## ||||||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||Trust|| |---|---|---|---|---|---|---|---|---| |||||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| |6.|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)| ## |9.|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|||||||||| ## |10.|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|||| ## |11.|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| ## |15.|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| ## ## |17.|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)| ## ## ## ##