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
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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
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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
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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.
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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.
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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.
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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.
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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
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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.
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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
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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.
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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
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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.
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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