## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the applicable Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
- 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)
P*9• 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
fin4r*c41
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._