OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-06-30-accounts

Annual Report & Accounts 30 June 2025

Your Partner in . Giving Helping you achieve your philanthropic goals

•• 4.

TABLE OF CONTENTS

Reports

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

Financial Statements

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

3

CONTACTS, OFFICIALS & ADVISORS

Chair

Ceris Gardner

Trustees

Ceris Gardner Mary Boakye (retired 12 September 2025) Richard Cassell Vivien Gould Eileen R. Heisman (retired 20 November 2024) David Rowe OBE Holly K. Welch (appointed 20 November 2024)

Chief Executive Officer

John Canady

Principal Investment Managers

Cazenove Capital 1 London Wall Place London EC2Y 5AU

Partners Capital 5 Young Street London W8 5EH

UBS 5 Broadgate London EC2M 2QS

Company Number

(England & Wales) 11542102

Charity Registration Number

(England & Wales) 1181128

Independent Auditor

RSM UK Audit LLP 25 Farringdon Street London EC4A 4AB

Bankers

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

Solicitors

Withers LLP 20 Old Bailey London EC4M 7AN

Registered Address

20 Old Bailey London EC4M 7AN

Principal Address

125 Old Broad Street Suite 610 London EC2N 1AR

4

WELCOME FROM THE CHAIR

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

This past year has underscored the vital role philanthropy plays amid rising demands on charities across the UK and around the world. The need for charitable support continues to grow, shaped not only by the ongoing economic squeeze on families and communities at home, but also by global crises such as the continuing wars in Ukraine and the Middle East, and the intensifying impacts of climate change. At the same time, a shifting political landscape, in the UK, the US, and elsewhere, has influenced the priorities and motivations of donors, and sharpened the need for charities to safeguard their resilience and reach. As ever, our donors have responded to these challenges with compassion and generosity, for which we are grateful. This past year, NPT UK made grants to more charitable organisations than ever before, helping 653 charities since we commenced operations.

National Philanthropic Trust UK provides donor-advised funds (DAFs) to help donors support the charities and causes closest to their hearts. As a registered UK charity, qualifying donations to National Philanthropic Trust UK are recognised for tax relief in the UK.

We reached new milestones in financial year 2024/25:

Increasing philanthropy in society is only possible when we collaborate with likeminded people. I am grateful to National Philanthropic Trust UK’s trustees, staff, partners and, most importantly, our generous donors.

Warm regards,

Ceris Gardner Chair, Board of Trustees National Philanthropic Trust UK

5

IN FINANCIAL YEAR 2024/25:

1,126 Donor-recommended grants made by NPT UK, ranging from £200 to £8.1M .

£43M Amount granted by NPT UK, in total.

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

15 Countries NPT UK made grants to.

6

WHAT WE DO

What is a donor-advised fund?

A DONOR-ADVISED FUND (DAF) is a philanthropic fund administered by a charity, like NPT UK. A DAF is a flexible alternative to a charitable trust or foundation.

Donors establish a DAF account and make charitable donations by contributing cash or appreciated assets . Donors recommend investments to grow the assets in the DAF, and recommend grants to charities anywhere in the world at any time. Qualifying donors receive UK tax relief for each donation to their DAF account.

How a donor-advised fund works

----- Start of picture text -----
DONATE
----- End of picture text -----

----- Start of picture text -----
INVEST GRANT
----- End of picture text -----

7

TRUSTEES’ REPORT

The Trustees (who are also the directors for purposes of company law) present their statutory report with the financial statements of NPT UK for the year ended 30 June 2025. The financial statements have been prepared in accordance with the accounting policies and comply with NPT UK’s governing document, the Companies Act 2006 and “Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019).

Mission & Historical Background

NPT UK’s mission is to inspire, support and increase charitable giving in society, primarily through charitable DAF accounts, which benefit charities and voluntary organisations in the UK and internationally.

NPT UK was established as a registered charity in England and Wales in August 2018 by National Philanthropic Trust, a charitable 501(c)(3) organisation in the United States (U.S.), in response to growing international interest in DAFs. DAFs are a significant and popular form of giving in the U.S. and are growing in popularity in the UK and in other countries around the world. DAFs are unrestricted funds under English charity law.

8

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

NPT UK aims to achieve its mission in a number of areas:

Donors to NPT UK can recommend grants from their DAFs to support organisations of their choice, provided that such grants are applied for purposes which are charitable under English law. All grant recommendations are reviewed and approved to ensure compliance with English charity and tax law.

NPT UK ensures that each grant recommended from a DAF is in furtherance of a charitable purpose, offers an identifiable benefit to the public or a significant section of the public and does not result in private benefit which is more than incidental. All grant recommendations are subject to

Trustee approval, either via direct approval by the Trustees for certain grants over a specific amount, or by NPT UK management via a designated authority issued by the Trustees.

Charitable Objectives

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

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities NPT UK should undertake.

Governing Document

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

As NPT UK is a charitable company limited by guarantee, the liability of its members is limited to £1, being the amount that each member has undertaken to contribute in the event of NPT being wound up while they are a member or within one year of them ceasing to be a member.

The charity’s sole member is National Philanthropic Trust.

Measuring Impact & Public Benefit

As a grantmaking charity, providing public benefit is at the heart of the charity’s activity. NPT UK seeks to advance philanthropy in society, primarily through the provision of charitable DAFs.

NPT UK’s mission is to inspire, support and increase charitable giving in society, primarily through charitable donor-advised funds (DAFs), which benefit charities and voluntary organisations in the UK and internationally.

9

Fundraising Statement

NPT UK does not actively solicit donations from the public and therefore is not registered with the Fundraising Regulator. When donations from individuals are received, NPT UK protects personal data and never sells data or swaps data with other organisations. During financial year 2024/25, the charity received no complaints about its fundraising activities.

Energy & Carbon Reporting

NPT UK is committed to looking after the environment and is striving to become more energy conscious with a focus on reducing carbon emissions and the promotion of energy efficient actions. NPT UK is exempt from disclosing energy consumption as less than 40,000kWh of energy was consumed during financial year 2024/25.

Plans for Future Periods

We will continue to promote philanthropy in society by working with donors to help them effectively manage their charitable giving. In addition to raising awareness of DAFs with donors, we will also partner with their advisors—wealth managers, tax advisors, solicitors and estate planners—to ensure advisors are aware of the benefits of incorporating philanthropy and DAFs into their client discussions. Our efforts to be a partner in giving are all focused on increasing charitable giving in the UK and beyond.

Grantmaking Priorities & Exclusions

The Trustees regularly review NPT UK’s policies, objectives and guidelines to ensure that grants made are in support of exclusively charitable purposes and for public benefit. As such, grants cannot be paid to:

Charities are notified electronically of grants awarded and grant payments are made electronically. The post-grant reporting required by NPT UK depends on the nature of the project, the purpose, conditions, and terms of the grant and the size of the grant awarded.

Trustees

Recruitment and appointment of new Trustees

At any one time, the charity shall have at least three Trustees who meet in person and by teleconference a minimum of three times every year and additionally as required. The identification of potential new Trustees is carried out by the Board of Trustees, the aim being to appoint those with the appropriate expertise and experience for NPT UK’s work. New trustees are approved by a majority of the existing trustees.

On agreeing to become a Trustee of the charity, new Trustees are thoroughly briefed by their co-Trustees and key management on the history of the charity, day-to-day management, responsibilities of the Trustees, current objectives and future plans. The Trustees are also encouraged to attend training and update courses.

Register of Trustees’ interests

In accordance with company law and Charity Commission guidance that charity Trustees and key management who may have a personal interest in any matter before the Trustees declare that interest and refrain from taking part in any discussion relating to it. A ‘Register of Trustees’ Interests’ is maintained and updated annually.

Trustees are required to disclose all relevant interests and register them with the Chief Executive Officer, and in accordance with the charity’s policy, withdraw from decisions where a conflict of interest arises.

10

Governance

Organisational structure

The Trustees are ultimately responsible for the policies, activities and assets of the charity. They meet to review developments with regard to the charity and its grantmaking and investment activities, and to make any important decisions. When necessary, the Trustees seek advice and support from the charity’s professional advisers.

Key management personnel

The key management personnel are considered to be the Trustees and the CEO. The CEO is remunerated by NPT Transatlantic. The Trustees are not remunerated for their roles.

Administration

NPT UK seeks to build efficient and effective administrative systems, whilst recognising the effectiveness of working in partnership with other organisations. To this end, administration, management information systems and technology functions of the charity are provided to NPT UK by two related organisations: NPT Transatlantic Limited of the UK and National Philanthropic Trust of the U.S. National Philanthropic Trust of the U.S. is the sole shareholder of NPT Transatlantic as well as the sole member of NPT UK. Both arrangements are governed by service agreements which also make provision for data protection and confidentiality/privacy requirements.

Trustees are required to disclose all relevant interests and register them with the Chief Executive Officer, and, in accordance with the charity’s policy, withdraw from decisions where a conflict of interest arises.

11

STRATEGIC REPORT

Trustees’ Duties

The Trustees of NPT UK must act in accordance with their duties under company law. These duties are detailed in section 172 of the Companies Act 2006, which is summarised as follows:

“A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

The Trustees are briefed on their duties on appointment and annually. Trustees fulfill their duties through a governance framework that delegates day-to-day decision making to key management and personnel.

12

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

Achievements & Strategic Goals Donations

NPT UK’s donors contributed £217.9M in financial year 2024/25 (2023/24 – £106.7M) to NPT UK’s DAF accounts. Wire transfers are the most common method of making donations. NPT UK have also accepted appreciated securities as donations. These donations are turned into philanthropic capital for the causes and charities closest to donors’ hearts.

Investments

NPT UK’s assets under management have grown as donors make donations to their DAF accounts. NPT UK donors can indicate an investment preference, with reference to preapproved investments and separately managed accounts, including alternative and unlisted investments, in an effort to increase the amounts available for grants. Investment performance, comprised of dividends, interest, and realised and unrealised gains on investment assets, was positive for financial year 2024/25, totalling £11.8M (2023/24 – £7.0M). NPT UK’s Trustees carefully review new investments and monitor investment performance on an ongoing basis.

Grantmaking

NPT UK’s donors recommended 1,126 grants to 653 unique charities, totalling £43.0M in financial year 2024/25 (2023/24 – 585 grants to 367 unique charities, totalling £27.0M). NPT UK’s staff assisted our donors with the grantmaking process, from answering basic questions about philanthropy to discussing complex grant agreements. NPT UK’s team has substantial knowledge about philanthropy, DAFs and industry best practices that support our donors. NPT UK works to help its donors achieve their philanthropic goals.

Financial Review

NPT UK is committed to increasing philanthropy in society and the 2024/25 financial year demonstrated the continued success of the charity in its mission. Income for the 2024/25 financial year was £225.4M (2023/24 – £109.8M). The increase in donations is a result of growing awareness amongst donors and their advisors of donoradvised funds as a tax-efficient charitable giving vehicle, along with several large contributions received during the financial year (see Note 14). Expenditure for the year was £44.4M (2023/24 – £27.5M) inclusive of foreign currency exchange gains. This increase was driven by the generosity of approved donors grant recommendations to charitable organisations, along with more available funds to distribute. Financial year donations exceeded charitable distributions for the year ended 30 June 2025, creating a movement in funds of £187.0M (2023/24 – £86.9M). This movement includes investment gains of £6.0M (2023/24 – £4.6M). Unrestricted funds are those held by NPT UK pending recommendation for onward distribution to third party charities or are held for other charitable purposes. At 30 June 2025, funds available for onward distribution to charities in furtherance of NPT UK’s charitable mission were £367.1M (2023/24 – £180.1M).

Reserves Policy & Funds

NPT UK’s free reserves policy is to maintain, ideally, a level equivalent to between three and six months’ general operating expenditure. Unrestricted operating funds are those funds which are not restricted and not represented by DAFs, as DAF assets are held for charitable distribution. The amount of unrestricted funds available for operating expenditure was £2,300K at 30 June 2025 (2023/2024 – £1,279K), which exceeds the stated policy.

The Trustees consider that reserves at this level will ensure that, in the event of a drop in funding, they will be able to continue the charity’s current activities for a period of time that allows for sufficient consideration to be given to ways in which additional funds may be raised.

13

Investment Management

The Trustees of NPT UK are responsible for the management of all funds maintained by NPT UK. The funds are managed in accordance with the principles and standards of prudence applicable under English law. Under its articles of association, NPT UK has the power to invest funds that are not immediately required for charitable purposes. NPT UK’s investment policy enables a diversified global portfolio of investments across a range of asset classes. The portfolio is managed by qualified investment managers approved by the Trustees. NPT UK seeks to balance risk, return and spend so as to observe proper balance between the need to meet present demands on the charity and the need to allow for future charitable objectives. NPT UK also takes Environmental, Social, and Governance factors into account when making investments.

Principal Risks & Uncertainties

In line with the requirement for Trustees to undertake a risk assessment exercise and report on the same in their Annual Report, the Trustees initiated a process to assess organisational risk. The Trustees have identified five main areas where risk may occur:

Environment or external risks include the possible damage to the charity’s reputation, through association with unsuitable charities or donors, or with inappropriate investment activity.

Compliance risks include the effects of government policies, potential adverse changes in these policies and the consequences of non-compliance with applicable laws and regulations.

The major forms of financial risk NPT UK faces are volatility in equity and other investment markets due to economic conditions, the attitude of donors relative to their recommendations on investment risk and changes in sentiment concerning equities within particular sectors or subsectors. Where significant reserves are held as cash, the charity faces the risk that such funds lose value in real terms, due to low interest rates and/or currency exchange rate movement.

Having assessed the major risks to which the charity is exposed, in particular to its finances, the Trustees believe that by monitoring reserve levels, by ensuring that controls exist over the key financial systems and by examining the operational and business risks faced by the charity, effective systems are in place to mitigate those risks. The charity maintains an up-to-date risk register in order to identify and establish effective systems to mitigate those risks.

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

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

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

Financial risks include those arising as a result of poor budgetary control, inappropriate spending, inaccurate accounting and inappropriate investment policies.

14

In addition to the identified major forms of financial risk, the charity’s risk register is a dynamic document and process that will change over time as different risks are identified and other risks are downgraded or removed. The risks at any one time are graded depending on their perceived likelihood and impact. Assessments are also made as to whether the risks are increasing, decreasing or remaining stable and the action plans, responsibilities and timeframes for their implementation are also reviewed regularly by Trustees during the year. There are generic risks of running any charitable or business undertaking. The most significant risk identified for NPT UK relates to:

Disaster recovery and planning refers to the significant impact that a major cyber breach or unpredictable disaster could have, such as failures in IT systems or physical damage to property and equipment by way of fire, flood or other natural forces. These risks cannot be predicted, but can be prepared for, and NPT UK does so through the creation and review of IT and disaster recovery plans; implementing digital and physical security measures; and obtaining appropriate insurance coverage.

Auditor

RSM UK Audit LLP have indicated their willingness to be reappointed for another term.

Disclosures of Information to Auditor

Each of the Trustees confirm that:

The Trustees’ Report prepared under the Charities Act 2011, which also contains all information required in a Directors’ Report by the Companies Act 2006, and the incorporated Strategic Report prepared under the Companies Act 2006, were approved by the Board of Trustees on 18 November 2025 and signed on behalf of the Trustees by:

Ceris Gardner Chair, National Philanthropic Trust UK

15

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:

The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time, the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

16

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF NATIONAL PHILANTHROPIC TRUST UK LIMITED

Opinion

We have audited the financial statements of National Philanthropic Trust UK Limited (the ‘charitable company’) for the year ended 30 June 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

18

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report and accounts other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report and accounts. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

19

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 16, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole, are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of noncompliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

20

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

As a result of these procedures, we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011 and the charitable company’s governing document. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report and remaining alert to new or unusual transactions which may not be in accordance with the governing documents.

The audit engagement team identified the risks of management override of controls and income recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgments and estimates, using analytical techniques to test incoming resources including comparisons of expected and unexpected groupings of revenue transactions, testing revenue around the end

of the financial year, understanding the donor onboarding processes and comparing bank receipts to revenue being recorded.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at http://www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor’s report.

Use of Our Report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Nicholas Sladden (Senior Statutory Auditor)

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

15 December 2025

21

STATEMENT OF FINANCIAL ACTIVITIES

Year to 30 June 2025

2025 2024
Unrestricted Unrestricted
Notes Funds £’000 Funds £’000
Income from:
Donations
Donations to giving funds 1 217,944 106,746
Investments 2 5,840 2,312
Other income 1,623 698
TOTAL INCOME 225,407 109,756
Expenditure on:
Raising funds 3 827 372
Charitable activities 3 43,278 27,113
Realised and unrealised exchange losses/(gains) 299 (23)
TOTAL EXPENDITURE 44,404 27,462
Realised and unrealisedgains on investment asset 8 6,009 4,649
NET INCOME AND NET MOVEMENT IN FUNDS 4 187,012 86,943
Reconciliation of funds:
Total funds brought forward 180,133 93,190
Total funds carried forward 367,145 180,133

22

30 June 2025

BALANCE SHEET

Company Number: 11542102

2025 2024
Unrestricted Unrestricted
Notes Funds £’000 Funds £’000
Fixed assets
Investments 8 334,211 169,186
334,211 169,186
Current assets
Debtors 9 3,365 2,414
Cash at bank and in hand 29,794 8,601
33,159 11,015
Current liabilities
Creditors: amounts fallingdue within oneyear 10 (225) (68)
NET CURRENT ASSETS 32,934 10,947
TOTAL NET ASSETS 367,145 180,133
Represented by the funds of the charity:
TOTAL FUNDS 13 367,145 180,133

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

Ceris Gardner Trustee

23

STATEMENT OF CASH FLOWS

30 June 2025

2025 2024
Notes £’000 £’000
Cash fows from operating activities:
Net cash provided by operating activities A 174,369 78,741
Cash fows from investing activities:
Dividends and interest from investments 5,840 2,312
Proceeds from sale of investments 10,799 69,026
Purchase of investments, net of exchangegains (169,815) (149,348)
NET CASH USED BY INVESTING ACTIVITIES (153,176) (78,010)
Change in cash and cash equivalents in the period 21,193 731
Cash and cash equivalents at the beginningof the reportingperiod 8,601 7,870
Cash and cash equivalents at the end of the reporting period B 29,794 8,601

24

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

2025 2024
£’000 £’000
Net income per the statement of fnancial activities 187,012 86,943
Adjustments for:
Realised and unrealised gains on investments (6,009) (4,649)
Dividends and interest from investments (5,840) (2,312)
Increase in debtors (951) (1,153)
Increase/(decrease)in creditors 157 (88)
NET CASH PROVIDED BY OPERATING ACTIVITIES 174,369 78,741
B. Analysis of cash and cash equivalents
Cash at bank and in hand 29,794 8,601
TOTAL CASH AND CASH EQUIVALENTS 29,794 8,601

25

ACCOUNTING POLICIES

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

Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019).

Basis of Preparation

The accounts have been prepared under the historical cost convention with items initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The accounts have been prepared in accordance with the charity’s governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the

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

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

Status

The charity is a private company limited by guarantee and incorporated in England and Wales. The registered office and principal activity are disclosed in the Trustees’ Report.

26

Critical accounting estimates and areas of judgement

The most significant areas of judgment and key assumptions that affect items in the accounts are in respect to the value of unlisted investments as explained more fully in the policies set out on page 28. Unlisted investments are recorded at estimated fair value in the absence of readily determined fair values Management’s estimates are established from valuations provided by the respective funds which are based on the recognised exchange value of the underlying security, recent transaction value, net asset value or current bid price and are believed to be a reliable best estimate of fair value. With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying value of assets held by the charity are the investment return and the performance of the investment market generally.

Going Concern

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.

The Trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. This is because the National Philanthropic Trust, the charity’s sole member, has donated to NPT UK in support of operating costs and has committed to provide financial support to the extent necessary to enable the charity to continue to pay its liabilities as they become due for a period of at least 12 months from the date of approval of these financial statements. Additionally, the strategy document plans for growth which is closely monitored.

Income

Income in the form of donations is recognised in the period in which the charity is entitled to receipt and the amount can be measured reliably and it is probable that the funds will be received. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or when the donor or funder has specified that the income is to be expended in a future accounting period. There was no deferred income recorded at 30 June 2025 or 2024.

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

Expenditure Recognition

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

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

Resources expended comprise the following:

27

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 maturity of less than three months from the date of acquisition. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Financial Instruments

The charitable company applies the provisions of Section 11 “Basic Financial Instruments” and Section 12 “Other Financial Instruments Issues” of FRS102 to all of its financial instruments. Financial assets and financial liabilities are recognised when the charitable company becomes a party to the contractual provisions of the instrument and are offset only when the charitable company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments

Listed investments, bonds, and multi asset funds are initially recognised at transaction value and subsequently measured at fair value as at the balance sheet date using the closing quoted market price.

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

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

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

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

28

Financial Assets

Basic financial assets, including trade debtors and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Financial Liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Fund Accounting

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

Trustees consider that funds held by NPT UK in donor-advised funds pending recommendation for onward distribution to third party charities are classified as designated within unrestricted funds.

However, the Trustees note the following:

Taxation

NPT UK is a registered charity and as such its income and gains falling within Sections 471 to 489 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 are exempt from corporation tax to the extent that they are applied to its charitable objectives. Accordingly, no provision for current or deferred taxation is considered necessary.

Value Added Tax

Value Added Tax is not recoverable by the charity and as such is included in the relevant costs in the statement of financial activities.

The Trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern.

29

NOTES TO THE FINANCIAL STATEMENTS 30 June 2025

1. Donations to giving funds

1. Donations to giving funds
2025 2024
£’000 £’000
Donations to Donor-Advised Funds(DAFs) (Unrestricted funds) 217,944 106,746
217,944 106,746
2. Investment income
Listed and unlisted investments 4,758 1,590
Interest on cash held as part of investment portfolio 1,082 722
5,840 2,312

Investment income was wholly unrestricted in both years.

3. Total expenditure

3. Total expenditure
Raising Charitable 2025 2024
Funds Activities Total Funds Total Funds
£’000 £’000 £’000 £’000
Direct costs
Grants (a) – 43,040 43,040 27,000
Allocated support costs (b)
Other 722 235 957 409
Governance costs(c) 105 3 108 76
TOTAL 827 43,278 44,105 27,485

31

(a) Grants

(a) Grants
2025 2024
£’000 £’000
General charitable organisations 12,440 8,733
The Arts 10,668 2,454
Social welfare 9,145 6,744
Education 6,120 7,036
Nature and the environment 2,645 731
Medicine and health 1,219 972
Religion 603 236
International charities 200 94
43,040 27,000

The following institutions received total grants which are considered to be material in the context of NPT UK’s expenditure for the year ended 30 June 2025. Grants are not made to individuals.

NPT UK’s expenditure for the year ended 30 June 2025. Grants are not made to individuals.
2025
£’000
UBS UK Donor-Advised Foundation 8,066
The February Foundation 2,180
The Old Vic Theatre Trust 2000 1,975
The Holburne Museum 1,768
UT Foundation UK Limited 1,571
Dogs Trust 1,518
Othergrants less than £1M 25,962
43,040

The following institutions received total grants which are considered to be material in the context of NPT UK’s expenditure for the year ended 30 June 2024. Grants are not made to individuals.

2024
£’000
UBS UK Donor-Advised Foundation 6,741
Alawn Foundation for Development 3,419
Yale University 2,513
UT Foundation UK Limited 1,575
Princeton Charitable Foundation LTD 1,410
Othergrants less than £1M 11,342
27,000

(b) Allocated support costs

Support costs are allocated based on time spent on activities.

32

(c) Governance costs

Governance costs comprised:

(c) Governance costs
Governance costs comprised:
2025 2024
£’000 £’000
Trustees’ grants, expenses, and meeting costs 10 3
Legal expenses 70 45
Accountancyand audit fees 28 28
108 76

(d) Comparative information

Comparative information for total expenditure is as follows:

2024
Total Funds
£’000
Raising funds 372
Charitable activities 27,113
27,485

4. Net movement in funds

This is stated after charging:

. Net movement in funds
his is stated after charging:
2025 2024
£’000 £’000
Auditor’s remuneration 22 17
Accountancyfees 6 11

5. Key management personnel

The key management personnel during the year were the Trustees and the Chief Executive Officer. The total cost of employment of the key management personnel (including employer’s national insurance and pension contributions) are incurred by NPT Transatlantic Limited as governed by the service agreement with NPT UK and adequately disclosed in the accounts of NPT Transatlantic Limited.

6. Trustees’ remuneration and expenses

No trustee received any remuneration from the charity for their services. One trustee (Vivien Gould) was reimbursed £493 for expenses from the charity related to trustee meeting travel expenses in 2024/2025 (2023/24: £338).

7. Taxation

NPT UK is a registered charity and therefore is not liable to corporation tax on income derived from its charitable activities, or on income and gains arising from investment, as it falls within the various exemptions available to registered charities.

33

8. Investments

8. Investments
2025 2024
£’000 £’000
Market value at 1 July 169,186 84,215
Additions at cost 170,114 149,325
Disposals at market value (10,799) (69,026)
Unrealised exchange (losses)/gains (299) 23
Net realised and unrealisedgains 6,009 4,649
MARKET VALUE AT 30 JUNE 334,211 169,186

Investments at market value comprised:

Investments at market value comprised:
UK Overseas 2025 Total 2024 Total
£’000 £’000 £’000 £’000
Accounts and investments on call 24,432 30 24,462 13,899
Money market time deposits 25,563 – 25,563 10,217
Listed investments 224,400 2,937 227,337 59,320
Bonds 14,180 1,741 15,921 7,519
Multi asset funds 2,983 – 2,983 47,584
Alternative investments – 37,945 37,945 30,647
291,558 42,653 334,211 169,186
HISTORICAL COST OF INVESTMENTS 267,297 162,792

9. Debtors

. Debtors
2025 2024
Total Funds Total Funds
£’000 £’000
Debtors 3,365 2,414

10. Creditors: amounts falling due within one year

2025 2024
Total Funds Total Funds
£’000 £’000
Purchase ledger balances 102 23
Audit fee and accrued expenses 63 38
Due to National Philanthropic Trust 60 7
225 68

11. Financial instruments

1. Financial instruments
2025 2024
£’000 £’000
Carrying amount of fnancial assets
Instruments measured at fair value 334,211 169,186

34

12. Movement in funds

12. Movement in funds
Balance Realised & Balance as
as at 1 July Income Expenditure Transfers Unrealised at 30 June
2024 £’000 £’000 £’000 £’000 gains £’000 2025 £’000
Unrestricted operating funds 1,279 648 (499) 872 – 2,300
Unrestricted DAF funds 178,854 224,759 (43,905) (872) 6,009 364,845
180,133 225,407 (44,404) – 6,009 367,145
Balance Realised & Balance as
as at 1 July Income Expenditure Transfers Unrealised at 30 June
2023 £’000 £’000 £’000 £’000 gains £’000 2024 £’000
Unrestricted operating funds 495 504 (241) 521 – 1,279
Unrestricted DAF funds 92,695 109,252 (27,221) (521) 4,649 178,854
93,190 109,756 (27,462) – 4,649 180,133

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

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

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

13. Analysis of net assets between funds

2025 2024
Total Funds Total Funds
£’000 £’000
Fixed assets 334,211 169,186
Current assets 33,159 11,015
Current liabilities (225) (68)
367,145 180,133

14. Related party transactions

Contributions of £30.9M were received from NPT Transatlantic and £30.9M from National Philanthropic Trust. Purchases of £72,000 (2023/24 – £68,750) were made from National Philanthropic Trust in respect of operating expenses. At 30 June 2025, £60,000 (2023/24 – £7,000) was owed to National Philanthropic Trust. There was one trustee reimbursed £493 (2023/24 – £338) for trustee meetings and travel related expenses.

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

35

"lJ*iJ

37

UKN PUB ARA 1225 © NPT UK. All rights reserved.