Charity registration number 1085587 (England and Wales)
Company registration number 04044051
PROPERTY RESEARCH TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PROPERTY RESEARCH TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
R Harris
Prof. S Wilkinson
A J M Dalgleish
W Bevan
P Papadakos
C L Lee
Mr N Neil
(Appointed 5 December 2024)
Mr J Child
(Appointed 10 March 2024)
Charity number
1085587
Company number
04044051
Registered office
167-169
Great Portland Street
5th Floor
London
England
W1W 5PF
Accountants
BK Plus Limited
Churchfield House
36 Vicar Street
Dudley
West Midlands
England
DY2 8RG
PROPERTY RESEARCH TRUST
CONTENTS
Page
Chairman's statement
1 - 2
Trustees' report
3 - 4
Accountants' report
5
Statement of financial activities
6
Balance sheet
7
Notes to the financial statements
8 - 13
PROPERTY RESEARCH TRUST
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

This annual report covers the financial year ending December 2024, marking the fourth year of the Property Research Trust as a fully independent charitable grant-making body. The past year has been another busy one, with the Trust focused on its core activity of commissioning and publishing high quality research reports from around the world.

During the year, we published four research projects, as follows:

Professor Chyi Lin Lee & Dr Jian (Jerry) Liang The impact of institutional frameworks on the ESG strategies of global publicly listed real estate

Ashish Gupta & Graeme Newell Zero-carbon strategies for real estate markets in emerging Asia: India case study

Dr Nan Liu ; Dr Yuan Zhao; Prof Norman Hutchison & Bowen Yan Occupier profile and the ESG agenda in commercial real estate

Connie Susilawati; Bernadetta Devi Darmawan Atmoko; Sara Wilkinson; Ashantha Goonetilleke & Jose Arif Lukito Optimising government assets in Jakarta, Indonesia, post relocation of the capital city

The 2024 Call for Papers resulted in 22 applications from around the world. After a Trustee-led assessment process, two worthy winners were selected, as follows.

David Higgins The future of real estate education: curriculum, delivery, assessment

Dr Carolyn Gibbeson & Dr Cara Hatcher Examining the impact of socio-economic background on choice of built environment degree and graduate destinations

These projects will complete during 2025.

Following a decision to set up an award in memory of our late Chair, Sarah Sayce, the inaugural award was made during 2024. The award was co-sponsored by the RICS, the Aubrey Barker Fund and the Council of the Heads of the Built Environment. The very worthy winner was Dr Haniyeh Mohammadpourkarbasi of the University of Liverpool, for her excellent paper Decarbonising the UK’s hard-to-treat homes: a comparative life cycle carbon analysis of retrofit strategies.

The Board was strengthened during the year with the addition of two new Trustees: Mr Tim Bellman and Mr Neil Blake. I would like to welcome them both and thank them for their contributions to date.

Trustee James Child assumed responsibility for Communications and Social Media during the year and has since greatly improved the Trust’s online presence and profile. I thank him for his work.

The Trust is dependent for its future upon finding sources of funding. During the past year, discussions have begun with the Aubrey Barker Fund, the RICS and others. Since establishing as an independent body, the Trust has been drawing down extant funds which will diminish until refreshed with new funds. Towards the end of the year, RICS (Education) agreed to fund two papers from the recent Call. Discussions are continuing with the wider RICS, the ABF and others to secure longer term funds and a future for the Trust.

During the year the Board also agreed to the establishment of an Advisory Board. The Executive Director prepared a paper outlining the roles and responsibilities of such a Board, which would comprise main sponsors and other industry figures. The decision was made to delay the Advisory Board until new funding was secured in 2025.

In the final Board meeting of 2023, my proposal for the appointment an Executive Director was unanimously approved and Trustee Alan Dalgleish was appointed to this important role. I am delighted to report that Alan has completed his first year in role and has provided the Trust with much needed and invaluable support. I would like to thank him for his tireless contribution during the past year.

I would also like to thank Alicia Black (Admin) and Lucien Howlett (Report Editing) for their continued support.

I would like to extend by sincere thanks to my fellow hard-working Trustees for their support and wise counsel during the year, and for their commitment to delivering the aims of the Trust.

PROPERTY RESEARCH TRUST
CHAIRMAN'S STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Mr R Harris
Chairman
Date: 27 October 2025
PROPERTY RESEARCH TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The trustees present their annual report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The Research Trust's objects ("Objects") are specifically described as follows:

"For the public benefit, to undertake such exclusively charitable objects or purposes in the United Kingdom or any other part of the world as the Trustees in their absolute discretion think fit including but not limited to the advancement of education in any subjects which concern the built and natural environments or the theory of and practice of surveying in any of its aspects, in such ways as the charity trustees think fit including by:

(a) providing grants, scholarships, awards, prizes or otherwise to those undertaking study and research into matters relating to the theory and practice of surveying and the built and natural environments; and

(b) raising awareness, promoting research and disseminating results of such research, with a view to preserving, conserving and improving the built and natural environments for the benefit of all."

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when applying their aims and objectives. The policy set by the Trustees is to support research and other activities that will deliver benefits to society through informing professional practitioners and others who may impact on the built and natural environment.

Public benefit

The Trustees have complied with the duty in section 4 and 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

Achievements and performance
Financial review

The result for the year was a deficit of £49,475 leading to total reserves at 31st December 2024 of £45,431 all of which were unrestricted which constitutes the free reserves.

Structure, governance and management

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the companies act 2006.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

R Harris
R D Holt
(Deceased 1 November 2024)
Prof. S Wilkinson
A J M Dalgleish
W Bevan
S Organ
(Resigned 7 October 2025)
P Papadakos
C L Lee
Mr N Neil
(Appointed 5 December 2024)
Mr J Child
(Appointed 10 March 2024)
PROPERTY RESEARCH TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The trustees' r eport was approved by the Board of Trustees.

R Harris
Chairman
27 October 2025
PROPERTY RESEARCH TRUST
CERTIFIED CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PROPERTY RESEARCH TRUST FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Property Research Trust for the year ended 31 December 2024, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Property Research Trust and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Property Research Trust and the charity's trustees as a body, for our work or for this report.

It is your duty to ensure that Property Research Trust has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Property Research Trust. You consider that Property Research Trust is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.

We have not been instructed to carry out an audit or a review of the financial statements of Property Research Trust. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

BK Plus Limited
27 October 2025
BK Plus
Certified Chartered Accountants
Churchfield House
36 Vicar Street
Dudley
West Midlands
DY2 8RG
England
PROPERTY RESEARCH TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income and endowments from:
Donations and legacies
2
-
2,500
2,500
-
-
-
Other income
3
5,175
-
5,175
676
-
676
Total income
5,175
2,500
7,675
676
-
676
Expenditure on:
Charitable activities
12,706
44,444
57,150
8,066
-
8,066
Total expenditure
12,706
44,444
57,150
8,066
-
8,066
Net expenditure and movement in funds
(7,531)
(41,944)
(49,475)
(7,390)
-
(7,390)
Reconciliation of funds:
Fund balances at 1 January 2024
52,962
41,944
94,906
60,352
41,944
102,296
Fund balances at 31 December 2024
45,431
-
45,431
52,962
41,944
94,906

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 8 to 13 form part of these financial statements.

PROPERTY RESEARCH TRUST
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 7 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
9
3,217
-
Cash at bank and in hand
68,687
122,235
71,904
122,235
Creditors: amounts falling due within one year
10
(26,473)
(27,329)
Net current assets
45,431
94,906
The funds of the charity
Restricted income funds
12
-
41,944
Unrestricted funds
13
45,431
52,962
45,431
94,906

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 27 October 2025
R Harris
Trustee
Company registration number 04044051 (England and Wales)
PROPERTY RESEARCH TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
1
Accounting policies
Charity information

Property Research Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 167-169, Great Portland Street, 5th Floor, London, W1W 5PF, England.

The Property Research Trust is a company limited by guarantee. The liability of each member in the event of winding-up is limited to £1.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
PROPERTY RESEARCH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 9 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

PROPERTY RESEARCH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2
Income from donations and legacies
Restricted
Restricted
funds
funds
2024
2023
£
£
Donations and gifts
2,500
-
3
Other income
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Other income
5,175
676
4
Expenditure on charitable activities
2024
2024
2024
2023
£
£
£
£
Direct costs
Staff costs
2,684
34,215
36,899
-

Consultancy costs

5,808
-
5,808
5,013

Insurance

1,049
-
1,049
1,039

Website costs

1,085
-
1,085
461

Admin expenses

380
-
380
13

Subscriptions

60
-
60
60
11,066
34,215
45,281
6,586
Grant funding of activities (see note )
10,229
-
10,229
-
Share of support and governance costs (see note 5)
Governance
1,640
-
1,640
1,480
22,935
34,215
57,150
8,066
Analysis by fund
Unrestricted funds
12,706
-
12,706
8,066
Restricted funds
10,229
34,215
44,444
-
22,935
34,215
57,150
8,066
PROPERTY RESEARCH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
5
Support costs
Support costs
Governance costs
2024
2023
Basis of allocation
£
£
£
£

Accountancy and legal fees

-
1,640
1,640
1,480
Governance
-
1,640
1,640
1,480
Analysed between
Charitable activities
-
1,640
1,640
1,480
6
Trustees

The trustees received remuneration of £33,000 from the charity during the year.

7
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
11
10
Employment costs
2024
2023
£
£
Wages and salaries
32,998
-
Social security costs
3,299
-
Other pension costs
602
-
36,899
-
There were no employees whose annual remuneration was more than £60,000.
8
Taxation

The charity is exempt from tax ation on its activities because all its income is applied for charitable purposes.

9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,500
-
Prepayments and accrued income
717
-
3,217
-
PROPERTY RESEARCH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
10
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
9,117
-
Other creditors
15,970
26,229
Accruals and deferred income
1,386
1,100
26,473
27,329
11
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
602
-

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

12
Restricted funds

The restricted funds of the charity compri se the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be use d.

At 1 January 2024
Incoming resources
Resources expended
At 31 December 2024
£
£
£
£
Various other donations
41,944
-
(41,944)
-
Sarah Sayce Award
-
2,500
(2,500)
-
41,944
2,500
(44,444)
-
Previous year:
At 1 January 2023
Incoming resources
Resources expended
At 31 December 2023
£
£
£
£
Various other donations
41,944
-
-
41,944
PROPERTY RESEARCH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
13
Unrestricted funds

The unrestricted funds of the charity compri se the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be use d. The se include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January 2024
Incoming resources
Resources expended
At 31 December 2024
£
£
£
£
General funds
52,962
5,175
(12,706)
45,431
Previous year:
At 1 January 2023
Incoming resources
Resources expended
At 31 December 2023
£
£
£
£
General funds
60,352
676
(8,066)
52,962
14
Analysis of net assets between funds
Unrestricted funds
Restricted funds
Total
Unrestricted funds
Restricted funds
Total
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Fund balances at 31 December 2024 are represented by:
Net Current Assets
45,431
-
45,431
52,962
41,944
94,906
45,431
-
45,431
52,962
41,944
94,906
15
Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

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