ULI Charitable Trust
Report and Unaudited Financial Statements Year ended 30 June 2024
(Registered Charity No 1113416)
ULI Charitable Trust (Registered Charity No 1113416)
Report and Accounts 30 June 2024
| 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 2024
Details of the Trustees and Advisors who served during the year are as follows:
| Trustees: | C Schede (Chairman) |
|---|---|
| S Malkin | |
| J Zehner | |
| M Barclay | |
| P Bandeira Vieira | |
| L Huber | |
| A Klein | |
| V Stults | |
| F Trausch | |
| W Hughes | |
| Bankers: | |
| JP Morgan Chase Bank | |
| 25 Bank Street | |
| Canary Wharf | |
| London | |
| E14 5JP | |
| Independent Examiner: | K Gallagher FCA |
| RSM UK Tax and Accounting Limited | |
| Chartered Accountants | |
| Davidson House | |
| Forbury Square | |
| Reading | |
| Berkshire | |
| RG1 3EU | |
| 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 2024
The Trustees present their report for the year ended 30 June 2024.
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 supporting the ULI mission – To shape the future of the built environment for transformative impact in communities worldwide.
In FY24, we continued to develop the programme with a full year delivery of UrbanPlan workshops in UK, Ireland, France, Germany, and the Netherlands. This resulted in more donations received to support UrbanPlan’s delivery in the UK, Germany, and France.
UrbanPlan 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.
During FY24, 35 workshops were delivered in the United Kingdom, between the autumn through to July. In Germany workshops were delivered in 12 schools and investment was made in new tablets to better deliver the programme. In France, 12 sessions were delivered between September and June in 3 public high schools. The Netherlands delivered 7 workshops, where of the 168 pupils who participated, 94% had no previous experience of urban planning.
In FY24, the Charity granted £50,000 to ULI to supplement sponsorships in support of the UrbanPlan programme in the UK. In addition, the Charity granted £13,036, £13,036, £2,620 to support the UrbanPlan programmes in the Netherlands, Germany, and Switzerland, respectively. In addition, £4,054 was granted to run an UrbanPlan pilot at ULI’s Europe Conference in Milan.
ULI Charitable Trust (Registered Charity No 1113416)
Page 3
Report of the Trustees Year ended 30 June 2024
Achievements and performance (continued)
UrbanPlan has been running successfully in Europe since it was launched in the UK in 2014. It is now delivered in Ireland, France, Germany and the Netherlands. During that time UrbanPlan has substantially expanded across Europe, reaching over 9,500 students. The programme has 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 continues to be 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. As an example, students were asked if they would consider a career in the built environment before and after their UrbanPlan workshop session. After the workshop 98% of students said they would consider a career in the build environment, compared to 26% before the workshop.
Over the past year, a key objective has been to strengthen the collateral and enhance the back-end infrastructure to boost the fund-raising capacity. Significant progress has been achieved, including upgrading the Charitable Trust website, and launching several targeted campaigns aimed at ULI Europe’s leadership. The Charity can now also accept donations via the TGE network from Belgium, France, Germany, Greece, Italy, Poland, Spain and Switzerland significantly expanding our reach across Europe. In addition, the Charity is set up to claim Gift Aid for donations made directly to the Charitable Trust.
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 2024 unrestricted reserves were £102,644 (2023: £28,472) and restricted reserves were £88,637 (2023: £65,127).
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;
-
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 2024 Trustees, Responsibilities (continued) 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 Ihe assets of the Charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. Independent Examiner The Trustees have appointed Mrs K Gallager FCA of RSM UK Tax and Accounting Limited as Independent Examiner of this Trust. Signed on the T ustees Date . 14 January2025
ULI Charitable Trust (Registered Charity No 1113416)
Page 5
Independent Examiners report to the Trustees of ULI Charitable Trust Year ended 30 June 2024
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 2024, 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 accounts 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:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the financial statements do not accord with those records; or
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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: Kerry Gallagher FCA 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 Davidson House The Forbury Reading RG1 3EU
Date: 29 January 2025
ULI Charitable Trust (Registered Charity No 1113416)
Page 6
Statement of Financial Activities Year ended 30 June 2024
| Note Unrestricted Funds 2024 £ Income: Donations 3 93,216 Total income 93,216 Expenditure: Charitable activities 4 (19,044) Total expenditure (19,044) Net income/(expenditure) and net movement in funds for the year 74,172 Reconciliation of funds Total funds brought forward 28,472 Total funds carried forward 6 102,644 |
Restricted Funds 2024 £ 102,203 102,203 (78,693) (78,693) 23,510 65,127 88,637 |
Total 2024 £ 195,419 195,419 (97,737) (97,737) 97,682 93,599 191,281 |
Total 2023 £ 77,092 |
|---|---|---|---|
| 77,092 | |||
| (93,992) | |||
| (93,992) | |||
| (16,900) 110,499 |
|||
| 93,599 |
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 2024 Note Unrestricted Funds 2024 Restricted Funds 2024 Total 2024 Total 2023 Current Assets Cash at bank and in hand 286,019 88,637 374,656 188,969 286,019 88,637 374,656 188,969 Current Liabilities Creditors due within one year 183,375 183,375 95,370 Net Assets 102,644 88,637 191,281 93,599 Funds Funds 102,644 88,637 191,281 93,599 102,644 88,637 191,281 93,599 These finan and signe als ont ements ir beha ere ap ed eTr tees on . 14 January 2025 C Schede The notes on pages 8 to 13 form part of these financial statements. T17ese 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 2024
1. Comparative SOFA
| Note Unrestricted Funds 2023 £ Income: Donations 3 17,835 Total income 17,835 Expenditure: Charitable activities 4 (8,992) Total expenditure (8,992) Net (expenditure)/income and net movement in funds for the year before transfers 8,843 Transfers between funds 6,929 Net (expenditure)/income and net movement in funds for the year after transfers 15,772 Reconciliation of funds Total funds brought forward 12,700 Total funds carried forward 6 28,472 |
Restricted Funds 2023 £ 59,257 59,257 (85,000) (85,000) (25,743) (6,929) (32,672) 97,799 65,127 |
Total 2023 £ 77,092 |
|---|---|---|
| 77,092 | ||
| (93,992) | ||
| (93,992) | ||
| (16,900) - |
||
| (16,900) 110,499 |
||
| 93,599 |
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 2024
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 2024
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.
Foreign currency
Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of transaction. All differences are taken to the Statement of Financial Activities. The Charity maintains a Euro account to accommodate donations from parties which reside in Euro currency countries. A foreign exchange charge of £963 was recorded in the current year. There was no such charge in the prior year.
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.
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 2024
3. Donations
The Charity gratefully acknowledges the effort given by the following during the year:
| 4. Charitable activities CAF American Donor Fund – Van Stults CEOS Investment Francois Trausch Markus Wiedenmann Ruth and Stuart Lipton Patricia Bandeira-Vieira CAF American Donor Fund - Malkin Aurelie Rbaudo-Zulberty Mark Collins Black Heart Foundation K. Pitkin Laure Tubiana Peter Freeman Gala and other donations Total restricted donations Other – unrestricted donations Christian Schede Lars Huber Alex Otto Annette Kroeger M. Saletti Juergen Fenk Stuart Grant Marc Mogull Gift Aid Total donations Expenditure on projects: UK UrbanPlan UrbanPlan France UrbanPlan Germany UrbanPlan Netherlands UrbanPlan Switzerland Pilot at Euro Conference Governance and administrative costs: Bank charge and processing fees Insurance Independent examination fee TGE Participation Fee TGE Set Up Fee FX Expense |
2024 £ 25,000 19,984 18,710 17,195 4,000 2,500 1,250 1,070 1,036 - - - - 11,458 102,203 34,429 25,000 19,959 4,300 1,000 855 - - 7,673 195,419 2024 £ 50,000 - 13,036 13,036 2,620 4,054 - 1,629 7,400 4,999 - 963 97,737 |
2023 £ 25,000 - 24,063 - - - 1,250 - - 5,000 1,600 1,344 1,000 - |
|---|---|---|
| 59,257 16,371 - - - - - 964 500 |
||
| 77,092 | ||
| 2023 £ 50,000 25,000 10,000 - - 24 1,436 7,032 - 500 - |
||
| 93,992 |
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 2024
4. Charitable activities (continued)
The Charity has employed no staff during the current or prior year.
Trustees’ remuneration
No Trustee has received any remuneration and no expenses have been reimbursed to the Trustees during the current and prior years.
5. Creditors Due Within One Year
| reditors Due Within One Year | ||
|---|---|---|
| Amount due to Urban Land Institute Independent examiners fee |
2024 £ 175,975 7,400 183,375 |
2023 £ 88,338 7,032 |
| 95,370 |
6. Statement of Funds
| Restricted funds Unrestricted funds |
Balance 30/06/23 £ 65,127 28,472 93,599 |
Incoming resources Expenditure £ £ 102,203 (78,693) 93,216 (19,044) 195,419 (97,737) |
Transfer £ - - - |
Balance 30/06/24 £ 88,637 102,644 |
|---|---|---|---|---|
| 191,281 |
Statement of Funds – previous year:
| Restricted funds Unrestricted funds |
Balance 30/06/22 £ 97,799 12,700 110,499 |
Incoming resources Expenditure £ £ 59,257 (85,000) 17,835 (8,992) 77,092 (93,992) |
Transfer £ (6,929) 6,929 - |
Balance 30/06/23 £ 65,127 28,472 |
|---|---|---|---|---|
| 93,599 |
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 2024
6. Statement of Funds (continued)
Details of restricted funds
| etails of restricted funds | ||
|---|---|---|
| UrbanPlan France UrbanPlan UK UrbanPlan Germany UrbanPlan Europe |
2024 £ 30,813 20,458 24,142 13,224 88,637 |
2023 £ - 38,746 - 26,381 |
| 65,127 |
Purposes of funds
UrbanPlan Europe
The funds are to be used to help with the deployment of the ULI UrbanPlan programme to schools in Europe outside the UK.
UrbanPlan UK, France and Germany
The funds are to be used to help with the deployment of the ULI UrbanPlan programme to schools in the UK, France and Germany.
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.
7.
Related Party Transactions
During the year ended 30 June 2024, the following costs were incurred which were payable to the Urban Land Institute: Total transaction costs included within expenditure of £87,637 (2023: £93,338). The expenditure consists of expenditures on projects £82,747 (2023: £85,000) and administrative costs £4,890 (2023: £8,338).
As at 30 June 2024, £175,975 (2023: £88,338) was due to the Urban Land Institute.
L Huber was 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.