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 Ma￿h 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