## ||||||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||||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||||Notes|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||Trust|| |---|---|---|---|---|---|---|---|---|---| ||||||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|||||||||| |10.|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| |11.|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| |15.|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)| |17.|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)| ## ## ##