Registered Company No. 9631202 Reglstered Charity No. 1163419 The Built Environment Trust Trustees, Report and Consolidated Financial Statements For the year ended 31 March 2025 19 31
The Bullt Environment Trust Contents Page Trustees and trust Information Report of the trustees 2-13 Independent auditors, report 14-17 Consolidated statement of financial activities 18 Balance sheets 19 Consolidated statement of cash flows 20 Notes to the consolidated financial statements 21-39
The Bullt Environment Trust Trustees and trust ij)formation Year ended 31 March 2025 Patron HRH The Duke of Gloucester KG GCVO President Spencer de Grey CBE RA Trustees Antony Oliver Katy Ghahremani Susan Ann Allen MBE Ichairl Anna Moore David Hughes Oyinkansola Onile-Ere Sara Lipscornbe-Nott Dr Richard Robinson Valeryjane Goddard Anna Reiter Chief Executlve Interlm Chief Executive Colin Tweedy Iresigned 31 Decernber 20241 Matthew Leach (appointed 22 April 20251 Audltors Saffery LLP 71 Queen Victoria Street London EC4V 48E Investment managers Ruffer LLP 80 Victoria Street London SWIE 5JL Bankers Royal Bank of Scotland PLC Drummond House l RedheuEhs Avenue Edinburgh EH12 9JN Charlty number 1163419 Company number 9631202 Princtpal office and reglstered off ice 26 Store Street London WCIE 78T Page I
The Built Envlronment Trust Report of the Trustees Year ended 31 March 2025 The Trustees have pleasure in presenting their Report together with the financial statements for the year ended 31 March 2025. OBJECTIVES AND ACTIVITIES The Built Environrnent Trust's objectlVE IS to prornote educatlon and insight in relation to the issues shaping our built environrnent. Our vision We See the built environment Bs a shared project forthe whole of society and seek to encourage and enable the conversations and learning necessary that make this a reality. Our mi$5ion Our mission 15 to nSpire, connect and empower people in order that they might work together to irnprove our collective understanding of the built environment and collaborate in improving it. Our purpose We act as a convener for the industries that make up the built environment sector. the diversity of professionals working within those industries, and the wider public. In doing so, we champion positive engagement, cross-sectoral collaboration, increased understanding, whilst promoting inclusion, innovation, and 5UStainability in everything that we do. Who we are The Built Environment Trust is a charity which promotes and delivers education, in51ght and collaboration in relation to the built environment through our stewardship of the Building Centre. We believe that we can contribute to improving the quality of the built environrnent by inspiring and educating people, professionals and the general public, about the built environment, its value and importance to their live5, and the issues and challenges that shape it. Acting as a hub for the built environment sector and a contact point between the sector and the general public, we help convene the conversations that enable this. promote shared learning and provide the thought leadership and action needed to achieve long term change. What we do The Built Environment Trust operate5 the Building Centre, a public exhibition centre 3nd office hub for organi53tions leading and representing the built environment sector. This is the primary hub for all of its activitie5 and has been the historic home of the built environment since 1931. The Trust aim5 to advance understanding of quality in the built environmerit. working with the leading partners acr055 the construction, architecture, engineering, design industries and other related areas. We achieve our objectives through a variety of activities and through paitnership with other5. Our activities include.. Exhibition5 and events Lecture5 and seminars Encouraging and providing facilities for discussion and debate Providing facillties for those working in the built environment industry to collaborate and share learning A materials gallery providing the public with acce55 and educatic)n on the latest built environment technologie5 Associated learning programmes
The Built Environment Trust Report of the Trustees Icontinuedl Year ended 31 March 2025 OBJEcfivES AND ACTIVITIES continued We gratefully acknowledge the assistance we received from exteinal advisers and experts. and from comp3nie5 and individua15 who made voluntary contrlbutions of time and rnaterials. ACHIEVEMENTSAND PERFORMANCE The year ended 31 March 2025 has been the start of a period of transition, as the Trust h35 reflected on past activity 3rid achievements and prepared forthe future, having secured an extension to its historic lease of the Building Centre on Store Street. Trustees have initiated work on a new strategy for the charity, commenced work on new governance arrangeThent5 and embarked on significant changes in the leadership of the organisation, whilst continuing to deliver on it5 core mission. Creating a thriving hub forthe built envlronment sector Through its subsidiarycompany, the Building Centre Group Ltd, the Trust has continued to provide a thriving and vibrant hub for the key organisatic>n5 providing leadership acr05S the built environment sector within the Building Centre. A wide range of industry leadership bodie5 choose to locate thernselves in the Building Centre, benelitting from opportunity provided to meet, collaborate and share knowledge across a fast moving and complex sector, including Build UK, the UK Green 8uilding Council, the Construction Industry Councll, the Construction Products Association, Timber Development UK and the Brit15h Woodworking Federation. Consistent with enabling the delivery of its charitable purpose. the Building Centre has continued to prioritise the provision of office space to not-for-profit representative bodies associated with the built environment sector. By providing that shared space, it enable5 those bodies to both maintain and promote education amongst their membership in their own right, but a150 collectively and individually to participate in and benefit from th@ wider range of activities and opportunities offered within the Building Centre that further this as a goal. Both Trust and Company actively encourage all occuplers to become a part of the wider communlty of practice that exist5 across the building, facilitating shared learning and collaboration across the built environment sector and beyond. Reflecting the quality of and demand for our offer, the Building Centre continues to operate at close to full capacity, with high demand for spaces in all part5 of the building. Promoting engagemenl and debate Since its e5tabli5hment in 1931, the Building Centre has hosted the widest P055ible range of exhibition5 and events aimed at informing and educating the public, policy makers and profe55ionals working in the built environment sector. Most recer)tly, the Built Environment Trust has focused on enabling delivery through the Building Centre Group Ltd of large-scale, longer-term exhibitions focusing ori issues of public importance. including the delivery of new homes and using retrofit to achieve net zero target5 Within the built environment. Typically, these are sponsored by a range of key industry partner5, enabling significallt investment in their content and presentation. During 2024-25 these included.. Page 3
The Bullt Environment Trust Report of the Trustee5 Icontinuedl Year ended 31 March 2025 ACHIEVEMENTS AND PERFORMANCE contlnued Promoting engagement and debate continued RetroAIt 24.. The Reuse Ayendo for our Comn7erclal, Cultural & Clvic Buildtings. Thls exhibition was the second in our Retrofit serie5 and continued the Building Centre's focus on striving towards Net Zero by 2050 by unlocking the potential in exi5tlng buildings. We need to prSorStise retrofitting commercial buildings, as nearly 25% of the UK built environment'5 carbon footprint come5 from heating, powering and operating these buildings. Retrofit 24 demonstrated how to achieve improvements in energy efficiency acr055 all sectors, through examples of recent commercial, cultural and civlc retrofit projects. FJ New Homes in New Wttys- Colluboration andlnnovatlon through Modern Methods of Construction. Thls exhibition told the story of how Modern Methods of Construction can accelerate the supply of new home5, with an emphasis on deliverlng the social rent housing needed at pace amidst the current housing emergency. The exhibition was co-curated by the Building Centre and Housing Festival, a think-and-do tank based 8ristol. It drew on the recently released Social Rent Housing at Pace Playbook120241, which demonstrates the opportunity forthe public sectorto ir)cubate a new supply chain of factory-manufactured housing, while unlocklng-unlikelV land and rethlnking the economics. Launched by Housing Festival, the Playbook is a response to our broken housing system and severe shortfall of safe and secure Social rent homes. Facllltatlng education and learnlng Since Its establishment, the Buildlng Centre has provided an Important ntral-LondOn venue for the public. designers. architects and other built environment professionals to engage with and better understand the technologie5 and materialsthrough which our modern world 15 constructed. 7his remains an important way in which we continue to deliver our charitable purpose. What started out a5 the Materials Bureau of the Architects Association in the 19305, subsequently became showcase for the new homes being built across the nation, providing opportunities to experience one of the flrst all-electric kitchens in the UK, or explore new types of horne5, floor toverings, lighting and heating that defined the post-war perlod. Page4
The Bullt Envlronment Trust Report of the Trustees Icontinuedl Year ended 31 March 2025 ACHIEVEMENTS AND PERFORMANCE contlnued Facllltating educatlon and learning continued That role continues in our Product Gallery in which the Building Centre partners wlth a range of buildlng materi315 designers and producer5 to showcase new buildlng technologies and rnaterialsto the widest range of audiences, from professionals 5eeklng to identify possible Suppliers to mernbers of the public interested Sn learning more about what makes up the built environment. Durlng 2024-25 some 50 organisations exhibited in the Product Gallery, contributing to the delivery of our educatlonal mission. In addition to this. duilng 2024-25, the Trust facilitated learning activlties both inside and outside of the Bullding Centre aimed at educating young people and children about the built environment. Learnlng ctivities engaged with 2,110 people, compared to 2,747 last year. Thi5 break5 dtrwn as 1,191 children and 919 adult5. of these people 1,005 took part in outreach activities and 1,105 visited the Building Centre for their activity. Activities included.. Llttle Investlg¢7tors project. This project was completed during the year with an interactive and tolourful exhibition in the Wlndow Gallery, communlty workshops and a report on what 450 primary school children like and don't like about where they live. The project received a commendation at the Thornton Education Trusvs Inspirin8 Future Generation Award. Local Investlgators. The Trust and Architecture for Klds CIC secured £8,850 In funding from North Paddington Creates to deliver this project. The project involved engaglng with residents in five of the most deprived wards in Westminster looking at thelr connectionsto the area. In total we collected lust under 200 stories which were turned into maps and exhlblted at Maida Vale library. Bourne Educatlon Tru5tSustuInabllltyConferen. This was attended byflfty Year 6 and Year 7 puplls from seven of the Trust's schoo15. During the day puplls took part in activitles that included meeting the professiona15, examSning building materials, measuring heat loss in buildings and presenting their own eco projects in schools. Page 5
The Built Envlronment Trust Report of the Trustee5 Iconlinuedl Year ended 31 March 2025 ACHIEVEMENTS AND PERFORMANCE continued Facilitating education and learning continued Greening the Crty. The Trust worked with freelancer China Chapman to deliver a comrrunlty project researching the role of greenery on inner city housing estates. With buy in from 151ington Council, the aim of the project wa5 to 5trenBthen communities and to develop awareness and understanding of the built environment. A report wa5 produced at the end of the research, and Islington Council are keen to deliver on some of the recomm@ndations identified. Housting Stundurdisution exhlbition- Who Deslgns Our Home5 ond How Do We LiveP This exhibition was based on a 3 year study by the Royal College of Aits and posed questions.. What does a typical home in England look like? How does it compare to housing in other countriesP How are these homes deslgned and what is it like to live in themF As part of the Learning programme, we offered sessions for primary schools to come and explore the exhibition, learn about homes in different countrie5 and create their own plall5 with staff from the RCA. PLANNING FOR THE FUTURE As noted, 2025-26 marked the start of a tran51tlonal year for the Trust. With the commencement of the renewed lease in October 2025, trustees have initiated planning for the next phase of the Built Environment Trust's work. A new rnedium-t@rrn business plan will be considered by tru5tee5 in 2025, setting priorities through to the end of 2027-28, which, subject to those trustee discussion5, is likely to focus on a range of 15sues. including.. Sustaining the Building Centre'5 role as a vibrant central hub for the built environment sector, In which knowledge and learning is shared across the sector Continuing to deliver a diverse programme of exhibitions. events and seminar5 in the building, COllSlStent with our educational purpose Ensuring the best Use is made of all available space5 in the Building Centre, both in direct furtherance of our charitable purpose, and to raise fund5 to Support its delivery Continuing to showcase the latest building products and technologies as part of our mission to educate and inform the public about new developments in the built environment Seeking through our work to foster deeper connections between built environment professionals, partners, students, creatives and the wider public. PUBLIC BENEFIT The Tru5tee5 have complied wlth the duty in Section 4 of The CharitiesAct 2011 to have due regard to public benefit guidance published by the Charity Comrnlssion. The activities undertaken in the Buildlng Centre are available to the public and to persons interested In the field of the built environment, and range from topics of general interest to more specialist and technical content, reflective of the particular challenge5 faced when addressing issues such as improving the environmental performance of housing stock, or introducing more modern methods of construction to increase housing supply. All exhibitions held at the Building Centre are free of charge. Charges are made for certain seminars and events, but these charges are not at a level where it 15 considered that they would prevent acce55 to anyone wishing to attend, and the majority of talks are free to enter. Page 6
The Bullt Envlronment Trust Report of the Trustees Icontinuedl Year ended 31 March 20Z5 PUBLIC BENEFIT continlted A range of other organisatlons collaborated and partnered with the Trust and the BuSldSng Centre to enable a wider range of free-to-access events of beneflt to the built environment, over the course of the last year. We also offer online events and vlrtual tours of our maln exhibitions to Increase accessibility for all, free of charge. In thi5 way, the Trust is provlding public beneflt in the field of education in accordance with its charitable objectives. The Trust is keen to continue to be inclusive in promoting education in relation to the bullt envlronment to the largest number of Indlviduals and organisations possible. FINANCIAL REVIEW Flnancial context In the year to 31 March 2025, income streams from the operation of The Bullding Centre have continued to Increase. However, the pressure on profitability remain5 as a result of rising costs. The financial envlronment is very challenging for the Trust and its fundraising income for this year has been minimal. Strong financlal management is being applled to all discretlonary expenditure across the organisatlon. Since the year end, the c05t base of the organlsation has been revlewed, and actions have been taken to improve profitability. Overvlew of consolidated Statement of Flnanclal Actlvities Ipage 181 The Built Environment Trust has a wholly owned subsidiary, the Building Centre Group Ltd, which undertakes both charitable and commercial activltles. The subsidiary's Income and expenditure are shown separately in the consolidated Statement of Financial Actlvlties ISOFAI. The Income and expendlture from charitable activities In the SOF& relate5 solely to Trust actSvities. In the year ended 31 March 2025 the total consolidated income was £2,735,087, an increase of 5% from last yearfs total of £2,606,526. Incorne generated in the subsldiary company represents 98% of total consolidated income. In the year ended 31 March 2025, the total consolldated expenditure was £2,933,772, an Increase of 7% from last yearfs total of £2,731,983. Consolidated expenditure 3500DDO 3WOOOO 2500000 2000000 1500000 ioooooo 500000 Expenditufe Fundraisingand Totalexpenditure Investment subsld13rycompany management Costs expenditure 2024125 ll2023124 As a result, the net consolldated expenditure (the operational deflcitl was £198,685 compared to net consolidated expenditure of £125,457 in the prlor year. This figure is before includlng gainsllosse5 on investments, actuarial gains on the pension scheme valuation, and corporation tax arislng In the subsidiarv company. Page 7
The Built Environment Trust Report of the Trustees Icontirtuedl Year ended 31 Mah 2025 FINANCIAL REVIEW continued Overview of Consolidated Statement of Financial Activities Ipage 181 continued In the financial year there were net gains on investments of £103,38312024.' net losses of £207,798). The subsidiary company incurred a corporation tax charge of £28,29312024.' charge of £45.4841. There wa5 a net actuarial gain on the defined benefit pension scheme of £46,25012024.' net actuarial gain of £40,250). Overall, there wa5 3 net decrease in collsolidated funds of £77,345 for the year12024.' net decrease in funds of £338,4891. Income Income S received predominantly from trading income generèted in the subsidiary company. In addition, there is 3 small amount of income from charitable activitie5 and from investments. Income generated in the subsidiary company and included in the con501idated SOFA, was 4% highEr than last year at £2,682,40412024.. £2,573,049). The increase in income can be attributed to two main income streams. Firstly, income from the provision of facilities for conferences, talk5 and events and secondly. income from provision of exhibition and office space. Last year's income figure5 included £81,303 in respect to a coronavirus business interruption insurance claim. The trend in the variou5 Income streams of the company can be seen in the last table of note 5 in the accounts. Income from charitable activitie5 was minimal at £12,984 12024.. £5,918), with income generation continuing to be challenging. Expendlture The year ended 31 March 2025 was the second full year of the Learning programme. Charitable expendlture incurred directly by th@ Trust increased by 7% to £457,58212024.. £425,841). The Trust's investment in fundraising has continued, with fundraising exp&nditure of £108,490 12024.. £114,361). Expenditure incurred Sn the subsidiary company and included in the con501idated SOFA, increased by 8% to £2,367.700 12024,. £2,191,781). Expenditure relates to the provi5ioll of exhibition and office space, information service5, facilities for conference5, talks and events, and an exhibition and event programme. Reserves pollcy and management Resewe5 are maintained at a level that enables the Trust to manage financial risk and short-term income volatility and provide a stabl& base for the Trust's continuing charitable activities. The reserves policy takes into consideration comtnitments over the medium term in respect of the Trust's property obligations under it5 lease and reserves have been designated for this purpose. The level of free reserve5 Icalculated as the total reserves in the Trust excluding tangible fixed asset5 and investment in its subsidiary) decreased to £2,543,914 at 31 March 2025 from £2.970,409 at 31 March 2024. The tru5tee5 reviewed the existing reserves policy, in light of having secured a new lease until 2029. The new lease does not include a liability for di12pidations, and accordingly, the designated property fund ha5 been reduced from £2,000,000 to £1,000,000. The Trustees h3ve determined that the level of free reserve5 after transfers to designated funds should exceed six months expenditure. Page 8
The Bullt Environment Trust Report of the Trustees Icontinuedl Year ended 31 March 2025 FINANCIAL REVIEW continued Undesignated free reserves at 31 March 2025 amounted to £1,543,91412024.. £970,409) which exceeds six months budgeted expenditure of £500,(M)O for the year ended 31 March 2026. Investment policy and performance The investment policy supports the reserves policy. The Trust seeks to adopt a cautious, prudent and diversified approach to balance potential return5 Wlth appropriate levels of risk. The Trust'5 irive5tments are held in the Charity Assets Trust operated by Ruffer LLP. Rufler LLP manages the Trust's investments with the aim of increasing the value of the portfolio, after fee5, at a higher rate than would be achieved by placing cash on deposit. A review of the investment strategy and financial performance is reported to the Trustees quarterly. The Charity Assets Trust has an integrated responsible investment policv. In August 2024, £300,000 of investments were reali5ed to create funding forthe deficit budget. The portfolio valuation reduced to £2.546,976 at 31 March 2025 from £2,743,593 at 31 March 2024. The Building Centre Group Pension and Life Assurance Scheme In accordance with accounting Standards, the consolidated financial statements of The Built Environment Trust include adjustments relating to the defined benefit pension scheme. The pension scheme wa5 in deficit at the end of the Sast financial year. The deficit, valued in accordance with accounting standards, has been eliminated during the year ended 31 March 2025. The directors of the company are working with the Scheme trustees to manage the Scheme deficit, based on the last triennial valLiation. The funding shortfall 15 expected to be eliminated by 2028. Golng concern The Trustees have reviewed the Trust's financial position, taking account of the 5at15factory levels of reserves and cash. The Trustee5 believe that the Charity is well placed to manage operational and linancial risks successfully. The Trust has recognized the challenges in respect to fundraising for its activities and is now focusing on reducing Its cost base to manage its annual deficit. The company made a profit in thi5 financial year. At 31 March 2025 there were consolidated net current assets of £869,630. With careful monitoring and management of cash flow, the projected cash flow informatlon for the period ending 12 months from the date of approval of thes@ financial statements indicate that both the Trust and the Company will be able to cover liabilitie5 as they fall due for payment. Accordingly, the Trustees have a reasonable expectation that the Charity and the Group have adequate resources to continue in operational existence for the foreseeable future. The Trustees continue to adopt the going concern basis of accounting in preparing the annual accounts. PRINCIPAL RISKS AND UNCERTAINTIES Risk management The Trustees are responsible for ensuring that there are effective and adequate risk management and internal control systern5 in place to manage the major risks to which the Charitv 15 exposed. At least once a year a risk review is undertaken and the risks identified through this process are documEnted in a risk register. Page 9
The Bullt Environment Trust Report of the Trustees Icontinuedl Year ended 31 March 2025 PRINCIPAL RISKS AND UNCERTAINTIES continued Risk management continued The principal risks and uncertainties facing the Trust and its subsidiary cornpany are as follows.. l. Store Street Risk- Our lease for 26127 Store Street with The Corporatlon of London, our landlord for 50 years, is coming to an end in October 2025. A new lease has now been secured until September 2029. Manugement- The Trustees are pleased to have Secured a new lease 50 that the organisation can continue t0 Support th@ built environment community and the interest5 of the general public. However, the Trustees recognise that the strategic priorities Set out in the 'Future Plan5" section of this report are critical to the future 5UStainability of the organisation and will be the focu5 of the executive team over the next year. 2. The defined bet)efit pension scheme Hisk - The defirTred benefit pension scheme is currently in deficit, as calculated by the last full triennial 3Ctu3rial valuation at 6 April 2022. The additional funding requirements may place significant pressure on cash flow in the future. Monogement- There is good communication between the directors of The Building Centre Group Limited and the Trustees ol the Pension Scheme. A recovery plan is currently in place and will be reviewed regularly in line with the triennial 3Ctuarial valuation. The deficit has been reducing over recent years. A new triennial valuation at 6 April 2025 is currently being undertaken. 3. Income Beneration Risk - In the current economie environment, the retention of existing irFcome streams and diversification into new income streams is a challenge for the organisation. Income may not be sufficient to cover forecast expenditure. ManG¢gement- A new Business Plan will be considered by Trustees in 2025 which will focus on greater activation ol the Building Centre to create income growth. Financial forecasts are reviewed and updated regularly to take account of changing circumstances. 4. Rising costs Risk- Our overhead cost base increases at a higher rate than originally anticipated, impacting on profitability and cash flow. Manugement- A significant proportion of our overhead c05t base is fixed for the Short term. There are known increases in rent, rates and pension scheme deficit payments. For all other costs, these will be reviewed and managed to the best of our ability, whilst being sensitive to the impact of rising costs on our employees and other stakeholders. Discretionary expenditure will be tightly controlled. A four year maintenance plan will be put in place to manage the risk5 associated with the fabric of the building. STRUCTURE, GOVERNANCEAND MANAGEMENT Structure and management The built Environment Trust has a wholly owned subsidiary company, The Buildlng Centre Group Limited, which undertakes both primary purpose charitable trading activities as well as commercial trading. The Built Environment Trust is governed by a Board of Trustees who set strategic directlon, ensure that the Trust achieves its objectives and oversee governance. PaEe 10
The Built Environment Trust Report of the Trustees Iconlinuedl Year ended 31 Ma¥ch 2025 STRUCTURE. GOVERNANCE AND MANAGEMENT continued The day-to-day management and administration ol the Trust is delegated to the Chief Executive and the executive team. Colin Tweedy stood down as CEO of the Built Environment Trust and of the Building Centre Group Ltd in December 2024. A new Interim Chief Executive, Matthew Leach, wa5 appointed in April 2025. Remuneration pollcv All staff, including key management personnel, are employed by The Building Centre Group Limited. In setting remuneration levels, the director5 have regard to pay in organisations which employ individua15 Wlth similar Skills. competences and qualifications. The remuneration of key management personnel is authori5ed by the non-Executive Chair of The Building Centre Group Llmited and the Chair of The Built Environment Trust. Trustees All Trustee5 are members of the charity and directors of the charitable company. The Trustees must hold at least three meeting5 a year. Trustees are appolrited for an initial period of 3 years that Can be extended for two further three year terms. The Articles of A550ciation provide for the numt>er of Trustee5 to be between three and ten. The current Trustees are shown on page l. The following changes to trustee5 have taken place during the year.. Richard Hill Iretired 9 lune 20241 Anna Reiter (Bppointed 19 lune 20241 Recruitment of new trustees is based upon identifying people with skills in specific areas to ensure that there is appropriate experience on the Board. They are recruited primarily from built environment related industries. Each Trustee undertakes an inductior) prograrnme that include5 governance and financial documentation and meetings with the Chief Executive and memb&rs of the management team. FUNDRAISING The Trustees take their responsibility under the Charitles Iprotection and Social Investment) Act 2016 seriously 2nd have considered the implications on their activitie5. The charity does not actively raise funds or solicit donations directly from the general public. The Charity does not work directly with commercial sponsors in relation to fundraising. The Trustees are not aware of any complaint5 made in respect of fundraising during the period. REFERENCE AND ADMINISTRATIVE DETAIL5 The Built EnvironmentTrust is a company limited by guarantee and a registered charity. It was incoiporated on 9 June 2015 and registered with the Charity Commission on 4 September 2015. The Built Environment Trust continue5 the work of its predecessor charity, The Building Centre Trust. The audited consolidated financial statements comply with the Statement of Recommended Practice "Accounting and Reporting by Charities" FRS 102 published in October 2019 ISORPI, the Charities Act 2011 and the Companies Act 2006. The financial statements combine the re5uIt5 of The Built Environment Trust and its wholly owned subsidiary, The Building Centre Group Limited. Page 11
The Built Environment Trust Report of the Trustees Icontinuedl Year ended 31 March 20Z5 STATEMENT OF TRUSTEES RESPONSIBILITIES The Trustees Iwho are 2150 directors of The Built Environment Trust for the puip05es of company lawl are responsible fcir preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and regulations. Company law requlres the Trustees to prepare financial Statements for each financial year. Under that law the Trustees have prepared the financial statements in accordance with United Kingdom Accounting Standards. comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and applicable law (United Kingdom Generally Accepted Accounting Practice). Under company law the Trustees must not approve the financial statement5 unless they are satisfied that they give a true and fair view of the state of affair5 of the charitable company and the group and of the incoming resource5 and application 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 rnethods and principle5 Ill the Statement of Recommended Practice"Accounting and Reporting by Charities" FRS 102 published in October 2019 ISORPI Make judgernent5 and estimates that are reasonable and prudent State whether applicable UK Accounting Standards. comprising FRS 102"The Financial Reporting Standard applicable in the UK and Republic of Ireland" has been follciwed, Subject to any mat&ri31 departures disclosed and explained in the financial statements. and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business The Trustees are responsible for keeping adequate accounting record5 that are sufficient to show and explain the charitable company'5 transactions and disclose with reasonable accuracy at any time the financial p051tion ol the charitable company and the groLiP and enable them to ensure that the financial staternent5 comply with the Companie5 Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prever)tion 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 Bware, there 15 no relevant audit information of which the charitable company's auditors are unaware,. and They have taken all the step5 they ought to have taken as a Trustee in order to make thernselve5 aware of any relevant audit information and to establish that the charitable company'5 auditor5 are aware of that information Pa£e 12
The Built Environment Trust Report of the Trustees Icontlnuedl Year ended 31 March 2025 INDEPENDENT AUDITORS Saffery LLP have expressed their willingness to remain in office. The Trustees have taken advantage of the small companies. regime in preparing the Report of the Trustees. The Report of the Trustees was Signed on behalf of the Trustees by.. Sara mbe-Nott ing Chair 17 September 2025 Page 13
The 8uilt Envlronment Trust Independent auditors. ieport to the trustees For the year ended 31 March 2025 Opinion We have audited the financial statements of the Built Environment Trust for the year ended 31 March 2025 which comprise the con501idated statement of financial activities, th& consolidated and Trust balance sheets, the consolidated Statement of cash flows and notesto the financial statement5, including a summary of Significant accounting policies. The financial reporting framework that has been applied in their preparation is applicabl& law and United KinEdom Accounting Standards. incSuding Financial R2POrting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial 5tatements'. give a true and fair view of the State of the affairs of the group and the parent charitable company as at 31 March 2025 and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended,, have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing 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 staternents section of our report. We are independent trf the group and parerit charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical re5POll5ibilities in accordance with these requirements. We believe that the audit evidence we have obtained is Sufficient and appropriate to provlde a basis for our opinion. Concluslons relatin8 to going concern In auditing the financial statements. we have concluded that thE trustees, use of the golng concern basis of accounting in the preparation of the financial statements 15 appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to event5 or conditions that, individually or collectively, may cast significant doubt on the group or the parent charitable company's ability to continue a5 a going concern for a period of at IEa5t twelve months from when the financial 5tatetnents are authori5ed for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other rnformatSon The tru5tee5 are responsible for the other information. The other information comprise5 the information included in the annual report, other than the financial 5tatement5 and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility 15 to read the other informatlon and, in doing so, consider whether the other information 15 materially inconsistentwith the financial Statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material iriconsistencies or apparent material misstatements, we are required to determlne whether this gives rise to a material misstatement Page 14
The Bullt Envlronment Trust Independent 3uditor5' report to the trustees Icontlnuedl For the year ended 31 March 2025 in the financial statement5 them5elve5. If, based on the work we have perforrred, we conclude that there is a material misstatement of thi5 Other infoimation,. we are required to report that fact. We have nothing to report in this regard. other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the finzncial 5taternents,' and the Report ol the Trustee5 has been prepared in accordance with applicable legal requirernents. Matters on which we are required 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 in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion,, the group or parent charitable company has not kept adequate and sufficient accounting records. or returns adequate for our audit have not been received from branches not V151ted by us,. or the parent charitable company financial statement5 are not in agreerrent with the accountlng records and returns., or certain di5c105ure5 of trustees, remuneration specified by law are not made,. or we have not received all the inforrnation and explanations we require for our audit,. or the trustees wer@ not entitled to prepare the financi31 statements in accordance with the small companies regime and to take advantage of the Small companies exemption in preparing the Report of the Trustees and the strategic Report. Responsibilltles of trustees A5 explained more fully in the Statement of Trustees, Responsibilitie5, the trustees Iwho are also the directors of the parent charitable company for the purposes of cornpany lawl are responsible for the preparation of the financial Statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine 15 necessary to enable the preparation of the financial statements that are free from material mis5taternent, whether due to fraud or error. In preparing the flnancial statements, the trustees are responsible for assessing the group and the parent charitable companrf5 ability to continue as a going concern, disclosing, a5 applicable, matters related to going concern and using the going Concern basis of accounting unless the trustee5 either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responslbllities for the audit of the financial statements We have been appointed as auditors under the Companie5 Act 2006 and report in accordance with regulatlon5 rnade under that Act. Our objectives are to obtain reasonable assurance about whetherthe group and parent financial statements as a whole are free from material mi55tatement, whether due to fraud or error, and to Issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of 3S5urance, but 15 not a guarantee Page 15
The Built Environment Trust Independent auditors, report to the trustees Icontinuedl For the year ended 31 March 2025 that an audit conducted in accordance with ISAS IUKI will always detect a materia5 misstatement when it exist5. Misstatements can arise from fraud or error and are considered material if. individually or in the aEgregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statement5. Irregularitie5, including fraud, are instances of non-cornpliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material mi55tatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. Identifying and assessing ri5k5 related to irregularities.. We asse55ed the susceptibility of the group and parent charitable company's financial statement5 to material misstatemerit and how fraud might occur, including through discussions with the trustee5, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these contro15 operated as intended. We evaluated possible incentives and DPPOrtunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussion5 With trustees and updating our understanding ol the sectors in which the group and parent charitable company operate. Laws and Fegulations of direct 5igniflcanee in the context of the group and parent charitable company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales. Audit response to risks identified.. We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosure5. We reviewed the parent charitable company's records of breaches of laws and regulations, minute5 of meetinBS and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company's policie5 and procedures for compliance with laws and regulation5 Wlth members of mariagernent responsible for compliance. During the plannlng meeting with the audit team. the engagernent partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulation5 or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through managernent override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of busine55. We assessed whether judgements made in making accounting estirnates gave rise to 3 Possible indication of management bias. At the completion stage of the audit, the engagement partner's revlew included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to Identify non-compliance with laws and regulations and frBUd. There are inherent lirnitations in the audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. A150, the risk of not detecting a material misstatement due to fraud 15 higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealrnent by, for example, forgery or intentional misrepresentations, or thiough collusion. A further description of our responsibilitie5 15 available on the Flnancial Reporting Council's website at.. www.frc.or .uk auditor5res onsibilities. This description forms part of our auditorfs report. Page 16
The Bullt Envlronment Trust Independent audltors. report to the trustees lcontlnuedl For the year ended 31 March 2025 Use of our report This report is mzde 501ely to the parent charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we rnight state to the parent charitable company's member5 those matters we are required to state to thern in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company and the parent charitable cornpany's members as a body, for our audit work, for thls report, or for the opinion5 we have formed. Cara Turtlngton (Senior Statutory Audltoil for and on behalf of Saffery LLP 025 71 Queen Victoria Street London EC4V 4BE Statutory Auditor5 Saffery LLP is eligible to act as an auditor in terrns of Section 1212 of the Companle5 Act 2006 Page 17
The Built Environment Trust Consolldated statement of flnancial activitles For the yeai ended 31 March 2025 Ilncorporating an income and expenditure aceountl Notes 2025 Z024 Income Irom: Legacies Charitable actlvltles Other tradiNE artlvities Income generated in subsidiary company Investment5 12,984 5.918 2,682,404 39,699 2,573,049 27,559 Total income 2.735,087 2,606,526 Expendlture on: Charitable artSvitles 457,582 425.841 Ralsing fund5 Expenditure incurred in subsidiary company Fundraising expenditure Investment management costs 2.367,7QKJ 108.49J 2,191,781 114,361 2.476,190 2,306,142 Total expenditure 2,933,772 2,731,983 Net gains/llos5esl on investments 103.383 1207,7981 Net lexpenditurel/ln¢ome before taxatlon and other recognised Ealns and105se5 195,3021 1333,2551 Taxatlon 128,2931 145.4841 Net lexpenditurelllncome after tamatlon and before other recognised gains and losses 1123,5951 1378,7391 Other recognlsed gain5lllossesl Actuarial gainlllossl on defined benefit pension scheme DefÈrrod tax relating to pension scheme 134,000 187,7501 119,000 178,7501 Net movement in fund5 177.3451 1338,4891 Reconciliation of fund5 Tot31 funds brouEht forward l April 2024 3,515,495 3,853,984 Total funds Carried forward 31 March Z025 15 3,438,150 3.515.495 The Trotes and 2ccountlng policies on pages 21 to 39 forrn part of thes& accounts. All of the Trust's funds are unrestricted Pago 18
The Bullt Environment Trust Balance sheets At 31 March 2025 Notes Con5011dated 2025 Trust 2024 2025 2024 FIKed assets Tangible assets Investments Investments in subsidiaries io li li 27,222 2,546.976 3(YJ 6,783 2,743,593 300 2,546,976 950,000 2,743.593 950,000 2,574,498 2,750,676 3,496.976 3,693,593 Current assets Debtors Cash at bank and in hand 12 632,653 1,320,804 582,546 1,484,298 230,040 162,616 261,530 318,203 1,953,457 2,066.844 392,656 579,733 Creditors.. amount5 falling due within one year 13 11,083.8271 1949,4301 1395,7181 1352.9171 Net current assetsllliabilitiesl 869,630 1.117,414 13,0621 226,816 Total assets less current 3,444.128 3,868,090 3,493,914 3,920,409 Deferred taxation Defined benefit pension scheme liability 14 15,9781 11,5951 17 1351,0001 Net a55ets 3,438,150 3,515,495 3,493,914 3,920,409 Fund5 Unrestricted funds Defined benefit pension scheme deficit 15 3,438,150 3,778,745 3,493,914 3,920,409 15 1263,2501 Total funds 15 3,438,150 3,515,495 3,493,914 3,920.409 No separate company Statement of Financial Activities ISOFAI has been prepared by the Charity as permitted by section 408 Companies Act 2006. The charitable company's income for the year was £636,190 12024.. £632,215) and the deficit for the year was £426,49612024.. deficit of £715,7851. The financial statements on page5 18 to 39 were approved by the Trustees on 17 September 2025 and d on their behalf ra Lip5com Acli Company registration number.. 9631202 Page 19
The Bullt Environment Trust Con5011d3ted statement of cash flows For the year ended 31 March 2025 statement of cash flows 2025 2024 Net cash used In operating activities 1423,2391 1227,7421 Cash flows from investlng activities Investment income Purchase of tangible fixed assets Proceed5 from the sale of investments Purchase of investments 39,699 135,9661 300,000 27,559 13,5991 2.353,140 11,944,207) Net cash provided by investing actlvltles 303,733 432.893 Corporation tax Ipaidl/received 143,9881 28.789 Change in cash and cash equivalents in the ye3r Cash and cash equivalents at l April 1163,4941 1,484,298 233,940 1.250,358 Cash and cash equivalents at 31 March 1,320,804 1,484,298 Reconclllation of net expendlture to net cash flow from operating activities 2025 2024 Net lexpenditurelllncome for the reportlng peilod as per the statement of financial actlvities 195,3021 1333,2551 Adjustments for Investment income Depreciation charges IGainsl11055es on investments Ilncreasel/decrease in debtors Increaselldecrea5el in creditors Pension gain5 recognised in SOFA excludinE actuarial gain 139,6991 15,527 1103,3831 1137,8571 154,475 127,5591 6,383 207,798 18,615 96,276 1217,0001 1196,0001 Net cash used in operatlng activities 1423,2391 1227,7421 Analysis of cash and cash equivalertts 2025 2024 Cash at bank and on instant access deposit accounts 1,320,804 1,484,298 Analysis of changes in net debt At l Aprll 2024 At 31 March 2025 Cashflows Cash and cash equivalents 1,484,298 1163,4941 1,320.804 Page 20
The Bullt Environment Trust Notes to the con501idated financlal statements For the year ended 31 March 2025 Atcounting policies Basis of preparatlon These accounts have been prepared in accordance wlth Financial Reporting Standard 102 -"The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland" IFR5 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 reporting requirements of the Companies Act 2006 and the Charities Act 2011. The Charity has adapted the Companies Act format5 to reflect the SORP. The accounts have been prepared under the historical c05t convention, as modifled by the revaluation of listed inve5tment5. Going concern The accounts have been prepared on the going concern basi5. The Trustees have reviewed the Trust's financial p051tion, taking account of the satisfactory levels of reserves and cash. The Trustees believe that the Charity is well placed to manage operational and financial risks 5ucce55fully. At 31 March 2025 there were consolidated net cuirent assets of £869,630. With the careful monitoring and management of cash flow, the projected cash flow information for the period ending 12 months from the date of approval of these linanci315tatements indicate that both the Trust and the Company will be able to cover liabilities as they fall due for payment. Accordinglv, the Trustees have a reasonable expectation that the Charity and the Group have adequate resources to continue In operational existence for the foreseeable futu. The Trustees continue to 3dopt the going concern basis of accounting in preparing the annual accounts. The Charity is a public benefit entity. The accounting policies have been applied consister)tly throughout the accounts and the prior year. Basis of consolidatlon The consolidated accounts combine the result5 of The Built Environment Trust with its wholly owned subsidiary undertakin& The Building Centre Group Limited (Company No. 7461501, on a line by line basis. In the consolidated accounts uniform accounting policies have been used. con501idation adjustment5 have been made to remove transactions between the two entities and inter-entity balances hzve been cancelled. The con501idated 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 be quantified and is probable. Incoming resources are deferred when they relate to future accounting periods. Legatles Legacies are recognised when probate15 granted and there is sufficlent information to value thern. P8Ee 21
The Built Environment Trust Notes to the consolidated financial statements Icontinuedl For the year ended 31 March 2025 Atcounting pollcles Icontlnuedl Resources expended All expenditure is accounted for on an accruals basis. Direct 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 basi5 such as headcount or Staff time. Leases Rentals payable under operating leases are charged against income on a stiaight line basis over the lease term. Tangible fixed assets and depreclatlon Tangible fixed asset5 are capitalised at cost. Depreciation is provided so as to write off the cost of fixed assets on a straight line basi5 over their expected useful lives. as follows.. Over period of lease Leasehold property irnprovement5 10%- 25% Assets purchased for exhibition purpose5 10%- 20% Fixtures, fittings, furniture and equipment 25%- 33% Computer equipment Fixed assets are subject to a revlew for impairrnent when there is an indication of a reduction in their carrying value. Any impairment is recognised in the year in which it occurs in the corresponding SOFA category. Investments Listed investments are stated at fair value. The SOFA include5 realised gain5 and losse5 on investments sold Iri the year and unrealised gains and losses on revaluation of investrnent5. Investments in group companies are included at cost less provision for any permanent diminution in value. i.io Flnancial Instruments The group has financial assets and liabilitie5 of a kind that qualify 35 basic financial instruments. Basic financial instruments are recognised initially in the accounts at transaction price. including anv transaction cost5. At the end of each accounting period, basic financial in5trument5 are recognised at amort15ed cost. For debt instruments this is calculated using the effective interest rate method. i.ii Fund accounting Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the Trust's charitable objectives. A pension Scheme deficit 15 included within the unrestricted funds to reflect the defined benefit pension scheme liability. Oesigriated funds are a portion of the unrestricted funds that have been Set aside for a particular purpose by th@ Trustee5. Page 22
The Bullt Environment Trust Note5 to the consolidated financlal statements Icontinuedl For the year ended 31 March 2025 Atcounting policies Icontlnuedl 1.12 Pensions For the defined benefit pension scheme, pension scheme assets and liabilities are recorded in line with FRS 102, with scheme valuation5 undertaken by an independent actuary. FRS 102 measures the value of pension scheme assets and liabilities at the balance sheet date and determine5 the benefits accrued in the year and the interest on a55ets and liabilities. Current service costs, together with the net interest cost for the year, are allocated to relevant expenditure headings within the 50FA. Scherne assets are measured at falr value at the balance Sheet date. Scheme liabilitles are measured on an actuarial basis at the balance Sheet date using the projected unit method and di5tounted at a rate equivalent to the current rate of return on a high-quality corporate bond of equlvalent term to the scheme liabilities. The change in value of assets and liabilities arising from asset valuation, changes in benefits, actuarial assumptions, or change in the level of deficit attributable to member5 is recognised in the con501idated statement of financial activities within actuarial gainsllosses on defined benefit pension scheme. 1.13 Taxation The Built Environment Trust is a registered charity and is exempt from UK income tax and corporation tax on charitable zctivities. The Trust 15 registered for VAT. The subsidiary company 15 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 a55et5 are recognised to the extent that it 15 probable that theywill be recovered againstthe reversal of deferred tax liabillties or other future taxable profits. Page 23
The Bullt Et)vironment Trust Note5 to the consolldated financial statement5 Icontinuedl For the year ended 31 March 2025 Critical accounting judgements and sour£e5 of estimatlon uncertainty Estimates and judgements are continually evaluated and are based on historical evidence and other factor5. Critical judgements In applying the entlty's accounting policies There are no critical accounting judgements in 2025 and 2024. Critical accountlng estimates and assumptions Defined beneflt pension scheme The Group ha5 an obSigation to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation dEpend on a number of factors, including life expectancv, a55et valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension liat>ility in the balance sheet. The a55umptions reflect historical experience and current trend5. The valuation is particularly sensitive to the impact of the discount rate assumption on Scheme liabilities. See Note 17 for the disclosures relating to the defined benefit scheme. Legacy income Legacy income is not recognised until The Built Environment Trust has entitlement to the funds, the amount can be quantified and there is probability of receipt. No legacies were recognised in the year ended 31 March 202512024.. £nill Income from charitable activitles 2025 2024 Events and exhibitions Learning Provislon of space to built environment organisations 2,000 10,984 2,950 2,968 12.984 5,918 Page 24
The Bullt Envlrot)ment Trust Notes to the consolldated financial statements Icontlnuedl For the year ended 31 Maich 2025 Subsldlary tradlng company The Bulldlng Centre Group Lirnited, The Built Environment Trust's wholly owned trading subsidiary, incorporated In England and Wale5, engages in both primary purpose and non-prirnary purpose trading activities. A summary of the audited income Statement of the Building Centre Group Limited for the year ended 31 Marth 2025 is shown below. These figures do not agree to the figure5 on page 18 due to the impact of consolidation adjustments. 2025 2024 Income Expenditure 2,961,420 12,630,227) 2.833.947 12,451.4161 331,193 128,2931 382.531 145,4841 Taxation Charitable donation under gift aid Retained in subsidiary 302,900 337,047 The asset5 and Ilablllties of The Building Centre Group Limited consolidated within the balance sheet are.. 2025 2024 Assets 1,612.090 1720,0801 1,572,897 1679,0371 1351,0001 Defined beneflt pension scheme liabrllty Represented by share capital and reserves 892,010 542,860 Subsldiary company Income analy515 2025 2024 Income from Provision of exhibition and offSce space Information services Facilities for conference5, talks and events Other Busine55 Interruption insurance 2.163,604 81,996 486,747 229.073 2,016,696 99,651 427,292 209,005 81,303 2,961.420 2,833,947 Page 25
The Built Envlronment Trust Notes to the con5011dated financial statements Icontlnuedl For the year ended 31 March 2025 Costs of charitable aetlvities Direct costs Salary tosts Support costs 2025 Total Exhibitions and project5 Learning Provision of space to bullt environment organisations 61,374 35,714 88,011 59,400 104,411 108,672 253.796 203,786 97,088 147.411 213,083 457,582 Support costs have been allocated on a headcount basis. Exhibitions and projects Provision of space 2025 Total Learning Governance and strategv Management and administration Roof repairs 57,879 36,619 9,913 60,241 38,114 10,317 118.120 74.733 20.230 104,411 108,672 213,083 Prior year comparatlve figures Direct costs Salary costs Support costs 2024 Total Educational events and exhibitions Learning Provision space to built environment organisations 74,552 43,918 89,978 58,200 78,004 81,189 242.534 183,307 118,47C> 148,178 159,193 425,841 Events and exhibitions Provlslon of space 2024 Total Learning Governance and strategv Management and administration 43,501 34,503 45,277 35,912 88,778 70,415 78,004 81,189 159,193 Page 26
The Bullt Env5ronment Trust Notes to the consolldated flnancial statements Icontinuedl For the year ended 31 March 2025 Net lexpenditurelllncome for the year 2025 2024 Thi5 15 stated after charging/lcreditingl'. Depreciation charge Gain on disposal of fixed assets Renta15 payable under operating leases Land and building5 Auditors remuneration for external audit services Trust subsidiary Auditors remuneration for non-audit services Trust Subsidiary 15,527 6,383 600,000 600,WO 9,530 14,940 9.450 14,500 3,140 6,625 Taxatlon The Built Environment Trust is a registered charity and is not liable to United Kingdom incorne tax or corporation tax on charitable activitie5. The subsidiary company is liable to coiporation tax on its profit5. as set out below: 2025 2024 Domestic current yeor tax UK corporation tax chargellcreditl Adjustment for prior years 25.305 11,3951 45,126 Total current tax 23.910 45,126 Deferred tox Deferred tax chargellcreditl 4,383 358 Chargellcreditl to statement of financial activities 28,293 45,484 Page 27
The Built Environment Trust Notes to the consolidated financlal statements Icontlnuedl For the year ended 31 March 2025 Employees and Trustees 2025 2024 Salaries and wages Social security costs Pension costs (including operating costs of defined benefit pension scheme) 942,686 100,027 826,281 87,005 155,902 131,421 1,198,615 1,044,707 The average number of employee5. calculated on an average hezdcount. analysed by function was 2025 Number 2024 Number Provision ol exhibition and office space and event5 Information services Facilities for conferences, talks and events Support Services Learning 17 16 Number of employees whose benefits lexcludlng employer pension contributions) fell within the following band5'. 2025 Number 2024 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 £170,0(K) to £179,999 The total emoluments of key management personnel Ibeing the executive directors) was £271,986 12024.. £205,749) excluding pen51on contributions and £333.98612024'. £230,622) including pension contributions. Included in the total emolument5 of key management personnel, is a terrnination payment of £131,69612024.. £nill which wa5 paid to an executive director of the company upon cessation of their employment. The payment comprised contractual entitlements and a compensation payment for loss of office. £39,493 remains in accrua15 at the year end. No Trustee received remuneration from the Group during the ye3r12024.. nill. Travel expen5e5 incurred by trustee5 for attending meeting5, and reimbursed, amounted to £88112024.. £1,170). A5 perrllitted by the Article5 of Association, the Charity purchased and maintained throughout the year Trustees and officers liability irisurance in respect of itself and its Trustees. Page 28
The Bullt Environment Trust Notes to the consolldated financial 5tatement5 Icontlnuedl For the year ended 31 March 2025 io. Tangible flxed assets Consolidated Property Improvements Furnlture fittings and equlpment Total Cost or valuatlon At l April 2024 3,246.185 650,867 3,897,052 Additions 28,910 7,056 35,966 3,275,095 657,923 3,933,018 Depreciation l April 2024 Charge for year 3,246,185 5,975 644,084 9.552 3,890,269 15,527 31 March 2025 3,252,160 653,636 3,905,796 Net book value 31 March 2025 22,935 4,287 27.222 31 March 2024 6,783 6,783 bl Trust Furniture fittlngs and equipment Total Cost or valuation At l April 2024 ènd 31 March 2025 12,099 12,099 Depretlation l April 2024 Charge lor year 12,099 12,099 31 March 2025 12,099 12,099 Net book value 31 March 2025 31 March 2024 PaÉe 29
The Built Envlronment Trust Notes to the consolldated flnancial statements Icontinuedl For the year ended 31 March 2025 ii. Fixed asset investments 2025 2024 Listed investments Consolidated and Trust Market value l April 2024 Additions Disposals Realised and unrealised gains111055es1 on revaluation 2,743,593 3.360,324 1,944,207 12,353,140) 1207,7981 1300,0001 103.383 Market value at 31 March 2025 2,546,976 2,743,593 Historlcal cost at 31 March 2025 2,758,571 3,001,082 Llsted investments 2025 2024 Pooled investment fund 2,546,976 2,743,593 Cash awaiting investment Market value at 31 March 2025 2,546,976 2.743,593 Investments are held in a pooled Investment fund, The Charity Assets Trust. operated by Ruffer LLP. The Charity Assets Trust ha5 an integrated responsible investment policv. Page 30
The Built Enviionment Trust Notes to the consolidated financlal statements Icontlnuedl For the year ended 31 March 2025 ii. Flxed asset investments Icontlnuedl bl Unlisted investments 2025 2024 Consolidated £1 Ordinary shares 300 3(X) Unlisted Investments at cost 300 300 At 31 March 2025, the Building Centre Group Limited owned 100% of th@ share capital of three dormant 5ub5idiary undertakings.. Centre for the Built Environment Limited Icompany No. 131199421. London Centre for the Built Environment Limited (Company No. 131199581 and National Centre for the Built Environment Limited (Company No. 131202331. none of which 15 actively trading. The share capital of each entity 15 £100. The dormant subsidiaries are not consolidated into these financial statements. 2025 2024 The Trust £1 Ordinary shares Preference shares 800,000 150,000 800,(KJO 150,(M)O Unlisted investments at C05t 950,000 950.LNJO Cost At l April 2024 Disposals Revaluation 950,000 950.000 At 31 March 2025 950,000 950,000 The unlisted investments repie5ent the Trust's investment in its trading sub51diary, The Building Centre Group Limited (see Note 51. PagE 31
The Built Envlronment Trust Notes to the consolidated finarhclal statement5 Icontlnuedl For the year ended 31 March 2025 12. Debtors Consolidated 2025 Trust 2024 2025 2024 Trade debtor5 Due from subsidiary undertakings other debtors Prepayments and accrued incorne 96,226 17,845 78,702 536,427 476,951 230,040 182,828 632,653 494,796 230,040 261,530 Amounts falllng due after one year Deferred tax asset- pension scheme deficit (see note 141 87,750 Total debtors 632,653 582,546 230,040 261,530 13. Credltors Consolidated 2025 Trust 2024 2025 2024 Amounts due within one year Trade creditors Due to subsidiary undertakings Other creditors other taxes and Social security Corporation tax Accruals Rental and exhibition income advance 303,686 300 21,899 95,166 25,305 190,377 245,757 300 21,282 83,041 45,383 185,253 206,726 24,067 161,876 115.1421 116,7131 25,067 50.754 447,094 368.414 155,000 157,000 1,083.827 949,430 395,718 352,917 Page 32
The Built Envlronment Trust Notes to the con501idated flnancial statements Icontlnuedl For the year ended 31 March 2025 14. Deferred taxation Consolldated 2025 Pension scheme deficit Consolidated 2024 2025 Accelerated Capltal allowances 2024 A¢Ieyated Capital allowances Pension scheme detÈcit Deferred tax asset Balance at l April 2024 Movement in year 87,750 187,7501 11,5951 14,3831 166,500 178.7501 11,2371 13581 Balance at 31 March 2025 15,9781 87,750 11,5951 15. Reserves Consolidated General funds Deslgnated funds Pension Total unrestrltted funds Unrestricted funds at l April 2024 Income and gains Expenditure and losses Transfers 1.778,745 2,884.720 12,962.0651 736,750 2,000.000 1263,2501 3,515.495 2,884.720 12,962,065) (1.000,0001 263,250 Unrestricted funds at 31 March 2025 2.438.150 1,000,000 3.438.150 The consolidated unrestricted funds include5 a deficit in the limited cornpany subsidiary, excluding the pension scheme deficit. whSch totals £57,990. General fund5 DesSgnated lunds Pension deficit Total unyestrlcted lunds Unrestricted funds at l April 2023 Income and gains Expenditure and losses Transfers 2.353,484 2.646,775 12,985,264) 1236,2501 2,000,000 1499,5001 3,853.984 2,646,775 12,985,264) 236.250 Unrestricted fuThd5 at 31 March 2024 1.778.745 2,000,000 1263,2501 3,515.495 The consolid3ted unrestricted fund5 includes a deficit in the limited company subsidiary, which totals £143,890. Page 33
The Built Envlrot)ment Trust Notes to the con5011dated financial statements Icontlnuedl For the year ended 31 March 2025 15. Reserve5 Trust Geneial funds Designated funds Total unrestricted funds Unrestricted funds at l April 2024 Income and gains Expenditure and1055es Transfers 1,920,409 739,575 11,166,070) 1,000.000 2.000.000 3,920,409 739,575 11,166,0701 11,000,000) Unrestricted funds at 31 March 2025 2.493.914 1,000,000 3,493,914 General funds Designated funds Total unrestrlcted funds Unrestricted fund5 at l April 2023 Income and gains Expenditure and losses Transfers 2,636,194 632,215 11,348,000) 2.000,QOO 4,636,194 632,215 11,348,(M)01 Unrestrlcted funds at 31 March 2024 1,920,409 2,000,000 3,920,409 The designated funds relate to a property fund, which are reserves earmarked for general premises protection including repairs and future proofing. The property fund was reduced from £2,000.000 to £1,000,000 during the year as the new lease does not include a liability for dilapidations. The property fund relates to the Short to mediurn term. Page 34
The Bullt Env5ronment Trust Note5 to the consolldated fin3nclal statements Icontinuedl For the year ended 31 March 2025 16, Operatlng lease commitments The total of future minimum lease payments under non-eancellable operating lea5e5 Ss as follows.. 2025 Land and buildin8S 2025 Equlpment 2024 Land and buildings 2024 Equlpment Within one yeèr In two to five years In over five year5 620.833 2,562,500 20,420 52,976 600,000 350,000 8,936 8,604 3,183,333 73,396 950,000 17,540 17. Pènslon costs Durlng the year, the subsidiary company operated a deflned benefit pension scheme and a defined contributlon pension scherne for employees. The Building Centre Group Limited Pen51on and Assurance Scheme (the defined benefit 5chemel, Is closed to new ent¥ants. The Scheme is tlosed to future accrual following the retirernent of the last active member. Deflned benefit pension scheme In line with normal practlce, there are two bases for assessing the value of the assets and liabilities of the Stheme. For accounting purposes, they are reported in accordance with Flnantial Reporting Standard 102. In addition, the trustees of the Scheme commission a triennial actuarial funding valuation to ensure that the Scheme is appropriately funded. The last full actuarial valuation was carried out at 6 April 2022 and showed a fundin8 shortfall of £988,000. A full actuarial valuation at 6 April 2025 is currently being undertaken. As detailed below, on a FRS 102 ba51S the Scheme had a surplus at 31 March 2025 of £132,000 12024.. deficit of £351,000), but with uncertainty over the recoverability of thls sum, an asset has not been recognised in the accounts. The valuation is partlcularly sensitive to the impact of the discount rate assumption on Scheme liabilities which has Increased by 1.0% (from 5.0% to 6.0%) between 2024 and 2025, of the RPI a55umption which has decreased by 0.1% (from 3.2% to 3.1%), and the CPI assumption which has increased by 0.1% (from 2.6% to 2.7%). The company is working with the Scheme trustees to manage the Scheme deficit, based on the last triennlal valuation. The fundSng shortfall is experted to be ellminated by 2028. Page35
The Built Envlronment Trust Notes to the con5011dated flnanclal statements Icontlnuedl For the yea¥ ended 31 March 2025 17. Penslon cost Icontlnuedl Value of the $cheme asset5 and liabllltles 2025 2024 Market value of assets Present value of stheme liabilities 3,494,000 13,362,000) 3,572.0 13,923,000) Surplus1 (Defltltl In scheme 132.000 1351,0001 Surplus not retognlsed 1132.0001 1351,0001 Related deferred tax asset15ee Note 141 IB7,7501 The pension scheme surplus is not recognised In the flnancial statement5 due to uncertainty over anv future economic benefit to the company. Prlnclpal o¢tuarlal assumptlons The prlntlpal actuarial assurnptlons on whlch the valuation of the scheme was b45ed are Set out below.. 2025 2024 Rate used to dlstount scheme liabilitles Rate of increase tc pensions in payment Rate of future price inflatltrn- RPI RBtÈ of future price inflation- CPI 6.0% 3.0% 3.1% 2.7% 5.0% 3.1% 3.2% 2.6% The life expectancies used to determlne benefit obligation5 are as follows.. 2025 Male 2025 Female 2024 Male 2024 Female Member aged 65 (current life expectanryl Member aged 45 Ilrfe Èxpectancy at 651 20.7 21.7 23.1 23.9 20.7 21.7 23.0 23.9 Page 36
The Bullt Envlronment Trust Notes to the consolldated flnancial statements Icontlnuedl For the year ended 31 March 2025 17. Pension costs Icontlnuedl 2025 2024 Movements In the SOFA Current and past 5ervlte cost 1188,0001 176,000 1185,0001 158,000 Interest intome on assets in the 5chÈme Total penslon loss recogni5ed in the SOFA 112.0001 127,0001 Actuarial gainslllos5esl Deferred tax relating to penslon scheme 134,000 187,7501 119,000 178,7501 Tota1 galnslllossesl recogni5ed In the SOFA 46,250 40,250 Movement In scheme a55ets, Ilabllltles and deflclt Present value of Falr value of assets (Deflcltl At l April 2024 Interest income on asset5 In the scheme 1761nterest cost on scheme liabilitie5 ActuarS3l gainslllossesl Ernployer contributions paid Ernployee contributions paid Benefits paid Current and past selvice cost 3,572,000 176,000 13,923,000) 1351,0001 176,0 1188,0001 266,OCK) 229,000 1188.(KlOI 405,0 1139.0001 229,000 1344,0001 344,0 At 31 March 2025 3,494,000 13,362,000) 132,OCM) The actual return on scheme assets for the year was a loss of £139,000. PaÈe 37
The Bullt Envlronment Trust Notes to the consolidated flnanclal statements Icontlnuedl For the yeai ended 31 March 2025 Movement In scheme assets. liabilities and deflclt Present value of Fair value of assets At l April 2023 Interest income on assets in the scheme Interest C05t on scheme liabilitie5 Actuarial gains/llossesl Employer contribution5 pald Employee contributions pald Benefit5 pald Current and past service cost 3,263,000 158,000 13,929,000) 1666,0001 158,000 1185,00(11 1185,0001 42,000 119,000 223,000 77,0(K) 223,000 1149.0001 149,000 At 31 March 2024 3,572,000 13,923,000) 1351,0001 The actual retLJrn on scheme asset5 for the year was a gain of £77,000. 18. Related party transactlon5 Expenses reimbursed to Trustees and the remuneration of the key management personnel, including details of a terminatlon payment, are disclosed in Note 9. Details of transactions in respecttoThe Building Centre Group Limited Pension and Assurance kheme are set out in Note 17. The Built Environment Trust ha5 transactions with its wholly owned subsidiary, The Bullding Centre Group Limited, which have been ellminated on consolidation. These transaction5 3Te a5 follows. The Built Environment Trust recelved income from The Bullding Centre Group Limited as follows.. Licence fees of £620,0(M)12024.. £620,000) The Buildlng Centre Group Llmlted charged the followlng expenditure to The Built Environment Trust.. Management fee £229,00012024.. £208,898) At 31 March 2025 there are balances outstanding between The Built Environment Trust and The Building Centre Group Limited whSch have been eliminated on consolidation. These balances are.. Net balances owed by The Building Centre Group Limited to The BuSlt Environment Trust as follows.. Intercompany current account £nll12024.. £78,702) Net balances owed by The Built Environment Trust to The Building Centre Group Limited. Intercompany current account £24,06712024'. £nill No guarantees have been given or received. Page 38
The Built Environment Trust Notes to the consolldated financial statements Icontlnuedl For the year ended 31 March 2025 19. Company status The company is limited by guarantee and the total of those guarantee5 is £1 per member PagE 39