##
##
||||||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|KG|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|whose benefits|(excluding employer|pension|||
|---|---|---|---|---|---|
|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|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|
##
|15.|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)|
|17.|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)|
##
##
##
##