2023-03-31-accounts - The Built Environment Trust

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					Page
Trustees and	trust Information
Report ofthe	trustees				2 - 14
Independent	auditors'	report			15 —18
Consolidated	statement		offinancial	activities	19
Balance sheets					20
Consolidated	statement		ofcash flows		21
Notes to the	consolidated		financial	statements	22-39

Patron			HRH The Duke ofGloucester	HRH The Duke ofGloucester	KG GCVO
President			Spencer de Grey CBE RA
Trustees			Richard Hill FCCA
			Antony Oliver
			Katy Ghahremani
			Susan Ann Allen MBE (Chair)
			Anna Moore (appointed	20September 2023)
			David Hughes (appointed	20	September 2023)
Chief Executive			Colin Tweedy LVO OBE
Auditors			Saffery LLP
			71Queen Victoria Street
			London
			EC4V 4BE
Investment	managers		Ruffer LLP
			80Victoria Street
			London
			SW1E SJL
Bankers			Roya I Bank ofScotia nd P	LC
			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	2023	2022
Income from:					E	E
Legacies
Charitable activities					208,290	272,041
Other trading activities
Income generated in subsidiary		company			2,232,181	1,810,558
Investments					54,891	37,222
Total income					2,495,362	2,119,821
Expenditure on:
Charitable activities					805,483	705,433
Raising funds
Expenditure incurred in	subsidiary		company		2,024,657	2,003,324
Fundraising expenditure					36,896
Investment management	costs				40,104	39,062
					2,101,657	2,042,386
Total expenditure					2,907,140	2,747,819
Net (losses)/gains on investments					(56,340)	207,565
Net (expenditure)/income	before		taxation and
other recognised gains and losses					(468,118)	(420,433)
Taxation					(18,905)	54,026
Net (expenditure)/income	after	taxation and
before other recognised	gains and		losses		(487,023)	(366,407)
Other recognised gains/(losses)
Actuarialgain/(loss) on defined benefit pension
scheme					455,000	373,000
Deferred tax relating to	pension	scheme			(159,750)	(24,300)
Net movement in funds					(191,773)	(17,707)
Reconciliation offunds
Total funds brought forward 1April			2022		4,045,757	4,063,464
Total funds carried forward 31March 2023				15	3,853,984	4,045,757

			Notes	Consolidated	Consolidated
				2023	2022	2023	2022
				6	f	f
Fixed assets
Tangible assets			10	9,567	127,258
Investments			11	3,360,324	3,857,777	3,360,324	3,857,777
Investments	in subsidiaries		11	300	300	950,000	950,000
				3,370,191	3,985,335	4,310,324	4,807,777
Current assets
Debtors			12	708,443	925,910	266,486	384,343
Cash at bank	and in	hand		1,250,358	1,283,945	401,202	575,580
				1,958,801	2,209,855	667,688	959,923
Creditors: amounts		falling
due within one year			13	(807,771)	(842,294)	(341,818)	(472,544)
Net current	assets			1,151,030	1,367,561	325,870	487,379
Total assets	less current
liabilities				4,521,221	5,352,896	4,636,194	5,295,156
Deferred taxation			14	(1,237)	(2,139)
Defined benefit pension
scheme liability			17	(666,000)	(1,305,000)
Net assets				3,853,984	4,045,757	4,636,194	5,295,156
Funds
Unrestricted	funds		15	4,353,484	5,024,507	4,636,194	5,295,156
Defined benefit pension
scheme deficit			15	(499,500)	(978,750)
Total funds			15	3,853,984	4,045,757	4,636,194	5,295,156

Consolidated statement ofcash flow	Consolidated statement ofcash flow	Consolidated statement ofcash flow	s
Forthe year ended 31March 2023
Statement ofcash flows							2023 f	2022 f
Net cash used in operating		activities					(516,989)	(710,482)
Cash flows from investing		activities
Investment income							54,891	37,222
Purchase oftangible fixed		assets					(12,602)	(16,054)
Proceeds from the sale of		investments					3,654,321	1,702,135
Purchase of investments							(3,213,208)	(1,663,506)
Net cash provided by investing activities							483,402	59,797
Corporation tax received								9,965
Change in cash and cash equivalents				in the	year		(33,587)	(640,720)
Cash and cash equivalents		at 1April					1,283,945	1,924,665
Cash and cash equivalents		at 31March					1,250,358	1,283,945
Reconciliation ofnet expenditure from operating activities			to	net cash flow			2023 f	2022 f
Net (expenditure)/income		for the	reporting		period
as per the
statement offinancial activities							(468,118)	(420,433)
Adjustments for
Investment income							(54,891)	(37,222)
Depreciation charges							130,293	163,415
Losses/(gains) on investments							56,340	(207,565)
Decrease/(increase) in debtors							37,910	(63,486)
(Decrease)/increase in creditors							(34,523)	21,809
Pension gains recognised	in SOFA excluding
actuarial gain							(184,000)	(167,000)
Net cash used in operating		activities					(516,989)	(710,482)
Analysis ofcash and cash		equivalents					2023 f	2022 f
Cash at bank and on instant access			deposit accounts				1,250,358	1,283,945
Analysis ofchanges In net		debt				At 1April		At 31March
						2022	Cashflows	2023
						f	f	f
Cash and cash equivalents						1,283,945	(33,587)	1,250,358

			2023	2022
			f	f
Educational	events and exhibitions		54,127	45,099
Learning			5,125
Provision of	space to built environment	organisations	149,038	226,942
			208,290	272,041

19due to	the	impact	of	con	solidation adjustments.
						2023	2022
						f	f
Income						2,613,724	2,246,935
Expenditure						(2,422,880)	(2,459,424)
						190,844	(212,489)
Taxation						(18,905)	54,026
Charitable	donation		under		gift aid
Retained	in subsidiary					171,939	(158,463)
The assets	and liabilities			of	The Building Centre Group Limited	consolidated within the balance sheet
are:
						2023	2022
						f	f
Assets						1,386,460	1,479,291
Liabilities						(554,897)	(475,917)
Defined	benefit pension scheme liability					(666,000)	(1,305,000)
Represented		by share capital and reserves				165,563	(301,626)
Subsidiary	company		income analysis
						2023	2022
						f	f
Income from
Provision	of	exhibition		and office space		1,890,738	1,634,168
Information		services				112,941	121,462
Facilities	for	conferences,			talks and events, cafe income	336,485	172,848
Other						273,560	316,361
Coronavirus		job retention			scheme income		2,096
						2,613,724	2,246,935

Costs ofcharitable	Costs ofcharitable	activities	activities
						Direct	Salary	Support	2023
						costs	costs	costs	Total
						f	f	f	f
Educational	events and exhibitions					303,505	162,793	155,261	621,559
Learning						12,895	30,539	43,374	86,808
Provision environment	of space to organisations			built		67,470		29,646	97,116
						383,870	193,332	228,281	805,483
Support costs have been			allocated		on	a headcount	basis.
						Events and		Provision of	2023
						exhibitions f	Learning f	space f	Total f
Governance	and	strategy				118,663	33,148	22,650	174,461
Management	and administration					36,598	10,226	6,996	53,820
						155,261	43,374	29,646	228,281
Prior year comparative			figures			Direct	Salary	Support	2022
						costs	costs	costs	Total
						f	f	f	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
							Events and	Provision	2022
							exhibition	ofspace F.	Total f
Governance	and	strategy					83,270	9,252	92,522
Management	and administration						32,063	3,562	35,625
							115,333	12,814	128,147

et (expenditure)/income	for the	ye	ar
				2023	2022
				f	f
This is stated after charging/(crediting):
Depreciation charge				130,293	163,415
Gain on disposal offixed assets
Rentals payable under	operating	leases
—Land and buildings				600,000	600,000
Auditors remuneration	for external		audit services
—Trust				8,950	7,675
—Subsidiary				13,940	12,000
Auditors remuneration	for non-audit		services
—TIUst				6,500	1,350
—Subsidiary				4,895	4,750

rofits, as set out	below:
				2023	2022
				f	f
Domestic current year tax
UK corporation	tax charge/(credit)			19,807	(48,339)
Adjustment for	prior years
Total current tax				19,807	(48,339)
Deferred tax
Deferred tax (credit)/charge				(902)	(5,687)
Charge/(credit)	to statement	offinancial	activities	18,905	(54,026)

Employees and Trustees	Employees and Trustees
								2023	2022
								f	f
Salaries and wages								762,045	827,651
Social security costs								81,102	88,763
Pension costs (including		operating		costs ofdefined benefit
pension scheme)								128,208	151,102
								971,355	1,067,516
An amount was paid during the year in respect						to termination		pay, but the amount	is not disclosed
due to a non-disclosure		agreement		being in place.
The average number	of employees,			calculated		on an		2023	2022
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
								13	14
Number ofemployees		whose	benefits (excluding employer				pension
contributions) fell within the			following bands:					2023	2022
								Number	Number
E60,000to E69,999
E70,000tof79,999
E80,000tof89,999
E90,000to f90,999
f100,000to f109,999

Tangible fixed assets
a) Consolidated
	Property	Furniture	Total
	improvements	fittings and
		equipment f
Cost or valuation
1April 2022	3,246,185	634,666	3,880,851
Additions		12,602	12,602
31March 2023	3,246,185	647,268	3,893,453
Depreciation
1April 2022	3,195,586	558,007	3,753,593
Charge for year	50,599	79,694	130,293
31March 2023	3,246,185	637,701	3,883,886
Net book value
31March 2023		9,567	9,567
31March 2022	50,599	76,659	127,258
b) Trust		Furniture	Total
		fittings and
		equipment
		f
Cost or valuation
At 1April 2022 and 31 March 2023		12,099	12,099
Depreciation
1April 2022		12,099	12,099
Charge for year
31March 2023		12,099	12,099
Net book value
31March 2023
31March 2022

Fixed asset investments	Fixed asset investments
									2023		2022
									f		f
a) Listed investments
Consolidated	and Trust
Market value
1April 2022 Additions									3,857,777 3,213,208	3,688,841 1,663,506
Disposals									(3,654,321)	(1,702,135)
Realised and	unrealised	gains/(losses)				on	revaluation		(56,340)		207,565
Market value	at 31 March		2023						3,360,324	3,857,777
Historical cost at 31March 2023									3,029,386	3,244,208
Listed investments
Fixed interest	securities								1,343,321		1,236,288
Equity shares Investment companies									607,322 474,611		1,339,120 91,778
Other									797,454		974,087
									3,222,708		3,641,273
Cash awaiting	investment								137,616		216,504
Market value	at 31 March		2023						3,360,324		3,857,777
The following	investments		in	individual		holdings		at 31March 2023 represented a		material	holding in
the consolidated portfolio:
									Market value	Proportion
									at 31Mar 2023	of portfolio
									f
Ruffer SICAV	Fixed Income 2			GBP Dis					1,002,284		29.89o
Ruffer llliquid Multi Strategies Fund 2015 Ruffer Protection Strategies International							Limited 2 GBP		292,041 249,625		8.79o 7.4%
Wisdom Tree Brent Crude			Oil		ETC				234,836		7.09o
Geographical	analysis								Market value at 31Mar 2023	Market value at 31Mar 2022
									f		f
In the United	Kingdom								636,030		1,308,878
Outside the	United Kingdom								2,724,294		2,548,899
									3,360,324		3,857,777

b) Unlisted investments	b) Unlisted investments	2023	2022
		f	f
Consolidated
f1Ordinary shares		300	300
Unlisted investments	at cost	300	300

				2023	2022
				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	2022			950,000	950,000
Disposals
Revaluation
At 31March 2023				950,000	950,000

12.	Debtors
						Consolidated		Trust
						2023	2022	2023	2022
						f	f	f	f
	Trade debtors					84,539	45,532	150	14,400
	Due from subsidiary			undertakings				85,480	101,801
	Other debtors					28,532	48,339
	Prepayments	and	accrued income			428,872	505,789	180,856	268,142
						541,943	599,660	266,486	384,343
	Amounts falling due			after one	year
	Deferred tax	asset —pension
	scheme deficit (see note 14)					166,500	326,250
	Total debtors					708,443	925,910	266,486	384,343
13.	Creditors
						Consolidated		Trust
						2023	2022	2023	2022
						f	f	f	f
	Amounts due	within		one year
	Trade creditors					248,719	294,769	183,087	259,398
	Due to subsidiary		undertakings			300	300
	Other creditors					19,043	19,153
	Other taxes and social security					66,106	63,790	(25,935)	(17,682)
	Corporation tax
	Accrua Is					169,034	126,704	29,666	24,202
	Rental and exhibition			income	in
	advance					304,569	337,578	155,000	206,626
						807,771	842,294	341,818	472,544

Deferred taxa	tion
				Consolidated				Consolidated
				2023		2023		2022	2022
				Accelerated Pension				Pension	Accelerated
				scheme		Capital		scheme	Capital
				deficit f	allowances f			deficit f	allowances f
Deferred tax asset
Balance at 1April 2022 Movement in year				326,250 (159,750)		(2,139) 902		350,550 (24,300)	(7,826) 5,687
Balance at 31 March 2023				166,500		(1,237)		326,250	(2,139)
Reserves
Consolidated
				General		Designated		Pension	Total
				funds		funds		deficit	unrestricted
									funds
				f			f	f	f
Unrestricted Income and Expenditure Transfers	funds at 1April gains and losses		2022	3,024,507 2,790,612 (2,982,385) (479,250)		2,000,000		(978,750) 479,250	4,045,757 2,790,612 (2,982,385)
Unrestricted	funds at
31March 2023				2,353,484		2,000,000		(499,500)	3,853,984
The consolidated		unrestricted	funds	includes a deficit	in	the limited	company subsidiary,		excluding the
pension scheme deficit, which			totals	f284,937.
				General		Designated		Pension	Total
				funds		funds		deficit	unrestncted
									funds
				f			f	f	f
Unrestricted Income and Expenditure Transfers	funds at 1April gains and losses		2021	3,557,914 2,730,112 (2,747,819) (515,700)		2,000,000		(1,494,450) 515,700	4,063,464 2,730,112 (2,747,819)
Unrestricted	funds at
31March 2022				3,024,507		2,000,000		(978,750)	4,045,757

Reserves
Trust
		General	Designated	Total
		funds	funds	unrestricted
				funds
				E
Unrestricted	funds at 1April 2022	3,295,156	2,000,000	5,295,156
Income and	gains	879,861		879,861
Expenditure	and losses	(1,538,823)		(1,538,823)
Transfers
Unrestricted	funds at 31March 2023	2,636,194	2,000,000	4,636,194
		General	Designated	Total
		funds	funds	unrestricted
				funds
				E
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

he total offuture minimum	lease payments under	non-cancellable op	erating leases	is as follows:
	2023	2023	2022	2022
	Land and	Equipment	Land and	Equipment
	buildings f		buildings f
Within one year In two to five years	600,000 600,000	8,596 10,340	600,000 600,000	13,056 18,936
In over five years
	1,200,000	18,936	1,200,000	31,992

e valuation. The company is working with the Scheme tru hortfall is expected to be eliminated by 2028.	stees to manage the Scheme defi	cit. The funding
Value ofthe scheme assets and liabfllties	2023	2022
	6	6
Market value ofassets	3,263,000	4,045,000
Present value of scheme liabilities	(3,929,000)	(5,350,000)
Deficit in scheme	(666,000)	(1,305,000)
Related deferred tax asset (see Note 14)	166,500	326,250

			2023	2022
Rate	used to discount scheme liabilities		4.890	2.89o
Rate Rate Rate	ofincrease to pensions offuture price inflation offuture price inflation	in payment —RPI —CPI	3.190 3.296 2.390	3.796 3.890 2.890

he life ex	pectancies used to determine benefit obligatio	ns are as follows:
		2023	2023	2022	2022
		Male	Female	Male	Female
Member Member	aged 65 (current life expectancy) aged 45 (life expectancy at 65)	21.2 22.3	23.5 24.4	21.2 22.2	23.4 24.3
Movements In the SOFA			2023		2022
			6		6
Current Interest	and past service cost cost on scheme liabilities		(148,000)		(15,000) (117,000)
Interest	income on assets in the scheme		115,000		80,000
Total pension loss recognised in the SOFA			(33,000)		(52,000)
Actuarial Deferred	gains/(losses) tax relating to pension scheme		455,000 (159,750)		373,000 (24,300)
Total gains/(losses) recognised in the SOFA			295,250		348,700

Pension costs (continued)
Movement in scheme assets, liabilities			and deficit	Present
			Fair value	value of
			ofassets	(liabilities)	(Deficit)
			f		E
At 1April 2022 Interest income on assets		in the scheme	4,045,000 115,000	(5,350,000)	(1,305,000) 115,000
Interest cost on scheme	liabilities			(148,000)	(148,000)
Actuarial gains/(losses) Employer contributions	paid		(998,000) 217,000	1,453,000	455,000 217,000
Employee contributions Benefits paid	pai		(116,000)	116,000
Current and past service		cost
At 31March 2023			3,263,000	(3,929,000)	(666,000)
The actual return on scheme assets for the year was a loss off998,000.
Movement in scheme assets, liabilities			and deficit	Present
			Fair value	value of
			ofassets	(liabilities)	(Deficit)
			E		E
At 1April 2021			3,759,000	(5,604,000)	(1,845,000)
Interest income on assets in the scheme			80,000		80,000
Interest cost on scheme		liabilities		(117,000)	(117,000)
Actuarial gains/(losses) Employer contributions	paid		84,000 219,000	289,000	373,000 219,000
Employee contributions Benefits paid		paid	3,000 (100,000)	(3,000) 100,000
Current and past service		cost		(15,000)	(15,000)
At 31March 2022			4,045,000	(5,350,000)	(1,305,000)