##
##
||||||||
|---|---|---|---|---|---|---|
|INDEX||||||PAGE|
|Trustees'
and strategic||report||||3-18|
|Statement oftrustees'||responsibilities||||19|
|Independent|auditor's|report to the trustees||and meinbers ofBRETrust||20-22|
|Consolidated|statement|offinancial|activities||||
|(incorporating|the company
income||and expenditure||account)|23|
|Consolidated|and company
balance||sheets|||24|
|Consolidated|cash flow statement|||||25|
|Notes to the|financial|statements||||26-47|
##
|Registered|off|ce:|Bucknalls Lane|
|---|---|---|
|||Garston|
|||Watford|
|||Hertfordshire|
|||WD25 9XX|
|Bankers:||Barclays Bank PLC|
|||I Churchill
Place|
|||London|
|||E145HP|
|Independent|Auditors:|Crowe U.K.LLP|
|||Fourth Floor|
|||StJames House|
|||StJames Square|
|||Cheltenham|
|||GL50 3PR|
##
##
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##
|Trustees||Appointed|Resigned|
|---|---|---|---|
|Philip Wilbraham,|Chairman|7 June 2018||
|Sir James Wates CBE||6May 2010|2 June 2021|
|Sarah Beale||18January 2019|31 December 2021|
|Francesca Berriman|MBE|1 August 2015|2 June 2021|
|Paul Hetherington||3 June 2019||
|Ashley Hook||18March 2020||
|Prof. Vicky Pope||3 June 2019||
|Jonathan
Rickard||3 June 2019||
|Company
Secretary||||
|Dr Paul Conroy||24 January 2022||
|Waterstone
Company|Secretaries Ltd|1 July 2020|31 December 2021|
##
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##
|Director|Position|Appointed|Resigned|
|---|---|---|---|
|Philip Wilbraham|NED (Chair)|1 April 2022||
|Piers White|NED|1 November 2019;|31 March 2022|
|Gillian Charlesworth|CEO|21 May 2019||
|Andrew
Herbert|CFO|9 August 2019||
|Paul Hetherington|NED|16May 2022||
|Darran Messem|NED|8 July 2019|6 April 2022|
|Malathy
Sivapunniyan|NED|5 October 2020|15July 2022|
|Ashley Wheaton|NED|11 July 2016|31 December 2021|
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|Fice'-reserves
'
".,|||"-2'022|202 1".|
|---|---|---|---|---|
||||"K',000|K'000|
|Total unrestricted|funds||3,073|(16,059)|
|Add: Pension
liabili|||31,587|41 767|
|Net unrestricted|funds||34,660|25,708|
|Less: Unrestricted|fixed assets||18468|20 131|
|Total free reserves
Re resented b:|||16 192|5,577|
|Net current
and intan||ible assets|11,995|7456|
|Investments|||6400||
|Provisions|||2,203|I 879|
|Total free reserves|||16,192|5,577|
##
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##
##
##
##
|Strategic'-Ri'sk's|Strategic'-Ri'sk's|.Risk controlIand;"mitigation.
.
M4CAPt~|r.Change"from'
last:"yeai|r.Change"from'
last:"yeai|r.Change"from'
last:"yeai||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Financial|stability|Robust
annual
business
planning
and||Business|planning||process||||
|and profit||budgeting.||continues|to
evolve||||with||
|generation||Effective
short-
and
medium-term
cash||improvements
in metrics.|||||||
|||management
plans.||The
pension
recovery|||||plan||
|||Regular
analysis
of actual
results
against||remains|on
track|with||||the|
|||budgets
and
forecasts
to identify
issues||investment
strategy|||hedging||||
|||with
forecasting
(includes
monitoring
of||risks
appropriately.|||Policies||||
|||economy).||and procedures
are in|||line||with||
|||Monthly
forecasting
with detailed
analysis||the prior|year.||||||
|||ofchanges against prior month.||Monthly|forecasting|||||is|
|||Maintenance
of
overdraft
facility
as||improving|with
more|||insight|||
|||mitigation
to risk in downturn.||from
the|teams
which|||is|also||
|||Regular
dialogue
with
pension
trustees
to||improving||cashflow|||||
|||maintain
options
with
Escrow funding
or||forecasting.|||||||
|||reduced
ension
a ments.|||||||||
|Cyber security||Next generation
firewalls
and Anti-virus,|~|This is a|continuous|threat||||that|
|||Anti Malware
systems
in place.||is
ever|changing|and||needs|||
|||Web application
and secure email gateway||constant|mitigation|as|this|||risk|
|||in place.||continues|to
grow|with|||new||
|||Security
information
and
event||methods|of
attack|||||and|
|||management
system
which
collects||increased|regulation.||||||
|||information
from all key IT infrastructure|||||||||
|||and is monitored
24/7.|||||||||
|||Annual
penetration
testing
and|||||||||
|||maintenance
of Cyber
Essentials
Plus|||||||||
|||certification.|||||||||
|||Annual
training
requirement
for
all|||||||||
|||colleagues
on cybersecurity
and phishing.|||||||||
|||Requirement
for third party IT suppliers
to|||||||||
|||have
formal
certification
such
as
ISO|||||||||
|||27001 or CREST.|||||||||
|||Dual
server
centres
in
place
with|||||||||
|||independent
internet
connectivity|||||||||
|||replicating
data to provide resilience across|||||||||
|||the network.|||||||||
|Ineffective|talent|A Wellbeing
offering is in place to support|~|The
Covid
pandemic||||||has|
|attraction/retention||colleagues
with
mental,
physical
and||resulted|in
risks|associated|||||
|||financial
wellbeing.||with
talent
attraction||||||and|
|||Biannual
Sustainable
Engagement
Index.||retention.|We are continuing|||||to|
|||Colleague
Forum
established
to enhance||monitor|and||improve||||
|||communication.||employee|engagement||as||well||
|||Formation
and regular ineetings ofthe EDI||as employee
wellbeing||||given|||
|||group.||the impact
Covid-19|||has|||had|
|||Key people
and skills are identified
with
opportunities
to upskill
employees.||on all our colleagues.
introduced
flexible|||We have
working||||
|||Flexible
and
remote
working
options
available
where circunistaiices
allow.||arrangements
where
appropriate
and
established
a|||||||
|||Timely
and
focussed
recruitment,
with||colleague|forum.||||||
|||bench-marking
pay
using
external|||||||||
|||resources as well as against industry
norms.|||||||||
|||Improved
engagement
with
employees|||||||||
|||including
implementation
ofJob Families,|||||||||
|||regular
Performance
and
Development|||||||||
|||Reviews and mana
ement oversi
ht.|||||||||
##
##
##
|Strategic'Risks.|~ "i|'Risk control and mitigation
~' z|iChange. '&om lastyear-|iChange. '&om lastyear-|iChange. '&om lastyear-|iChange. '&om lastyear-|iChange. '&om lastyear-|iChange. '&om lastyear-|'|"|i|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Regulatory|non|A central
group
management
system
is in||An|independent||||Quality||||and|
|compliance||place for processes and procedures.||Compliance|||Department||||||was|
|||Independent
Quality
and
Compliance||established||this||year.||||||
|||Department.||A|digital|||transformation||||||
|||Independent
Risk
and
Internal
Audit||project is||underway||||which|||will|
|||Department.||enhance|||the||||control|||
|||Legislation
register
in place.||environment|||for||the||Group|||
|||Improved
engagement
with
government||Management|||System.|||||||
|||departments
to ensure
we maintain
close||||||||||||
|||working
relationships
and
are
able
to||||||||||||
|||identify potential
changes
in policy ahead of||||||||||||
|||im
lementation.||||||||||||
|Lack ofmarket||Increased
customer
insight
via a quarterly|~|The|internal|||transformation||||||
|relevance||NPS (net promoter score).||programme
and||||new||leadership||||
|||Formal
'innovation
to market'
assessment||to|improve|||BRE's|||market|||
|||process
and
Product
Management||position||is|progressing||||||well|
|||Methodology.||with|benefits||already|||been|||seen|
|||Customer
focus
through
relationship||within
the||||Academy|||||and|
|||management
and
targeted
business||Building Performance|||||||Services|||
|||development
capability.||with|further||work|||on-going||||
|||Establishment
ofindustry
focused customer||within Assurance|||||Services.|||||
|||groups. For example,
net zero, BREEAM.||||||||||||
|||Establishment
of both
a corporate
affairs||||||||||||
|||team
and
innovation
team
working
with||||||||||||
|||external
audiences
and collaborating
with||||||||||||
|||the
roduct mana
ement function.||||||||||||
|Reputation|and|Constant
press
monitoring
by Director of|~|We|are|continuing||||to||apply||
|brand strength||Corporate
Affairs
and
Third-Party
Press||significant||resources|||||to|assist||
|||Support.||the|Grenfell||inquiry.|||||||
|||Pre-prepared
statements
on likely scenarios.||||||||||||
|||Defined
internal
communication
process to||||||||||||
|||manage
any
communication
from||||||||||||
|||colleagues,
specifically
to direct it through||||||||||||
|||corporate affairs and the press office.||||||||||||
|||All scientific output follows a clear internal||||||||||||
|||review process before issue with follow up||||||||||||
|||process to include'lessons
learned.||||||||||||
|||Speaking
up policy
in place and reviewed||||||||||||
|||annually.||||||||||||
|||Grenfell
inquiry
proceedings
are monitored||||||||||||
|||closely and BRE has provided
a significant||||||||||||
|||volume ofinformation
to assist the inquiry||||||||||||
|||and continues
to do so.||||||||||||
##
##
##
|'lStrategic~Risks|'lStrategic~Risks|'lStrategic~Risks|&Riskl control~and:mitigation|'.Ch'ange. from!Ias'thea'r|'.Ch'ange. from!Ias'thea'r|'.Ch'ange. from!Ias'thea'r|||
|---|---|---|---|---|---|---|---|---|
|Challenges||to|A central
group
management
system
is in||The
digital
transformation||||
|operational|||place for processes and procedures.||programme|will play a|key|part|
|delivery|||External
assessments
and
prompt
follow||in reducing|this risk|and|is a|
||||up/resolution
of actions
due
to enhanced||key mitigation.||||
||||governance
structures.||As
mentioned
above|||an|
||||Independent
Quality
and
Compliance||independent|Quality||and|
||||Department
established.||Compliance|Department||was|
||||Project
delivery
pipeline
tracking
and||established|this year.|||
||||works
management.
Measuring
and||There
is|now
a|formal||
||||analysing
productivity
and
performance||utilisation|process
established|||
||||through
improved
resource
utilisation
to||to
assess|productivity||and|
||||identify
process
and
efficiency||performance.
Additionally,|||a|
||||improvements
to increase output
and better||review
of
the
customer||||
||||serve
customers
timescales
and
ca'pacity||complaints|process||and|
||||needs.||tracking|methodology||was|
||||Product Managers
assessing
the markets.||undertaken.||||
||||Revised
effective
customer
complaints/||||||
||||corn
liments
rocess.||||||
|Responding||to|Involvement
with Construction
Innovation|~|A
new
Innovation||Director||
|long term|trends||Hub
and
follow
on/maximising
legacy||with
strong||industry||
|and issues|||opportunity.||experience|appointed.|||
|including|climate||Innovation
team scanning
and engagement||||||
|change and||ESG|with
research
and innovation
community||||||
|changes|||and
other
sectors
for
funding
and
new||||||
||||artnershi
s/collaborations.||||||
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##
|||Note|Restricted|Unrestricted|Total|Restricted|Unrestricted|Total|
|---|---|---|---|---|---|---|---|---|
||||Funds|Funds|Funds|Funds|Funds|Funds|
||||2022|2022|2022|2021|2021|2021|
||||f.'000|f'000|f'000|f.'000|f'000|K'000|
|Income from|||||||||
|Charitable
activities|||8,067|49,665|57,732|7,635|41,871|49,506|
|Other trading||||1,897|1,897||2,782|2,782|
|activities|||||||||
|Interest receivable||||10|10||||
|Total|||8,067|51,572|59,639|7,635|44,657|52,292|
|Expenditure
on|||||||||
|Charitable
activities||4|(5,876)|(44,916)|(50,792)|(7,915)|(41,789)|(49,704)|
|Net income
before|||2,191|6,656|8,847|(280)|2,868|2,588|
|tax|||||||||
|Taxation||||(717)|(717)||(383)|(383)|
|Net income|||2,191|5,939|8,130|(280)|2,485|2,205|
|Transfers
between||||||277|(277)||
|funds|||||||||
|Other recognised|||||||||
|gains/(losses)|||||||||
|Gain on revaluation||10||4,698|4,698||||
|offixed assets|||||||||
|Actuarial
gains|/||||||||
|(losses) on defined|||||||||
|benefit|||||||||
|pension
scheme||19||8,495|8,495||(10,570)|(10,570)|
|Net movement|in||2,191|19,132|21,323|(3)|(8,362)|(8,365)|
|funds|||||||||
|Reconciliation|of||||||||
|funds|||||||||
|Total funds/(deficit)||16|1,301|(16,059)|(14,758)|1,304|(7,697)|(6,393)|
|brought
forward|||||||||
|Total funds/(deficit)|||3,492|3,073|6,565|1,301|(16,059)|(14,758)|
|carried forward|||||||||
##
|||||||Note|Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||2022|2021|2022|2021|
||||||||X'000|f.'000|f,'000|X'000|
|Fixed assets|||||||||||
|Intangible
assets||||||9|930|1,268|||
|Tangible
assets||||||10|21,560|21,210|||
|Investments||||||11|6,400||5,000|5,000|
||||||||28,890|22,478|5,000|5,000|
|Current
assets|||||||||||
|Debtors||||||13|19,441|13,496|1|3|
|Cash|||||||10,710|9,103|825|731|
|Creditors: amounts|falling due within||||one year|14|(18,686)|(16,189)|(542)|(601)|
|Net current assets|||||||11,465|6,410|284|133|
|Total assets less current||liabilities|||||40,355|28,888|5,284|5,133|
|Provisions
for liabilities||||||15|(2,203)|(1,879)|||
|Net assets excluding|pensions||liabilities||||38,152|27,009|5,284|5,133|
|Defined benefit pension||scheme liability||||19|(31,587)|(41,767)|||
|Net assets
/ (liabilities)||including||pension liabilities|||6,565|(14,758)|5,284|5,133|
|Funds ofthe Group|||||||||||
|Unrestricted
funds:|||||||||||
|General
fund||||||16|19,705|15,451|5,146|4,995|
|Revaluation
reserve||||||16|14,955|10,257|||
|Pension reserve||||||16|(31,587)|(41,767)|||
|Restricted funds:|||||||||||
|Other reserve||||||16|9|9|||
|Capital reserve||||||16|3,083|1,070|||
|Income fund||||||16|400|222|138|138|
|Total funds/(deficit)|||||||6,565|(14,758)|5,284|5,133|
||||||Note|2022|2021|
|---|---|---|---|---|---|---|---|
|||||||X'000|K'000|
|Net cash from operating|activities||||17|5,755|6,332|
|Cash flows from investing|activities|||||||
|Interest received||||||10||
|Acquisition
oftangible
fixed assets|||||10|(3,617)|(247)|
|Acquisition ofintangible
fixed assets||||||(541)|(1,478)|
|Net cash used by investing
activities||||||(4,148)|(1,721)|
|Increase in cash and cash|equivalents|in the|year||18|1,607|4,611|
|Cash and cash equivalents|at the beginning||ofthe reporting|||9,103|4,492|
|period||||||||
|Cash and cash equivalents|at the end|ofthe|reporting|period||10,710|9,103|
##
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##
|Leasehold
Improvements|8 years|
|---|---|
|Freehold buildings|5-20 years|
|Plant and machinery|3-10years|
|Fixtures and fittings|7 years|
|Motor vehicles|3-10years|
##
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##
|||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|
|||||||||f.'000|K'000|
|Advisory|services|on building||performance,||construction|and fire safety|12,524|14,199|
|Provision|ofthird-party||assurance||services|||37,652|27,607|
|Services|delivered|to government||||||7,556|7,700|
|||||||||57,732|49,506|
##
|||2022|2021|
|---|---|---|---|
|||2'000|K'000|
|Other rental|income|1,028|1,006|
|Other trading|income|420|153|
|Government|grant income||1,171|
|Tax credits||449|452|
|||1,897|2,782|
##
##
##
##
||||||||Commercial|Commercial|Advisory|Third Party|Services to|2022|2021|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||Activities||Services|Assurance|Government|Total|Total|
||||||||f,'000||f,'000|X'000|K'000|K'000|X'000|
|Activities|||undertaken||directly|||763|14,338|]3,189|5,231|33,521|34,547|
|Grant|funding ofactivities||||||||(146)|||(146)|611|
|Support||costs||||||398|7,406|6,883|2,730|17,417|14,546|
|||||||||1 161|21,598|20,072|7.961|60 792|49 704|
|Analysis||ofsupport costs||||||||||||
||||||||Commercial||Advisory|I'hird Party|Services to|2022|2021|
||||||||Activities||Services|Assurance|Government|Total|Total|
||||||||X'000||K'000|f.'000|S'000|K'000|K'000|
|Legal|and||professional|||||131|2,430|2,259|896|5,716|4,296|
|||||||||49|908|844|335|2,136|1,308|
|||||||||24|446|414|164|1,048|798|
|Marketing||||||||38|710|660|262|1,670|881|
|Facilities||||||||68|1,261|],172|465|2,966|2,302|
|Other||||||||88|1,651|1,534|608|3,881|4,961|
|||||||||398|7,406|6,883|2 730|17,417|14,546|
|Included|||within|Support costs|||are the following||governance|costs||||
|||||||||||||2022|2021|
|||||||||||||X'000|E'000|
|Auditor||'s|remuneration:|||||||||||
|Audit|ofGroup|||and subsidiary|||financial|statements||||68|71|
|Amounts|||receivable by|||auditor and associates in|||respect of:|||||
||Services relating|||||to taxation||||||13|12|
||Additional|||fees|relating||to prior year audit||||||28|
||Other services|||||||||||16|3|
##
##
##
|Staff costs and numbers|||||
|---|---|---|---|---|
||||2022|2021|
||||E'000|K'000|
|Group staff costs during|the period ainounted|to:|||
|Wages and salaries|||22,988|22,542|
|Social security costs|||2,374|2,211|
|Other pension costs|||3,645|3,577|
|Operating
costs ofthe defined benefit pension||scheme|654|449|
||||29,661|28,779|
|he averag|e number ofemployees
(including
director|s) during
the year was as follows:||
|---|---|---|---|
|||2022|2021|
|Research|staff|482|506|
|Support|staff|66|52|
|||548|558|
|The number ofregular employees|whose pay and taxable benefits exceeded f60,000 fell within|the following|bands:|
|---|---|---|---|
||2022|2021||
|Salary band||||
|f.60,000 - f.69,999|24||22|
|270,000 - f79,999|18||8|
|f80,000 —f89,999||||
|f.90,000 - f99,999||||
|f100,000 - Z109,999||||
|f110,000 - f.119,999||||
|E,120,000-f,129,999||||
|K130,000 - K139,999||||
|Z140,000 - K149,999||||
|f.160,000 - E169,999||||
|f170,000 - f179,999||||
|f.200,000 —8210,000||||
##
##
##
##
|Other finance costs|||
|---|---|---|
||2022|2021|
||K'000|K'000|
|Expected return on pension scheme assets|1,906|2,276|
|Interest on pension scheme liabilities|(2,756)|(3,096)|
|Past service cost (incl. curtailments)|(58)|(94)|
||(908)|(914)|
##
||||||2022|2021|
|---|---|---|---|---|---|---|
||||||K'000|Z'000|
|Current|tax||||||
|UK corporation|||tax on profit for|the year|663|362|
|Adjustment||in|respect ofprevious|year|54|21|
||||||717|383|
##
##
|Taxation (cont.)|||||
|---|---|---|---|---|
||||2022|2021|
||||f.'000|K'000|
|Tax reconciliation|||||
|Profit on ordinary
activities before tax|||8,847|2,588|
|Tax using the UK corporation||tax rate of19%(2021:19%)|1,681|492|
|Effects of:|||||
|Expenses not deductible|for tax purposes||125|147|
|R&D expenditure
credits|||(85)|(86)|
|Consolidation
adjustments|||(309)|301|
|Adjustment
in respect of|prior|periods|54||
|Deferred tax not recognised|||(749)|(471)|
|Total tax charge|||717|383|
##
|Intangible
fixed assets|||||
|---|---|---|---|---|
|Group|Software|Assets under|Other|Total|
|||construction|Intangibles||
||X'000|K'000|f,'000|X'000|
|Cost|||||
|At I April 2021|5,907||497|6,404|
|Additions|51|490||541|
|At 31 March 2022|5,958|490|497|6,945|
|Amortisation|||||
|At I April 2021|4,639||497|5,136|
|Charge for the year|879|||879|
|At 31 March 2022|5,518||497|6,015|
|Net book value|||||
|At 31 March 2022|440|490||930|
|At 31 March 2021|1 268|||I 268|
##
##
##
|Group||Freehold|Assets under|Plant and|Fixtures|Motor|Total|
|---|---|---|---|---|---|---|---|
|||Land and|construction|Machinery|and|Vehicles||
|||Buildings|||' Fittings|||
|||X'000|X'000|K'000|f'000|K'000|K'000|
|Cost||||||||
|At
1 April 2021||27,391||10,618|1,213|54|39,276|
|Additions||358|2,539|522|159|39|3,617|
|Disposals||||||(26)|(26)|
|Reclassification|to|(6,833)|||||(6,833)|
|investment
properties||||||||
|Revaluation||4,698|||||4,698|
|At 31 March 2022||25,614|2,539|11 140|1,372|67|40,732|
|||f.'000|X'000|f'000|K'000|X'000|6'000|
|Depreciation||||||||
|At
1 April 2021||8,652||8,505|855|54|18,066|
|Charge for year||604||847|109||1,565|
|On Disposals||||||(26)|(26)|
|Reclassification|to|(433)|||||(433)|
|investment
properties||||||||
|At 31 March 2022||8,823||9 352|964|33|19 172|
|Net Book Value||||||||
|At 31 March 2022||]6,791|2,539|1,788|408|34|21,560|
|At 31 March 2021||18,739||2 113|358||21 210|
|11Fixed asset investments|11Fixed asset investments||||
|---|---|---|---|---|
|||Group||Charity|
|||Investment|Interest|in subsidiary|
|||Properties||undertakings|
|||5'000||f.'000|
|At 1 April 2021|||||
|||||5,000|
|Reclassification|from &eehold land and||||
|buildings||6,400|||
|At 31 March 2022||6,400||5,000|
##
##
##
##
|he trading
results ofthe|operating
subsidiar|ies
ofthe G|roup are:||||
|---|---|---|---|---|---|---|
||Building|BRE|Constructing|Ceequal|BRE|BRE|
||Research|Global|Excellence|Limited|China|Ireland|
||Establishment|Limited|Limited||||
||Limited||||||
||2022|2022|2022|2022|2022|2022|
|Summary
profit and
Turnover|X'000|X'000|K'000|K'000|K'000|X'000|
|loss account|||||||
||19,490|36,771|270|122|511|328|
|Operating
costs|(33,273)|(34,231)|(131)|(159)|(650)|(337)|
|Other operating|18,853|19||||87|
|income|||||||
|Operating
profit/(loss)|5,070|2,559|139|(37)|(139)|78|
|Other finance costs|(908)||||||
|Actuarial
gain/(loss)|8,495||||||
|on defined benefit|||||||
|pension|||||||
|Revaluation
ofland|4,698||||||
|Net result|17,355|2,559|139|(37)|(139)|78|
|Taxation|(623)|(4)|||||
|Retained
in the|16,732|2,555|139|(37)|(139)|78|
|subsidiary|||||||
|Assets and liabilities|||||||
|ofthe subsidiary|||||||
|Fixed assets|29,240|632|||||
|Current assets|20,857|26,699|313|1,022|658|391|
|Creditors
falling due|(31,102)|(6,895)|(43)|(106)|(1,354)|(526)|
|within one year|||||||
|Net assets/(liabilities)|18,995|20,436|270|916|(696)|(135)|
|Provision
for liabilities|(2,203)||||||
|Pension scheme|(31,587)||||||
|liabilities|||||||
|Deferred capital grant|(1,710)||||||
|Total funds|(16,505)|20,436|270|916|(696)|(135)|
##
|||Interest
in|Activity|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||ordinary||||||||||
|||share capital||||||||||
|Trading Companies:||||||||||||
|BREGroup Limited (02704081)||100%|Management|||of|subsidiary||company|||
|Building Research Establishment|Limited|100%|operations|||||||||
|(03319324)'|||Advisory||services||and|information|||on|
|||100%|building|||||||||
|BREGlobal Limited (08961297)"|||performance,|||construction||and|fire|safety||
||||Testing|and||certification||of materials|||and|
||||products,||and|certification||ofpersonnel,||||
||||Buildings,||process,||systems||and|supply||
||||chains|||||||||
|Building Research Establishment||100%|Sustainability|||and training||||||
|Shenzhen
Limited (91440300358776938Y)~||||||||||||
|Ceequal Limited (04568928)'||100%|Methodologies|||for sustainable|||infrastructure|||
||||projects|||||||||
|Constructing
Excellence
(04641522)~'|Limited|N/A|Co-ordination
improvement|||of member
network||led|performance|||
|BREGlobal Assurance
(Ireland)|Limited|100%|Testing|and||certification||of materials|||and|
|(602123)'|||products,||and|certification||ofpersonnel,||||
||||Buildings,||process,||systems||and|supply||
||||chains|||||||||
|Non-Trading
Companies:||||||||||||
|BRECertification (03548352)' ~||100%||||||||||
|BREInternational
Limited (01915620)*"||100%||||||||||
|BRECanada Inc (2279888)~"||100%||||||||||
|EFSGLimited (02971676) ~~||N/A||||||||||
|The Loss Prevention
Certification|Board|100%||||||||||
|Limited (01907862)~ "||||||||||||
|Building Performance
Group Limited
(01573939)*~||100%||||||||||
|BREAmerica Holdings
Inc (5984258)*"||100%|Holding|company||||||||
##
##
##
|||||||2022|2022|2021|2021|
|---|---|---|---|---|---|---|---|---|---|
|||||||f.'000|f'000|X'000|K'000|
|||||||Group|Charity|Group|Charity|
|Trade debtors||||||9,308||6,965||
|Amounts|recoverable|||on contracts||3,254||1,442||
|Other debtors||||||5,416||3,100||
|Social security||and other taxes||||755||862||
|Prepayments||||||708||1,127||
|||||||19,441||13,496||
|14Creditors: amounts|||||falling due within one year|||||
|||||||2022|2022|2021|2021|
|||||||X'000|K'000|K'000|K'000|
|||||||Group|Charity|Group|Charity|
|Deferred|income|||||7,812||7,193||
|Trade creditors||||||4,760|12|3,330|17|
|Amounts|due to||group||undertakings||489||125|
|Social security||and other taxes||||1,611||1,741||
|Corporation
tax||||||573||362||
|Other creditors||||||766||728|2|
|Accruals||||||3,164|41|2,835|457|
|||||||18,686|542|16,189|601|
|Deferred|income||movement:|||||||
|||||||||Group|Charity|
|||||||||f,'000|2'000|
|Balance|at 1 April 2021|||||||7, 193||
|Amount|released||in the||year|||(6,199)||
|Amount|deferred||in the||year|||6,818||
|Balance|at 31 March 2022|||||||7,812||
##
##
##
|Future amounts|payable|relating to:|Former||Post retirement|Total|
|---|---|---|---|---|---|---|
||||Directors'||future||
||||Future liabilities|Restructuring|liabilities||
||||K'000|K'000|X'000|K'000|
|Group:
'|||||||
|At I April 2021|||113|16|1,750|1,879|
|Utilised
in the year|||(11)|(16)|(121)|(148)|
|Charge to the Statement||ofFinancial|101||371|472|
|Activities|||||||
|At 31 March 2022|||203||2,000|2,203|
##
|6Reserves|||||||||
|---|---|---|---|---|---|---|---|---|
||General|Pension|Revaluation|Total|Other|Capital|Income|Total|
||Fund|Reserve|Reserve|Unrestricted|Reserves|Reserves|Reserve|Restricted|
||Unrestricted|Unrestricted|Unrestricted|Reserves|Restricted|Restricted|Restricted|Reserves|
|Group|Z'000|K'000|E'000|K'000|X'000|K'000|S'000|f.'000|
|At
1 April|15,451|(41,767)|10,257|(16,059)||1,070|222|1,301|
|2021|||||||||
|Net income|4,254|1,685||5,939||2,013|178|2,191|
|for the year|||||||||
|Gain on|||||||||
|revaluation|||4,698|4,698|||||
|oftangible|||||||||
|fixed assets|||||||||
|Actuarial|||||||||
|gain|||||||||
|recognised||8,495||8,495|||||
|in defined|||||||||
|bcncfit|||||||||
|pension|||||||||
|At 31 March|19,705|(31,587)|14,955|3,073|9|3,083|400|3,492|
|2022|||||||||
##
##
##
|6Reserves (c|ont.)|||||||||
|---|---|---|---|---|---|---|---|---|---|
||General|Pension|Revaluation|Total|Other|Capital||Income|Total|
||Fund|Reserve|Reserve|Unrestricted|Reserve|Reserves||Reserve|Restricted|
||Unrestricted|Unrestricted|Unrestricted|Reserves|Restricted|Restricted|Restricted||Reserves|
|Group|f.'000|X'000|X'000|f.'000|X'000|E'000||f.'000|K'000|
|At 1 April|14,860|(32,814)|10,257|(7,697)||1,040||255|1,304|
|2020||||||||||
|Net income|868|1,617||2,485||(247)|.|(33)|(280)|
|for the year||||||||||
|Actuarial||||||||||
|(loss)||(10,570)||(10,570)||||||
|recognised||||||||||
|in defined||||||||||
|benefit||||||||||
|pension||||||||||
|Transfer|(277)|||(277)||277|||277|
|between||||||||||
|funds||||||||||
|At 31 March|15,451|(41,767)|10,257|(16,059)|9|1,070||222|1,301|
|2021||||||||||
|Charity|Unrestricted|Restricted|Total|
|---|---|---|---|
||Funds|Funds|Funds|
||K'000|f'000|K'000|
|At
1 April 2021|4,995|138|5, 133|
|Net funds for the year|151||151|
|At 31 March 2022|5,146|138|5,284|
|Charity|Unrestricted|Restricted|Total|
||Funds|Funds|Funds|
||K'000|K'000|K'000|
|At
1 April 2020|5,606|138|5,744|
|Net deficit for the year|(611)||(611)|
|At 31 March 2021|4,995|138|5, 133|
##
##
|Analysis ofGroup net|Analysis ofGroup net|General|Pension|Revaluation|Other|Capital|Income|Total|
|---|---|---|---|---|---|---|---|---|
|assets between|funds|Fund|Reserve|Reserve|Restricted|Restricted|Restricted||
||||||Reserve|Reserve|Reserves||
|||2022|2022|2022|2022|2022|2022|2022|
|||f.'000|K'000|K'000|2'000|X'000|Z'000|X'000|
|Intangible||930||||||930|
|Tangible||3,513||14,955||3,083||21,560|
|Investments||6,400||||||6,400|
|Net current assets||11,065|||||400|11,465|
|Provisions||(2,203)||||||(2,203)|
|Pension scheme|liability||(31,587)|||||(31,587)|
|||19,705|(31,587)|14,955||3,083|400|6,565|
|2021 Coinparative|||||||||
|Analysis ofGroup net||General|Pension|Revaluation|Other|Capital|Income|Total|
|assets between|funds|Fund|Reserve|Reserve|Restricted|Restricted|Restricted||
||||||Reserve|Reserve|Reserves||
|||2021|2021|2021|2021|2021|2021|2021|
|||f,'000|X'000|K'000|X'000|Z'000|K'000|E'000|
|Intangible||1,268||||||1,268|
|Tangible||9,874||10,257||1,070||21,210|
|Net current assets||6,188|||||222|6,410|
|Provisions||(1,879)||||||(1,879)|
|Pension scheme|liability||(41,767)|||||(4],767)|
|||15,451|(41,767)|10,257||1,070|222|(14,758)|
##
##
##
|7Cash flows from ope|rat|ing
activities|||
|---|---|---|---|---|
||||2022|2021|
||||K'000|X'000|
|Net income before tax|||8,847|2,588|
|Adjustments for:|||||
|Interest receivable|||(10)|(4)|
|Depreciation,
amortisation||and impairment|2,444|2,495|
|Loss on disposal offixed||assets||25|
|Taxation|||(717)|(383)|
|Pension and other finance||costs|908|914|
|Pension deficit funding|contributions||(2,593)|(2,531)|
|Movement
in working|capital:||||
|(Increase) / decrease
in|debtors||(5,945)|1,430|
|Increase in creditors|||2,497|1,452|
|Increase
in provisions|||324|352|
|Taxation received/(paid)||||(6)|
|Net cash from operating|activities||5,755|6,332|
||||At|Cash flow|At|
|---|---|---|---|---|---|
||||1 April 2021||31 March 2022|
||||K'000|K'000|K'000|
|Cash||at bank|9,103|1,607|10,710|
||t|||||
|Cash||and cash equivalents|9,103|1,607|10,710|
##
##
##
##
##
|over long years and th|us inherentl|y
uncert|ain,
were:|||
|---|---|---|---|---|---|
|||||2022|2021|
|||||X'000|K'000|
|Present value offunded defined||benefit|obligations|(125,010)|(133,459)|
|Fair value ofassets||||93,423|91,692|
|Net deficit||||(31,587)|(41,767)|
|Movements
in present|value ofdefined benefit obligation|||2022|2021|
|||||f,'000|K'000|
|At 1 April||||133,459|121,187|
|Interest on obligation||||2,756|3,096|
|Actuarial
(gain) / loss||||(6,803)|13,316|
|Benefits paid||||(4,460)|(4,234)|
|Past service cost (incl. curtailments)||||58|94|
|At 31 March||||125,010|133,459|
|Movements
in fair value ofassets||||2022|2021|
|||||f'000|X'000|
|At I April||||91,692|88,373|
|Expected return on assets||||1,906|2,276|
|Actuarial
gain||||1,692|2,746|
|Contributions
by employer||||2,593|2,531|
|Benefits paid||||(4,460)|(4,234)|
|At 31 March||||93,423|91,692|
|Amounts
recognised|in the Consolidated||Statement ofFinancial Activities|||
|||||2022|2021|
|||||f.'000|f.'000|
|Interest on defined benefit obligations||||(2,756)|(3,096)|
|Expected return on assets||||1,906|2,276|
|Past service cost (incl. curtailments)||||(58)|(94)|
|Resources expended|(included|in other finance costs)||(908)|(914)|
##
##
|||||||2022|2021|
|---|---|---|---|---|---|---|---|
|||||||E'000|K'000|
|Actual return||less expected return||on assets||1,692|2,746|
|Experience gain on liabilities||||||732|4,014|
|Change|in assumptions||underlying|the present|value ofthe liabilities|6,071|(17,330)|
|Actuarial|gain|/ (loss)||||8,495|(10,570)|
|Assets||||||||
||||2022|2021|
|---|---|---|---|---|
||||X'000|K'000|
|Return|on assets excluding|interest|1,692|2,746|
|Interest|income on assets||1,906|2,276|
|Actual|return on scheme assts||3,598|5,022|
##
|uring the year 5286
2021:f3711&)|k was recognised
as an expense
in the Statement|ofFinancial
Activities
in respe|ct ofopera|
|---|---|---|---|
|||2022|2021|
|Plant and machinery|expiring:|K'000|5,'000|
|Not later than one year||26|72|
|Later than one year|and not later than five years|4|54|
|||30|126|
##
##
##
|||2022|2021|
|---|---|---|---|
|Land and Buildings|expiring:|Z'000|K'000|
|Not later than one year||209|220|
|Later than one year|but not later than five years|691|555|
|Later than five years||325|335|
|||1,225|1,110|
|At 31 March 2022 the|Group had expected future minimum|lease receipts under non-cancellable
operating|leases as follows:|
|Future anticipated
Lessor income||2022|2021|
|||K'000|X'000|
|Not later than one year||592|774|
|Later than one year|and not later than five years|511|1,004|
|Later than five years||170|198|
|||1,273|1,976|
##