared der thè Companies Act 2006. were apprtsvÈd by thè Board of Trustees on 19 November 2024 and 519ned on behalf of the Trustees by. C•ri$ Gordner ¢￿r. Mlltionul Philanthrtyi¢ Trnst UK For more information on DAFS ond duol-quolified chorities see our website ot www.n tuk.or 16 1 Annual Report & Accoun¢$

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STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also the directors of NPT UK for the purposes of company law) are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure. of the charitable company for that period. In preparing those financial statements, the Trustees are required to= select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgments and estimate5 that are reasonable and prudent: 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 statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping proper accounting records. which disclose with reasonable accuracy at any tirne. the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NATIONAL PHILANTHROPIC TRUST UK LIMITED i• J Opinion In our opinion the financial statements.. We have audited the financial statements of National Philanthropic Trusi UK Limited (the 'charitable companyl for the yèar endèd 30 June 2024 which comprise the Stètemenl of Flnancial Acb"vities. the Balance SheeL the Statement of Cash Flows and notes to the linancial statements, includiNJ signifieani accounting policies. The linancval reporting framework that has been applied in their preparatSon Is applicable and United Kingdom Accounting Standards. [nC￿dIng FRS 102-The Financial Reporting Standard applicable in the UK and Repuwic of Ireland- Iunited Kingdorr Generalty Accepted Accounting Practice). . gNe a t￿ and fair wew of the state of the charitable company'5 affair5 as at 30 June 2024 and of rts inccxning resources and ap￿iCatIOn of resources, including income and expendrture, for Ihe year then ende¢l.. . have been properly prepared in aecordan with Unrted Kin9dom Gènerally Accepted Accounting PrKtice,' and - have been prepared in accordance with the requirements ofthe Companles Act 2006. Annual Rcpori & Accovnis 1 19

Basis for Opinion We conducted our audit in accor(Jance wrih Internation Stsndards on Awliting IUKI OSAS (UK)) and applicable law. Our responsibilitses undef those standard5 are furthèr described in the Auditorfs respon￿bIlItIeS lor the audit of the financN41 statements section of repc¥t. We are independent oflhe chaitèblè tompany in aCCord￿ce wth the ethKal requirements that are relevant to our audit of the financial statements in the UK. Includlng the FRC'S Ethical Stsndard and we have fulfille¢J our other ethical responsibilities in accordance whh these iequirements. We believe thai the audil èvidencè we have obtained sufficient and appropriate lo provide basis for our opinion. Our ￿spOnSIbl11ty is to read the other information arKI. in doing so, consider %thether the other informatlon Is materlal inconystent wtth the finan¢ial stJtements. or our kt)owledge obtained in the coutse of the audrt or othèrwtse appèèts to bè materially mi55tated. 11 we identify such material incorsistencies or apparent material misstsiements, we are required to determine v+hether this givès rise to a material misstatement in the linancial staternent5 themselves. If, based on the work we have performed, we C￿ClUde that there is a material misststemenl olthis other information. we are require(J to report that fact Vle have notl¥ng to report In this regard. Conclusions Reloting to Going Concern Opinions on other matters prescribed by the Companies Act 2006 In auditing the financial statements. V• have conclLKled that the TrustÈes' use of the goin9 concern basis of accounting in the preparation of the financial 5taternents 15 apwopriate. In (yJr opnK)n. basèd on thè work dertaken In the course of the authL . the infoTmation given in the Trustees. Rewrl which includes the Directors. Report and thè Strategic Report prepared for the purpx)se5 of company law. for the financial yearfor whTrch the financol statements a prepared is consistent with the financial Slaternents.. and have not identrfied any material uncertainties relatSng to events or conditKJns th individually or collectively. may cast Signi￿nI <ksubion the charitable companys ability to ttsntinuè as a going concèrn for a Férieé ofai least twelve rnonths from when the financi statements are authori5ed for is￿. - the Directois. Report and the Strateglc Rewrt included within the Tru￿ee$, Report have been prepaied in accordance wth applicable legal requirernent5. Our respon5Jilrtles and the respongbilrties of the Trustees respeci to goirKJ conceyn are ¢Jesuibed on the relevant seciior6 of this repo Other Informotion The other informab.on compwises t informatlon Included in the annual re￿)rt and accounts Oiher than the financial statements and our auditor's report thereon. The Trustees are responsible for the Othèr information conièinéd wrthin ihè annual report and accounts. Our opinion on the financial statements does not cover the other information and. except to the exient otherwlse expllcrtly stated in our reporL we do not express any form of assurance conclusion thereon. 20 1 Btpori & Ac¢outt¢$

Matters on which we ore required to report by exception Auditor's responsibilities for the audit of the finonciol stotements In the light of the knowledge and understanding of the charitsble ¢ompany and its environment obtained in Ihe Course of the audit, we have nol identified mateiial mlsststements in the Dirertors, Report or Ihe Strategic Report included within the Trustées. Report OLbr obje￿1ve$ are to Obta￿ reasonable assurance about wh￿her the finantial ststements. as a whole, are free from material mlsstaiemenL vknether due to fraud or error, and to issue an audltorfs report that includes our op¥nion. Reasonable assurance 15 a hi9h level of assurance but is not a guarantee that an au(lit conducted in accordance with ISAS (UK) wlll aNvays dètect a material misstatement when It extsts. 'sststements can arise from fraud or error and are considered material rf, in(Jividually in the aggregate. they coukl reasonabty be expected to influence the economic decisbons of users taken on the basis of these financial ststements. We have nothing to report in respect ofthe followlng matters where the Companies Act 2006 requires us to report to you rf, in our oplnion: . adequate accounting rècords have not been kept, or return5 èdÈqu￿È for our audit have not been received from branches not vlsitecl by us: or the financial statements are not in agreement w6th the accounty.ng record% and returns-. or The extent to which the oudit was considered copable of detecting iriegularities, including f roud . certain disc105ure5 of Trustees. remuneration specified by law are not ma(Je.' or I￿egularitieS are instartes of non<ompllance WTth laws and règulations. The objectives of our aLxlit are to obtain sufficient appropriate audit evidence regarding cornpliance wilh laws and regulations thal have a direct effecl the determinab.on of material amounts and disclosures in the financial statements, to perform audit procedures to help idèntify Instances of non<ompliance with other laws and regulats.ons that may have a materièl effect on the financial statemenls, and io ￿Spond apwopriaiely to identified or suspècted non-compliance with laws and regulations identified during the audiL . we have not received all the information and explanations we reql￿re for our authL Responsibilities of Trvstees As explained more fully in the Ststement of Tru5tees' responsibil￿tieS OLrt on page 17. the Trl1￿eeS (who are also the dirertors of ihe charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a Irue and falr view. and for such internal control as thè Tfustees determine is necessary to enable the pfeparation of financial statements that are free from matèrial misstatement, whether due to fraud or error. In relation to fraud. the objective5 of our audit are to identlfy and assess the risk of material misststement of the fina￿181 statements due to fraud. to obiaw) sufficient appropriate audit evidence regarding thè assessed risks of rnalerial misstatement due to fraud through ¢Jesignlng aTrJ imtyementing appropriate reswnses and to respond apwopriatety to fraud or suspected fraLTrd identified durin9 the aud In preparlng the financial ststements. the Trustees a￿ responsib￿ for assesslng the tharitable companys abiltylo continue as a going COn￿rn, disclosin9, a5 ap ￿ltab￿, matters related to going concern and using the going concern basis of accounting unless the Trustees erther intend to liquidate Ihe haritable company or io cease operations. or have no realistic attefnative but to do s Annual Rppori & A¢touni$ 1 21

However, it is the prirnary responsibilty of managemenL wrth the oversight of those charged with governance. to ensure that the entrtys O￿TationS are conducted in accordance wlth the prowsK)ns of laws nd regulations and for thè prèvèntion and detecuon offraud. busness rationèle in relation to signilieant, unusual transactyons and tran5aL1ion5 entered into outside the rormal course of business and challenging judgments and estimates. using ana￿Cal technlques to tèsl intoming rèsourcès including comparisons of expected and unexperted oupings of revenue transaclions. testing rèvenue around the end of the financial year. understanding the donor ontK)ardlng proces5e5 and comparing bank receipts to reven￿ teing recorded. In identifying and assessing risks of matsrial mi55tatement in re5pert of irregulartties, including fraud. the audit engagement team= . obtained an understsnding of the natu of the sector. Snduding the legal and regulatory frameworks thai the charitsb company opèrates in and how the charitable company is coMp￿n9 with the legal and règulatory framèworks" A further deScrIp￿On of our re5pon5ib116ties for the al￿1¢ of financial statements is located on the Fina￿la1 Reporting Counol's website at htt Jlvhvw.frc.or audiiotsres onsit*lities. This description lom￿ part of our auditor's repcrt - Inqulred of management. and those tharged ￿th govèrnantè. aboLrt thèir own identification and assessment of the risks of irregularrties. induding any kr(¢wn ￿l￿al. suspected or alleged instsnces of fraud.. Use of Our Report This rewrt ts made solety to the tharitable company's members. as a body, In ordance wth Chapièr 3 of Part 16 of thè Companies A¢t 2006. Our aL￿1t work has been undertaken so that WÈ might statè to the charitable company's member5 th95e matters we are required to state to them in audrtor's feport and for no other purpose. To the fullest extent pefmltted by law. we th) not accept or assume responslbtlty to anyo￿ other than the charitsble company and the charitable companrfs members as body. for our audit wovk. for this rèpo¢ or for the opinK>ns we have formed. . discussed rnatters about non-¢omF4iance with law5 and regulatiorts and how fraud mlght occur. Including assessrnent of FK)W and where the financial Statements may be SU5ceptible to fraud. As a result of these procedure& we conslder the most significant law5 and regulations that have a direct impact on the financial statements are FRS 102. Charities SORP IFRS 1021. Companies Act 2006, charib.es Acl 2011 and the charitsble company's governing document. We performed audit procedures lo detect non<ompliances may have a material impact on the financial statements which Included reviewing the rinanei81 statements including the Trustees. Report and remalning alert to nèw or unusu tran5artions which may not be in 4CCOTdan¢e wth the governing documerbts ￿l-- LLP Mlehol•s Slodden I￿￿Or Statutory AL￿ts￿) For arKI on behalf of RSM UK Audit LLP. Stst￿ory Auditor Chartered Accountants 25 Farringdon Street London EC4A 4AB The aurfit engagemenl team i¢enTified the sks of management override of controls and income recognition as the areas where the financial statements were most susceptible to material misstalement dve to fraud. Audit prctedures performed Inclu¢Jed but were not Ilmlted to testing manual journal entries an¢ other adjltstments. evaluaiing the 12112124 22 1 Anttual Repoti & Accounis

STATEMENT OF FINANCIAL ACTIVITIES Year to 30 June 2024 2024 2023 Uhre5trktèd Funds £'OOO lthres¢ricte<l FuTrJs £t<)o Income Donatk)ns Donations to funds 106.746 27.493 Invesiments 2.312 698 1.219 Other inwme TOTAL INCOME 109.756 29358 Expendlture on: Raiwng funds Chars18ble actNttiès 326 27.113 16.660 Realised and unreali5ed exchwbge losse51(9ain51 TOTAL EXPENDITLIRE (231 27.462 16.986 Realised and uniedtsed Ilosse5V9ains on investment asset 5.086 NET INCOME AND NET MOVEMENT IN FUNDS 86.943 17,458 I1¢¢onclllatk￿ of fund Totsl fun¢ts brou9Mforw8rd Total fund5 catrled I￿ard 93.190 75.732 180.133 93,190 24 1 Annual Report & Accounis

BALANCE SHEET 30 June 2024 Compony Nvrnber.11542102 2024 Unrestrlcted F￿dS £'OOO 2023 Untestiicted Fu￿5£￿00 Investrnents 169.186 169.186 84.215 84.215 Debto 2,414 1.263 Cash at bwk and in haNI 601 7.870 9.133 11.015 Curf•nt Mabllltles Creditor> amounts falling due within one year 10 168) NEf CURRENf ASSETS 947 8.975 TOTAL NET ASSErs 180.133 93.190 R*pr•s•nted bythe fund5 ofthethorlty. TOTAL FUNDS 180.133 93.190 These accounts were aLrthorised and apwoved by the Trustees on 19 November 2024 and signed on ehalf ofthe Trusiees by. ¢•ris Gllrdner Trustee Annual Repori & Accoun15 1 25

STATEMENT OF CASH FLOWS 30 June 2024 X>24 2023 £￿0 Notes Cwsh Il)ws from actiT4ltle¥ Net cash prwded by Opern￿4 attmtes 7&741 10.007 Cash flaw5 frorn investing activiti DIV￿endS and interest from Snve5tments 2.312 69.026 (149.340? 178.0101 1,219 24,707 [35,087) (9.1611 Proc¢ds frw ofkNesknents Puichase of invesirnents. net of excharye gair6 NET CASH USEO BY INVESTING ACTMTIES Chan9e In cash and cash equfvalentS in th* ￿rit Cash and cash eoufvalents atthe begIn￿r￿j of the porting perfo Cash and eash eoUlva￿nts atthe end ol the reportirig period 7.870 7.024 2fj 1 AnDval Report & Accovnts

Rewiciliotion of net income to net cosh used in opemting octlvities 2024 £￿00 2023 Net income perthe 5tatem¢rtof fin0￿1￿1 act¥ilies 17,458 Reabsed and UNeal￿e(l ￿1r￿On i￿lMents Oividends and intefftst from invests))ents 14.6491 123121 Il1531 15.0861 kncrea5e in ￿e￿or5 V.1611 15 (De¢re8seYincrease ITh credrto NET CASH PROVIDED 8Y OPERATINGACTIVITIES 78.741 10.¢)07 B. Anotysis of cash ond Msh equivolents Cash at bank and in hand 7,870 7.870 TOTAL CASH AND CASH EOUIVALENrs Anuual Report & Accounts 1 27

ACCOUNTING POLICIES The prSncipal accounling policies adooed, judgements and key sources of ￿lMatIon L￿certaInty in the p¥eparation of the account5 arè described bèlow. Finanoal Reporting Stsndard applicable in the UK and Republic of Iieland IFRS 1021- las amended for accounting periods tornfflencirwJ fram 1 January 20191 Basis of Preporation The eharrty eonrtutes a public benefit entity as defined by FRS 102. The act(￿nts have been prepared under Ihe hi5tofic41 c05t convention with items Initially recogni5ed at cost or Iransaction value unless Otherwise ststed in the relevant accounting pdicy notes. The accounts are pyesented in stèrfing and are rounded IQ the nea￿$t thousand pound. The accounts have been prepared in accordance with the charity's gove¥ning documents the Compan￿5 Aci 2006 "Accounting and ReportiTrJ by Charits"es- Statement of Recommended Practice applicattle to charities prèpaiing their a¢¢cunts in a¢¢ordan¢e the 26 1 Annu•l Reptyri & A¢¢oyhi$

Status Income The ¢harity is a private company limited by guarantee and in¢orwrated in EThJland aThJ Wales. The registered office and principal athity are dlsclosed In the Trustees. Rep(YL Income in the fomi of donations is reC￿)niSed in the peri(xl in which the charlty is ent￿e￿ to receipt and the amount can be measured reliably an¢J It is probable that the funds wll be receNed. Income is deferred onty when the charity has to fulfil conditior before becoming entitled to it or when the donor or funder has specified that the income is to be expended in a future ¢ouniing period. Criticol accounting estimates and areas of judgement The most significant areas of Judgment and key assumptions that affect items in V)e accounts are in respect to the vue of ajternative invèstments as explained more fully in the policie5 set out on page 28. Altemative investments are recorded al estimated fair value in the absence of readily determined fair values. Managèment's e5timate5 arè èsta￿lS￿Èd from ¥al￿atiOnS provided by the respective funds vthich are based on the reccgnized exchange value of the underlying security. recent transaction value. net asset value or current bid price arKI ale believed io be a rella￿e best esb.mate of fair value. Dwidends eamed on f1xed asset investments are recognised once the div6dend has been declared and notification has been received of the dividend duè. Interest on cash deposhs 15 reco3ni5ed as it is earned. Expenditure Recognition Liabiltis are recognised as expenditu a5 soon a5 there is a legal or constructive obligatK)n commltbng ihè charity to make a payment to a third party. it is probable that transfer of economic benefits will be required in settlement and the amount oflhe obllgattjn can be measwed reliabty. Going Concern The Trustees have assessed whether tt use of the going concern assumptbon is appropriate in preparing these financial tèments. The Trustees have made this assessment in respect to a peri¢xJ of one year from the date of approval ofthese r1nancial statements. Expenditure ts Include(J in the ststement of financial actiwtses when incurred and indudes attributable VAT which cannot be recovere(J. All experKlilure is accotjnted for on an accruals bast5. Expenditure C(xn￿lseS direct costs and support costs. All ey4)enses are allocated or apporboned to the Fplicable expenthture heading& The Trustees have concluded thèt thèrè are no material uncertaints.es related to events or eondilions that may cast significant doubt on the ability of the charity to conb.nue as a going concefn. This is because the National Philèrrthropic Trust. the charl￿S sole rnember. ha5 donated to NPT UK in support of operating costs and ha5 comrnitled to provide financial support to the extent necessary to enable the charity to continue to pay it5 liatM"lities as tw bècomè due foT a period of at least 12 months from the date of approval of these financial statements. Additionally. the strategy document plans for growth whKh is closety monitored. The Trustees hove concluded that there are no materiol uncertointies reloted to events or conditions thcjt moy cost significant douL)t on the obility of th.p chority to continue os o going concern. Annual Report & Accounr5 1 29

Resources expended comprise the follov•ryn9." Financial Instruments The charitab￿ company applles the provion5 of Sèction 11"Basic Financial Inslnjments" and secb.on 12-Other Financhil Instrumerrts Issues" of FRS102 to all of its financial instruments. Financial assets and financial liabiliti.es are recogniseé when the charitable company becomès a paty to the corrtraciual provlsions of thè instrumeni and are offset onty %•then the charrtable company currently has a legalty enforceab￿ right 10 Set off the iecognised amounts and intends 8ther to seitle on a net basi% or to reallse the asset and seiue the liabilty simUMane￿Jsty. . Expènditurè on rnising funds comprise the costs a551Xlated with genefatiThJ donations, fundraising costs arml the fees paid to Investment man8ger5 in conneclion with the management of the charty's investments. It Indudes costs that can be allocated directly to such ￿tivItieS and those indirert costs necessary to support them. . Expenditure on charitable ￿tIvitIeS comprise grants and c05ts of rassing awareness of the charity'5 work and its methods. Grants are inclu¢Jed in the statement of financial aeiiviiies when approved and when the In￿nded reopnt has either received the funds 01 been Informed of the decision to make the grant an¢J has satisfied all related conditions Grants approved tr*Jt at the end ol the fiscal year are expensed and drsclosed as payable. Grants where the beneficiary has been infome¢J or has to meet certain conditions before grant is released are not 8ccrued for but are noted as financial commitments in the notes lo the accounts Inone at 30 June 20241. Investments sled investments (wlth the exceptlon of FX products and derivatNes. which form an irnmateTial part of investments held and are thèrefore treated the same) are initkilty recognised at transaction value and subsequenlly measured at fair v8lue a5 4t t bala￿e sheet date usirvJ the dosing quoted market pftce. Attemative inV￿Ments. including hedge ftjnds and privétè Èquity funds. are recorded at estimated fair valuè gènèrèlty Èstablished on the basis of the valuations provided ty respective investrnenl managers that deterniine the unit value based on the net asset value of the undertying i￿eStMen . Support costs are those costs which enable fund generation and charstable actiwties to be carried OUL These costs incIL￿e information tecmobgy. prowsion of office services atKI equipment and public relations. Support costs a￿ allocated on the basis of titne spent on these actiwb"es. Monty markw time deposits are fixed term cash dewsits dèsigneo to piovide a higher rate of ¥etum. cannot be freely accessed before fflaturity. They are valued based on the amwnt ofca5h invested. Cash ot bank ond in hond Cash at bank and in hand represènts such accwnts and instruments that are available on demand or have a maturty of less ihan three months from the dèle of acquisitson. Deposiis for more than three months bLrt ￿$S than one year have been disclosed as short term depogts. Cash placed on deposit lor more than one year is disclosed as a fixed asset Snvestment. Reallsed galns lor kisses) in investrnenl assets are calculated as the difference between di5P05al procéèds ar)d their opening carrying value QT their purchase value if acquired subsequent to the fi'rst day of the financial period. Unrealised gains and losses are calculated as the difference b￿￿een the fair valije at the year end and their caiwng value at that date. Reallsed and unrealised investrnènt gains lor losses) are ombined in the statement of financial actiwtie5 and are credite(I lor debited) in the yeaf in vthich they arise. 30 1 Annual Report & AccouDIs

FlnanciolAssets Basic financial assets. including trade debtOFS and othef dethors lincluding accrued incofflel which are recewable wthin one year and which do nol consiilute a financing transaction are initially measured aithe transaction price and subsequenty mea5ure(J at amortised cost. being Ihe transaction price less any arnounts 5eltled and any Impalrment Sos5e . therè is an expectation from the donor that these funds wll be used in line wth their recommendation5. . in the ordinary course of bu51ness, there 15 M expèctation that these funds wlll be used for ￿Y purkw)ses other than orv4ard distribthion and a5SOCiated administratNe costs. Toxation NPT UK is a reg6tered charty and ès such its irKome ond gair6 falling within Sections 47110 489 of the Corporation Tax Act 2010 or Section 256 ofthe Taxalion of Char9eèb Gains Aci 1992 are exempt from corporali tax to the e￿ent thai they are applied to it5 charitable objectNes. Accoidingly, no provision for eurreni or deferred taxatl¢thi Is considered n¢¢Èssary. Where the arrangement with a debtor constitutes a financiTrJ transaction. the debior is inttsally measured at the present value of fLrtLsre payments dlscountecl at a markèt rate of interest for a similar debt instrument arKI subsequently measured at amorb5ed cost. FlncnclalLlobllllles BasK financial liabilities. inchJdiTrJ trade and other payab￿, are Initièlly recognised ai transaction price unless thè arrangèmènt constitutes a financing transaction. where the debl Instrument is measLsred at the present value of the future payments discounted at a market rate of Interest. Value Added Tax Value Added Tax is not recoverable by the hafty and as such is included in the relevant costs in the statement of financial actwities. Debt instruments are subsequenty carried at amortised cosL using the effective interest rate method. Fund Accounting All unresiritted funds are availabk for use at the discretion of thè Trustèes in furtherance of the general obj'ectives of the charity. Trustees conslder that fun¢Js held by NPT UK in donor-adwsed funds pending recommendation for onward distribLFlion to third party charities are classified a5 designaled within unreslricled funds. However. the Trustees note the fdlowng: Repori & A¢tount$ 1 31

l J(If

NOTES TO THE FINANCIAL STATEMENTS 30 June 2024 l. Doiiotions to givity l￿d$ 2024 X•23 £'ooo Monles recdved as dornations to Donor-Athised FI￿ts IDAFS) (Unrestricted funds) 106.746 27.493 106.746 27.493 2. Investment income LI￿t0 and unlistetl imiesbnents 1.590 976 Interest on cash held as part of invesiment wrtfdio 722 243 2.312 1,219 Investment income was wholty unrestricied in both years. 3. Tottil expenditure Chartsble 2024 Total Funds 2023 Tow Fund5 £￿00 Fu Dlr•rtCQ515 Grants (al Allocated supwrtC05ts Other 27.OL 27.IXIO 16.238 299 Govwnance c05t5 Icl TOTAL 104 27.113 27.485 16,986 Annual RepDri & Accounts 133

laj Gronts 2024 £Doo Education 7.036 6.152 1.260 General ¢haritat4e 0rvrti￿ts0n$ Soci81 weffare 744 5.021 The Arts 2.454 972 1.351 Medicine and hej 1.092 959 Nature and Ihe environmenl 731 Relltyon International 123 27.000 16.238 The following instrtutions recLyved totsl grants which are considèred to be material In the context of NPT UK'S expendrture for the year encle(J 30 June 2024. Grants arè not made to intlNKluals. 2024 £'ooo UBS UK ￿n￿r.A￿v1Sed FoufidatK)n 6.741 3.419 Alawn Foundatfjon lor D￿et￿rne￿t Yole UnNer5ty UT Foundatk)n UK Limited 2,513 1.575 Prlnceton Chairtable Foundation LTD 1.410 Qthergtants less than £1M 11.342 27.000 The following institLrtions received t￿al grants which are consdered to be material in the context of NPT UK'S éxpènditurè for thé year èThYed 30 Jufiè 2023_ Grants are not made to individuals. 2023 £￿00 1851 Marine Trust 1.469 Yale University UT Foundation UK Lirnited 815 knpetus- The fv￿ale Equty FouThJatlon Fthyllls T￿kwell M¢￿0￿￿ Hosp1￿ LTD 5tstut PaAeur Paifj5 620 Alawn Foundatic￿ for Develwnent Other gtsnts less than £IM 600 9.833 16.238 34 1 Annual Report & Accovn¢s

Ibl Allocoted svpport costs Support costs are allocated based on time spent ￿ ac￿￿tle (¢1 Governonce costs Goveinance costs comprised: 2024 £'ooo 2023 £Doo Twustee5' grants expenses Legal expenses Accountsncy and audit fees 45 28 104 Idl Comporotive infornmrtion Comparative inforfflaiion fortotal expenditure is as follty¥s.' X)23 Total Funds £'o¢J) Ralsing lunds ChaThtable artNrties 326 16,660 16,986 4. Net movemènt In funds This Is ststed after Charg￿g= 2024 rooo 2023 £'ooo Aud6tor's remvreration 16 Accourtancy fees Annual Report & Accounrs 1 35

& Key rnonogement personnel The key management personnel durin9 the year were the Trustees arKI the Chf Executive ¢Jficer. The total cost of employment ofthe key management personnel fi￿1[￿J1fig empwrfs national Insuran￿ and nsion contributions) are incurred by NPT Transatlaniic LiM￿led as governed tythe Sèmce agreement with NPT UK and adequately disc105ed in the Kcounts of NPT TransaVantic Llmited. 6. Trustees. remvnerotion ond expenses No trustee received any remuneratKJn from the tharty for their sefyices. One trustee (Vi￿en Gould) was relmbursed £338 for expenses from the charity related 10 tru￿ee meeting travel expenses in 20231202412022123.. £nlll. 7. Taxotion NPT UK is a regisièred charity and therefore is not lia￿e to cory)0rat￿In tsx on inc¢)me derived from its charr(•ble activities. or on irKorne and gain5 arising from irwestrnenL as it falls within the varlous exerwytyons availab￿ to registered Charities. 8. Investments 2024 rooo 2023 £'ooo MAvkèt Valu• tt1 July A￿d￿on5 at C05t 84.215 9.32S 6&749 35.087 Dlsposals al rnarket val 0261 P4.707) Uniealised exchange gakis Net realised and unrealised gains IMRKET VALUEAT30JUNE 4.649 5,086 169.186 84.215 Inve5trnents at market value Cr￿prIsed.. UK O¥etsèbs 2024 Tot•1 2023 Total £'ooo £'ooo Accounts and Investments on cal I2.(￿15 10.217 59320 7.519 IA94 3.152 911 Money marketlime J¢posi sted IrNestments 10.217 59.320 16.968 .Bonds 7.519 47,584 30.647 4.116 Mutts asset fur*Js 47.584 29.998 29.070 Alterna￿Ve SnvestrDents 49 30.598 136.694 32.492 169.186 84.215 ISTORICAL COST OF INVESTMENTS 79,271 36 1 Annuol R¢ptsrl It A¢couill$

1. Debtors 2024 Total Funds 2023 Total ￿ndS Debiors 1.263
2. Credltors: amovnts falliNJ the within one yeor X124 Total Funds £'ooo 2023 Tt>tal Fur￿$ £'ooo Purchase ledger balances Auditfee and ac¢rued expenses Dje to National PhilanthfopK Trust 23 22 132 158
3. Fimnciol instruments 2024 £￿00 2023 CarrylThJ amount of f￿ancIN1 •ssets Instwments measured * fair¥ahJe 169.186 84.215

4. Movement in fvnds Reatsed & B•lance 85 at Unrealised 30 June 2024 9￿r&£DO0 asa11Ju I￿orne ExFer¢i￿re t'ooo Uniestricled operobThJ fvnd5 Unrestricted DAF lunds 495 P411 127.2211 P7.4621 92.695 109.252 4.649 179.375 180.133 93.190 109.756 4.649 Real￿ed & Balaftte as at Urwealised 30 June 2023 gawtsroc(s asatlJ $22r(oo ÉxFWj￿re ¢￿00 Unrestlcted cperabrKJ fiJnd5 Unrestyi¢ted DAF fthids 179 537 122• 116.7651 06.9861 75.553 28.821 5.086 92,695 93.190 75.732 29.358 S,086 Unrestricted opeiating funds can be applied icwards fulfilling NPT UK'S charitable purposes and actlviti Unrestrlcted DAF fvnds are designatÈd funds wh￿h are expected 10 be awied as soon asapprowiate charitable grant recommendatiors are HJeniified and approved. Artilual Reporr & A¢¢oun15 1 37

5. Anolysis of net ossets between funds 2024 Totsl Funds EY)00 2023 Tot* Fund5 £Doo Fixed assets 169.186 84.215 Current assets .ois 9.133 Current 1iatsl￿eS 11581 93.190

6. Reloted party tronsoctions Purchases of £68.75012022123- £58.2501 were fflade from the National Phllanthroplc Trust In respect of operating expenses. At 30 June 2024 £6.00012022123- £4.5001 was owed lo the National Philanthrop￿ Trust. There was one trustee reimbursed £338 foi trustee meetings and travel related expenses. 38 1 Annual Rep•ii & Ac¢oytti$