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
#207
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