Registered number: 07884895 (England and Wales) Charity number: 1145313 THE LAMBETH TRUST IA company limited by guarantee) Trustees, Report and Financial Statement5 for the year ended 31 March 2025 Charity number: 1145313 Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) Contents Reference and administrative details of the charity Page Trustees and advisers Report of the Trustees Independent Auditor's Report 9-12 Statement of Financial Activities 13 Balance Sheet 14 Statement of Cash Flows 15 Notes to the Financial Statements 16-28 Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
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 2025 Mr Ade Adebajo Mr Scanes Charles Bentley Mr Marc Stacey Mrs Rose Theodora Elizabeth Beale Ms Lorraine Sampang Mcmillan (appointed l July 20201 (appointed 5 July 20231 ' (appointed 5 July 20231 ' (resigned 30 Nov 20241 (appointed l April 2024) Audit and Risk Committee Company registered number 07884895 (England and Wales) Charity registered number 1145313 Registered office Lambeth Palace Lambeth Palace Road London, SEI 7JU Company secretary Mr Oliver Scutt Engagement Lead Mrs Claire Milner Independent auditor Crowe U.K. LLP Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Bankers Barclays 99 Hatton Gardens London, ECIN 8DN Solicitors Hunters 9 New Square Lincoln's Inn London, WC2A 3QN Investment Managers CCLA Investment Management Senator House 85 Queen Victoria Street London, EC4V 4ET Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees of The Lambeth Trust (who are also directors of the charity for the purposes of the Companies Act 20061 are pleased to present their Report, which includes the Directors, Report, together with the audited financial statements of the Lambeth Trust for the year ended 31 March 2025. The Report of Trustees and Financial Statements of the charity complies with the Charities Act 2011, the Charities Act 2022. the Companies Act 2006 and Accounting and Reporting by Charities: 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 1021. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Documents The charity is constituted as a company limited by guarantee, a5 defined by the Companies Act 2006. The Lambeth Trust's governing document is its memorandum and articles of association. Organisational structure Governance: the Trustees are appointed by the Archbishop of Canterbury for fixed terms and, by mutual consent, may be reappointed. Trustees are recruited having regard to their respective areas of knowledge, skill and experience. There is a comprehensive 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, Lorraine Mcmillan was appointed as a Trustee and Rose Beale retired. Management and administration: the Lambeth Trust is administered by a Company secretary (Mr Oliver Scuttl who provides company secretarial services under a contract with the Lambeth Trust. The Lambeth Trust also employs an Engagement Lead (Claire Milner) to carry out certain fundraising and operational matters. Charity Accounting Services provide book-keeping and accounting services. A separate Audit and Risk Committee, comprising two Trustees, reviews the investment performance of the Lambeth Trust's funds and the financial and risk position of the Lambeth Trust. 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 Trust. Having considered the major risks to which the Lambeth Trust was exposed during the period under review, the Trustees are satisfied that sufficient 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 of Canterbury and, where necessary, to support the ongoing ministry of former Archbishops of Canterbury. The priorities during the audited period were prayer and the renewal of 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 (known as"Lambeth Partners") who support the work of the current and previous Archbishops of Canterbury with funding, prayer and expertise. Lambeth Partners are invited to attend events at various times throughout the year. Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Additionally, charitable trusts and foundations have sUPPOrted the work of the Lambeth Trust during the year. The Trustees generally expect to make grants from funds raised through these sources as they arise, to support the Archbishop of Canterbury's work. In addition, the Trustees administer a permanent endowment. The endowment was established from a grant of £l.Im made in 2014 by The Maurice & Hilda Laing Charitable Trust, together with matched gifts totalling a further £IOOk. The endowment funds are invested with the aim of maintaining their real value over time, while delivering an annual income to be used to support the work of successive Archbishops of Canterbury. ACHIEVEMENT AND PERFORMANCE 2024/25 During the audited period, the Trustees were focused on supporting the following three priorities of Archbishop Justin in line with an agreed grant funding budget: l. The renewal of prayer and the religious life 2. Reconciliation 3. Evangelism and witness Following Archbishop Justin's resignation which took effect on 6th January 2025, transitional arrangements have been put in place whilst his long-term replacement is appointed. On that basis, the Trustees are carefully considering the activities which the Lambeth Trust will be able to support beyond 31 March 2025 considering all relevant factors, including the priorities of the next Archbishop of Canterbury as and when they are appointed. The renewal of prayer and the religious life The Community of St Anselm (registered charity 1161185) was established in September 2015, supported by a grant from the Lambeth Trust. It operates as a religious community which gathers young Christians aged 20 - 35 from all over the world for a year of prayer, study and service to the poor and has been based at Lambeth Palace and hence at the heart of Archbishop Justin's ministry. The year is a transformative experience, aimed at laying the foundations to enable leaders of tomorrow to serve with integrity, 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 spiritual formation of around 200 young people from acr055 the globe. During this eleventh year of operation, there were Six residential members and a further six non-residential members of the Community of St Anselm, from seven countries. Work done over the 18 months has helped to develop a programme of engagement for dispersed alumni members, further strengthening the life and work of the Community. The Community of St Anselm sits within the Archbishop of Canterbury's priority for the renewal of 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, its Acting Prior. During the financial year, the Trustees funded the work of the Community of St Anselm with a grant of £200,000. In addition to a grant of £30.000, a was granted towards ongoing prayer initiatives. Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Reconciliation During the year under review, the Trustees have supported Archbishop Justin's second priority, of Reconciliation.Work in this area included: The Difference course which has engaged over 100,000 individuals, across 78 countries, with approximately 40,000 participants since inception. An adaptation of the Difference course for youth groups on 8th May 2024 with an event hosted at Lambeth Palace, joined by 400 guests including bishops, MPS and ministers, young people and representatives from many charities and organisations working with young people across the nation. The development by the Reconciling Leaders Network (registered charity 1176374, known as "RLN") of the Difference course for Primary Schools, which will launch in Spring 2026. An Anglican-led inter-faith peacebuilding initiative in northern Mozambique which reaches out to young men being drawn into violent Islamist insurgency. Mentored by the UN, this programme is rapidly becoming a gold standard for community-based peacebuilding. Development of Women on the Frontline, led by Caroline Welby, which seeks to empower women in their ministry. The role of women as reconcilers is critical and Women on the Frontline is focused on the practical equipping of Bishop's spouses (who have historically been under-resourced} through mentoring. Over the year, Women on the Frontline has run a retreat and reconciliation training programme with women from the Church of South India in Bangalore who have piloted the Women on the Frontline Toolkit. RLN has been led by Kiera Phyo (Director of RLNI and James Megoran (Director of Peacebuilding). Overall, the Lambeth Trust supported the Archbishop's priority of Reconciliation through a grant of £66,000 duringthefinancial year to RLN. Evangelism and witness The Evangelism priority has been focused on supporting local churches and individual Christians. The overarching aim is for every church to see people come to faith and that every Christian sees themselves as an active witness. Practically, the Evangelism work has involved training for church leaders to help them lead their church in evangelism for children, families, schools and churches. "Thy Kingdom Come" is now established in over 120 countries. The results have been very encouraging, with initial figures for 2023 showing a 6% increase in average weekly church attendance. In September 2024, Archbishop Justin hosted a day at Lambeth Palace for all those involved in the formation and training of clergy to encourage and inspire them in the teaching of Evangelism. This area of the Archbishop's ministry has been led by the Archbishop's Adviser for Evangelism, the Reverend Canon Chris Russell. During the financial year, the Trustees funded with a grant of £148,600 to support staff roles. Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Centre for Cultural Witness During the year, the Lambeth Trust provided funding to the Centre for Cultural Witness {CCW) with a grant of £505,000 from the McDonald Agape Foundation including £55,000 for Michael Ramsay book prize. Launched in September 2022, CCW explores how the church can explain, explore and share with others its profound and transforming 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 smaller grant was made by the Lambeth Trust to the Church Commissioners to fund the Archbishop's Speechwriter, a part time Assistant for Mrs Welby and a part-time Finance role. FUTURE PLANS Following Archbishop Justin's resignation which took effect on 6th January 2025, transitional arrangements have been put in place whilst his successor is appointed. On that basis, the Trustees are carefully considering the activities which the Lambeth Trust will be able to support beyond 31 March 2025 considering all relevant factors. PRINCIPAL RISKS AND UNCERTAINTIES The Trustees 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, governance, 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. During the year the main risks were identified as follows: 1. Fundraising risk the failure to raise required funds from Lambeth Partners to finance grants. The "cost of living" crisis and the debate over same-sex marriage within the Church heightened this risk further. The risk is partly mitigated by the ongoing work of the Engagement Lead and support from Trustees on the Lambeth Trust's fundraising strategy. 2. Investment risk - the external environment leading to a significant fall in markets which in turn impacts the investment portfolio and thevalue of the fund. In principle, this risk is partly mitigated by the appointment of CCLA to manage the Lambeth Trust's portfolio. 3. Reputational risk - the failure to have an adequate communication strategy in place in the event of negative media coverage of the Lambeth Trust's activities, which could impact the number of Partners and the level of their giving. The risk is mitigated byworking closely with the press office at Lambeth Palace and carefully considering all external communications. FUNDRAISING During the year the Lambeth Trust continued to employ an Engagement Lead to lead the effort to raise money for the Archbishop of Canterbury's priorities from Lambeth Partners and from charitable trusts and foundations. The Engagement Lead reported progress to the Trustees each month in a written report. Donor income targets were also reviewed at each Trustee meeting during the year. Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The principal method of fundraising is to invite existing and potential Lambeth Partners to events at Lambeth Palace so that they can hear first-hand from the Archbishop of Canterbury 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 relation to fundraising during the year. The individuals involved in the Lambeth Trust's fundraising activities are aware of the need to 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. GRANT MAKING POLICY All grants relate to the ministry of the current Archbishop of Canterbury and where appropriate, to the needs of former Archbishops of Canterbury. Funding requests are submitted in written form to the Trustees. The Archbishop of Canterbury and members of his senior team present the plans and outline the financial needs. The Trustees assess each request and make grants for the financial year. FINANCIAL REVIEW The total income for the year was £973,946 comprising £868,488 from donations and £105,458 from investment income. The donations were from Lambeth Partners who committed to support the Archbishop of Canterbury's priorities of prayer and the renewal of religious life; reconciliation; and evangelism & witness. The Lambeth Trust's investments are managed by CCLA in line with the investment policy and objectives. An Engagement Lead continued to be employed during the year. Remuneration is set by the Trustees, taking into consideration market rates of pay for similar positions. The Trustees seek to continue to release the funds raised each year through 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 2025 were £4,316,171 {2024: £4,875,532). Investment policy, performance and objectives The Trustees, investment powers are derived from the Lambeth Trust's Memorandum and Articles of Association. The Trustees engage investment managers to manage the investments of the Trust. The Trustees, investment policy is to maintain the real capital value of the Trust's investments by seeking to achieve a total real rate of return of 3.75°A per annum over rolling five-years periods, of which 2.5% will be in the form of income. The current gross income yield of 2.69% is felt to be satisfactory. The current mix of the portfolio at 31 March 2025 is 57% overseas equities, 9Yo UK equities, 7% infrastructure and operating assets, 5% property, 60A cash and near cash, 40A private equity and other, and 2% contractual and other income. The portfolio has experienced a valuation loss of 4°A over the last 12 months. The Trustees follow an ethical investment policy. Reserves policy The total funds of The Lambeth Trust at 31 March 2025 were £4,316,171 {2024: 4,875,532) of which £1,747,294 12024: £1,825,932) were held as permanent endowment. The balance represents unrestricted funds of £2,568,877 {2024: £2,881,607) of which £529,088 (2024: £532,970) were held in tangible fixed assets, leaving the balance of free reserves of the Lambeth Trust of £2,039,789 12024: £2,348,637) 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 to the operation of the Lambeth Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Trust while deriving spendable funds from this source which are used for the purposes of the charity. The Trustees consider that the value of such funds as at 31 March 2025 meets these objectives. Public Benefit In considering requests for and in making all grants, the Trustees have regard to the Charity Commission's guidance on public benefit. Taking the Charity Commission's guidance into consideration, the Board is satisfied that the public benefit requirements have been met. The Archbishop of Canterbury'5 priorities of the renewal of and the religious evangelism and witness and reconciliation provide resources to encourage people in their Christian faith. 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 continue in operational existence for the foreseeable future. For this reason, the Trustees continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies at Note 2.3. Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 STATEMENT OF TRUSTEES RESPONSIBILITIES The Trustees (who are also the directors of The Lambeth Trust for the purposes of company lawl 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 Practice). Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application 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 consistently, observe the methods and principles in the Charities SORP. makejudgments and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as each of the Trustees are aware that there is no relevant audit information of which the charitable company's auditors are unaware. Additionally each of the Trustees have taken all steps 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. This report has been prepared under the exemptions available to small companies under the Companies Act 2006. Approved by order of the members of the board of Trustees dated 30 September 2025 and signed on their behalf by: MrAde Adebajo Chair and Trustee Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORTTOTHE MEMBERSOFTHE LAMBETH TRUST Opinion We have audited the financial statements of The Lambeth Trust (the 'charitable company,) for the year ended 31 March 2025 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 and notes to the financial statements, including significant accounting policies. that has been applied in their preparation is applicable law and United Kingdom Accounting 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 charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 IUKI {ISAs {UKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable 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 requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORTTOTHE MEMBERSOFTHE LAMBETH TRUST Other information The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the 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 accordance with applicable legal requirements Matters on which we are required to report by exception In 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 usto report toyou if, in ouropinion: adequate accounting records have not been kept. or the financial statements are not in agreement with the accounting 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 the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement to prepare a strategic report. 10 Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORTTOTHE MEMBERSOFTHE LAMBETH TRUST Responsibilities of Trustees As explained more fully in the Trustees, responsibilities statement, set out in page 8 the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material mi5Statements 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 statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding 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 determination 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 IFRS 1021. We assessed the required compliance 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 regulation5 that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for UK operations were taxation legislation and employment legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. 11 Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORTTOTHE MEMBERSOFTHE LAMBETH TRUST We identified the greatest risk of material impact on the financial statements from irregularities, including 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 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 timing of income, reviewing accounting estimates for biases, reviewing regulatory correspondence including that with the Charity Commission, and reading minutes of meetings of those charged with governance. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to 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 statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: w.frc.or auditorsres onsi bilit'es. This description forms part of our Auditor's report. Use of our report This report is made solely to the charitable company's trustees, 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 trustees 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. Helen Blundell {Senior statutory auditor) for and on behalf of Crowe U.K. LLP Statutory Auditor Black Country House Rounds Green Road Oldbury West Midlands B692DG Date: 25 November 2025 12 Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTS) FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Restricted Endowment Total funds Total funds funds funds funds 2025 2024 Note Income from: Donations and Legacies Investments 242,988 105,458 625,500 868,488 938,915 105,458 117,594 Total income 348,446 625,500 973,946 1,056.509 Expendlture Raising Funds Charitable activities 99,361 475,248 99,361 1,268,741 110,029 423,390 793,493 Total expenditure 574,609 793,493 1,368,102 533,419 Net incomellexpenditure) before net 8ainslllosses) on investments 226 163 167 993 394 156 Net gains/llossesl on investments 186,5671 178,638) 1165,2051 368,459 Net income/(expenditure) 312 730 167 993 559 361 891549 Transfers between funds 19 Net movement in funds 312 730 167 993 559 361 891549 Reconciliation of funds: Total funds brought forward Net movement in funds 2,881,607 167,993 1,825,932 4,875,532 3,983,983 1312,7301 1167,9931 178,638} 1559,3611 891,549 Total funds carried forward. 2 568 877 1747 294 4 316 171 4 875 532 The notes on page 16 to 28 form part of these financial statements. 13 Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) Registered Number: 07884895 (England & Wales) BALANCE SHEET ASAT31 MARCH 2025 2025 2024 Notes Fixed Assets Tangible assets Investments 14 529,088 3 661750 532,970 4 126 955 15 4,190,838 4,659,925 Current Assets Debtors 16 95,626 87,427 164,215 190,062 Cash at bank and in hand 183,053 354,277 Creditors: amountfalling due within one year 17 138 670 Net Current Assets 125,333 215,607 Total Net Assets 4 316 171 4 875 532 Charity Funds 19 Endowment funds 1,747,294 1,825,932 Restricted funds 167,993 Unrestricted funds 2 568 877 2 881607 Total Charity Fund 4,316,171 4,875,532 The trustees acknowledge their responsibility for complying with the requirement of the act with respect of accounting records and preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime The financial statements were approved by the Board of Trustees on 30 September 2025 and were signed on its behalf by: MrAde Adebajo Chair and Trustee The notes on page 16 to 28 form part of these financial statements. 14 Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) STATEMENTOF CASH FLOWS FOR THEYEAR ENDED 31 MARCH 2025 2,025 2,024 Notes Cash flow used in operating activities Net cash used by operating activities 21 513 874 266 695 Cash flow used in investing activities Dividend, interests and rents from investments Purchases of intangible assets Proceeds from sale of investments 111,239 117,594 11,9921 300,000 300,000 Net cash provided by investin8 activities 411239 415 602 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year (102,635) 190,062 148,907 41,155 Cash and cash equivalents at the end of the year 22 190 062 The notes on page 16 to 28 form part of these financial statements. 15 Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 l. General information The Lambeth Trust is a private company limited by guarantee {registered number: 07884895 England and Wales) and a Charity registered in England and Wales (number: 1145313). Its registered address is Lambeth Palace, London, SEI 7JU. 2. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 102) Accounting and Reporting by Charities: 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 IFRS 1021 (effective l January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102), the Companies Act 2006 and the Charities Act 2011. 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 resources 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 concern basis in preparing the financial statements. 2.4 Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Legacies are recognised at the earliest of cash received or notification of an interim distribution or estate accounts having been approved by the executors. Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period 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. 16 Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2. Accounting policies {continued) 2.5 Expenditure Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they 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 charity's objectives, as well as any associated support costs. Grant expenditure - Liabilities are reco8nised as expenditure as soon as there is a legal or constructive obligation committing 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 can be measured reliably. Grants offered subject to conditions which have not been met at the year end are noted as a commitment 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. 2.7Tangible fixed assets and depreciation Tangible fixed assets are recorded at cost. Depreciation is provided on the following basis: Long-term leasehold property- Office equipment- Land is not depreciated. I'A straight line 33°A straight line 2.8 Investments Investments on a recognised stock exchange are stated at the mid-market price at 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 Statement of financial activities. 17 Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2 Accounting policies (continued) 2.9 Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at 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 trade and other debtors. Financial liabilities held at amortised cost comprise trade and other creditors. 2.10 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.11 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.12 Liabilities 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 that 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 must 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 accounting 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 objects of the charity. Restrictions arise when specified by the donor or when funds are raised for specific restricted purposes. Endowment funds comprise monies that must be held indefinitely as capital. Income therefrom is credited to general funds and applied for general purposes unless under the terms of the endowment such income must be used for specific purposes, in which case it is credited to restricted funds. 18 Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2 Accounting policies (continued) Critical accounting estimates and areas of judgement In the application of the charity's accounting policies, Trustees are required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that 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. Investment amounts are adjusted with the market value at the end of the financial year. 4 Income from donations and legacies Unrestricted Restricted fund funds 2025 2025 Total Unrestricted Restricted funds fund funds 2025 2024 2024 Total funds 2024 Donations Legacies Gift Aid Recoverable 221,920 625,500 847,420 398,009 459,934 857,943 40,433 40,433 40,539 40,539 21,068 21,068 242 988 625 500 868 488 478 981 459 934 938 915 5 Investment income Unrestricted funds 2025 Total Unrestricted funds funds 2025 2024 Total funds 2024 Investment income from Portfol io Bank Interest 105,411 105,411 47 47 117,512 117,512 82 82 105,458 105,458 117,594 117,594 19 Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 6 Expenditure on raisingfunds Unrestricted funds 2025 Total Unrestricted funds funds 2025 2024 Total funds 2024 Fund raising cost Wages and Salaries National Insurance Pension costs 22,049 68,610 3,213 5,489 22.049 68,610 3,213 5,489 13.178 84,206 4,424 8,221 13,178 84,206 4,424 8,221 99,361 99,361 110,029 110,029 7 Analysis of grants Grants to institution Grantsto institutions Total funds 2025 2025 Total funds 2024 2024 Grants, support for works and mission of Archbishop of Canterbury 1,171,791 1,171,791 291,941 291,941 1,171,791 1,171,791 291,941 291,941 The charity has made the following material grants to Institutions during the year: 2024 Total 2025 Total Name of the Institution Michael Ramsay book prize Centre for Cultural Witness Prayer PA, speech writer and finance Reconciliation (Church Commissioners) Community for St Anselm Reconciling Leaders Network Evangelism (Church Commissioners) 55,000 450,000 279,441 30,000 82,591 139,600 200,000 12,5(K) 66,000 148,600 1,171,791 291,941 20 Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 8 Analysis of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Restricted funds funds funds 2025 2024 2024 Total funds 2024 Support for works and mission of Archbishop of Canterbury 475.248 793,493 1.268,741 131,449 291,941 423,390 475,248 793,493 1,268,741 131,449 291,941 423,390 9 Analysis of expenditure by activities Grant funding of Support activities Costs 2025 Grant Total funding of Support funds activities Costs 2024 Total funds 2024 2025 2025 2024 Support for works and mission of Archbishop of Canterbury 1,171,791 96,950 1,268,741 291,941 131,449 423,390 1,171,791 96,950 1,268,741 291,941 131,449 423,390 Total funds 2025 Total funds 2024 Analysis of support costs Insurance Postage and Stationery Publicity brochure Bookkeeping and secretarial Serviced office costs Other costs Depreciation IT systems Bank Charges Governance costs (Note-101 2,622 424 162 55,758 {8,1771 1,193 3,882 7,001 1,151 32,934 1,688 964 1,070 71,053 7,146 1,126 3,882 6,388 1,419 36,713 96 950 131449 21 Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10 Governance Costs 2025 2024 Audit and Legal fee Professional fee 27,139 18,613 5,795 18,100 32,934 36,713 11 Staff cost 2025 2024 Salary and wages Social security costs Employers contribution to pension scheme 68.610 3,213 5,489 77,312 84,206 4,424 8,221 96,851 2025 2024 The average full time equivalent number of employees The number of employee whose employee benefits (Excluding employers pension cost) exceeded £60,000 was: In the band £60,001 to £70,000 In the band £70,001 to £80,000 Key management personnel costs amounted to £77,312 (2024: £90,717). Key management personnel are the Fundraising Director and the Engagement Lead. 12 Auditors remuneration 2025 2024 Fee payable to the charity's auditor for the audit of the charity's annual accounts 26,880 15.500 26,880 15,500 22 Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13 Trustee's remuneration and expenses During the year, no Trustees received any remuneration or other benefits {2024- £NILI. During the year ended 31 March 2025, no Trustees expenses have been incurred12024- £NILI. 14 Tangible fixed assets Long-term leasehold Office property equipment Total Valuation At l April 2024 554,834 1,992 556.826 At 31 March 2025 554,834 1,992 556,826 Depreciation At l April 2024 Charge forthe year 23,303 3,329 553 553 23,856 3,882 At 31 March 2025 27,738 Net Book Value At 31 March 2025 528 202 886 529 088 At 31 March 2024 531,531 1,439 532,970 The Lambeth Trust has an 85.21Yo interest in the Mitre I l Trust, which is a separate trust. The Mitre11 Trust owns a long leasehold residential property {999 years). The property cannot be sold by the Lambeth Trust without the agreement of the current occupant, a former Archbishop of Canterbury. 23 Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15 Fixed asset investments Listed Investments Valuation At l April 2024 Disposals Revaluation 4,126,955 1300.000) 1165,205) At 31 March 2025 3 661750 The net loss recognised in the year ended 31 March 2025 amounted to £165,205 (2024: gain £368,459) Investments are initially recorded at historical cost in accordance with the historical cost convention. Subsequently, where applicable, investments are measured to fair value at the reporting date. Any unrealised gains or losses arising from changes in market value are recognised in the Statement of Financial Activities. Realised gains and losses on disposal are also recognised when the investment is sold. At 31 March 2025, The Lambeth Trust held investments in the CBF Church of England Investment Fund. These funds are broadly invested in: Overseas equities 57/0 UK equities 90 Fixed Interest IOYO Cash and near cash 6°A Infrastructure and operating assets 7° Property 5° Private equity and others 40/. Contractual and other income 2° 16 Debtors 2,025 2,024 Prepayments and accrued Income Other debtors 95,523 161,994 103 2,221 95,626 164,215 24 Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17 Creditors: Amounts falling due within one year 2,025 2,024 Accruals Other creditor5 22,820 23,400 34,900 115,270 57,720 138,670 18 Financial Instruments 2,025 2,024 Financial assets Financial assets measured at fair value through income and expenditure 3,661,750 4,126,955 3,661,750 4,126,955 Financial assets measured at fair value through Income and Expenditure comprise listed Investments 19 Statement of funds Balance at Gain$1 31 March losses 25 Balance at I April 24 Income Expenditure Transfers in/out Current year-2025 Endowment funds 1825 932 1747 294 Restricted fvnds Community of St Anselm Centre for Cultural Witness 90,993 46,000 1136,993) 450,000 1450,000) 77,000 74,500 1151,500) 55,000 155,000) Reconciliation Michael Ramsay book prize Restricted funds (Totall 167 993 625 500 793 493 Unrestricted funds 2,881,607 348,446 574,609 86,567 2,568,877 4.875.532 973.946 1368.102 165.205 4.316,171 25 Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Balance at Gains1 31 March losses 24 Balance at IApril 23 Transfers in/out Prioryear analysis (2024) Income Expenditure Endowment funds 1916 913 242 428 151447 1825 932 Restricted funds Community of St Anselm Centre for Cultural Witness Reconciliation 103,493 279,441 77,000 112,500) 1279,4411 90,993 77,000 Restricted funds (Totall 459 934 291941 167 993 Unrestricted funds 2 067 070 596 575 241478 242 428 217 012 2 881607 3 983 983 1056 509 533 419 368 459 4 875 532 The Endowment Fund This fund was initiated by the Maurice & Hilda Laing Charitable Trust to provide a dependable income from which the initiatives of the Archbishop of Canterbury can be funded. Communlty of St Anselm Funds received to support the religious community based at Lambeth Palace. Centre for Cultural Witness McDonald Agape Foundation in the USA supports activities of CCWS organisational objectives. CCW Their goal is to reshape public narratives around Christian faith by nurturing theological wisdom, cultural critique, and telling stories that reveal the influence of the Gospel on individuals and communities. This funding also includes support for the Michael Ramsay Book Prize. Reconciliation Funds received to support the Archbishop of Canterbury's priority of reconciliation. Michael Ramsay Book prize The book prize activities are supported by McDonald Agape Foundation in the USA and managed by ccw. 26 Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 20 Analysis of net assets between funds Unrestricted Restricted Endowment Funds Funds Funds 2025 Total Current year- 2025 At 31 March 2025 Tangible fixed assets Fixed Assets Investments Current assets Creditor duewithin one year 529,088 1,914,456 183,053 157,720) 529,088 1,747,294 3,661,750 183,053 157,720) Total 2 568 877 1747 294 4 316 171 Unrestricted Restricted Endowment Funds Funds Funds 2024 Total Prior year- 2024 At 31 March 2024 Tangible fixed assets Fixed Assets Investments Current assets Creditor due within one year 532,970 2,301,023 186,284 1138,670) 532,970 1,825,932 4,126,955 354,277 1138,670) 167,993 Total 2 881607 167 993 1825 932 4 875 532 27 Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe
THE LAMBETH TRUST (A company limited by guarantee) NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21 Reconciliation of net movement in funds to net cash flow from operating activities 2025 2024 Net income/{expenditure) for the period (as per Statement of Financial Activitie51 559 361 891.549 Adjustment for: Depreciation charge Dividends, interests and rents from investments IGainl/losses on investment) Decrease/lincrease) in debtors IDecrease)/increase in creditors 3,882 (111,2391 165,205 68,589 {80,9501 3,882 1117,5941 1368,4591 18,0831 1667,9901 Net cash used In operating activltles 513 874 266 695 22 Analysis of cash and cash equivalents 2025 2024 Cash at bank and in hand 87,427 190,062 Total cash and cash equivalents 87,427 190,062 23 Analysis of changes in net debts At l April 2024 Cash Flows At March 312025 Cash at bank and in hand 190,062 {102,6351 87,427 190 062 102 635 24. Pension commitments The charity 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 charity to the fund and amounted to £5,489 (2023.. £8,221). 25. Operating lease commitments As at 31 March 202512024 0 £NILI the charity had £NIL commitments to make future lease payments. 28 Doc ID-. 251685f311 da416fc4aca759746735f95ceOfabe