Registered number: 07884895 {England and Wales) Charity number: 1145313 THE LAMBETH TRUST (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 THE LAMBETH TRUST (A company limlted by guarantee) CONTENTS Page Reference and administrative detalls of the charity, Its Trustees and advisers Truslees. report Independent auditor's report on the financial statements 8- 11 Statement of financial activities 12 Balance sheet 13 Statement of cash flows 14 Notes to the financial statements 15-32 THE LAMBETH TRUST {A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Mrs Camilla Foottit (resigned 31 March 20241 The Hon. David Kay-shuttleworth (resigned 5 July 202311 Mr David Saunderson ACA (resigned 5 July 2023}1 Mr Ade Adebajo Mrs Fatima Wesson (resigned 31 December 2023) Mr Scanes Charles Bentley {appoinled 5 July 2023)1 Mr Marc Stacey {appointed 5 July 2023}1 Rose Theodora Elizabeth Beale {appointed 5 July 20231 Lorraine Sampang Mcmillan (appointed 1 April 20241 Audil and Risk Committee Company registered number 07884895 (England and Wales) Charity registered number 1145313 Registered office Lambelh Palace Lambelh Palace Road London SE17JU Company secretary Mr Oliver Scutt (appointed 1 June 2023} Development Director Mrs Charlotte Mulford {resigned 14 February 20241 Engagement Lead Mrs Claire Milner (appointed 1 June 20231 Independent auditor Crowe U.K. LLP Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Bankers Barclays 99 Hatton Gardens London EC1N 8DN Solicitors Hunters 9 New Square Lincoln's Inn London WC2A 3QN Investment Managers CCLA Investment Management Senalor House 85 Queen Victoria Street London EC4V 4ET Page 1 THE LAMBETH TRUST (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees of The Lambeth Trusl (who are also directors of the charity for the purposes of the Companies Act) are pleased to present their Report, which includes the Directors, Report. together with the audited financial statements of The Lambelh Trust for the year ended 31 March 2024 The Report of Truslees and Financial Statements of the charity comply with the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charilies.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is constituted as a company, limited by guarantee, as defined by the Companies Act 2006. The Lambeth Trust's goveming document is its memorandum and arlicles of association. Organisational structure Governance- The Trustees, who are the directors of the company for the purposes of company law, are appointed by the Archbishop of Canterbury for fixed terms and, by mutual consent, may be reappointed. Trustees are recruited with regard to their respective areas of knowledge, skills and experience. There is a omprehensive pre-appointment briefing and a trustee induction process for new Trustees. Ongoing training is made available to Trustees as required. During the year Ade Adebajo continued as Chair of the Trustees. During the course of the year, David Kay-shuttleworth, David Saunders and Camilla Foottit resigned as Trustees after lengthy periods of service and Falima Wesson also resigned. They were replaced by Marc Stacey, Scanes Bentley and Rose Beale. Management and administration.. The Lambeth Trust is administered by a Company secretary who provides secretarial services under a contract with the Lambeth Trust. From 1 June 2023, Mr Oliver Scutt replaced Rebecca Stewarl as the Company secretary. The Lambelh Trust also employed a Development Director and an Engagement Lead to carry out certain fundraising and operational matters. with Charity Accounting SeNiGes providing book-keeping and accounting services. A separate Audil and Risk Commitlee, comprising Iwo Trustees, reviews the investment performance of the Lambeth Trusl's funds and il's financial and risk position. No other committees were in existence during the period under review. The Trustees, through the Audit and Risk Committee, carry out an annual risk assessment of the Lambeth Trusl. Having considered the major risks to which the Lambeth Trusl was exposed during the period under review, the Trustees are satisfied that arrangements are in place to identify, mitigate and monitor those risks and, in particular. to provide reasonable assurance against the risk of fraud and error. OBJECTIVES AND ACTIVITIES The Lambeth Trust supports the work and mission of the Archbishop of Canterbury. Funds are expended for personal initiatives of the current Archbishop and, where necessary, to support the ongoing ministry of former Archbishops. The current priorities are the renewal of prayer and the Religious Life. Reconciliation., and Evangelism and Witness. The Trustees direct The Lambeth Trust, which was set up in 1991 when Lord Carey was Archbishop of Canterbury. It comprises a group of a few hundred individuals, Lambeth Partners, who support the work of the current Archbishop with funding. prayer and expertise. Lambeth Partners are invited to attend events at various times throughout the year. Page 2 THE LAMBETH TRUST (A company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Additionally. charitable trusts and foundations have supported the work of The Lambeth Trust during the year. Trustees generally expect to make grants from funds raised through these sources as they arise, lo support the Archbishop's work. In addition, the Trustees administer a permanent endowment. The endowment was established from a grant of £1.1 m made in 2014 by The Maurice & Hilda Laing Charitable Trust, together with matched gifts of a further £100k. The endowment funds are invested with the aim of maintaining their capital value over time while delivering an annual income to be used to support the work of successive Archbishops of Canterbury. ACHIEVEMENT AND PERFORMANCE 2023124 The Trustees continue lo be focused on funding the three priorities of Archbishop Justin Welby. Archbishop Justin has identified three priorities for his minislry.. The renewal of prayer and the Religious Life Reconciliation Evangelism and Witness The renewal of prayer and the Rellglous Life During the year, the Trustees have supported the first priority of Archbishop Justin through the Community of St Anselm initiative. The Archbishop's work in this area is focused on reviving the Church of England to serve Christ through encouraging a renewal in personal and corporate prayer and of communities of Religious Life, that live, work and pray together, within the Church of England. The Community of St Anselm started in September 2015, supported by a grant from Ihe Trustees. The Community of St Anselm {http'.Ilstanselm.org.uk) is a registered religious community, gathering young Christians aged 20 - 35 from all over the world for a year of prayer, study and seNice lo the poor based al Lambeth Palace and henGe at the heart of Archbishop Justin's ministry. The year is a transformative experience. aimed al laying the foundations to enable leaders of tomorrow to serve with inlegrily. confidence and humility in their sphere of activity. The Community of St Anselm's "A Year in God's Time" programme has been instrumental in the Spirilual formation of around 200 young people from across the globe. During this ninth year of operation, there were seven residenlial members and a further Iwo non-residential members of the Community of Sl Anselm, from eight countries. Work done over the 18 months has helped lo develop a programme of engagement for dispersed alumni members, further strengthening the life and work of the Community. The Community of St Anselm sils within the Archbishop of Canterburfs priority for prayer and the Religious Life. which is overseen by Reverend Tosin Oladipo, the Chaplain to the Archbishop of Canterbury and led by Reverend Malcolm Rogers, Acting Prior of the Community. The Community of St Anselm received an initial grant of £190,000 {approved in FY 22123) from The Lambelh Trust during the year as it welcomed members from all over the wodd for a year of prayer, study and service lo the poor. Additionally. £12,500 was given to ongoing prayer initiatives. Page 3 THE LAMBETH TRUST (A company Ilmlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reconciliation During the year under review, the Trustees have supported Archbishop Juslin's second priority. his Reconciliation Ministry. Work in this area included.. Supporting the Reconciling Leaders Network ('RLN"), a charity established in 2017 to equip and resource reconcilers from within and beyond the Anglican Communion, especially through the development of the Difference course. By the end of 2023124 the Difference course was available in six languages (English, Spanish, Portuguese, French, Swedish and Arabic). It continues to equip leaders and local churches across the Anglican Communion. In February 2024 Difference for secondary schools was launched by the Archbishop of Canterbury and school pupils al the National Conference for the Church of England Educalion Office. Following the launch the team have trained over 20 schools, workers and chaplains to run Difference in secondary Schools. DifferenGe reached approximately 25,000 people and continues to be warmly received in prisons, with around 615 people in prisons participating in Difference for prisons. Supporting Anglican and ecumenical leaders a¢ross the world, particularly in areas of conflict. Supporting Women on the Frontline. equipping women to be reconcilers in places of conflict and post conflict. The Archbishop's Reconciliation Ministry has been led by Kiera Phyo (Director of RLN} and James Megoran {Director of Peacebuilding). The Trustees supporled the Archbishop's priority of Reconciliation through a grant of £242,130 (which was approved in FY 221231 during the year to the Reconciling Leaders Network, in part to fund the Difference course. Evangelism Enabling every Christian to share their faith is the third priority of Archbishop Justin, who desires to see every church effective in introducing people to Jesus Christ and to see every Christian share the gospel with confidence. This area of the Archbishop's ministry is led by the Archbishop's Adviser for Evangelism. the Reverend Canon Chris Russell. During the year, the Trustees funded the Archbishop's Evangelism work by a grant of £142,600 (approved in FY 221231 to fund programmatic work and staff roles. Centre for Cultural Witness During the year, the Trustees funded the new Centre for Cultural Witness (CCW) with a total grant of £279,441 omprising a grant of £273,640 from McDonald Agape Foundation and £5,801 from Evercore. Launched in September 2022, CCW explores how the Church of England can explain, explore and share with others its profound and Iransforming story in public. CCW is led by Bishop Graham Tomlin and is run in collaboration with prominent theological faculties in the UK. Europe and America. other grant making A smaller grant of £45,270 was made by The Lambeth Trust to the Church Commissioners in order to fund the Archbishop's Speechwriter, a part time Assistant for Mrs Welby and a part-time Finance role. Page 4 THE LAMBETH TRUST (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Future Plans The Trustees anlicipale continuing their support to enable Archbishop Justin's ministry. primarily through funding his three priority areas the renewal of prayer and the Religious Life,. Reconciliation,. and Evangelism and Witness. During March 2023, The Lambeth Trust committed £700,000 in respect of grants for 2023124 towards these priorities which are included within expendilure. On 12 November 2024, Archbishop Justin resigned from his post as Archbishop of Canterbury and will hand over his official duties to the Archbishop of York on 6 January 2025. The process lo appoinl a new Archbishop of Canlerbury will begin in due course via the Crown Nominalions Commission. In the meantime, the Trustees are working closely with Lambeth Palace during Ihis period lo ensure that The Lambeth Trusl can provide ongoing support to the priorities of the Archbishop of Canlerbury, at all times in furtherance of the Lambeth Trust's charitable obje¢tives. PRINCIPAL RISKS AND UNCERTAINTIES The Tnjstees maintain a risk register which is updated and reviewed at each Audit and Risk Committee meeting. The principal risk areas relate to fundraising, investment performance and reputational risk. Each identified risk is given a score based on the likelihood of its occurrence and its significance. Controls and an action plan for mitigating each risk are agreed. Fundraising risk - the failure to raise required funds from Lambeth Partners lo finance granls. The cost of living crisis, the long-term impact of the pandemic and the debale over same-sex marriage within the Church of England heightened this risk further. The risk was partly mitigated by the appointmenl of a Development Director and an Engagement Lead. together with support from Trustees of the fundraising strategy. Investment risk - the external environment leading to a significant fall in markets which in turn impacts the investment portfolio and the value of The Lambeth Twst's fund. The risk was partly mitigated by the appointment of CCLA to manage the Lambeth Trust's portfolio. Reputational risk - the failure lo have an adequate communication strategy in place in the evenl of negative media Coverage of The Lamb81h Trust's activities {or within the office of the Archbishop of Canlerbury or Lambelh Palace), which could impact Ihe number of Lambeth Partners and the level of their giving. The risk 15 mitigated by working closely with the Press Office at Lambelh Palace. FUNDRAISING During the year The Lambeth Trust conlinued to employ a Development Director and an Engagement Lead to raise money for the Archbishop's priorities from Lambeth Partners and from charitable trusts and foundations. The Development Director and the Engagement Lead reported progress to the Trustees each month via a written report. Donor income targets were also reviewed at each Trustee meeting during the year. The principal method of fundraising is to invite existing and potential Lambeth Partners to evenls at Lambeth Palace so that they can hear first-hand from the Archbishop about his priority areas and the funding required. No professional fundraising agencies are used in the Lambeth Trust's fundraising activities. The Lambeth Trust follows the Fundraising Code of Practice and there have been no issues of non-compliance with the Code of Practice nor complaints received in relalion to fundraising during the year. The individuals involved in the Lambeth Trust's fundraising activities are aware of the need lo conduct them in such a way as to avoid unreasonable intrusion, unreasonably persistent approaches or placing undue pressure on a vulnerable person or other members of the public. Page 5 THE LAMBETH TRUST (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 During the year The Lambeth Trust received a legacy gift of £40,919 from a former Lambeth Partner, the lale Mrs Margaret Lelean's residuary estate. The Development Director also resigned from their role and departed from The Lambeth Trust in February 2024. GRANT MAKING POLICY All grants relate to the ministry of the current Archbishop of Canterbury and where appropriate, to Ihe needs of former Archbishops of Canlerbury. Funding requests are SLtbmitted in written form to the Trustees. The Archbishop assesses each request and make grants for the financial year. FINANCIAL REVIEW The total income for the year was £1,056.511 comprising £938,917 from donations and £117.594 frDm inveslment income. The donations were from Lambeth Partners who Commit to support the Archbishop's priorities of the renewal of prayer arbd the Religious Life; Reconciliation., and Evangelism and Witness. The Lambeth Tnjst's investments are managed by CCLA in line with the investment policy and objectives. Lambeth Trusl slaff remuneration is set by the Trustees, taking inlo consideration market rates of pay for similar positions. The Trustees seek to continue to release the funds raised each year by the Lambeth Trust through grants to support the work and ministry of Archbishop Justin. The total funds of The Lambeth Trust as at 31 March 2024 were £4,875,532 (2023: £3,983,983). Investment pollcy, performance and objectlves The Lambeth Trust's investment powers are derived from its memorandum and articles of association. The Trustees, follow an ethical investment policy which requires The Lambeth Trust to mainlain the real capital value its investmenls by seeking to achieve a total real rate of relurn of 3.75 % per annum over rollin9 five-years periods, of which 2.5% will be in the form of income. The currenl gross income yield of 2.90/0 is fell to be satisfactory. The current mix of the portfolio at 31 March 2024 includes 650/0 overseas equities, 70/0 UK equilies, 9 /0 infrastruGlure and operating assets, 40/0 property, 10/0 cash and near cash, 3°/0 private equity and other, and 9 /0 contractual and other income. The portfolio has experienced a valuation gain of 90/0 over the last 12 months. Reserves policy The total funds of The Lambeth Trust at 31 March 2024 were £4,875,532 12023.. £3.983,983) of which £1,825,932 12023.. £1,916.9131 were held as a permanent endowment. The balance represents restricted funds of £167,993 {2023: £nill, and unreslricted funds of £2,881,607 12023: £2,067,070) of which £531,531 (2023.. £534,860) were held in tangible fixed assets, leaving the balance of free reserves of The Lambeth Trust of £2,350.076 {2023= £1,602,210). Public Benefit In considering requests for, and in making, all grants, the Trustees hav8 regard to the Charity Commission's guidance on public benefit. Taking the Charity Commission's guidance into Gonsideration, the Trustees are satisfied that the public benefit requirements have been met. The Archbishop's priorities of the renewal of prayer and the Religious Life, Reconciliabon and Evangelism and Witness provide resources to encourage and support people in their Christian faith. Page 6 THE LAMBETH TRUST {A company limlted by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Going Concern After making appropriate enquiries, including assessments of the key risks and future budgets, the Trustees have a reasonable expectation that the charity has adequate resources to conlinue in operational existence for the foreseeable future. For this reason Ihe Trustees continue lo adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of Ihe going concern basis can be found in the Accounting Policies at Note 2.3. Taking one year with another, the Trustees seek to spend all net income as it arises. Trustees seek to maintain a sufficient capital base of unrestricted funds appropriate lo the operation of The Lambeth Trust while deriving expendable funds from this source which are used in furtherance of ils charitable purposes. The Trustees consider that the value of such funds at 31 March 2024 meets these objectives. STATEMENT OF TRUSTEES RESPONSIBILITIES The Trustees (who are also the directors of The Lambeth Trusl for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclice). Company law requires the directors to prepare financial slalemenls for each financial year which give a true and fair view of the stale of affairs of the charitable company and of the incoming resources and applicalion of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to= select suitable accounting policies and then apply them consistenlly- obseNe Ihe methods and principles in the Charilies SORP., make judgments and estimates that are reasonable and prudent., prepare the financial stalemenls on the going concern basis unless it is inappropriate to presume that the charitsble company will continue in operation. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accLrracy at any time the financial position of the charitable company and to enable them to ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the ass8ts of the haritable company and hence for taking reasonable steps for the preventing and detection of fraud and other irregularities. In 50 far as each of the Trustees are aware that there is no relevant audit information of which the charitable company's auditors are unaware. Addilionally each of the Trustees have taken all sleps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Approved by order of the members of the board of Trustees and signed on their behalf by.. Mr Ade Adebajo Date.. /L9 2LPSt Page 7 THE LAMBETH TRUST (A company limited by guaranlee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LAMBETH TRUST Opinion We have audiled the financial statements of The Lambeth Trust (the 'charitl) for the year ended 31 March 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounling Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the Gharitable companvs affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; have been properly p￿Pared in accordance with United Kingdom Generally Accepted Accounting Practi￿., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK} (ISAS (UK)) and applicable law. Our responsibililies under those standards are further described in the Auditor's responsibililies for Ihe audit of the financial statements section of our report. We are independent of the Gharitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requiremenls. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of Ihe going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions thal, individually or collectively, may casl significanl doubt on the charitable companls abilily to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 8 THE LAMBETH TRUST {A company limited by guaranlee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LAMBETH TRUST (CONTINUED) other Information The other information comprises the information included in the Annual report other than the financial slatements and our Auditorfs report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is malerially inconsistent with the financial slatements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstaled. If we identify such material inconsistencies or apparenl material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial stalemenls themselves. If, based on the work we have performed, we conclude Ihal there is a material misslalement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of Ihe audit.. the information given in the Trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, report has been prepared in accordan￿ with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees. report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches nol visited by us- or the financial statements are not in agreement with the accountin9 records and returns- or certain disclosures of Trustees, remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit., or Ihe Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and lake advantage of the small companies, exemptions in preparing the Trustees. report and from the requirement to prepare a Strategic report. Page 9 THE LAMBETH TRUST (A company Ilmited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LAMBETH TRUST (CONTINUED) Responsibilities of Trustees As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the ¢haritable company for the purposes of company law) are responsible for the preparalion of the financial stalements and for being satisfied thal they give a true and fair view. and for such internal conlrol as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charitable companys ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going co.ncern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditols report thal includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UKI will always delect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the a9gregale, they could reasonably be expecled to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are inslances of non-compliance with laws and regulations. We design procedures in line wilh our responsibililies, outlined above, lo detecl material misstatemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identified and assessed the risks of material misstatement of the financial slatements from irregularities, whether due to fraud or error, and discussed these be￿een our audit team members. We then designed and performed audit procedures responsive lo those risks, including obtaining audit evidence sufficient and appropriale to provide a basis for our opinion. We oblained an understsnding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the detemiination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, together with the Charities SORP (FRS 102). We assessed the required ompliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statemenls but compliance with which might be fundamenlal to the charitable company's ability to operate or lo avoid a material penalty. We also considered the opportunities and incenlives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for UK operations were laxation legislation and employment legislation. Auditing standards limit the required audil procedures to identify non-compliance wilh Ihese laws and regulations to enquiry of the Tnjstees and other management and inspection of regulatory and legal Gorrespondence, if any. Page 10 THE LAMBETH TRUST (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LAMBETH TRUST (CONTINUED) We identified Ihe greatest risk of material impact on the financial statements from irregularities, including fraud. to be within the liming of recognition of income, and the override of controls by management. Our audit procedures to respond lo these risks included enquiries of management, and the Audit and Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, designing audit procedures over the liming of income. reviewing accounting estimates for biases, reviewing regulatory correspondence including that wilh the Charity Commission, and reading minutes of rneetings of those charged with governance. Because of Ihe inherent limitations of an audit, there is a risk that we will not detecl all irregularities, including those leading lo a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slatements, as we will be less likely to become aware of instances of non 891,549 (826,857) Reconciliation of funds: Total funds brought fO￿ard Net movement in funds 2,067,070 814,537 1,916,913 {90,981) 3,983,983 891,549 4,870,840 (826.857) 167,993 Total funds carried forward 2,881,607 167,993 1,825,932 4,875,532 3, 983, 983 The notes on pages 15 to 32 form part of these financial statements. Page 12 THE LAMBETH TRUST (A company Ilmited by guarantee) REGISTERED NUMBER: 07884895 (England and Wales) BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets Investments 14 15 532,970 4,126,955 534,860 4,058,496 4,659,925 4, 593,356 Current assets Debtors Cash at bank and in hand 16 164,215 190,062 66, 132 41,155 354,277 707,287 Credilors.. amounts falling due within one year 17 (138,670 (716, 660) Net current assets I liabilities 215,607 (609,373) Total net assets 4,875,532 3, 983, 983 Charity funds Endowment funds Restricted funds Unrestricted funds 19 1,825,932 167,993 2,881,607 1.916,913 19 19 2,067,070 Tolal funds 4,875,532 3,983, 983 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial statemenls have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. MrAde Adebajo Date: The notes on pages 15 to 32 form part of these financial statements. Page 13 THE LAM8ETH TRUST IA company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Cash flows used in operatlng activities Net Gash used in operating activilies 21 (266,695) (96,039) Cash flows used in investing activities Dividends, interests and rents from investments Purchase of intangible assets Proceeds from sale of investments 117,594 {1,992) 300,000 116,957 Net cash provided by investing activities 415,602 116,957 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 148,907 20,918 41,155 20,237 Cash and cash equivalents at the end of the year 22 190,062 41, 155 The notes on pages 15 to 32 form part of these financial statemenls Page 14 THE LAMBETH TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General infomiation The Lambeth Trust is a private company limited by guarantee {registered number.. 07884895 England and Wales) and a Charily registered in England and Wales {number.' 11453131. Its registered address IS Lambeth Palace, London, SE1 7JU. Accounting policies 2.1 Basis of preparatlon of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102), the Companies Act 2006 and the Charities Act2011. The Lambeth Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical Cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Company status The charity is a company limited by guarantee. 2.3 Going concern Having reviewed the financial position, the Trustees have a reasonable expectation that the charity has adequate resoufces to continue its activities for the foreseeable future and that there are no material uncertainties about its ability to continue. Accordingly they continue to adopt the going concem basis in preparing the financial statements. 2.4 Income All income is recognised once the Charity has entitlement lo the income, il is probable that the income will be received and Ihe amount of income receivable can be measured reliably. Legacies are recognised at the earlier of cash received or notification of an interim distribution or eslate accounts having been approved by the executors. Grants are included in the Stalement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the persod is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received. the income is accrued. Page15 THE LAMBETH TRUST (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (contlnued) 2.5 Expenditure Expendilure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannol be directly attributed to particular headings Ihey have been allocated to activities on a basis consistent with the use of resources. Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the ¢haritVs objectives, as well as any associated support costs. Grant expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation Gommilting the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation Gan be measured reliably. Grants offered subject to conditions which have nol been met at the year end are noted as a Gommitment but not accrued as expenditure. 2.6 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank. 2.7 Tangible fixed assets and depreciation Tangible fixed assets are recorded at cost. Depreciation is provided on the following basis: Long-term leasehold property Office equipment 1 % straight line 33 % straight line Land is not depreciated. 2.8 Investments Investments on a recognised stock exchange are stated at the mid-markel price al the year end. Realised gains and losses are the difference between the opening market value and sale proceeds. The amount of unrealised gains and losses is the difference between opening and closing market values. Net gains and losses arising on revaluation and disposals during the year are included in the Stalemenl of financial activities. Page 16 THE LAMBETH TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.9 Financial instruments The charity only has financial assets and financial liabililies of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash at bank and in hand, together with Irade and other debtors. Financial liabilities held at amortised cost comprise trade and other credilors. 2.10 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.11 Cash at bank and in hand Cash al bank and in hand includes cash and short-term highly liquid investments with a short maturity of three monlhs or less from the date of acquisition or opening of the deposit or similar accounl. 2.12 Liabilitles and provisions Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount thal the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it musl provide. 2.13 Pensions The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year. 2.14 Fund accounling General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Restricted funds can only be used for particular restricted purposes within the object5 of the charity. Restrictions arise when specified by Ihe donor or when funds are raised for specific restricted purposes. Endowmenl funds comprise monies that must be held indefinitely as capilal. Income therefrom is rediled to general funds and applied for general purposes unless under the terms of the endowment such income musl be used for specific purposes, in which case it is credited to restricled funds. Page 17 THE LAMBETH TRUST (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estlmates and areas of judgement In the application of the charitvs accounling policies, Trustees are required to make judgments, estimates and assumptions about the Garrying values of assets and liabilities thal are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Critical accounting estimates and assumptions.. In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Donations 398,009 40,433 40,539 459,934 857,943 40,433 40,539 Legacies Gift aid recoverable 478,981 459,934 938.915 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Donalions Legacies Gift aid recoverable 483,286 167,000 79, 750 740, 750 1,224,036 167,000 79, 750 730,036 740, 750 1,470.786 Page 18 THE LAMBETH TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment income Unrestricted funds 2024 Total funds 2024 Investment income from portfolio Bank interest 117,512 82 117,512 82 Total 2024 117,594 117.594 Unrestricted funds 2023 Total funds 2023 Investment income from portfolio Bank interest 116,866 91 116,866 97 Tolal 2023 116,957 116,957 Page 19 THE LAMBETH TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expendlture on raising funds Unrestricted funds 2024 Total funds 2024 Fundraising Costs Wages and salaries National Insurance 13,178 84,206 4.424 8,221 13,178 84,206 4,424 8,221 Pension costs 110,029 110,029 Unrestricted funds 2023 Total funds 2023 Fundraising costs Wages and salaries National insurance 20,511 90, 000 6,645 7,500 20,511 90,000 6,645 7,500 Pension costs 124, 656 124,656 Analysis of grants Grants to Institutions 2024 Total funds 2024 Grants, Support for work and mission of Archbishop of Canterbury 291,941 291,941 Page 20 THE LAMBETH TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of grants {continued) Grants to Institutions 2023 Total funds 2023 Grants, Support for work and mission of Archbishop of Canterbury 1,998, 600 1,998,600 The charity has made the following material grants to institutions dLJring the year.. 2024 2023 Name of institution Michael Ramsay Book Prize Centre for Cultural Witness Prayer PA, Speech writer and finance David Ford commentary for Lambeth Conference Community of St Anselm Reconciling Leaders Network Evangelism (Church Commissioners) 65,000 500, 000 51. 100 104.270 13,600 360,000 643,030 267,600 279,441 12,500 291,941 1,998,600 291,941 7,998,600 Page 21 THE LAMBETH TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Restricted funds 2024 Total 2024 Support for work and mission of Archbishop of Canterbury 131,449 291,941 423,390 Unrestricted funds 2023 Restricted funds 2023 Total 2023 Support for work and mission of Archbishop of Canterbury 1.399,675 740, 750 2, 140,425 Analysis of expenditure by activities Grant funding of activities 2024 Support costs 2024 Total funds 2024 Support for work and mission of Archbishop of Canterbury 291,941 131,449 423,390 Grant funding ol activities 2023 Support costs 2023 Total funds 2023 Support for work and mission of Archbishop of Canterbury 1,998,600 141,825 2, 140,425 Page 22 THE LAMBETH TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of expenditure by a¢tlvities (continued) Analysis of support cosls Total funds 2024 Total funds 2023 Insurance Postage and stationery Publicily brochure Bookkeeping and secretarial Serviced office costs Other Gosts Depreciation IT systems Bank charges Governance costs (note 10) 1,688 964 1,070 71,053 7,146 1,126 3,882 6,388 1.419 36,713 1,674 989 3,220 79,808 26,452 1,604 3,329 5,370 7,966 17,473 131,449 147,825 10. Governance costs 2024 2023 Audit and legal fees Professional fees 18,613 18,100 17,413 11. Staff costs 2024 2023 Wages and salaries Social security costs Contribution lo defined contribution pension schemes 84,206 4,424 8,221 90.000 6,645 7, 500 96,851 104,145 Page 23 THE LAMBETH TRUST (A company limited by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Staff costs {contlnued) The average number of persons employed by the charity during the year was as follows: 2024 2023 Average headcount The number of employees whose employee benefits {excluding employer pension costs) exceeded £60,000 was: 2024 2023 No. In Ihe band £70,001- £80,000 In the band £80,001- £90,000 Key management personnel costs amounled to £90,717 (2023." £104,745). The key management personnel are the Fundraising Director and the Engagement Lead. 12. Auditorfs remuneration 2024 2023 Fees payable to the charity's auditor for the audit of the charitys annual accounts 15,500 14,500 Page 24 THE LAMBETH TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NILJ. 14. Tangible fixed assets Long-term leasehold property Office equipment Total Cost At 1 April 2023 Additions 554,834 554,834 1,992 1,992 At 31 March 2024 554,834 1,992 556,826 Depreciation At 1 April 2023 Charge for the year 19,974 3,329 19,974 3,882 553 At 31 March 2024 23,303 553 23,856 Net book value At 31 March 2024 531,531 1,439 532,970 Al 31 March 2023 534, 860 534, 860 The Trust has an 85.21 % interest in the Milre11 Trust, which is a separate trust. The Mitre 11 Trust owns a long leasehold residential property (999 years). The property cannot be sold by the Trust without the agreement of the current occupant, a former Archbishop of Canterbury. Page 25 THE LAMBETH TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Fixed asset investments Listed investments Cosl or valuation At 1 April 2023 Disposals Revaluations 4.058,496 {300,000) 368,459 Al 31 March 2024 4,126,955 The net gain recognised in the year ended 31 March 2024 amounted to £368,459 (2023.. Loss £149,519). At 31 March 2024, The Lambeth Trust held investments in the CBF Chur¢h of England Investment Fund. These funds are broadly invested in.. Overseas equities 65°/0 UK equities 7 % Fixed interest 9 % Cash and near cash 1. Infrastructure and operating assels 100/. Propety 40/. Private equity and other 30/0 Contractual and other income 10/0 16. Debtors 2024 2023 Other debtors Prepayments and accrued income 2,221 161,994 66,132 164,215 66, 132 Page 26 THE LAMBETH TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Creditors: Amounts falling due wlthln one year 2024 2023 Other creditors Accruals 115,270 23,400 704,060 12,600 138,670 716.660 18. Financial instruments 2024 2023 Financial assets Financial assels measured al fair value through income and expenditure 4,126,955 4,058,496 Financial assets measured at fair value through income and expenditure comprise listed investmenls. Page 27 THE LAMBETH TRUST (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers Inlout Gainsl (Lossesl Income Expenditure Unrestricted funds General Funds- all funds 2,067,070 596,575 {241.478) 242,428 217,012 2.881.607 Endowment funds Endowmenl Funds- all funds 1,916,913 (242,428 151,447 1,825,932 Restricted funds Community of St Anselm Centre for Cultural Witness Reconciliation 103,493 (12,5001 90,993 279.441 77,000 (279,441) 77,000 459,934 (291,941) 167,993 Total of funds 3,983.983 1,056,509 (533,419) 368,459 4.875,532 'The transfer relates to an over allocation of gains in prior years to the endowmenl Page 28 THE LAMBETH TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Slatement of funds {contlnued) Statement of funds - prlor year Balance al 31 March 2023 Balance 81 l April 2022 Transfers in/(out) Gains/ (Losses) InGome Expenditure Unrestricted funds General Funds - all funds 2,832.237 846.993 (1,524,331) (87, 829) 2,067,070 Endowment funds Endowment Funds - all funds 1,978,603 (61,690) 1,916,913 Restricted funds Restricted Funds all funds Community of St Anselm Centre for Cultural Witness Reconciliation Michael Ramsay Book Prize (740, 750) 740, 750 101,250 (101,250) 500.000 74,500 (500,000) (74,500) 65, 000 (65,000) 740, 750 (740, 750) Total of funds 4,810,840 1,587, 743 (2, 265,081) (149,519) 3,983,983 The Endowment Fund This fund was iniliated by the Maurice & Hilda Laing Charitable Trust to provide a dependable income from which the initiatives of the Archbishop of Canterbury can be funded. Community of St Anselm Funds received to support the religious community based at Lambeth Palace. Roconclllatlon Funds received to supporl the Archbishop's priority of Reconciliation. Page 29 THE LAMBETH TRUST {A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Analysis of net assets between funds Analysis of nel assets between funds - Current period Unrestricted Restricted Endowmenl funds funds funds 2024 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investmenls Current assets Creditors due within one year 532,970 2,301,023 186,284 {138,670) 532,970 4,126,955 354,277 (138,670} 1.825,932 167,993 Total 2,881,607 167,993 1,825,932 4,875,532 Analysis of net assets between funds - prior period Unrestricted Endowmenl funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Credilors due within one year 534, 860 2,141,583 107,287 (716,660) 534,860 4,058,496 107,287 (716,660) 1,916,913 Total 2,067,070 1,916,913 3,983, 983 Page 30 THE LAMBETH TRUST (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net incomelexpenditure for the period las per Statement of Financial Activilies) 891,549 (826,857) Adjustments for: Depreciation charges {Gainsylosses on investmenls Dividends, interests and rents from investments (IncreaseJlde¢rease in debtors Increasel{Decreasel in creditors 3,882 (368,459) (117,594) (8,083) (667,990) 3,329 149,519 (116,957) (7,326) 702,253 Net ¢ash used in operating actlvltles (266,695) (96,039) 22. Analysis of cash and cash equivalents 2024 2023 Cash at bank and in hand 190,062 41.155 23. Analysis of changes In net debt At 1 Aprll 2023 Cash flows Al 31 March 2024 Cash at bank and in hand 41.155 148,907 190,062 41,155 148,907 190,062 Page 31 THE LAMBETH TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 24. Pension commitments The charily operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charily to the fund and amounted to £8,221 (2023.. £7,500). Contributions of £39 (2023.. £863) were repayable (2023.. payable) to the fund at the balance sheel date and are included in debtors12023'. creditors} 25. Operating lease commitments At 31 March 2024 the Charity had commitments to make future minimum lease paymenls under non- cancellable operating leases as follows- 2024 2023 Not later than 1 year 2,333 Page 32