Reglstered Company No. 9631202 Reglstered Charlty No. 1163419 The Built Environment Trust Trustees, Report and Con501idated Financlal Statements For the year ended 31 March 2024 19 31
The Bullt Environment TTU5t Contents Page Trustees and trust Information Report olthe trustees 2-14 Independent auditor5, report 15-18 Consolldated statement of financial attlvities 19 Balance sheets 20 Consolidated statement of cash flows 21 Notes to the consolidated financial statements 22-39
The Built Environment Trust Trnstees and trust infomiation Year ended 31 March 2024 Patron HRH The Duke of Gloucester KG GCVO President Spencer de Grey CBE RA Trustees Antony Oliver Katy Ghahremani Susan Ann Allen MBE (Chairl Anna Moore David Hughes Oyinkansola Onile-Ere lappointed 20 December 20231 Sara Lipscombe-Nott lappointed 20 December 20231 DT Richard Robinson (appointed 20 December 20231 Valery lane Goddard (appointed 20 December 20231 Anna Reiter (appointed 19 June 20241 Chlef Execut5ve Colin Tweedy LVO OBE Auditors Saffery LLP 71 Queen Vittoria Street London EC4V 4BE Investment marha8ers Ruffer LLP 80 Victoria Street London SWIE 5JL Bankers Royal Bank of Scotland PLC Drummond House l Redheughs Avenue Edinburgh EH12 9JN Charlty number 1163419 Company number 9631202 Principal offlce and registered office 26 Store Street London WCIE 78T Page I
The Built Envlronment Trust Report of the Trustees Year ended 31 March 2024 The Trustees have pleasure in presenting their Report together with the financial statements for the year ended 31 March 2024. STRATEG5C AND FINANCIAL OVERVIEW This financial year has been one of tr3nsition, as the Trust enters the first full year of delivery on its new strategic plan. Transltional plans for the Trust are set to be operationalised over the arc of the next three vears, which will See both a step change in income generation, as well as a refocusing of the Trust's type and scale of charltable activities. Presently, the Trust remains on track to achieve it5 plans. Thi5 year. charitable delivery ha5 been focused on the learning programme, seeing the initial development of the programme and its early projects funded out of reserves. The Trust is further focusing its efforts on expanding programmes and growing and diversifying sources of income. The Trustee5 note that running an operational deficit is only sustainable in the short term and have implemented a fundraising strategy accordingly. Since the year end, actions have been taken to secure trust and foundation funding for the Trust'5 learning projects. Recruitment of a Development Director is planned to bolster grant income with commercial sponsorship and contributions from high-net-worth individuals. The Trustees recogni5e the thallenging fundraising environment for charitie5 acros5 the UK and remain committed to growing the Trust'5 reputation and track record by developing its charitable pro8ramme5. as the Trust Seeks to further grow and expand its reach and impatt. OBJECTIVES AND ACTIVITIES The Built Environrnent Trust supports people to build a better world. Our vlslon OUT vision is to transform our man-made ecosystern to Smprove the day-to-day life, he31th and well-being of all, and to raise aspiration5. Our mlsslon Our mi5siori Is to inspire, connect and empower people to improve the quality Df our built environment. We recognise that the bullt environrnent shapes lives and communities and we are committed to involving all members of society as knowledgeable and actlve voices in determining how we construct our future. Our purpose Our purpose is to work with specific communities where our work has tangible benefits. and where our attion recognises the need and addresses the problem5. We will bring together relevant stakeholders and strategic partners to find solutions to the problems. Who we are The Built Environment Trust 15 a charity which promote5 and delivers education in relation to the bui environment. Our aim is to improve the quality of the built environment by inspiring and educating people. both professionals and the general public, about its value to their live5 and by supporting knowledge and practice in the world of building. The Built Environment Trust is an organisation which helps lead thought and action in respect to the built environment, to foster improved and sustainable practices for long term ehange. Page 2
The Built EnvlronmentTrust Report of the Trustees Year ended 31 March 2024 oBJEIVEs AND ACTIVITIES corhtinuèd What we do The Built Environment Trust operates the Building Centre, a public exhibition centre. It has been home of the built environment Since 1931. The Trust aims to advance under5tandlng of quality in the built environment, physically and online, working with the leading partner5 acr05S the Construction industry and related areas. We achieve our objective5 through a variety of activities and through partnership or support of other5. Our activities include.. Learning programrne for Schools, families and communities Exhibitions and events Lectures and seminars Encouraging and providing facilities for di5cusslon and debate Providing facilities for those working in the built environment industry We gratefully acknowledge the assistance we received frorn external advisers and experts, and from companies and individua15 who Made voluntary contribution5 of time and tnaterials. ACHIEVEMENTS AND PERFORMANCE The year ended 31 March 2024 has been one of transition, part of the strateglc vlsSon. where the Trust has oved Its focus to the learning programme. Concentrating on this core activity has enabled fundraising proce55e5 to be built into the Trust, which look to yield returns in the next financial year. The Built Environment Trust's Investment in BE Learnlng The first full year of the Learning programme has delivered a wide range of engagement actwities and pilot opportunitie5, Carving a unique place in the built environment arena. We have a strong outcome-based programme 80ing forward and have been working with a fundrai51ng consultancy on a line of funding applications for our schools programme. Building Blocks. Securing trust and foundatlon funding for the learnlng projects is the first st3ge of our income diversification strategy, building reputation, high qualitv delivery and track record in securing donations. In the year ended 31 March 2024, learning activities engaged with 2,747 people, cornpared to 596 in the year before. This breaks down as 2,109 children and 638 adults. Of these people, 1,651 took part in outreach attivitie5 and 1,096 visited the Building Centre fortheir activity. Our two main offers for primary schools have focused on sustainability IBuilding a New Worldl and feelings of belonging and connection to where we live (Little Investigator51. Building a New World reached 971 pupils and teachers, including one Home Education group and ne SEND school. Feedback from teachers wa5 very p051tive'. 94% 'agreeing' or 'strongly agreein8' the session encouraged pupils to think about how to solve real world problems. "It definitely ruised oworeness about things thot ure not direttly covered in school." Teacher Page 3
The Built EnvlronmentTrust Report of the Trustees Icontinuedl Year ended 31 March 2024 ACHIEVEMENTS AND PERFORMANCE contlnued The Built Environment Trust'5 investment in BE Lèarnlng contlnued Little Investigator5 worked with450 puplls across 10 schools. Pupils and teachers both gave good feedback.. Teachers rated the project very highly, with 100% saying they would recommend the project to another teacher. Pupils. comments included.. "I liked the walk, Nt wus coolpaying (rttention to things in the area." Image.. children sketching Barking Town Hall In November 2023 the Trust collaborated with Tim Gill, a global expert on and advocate for chlldren's plav. to organise a conference 'Towards a child-friendly London, the people making it happen" The conferenee was attended by 60 profe55iona15 interested in children in the built environment. Presenters included politicians, developers, architects, planners and play experts. The conference was 3n extension of learning from our learning programrne and a pilot into testing the Trust's role as a convenor to facilitate change. Alongside these specific initiatives. we have contlnued to deliver one-off events and activities with exciting partners and for a wider range of audience5 who match our aims, extending our reach and delivery. This includes partner events with RIBA, alongside family days, school holiday activities and summer courses for university students. as well as hosting the Thornton Education Trust Award5 forthe second year. The Built Environment Trusvs Investment in BE Projects We commissioned architect firm IF DO to work with us to develop a concept for delivering high Impact community engagement project5. We delivered two sprints this year and IF DO has created a 5Ulte of documents including reports on outcomes and How-to-Guides for future engagements. The two 5print5 we delivered were well received with both new audiences and partners being reached. We targeted our participants carefully, to expose new voices and document their needs. Our first sprint focused on belonging and local area provision for young people. We partnered with M3yesbrook Park school la Pupil Referral Unit for children permanently expelled from mainstream schoo151. Our second sprint was a partnership with Universlty of the Arts and Stockwell Park Housing Estate. We worked with local resldents on the estate on how they would Ilke to improve access to greenery on their doorstep. Page 4
The Built Envlronment Trust Report of the Trustees Itontlnuedl Year ended 31 Marth 2024 ACHIEVEMENTS AND PERFORMANCE continued The Bullt Environment Trust'5 investment In BE Projects continued Both Sprints received great feedback from participants and partners and the How-to-Guides produced at the end of the project are clear resources which can be used by a range of audiences. Critically for the Trust, the project provided us with the tools to better engage with new audiences and stakeholders, supporting our transition into focusing on greater beneficiary delivery. The Built Environment Trust's Investment in exhibitions Throughout the year the Trust has worked with partners to deliver a broad range of exhibitions in the Window Gallery at the Building Centre. The built environment has many pressing i5sue5, and the breadth of the exhibltlons programme looks to showcase the most pertinent. All our exhibitions are open to the public and are free to access. Our exhibition5 included.. GmmerHuor- Planning o Villuge to grow sustsinubty- we partnered with the Klng s Foundution The exhibition showcased the Gramer Haor Co-Lab which was designed to explore ways to support the sustainable growth of Kazirgaon village in Bangladesh. The co113boration used the Rapid Planning Toolkrc developed by the Kintys Foundation which is designed to guide a multidisciplinary approach in the inclusive planning and design of rapidly growing towns and cities. Build Learn Connert- we portnered with Matt+Flono The exhibition offered a behind-the-scenes look Into Matt+Fiona's Build, Learn and Connect process. Children were encouraged to sit at the tables and engage in the design activities. In the window space there was a recreation of the studio, full of children's models and prototypes for system5 that enable young people to build a sp3ce in a week. She 8uilds UK- wepartrtered wlth Nell Perry Photoqn7phy The exhibition centred around using portrait photography, to create role models of those women already working in construction, for younger females, as well as documenting the current status of the sector. Design Future London- we portnered with the Muyorof London SPIRED - The Mayor of London and partners presented an exhibition on the Design Future London design challenge for young Londoners aged between 5 and 24. This wa5 an open design competition for young people to design a solution around a built environrnent opportunity in their local area. The exhibition showcased the work completed for Year 2 of the challenge and provlded a platform to launch Year 3 with workshops and seminar5. r.1 Page 5
The Bullt Environment Trust Report of the Trustees Icontinuedl Year endèd 31 March 2024 ACHIEVEMENTS AND PERFORMANCE continued The Built Environment Trust's investment in exhibitions tontlnued Retrofit 23: Towards Deèp Retrofit of Homes at Scale This year saw the Trust's trading subsidiary engage in a new 5trategv, which combines exhibitions and talk5 on key challenges in the built environment specifically net-zero ambition5, climate resilience and housing in the UK. Thi5 supports the Tru5Vs ambitions to convene and showcase solutlOn5, providing 3 platform for the construction industry to use. 11 Retrofit 23 wa5 the inaugural PTogramme which looked at how the UK achieve residential retrofitting at scale and focused on how Improving the performance of a horne brings economic, social and environmental benefits. Sustainability is one of the greatest challenges for the built environment, growing concern for industry, bu5ines5 and consumer5 and one of the greatest problems identified by the United Nations- see below. Q Chri3 J(7eLvo The exhibition ran for five months in the Main Gallery. An events programme explored the fartor5 necessary to achieve an accelerated delivery of domestic retrofltting at different sc3les. ranging from national, rnunicipal, and neighbourhoods, a5 well as private dwellings. PLANS FOR FUTURE PERIODS We are developing our programme5 to inspire, connect and empower people to improve the quality of our built envlronment. We will deliver our rnis5ion by committing to a public prograrnme of work using the United Natlons. Sustainable Development Goals ISDGI as our framework. Specifically, SDG 11- Sustainable Cities and Cornmunities-will act as a guide to inforrn Strategy. outcomes and impact. As with any charlty, financial and human resources aligned with one'5 mission and vision are Critical for success. We will be adding a lead on fundraising to our team at the beginning of 2025; this will be to capitalize on the applications we have already made and leverage existing activities with new income streams. We will develop new programmes, deepening our impact, that complement and expand on the existing programmes outlined in the Achievements and Performance section of the Trustees Report. Trustee5 have agreed Heads of Terms for a new lease wtth our landlord, the Corporation of London, commenclng in October 2025, that Secures our home here in Store Street. Page 6
The Bullt Environment Trust Report of the Trustees Icontinuedl Yeaf ended 31 March 2024 PUBLIC BENEFIT The Trustees have complied with the duty in Section 4 of The Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. The activlties undertaken by the Trust are availèble to the public and to persons interested in the field of the built environment. A11 exhibitions held at the Building Centre are free of charge. Charges are made for certain seminars and event5, but these charges are not at a level where it is considered that they would prevent acce55 to anyone wishing to attend and the majority of talks are free to enter. The Trust supports nurnber of other organisations in order to make free acce5S to events tsf benefit to the built environment. We also offer online event5 and virtual tours of our main exhibitions to increase accessibility for all, free of Charge. In this way, the Trust is providing public benefit in the field of education in accordance with its charitable objective5. TheTru5t accepts that certain of it5 projects are of a Specialist nature but these are well balanced by more general programmes such as its support to greater public acce5S to exhibitions of the Building Centre. The Trust is keen to continue to be inclusive in PTomoting education to the largest number of individuals and organisatlons possible. FINANCIAL REVIEW Flnancial context In the year to 31 March 2024. income streams from the operation of The Building Centre have continued to increase. However, the pressure on profitability remains and is increased further by rising costs, affecting both Trust and Company. The flnancial environment15 verychallenglng forthe Trust as itseeksto fundraise for its planned programme of attivitie5 to 5UPPOrt greater diversification of the income portfolio. Strong financial management 15 being applied to all di5cretlonary expenditure across the organlsation, ensuring that only strategic activities which support diversification are actioned. New operating proce55e5 have been developed to build in financial planning with progTarnme treation, to facilitate trust and foundation applications and support business planning. OveNiew of consolidated Statement of Flnancial Artivities Ipagè 191 The Built Environment Trust has a wholly owned subsidiary, the Building Centre Group Ltd, which undertakes both charitable and commercial activities. The subsidiary's income and expenditure are shown separately in the consolidated Staternent of Financial Activities ISOFAI. The income and expenditure from charitable activlties in the SOFA, relates solely to Trust activities. Page7
The Bullt Environment Trust Report of the Trustees Icontinuedl Year ended 31 March 2024 FINANCIAL REVIEW contlnued Overview of consolldated Statement of Financial Activltles Ipage 191 continued In the year ended 31 March 2024 the total consolidated income was £2,606,526, an increase of 4% from last year's total of £2,495,362. Consolidated income 3,OW,( 2.500.( 2,000,(M)O 1,500,(N)O 1,000,000 500,000 Income from Income generated Incoffle frorr investments Total income company 2023124 •2022123 In the year ended 31 March 2024, the total consolidated expenditure was £2,731,983, a decrease of 6% from last yearf5 tot31 of £2,907,140. Consolidated expenditure 350(KMM) 3000() 250(MM)O 200(MM)O 150(I)00 100(K)DO so00 11 11 Empenditvre Fundraisin8 and Tot¥1 expendirure investment subsid13rycompany m3n38emertt costs empendlture •2023124 M 2022123 As a result, the net consolidated expenditure Ithe operational deficit) wa5 £125,457 compared to net con501idated expenditure of £411,778 in the prioryear. Thi5 figure is before including1055e5 on investments, actuarial gain5 on the pension scherlle valuation, and corporation tax arising in the subsidiary company. In the financial year there were net losses on investments of £207,79812023.. net losses of £56,340). The subsidiary company incurred a corporation tax charge of E45,48412023'. charge of £18,9051. There was a net actuarial gain on the defined benefit pension Scheme of £40,25012023.' net actuarial galn of £295,2501. Overall. there was a net decrease in con501idated funds of £338,489 for the year12023.. net decrease in fund5 of £191,773). Page 8
The Built Environment Trust Report of the Trustees Icontinuèdl Year ended 31 March 2024 FINANCIAL REVIEW continued Income As shown in the chart above, income is generated from three m3in 50urces= being income frorn charitable activities, trading income geneTated in the subsidiary company, and investment income. Income frotn charitable activities wa5 minimal at £5,918 12023.. £208,290), with income generation continuing to be challenging. A major factor in the reduction in income was that there wa5 no income in the Trust from the provision of space to built environment organisations because underlea5es had come to an end12023.. £149,038). We have invested in developing Income generation with a fundraising con5ult3nt. Specifically, since the year end, we have completed submis5ion5 to a number of trusts and foundations to SUPPOrt our charitable activities and associated operating costs. Income generated in the subsidiary company and included in the consolidated SOFA, wa5 15% higher than last year at £2,573.04912023.. £2,232,181). The increase in income can be attributed to two maln income streams. Firstly, income from the provision of facilitie5 for conferences, talks and events and 5econdlv, income from provision tsf exhibition and office Space. The company received £81,303 in respect to a coronavirus business interruption insurance claim. The trend the various income strearns of the company can be seen in the last table of note 5 in the accounts. Expendltvre The year ended 31 March 2024w3s one of transition fortheTrust, as resources were refocused on a learning programme. As the learning programme is still small in scale, charitable expenditure incurred directly bv the Tiust decreased by47% to £425,84112023.. £805,483). Governance costs were lowerthis year compared to the prioryear, when the strategic review wa5 carried out. The Trust's investment in fundraising ha5 increased fundraising expenditure to £114,36112023.. £36,896). Expenditure incurred in the subsidiary company and included in the consolidated SOFA, increased by 8% to £2.191,781 12023.. £2,024,657). Expenditure relates to the provi51on of exhibition and office space, Information services, facilities for conference5, talks and events, and an exhibition and event programme. Reserves pollcy and management Reserves are maintained at a level that enables the Trust to manage financial risk and short-term income volatility and provide a stable base for the Trusys continuing charitable activities. The reserves policy takes into consideration commitments overthe medium term in respect of the Trust'5 property obligaticins under its lease and reserve5 have been designated for thls purpose. The level of free reserves (calculated as the total reserves in the Trust excluding tangible fixed a55et5 and investment in its subsidiaryl decreased to £2,970,409 3t 31 March 2024 from £3,686,194 at 31 March 2023. Of the free reserves, £2,000,000 has been designated as a property fund. The Trustees have determined that the level of free reserves after transfers to designated funds should exceed six months expenditure. Undesignated free reserves at 31 March 2024 amounted to £970,40912023.. £1,686,194) which exceeds six months budgeted expenditure of £600,000 for the year ended 31 March 2025. Page 9
The Built Environment Trust Report of the Trustees Icontinuedl Yèar ended 31 March 2024 FINANCIAL REVIEW contlnued Investment policy and performance The investment policy supports the reserves policy. The Trust Seeks to adopt a cautlOU5, prudent and diversified approach to balance potential returns with appropriate levels of risk. The management of the Trusf s investrments is undertaken by Ruffer LLP with the airn of increasing the value of the portfolio, after fees, at a higher rate than would be achieved by placing cash on dep051t. A review of the investment strategy and financial performance is reported to the Trustee5 quarterlv. The trustee5 acted on their ESG responsibilities 3nd made the decision to transfer the existing portfolio to the Charity Asset5 Trust operated by Ruffer LLP. The Charity Assets Trust has an integrated Tesponsible investment policy. The transfer took place in April 2023. In October 2023, £4(X),000 of investment5 were reali5ed to create funding for the deficit budget. The portfolio valuation reduced to £2.743,593 at 31 March 2024 from £3,360,324 at 31 March 2023. The Buildlng Centre Group Pension and Assurance Scheme In accordance with 3ccountlng standards, the con501idated financial statements of The Built Environment Trust include adjustments relating to the defined benefit penslon scheme. The pension scheme was in deficit at the end of the13St financial year. This deficit has decreased during the year ended 31 March 2024. The directtsrs of The Building Centre GTOUP Limited and the trustees of the pension scheme have agreed recovery plan for the elimination of the deficit by 2028. Golng concern The Trustees have reviewed the Trust'5 financial position, taking account of the satisfactory levels of reserves and cash. The Trustees believe that the Charity is well placed to rnanage operational and financial risks succes5fullv. The company made an increased profit in this financial year. The Trust is developing an ambitlous fundraising strategy to diveTsify its income streams. At 31 March 2024 there were con501idated net current assets of £1,117.414. With the careful monttoring and man3gement of cash flow, the projected cash flow information for the period ending 12 months frorr the date of approval of these financlal statements indicate that both the Trust and the Company will be able to cover liabilities as they fall due for payment. As the organisation continue5 to develop both its activities and its income streams. the Trustees have a reasonable expectation that the Charity and the Group have adequate resources to continue in operational existence for at least the next 12 months. The Trustees continue to adopt the golng concern basi5 of accounting in preparing the annual accounts. PRINCIPAL RISKS AND UNCERTAINTIES Rlsk management The Trustees are responsible for ensuring that there are effeetwe and adequate risk rnanagement and interna1 control systerns in place to manage the tnajor risks to which the Charity is exposed. At least once a vear a risk review is undertaken and the risk5 Identified through this proces5 are documented in a risk reglster. Page 10
The Built Envlronment Trust Report of the Trustees Icontinuedl Year ended 31 March 2024 PRINCIPAL RISKS AND UNCERTAINTIES Contlnued Risk management continuÈd The principal risks and uncertaintie5 faclng the Trust and it5 subsidiary company are as follows.. l. Store Street Rlsk- Our lease for 26127 Store Street with The Corporation of London. our landlord for 50 ye3rs. is coming to an end In October 202S. Monugement- The Trustees have been in discussion5 Wlth our current landlord and have agreed Heads of Terms for a new lease. This will enable the Centre and the Built Environment Trust to not only continue our work to support the built enviTonment community, but also take on new projects that reflect the changing needs of our industry and the interests of the general public. 2. The defined benefit pension schème Risk The defined benefit pension scheme is currently in deficit. The additional fundlng requirement5 may place significant PTe5sure on cash flow the future. Manogement- There is good communication between the direttors of The Building Centre Group Limited and the Trustees of the Pension Scheme. A recovery plan is currently in place and will be reviewed regularly in line with the triennial actuaria5 valuation. The deficit has been reducing over recent years. 3. Intome generation Risk - In the current economic environment, the retention of existing income streams and diver5ific3tion into new incorne streams is a challenge for the organisation. Income may not be sufficient to cover forecast expenditure. Monagement - The Trust is developing a fundraising strategy with the advice of a fundraising consultancy. The subsidiary cornpany is considering all commercial opportunities to diversify its income streatlls. Financial forecasts are reviewed and updated regularlyto take account of changing circumstances. 4. Rlslng costs Risk- Our overhead c(15t base increases at 3 higher rate than originally antlcipated, impacting on profitability and cash flow. Munagement- A $18nificant proportion of ouroverhead cost base is fixed ftsr the short term. For all other c05t5, these will be reviewed and managed to the best of our ability, whilst being sensitive to the imp3Ct of rising costs on our employees and other Stakeholders. Discretionary expenditure will be tightly controlled. STRucfuRE. GOVERNANCE AND MANAGEME Strurture and management The Built Environrnent Trust has a wholly owned subsidiary company, The Building Centre Group Limited, which undertake5 both primary purpose charitable tradin8 activities as well as commercial tradlng. The Built Environment Trust is governed by a Board of Trustees who set strategic direction, ensure that the Trust achieves its objectives and oversee governance. The day-to-day management and administration of the Trust is delegated to the Chief Executive. Colin Tweedy, and his executive team. Page JI
The Bullt Environment Trust Report of the Trustees Icontinuedl Year endèd 31 March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT contlnued Remuneration pollcy All staff, including key management personnel, are employed by The Building Centre Group Limited. In setting remuneration levels, the directors have regard to PBV in organisations which ernploy ind5vlduals with similar skills, competence5 and qualifications. The remuneration of key management personnel is authorised by the non-Executive Chair of The Buildin8 Centre Group Limited and the Chair of The Built Environment Trust. Trustee5 All Trustees are members of the charity and directors of the charitable company. The Trustees must hold at least three meetlngs a year. Trustees are appointed for an initial period of 3 yearsthat can be extended fortwo furtherthree yearterms. The Articles of Association provide for the number of Trustee5 to be between three and ten. The current Tru5tee5 are shown on page l. The following changes to trustees have taken place during the year.. Anna Moore lappointed 20 September 20231 David Hughe5 (appointed 20 September 20231 Sara Lip5corMbe-Nott (appointed 20 December 20231 Dr Richard Robin50n13ppointed 20 December 20231 Oyinkansola Onile-Ere (appointed 20 December 20231 Valery lane Goddard lappointed 20 December 20231 Anna Reiter (appointed 19 June 20241 Richard Hill Iretired 9 lune 20241 Recrultment of new trustee5 15 based upon identifying people with skills in specific areas to ensure that there is appropriate experience on the Boèrd. They are recruited primarily from built environment related industries. Each Trustee undertake5 an induction programrne that Includes governance and financial documentation and meetings with the Chief Executive and members of the management team. FUNDRAISING The Trustees take their responsibility under the Ch3ritie5 (Protection and Social Investrnentl Act 2016 seriously and have considered the implications on their activities. The charity does not artively raise funds or sollclt donations directly from the general public. The Charity does not work directly with commerclal sponsors in relation to fundraising. The Trustees are not aware of any complaints made in respect of fundraising during the period. REFERENCE AND ADMINISTRATIVE The Built Environment Trust is a cornpanylimited by guarantee and a registered charity. It was incorporated on 9 June 2015 and registered with the Charity Commission on 4 September 2015. The Built Environment Trust continues the work of its predeces50r charity, The Building Centre Trust. The audited consolidated financial statements comply with the Statement of Recornmended Practice "Accounting and Reporting by Charities" FRS 102 published in October 20191SORPI, the Charities Act 2011 and the Cornpanies Act 2006. The financial statements combine the results of The 8uilt Envlronment Trust and it5 wholly owned subsidiary. The Building Centre Group Limited. PaÈe 12
The Built Environment Trust Report of the Trustees Icontinuedl Year ended 31 March 2024 STATEMENT OF TRUSTEES RESPONSIBILITIES The Trustees (who are also director5 of The Built Environment Trust for the purposes of company lawl are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financlal statements for each financial year. Under that law the Trustees have prepared the firiancial statements in accordance with United Kingdom Accounting Standards. comprising FRS 102 'The Financial Reporting Standard appllcable in the UK and Republic of Ireland~ and applicable law Iunited Kingdom Generally Accepted Accounting Practice). Under company law the Trustees must not approve the financial statements unle55 they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and Of the incoming resource5 and applicatioll of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to.. Select suitable accounting policies and then apply them consistentlv Observe the methods and principles in the Statement of Recommended Practice "Accounting and Reportin8 by Charities~ FRS 102 published in October 2019 ISORPI Make judgements 3nd estimates that are reasonable and prudent state whether applicable UK Accounting Standards, comprlsing FRS 102 'The Financial Reportlng Standard applicable in the UK and Republic of Ireland" ha5 been followed, subjett to any material departures disclosed and explained in the financial statements,. and Prepare the financial statements on the going concern basi5 unless It 15 Inappropriate to presurre that the char+table company will continue in business The Trustee5 are responsible for keeping adequate accounting records th3t are sufficient to show and explain the charitable companws transactions and di5tlose with reasonable accuracy at any time the financial position of the charitable company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are a15D responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In the case of each Trustee in office at the date the Trustees, Report Is approved.. So far as the Trustee is aware, there is no relevant audit information of whlch the charitable company'5 auditors are unaware,. and They have taken all the steps they ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditor5 are aware of that information Pa8e 13
The Built Environment Trust Report of the Trustees Icontinuedl Year ended 31 March 2024 INDEPENDENT AUDITORS Saffery LLP have expressed their willingness to remain in offi. The Trustees have taken advantage of the small companies, regime in prep3ring the Report of the Tru5tee5. The Report of the Trustees was signed on behalf of the Trustees by.. Susan Ann Allen Chair 18 September 2024 Pate 14
The Built Envlronment Trust Independent auditors, report to the trustees Icontinuedl For the year ended 31 March 2024 Opinion We have audited the finat)cial 5taterllents of the Built Environment Trust forthe year ended 31 March 2024 which comprise the consolidated Statement of financial activities, the consolidated and Tiust b313nce sheets, the consolidated statement of cash flows and notes tothe financial 5taternent5, including a 5urnmary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdotn Generally Accepted Accounting Practice). In our opinion the financial statements.. glve a true and fair view of the state of the affairs of the group and the parent charitable company as at 31 Mèrch 2024 and of the group's incoming resources and application of resources, including it5 income and expenditure, ftsr the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standard5 on Auditlng IUKI IISA5 IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our udit of the financial statements in the UK, including the FRCS Ethical Standard, and we have fulfilled our other ethical respon51bilitie5 in accordance with these requirements. We believe that the audit evidence we have obtained15 suffltient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relatingto event5 or conditions that, individually or collectively, may cast significant doubt on the group or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the fin3n£ial statements are authorised for issue. Our responsibilities and the re5ponsibillties of the trustees with respect to going concern are described in the relevant Sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information ncluded in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent othenNise explicitly stated in our report, we do not expre55 any form of assurance conclusion thereon. Our responsibility is to read the other Information and. in dolng so. consider whether the other information is materially inconsistent with the financial statements orour knowledge obtained in the course of the audlt or otherwise appears to be materially mi5Stated. If we identfy such material inconsistencies or apparent material mi55tatements. we are required to deterrnine whether th15 gives rise to a material misstaternent Pawe IS
The BuKIt Envlronment Trust Independent auditors. report to the trustee5 {contlnuedl For the year ended 31 Marth 2024 in the financial statements themselve5. If. based on the work we have performed, we conclude that there is a material mi55taternent of this other information,. we ère required to report that fact. We have nothing to report In this regard. other matters prescribed by the Companles Art 2006 In our opinion, based on the work undertaken in the course of the 3udlt= the inforrnation given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial 5tatements', and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements ifi the Report of the Trustees. We have nothing to report in respect of the following matters where the Cornpanie5 Act 2006 require us to report to you if, our opinion- the group or parent charitable company has not kept adequate and sufficient accounting records, or turnS adequate for our audit have not been received frorn branches not visited by us,. or the parent charitable company financial statement5 are not In agreement with the accounting records and returns; or certain disclosures of trustees. remuneration Specified by law are not made,. or we have not received all the information and explanations we require for our audit,. or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companie5 exernption in preparing the Report of the Trustees and the Strateglc Report. Responsibilities of trustees As explained more fully in the Statement of Tru5tees' Responsibilities, the trustee5 Iwho are also the dlrectors of the parent charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being sat15fied that they give a true and fair view, and for such intern31 control as the trustees determine is necessary to enable the preparation of the financial statement5 that are free frorn rnaterial misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for a55e55illg the group and the parent charitable company's ability to continue a5 a going concern, disclosing, as applleable. matters related to going concern and u51rig the going concern ba515 of accounting unless the trustee5 either intend to liquidate the group or the parent charitable company Dr to cease operations, or have no realistic alternative but to do 50. Auditorfs responsibilities for the audlt of the financial statements We have been appointed as auditors under the Compallies Act 2006 and report in accordance wh regulations made under that Act. Our objectives are to obtain reasonable a55urance aboutwhetherthe group and parent financial statements as a whole are free from material mi55t3tement, whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a gu3rantee Page 16
The Bullt Environment Trust Independent audltors, report to the trustees Itorttlnuedl For thè yèar ended 31 March 2024 that an audit conducted in accordance with ISAS IUKI will always detect a rnaterial misstatement when it exists. Mis5t3tements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financlal statements. Irregularitie5, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect materlal misstatements in respect of Irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, includlng fraud are detailed below. Identifying and assessing risks related to irregularities.. We assessed the susceptibility of the group and parent charitable companvs financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meetin& updating our Tecord of internal controls and ensuring these controls operated as Intended. We evaluated P05Sfble incentives and opportunities for fraudulent anipulation of the financial statements. We identified laws and regu13tions that are of significance in the context of the group and parent charitable company by discussions with trustees and updating our understanding of the sectors in which the group and parent charitable company operate. Laws and regulation5 of direct significance in the context of the group and parent charfcable company include The Companies Act 2(M)6 and guidance issued by the Charlty Commission for England and Wales. Audit response to risks identified.. We considered the extent of compliance with these law5 and regulations as part of our audit procedures on the related financial statement items including a rewew of financial statement disclosures. We reviewed the parent charitable cornpany's records of breaches of law5 and regulations. minutes of meetings and correspondence with relevant authorlties to identify potential material misstatements arising. We discussed the parent charitable company's policies and procedure5 for compliance with laws and regulations wlth members of management responsible for compliance. During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-complian with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the rlsk of fraud through rnanagement override of eontrols by testing the appropriateness of journal entrie5 and identifying any significant transactions that were unusual or outside the normal course of business. We 355e55ed whether judgements made in making accounting estlmates gave rise to a possible indication of management bia5. At the completion stage of the audit, the engagement partnerfs revlew included ensuring that the team had approached their work with ppropriate professional scepticism and thus the capacity to identify non-compllance with laws and regulations End fraud. There are inherent limitations in the audit procedures described above and the further removed non- compliance with law5 and regulations 15 frorn the events and transactions reflected in the financial statements, the less likely we would becorne aware of it. Also, the risk of not detecting a materlal misstatement due to fraud Is higher than the risk of not detecting one resulting from error, a5 fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.or .uk auditor5res onsibilitie5. This description forms part of our auditorfs report. Page 17
The Built EnvironmentTrust Independent auditors. report to the trustees Icontinuedl For the year ended 31 March 2024 Use of our report This report is made 501ely to the parent charitable comp3nWs members, as a body, in accordance with Chapter 3 of Part 16 of the Cornpanies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company's members those rnatters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not 3ccept or a55ume responsibility to anyone other than the parent charitable company and the parent charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Cara Turtlngton Iseni T Statutory Audltorl for and on behalf of Saffery LLP .2024 Chartered Accountants Statutory Auditors 71 Queen Victoria Street London EC4V 4BE Saffery LLP is eligible to act a5 an auditor in temis of section 1212 of the Companies Act 2006 P38e 18
The Built Envlronment Trust Consolidated statement of finantlal activities For the year ended 31 March 2024 Ilncorporatin8 an income and expendlture account) Notes 2024 2023 Income from: LegacÈes Charitable actlvlties other tradlng activities Income generated in subsidiary companv Investments 5,918 208,290 2,573,049 27,SS9 2,232,181 54,891 Total Income 2,606,526 2.495,362 Expenditure on.. Charltable activities 425,841 805,483 Ralslng funds Expenditure incurred in subsidiary company Fundraising expenditure Investment mariagement costs 2.191.781 114,361 2,024,657 36,896 40,104 2,306,142 2,101,657 Total expendllure 2.731,983 2,907,140 Net Ilossesllgains on investments 1207,7981 156,3401 Net lexpenditurellincome before taxatlon and other regnISed gain5 and1055es 1333,2551 1468.1181 Taxètion 145.4841 118,9051 Net lexpenditurellin¢ome after taxation and before other recogni5ed gains and losses 1378,7391 1487,0231 Other recognlsed galnslllossesl Actuarial gainlllossl on defined benefit pension scherne Deferred tax relating to pension scheme 119.000 178,7501 455,000 1159,7501 Net movement In funds 1338,4891 1191.7731 Reconcillatlon of funds Total funds brought forward l April 2023 3.853.984 4,04S,757 Total funds carrled forward 31 March 2024 15 3,515,495 3.853.984 The notes and accounting policies on pages 22 to 39 form part of these 3ccounts. All of the Trust's funds are unrestricted Page 19
The Built Environment Trust Balante sheets At 31 March 2024 Notes Consolidated 2024 Trust 2023 2024 Z023 Fixed a$5ets Tangible as5et5 Investment5 Investments in 5ubsldlaries io li li 6,783 2,743.593 300 9,567 3,360,324 300 2,743,593 950,000 3,360,324 950,CQO 2,750,676 3.370,191 3,693,593 4,310,324 Current assets Debtors Cash at bank and in hand 12 582,546 1,484,298 708.443 1,250,358 261,530 318,203 266.486 401.202 2,066,844 1,958,801 579,733 667,688 Creditor5.' amounts falling due within one year 13 1949.4301 1807,7711 1352,9171 1341,8181 Net current assets 1,117,414 1,151.030 226,816 325,87Q Total a$5ets less Current 3,868,090 4,521,221 3.920,409 4,636,194 Deferred taxation Defined benefit pension scheme liability 14 11,5951 11,2371 17 I351,0) 1666,0001 Nèt assets 3,515,495 3.853,984 3,920,409 4,636,194 Funds Unre5tritted funds Defined benefit pension scheme deficit 15 3,778,745 4,353.484 3,920,409 4.636,194 15 1263,2501 1499,5001 Total funds 15 3,515,495 3,853,984 3,920,409 4.636,194 No separate company Statement of FSnancial Activities ISOFAI has been prepared by the Charity as permitted by section 408 Companies Att 2006. The charitable company'5 income for the yearwas £632,215 12023.. £879,86113nd the deficit forthe year was £715,78512023.. deficit of £658,962). The financial staternents on pages 19 to 39 were approved by the Trustees on 18 September 2024 and ned on their behalf bv.. Susan Ann Allen Chair Company re8iStration number.. 9631202 Page ZO
The Built Environment Trust Consolidated statement of cash flows For the year ended 31 March 2024 Statement of cash flow5 2024 2023 Net cash used in operating activities 1227.7421 1516,9891 Cash flows from Investlng actlvltles Investment income Purchase of tangible fixed assets Pioceeds frorn the sale of investments Purchase of investments 27,559 13,5991 2,353,140 11.944.207) 54,891 112.6021 3,654,321 13,213,2081 Net cash provided by investÉng activities 432,893 483,402 Corporation tax received 28,789 Change in cash and cash equivalents in the year Cash and c3sh equivalents at l April 233.940 1,250,358 133.5871 1,283.945 Cash and cash equlvalents at 31 March 1,484,298 1,250,358 Reconciliation of net expendlture to net cash flow from operating activities 2024 2023 Net lexpenditurellintomèfor the reportlng perlod as per the statement of financial activities 1333.255} {468,1181 AdJustments for Inve5ttnent iritome Depreciation charges Losses1lgainsl on investments Decrease/lincre3sel in debtors Increa5e/ldecreasel in creditors Pensiori gains recogni5ed In 50FA excluding actuarial gain 127,5591 6,383 207,798 18,615 96,276 154.8911 130.293 56,340 37,910 134,5231 1196,0001 1184,0001 Net cash used in operating attivltles 1227,7421 1516,9891 Analysis of cash and cash equlvalents 2024 2023 Cash at bank and on instant access deposit accounts 1,484,298 1.250.358 Analysls of changes in net debt At l April 2023 At 31 March 2024 Cashflows Cash and cash equivalents 1.250,358 233,940 1,484,298 Page 21
The Bullt Envlronment Trust Note5 to the con5011dated flnanclal statements For the year ended 31 March 2024 A¢counting pollcies Basls of preparation These accounts have been prepared in accordance with Financial Reporting Standard 102- The Financial Reporting Standard applicable in the United Kingdorn and Republic of Ireland" IFRS 1021 and with the second edition of the Statement of Recommended Practice "Accounting and Reporting by Charities" FRS 102 published in October 2019 ISORPI together with the reptrrting requirements of the Companies Art 2006 and the Charities Act 2011. The Charity has ad3Pted the Companie5 Act formats to reflect the SORP. The account5 have been PTepared under the historical cost conventSon, as modified by the revaluation of listed investments. Golng concern The accounts have been Prepared on the going concern basis. The Trustees have reviewed the Trust's financial position, taking account of the satisfactory levels of reserves and tash. The Trustees belleve that the Charity is well plated to manage operational and financial risks successfully. At 31 March 2024 there were consolidated net current assets of £1,117,414. With the c3reful monitoring and managemerit of cash flow, the projected cash flow information for the period ending 12 months from the date of approval of these financial statements indicate that both the Trust and the Company will be able to cover1iabilities as they fall due for payment. As the organisation continues to develop both its activities and its income streams, the Trustees have a reasonable expectation that the Charity and the Group have adequate resources to continue in operational existence for at least the next 12 months. The Trustees continue to adopt the going concern basis of accounting in preparing the annual accounts. The Charity is a public benefit entity. The accountlng policies have been applied consistentlv throughout the accounts and the prior year. Basls of consolidation The consolidated accounts combine the results of The Built Environment Trust with its whollv owned subsidiary undertakin& The Building Centre Group Limited (Company No. 7461501, on a line by line basis. In the con501idated èccounts uniform accounting pollcies have been used. Con501idation adjustments have been made to remove transactions between the two entities and inter-entity balances have been cancelled. The consolidated entity is referred to as.the Group-. Incoming resources Incoming resources are accrued and included in the SOFA when the Group is entitled to the income, receipt can b2 quantified and is probable. Incoming resources are deferred when thev relate to future accounting periods. Legacles Legacies are recognised when probate is granted and there is sufficient inforrnation to value them. Page 22
The Bullt Envlronment Trust Notes to the consolldated financial statements Itontlnuedl For the year ended 31 March 2024 Accounting pollcles Icontlnuedl Resources expended All expenditure 15 accounted for on an accrua15 basls. Dlrect costs are those specifically related to producing the output of an activity. Support costs not attributable to a single activity are allocated on an appropriate basis such as headcount or staff time. Leases Rentals payable under operating leases are charged against income on a 5trai8ht line basis over the lease terrn. Tangible fixèd assets and depreciat40n Tangible fixed assets are capitalised at cost. Depreciation is provided so as to write off the c05t of fixed assets on a Straight line basis over their expetted useful Ilve5, as follows.. 6%-29% 10%- 25% 10%- 20% 25%- 33% Leasehold property improvements Asset5 purchased for exhibition purposes Fixtures, fittings, furniture and equipment Computer equipment Fixed asset5 are subject to a review for impairment when there is an indication of a reduction in their carryingvalue. Any impairment is recognised in the year In which it occurs in the corresponding SOFA category. Investments Listed investments are 5t3ted at fairvalue. The SOFA inclvde5 realised gains and losses on investments sold in the year and unreali5ed gains and losses on revaluation of investrnents. Investments in group companie5 are Sncluded at cost less provision for any permanent diminution in value. i.io Financial instruments The group has financial èssets and liabilities of a ktnd that qualify as basic financial instrurnents. Basic financial instruments are recognised initially in the ateounts at transaction price, including any transaction costs. At the end of each accounting period, basic financlal instruments are recognised at amortised cost. For debt instrurnents this is calculated using the effective interest rate method. i.ii Fund accountlng Unrestricted funds are available for use at the discretion of the Trustees in furtherènce of the Trust's charitable objectives. A pension scheme deficit is included within the unrestricted funds to reflect the defilled benefit pension scheme liability. Designated funds are a portion of the unrestricted funds that have been set aside for a particular purpose by the Trustees. Page
The Bullt Envlronment Trust Notes to the tonsolldated flnancial statement5 Icontinuedl For the year ended 31 March 2024 Acunting policles Icontlnuedl i.lz Penslons For the defined benefit pension scheme, pension 5cherne assets and liabilities are recorded in line with FRS 102, with scheme valuations undertaken by an independent actuary. FRS 102 mea5ure5 the value of pension scheme assets and liabilities at the balance sheet date and determines the benefits accrued in the year and the interest on assets and liabilities. Cuffent service tosts, together with the net interest cost for the year, are allocated to relevant expenditure heading5 Wlthin the SOFA. Scheme assets are measured at fair value at the balance sheet date. Scheme liabilities are rneasured on an actuarial basis at the balance sheet date using the projected unit method and discc)unted at a rate equivalent to the current rate of return on a high-quality corporate bond of equivalent temi to the scheme liabilities. The change in value of assets and liabilities arising from asset valuation, changes in benefits, actuarial a5sumption5, or change in the level of deficit attributable to mernbers 15 recognised in the consolidated Statement of financial activities withln èctuarial gains/losses on defined benefit pension scheme. 1.13 Taxation The Built Enviror)ment Trust is a registered charity and 15 exeTllPt from UK income tax and corporation tax on charitable attivitle5. The Trust is registered for VAT. The subsidiary company is liable to corporation tax on its profits, based on taxable profit for the year. Deferred tax liabilities are generally recognised for all timing difference5 and deferred tax assets are recognised to the extentthat it is probable that they will be recovered again5tthe reversal of deferred tax li3billties or other future taxable profits. Page 24
The Built Environment Trust Notes to the consolldated flnancial statement5 Icontinuedl For the year ended 31 Maich 2024 Crltlcal ac¢ountlng Judgements and sources of estimation untèrtainty Estimates and judgements are Continually evaluated and are based on historical evidence and other factors. Critical judgements in applylngthe entlty's accountin8 policie5 There are no critical accounting judgements in 2024 and 2023. Crttical actounting estlmates and assumptions Defined benefit penslon scheme The Group ha5 an obligation to pay pension benefits to certain employees. The cost of these benefit5 and the present value of the obligation depend on a number of factors, including life expectancv, asset valuations and the discount rate on corporate bonds. Management estimates these factors in deterrnining the net pension liability in the balance sheet. The assumptions reflect historical experience and current trends. The valuation is particularly sen51tive to the impatt of the discount rate assumption on scheme1iabilities. See Note 17 for the disc105ure5 relating to the defined benefit scheme. Legacy income Legacy income 15 not recognlsed until The Built Environment Trust has entitlement to the funds, the amount can be quantified and there is probability of receipt. No legacie5 were recogni5ed in the year ended 31 March 202412023.. £nlll Income from charitable artivitiès 2024 2023 Education31 events and exhibitions Learning Provision of space to built environment organisations 2,950 2,968 54,127 5,125 149,038 5,918 208,290 Page 25
The Built Environment Trust Notes to the consolidated finanelal statement5 Icontinuedl For the year ended 31 March 2024 Subs5diary trading tompany The Building Centre Group Limited, The Built Environment Trust's wholly owned tradin8 subsidiary, incorptsrated in England and Wales, engages in both primary purpose and non-primary purpose trading activities. A summary of the audited income statement of the Building Centre Group Limited for the year ended 31 March 2024 15 shown below. These figures do not agree to the figures on page 19 due to the impact of consolidation adjustments. 2024 2023 Incotne Expenditure 2,833,947 12.451,4161 2,613.724 12,422,880) 382,531 145,4841 190,844 118,9051 Taxation Charitable donation under gift aid Retained in subsldiary 337,047 171,939 The assets and liabilities of The Buildlng Centre Group Limited consolidated within the balance Sheet are.. 2024 2023 Assets 1,572,897 1679,0371 1351,(X)01 1,386,460 1554,8971 1666,OCN)I Defined benefit pension scheme liability Represented by share capital and reseNes 542,860 165.563 Subsidiary Company income analysls 2024 2023 Income from Provision of exhibition and office space Information service5 Facilities for conferences, talks and events Other Buslness interruption insurance 2,016.696 99.651 427,292 209,005 81,303 1,890,738 112,941 336,485 273,560 2,833.947 2,613,724 Page 26
The Built Environment Trust Notes to the consolidated financial statements Icontinuedl For the year ended 31 March 2024 Costs of charitable artivilies Direct tosts Salary costs Support osts 2024 Total Exhibitions and projects Learnlng Provision space to built environment organi5ations 74,552 43,918 89,978 s8,2(j 78,004 81,189 242,534 183.307 118,470 148,178 159,193 425,841 Support costs have been allocated on è headcount basls. Exhibition5 and projertS Provlslon of 2024 Total Learnlng space Governance and strategv Management and administration 43,501 34,503 45,277 35,912 88,778 70,415 78,004 81,189 159,193 Prlor year comparative figure5 Dlrert tosts Salary costs Support 05ts 2023 Total Educational events and exhibition5 Learning Provision of Spa to built environment organisations 303,505 12,895 162,793 30,539 155,261 43,374 621,559 86.808 67,470 29,646 97,116 383,870 193,332 228,281 805,483 Events and exhlbltlons Provl$5on of space 2023 Total Learning Governance and strategy Management and administration 118,663 36,598 33,148 10,226 22.650 6,996 174,461 53,820 155,261 43,374 29.646 228,281 Pa8e 27
The Bullt Envlronment Trust Notes to thè tonsolidated financial statements Icontinuedl For the year ended 31 March 2024 Net lexpenditurellincome for the year 2024 2023 This is stated after charging/lcreditingl'. Depretiation charge Gain on disposal of fixed assets Renta15 payable under operating leases Land and buildings Auditors rernuneration for external audit services Trust Subsidiary Auditors remuneration for non-audit se¥vices Trust - Subsidiary 6,383 130,293 600,000 600,000 9,450 14,500 8,950 13,940 6,500 4.895 6,625 Taxation The Built Environment Trust is a registered charity and is not liable to United Kingdom income tax or corporation tax on charitable activitie5. The subsidiary company 15 liable to corporation tax on it5 profits, as Set out below.. 2024 2023 Domestic current year tox UK corporation tax chargellcreditl Adjustment for prior years 45,126 19.807 Total current tax 45,126 19,807 Deferred tox Deferred tax chargellcreditl 358 19021 Charge/lcreditl to statement of financial activities 45,484 18.905 Page 18
The Bullt Envlronment Trust Notes to the consolldated flnanclal statements Icontinuedl For the year ended 31 March 2024 Employees and Trustees 2024 2023 Salaries and wages Soclal security costs Pension cost5 Ilncluding operating costs of defined benefit pen51on schemel 826.281 87,005 762,045 81,102 131,421 128,208 1,044,707 971,355 The average number of employees, calculated on an average headcount, analysed by function was 2024 Number 2023 Number Provision of exhibition and office space and events Information service5 Facilities for conference5, tèlks and events Support services Learnin8 16 13 Numberof employees whose benefits lexcluding employerpensSon contributions) fell within the following band5'. 20Z4 Number 2023 Number £60,000 to £69,999 £70,000 to £79,999 £80,000 to £89.999 £90,000 to £90.999 £IOO,000 to £109.999 The total ernoluments of key management personnel (being the executive directorsl was £205.749 12023.. £202,789) excluding pension contributions and £230,62212023.. £229,9641 including pension contributions. No Trustee received remuneration from the Group during the year12023'. nlll. Travel expenses incurred by trustees for attending meetings, and reirnbursed, amounted to £1,17012023.. £2.1151. As permitted by the Articles of Association, the Charity purchased and rnaintained throughout the year Trustees and Officers liability insurance in respect of itself and its Trustees. Page 29
The Built Environment Trust Notes to the consolidated financlal statements Icontinuedl For the year ended 31 March 2024 io. Tanglble fixed asset5 Consolldated Property Furnlture improvements fittings and equipment Total Cost or valuation l April 2023 Additions 3,246.185 647,268 3.599 3,893,453 3.599 31 March 2024 3,246,185 650.867 3,897,052 Depreclatlon l April 2023 Char8e for year 3,246.185 637,701 6,383 3,883,886 6,383 31 March 2024 3,246.185 644,084 3,890,269 Net book value 31 March 2024 6,783 6,783 31 March 2023 9,567 9,567 bl Trust Furniture fittings and equipment Total Cost or valuation At l April 2023 and 31 March 2024 12,099 12.099 DeprecÉatlon l April 2023 Charge foryear 12,099 12.099 31 March 2024 12,099 12,099 Net book value 31 March 2024 31 March 2023 Page 30
The Built Environment Trust Notes to the consolidated finantlal statement5 Icontinuedl For the year ended 31 March 2024 ii. Flxed asset investments 2024 2023 Listed investmènts Consolidated and Trust Market value l April 2023 Additions Disposals Realised and unrealised gain5/llossesl on revaluation 3,360,324 1,944,207 12.353,1401 1207.7981 3.857,777 3,213,208 13,654,321) 156,3401 Market value at 31 March 2024 2,743,593 3,360,324 Historical cost at 31 March 2024 3,001.082 3,029,386 Listed investments Fixed interest se£uritles Equity share5 Investment companies Other 1,343,321 607,322 474,611 797,454 Pooled Investment fund 2,743,593 2.743,593 3,222,708 Cash awaiting Investment 137.616 Market value at 31 March 2024 2,743,593 3,360,324 In April 2023, the segregated investment portfolio was transferred to a pooled investment fund. The Charity Assets Trust, operated by Ruffer LLP. The Chartty Assets Trust has an integrated responsible investment policv. PaBe 31
The Bullt Et)vironment Trust Notes to the consolldated flnanclal statements Icontinuedl For the year ended 31 March 2024 ii. Fixed asset Investments Itontlnuedl bl Un115tèd investments 2024 2023 Consolidated £1 Ordinary shares 300 300 Unllsted Investments at cost 300 300 At 31 March 2024, the Building Centre Group Lifnited owned 100% of the share capital of the dormant subsidiary undertakings: Centre forthe Built Environmerit Limited (Company No. 131199421. Londtsn Centre for the Built Environment Limited Icorrpany No. 131199581 and National Centre for the Built Environment Limited (Company No. 131202331, none of which is artively trading. The Share capital of each entity is £100. The dormant subsidiaries are not con501idated into these financial statements. 2024 2023 The Trust £1 Ordinary shares Preference shares 800,000 150,000 8CK),000 150,000 Unlisted investments at cost 950,000 950,000 Cost At l April 2023 Disposals Revaluation 950.000 950.000 At 31 M3rch 2024 950.000 950.000 The unlisted investments represent the Trusvs investment in its trading subsidiary. The Bulldlng Centre Group Limited15ee Note 51. Page 32
The 8uilt Environment Trust Notes to the consolidated finantial statements Icontlnuedl For the year ended 31 March 2024 12. Debtors Consolldated 2024 Trust 2023 2024 2023 Trade debtors Due from subsidiary undertakings Other debtors Prepayments and actrued income 17,845 84.539 150 85,480 78,702 28,532 428,872 476,951 182.828 180,856 494,796 541,943 261.530 266,486 Amounts falling due after one year Deferred tax asset- pension scheme deficit (see note 141 87,750 166,500 Total debtors 582,546 708,443 261,530 266.486 13. Crèditors Consolldated 2024 Trust 2023 2024 2023 Amounts due wlthin one year Trade creditor5 Due to subsidiary undertakings Other creditors Other taxes and social securitv Corporation tax Accruals Rental and exhibiticsn income I advance 245,757 300 21,282 83,041 45.383 185,253 248,719 300 19.043 66,106 161,876 183,087 116,7131 125.9351 169,034 50.754 29,666 368.414 304,569 157,000 155,LXJO 949,430 807,771 352,917 341,818 Page 33
The Built Environment Trust Notes to the consolldated financial ststements (continued) For the year ended 31 March 2024 14. Deferred taxatlon Consolidated 2024 Penslon scheme deficlt Consolldated 2023 Pension scheme deficit 2024 Accelerated Capital allowances 2023 Actelerated Capital allowantès Deferred tax asset Balance at l April 2023 Movement in year 166,500 178,7501 11.2371 13581 326,250 1159.7501 12,1391 902 83lance at 31 March 2024 87,750 11,5951 166.500 11,2371 15. Reserves Consolidated General funds Designated funds Pension deficit Total unrestrlcted funds Unrestricted funds at l April 2023 lllcome and gains Expenditure and losses Transfers 2,353,484 2.646.776 12,985.2641 1236,2501 2,000,000 1499,5001 3.853.984 2,646,776 12,985,264) 236,250 Unrestritted fund5 at 31 March 2024 1,778,746 2,000,000 1263,2501 3.515.496 The consolidated unrestricted funds Includes a deficit in the limited company subsidiary. excluding the pension schem& deficit, which totals £143,890. General funds DeslBnated funds Pension deficlt Total unrestrtcted funds unrestricted funds at l April 2022 Income and gains Expenditure and Ioss&5 Transfers 3,024,507 2,790,612 12,982,385) 1479,2501 2,000.000 1978,7501 4.045,757 2.790,612 12.982.385> 479,250 Unrestricted funds at 31 March 2023 2,353,484 2.Cm.000 1499,5WI 3,853,984 The consolidated unrestricted funds includes a deficit In the limited company subsidiaTY. excluding the pension deficit. which totals É284.937 Page 34
The Built Environment Trust Notes to the consolidated financial statements Icontlnuedl For the year ended 31 March 2024 15. Reserves Trust Gerheral funds Deslgnated funds Total unrestrleted funds Unrestricted funds at l April 2023 Income and gains Expenditure and losses Transfers 2,636.194 32,215 1748,(K)01 2,OCIO,000 4,636,194 32,215 1748,OCX)I Unrestrl¢ted funds at 31 March 2024 1,920,409 2.000,000 3,920.409 General funds Dèsignated funds Totsl unrestrirted funds Unrestricted funds at l April 2022 Income and gains Expenditure and losses Transfers 3,295,156 879.861 11,538,8231 2,lJOO,OOCI 5,295,156 879,861 11,538,823) Unrestrlcted funds at 31 March 2023 2,636.194 2.000,000 4,636,194 The de51gnated funds relate to a property fund, which are reserves earmarked for general premises protection including repairs, potential dilapidation cost5 and future proofing. The property fund relate5 to the Short to medium term. Page 35
The Bullt Envlronment Trust Notes to the consolidated financial Statements Itontlnuedl For the year ended 31 March 2024 16. Operatlng lease commitments The total of future minimum lease payments under non-cancellable operating leases is a5 follow5= 2024 Land and buildings 2024 Equlpment 2023 Land and buildings 2023 Equipment Within one year In two to five years In over five years 600,CMJO 350.0 8,936 8,604 6LYJ,O(M) 6(X),O(x) 8,596 10,340 950,(KJO 17,540 1,2(X),000 18,936 17. Pension tosts During the year, the subsidiary company operated a defined benefit pension scheme and a defined contribution pension scheme for employees. The Building Centre Group Limited Pension and Assvrance Scheme (the deflned benefit Scheme). is closed to new entrant5. The Scheme is closed to fvture accrual following the retirement of the last active member. Defined benefit pension scheme In line with normal practice, there are two bases for assessing the value of the assets and liabilities of the Scheme. For accounting purposes, they are reported in accordance with Financial Reporting Standard 102. In addition, the trustees of the Scheme commission a triennial actuarial funding valuation to ensure that the Scheme is appropriate funded. The last full actuarial valuation was carried out at 6 April 2022 and showed a fundin8 shortfall of £988.000. Page 36
The Bullt Envlronment Trust Notes to the consolldated financial statements Icontinuedl For the year ended 31 March 2024 17. PerbSSOll Cost Icontinuedl As detalled below, on a FRS 102 ba51S the Srheme had a deflcit at 31 March 2024 of £351,00012023.. £666,000). The valuation15 paricularly sensitive to the irnp3Ct of the discount rate a55UrnPtlon on Scheme liabilities which h35 incre35ed by 0.2% Ifrotn 4.8% to 5.0%) between 2023 and 2024, of the RPI assumption whlth has remained at 3.2%, andthe CPI a55umption which has increased by 0.3% (from 2,3% to 2.6%). The company Isworkingwith the Scheme trustees to manage the Schetne deficlt. The fundlng shortfall is expected to be eliminated by 2028. Value of the scheme assets and liabilitie5 2024 2023 Market value of assets Pre5entvaluÈ of scheme Ilabilities 3,572,000 13,923,000) 3,263,000 13,929,000) Deficit in scheme 1351,0001 1666,0001 Related deferred tax asset (see Notè 141 I87,7) 166,5(K) Prfnclpal actuarlal assumptions The principal actuarial a55UrnPtIOn5 on whlch the valuation of the scheme wa5 based are Set out below.. 2024 2023 Rate used to dlscount scheme liabilitie5 Rate of Increase to pensions in payrnent Rate of future pre inflatlon- RPI Rate of fvtUTe price inflation- CPI 4.8% 3.1% 3.2% 2.3% 3.1% 3.2% 2.6% The life expectancies used to determine beneflt obligations are as follows.. 2024 Male 2024 Female 2023 Male 2023 malÈ Metnber agÈd 65 (current life expectancvl Member aged 45 Ilife expectancy 8t 651 20.7 21.7 23.0 23.9 21.2 22.3 23.5 24.4 Movements In theSOFA 2024 2023 Current and past 5eTViCÈ Cost Interest cost on scheme liabllltles Interest income on assets in the s¢heme 1185,0001 158,0(kl 1148.0001 115.(K)O Total pension loss recogni5ed in the 50FA 127,OWI 133.WOI ArtU3rial galns/llossesl Deferred tax relating to pension scheme 119,OC 178,7501 455,0 1159,7501 Total gainslllossesl recognised in the SOFA 40,250 295,250 PaEt 37
The Built Environment Trust Notes to the consolidated flnanclal statements Icontinuedl For the year ended 31 March 2024 17. Pension costs Itontinuedl Movement In scheme a55et5, Ilabllltles and deflclt Present value of {Ilabllltlesl (Deficit) Falr value of assets At l April 2023 Interest income on assets Sn the scheme Interest cost on scheme liabilities Actuarial gainslllossesl Employer wntributions paid Ernployee contributions pai 8enefit5 paid Current and p3St seNice cost 3.263.0(X) 158,000 13,929,0001 1666,0001 158,000 1185.0001 1185,0001 42.000 119,000 223,000 77,0(X) 223,000 1149,0(X)I 149,(X)O At 31 March 2024 3.572,000 13,923,0001 1351,0001 The actual return on scherne assets for the year was a gain of £77,000. Movement in scheme assets, Ilabilities and defJ¢it Present value of Falr value of assets (Deficltl At l Aprll 2022 Interest income on assets in the scheme Interest C05t on scheme liabilities Actuarial gains111055esl Employer contribution5 pald Employee contributions paid Benefits paid Current and past seNice cost 4,045,000 115,000 15,350.0001 11,305,000) 115.000 1148,Dtx)1 1148,0001 1,453,OCKJ 455,000 217,000 1998.0001 217,000 1116,0(x)I 116,0(K) At 31 March 2023 3,263,000 13,929.0001 1666,OCX)I The actval return on scheme assets for the year was a loss of £998,000 Page 38
The Built Environment Trust Notes to the consolidated financial statements {contlnuedl For the year ended 31 March 2024 18. Related partytransactions Expenses relmbursed to Trustees and the remuneration of the key management personnel are disclosed in Note 9. Details of transartions in respectto The Building Centre Group Llmited Pension and Assurance Scheme are Set out in Note 17. The Built Environment Trust ha5 transactions with its wholly owned subsidiary, The Building Centre Group Limited. which have been eliminated on consolidation. These transactions are as follows. The Built Environment Trust received income from The Building Centre Group Limited as follows.. Licence fees of £620,00012023: £620,000) The Building Centre Group Limited charged the following expenditure to The Built Envirot)ment Trust.. Management fee £208,89812023= £273.0431 At 31 March 2024 there are balances outstanding between The Built Environment Trust and The Bullding Centre Group Limited which have been eliminated on consolidation. These balances are a5 follows. Balances owed by The Building Centre Group Limited to The Built Environment Trust as follows: Intercompany current account £78,70212023.. £85,480) There are no balance% owed by The Built Environment Trust to The Building Centre Group Limited. No guarantees have been giver4 or received. 19. Company statu5 The company is limited by guarantee and the totsl of those guarantees is £1 per member Pa8e 39