2022-03-31-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	16
Balance sheets					17
Consolidated	statement		ofcash flows		18
Notes to the	consolidated		financialstatements		19-36

Patron			HRH The Duke ofGloucester	HRH The Duke ofGloucester	HRH The Duke ofGloucester	KG GCVO
President			Spencer de Grey CBE RA
Trustees			Richard Hill FCCA
			Klaus Bode
			Dr James Bradburne
			Antony Oliver
			Katy Ghahremani
			Susan Ann Allen MBE (Chair)			(appointed	14December 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 of Scotland		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

						2022	2021
Income from:						f	f
Legacies
Charitable activities						272,041	292,680
Other trading activities Income generated in subsidiary company						1,810,558	1,735,958
Investments						37,222	18,214
Total income						2,119,821	2,046,852
Expenditure on:
Charitable activities						705,433	535,044
Raising funds Expenditure incurred in subsidiary				company		2,003,324	1,674,041
Investment management	costs					39,062	34,873
						2,042,386	1,708,914
Total expenditure						2,747,819	2,243,958
Net gains/(losses) on investments						207,565	674,566
Net (expenditure)/income		before		taxation	and
other recognised gains and		losses				(420,433)	477,460
Taxation						54,026	6,947
Net (expenditure)/income		after	taxation		and
before other recognised	gains and			losses		(366,407)	484,407
Other recognised gains/(losses)
Actuarial gain/(loss) on defined scheme			benefit pension			373,000	(131,000)
Deferred tax relating to	pension		scheme			(24,300)	2,280
Net movement in funds						(17,707)	355,687
Reconciliation offunds
Total funds brought forward		1April 2021				4,063,464	3,707,777
Total funds carried forward		31	March 2022			4,045,757	4,063,464

				Notes	Consolidated	Consolidated
					2022	2021	2022	2021
					f	f	f	f
Fixed assets
Tangible assets				10	127,258	274,619		605
Investments				11	3,857,777	3,688,841	3,857,777	3,688,841
Investments	in subsidiaries			11	300	300	950,000	950,000
					3,985,335	3,963,760	4,807,777	4,639,446
Current assets
Debtors				12	925,910	848,350	384,343	403,858
Cash at bank	and	in	hand		1,283,945	1,924,665	575,580	939,687
					2,209,855	2,773,015	959,923	1,343,545
Creditors: amounts			falling
due within one year				13	(842,294)	(820,485)	(472,544)	(479,891)
Net current	assets				1,367,561	1,952,530	487,379	863,654
Total assets	less	current
liabilities					5,352,896	5,916,290	5,295,156	5,503,100
Deferred taxation					(2,139)	(7,826)
Defined benefit pension
scheme liability				17	(1,305,000)	(1,845,000)
Net assets					4,045,757	4,063,464	5,295,156	5,503,100
Funds
Unrestricted	funds			15	5,024,507	5,557,914	5,295,156	5,503,100
Defined benefit pension
scheme deficit				15	(978,750)	(1,494,450)
Total funds				15	4,045,757	4,063,464	5,295,156	5,503,100

Statement ofcash flows							2022	2021
							f
Net cash used in operating		activities					(710,482)	(107,441)
Cash flows from investing		activities
Investment income							37,222	18,214
Purchase oftangible fixed		assets					(16,054)	(23,002)
Proceeds from the sale of		investments					1,702,135	1,099,753
Purchase of investments							(1,6,63,506)	(1,066,654)
Net cash provided by investing			activities				59,797	28,311
Corporation tax received							9,965
Change in cash and cash equivalents				in the	year		(640,720)	(79,130)
Cash and cash equivalents		at 1April					1,924,665	2,003,795
Cash and cash equivalents		at 31March					1,283,945	1,924,665
Reconciliation of net income to			net cash flow from				2022	2021
operating activities							f	f
Net (expenditure)/income		for the reporting			period
as per the
statement offinancial activities							(420,433)	477,460
Adjustments for
Investment income							(37,222)	(18,214)
Depreciation charges							163,415	172,098
(Gains)/losses on investments							(207,565)	(674,566)
(Increase)/decrease in debtors							(63,486)	87,186
Increase/(decrease) in creditors							21,809	(32,405)
Pension gains recognised	in SOFA excluding
actuarial gain							(167,000)	(119,000)
Net cash used in operating		activities					(710,482)	(107,441)
Analysis ofcash and cash		equivalents					2022 f	2021 f
Cash at bank and on instant		access deposit accounts					1,283,945	1,924,665
Analysis ofchanges in net		debt				At 1April		At 31March
						2021	Cashflows	2022
						f	f	f
Cash and cash equivalents						1,924,665	(640,720)	1,283,945

come from	charitable activities
			2022	2021
			f	f
Educational	events and exhibitions		45,099	75,476
Provision of	space to built environment	organisations	226,942	217,204
			272,041	292,680

16due to	the	impact	of c	on	solidatio	n adjustments.
							2022	2021
							f	f
Income							2,246,935	2,169,639
Expenditure							(2,459,424)	(2 127285)
							(212,489)	42,354
Taxation							54,026	6,947
Charitable	donation		under		gift aid
Retained	in subsidiary						(158,463)	49,301
The assets	and	liabilities		of	The Building Centre Group Limited		consolidated within the balance sheet
are:
							2022	2021
							f	f
Assets							1,479,291	1,877,599
Liabilities							(475,917)	(524,462)
Defined	benefit pension			scheme		liability	(1,305,000)	(1,845,000)
Represented		by share capital and				reserves	(301,626)	(491,863)
Subsidiary	company		income analysis				2022	2021
							f	f
Income from
Provision	of	exhibition		and office		space	1,634,168	1,596,314
Information		services					121,462	140,315
Facilities	for	conferences,			talks and events, cafe income		172,848	4,736
Other							316,361	373,097
Coronavirus		job retention			scheme income		2,096	55,177
							2,246,935	2,169,639

osts ofcharit	a	ble activitie	s
				Direct:	Salary	Support	2022
				costs f	costs f	costs f	Total f
Educational	events and
exhibitions				284,390	183,696	115,333	583,419
Provision of	space to
built environment
organisations				109,200		12,814	122,014
				393,590	183,696	128,147	705,433
Support costs		have been	allocated	on a headcount	basis
					Events and	Provision	2022
					exhibition	ofspace f	Total f
Governance Management		and strategy and administration			83,270 32,063	9,252 3,562	92,522 35,625
Roof repairs
					115,333	12,814	128,147
Prior year comparative			figures	Direct	Salary	Support	2021
				costs	costs	costs	Total
						f	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
					Events and	Provision	2021
					exhibition	ofspace	Total
					f
Governance Management Roof repairs		and strategy and administration			32,514 31,981 24,450	1,712 1,684 1,286	34,226 33,665 25,736
					88,945	4,682	93,627

et (expenditure)/income	for the	ye	ar
				2022	2021
				f	f
This is stated after charging/(crediting):
Depreciation charge				163,415	172,098
Gain on disposal of fixed assets
Rentals payable under - Land and buildings	operating	leases		600,000	477,457
Auditors remuneration	for external		audit services
—Trust				7,675	6,850
—Subsidiary				12,000	10,800
Auditors remuneration	for non-audit		services
—Trust				1,350
—Subsidiary				4,750	21,050

orporation tax on charitable rofits, as set out below:	activities. T	he subsidiary compa	ny is liable to corporati	on tax on its
			2022	2021
			'f	f
Domestic current year tax UK corporation tax charge/(credit)			(48,339)	13,230
Adjustment for prior years
Total current tax			(48,339)	13,230
Deferred tax
Deferred tax (credit)/charge			(5,687)	(20,177)
(Credit)/Charge to statement	offinancial	activities	(54,026)	(6,947)

Employees and Trustees								2022	2021
								f	f
Salaries and wages Social security costs								827,651 88,763	797,899 84,685
Pension costs (including pension scheme)	operating		costs of defined			benefit		151,102	133,416
								1,067,516	1,016,000
The average number ofemployees,			calculated		on	an		2022	2021
average headcount, analysed		by function		was				Number	Number
Provision of exhibition	and office space and events
Information services
Facilities for conferences, talks and			events
Support services
								14	14
Number ofemployees whose contributions) fell within the		benefits (excluding employer following bands:					pension	2022	2021
								Number	Number
f60,000tof69,999
f70,000tof79,999
f80,000tof89,999 f90,000tof90,999
f100,000to f109,999

Tangible fixed assets
a) Con soli da ted	Property	Furniture	Total
	improvements	fittings and
		equipment
		f
Cost or valuation
1April 2021	3,243,920	620,877	3,864,797
Additions	2,265	13,789	16,054
31March 2022	3,246,185	634,666	3,880,851
Depreciation 1April 2021 Charge for year	3,101,387 94,199	488,791 69,216	3,590,178 163,415
31March 2022	3,195,586	558,007	3,753,593
Net book value
31March 2022	50,599	76,659	127,258
31March 2021	142,533	132,086	274,619
b) Trust		Furniture	Total
		fittings and
		equipment
		f
Cost or valuation
At 1April 2021 and 31March 2022		12,099	12,099
Depreciation
1April 2021		11,494	11,494
Charge for year		605	605
31March 2022		12,099	12,099
Net book value
31March 2022
31March 2021		605	605

Fixed asset investments	Fixed asset investments
							2022		2021
									f
a) Listed investments
Consolidated	and Trust
Market value
1April 2021 Additions							3,688,841 1,663,506		3,047,374 1,066,654
Disposals Realised and	unrealised	gains/(losses)			on revaluation		(1,702,135) 207,565	(1,099,753) 674,566
Market value	at 31 March		2022				3,857,777		3,688,841
Historical cost at 31March 2022							3,244,208		3,088,461
Listed investments
Fixed interest	securities						1,236,288		1,032,412
Equity shares Investment companies Other							1,339,120 91,778 974,087		1,510,543 86,948 855,118
							3,641,273		3,485,021
Cash awaiting	investment						216,504		203,820
Market value	at 31March		2022				3,857,777		3,688,841
The following	investments		in individual		holdings	at 31March 2022 represented a		material	holding in
the consolidated portfolio:
							Market value	Proportion
							at 31Mar 2022 f	of portfolio f
Ruffer SICAV	Fixed income		Z GBP Dis				566,331		14,7%
Ruffer Illiquid Multi Strategies LF Ruffer Gold C Acc				Fund 2015 Limited			327,036 220,173		8.5% 5.7%
Geographical	analysis						Market value at 31Mar 2022	Market value at 31Mar 2021
							f		f
In the United Outside the	Kingdom United Kingdom						1,308,878 2,548,899		1,071,808 2,617,033
							3,857,777		3,688,841

b) Unlisted investments	b) Unlisted investments	2022	2021
		f	f
Consolidated
f10rdinary shares		300	300
Unlisted investments	at cost	300	300

apital of each entity tatements.	is f100. The dormant subsid	iaries are not consolidated into t	hese financial
		2022	2021
		f	f
The Trust
f1Ordinary shares Preference shares		800,000 150,000	800,000 150,000
Unlisted investments	at cost	950,000	950,000
Cost
At 1April 2021		950,000	950,000
Disposa ls
Revaluation
At 31March 2022		950,000	950,000

12.	Debtors
						Consolidated		Trust
						2022	2021	2022	2021
						f	f	f
	Trade debtors					45,532	37,594	14,400	270
	Due from subsidiary			undertakings				101,801	173,815
	Other debtors					48,339	88,327		78,362
	Prepayments	and accrued income				505,789	371,879	268,142	151,411
						599,660	497,800	384,343	403,858
	Amounts falling		due	after one	year
	Deferred tax	asset —pension
	scheme
	deficit (see note		14)			326,250	350,550
	Total debtors					925,910	848,350	384,343	403,858
13.	Creditors
						Consolidated		Trust
						2022	2021	2022	2021
						f	f	f	f
	Amounts due	within		one year
	Trade creditors					294,769	302,547	259,398	267,362
	Due to subsidiary		undertakings			300	300
	Other creditors					19,153	16,529
	Other taxes and		social security			63,790	51,828	(17,682)	(18,356)
	Corporation tax
	Accruals					126,704	112,732	24,202	22,909
	Rental and exhibition			income	in
	advance					337,578	336,549	206,626	207,976
						842,294	820,485	472,544	479,891

Deferred tax	ation
		Consolidated		Consolidated
		2022	2022	2021	2021
		Pension	Accelerated	Pension	Accelerated
		scheme	Capital	scheme	Capital
		deficit	allowances	deficit	allowances
		f	f	f
Deferred tax asset
Balance at	1April 2021	350,550	(7,826)	348,270	(28,003)
Movement	in year	(24,300)	5,687	2,280	20,177
Balance at	31March 2022	326,250	(2,139)	350,550	(7,826)
Reserves
Consolidated
		General	Designated	Pension	Total
		funds	funds	deficit	unrestricted
					funds
		f		f	f
Unrestricted	funds at 1April 2021	3,557,914	2,000,000	(1,494,450)	4,063,464
Income and	gains	2,730,112			2,730,112
Expenditure	and losses	(2,747,819)			(2,747,819)
Transfers		(515,700)		515,700
Unrestricted	funds at
31March 2022		3,024,507	2,000,000	(978,750)	4,045,757

		General	Designated	Pension	Total
		funds	funds	deficit	unrestricted
					funds
		f	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

Reserves
Trust
		General	Designated	Total
		funds	funds	unrestricted
				funds
				f
Unrestricted	funds at 1April 2021	3,503,100	2,000,000	5,503,100
Income and	gains	1,136,551		1,136,551
Expenditure	and losses	(1,344,495)		(1,344,495)
Transfers
Unrestricted	funds at 31March 2022	3,295,156	2,000,000	5,295,156
		General	Designated	Total
		funds	funds	unrestricted
				funds
				f
Unrestricted	funds at 1April 2020	3,067,994	2,000,000	5,067,994
Income 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

he total offuture minimum	lease payments under	non-cancellable op	erating leases	is as follows:
	2022	2022	2021	2021
	Land and	Equipment	Land and	Equipment
	buildings f		buildings f
Within one year In two to five years	600,000 600,000	13,056 18,936	600,000 900,000	12,480 14,270
In over five years
	1,200,000	31,992	1,500,000	26,750

mpany is working with the Scheme trustees to manage the be eliminated by 2028.	Scheme deficit. The funding shor	tfall is expected
Value ofthe scheme assets and liabilities	2022 f	2021 f
Market value ofassets	4,045,000	3,759,000
Present value ofscheme liabilities	(5,350,000)	(5,604,000)
Deficit in scheme	(1,305,000)	(1,845,000)
Related deferred tax asset (see Note 14)	326,250	350,550

				2022	2021
Rate	used to	discount scheme liabilities		2.8%	2.1%
Rate	of increase to pensions		in payment	3 70/	3.2%
Rate	offuture	price inflation	—RPI	3.8%	3.3%
Rate	offuture	price inflation	—CPI	2.8%	2.3%

he life ex	pectancies used to de	termine benefit obligatio	ns are as follows:
			2022	2022	2021	2021
			Male	Female	Male	Female
Member Member	aged 65 (current life expectancy) aged 45 (life expectancy at 65)		21.2 22.2	23,4 24.3	21.2 22.2	23.4 24.3
Movements in the SOFA				2022 f		2021 f
Current	and past service cost			(15,000)		(12,000)
Interest	cost on scheme liabilities			(117,000)		(118,000)
Interest	income on assets in the scheme			80,000		76,000
Total pension loss recognised		in the SOFA		(52,000)		(54,000)
Actuarial	gains/(losses)			373,000		(131,000)
Deferred	tax relating to pension scheme			(24,300)		2,280
Total gains/(losses) recognised		in the SOFA		348,700		(128,720)

Pension costs (continued)
Movement in scheme assets, liabilities		and deficit	Present
		Fair value	value of
		ofassets	(liabilities)	(Deficit)
		f		f
At 1April 2021		3,759,000	(5,6o4,ooo)	(1,845,000)
Interest income on assets in the scheme		80,000		80,000
Interest cost on scheme	liabilities		(117,000)	(117,000)
Actuaria I gains/(losses)		84,000	289,000	373,000
Employer contributions	paid	219,000		219,000
Employee contributions	paid	3,000	(3,000)
Benefits paid		(100,000)	100,000
Current and past service	cost		(15,000)	(15,000)
At 31March 2022		4,045,000	(5,350,000)	(1,305,000)
The actual return on scheme assets for the year was a gain off84,000.
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,ooo)	(1,833,000)
Interest income on assets in the scheme		76,000		76,000
Interest cost on scheme	liabilities		(118,000)	(118,000)
Actuarial gains/(losses)		486,000	(617,000)	(131,000)
Employer contributions	paid	173,000		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)	(1,845,000)