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
oBJE￿IVEs 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
so￿00
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 ident￿fy 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 w￿h
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 re￿gnISed 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
Ac￿unting 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 th￿e
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 p￿re 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