2021-03-31-accounts - The Built Environment Trust

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					Page
Trustees and	trust Information
Report ofthe	trustees				2-11
Independent	auditors'	report			12-15
Consolidated	statement		offinancial	activities
Balance sheets					17
Consolidated	statement		ofcash flows		18
Notes to the	consolidated		financial	statements	19-36

Patron			HRH The Duke ofGloucester	HRH The Duke ofGloucester	HRH The Duke ofGloucester	GCVO
President			Spencer de Grey CBE
Trustees			Richard Hill FCCA
			Klaus Bode
			Dr James Bradburne
			Antony Oliver
			Katy Ghahremani
			William James Furber (resigned			25 April 2021)
Chief Executive			Colin Tweedy LVO OBE
Auditors			Saffery Champness	LLP
			71Queen Victoria Street
			London
			EC4V 4BE
Investment	managers		Ruffer LLP
			80Victoria Street
			London
			SW1E 5JL
Bankers			Royal Bank ofScotland		PLC
			Drummond House
			1Redheughs Avenue
			Edinburgh
			EH12 9JN
Charity number			1163419
Company	number		9631202
Principal office and registered		office	26 Store Street
			London
			WC1E 7BT

					Notes	2021	2020
Income from:						E	E
Legacies
Charitable activities						292,680	371,199
Other trading activities
Income generated in subsidiary company						1,735,958	2,512,474
Investments						18,214	32,896
Total income						2,046,852	2,916,569
Expenditure on:
Charitable activities						535,044	732,291
Raising funds
Expenditure incurred in	subsidiary		company			1,674,041	2,530,732
Investment management	costs					34,873	29,856
						1,708,914	2,560,588
Total expenditure						2,243,958	3,292,879
Net gains/(losses) on investments						674,566	165,972
Net income/(expenditure)	before		taxation	and
other recognised gains and losses						477,460	(210,338)
Taxation						6,947	12,002
Net income/(expenditure)	after	taxation		and
before other recognised	gains and		losses			484,407	(198,336)
Other recognised (losses)/gains
Actuarial (loss)/gain on defined		benefit pension
scheme						(131,000)	(54,000)
Deferred tax relating to	pension	scheme				2,280	(18,620)
Net movement in funds						355,687	(270,956)
Reconciliation offunds
Total funds brought forward 1 April 2020						3,707,777	3,978,733
Total funds carried forward 31		March 2021			15	4,063,464	3,707,777

			Notes	Consolidated	Consolidated	Trust
				2021	2020	2021	2020
				f	f	f	f
Fixed assets
Tangible assets Investments			10 11	274,619 3,688,841	423,715 3,047,374	605 3,688,841	3,025 3,047,374
Investments in subsidiaries			11	300		950,000	950,000
				3,963,760	3,471,089	4,639,446	4,000,399
Current assets
Debtors			12	848,350	946,486	403,858	501,447
Cash at bank and	in	hand		1,924,665	2,003,795	939,687	1,000,102
				2,773,015	2,950,281	1,343,545	1,501,549
Creditors: amounts due within one year		falling	13	(820,485)	(852,590)	(479,891)	(433,954)
Net current assets				1,952,530	2,097,691	863,654	1,067,595
Total assets less	current
liabilities				5,916,290	5,568,780	5,503,100	5,067,994
Deferred taxation			14	(7,826)	(28,003)
Defined benefit pension
scheme liability			17	(1,845,000)	(1,833,000)
Net assets				4,063,464	3,707,777	5,503,100	5,067,994
Funds
Unrestricted funds			15	5,557,914	5,192,507	5,503,100	5,067,994
Defined benefit pension
scheme deficit			15	(1,494,450)	(1,484,730)
Total funds			15	4,063,464	3,707,777	5,503,100	5,067,994

Statement ofcash flows					2021	2020
					f	f
Net cash used in operating		activities			(107,441)	(285,721)
Cash flows from investing		activities
Investment income					18,214	32,896
Purchase oftangible fixed	assets				(23,002)	(168,372)
Proceeds from the sale of	investments				1,099,753	1,219,170
Purchase of investments					(1,066,654)	(1,189,981)
Net cash provided by/(used		in) investing activities			28,311	(106,287)
Corporation tax paid						(66,974)
Change in cash and cash equivalents			in the year		(79,130)	(458,982)
Cash and cash equivalents		at 1April			2,003,795	2,462,777
Cash and cash equivalents		at 31March			1,924,665	2,003,795
Reconciliation of net income to net cash flow from					2021	2020
operating activities					f	f
Net income for the reporting period			as per the
statement offinancial activities					477,460	(210,338)
Adjustments for
Investment income					(18,214)	(32,896)
Depreciation charges					172,098	198,356
(Gains)/losses on investments					(674,566)	(165,972)
Decrease/(increase) in debtors					87,186	109,966
(Decrease)/increase in creditors					(32,405)	(32,837)
Pension gains recognised	in SOFA excluding
actuarial gain					(119,000)	(152,000)
Net cash used in operating		activities			(107,441)	(285,721)
Analysis ofcash and cash	equivalents				2021 f	2020 f
Cash at bank and on instant		access deposit accounts			1,924,665	2,003,795
Analysis ofchanges in net		debt		At 1April		At 31March
				2020	Cashflows	2021
				f	f	f
Cash and cash equivalents				2,003,795	(79,130)	1,924,665

			2021	2020
			f	f
Educational	events and exhibitions		75,476	153,839
Provision of	space to built environment	organisations	217,204	217,360
			292,680	371,199

16due to t	he	impact	of	con	solidation adjustments.
						2021	2020
						f	f
Income						2,169,639	2,969,474
Expenditure						(2,127,285)	(3,005,653)
						42,354	(36,179)
Taxation						6,947	12,002
Charitable	donation		under		gift aid
Retained	in subsidiary					49,301	(24,177)
The assets	and liabilities			ofThe Building Centre Group		Limited consolidated within the balance sheet
are:
						2021	2020
						f	f
Assets						1,877,599	2,088,557
Liabilities						(524,462)	(668,001)
Defined benefit pension				scheme liability		(1,845,000)	(1,833,000)
Represented		by share capital and reserves				(491,863)	(412,444)
Subsidiary	company		income analysis
						2021	2020
						f	f
Income from
Provision	of	exhibition		and office space		1,596,314	1,889,341
Information		services				140,315	186,034
Facilities	for	conferences,			talks and events	4,736	521,274
Other						373,097	372,825
Coronavirus		job retention			scheme income	55,177
						2,169,639	2,969,474

osts ofcharit	able activitie	s
			Direct	Salary	Support	2021
			costs	costs	costs	Total
			E	E	E	f
Educational	events and
exhibitions			86,042	266,131	88,945	441,118
Provision of	space to
built environment
organisations			89,244		4,682	93,926
			175,286	266,131	93,627	535,044
Support costs have been		allocated	on a headcount	basis
				Events and	Provision	2021
				exhibition E	ofspace E	Total f
Governance	and strategy			32,514	1,712	34,226
Management	and administration			31,981	1,684	33,665
Roof repairs				24,450	1,286	25,736
				88,945	4,682	93,627
Prior year comparative		figures
			Direct	Salary	Support	2020
			costs	costs	costs	Total
			E	f	E	f
Educational	events and
exhibitions			293,296	218,000	92,016	603,312
Provision of	space to
built environment
organisations			114,000		14,979	128,979
			407,296	218,000	106,995	732,291
				Events and	Provision	2020
				exhibition	ofspace	Total
				f	E	E
Governance	and strategy			23,033	3,750	26,783
Management	and administration			33,339	5,427	38,766
Roof repairs				35,644	5,802	41,446
				92,016	14,979	106,995

et income/(expenditure	) fo	r	the	ye	ar
										2021		2020
										f		f
This is stated after charging/(crediting):
Depreciation charge									172,098			198,356
Gain on disposal offixed assets
Rentals payable under	operating			leases
- Land and buildings									477,457			525,000
Auditors remuneration	for external				audit		services
—Trust										6,850		6,700
-Subsidiary									10,800			11,400
Auditors remuneration	for non-audit				services
—Trust
—Subsidiary									21,050			4,600
axation
he Built Environment	Trust	is	a registered				charity and is not liable		to United	Kingdom	income tax o
orporation tax on charitable			activities.			The subsidiary		company	is liable to corporation			tax on it
rofits, as set out below:
										2021		2020
										f		f
Domestic current year tax
UK corporation tax charge/(credit)									13,230			(23,195)
Adjustment for prior years												850
Total current tax									13,230			(22,345)
Deferred tax
Deferred tax (credit)/charge									(20,177)			10,343
(Credit)/Charge to statement			offinancial				activities		(6,947)			(12,002)

mployees and Truste	es
								2021	2020
								f	f
Salaries and wages								797,899	855,840
Social security costs								84,685	90,309
Pension costs (including			operating		costs	ofdefined benefit
pension scheme)								133,416	131,715
								1,016,000	1,077,864
n amount was paid during the year in respect							to termination	pay, but the amount	is not disclosed
ue to a non-disclosure		agreement			being	in place.
The average number	ofemployees,				calculated		on an	2021	2020
average headcount,	analysed			by function		was		Number	Number
Provision ofexhibition		and office space and events
Information services
Facilities for conferences,			talks	and	events
Support services
								14	18

Number ofemployees	(excluding employer
contributions) fell within the following	bands:	2021	2020
		Number	Number
f60,000tof69,999
f70,000tof79,999
f80,000tof89,999
f90,000tof90,999
f100,000tof109,999

Tangible fixed assets
a) Consolidated
	Property	Furniture	Total
	improvements	fittings and
		equipment
		f
Cost or valuation
1April 2020	3,228,023	613,772	3,841,795
Additions	15,897	7,105	23,002
31March 2021	3,243,920	620,877	3,864,797
Depreciation
1April 2020	3,012,601	405,479	3,418,080
Charge for year	88,786	83,312	172,098
31March 2021	3,101,387	488,791	3,590,178
Net book value
31March 2021	142,533	132,086	274,619
31March 2020	215,422	208,293	423,715
b) Trust		Furniture	Total
		fittings and
		equipment
		f
Cost or valuation
At 1April 2020 and 31March 2021		12,099	12,099
Depreciation
1April 2020		9,074	9,074
Charge for year		2,420	2,420
31March 2021		11,494	11,494
Net book value
31March 2021		605	605
31March 2020		3,025	3,025

Fixed asset investments	Fixed asset investments	Fixed asset investments
								2021		2020
								f		f
a) Listed		investments
Consolidated	and Trust
Market value
1April 2020								3,047,374		2,910,591
Additions								1,066,654		1,189,981
Disposals								(1,099,753)	(1,219,170)
Realised and	unrealised		gains/(losses)			on revaluation		674,566		165,972
Market value		at 31 March		2021				3,688,841		3,047,374
Historical cost		at 31March 2021						3,088,461		2,890,594
Listed investments
Fixed interest		securities						1,032,412		950,655
Equity shares								1,510,543		878,048
Investment companies								86,948		66,879
Other								855,118		857,504
								3,485,021		2,753,086
Cash awaiting		investment						203,820		294,288
Market value		at 31March		2021				3,688,841		3,047,374
The following	investments			in individual		holdings	at 31March 2021 represented a material			holding in
the consolidated		portfolio:
								Market value	Proportion
								at 31Mar 2021	of portfolio
								f		f
Ruffer SICAV	Fixed Income			Z GBP Dis				736,306		20.0%
Ruffer Illiquid		Multi Strategies			Fund 2015 Limited			462,456		12.5%
UK (Govt Of)	0.125% I/L		22/11/2065					185,005		5.0%
Geographical	analysis							Market value	Market value
								at 31Mar 2021	at 31IVlar 2020
								f		f
In the United		Kingdom						1,071,808		864,726
Outside the United Kingdom								2,617,033		2,182,648
								3,688,841		3,047,374

b)	Unlisted	Unlisted	investments
				2021	2020
				f	f
Consolidated
f1Ordinary		shares		300
Unlisted	investments		at cost	300

apital of ea tatements.	ch entity	is f100. The dormant subsid	iaries are not consolidated into	these financial
			2021	2020
			f	f
The Trust
f1Ordinary	shares		800,000	800,000
Preference	shares		150,000	150,000
Unlisted investments		at cost	950,000	950,000
Cost
At 1April 2020			950,000	950,000
Disposa Is
Revaluation
At 31March 2021			950,000	950,000

12.	Debtors
						Consolidated		Trust
						2021	2020	2021	2020
						f	f	f	f
	Trade debtors					37,594	54,618	270	3,819
	Due from subsidiary		undertakings					173,815	219,134
	Other debtors					88,327	23,195	78,362
	Prepayments and accrued income					371,879	520,403	151,411	278,494
						497,800	598,216	403,858	501,447
	Amounts falling	due	after one		year
	Deferred tax	asset		— pension
	scheme
	deficit (see note	14)				350,550	348,270
	Tota I debtors					848,350	946,486	403,858	501,447
13.	Creditors
						Consolidated		Trust
						2021	2020	2021	2020
						f	f	f	f
	Amounts due within		one year
	Trade creditors					302,547	255,939	267,362	201,927
	Due to subsidiary	undertakings				300
	Other creditors					16,529	17,103
	Other taxes and	social		security		51,828	84,660	(18,356)	(5,770)
	Corporation tax
	Accruals					112,732	85,742	22,909	23,547
	Rental and exhibition			income	in
	advance					336,549	409,146	207,976	214,250
						820,485	852,590	479,891	433,954

				Consolidated	Consolidated			Consolidated	Consolidated
				2021		2021		2020	2020
				Pension	Accelerated		Pension		Accelerated
				scheme		Capital	scheme		Capital
				deficit	allowances		deficit		allowances
				f		f		f	f
Deferred tax asset
Balance at	1April 2020			348,270		(28,003)	366,890		(17,660)
Movement	in year			2,280		20,177	(18,620)		(10,343)
Balance at	31March 2021			350,550		(7,826)	348,270		(28,003)
eserves
onsolidated
				General		Designated	Pension		Total
				funds		funds		deficit	unrestricted
									funds
				f				f	f
Unrestricted	funds at 1April		2020	3,192,507		2,000,000	(1,484,730)		3,707,777
Income and	gains			2,728,365					2,728,365
Expenditure	and	losses		(2,372,678)					(2,372,678)
Transfers				9,720				(9,720)
Unrestricted	funds at:
31March 2021				3,557,914		2,000,000	(1,494,450)		4,063,464
he consolidated		unrestricted	funds	includes a surplus	in	the limited	company	subsidiary,	excluding the
ension scheme deficit, which			totals	f52,587.
				General		Designated	Pension		Total
				funds		funds		deficit	unrestricted
									funds
				f		f		f	f
Unrestricted	funds at 1April		2019	3,542,843		2,000,000	(1,564,110)		3,978,733
Income and	gains			3,094,543					3,094,543
Expenditure	and	losses		(3,365,499)					(3,365,499)
Transfers				(79,380)				79,380
Unrestricted	funds at
31March 2020				3,192,507		2,000,000	(1,484,730)		3,707,777

Reserves
Trust
		General	Designated	Total
		funds	funds	unrestricted
				funds
				f
Unrestricted	funds at 1April 2020	3,067,994	2,000,000	5,067,994
Inca me and	gains	1,482,480		1,482,480
Expenditure	and losses	(1,047,374)		(1,047,374)
Transfers
Unrestricted	funds at 31March 2021	3,503,100	2,000,000	5,503,100
		General	Designated	Total
		funds	funds	unrestncted
				funds
				f
Unrestricted	funds at 1April 2019	3,242,153	2,000,000	5,242,153
Income and	gains	1,112,988		1,112,988
Expenditure	and losses	(1,287,147)		(1,287,147)
Transfers
Unrestricted	funds at 31March 2020	3,067,994	2,000,000	5,067,994

he total offuture minimum	lease payments under	non-cancellable op	erating leases	is as follows:
	2021	2021	2020	2020
	Land and	Equipment	Land and	Equipment
	buildings f		buildings f
Within one year	600,000	12,480	556,250	12,480
In two to five years	900,000	14,270	1,500,000	26,750
In over five years
	1,500,000	26,750	2,056,250	39,230

Value ofthe scheme assets and liabilities	2021	2020
	f	F.
Market value ofassets	3,759,000	3,112,000
Present value ofscheme liabilities	(5,604,000)	(4,945,ooo)
Deficit in scheme	(1,845,000)	(1,833,000)
Related deferred tax asset (see Note 14)	350,550	348,270

he principal actuarial assumptions on w	hich the valuation	ofthe scheme w	as based are set	out be	low:
			2021		2020
Rate used to discount scheme liabilities			2.1%		2.4%
Rate ofincrease to pensions in payment			3,2%		2.5%
Rate offuture price inflation —RPI			3.3%		2.6%
Rate offuture price inflation —CPI			2.3%		1,7%
he life expectancies used to determine	benefit obligations	are as follows:
		2021	2021	2020	2020
		Male	Female	Male	Female
Member aged 65 (current life expectancy)		21.2	23.4	21.1	23.3
Member aged 45 (life expectancy at 65)		22.2	24.3	22.2	24.2
Movements in the SOFA			2021 f		2020 f
Current and past service cost			(12,000)		(13,000)
Interest cost on scheme liabilities			(118,000)		(124,000)
Interest income on assets in the scheme			76,000		78,000
Total pension loss recognised in the SOFA			(54,000)		(59,000)
Actuarial (losses)/gains			(131000)		(54,000)
Deferred tax relating to pension scheme			2,280		(18,620)
Total (losses)/gains recognised in the SOFA			(128,720)		(72,620)

Pension costs (continued)
Movement in scheme assets, liabilities			and deficit	Present
			Fair value	value of
			ofassets	(liabilities)	(Deficit)
			f		f
At 1April 2020			3,112,000	(4,945,000)	(1,833,000)
Interest income on assets		in the scheme	76,000		76,000
Interest cost on scheme	liabilities			(118,000)	(118,000)
Act u aria I gains/(losses) Employer contributions	paid		486,000 173,000	(617,000)	(131,000) 173,000
Employee contributions	paid		3,000	(3,000)
Benefits paid			(91,000)	91,000
Current and past service		cost		(12,000)	(12,000)
At 31March 2021			3,759,000	(5,604,000)	(1845,000)
The actual return on scheme assets for the year was a gain off486,000.
Movement in scheme assets, liabilities			and deficit	Present
			Fair value	value of
			ofassets	(liabilities)	(Deficit)
			f		f
At 1April 2019			3,076,000	(5,007,000)	(1,931,000)
Interest income on assets in the scheme			78,000		78,000
Interest cost on scheme		liabilities		(124,000)	(124,000)
Actu aria I gains/(losses) Employer contributions	paid		(157,000) 211,000	103,000	(54,000) 211,000
Employee contributions		paid	3,000	(3,000)
Benefits paid			(99,000)	99,000
Current and past service		cost		(13,000)	(13,000)
At 31March 2020			3,112,000	(4,945,000)	(1,833,000)