THE LAMBETH CONFERENCE
(A Charitable Company Limited by Guarantee)
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Registered Charity No. 1121679 Company No. 05985741
THE LAMBETH CONFERENCE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2020
CONTENTS
| Reference and Administrative details of the Charity, its Trustees and Advisors | 1 |
|---|---|
| Annual Report of the Trustees | 2 |
| Independent Auditor’s Report to the Members of The Lambeth Conference | 8 |
| Statement of Financial Activities | 12 |
| Balance Sheet | 13 |
| Statement of Cash Flows | 14 |
| Notes to the Financial Statements | 15 |
THE LAMBETH CONFERENCE
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISORS
CONSTITUTION
The Lambeth Conference was incorporated by guarantee on 1 November 2006. It has no share capital and is a registered charity. The guarantee of each member is limited to £1. The governing document is the Memorandum and Articles of Association of the company and members of the Board of Trustees are also the Directors of the company for the purpose of Company law.
TRUSTEES
The trustees during the financial year ending 31 December 2020 and up to the date of the signing of this trustees’ report were the following:
Lord Stephen Green (Chair) The Most Reverend Josiah Idowu-Fearon Mr Carl Hughes The Right Reverend Emma Ineson (appointed 1 January 2021) Ms Beverley Jullien Mr Christopher Lawrence Mrs Adebimpe Nkontchou (appointed 1 January 2021) Mr Julian Roberts Mr Roland Rudd (appointed 1 January 2021) The Right Reverend Timothy Thornton Professor Michael Wright
COMPANY SECRETARY Mrs Michaela Southworth (until 27 January 2021) Mrs Michelle Ormesher (appointed 27 January 2021) REGISTERED OFFICE St Andrew’s House 16 Tavistock Crescent Westbourne Park LONDON W11 1AP SOLICITORS Winckworth Sherwood 16 Beaumont Street OXFORD OX1 2LX AUDITORS Mazars LLP Chartered Accountants & Statutory Auditors 6 Sutton Plaza Sutton Court Road Sutton SURREY SM1 4FS BANKERS Royal Bank of Scotland HSBC 49 Charing Cross 9 Rose Lane LONDON SW1A 2DX KENT CT1 2J
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ANNUAL REPORT OF THE TRUSTEES
The trustees are pleased to present this report and Financial Statements for the year ended 31 December 2020.
Structure, Governance and Management
The Lambeth Conference Company . Up to and including the 1998 Lambeth Conference, the business and financial activities of Lambeth Conferences had been subsumed into the Anglican Consultative Council which is itself a registered charity. It was decided in 2006, however, that the scale and turnover of the conference made it more sensible to create a separate charitable company limited by guarantee. The company was accordingly incorporated by guarantee on 1 November 2006.
The primary object of the charity is the advancement of the Christian faith and in particular for promoting mutual understanding and collective spiritual formation among the bishops of the Anglican Communion. In October 2018 these objects were extended to include “for the advancement of education, by teaching and training the bishops and spouses of bishops of the worldwide Anglican Communion to fulfil their roles”.
The company has no share capital and is a registered charity. The guarantee of each member is limited to £1. The governing document is the Memorandum and Articles of Association of the company and members of the Board of Trustees are also the directors of the company for the purpose of company law.
The Anglican Communion is a worldwide fellowship of 41 Provinces and 6 other churches which are held together by bonds of affection and common loyalty, expressed through links with the Archbishop of Canterbury as the focus for unity, and the “Instruments of Communion” which are -
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The Archbishop of Canterbury : The Provinces and Churches are all in communion with the See of Canterbury in the Church of England, and thus the Archbishop of Canterbury, in his person and ministry, is the unique focus of Anglican unity. He is host of the Lambeth Conference, convener of the Primates’ Meeting, and is President of the Anglican Consultative Council. The 105th Archbishop of Canterbury in succession to Saint Augustine, the Most Revd and Rt Hon Justin Welby, was enthroned in March 2013.
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The Lambeth Conference : Every ten years or so, the Archbishop of Canterbury invites the bishops of the Anglican Communion to join with him in prayer, study and discernment. In 1867 Lambeth Palace hosted the first meeting but in recent years because of increasing numbers the conference moved to Canterbury. The Archbishop of Canterbury announced in January 2016 there would be a Lambeth Conference in 2020. Planning began during 2016, and in September 2017, Mr Phil George was appointed as the CEO with the task of overseeing all plans and preparations for the Lambeth Conference 2020. Invitations to the Lambeth Conference were sent in November 2018, online registrations began in December 2018 and increased during 2019. There was a very strong response to the invitation and registrations were very positive.
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Due to the Covid-19 pandemic – and after consultation by the Archbishop of Canterbury with the primates of the Anglican Communion – the trustees agreed to a rescheduling of the conference until July/August 2022.
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The Primates’ Meeting : Since 1979 the Archbishop of Canterbury has invited the primates (i.e. the presiding bishop, archbishop or moderator) of the Anglican provinces to join him in regular meetings for consultation, prayer and reflection on theological, social and international matters. A meeting of primates was held in Jordan in January 2020 and included pilgrimage visits in Jordan, Israel and the Palestinian Territories. A further meeting of primates was held by video conference in November 2020.
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The Anglican Consultative Council (ACC): In 1968 the bishops of the Lambeth Conference proposed the establishment of a body representative of all orders (bishops, clergy and laity) of the churches, which could co-ordinate aspects of international Anglican ecumenical and mission work. With the consent of the legislative bodies of all the provinces, the Anglican Consultative Council was established and has met regularly since. The last meeting was in April 2019 in Hong Kong.
Impact of Covid-19
With attending delegates representing over 165 countries and the imposed travel restrictions, a 2021 conference was considered and subsequently ruled out as it was considered too early to risk. A 2022 conference was then agreed as it is hoped that by then travel restrictions will have lifted and the vaccine will have been received by the whole world/Communion. We are watching closely the vaccine roll-out and travel restrictions to discern how many could attend a face to face conference with those who could not attend joining virtually. The decision will be reviewed in the autumn of 2021. A hybrid event has not been ruled out.
Fortunately, when cancellation insurance was purchased in December 2018, pandemic outbreak cover was included and has provided some protection for increased costs but as a result of a one-year postponement. Discussions continue with the loss adjuster with regards to covering the additional costs due to the conference being postponed two years to 2022.
Meanwhile the trustees are confident that:
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The vast majority of paid attendance fees will not be refunded but rolled over to 2022.
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In a minority of cases, refunds have been made but are expected to be re booked nearer the new date and for some, deposits are still held.
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There will be a small number of bishops who will retire prior to 2022 and the new bishop is expected to take their place.
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Clearly some additional funds will still need to be raised beyond the monies paid out by the insurance claim (to cover additional operating costs and maybe a small increase in bursary requests) and further financial forecasting will identify the amount. The trustees, although accepting this will be a challenge, are confident that with continued careful financial planning additional funds will be forthcoming.
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Future Plans
Planning is assisted by a management group consisting of representatives of the Archbishop of Canterbury’s staff and senior staff of the Anglican Communion Office. This group met fourteen times in 2020. Additionally, a small working group, chaired by the Right Reverend Emma Ineson, reporting to the management group has started meeting every two weeks to plan the pre-conference engagement phase. The Lambeth Conference Design Group chaired by the Most Reverend Thabo Makgoba, Archbishop of Cape Town and Primate of Southern Africa continue to act in a consultant and advisory capacity as and when required.
The pre-engagement and preparatory dialogue phase amongst bishops in advance of the event has been planned by the working group. These bishops’ conversations will run from July to December 2021 initially with a shorter element in the first quarter of 2022 prior to the conference. These conversations will enable the LCC to gather feedback to flex the programme in a post Covid-19 world. It will also build fellowship, advance discussions and bring greater focus to the physical conference in 2022 so that we are closer to determining jointly agreed outcomes.
An outline of the future stages being planned are as follows:
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Phase 1 – a listening process held virtually for all bishops July-December and again in quarter one 2022.
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Phase 2 - Walking together at the physical conference during July/August 2022 in Canterbury.
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Phase 3 - witnessing together will be the post-event implementation phase through to late 2024.
Risk Assessment
The trustees have reviewed, during the year, an assessment of the risks to which the charity is exposed.
The trustees have strengthened the conference planners’ risk management procedures, defining anticipated risks and planned mitigation and subsequent measures. These are reviewed regularly.
The key future risks over and above Covid-19 mentioned above are:
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Need for additional fundraising. With prudent financial management and the insurance claim being satisfied, the trustees are confident that sufficient funds, whilst being a challenge, will be forthcoming.
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For both the pre-engagement phase and possibly beyond, we do not want any bishop not to be able to take part due to poor internet connectivity. A bursary fund therefore has been established to improve internet connectivity in the most remote and poorer areas of the Anglican Communion.
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No suppliers have raised costs significantly. Indeed most have held prices with a few adding only a small inflationary increase. The insurance claim includes the 2020 to
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2021 inflationary rise. The 2022 increase may also be covered otherwise the LCC will cover the increase in costs from 2021 to 2022.
- There is always a risk that a major supplier suffers liquidation. Our event management company is in good health and we continue to have good relations with them and the University of Kent where the physical conference in 2022 is still to be held.
Changes due to Brexit are not expected to present significant risks to the charity. The main exposure relates to foreign exchange movements, as some grant income and some costs (notably flight costs) are denominated in US Dollars. This risk is managed with prudent expenditure plans to allow for currency fluctuations.
Trustees
Three trustees are appointed by virtue of their role: a member of the senior Lambeth Palace staff nominated by the Archbishop of Canterbury, the Secretary General of the Anglican Communion and the Provincial Secretary of the host province for the next conference (or an agreed alternative nominated by the Primate of the host Province of the next conference made in consultation with the Provincial Secretary of that Province). The trustees met seven times in 2020.
Public Benefit
In compiling this report, the trustees have given due regard to the public benefit guidance as issued by the Charity Commission. The trustees believe that the Christian faith is of benefit to society and individuals as it brings a vision of transformation for peace and social harmony. This is derived from the Christian belief that God’s ultimate purpose is to bring all things into unity and perfection in Jesus Christ.
The charity is established as an initiative of the Archbishop of Canterbury for the advancement of education and the Christian faith and in particular for promoting mutual understanding and collective spiritual formation among the Bishops of the Anglican Communion and eligible Spouses.
With a presence in over 165 countries, the Anglican Communion is one of the world’s largest global Christian denominations. In sharing good news, serving communities and working for social justice, the Anglican Communion plays a significant part in the global witness of the wider church. The charity will work to enable Anglican bishops from across the world to gather, pray and discern the vocation of the Anglican Communion for the decade ahead.
Review of Financial Position for the Year Ended 31 December 2020
The Unrestricted General Fund produced a net expenditure of (£551,884) for the year taking the unrestricted reserves to £2,432,168 at the year end. Restricted funds had a net income of £49,177 for the year taking the restricted reserves to £2,137,167 at year end. The total reserves at year end were £4,569,335 (2019: £5,072,042).
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The results for the year and the state of affairs as at 31 December 2020 are shown on pages 12 and 13 respectively.
Up until 31 December 2020 deposits totalling of £1,464,406 had been paid to the University of Kent, where the conference will be held. This payment has been recognised as an asset, since the benefits will accrue to the charity in the year in which the conference is held. This is discussed in more detail in Note 9 on page 21.
Investment Policy
During 2020 the charity continued with its fundraising activities in order to meet the requests for bursaries to cover conference and travel fees in the poorer provinces of the Anglican Communion world-wide. The trustees have determined that funds surplus to working capital requirements should be placed on deposit at CCLA Investment Management Limited within their Charities Official Investment Fund (COIF). This allows the charity to benefit from deposit interest rates without exposure to capital losses which would be unpalatable. It is forecast that deposits will be recalled to meet costs in the months leading up to, and immediately after, the conference. During 2020 the average income yield on the deposit was 0.26%.
Reserves Policy
The trustees have examined the Lambeth Conference requirements for free reserves in the light of the predominant risks to the organisation. Their main focus is to meet the costs of the next conference and now any additional costs due to the postponement. A full cost recovery budget has been produced for the conference and risks assessed and suitable insurance cover taken out. Cancellation insurance will be renewed for the 2022 event once the initial postponement claim has been satisfied but pandemic cover is no longer being offered.
The trustees’ policy is to have sufficient funds available to meet cash flow requirements and to finish the 2022 conference without a deficit. Any surplus funds held at the end of the 2022 conference will either be used to implement the actions from the conference or will be invested and held in reserve for future Lambeth Conferences. In light of the postponement until 2022, the current reserves will continue to be held for the contractual obligations including staff costs associated with pre-conference engagement with bishops, spouses and others currently in progress.
Free reserves of the charity at 31 December 2020 were £2,426,434 (2019: £2,975,267). Free reserves are defined as the balance on the General Fund excluding the value of tangible fixed assets.
Trustees’ Responsibilities Statement in Relation to the Financial Statements
The law applicable to charities in England and Wales requires the trustees to prepare the annual report and financial statements for each financial year, which give a true and fair view of the state of affairs of the charity as at the balance sheet date and of its income and expenditure. In preparing these financial statements, the trustees should follow best practice and:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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ensure that the best accounting practice has been followed, subject to any material departures disclosed and explained in the financial statements;
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and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the charity and ensure that the financial statements comply with the Companies Act 2006. The trustees are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are not aware of any relevant audit information that has not been disclosed to the charity’s auditors. The trustees have taken all the steps that ought to have been taken in order to make themselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.
The trustees have taken advantage of the exemptions under the small entities regime.
Auditors
The Auditors, Mazars LLP, have signified their willingness to continue in office.
Approved by the trustees and signed on their behalf by:
Stephen Green (Sep 28, 2021 18:01 GMT+2)
Lord Stephen Green (Chair)
28-Sep-2021 Dated …………………………
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Independent Auditor’s report to the Members of The Lambeth Conference
Opinion
We have audited the financial statements of The Lambeth Conference (the ‘charity’) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 31 December 2020 and of its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern.
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with 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 inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Annual Report of the Trustees which includes the Directors’ Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Directors’ Report included within the Annual Report of the Trustees has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within the Annual Report of the Trustees.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Trustees’ Report and from the requirement to prepare a Strategic Report.
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Responsibilities of Trustees
As explained more fully in the trustees’ responsibilities statement set out on pages 6 and 7, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the charity and its activities, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011, UK tax legislation, pensions legislation, employment regulation and health and safety regulation, anti-bribery, corruption and fraud, money laundering, non-compliance with implementation of government support schemes relating to COVID-19, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006 and the Charities Statement of Recommended Practice.
We evaluated the trustees’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to use of restricted funds, and significant one-off or unusual transactions.
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Our audit procedures were designed to respond to those identified risks, including noncompliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:
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Discussing with the trustees and management their policies and procedures regarding compliance with laws and regulations;
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Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and
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Considering the risk of acts by the charity which were contrary to applicable laws and regulations, including fraud.
Our audit procedures in relation to fraud included but were not limited to:
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Making enquiries of the trustees and management on whether they had knowledge of any actual, suspected or alleged fraud;
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Gaining an understanding of the internal controls established to mitigate risks related to fraud;
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Discussing amongst the engagement team the risks of fraud; and
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Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of the audit report
This report is made solely to the charity’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 might state to the charity’s members those matters we are required to state to them in an auditor’s 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 charity and the charity’s members as a body for our audit work, for this report, or for the opinions we have formed.
Signed: Nicola Wakefield (Sep 28, 2021 22:08 GMT+1)
Nicola Wakefield (Senior Statutory Auditor) for and on behalf of Mazars LLP Chartered Accountants and Statutory Auditor 6 Sutton Plaza, Sutton Court Road, Sutton, Surrey SM1 4FS Date: 28-Sep-2021
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The Lambeth Conference Statement of Financial Activities For the Year Ended 31 December 2020
| Notes Income Donations Grants Received Investment Income Total Income Expenditure Charitable Activities Conference of Bishops of the Anglican Communion 2 Total Expenditure Net Movement in Funds 3 Total funds brought forward Total funds carried forward |
Unrestricted Funds Restricted Funds Total 2020 Unrestricted Funds Restricted Funds Total 2019 £ £ £ £ £ £ 46,366 111,221 157,587 1,574,296 730,266 2,304,562 50,000 42,997 92,997 550,000 540,373 1,090,373 14,177 14,177 15,494 15,494 |
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| 110,543 154,218 264,761 2,139,790 1,270,639 3,410,429 |
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662,427 105,041 767,468 679,656 16,544 696,200 |
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| 662,427 105,041 767,468 679,656 16,544 696,200 |
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(551,884) 49,177 (502,707) 1,460,134 1,254,095 2,714,229 2,984,052 2,087,990 5,072,042 1,523,918 833,895 2,357,813 |
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| 2,432,168 2,137,167 4,569,335 2,984,052 2,087,990 5,072,042 |
All activities relate to ongoing operations. The charity has no recognised gains or losses other than the net movement in funds for the year shown above. The Statement of Financial Activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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The Lambeth Conference (Company No. 05985741) Balance Sheet as at 31 December 2020
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |||
|---|---|---|---|---|---|---|---|---|
| Notes | Funds | Funds | 2020 | Funds | Funds | 2019 | ||
| £ | £ | £ | £ | £ | £ | |||
| Fixed Assets | ||||||||
| Tangible Assets | 4 | 5,734 | - | 5,734 | 8,785 | - | 8,785 | |
| Current Assets | ||||||||
| Debtors | 5 | 1,468,712 | 6,265 | 1,474,977 | 1,624,767 | - | 1,624,767 | |
| Cash at bank and in | hand | 3,450,407 | 2,130,902 | 5,581,309 | 3,713,108 | 2,087,990 | 5,801,098 | |
| 4,919,119 | 2,137,167 | 7,056,286 | 5,337,875 | 2,087,990 | 7,425,865 | |||
| Current Liabilities | ||||||||
| Creditors: Amounts | ||||||||
| falling due within 1 | year | 6 | 33,951 | - | 33,951 | 2,362,608 | - | 2,362,608 |
| Net Current Assets | 4,885,168 | 2,137,167 | 7,022,335 | 2,975,267 | 2,087,990 | 5,063,257 | ||
| Total Assets less | ||||||||
| Liabilities | 4,890,902 | 2,137,167 | 7,028,069 | 2,984,052 | 2,087,990 | 5,072,042 | ||
| Creditors: Amounts | ||||||||
| falling due after more | ||||||||
| than 1 year | ||||||||
| Deferred Income | 6a | 2,458,734 | - | 2,458,734 | - | - | - | |
| Total Net Assets | 2,432,168 | 2,137,167 | 4,569,335 | 2,984,052 | 2,087,990 | 5,072,042 | ||
| Fund Balances | 2,432,168 | 2,137,167 | 4,569,335 | 2,984,052 | 2,087,990 | 5,072,042 |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the trustees and signed on their behalf by:
Stephen Green (Sep 28, 2021 18:01 GMT+2)
Lord Stephen Green (Chair)
Date: 28-Sep-2021
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The Lambeth Conference Statement of Cash Flows For the Year Ended 31 December 2020
| Reconciliation of net (expenditure)/income to net cash flow from Operating Activities Net Movement in Funds Depreciation Increase in Creditors Decrease/(increase) in Debtors Net cash (used in)/provided by Operating Activities Cash flows from Investing Activities (Purchase) of fixed assets Cash (used in) Investing Activities (Decrease)/Increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Total cash and cash equivalents at the end of the year |
Unrestricted Funds Restricted Funds Total 2020 Total 2019 £ £ £ £ (551,884) 49,177 (502,707) 2,714,229 3,051 - 3,051 2,400 130,077 - 130,077 2,323,274 156,055 (6,265) 149,790 (1,424,767) |
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| (262,701) 42,912 (219,789) 3,615,136 |
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| - - - (6,231) |
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| - - - (6,231) |
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| (262,701) 42,912 (219,789) 3,608,905 3,713,108 2,087,990 5,801,098 2,192,193 |
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| 3,450,407 2,130,902 5,581,309 5,801,098 |
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The Lambeth Conference Notes to the Financial Statements For the Year Ended 31 December 2020
Note 1 - Accounting policies
a) Basis of accounting
The financial statements are prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2010) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The charity is a public benefit entity as defined by FRS 102 (PBE 3.3a).
- b) The historic cost convention applies to the treatment of Tangible Fixed Assets. Expenditure above £800 is capitalised.
c) Income
Grants, donations and investment income are accounted for on a cash received basis except that an accrual is made where grants are received after the end of the period for which the grant was intended.
Conference attendance fees are not recognised as income until the year in which the conference occurs. These are shown as deferred income within liabilities in the balance sheet and notes 6 and 6a.
d) Expenditure
All expenditure is accounted for on an accruals basis when there is a legal or constructive obligation to do so.
Direct costs are those costs, including directly attributable salaries, which relate to delivering the objects of the charity, namely planning and delivering the Lambeth Conference.
Support costs are those costs incurred in support of expenditure on the objects of the charity. Support costs include finance and administration staff costs, professional fees, office expenses, depreciation, and governance costs including the cost of trustees meetings.
Governance costs include the costs of trustees meetings, audit and professional fees.
In preparation for the conference the charity has made payments for goods and services relating to the delivery of the conference itself. In accordance with the matching principle and the accruals concept, these payments are recognised as assets since the benefits of the payments will accrue to the charity in the year in which the conference is held.
Staff costs, the costs of preparatory meetings and all support costs are expensed in the period to which they relate.
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Note 1 - Accounting policies (continued)
e) Fund accounting
The Lambeth Conference maintains various types of fund as follows:
Restricted funds - these represent grants and donations which are allocated by the funders/donors for specific purposes. The charity has four types of restricted funds; the Bursary Funds, the St Augustine’s Seminar Fund, the Spouses Fund and the London Day Fund.
The purpose of the Bursary Funds is to provide bursary grants to support delegates to attend the Lambeth Conference, towards both conference fees and travel costs. Delegates are able to request a bursary grant when registering for the Conference. Bursaries are awarded at the discretion of the Secretary General of the Anglican Consultative Council, on the basis of funds available and requests made, and after advice from the CEO of the Lambeth Conference.
The purpose of the St Augustine’s Seminar Fund is to support the costs of preparatory meetings of theologians and Bible scholars in preparing the Bible study materials which will be used during the Lambeth Conference.
The purpose of the Spouses’ Fund is to support the costs of facilitating virtual conversation groups for spouses of bishops. Conversations are with a view to strengthening relationships and sharing among spouses to encourage them in their situations now and to develop into an ongoing support network.
The purpose of the London Day Fund is to meet the costs of a planned day during the conference when the Bishops and Spouses will travel from Canterbury to London to engage in a series of events and campaigns of global significance.
Unrestricted funds - these represent funds which are expendable at the discretion of the trustees in the furtherance of the objects of the charity.
f) Depreciation
Tangible fixed assets are depreciated on a straight line basis over their estimated useful life. For Information Technology Equipment the period is 4 years.
g) Pension Costs
Contributions to the Lambeth Conference Company's pension scheme, which is a Defined Contributions Scheme, are charged to the Statement of Financial Activities in the period to which they relate.
h) Going Concern
In the trustees’ report there is a review of financial performance and of the charity’s reserves position. There are adequate financial resources and the charity is well placed to manage business risks. It is a reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future. There are no known material uncertainties that call into doubt the charity’s ability to continue. The financial statements have therefore been prepared on the basis that the charity is a going concern.
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The Lambeth Conference Notes to the Financial Statements For the Year Ended 31 December 2020
| Note 2 - Expenditure Unrestricted funds (General) Charitable Activities Lambeth Conference, a conference held every 10 years or so attended by Archbishops and Bishops of the Anglican Communion and their spouses: Staff Costs Translation Costs Event Management Costs Meetings, Travel & Subsistence Communications & Publications Insurance Costs Governance Costs Office Expenses Total Unrestricted Expenditure Restricted funds Charitable Activities Lambeth Conference, a conference held every 10 years or so attended by Archbishops and Bishops of the Anglican Communion and their spouses: Staff Cost Event management costs Meetings, Travel & Subsistence Communications & Publications Office Expenses Total Restricted Expenditure Total Expenditure |
Direct Support Total Total Costs Costs 2020 2019 £ £ £ £ 377,433 - 377,433 327,368 4,635 - 4,635 6,523 70,826 - 70,826 48,000 18,124 7,171 25,295 59,100 53,194 38,369 91,563 62,170 - 77,012 77,012 154,450 - 4,742 4,742 6,215 - 10,921 10,921 15,830 |
|---|---|
| 524,212 138,215 662,427 679,656 |
|
| Direct Support Total Total Costs Costs 2020 2019 £ £ £ £ 6,558 - 6,558 - 19,461 - 19,461 - 71,246 - 71,246 16,469 7,739 - 7,739 75 37 - 37 - |
|
| 105,041 - 105,041 16,544 |
|
| 629,253 138,215 767,468 696,200 |
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The Lambeth Conference Notes to the Financial Statements For the Year Ended 31 December 2020
Note 3
Net Movement in Funds is after charging:
| Professional Fees Audit Fees - current year Audit Fees - previous year Accountancy & Advisory Fees Depreciation Note 4 - Tangible Fixed Assets Cost At 1 January 2020 Additions At 31 December 2020 Accumulated Depreciation At 1 January 2020 Charge for period At 31 December 2020 Net Book Value At 31 December 2020 At 31 December 2019 Note 5 – Debtors Prepayments Compass Rose Grants The Anglican Consultative Council Other Debtors |
2020 2019 £ £ 4,560 4,560 102 1,110 4,224 9,656 3,051 2,400 Information Technology Equipment Total £ £ 12,203 12,203 - - |
|---|---|
| 12,203 12,203 |
|
| 3,418 3,418 3,051 3,051 |
|
| 6,469 6,469 |
|
| 5,734 5,734 8,785 8,785 |
|
| Total Total 2020 2019 £ £ 1,464,579 1,190,611 - 417,106 - 17,050 10,398 - 1,474,977 1,624,767 |
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The Lambeth Conference Notes to the Financial Statements For the Year Ended 31 December 2020
| Note 6 – Creditors due within 1 year Deferred Income Taxation & Social Security Accrued Expenses The Anglican Consultative Council Other Creditors Note 6a – Creditors more than 1 year Deferred Income |
Total Total 2020 2019 £ £ - 2,333,466 6,052 6,879 15,606 9,157 209 - 12,084 13,106 33,951 2,362,608 |
|---|---|
| Total Total 2020 2019 £ £ 2,458,734 - 2,458,734 - |
Deferred Income represents conference attendance fees which are not recognised as income until the year in which the conference occurs.
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The Lambeth Conference Notes to the Financial Statements For the Year Ended 31 December 2020
| Note 7 – Trustees & Employee Information | Year | Year |
|---|---|---|
| 2020 | 2019 | |
| Average monthly headcount | 5 | 4 |
| Average number of full-time equivalent staff | 5 | 4 |
| £ | £ | |
| Salaries | 229,288 | 199,347 |
| Social Security Costs | 24,530 | 20,320 |
| Pension Contributions | 22,722 | 18,638 |
| Other staff costs | 63,085 | 15,267 |
| Donated staff time – benefit in kind | 44,366 | 73,796 |
| 383,991 | 327,368 | |
| Number of employees whose emoluments were in excess of £60,000 | were: | |
| £70,000 to £79,000 | 1 | 1 |
| Employer’s pension contributions in respect of | £ | £ |
| the above employee | 7,765 | 7,650 |
| £ | £ | |
| Expenses reimbursed to 1 (2019: 1) trustees as meeting expenses: | 40 | 225 |
| Estimated value of waived trustee expenses: | 58 | 87 |
No remuneration was paid to trustees during the year (2019: Nil).
The key management personnel of the Lambeth Conference comprise the trustees, and the Chief Executive Officer. The total employee benefits of the key management personnel of the Lambeth Conference were £85,413 (2019: £84,150).
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The Lambeth Conference Notes to the Financial Statements For the Year Ended 31 December 2020
Note 8 – Related parties
The Lambeth Conference receives income from the Anglican Consultative Council (ACC). One Trustee of the charity, Archbishop Josiah Idowu-Fearon, holds the role of Secretary General at the ACC. Key management personnel of the ACC, namely the Chief Operating Officer and the Director for Finance and Resources, have assisted the charity throughout the period. Therefore, the trustees consider the ACC to be a related party.
The Anglican Consultative Council is a charitable company, limited by guarantee. Its charitable objects include supporting the Lambeth Conference. As well as direct grants and donated staff time, the ACC provides the Lambeth Conference with free office space and facilities, free meeting rooms and paid accommodation and subsistence. The ACC sometimes settles invoices on behalf of the Lambeth Conference, offsetting these against grants made or periodically requesting payment. Inter-company balances arise from these transactions.
Grants received from ACC, including its subsidiary the Anglican Alliance, were £36,761 (2019: £88,617) including the value of donated staff time of £36,791 (2019: £43,961). The amount paid to ACC for recharged staff costs was £6,225 (2019: Nil). The value of donated office and meeting room space was not material (2019: Nil). The amount paid to ACC for accommodation and subsistence was £2,927 (2019: £6,573). Balances with the ACC are shown within Notes 5 and 6.
Note 9 – Capital Commitments
The Lambeth Conference had the following capital commitment at the year end:
In August 2018, a contract was signed with the University of Kent relating to provision of event facilities and accommodation for the conference. Following the postponement of the conference, in May 2020, the final payments were renegotiated, a 3% inflationary rise on accommodation was agreed and a new Deed of Variation entered into. We do not anticipate any further variations other than a change of date when agreed. The contract sets out stage payments from 2017 through to December 2020 totalling £1,464k. The total contract amount has now been paid and recognised as a prepayment.
The contract lays out a schedule of cancellation costs showing the amount which would be payable to University of Kent if the conference were cancelled by the charity. At 20 July 2021 the cancellation cost would be £1,875k.
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The Lambeth Conference Notes to the Financial Statements For the Year Ended 31 December 2020
Note 10 – Total Funds Movement
| Note 10 – Total Funds Movement | |
|---|---|
| Unrestricted – general Restricted fund – St Augustine’s Seminar Restricted fund – London day Restricted fund – Spouses Covid Response Restricted fund – Bursaries Total Restricted funds Total funds |
Opening Balances Income Expenditure Closing Balances £ £ £ £ 2,984,052 110,543 662,427 2,432,168 (1,646) 32,997 32,042 (691) 420,000 - - 420,000 - 10,000 6,895 3,105 1,669,636 111,221 66,104 1,714,753 |
| 2,087,990 154,218 105,041 2,137,167 5,072,042 264,761 767,468 4,569,335 |
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