This annual Chairman’s Statement the financial year ending December 2025, marking the fifth 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.
The Trust depends upon a constant flow of funds to enable it to carry out its mission of commissioning built environment research from around the world. We were therefore delighted during the year to have secured significant funding from the RICS. First, the Thought Leadership side of RICS provided funding of £75,000 for 2026, comprising five research papers. Meanwhile, the Education & Qualifications side of RICS continued with an earlier agreement to fund two papers in 2026. These two funding arrangements will result in a considerable increase in research publication output in 2026 and into 2027.
As well as the funding from the RICS, the Aubrey Barker Fund agreed a joint Call for Papers in 2025. This closed with 105 applications which, following a process of assessment, resulted in two papers being funded and due for publication in 2026:
The 2024 Call led to two research papers being largely completed during the year, including that by David Higgins, The future of real estate education: curriculum, delivery, assessment; and another by Dr Carolyn Gibbeson & Dr Cara Hatcher, Examining the impact of socio-economic background on choice of built environment degree and graduate destinations, with both due for publication in 2026.
During 2025 we also made our second annual Sarah Sayce Award for Sustainability Research. 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 of the award was Oluwaseun Ajayi PhD, from Harper Adams University, for his paper titled: Pricing the unseen: integrating climate risk into UK real estate investment strategies under the Thames Estuary 2100 Plan.
Our main research publication during 2025 was titled: Environmental Regulation and UK Property Development. An important and timely piece of work, the report, by Dr Emma Street and Victor Nicholls (both of the Henley Business School, University of Reading) explores the complex and evolving landscape of environmental regulation in UK property development. Drawing on an innovative methodology – including regulatory mapping, a systematic review of corporate environmental strategies, and in-depth interviews with industry professionals – this study offers a detailed and balanced assessment of how developers navigate, adopt and, in some cases, lead environmental practices.
During the year the Trust established its long-planned Advisory Board, the remit of which is to provide the PRT Trustees with advice on fundraising, operations and brand visibility; to create a forum of ideas to strengthen ties between practitioners and academia, and to provide donors and industry partners with a role and visibility into PRT operations. The Board will be chaired by Mr Tim Bellman, with members including Stephanie McMahon (independent), Iain Greenway (ABF), Ian Jeal (RICS), Tarrant Parsons (RICS) and Hamish Smith (SPR).
I would also like to thank Alicia Black (Admin) and Lucien Howlett (Report Editing) for their continued support. Finally, 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.
The trustees present their annual report and financial statements for the year ended 31 December 2025.
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).
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.
The result for the year was a surplus of £42,172 (2024 deficit £41,944).
Total reserves as at 31st December 2025 were £87,603 (2024 £45,431) of which £61,683 (2024 £Nil) were restricted reserves.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
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:
A J M Dalgleish was appointed 1 February 2025.
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' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of Property Research Trust (the charity) for the year ended 31 December 2025.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
Claire Whitehouse FCCA
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 7 to 13 form part of these financial statements.
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.
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 amounts 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.
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.
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.
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.
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.
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.
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, 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, 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 payments 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.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Grants payable included £5,000 paid to David Higgins for the future of real estate education: curriculum, delivery and assessment project.
Accountancy and legal fees
Trustees travel expenses during the year were £1,261 (2024 £Nil).
The average monthly number of employees during the year was:
The remuneration of key management personnel was as follows:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
There were no disclosable related party transactions during the year (2024 - none).