Reglstered number: 07884895 (England and Wales) Charlty numbèr: 1145313 THE LAMBETH TRUST (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
THE LAMBEfH TRUST (A company limited by guarantee) CONTENTS Page Referen and admlnistrative detslls of the charity, its Tru$tees and advi58 Trustees. report Indepèndent auditorfs report on the finanGlal statsments Statgment of flnancial actlvltl 7-10 11 Balance sheet 12 Statement of cash flow3 13 Notes to the financial statements 14-28
THE LAMBETH TRUST (A MpanY Ilmlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021 Trustees Mr Ken Costa Mr Peter Chapman MBE FCA DchA (resigned 1 July 2020JI Clare Chapman (resigned 1 Juty 20201 Mrs Camilla Foottit The Hon. David Kay-Shuttleworth1 Mr David Saunderson ACA1 Mr Ade Adebajo {appolnted 1 July 20201 Audit and Risk Committee Company r9gi$tored number 07884895 (England and Wal) Charity register•d number 1145313 Registered offlG8 Lambeth Palace Lambeth Pala¢e Road London SE17JU Company secretary Mrs Retecca StArt Fundraislng Dlrector Mrs Chark)tte Mulford Independent auditor Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Bankers Barclays 99 Hatton Gardens London EC1N 8DN Solicitor5 Huntors 9 Newsquare Lincoln's Inn London WC2A 3QN Investment Manage Veritas Investment Managers LLP 90 Long Acre London WC2E 9RA CCLA Investment Managemgnt Senator House 85 Queen Victoria Street London EC4V 4 Page 1
THE LAMBETH TRUST IA company Ilmlted by guarantoe) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2021 The Truslees of the Lambeth Trust (who are also directors of the charty for the purposes of the Companies Acti are pleased to prasènl their RglY)rt, which includes the Diredors. Report, together with the audited financial statemnls of the Lamboth Trt for the year ended 31 March 2021. The Report of Trustees and Financial Statements of the charity comply with the Charitie5 Act 2011, the Companies Act 2006 and Accounting and Repong by Charities.. Slalement of Recommended Prartice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicablg in the UK and Rewblic of Ireland IFRS 102}. STrUCTURE, GOVERNANCE AND MANAGEMENT Goveming documgnt The charity 15 constituted 88 a limited company, limitexl by guarantee, a8 defined by the Companies Act 2006. The Trust's governing document is ils Mn0[anduM and articles of assoGialion. Organisatlonal structurg Governare.. The Tnjstees, who are the direclors of the ¢ompany for tho purposes of compary law, are appointed by the Archbishop of Canterbury for fixed tems and, by mutual consonl, may be reappointed. Truste88 are recruited with regafd lo their respective areas of knowledge, skills and experieft. There is comprehensive pre appginbnenl briefing and a trustee indUct)n process for new Trustees. Ongoing training is made available to Trustees as required. During this financial year, Mr Peler Chapman and Ms Clar9 Chapman resigned as Trustees and MrAde Adeb4'0 was appointed as a Tiustee. Management and administration.. The L8mb8th Trust is adminislergJ by Rebecca Stewart {Goldstar Partners). Goldstar Partn8rs provide charity office administrdtion Servi under a contract with the Lambeth Trust. Charity Accounting SeNices provide book4(eoping and accounting seiCE8. A Separate Audil and Risk Committee. comprising kn Trustg9s, reviews the investment perfonnance of the Trusl's funds and the financial and risk position of the Trust. No other committees were in exislenoe during the peri¢)d under review. The Trustees. through the Audit and Risk Committee working in conjunction with the Trust Ewutive, cary out an annual risk assessment of the Trust. Hav19 considered the major risks lo which the Trust was exposed during the pèriod under rwew, the Trustees are satisfied that arrangements are in place to identfy. mittgale and monitor those risks and, in parti(yJlar, lo promde rea$onabl& assurance against the risk of fraud and error. OBJECTIVES AND ACTIVITIES The Lambgth Trust supports the work and mission of present and fotmer Archbishops of Canterbury. Funds are e4)ended for FeYson81 iniliatNe$ of the curront Archbishop and to support the ongoing ministry of former Archbishops. The current priorities are prayer and the renewal of the relIgS lrf&,' reconcilialK)n,' and evangelism and witness. The TTUStee5 direct thg Lambeth Partnership. which was Sel up in 1991 when Lotyl Carey was Archbishop of Canterbury. It comprises a group of a few hundred indiwduals, Lambeth Partners. who support the work of the current AhbiShOP with funding, prayer 8nd expertise. Lambeth Partners are invited lo atterbd events at various times throughout the y9ar. Additionally. Charitable Trusts and Foundations have supported the work of the Lambglh Partnership during the year. Trustees generalty gxpect to make grants from funds raised through these sources as they arisg, lo support the Archbishop's work. Irs addition. the Tru81ees administer 8 pemwnent endowment. The endowrnent wa$ established from a grant of £1.1m made in 2014 by The Maurice & Hilda Laing Charitable Trust, together wf(h matched gffts tsf a further £100k. The endcwment funds are invested with the aim of maintaining their real value over time while delivering Page 2
THE LAMBEfH TRUST {A company Ilmited by guarantsel TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 an annual inojme to be used to support the work of successwe Archbishops of Canterbury. ACHIEVEMENT AND PERFORMANCE 2020121 The Truste8s cntinUe to be focus8ed on fttndlng the three priorities of Archb1stp Justin Wglby. Archbishop Justin has identified three prritIeS for his minist. The renewal of prayer and the rdigiouslrfg Reconciliation Evangelism and wrtness The renewal of prayer and thg rollglous Ilf8 During the year, the Trustees have supported this first prK)rity of Archbishop Justin. The Archbishop's worf( is focused on remving the church to serve Christ through encouraging a renewal both of prayer and the reltgious life within the Church. The Communty of St Anselm started in September 2015, supported by a grant from the Trustees. The Community of St Anselm {http'.Ilstanselm.org.ukl is a religious community, gathering young Christians aged 2( 35 from all over tho worfd for a year of prayer, study and seryice to the poor based at Lambeth Palace 8nd hence al the heart of Archbishop Justin's ministry as Archbishop. The year is a transfomiativg experience, aimed al lawng the foundations to enable leaders of tomorrow to sgNe with inlegrity, eonfidence and humilty in their sphere of actwty. During thi8 Sixth year of operation, the ministry was impacted by the global pandemic and the cohort'.5 arrtval was delayed until January 2021. Thetg were 9 residenti members plus some non-residentlal memb8rs ofthe Community of St Anselm. The Communty of St Ansekn is led by the Dean, the Reverend SIMC LevAs. The Cc¥nmunty of St Anselm tBcefved a grant of£150,OCK) from the Larnbeth Trusl during the year. Reconciliatlon During the year under review. the Trustees have supported Archbishcp Justin's second prrority, hi5 Reconciliation Ministy. Work in this area included.. Supporting the Re¢on¢iling Leaders Nehvork, a charty estsblIsh in 201710 equip and resour¢8 reconcilers from around the Anglican Communion. especially through the dwbpmenl of the DrfFeren course. During 2020r21, the Difference course and its training and 4uippiro of leadws moved online arKI digital resource8 were devdop Supporting lead5 aGros$ the wodd. particularly in areas of corfflict where Chri8tians suffer FerseOn Supporting Women on the Frontline, 4uipping women to be reconcilers in places of violent corffli Engaging with leaders of different faith traditions to share rnling pr8Ctiees and princip$ The Archbishop's Reconciliation Ministry is led by th8 ArGhbishop's Adviser for ReconcilialKJrt, The Reverend Canon Flora Winfield DL DD. The Trust888 8UPPOrted the Archbishop'8 pfh)rity of Reconciliation through a grant of £275,000 during the year (£173.877 to the Reconciling Leaders Netsvork and £101,123 to other aspects of the Archbishop's RmIlatIon Ministry). Add1th)nty £30,000 was given lo Women on th8 Frontline. Page 3
THE LAMBEfH TRUST {A Gompany Ilmlted by guarantge) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Ev8ngeli5m Enabling ¢very Christian to share their faf(h is the third prionty of Archbishop Justin. Archbl8hop Justin wants to see every church effective in introdlg people to Jesus Chri$l and every Christian lo share the gospel with confidence. This area of the Archbishop's ministry is led by the Archbishop's Adwser for Evangelism. the Reverend Cafton Chris Russell. During the year, the Trustees funded the Archbishop's evangelism work by a grant of £85,000 to Thy lQngdom Come, plus £70,000 to fvnd staff roles within the Evangelksm team. Othor grant maklng One other smaller grant was made by the Trustees, as follows £22,000 to the Church Commissijners to fund a part-time {3 days a wgek) Assistant for Mrs Welby. Futurg Plans The Trustees anticipate continuing their support to enable Archbishop Justln's ministry, primarity through fvndlng his three priority 8re8$- thg renewal of prayer and the religious life., reconciliation., and evangelism and witness. PRINCIPAL RISKS AND UNCERTAINTIES The Trustees npintain a risk register which is updated and revlewed at each Audit and Risk Committee meeting. The prinPaI risk areas rd8te to fundrgising, inveslmenls, governancè. imp, financial, legal and repulational risk. Each identffieA risk is given a score based on the likelihood of its occurrence and its signifwrR. Controls and an ¥tion plan for mtyating each risk are agreed. DuriThJ Ihe year the main risks identifi1 as foll¢)WS: 1) Fundraising risk- the failure to raise required funds from Lambeth PartneTS to finance grant$. The impact of Covid-19 heightened Ihls risk further. The risk is partty mitigated by the appointment of a Fundtaising Director and support fr( TnJstees of the fundraising strategy. 2) Investment risk- the external environment leading to a signiftcant fall in markets which in tum impacts the investment ptsrtfolio and the value of the fvnd. The impact of CoM¢19 hgightens this risk fvrthei. The risk is partly mitigated by the appointment of CCLA lo manage the Trust's portfolio. 3) Reputational risk - the failure to hav8 an adequate communi¢ation strategy in ptace in the event of negawe medta coverage of the Trust'8 activities. which could imp* the number of Partners and the 1 of their giving. The risk is mitigatj by working dosely with the Press Office at Lambeth Palxe. FUNDRAISING Durlng the year the Trust continued to employ a Fundraising Director to lead the effort lo raise money for the Archbishop's priorities from Lambeth Partners and from charitable trusts and foundations. The Fundraising Director reported progress to the Trustees each month in a Tilen report. Donor income targets were 8180 reviewed al each Trustee meetÉng during the year. The principal method of fundraising is to invite existing and potential Lambelh Partners to an event Bt Lambeth Palace 80 that they hoar first-hand from thg Archbishcy aboul his priorty areas and thè funding required. No professional fundrai8ing aggncies are used in the Lambgth Trust's fundfaising actiwlies. Thg Lambeth Tru8t follows the Fundraising Code of Practice and Ihore hav8 been no issues of non-Mplian¢e with thè Code of practi nor Gomplaints received in relation lo fundraisin9 during the year. The individuals involwj in the Tfusfs Page 4
THE LAMBETH TRUST (A company limited by guarantoe) TrUSTEES' REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 fundraising activrties are aware of the need to conduct them In such a wty as to avoid unreasonable intrusion, unreasonably porsistent approaches or placing undue pressure on a vulnerable person or other members of the public. GRANT MAKING POUCY All grants relate to th8 mini8ty of the current knhbi8hop of Canterbury and where appropriate, to the needs of fomer Archbishop8 of Canterbury. Funding requests are submitted in written form to the Trustees. The Afchbishop of Can1eUry and members of his senior tsam presenl Ihe ptans and outlina the financial need$. Thg Trustees ass8ss each request antl make grdnts for the financial r. FINANCIAL REVIEW The total irorne for the year was £750,675 comprBing £653,940 from donation8 and .735 ftom investment income. Thg donatK)ns were from Lambeth Partners commit lo support thg Archbishop's priorities of prayer and the renewal of the religious lrfe. reconciliation., and evangelism & witngss. The Lambeth Trust's investments a maneged by CCL4 in line with the investment policy and objectives. A FurKlraising Diroctor continued to be employed during the year. ReMUneratiC 15 set by the Twslees, taking into ¢onsKleration mathet rates of pay for similar positions. The Trustees seek lo continue to release the funds raised each year through the Lambeth Partnership through grants to support the WO and mlnistry of Archbi8hq) Justin. * The total funds ofTho Lambeth Trust at 31 March 2021 were £4.605,983 (2020. £4,034,850XJ. Investmont pollcy. prforn)ance and owectlves The Trustee8' investment powers are derhd from the Trust's Mwnorandum and Articte8 of As8Ctiation. The Trustees engage investment managers to manage the investments of the TrusL The Trustees, Investment poliGy is to maintsin the real capbtal value of the Tru8t's investments by seeking lo achieve a total real rate of retum of 3.75% per annum over rolllng fv&years peri¢$, of which 2.5% will be in the fom) of income. The current gross income yield of 2.5% is felt lo be satisfactory. The current mix (rf the portfolro a5 at 31 March 2021 is 67% ovetseas equibes, 11% UK equities, 9% infraslrLKIufe and operating assets. 4% pruperty. 3% cash and near cash. 30A PTivate equity and other. and 3% ¢ontrxtual and other income. The portfofio has experienced a valuation gain of 17.7% overthe last 12 months. The Trustees follow an ethical investment pollcy. R8saNes pollcy Th9 t¢)tal fvnds of The Lambeth Trust at 31 March 2021 were £4,605.983 (2Q20." £4,034,850) of which £1,601,230 (2020." £1,520.967) were held as permanent endowmenL The balanca rapresents unreslriced fund8 of £2,972,753 (2020.. £2.483,883J, of which £541,518 (2020.. £544,847) were held in tangible fixed assets. leaving the balan of free reseNes of the Trust of £2,431,235 f2020.' £1,939,036). Taking one year with another, the Twslees seek to spend all net income as il arises. Trustees seek to maintain a suifKienl capilal base of unrestricted funds appropriate to th8 operation of the Trust whilg derimng spendable Pagg 5
THE LAMAETh TRUST (A ¢ompary Ilmlt•d by g¥•rnt••l TR1187EE8' REPIXT I¢ONTrIUED} FOR THE YEAR ENDED 31 MARCH 2021 lknwJ8 at 31 Math 21r21 mo6ts thw oty Publlo g•n•fft In IA) lar a• fjfth8TnJ&0 and Jn•d on th* ty. /7U- IifK 21 Ur K•n Cast•
THE LAMBETH TRUST IA Company Ilmltgd by guarantsel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LAMBETH TRUST Opinlon We have audited the financial statements of The L£mbeth Trust {the'charitable ts)mpanl) for the year ended 31 March 2021 which comprise the Statement of financk71 activities. the Balance sheet, the Statement of cash flows and the felated notes. including a summary of signfficant accounting poliues. The financial reporting framework Ihal has been applied in their preparation is applicable law and United Kingdom Accounting Standards. includiThJ Financial Reporting Stsndard 102 'The Financrdl Reporbng Standard applble in the UK arKI RepubliG of Ireland. (United Kingdom GenerallyAccepted Acwunting Practice). In our opinion the financial statements.. gwe a true and fair view of the stale of the charilablg compan$ affaiTS as at 31 March 2021 and of rts incoming resources and application of resources, including its income and expendtture for the year then ended.. have been property prepared in £teordance with United Kingdom Generally Accepted AUntIng Practice.. and have be prepared in accordance with the reqUirents of the CompanEs Act 2006. Basls for opinlon We conducted our audit in 1rdance wrth Intemalional Standards on Auditing IUKI {ISAs {UK}) and 8pplieabfe law. Our responsibilities under those stsndards are further described in the Audf(oVs responsibilities for the audit of the financial slalemanls sgction of our report. We are independent of tho charitable company in accordance with the ethical requirements that are relevant to our audrt of the financtal statements in the United lfjngdom, including the Finanaal Reporting Council's Ethical Standard, and we have fuffilled our other ethical responsibilities in accord8nce with thes& requirements. We believe that the audit eviclence %%e have obtained is sufflent and appropriate to provide a basis for our ¢)pinion. Concluslons relating to going concgrn In audillng the finanoal statements, we have cOndUd that the Trustees. use of th8 going concem basis of accounting in the preparation of the financial statements is appropriate. Baseil on the worf( we have perfomed. have not idenlffied any material uncertaintios relating to events or conditions th8t, Individualty or collectwety. may Cast significant doubt on thg charitsble companls ability to continue as a going concem for a peri(NJ of at least ve months from when the finan81 statements are aulhorised for issue. Our reswjnsibllities and the responsibilitw of the Twstees with respect to going wncem are described in the relevant s&ttons of this report. Other Infommtlon The TnJstee8 are responsible for the other infomiatson. The othw inf0mtIOn comprises the information included in the Annual report. other than the financial s18toments and our Auditofs report theroon. Our opinion on the financial statemants does not cover the other infomiation and, except to the extent otherwise exp5icilty s18t&Y in our reporL we do not express any fo of a$sur8nce condusion thereon. In connectlon %Mth our audit of the financial statements. our responsibilty is lo read the other information and. in doing so. consider whether the other infomialion Is materially inconsistent wf(h the financial slalemenls or our knovledg8 obtained in the audit or Othervse appears lo be materialty ml$8t8ted. tf V** hlentrty such material P4e7
ThE LAMBETH TRUST (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LAMBETH TRUST (CONTINUED) inconsistencies or apparent material misststements. w8 are required to delem)ine whether Ihero is a material misststement in the financral statements or a material misstatement of the other infomialion. If, based on the work we have performed, we conclud@ that there is a material misstatement of this other information, we are rw4uired lo ryrt that fact. We have nothing to report in this regard. Oplnlon on other matters prescrfbgd by the Companies Act 2006 In our opinion, based on the wotk undertaken in the course of the audit.. the infomiation gwen in the TN$tees' rgport for the financial for which the financial statements are prepared is consistent with the financial ststements. the TNstees' report has been prepared in accordance with applicable legal requlrements. Matters on which we are requlred to report by gxcoptlon In the IKJht of our knowledge and understanding of the charitable ccinpany and ils environment obtained in the ourse ofthe audit. we have not identified matertal misstatements in the Tru5tees' report. We have nothing to report in TespeGt of the following m8tt•rs in relation to which Companies Act 2CKJ6 requires us to rgport to you if. in our opinion.. adequate accounting rrdS have not been kept, or retums adequate for our audf( have not been received from branthes not visited by us.. or the financial ststements are not in agreement with tho accounliNJ COrdS and retums: or certain disclo$ures"of Twstees, remuneration specified by law are not made.. or have not received all the infomiatiDn and explanations we require for our audit" or the Trustees were not entillgd to prepare the financial statement8 in accordan with the small companles regimè and take advantage of the small compgnies, exemptKJns in prepaTSng the Trustees, report and from the requirement to prepafe a Strateok report. Responsibilities of trustees As 8xplaingJ more fully in the Trustees, responsibilities sLitemenl, the Trusle8s (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the finanual statements and for being Satisfied that they gNe a true and fair view, and for such intemal control as the Trustees datamine is necessary to enable the preparation of financial statements that are free from material misstatement. whgthgr due to fraLKf or error. In preparfng the financial statements, the Trustees are respon$ib18 for assessing the charitable wnpanls ability to continue 83 a going concem, disclosing, as applicable, matters rglatsd to going concem and using the going concem ba$ig of accounting unless the Trusleeg either intend to liquidate the charrtable company or to cease operations. or have no realislic attemalive bLrt to do so. Audltorfs responsibilitigs for th• audSt of the financial stat¢ments Our objectwes are to obtain reasonable assurance about whether the financial statements gs a whole are free from material misslalement, whether due to fraud or error, and to issue an Audrtorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accor(lance with ISA8 (UK) VAII athys detect a material misstatement when it exists. Misstatements arise Page 8
THE LAMBEfH TRUST (A company Ilmlted by guarantee INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LAMBETH TRUST ICONIINUED) from fraud or emr and are considered material ff, individually or in the aggregate. they could reasonab be expected to influence the economic decisions of users taken on the basis of these financial $talem¢nl$. IrregUlare$, including fraud, are instan$ of non-compliance with laws and regulations. We design procedures in line with our respon5ibililies. outlined above, to detect material misslalements in tespect of iTregularilies, including fraud. The extent lo %thich ¢Jur prOdureS are Cable of detecting irregularities, including fraud k8 detailed belovr. We Identrfl and assessed the risks of material miSSLeMent of the financial statements from irregularities, whether due to fraud or error. and discussed these botsveen our audil team members. We then designed and perfomed audit procedures responsNe to those risks. including obtaining audit ewdence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of thg legal and regulatory frameworks within which tho charitable company operates, Using on those Ews and regulations that have a direct effect on Ihe determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 20C6, together with the Charities SORP {FRS 1021. We assessed the required ¢omplianGe wilh these laws and regulations as part of our audit procedures on the relale(l financial 8tatemenl itsm$. In additKJn, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but Complian with whlch might be fundamental lo the charitable companvs ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may $t withln the charitable company forfraud. Th8 taws and wulations we considered in this context for UK 0ratiOnS were taxation *islation and employment legislat)n. Auditing standards limit the required audrt procedu$ to identtfy non-compliance wth these laws and regulath?ns to enquiry of the Trustees and other management and inspection of regulatory and legal correspondenc&, rf any. We identffied the greatest risk of material impact on the finarKHI slatemgnts from iegular1ties. Includlng fraud. to be within the timing of recognition of income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Audrt and Risk Committe8 about their own identfftation and assessment of the rfsks of irregularities. sample testing on the wsting of joumals, rwewng a¢UntIng estimates for biases. wewing regulatory wrrespDndence including that with the Charity Commission, and reading minutes of rneetings of those charged with govemance. Ovn9 to the inherent limitations of an audf(, there is an unavoidable risk that we may not havg delected some material misstatements in the financial statements. even though we have prOty planned and perfomied our audit in accordarrE with auditing standards. For example. the fijrther removed noncomplIanca with Iwls regulations (irregularities) is from the events and transactions reflected in the financial slalements, the less likety the inherenuy limrted PredureS required by audiiing standards would identrfy it. In addrf(ion, as with any audit. there remained a hwJher risk of non4etection of irregularities, as these may invo9 collusion, forgery. intentk)n omissions, misrepresentations, or the overrtde of inlarnal controls. We are not responsib for preventing no compliance and cannot be expect to deteLt norbknfA)mplianc8 with all laws and regulations. A further description of our responsibilitles for the audit of tho financial sla19mgnts is located on the Financfal Reporting Councils website at.. vhyw.frc.o This description fonns part of our Audito18 reporL Page 9
THE LAMBETH TRUST (A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LAMBETH TRUST (CONTINUED)
Use of our report
This report is made solely to the 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 might state to the charitable company'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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Tim Redwood
Senior Statutory Auditor
For and on behalf of Crowe UK LLP
Statutory Auditor
London
Date: 6 August 2021
Page 10
THE LAMBEfH TRUST IA company Ilmlted by guarnntsg) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR ThE YEAR ENDED 31 MARCH 2021 Unrestrfdod funds 2021 Restrfcted Endowment funds funds 2021 2021 Totsl fvnd$ 2021 Tolal funds 2020 Note Income from: Donations Investments 452,940 96,735 201,000 653,940 96.735 806.072 Totsl Incomg Expenditure on: Raising fund8 Chatitablè actwibes 549.675 201,000 750.675 870,078 94,071 565,237 102,519 764,237 120,593 1,47T,969 199.000 Total expendlture 659,308 199.000 866,756 1,598.562 Net lexpenditureylncoma befora net gainslllossesl on Investments (109.633) 2,000 {8.448) (116.0811 (728,484) Net gainsl{losses) on investments 356.075 331,139 687,214 f31,818) Net movement in funds Reconclllatlon of funds: TO1 fvnds brought forward Net m¢)vement in funds 246,442 2.000 322.691 S71,133 (760.302) 2,483,883 246,442 30.000 2.000 1,520,967 321691 4034.850 S71,133 4,795, 152 f760.302) Totsl fund5 carrled 2,730,325 32.000 1,843,658 4.605,983 4,034,859 Th& notes on pages 14 to 28 fomi part ofthese financial statements. Pagg 11
THE LAMBEni TRUST (A ¢¢>mparty Ilmi¢•d by guarnntsel REGISTERED NUMBER: 078848{EngInd and Wl•s) 8ALANCE 8H£ET AS AT 31 MARCH 2021 2021 2020 Fl¥•d 48s•ts 1.618 15 1047,90T 3,SV2,814 16 24939 431,15 G&sh atlxThkaNI irs IWMI 14918 197.1V2 17 {iJ.ea1) (IZ928J 183. 4,034 Chrlty 19 19 19 1W3858 12.000 I710,326 1,520,9f/ 2,483,883 Tot1 lunds 4605,983 4.034 Mr Ken C•st* ChalrofTru4tws 11.7. 11 11.7. 21 Th• nots8 m p8ge8 14 tr128fomi wrt ofth888 knanrlal s140m. Pagè 12
THE LAMBETH TRUST IA company Ilmlted by guaronteg) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 Note Cash flovrJ used in operating actlyltles Net cash used in operating acbvilies 21 1239,079} (819.521) Cash flows used in investing actlvltlgs Dlvidends, inlefesls and rents from investments Proceeds from sale of investments Purchase of investments 96.735 721, 161 1145,763) (27&452) Ngt cash (used Invprovlded by Investing actlvltles {49,028) 509.715 Change In cash and cash equivalents In thg year Cash and cash 94uivalenls at the beginning of the year (288.1071 {309.8061 431.025 740,831 Cash and cash equlvalents at Iho end of the year 142.918 431,025 The notes on pages 14 to 28 form part of these financial s&*gntS Page 13
THE LAMBETH TRUST {A company Ilmtted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 General informatlon The Lambeth Trust is a private ts)mpany limited by guarantee {iegistered number. 07884895 England and Wales) and a Charity registered in England and W8Fes (number. 11453131. Ils registered address is Lambeth Pala. London, SE17JU. Ac¢ounting pollcles 2.1 Basis of preparation of financial statemgnts The financial statements have been prepared in accordance wtth the Charities SORP {FRS 102) - Ac£ounting and Roporting by Charrties.. Statement of Recommended Practi applicable to charities preparing their a¢Unts in accordance with the Fin8nrAal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} (effectNe 1 January 2019}, the Finanaal Repgrting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies A¢t 2006 and the Charities Act2011. The Lambelh Trust meets the definition of a public benefft enlty under FRS 102. Assets and liabilit$ are Initial recognised at historical cost or transaction value unles8 Othemise stated in the relevant accounting policy. 2.2 Company status Th& ¢harity is a company limited by guarantee. The members of the compary are the Trustees detaila on page 1. 2.3 Golng conrn Hang revtewed the financial position. the Trustees have a reasonable expectation that the charity has adequate resources to cx)ntlnue its adNitie8 for the foreseeable fiJlute and that there are no material unrtainlieS about its abilty lo continue. Acwrdingly they continue to adopt the going ¢oncem basis in preparing the financial statMents. 2A Income All incomg is rwnised once the charity has entitlement to the income, it 18 probable that the in¢ome will be reNed and the amount of income receNable Gan be measurwj reliably. 2.5 Expondlture Expendllur8 is &counted for ct an *cruals basis and h88 been cL8ssllled under head1JS that aggregate all $ts related to the category. Where cos18 cannot be directty attributed lo particular headings they have been allocated to actMli8s on a basis consistent with thè use of resources. Grant expenditure Liabilitses are reeognised a$ expenditure as soon as the is a legal or constructrve obligatn committing the chanty to that expendrture. it is probable that a transfer of economic bgnefrts will be required in setuemenl and the amount of the oblwJalion can be measured roliably. Grants offered suty.ect to conditions which have not been m81 at the year end are noted a$ a commitment but not accrued as expenditure. Page 14
THE LAMBETH TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accountlng polkle5 Icontlnued) 2.6 Interest receivable Interest on fijnds herd on dep)sit is includgd when rtteivable and the amount can be measured reliably by the charity. this 18 nomalty up)n notification of the intergst paid or payable by the bank. 2.7 Tanglble fixed as$ots and depre¢lation Tangible ed assots are recorded al cosL DeprlatiOn is provided on the following basis.. Long-teryn leasehold propety 1VA Strah1 line Land is not depreaat8d. 2.8 Investments Investments on 8 Tnised stock exchange are staled al the mid-market prits at the year end. Realised gains and losses are the difference betsveen the opening market value and sale proceeds. The amount of unrealiwj gains and losses 1$ the dthrenc8 befv4een opening and closing market values. Nel galn8 arKI losses arising on revalltation #nd disposals during the year arg induded in the statement of financral actsvitses. 2.9 Debtors Trade and other debtors are recc¥3n¢sed at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade distA)unts due. 2.10 Cash at bank and In hand Cash at bank and in hartd Includes cash and short-temi htghly IiquKI invesknents wrih a shtyt maturty of three months or kss fM the dale of acquisition or opening of the deposrt or $imitar account 2.11 Liabilitios and provlsions Lk8bilth'es are recTr3nised vthen there is an c4)ligation at the Balance sheet dat8 as a result of a past event, it 1$ probable that a trydnsfer of onOMiC benefit will be rgquired in s8tt18ment. the amunt of the settlement can be estima reliabty. Lrabilrties are ¥ecognised al the amount that the charty antKipates it wll pay lo Settle the debt or the amount rt has received as advan¢8d payments for the goods or sotvices it must provide. 2.12 Flnanclal Instruments The charity onty has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are inrtially recognised at trdnsaction valug and subsequently measured at amortised cost using the effective interest method. Financial assets held 81 amortisgd ts)st ¢ompTise cash al bank and in hand, together wi(h trade and other debtors. Financial liabilttigs hekl at amortised cost comprise trade and other creditors. Page 15
THE LAMBEfH TRUST IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accountlng polici05 IcoThtinugd 2.13 Penslons The charity c4)erate5 a defined contrfbutlon pension scheme and the pSlOn charge represents the amount$ Payab by the charity to the fund in rgspect of the year. 2.14 Fund accounting General funds are unrestricted funds which are avallable for use at the discretion of the Trustees in fvrtherance of the general objectives of the charity. Restrided funds can only be used in for particular restrithd purposes within the cbje¢ts of the charity. Restrictions arise when specffied by the donor OT when funds are raised for specific restricted purposes. Endowment funds wmprise monies that must be held indefinilgly as capital. Income th&refrom is rediled to general funds and applied for general puJposes unless underthe terms of the endowment Such income must be used for specrfic purposes, in which case it 18 credited to restricted funds. Critlcal a¢¢ountlng estlmates and areas of judgment In the application of the charlty's accounting policies. Trustees are required lo make judgments, estimates and assUMptnS about the carrying values of as8ets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical exPernCe and other factors that are consider&g to be relevant. Actual results may differfrom these estimates. The estimates and underfwt)g assumptions are revi1 on an on4Joing basis. Revisions lo accounting estimates are fecognised in the pgri¢xI in which the estim*e is revised if the revision affects only that period or in Ihe period of rw$ion and future periods if the revision affects the current and future pgriods. In the of the Trustees, no assumptions cnnceming th8 future or estimation uncgrtainty affeIng assets and liabilities at the Balance Sheet date are likety to result in a materf818dju$tment to their carrying amounts in the next financial year. Intorne from donatlons and le9acle5 Unrestrfcted Restricted funds funds 2021 2021 Total funds 2021 Donatlons Donations Gift aid recoverable 407.976 44.964 201,000 608.976 44,964 Total 2021 452,940 201,000 653,940 Page 16
THE LAMBETH TRUST (A company1Smlted by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Income fmm donatlons and legacles Icontlnued) unSt11cfed Resti7Gted funds funds 2020 2020 Tolal funds 2020 Donatlons Donations Gift aKI recoverable 375.666 42.406 388.CXIO 763,666 42,406 Tolal 2020 418.072 388,000 806,072 Investment Income Unrestrlcted funds 2021 Total fund5 2021 Investment Irome from pcM1folio Bank interest ,669 66 96,669 66 Total 2021 96.735 96,735 UnTrslricled fvnds 2020 Total fun(Js 2020 Investnt income from porifolio Bank interest 913 93 63,913 93 Tot812020 64.Lk)6 Page 17
THE LAMBETH TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Anaty$i$ of grdnts Grants lo Instttutlons 2021 Total funds 2021 Grants, Support forb%rJrk and mission of Archbishops of Canterbury 632,000 632,000 Grants Total grants for the year are shown bel¢)w with the recipient in brackgts where different from the description of the gmnt. All grants are to instilulions. 2021 2020 Community of St Anselm Michael Ramsey B( Prize {SPCIQ Archbishop's ReconcilialK)n Ministry (Church Commissioners) Reconaling Leaders Netsvorff Refugee Family (Church Commissioners) Evangdism (Church Commissioners) Thy Kingdom Com8 (Churth Commissiongrs) South Sudan Bishop (chUh Commissioners) Assistant to Mrs Welby (Church Commissioners) Parfkimentary Researcher (Church Commissioners} Women on Frontline (Church Commissioners) 150,000 239,OCXI 22,111 276,408 371,881 6,850 101,123 173,877 70,000 85.000 308.OL 22,000 21,) 20,677 30,000 632,000 1,341,427 Page18
THE LAMBETH TRUST (A company limited by guaranteg) NOTES TO THE FINANCEAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Analysis of gxpondltur• on charitable activities Summary by fund type Unrostrlcted Restrlcted nds funds 2021 2021 Totsl fuMIs 2021 Support forwork and mission of Archbishops of Canterfoury 565,237 199,0 764237 Unrnsfr7cted Raslricted fun(Js lunds 2020 2020 Total fvnds 2020 Support for work and mission of Archbishops of Canterbury 880.969 597.000 1,477,969 Anatysls of expenditurn by activ5ti08 Grdnt funding of activitl8s 2021 Support Total funds 2021 2021 Support forw0 and mls81on of Archbishop$ of Canterbury 632,000 132,237 764,237 Grdnl funding ol aclivrt 2020 Support costs 2020 Tol funds Support for work and mission ef Archbishops of Cant8rbury 1,341,427 136,542 1,477,969 Page 19
ThE LAMBETH TRUST IA company limited by guarnrteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Anatysis of •xponditure by acUvities {continu8dl Anatysls of support costs Total funds 2021 Tof funds 2020 Insurance Postage and $tslionery Publiryty brochure Bookkeeping and secretarlal Semced office costs Other ¢osts Depreci*ion IT syEtems Bank charges Govemance costs (note 101 1,610 1,326 627 1,660 76,746 24,669 2, 124 3,329 3. 133 1.517 21.411 78.048 24.059 1,334 3,329 3,359 2,056 16.049 132.237 136,542 10. Govtrnancg Gosts 2021 2020 Audit and1al fees 16.049 21.411 16,049 21.411 11. Audltofs rnmunoratlon 2021 Fee5 payable to th8 charitys auditor for the audit ofthe chartys annual a¢UnIS 17,2GO Fees payable to the charitys auditor in respect ot. Under accrual of prKJry&ar audit fee 4,800 Page 20
THE LAMBEfH TRUST {A company Ilmlted by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 11 Staff wsts 2021 2020 Wages and salaries Social security costs Contribution to defin eontsibulion pension schemes 71,OlXI 4,586 5,600 3,813 81,186 66,613 The average number of persons employed by the charity during the year was as follows: 2021 No. 2020 No. Average headcount The number of empbyees whose employe8 beneffils (excluding employer pension costs) exceaded 2021 2020 In the band £70,(X)1- £80,0] Kay management porsonnel cc6ts amounted to £81.186 (2020.. £6¢613j. 13. Trustees. r•muneratlon and expgnsgs During the year, no Trustees receNed ary remun8tiOn, teneffts in kirKI or reimbursement of expenses (2020- £NIL). Page 21
THE LAM8ETH TRUST IA company limltod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 14. Tangibl8 fixed assets Long-tsrni leasehold property At 1 April 2020 SM834 At 31 March 2021 554.834 Depreclatlon At 1 April 2020 Chargg for the year 9.987 4329 At 31 March 2021 13.316 Net book value At 31 March 2021 $41.518 At 31 mafi 2L720 544,847 The Tnjsl has an 85.210A interest in the Mitre11 Trust. which is a separate trust. The Milre11 Trust ¢)wns a bng leasehold residential propety 1999 yeatsl. The propety cannot be sold by the Trust without the re8menl of the currerkt occupant, a former Archbishop of Canterbury. 15. Flxed assot investments Llsted nvestrnents Valuation At 1 April 2020 Addf(ions Disposals Revaluath)n8 3,047,967 3,695,537 13,549,774) 687314 At 31 March 2021 3,880,944 Page 22
THE LAMBETH TRUST (A ¢ompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 15. Flxed asset Investments (contlnued Al 31 March 2021, The Lambeth Trust hokl investments in thg CBF Church of EngLgnd Investment Fund. Thes& funds are broadly invested in.. Overseas equities 67% UK equrties 11% Infrastructure and wrating assets 9% Property 40 Cash and near cash 3% Private eqlfjity and other 30 Contractual and other income 3% 16. Debtots 2021 Prepayments and accrued income 23,939 23,939 17. Credltors: Amounts falllng due wlthln one year 2021 Trade credit¢xs Other credttors AccNals 1.289 839 10.800 2,261 11,400 13.661 IZ928 18. Flnanclal Instruments 2021 Financial assets Financial assets measured al fair valuo through inwn8 and expendrturg 3,880,944 3.047,967 Financial assels measured al fair value through Inc4)me and expenditure comprise Ilsted Investments. Page 23
THE LAMBEfH TRUST IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 19. Statement of funds Statemgnt of fund$ - curront year Bala? at 31 March 2021 8alance at 1 Aprfl 2020 Gainsl (Losses) Income Expenditure Unrestrlcted ndS General Funds 2,483,883 549,675 1669,308} 356,075 2,730,325 Endowmont funds The Endcwmenl Fund 1.620.967 18N481 331.139 1,843,658 R•stricted funds Communlty of St Anselm Reconciliation 30.000 152.000 49,000 {150,000) {49,000) 32,000 30.000 201,000 (199,000) 31000 Total of funds 4,034,850 750.675 1866,756} 687.214 4.605.983 Page 24
THE LAMBETH TRUST IA company limitod by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARGH 2021 19. Statement of funds Icontlnuedl Statement of funds - prlor year Balance at 31Ma 2020 Balance al l Apnl 2019 Gains/ (Lossesj Incomg Expgndilure Unrestrlcted fund5 General Funds 3,240.593 482,OT8 (1.222.291) (16,497) 2,483,883 Endowment funds The End(WInt Fund 1.554.559 (18,271) (15.321) 1,520,967 Restrfcted fvnds Community of St Anselm Evangeli8m 218,0 17Q,l) 1188,000) (170.000) 388,000 1358,0001 Total of funds 4, 795, 152 870,078 (1,598.562) (31,818) 4.034,850 The Endovmient Fund This fund was initiated by the maUre & Hilda Laing Charitable Trust to provKle a dependab Income from which the ini(iatNes of the Archbishop of Canterbury can be funded. Comrnunlty of St Anselm Funds received to support the relKJious communty based at Lambeth Pal&g. RencIlIatIOn Funds received to support thfj Archbk8hop's priority of relIation. Page 25
THE LAMBETH TRUST {A company limit•d by guarnntee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 20. Analys1$ of net assets between fund5 Analysls of net assets between funds- Guffent year Unrestrictsd Re5trictod Endowment fund5 funds nds 2021 2021 2021 Total funds 2021 Tangible fLxed a88ets Fixed asset inveslments Curr8nt assets Creditors due wf(hin one year 541,518 2.037.286 165,182 (13,661} $41,518 3.880.944 197.182 113,6611 1,843.658 32,000 Total 2.730,325 32,000 1,843,658 4,605.983 Anatysh ol net agsets l)etween fund5 - prior year Unrestncted funds 2020 Restricted Endowmenl funds funds 2020 2020 fijnds 2020 Tangible fixed assets . Fixed asset investmehts Current assets Creditors due within one year 544.847 1,527.000 424.964 112.928) 5U.847 3.047.967 454.964 (12,928) 1,520.967 30.000 Total 2,483.883 30,000 1,520,967 4,034.850 Page 26
THE LAMBETH TRUST {A company limited by guarnntge NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 21. Reconciliation of not movement in funds to net Cash flow from operating activities 2021 2020 Net incomg118xperKliture) for the year {a$ pgr Slatemnt of Financial ActNf(iesl 571,133 (760,302) Adjustmgnts for. L)4)reciation charges {Gainsylossg$ on investments DNidends, interests and rents from Inve$lments {Increase}léecreasa In debtors IDefftasel in creditors 3,329 (687.214 196,7351 (28,900 {692 3,329 31,818 (64,(6) 1&654 (46.014) Net cash used in opgrating actlviti95 {239,0791 (819.521) Analy$ls of cash and cash aqulvalènts 2021 Cash at bank and in hand 142,918 431,025 T¢)tsl cash and cash equlvalents 142,918 431,025 23. Analysis of changgs in net debt At 1 Aprfl 2020 Cash flov• At 31 March 2021 Cash at bank and in hand 431.025 {288.1071 142.918 431.025 {288.1071 142.918 Pwje 27
THE LAMBETH TRUST (A company lirnlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Penslon commitments The charity operates a defined contribution pension scheme. The assets of the scheme are hekt separately from those of the charrty in an independentty administered fund. Thg pension cost Charge represents contributions payable by the charity to the fund and amounted to £5,600 (2020.. £4.800). Contributions of £797 (2020." £8LiI were payable to the fund at the Balance sheet date and are induded in creditors. 25. Operatlng lease Gommltments At 31 March 2021 the charity had comm(tments lo make flrture minimum lease paymerts undgr non- canc8llable operating leases as follows.. 2021 Not later than 1 ypar 1,362 Rglatsd party transactions Ken Costa and Clare Chapman, Trustees of the charity are also Trustees of the Reconclllng Leadors Netsvork, a grant beneficiary Iw note 7 for the amourst of grants patd>. No gfants were outstanding at the year-end. There wero no other related paty transarthons during this or the prior year. Page 28