ULI Charitable Trust
Report and Unaudited Financial Statements Year ended 30 June 2021
(Registered Charity No 1113416)
ULI Charitable Trust (Registered Charity No 1113416)
Report and Accounts 30 June 2021
| Legal and Administrative Details | 1 |
|---|---|
| Report of the Trustees | 2 - 4 |
| Independent Examiners Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Accounts | 8 - 13 |
ULI Charitable Trust (Registered Charity No 1113416) Legal and Administrative Details Year ended 30 June 2021
Page 1
Details of the Trustees and Advisors who served during the year are as follows:
| Trustees: | G Parkes |
|---|---|
| Sir S A Lipton | |
| J Herbert | |
| S Malkin | |
| J Zehner | |
| J Short | |
| M Spies | |
| R Lewis | |
| I Sancisi | |
| M Barclay | |
| A Martin | |
| Bankers: | Lloyds Bank Plc. |
| 39 Piccadilly | |
| London | |
| W1V 0AA | |
| Independent Examiner: | V Shadbolt BSc FCA |
| RSM UK Tax and Accounting Limited | |
| Chartered Accountants | |
| St Philips Point | |
| Temple Row | |
| Birmingham | |
| West Midlands | |
| B2 5AF | |
| Address of Charity: | Foundry Building |
| 2 Smiths Square | |
| 77 Fulham Palace Road | |
| London | |
| W6 8AF |
ULI Charitable Trust (Registered Charity No 1113416) Report of the Trustees Year ended 30 June 2021
Page 2
The Trustees present their report for the year ended 30 June 2021.
Structure, governance and management
The Trust is registered as a charity (registered number 1113416) registered in England and Wales and is constituted under a trust deed adopted 21 April 2005. The charity commenced activity on 1 July 2006.
The Trust is managed by the Trustees who are elected by the current Trustees as per the Trust Deed.
The charity has a plan in place to identify and train new Trustees as and when they become aware of individuals with an interest in the charity’s activities, or where it is perceived that a Trustee with an additional skill set, to those held by the current Trustees, is required.
Objectives and activities
The objectives of the Trust are to advance the education of the public anywhere in the world by promoting study, research and teaching in the policy, principles and practice of land use and development and urban planning and design so as to enhance the environment provided that the useful results of any such research is disseminated to the public and to promote the high standards of performance and inter professional cooperation in these fields.
The Trust is independent of, but associated with, Urban Land Institute (ULI), a U.S. domiciled tax-exempt, notfor-profit organization whose mission is to provide leadership in the responsible use of land and in creating and sustaining thriving communities worldwide. The Trust generally supplements funding for ULI programmes and initiatives as the Trustees determine.
We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
Achievements and performance
The Charity remains committed to support the ULI mission – To shape the future of the built environment for transformative impact in communities worldwide.
Like many organizations the Trust was impacted by the COVID pandemic during FY21 by way of a reduction in donations received and grants provided. Activity related to the Urban Plan initiative which historically has been the focus of the Trust’s activity was severely curtailed during the second half of the fiscal year due to the general lockdown.
In FY21, the Trust granted £50,000 to ULI to supplement sponsorships in support of the Urban Plan programme in the UK that included £10,000 to develop a virtual workshop model.
Urban Plan UK is the Urban Land Institute’s urban regeneration educational initiative bringing to life the urban environment for 15-18-year-old students in state schools. It involves a real-life workshop where student teams form a development company tasked to create a scheme that regenerates a hypothetical urban site. As well as learning about the built environment, it also helps young people develop vital employability skills such as teamwork, presentations, and time management. The programme is delivered by a team of ULI facilitators & property industry volunteers and is a powerful tool to reach out to a diverse demographic and to show how real estate can revive and regenerate urban areas.
Urban Plan has been running successfully in Europe since it was launched in the UK in 2015. It is now delivered in Germany, The Netherlands, Republic of Ireland and the UK with plans to expand in France and Belgium. During that time ULI has run 250+ workshops, reached almost 7,000 students and worked with over 800 industry professionals. We have successfully targeted schools across the UK with a high percentage of free school meals which has allowed us to reach a very diverse demographic. Feedback has been consistently excellent from students, teachers, and volunteers alike and student’s understanding of and interest in the sector increases significantly after the programme has taken place. For instance, after our most recent tour 88% of students stated that they had a far better understanding of the sector and 59% of participating students stated they were now interested in a real estate career.
ULI Charitable Trust (Registered Charity No 1113416) Report of the Trustees Year ended 30 June 2021
Page 3
Achievements and performance (continued)
Throughout the Covid-19 global health emergency we have continued to deliver Urban Plan to schools, having invested in, and developed a virtual workshop model which has proved highly successful and appreciated by students, teachers, and funders.
Financial Review
The results for the year are set out in the Statement of Financial Activities on page 6 and the Balance Sheet on page 7. The notes on pages 8 to 13 form part of these Financial Statements.
Reserves Policy
It is the policy of the charity to maintain separate reserve funds for specific purposes. Unrestricted funds are maintained at a level to ensure that the Trust has enough funds available in order that it can pursue its objectives.
In 2011 the Trustees agreed to maintain a £6,000 unrestricted reserve in the Trust. Unrestricted funds outside of this £6,000 will be recommended for allocation to programs where the greatest impact can be achieved. As at 30 June 2021 unrestricted reserves were £20,763 (2020: £27,737) and restricted reserves were £121,549 (2020: £86,325).
Risk management
The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
Trustees
The Trustees who held office during the year are set out on page 1. Trustees’ Responsibilities
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales 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 Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
ULI Charitsblg Trnst (RegIStsr Charity No 11134161 Report of the Tn*t• Y04r •ndvd 30 Jvno 2021 Pag• 4 Ind•p•ndont Examin•r The Tnee$ Iwe wjinted hftr V sha[tt Bsc FCA of RSM UK Tax and Anting Limited as Independent Examiner ofthis Trust ign n Lyhalf A Martin Oate .
ULI Charttable Trust {Regi$tered Charity No 11134161 Independent Examiners report to the Trustegs of UU Charitable Trust Year ended 30 June 2021 Page 5 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ULI CHARITABLE TRUST I report to the trustees on my examination of the financial statements of ULI Charitable Trusl I'lhe charity'l for the year ended 30 June 2021, which are sel out on pages 6 10 13. Responsibilitie5 and basis of report As the trLJslees of the chanly you are responsib for the preparation of the financial slaterrenls in accordance wilh the requiremenis of the Charitses Act 2011 1.the 2011 Act'}. I report in res¢1 of my examination of the charty's financial statemènts carried out undei section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 14515llb) of the 2011 Act An independent examination does not invofve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audrt goes beyond the limrted assurance that an independent examination can provide Consequently. l express no opinion as to whether the accounts present a 'lrue and fair view, and my report is limited to those specifK matt81$ sel out In the independent examiner's statement. Independent examlner's statement I have completed my examination. l confirm that no material matters have come lo my attention in Connection with the examination giving me reasonable cause lo believe Ihal in any material respect.. accounting records were not kept in respect of the charity as required by sectk)n 130 of the 2011 Act. or 2. the financial slalemenls do not accorf wilh those recofds," or 3. the financial statements do not comply with the applicab requirements concerning the form and content of accounts set out in the Charrties (Accounts and Report51 RegulatR)ns 2008 other than any requirement that the accounts give a 'lnJe and fair view. which is not a matter considered as part of an Independent examination. I have no concerns and have corre across no olhei fflatters in wnneclion wrth the examination lo which attention shoLJld be drawn in this pOrt in order to enable a proper understanding of the a¢coun15 to be reached. Signed.. Name.. Vivian Shadbolt Name of applicab listed body." The Instrtute of Chartered Accountants in Engknd and WaS Relevant Professional qualfficalion or membership of Professional body.. Charteied Accountant ON BEHALF OF RSM UK ANDACCOUNTING LIMITED Chartered Accountants St. Philips Point Temple Row Birmingham West Midlands B2 SAF Dale.. IdiL12ou
ULI Charitable Trust (Registered Charity No 1113416) Statement of Financial Activities Year ended 30 June 2021
Page 6
| Note Unrestricted Funds 2021 £ Income: Donations 3 342 Total income 342 Expenditure: Charitable activities 4 (7,316) Total expenditure (7,316) Net income/(expenditure) and net movement in funds for the year (6,974) Reconciliation of funds Total funds brought forward 27,737 Total funds carried forward 8 20,763 |
Restricted Funds 2021 £ 85,224 85,224 (50,000) (50,000) 35,224 86,325 121,549 |
Total 2021 £ 85,566 85,566 (57,316) (57,316) 28,250 114,062 142,312 |
Total 2020 £ 42,811 |
|---|---|---|---|
| 42,811 | |||
| (6,606) | |||
| (6,606) | |||
| 36,205 77,857 |
|||
| 114,062 |
The notes on pages 8 to 13 form part of these financial statements.
These unaudited financial statements have been subjected to an independent examination. See report on page 5.
ULI Charitabk Trust IR•gistergtl Charrty No 1113416) P9• 7 PAlanc• Shopt as at 30 Juh• 2021 Funds 2021 FUrS 2021 Toial 2021 Total 2020 C¥th Jt bank and in h•nd 120.634 121.S49 242.183 156,803 120.634 121.549 242.183 156.803 Curr•nt Li4bilili•s Cfedrtors wrthin year 99,871 99.871 42.741 20.783 121.S49 142.312 114,2 Funds Funds 20.763 121.549 142,312 114,(62 20.763 121.549 142,312 114,C62 fin4rc41 and 5igr>e ments were awoved by the TruST¢e5 On . ... haff by A Marnn The notes M paoes 8 to 13 fom) ofthese finartial s1aierlts. rhBSQ unaudifad finanoal *atemonts Thavo been Subiecled fo an irmyependent ex8m•r>atK¥J. See rep(yt(wJ paoo 5.
ULI Charitable Trust (Registered Charity No 1113416) Notes to the Accounts Year ended 30 June 2021
Page 8
1. Comparative SOFA
| Note Unrestricted Funds 2020 £ Income: Donations 3 1,811 Total income 1,811 Expenditure: Charitable activities 4 (6,606) Total expenditure (6,606) Net (expenditure)/income and net movement in funds for the year (4,795) Reconciliation of funds Total funds brought forward 32,532 Total funds carried forward 8 27,737 |
Restricted Funds 2020 £ 41,000 41,000 - - 41,000 45,325 86,325 |
Total 2020 £ 42,811 |
|---|---|---|
| 42,811 | ||
| (6,606) | ||
| (6,606) | ||
| 36,205 77,857 |
||
| 114,062 |
These unaudited financial statements have been subjected to an independent examination. See report on page 5.
ULI Charitable Trust (Registered Charity No 1113416) Notes to the Accounts Year ended 30 June 2021
Page 9
2. General information
The ULI Charitable Trust is a Charity registered with the Charity Commission in England and Wales. The address of the Charity is Foundry Building, 2 Smiths Square, 77 Fulham Palace Road, London W6 8AF.
Accounting policies:
Basis of accounting
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Financial Accounting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations, but which has since been withdrawn.
The financial statements are presented in sterling which is the functional currency of the charity.
Monetary amounts in these financial statements are rounded to the nearest £.
The ULI Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
Going concern
The trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for at least 12 months from the date of approval of the financial statements. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. The Covid-19 outbreak that has occurred before the financial year end is likely to have an impact on the Charity during 2022.
The full impact of the Covid-19 outbreak cannot be estimated with any certainty, but a review of the Charity’s financial position has satisfied the Trustees that it has adequate reserves and mitigation strategies to deal with the impact of the outbreak as it unfolds.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Income
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Donations
Donations received for the general purpose of the charity are credited to unrestricted funds. Donations subject to specific wishes of the donors are credited to relevant restricted funds.
These unaudited financial statements have been subjected to an independent examination. See report on page 5.
ULI Charitable Trust (Registered Charity No 1113416) Notes to the Accounts Year ended 30 June 2021
Page 10
2. Accounting policies (continued)
Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with use of the resources. Management and administration costs are those incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements.
Taxation
ULI Charitable Trust is registered as a charity with the Charity Commission and under the provisions of Section 478, Corporation Tax Act 2010 is exempt from liability to taxation.
Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include deposits held at call with banks.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Debtors
Trade and other debtors which are receivable within one year are initially recognised at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.
Creditors and liabilities
Creditors payable within one year are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.
Liabilities are recognised as soon as there is a legal or constructive obligation committing the Trust to pay out resources.
Critical accounting estimates and areas of judgement
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The trustees consider there are no such critical accounting estimates or areas of judgement to report.
These unaudited financial statements have been subjected to an independent examination. See report on page 5.
ULI Charitable Trust (Registered Charity No 1113416) Notes to the Accounts Year ended 30 June 2021
Page 11
3. Donations
The Trust gratefully acknowledges the effort given by the following during the course of the year:
| 4. Charitable activities Fondation de France - Trausch CAF – Clark Westminster Foundation CAF American Donor Fund – Van Stults CAF American Donor Fund - Malkin Black Heart Foundation Tristan Capital Partners Total restricted donations Other – unrestricted donations Expenditure on projects: UK Urban Plan Governance and administrative costs: Bank charge and processing fees Insurance Independent examination fee |
2021 £ 33,974 10,000 20,000 10,000 1,250 5,000 5,000 85,224 342 85,566 2021 £ 50,000 186 1,310 5,820 57,316 |
2020 £ - - 20,000 10,000 1,000 5,000 5,000 |
|---|---|---|
| 41,000 1,811 |
||
| 42,811 | ||
| 2020 £ - 216 810 5,580 |
||
| 6,606 |
The charity has employed no staff during the current or prior year.
These unaudited financial statements have been subjected to an independent examination. See report on page 5.
ULI Charitable Trust (Registered Charity No 1113416) Notes to the Accounts Year ended 30 June 2021
Page 12
5. Trustees’ remuneration
No Trustee has received any remuneration and no expenses have been reimbursed to the Trustees during the period.
6. Creditors Due Within One Year
| Amount due to Urban Land Institute Independent examiners fee |
2021 £ 94,051 5,820 99,871 |
2020 £ 37,161 5,580 |
|---|---|---|
| 42,741 |
7. Financial Instruments
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Financial liabilities: | ||
| Measured at amortised cost | 99,871 | 42,741 |
8. Statement of Funds
| Restricted funds Unrestricted funds |
Balance Incoming 30/06/20 resources Expenditure £ £ £ 86,325 85,224 50,000 27,737 342 7,316 114,062 85,566 57,316 |
Balance 30/06/21 £ 121,549 20,763 |
|---|---|---|
| 142,312 |
Statement of Funds – previous year:
| Restricted funds Unrestricted funds |
Balance 30/06/19 £ 45,325 32,532 77,857 |
Incoming resources £ 41,000 1,811 42,811 |
Expenditure £ - (6,606) (6,606) |
Balance 30/06/20 £ 86,325 27,737 |
|---|---|---|---|---|
| 114,062 |
These unaudited financial statements have been subjected to an independent examination. See report on page 5.
ULI Charitable Trust (Registered Charity No 1113416) Notes to the Accounts Year ended 30 June 2021
Page 13
8. Statement of funds (continued)
Details of restricted funds
| etails of restricted funds | ||
|---|---|---|
| ULI Robert C Larson Leadership Initiative Urban Plan Europe Urban Plan UK |
2021 £ 6,929 35,974 78,646 121,549 |
2020 £ 6,929 2,000 77,396 |
| 86,325 |
Purposes of funds
ULI Robert C. Larson Leadership Initiative
The ULI Robert C. Larson Leadership Initiative puts into action the vision to enhance the leadership capabilities of ULI members, staff, and others to better fulfil the Institute’s mission.
Urban Plan Europe
The funds are to be used to help with the deployment of the ULI Urban Plan programme to schools in Europe outside the UK.
Urban Plan UK
The funds are to be used to help with the deployment of the ULI Urban Plan programme to schools in the UK.
Unrestricted funds
General unrestricted funds which represent unrestricted income which is expendable at the discretion of the Trustees in the furtherance of the objects of the Charity.
9.
Related Party Transactions
During the year ended 30 June 2021, the following costs were incurred which were payable to the Urban Land Institute: Total transaction costs included within expenditure of £57,130 (2020: £6,150). The expenditure consists of expenditures on projects £50,000 and administrative costs £7,130.
As at 30 June 2021 £94,051 (2020: £37,161) was due to the Urban Land Institute.
J Zehner, J Herbert, M Spies, R Lewis and A Martin are on the Board of Trustees of both the Urban Land Institute and ULI Charitable Trust.
Urban Land Institute is considered a related party of ULI Charitable Trust by way of common Trusteeship.
These unaudited financial statements have been subjected to an independent examination. See report on page 5.