2025-03-31-accounts

BRE TRUST (A COMPANY LIMtTED B Y GUARANTEE) ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 AEFtKOR9V 1511112025 COMPANIES HOUSE A10

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Company Registration Number.. 03282856 Charity Registration Number in England and Wales.. 1092193 Charity Registration Number in Scotland.. SC039320

BRE TRUST FtNANCIAL STA TEMENTS For the year ended - 31 March 2025 CONTENTS PAGE BRE Trustees. Report Strategic Report 7-16 Statement of Trustees, responsibilities 18 Independent auditor's report lo the trustee5 and Members of BRE Trust 19-21 Consolidated statement of financial activities (incorporating the company incornc and expenditure account) 22 Consolidated and company balance sheets 23 Consolidated cash flow siatement 24 Notes lo the financial siatements 25-49

BRE TRUST FtNANCIAL STA TEMENTS For the year ended - 31 March 2025 Registered office.. Bucknalls Lane Garston Watford Hertfordshire WD25 9XX Bankers.. Barclays Bank PLC Churchill Place London E14 5HP Independent Auditors.. Crowe U.K. LLP Fourth Floor St James House St James Square Chelienham GL50 3PR

BRE TRUST TRUSTEES, Af4fNUAL REPORT For th¢ year ended 31 March 2025 BRE Trustees, Re ort The Council of Trustees h&$ pleasure in presenting its report together with the Audited Financial Statements for the year ended 31 March 2025. Objects and etivitie$ As a charity all the Trusi's activities musl at all tim¢s wnforni with th¢ statement of 'objecls' given in the 80verning documents, the Articles of Association. The Trust's objec15 are for the public benefit.. to undertake. wmmission and support research in areas of science, engineering, inforniation technology, management and economics associated with the built environment, including its processes and artefacls. to advance knowledge. innovation, and ¢ommuni¢alion. and to promote ¢ducation and ¢x¢ellen¢e, in all such matters. and to ¢ollect, ¢ollat¢ and publish useful information, ideas, and data relating thereto. and io undertake, commission. facilitate and support such other activities and serrfices &s are benefici81 to the built environment and ¢hariiable in law in accordance with law of England and Wales provided that it will not include any purpose which is not charitable in accordance with s.7 of the Charities and Tru5tcc Inveslmenl (Scotland) Act 2005. The Trustees eonfinn that Ihey have referred to the general guidonce on public benefil issued by rhe Charity Commission which is being met using ihe Investment Committee. Structure governanct 2nd management BRE Trust (the "Trust") is a company limited by guarantee (Company number 03282856) and is registered as a charity in England and Wales INO 1092193) and in Scotland (No SC039320). The Trust was established to provide independeni. non-seclorial ownership of the Building Research Establishment, an Executive Agency of Ihe Department of the Environment, when il was transferred lo the private sector in March 1997. The Trust is governed by its most recent Articles of Association which were approved by a meeting of members on 61h M￿Ch 2019. In addition, the Trust provides independent ownership of BRE Group Limited ('BRE Group,) which in tum is the owner of businesses resulting from the privatisation of the Building Research Establishment. The Trnsl proiecls the independence of BRE Group to ensure thai ils advice and research remain objective and free from bias. BRE Group ¢onlinue$ to have a stron8 reputation. both nationally and in the inlemational arena. as an impartial and respccled wnsuliancy, science and research or8anisation. BRE Group Limited is the holding company for Buildin8 Research Establishment Limited, BRE Global Limited which are established in England and Wales and BRE Global Assurance (Ireland) Limited, a company established and resident in the Republic of Ireland. Th¢s¢ subsidiaries in tum are owners of other trading companles in the UK and the People's Republic of China. This ownership structure means that: BRE Trusi has the flexibility. freedom and separation from its investments to promote and carry out its chariiable objectives for the public good. and BRE Group and its subsidiary companie5 can maintain independence frorn each oiher to mcct regulatory requirements.

BRE TRUST TRUSTEES, ANNUAL REPORT For the year ended 31 March 2025 Trusltts and Officers of the Cbarity The governin8 body of the Trust is its Council of Trustees which comprises at least five and no more than ten Trustees at any one point in time. The Directors of the company are its Trnstees for the purposes of charity law and throughout this report are Collectively referred to as the "Trustees" The tenn of offi¢¢ for a Trustee is three years and Trusiees may serve for three ternis. New Trustees are familiarised with the workings of the Tnbst, ils policies, procedures and governance through an induction programrne consisting of visits to the head office. meetings Wlth key personnel and officers of BE￿ Group together with MO￿ fonnal training including ongoing training and support. The Trustees and Officers serving during the year and up to the tim¢ of signing these accounts were as follows: Trustees Appointed Resigned Philip Wilbraharn (Chairnian) Ashley Hook Gary Mills Prof. Vicky Pope Jonathan Rickard David Reid Kelly Bream Linda Chandler 7Junc2018 18 March 2020 29 March 2023 3 June 2019 3 June2019 30 June 2023 30 June 2023 6 July 2023 Comp#ny S¢eret4ry Ashley George Thompson 30 October 2023 Board Tenure, Gender Diversity and Meetings As at 31 March 2025, Ihe tenure and diversity of Ihe Trust board was as follows: Tenure Gender Dlver$lty 33•/0 <IYear Femal¢ 1-3 Years Male 670/0 3-6 Years 440/0 The Board met 4 times in 2024125, on the 29 April 2024, 29 July 2024, 6 November 2024 and 28 January 2025. Exttutive St4ft The Trustees have delegated certain operational management of the Trust's affairs to latt Shapiro. the CEO of BRE Group. who in turn delegates all operational functions lo the BRE Group. BRE Group Continues to provide support to the Trust to assist in the day.toqiay management of its activities. Ashley Thompson provides legal and governan¢e support to the Trustees. Covernance Framework The Trust has adopted the Charity Governance Code for Larger Charities a5 the basis for its governance. The Code sets the principles and recommends good govemance for charities. The Trust measures itself against the seven principles and the recommendations and guidance they provide to ensure she continuous improvement and highest Standards of governance.

BRE TRUST TRUSTEES, ANNUAL REPORT For the year ended 31 March 2025 Governance Framework {conL) Th¢ Board of Directors of BRE GTOUP is made up as follows.. Dlreclor Position Appointed Resigned Philip Wilbraham l April 2022 Gillian Charlesworth 21 May2019 Vinodha Soysa Wijeratne 15 December 2022 Paul Hetherington 16 May 2022 Jennifer Lynn Rudder 24 July 2025 Jan David Shapiro 9 September 2025 Director appointments to ihc BRE Group Board arc madc by both the Trustees and BRE Group, the majority of the Direciors ai any one time being those appointed by the Trust. The BRE Group Board meets ai least 4 times each year. Standing Committees The BRE Trust Council delegates some of its work to committees and the committees report to the Council their discussion, actions and recommendations. There are three committees of BRE Trust at the tim¢ of signing this report.. NED CEO CFO NED CFO CEO 9 September 2025 7 November 2024 Risk and Audit Committee Investment Committee Remuneration and Nominations Committee In addition, BRE Group whi¢h is a wholly owned subsidiary of BRE Trust has two standing ¢ommittees, a Risk and Audit committee and a Remuneration and Nominations committee. These committees are closely aligned with the BRE Trust committees, details of which are set out below. BRE Trust Risk and Audit Committee and BRE Group Risk #nd Audit committee: The Tru5t'5 Risk and Audit Committee 5UPPOrts Ihe Trust Board's responsibility for oversight of risk management, the control cnvironment. policy review and the inlcgrity of financial slalcmen15 and reporting. It seeks assurance from the BKE Group Board on the sound management of its investments. The committee memb¢rship consisted of Paul Hetherington. Linda Chandler. Jonathan Rickord and Chair Gary Mills hrtd includes ai requesi attendance from members of the Group Board. BRE Group Risk and Audit committee is responsible for oversight of both the external audit work as well as looking at Ihe internal financial controls. internal controls, and risk management system across Ihe BRE Group. The BRE Group and BIiE Trust liisk and Audit Committee met 4 times during the year, on 15 April 2024, 26 July 2024, 25 October 2024, and 24 January 2025. BRE Tru$t Investment Committee; The Investment Committee was fomed in February 2023 and approves the funding for research proje¢ls And provides direction and govemance for future activities of commissioned work and ensures its dissemination is effective and wide reaching. The key activities are the review of progress with the programmes. review of the operations processes, review of the relevant risks and communications and promotions of the pro8rdmme. The Investment Committee membership consisted of Vicky Pope (Chair), Ashley Hook. Linda Chandler, Kelly Bream, Phil Wilbraham. Paul Hetherington. Jonathan Ri¢kard. David Reid and Gary Mills. The Committee met 4 times during the yearon 29 April 2024. 29 July 2024, 6 November 2024 and 28 January 2025.

BRE TRUST TRUSTEES, ANNUAL REPORT For the year ended 31 March 2025 BRE Remuneration and Nominations Committee: The BRE Remuneration and Nominations Committee manages the appointment of new Trustees and reviews the roles and responsibilities of both Trustees and the Chair of Trustees and is responsible for advising the Board on Ihe remuneration and conditions of the exe¢ulive directors of the Group. In detemiining appropriate levels of remuneration for the ex¢¢ulive directors, the R¢mun¢ration and Nominations Committee aim5 to provide pa¢kages that are competitive in the marketplace and will attract and retain high quality executives capable of achieving the BRE Group's objectives and uliimalely those of the Trust. Executive pay is externally benchmarked using Brightmine data. Our remunerdtion approach is to aim lo pay market salarie5 whilst considering the tolal cash compensation for executive roles which balan¢e affordability with attracting and retaining the talent that we need. The committee members during the financial year were Ashley Hook (Chair). Paul Heiherington and Kelly Bream.

BRE TRUST STRATEGIC REPORT For the year ended 31 March 2025 Strate cRe ort Introduction BRE Trust is the leading independent charity dedicated lo improving the built environnient for the benefit of society. BRE Trust supports this aim by bringing the benefits of applied research to key sectors in the built environment. BRE Group is a 'profit-for-purpose' organisation, wholly owned by BRE Trust. li provides services. all of which in themselves fulfil the Trust's objecls, Ihe surplus from which funds the BRE Trust. The work of the BRE Group is focused on the safely, security and sustainability of buildings through setting siandards. providing certification, modelling dala and developing skills in the industry. BREEAM and LPCB Are two of the most significant services Ihat BRE offers. BREEAM is a world-r¢nown¢d sustainable building ben¢hmorking sclienie. LPCB is inlernalionally recognised for its standards in the fields of security and safety of ¢onstru¢iion products and sysiems. BRE Group also provides syslems lo monitor health, safety and ¢onsiruction waste. ￿ well as training through Ihe BRE Academy. The Group has provided research and data modelling services lo UK government for many years and continue5 to do so for housing dala and meihodolooies that support the standard assessment procedure underpinning Eiiergy Performance Certificale5 (EPCS). The Group continues lo deliver a range of research - and it is this, and innovation, that fom the basis of the Group's future strategic direction. Purpose and Vision BRE exists 10 contribute lo a tliriving and sustainable World by developing science-led solutions lo built environment challenges Our vision is to be.. The world-leading innovolion. science. and data hub for the built environinent We continue lo work with governments and commercial markets who increasingly re¢ognise the value of our produc15 and services, given the growiiig significance of safely and susiainability issues in the built eilvironment. Our fo¢us is on increasing our reach as an innovative, science-led organisalion with capabilities in collecting, verifying and modelling dala lo assist product and construction companies, owners and occupiers in decision making and reporting. Aehievements and performance ExterDal tlimate Sustainability in every sense of the word is undeniably a driver for many of our commercial clients. There is an increasing undersiandin8 of the risk to long-term sustainable value ol built assets and the need lo comply with a raft of re8ulaiory and legislaiive requirenienls, many of which ESG data 5UPPOrt. Global standards, largely but not exclusively led by the financial s¢ctor, compete to measure the value, perforniance and poiential of individual properties and portfolios. Building and product safety legi51alion and regulation is evolving in the UK with Ilie Building Safety Act making significant changes to the conte.xt in which biiildings are designed. Constructed and njanaged. We continue lo assess where our expertise in testing, third-party certification and training can make the niosi valuable conlribulion to making buildings safer in the future. as the new regulatory regime for building safety in England and Wales evolves. BRE Group value5 Its relationships with all key stakeholders including the UK Government and ih¢ devolved Governments of Ihe UK, with issues such as climate change. the economic and social impact of unhealthy homes and building safety continuing lo achieve significant public and m¢dia attention. We will continue to conduct research and collaborate with all partners and policy maker5 to ensure future policy 15 ¥vell informed. evidence based and able to foster public confidence in the built environment.

BRE TRUST STRATEGIC REPORT For the year ended 31 March 2025 BRE Trust Athievements and performance The BRE Trust uses ils reserves and any incorne received both ihrough gift aid dortated by BRE Group and from other external resources lo fund new re5ear¢h and education programmes. BRE Trust did not undertake any fundraising activity requiring disclosure under S162A of the charities Act 2011. BRE Group aehievements in FY24-25 and future opportunilies: Financial Review Tlie consolidated results for the BRE Trust show a net surplus before lax of £7.1 m (2024.. £3.6in) for the year on income from charilable activities of £61.9m (2024: £57.4m). Income from charitable activities increased by 7.80/0 compared lo the previous year, thcrc were increases in our Buildiiig Perfomance Services division. There was an increase in lolal income of 8.2Q/o while minimisins cost increases bul general inflation, energy Wsts and additional legal Costs have led to a 5.4Vo increase in expenditure on charitable activities. The sile has undergone a desktop review of the site valualion at the year end. This resulied in a gain on investment properties of £0.7m as there was a small increase in the mai'kel value of the inv¢stinent properties. The property held as fixed assets for BRE'S use lias increased in value by £0.5m. During the year, it has come to light that the actuarial valuaiion of the defined ben¢fil pension scheme, which is closed lo fulure a¢¢Tuals, undervalued ihc liabililies in the year ended 31 March 2021, due io the uncertainties inherent in the Covid pandemic. This has been recognised as a prior year adjustment, and the effects are detailed in Note 22 on page 49, Tlie pensi011 Scheme valLialion shows a decrease in liabilitie5 on Ilie reslaied Comparative valuation. As of 31 March 2025, the scheme actuaries valued the deficit al £35.2m compared 10 £38.5m (as restated) in Ihe previous year. The main factors contributing to this are thal the actual investment reium achieved was better Ihan that required to Inatch Ihe expected increase in obligations and the actual inflation over tl)e year was lower Ilian previously assumed. however this is partially offset by the conlribiitions paid by the company over tlie year. There was no full actuarial valuation in Ihis year. Overall, the movement on funds includes nel income of £7.1 m. the gain on revaluation of the site of £0.5m and the actuarial gain of £1.9m meai)s ihal BRE Trust i)ow has funds of £13.9m as ai 31 March 2025 inci'easing the funds available from 31 March 2024 of £4.4m {restaled). Busin¢$s divisions and markets BuildingPerforman¢e Services (BPS) is a portfolio of products and serviees incorporating BREEAM, Smartwaste, Yellowjacket, Sustainable Products and ihe BRE Academy. All are the subject of further development a5 part of Ihe digital transfomiation that is taking place across our portfolio of produ¢ts and services. Revenue for BPS for 2025 was £31.4m {2023124 £28.6m). BREEAM is well regarded as being based on s¢ien¢¢, and rigorous in its approach. The BREEAM revenue al the year to 31 March 2025 was £24.7ni (2024: £21.6m). Preparation continued during Il)e year for the launch of digilal platform for BREEAM as well as Version 7 of BREEAM New Construction (V7) both of which will improve ihe Customer ¢xperien¢e of the schemes, enable erthanced data collection and reporting and provide a platform for further enhancernents. BRE Academy is a respected and integral part of BRE. with a long51anding reputation for dcliv¢ring high-quality training. It ha5 consisl¢ntly contributed to the org3nisatioii's revenuc and profitability. In 2024125, the Academy expanded its training portfolio with the introduction of a BREEAM CPD rolling programnie and the launch of seven ncw courses across BLM and Fire & Safely. Despite this growth, revenue declined 10 £3.Om (from £3.5m in 2023124). primarily due to reduced enrolments in BREEAM and Fii'e-relaled training. These decreases reflecl changing market behaviours, increased competition, and aniicipation surroiinding the release of BREEAM Version 7. Looking ahead to 2025126. our focus is on delivering high-quality, targeted training solutions designed to meet evolving industry eypectaiions, addressing the direct challenges of 2024125. We will continue to slrenothen partilerships with organisations such as CITB and collaborale closely with iiidusty bodies and stakeholders to ensure our training Teinains relevant, impactful. and aligned with mark-et needs.

BRE TRUST STRATEGIC REPORT For the year ended 31 March 2025 Assurance Services The Assurance division provide5 product testing, inspecrion and certification services to cusiomers and comprises several business units with specialisms in Fire Protection. Fire Detection, Security, Cables and the Built Environment. The perforniance of individual products through to whole buildings is tested through BRE'S extensive range of lesl facilities, and BRE provides independent certifications to LPS and other key standards through the Loss Prevention Certification Board (LPCB) brand. Certified products are audiied periodically and are listed in the GreenBook and RedBook Live direclories. Revenue for our Assurance division was £22.3ni in 2024125 (2023124 £21.5m). The Innovation ind Research division leads our research and innovation a¢tivill¢S. ensurins that BRE provides iinpaclful thought leadership in pursuit of our purpose. The research and innovation strategy is central to our purpose to provide solutions for built environment challenges. The revenue for 2024125 was £7.5m (2023124 £6.5m). Income is generated by Housing, Energy and Strategic Advisory teanis ivhichwork with governments internationally lo deliver a range of technical services for national net zero policy compliance methodologies This includes research for Current and future regulatory compliance for the energy efficiency of buildiiigs. The.Housing and Energy learns have focussed on core activity with UK Government departments, DESNZ and MHCLG wilh the ¢onlinued delivery of th¢ multi.year English Housing Survey and Standard Assessment Procedure (SAP) progranimes. Our Housing and Healili team continlbed lo deliver modelling for local a￿thOrille$ indicating rcsideiitial dwcllings areas most closely linked wilh ill health, work Iliai is central to oiir purpose and will conlinuc. 2024 saw the publication by BRE of a follow up report on ' Ignoring Ihe Cost of Poor Housing, which highlighted remcdiating England's poorest housin8 could provide £135billion in societal benefits. The Slral¢gi¢ Advisory (Consultancy) is a binding part of th¢ BRE business, buildin8 relalioiiships and en8a8ing (intei'nally and externally) to Collaboraie on re5eai.ch - paih finding 501utions and developing fulure products (BLiildaudit). supporting ihe adoption of innovation (RetroNelZero) and delivering services and solulions accelerating the decarbonisation of ihe built environment. International Aetiviti¢s: w¢ ¢urrently provide services in 100 countries selling mainly BREEAM and LPCB services as well as some advisory products. The target markets for BREEAM are Commercial Real Estate, Construction, Public Sector. Manufacturing and Finance. Those for LPCB are fire, security, and construction product manufacturers, as well as ConslTUCtion and Infraslru¢tur¢ compani¢s, construction produ¢t installers and governments. BRE has 3 satellite offices. in Sv4n Francisco covering North America, in Shanghai covering China, and in Dublin coverinB Ireland and Europe. Ourchannel framework includes partners covering Norway, Sweden, Spain, Gerniany amd Ihe Neiherland5 known as our National Scheme Operators and we are open to expanding this valued network lo enable the inipact of BREEAM certification in more territorie5. During 24-25 we invested a great deal of linie and attenlioi) in our assessor relationships and oiher partnerships. These relationships are critical in ensuring the continued strength of our third-party assessment methodology for BREEAM. Our People Over the past year, our peopl¢ 5tral¢gy has continued to support strong organisational performance, with a particular focus on productivity, engagement, and employee wellbeing. Our 12-month rolling attritton rate remained low at 9.5Q/o, reflecling a Stable and committed workforce. We conducted our annual engagement Survey, which was completed by 760/• of colleagues. Of the response5 r¢c¢ived, 67/0 were p05ilive (againsl a UK average engagement of l O %). indicating a generally high l¢vel of satisfaction and alignment with our organisational values and direction. Our strong financial results were underpinned by a sustained emphasis on perforniance management and productivity. Through our perforniance management software, we r¢¢orded over 5,250 structured ¢onversations

BRE TRUST STRATEGIC REPORT For the yearended 31 March 2025 between managers and team members. alongside 2.500 pieces of feedback. These interactions have played a key role in fostering a culttwc of Continuous improvement and accountability. We adopted a Cautious approach to recruitment. choosing not to replace all leavers on a like-for-like basis. This straiegic decision contributed to higher productivity, improved profit margins while maintaining service quality. We also made inroads into shifting the skills base of our workforce, re¢ognising advances in technology and digital tools. To enhance the employee expcricnce, we successfully implemented a new HR sclf-service platfom. This system has streamlined acccss to HR seNi¢es and empowered ¢olleagu¢s to manage their own employm¢nt information more efficienily. We also made significant pmgress in advaneing gender equality. reducing our Gender Pay Gap from 120/0 10 80/0. This improvement refleets our ongoing commitment to creating a more inclusive and equitable workplace. Our Colleague Forum was strengthened through the introduction of new Tern)s of Reference and a fornial election process. This enabled Forum members to play a more aclive role in organisalional governance, including valuable participation in the search for a new Chief Executive Officer. Employee wellbeing remained a priority throughoui ihe year. Sickness absence levels were consisl¢nily below the national average, indicaiing strong overall hcalih and wellbeing across the workforce. Finally, we responded proa¢tively lo changes in employment legislation. Notably. we delivered organisation-wide training on preventing sexual harassment. ensuring that all colleagues are equipped with the knowledge and confidence to contribute to a safe and respectful working environment. Responslble business Responsibility, one of our values, is ai the heart of our purpose. and we seek to ftpply a responsible business ethos to every aspect of our business, whether by setting chall¢n8in8 energy performan¢e 8oals for oiirselvcs, onti'ibutiiig our expertise 10 the developniciil of public policy, playing oui. part iii our local comniunily Ihrougli voILinieering, or ensuring ihal equity, divei'sity and inclusion are enibedded in all our practices. Oiir long-terni aim is lo achieve B Corp status. As part of tl)is we are nieasuring and I'eportin8 on the impact Ive're making and have published our fii'si Impaci Report in 2025 covering both our own operations and tl)e impacl we make in partnership with custoniers and pamers. BRE Sustainability Lasi year we launched our new Sustainable Buili Environment Strategy thai ouilines our environmental ambitions to 2030 not only for ourselves bul for our customers. parniers, suppliers. and our wider community. Our responsible busine55 team. supported by all areas of the business, monitors and reports on the impact of our opcrations. Thi5 year, we rnainlained zero non-hazardous waste to landfill, increased our recycling ratc, worked with internal and external stakeholders to prepare our new biodiversity aciion plan for the Science Park, and onducted. a commuting survey lo help id¢Dtify opportunities that may improve commuting experiences and support more suslainable Iravel habits. Our water consumption slightly increased in comparison to18St year's perfonnance but remains on tra¢k towards achieving our 2030 goals. We had two major leaks Ihroughout the year that contributed ¢0 th¢ increase. Our energy consumption, both electricity and gas, increased in comparison to last year but we Are not far off track from our 2030 emissions goals. These increases are likely due to a combination of factors such as slightly cooler lernperatures, incrcased tcsting, or lemporary industrial electri¢ heal¢r$. We are ¢onlinuing to Upgrade submeters and communication systems for improved monitoring th•t supports mor¢ targeted interventions and building user engagement around reducing energy use and emissions. Beyond our built environment work with customers and our wider community, other environmental projects and related colleague activities this year include: Organisalion wide carbon footprint screening exercise for Scope 1, 2 and 3 emissions using the Greenhouse Gas (GHG) Protowl corporate accounting and reporting standard. Monthly Suslainability Colleague Network sessions with on average 39 collcagucs. Thi5 year's tOPlC5 included.. reducing plastics waste- carbon impact of transport,. community action lo increase reuse. Earth 10

BRE TRUST STIL4TEGIC REPORT For the year ended 31 March 2025 Overshoot Day by county. over¢on5umption during major sporting events ond example solulions: sustainability of inforniation and communication technology. biodiversity- climate change and COP29 conclusions- impaci of household energy efficiency improvement measures. and global water scarcity and flood risks. Monthly research and innovation knowledge sharing sessions such as the importance of built environment product design and testing for mental health. Collectively walking over l 0.000 miles during our Apri115pring 'walk to work, and October 'walk io Biodiversity COPI 6, initiatives. which also in¢luded biodivcrsity awareness raising ihrough a nature photo compeiilion. Company-wide fcslive quiz (in-person and online) with themes from our five colleague networks.. sustainability, LGBTQ+, women, race and neurodiversity. A new composting area that enhances how we manage our waste. Iso 14001'.2015 environmental management system recertification. Ongoing colleague benefits such as hybrid and rcrnote working to increase flexibility and reduce Commuting. Participation in the UN Sustainable Developmeni Goals {SDG) flag campaign to raise awareness. Streamlined energy and carbon reporting (SECR) The Companies {Directors' Report) and Limiied Liability Partnerships (Energy and Carbon Reportin8) Regulations 2018 ("the 2018 Re8ulaiions") require us to dis¢losc our annual energy use and greenhouse g emissions. We have olways carefully monitored our energy use and iaken steps to rcduce our usc of energy and minimis¢ our greenhouse 8a$ (GHG) emissions. We commissioned an independent report from a building services consultancy to analyse the energy and emissions data from our UK aclivilies for the 12 month period lo 31 March 2025 and compare results with pr¢vious periods. The methodology used is based on the Greenhouse Gas Protocol Corporate Standard 2015. Scop¢ l ¢missions ale direct emissions from owned or conlrollcd sources. Scope 2 emissions are indirect emissions from the generation of purchased energy. Scope 3 emi5sion5 are indirect emissions (not included in scope 2) that occur in the value chain. Carbon calculations are made from energy usage data and business travel activity, including employee expense claims for miles travelled. Lo¢aiion-based conversion factors are applied using the most recent update of the UK Government GHG Conversion Factors for Company Reporting. Table l - Energsi iise andgreenhouse gas emissions daio 2024125 2023124 2022123 Emissions Souw¢ Mwh tCO2e Mwh tCO2e Mwh tCO2e Scope I Natural gas and fuel used in transport 5,969 1,092 5.202 952 6.034 Scope 2 Purchased electricity 3,105 643 2.840 588 3.970 768 Scope 3 Busines5 travel and electricity transmission amd distribution losses 276 124 325 129 503 190 Total scope l and 2 9.074 1,735 8.042 1.540 10,004 1,869 Total scope 1. 2 and 3 9,350 1,859 8.367 1.669 10,507 2,059 Floor arca (m4 27,036 27,036 27,036

BRE TRUST STRATEGIC REPORT For the year ended 31 March 2025 EMIR (kgC02elm') 68.7 61.7 76.2 EIR scope l and 2 {kWhlm ) 335.6 297.4 370.0 EIR scope 1, 2 and 3 (kwhlm,) 345.8 309.5 388.6 One company-owncd plug-in hybrld electri¢ vehicle Intensity ratios caft be used to compare overall emissions data with an appropriate business metric, such as revenue or floor area. to further enable comparison over time and create benchmarks. As most of our energy is used in the buildings thai we occupy, we have selected an energy intensity ratio of kWh/m BRE Science Park consists of numerous buildings occupied by BRE and tenants. Tcnantcd spaces were deducted from thc overall floor arca givin8 a total of 27,036m Our ratios this year are around 120/0 higher than the last financial year. Relevant activity over the last year is presented in the previous Section on 'BRE Sustainability. We will continue to monitor our environmental impacl and idenlify opportunities for improvement. Penslon Scheme The FRS102 pension scheme deficit relates to the BRE and LPC Pension Scheme which is the fornier defined benefit pension scheme operated by Building Research Establishment Limited (BRE Ltd) a subsidiary of the Group. During the year. il has come to light that the actuarial valuation of the defined benefit pension ￿heMe. which is closed lo future accruals, undervalued the liabilities in the year ended 31 March 2021, due to the unrertainlies inherent in the Covid pandemic. This has been recognised a5 a prior year adjustrnenl, and the effecis are detailed in Note 22 on page 49. The deficit decreased during the year to £35.2m (2024- £38.5m as restated) further details of whi¢h are sel out in nole 19 to the financial statements. This decrease in the s¢h¢me deficit is in part due to the actual return achieved on assets being higher than required to mai¢h the expe¢ted increase in Ihc defined benefit obligations and the •ctual inflalion over the year being lower Ihan was previously assumed. The Directors of BRE Ltd consider Ihat since the Company is able to meet all of its short and medium t¢rni liabililies, and the nature of the pension scheme deficit Is long le￿. that this does not impa¢1 on the Trust ￿ a going concern. Reserves Policy BRE Trust has a reserves policy which requires it io mainiain reserves at a level equivalent to total committed contract value plus three months of operating costs. This enables the BRE Trusiees to manage financial risk and short-lerni income volalility. Free reserve5 availablc for use exclude restricled funds and the fixed assets held AS unr¢stri¢led funds. Free reserves also exclude any long-terni liabilities, and deficit reported on th¢ pension s¢heme. Should other funding not be re¢eived, the cash reserves should be used to pay committed contracts incurred defined by ihc noti¢e period of Ihc wntract. At 31 March 2025, ￿Mmitted ¢ontract value was £nil and three monih5 operating costs were forecast at £6k which total £6k. BRE Trust has cash of £2.8m to meet these commitments and the ex¢ess cash of£2.8m is reflected in nel reserves meaning that minimum reserves were being maintained. An investment wmmittee approves the funding for research project5 and provides direction and governance for fvture artivities of Commissioned work and ensures its dissemination is effective and wide reaching. The BRE Trustees will review the group reserves cach year to assess the value of the reserves required to be held in ¢ash and Cash equival¢nlS that are noi restricted 10 any particular purpose. During the year. the Trustees reviewed the tolal reserves, the operating costs of the Trust and ihe commitments under long lerni contracts and have ¢¢ased to enter into new long-terni commitments pending a full review of the BRE Trust structure and governance model. The Investment Committee approves the funding foT research projects and provides direction and governance for future activities of commissioned work and ensures its dissemination is effective and wide reaching. The key activities are the review of progress with the pro8rammes, review of the operations proo¢sses, review of the relevant risks and communications and promotions of the programrne. 12

BRE TRUST STRATEGIC REPORT For the year ended 31 March 2025 Free reserves 2025 £'ooo 2024 (restated) £'ooo Total unrestricted ￿ndS 12.813 3,952 Add.. Pension liability 35,259 38,521 Net unrestricted funds 48,072 42,473 Less.. Unrestricted fixed assets (18,563) (19,308) Total free reserves 29,518 23,165 Represented by: Net curffnt and intangible assets 21,606 16,49 Investments 9,235 8,522 Provisions (1,323) (1,856) TotAI free reserves 29,518 23,165 The net movement in unrestricred funds in the year was an increase in the unrestricted funds of £8.9m (2024.. decrease of £0,8m). Thi5 du¢ to a decr¢ase in the pension liability of £3,3m as r¢staled (2024.. in¢r¢ase of £4. Im) and a gain on revaluation of fixed assets of £O.Sm (2024.. £0.9m) and nel income of £7.1 m {2024: £3.6m). The BRE reserves policy is to maintain reserves al a level equivalent to total committed contract value plus three months of operating costs (2025.. £15.3m), therefore the reserves are within policy. Future developments BRE is continuing to invesi heavily in digital developmcnl both for our delivery to CU5tomcrs and our internal systems and processes. This will significantly enhance customer saiisfaction, our growth straiegy and the speed at which we can continue to improve our produ¢ts and services to meet market demand. Golng Concern BRE Trustees have Ca￿￿11Y reviewed the financial position of the Trust and its subsidiaries taking a¢¢ount of the significant improv¢rn¢nt in the level of reserves. excluding pension impact. and the net surplus of£7.1 m generated in the financial year as well as its systems of financial and risk management. This review has included a detailed analysis of the forecasts for the current financial year, as well &$ the budgets for 2027 and 2028 and the cashflow projections for the Trust and BRE Group. Th¢ management team have reviewed the current financial position and the business planning document including budget for the next 3 years. The various revenue streams have been analysed to idenlify the secured income from committed contracts, run rate of repeated business, price increase, growth ambitions and new strategies. As part of this review the management team have undertaken an assessment of the differenl income streams in the business, identifying the level of risk to income by analysing revenue secured through committed contracts, revenue from ongoing long-standing client relationships and where the revenue is more uncertain. The cost base has also been analysed to consider risk around inflation, staff related cost increases and overheads. We are closely monitoring our cost and reviewing our sourcing to make it more cosl effective and efficient. Details of the BRE Group's pension fund obligation5 are sel out eaTlier in this report and a clear strategy exist5 to manage the deficit, which includes a deficit reduction plan designed io set the scheme to self-suificiency by 2037. 13

BRE TRUST STRATEGIC REPORT For the year ended 31 March 2025 The management team have identified the key financial risks to the budget and undertaken a sensitivity analysis of these to understand the risk and opportunities to ensure the financial posilion being projected is robust, BRE'S Group cash position of £10.9m at the end of March 25 is an increase of £O.Im on March 24 of £IO.8m. The full year positive profit wntribution was largely offset by significant capital investment of £5.3m. There contioues to be day-to￿aY focus on working capital management and cashflow fore¢&sts are reviewed on a regular basis. The overdraft facility with Barclays Bank remains in place. This facility, along with the cash reserves held by the Group will ensure that sufficient working capital exists to fund the ongoing activities of BRE Trust and BRE Group over the next 12 months and in the medium terni. The forecasls for the Gu￿ent financial year and Ih¢ budgels for 2027 and 2028 have been set oul a5 the bas¢ case for the organisation. They include the impa¢t of known capital expendibjre as well as provision for some poiential risks of asseis needing replacement. The review has included sensitivity analysis around the main identified areas of income risk lo ensure that th¢ Company would still be able to operate sustainably for th¢ foreseeable future if thes¢ risk$ did materialise. Taking all this infonnation together, the BRE Trustees therefore havc a reasonable expectalion that the organisation has sufficienl resources to continue in operaiional Cxislence for a minimum period of12 months from the dale of approval of these financial slatements and believe thai there are no material uncertainties that call into doubt the ability of BIiE Trust and its subsidiaries to continue as a going concern. The BRE Truslees consider the main risks 10 be thos¢ sel 0111 in the Risk Man88emeni sec¢ion of this report. Creditors, payment policy The Group operales nomial trading temis of payrncnt within 45 day5 of the date of the invoice when making payments to lis crediiors. Risk m4n4g¢m¢nt Risk management continues to develop within Ihe Group and work is ongoing to improve rcporting to relevant stakeholders. Work is underway to simplify processes and ensure risk is embedded as a way of working. Reporting on Principal Risks to the Risk and Audit Committee is in place and reviews are scheduled to ensure updates are made as required. Risk appetite has been defined and is due for review which is intended to simplify and make Ihcse statements a core part of operational decision makin8. This will be wmpleied later in the year. It is accepted that such a system of risk management can provide only Teasonable and not absolute assurance against material misstatement and loss and that ihe 5y5tem is designed to provide the Truslees wilh reasonable assurance that problems are identified on a limely basis and dealt wilh appropriately and thal systems exist 10 mitigat¢ those risks. Th¢ key principal risks are those identified below with reasons for inclusion and key mitigations. Key Risks Strategic Key Mitigation(s) Governance mechanisml structure Aligned governance structure between the Trust and Group Board mechanism. Quarterly Risk and Audii Committee. 14

BRE TRUST STRATEGIC REPORT For the year ended 31 March 2025 Risk Management (eont.) Key Risks Strategi¢ Key Mitigation(s) Long ie financial stability Robust annual bu5ines5 planning, budgeting. monthly forecasting reviews and cash management. Ongoing improvements in monthly forecasting processes. Regular dialo8ue with pension trustees to maintain options with Escrow funding OT reduced pension payments. Cyber security Next generation firewalls and Anti-virus, Anti Malware systems in place. Se¢uriry Operations Centre fvlly fvn¢tional to monitor key IT infrastructure 2417. Web application controls and secure email gateway in place to reduce attempted phishing attacks. Annual penetration lesling and maintenance of Cyber Esscnlials Plus certification. Requirement for third party IT supplier5 to have fornial Certifichtion such as ISO 27001 or CREST. Systems are continually updated with the latest software patches. Multi Factor Authentication for user sign-ins and protection against identity rheft. neffeclive talent artra¢tionlrelention' Relevanl policies for career development and training. Continuous performance development approach. Regulatory non- omplian¢e Independent SHE (Safety, Health and Environmental) and Quality and Compliance dcparthienls. A central group management system in place for policie5, procc55es and proccdurcs. Independent Risk and Internal Audit Department. Legislation register in place. Top X Safety Health and Environmental (SHE) risk register to bring increased focus to management of the most significant BRE Health and Safety risks. Reputation and brand strength Constanl press monitoring by Dire¢lor of Corporate Affairs and Third-Party Press Support. Pre-prepared statements on likely scenarios and defined internal communication process. Grenfell inquiry proceedings are monitored closcly and BRE has provided a significant volume of infomiation to assist the inquiry and continues to do so. 15

BRE TRUST STRATEGIC REPORT For the year ended 31 March 2025 Risk Management (cont.) Key Risks Straiegic Key Mtti8ation(s) Challenges to operational delivery External a5ses5ments and prompt follow uplresolution of actions. Independent Quality and Complian¢¢ department to assess and validate compliance to our ISO standards. Measuring and analysing productivity and perforniance through improved resource utilisation to identify impmvements to in¢reas¢ output and better serve customers. Customer complaintslcompliments pro¢¢ss with ¢scalation points for issues. Digital transforn)ation programme underway. Responding lo long lern) trends and issues including climate change and ESG changes Development of a research and innovation strategy. Product roadmap5 developed with industy insight and knowledg¢ by the Produ¢t Management team to drive improvements in existing product areas. Product Innovation Team established to help drive new ideas for producls and services. 16

BRE TRUST STRATEGIC REPORT For the year end¢d 31 Mar¢h 2025 Statement b th¢ Tr Com anies Aet 2006. tees in erformAnce of their tatuto duties in #tcordance with s172 of the The BRE Trustees ¢onstder that both individually and together that ihey have acted in the way they consider, in good faith, would be most likely to promote the success of BRE Trust for th¢ benefit of its stakeholders as a whole (having regard to the matters set out in s172{1)(a-Q and S172(2) of the Acl) in ihc decisions taken during the year ended 31 March 2025. The following paragraphs summarise how the Tru5tee5 fulfil the key elements of these duties. Business planning 8nd risk manAgtment The BRE Trustee5 maintain ils slralegic plan for funding world class research in the built environment and cor¢sider long term planning as a critical part of how they ensure ihcy understand the long-terni consequences of their decision5. The Truslees rccognisc the nalure of the safety critical services provided by BRE Group to its Customers and the need to continue to evolve our approach to the risk management. Our people Our people are integral to the success of BRE Group and BRE Trusi and we are proud of the passion and wide- ranging expertise and skills of our coll¢agu¢s a¢ross the business. In 2025 we have Continued to invest in programmes and initiBtives to mitigate the people impact of the changes in the business and io continue to provide an environment in which our colleagues can contribute. thrive and develop. Further details of which arc sct out in the Strategic Report under the section on Our People. Buslness #nd stikeholder relllionships The success of Ihe organisaiion is dependent on our relationships with all of our stakeholders which in¢lude partners for BRE Trust, our customers for BR£ Group as well as all our suppliers and staff. At BRE Trust we have focused heavily on building a network of like-minded organisations lo improve research, education and practice in the built environment further details of which arc set out in the Strategic Report under the section on Achievements and perfoman¢e. BRE Group has focused on business development bringing in new commercial resources to work across the produci portfolio to gain insight into maTkets and ¢usiomers so that we are better able to serve the needs of all our stakeholders. Community and EnYironm¢nl The BRE Trustees recognise that the way we construct and manage homes, workplaces and other built assets can have hugely positive impacts on our wellbeing, economic perfomance and the sustainability and resilience of our built environment. Critical to this and Ihe BRE Trusl's core focus IS the development of improved products, proce55C5 and too15 to cnhancc economic and cnvironmcntal impacls. Dlsclosure of Informatlon to Auditor Insofar as each of the BRE TTustees of lh¢ Group and Charity at the date of approval of this report is aware there is no relevant 2udit inforniation of which the group and company's auditor5 15 unaware. Each Trustee has taken all the steps that they ought to have taken a5 a Trustee in order lo make Ihemselves aware of any relevant audit inforniation and lo establish that the group and company's auditor 15 aware of that inforniation. Auditor Pursuant to section 487 of the Companies Act 2006, the auditor5 will be deemed to be reappointed and Crowe U.K. LLP will Iherefore ¢onlinue in offi¢e. 17

BRE TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES For the year ended 31 March 2025 The Trustees (who are a150 Directors of BRE Trust for the purposes of company law) arc responsible for preparing the Truste¢s' annual report, Stralegic report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Pracii¢e (United Kingdom A¢counting Stsndards). Company law requires the Trustees to preparc financial statements for cach financial year. Undcr company law the Trustees must not approve the financial statements unless they are satisfied ihat they give a true and fair view of ihe state of affairs of the charitable Company and the Group and of the incoming resources and application of resources, in¢luding the income and expenditure. of the charitable Group for that period. In preparing these financial siatements. the Trustees are required to.. select Suitablc accounting policies and theD apply them con5iSlently- observe the meihods and principles in ihe Charilie5 SORP. • make judgements and estimates that are reasonable and prudent; state whether applicable UK accounting Standards have been followed, subject to any malef ial departures dis¢losed and explained in the financial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charilabl¢ Company and Group will continue in business. Tht Trustees are responsible for keeping adequate accounting records that are sufficienl to show and explain the Charitable Company's transactions, disclose with reasonable accuracy at any timc thc financial position of the charitable Company and enable them to ensure that the financial slalemcnls comply with the Companies Act 2006, lh¢ Charities and Trusiee Investment (Scoiland) Act 2005, the Charities Accounts (Scoiland) Regulations 2006 (a5 amended) and the provisions of Ihe Charity's Cortstitulion. They are also responsible for safeguarding the assets of Ihc Charity and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees, Report, under the Charities Act 201 l and Companies Act 2006, was approved by the Council of Trustees, on 4, November 2025 including approving in their capacity as company directors the strategic report contained therein, and is signed as auihorised on its behalf by: Philip Wilbraham Chair Company Registration Number.. 03282856 Charity Registration Number in England and Wales.. 1092193 Charity Registration Number in Scotland.. SC039320 18

BRE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF BRE TRUST Opinton We have audited the financial statements of BRE Trust for the year ended 31 March 2025 which Comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet. the Consolidated Cash Flow Statement and note5 to the financial statements. including 5ignifi¢ant accounting poli¢ies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom A¢¢ounting 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 Irue and fair view of the state of the group's and the charitable company's affairs as at 31 March 2025 and of the group's net income and application of resources for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted A¢¢ounlin8 Practice; and have been prepared in ac¢ordan¢e wilh the ￿quirements of the Companies Act 2006. Ihe Charities and Trustee Investment (Scotland) Act 2005 and Regulations 6 and 8 of the Chariries Accounts (S¢otland) Regulations 2006 (amended). Basis for opinion We conducted our audit in a¢cordan¢e with International Standards on Auditing (UK) (JSAS (UK)) and applicable law. Our responsibililies under those siandards are further described in the Auditor's responsibilities for th¢ audit of the financial ststements section of our report. We are independent of the group in a¢¢ordan¢e 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 ¢ihi¢al r¢sponsibilities in accordance with thes¢ r¢quir¢menls. W¢ believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclujlons relAtlng to golng concern In auditing the financial stalemenls, we have concluded that ihc t￿Ste¢S use of the going concern basis of accounting in the preparation of Ihe financial slatemen15 15 appropriate. Based on the work we have pcrformed. we have not identified any material un¢ertainties relating to events or conditions Ihai, individually or collectively. may casi significant doubt on the company's ability lo Continue as a going concem for a period of ai least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of th¢ directors with respect to going concern ar¢ described in the relevant sections of this report. Other information The Trustees are responsible for the other infomlation contained with the annual report. The other infomiation comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other infomialion and, except to the extent otherwise explicitly stated in our report, we do not express any forni of assurance conclusion Ihereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the other inforniation is materially inconsistent with the financial staiemcnls or our kniowledge obiaincd in the audit or oihcrwise appears lo be materially misstated. If we idenlify su¢h maierial inconsisicncies or apparcnt maierial misstatements, we are required to delerniine wheiher this gives rise to a material mi5Stalement in ihe financial statements or a maierial misstatemenl of ihe other infonnation. If, based on the work we have perfonned, we wnclude that Ihere is a material misstatement of this other infonnation, we are required to report that facl. We have nothing to report in this regard. 19

BRE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF BRE TRUST Opinions on other m4tters prescribed by the Companies Aet 2006 In our opinion based on the work undertaken in the course of our audit: the infonnation given in the Trustees, report. which includes the directors, report #nd the strdtegic report prepared for the purpose5 of company law. for the financial year for which the financial slatements are prepared is ¢on5iStcnt wilh Ihe financial statements. and the strategic report and the directors. report included within ihe Trustees, report have been prepared in accordance with applicable Icgal requirements. Matter$ on whieh we 4r¢ required to report by exeeption In light of the krtowledge and undersianding of the group and ihe charitable company and their environment obtaincd in the ¢ourse of the audil. we have not identified material misslalements in the strategic report included within the Trustees. report. We have nothing to report in respecl of the following matters in Telation lo which the Companies Act 2006 and the Charilies A¢¢ounlS (Scotland) Regulations 2006 require us to report to you if, in our opinion.. adequate and proper accounting records have not been k¢pt- or the financial statements are nol in agreement with the accounting records; or certain dis¢losures of Trusiees, remuneration specified by law are not made. or we have not received all the infonnaiion and explanations we require for our audil. Responsibllllies of ¢rus¢ee$ As explained more fully in Ihe Trustees, responsibilities statement set out on page 18 the Trustees (who are also Ihe direciors of the charitable company for the purposes of company law) 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 a5 Ihe Trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial slatemenls, the Truslces are responsible for assessing the group's or Ihe charitable ¢ompany's ability to ¢onlinue as a goin8 con¢crn, disclosing, as applicablc. marters related to going concern and using the goinB concern basis of a¢counling unless the trustee$ either intend lo liquidate the charitable company or to cease operaiions. or have no realistic aliernalive but lo do so. Auditor's responsibilitles for the Audit of the financial stAtements We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scoiland) Act 2005 and under the Companies Act 2006 and report in a¢cordance with the Acts and relevant regulations made or having effe¢t thereunder. Our objectives are to obtain reasonable assurance about whether the financial siatements a5 a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's r¢port that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee Ihat an audit ¢onducled in accordance with ISAS (UK) will always detect a maierial misstatement when it exists. Misstatements Can arise from fraud or error and arc considered material if, individually or in Ihe aggregate, they could reasonably be exp¢ct¢d 10 influenGe the economic decisions of users iaken on the basis of these financial statements. A further de5¢ription of our responsibiliti¢s for the audit of the financial statements is located on the Financial Reporting Council's website at- www.frc.org.uklauditorsresponsibilities. Thls description fornis part of our auditor's report. Extent to which the audit was considered capable of detecting irregularitie5, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identify and assess the risks of material misslatemenl of the financial stalcments, whether due to fraud or eTTor, and di5CUS5ed these between our audil team members. We then design and perforni audit procedures responsive to those risks, including obtaining audit evidence thal is sufficient and appropriate to provide a basis for our opinion. 20

BRE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF BRE TRUST We obtained an understanding of th¢ legal and regulaiory frameworks thal the Group operate5 in. focusing on provisions of those laws and regulations that had a direci effect on the deterniinaiion of material amoun¢S and disclosures in the financial slalemenls. The key laws and regulations we considered in ihis coniext included the Cornpanies Act 2006 and The Charities and Trustee Investment (Scotland) Act 2005 together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audil procedures on the related financial slatement items. In addition, w¢ Considered provisions of other laws regulations tha¢ do noi have a direci ¢ffe¢t on the financial 5tai¢m¢nls but compliance with which may be fundamenial to lh¢ Group's ability to op¢ralc or to avoid a matcrial penalty. We also considered the opportunities and incentives tha¢ may exist within the Group for fraud. The only other laws and regulations w¢ oonsid¢red in this context a￿. General Data Protection Regulation (GDPR) ISO standards (ISO 17025. ISO 17065, ISO 9001. Quality Management System. ISO 14001.. Environmental Management. ISO 45001: Occupational Health and Safety) Health and safety legislation T&xation legislation Employment legislation Auditing standards limit the required audit procedures to identify non-complian¢¢ with these laws and regulations to enquiry of the Board and management and inspection of regulatory and le881 ¢orresponden¢e, if any. We identified the greatest risk of material irnpaci on the financial statements from irregularities, including fraud, to be withtn the timing of recognition of grant and contract income, stage payments income and the override of Controls by management. Our audit procedures to respond lo these risks included enquiries of management about their own idcntificaiion and assessment of Ihe risks of irregularities, designing and implementing audit procedures over in¢ornc, dciailed tesiing of journals. Teviewing accounting estimates for biases, reviewing regulatory co￿tSpOndence wilh the Companies House, Charity Commission, OSCR, HMRC, the ICO, Healih and Safety Executive (HSE), United Kingdom A¢credi14tion Service (UKAS), Lloyd's Regisier Quality Assurancc (LRQA), the review of internal audit reports and reading minutes of meetings of those charged with governancc. Owing to the inherenl limitalions of an audit, ther¢ is an unavoidable risk Ihat we may not have delecled 50rnC malcrial mis5tat¢menls in the finanrial stal¢men15. evcn though we have properly planned and perfonned our audit in ar¢ordan¢¢ wilh auditing standards. For example. th¢ further r¢moved non-compliance with laws and regulations (irregularities) is from the events and transactions refl¢rted in th¢ financial statements. the less likely the inherently limited procedures reqUI￿d by auditing standards would identify it, In addition. as with any audit, there remained a higher risk of non-deteclion 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 expect¢d to delect non-compliance with all laws and regulations Use of our report This report is made solely to the charitable company's members. as a body, in accordance with Chapter 3 of part 16 of the Compani¢s Act 2006. and to the charitable company's trustees. as a body, in acrordanre with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state 10 the charitable Company's members and trustees those marters we are required to stat¢ to them in an auditor's report and for no oih¢r purpose. To the fullest extent p¢rmitted by law, w¢ do not #¢¢¢pt or a55ume responsibility to anyone other than the charitable company. the charitable company's member5 &9 a body and the ¢haritabl¢ company's trustees as a body. for our audit work. for this report, or for the opinions we have fomicd. Tara Westcott Senior Statutory Auditor For and on behalf of Crowt U.K. LLP Statutory Auditor Cheltenham Dale." 13 November 2025 21

BRE TRUST CONSOLIDATED STATEMENT OF FtNANCIAL ACTIVITIES (tNCORPORATING THE COMPANY rNCOME AND EXPENDITURE ACCOUNT) For the year ended 31 March 2025 Note Restricted Funds Unrestricted Funds Total Funds Restricted Funds Unrestricted Funds (restated) 2024 £'ooo Total Funds (restated) 2024 £'ooo 2025 £'ooo 2025 £'ooo 2025 £'ooo 2024 £'ooo Income from Charitable activities Other trading activities Interest receivable Total 950 61,016 2,354 484 63,854 61,966 2,354 484 64,804 351 57,044 1,868 662 59.574 57,395 1,868 662 59,925 950 351 Expenditure on Charitable activities (294} (58,097) (58,391) (353) (55,352) (55,705) Gainl(loss) on investhient property revaluation 713 713 (461) (461) Net income before lax 656 6,470 7,126 (2) 3,761 3,759 Taxalion (113) (113) Net incomtl (expenditure) 656 6,470 7,126 (2) 3,648 3,646 Transfers between funds Other recognised gainsl(losses) Gain on revaluation of fixed assets Actuarial gainl(loss) on defined benefit pension scheme 10 517 517 939 939 19 1.874 1,874 (5,723) (5.723) Net movement in funds 656 8.861 9,517 (2) (1,136) (1,138) Reconciliation of funds Tolal funds brought forward 16 407 3,952 4.359 409 5,088 5,497 Totsl funds earried rorward 1,063 12.813 13,876 407 3,952 4,359 The accompanying notes on pages 25 to 49 forrn an integral part of these financial statements. 22

BRE TRUST CONSOLIDATED AND COMPANY BALANCE SHEETS For the year ended 31 Ma￿h 2025 Note Group 2025 Group (restaled) 2024 £'ooo Charity 2025 Charity 2024 £'ooo £'ooo £'ooo Fixed assets Intangible assets Tangible assets Investrnents 12,674 18,563 9,235 40,472 8,185 19.317 10 36,024 5,000 5,000 Current As$e¢$ Debtors Cash 13 20,626 10,916 17,918 10.791 2,776 4.632 Creditors: amounts falllng due wlthln one year Net current issets 14 {21,556) (19.997) (232) (106) 9.986 8.712 2.544 4.526 Total assets less current IIAbllltles 50.458 44.736 7.544 9.526 Provisions for liabiliiies 15 {1,323} {1,856) Net assets excluding pensions liabilities 49,135 42,880 7,544 9,526 Defined benefjt pension scheme liability Iyet assets including pension liabilities 19 (35,259) 13,876 (38,521) 4,359 7,544 9,526 Funds of the Group Unrestricted funds: General fund Revaluation reserve Pension reserve 16 16 16 39,348 8,724 (35,259) 34,266 ,207 (38,521) 7,406 9,388 Restricted funds.. Other reserve 16 Income fund 16 1,054 398 l38 138 Total funds 13,876 4,359 7,544 9,526 The total income for the year of Ihe Charity dealt with in the financial statement5 was £50k (2024: £1,642k) and tolal expenditure was £2,032k (2024.. £35k). The a¢¢ompanying notes on pages 25 to 49 form an inlegral part of these financial statements. These financial staiements were approvcd by the Trustees on 4, November 2025. Philip Wilbraham Chairman Company Registration Number: 03282856 Charity Registration Number in England and Wales- 1092193 Charity Registration Number in Scotland: SC039320 23

BRE TRUST CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 Mar¢h 2025 Note 2025 £'ooo 2024 £'ooo Net cash from operating activities 17 4.964 7.178 Cash flows from investing activities Inlerest re¢¢iv¢d 484 662 Acquisition of tangible fixed assets Acquisition of inlangible fixed assets io (224) (5.099) (1,623) (6.513) Net Cash used by investlng Activili (4.839) (7.474) IncrtAsel(Decreast) In eAsh And cash equivalents in the year 18 125 (296) Cash And cash equivalents at the beginning of the reporting period 10.791 11,087 Cash 4nd ¢g$h equiv41en¢$ gt the end of the reporting perlod 10,916 10,791 The accompanying notes on pages 25 to 49 forni an inlegral part of these financial statements. 24

BRE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 l Accounting policies Charity informgtion BRE Trust is a company limited by guarantee in England and Wales {Tegistcred number 03282856) and is registered as a charity in England and Wales INO. 1092193) and in Scoiland (No. SCO39320). The registered office is Buckna115 Lanc, Garston, Watford. Hertfordshire. WD25 9XX. Basis of preparation Th¢ finan¢ial statements have been prepared in accordance with A¢counting 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)- (Charities SORP (FRS 102)). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. BRE Trust meets the definition of a public benefit enlity under FRS 102. Assets and liabililies are initially recognised ai historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). B4sls of consolidatlon The Group finan¢ial stht¢menls consolidate th¢ financial statements of the Charilable Company and its subsidiary undertakings drawn up to 31 Mar¢h each year. With th¢ exception of BRE China Ih¢ financial stst¢men15 of subsidiaries are prepared for the same reporting year as the Trust using Consisteni ¥counting poli¢i¢s. Even ihough BRE China has a 31 December reporting dale the consolidated accounts include its results for the 12 months to 31 March 2025. The acquisition method of accounting has been adopted. Under this method, the results of subsidiary undertakings acquired or disposed of in the year are included in the consolidated statement of financial activities from the date of acquisition or UP lo the dale of disposal. Details of the principal subsidiary undertakings are shown in note 12. Transactions or balances between BRE Trust Group entilies have been eliminated on Qonsolidalion and are not reported. Critical a¢¢ounting judgements and ¢$timation un¢ertainty Preparation of the accounts requires the Truslees and management to make significant judgements and eslimales which could differ from actual outcomes. The items in the financial $tatemenls where these judgemellt$ and estimat¢s have been made are: Revenue for provision of serrfices is recognised when it is probable that an economic benefit will flow to the entity and the revenue and costs can be reliably measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured using a percentage completion method. The provisions made in respect of bad or doubtful debts which is based on historical experience of our debtors and specific knowledge of individual bad debts. The assurnptions used lo value the defined benefit pension scheme obligations and other defined benefit plans, whi¢h are based on best estimates of the discount raie to apply and inflation raies. further details of which are sei out in note 19 to these financial statements, Impairnient and valuation of non<urrenl assets and the remaining useful life of assets which is based on fu￿re plans foT Ihe use of the hssets. Going concern BRE Trusiees have carefully reviewed the financial position of thc Trust and its subsidiaric5 taking account of ihe significant improvement in the level of reserves. excluding pcnsion impact. and the net income of £7.1rn generated in the financial year as well as its systems of financial and risk management. This review has in¢lud¢d a detailed analysis of the forecasts for the current financial year. as well as the budgets for 2027 and 2028 and th¢ ¢ashflow projections for the Trust and BRE Group. As part of this review the management team have undertaken an assessment of the different in¢om¢ streams in the business, id¢ntifying the risks to income by looking at where the rev¢nue 15 secure through committed contracts, where there are ongoing long-standing client relaiionships and where the revenue is more uncertain. 25

BRE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 l Accounting poli¢ies (tonL) Going toneern (cont.) The cost base has also been analysed to consider risk around inflation, high energy prices, staff related cost increases. The business plan has considered risks such a5 unc¢rtainties in the exiernal market including the energy crises made Worse by Ihe political climate of Ukraine and Russia. Details of the BRE Group's pension fund obligations are sel out earlier in this report and a clear strategy exists lo manage the deficit, which includes a deficit reduction plan designed get the scheme to self-sutTiciency by 2037. There continues to be day-to-day focus on working capital management and ¢ashtlow forecasts are reviewed on a regular basis. Thc overdraft facility with Bar¢lays Bank remains in place. This facility along with the cash held by the Group will ensure thai sufficient working ¢apitsl exists to fund the ongoing activities of BRE Trust and the Group over the next 12 months and in thc mcdium terni, The forecasts for the current financial year and the budgets for 2027 and 2028 have been set out as the base case for the organisation. They include the impact of known capilal expenditure as well as provision for some polcnlial risk5 of assets needing replacement. The r¢vi¢w has included sensitivity analysis around the main identified areas of income risk to ensure thal the Company would still be able io operate sustainably for the foreseeable future if these risks did materialise. Taking all this infom)ation together the Trustees therefore have a reasonable expectation ihat the organisation hAS sufficient resources to continue in operational existence for the foreseeable future and believe that there arc no malcrial uncertainties that call into doubt the ability of the Group 10 continue as a going concern. Income Incomc 15 re¢ognised when the Group has entitlement to the funds, any performance conditions attached to the item of income has been mel, and where it is probable Ihat the income will be received, and the amounl can be measured reliably. Income from government and other grants is recognised when the Group has cntitlement to the funds. any p¢rfomance conditions attached to the grants have been mel and where it is probable ihal the income will be received. and Ihe amount an be measured reliably. Profil is recognised on long tenn contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss accouni iumover reflecting the proportion of work completed to date on the project. Fund$ All funds of the Charity and the Group Are unreslriclcd funds. wilh the exception of a number of individual grant funded projects, which are reslricled. Unrestricted fund5 are available for the Trusiees io apply to research activities that are in accordanc¢ with the objects of th¢ Trust. Restricted funds are used for research governed by any ¢onditions accepted at the lime ihe funds are re¢eived. Expendilure All expenditure is accounied for on an accruals basis. Overheads and other costs not directly attributable to particular functional activity CAlegori¢s are apportioned over the relevanl categories on the basis of management estimaies of the amount attributable 10 that activity in the year on a basis con5islcnt with use of the rcsources. The irrecoveTable elcment of VAT is included with the item of expense to which it relates. Support costs are allocated to the different calegories of activities. This 15 based on a judgement of th¢ percentage the specific activity represenls in relation lo the total non-support expenditure. Support costs includ¢ processing and adrninistration, human resources, infornialion technology and facilities costs. Governance costs ar¢ included within support cosls and include strategi¢ planning costs for the Trust's future development, exiemal audit and all costs of complying with ¢onstitutional and staiulory requirements, such as costs of Board and Committee meetings and for Prep￿ing statutory financial statements and satisfying public accountability. Redundancy and settlement payments are rccognised at the leaving date of the member of staff and measured at the best estimate of expenditure required to Settle the obligation at the reporting date. 26

BRE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 l Accounting policies (conL) Operating Leases Operaiing leases and th¢ payments made under thcrn charged to the Statement of financial a¢tivitie5 on a 5traight-line basis over the lease term. The Group also lets some of lis property oh short terni le￿$ of five years or less which are classified as operating le&ses. Lease income is recognised on a straighi-line basis over the lease temi. Research And dev¢lopm¢nt All research expenditure is charged to the statement of financial activities in the period in which it is incurred. The development costs incurred in the creation of new software products and tools are capitalised under intangibles. Taxation BRE Trust is a registered charity and as such is enlitled to certain tax exemptions on income and profit from investments and surpluses on trading aclivities Ca￿led out in the furtherance of the Charity's primary objectives if these profits and surpluse5 are applied 501ely for charilable purpose5. Deferred lax is recognised on all liming differences between the carrying amounts of assels and liabilities in Ihe financial statements and the corresponding lax bases used in the compuialion of i￿able profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available lo allow all or part of the asset to be recovered. Deferred t￿ assets and liabilities are measured at the tax rates that are expected to apply in the period in which ihc liability is settled or the asset realised, based on t&x rates {and tax laws) that have been enacted or substanlively enacted by the end of the reporting period. The Trust's UK subsidiary ¢ompanies give all their taxable profits to the Charity. nornially resulting in no liability to corporation tax. TLX is payable by overseas subsidiaries in accordan¢e with local regulaiions. IntAngible g$set$ Purchased goodwill is capilalised and amortised over ils useful ¢¢onomic life, which is deterniined on a ¢ase-by-¢ase basis but does not exceed 5 years. Expenditure incurred in the developrnent or purchase of software and ihe purchase of licence agreements is capitalised and written off over the useful economic life of ihe asset and will not exceed 20 years. Tangible fixed assets and depreciation Tangible fixed assets are capitalised and slated at COSt or valuation less depreciation. The fair value of land and butldings is delerniined from a market-based appraisal undertaken by a professionally qualified valuer every two years and the latest full valuaiion was undertaken in the year ended 31 March 2024. Assets are reviewed annually for any impairnienl in value, and As a result of this review a desktop valuation w&$ undertaken this year. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life on a straight- line basis. as shown below: Leasehold Improvements Freehold buildings Plant and machinery Fixtures and fittings Motor vehicles 8 years 5-20 years 3-1 O years 7 years 3-10 years No depreciation is provided on freehold land. Investment property Property that is held for long-terni rental or 15 being developed for future rental 15 classified as investment property. The fair value of land and buildings is detennined by a market-based appraisal undertaken by a professionally qualified valuer every two years and the next full valuation will be undertaken in 2026. Changes in fair value are recognised in the Statement of Financial Activities. Assets are reviewed annually for any impaimient in value, and as a result of recent economic conditions. including turbulence wilhin the property market, a desktop valuation was commissioned io assist with the assessment of valuation at the year end. 27

BRE TRUST NOTES TO THE FINANCtAL STATEMENTS For the year ended 31 March 2025 l Aeeounling polici¢$ (cont.) Provi$iorts Provisions are recognised when iherc is a present legal or constructive obligation as a result of a past event, it is probable thal a transfer of economic benefit will be required to settle the obligalion and a reliable eslimalc can be made of ihe amount of the obligalion. Within provisions is an amount for enhan¢ed redundancy benefits where some employecs over 50 years of age Can translatc part of their redundancy enlitl¢menl into an annual compensation payment. A provision is made for the futyre amounls payable over th¢ ¢stimated life expectancy of the ex-employees. Cash Cash balances are part of the Group's working capital and are kept on ¢urrent a¢¢ount or short-temi deposit. Basi¢ fin#nci*l in$trum¢nts Debiors Debtors are recognised initially at transaction price less attributable transa¢lion ¢os¢s. Subsequent to initial r¢cognition they are measured at amortiscd cost Using Ihe effective interest method. less any impaiment losses. If the arrangement Constitutes a financial transaction. for example if payment is deferr¢d beyond nornial business lern)s, then it is measured at the present value of future payments discounied at a market rai¢ for ty similar debt instrument. Crediiors Creditors are recognised initially at iransaciion price plus attributable transaction costs. Subsequent to initial recognition they are measured at amorti5cd cost using the effective interest method. If the arrangement con5titules a financing transaction, for example if payment is deferred beyond nomlal business terms, then it 15 mcasured ai the present value of future paymen15 discounied at a market rale for a similar debt inslrumenl. Inveslmenls in siib3idiaries. joinily con¢rolled enlities and associales Jnvcsthients in subsidiaries. jointly controlled entities and associates arc ca￿led at cost less impaimient. Forelgn ¢urren¢i¢s Tr&n5a¢tions in foreign currencies are Iranslated al ihe exchange ral¢ ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated at Ihe rate of exchange rnling at the balance sheei date. Any exchange differences are dealt with through the Stalcmenl of Financial Activities. The statement of financTal activilies, assets and liabilities of overseas subsidiary undertakings are translated at the closing exchange rates. Gains and losses arising from the translation of opening balances and long-terni loans are taken to the Statement of Financial Aclivilies. Posl- retirement benefits Building Re5¢ar¢h Estsblishment Limited operated defined benefit pension schemes providing benefits based on final pensionable pay. The BRE Pension S¢heme was closed to fvture accrual at 28 FebTuary 2007 and the LPC Schcme at 31 March 2009. The two schemes were merged together during 2016 fonning the BRE and LPC Pension Scheme. The assets of th¢ s¢h¢me ar¢ h¢ld separately from those of the Trust and the trading subsidiarie5. Pension scheme asseis are measured using market values. Pension scheme liabilities are measured using a projected unit method and discounled al the ¢￿￿ent rate of retum on a high-quality corporate bond of equivalent terni and CLtrrency to the liability. During the year, il has come lo light Ihat the actuarial valuation of the defined benefit pension scheme, which is closed to future accrua15, undervalued the liabilities in the year ended 31 March 2021, due to a computalional error in the historical defined benefit obligation calculations. This has been re¢o8nised as a prior year adjustment, and the effects are detailed in Note 22 28

BRE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 l Accounting polieits (eonL) Post- retirement benefits The defined benefit obligations as at 31 March 2025 for this FRS102 valuation represent an update of the previou5 year's FRS102 liabilities with allowance made for benefits paid out to members for the year and price inflation over the year. All other experience is assumed to be in line with the assumptions at the start of the year. The pension scheme surplus (to the extent IhAt il is recoverable) or deficit is recognised in full. The movement in the scheme surplusldeficit is split be￿ten operating chirges, finan¢¢ items and, in Ihe statement of total recognised gains and losses, acruarial gains and losses. Building Research Establishmenl Limited also operates a defined ¢ontribulion pension scheme. The assets of the s¢heme are held separately from those of the Trust and its subsidiaries in an independently administered fund. The pension costs Charged against net income are the ¢ontribulions payable io the scheme in respect of the accounting period. 2 Income 2025 £'ooo 2024 £'ooo Advisory service5 on building perfonnance, construction and firc safety 14,138 13,806 Provision of third-paity assurance services Services delivered to government 46,878 43,238 950 351 61.966 57,395 Included in services delivered to government are amounts toialling £950k (2024: £35 Ik) whi¢h are government grants for undertaking research projects for which there are no unfulfilled ¢ondiiions. 3 Other trading income 2025 £'ooo 2024 £'ooo Other rental income 1.197 1,441 Other trading income T&K ¢redits 989 167 168 260 2.354 1,868 29

BRE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 4 Expenditure Charitable #etiviti¢s Commercial Aclivili¢s Advisory Setvices Third Paty Assurance Services to Government 2025 Total 2024 Total £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo Activities undertaken directly 1,328 8.586 28.468 577 38,959 33,024 Grant funding of aclivilies 32 32 25 Support cost5 660 4,276 14,177 287 19,400 22,656 864 An#ly$is of support Costs Commercial Activities Advisory Services rhird Party Assurance Services to Government 2025 Total 2024 Total £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo Legal and professional 244 1,581 5,243 106 7,174 5,451 IT 143 925 3,065 62 4,195 5,360 47 304 1,009 20 1,380 1,755 Markcting 66 426 1,411 29 ,932 1,934 Facilitics 149 966 3,202 65 4,382 4,893 Other 74 247 337 3,263 660 287 Included within Support costs are the following governance costs: 2025 £'ooo 2024 £'ooo Audilor's remunera¢ion.' Audit of Group and subsidiary financial statements Amounts receivable by auditor and a550ciate5 in respect of: Services relating to taxation Other servi¢¢s 112 93 15 15 14 15 Expenditure on research and development recognised as an expense tolalled £847k (2024: £937k). 30

BRE TRUST NOTES TO THE FtNANCIAL STATEMENTS For the year ended 31 March 2025 5 Staff costs and numbers 2025 £'ooo 2024 £'ooo Group staff costs during the period arnounted to.. Wagcs and salarics Social security costs Other pension ¢os¢s Operating costs of the defined benefii pension s¢heme 29,152 2.940 4.498 599 27.902 2.727 4.245 526 37.189 35.400 Included in other pension costs are contributions made by Building Research Establishment Ltd of £3.274k {2024: £3,068k) to the closed BRE and LPC defined benefit Pension Scheme. During the year redundancy and tern)ination payments totalling £244k {2024.. £134k) were made in agreement with the employees. who were provided with independent legal advice, to compensate them for loss of employment arising from their employment with the Group ceasin8. The executive team (who are considered key management personnel) consisting of 4 individuals were paid a total of £656k (2024.. 4 individuals were paid £687k). The avernge number of employees (including directors) during the year was as follows.. 2025 2024 Research staff Support staff 472 125 483 597 593 The number of regular employees whose pay and tsxable benefits exceeded £60,000 fell within the following bands.. Salary band 2025 2024 £60,000 - £69,999 £70,000 . £79.999 £80.000 - £89.999 £9Q,000- £99,999 £100.000 - £109.999 £I10,000- £119,999 £120,000- £129,999 £130,000- £139.999 £140,000 - £149,999 £150,000- £159,999 £160,000- £169,999 £180,000- £189,999 £200.000- £209,999 £210,000- £219,999 40 32 13 34 25 10 31

BRE TRUST NOTES TO THE FtNANCIAL STATEMENTS For the year ended 31 Mar¢h 2025 S Stsff costs and numbers {cont.) The iotal employer contributions in the year for provision of money purchase pension benefits for higher paid employees were £387k (2024.. £350k). The number of higher paid employees {i.¢. greater than £60k) lo whom pension bencfiis are accruing under money purchase schemes was 92 (2024.. 79). 6 Trustees, remun¢r•lion and expenses No Trustee earned any remuneration in either 2025 or 2024. Out of pocket expense5 incurred by 2 (2024: I) Trustees in th¢ furtherance of their duties are reimbursed at cost and totall¢d £657 (2024.. £84). The whole of this amount related to travel and out of pocket expcnses. 7 Other finanee costs 2025 £'ooo 2024 £'ooo Expected ieturn on pension scheme assets Interest on pension s¢h¢me liabilities Past service cost (incl. curtailments) 3.035 (4.843) (69) (1,877) 3.256 (4,608) (58) (1,410) 8 Tgxlltlon BRE Trust is considered to pass the tests sel out in Paragraph I Schedule 6 Finance Aci 201 O and therefore it meets the definition of a charilablc Company for UK corporation tax purp05¢5. Accordingly, Ihe Charity is poientially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part I I Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extenl that such in¢onie or gains are applied exclusively io charitable purposes. The tax charge for the period is lower than the standard rate of corporation tax tn the UK of 25Vo. The differences are explained below. 2025 £'ooo 2024 £'ooo Current tar UK corporation tax on profit for the year Adjustrnent in respe￿ of previous year 113 32

BRE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 8 Taxation (cont.) 2025 2024 £'ooo £'ooo Tay reconcilialion Profit on ordinary activitics before tax 7.126 3,759 Tax using the UK corporation rate of 25•/0 {2024: 25ty/0) 1,782 940 Expenses not deductible for tLx purposes 301 158 Other pennanent differences (382) R&D expenditure credits Gains on investment (42) (178) 136 (65) Depreciation in ex¢¢ss of ¢apital allowances Capital gain Gift aid 2.181 (639) 300 Consolidation adjustments Adjustments lo pension valuation Adjustment in respect of prior periods Deferred noi reco8nised 15 (1,125) (2,716) (666) Total ¢har8e 33

BRE TRUST NOTES TO THE FINANCEAL STATEMENTS For the year ended 31 March 2025 9 Intangible r￿ed 4s$et$ Group Sofhvare Assets under construction Other Intangibles £'ooo Total £'ooo £'ooo £'ooo Cost At l April 2024 3.176 7,616 497 11,289 Additions 3,118 1,981 5,099 Disp05als (12) (12) Transfers 5,649 (5,649) Ai 31 March 2025 497 AmortjSAtion At l April 2024 2.607 497 3,104 Charge for Ihe year 610 610 On disposals (12) (12) At 31 March 2025 497 Net book valuc At 31 March 2025 At 31 Mawh 2024 569 The Group had capitsl commitmcnts for software of £670k {2024.. £2.681 k). 34

BRE TRUST NOTES TO THE FTNANCIAL STATEMENTS For the year ended 31 March 2025 10 Tangible fixed assets Group Freehold 4ssets under Land and construction Buildings £'ooo Planl and Machincry Fixtures and Fitting5 £'ooo Motor Vehicles Total £'ooo £'ooo £'ooo £'ooo Cost At l April 2024 23,550 198 5,700 1,214 39 30,701 Additions 32 160 32 224 Disposals (1,638) (265) (1,903) Transfers {198) 198 Revaluation gain 517 517 At 31 March 2025 24,067 32 4,420 981 39 29.539 £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo Depreclation Al l April 2024 7,338 3.485 543 18 11,384 Charge for year 495 848 145 1,495 On Disposals (1,638) (265) (1,903) Ai 31 March 2025 7,833 2,695 423 25 10,976 Nel Book Value At 31 March 2025 16.234 32 1.725 558 14 18.563 At 31 March 2024 16,212 198 2,215 671 21 19,317 Freehold land is not depreciated. As at 31 March 2025. freehold land and buildings is held at the revalued amount of £16.2m. The comparable c05t and net book value at that date determined under the historical cost accounting rules would have been £9.2m and £7.6m respectively. A full valuation was perfomed on 31 March 2024 by Christian Glazier (MRtCS) of BNP Paribas Real Esiate. The valuation was prepared in accordance with Professional Standard 2 of the RICS Valuation - Global Standards 2021 effective 31 January 2022, the International Valuation Standards and ihe UK Nalional Supplement 2018. effective 14 January 2019. The value is the estimated amounl for which an asset or liability should ¢xchange on the valuation date between a willing buyer and a willing seller in an ami's-length transaction after proper mark¢lin8 and where the parties had each acted knowledgeably, prudently and without ¢ompulsion. The directors revalued the freehold land and buildings at 31 March 2025 following a desktop valuation undertaken by BNP Paribas Real Estates. All tangible fixed assets are used in the commercial trading organi5ations. The land and buildings let to third parties has been transferred to invcsthient properties. No tangible fixed assets are owned by the Trust. 35

BRE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 I l Fixed Assel inve$tment$ Group Investhient Properties £'ooo Charity Interest An subsidiary undertakings £'ooo At l April 2024 8,522 5.000 Gain on revaluaiion 713 At 31 March 2025 9.235 5.000 As al 31 March 2025. group investment properties were held at the revalued amount of £9.2m. The directors revalued the investment properties al 31 March 2025 following a desktop valuation undertaken by BNP Paribas Real Estates as delailed in note 10. 36

BRE TRUST NOTES TO THE F￿ANCIAL STATEMENTS For the year end¢d 31 March 2025 I l Fixed asset investments (cont.) The trading T¢sult$ of the operating subsidiaries of the Group gre: Building BRE Constructing Research Global Excellence Establishment Limitcd Limited Limited 2025 Ceequal Limilcd BRE China BRE Irelan 2025 2025 2025 2025 2025 £'ooo Summary profit and loss account £'ooo £'ooo £'ooo £'ooo £'ooo Turnover Operating costs Oiher operating income Gain on revaluation of investment property 17,133 {38,009) 25,618 47,141 (42.711) 264 {402) 44 (18) 441 (456) 378 (359) 713 Opcraling profitl(1055) Interest receivable Oiher finance costs Aciuarial gain on defined benefit pension Revaluation of land and buildings 5,455 434 (1.877) 1,874 4.430 {138) 26 (15) 19 517 Nel result 6,403 4,430 (138) 26 (15) 19 Taxation Retained in the subsidiary 6,403 4,430 (138) 26 (15) 19 Assets And liabilities o(the subsidiary Fixed assets Current assets Creditors falling due within on¢ year 37,000 21,166 (33,912) 4,453 32,616 (12,527) 198 (473) ,007 (44) 686 (1,471) 305 (332) Total assets less current liabilities 24,254 24,542 (275) 963 (784) (27) Provision for liAbilities Pension scheme liabilities Deferred grant (1.323) (35.259) ( i.000} Total funds (13,328) 24.542} (275) 963 {784) (27) 37

BRE TRUST NOTES TO THE FtNANCIAL STATEMENTS For the year ended 31 March 2025 12 Subsidiary and #ssociale undert*kings The undertakings in which the Group's interest at 31 March 2025 was more ihan 200/0 wer¢ as follows: Interest in Activity ordinary share capital Trading Companies: BRE Group Limited (02704081) IOOY• Management of subsidiary operations IOOO/o Advi50ry services and inforniation on building IOOO/o perforniance, construction and fire safety Testing and certification of materials and products. and certifieation of personnel. Buildings. process. systems and supply chains I OOYO Sustainability and training company Building Research Establishmeni Limited (03319324)° BRE Global Limited (08961297r Building Research E5tablishmenl Sh¢nzhen Limited (91440300358776938Y)' Ceequal Limited (04568928), I OOY(t Mcihodologies for suslainable infrastru¢ture projecis NIA Co-ordination of rnembcr led performance improvement ne¢work IOOO/o Testing and certification of materials and products, and certification of personnel. Building5, process, systems and supply chains Constru¢ttng (04641522). BRE Global Assurance (Ireland) Limited (602123)° Excellen¢¢ Limited Non-Trading Companies: BRE Certification (03548352), BRE Intemalional Limited {01915620)' BRE Canada lrtc (2279888). EFSG Limited (02971676) ' The Loss Prevention Certification Board Limited (01907862), Building Perfoman¢e Group Limited (01573939). BRE America Holdings Inc {5984258) IOOO/o NIA I OOO/o IOOYO Holding company * Held through Building Resear¢h Estsblishment Limited °Held through BRE Group Limited Held through BRE Global Limited Dorniant wmpany Company limited by guaraniee All of the subsidiaries and associates are registered in England and Wales with the exception of BRE America Holdings Inc. which is registered in the United States. BRE Canada Inc which is registered in Canada. Building Research Establishment Shenzhen Limited which is registered in China, BRE Global Assurance (Ireland) Limited which is regislered in Ireland. 38

BRE TRUST NOTES TO THE FINANCIAL STA TEl￿NTs For the year ended 31 March 2025 13 Debtors 2025 £'ooo Group 9.307 2,479 5,790 1,386 1,664 2025 £'ooo Charity 2024 £'ooo Group 8,115 .027 4.760 2.002 2.014 2024 £'ooo Charity Trade debtor5 Amounls rerovcrnble on contra¢ts Other debtors VAT and other t&xes recoverable Prepayments 20,626 17,918 14 Creditors: Amounts falling due wlthln one year 2025 £'ooo Group 2025 £'ooo Charity 2024 £'ooo Group 2024 £'ooo Charity Deferred in¢orne Trad¢ creditors Amounts due to group undertakin8$ Social security and other taxes Other creditors AccruF41s 11.734 2,828 8,312 4,108 218 81 ,276 1,049 4.669 1.812 974 4.791 14 25 21.556 232 19,997 106 Deferred income movement: Group £'ooo Charity £'ooo Balance at l April 2024 Amount released in the year Amount def¢￿ed in th¢ year 8.312 {7.360) 10,782 Balance at 31 March 2025 11.734 Deferred income arises where services have been invoiced but the perfomiance conditions in relation to part of the amount invoiced have not yel been met. 39

BRE TRUST NOTES TO THE FNANCIAL STATEMENTS For the year ended 31 March 2025 IS Provision for114bllltles Future amounts payable relating to: Fornier Directors. Future liabilities RestruC￿rIng Post retiremeni future liabilities Total £'ooo £'ooo £'ooo £'ooo Group.. At l April 2024 Utilised in the year Charge lo the Statement of Financial Activi¢ies 168 211 1.477 1.856 (14) (2) (211) (133} (173> (358) (175) Al 31 March 2025 152 ,323 The post retirement ￿tUre liabilities is a provision made to reflect a liability to make fvture payments to some ex. employees who were made redundant when over the age of 50 and have translated part of their entitlement into an annual ¢ompens8tion payment payable for life. Former dire¢lors' future liabilities is a provision made in respect of two previous directors of the Group who were provided with posl-reiirement benefi15 to match benefits received by other executives in the company who were on an enhanced executive category pension arrangernenl. The timing of the cash outlays in respect of these provisions is uncertain but should not exceed £135k in ihe next financial year. 40

BRE TRUST NOTES TO THE FtNANCIAL STATEMENTS For the year ended 31 March 2025 16 Reserv¢$ General Pension Fund Resetve Unrestricted Unrestricted Revaluation Reserve Unrestriered Totsl Other Income Total Unrestricted Reserves Reserve Restri¢ied Reserves Restricted Restricted Reserves Group At l April 2024 {reslated) £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo 34.266 (38.521) 8.207 3.952 398 407 Net income for the year 4.369 1.388 5,757 656 656 Gain on revaluation of tangible riK¢d assets 517 517 Actuarial gain re¢ognis¢d in defined benefit pension 1.874 1.874 Gain on revaluation 713 713 investment properties At 31 Mar¢h 2025 39,348 (35,259) ,724 12,813 ,054 1,063 41

BRE TRUST NOTES TO THE FNANCIAL STATEMENTS For the year ended 31 March 2025 16 Reserves (eont.) General Fund Pension Reserve (reslated) Unrestricted Unrestricled Unreslricled Revaluation Reserve Total Unrestricted (restated} Reserrfes £'ooo Other Reserve Income Reserve Total Restricted Reserves Restricled Resiricted Group At l April 2023 (restated) £'ooo £'ooo £'ooo £'ooo £'ooo 32.276 (34,456) 7,268 5.088 400 409 Net income for ihe year 2,451 1,658 4,109 {2) {2) Gain on revaluation of tangibl¢ fix¢d assets 939 939 Actuarial loss recognised in defined benefit pension (5,723) (5.723) Loss on r¢valualion of investment properties (461) (461) At 31 March 2024 (restated) 34,266 (38,521) 8,207 3,952 398 407 The general fund is the amount of unrestricted funds after allowing for lotal fixed assets, any commitments not recognised in the accounts and all designated funds. The revaluation reserve is the value of unrestri¢ied funds represented by the freehold land and buildings owned and used by the Group and its subsidiaries on an ongoing basis. Charity Unrestricted Funds £'ooo Restri¢ted Funds £'ooo Total Funds £'ooo A¢ l April 2024 9.388 138 9,526 Nel fund5 for the year (1,982) (1,982) At 31 March 2025 7,406 138 7.544 42

BRE TRUST NOTES TO THE FtNANCIAL STA TEMENTS For the year ended 31 March 2025 16 Res¢rvu {eonL) Charity Unrestricted Funds £'ooo Rcslricted Funds £'ooo Total Funds £'ooo At l April 2023 7,781 138 7,919 Net funds for the year At 31 March 2024 1,607 9,388 1.607 138 9.526 The net funds expended for the year of the Charity dealt with in the financial statements was £1,982k (2024.. surplus of £1,607k). Restricted funds are used lo promote sustainable approaches to relief, recovery and reconstruction after a natural disaster. Other restricted reserves relate to the PIA (payment in advance) on grant projects. Income restricted reserves relate to the accumulaled Siatement of Financial Activitics funds held by ihe individual Ttwst entity. Analysis of Group nel assels beh¥een funds General Fund Pension Reserve Revaluation Reserve Other Income Resiricied Restricted Res¢rv¢ Reserves Total 2025 £'ooo 2025 £'ooo 2025 £'ooo 2025 £'ooo 2025 £'ooo 2025 £'ooo Intangible Tangible Invcsthienls 12,674 12,674 9.830 8.724 18.563 9,235 8,932 (1,323) 9,235 9,986 (1,323) (35.259) Net current assets 1,054 Provisions Pension scheme liability (35,259) 39,348 (35,259) .724 1,054 13,876 2024 Comparative (restated) Analysis of Group net General assets between funds Fund Pension Reserve (restated) 2024 £'ooo Rcvaluation Reserv¢ Other Income Reslri¢led Restricted Reserv¢ Reserves 2024 2024 £'ooo £'ooo Total 2024 £'ooo 2024 £'ooo 2024 £'ooo Intangible Tangible Investments 8,185 8,185 ii,ioi ,207 19,317 8.522 .522 Net current as5et5 8,314 (1,856) 398 8.712 Provisions {1.856) (38,521) Pension scheme liability (restated) (38,521) 34,266 (38,521) 8,207 398 4,359 43

BRE TRUST NOTES TO THE FNANCIAL STA TEMENTS For the year ended 31 March 2025 17 Cash nows from oper4ting activiti 2025 £'ooo 2024 £'ooo Net income before tax Adjus¢menlsfor.' Interest receivable Depreciation and amortisa¢ion (Gain)/loss on revaluation of investmenl properties Taxation Pension and oiher finance costs Pension defi¢it funding conlribulion$ 7,126 3,759 (484) 2.105 (713) (662) 1,800 461 (113) 1,410 (3,068) 1,877 {3.265) Movement in worklng capl¢al: (Increa5eydecreas¢ in debtors Increase in ¢rditors (¢xc. t&xation) (Decrease) in provisions T￿￿tiOn paid (2,708) ,759 (533) (200) 1,629 2,305 (143) (200) Net cash from operating activilies 4,964 7.178 18 Analy519 of change in net funds At l April 2024 Cash flow At 31 Ma￿h 2025 £'ooo £'ooo £'ooo Cash at bank 10,791 125 10,916 Cash and cash equivalents 10.791 125 10,916 19 Pen$lons The Group esiablished a defined contribulion stakeholder scheme for employees who commenced employment after l January 2002. The Group contributes up to 50/0 of salary so long as the members do the same. However, members can contribute a higher amount if they wish to do so. Contributions to the stakeholder scheme amounting to £241 k (2024: £237k) were payable at 31 March 2025 and are included in creditors. The assets of the sLikeholder scheme are invested with Scottish Widows. The Group fornierly operated two funded defined benefit pension schemes. one for the employees who transferred from LPC (the LPC Scheme) and one for other employee5 of ihe TTUSt and it5 subsidiaries who commenced employment before 31 December 2001 (the BRE Scheme). The BRE Pension Scheme was closed to future accrual at 28 February 2007 and the LPC scheme at 31 March 2009. The two s¢hemes were merged together during the year ended 31 March 2016 foming the BRE and LPC Pension Scheme. Members of the BRE and LPC Pension Scheme have also been offered membership of the Groups defined contribution stakeholder scheme on ihe same ternis as other members. 44

BRE TRUST NOTES TO THE FfNANCIAL sTATEfv￿￿TS For the year ended 31 March 2025 19 Pensions (eont.) The acttlarial valuation of the pension scheme liability was understaled due to a computational error in the historical defined benefit obligation calculations in 2021 and this has led to the restatement of 2024 figures detailed ￿lOw. This has been shown as a prior year adjusthicnt and the effects disGlosed in Note 22. The pension cost for the year represents contributions payable by the Group lo the BRE and LPC Pension Scheme and amounted lo £3,274k (2024.. £3,068k). All the pension costs relate to unrestriclcd funds and have been allocated between activities based on the level of income for the year. The as5Cts of ihe defined benefit schemes are managed by Aon Fund Managers held separately from those of the Group, being invested with Ruffcr, Schroders, BGO, AIL and the DRC Fund. Managemeni charges of £599k (2024.. £528k} were incurred in respect of the BRE and LPC Pension Scheme. Contributions 10 this scheme amounting to £278k (2024: £268k) were payable at 31 March 2025 and are included in creditors. Monthly contributions to the schemes are dctemiined by a qualified actuary on the basis of triennial valuations using the projected unit method. Under a 'recovery plan, agreed with the pension trustees (and submitted to the Regulator) the deficit on the BRE and LPC Pension Scheme is partially secured by a direct charge over the Garston site in favour of the pension fijnd. The major assumptions used by the actuary were: Combined Scheme" 2025 /opa Combined Scheme 2024 %pa Combined Scheme 2023 Y•pa Rate of increasc in salaries 2.70 2.70 2.70 Discount rate for calculation of benefits 5.70 4.90 4.80 Inflation (RPI) 3.00 3.10 3.10 Inflation (CPI) 2.70 2.70 2.70 In valuing the liabilities of the pension fund at 31 March 2025, mortality assumpttons have been mode as indicated below. Th¢ assumptions relating to longevity underlying the pension liabilities at the balance sheet date are based on standard actuarial mortality tables and include an allowance for future improvemenls in longevity, The assumptions are equivalent io cxpe¢ting an individual, on retirement. to live for a number of years is follows.. The BRE and LPC Pension Schen CU￿ent pensioner aged 65.. 21.2 years (malc) and 23.6 year5 (female) Future retiree (aged 45) upon reaching 65.. 22.4 years (male) and 25. l years (female) The assumptions used by the actuary are the Group's best estimates chosen from a range of posslble actuarial assumptions which. due to the timescale covered, May not necessarily be borne out in practice. The asset valuations of the scheme at 31 March 2025 amounted to £56.703k (2024: £63.122k) for the BRE and LPC Pension Scheme. These amounts were sufficient to cover 620/0 (2024.. 620/• as restated) of the benefits that had accrued to members. 45

BRK TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 19 Pensions (eont.) The fair value of the 5¢h¢rne's assets, which are not intended to be realised in the short terni and may be subject to significant change before they are realised, and the present value of the scheme's liabilities, which are derived from cash flow projections over long years and thus inherently uncertain, were- 2025 2024 (restated) £'ooo £'ooo Present value of funded defined benefit obligations Fair value of assets (91,962) 56,703 (101.643) 03,122 Net deficit (35,259) {38,521) Movements in present vAlue of defJn¢d b¢rtefit obligation 2025 2024 (restaied) £'ooo £'ooo Al l April Interest on obligation Actuarial (gain) Benefit5 paid Past service cost (incl, curtailments) 101,643 4,843 (8.933) (5.660) 69 103,079 4.608 (894) (5,208) 58 At 31 March 91,962 101,643 lovemenls ITh fgir value of 999ets 2025 £'ooo 2024 £'ooo 63,122 3,035 (7,059) 3,265 (5,660) 68,623 3.256 (6,617) 3,068 (5,208) Expected return on a5scIS Actuarial (1055) I gain Contributions by employer Benefits paid At 31 March 56,703 63,122 Amounts recognised in the Consolidg¢ed Statement of Fin*n¢lg1 Aetivities 2025 £'ooo 2024 £'ooo Interest on defined benefit obligations Expected relurn on assets Past service cost (incl. curtailments) (4,843) 3,035 (69) (4.608) 3.256 (58) Resources expended (included in other finance cosis) (1.877) {1,410)

BRE TRUST NOTES TO THE FtNANCIAL STATEMENTS For the year ended 31 March 2025 19 Pen$ion$ (eont.) 2025 £'ooo 2024 £'ooo Actyal return less expecied return on assets Experience 8ain on liabiliiies Change in assumptions underlying th¢ present value of th¢ liabilities (7,059) 741 8,192 (6,617) (2,933) 3.827 Actuarial gainl(lo$s) 874 Assets Actual return on the scheme ass¢ts during the year.. 2025 £'ooo 2024 £'ooo Return on assets excluding int¢r¢st Interest income on assets (7.059) 3,035 (6,617) 3.256 Actual relum on scheme assets In relalion to Ihe FRS102 disclosure no defe￿¢d lax h45 been provided on the net deficit of Ihe scheme as no tax liabilities or benefils arc expected to arise for the foreseeablc fulurc. The Group expects to contribute approximately £3,331 k to ihe defined benefit scheme in the next financial year. 20 ￿19¢3 At 31 March 2025 the Group had future minimum lease payments under non-cancellable operating lease arrangements as follows= During the year £375k was re¢ognised as an expense in the Statement of Financial A¢tivities in respect ofoperating leases (2024= £384k} 2025 £'ooo 2024 £'ooo Plani ond machinery expiring: Not laler than one year Later than one year and not later than five years 68 67 80 143 148 210 47

BRE TRUST NOTES TO THE FINANCtAL STATEMENTS For the year ended 31 March 2025 20 Leases (continued) 2025 £'ooo 2024 £'ooo Land and Buildings expiring: Not later than one year Later than one year but not later than five years 302 276 826 331 633 1,102 At 31 March 2025, the Group had expected fuiure minimum lease receipts under non-cancellable operating leases follows.. Future anticipaled Les$or income 2025 £'ooo 2024 £'ooo Not later than one year Later than one year and noi later than five years Later ih4n five years 454 361 312 144 ,317 350 2,121 817 21 Related party IrAnsaction$ Truslecs and dir¢ctor5 Due to the nature of the TNst's operations and the ¢omposition of the Trustees (holding other executive and non- executive roles) from time-to-time transaclions will take placc wilh organisalions in which a member of the Trustees may have an interest. All transactions involving organisalions in which a member of the Trustees may have an interest are conducted al ami's length and in accordance with the Trust's financial regulations and normal sales or procurement procedures. Tru5tces are required lo complele a dcclaration of interest each year. There are no other related party transa¢tion5 that require disclosure. At 31 March 2025, there were inter¢ompany payables from the Trust amounting to £218k (2024.. payable5 from the Trust: £8 Ik) outstanding betw¢en the Trnst and it5 Subsidiaries. 48

BRE TRUST NOTES TO TTrtE FINANCIAL STATEMENTS For the year ended 31 March 2025 22 Prior year adjustment In the year ended 31 March 2025, it became apparent that the actuarial valualion of the pension schcme liability in 2021 was understated due to a computational error in ihe hislorical defined benefil obligalion calculations. The 2024 comparatives have been restated to take account of thi5 prior year adjuslrnent. The impacl of this adjustment rneans ihat profit and loss reserves at l April 2023 and 31 March 2024 have decreased by £4.5m. The effect of the change is detailed in the table b¢low.' Reconciliation of reserves Ar l April 2023 £'ooo At31 March 2024 £'ooo Reserves (as previously stated) Pension liability valuation- change in value Reserves (&$ restaied) 9.997 (4,500) 5,497 8,859 (4,500) 4,359 Reconciliation of 2024 total comprehensive income 2024 £'ooo 2024 net movement in funds (as previously stated) (Gain)/loss- movement 2024 net movement in funds (as restated) (1.138) {1,138) 49