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 St￿Art
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 Tr￿t 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 Repo￿ng 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 M￿n0[anduM and articles of assoGialion.
Organisatlonal structurg
Governar￿e.. 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 se￿iCE8.
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. Hav￿19 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 relIg￿S 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 A￿hbiShOP 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 c￿ntinUe to be focus8ed on fttndlng the three priorities of Archb1st￿p Justin Wglby. Archbishop
Justin has identified three pr￿ritIeS 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 lead￿5 aGros$ the wodd. particularly in areas of corfflict where Chri8tians suffer Ferse￿￿On
Supporting Women on the Frontline, 4uipping women to be reconcilers in places of violent corffli
Engaging with leaders of different faith traditions to share r￿n￿ling 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 R￿mIlatIon
Ministry). Add1th)n￿ty £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 introd￿l￿g 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 prin￿PaI 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 identifi￿1 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 mitigat￿j 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 Can1e￿Ury and members of his senior tsam presenl Ihe ptans and outlina the financial need$.
Thg Trustees ass8ss each request antl make grdnts for the financial ￿r.
FINANCIAL REVIEW
The total ir￿orne for the year was £750,675 comprBing £653,940 from donation8 and ￿.735 ftom investment
income.
Thg donatK)ns were from Lambeth Partners commit lo support thg Archbishop's priorities of prayer and the
renewal of the religious lrfe. reconciliation., and evangelism & witngss.
The Lambeth Trust's investments a￿ maneged by CCL4 in line with the investment policy and objectives.
A FurKlraising Diroctor continued to be employed during the year. ReMUneratiC￿ 15 set by the Twslees, taking
into ¢onsKleration mathet rates of pay for similar positions.
The Trustees seek lo continue to release the funds raised each year through the Lambeth Partnership through
grants to support the WO￿ and mlnistry of Archbi8hq) Justin. *
The total funds ofTho Lambeth Trust at 31 March 2021 were £4.605,983 (2020. £4,034,850XJ.
Investmont pollcy. prforn)ance and owectlves
The Trustee8' investment powers are derh￿d from the Trust's Mwnorandum and Articte8 of As8Ctiation. The
Trustees engage investment managers to manage the investments of the TrusL
The Trustees, Investment poliGy is to maintsin the real capbtal value of the Tru8t's investments by seeking lo
achieve a total real rate of retum of 3.75% per annum over rolllng fv&years peri¢*$, 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 unreslric*ed 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¥•r*nt••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 appl￿ble 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 A￿UntIng
Practice.. and
have be￿ prepared in accordance with the reqUir￿ents 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
suff￿lent 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 finan￿81 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 inf0m￿tIOn 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 Otherv￿se 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$tees' rgport for the financial for which the financial statements are
prepared is consistent with the financial ststements.
the TNstees' report has been prepared in accordance with applicable legal requlrements.
Matters on which we are requlred to report by gxcoptlon
In the IKJht of our knowledge and understanding of the charitable ccinpany and ils environment obtained in the
ourse ofthe audit. we have not identified matertal misstatements in the Tru5tees' report.
We have nothing to report in TespeGt of the following m8tt•rs in relation to which Companies Act 2CKJ6 requires
us to rgport to you if. in our opinion..
adequate accounting r￿rdS have not been kept, or retums adequate for our audf( have not been
received from branthes not visited by us.. or
the financial ststements are not in agreement with tho accounliNJ ￿COrdS and retums: or
certain disclo$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 $talem¢nl$.
IrregUlar￿e$, including fraud, are instan￿$ 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 prO￿dureS are Ca￿ble of detecting irregularities, including fraud k8
detailed belovr.
We Identrfl￿ and assessed the risks of material miSSL￿eMent 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 0￿ratiOnS 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 i￿egular1ties. 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.
Ov￿n9 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 prO￿ty planned and perfomied our
audit in accordarrE with auditing standards. For example. the fijrther removed non￿complIanca with Iwls
regulations (irregularities) is from the events and transactions reflected in the financial slalements, the less likety
the inherenuy limrted Pr￿edureS 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 invo￿9 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￿{EngI*nd and W*l•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
Ch*rlty
19
19
19
1W3858
12.000
I710,326
1,520,9f/
2,483,883
Tot*1 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&*g￿ntS
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 con￿rn
Ha￿ng 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 un￿rtainlieS about its abilty lo continue. Acwrdingly they continue to adopt the going
¢oncem basis in preparing the financial stat￿Ments.
2A Income
All incomg is rwnised once the charity has entitlement to the income, it 18 probable that the in¢ome
will be re￿Ned and the amount of income receNable Gan be measurwj reliably.
2.5 Expondlture
Expendllur8 is &counted for c￿t an *cruals basis and h88 been cL8ssllled under head1￿JS 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 obligat￿n 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$ots and depre¢lation
Tangible ￿ed assots are recorded al cosL
Depr￿latiOn is provided on the following basis..
Long-teryn leasehold propety
1VA Stra￿h1 line
Land is not depreaat8d.
2.8 Investments
Investments on 8 T￿nised stock exchange are staled al the mid-market prits at the year end.
Realised gains and losses are the difference betsveen the opening market value and sale proceeds.
The amount of unrealiwj gains and losses 1$ 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 f￿M 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 o￿nOMiC 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 p￿SlOn 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 assUMpt￿nS 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 exPer￿nCe and other factors
that are consider&g to be relevant. Actual results may differfrom these estimates.
The estimates and underfwt)g assumptions are revi￿￿1 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$ion and future periods if the revision affects the current and future pgriods.
In the of the Trustees, no assumptions cnnceming th8 future or estimation uncgrtainty affe￿Ing
assets and liabilities at the Balance Sheet date are likety to result in a materf818dju$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)
un￿St11cfed 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 Ir￿ome from pcM1folio
Bank interest
,669
66
96,669
66
Total 2021
96.735
96,735
UnTrslricled
fvnds
2020
Total
fun(Js
2020
Invest￿￿nt 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 (chU￿h 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 and1￿al 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 remun￿8tiOn, 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 ma￿fi 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(WI￿nt 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 maUr￿e & 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.
Re￿ncIlIatIOn
Funds received to support thfj Archbk8hop's priority of re￿￿￿lIation.
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