ULI Charitable Trust Report and Unaudited Financial Statements Year ended 30 June 2022 {Registered Charity No 11134161 ## **ULI Charitable Trust (Registered Charity No 1113416)** ## **Report and Accounts 30 June 2022** |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)** **Page 1** **Legal and Administrative Details Year ended 30 June 2022** Details of the Trustees and Advisors who served during the year are as follows: |**Trustees:**|C Schede (Chairman) (Appointed 1 July 2022)| |---|---| ||S Malkin| ||J Zehner| ||M Barclay| ||G Parkes (Resigned 30 June 2022)| ||Sir S A Lipton (Resigned 30 June 2022)| ||J Herbert (Resigned 30 June 2022)| ||J Short (Resigned 30 June 2022)| ||M Spies (Resigned 30 June 2022)| ||R Lewis (Resigned 30 June 2022)| ||A Martin (Resigned 30 June 2022)| ||P Bandeira Vieira (Appointed 1 July 2022)| ||L Huber (Appointed 1 July 2022)| ||A Klein (Appointed 1 July 2022)| ||V Stults (Appointed 1 July 2022)| ||F Trausch (Appointed 1 July 2022)| ||W Hughes (Appointed 1 November 2022)| |**Bankers:**|Lloyds Bank Plc| ||39 Piccadilly| ||London| ||W1V 0AA| |**Independent Examiner:**|V Shadbolt BSc FCA| ||RSM UK Tax and Accounting Limited| ||Chartered Accountants| ||103 Colmore Row| ||Birmingham| ||West Midlands| ||B3 3AG| |**Address of Charity:**|35 New Broad Street| ||London| ||EC2M 1NH| **ULI Charitable Trust (Registered Charity No 1113416)** **Page 2** **Report of the Trustees Year ended 30 June 2022** The Trustees present their report for the year ended 30 June 2022. ## **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 Charity 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 Charity 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 Charity is independent of, but associated with, Urban Land Institute (ULI), a U.S. domiciled tax-exempt, not-for-profit organization whose mission is to provide leadership in the responsible use of land and in creating and sustaining thriving communities worldwide. The Charity 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 Charity was impacted by the ongoing COVID pandemic during FY22, due to lower physical activity, especially in the first part of the financial year. This resulted in a reduction in donations received and grants provided. All activity support by the Charity in FY22 related to the UrbanPlan initiative in the UK. UrbanPlan 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. In the first half of the year, virtual workshops were held through the online system that was created in the previous financial year with support from the Charity. As of March, in person workshops were held again. The programme was relaunched with an XL workshop held on 24 March in Reading, in which 167 students participated in 40 teams, supported by 38 volunteers. From April until July 2022, UrbanPlan visited 32 schools across England and Wales on a face-to-face tour. At the end of March, UrbanPlan UK won the Education and Learning Sponsorship award at the UK Sponsorship Awards 2022, which was a great achievement. In FY22, the Charity granted £50,000 to ULI to supplement sponsorships in support of the UrbanPlan programme in the UK. **ULI Charitable Trust (Registered Charity No 1113416)** **Page 3** **Report of the Trustees Year ended 30 June 2022** UrbanPlan 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 300+ workshops, reached more than 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 the recent Spring and Summer tour in the UK, 100% of students rated their UrbanPlan experience as either Good or Excellent, and 80% of students agreed that UrbanPlan had helped them to develop their key employability skills. After the workshop 89% of students said they would now consider a career in property, compared to 35% before the workshop. 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 Charity has enough funds available in order that it can pursue its objectives. During the year the Trustees agreed to maintain unrestricted reserves to the greater of one year of operating expenses or £10,000 in the Charity. Unrestricted funds outside of this will be recommended for allocation to programs where the greatest impact can be achieved. As at 30 June 2022 unrestricted reserves were £13,767 (2021: £20,763) and restricted reserves were £97,799 (2021: £121,549). ## **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. **ULI Charitable Trust (Registered Charity No 1113416)** **Page 4** ## **Report of the Trustees Year ended 30 June 2022** 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. ## **Independent Examiner** The Trustees have appointed Mr V Shadbolt BSc FCA of RSM UK Tax and Accounting Limited as Independent Examiner of this Trust. Signed on behalf of the Trustees ## **C Schede** Date …………………………………………… **ULI Charitable Trust (Registered Charity No 1113416)** **Page 5** ## **Independent Examiners report to the Trustees of ULI Charitable Trust Year ended 30 June 2022** ## **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 Trust (‘the Charity’) for the year ended 30 June 2022, which are set out on pages 6 to 13. ## **Responsibilities and basis of report** As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’). I report in respect of my examination of the Charity’s financial statements carried out under 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 145 (5)(b) of the 2011 Act. An independent examination does not involve 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 audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement. ## **Independent examiner’s statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect: 1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or 2. the financial statements do not accord with those records; or 3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: Name: Vivian Shadbolt Name of applicable listed body: The Institute of Chartered Accountants in England and Wales Relevant Professional qualification or membership of Professional body: Chartered Accountant ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED Chartered Accountants 103 Colmore Row Birmingham West Midlands B3 3AG Date: 01/03/23 **ULI Charitable Trust (Registered Charity No 1113416)** **Page 6** ## **Statement of Financial Activities Year ended 30 June 2022** |**Note**
**Unrestricted**
**Funds**
**2022**
**£**
**Income:**
Donations
3
-
Total income
-
**Expenditure:**
Charitable activities
4
(8,063)
Total expenditure
(8,063)
**Net (expenditure)/income**
**and net movement in funds**
**for the year**
(8,063)
**Reconciliation of funds**
Total funds brought forward
20,763
**Total funds carried forward**
7
12,700|**Restricted**
**Funds**
**2022**
**£**
26,250
26,250
(50,000)
(50,000)
(23,750)
121,549
97,799|**Total**
**2022**
**£**
26,250
26,250
(56,996)
(56,996)
(31,813)
142,312
110,499|**Total**
**2021**
**£**
85,566| |---|---|---|---| ||||85,566| ||||(57,316)| ||||(57,316)| ||||28,250
114,062| ||||142,312| 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 Charitable Trust (Registered Charity No 1113416)** **Page 7** ## **Balance Sheet as at 30 June 2022** |**Note**
**Unrestricted**
**Funds**
**2022**
**£**
**Current Assets**
Cash at bank and in hand
170,610
170,610
**Current Liabilities**
Creditors due within one year
6
157,910
**Net Assets**
12,700
**Funds**
Funds
7
12,700
12,700|**Restricted**
**Funds**
**2022**
**£**
97,799
97,799
-
97,799
97,799
97,799|**Total**
**2022**
**£**
268,409
268,409
157,910
110,499
110,499
110,499|**Total**
**2021**
**£**
242,183| |---|---|---|---| ||||242,183| ||||99,871| ||||142,312| ||||142,312| ||||142,312| These financial statements were approved by the Trustees on ……………………………………… and signed on their behalf by: **C Schede** 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 Charitable Trust (Registered Charity No 1113416)** **Page 8** ## **Notes to the Accounts Year ended 30 June 2022** ## 1. **Comparative SOFA** |**Note**
**Unrestricted**
**Funds**
**2021**
**£**
**Income:**
Donations
3
342
Total income
342
**Expenditure:**
Charitable activities
4
(7,316)
Total expenditure
(7,316)
**Net (expenditure)/income and net**
**movement in funds for the year**
(6,974)
**Reconciliation of funds**
Total funds brought forward
27,737
**Total funds carried forward**
7
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| _These unaudited financial statements have been subjected to an independent examination. See report on page 5._ **ULI Charitable Trust (Registered Charity No 1113416)** **Page 9** **Notes to the Accounts Year ended 30 June 2022** ## 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 35 New Broad Street, London, EC2M 1NH. ## **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 Charity 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. ## **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. _These unaudited financial statements have been subjected to an independent examination. See report on page 5._ **ULI Charitable Trust (Registered Charity No 1113416)** **Page 10** **Notes to the Accounts Year ended 30 June 2022** ## 2. **Accounting policies (continued)** ## **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. ## **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 Charity 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)** **Page 11** ## **Notes to the Accounts Year ended 30 June 2022** ## 3. **Donations** The Charity gratefully acknowledges the effort given by the following during the course of the year: |**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|**2022**
**£**
-
-
-
15,000
1,250
5,000
5,000
26,250
-
26,250
**2022**
**£**
50,000
24
1,637
6,402|**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| ||58,063|57,316| ## 4. **Charitable activities** 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)** **Page 12** ## **Notes to the Accounts Year ended 30 June 2022** ## 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|**2022**
**£**
151,508
6,402
157,910|**2021**
**£**
94,051
5,820| |---|---|---| |||99,871| ## 7. **Statement of Funds** |**Balance**
**30/06/21**
**£**
Restricted funds
121,549
Unrestricted funds
20,763
142,312
**tatement of Funds – previous year:**
**Balance**
**30/06/20**
**£**
Restricted funds
86,325
Unrestricted funds
27,737
114,062|**Incoming**
**resources**
**£**
26,250
-
26,250
**Incoming**
**resources**
**£**
85,224
342
85,566|**Expenditure**
**£**
50,000
8,063
58,063
**Expenditure**
**£**
50,000
7,316
57,316|**Balance**
**30/06/22**
**£**
97,799
12,700| |---|---|---|---| ||||110,499| ||||**Balance**
**30/06/21**
**£**
121,549
20,763| ||||142,312| ## **Statement of Funds – previous year:** _These unaudited financial statements have been subjected to an independent examination. See report on page 5._ **ULI Charitable Trust (Registered Charity No 1113416)** **Page 13** ## **Notes to the Accounts Year ended 30 June 2022** ## 7. **Statement of funds (continued)** ## **Details of restricted funds** |ULI Robert C Larson Leadership Initiative
Urban Plan Europe
Urban Plan UK|**2022**
**£**
6,929
35,974
54,896
97,799|**2021**
**£**
6,929
35,974
78,646| |---|---|---| |||121,549| ## **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. ## 8. **Related Party Transactions** During the year ended 30 June 2022, the following costs were incurred which were payable to the Urban Land Institute: Total transaction costs included within expenditure of £57,457 (2021: £57,130). The expenditure consists of expenditures on projects £50,000 and administrative costs £7,457. As at 30 June 2022 £151,508 (2021: £94,051) 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. ## 9. **Events after the end of the reporting period** During the year, the Trustees completed a review of the restricted funds and identified £6,929 held in relation to a fundraising programme that no longer exists. Following the year end, the Trustees have sought Charity Commission approval to derestrict these funds and are awaiting confirmation. _These unaudited financial statements have been subjected to an independent examination. See report on page 5._