2022-03-31-accounts - The Ove Arup Foundation

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

Charity Number: 328138

THE OVE ARUP FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

THE OVE ARUP FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

CONTENTS	Pages
Reference and administrative details	1
Trustees' report	2 - 3
Independent auditor's report	4 - 5
Statement of financial activities	6
Balance sheet	7
Statement of cash flows	8
Notes to the financial statements	9 - 12

THE OVE ARUP FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31 MARCH 2022

REFERENCE AND ADMINISTRATIVE DETAILS

Address

8 Fitzroy Street London W1T 4BJ

Trustees

A Belfield A K C Chan (Resigned 05/07/2022) T Chapman C Cole T M Hill G Hodkinson R Tsui (Appointed 05/07/2022) F H Wainwright K J West

Secretary

J Ward

Treasurer

M Cumberledge

Investment Managers

Rathbone Investment Management Limited 8 Finsbury Circus London EC2M 7AZ

Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU

Bankers

HSBC Bank Plc City Corporate Banking Centre 60 Queen Victoria Street London EC4N 4TR

Solicitors

Slaughter and May 1 Bunhill Row London EC1Y 8YY

Auditor

Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW

THE OVE ARUP FOUNDATION TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2022

ESTABLISHMENT AND OBJECTIVES OF THE OVE ARUP FOUNDATION

The Ove Arup Foundation (the "Foundation") was established by a Trust Deed on 24 February 1989 and is a registered charity, number 328138. Its principal objective is the advancement of education of the public, directed towards the promotion, furtherance and dissemination of knowledge of matters associated with the built environment. It has subsidiary powers to support academic research and to support any charitable activity with similar purposes.

The Trustees are mindful that the Foundation's activities should be for the public benefit. The Trustees have had due regard to the general guidance issued by the Charity Commission on public benefit in relation to the Charities Act 2011 and confirm that the aims of the Foundation are carried out for the public benefit. The Foundation's donations broadly fall into two types - immediate public benefit (education) and deferred public benefit (research).

GOVERNANCE AND MANAGEMENT

The Foundation is governed by the Trustees who are appointed by the Board of Arup Group Limited, a limited company registered in England and Wales (Company number 01312454). The Trustees are eligible for re-appointment at the expiry of their three year period of office. Arup Group Limited has powers to remove Trustees at any time subject to at least one month's notice. The Trustee body is supported by advisors, a Secretary and a Treasurer, all of whom are usually present at quarterly Trustee meetings where decisions are made. The Foundation has no subsidiary undertakings or employed staff. Trustees are drawn from a pool of current and former Arup employees - this provenance will have formed their knowledge of the Foundation however formal induction is done by the Chairman and Treasurer using a document which covers both the Foundation's history and objectives and the responsibilities of the Trustees. Every trustee receives an initial induction from the trustee company secretary, and briefing sessions on specific topics to new and existing trustees are also arranged as appropriate during the year.

ACTIVITIES

During the year, the Foundation has made direct charitable donations (see Note 3 of the Financial Statements) of £403,156 (2021: £170,866).

Work on existing projects continued during the year 2021-22, together with new grants for some large and for smaller projects. The Foundation is currently engaged in formulating and launching a number of new projects.

A partnership with the University of Cambridge on a research programme leading to educational modules in the Digital Cities for Change project at graduate and executive level continued into its fifth year. Our engagement this year addressed the development of course content, internal approvals progressed and external interest in the courses is being gauged. We are represented on the steering committee for the project and are satisfied with its progress.

The Foundation’s project with the Sydney Opera House has progressed to the launch of short educational courses for all age groups to promote the shaping of a better and more inclusive built environment and to explore the relationships between the built environment and the performing arts. The programme is known as Sydney Opera House BUILD and is housed in the Centre for Creativity in a space at the SOH overlooking Sydney Harbour. The three streams of educational material were well advanced over the year, with the secondary education component expected to start in June 2022, the tertiary education component in March 2022 and the Public Talks Programme in May 2022.

We commenced a major project with City Space Architecture on the importance of public space to the social and economic life of cities. The Public Space Academy (PSA) will provide an innovative educational program aimed at establishing a new approach to urban complexity built around public space. It is intended to spread awareness on the importance of public space culture.

There was a wide range of smaller projects that the Foundation supported over the year including those with Artsdepot, the Economist Educational Foundation, the Glass House, Teen Tech, Transport for All and the Smallpeice Trust which encourage careers in and education about shaping the built environment.

Our financial position is robust, and we benefited from the continuing support of Arup Group, our principal benefactor. Investment returns during the year have been satisfactory. We enter the next year with confidence by continuing the pattern of supporting both both ongoing and a number of new research and education projects.

There were no changes to the Trustees in 2021-2022. There were three resignations from the Advisors to the Foundation. We would like to thank John Burland for his 19 years, Christine Hawley for her 15 years and Jim Croll for his 10 years of service as Advisors to the Foundation. The Trustees are supported by Advisors who represent professional institutions associated with the built environment. Our Advisors are invaluable in helping us to develop our thinking, critically assess grant applications, and generally supporting the work of the Foundation.

Once again, we are grateful for the continuing support of Arup Group which, when combined with our own endowed funds, enables us to seek wider outcomes, and to take a long-term view over the scope of our activities.

FINANCIAL REVIEW

In previous years, the Foundation has received capital donations totalling £1,680,100 which have been credited to the Capital Account of its Trust Fund. At the balance sheet date these donations are all invested with Sarasin and Partners LLP, previously Rathbones Investment Management, to provide income and capital growth out of which charitable expenditure can be made. It has received investment income of £52,958 (2021: £134,836), interest income of £26 (2021: £58) and donations of £426,563 (2021: £453,184). A donation of £400,000 was received from Ove Arup Partnership Charitable Trust (2021: £400,000). The Foundation made a gain on investments of £373,598 (2021: £895,051). The net movement in resources in the year was an increase of £410,516 (2021: £1,240,295). As at 21 May 2021, the Foundation transferred its entire capital investment to Sarasin and Partners LLP.

FUNDS

The Trust Fund consists of a general-purpose expendable financial endowment. Income derived from the endowment is unrestricted income from which the fund incurs charitable expenditure. Unspent income is carried forward as unrestricted funds.

STATEMENT OF INVESTMENT POLICY AND PERFORMANCE AGAINST POLICY

The Trust Fund is invested in a well diversified, medium risk, actively managed unit trust. The Sarasin and Partner Global Equity fund returned 3.1% in the year to 31 March 2022 against a benchmark of UK CPI+4% which returned 9.6% (2021: 10.8% against a benchmark of UK CPI+4% which returned 4.8%). The Trustees have noted this performance against the benchmark and are satisfied with the performance of the fund against the benchmark over the longer term. The investment policy and performance against policy is currently being assessed as part of the overall Fund review.

RESERVES

Total funds are £6,133,431 (2021: £5,722,915), of which the endowment fund is £3,842,619 (2021: £3,607,141). Net income retained for future use (unrestricted fund) amounts to £2,290,812 (2021: £2,115,774). Free reserves totaled £1,722,912 (2021: £2,105,274). The Foundation has tended to spend its donated income each year whilst these reserves have largely been untouched and have grown through investment returns. The Foundation holds reserves to continue striving towards its principal objective of public education and promotion of matters relating to the built environment. It receives annual charitable donations from a single commercial entity and generally grants donations of an equivalent value. Due to the absence of demand for project funding investments in previous years, the investments have been allowed to grow in line with investment returns in order to secure a larger capital base that gives financial independence from Arup Group and the opportunity to generate more significant income, ultimately for more project donations. The reserves policy is under review by the Trustees which includes developing a plan to utilise excess funds held above the agreed level once determined.

THE OVE ARUP FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

RISK MANAGEMENT

The Trustees have reviewed the major risks to which the charity is exposed and have taken appropriate action to manage these risks. The Foundation keeps a risk register which is reviewed annually. The Foundation is dependent on Ove Arup Partnership Charitable Trust for the majority of its income. This risk is mitigated by managing the relationship with the sponsoring company, focusing on delivering the desired outcomes of projects and keeping adequate reserves. The Foundation has financial investments which carry risk. This is mitigated by diversifying investments across both asset classes and geographies. The investment performance and risk level are reviewed annually with the Investment Manager.

FUTURE PLANS

The potential recipients of charitable donations are considered on a regular basis in the context of the available funds and are also reviewed during the year. Where appropriate, depending on the size of a project, the charitable purpose and previous experience of the organisation concerned, donations may be committed to for multiple years but are still subject to annual review and may depend on the beneficiary delivering interim outcomes.

GRANT AND DONATION POLICY

The Trustees respond to applications from individuals and from charitable and educational establishments. The Trustees also initiate new educational projects in conjunction with universities and other organisations.

All applications are screened by the Chairman and the Secretary. They are then considered by the Trustees at their quarterly meetings. Only those applications which match the objectives of the Foundation are approved, subject to budgetary constraints.

Major initiatives are progressed over one or two years, which can result in an uneven expenditure pattern on an annual basis. The Trustees intend that the Foundation's activities continue at a similar level for the foreseeable future.

FUNDRAISING

The charity does not engage in fundraising and has not partaken in any such activities in the year.

INDEPENDENT AUDITOR

Crowe U.K. LLP has indicated its willingness to be re-appointed as statutory auditor.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards), including Financial Reporting Standard 102 ("FRS 102").

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 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 Charities SORP;
make judgments and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures 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 adequate accounting records that are sufficient to show and explain the charity’s transactions, disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved on behalf of the Trustees and signed on their behalf by :

----- Start of picture text -----
G Hodkinson T M Hill
Trustee Trustee
Dated: 31 January 2023
Registered Office: 8 Fitzroy Street, London W1T 4BJ, UK
----- End of picture text -----

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF

THE OVE ARUP FOUNDATION

FOR THE YEAR ENDED 31 MARCH 2022

Opinion

We have audited the financial statements of The Ove Arup Foundation for the year ended 31 March 2022 which comprise the Statement of Financial Activities, Balance Sheet and Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charity’s affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Trustees' report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

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

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
the information given in the financial statements is inconsistent in any material respect with the Trustees’ report; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 3, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF

THE OVE ARUP FOUNDATION (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context for the UK operations were Antifraud, bribery and corruption legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP Statutory Auditor London Date: 31 January 2023

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE OVE ARUP FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2022

Note INCOME AND ENDOWMENTS Donations Investment income Interest received Total income EXPENDITURE Charitable activities 3 Net income Net gains on investments 5 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 9	Unrestricted Endowment Total Total Funds Funds Funds Funds 2022 2022 2022 2021 £ £ £ £ 426,563 - 426,563 453,184 52,958 - 52,958 134,836 26 - 26 58 479,547 - 479,547 588,078 442,629 - 442,629 242,834 36,918 - 36,918 345,244 138,120 235,478 373,598 895,051 175,038 235,478 410,516 1,240,295 2,115,774 3,607,141 5,722,915 4,482,620 2,290,812 3,842,619 6,133,431 5,722,915

All amounts are derived from continuing activities. The statement of financial activities contains all the investment gains recognised in the year.

The notes on pages 9 to 12 form part of these financial statements.

Charity Number: 328138

THE OVE ARUP FOUNDATION

BALANCE SHEET

AS AT 31 MARCH Note FIXED ASSETS Investments 5 CURRENT ASSETS Debtors 7 Cash at bank and in hand CREDITORS:amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 9 TRUST FUNDS Unrestricted Fund 9 Endowment Fund 9	2022 £ 100 259,597 259,697 5,848	2022 £ 5,879,582 253,849 6,133,431 2,290,812 3,842,619 6,133,431	2021 £ 5,452,985 - 278,487 278,487 8,557 269,930 5,722,915 2,115,774 3,607,141 5,722,915

The notes on pages 9 to 12 form part of these financial statements.

The financial statements on pages 6 to 12 were approved by the Trustees.

----- Start of picture text -----
G Hodkinson T M Hill
Trustee Trustee
Date: 31 January 2023 Date: 31 January 2023
----- End of picture text -----

THE OVE ARUP FOUNDATION

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2022

Cash flows from operating activities: Net cash provided by operating activities Cash flows from investing activities: Proceeds from sale of investments Purchase of investments Investment income Interest received Net cash used in investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period Reconciliation of cash flows from operating activities Net income for the reporting period (as per the statement of financial activities) Adjustments for: Investment income Interest received Increase in debtors (Decrease) / increase in creditors Net cash provided by / (used in) operating activities Analysis of cash and cash equivalents Cash at bank and in hand Total cash and cash equivalents	2022 £ (18,875) 5,565,282 (5,618,281) 52,958 26 (15) (18,890) 278,487 259,597 2022 £ 36,918 (52,958) (26) (100) (2,709) (18,875) 2022 £ 259,597 259,597	2021 £ 218,907 - (134,944) 134,836 58 (50) 218,857 59,630 278,487 2021 £ 345,244 (134,836) (58) - 8,557 218,907 2021 £ 278,487 278,487

THE OVE ARUP FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1 ACCOUNTING POLICIES

The Foundation (registered number 328138) is unincorporated and registered in England and Wales. The address of the registered office is 8 Fitzroy Street, London, W1T 4BJ, UK.

The financial statements have been prepared under the historical cost convention as modified by carrying investment assets at market value at the balance sheet date. The principal accounting policies adopted are as follows:

a) Basis of preparation

The financial statements have been prepared in accordance with the Charities SORP (FRS 102), applicable to charities preparing their accounts in accordance with FRS 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

The Foundation meets the definition of a public benefit entity under FRS 102.

Having assessed the Foundation's financial position and plans for the foreseeable future, the Trustees are satisfied that it remains appropriate to prepare the financial statements on a going concern basis.

There are no material uncertainties about the Foundation's ability to continue in operational existence for the foreseeable future. There is a reasonable expectation of continued funding and flexibility over future grant making.

b) Trust Fund

The Trust Fund consists of an expendable endowment and an income fund to be applied as the Trustees see fit for the charitable objectives of the Foundation. The expendable endowment comprises investments as detailed in note 5. The income fund consists of the balance of undistributed income and realised and unrealised gains on investments which the Trustees have power to retain in accordance with the law and the Trust deed.

c) Financial instruments

The Foundation 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 amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. Financial liabilities held at amortised cost comprise bank loans and overdrafts, trade and other creditors.

Investments, including bonds held as part of an investment portfolio are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure.

d) Income

All income is recognised once the charity has entitlement to income, it is probable that income will be received and the amount of income receivable can be measured reliably. The majority of the Foundation's income is received as a donation from Ove Arup Partnership Charitable Trust. Donated services are included in income and expenditure at the value the charity would have paid for the services.

e) Expenditure

Expenditure is accounted for on an accruals basis. Governance costs are those costs incurred in respect of compliance with statutory and constitutional requirements. Donations payable are recorded when there is a constructive obligation to make the payment.

f) Fixed asset investments

Fixed asset investments are stated at closing market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities ("SOFA"). Realised gains / losses are recorded in the SOFA, being the difference between sale proceeds and opening market value (or cost if purchased during the year).

THE OVE ARUP FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

2 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Foundation’s accounting policies, which are described in note 1, Trustees are required to make judgements, estimates, assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

3 CHARITABLE ACTIVITES Donations Sydney Opera House City Space Architecture The Glass House The Technical University of Munich Teen Tech The Economist Educational Foundation Transport for All The Smallpiece Trust Arts Depot The Anglo Danish Society The Learning Partnership Girls' Garage Placed Education The Design and Technology Association The Designing and Making Educational Trust The Institute of Fiscal Studies Support costs Donated services and expenses from OAPIL Staff time Website design and maintenance Bank charges Governance costs (note 4) Advisory services	2022 £ 26,563 3,790 105 9,015 -	2022 £ 161,846 70,000 60,000 37,200 35,000 14,560 9,050 8,000 5,000 2,500 - - - - - - 403,156 39,473 442,629	2021 £ 53,184 2,197 30 8,157 8,400	2021 £ 55,366 - - 26,200 - - - - - 2,500 39,800 20,000 20,000 10,000 5,000 (8,000) 170,866 71,968 242,834

At 31 March 2022 the Foundation had charitable commitments totalling £567,900 (2021: £10,500) relating to donations payable over the next 12 months.

The audit fee of £3,300 (2021: £2,900) is paid by Ove Arup & Partners International Limited (OAPIL) on behalf of the Foundation and is included in income and expenditure as a gift in kind. The staff time of £26,563 (2021: £53,184) is time donated by OAPIL on behalf of the Foundation and is included in income and expenditure as a gift in kind.

THE OVE ARUP FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

4 GOVERNANCE COSTS Administration 5 INVESTMENTS a) Market values At 1 April Additions during the year Disposals during the year Gains on investments At 31 March Significant investment holdings: Rathbones Unit Trust Sarasin and Partners b) Cost at 31 March 6 FINANCIAL ASSETS AND LIABILITIES Financial assets Financial assets measured at amortised cost Financial liabilities Financial liabilities measured at amortised cost Financial assets measured at amortised cost comprises cash at bank and in hand Financial liabilities measured at amortised cost comprises accruals.trade creditors 7 DEBTORS Other debtors The Trustees receive no remuneration for their services to the Foundation (2021: ni related to travel or accommodation (2021: nil). Management functions are perfor Treasurer.	2022 £ 9,015 9,015 2022 £ 5,452,985 5,618,281 (5,565,282) 373,598 5,879,582 - 5,879,582 5,879,582 5,618,281 2022 £ 259,697 259,697 5,848 5,848 and other debtors. and 100 100 l). In 2022, Trustees did not inc med by the Trustees, Advisors	2021 £ 8,157 8,157 2021 £ 4,422,990 134,944 - 895,051 5,452,985 5,452,985 - 5,452,985 4,234,331 2021 £ 278,487 278,487 8,557 8,557 - - ur any expenses , Secretary and

THE OVE ARUP FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

CREDITORS: amounts falling due within Accruals NET ASSETS BY FUND The fund balances at 31 March were repres Fixed Assets - Investments Current assets Current liabilities	one year ented by: Unrestricted fund Endowment fund Total £ £ £ 2,036,963 3,842,619 5,879,582 259,697 - 259,697 (5,848) - (5,848) 2,290,812 3,842,619 6,133,431 2022	2022 £ 5,848 5,848 Unrestricted fund Endowment fund £ £ 1,845,844 3,607,141 278,487 - (8,557) - 2,115,774 3,607,141 2021	2021 £ 8,557 8,557 Total £ 5,452,985 278,487 (8,557) 5,722,915

8 CREDITORS: amounts falling due within one year

9 NET ASSETS BY FUND

10 FUNDS

Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the charitable objects. The expendable endowment fund represents assets held by the charity, principally investments to generate income. Income arising on the expendable endowment fund can be used in accordance with the objects of the charity. Any capital gains or losses arising on the investments form part of the fund. The investments themselves can be distributed by the Trustees in accordance with their powers.

11 RELATED PARTIES

One of the Trustees of the Ove Arup Foundation is also a director of the Ove Arup Partnership Trustees Limited (the Trustee of the Ove Arup Partnership Employee Trust) and the Ove Arup Partnership Trust Corporation Limited (the Trustee of the Ove Arup Partnership Charitable Trust). During the year a donation of £400,000 was received from the Ove Arup Partnership Charitable Trust (2021: £400,000).

A Belfield, T Chapman, G Hodkinson, R Tsui, F H Wainwright and K J West are employees of Arup Group subsidiary companies. Their role as Trustees of the Foundation is considered to be an insignificant part of their role, and they do not receive additional remuneration for this. A K C Chan was also an employee of Arup Group subsidiary companies throughout the financial year however resigned as a trustee and employee post financial year end.

12 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS Donations Investment income Interest received EXPENDITURE Charitable expenditure Net income Net gains on investments Net income and movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	2021 2021 £ £ 453,184 - 134,836 - 58 - 588,078 - 242,834 - 345,244 - 294,684 600,367 639,928 600,367 1,475,846 3,006,774 2,115,774 3,607,141 Unrestricted funds Endowment funds	2021 £ 453,184 134,836 58 588,078 242,834 345,244 895,051 1,240,295 4,482,620 5,722,915 Total Funds

Annual Report 2021/22

Mission

Ove Arup Foundation promotes the advancement and communication of knowledge about the built environment through holistic and multi-disciplinary approaches to its shaping. The Foundation’s work is a catalyst in the development of new initiatives and research: collaborating with various organisations and communities around the world, supporting students, academics, professionals and society as a whole, we promote learning and the dissemination of knowledge about an improving and sustainable built environment.

Chairman’s Statement

The Foundation’s project with the Sydney Opera House has progressed to the launch of short educational courses for all age groups to promote the shaping of a better and more inclusive built environment and to explore the relationships between the built environment and the performing arts. The programme is known as Sydney Opera House BUILD and is housed in the Centre for Creativity in a space at the SOH overlooking Sydney Harbour. The three streams of educational material were well advanced over the year, with the secondary education component expected to start in June 2022, the tertiary education component in March 2022 and the Public Talks Programme in May 2022.

Our financial position is robust, and we benefited from the continuing support of Arup Group, our principal benefactor. Investment returns during the year have been satisfactory. We enter the next year with confidence by continuing the pattern of supporting both ongoing and a number of new research and education projects.

Advisors who represent professional institutions associated with the built environment. Our Advisors are invaluable in helping us to develop our thinking, critically assess grant applications, and generally supporting the work of the Foundation.

Gregory Hodkinson Chair of Trustees

Activities during 2021/22

Arts Depot

Total Grant £ 15,000 In Year Grant £5,000 Dates: 2018 - 2022

For several years Arts Depot has been commissioning artists and designers to work with schools helping children and young people to consider environmental sustainability within the context of the built environment. The project engages with classes from 1 primary, 1 secondary and 1 senior school who consider different materials and their impact on the environment and also the availability of recycled materials, new technologies and approaches to creating more sustainable communities.

Working to a theme, about 75 pupils design and build structures that are then exhibited in Arts Depot’s Apthorp Gallery during December. The exhibitions are interactive, bright and engaging and normally see a footfall of 5,000 visitors. In the Autumn of 2022 LAS theatre will work with the pupils over a series of 3 or 4 workshops in each school exploring the theme of Future Cities. Pupils will consider what cities of the future should look like, how they can be sustainable, and will then build a prototype from recycled materials.

City Space Architecture

Total Grant £ 70,000 In Year Grant £ 70,000 Dates: 2021 - 2022

The Public Space Academy (PSA) will provide an innovative educational program aimed at establishing a new approach to urban complexity built around public space. It is intended to spread awareness on the importance of public space culture.

Public space is a key element for sustainable urban development. Despite its broad and contextspecific meaning, public space is the social glue that can contribute to advancing mutual trust, cooperation, and solidarity. Well-designed and well-managed public spaces can provide opportunities for formal and informal economies by attracting investments, entrepreneurs, and services, enhancing the value of land and property, redefining urban environments with human vibrancy and livelihood, encouraging walking, cycling and play, and improving physical and mental health. Surprisingly, too often public space is not listed as a primary question in the urban agendas of politicians and local governments, but rather as a collateral component, mostly intended as design activity related to landscape urbanism or infrastructure facilities.

The COVID-19 pandemic has made clear the fundamental role of public space in our cities, not just for social life but also in regards of the functioning of the entire economic and urban system. The imposed lockdowns, to prevent the wide spread of the contagion at the global level, combined with physical distancing and health restrictions, significantly impacted on public urban life while reinforcing existing inequalities.

The PSA will be developed as a Massive Open Online Course (MOOC) and all content will be available for free. Online content will be complemented with several face-to-face activities, such as talks, public dialogues, meetings, workshops, and exhibitions, in different cities worldwide, engaging Universities, cultural institutions and NGOs affiliated to City Space Architecture’s global network and who have already expressed their interest to cooperate in the development of the PSA. The duration of the project is 3 years, divided in several cycles and modules, with an increasing level of complexity.

DC[2] – Digital Cities for Change

Total Grant £509,739 In Year Grant £0 (pre-funded)

Dates: 2017 - 2022

The agreement with the University of Cambridge for a four-year research programme leading to Educational Modules in Digital Cities for Change at graduate and executive level continued into its fifth year. The Foundation attends the advisory meetings with the University to review progress. During 2021 the Foundation received online reports and commented on the need to produce educational material in addition to research.

The research programme is addressing the gaps in capability and identifying the digital tools required to deliver smart cities which benefit the citizens they serve. The outcome will be a series of educational modules/ training content required to equip a new generation of built environment professionals and administrators.

Discussions have agreed the final funding for this project. The University is seeking a co-funder for the delivery of the educational courses and this will lead to a tapering off of the Foundation’s direct involvement in due course

The Economist Educational Foundation

Total Grant £ 14,560 In Year Grant £ 14,560 Dates: 2021 - 2022

The Economist Educational Foundation (EEF) is delivering a programme together with Arup Community Engagement which focuses on enabling young people aged 8-14 years to develop critical thinking skills and communication through inspiring discussions about the built environment. EEF are working with Arup CE to create teaching materials which develop young people’s understanding of the relationship between the built environment and topical issues such as sustainability. The project combines STEM education with current affairs education, which is ever more important. In order for science and technology to find solutions to the world’s problems, the next generation of STEM specialists must have an in-depth understanding of these challenges and see the gaps where they could help to make meaningful change. They will need not only STEM skills, but the thinking and communication skills to creatively, collaboratively solve problems. This project will help them to build these skills

The resources are freely available to any school globally. Students have access to a unique online learning platform where they discuss and debate the topics with peers from all around the world. For one week after the publication of each resource, they discuss the resource topic on the site and receive feedback from EEF’s in-house teachers to help them develop their thinking and communication skills. Arup staff join these online discussions, helping students develop their ideas and arguments by offering feedback and asking questions. Resources support young people to consider all aspects of sustainability and encourage them to consider the importance of place and opportunities such as the repurposing of buildings or building materials when developing ideas and designs for their local neighbourhoods. For example, a resource might be focused on reducing embodied carbon in the built environment.

It is believed that this will build 21st century thinking and communication skills which will be essential for all young people and essential for future STEM specialists and drive social mobility by reaching the young people with the greatest need.

The Glass House

Total Grant £ 60,000 In Year Grant £ 60,000 Dates: 2021 - 2022

The Glass-House Community Led Design provides a programme run by their WEdesign event series and integrates them with degree courses for emerging built environment professionals. This is a strategic approach to creating points of connection, knowledge exchange and collaboration across education, practice, industry, communities and policy. The aim is to develop a replicable model for collaboration in diverse disciplines associated with shaping the built environment.

The Glass-House Community Led Design is an independent charity dedicated to connecting people with the design of their places, and to connecting design with people. For the past two decades, The GlassHouse has supported communities, organisations and networks to work collaboratively to improve the design of their homes, open spaces, buildings and neighbourhoods.

They provide hands-on support and training, share knowledge and learning, and inspire new thinking and debate through action research, events and resources. They see design not only as a tool for creating great places, but also as a way to connect people and empower them with enhanced confidence, skills and a greater sense of agency.

The Glass-House delivers annual WEdesign series of free, public facing events exploring the role of communities in design and placemaking. Their events create safe spaces for diverse audiences to come together to explore challenging issues and to work collaboratively on co-designing propositions for culture, policy and practice change. Their events bring together community activists, practitioners, students, researchers, academics, policy makers, voluntary, public and private sector professionals and representatives from the design, housing and development industries as equal contributors through challenging yet playful activities to explore a broad spectrum of issues relating to design quality, place equity, sustainability, diversity and inclusion.

Hong Kong Polytechnic University

Total Grant £ 189,376 In Year Grant £0 (pre-funded) Dates: 2015 - 2022

The programme of distinguished lectures and workshops was suspended in 2019-20 due to the pandemic in Hong Kong, it is hoped that the fourth and final programme will be completed during 2022-23. A new professor has been appointed and drawn up plans to complete the programme.

Placed Education (previously Generation Place) Total Grant £ 20,000 (77,523) In Year Grant £0

Dates: 2008 – 2022

Placed Education is an initiative developed successively by Generation Place

(www.generationplace.org.uk), Architecture Centre, Bristol, 22 Sheds and MADE. Its aim is to harness the talents of organisations across the UK that specialise in educating young people about place. After a pause due to covid, there were various stop-start efforts, but the challenges of working with schools has led to the project focussing on developing on-line resources. This potentially has the benefit of making the work more scalable, and the intention was always to reach the wider network of schools and influence the national curriculum in the UK.

Placed has concluded that they are likely to struggle to do significant testing in schools – indeed, if any. They have ended up spending considerably more time developing more materials than planned in order that they can frame them within the changing social and political context of the last few years. The nature of what they have produced has also shifted. For example, from early discussions with teachers regarding A-Level resources, it emerged that videos rather than presentations were more valuable. Organising, filming and editing has had a significant impact on their resourcing. Additionally, they have now outsourced the website development as they need to ensure it is as usable as possible – for example, the search functionality is outside of our skills. Again, this was in response to initial engagement and discussions.

Munich Technical University – Living Architecture (Meghalaya Living Root Bridges, India) Total Grant £ 80,786 In Year Grant £ 31,754 Dates: 2018 - 2022

The Technical University of Munich were awarded a grant for Living Architecture.

This project will establish design tools for living architecture design through work with students from a range of academic fields.

Based on fifteen years of research into living architectural construction techniques, collaborations with artists and architects and recent projects investigating the Living Root Bridges. This interdisciplinary project will make diverse analyses of living architecture and the integration of such analyses into design processes.

This project has three core aims, bringing together the many aspects of structural engineering and architectural design present in living architecture. Firstly, it will develop the first ever method for mechanical analyses of living architecture through application of our topological extraction method. Secondly, it aims to integrate these documentation and analysis tools in a design framework. Finally, these will be developed through student participation, engaging students from a range of fields to establish practical methods and a smooth design and planning workflow.

The project will result in high quality research output, public exposure for living architecture, impactful education for students, and toolsets to be used in architecture projects elsewhere.

The Smallpeice Trust

Total Grant £ 17,040 In Year Grant £ 8,000 Dates: 2018 - 2022

The Smallpeice Trust project Future Cities course makes use of the expertise within universities and in industry to show students the options available to them.

The virtual Future Cities 2022 course is a development from the course run in 2021 which was switched from a residential course to a virtual course due to the Covid-19 restrictions also supported by the Ove Arup Foundation. For 2022, The Smallpeice Trust has been able to provide a blended approach to courses, offering a mix of virtual and residential. This provides the best of both approaches and draws on the experience gained by The Smallpeice Trust in virtual delivery.

The course will broaden students understanding of the interconnected problems and how STEM practitioners from different disciplines are talking these issues. 50 Year-12 students will investigate Future Cities on our 3-day course run in conjunction with the University of Southampton in the summer of 2022. Subjects covered will be inspired by previous activities, including Introduction to Future Cities, Civil Engineering, Foundations for Electrification, Smart Bridges, Keeping Cool Whilst Staying Warm, Autonomous & Low Carbon Vehicles as well as activities based around these subjects. Additionally, there will be University Ambassador Presentations and invited speakers from the University of Southampton’s Alumni. The course will encourage more uptake of further and higher education options, helping to equip industry, showcasing to students the educational options and career paths available to them. During the course, students will gain experience of life at a university by virtually meeting current and past students and academics.

TOAF/ Anglo Danish Society Scholarship

Total Grant £ 40,000 In Year Grant £ 2,500 Annual Award since 2000

The recipient of the 2021 grant for the Ove Arup Foundation Scholarship at the Anglo Danish Society was awarded to Alberte Agerskov for an MA to study Fine Art at Central St Martins, London. This is to challenge and deepen her technical and intellectual knowledge on the border between art and architecture in the form of material studies, sculptures and painting.

Sydney Opera House

Total Grant £ 217,212 In Year Grant £161,846 Dates: 2020 - 2022

The Sydney Opera House (SOH) is an internationally renowned building and home of the performing arts where design, architecture, the built environment and creativity change the way people experience the world. The building was made possible through the inspiration of and collaboration between architects and engineers, including engineer, designer and philosopher Sir Ove Arup.

The Foundation and SOH are working together to develop an education program known as Sydney Opera House BUILD ( SOH BUILD ) to be housed in the Centre for Creativity in a space at the SOH overlooking Sydney Harbour.

The three streams of educational material are well advanced and the secondary education is expected to start in June 2022, the tertiary education in March 2022 and the Public Talks Programme in May 2022.

Teen Tech

Total Grant £ 35,000 In Year Grant £ 35,000 Dates: 2021 - 2022

Teen Tech have started a programme together with Arup Community Engagement promoting all aspects of the Built Environment for disadvantaged schools with the ambition of this being part of an ongoing relationship.

Teen Tech delivered a blended Build Your Future programme of virtual sessions, themed around the Built Environment, hosted online by Teen Tech. This provides a great opportunity to engage and inspire the next generation in all areas of the Built Environment, showcasing the importance of digital, scientific and engineering skills.

The sessions were delivered virtually by their experienced broadcasters who have worked with disadvantaged TeenTech students in the classroom as well as via virtual delivery.

The design of the programmes will be to both enrich and extend school curriculum, helping young people see the relevance of all subjects whether Geography, Maths, English, Computer Science, Design and Technology, History, Art etc. they will also promote cross curricular work.

Transport for All

Total Grant £ 9,050 In Year Grant £ 9,050 Dates: 2021 - 2022

Transport for All a programme promoting equal access to public transport and streets for all by Transport for All (TfA). Equitable access to transport for all citizens is a basic requirement for a just, inclusive society. The ability to move and travel provides access to education, employment, community and simply having fun. But not everyone has equal access to public transport or their local streets. Transport for All is the only disabled-led group striving to increase access to transport and street space across the UK. TfA are a pan-impairment organisation, advocating for every disabled person.

In 2021 TfA published a ground-breaking research report into street design: Early in the pandemic, disabled people told TfA about their daily issues with access to streets and street space. They called, wrote and tweeted TfA, and in response they undertook the only research into the impact of Low Traffic Neighbourhoods on disabled people and barriers to Active Travel - a hugely successful piece of research called Pave The Way. TfA employed a team of disabled staff who designed, wrote and promoted this ground-breaking report; however they did not get any funding to do this research and our organisation is small.

TfA are the leading disability experts in the transport, built environment and Active Travel fields, and are meaningfully changing how streets are designed for disabled people. TfA were seeking the Foundation’s support to fund new research designed and delivered by and with disabled people, on topics that are identified as a priority by disabled people.

Initially the Foundation’s funding will support a research project on the use of artwork in public spaces – including footway designs, street furniture and Colourful Crossings (the installation of colourful patterns on road crossings), investigating their prevalence across the UK, their impact on disabled people across the impairment groups, and potential future ways of including colour and design on street space.

Trustees

Alan Belfield Andrew Chan Tim Chapman Caroline Cole Terry Hill Gregory Hodkinson Faith Wainwright Kate West

Special Advisor

Raj Patel

Advisors

Ash Amin representing the British Academy John Burland representing the Institution of Civil Engineers Mike Cook representing the Institution of Structural Engineers Jim Croll representing the Royal Academy of Engineering Christine Hawley representing the Royal Institute of British Architects Doug King representing the Chartered Institution of Building Services Engineers Louisa Hutton representing the Royal Academy of Arts

Contact

Ove Arup Foundation 8 Fitzroy Street London W1T 4BJ England Email: foundation@ovearupfoundation.org Website: www.ovearupfoundation.org